Document:

Unassociated Document

     

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

     

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Trustee

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of November 1, 2006

     

    ___________________________

     

    LEHMAN
      XS
      TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2006-18N

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    Page

    
      	 	 	 
	
              ARTICLE
                I.

            	
              DEFINITIONS

            	
              12

            
	
              Section
                1.01

            	
              Definitions

            	
              12

            
	
              Section
                1.02

            	
              Calculations
                Respecting Mortgage Loans

            	
              55

            
	
              Section
                1.03

            	
              Calculations
                Respecting Accrued Interest

            	
              55

            
	
              Section
                1.04

            	
              Rights
                of the NIMS Insurer

            	
              55

            
	
              ARTICLE
                II.

            	
              DECLARATION
                OF TRUST; ISSUANCE OF CERTIFICATES

            	
              55

            
	
              Section
                2.01

            	
              Creation
                and Declaration of Trust Fund; Conveyance of Mortgage
                Loans

            	
              55

            
	
              Section
                2.02

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

            	
              59

            
	
              Section
                2.03

            	
              Representations
                and Warranties of the Depositor

            	
              60

            
	
              Section
                2.04

            	
              Discovery
                of Breach

            	
              62

            
	
              Section
                2.05

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans

            	
              63

            
	
              Section
                2.06

            	
              Grant
                Clause

            	
              64

            
	
              ARTICLE
                III.

            	
              THE
                CERTIFICATES

            	
              65

            
	
              Section
                3.01

            	
              The
                Certificates

            	
              65

            
	
              Section
                3.02

            	
              Registration

            	
              66

            
	
              Section
                3.03

            	
              Transfer
                and Exchange of Certificates

            	
              67

            
	
              Section
                3.04

            	
              Cancellation
                of Certificates

            	
              73

            
	
              Section
                3.05

            	
              Replacement
                of Certificates

            	
              73

            
	
              Section
                3.06

            	
              Persons
                Deemed Owners

            	
              73

            
	
              Section
                3.07

            	
              Temporary
                Certificates

            	
              73

            
	
              Section
                3.08

            	
              Appointment
                of Paying Agent

            	
              74

            
	
              Section
                3.09

            	
              Book
                Entry Certificates

            	
              75

            
	
              ARTICLE
                IV.

            	
              ADMINISTRATION
                OF THE TRUST FUND

            	
              76

            
	
              Section
                4.01

            	
              Collection
                Account

            	
              76

            
	
              Section
                4.02

            	
              Application
                of Funds in the Collection Account

            	
              78

            
	
              Section
                4.03

            	
              Reports
                to Certificateholders

            	
              80

            
	
              Section
                4.04

            	
              Certificate
                Account and Grantor Trust Certificate Accounts

            	
              84

            
	
              Section
                4.05

            	
              Final
                Maturity Reserve Account

            	
              86

            

    

     

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

      TABLE
        OF CONTENTS

      (continued)

      Page

    

    
      	 	 	 
	
              ARTICLE
                V.

            	
              DISTRIBUTIONS
                TO HOLDERS OF CERTIFICATES

            	
              88

            
	
              Section
                5.01

            	
              Distributions
                Generally

            	
              88

            
	
              Section
                5.02

            	
              Distributions
                from the Certificate Account and Grantor Trust Certificate
                Accounts.

            	
              89

            
	
              Section
                5.03

            	
              Allocation
                of Losses

            	
              97

            
	
              Section
                5.04

            	
              Advances
                by Master Servicer, Servicer and Trustee

            	
              98

            
	
              Section
                5.05

            	
              Compensating
                Interest Payments

            	
              99

            
	
              Section
                5.06

            	
              Basis
                Risk Reserve Fund

            	
              99

            
	
              Section
                5.07

            	
              [Reserved]

            	
              99

            
	
              Section
                5.08

            	
              [Reserved]

            	
              99

            
	
              Section
                5.09

            	
              [Reserved]

            	
              99

            
	
              Section
                5.10

            	
              Capitalized
                Interest Account

            	
              99

            
	
              Section
                5.11

            	
              [Reserved]

            	
              100

            
	
              Section
                5.12

            	
              Class
                X Account

            	
              100

            
	
              ARTICLE
                VI.

            	
              CONCERNING
                THE TRUSTEE; EVENTS OF DEFAULT

            	
              101

            
	
              Section
                6.01

            	
              Duties
                of Trustee

            	
              101

            
	
              Section
                6.02

            	
              Certain
                Matters Affecting the Trustee

            	
              104

            
	
              Section
                6.03

            	
              Trustee
                Not Liable for Certificates

            	
              105

            
	
              Section
                6.04

            	
              Trustee
                May Own Certificates

            	
              106

            
	
              Section
                6.05

            	
              Eligibility
                Requirements for Trustee

            	
              106

            
	
              Section
                6.06

            	
              Resignation
                and Removal of Trustee

            	
              106

            
	
              Section
                6.07

            	
              Successor
                Trustee

            	
              107

            
	
              Section
                6.08

            	
              Merger
                or Consolidation of Trustee

            	
              108

            
	
              Section
                6.09

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian

            	
              108

            
	
              Section
                6.10

            	
              Authenticating
                Agents

            	
              110

            
	
              Section
                6.11

            	
              Indemnification
                of Trustee

            	
              111

            
	
              Section
                6.12

            	
              Fees
                and Expenses of Trustee and Custodians

            	
              112

            
	
              Section
                6.13

            	
              Collection
                of Monies

            	
              112

            
	
              Section
                6.14

            	
              Events
                of Default; Trustee To Act; Appointment of Successor

            	
              112

            
	
              Section
                6.15

            	
              Additional
                Remedies of Trustee Upon Event of Default

            	
              117

            

    

     

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

     

      TABLE
        OF CONTENTS

      (continued)

      Page

    

    
      	 	 	 
	
              Section
                6.16

            	
              Waiver
                of Defaults

            	
              117

            
	
              Section
                6.17

            	
              Notification
                to Holders

            	
              117

            
	
              Section
                6.18

            	
              Directions
                by Certificateholders and Duties of Trustee During Event of
                Default

            	
              117

            
	
              Section
                6.19

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

            	
              118

            
	
              Section
                6.20

            	
              Preparation
                of Tax Returns and Other Reports

            	
              118

            
	
              Section
                6.21

            	
              Reporting
                Requirements of the Commission

            	
              124

            
	
              Section
                6.22

            	
              Indemnification
                by the Trustee

            	
              125

            
	
              ARTICLE
                VII.

            	
              PURCHASE
                OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND

            	
              125

            
	
              Section
                7.01

            	
              Purchase
                of Mortgage Loans; Termination of the Trust Fund Upon Purchase or
                Liquidation of Mortgage Loans

            	
              125

            
	
              Section
                7.02

            	
              Procedure
                Upon Termination of Trust Fund

            	
              127

            
	
              Section
                7.03

            	
              Additional
                Trust Fund Termination Requirements

            	
              128

            
	
              Section
                7.04

            	
              Optional
                Purchase Right of NIMS Insurer

            	
              128

            
	
              Section
                7.05

            	
              Grantor
                Trust Termination

            	
              128

            
	
              ARTICLE
                VIII.

            	
              RIGHTS
                OF CERTIFICATEHOLDERS

            	
              129

            
	
              Section
                8.01

            	
              Limitation
                on Rights of Holders

            	
              129

            
	
              Section
                8.02

            	
              Access
                to List of Holders

            	
              129

            
	
              Section
                8.03

            	
              Acts
                of Holders of Certificates

            	
              130

            
	
              ARTICLE
                IX.

            	
              ADMINISTRATION
                AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER

            	
              131

            
	
              Section
                9.01

            	
              Duties
                of the Master Servicer

            	
              131

            
	
              Section
                9.02

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

            	
              131

            
	
              Section
                9.03

            	
              Master
                Servicer’s Financial Statements and Related Information

            	
              132

            
	
              Section
                9.04

            	
              Power
                to Act; Procedures

            	
              132

            
	
              Section
                9.05

            	
              Enforcement
                of Servicers’ and Master Servicer’s Obligations

            	
              134

            
	
              Section
                9.06

            	
              Collection
                of Taxes, Assessments and Similar Items

            	
              135

            
	
              Section
                9.07

            	
              Termination
                of Servicing Agreements; Successor Servicers

            	
              136

            
	
              Section
                9.08

            	
              Master
                Servicer Liable for Enforcement

            	
              137

            

    

     

     

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

     

      TABLE
        OF CONTENTS

      (continued)

      Page

    

    
      	 	 	 
	
              Section
                9.09

            	
              No
                Contractual Relationship Between the Servicer, Any NIMS Insurer and
                Trustee or Depositor

            	
              137

            
	
              Section
                9.10

            	
              Assumption
                of Servicing Agreement by the Trustee

            	
              137

            
	
              Section
                9.11

            	
              Due-on-Sale
                Clauses; Assumption Agreements; Easements

            	
              138

            
	
              Section
                9.12

            	
              Release
                of Mortgage Files

            	
              138

            
	
              Section
                9.13

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

            	
              139

            
	
              Section
                9.14

            	
              Representations
                and Warranties of the Master Servicer

            	
              141

            
	
              Section
                9.15

            	
              Opinion

            	
              143

            
	
              Section
                9.16

            	
              Standard
                Hazard and Flood Insurance Policies

            	
              143

            
	
              Section
                9.17

            	
              Presentment
                of Claims and Collection of Proceeds

            	
              144

            
	
              Section
                9.18

            	
              Maintenance
                of the Primary Mortgage Insurance Policies

            	
              144

            
	
              Section
                9.19

            	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents

            	
              144

            
	
              Section
                9.20

            	
              Realization
                Upon Defaulted Mortgage Loans

            	
              144

            
	
              Section
                9.21

            	
              Compensation
                to the Master Servicer

            	
              145

            
	
              Section
                9.22

            	
              REO
                Property

            	
              145

            
	
              Section
                9.23

            	
              Notice
                to the Sponsor, the Depositor and the Trustee

            	
              147

            
	
              Section
                9.24

            	
              Reports
                to the Trustee

            	
              147

            
	
              Section
                9.25

            	
              Assessment
                of Compliance and Attestation Reports

            	
              148

            
	
              Section
                9.26

            	
              Annual
                Statement of Compliance with Applicable Servicing Criteria

            	
              150

            
	
              Section
                9.27

            	
              Merger
                or Consolidation

            	
              150

            
	
              Section
                9.28

            	
              Resignation
                of Master Servicer

            	
              150

            
	
              Section
                9.29

            	
              Assignment
                or Delegation of Duties by the Master Servicer

            	
              151

            
	
              Section
                9.30

            	
              Limitation
                on Liability of the Master Servicer and Others

            	
              152

            
	
              Section
                9.31

            	
              Indemnification;
                Third Party Claims

            	
              152

            
	
              Section
                9.32

            	
              Special
                Servicing of Delinquent Mortgage Loans

            	
              153

            
	
              ARTICLE
                X.

            	
              REMIC
                ADMINISTRATION

            	
              153

            
	
              Section
                10.01

            	
              REMIC
                Administration

            	
              153

            

    

     

     

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

    

     

      TABLE
        OF CONTENTS

      (continued)

      Page

    

    
      	 	 	 
	
              Section
                10.02

            	
              Prohibited
                Transactions and Activities

            	
              161

            
	
              Section
                10.03

            	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status

            	
              161

            
	
              Section
                10.04

            	
              REO
                Property

            	
              161

            
	
              ARTICLE
                XI.

            	
              MISCELLANEOUS
                PROVISIONS

            	
              162

            
	
              Section
                11.01

            	
              Binding
                Nature of Agreement; Assignment

            	
              162

            
	
              Section
                11.02

            	
              Entire
                Agreement

            	
              162

            
	
              Section
                11.03

            	
              Amendment

            	
              163

            
	
              Section
                11.04

            	
              Voting
                Rights

            	
              163

            
	
              Section
                11.05

            	
              Provision
                of Information

            	
              163

            
	
              Section
                11.06

            	
              Governing
                Law

            	
              165

            
	
              Section
                11.07

            	
              Notices

            	
              165

            
	
              Section
                11.08

            	
              Severability
                of Provisions

            	
              165

            
	
              Section
                11.09

            	
              Indulgences;
                No Waivers

            	
              166

            
	
              Section
                11.10

            	
              Headings
                Not To Affect Interpretation

            	
              166

            
	
              Section
                11.11

            	
              Benefits
                of Agreement

            	
              166

            
	
              Section
                11.12

            	
              Special
                Notices to the Rating Agencies and NIMS Insurer

            	
              166

            
	
              Section
                11.13

            	
              Conflicts

            	
              167

            
	
              Section
                11.14

            	
              Counterparts

            	
              167

            
	
              Section
                11.15

            	
              Transfer
                of Servicing

            	
              167

            
	
              Section
                11.16

            	
              Third
                Party Rights

            	
              168

            

    

    

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

    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

            	
              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

            	
              [Reserved]

            
	
              Exhibit
                J

            	
              [Reserved]

            
	
              Exhibit
                K

            	
              Custodial
                Agreements

            
	
              Exhibit
                L

            	
              [Reserved]

            
	
              Exhibit
                M

            	
              [Reserved]

            
	
              Exhibit
                N

            	
              Form
                of Cap Agreement

            
	
              Exhibit
                O

            	
              Form
                of Balance Guaranteed Cap Agreement

            
	
              Exhibit
                P

            	
              Forms
                of Deferred Interest Cap Agreements

            
	
              Exhibit
                Q-1

            	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                Q-2

            	
              Additional
                Form 10-K Disclosure

            
	
              Exhibit
                Q-3

            	
              Additional
                Form 8-K Disclosure

            
	
              Exhibit
                Q-4

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                R

            	
              Servicing
                Criteria to be Addressed in Report on Assessment of
                Compliance

            
	
              Exhibit
                S

            	
              Transaction
                Parties

            
	
              Exhibit
                T

            	
              Form
                of Back-Up Sarbanes-Oxley Certification

            
	
              Exhibit
                U

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

            
	
              Exhibit
                V-1

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

            
	
              Exhibit
                V-2

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

            
	 	 
	
              Schedule
                A

            	
              Mortgage
                Loan Schedule

            
	 	 
	
              Schedule
                B

            	
              Final
                Maturity Reserve Account Schedule

            

    

    

    
      
        
        

      

      
        -vi-

        
          

        

      

      
        
        

      

    

     

    This
      TRUST AGREEMENT, dated as of November 1, 2006 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the “Master
      Servicer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
      as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT 

     

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

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (other than (i)
      the
      Basis Risk Reserve Fund, (ii) the Capitalized Interest Account, (iii) the rights
      to receive Prepayment Premiums distributable to the Class P Certificates, (iv)
      the Class X Account, (v) the Final Maturity Reserve Account, and (vi) the Lower
      Tier Interests) be treated for federal income tax purposes as comprising three
      real estate mortgage investment conduits (each a “REMIC” and referred to herein
      separately as “REMIC AX,” “REMIC 1” and “REMIC 2”). Each Certificate (other than
      the Grantor Trust Certificates, the Class C Certificates, the Class R
      Certificates and the Class P Certificates) represents ownership of a regular
      interest in REMIC 2 for purposes of the REMIC Provisions. In addition, each
      LIBOR Certificate represents the right to receive certain payments with respect
      to Excess Interest and from the Capitalized Interest Account as set forth
      herein. In addition, each of the Class A2A and Class A4 Certificates represents
      ownership of the related Cap Agreement, related Balance Guaranteed Cap Agreement
      and related Deferred Interest Cap Agreement. Each Grantor Trust Certificate
      represents a beneficial interest in a Grantor Trust holding the related
      Underlying Interest and certain other assets for the benefit of the Grantor
      Trust Certificates. The Class R Certificate represents ownership of the sole
      Class of residual interest in each of REMIC AX, REMIC 1 and REMIC 2 for purposes
      of the REMIC Provisions.

     

    REMIC
      2
      shall hold as its assets the several Classes of uncertificated REMIC 1 Regular
      Interests and each such REMIC 1 Regular Interest is hereby designated as a
      regular interest in REMIC 1. REMIC 1 shall hold as its assets the several
      Classes of uncertificated REMIC AX Regular Interests and each such REMIC AX
      Regular Interest is hereby designated as a regular interest in REMIC AX. REMIC
      AX shall hold as its assets the property of the Trust Fund other than (i) the
      Capitalized Interest Account, (ii) the Basis Risk Reserve Fund, (iii) the Lower
      Tier Interests, (iv) the Class X Account, (v) the Final Maturity Reserve Account
      and (vi) the rights to receive Prepayment Premiums distributable to the Class
      P
      Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    REMIC
      AX

     

    The
      following table set forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC AX Interests. 

     

    
      	 	 	 	 	 
	
              Class

            	 	 	 	
              Initial
                Class

            
	
              Designation

            	 	
              Interest
                Rate

            	 	
              Principal
                Amount

            
	 	 	 	 	 
	
              LTAX-AAA

            	 	
              (1)

            	 	
              (2)

            
	
              LTAX-Z

            	 	
              (1)

            	 	
              (3)

            
	
              LTAX-Coupon
                Strip

            	 	
              (4)

            	 	
              (4)

            
	
              LTAX-R

            	 	
              (5)

            	 	
              (5)

            

    

    

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC AX Interests is a per annum
                rate
                equal to (a) a fraction, expressed as a percentage, the numerator
                of which
                is the product of (i) the aggregate Optimal Interest Remittance Amount
                for
                such Distribution Date and less the Coupon Strip required to be deposited
                into the Final Maturity Reserve Account, if any, for such Distribution
                Date and (ii) 12, and the denominator of which is the Pool Balance
                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), 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.

            

    

     

    
      	
              (2)

            	
              The
                initial principal amount for this REMIC AX Interest shall equal the
                initial principal amount of the Senior
                Certificates.

            

    

     

    
      	
              (3)

            	
              The
                initial principal amount for this REMIC AX Interest shall equal the
                excess
                of the Pool Balance as of the Cut-off Date over the initial principal
                amount of the Class LTAX-AAA
                Interest.

            

    

     

    
      	
              (4)

            	
              The
                Class LTAX-Coupon Strip Interest shall not be entitled to principal
                and
                shall be entitled to interest on each Distribution Date in an amount
                equal
                to the amount of any Coupon Strip required to be deposited into the
                Final
                Maturity Reserve Account for such Distribution
                Date.

            

    

     

    
      	
              (5)

            	
              The
                Class LTAX-R Interest is the sole Class of residual interest in REMIC
                AX.
                It does not have an interest rate or a principal balance. The Class
                LTAX-R
                Interest shall be represented by the Class R
                Certificates.

            

    

     

    REMIC
      1

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC 1 Interests.

    
      

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

      

       

    

    
      	 	 	 	 	 	 	
              Corresponding

            
	
              Class

            	 	 	 	
              Initial
                Class

            	 	
              Class
                of

            
	
              Designation

            	 	
              Interest
                Rate

            	 	
              Principal
                Amount

            	 	
              Certificates

            
	 	 	 	 	 	 	 
	
              LT1-A1A

            	 	
              (1)

            	 	
              (2)

            	 	
              A1A

            
	
              LT1-A1B

            	 	
              (1)

            	 	
              (2)

            	 	
              A1B
                Underlying Interest

            
	
              LT1-A2A

            	 	
              (1)

            	 	
              (2)

            	 	
              A2A
                Underlying Interest

            
	
              LT1-A3

            	 	
              (1)

            	 	
              (2)

            	 	
              A3
                Underlying Interest

            
	
              LT1-A4

            	 	
              (1)

            	 	
              (2)

            	 	
              A4
                Underlying Interest

            
	
              LT1-A5A

            	 	
              (1)

            	 	
              (2)

            	 	
              A5A
                Underlying Interest

            
	
              LT1-M1

            	 	
              (1)

            	 	
              (2)

            	 	
              M1

            
	
              LT1-M2

            	 	
              (1)

            	 	
              (2)

            	 	
              M2

            
	
              LT1-M3

            	 	
              (1)

            	 	
              (2)

            	 	
              M3

            
	
              LT1-M4

            	 	
              (1)

            	 	
              (2)

            	 	
              M4

            
	
              LT1-M5

            	 	
              (1)

            	 	
              (2)

            	 	
              M5

            
	
              LT1-M6

            	 	
              (1)

            	 	
              (2)

            	 	
              M6

            
	
              LT1-M7

            	 	
              (1)

            	 	
              (2)

            	 	
              M7

            
	
              LT1-M8

            	 	
              (1)

            	 	
              (2)

            	 	
              M8

            
	
              LT1-M9

            	 	
              (1)

            	 	
              (2)

            	 	
              M9

            
	
              LT1-M10

            	 	
              (1)

            	 	
              (2)

            	 	
              M10

            
	
              LT1-X

            	 	
              (1)

            	 	
              (3)

            	 	
              N/A

            
	
              LT1-AX

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              LT1-Coupon
                Strip

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            
	
              LT1-R

            	 	
              (6)

            	 	
              (6)

            	 	
              N/A

            

    

     

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 1 Interests is a per annum
                rate
                equal to the Net Rate which, for purposes of the REMIC Provisions,
                shall
                be the equivalent of the weighted average of the interest rates on
                the
                Class LTAX-AAA Interest and Class LTAX-Z Interest; provided however,
                such
                weighted average shall be computed by first reducing the rate on
                the Class
                LTAX-AAA Interest by the Certificate Interest Rate of the Class AX
                Certificates for such Distribution Date (as adjusted to reflect accruals
                on an “actual/360” basis).

            

    

     

    
      	
              (2)

            	
              The
                initial principal amount for each of these REMIC 1 Interests shall
                equal
                50% of the initial principal balance of the Corresponding Class of
                Certificates.

            

    

     

    
      	
              (3)

            	
              The
                initial principal amount for the Class LT1-X Interest shall equal
                the
                excess of (i) the Pool Balance as of the Cut-off Date over (ii) the
                aggregate initial principal balance of the REMIC 1 Marker
                Classes.

            

    

     

    
      	
              (4)

            	
              The
                Class LT1-AX Interest shall not be entitled to principal and shall
                be
                entitled to interest on each Distribution Date in an amount equal
                to the
                amount of any interest accrued on the Class AX Certificates for such
                Distribution Date.

            

    

     

    
      	
              (5)

            	
              The
                Class LT1-Coupon Strip Interest shall not be entitled to principal
                and
                shall be entitled to interest on each Distribution Date in an amount
                equal
                to the amount of any Coupon Strip required to be deposited into the
                Final
                Maturity Reserve Account for such Distribution
                Date.

            

    

     

    
      	
              (6)

            	
              The
                Class LT1-R Interest is the sole Class of residual interest in REMIC
                1. It
                does not have an interest rate or a principal balance. The Class
                LT1-R
                Interest shall be represented by the Class R
                Certificates.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC 2 Interests.

     

    
      	
              Class

            	 	
              Interest

            	 	
              Initial
                Class Principal

            	 	
              Class
                of Related

            
	
              Designation

            	 	
              Rate

            	 	
              Amount

            	 	
              Certificates

            
	 	 	 	 	 	 	 
	
              LT2-A1A

            	 	
              (1)

            	 	
              (2)

            	 	
              A1A

            
	
              LT2-A1BU

            	 	
              (1)

            	 	
              (2)

            	 	
              A1B
                Underlying Interest

            
	
              LT2-A2AU

            	 	
              (1)

            	 	
              (2)

            	 	
              A2A
                Underlying Interest

            
	
              LT2-A3U

            	 	
              (1)

            	 	
              (2)

            	 	
              A3
                Underlying Interest

            
	
              LT2-A4U

            	 	
              (1)

            	 	
              (2)

            	 	
              A4
                Underlying Interest

            
	
              LT2-A5U

            	 	
              (1)

            	 	
              (2)

            	 	
              A5A
                Underlying Interest

            
	
              LT2-M1

            	 	
              (1)

            	 	
              (2)

            	 	
              M1

            
	
              LT2-M2

            	 	
              (1)

            	 	
              (2)

            	 	
              M2

            
	
              LT2-M3

            	 	
              (1)

            	 	
              (2)

            	 	
              M3

            
	
              LT2-M4

            	 	
              (1)

            	 	
              (2)

            	 	
              M4

            
	
              LT2-M5

            	 	
              (1)

            	 	
              (2)

            	 	
              M5

            
	
              LT2-M6

            	 	
              (1)

            	 	
              (2)

            	 	
              M6

            
	
              LT2-M7

            	 	
              (1)

            	 	
              (2)

            	 	
              M7

            
	
              LT2-M8

            	 	
              (1)

            	 	
              (2)

            	 	
              M8

            
	
              LT2-M9

            	 	
              (1)

            	 	
              (2)

            	 	
              M9

            
	
              LT2-M10

            	 	
              (1)

            	 	
              (2)

            	 	
              M10

            
	
              Uncertificated
                Class X Interest 

            	 	
              (3)

            	 	
              (3)

            	 	
              N/A

            
	
              Class
                AX Certificates

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              Class
                LT2-Coupon Strip Interest

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            
	
              Residual
                Interest

            	 	
              (6)

            	 	
              (6)

            	 	
              N/A

            

    

     

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 2 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that these REMIC 2 Interests shall not be entitled to payments
                (i) in respect of Excess Interest, (ii) from the Capitalized Interest
                Account, (iii) from the Balance Guaranteed Cap Agreement Account
                or (iv)
                from the Cap Agreement Account.

            

    

     

    
      	
              (2)

            	
              The
                initial principal balance for each of these REMIC 2 Interests shall
                equal
                the initial principal balance of the Related
                Certificates.

            

    

     

    
      	
              (3)

            	
              The
                Uncertificated Class X Interest shall have an initial principal balance
                equal to $7,712,147.53. The Uncertificated Class X Interest shall
                accrue
                interest on a notional balance equal to the Class X Notional Balance
                at a
                rate equal to the Class X Interest Rate. The Uncertificated Class
                X
                Interest shall be represented by the Class X
                Certificates.

            

    

     

    
      	
              (4)

            	
              The
                Class AX Certificates shall have the entitlements described in this
                Agreement.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (5)

            	
              The
                Class LT2-Coupon Strip Interest shall not be entitled to principal
                and
                shall represent the entitlement to the amount of any Coupon Strip
                required
                to be deposited into the Final Maturity Reserve Account on any
                Distribution Date. The Class LT2-Coupon Strip Interest shall be
                represented by the Class X
                Certificates.

            

    

     

    
      	
              (6)

            	
              The
                Residual Interest is the sole Class of residual interest in REMIC
                2. It
                does not have an interest rate or a principal balance. The Residual
                Interest shall be represented by the Class R
                Certificates.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    The
      Certificates and Underlying Interests

     

    The
      following table sets forth (or describes) the Class designation, Certificate
      Interest Rate, initial Class Principal Amount (or Class Notional Amount) and
      minimum denomination for each Class of Certificates comprising interests in
      the
      Trust Fund created hereunder. Each LIBOR Certificate and Class X and Class
      AX
      Certificate represents ownership of regular interests in REMIC 2 and, in the
      case of the LIBOR Certificates, rights to certain other payments as set forth
      herein. Each Grantor Trust Certificate represents a beneficial interest in
      a
      grantor trust, the assets of which consist of the related Underlying Interest,
      the associated Deferred Interest Cap Agreement, the associated Grantor Trust
      Certificate Account and the associated Deferred Interest Cap
      Account.

     

    
      	 	 	 	 	
              Initial
                Class

            	 	 
	 	 	 	 	
              Principal
                Amount

            	 	 
	 	 	 	 	
              or
                Class Notional

            	 	
              Minimum

            
	
              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Amount

            	 	
              Denominations

            
	 	 	 	 	 	 	 
	
              Class
                A1A 

            	 	
              (1)

            	 	
              $363,930,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A1B Underlying Interest

            	 	
              (2)

            	 	
              $67,464,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A1B 

            	 	
              (3)

            	 	
              $67,464,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A2A Underlying Interest

            	 	
              (4)

            	 	
              $188,095,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A2A

            	 	
              (5)

            	 	
              $188,095,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A3 Underlying Interest

            	 	
              (6)

            	 	
              $195,000,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A3

            	 	
              (7)

            	 	
              $195,000,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A4 Underlying Interest

            	 	
              (8)

            	 	
              $45,770,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A4

            	 	
              (9)

            	 	
              $45,770,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A5A Underlying Interest

            	 	
              (10)

            	 	
              $55,148,000.00

            	 	
              $
                25,000.00

            
	
              Class
                A5A

            	 	
              (11)

            	 	
              $55,148,000.00

            	 	
              $
                25,000.00

            
	
              Class
                AX

            	 	
              (12)

            	 	
              $915,407,000

            	 	
              $1,000,000.00

            
	
              Class
                M1

            	 	
              (13)

            	 	
              $7,705,000.00

            	 	
              $
                100,000.00

            
	
              Class
                M2

            	 	
              (14)

            	 	
              $33,903,000.00

            	 	
              $
                100,000.00

            
	
              Class
                M3

            	 	
              (15)

            	 	
              $8,219,000.00

            	 	
              $
                100,000.00

            
	
              Class
                M4

            	 	
              (16)

            	 	
              $14,383,000.00

            	 	
              $
                100,000.00

            
	
              Class
                M5

            	 	
              (17)

            	 	
              $7,705,000.00

            	 	
              $
                100,000.00

            
	
              Class
                M6

            	 	
              (18)

            	 	
              $5,136,000.00

            	 	
              $
                100,000.00

            
	
              Class
                M7

            	 	
              (19)

            	 	
              $7,705,000.00

            	 	
              $
                100,000.00

            
	
              Class
                M8

            	 	
              (20)

            	 	
              $5,136,000.00

            	 	
              $
                100,000.00

            
	
              Class
                M9

            	 	
              (21)

            	 	
              $5,136,000.00

            	 	
              $
                100,000.00

            
	
              Class
                M10

            	 	
              (22)

            	 	
              $9,246,000.00

            	 	
              $
                100,000.00

            
	
              Class
                X

            	 	
              (23)

            	 	
              (23)

            	 	
              (26)

            
	
              Class
                P

            	 	
              (24)

            	 	
              (24)

            	 	
              (26)

            
	
              Class
                R

            	 	
              (25)

            	 	
              (25)

            	 	
              (26)

            
	
              Class
                C

            	 	
              (27)

            	 	
              (27)

            	 	
              (26)

            

    

    

    
      	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A1A Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.080% (the “A1A Margin”) and
                (ii) the 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 A1A Certificates will
                be
                LIBOR plus 0.160%.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A1B Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.140% (the “A1BU
                Margin”) and (ii) the 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 A1B Underlying
                Interest will be LIBOR plus 0.280%.

            

    

     

    
      	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A1B Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.140% (the “A1B Margin”) and
                (ii) the 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 A1B Certificates will
                be
                LIBOR plus 0.280%.

            

    

     

    
      	
              (4)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A2A Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.150% (the “A2AU
                Margin”) and (ii) the 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 A2A Underlying
                Interest will be LIBOR plus 0.300%.

            

    

     

    
      	
              (5)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A2A Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.150% (the “A2A Margin”) and
                (ii) the 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 A2A Certificates will
                be
                LIBOR plus 0.300%.

            

    

     

    
      	
              (6)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A3 Underlying Interest is the
                per
                annum rate equal to the lesser of (i) LIBOR plus 0.180% (the “A3U Margin”)
                and (ii) the 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 Underlying
                Interest will be LIBOR plus 0.360%.

            

    

     

    
      	
              (7)

            	
              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 0.180% (the “A3 Margin”) and
                (ii) the 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 0.360%.

            

    

     

    
      	
              (8)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A4 Underlying Interest is the
                per
                annum rate equal to the lesser of (i) LIBOR plus 0.190% (the “A4U Margin”)
                and (ii) the 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 Underlying
                Interest will be LIBOR plus 0.380%.

            

    

     

    
      	
              (9)

            	
              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 0.190% (the “A4 Margin”) and
                (ii) the 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 0.380%.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	
              (10)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A5A Underlying Interest is
                the per
                annum rate equal to the lesser of (i) LIBOR plus 0.170% (the “A5AU
                Margin”) and (ii) the 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 A5A Underlying
                Interest will be LIBOR plus 0.340%.

            

    

     

    
      	
              (11)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A5A Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.170% (the “A5A Margin”) and
                (ii) the 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 A5A Certificates will
                be
                LIBOR plus 0.340%.

            

    

     

    
      	
              (12)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class AX Certificates is the per
                annum
                rate equal to (a) on or prior to November 25, 2008, the lesser of
                (x)
                0.750% per annum and (y) the weighted average of the Net Mortgage
                Rates
                for the Mortgage Loans as of the first day of the related Collection
                Period minus a fraction, the numerator of which is the Coupon Strip,
                if
                any, required to be deposited into the Final Maturity Reserve Account
                for
                such Distribution Date, multiplied by 12 and the denominator of which
                is
                the Pool Balance as of the first day of the related Collection Period
                and
                (b) thereafter, until the Distribution Date in December 2036, the
                lesser
                of (x) 0.120% per annum and (y) the weighted average of the Net Mortgage
                Rates for the Mortgage Loans as of the first day of the related Collection
                Period minus a fraction, the numerator of which is the Coupon Strip,
                if
                any, required to be deposited into the Final Maturity Reserve Account
                for
                such Distribution Date, multiplied by 12 and the denominator of which
                is
                the Pool Balance as of the first day of the related Collection Period,
                based on a notional balance equal to the aggregate Class Principal
                Amount
                of the Class A1A, Class A1B, Class A2A, Class A3 and Class A4 and
                Class
                A5A Certificates immediately prior to distributions for such period
                (calculated for such purpose by assuming the Class Principal Amount
                of
                each of the Class A1B, Class A2A, Class A3, Class A4 and Class A5A
                Certificates has been increased by the Cap Deferred Interest Amount
                with
                respect to such Casses, notwithstanding the reimbursement of such
                amount
                from the related Deferred Interest Cap
                Agreement).

            

    

     

    
      	
              (13)

            	
              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 0.390% (the “M1 Margin”) and
                (ii) the 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 0.585%.

            

    

     

    
      	
              (14)

            	
              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 0.410% (the “M2 Margin”) and
                (ii) the 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 0.615%.

            

    

     

    
      	
              (15)

            	
              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 0.430% (the “M3 Margin”) and
                (ii) the 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 0.645%.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	
              (16)

            	
              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 0.530% (the “M4 Margin”) and
                (ii) the 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 0.795%.

            

    

     

    
      	
              (17)

            	
              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 0.580% (the “M5 Margin”) and
                (ii) the 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 0.870%.

            

    

     

    
      	
              (18)

            	
              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 0.630% (the “M6 Margin”) and
                (ii) the 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 0.945%.

            

    

     

    
      	
              (19)

            	
              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 1.150% (the “M7 Margin”) and
                (ii) the 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 1.725%.

            

    

     

    
      	
              (20)

            	
              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 1.400% (the “M8 Margin”) and
                (ii) the 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 2.100%.

            

    

     

    
      	
              (21)

            	
              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 1.650% (the “M9 Margin”) and
                (ii) the 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 2.475%.

            

    

     

    
      	
              (22)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M10 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.650% (the “M10 Margin”) and
                (ii) the 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 M10 Certificates will
                be
                LIBOR plus 2.475%.

            

    

     

    
      	
              (23)

            	
              The
                Class X Certificate shall have an initial principal balance of
                $7,712,147.53. For each Distribution Date, the Class X Certificate
                shall
                be entitled to the Class X Current Interest. Unpaid interest on the
                Class
                X Certificates shall not itself bear
                interest.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      	
              (24)

            	
              The
                Class P Certificates will be entitled to receive Prepayment Premiums
                paid
                by borrowers upon voluntary full or partial prepayment of the Mortgage
                Loans.

            

    

     

    
      	
              (25)

            	
              The
                Class R Certificate will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class R Certificate
                represents ownership of the residual interest in REMIC 2, as well
                as
                ownership of the Class LT1-R Interest and Class LTAX-R
                Interest.

            

    

     

    
      	
              (26)

            	
              The
                Class X, Class P and Class C Certificates will each be issued in
                minimum
                Percentage Interests of 10% and increments of 1% thereafter. The
                Class R
                Certificate will be issued as a single Certificate evidencing the
                entire
                Percentage Interest in such Class.

            

    

     

    
      	
              (27)

            	
              The
                Class C Certificates will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class C Certificates
                shall be entitled to receive all reinvestment income on amounts on
                deposit
                in the Class X Account and amounts on deposit in the Class X Account
                on
                the Distribution Date as described herein as provided in Section
                5.02(e).

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $1,027,393,147.53.
      

     

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

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    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(d)(i).

     

    A1A
      Margin:
      As
      defined in footnote (1) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A1B
      Margin:
      As
      defined in footnote (3) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A1BU
      Margin:
      As
      defined in footnote (2) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A2A
      Margin:
      As
      defined in footnote (5) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A2AU
      Margin:
      As
      defined in footnote (4) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A3
      Margin:
      As
      defined in footnote (7) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A3U
      Margin:
      As
      defined in footnote (6) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A4
      Margin:
      As
      defined in footnote (9) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A4U
      Margin:
      As
      defined in footnote (8) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A5A
      Margin:
      As
      defined in footnote (11) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A5AU
      Margin:
      As
      defined in footnote (10) of the Preliminary Statement under the caption “The
      Certificates”.

     

    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.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    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:
      For the
      LIBOR Certificates, the Related REMIC 2 Interests, the REMIC AX Interests and
      the REMIC 1 Interests for each Distribution Date, the period beginning on the
      immediately preceding Distribution Date (or on November 25, 2006, in the case
      of
      the first Distribution Date) and ending on the day immediately preceding the
      related Distribution Date. For the Class AX Certificates for each Distribution
      Date, the calendar month immediately preceding the month in which the
      Distribution Date occurs. The LIBOR Certificates, their Related REMIC 2
      Interests, the REMIC AX Interests and the REMIC 1 Interests shall accrue
      interest on the basis of a 360-day year and the actual number of days in each
      Accrual Period. The Class AX Certificates shall accrue interest on the basis
      of
      a 360-day year consisting of twelve 30-day months.

     

    Act:
      As
      defined in Section 3.03(c)(i).

     

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

     

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

     

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

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      applicable Servicing Fee or, with respect to the GMACM Mortgage Loans, the
      General Servicing Fee) on one or more Mortgage Loans that were due on the 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 a Servicer
      (or, with respect to the GMACM Mortgage loans, the Master Servicer) or by the
      Master Servicer on behalf of a Servicer (or by the Trustee as successor master
      servicer) pursuant to Section 5.04.

     

    Adverse
      REMIC Event:
      Either
      (i) 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) 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.

     

    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.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Aggregate
      Pool Balance:
      As of
      any Distribution Date, the total Scheduled Principal Balance of the Mortgage
      Loans for that Distribution Date.

     

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

     

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

     

    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
      all Realized Losses incurred with respect to the Mortgage Loans during the
      related Collection Period and distributions of principal on such Distribution
      Date, but before giving effect to any application of the Applied Loss Amount
      with respect to such date, exceeds (y) the Aggregate Pool Balance for such
      Distribution Date.

     

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

     

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

     

    Aurora:
      Aurora
      Loan Services LLC or its successors in interest.

     

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

     

    Authorized
      Officer:
      Not
      applicable.

     

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

     

    Balance
      Guaranteed Cap Agreement:
      The
      Balance Guaranteed Cap Agreement, dated as of November 30, 2006, entered into
      between the Trustee on behalf of the Class A4 Certificateholders and the Cap
      Provider, which agreement provides for the monthly payment by the Cap Provider,
      commencing on the Distribution Date in December 2006 and terminating on the
      earlier of (i) the Distribution Date following the date on which the Class
      Principal Amount of the Class A4 Certificates is reduced to zero or (ii) the
      Distribution Date in December 2036, but subject to the conditions set forth
      therein, together with the confirmation relating thereto, attached hereto as
      Exhibit O. The Cap Provider will be obligated to pay to the Trust Fund at least
      one Business Day prior to each Distribution Date, commencing with the
      Distribution Date in December 2006 and ending with the earlier of (i) the
      Distribution Date following the date on which the Class Principal Amount of
      the
      Class A4 Certificates is reduced to zero or (ii) the Distribution Date in
      December 2036, the product of (1) the Class Principal Amount of the Class A4
      Certificates immediately prior to that Distribution Date and (2) the excess,
      if
      any, between (x) One-Month LIBOR plus (i) for the Accrual Period related to
      any
      Distribution Date occurring on or prior to the Initial Optional Termination
      Date
      0.19% per annum and (ii) for the Accrual Period related to any Distribution
      Date
      occurring after the Initial Optional Termination Date 0.38% per annum and (y)
      the Net Funds Cap for such Distribution Date, adjusted to a monthly basis.
      The
      notional amount of the Balance Guaranteed Cap Agreement for any Distribution
      Date will be equal to the Class Principal Amount of the Class A4 Certificates
      for such Distribution Date.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    Balance
      Guaranteed Cap Agreement Account:
      The
      Balance Guaranteed Cap Agreement account described in Section 5.02(g)
      hereof.

     

    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, an amount equal to the sum of (i) any Basis
      Risk Shortfall for such Distribution Date not otherwise funded out of amounts
      in
      the Cap Agreement Account or Balance Guaranteed Cap Agreement Account and (ii)
      any Unpaid Basis Risk Shortfall for such Distribution Date not otherwise funded
      out of amounts in the Cap Agreement Account or Balance Guaranteed Cap Agreement
      Account. The amount of the Basis Risk Payment for any Distribution Date,
      however, cannot exceed the amount of Monthly Excess Cashflow that would be
      distributable to the Class X Certificate pursuant to Section 5.02(d) hereof
      on
      such Distribution Date (as determined under the definition of “Class X
      Distributable Amount” without regard to the Basis Risk Payment for such
      Distribution Date).

     

    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
      applicable Net Funds Cap for such date but subject to a cap equal to the Maximum
      Interest Rate, exceeds the amount of interest calculated at the applicable
      Net
      Funds Cap.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Benefit
      Plan Opinion:
      Not
      applicable.

     

    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, the Offered
      Certificates and the Class M10 Certificates constitute Book-Entry
      Certificates.

     

    Bulk
      PMI Policy:
      Not
      applicable.

     

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

     

    Cap
      Agreement:
      The
      interest rate cap agreement, dated as of November 30, 2006, entered into between
      the Trustee, on behalf of the Class A2A Certificateholders,
      and the
      Cap Provider, which agreement provides for the monthly payment, commencing
      on
      the Distribution Date in December 2006 and terminating on the Distribution
      Date
      in July 2009 by the Cap Provider, but subject to the conditions set forth
      therein, together with the confirmation and schedules relating thereto, attached
      hereto as Exhibit N. The Cap Provider will be obligated to pay to the Trust
      Fund
      at least one Business Day prior to each Distribution Date, commencing with
      the
      Distribution Date in December 2006 and ending with the Distribution Date in
      July
      2009, one month’s interest calculated at an annual rate equal to the lesser of
      (i) 2.35% and (ii) the excess, if any, of LIBOR over the respective strike
      rate
      (the “Strike Rate”) in effect for such Distribution Date based on a calculated
      notional amount as described in the Cap Agreement, multiplied by the actual
      number of days in the Accrual Period (treating, solely for purposes of such
      calculation, the initial Accrual Period as beginning on the Closing Date and
      ending on the day immediately preceding the initial Distribution Date), and
      divided by 360.

     

    Cap
      Agreement Account:
      The Cap
      Agreement account described in Section 5.02(g) hereof.

     

    Cap
      Deferred Interest Amount:
      As of
      any Distribution Date and with respect to each of the Grantor Trust
      Certificates, the amount, if any, of Deferred Interest allocated to the related
      Underlying Interest, as applicable, to the extent covered by a previous payment
      made by the Cap Provider and not previously paid to the Cap
      Provider.

     

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

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    Cap
      Provider:
      Lehman
      Brothers Special Financing Inc.

     

    Cap
      Termination Payment:
      Upon an
      optional termination pursuant to Section 7.01(b), any payment required to be
      made to the Cap Provider or by the Cap Provider to the Trustee pursuant to
      the
      terms of the applicable Deferred Interest Cap Agreement, and any unpaid amounts
      due on previous Cap Payment Dates and accrued interest thereon as provided
      in
      the applicable Deferred Interest Cap Agreement, as calculated by the Cap
      Provider and furnished to the Trustee.

     

    Capitalized
      Interest Account:
      A trust
      account, established by the Trustee for the benefit of the holders of the LIBOR
      Certificates and the Seller.

     

    Capitalized
      Interest Amount:
      $4,000.

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates or Grantor
      Trust Certificates, 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. Carryforward Interest shall not include amounts attributable
      to
      an allocation of Deferred Interest.

     

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

     

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

     

    Certificate
      Group:
      Not
      applicable.

     

    Certificate
      Insurance Policy:
      Not
      applicable.

     

    Certificate
      Insurance Premium:
      Not
      applicable.

     

    Certificate
      Insurer:
      Not
      applicable.

     

    Certificate
      Insurer Default:
      Not
      applicable.

     

    Certificate
      Interest Rate:
      With
      respect to each Class of Certificates and any Distribution Date, the applicable
      per annum rate set forth or described 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).

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than the Class X, Class C, Class P and Class
      R
      Certificates) and any Distribution Date, the initial Certificate Principal
      Amount thereof on the Closing Date, less the amount of all principal
      distributions previously distributed with respect to such Certificate prior
      to
      such Distribution Date, and as reduced by any Applied Loss Amount previously
      allocated thereto, plus, in the case of any Negative Amortization Certificate,
      any Deferred Interest allocated thereto on previous Distribution Dates;
      provided, however, that on each Distribution Date on which a Subsequent Recovery
      is distributed, the Certificate Principal Amount of any Certificate that has
      been reduced by application of an Applied Loss Amount 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 date and (2) the total amount of
      any
      Subsequent Recovery distributed on such date to Certificateholders, after
      application (for this purpose) to more senior Classes of such Certificates.
      The
      Class X, Class C, Class P and Class R Certificates are issued without
      Certificate Principal Amounts.

     

    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(d)(iv).

     

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

     

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

     

    Class
      A1B Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class A1B Underlying Interest, (ii) the related Deferred Interest Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      A1B Underlying Interest:
      The
      Underlying Interest related to the Class A1B Certificates.

     

    Class
      A2A Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class A2A Underlying Interest, (ii) the related Deferred Interest Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      A2A Underlying Interest:
      The
      Underlying Interest related to the Class A2A Certificates.

     

    Class
      A3 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class A3 Underlying Interest, (ii) the related Deferred Interest Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Class
      A3 Underlying Interest:
      The
      Underlying Interest related to the Class A3 Certificates.

     

    Class
      A4 Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class A4 Underlying Interest, (ii) the related Deferred Interest Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      A4 Underlying Interest:
      The
      Underlying Interest related to the Class A4 Certificates.

     

    Class
      A5A Grantor Trust:
      The
      Grantor Trust formed pursuant to this Agreement, the assets of which consist
      of
      (i) the Class A5A Underlying Interest, (ii) the related Deferred Interest Cap
      Agreement and Deferred Interest Cap Account and (iii) the related Grantor Trust
      Certificate Account.

     

    Class
      A5A Underlying Interest:
      The
      Underlying Interest related to the Class A5A Certificates.

     

    Class
      C Distributable Amount:
      For
      each Distribution Date on and prior to the Distribution Date occurring on the
      Class X Account Termination Date, an amount equal to the lesser of (a) aggregate
      investment earnings on the Class X Account for the related Collection Period
      and
      (b) the amount on deposit in the Class X Account on such Distribution Date,
      after taking into account any payments made from the Class X Account on such
      Distribution Date to the Class X Certificates. On the Distribution Date
      occurring on the Class X Account Termination Date, an amount equal to the entire
      amount remaining on deposit in the Class X Account after making the payments
      set
      forth in the preceding sentence.

     

    Class
      C Mortgage Loan:
      Any
      Mortgage Loan which has become a Liquidated Mortgage Loan on or prior to the
      Collection Period ending on March 1, 2009.

     

    Class
      CX Excess Cap Amount:
      Not
      applicable.

     

    Class
      I Shortfalls:
      Not
      applicable.

     

    Class
      M Certificates:
      Any of
      the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8, Class M9 and Class M10 Certificates.

     

    Class
      Notional Amount:
      With
      respect to the Class AX Certificates on any Distribution Date, the outstanding
      aggregate Class Principal Amount of the Class A1A Certificates, Class A1B
      Underlying Interest, Class A2A Underlying Interest, Class A3 Underlying
      Interest, Class A4 Underlying Interest and Class A5A Underlying Interest
      immediately preceding such Distribution Date.

     

    Class
      P Interest:
      Not
      applicable.

     

    Class
      P Principal Amount:
      Not
      applicable.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than the Class AX, Class R, Class
      P,
      Class C, and Class X Certificates, the aggregate of the Certificate Principal
      Amounts (or related Percentage Interest therein aggregating to 100%) of all
      Certificates of such Class at the date of determination. With respect to the
      Class R, Class P, Class C and Class X Certificates, zero.

     

    Class
      R Certificate:
      The
      Class R Certificate executed by the Trustee, and authenticated and delivered
      by
      the Certificate Registrar, substantially in the form annexed hereto as Exhibit
      A
      and evidencing the ownership of the residual interest in each REMIC created
      hereunder.

     

    Class
      X Account:
      An
      account established as part of the Trust Fund pursuant to Section 5.12 of this
      Agreement, but which is not an asset of any of the REMICs, for the benefit
      of
      the Class X and Class C Certificates.

     

    Class
      X Account Termination Date:
      The
      Distribution Date in March 2009.

     

    Class
      X Current Interest:
      For any
      Distribution Date, the interest accrued during the related Accrual Period on
      the
      Class X Notional Balance at the Class X Interest Rate.

     

    Class
      X Distributable Amount:
      On any
      Distribution Date, the excess of (i) the sum of (x) $7,712,147.53, (y) the
      aggregate Class X Current Interest for such Distribution Date and all prior
      Distribution Dates and (z) amounts treated as received by the Class X
      Certificates in respect of Class I Shortfalls described in Section 10.01(n)
      over
      (ii) the sum of (w) the aggregate payments in respect of Excess Interest
      (disregarding any such payments made from the Final Maturity Reserve Account)
      for such Distribution Date and (x) all prior Distribution Dates, all prior
      distributions to the Class X Certificate under Section 5.02(d)(v)
      hereof.

     

    Class
      X Interest Rate:
      For any
      Distribution Date, the excess of (i) the weighted average of the interest rates
      on the REMIC 1 Regular Interests (other than the Class LT1-AX Interest and
      the
      Class LT1-Coupon Strip Interest) over (ii) two times the weighted average of
      the
      interest rates on the REMIC 1 Regular Interests (other than the Class LT1-AX
      Interest and the Class LT1-Coupon Strip Interest) (treating for purposes of
      this
      clause (ii) the interest rate on each of the REMIC 1 Marker Classes as being
      capped at the interest rate of the Related REMIC 2 Interest of the Corresponding
      Classes of Certificates and treating the interest rate on the Class LT1-X
      Interest as capped at zero). The average described in the preceding sentence
      shall be weighted on the basis of the respective principal balances of the
      REMIC
      1 Regular Interests immediately prior to such Distribution Date.

     

    Class
      X Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period), the aggregate
      principal balance of the REMIC 1 Regular Interests (other than the Class LT1-AX
      Interest and the Class LT1-Coupon Strip Interest) immediately prior to such
      Distribution Date.

     

    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.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

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

     

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

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Commitment
      Letter:
      Not
      applicable.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date and prepayments in full or in part, an amount
      equal the aggregate amount of any Prepayment Interest Shortfalls required to
      be
      paid by a Servicer (or the Master Servicer with respect to GMACM Mortgage Loans)
      with respect to such Distribution Date. The Master Servicer shall not be
      responsible for making any Compensating Interest Payment except with respect
      to
      the GMACM Mortgage Loans.

     

    Component:
      Not
      applicable.

     

    Component
      Interest Rate:
      Not
      applicable.

     

    Component
      Principal Amount:
      Not
      applicable.

     

    Conventional
      Loan:
      Not
      applicable.

     

    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).

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      The
      principal corporate trust office of the Trustee is located at U.S. Bank National
      Association, One Federal Street, 3rd Floor, Boston, M.A. 02110, Attention:
      LXS
      2006-18N.

     

    Corresponding
      Class:
      The
      Class of Certificates that corresponds to a Class of Lower Tier Interests in
      REMIC 1 and as described in the Preliminary Statement.

     

    Coupon
      Strip:
      An
      amount equal to the product of one-twelfth of the Coupon Strip Rate and the
      stated principal balance of the Mortgage Loans with original terms to maturity
      in excess of 30 years at the beginning of the related Collection
      Period.

     

    Coupon
      Strip Rate:
      1.00%

     

    Credit
      Score:
      Not
      applicable.

     

    Cumulative
      Loss Trigger Event:
      With
      respect to any Distribution Date, a Cumulative Loss Trigger Event shall occur
      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.

    
      	 	 
	
              Distribution
                Date

            	
              Loss
                Percentage

            
	 	 
	
              December
                2009 through November 2010

            	
              0.35%
                for the
                first month plus and additional 1/12th
                of 0.30% for each month thereafter.

            
	 	 
	
              December
                2010 through November 2011

            	
              0.65%
                for the first month plus
                an
                additional 1/12th of 0.30% for each month thereafter.

            
	 	 
	
              December
                2011 through November 2012

            	
              0.95%
                for the first month plus
                an
                additional 1/12th of 0.35% for each month thereafter.

            
	 	 
	
              December
                2012 through November 2013

            	
              1.30%
                for the first month plus
                an
                additional 1/12th of 0.10% for each month thereafter.

            
	 	 
	
              December
                2013 and thereafter

            	
              1.40%

            

    

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    Current
      Interest:
      With
      respect to any Class of LIBOR Certificates, Class AX Certificates or Grantor
      Trust 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 or Class Notional Amount of such Class
      immediately prior to such Distribution Date minus the Deferred Interest, if
      any,
      allocated to that Class for that Distribution Date in accordance with Section
      5.02.

     

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

     

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

     

    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, U.S. Bank National Association and Wells Fargo Bank, N.A.

     

    Cut-off
      Date:
      With
      respect to all Mortgage Loans, November 1, 2006.

     

    Cut-off
      Date Balance:
      With
      respect to the Mortgage Loans on the Closing Date, the 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.

     

    Deferred
      Amount:
      For
      each Distribution Date and for each Class of LIBOR Certificates, the sum of
      (A)
      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 distributed in reimbursement thereof and
      (2)
      the amount by which the Class Principal Amount of such Class has been increased
      due to any Subsequent Recovery and (B) for the Senior Certificates only,
      interest accrued on the related amount calculated under clause (A).

     

    Deferred
      Interest:
      Any
      interest shortfall resulting from Net Negative Amortization.

     

    Deferred
      Interest Cap Account:
      The
      separate Eligible Accounts created and initially maintained by the Trustee
      entitled: “Class
      A1B Deferred Interest Cap Account, U.S. Bank National Association, as Trustee,
      in trust for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-18N,”“Class
      A2A Deferred Interest Cap Account, U.S. Bank National Association, as Trustee,
      in trust for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-18N,” “Class A3 Deferred Interest Cap Account, U.S.
      Bank National Association, as Trustee, in trust for the benefit of the Holders
      of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-18N,” “Class
      A4 Deferred Interest Cap Account, U.S. Bank National Association, as Trustee,
      in
      trust for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-18N” and “Class A5A Deferred Interest Cap Account,
      U.S. Bank National Association, as Trustee, in trust for the benefit of the
      Holders of Lehman XS Trust Mortgage Pass-Through Certificates, Series
      2006-18N.”

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    Deferred
      Interest Cap Agreement:
      With
      respect to the Class A1B, Class A2A, Class A3, Class A4 and Class A5A
      Certificates, each transaction evidenced by the related confirmation between
      the
      Trustee and the Cap Provider, forms of which are attached as Exhibit
      P.

     

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

     

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

     

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

     

    Delinquency
      Event:
      With
      respect to any Distribution Date, a “Delinquency Event” shall occur if the
      Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding month equals or exceeds, for Distribution Dates prior to December
      2012, 25.70%, and, for Distribution Dates during or after December 2012, 32.10%
      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 all
      Mortgage Loans that are 60 or more days Delinquent (including all foreclosures,
      bankruptcies and REO Properties, without duplication, 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.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    Deposit
      Date:
      With
      respect to each Distribution Date, the Business Day immediately preceding such
      Distribution Date.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Due
      for Payment:
      Not
      applicable.

     

    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, any NIMS Insurer 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”);

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

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

     

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

     

    (iv) securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof which have
      a
      credit rating from each Rating Agency, at the time of investment or the
      contractual commitment providing for such investment, at least equal to one
      of
      the two highest short term credit rating categories of each Rating Agency (or
      the highest short term credit rating of each rating agency, with respect to
      the
      Class X Account); 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 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;

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

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

     

    (viii) any
      other
      demand, money market, common trust fund or time deposit or obligation, or
      interest bearing or other security or investment (including those managed or
      advised by the Trustee or any Affiliate thereof), approved by the NIMS Insurer
      and (A) rated in the highest rating category by each Rating Agency 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,
      in its capacity other than as Trustee, the Master Servicer or an affiliate
      thereof serves as an investment advisor, administrator, shareholder, servicing
      agent, and/or custodian or subcustodian, notwithstanding that (x) U.S. Bank
      National Association, the Trustee, the Master Servicer or any affiliate thereof
      charges and collects fees and expenses from such funds for services rendered,
      (y) U.S. Bank National Association, the Trustee, the Master Servicer, 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. U.S. Bank National
      Association or an affiliate thereof is hereby authorized to charge and collect
      from the Trust Fund such fees as are collected from all investors in such funds
      for services rendered to such funds (but not to exceed investment earnings
      thereon);

     

    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, and provided further that in order to be an Eligible
      Investment any such investment must 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 would satisfy
      the requirements of the Underwriter’s Exemption, except, in relevant part, for
      the requirement that the certificates have received a rating at the time of
      acquisition that is in one of the two highest generic rating categories by
      at
      least one of the Rating Agencies.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    ERISA-Restricted
      Certificate:
      Any
      Subordinate, Class X, Class C or Class P Certificate, and any other Certificate,
      as long as the acquisition and holding of such other Certificate is not covered
      by and exempt under the Underwriter’s Exemption.

     

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

     

    Escrow
      Account:
      Any
      account established and maintained by the Servicers pursuant to the Servicing
      Agreements.

     

    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).

     

    Excess
      Interest:
      On any
      Distribution Date, for each Class of LIBOR Certificates, the excess, if any,
      of
      (1) the amount of interest such Class of Certificates is entitled to receive
      on
      such Distribution Date (other than amounts received from the Capitalized
      Interest Account or the Cap Agreement Account or the Balance Guaranteed Cap
      Agreement Account) over (2) the amount of interest such Class of Certificates
      would have been entitled to receive on such Distribution Date at an interest
      rate equal to the applicable REMIC Pass-Through Rate.

     

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

     

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

     

    Fannie
      Mae:
      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
      separate account established and maintained by the Trustee pursuant to Section
      4.05 hereof for distribution of the Coupon Strip. Amounts on deposit in the
      Final Maturity Reserve Account will not be an asset of any REMIC.

     

    Financial
      Intermediary:
      Not
      applicable.

     

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

     

    Freddie
      Mac:
      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.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

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

     

    General
      Servicing Fee Rate:
      With
      respect to each GMACM Mortgage Loan, 0.375% per annum.

     

    Ginnie
      Mae:
      Ginnie
      Mae, f/k/a the Government National Mortgage Association, a wholly owned
      corporate instrumentality of the United States within HUD.

     

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

     

    GMACM:
      GMAC
      Mortgage, LLC or any successors in interest thereto.

     

    GMACM
      Mortgage Loans:
      The
      Mortgage Loans serviced by GMACM.

     

    Grantor
      Trust:
      Each of
      the “grantor trusts” (within the meaning of the Grantor Trust Provisions)
      described in Section 10.01 or established pursuant to Section 5.02(h)
      herein.

     

    Grantor
      Trust Available Funds:
      For any
      Distribution Date, the sum, without duplication, of:

     

    (i)
      any
      payments received on the applicable Underlying Interest, as applicable, on
      that
      Distribution Date;

     

    (ii)
      any
      payments received by the Trustee from the Cap Provider under the related
      Deferred Interest Cap Agreement on the Business Day prior to that Distribution
      Date; 

     

    (iii)
      in
      the case of the Class A4 Certificates, any payments received by the Trustee
      from
      the Cap Provider under the Balance Guaranteed Cap Agreement on the Business
      Day
      prior to that Distribution Date;

     

    (iv)
      in
      the case of the Class A2A Certificates, any payments received by the Trustee
      from the Cap Provider under the Cap Agreement on the Business Day prior to
      that
      Distribution Date; and

     

    (v)
      all
      other assets of the Class A1B Grantor Trust, Class A2A Grantor Trust, Class
      A3
      Grantor Trust, Class A4 Grantor Trust and Class A5A Grantor Trust, as
      applicable, following the payments of amounts to reimburse the Trustee for
      its
      related reimbursable expenses.

     

    Grantor
      Trust Certificates:
      The
      Class A1B, Class A2A, Class A3, Class A4 and Class A5A
      Certificates.

     

    Grantor
      Trust Certificate Account:
      Any of
      the separate Eligible Accounts created and maintained by the Trustee pursuant
      to
      Section 4.04 in the name of the Trustee for the benefit of the Grantor Trust
      Certificates and designated “Class
      A1B Grantor Trust Certificate Account, U.S. Bank National Association, as
      Trustee, in trust for the benefit of the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2006-18N, ”“Class
      A2A Grantor Trust Certificate Account, U.S. Bank National Association, as
      Trustee, in trust for the benefit of the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2006-18N, ” “Class A3 Grantor Trust
      Certificate Account, U.S. Bank National Association, as Trustee, in trust for
      the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-18N, ” “Class A4 Grantor Trust Certificate Account,
      U.S. Bank National Association, as Trustee, in trust for the benefit of the
      Holders of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-18N,”
and “Class A5A Grantor Trust Certificate Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2006-18N.” Funds in the Grantor
      Trust Certificate Accounts shall be held in trust for the applicable
      Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    
      
        
        

      

      
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    Grantor
      Trust Provisions:
      Subpart
      E of Subchapter J of the Code, including Treasury regulation section
      301.7701-4(c)(2).

     

    Guaranteed
      Certificate:
      Not
      applicable.

     

    Guaranteed
      Distribution:
      Not
      applicable.

     

    Holder
      or Certificateholder:
      The
      registered owner of any Certificate (other than the Underlying Interests) 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, a Servicer, the Cap Provider or any Affiliate thereof shall be deemed
      not to be outstanding in determining whether the requisite percentage necessary
      to effect any such consent has been obtained, except that, in determining
      whether the Trustee and any NIMS Insurer shall be protected in relying upon
      any
      such consent, only Certificates which a Responsible Officer of the Trustee
      knows
      to be so owned shall be disregarded. The Trustee and any NIMS Insurer may
      request and conclusively rely on certifications by the Depositor, the Master
      Servicer, any Servicer or the Cap Provider, in determining whether any
      Certificates are registered to an Affiliate of the Depositor, the Master
      Servicer, such Servicer or the Cap Provider, respectively.

     

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

     

    Indenture:
      An
      indenture relating to the issuance of notes secured by the Class X Certificates
      (or any portion thereof) which may or may not be guaranteed by a NIMS
      Insurer.

     

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

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    Initial
      LIBOR Rate:
      5.320%
      per annum.

     

    Initial
      Optional Termination Date:
      The
      Distribution Date occurring in the month following the month in which the
      Aggregate Pool Balance initially declines to less than 10.00% of the Cut-off
      Date Balance.

     

    Insurance
      Fee Rate:
      Not
      applicable.

     

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

     

    Insurance
      Proceeds:
      Amounts
      paid by the insurer under any Insurance Policy, other than amounts (i) to cover
      expenses incurred by or on behalf of a Servicer or the 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.

     

    Insured
      Amount:
      Not
      applicable.

     

    Insured
      Payment:
      Not
      applicable.

     

    Interest
      Remittance Amount:
      With
      respect to any Distribution Date, an amount equal to (a) the sum of (1) all
      interest collected (other than in connection with Payaheads and Prepayment
      Premiums) or advanced in respect of Scheduled Payments on the related Mortgage
      Loans during the related Collection Period by any Servicer, the Master Servicer
      or the Trustee (solely in its capacity as successor master servicer) minus
      (x)
      the applicable Servicing Fee (or, with respect to the GMACM Mortgage Loans,
      the
      General Servicing Fee) with respect to such Mortgage Loans and (y) previously
      unreimbursed Advances and other amounts due to any Servicer, the Master Servicer
      or the Trustee (solely in its capacity as successor master servicer), to the
      extent allocable to interest and the allocable portion of previously
      unreimbursed Servicing Advances with respect to the related Mortgage Loans,
      (2)
      any Compensating Interest Payments with respect to the related Mortgage Loans
      with respect to the related Prepayment Period, (3) the portion of any Purchase
      Price or Substitution Amount paid with respect to such related Mortgage Loans
      during the related Prepayment Period allocable to interest and (4) all Net
      Liquidation Proceeds, Insurance Proceeds and any other recoveries collected
      with
      respect to the related Mortgage Loans during the related Prepayment Period,
      to
      the extent allocable to interest, as reduced by (b) the amount of other costs,
      expenses or liabilities reimbursable to the Master Servicer, any Servicer,
      any
      Custodians pursuant to the applicable Custodial Agreement or the Trustee and
      as
      increased by (c) the lesser of (1) the aggregate amount set forth in clauses
      (a)
      (1) through (5) of the definition of Principal Remittance Amount with respect
      to
      the Mortgage Loans for such Distribution Date and (2) the aggregate amount
      of
      Negative Amortization with respect to the Mortgage Loans during the related
      Collection Period.

     

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

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    Late
      Payment Rate:
      Not
      applicable.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date occurring in December 2046.

     

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

     

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

     

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

     

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

     

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

     

    LIBOR
      Certificate:
      (i) Any
      Offered Certificate (other than the Grantor Trust Certificates and Class AX
      Certificates) and Class M10 Certificate and (ii) any Underlying
      Interest.

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period (other than the first Accrual Period) for any LIBOR
      Certificates.

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the Master Servicer or a 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 (exclusive
      of
      any possibility of a deficiency judgment).

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or a Servicer in connection
      with the liquidation of any defaulted Mortgage Loan and that are not recoverable
      under the applicable Primary Mortgage Insurance Policy, 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.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    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, condemnation proceeds,
      Insurance Proceeds, or otherwise, or the sale of the related Mortgaged Property
      if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan
      by
      foreclosure or deed in lieu of foreclosure, 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 thereof.

     

    Lower
      Tier Interest:
      Any of
      the REMIC AX Interests and REMIC 1 Interests.

     

    M1
      Margin:
      As
      defined in footnote (13) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    M1
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 74.63% and (y) thereafter, 79.70% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M2
      Margin:
      As
      defined in footnote (14) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    M2
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 82.88% and (y) thereafter, 86.30% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M3
      Margin:
      As
      defined in footnote (15) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M3
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1 and Class M2 Certificates, in each
      case after giving effect to distributions on such Distribution Date and after
      the allocation of Deferred Interest, if any, for each Distribution Date, and
      (ii) the Class Principal Amount of the Class M3 Certificates after the
      allocation of Deferred Interest, if any, for such Distribution Date and
      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) (x) for each distribution prior to the Distribution Date in
      December 2012, 84.88% and (y) thereafter, 87.90% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M4
      Margin:
      As
      defined in footnote (16) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M4
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates,
      in each case after giving effect to distributions on such Distribution Date
      and
      after the allocation of Deferred Interest, if any, for each Distribution Date,
      and (ii) the Class Principal Amount of the Class M4 Certificates after the
      allocation of Deferred Interest, if any, for such Distribution Date and
      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) (x) for each distribution prior to the Distribution Date in
      December 2012, 88.38% and (y) thereafter, 90.70% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    M5
      Margin:
      As
      defined in footnote (17) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M5
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Deferred Interest, if any, for
      each Distribution Date, and (ii) the Class Principal Amount of the Class M5
      Certificates after the allocation of Deferred Interest, if any, for such
      Distribution Date and 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) (x) for each distribution prior to the Distribution Date in
      December 2012, 90.25% and (y) thereafter, 92.20% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M6
      Margin:
      As
      defined in footnote (18) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M6
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and
      Class M5 Certificates, in each case after giving effect to distributions on
      such
      Distribution Date and after the allocation of Deferred Interest, if any, for
      each Distribution Date, and (ii) the Class Principal Amount of the Class M6
      Certificates after the allocation of Deferred Interest, if any, for such
      Distribution Date and 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) (x) for each distribution prior to the Distribution Date in
      December 2012, 91.50% and (y) thereafter, 93.20% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M7
      Margin:
      As
      defined in footnote (19) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    M7
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 93.38% and (y) thereafter, 94.70% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M8
      Margin:
      As
      defined in footnote (20) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M8
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4,
      Class
      M5, Class M6 and Class M7 Certificates, in each case after giving effect to
      distributions on such Distribution Date and after the allocation of Deferred
      Interest, if any, for each Distribution Date, and (ii) the Class Principal
      Amount of the Class M8 Certificates after the allocation of Deferred Interest,
      if any, for such Distribution Date and 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) (x) for each distribution prior to the Distribution Date in
      December 2012, 94.63% and (y) thereafter, 95.70% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M9
      Margin:
      As
      defined in footnote (21) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

    
      
        
        

      

      
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    M9
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 95.88% and (y) thereafter, 96.70% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

    M10
      Margin:
      As
      defined in footnote (22) of the Preliminary Statement under the caption “The
      Certificates”.

     

    M10
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount
      of the Senior Certificates and the Class M1, Class M2, Class M3, Class M4,
      Class
      M5, Class M6, Class M7, Class M8 and Class M9 Certificates, in each case after
      giving effect to distributions on such Distribution Date and after the
      allocation of Deferred Interest, if any, for each Distribution Date, and (ii)
      the Class Principal Amount of the Class M10 Certificates after the allocation
      of
      Deferred Interest, if any, for such Distribution Date and immediately prior
      to
      such Distribution Date exceeds (y) the M10 Target Amount.

     

    M10
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2012, 98.13% and (y) thereafter, 98.50% and (ii) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Overcollateralization Floor.

     

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

     

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

     

    Master
      Servicing Fee Rate:
      0.00%
      per annum.

     

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

     

    Maximum
      Interest Rate:
      For any
      Distribution Date, an annual rate equal to the Net Funds Cap for such
      Distribution Date if the Optimal Interest Remittance Amount was computed by
      reference to the weighted average of the excess of the maximum “lifetime”
Mortgage Rates specified in the related Mortgage Notes for the Mortgage Loans
      over the Servicing Fee Rate (or, with respect to the GMACM Mortgage Loans,
      the
      General Servicing Fee Rate).

     

    Maximum
      Rate:
      Not
      applicable.

     

    
      
        
        

      

      
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    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:
      With
      respect to any Distribution Date, the sum of (x) the Monthly Excess Interest
      for
      such date, (y) Overcollateralization Release Amount for such date and (z) that
      portion, if any, of the Principal Distribution Amount for such date available
      for distribution pursuant to Section 5.02(c)(i)(3) or Section 5.02(c)(ii)(L)
      hereof.

     

    Monthly
      Excess Interest:
      With
      respect to any Distribution Date, that portion, if any, of the Interest
      Remittance Amount available for distribution pursuant to Section 5.02(b)(iv)
      hereof for such date.

     

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

     

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

     

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

     

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

     

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

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such
      schedule shall set forth, among other things, the following information with
      respect to each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii)
      the Mortgagor’s name; (iii) the street address of the Mortgaged Property
      including the city, state and zip code; (iv) the original principal amount
      of
      the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the monthly
      payment of principal and interest at origination; (vii) the Seller of such
      Mortgage Loan to the Depositor; (viii) the Servicer servicing such Mortgage
      Loan
      and the applicable Servicing Fee Rate or General Servicing Fee Rate; (ix) the
      applicable prepayment premium, if any, and the method of calculation and (x)
      the
      Custodian with respect to the Mortgage File related to such Mortgage Loan.
      The
      Depositor shall be responsible for providing the Trustee 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.

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    Mortgage
      Pool:
      The
      pool of mortgage loans consisting of the Mortgage Loans.

     

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

     

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

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Negative
      Amortization:
      With
      respect to each Distribution Date, the amount of interest on the Mortgage Loans
      that the related Mortgagors are not obligated to pay as interest (and which
      shall be added to the Scheduled Principal Balance of each such Mortgage Loan)
      due to the negative amortization feature of such Mortgage Loans, in each case
      during the related Collection Period.

     

    Negative
      Amortization Certificate:
      Any
      Certificate (other
      than the Class R and Class AX Certificate and other than a Grantor Trust
      Certificate unless the related Deferred Interest Cap Agreement has been
      terminated or there has been a default in payment under the related Deferred
      Interest Cap Agreement).

     

    Net
      Funds Cap:
      For any
      Distribution Date, an annual rate equal to (a) a fraction, expressed as a
      percentage, the numerator of which is the product of (i) the Optimal Interest
      Remittance Amount for such Distribution Date less the amount of the interest
      due
      on the Class AX Certificates for such Distribution Date and less the Coupon
      Strip required to be deposited into the Final Maturity Reserve Account, if
      any,
      for such Distribution Date and (ii) 12, and the denominator of which is the
      Pool
      Balance 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), 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.

     

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

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the Servicing
      Fee Rate (or, with respect to the GMACM Mortgage Loans, the General Servicing
      Fee Rate).

     

    Net
      Negative Amortization:
      For any
      Distribution Date, the excess, if any, of (i) the Negative Amortization with
      respect to all Mortgage Loans for the calendar month prior to that Distribution
      Date, over (ii) the aggregate amount of all scheduled monthly principal payments
      received with respect to all Mortgage Loans during the related Collection
      Period, prepayments in full and partial prepayments received with respect to
      all
      Mortgage Loans during the related Prepayment Period (including principal
      received in connection with the repurchase of a Mortgage Loan from the Trust
      Fund and all other principal received other than scheduled monthly payments)
      and
      recoveries in respect of the Mortgage Loans received during the related
      Prepayment Period.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Deposit Date and any Class of Certificates (with respect to
      the
      Grantor Trust Certificates, indirectly through the related Underlying
      Interests), the excess, if any, of any Prepayment Interest Shortfalls with
      respect to the Mortgage Loans for such date over (i) any Prepayment Interest
      Excess with respect to such Mortgage Loans for such date, if any, and (ii)
      any
      amounts paid with respect to such shortfalls by a Servicer pursuant to the
      applicable Servicing Agreement or by the Master Servicer.

     

    Net
      Rate:
      With
      respect to any Distribution Date (and the related Accrual Period), a per annum
      rate equal to (a) a fraction, expressed as a percentage, the numerator of which
      is the product of (i) the aggregate Optimal Interest Remittance Amount for
      such
      Distribution Date less the amount of the interest due on the Class AX
      Certificates for such Distribution Date and less the Coupon Strip required
      to be
      deposited into the Final Maturity Reserve Account, if any, for such Distribution
      Date, and (ii) 12, and the denominator of which is the aggregate Pool Balance
      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) 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.

     

    Net
      WAC:
      Not
      applicable.

     

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

     

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

     

    NIMS
      Agreement:
      Not
      applicable.

     

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

     

    Non-Book-Entry
      Certificate:
      Not
      applicable.

     

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

     

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

     

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

     

    Nonpayment:
      Not
      applicable.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    Notice:
      Not
      applicable.

     

    Notice
      of Nonpayment.
      Not
      applicable.

     

    Notional
      Amount:
      Not
      applicable.

     

    Notional
      Certificate:
      Not
      applicable.

     

    Offered
      Certificates:
      Collectively, the Class A1A, Class A1B, Class A2A, Class A3, Class A4, Class
      A5A, Class AX , Class M1, Class M2, Class M3, Class M4, Class M5, Class M6,
      Class M7, Class M8 and Class M9 Certificates.

     

    Offered
      Subordinate Certificates:
      Not
      applicable.

     

    Offering
      Document:
      Either
      of the private placement memorandum dated November 30, 2006, relating to the
      Class M10 Certificates or the Prospectus.

     

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

     

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

     

    Optimal
      Interest Remittance Amount:
      With
      respect to each Distribution Date, the product of (A)(x) the weighted average
      of
      the Net Mortgage Rates of the Mortgage Loans (based on their Scheduled Principal
      Balances as of the first day of the related Collection Period) divided by (y)
      12
      and (B) the Pool Balance 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).

     

    Original
      Loan-to-Value Ratio:
      Not
      applicable.

     

    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 determined as of the last day of the
      related Collection Period exceeds (y) the aggregate Class Principal Amount
      of
      the LIBOR Certificates, after giving effect to distributions on such
      Distribution Date.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    Overcollateralization
      Deficiency:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Targeted
      Overcollateralization Amount for such Distribution Date exceeds (y) the
      Overcollateralization Amount for such Distribution Date, calculated for this
      purpose after giving effect to the reduction on such Distribution Date of the
      aggregate Certificate Principal Amount 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:
      For any
      Distribution Date after the Stepdown Date, $5,136,966 (0.50% of the Cut-off
      Date
      Balance).

     

    Overcollateralization
      Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amount for such Distribution Date and (y) the amount, if any, by which (1)
      the
      Overcollateralization Amount for such Distribution Date (calculated for this
      purpose on the basis of the assumption that 100% of the Principal Remittance
      Amount for such date is applied on such Distribution Date in reduction of the
      aggregate Certificate Principal Amount of the LIBOR Certificates), exceeds
      (2)
      the Targeted Overcollateralization Amount for such Distribution
      Date.

     

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

     

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

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Percentage
      Interest:
      With
      respect to any Certificate other than a Grantor Trust 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 Certificate other than the Class X, Class C, Class P and Class
      R
      Certificates, the Percentage Interest evidenced thereby shall equal the initial
      Certificate Principal Amount thereof divided by the initial Class Principal
      Amount of all Certificates of the same Class. With respect to the Class X,
      Class
      C, Class P and Class 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 a Servicing Agreement pursuant to Section 11.03(a)(iii) hereunder
      in connection with any servicing transfer or transfer of any servicing
      rights.

     

    Permitted
      Transferee:
      As
      defined in Section 3.03(f).

     

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

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    Plan:
      As
      defined in Section 3.03(d).

     

    Plan
      Asset Regulations:
      Not
      applicable.

     

    Policy
      Payments Account:
      Not
      applicable.

     

    Pool
      Balance:
      The
      aggregate of the Scheduled Principal Balances of all Mortgage Loans as of the
      date of determination.

     

    Preference
      Amount:
      Not
      applicable.

     

    Prepayment
      Interest Excess:
      Not
      applicable.

     

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

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and any Principal Prepayment, (a) for Mortgage
      Loans serviced by GMACM, Residential Funding Company, LLC and IndyMac Bank,
      F.S.B., the calendar month immediately preceding the month in which such
      Distribution Date occurs and (b) for Mortgage Loans serviced by Countrywide
      Home
      Loans Servicing LP, the second day of the calendar month immediately preceding
      the month in which such Distribution Date occurs through the first day of the
      calendar month in which such Distribution Date occurs.

     

    Prepayment
      Premiums:
      With
      respect to any Distribution Date, all premiums or charges paid by the obligors
      under the related Mortgage Notes due to Principal Prepayments and required
      to be
      remitted to the Custodial Accounts pursuant to the Servicing Agreements and
      are
      remitted to the Collection Account during the immediately preceding Prepayment
      Period, if any.

     

    Primary
      Mortgage Insurance Policy:
      Any
      mortgage guaranty insurance, if any, on an individual Mortgage Loan as evidenced
      by a policy or certificate, whether such policy is obtained by the originator,
      the lender or the borrower.

     

    Principal
      Distribution Amount:
      With
      respect to any Distribution Date, an amount equal to the Principal Remittance
      Amount for such date minus the Overcollateralization Release Amount, if any,
      for
      such Distribution Date.

     

    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 applicable Servicing Agreement.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    Principal
      Remittance Amount:
      With
      respect to and any Distribution Date, an amount equal to (a) the sum of (1)
      all
      principal collected (other than in connection with Payaheads) or advanced in
      respect of Scheduled Payments on the Mortgage Loans during the related
      Collection Period whether by a Servicer, the Master Servicer or the Trustee
      in
      its capacity as successor master servicer (less unreimbursed Advances due to
      the
      Master Servicer, the applicable Servicer or the Trustee, in its capacity as
      successor master servicer, with respect to the related Mortgage Loans, to the
      extent allocable to principal, and any unreimbursed Servicing Advances), (2)
      all
      Principal Prepayments in full or in part received during the related Prepayment
      Period with respect to the Mortgage Loans, (3) the outstanding principal balance
      of each Mortgage Loan that was repurchased by the Seller or the related
      Transferor during the related Prepayment Period or any NIMS Insurer (in the
      case
      of certain Mortgage Loans 90 days or more delinquent), (4) the principal portion
      of any Substitution Amount paid with respect to any Deleted Mortgage Loan during
      the related Prepayment Period allocable to principal and (5) all Net Liquidation
      Proceeds, Insurance Proceeds, any Subsequent Recovery and other recoveries
      collected with respect to the Mortgage Loans during the related Prepayment
      Period, to the extent allocable to principal, as reduced (but not by more than
      the sum of items (1) through (5) above) by the aggregate amount of Negative
      Amortization with respect to the Mortgage Loans during the related Collection
      Period, reduced by (b) other costs, expenses or liabilities reimbursable to
      the
      Trustee, the Master Servicer and any Servicer to the extent provided in this
      Agreement and the applicable Servicing Agreement or to a Custodian pursuant
      to
      the applicable Custodial Agreement.

     

    Proceeding:
      Not
      applicable.

     

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

     

    Prospectus:
      The
      prospectus supplement dated November 29, 2006 together with the accompanying
      prospectus dated November 13, 2006, relating to the Offered
      Certificates.

     

    Purchase
      Price:
      With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
      balance of such Mortgage Loan, (b) accrued interest thereon at the applicable
      Mortgage Rate, from the date as to which interest was last paid to (but not
      including) the Due Date in the Collection Period immediately preceding the
      related Distribution Date; (c) any unreimbursed Servicing Advances with respect
      to such Mortgage Loan; (d) any costs and damages incurred by the Trust Fund
      with
      respect to such Mortgage Loan in connection with any violation of any federal,
      state or local predatory or abusive lending laws or other similar laws; (e)
      the
      fair market value of all other property being purchased (reduced, in the case
      of
      REO Property relating to the Mortgage Loans, 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)
      and (f) any Cap Termination Payment payable to the Cap Provider as a result
      of
      an optional termination pursuant to Section 7.01(b). The Master Servicer and
      the
      Servicer (or the Trustee, in its capacity as successor master servicer, if
      applicable) shall be reimbursed from the Purchase Price for any Mortgage Loan
      or
      related REO Property for any Advances made or other amounts advanced with
      respect to such Mortgage Loan that are reimbursable to the Master Servicer
      or
      the Servicer under this Agreement or the Servicing Agreement (or to the Trustee
      hereunder in its capacity as successor master servicer), together with any
      accrued and unpaid compensation due to the Master Servicer, the Servicer or
      the
      Trustee hereunder or thereunder.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    QIB:
      As
      defined in Section 3.03(c)(i).

     

    QIB-Restricted
      Certificate:
      Any
      Class C Certificate.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Qualified
      Insurer:
      Not
      applicable.

     

    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, (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 a Transferor
      in
      accordance with the same underwriting criteria and guidelines as the Deleted
      Mortgage Loan, (xiii) has a risk grading determined by the Seller at least
      equal
      to the risk grading assigned on the Deleted Mortgage Loan, (xiv) is secured
      by
      the same property type as the Deleted Mortgage Loan, (xv) conforms to each
      representation and warranty applicable to the Deleted Mortgage Loan made in
      the
      Mortgage Loan Sale and Assignment Agreement, (xvi) has the same or higher lien
      position as the Deleted Mortgage Loan, (xvii) is covered by a Primary Mortgage
      Insurance Policy if the Deleted Mortgage Loan was so covered and (xviii)
      contains provisions covering the payment of Prepayment Premium by the Mortgagor
      for early prepayment of the Mortgage Loan at least as favorable as the Deleted
      Mortgage Loan. 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, 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 Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may
      be.

    
      
        
        

      

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

     

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

     

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

     

    Record
      Date:
      With
      respect to the Book-Entry Certificates and any Distribution Date, the close
      of
      business on the Business Day immediately preceding such Distribution Date.
      With
      respect to the Class C, Class X, Class P and Class R Certificates and 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).

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    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 otherwise be provided by the Commission or its staff
      from
      time to time; and all references to any rule, item, section or subsection of,
      or
      definition or term contained in, Regulation AB mean such rule, item, 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:
      Regulation S promulgated under the 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:
      As
      defined in Section 3.01(d).

     

    Reimbursement
      Amounts:
      Not
      applicable.

     

    Related
      Certificates:
      For any
      REMIC 2 Interest, the Class of Certificates set forth on the same row in the
      table under “REMIC 2” in the Preliminary Statement hereto.

     

    Related
      REMIC 2 Interest:
      For any
      Related Certificates, the REMIC 2 Interest set forth on the same row in the
      table under “REMIC 2” in the Preliminary Statement hereto.

     

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit R 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 Trustee, each Custodian, the Paying Agent or each Servicer, the
      term “Relevant Servicing Criteria” may refer to a portion of the Relevant
      Servicing Criteria applicable to such parties.

     

    Relief
      Act:
      The
      Servicemembers Civil Relief Act and any similar state law or
      regulation.

     

    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 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 of
      REMIC AX, REMIC 1 and REMIC 2, as described in the Preliminary Statement
      hereto.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    REMIC
      1:
      As
      described in the Preliminary Statement.

     

    REMIC
      1 Interest:
      Any one
      of the Classes of REMIC 1 Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      1 Marker Classes:
      Any of
      the REMIC 1 Regular Interests other than (i) the Class LT1-X Interest, (ii)
      the
      Class LT1-AX Interest and (iii) the Class LT1-Coupon Strip
      Interest.

     

    REMIC
      1 Regular Interest:
      Any of
      the REMIC 1 Interests other than the Class LT1-R Interest.

     

    REMIC
      2:
      As
      described in the Preliminary Statement.

     

    REMIC
      2 Interest:
      Any one
      of the Classes of REMIC 2 Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      2 Regular Interest:
      Any of
      the REMIC 2 Interests other than the Residual Interest. 

     

    REMIC
      AX:
      As
      described in the Preliminary Statement.

     

    REMIC
      AX Interest:
      Any one
      of the Classes of REMIC AX Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      AX Regular Interest:
      Any of
      the REMIC AX Interests other than the Class LTAX-R Interest. 

     

    REMIC
      Pass Through Rate:
      For any
      Distribution Date, the Net Funds Cap for such Distribution Date (as adjusted,
      in
      the case of any Class of Certificates or REMIC 2 Interest that accrues interest
      on the basis of a 360 day year consisting of twelve 30 day months, to reflect
      accruals on such basis).

     

    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.

     

    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.

     

    Replacement
      Receipts:
      Not
      applicable.

     

    Replacement
      Receipts Account:
      Not
      applicable.

     

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

     

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

     

    
      
        
        

      

      
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    Required
      Reserve Fund Amount:
      Not
      applicable.

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    Residual
      Interest:
      An
      interest in REMIC 2 that is entitled to all distributions on the Class R
      Certificate other than distributions in respect of the Class LT1-R Interest
      and
      Class LTAX-R Interest.

     

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

     

    Restricted
      Certificate:
      Any
      Class X, Class C, Class P or Class R Certificate.

     

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

     

    Rolling
      Three Month Delinquency Rate:
      With
      respect to any Distribution Date, 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.

     

    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
      or as a result of any related Deficient Valuation (in each case, excluding
      all
      amounts of principal and interest that were due on or before the Cut-off Date
      whenever received) and, in the case of an REO Property, an amount equivalent
      to
      the Scheduled Payment that would have been due on the related Mortgage Loan
      if
      such Mortgage Loan had remained in existence.

     

    Scheduled
      Principal Balance:
      With
      respect to (i) any Mortgage Loan as of any Distribution Date, the principal
      balance of such Mortgage Loan at the close of business on the Cut-off Date
      after
      giving effect to principal payments due on or before the Cut-off Date, whether
      or not received, less an amount equal to principal payments due after the
      Cut-off Date, and on or before the Due Date in the related Collection Period,
      whether or not received from the Mortgagor or advanced by the applicable
      Servicer or the Master Servicer, and all amounts received thereon which are
      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 as increased by the amounts of any Negative Amortization with
      respect to such Mortgage Loan after the Cut-off Date through the Due Date in
      the
      related Collection 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 and the Cut-off Date,
      as specified in the Mortgage Loan Schedule. The Scheduled Principal Balance
      of a
      Liquidated Mortgage Loan shall be zero.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    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 thereto.

     

    Senior
      Certificates:
      The
      Class A1A Certificates, Underlying Interests and Class AX
      Certificates.

     

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

     

    Senior
      Principal Distribution Amount:
      For any
      Distribution Date (a) prior to the Stepdown Date or if a Trigger Event is in
      effect with respect to such Distribution Date, 100% of the Principal
      Distribution Amounts for such Distribution Date and (b) 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 aggregate Class
      Principal Amount of each Class of Senior Certificates after the allocation
      of
      Deferred Interest, if any, for each Distribution Date and immediately prior
      to
      distributions on such Distribution Date exceeds (y) the Senior Target
      Amount.

     

    Senior
      Priority:
      Not
      applicable.

     

    Senior
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (1) (i) for each distribution prior to the Distribution Date in
      December 2012, 72.75%; and (ii) thereafter, 78.20% and (2) 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 (1) the Aggregate Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period exceeds (2) the Overcollateralization Floor.

     

    Servicer:
      Each
      Servicer that has entered into one of the Servicing Agreements attached as
      Exhibit E hereto, or any successor in interest. Initially, the Servicers are
      Countrywide Home Loans Servicing LP, GMACM, IndyMac Bank, F.S.B. and Residential
      Funding Company, LLC.

     

    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.

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    Servicer
      Remittance Date:
      For
      each Servicer (other than GMACM) , the 18th day of each month (or if such 18th
      day is not a Business Day, the next succeeding Business Day). For GMACM, the
      10th day of each month (or if such 10th day is not a Business Day, the first
      preceding Business Day).

     

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

     

    Servicing
      Agreement:
      Any of
      the servicing agreements between a Servicer and the Seller, dated as of November
      1, 2006, and attached hereto in Exhibit E, and any other servicing agreement
      entered into between a successor servicer and the Seller or the Trustee pursuant
      to the terms hereof.

     

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

     

    Servicing
      Fee:
      With
      respect to any Servicer (other than GMACM), and as to any Distribution Date
      and
      each Mortgage Loan, an amount equal to the product of (a) one-twelfth of the
      applicable Servicing Fee Rate and (b) the outstanding principal balance of
      such
      Mortgage Loan as of the first day of the related Collection Period. For GMACM,
      a
      monthly fee paid as specified in the applicable Servicing
      Agreement.

     

    Servicing
      Fee Rate:
      0.375%
      per annum for Countrywide Home Loans Servicing LP and IndyMac Bank, F.S.B.
      and
      0.425% for Residential Funding Company, LLC.

     

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

     

    Sponsor:
      Lehman
      Brothers Holdings Inc. and any successor in interest thereto.

     

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

     

    Stepdown
      Date:
      The
      later to occur of (x) the Distribution Date in December 2009 and (y) the first
      Distribution Date on which the Senior Enhancement Percentage (calculated for
      this purpose after giving effect to payments or other recoveries in respect
      of
      the Mortgage Loans during the related Collection Period but before giving effect
      to distributions on any Certificates on such Distribution Date) is greater
      than
      or equal to (i) prior to the Distribution Date in December 2012, 27.25% and
      (ii)
      on or after the Distribution Date in December 2012, 21.80%.

     

    Subcontractor:
      Any
      third-party or Affiliated vendor, subcontractor or other Person utilized by
      a
      Servicer, a Custodian, the Master Servicer, a Subservicer or the Trustee 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 direction and authority
      of such Servicer, Custodian, Master Servicer, Subservicer or
      Trustee.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    Subordinate
      Certificates:
      Collectively, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6,
      Class M7, Class M8, Class M9 and Class M10 Certificates.

     

    Subordinate
      Priority:
      Distributions to the Class M1, Class M2, Class M3, Class M4, Class M5, Class
      M6,
      Class M7, Class M8, Class M9 and Class M10 Certificates, sequentially, in that
      order.

     

    Subordinated
      Balance Ratio:
      As of
      any Distribution Date, the ratio among the uncertificated principal balances
      of
      each of the REMIC 1-II Marker Classes ending with the designation “A” that is
      equal to the ratio among, with respect to each such REMIC 1-II Marker Class,
      the
      excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans
      in
      the related Mortgage Pool over (y) the aggregate Class Principal Amounts of
      the
      Classes of related Senior Certificates as set forth in the Preliminary Statement
      under the table entitled “REMIC 1” (after giving effect to distributions on such
      Distribution Date).

     

    Subsequent
      Recovery:
      Any
      amount recovered by any 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 an Additional Servicer,
      and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of material servicing functions required to
      be
      performed by the Servicer or Master Servicer under this Agreement, the Servicing
      Agreements, the Custodial Agreements or other Servicing agreements entered
      into
      with respect to some or all of the Mortgage Loans, 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, and any related unpaid Advances or
      Servicing Advances or unpaid Servicing Fees (or, with respect to the GMACM
      Mortgage Loans, the General Servicing Fee), plus any costs and damages incurred
      by the Trust Fund associated with violation of any federal, state or local
      predatory or abusive lending laws.

     

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

     

    Targeted
      Overcollateralization Amount:
      For any
      Distribution Date (x) prior to the Stepdown Date an amount equal to
      approximately $7,705,449 (0.75% of the Aggregate Pool Balance as of the Cut-off
      Date), (y) on or after the Stepdown Date, the greater of (1) the lesser of
      (a)
      the amount of approximately $7,705,449 and (b) the product of (i) for each
      distribution prior to the Distribution Date in December 2012, 1.875%, and
      thereafter, 1.500% and (ii) the Aggregate Pool Balance as of the last day of
      the
      related Collection Period and (2) the Overcollateralization Floor and (z) on
      and
      after the Stepdown Date and for which a Trigger Event is in effect, the amount
      calculated under this definition for the immediately preceding Distribution
      Date.

     

    
      
        
        

      

      
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    Tax
      Matters Person:
      Not
      applicable.

     

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

     

    Termination
      Receipts:
      Not
      applicable.

     

    Termination
      Receipts Account:
      Not
      applicable.

     

    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 Interest Remittance Amount
      for such date; (ii) the Principal Remittance Amount for such date; and (iii)
      the
      Prepayment Premiums.

     

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

     

    Transferor:
      Each
      seller of Mortgage Loans to either of LBH or Lehman Brothers Bank, FSB pursuant
      to a Transfer Agreement.

     

    Trigger
      Event:
      With
      respect to any Distribution Date, means that either a Delinquency Event or
      a
      Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

    Trust
      Fund:
      The
      corpus of Lehman XS Trust, Series 2006-18N 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 the Servicing
      Agreements, such amounts as shall from time to time be held in the Basis Risk
      Reserve Fund, the Capitalized Interest Account, Collection Account, Certificate
      Account, any Custodial Account and any Escrow Account, the Insurance Policies,
      any REO Property and the other items referred to in, and conveyed to the Trustee
      under, Section 2.01(a). For the avoidance of doubt, the assets of the Trust
      Fund
      shall not include the Cap Agreements, the Deferred Interest Cap Agreements,
      the
      Balance Guaranteed Cap Agreement, the Deferred Interest Cap Accounts and the
      Grantor Trust Certificate Accounts, which are assets of the Grantor Trusts
      established pursuant to Section 5.02(h). With respect to Exchange Act reporting
      requirements, the Trust Fund shall be deemed to include each Grantor Trust
      established pursuant to Section 5.02(h).

     

    Trust
      REMIC:
      Each
      REMIC created hereunder, as described in the Preliminary Statement
      hereto.

     

    
      
        
        

      

      
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    Trustee:
      U.S.
      Bank National Association, a national banking association, not in its individual
      capacity, but solely in its capacity as trustee or as grantor trustee, as
      applicable, for the benefit of the related Certificateholders under this
      Agreement, and any successor thereto, and any corporation or national banking
      association resulting from or surviving any consolidation or merger to which
      it
      or its successors may be a party and any successor trustee as may from time
      to
      time be serving as successor trustee hereunder.

     

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

     

    Uncertificated
      Class X Interest:
      An
      uncertificated regular interest in REMIC 2 with an initial principal balance
      equal to the excess of (i) the Cut-off Date Balance over (ii) the aggregate
      initial principal amounts of the LIBOR Certificates and bearing interest on
      a
      each Distribution Date in an amount equal to the Class X Current Interest for
      such Distribution Date; provided,
      however,
      that
      such interest shall have no obligation or right to make or receive any payments
      treated as paid or received by the Class X Certificates pursuant to interest
      rate cap agreements or notional principal contracts under Section 10.01 and
      shall have no rights to receive payments in respect of Class X Shortfall Amounts
      from the Master Servicer as described in Section 10.01.

     

    Underlying
      Interests:
      With
      respect to the Class A1B Certificates, the Class A1B Underlying Interest, with
      respect to the Class A2A Certificates, the Class A2A Underlying Interest, with
      respect to the Class A3 Certificates, the Class A3 Underlying Interest, with
      respect to the Class A4 Certificates, the Class A4 Underlying Interest and
      with
      respect to the Class A5A Certificates, the Class A5A Underlying
      Interest.

     

    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 Class of LIBOR Certificates, the
      aggregate of all Basis Risk Shortfalls with respect to such Class remaining
      unpaid from previous Distribution Dates, plus interest accrued thereon at the
      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:
      Not
      applicable.

     

    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, 91% and Class M10 Certificates, 5%
      of
      all Voting Interests shall be allocated to the Class AX Certificates and the
      Class C, Class X, Class P and Class R Certificates will each be allocated 1%
      of
      all Voting Interests. Voting Interests shall be allocated among such Classes
      of
      Certificates (other than the Class C, Class X, Class P and Class R Certificates)
      in proportion to their Class Principal Amounts or Class Notional Amounts and
      among the Certificates of each Class in proportion to their Percentage
      Interests. 100% of the voting rights under each Grantor Trust established
      pursuant to Section 5.02(h) will be allocated to the related Grantor Trust
      Certificates.

     

     

    
      
        
        

      

      
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    Section
      1.02 Calculations
      Respecting Mortgage Loans.

     

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

     

    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 elapsed in each Accrual Period.
      Accrued interest, if any, on any Class AX Certificate shall be calculated based
      upon a 360-day year consisting of twelve 30-day months.

     

    Section
      1.04 Rights
      of the NIMS Insurer.

     

    Each
      of
      the rights of any NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of NIM
      Securities issued pursuant to the Indenture and (ii) the NIM Securities issued
      pursuant to the Indenture remain outstanding or the NIMS Insurer is owed amounts
      in respect of its guarantee of payment on such notes; provided, however, the
      NIMS Insurer shall not have any rights hereunder (except pursuant to Section
      11.03 and any rights to indemnification hereunder in the case of clause (ii)
      below) so long as (i) the NIMS Insurer has not undertaken to guarantee certain
      payments of notes issued pursuant to the Indenture or (ii) any default has
      occurred and is continuing under the insurance policy issued by the NIMS Insurer
      with respect to such notes.

     

    ARTICLE
      II.

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

     

    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
      all
      the right, title and interest of the Depositor in and to the Mortgage Loans.
      Such conveyance includes, without limitation, the right to all payments of
      principal and interest received on or with respect to the Mortgage Loans on
      and
      after the Cut-off Date (other than payments of principal and interest due on
      or
      before such date), and all such payments due after such date but received prior
      to such date and intended by the related Mortgagors to be applied after such
      date together with all of the Depositor’s right, title and interest in and to
      the Collection Account, the
      Cap
      Agreement Account,
      the
      Balance Guaranteed Cap Agreement Account, the Deferred Interest Cap Account,
      the
      Certificate Account, the Grantor Trust Certificate Account and all amounts
      from
      time to time credited to and the proceeds of the Certificate Account, the
      Grantor Trust Certificate Account, any Custodial Accounts, any Escrow Account
      established pursuant to Section 9.06, the 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, the Class X Account established pursuant to
      Section 5.12 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 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, and the Grantor Trusts established pursuant to Section 5.02(h), as
      grantor trustee, in trust, for the benefit and use of the Holders of the related
      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 and Grantor Trusts established pursuant to Section
      5.02(h), Certificates in the authorized denominations evidencing the entire
      ownership of the Trust Fund. or the Grantor Trusts established pursuant to
      Section 5.02(h), as applicable.

    
      
        
        

      

      
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    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Sale Agreement, including all rights of the Sellers under the Servicing
      Agreements and each related Transfer Agreement (other than first payment date
      default or early payment date default rights against the Transferor) but, in
      each case, only to the extent assigned under the Mortgage Loan Sale Agreement.
      The Trustee hereby accepts such assignment and delegation, 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. The foregoing sale,
      transfer, assignment, set-over, deposit, delegation 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 Sellers or any other Person in connection
      with
      the Mortgage Loans or any other agreement or instrument relating thereto except
      as specifically set forth herein.

     

    (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 a 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, as shown on Exhibit B-4
      hereto, 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) if
      applicable, the original of any guarantee, security agreement or pledge
      agreement executed in connection with the Mortgage Note, assigned to the
      Trustee;

     

    
      
        
        

      

      
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    (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 applicable 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 its 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 delivered 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 applicable 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, an original Assignment of Mortgage,
      in
      form and substance acceptable for recording. The related Mortgage shall be
      assigned either (A) in blank, without recourse or (B) to “U.S. Bank National
      Association, as Trustee of the Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-18N,” without recourse;

     

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

     

    (vii) with
      respect to any Mortgage Loan other than a Cooperative Loan, the original
      mortgagee title insurance policy or attorney’s opinion of title and abstract of
      title, and, if applicable, the original Primary Mortgage Insurance Policy or
      certificate;

     

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

     

    
      
        
        

      

      
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    (ix) with
      respect to any manufactured housing contract, any related manufactured housing
      sales contract, installment loan agreement or participation interest;
      and

     

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

     

    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, the Rating Agencies and any
      NIMS
      Insurer, 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 cause the Servicer to submit each Assignment of Mortgage for
      recording upon the occurrence of a bankruptcy, insolvency or foreclosure
      relating to the Mortgagor under the related Mortgage. Subject to the preceding
      sentence, as soon as practicable after the Closing Date (but in no event more
      than three months thereafter except to the extent delays are caused by the
      applicable recording office), the Master Servicer, at the expense of the
      Depositor and with the cooperation of the applicable Servicer, shall cause
      to be
      properly recorded by such Servicer in each public recording office where the
      related Mortgages are recorded each Assignment of Mortgage referred to in
      subsection (b)(v) above with respect to each Non-MERS Mortgage Loan. With
      respect to each Cooperative Loan, the Master Servicer, at the expense of the
      Depositor and with the cooperation of the applicable Servicer, shall cause
      such
      Servicer to take such actions as are necessary under applicable law in order
      to
      perfect the interest of the Trustee in the related Mortgaged
      Property.

     

    (ii) With
      respect to each MERS Mortgage Loan, the Master Servicer, at the expense of
      the
      Depositor and with the cooperation of the Servicer, shall cause the Servicer
      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.

     

    (d) In
      instances where a Title Insurance Policy is required to be delivered to the
      Trustee or the applicable 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 applicable Custodian
      on
      behalf of the Trustee, as promptly as practicable after the execution and
      delivery hereof, but in any case within 180 days of the Closing
      Date.

     

    
      
        
        

      

      
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    (e) For
      Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date
      and prior to the Closing Date, the Depositor, in lieu of delivering the above
      documents, herewith delivers to the Trustee, or to the applicable Custodian
      on
      behalf of the Trustee, an Officer’s Certificate which shall include a statement
      to the effect that all amounts received in connection with such prepayment
      that
      are required to be deposited in the Collection Account pursuant to Section
      4.01
      have been so deposited. All original documents that are not delivered to the
      Trustee or the applicable Custodian on behalf of the Trustee shall be held
      by
      the 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
      applicable 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 applicable Custodian on behalf of the Trustee, under
      this Section 2.02. The Trustee, or the applicable Custodian on behalf of the
      Trustee, will execute and deliver to the Trustee, the Depositor, the Master
      Servicer 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 applicable
      Custodial Agreement as Exhibit B-1, as applicable).

     

    (b) Within
      45
      days after the Closing Date, the Trustee or the applicable Custodian on behalf
      of the Trustee, will, for the benefit of Holders of the Certificates and any
      NIMS Insurer, 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 applicable Custodial Agreement as Exhibit B-2, as
      applicable) to the effect that, as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan prepaid in full or any specifically
      identified in such certification as not covered by such certification), (i)
      all
      of the applicable documents specified in Section 2.01(b) are in its possession
      and (ii) such documents have been reviewed by it and appear to relate to such
      Mortgage Loan. The Trustee, or the applicable Custodian on behalf of the
      Trustee, shall 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 applicable Custodian shall
      have
      any responsibility for verifying the genuineness or the legal effectiveness
      of
      or authority for any signatures of or on behalf of any party or
      endorser.

     

    (c) If
      in the
      course of the review described in paragraph (b) above the Trustee or the
      applicable Custodian discovers any document or documents constituting a part
      of
      a Mortgage File that is missing, does not appear regular on its face (i.e.,
      is
      mutilated, damaged, defaced, torn or otherwise physically altered) or appears
      to
      be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule
      (each, a “Material Defect”), the Trustee, or the applicable Custodian on behalf
      of the Trustee, discovering such Material Defect shall promptly identify the
      Mortgage Loan to which such Material Defect relates in the Interim Certification
      delivered to the Trustee, the Depositor, the Master Servicer and any NIMS
      Insurer. Within 90 days of its receipt of such notice, the Transferor, or,
      if
      the Transferor does not do so, the Depositor shall be required to cure such
      Material Defect (and, in such event, the Depositor shall provide the Trustee
      with an Officer’s Certificate confirming that such cure has been effected). If
      the applicable Transferor or the Depositor, as applicable, does not so cure
      such
      Material Defect, 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 applicable
      Custodian to give the notice contemplated herein within 45 days after the
      Closing Date shall not affect or relieve the Depositor of its obligation to
      repurchase any Mortgage Loan pursuant to this Section 2.02 or any other Section
      of this Agreement requiring the repurchase of Mortgage Loans from the Trust
      Fund.

     

    
      
        
        

      

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

     

    (e) Nothing
      in this Agreement shall be construed to constitute an assumption by the Trust
      Fund, the Trustee, any 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 applicable Custodian shall perform
      the
      applicable review of the Mortgage Loans and respective certifications thereof
      as
      provided in this Section 2.02 and in the applicable Custodial
      Agreement.

     

    (g) Upon
      execution of this Agreement, the Depositor hereby delivers to the Trustee and
      the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement and
      the
      Servicing Agreement.

     

    Section
      2.03 Representations
      and Warranties of the Depositor.

     

    (a) The
      Depositor hereby represents and warrants to the Trustee, for the benefit of
      Certificateholders and to the Master Servicer 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;

     

    
      
        
        

      

      
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    (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 and the Master Servicer
      constitutes a valid and binding obligation of the Depositor enforceable against
      it in accordance with its terms except as such enforceability may be subject
      to
      (A) applicable bankruptcy and insolvency laws and other similar laws affecting
      the enforcement of the rights of creditors generally and (B) general principles
      of equity regardless of whether such enforcement is considered in a proceeding
      in equity or at law;

     

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

     

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

     

    
      
        
        

      

      
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    (b) The
      representations and warranties of the Transferor with respect to the related
      Mortgage Loans in the applicable Transfer Agreement, which have been assigned
      to
      the Trustee hereunder, were made as of the date specified in the applicable
      Transfer Agreement (or underlying agreement, if such Transfer Agreement is
      in
      the form of an assignment of a prior agreement). To the extent that any fact,
      condition or event with respect to a Mortgage Loan constitutes a breach of
      both
      (i) a representation or warranty of the applicable Transferor under the
      applicable Transfer Agreement and (ii) a representation or warranty of the
      Seller under the Mortgage Loan Sale Agreement, the only right or remedy of
      the
      Trustee or any Certificateholder hereunder (other than a breach by the Seller
      of
      the representations made pursuant to Sections 1.04(b)(xii), 1.04(b)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan Sale Agreement)
      shall be their rights to enforce the obligations of the applicable Transferor
      under any applicable representation or warranty made by it. Pursuant to the
      terms of the Mortgage Loan Sale Agreement, the representations and warranties
      made by the Seller pursuant to Sections 1.04(b)(xii), 1.04(b)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan Sale Agreement
      shall be the direct obligations of the Seller. With the exception of the
      immediately proceeding sentence, the Seller shall not have any other 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 applicable Transferor in the applicable Transfer Agreement,
      without regard to whether such Transferor fulfills its contractual obligations
      in respect of such representation or warranty. The Depositor shall have no
      obligation or liability with respect to any breach of any representation or
      warranty with respect to the Mortgage Loans (except as set forth in Section
      2.03(a)(vi)) under any circumstances.

     

    Section
      2.04 Discovery
      of Breach.

     

    It
      is
      understood and agreed that the representations and warranties (i) set forth
      in
      Section 2.03, (ii) of the Seller set forth in the Mortgage Loan Sale Agreement
      and assigned to the Depositor by the Seller under the Mortgage Loan Sale
      Agreement and to the Trustee by the Depositor hereunder and (iii) of the
      Transferor and of the Servicer assigned by the Seller to the Depositor pursuant
      to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
      hereunder, shall each survive delivery of the Mortgage Files and the Assignment
      of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout
      the term of this Agreement. Upon discovery by any of the Depositor, any NIMS
      Insurer, the Master Servicer or the Trustee of a breach of any of such
      representations and warranties that materially and adversely affects the value
      of the related Mortgage Loan, the party discovering such breach shall give
      prompt written notice to the other parties; provided, to the extent that
      knowledge of such breach with respect to any Mortgage Loan is known by any
      officer, director, employee or agent of Aurora acting in any capacity other
      than
      as Master Servicer hereunder, the Master Servicer shall not be deemed to have
      knowledge of any such breach until an officer of Aurora acting in a capacity
      as
      Master Servicer has actual knowledge thereof. Within 90 days of the discovery
      of
      a breach of any representation or warranty given to the Trustee by the Depositor
      or given by a Transferor or the Seller and assigned to the Trustee, the
      Depositor, such 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,
      with respect to Mortgage Loans as to which there is a breach of a representation
      or warranty set forth in Section 1.04(b)(v) of the Mortgage Loan Sale Agreement,
      at the purchase price therefor paid by the Seller under the Mortgage Loan Sale
      Agreement) 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
      a
      Transferor assigned to the Trustee, the Trustee shall enforce its rights under
      the applicable Transfer Agreement and the Mortgage Loan Sale Agreement for
      the
      benefit of Certificateholders. As provided in the Mortgage Loan Sale Agreements,
      if a Transferor substitutes a mortgage loan for a Deleted Mortgage Loan pursuant
      to the Transfer Agreement and such substitute mortgage loan is not a Qualifying
      Substitute Mortgage Loan, then pursuant to the terms of the Mortgage Loan Sale
      Agreement the Seller will, in exchange for such substitute mortgage loan, (i)
      pay to the Trust Fund the applicable Purchase Price for the affected Mortgage
      Loan or (ii) within two years of the Closing Date, substitute a Qualifying
      Substitute Mortgage Loan.

    
      
        
        

      

      
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    Section
      2.05 Repurchase,
      Purchase or Substitution of Mortgage Loans.

     

    (a) With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement, by the Seller pursuant to the Mortgage Loan Sale Agreement, or by
      the
      Transferor pursuant to the applicable Transfer Agreement, the principal portion
      of the funds received by the Master Servicer in respect of such repurchase
      of a
      Mortgage Loan will be considered a Principal Prepayment and the Purchase Price
      shall be deposited in the Collection Account or a Custodial Account, as
      applicable. The Trustee (i) upon receipt of the full amount of the Purchase
      Price for a Deleted Mortgage Loan, (ii) upon receipt of a written certification
      from the Master Servicer that it has received the full amount of the Purchase
      Price for a Deleted Mortgage Loan and has deposited such amount in the
      Collection Account or (iii) upon receipt of notification from the applicable
      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 applicable
      Servicer and the Trustee shall have no further responsibility with respect
      to
      the Mortgage File relating to such Deleted Mortgage Loan. The Seller indemnifies
      and holds the Trust Fund, the Master Servicer, the Trustee, the Depositor and
      each Certificateholder harmless against any and all taxes, claims, losses,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Trust Fund, the
      Trustee, the Master Servicer, the Depositor and any Certificateholder may
      sustain in connection with any actions of the Seller relating to a repurchase
      of
      a Mortgage Loan other than in compliance with the terms of this Section 2.05
      and
      the Mortgage Loan Sale Agreement, to the extent that any such action causes
      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 applicable 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 applicable
      Custodian) the Mortgage File for the Qualifying Substitute Mortgage Loan
      containing the documents set forth in Section 2.01(b) along with a written
      certification certifying as to the delivery of such Mortgage File and containing
      the granting language set forth in Section 2.01(a); and (ii) the Depositor
      will
      be deemed to have made, with respect to such Qualifying Substitute Mortgage
      Loan, each of the representations and warranties made by it with respect to
      the
      related Deleted Mortgage Loan. As soon as practicable after the delivery of
      any
      Qualifying Substitute Mortgage Loan hereunder, the Master Servicer, at the
      expense of the Depositor and 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 the NIMS Insurer have received an
      Opinion of Counsel (at the expense of the party seeking to make the
      substitution) that, under current law, such substitution will not result in
      an
      Adverse REMIC Event.

     

    Section
      2.06 Grant
      Clause.

     

    (a) It
      is
      intended that the conveyance of the Depositor’s right, title and interest in and
      to property constituting the Trust Fund pursuant to this Agreement shall
      constitute, and shall be construed as, a sale of such property and not a grant
      of a security interest to secure a loan. However, if such conveyance is deemed
      to be in respect of a loan, it is intended that: (1) the rights and obligations
      of the parties shall be established pursuant to the terms of this Agreement;
      (2)
      the Depositor hereby grants to the Trustee for the benefit of the Holders of
      the
      Certificates a first priority security interest to secure repayment of an
      obligation in an amount equal to the aggregate Class Principal Amount of the
      Certificates in all of the Depositor’s right, title and interest in, to and
      under, whether now owned or hereafter acquired, the Trust Fund and all proceeds
      of any and all property constituting the Trust Fund to secure payment of the
      Certificates and (3) this Agreement shall constitute a security agreement under
      applicable law. If such conveyance is deemed to be in respect of a loan and
      the
      trust created by this Agreement terminates prior to the satisfaction of the
      claims of any Person holding any Certificate, 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 mediate transferees,
      including the Trustee, in the Mortgage Loans. In connection with the
      transactions contemplated by this Agreement, the Seller and the Depositor
      authorizes its immediate or mediate transferee to file in any filing office
      any
      initial financing statements, any amendments to financing statements, any
      continuation statements, or any other statements or filings described in this
      paragraph (b).

      
        
          
          

        

        
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    ARTICLE
      III.

     

    THE
      CERTIFICATES

     

    Section
      3.01 The
      Certificates.

     

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

     

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

     

     

    
      
        
        

      

      
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    (c) The
      Class
      M10 Certificates offered and sold in reliance on the exemption from registration
      under Rule 144A under the Act shall be issued initially in the form of one
      or
      more permanent global Certificates in definitive, fully registered form without
      interest coupons with the applicable legends set forth in Exhibit A added to
      the
      forms of such Certificates (each, a “Restricted Global Security”), which shall
      be deposited on behalf of the subscribers for such Certificates represented
      thereby with the Trustee, as custodian for The Depository Trust Company (“DTC”)
      and registered in the name of a nominee of DTC, duly executed and authenticated
      by the Trustee as hereinafter provided. The aggregate principal amounts of
      the
      Restricted Global Securities may from time to time be increased or decreased
      by
      adjustments made on the records of the Trustee or DTC or its nominee, as the
      case may be, as hereinafter provided.

     

    (d) The
      Class
      M10 Certificates sold in offshore transactions in reliance on Regulation S
      shall
      be issued initially in the form of one or more permanent global Certificates
      in
      definitive, fully registered form without interest coupons with the applicable
      legends set forth in Exhibit A hereto added to the forms of such Certificates
      (each, a “Regulation S Global Security”), which shall be deposited on behalf of
      the subscribers for such Certificates represented thereby with the Trustee,
      as
      custodian for DTC and registered in the name of a nominee of DTC, duly executed
      and authenticated by the Trustee as hereinafter provided. The aggregate
      principal amounts of the Regulation S Global Securities may from time to time
      be
      increased or decreased by adjustments made on the records of the Trustee or
      DTC
      or its nominee, as the case may be, as hereinafter provided.

     

    (e) The
      Class
      M10 Certificates sold to an “accredited investor” under Rule 501(a)(1), (2), (3)
      or (7) under the Act shall be issued initially in the form of one or more
      Definitive Certificates.

     

    For
      purposes of this Section 3.01, “Certificates” shall not include Underlying
      Interests.

    

    Section
      3.02 Registration.

     

    The
      Trustee is hereby appointed, and hereby accepts its appointment as, Certificate
      Registrar in respect of the Certificates and shall maintain books for the
      registration and for the transfer of Certificates (the “Certificate Register”).
      The Trustee may appoint a bank or trust company to act as Certificate Registrar.
      A registration book shall be maintained for the Certificates collectively.
      The
      Certificate Registrar may resign or be discharged or removed and a new successor
      may be appointed in accordance with the procedures and requirements set forth
      in
      Sections 6.06 and 6.07 hereof with respect to the resignation, discharge or
      removal of the Trustee and the appointment of a successor trustee. The
      Certificate Registrar may appoint, by a written instrument delivered to the
      Holders 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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    Section
      3.03 Transfer
      and Exchange of Certificates.

     

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

     

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

     

    (c) By
      acceptance of a Restricted Certificate, QIB-Restricted Certificate or Regulation
      S Global Security, whether upon original issuance or subsequent transfer, each
      Holder of such a Certificate acknowledges the restrictions on the transfer
      of
      such Certificate set forth thereon and agrees that it will transfer such a
      Certificate only as provided herein. In addition, each Holder of a Regulation
      S
      Global Security shall be deemed to have represented and warranted to the
      Trustee, the Certificate Registrar and any of their respective successors that:
      (i) such Person is not a U.S. person within the meaning of Regulation S and
      was,
      at the time the buy order was originated, outside the United States and (ii)
      such Person understands that such Certificates have not been registered under
      the 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 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.

     

    
      
        
        

      

      
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    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, the Placement Agent or an
      affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended
      (the “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 Act
      by a transferor that has provided the Trustee 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 Act, or to any Person all of the equity
      owners in which are such accredited investors, by a transferor who furnishes
      to
      the Trustee a letter of the transferee substantially in the form of Exhibit
      G
      hereto.

     

    (d) No
      transfer of a Grantor Trust Certificate will be registered unless the Trustee,
      the Certificate Registrar and the Depositor receive (A) a representation as
      set
      forth in Exhibit H to the effect that such transferee is not, and is not acting
      for, on behalf of or with any assets of, an employee benefit plan or other
      arrangement subject to Title I of ERISA or plan subject to Section 4975 of
      the
      Code, or (ii) until the termination of the applicable Deferred Interest Cap
      Agreement, the acquisition and holding of the Grantor Trust Certificate are
      eligible for exemptive relief under any of Section 408(b)(17) of ERISA or
      Section 4975(d)(20) of the Code, Prohibited Transaction Class Exemption (“PTCE”)
      84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23, each as amended.

     

    No
      Transfer of an ERISA-Restricted Certificate or a Class R Certificate will be
      registered unless the Trustee, the Certificate Registrar and the Depositor
      receive (A) a representation as set forth in Exhibit D-1 for Class R
      Certificates or Exhibit H for ERISA-Restricted Certificates to the effect that
      such transferee is not an employee benefit plan or other arrangement subject
      to
      Title I of ERISA, a plan subject to Section 4975 of the Code or a plan subject
      to any provisions under any federal, state, local, non-U.S. or other laws or
      regulations that are substantively similar to the foregoing provisions of ERISA
      or the Code (“Similar Law”) (collectively, a “Plan”), and is not directly or
      indirectly acquiring the Class R Certificate for, on behalf of, or with any
      assets of any such Plan, or (B) solely in the case of an ERISA-Restricted
      Certificate (I) a representation as set forth in Exhibit H for ERISA-Restricted
      Certificates that, if the Certificate has been the subject of an
      ERISA-Qualifying Underwriting, such transferee is an insurance company that
      is
      acquiring the Certificate with assets contained in an “insurance company general
      account,” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60, and the acquisition and holding of the Certificate are covered
      and exempt under Sections I and III of PTCE 95-60, or (II) solely in the case
      of
      an ERISA-Restricted Certificate that is a Definitive Certificate, an Opinion
      of
      Counsel satisfactory to the Trustee, the Certificate Registrar and the
      Depositor, and upon which the Trustee, the Certificate Registrar and the
      Depositor shall be entitled to rely, to the effect that the acquisition and
      holding of such Certificate will not constitute or result in a nonexempt
      prohibited transaction under ERISA or the Code, or a violation of Similar Law,
      and will not subject the Trustee, the Certificate Registrar, the Master
      Servicer, any Servicer or the Depositor to any obligation in addition to those
      expressly undertaken in this Agreement, which Opinion of Counsel shall not
      be an
      expense of the Trustee, the Certificate Registrar, the Master Servicer, any
      Servicer or the Depositor.

     

    
      
        
        

      

      
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    Except
      in
      the case of Definitive Certificates, the representations set forth in the
      preceding paragraphs, other than clause (B)(II) in the immediately preceding
      paragraph, shall be deemed to have been made to the Trustee, the Certificate
      Registrar and the Depositor by the transferee’s acceptance of a Grantor Trust
      Certificate, an ERISA-Restricted Certificate or a Class R Certificate (or the
      acceptance by a Certificate Owner of the beneficial interest in any Class of
      Grantor Trust Certificate, ERISA Restricted Certificate or Class R Certificate).
      The Trustee, the Certificate Registrar and the Depositor shall not have any
      obligation to monitor transfers of Book-Entry Certificates or Restricted Global
      Securities that are Grantor Trust Certificates, ERISA-Restricted Certificates
      or
      Class R Certificates or any liability for transfers of such Certificates in
      violation of the transfer restrictions.

     

    Notwithstanding
      any other provision herein to the contrary, any purported transfer of a Grantor
      Trust Certificate, an ERISA-Restricted Certificate or Class R Certificate to
      or
      on behalf of a Plan without the delivery to the Trustee, the Certificate
      Registrar and the Depositor of a representation or an Opinion of Counsel
      satisfactory to the Trustee, the Certificate Registrar and the Depositor as
      described above shall be void and of no effect and 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. The
      Trustee, the Certificate Registrar and the Depositor shall not have any
      liability to any Person for any registration or transfer of any Grantor
      Trust Certificate, ERISA
      Restricted Certificate or Class R Certificate that is in fact not permitted
      by
      this Section 3.03(d) and the Trustee, the Certificate Registrar and the
      Depositor shall not have any liability 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 Certificate Registrar in accordance with the foregoing
      requirements. The Trustee, the Certificate Registrar and the Depositor shall
      be
      entitled, but not obligated, to recover from any Holder of any Grantor Trust
      Certificate, ERISA Restricted Certificate or Class R Certificate that was in
      fact a Plan and that held such Certificate in violation of this Section 3.03(d)
      all payments made on such Grantor Trust Certificate, ERISA Restricted
      Certificate or Class R Certificate at and after the time it commenced such
      holding. Any such payments so recovered shall be paid and delivered to the
      last
      preceding Holder of such Certificate that is not a Plan.

     

    
      
        
        

      

      
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    (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, in the case of clause (ii), such person is (A) not a Non-U.S. Person
      or
      (B) is a Non-U.S. Person that holds a Residual Certificate in connection with
      the conduct of a trade or business within the United States and has furnished
      the transferor and the Trustee with an effective Internal Revenue Service Form
      W-8ECI or successor form at the time and in the manner required by the Code
      (any
      such person who is not covered by clause (A) or (B) above is referred to herein
      as a “Non-permitted Foreign Holder”).

     

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

    
      
        
        

      

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

     

    (g) Each
      Holder or Certificate Owner of a Restricted Certificate, ERISA-Restricted
      Certificate, QIB-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 M10 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).

     

    (i) Subject
      to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
      Security representing any Class M10 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.

     

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

     

    
      
        
        

      

      
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    (iii) Regulation
      S Global Security to Restricted Global Security. If a holder of a beneficial
      interest in a Regulation S Global Security deposited with or on behalf of DTC
      wishes at any time to transfer its interest in such Regulation S Global Security
      to a Person who wishes to take delivery thereof in the form of an interest
      in a
      Restricted Global Security, such holder may, subject to the rules and procedures
      of DTC, exchange or cause the exchange of such interest for an equivalent
      beneficial interest in a Restricted Global Security. Upon receipt by the
      Trustee, as Certificate Registrar, of (I) instructions from DTC directing the
      Trustee, as Certificate Registrar, to cause to be credited a beneficial interest
      in a Restricted Global Security in an amount equal to the beneficial interest
      in
      such Regulation S Global Security to be exchanged but not less than the minimum
      denomination applicable to such holder’s Certificates held through a Restricted
      Global Security, to be exchanged, such instructions to contain information
      regarding the participant account with DTC to be credited with such increase,
      and (II) a certificate in the form of Exhibit V-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 Act and in accordance with any applicable
      securities laws of any State of the United States or any other jurisdiction,
      then the Trustee, as Certificate Registrar, will reduce the principal amount
      of
      the Regulation S Global Security and increase the principal amount of the
      Restricted Global Security by the aggregate principal amount of the beneficial
      interest in the Regulation S Global Security to be transferred and the Trustee,
      as Certificate Registrar, shall instruct DTC, concurrently with such reduction,
      to credit or cause to be credited to the account of the Person specified in
      such
      instructions a beneficial interest in the Restricted Global Security equal
      to
      the reduction in the principal amount of the Regulation S Global
      Security.

     

    (iv) 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 Act, as the case
      may
      be), and as may be from time to time adopted by the Trustee.

     

    
      
        
        

      

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

     

    Section
      3.04 Cancellation
      of Certificates.

     

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

     

    Section
      3.05 Replacement
      of Certificates.

     

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

     

    Section
      3.06 Persons
      Deemed Owners.

     

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

     

    Section
      3.07 Temporary
      Certificates.

     

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

     

    
      
        
        

      

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

     

    For
      purposes of this Section 3.07, “Certificates” shall not include Underlying
      Interests.

    

    Section
      3.08 Appointment
      of Paying Agent.

     

    (a) The
      Trustee hereby appoints itself as Paying Agent. The Trustee may appoint a
      successor Paying Agent acceptable to the NIMS Insurer, for the purpose of making
      distributions to Certificateholders hereunder. The Trustee shall cause such
      Paying Agent (if other than the Trustee) to execute and deliver to the Trustee
      an instrument in which such Paying Agent shall agree with the Trustee that
      such
      Paying Agent will hold all sums held by it for the payment to Certificateholders
      in an Eligible Account in trust for the benefit of the Certificateholders
      entitled thereto until such sums shall be paid to the Certificateholders. All
      funds remitted by the Trustee to any such Paying Agent for the purpose of making
      distributions shall be paid to Certificateholders on each Distribution Date
      and
      any amounts not so paid shall be returned on such Distribution Date to the
      Trustee. If the Paying Agent is not the Trustee, the Trustee shall cause to
      be
      remitted to the Paying Agent on or before the Business Day prior to each
      Distribution Date, by wire transfer in immediately available funds, the funds
      to
      be distributed on such Distribution Date. 

     

    (b) Any
      Paying Agent shall be either a bank or trust company or otherwise authorized
      under law to exercise corporate trust powers. A Paying Agent shall comply with
      its reporting obligations under Regulation AB with respect to the Trust Fund
      in
      form and substance similar to those of the Trustee pursuant to Section 6.20,
      and
      the related assessment of compliance shall cover, at a minimum, the matters
      indicated as obligations with respect to the Paying Agent on Exhibit R attached
      hereto. In addition, the Paying Agent (if other than the Trustee) 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 S hereto or any of their Affiliates.

     

    (c)
       Any
      Paying Agent agrees to indemnify the Depositor, the Trustee (if other than
      the
      Paying Agent) and the Master Servicer, and each of their respective directors,
      officers, employees and agents and the Trust Fund and hold each of them harmless
      from and against any losses, damages, penalties, fines, forfeitures, legal
      fees
      and expenses and related costs, judgments, and any other costs, fees and
      expenses that any of them may sustain arising out of or based upon the failure
      by such Paying Agent to deliver any information, report or certification when
      and as required under Section 6.20 and Section 9.25(a), provided, however,
      that
      this sentence shall not apply if the Paying Agent is the Trustee. This
      indemnification shall survive the termination of this Agreement or the
      termination of such Paying Agent hereunder.

      
        
          
          

        

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

     

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

     

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

     

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

     

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

    
      
        
        

      

      
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    ARTICLE
      IV.

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    Section
      4.01 Collection
      Account.

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled “Aurora
      Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
      of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-18N” or its
      nominee. The Collection Account shall relate solely to the Certificates issued
      by the Trust Fund hereunder, and funds in such Collection Account shall not
      be
      commingled with any other monies.

     

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 15 days and transfer
      all funds and investment property on deposit in such existing Collection Account
      into such new Collection Account.

     

    (c) The
      Master Servicer shall give to the Trustee and any NIMS Insurer prior written
      notice of the name and address of the depository institution at which the
      Collection Account is maintained and the account number of such Collection
      Account. The Master Servicer shall take such actions as are necessary to cause
      the depository institution holding the Collection Account to hold such account
      in the name of the Master Servicer under this Agreement. No later than 2:00
      p.m.
      New York City time on each Deposit Date, the entire amount on deposit in the
      Collection Account (subject to permitted withdrawals set forth in Section 4.02),
      other than amounts not included in the Total Distribution Amount for such
      Distribution Date, shall be remitted to the Trustee for deposit into the
      Certificate Account by wire transfer in immediately available funds. The Master
      Servicer, at its option (but with prior notice to the Trustee), may choose
      to
      make daily remittances from the Collection Account to the Trustee for deposit
      into the Certificate Account.

     

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

     

    
      
        
        

      

      
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    (i) all
      payments on account of principal, including Principal Prepayments, late
      collections, and any Prepayment Premiums, on the Mortgage Loans;

     

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

     

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

     

    (iv) all
      Insurance Proceeds;

     

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

     

    (vi) all
      amounts paid by the applicable Servicer or the Master Servicer with respect
      to
      Prepayment Interest Shortfalls; and

     

    (vii) the
      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.

     

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments selected by
      and
      at the written direction of the Master Servicer, which shall mature not later
      than one Business Day prior to the Deposit Date (except that if such Eligible
      Investment is an obligation of the Trustee, then such Eligible Investment shall
      mature not later than such applicable Deposit Date) and any such Eligible
      Investment shall not be sold or disposed of prior to its maturity. All such
      Eligible Investments shall be made in the name of the Master Servicer in trust
      for the benefit of the Trustee and the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2006-18N. All income and gain realized from
      any Eligible Investment shall be for the benefit of the Master Servicer and
      shall be subject to its withdrawal or order from time to time and shall not
      be
      part of the Trust Fund. The amount of any losses incurred in respect of any
      such
      investments shall be deposited in such Collection Account by the Master Servicer
      out of its own funds, without any right of reimbursement therefor, immediately
      as realized. The foregoing requirements for deposit in the Collection Account
      are exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments of interest on funds in the Collection
      Account and payments in the nature of late payment charges, assumption fees,
      prepayment penalties with respect to mortgages for which the Seller does not
      own
      the servicing rights, and other incidental fees and charges relating to the
      Mortgage Loans (other than Prepayment Premiums) need not be deposited by the
      Master Servicer in the Collection Account and may be retained by the Master
      Servicer or the applicable Servicer as additional servicing compensation. If
      the
      Master Servicer deposits in the Collection Account any amount not required
      to be
      deposited therein, it may at any time withdraw such amount from such Collection
      Account.

     

     

    
      
        
        

      

      
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    Section
      4.02 Application
      of Funds in the Collection Account.

     

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

     

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

     

    (iii) to
      reimburse itself or any Servicer from Liquidation Proceeds for Liquidation
      Expenses and for amounts expended by it pursuant to Sections 9.20 and 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 (or, with
      respect to the GMACM Mortgage Loans, the General Servicing Fee Rate), for such
      Mortgage Loan to the Due Date next succeeding the date of its receipt of such
      Liquidation Proceeds, to pay to itself out of such excess the amount of any
      unpaid assumption fees, late payment charges or other Mortgagor charges on
      the
      related Mortgage Loan and to retain any excess remaining thereafter as
      additional servicing compensation, it being understood, in the case of any
      such
      reimbursement or payment, that such Master Servicer’s or Servicer’s right
      thereto shall be prior to the rights of the Certificateholders;

     

    
      
        
        

      

      
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    (iv) in
      the
      event the Master Servicer has elected not to retain the General Servicing Fee
      (including late collections of interest on such Mortgage Loan, or interest
      portions of Insurance Proceeds, condemnation Proceeds or Liquidation Proceeds),
      to pay to itself the General Servicing Fee from all such Mortgagor payments
      on
      account of interest or other such recovery for interest with respect to that
      Mortgage Loan;

     

    (v) to
      reimburse itself or any Servicer for expenses incurred by and recoverable by
      or
      reimbursable to it or such Servicer pursuant to Sections 9.04, 9.05, 9.06,
      9.07(a), 9.16, 9.30 or 11.15 or pursuant to the applicable Servicing
      Agreement;

     

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

     

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

     

    (viii) to
      make
      payments to the Trustee on each Deposit Date for deposit into the Certificate
      Account in the amount provided in Section 4.04;

     

    (ix) to
      make
      payment to itself, the Trustee and others pursuant to any other provision of
      this Agreement and to reimburse any Custodian pursuant to the applicable
      Custodial Agreement, but only to the extent that the items reimbursed constitute
      “unanticipated expenses” within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii);

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    If
      provided in its applicable Servicing Agreement, a Servicer shall be entitled
      to
      retain as additional servicing compensation any Prepayment Interest Excess
      (to
      the extent not offset by Prepayment Interest Shortfalls).

     

    In
      the
      event that the Master Servicer fails on any Deposit Date to remit to the Trustee
      any amounts required to be so remitted to the Trustee pursuant to sub-clause
      (viii) by such date, the Master Servicer shall pay the Trustee, for the account
      of the Trustee, interest calculated at the “prime rate” (as published in the
“Money Rates” section of The Wall Street Journal) on such amounts not timely
      remitted for the period from and including that Deposit Date to but not
      including the related Distribution Date. The Master Servicer shall only be
      required to pay the Trustee interest for the actual number of days such amounts
      are not timely remitted (e.g., one day’s interest, if such amounts are remitted
      one day after the Deposit Date).

     

    In
      connection with withdrawals pursuant to sub-clauses (i), (ii), (iii), and (vi)
      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 from the Collection Account it maintains pursuant
      to
      such sub-clause (i), (ii), (iii) and (vi).

     

    Any
      withdrawals described in this section shall be allocated and limited to
      collections or other recoveries on the Mortgage Pool and shall be accounted
      for
      in such manner.

     

    (b) The
      Trustee shall afford the NIMS Insurer upon reasonable notice, during normal
      business hours, access to all records maintained by the Trustee in respect
      of
      its duties hereunder and access to officers of the Trustee responsible for
      performing such duties. The Trustee shall cooperate fully with the NIMS Insurer
      and shall make available to the NIMS Insurer for review and copying at the
      expense of the NIMS Insurer, such books, documents or records as may be
      requested with respect to the Trustee’s duties hereunder. The NIMS Insurer shall
      not have any responsibility or liability for any action or failure to act by
      the
      Trustee and are not obligated to supervise the performance of the Trustee under
      this Agreement or otherwise. The Trustee shall also afford the NIMS Insurer,
      upon reasonable notice, during normal business hours, access to the Mortgage
      Files and shall cause the Master Servicer and the Servicer to provide such
      access to the Mortgage Files.

     

    Section
      4.03 Reports
      to Certificateholders.

     

    (a) On
      each
      Distribution Date, the Trustee shall prepare (based solely on information
      provided by the Master Servicer or any Cap Provider) and shall make available
      to
      the Certificateholders and any NIMS Insurer a written report setting forth
      the
      following information (on the basis of Mortgage Loan level information obtained
      from the applicable Servicer).

     

    (i) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of LIBOR Certificates and Grantor Trust Certificates,
      other than the Class AX Certificates, 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;

     

    
      
        
        

      

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

     

    (iii) the
      amount, if any, of any distributions to the Holders of the Class C, Class X
      and
      Class R Certificates on such Distribution Date, stated separately, and the
      aggregate amounts, if any, of distributions to the Holders of the Class C,
      Class
      X and Class R Certificates on all Distribution Dates, stated
      separately;

     

    (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 such Distribution Date occurs by or
      on
      behalf of any Servicer with respect to such Distribution Date, (B) the aggregate
      amount of such Advances actually made, and (C) the amount, if any, by which
      (A)
      above exceeds (B) above;

     

    (v) the
      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 (or Class Notional 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 any Applied Loss Amounts;

     

    (vii) 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;

     

    (viii) the
      amount of the Servicing Fees (other than for GMACM) and General Servicing Fees
      paid during the Collection Period to which such distribution
      relates;

     

    (ix) the
      number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported
      to the Trustee by the Master Servicer, (a) remaining outstanding (b) delinquent
      one month, (c) delinquent two months, (d) delinquent three or more months,
      (e)
      as to which foreclosure proceedings have been commenced 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;

     

    (x) 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;

     

    
      
        
        

      

      
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    (xi) 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;

     

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

     

    (xiii) the
      Certificate Interest Rate applicable to such Distribution Date with respect
      to
      each Class of Certificates (with a notation if such Certificate Interest Rate
      reflects the application of the applicable Net Funds Cap);

     

    (xiv) the
      Interest Remittance Amount, the Principal Remittance Amount, the Principal
      Distribution Amount and the Overcollateralization Release Amount applicable
      to
      such Distribution Date;

     

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

     

    (xvi) the
      Overcollateralization Amount after giving effect to the distributions made
      on
      such Distribution Date;

     

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

     

    (xviii) the
      level
      of LIBOR and the Certificate Interest Rate of each of the LIBOR Certificates,
      Class AX Certificates and Grantor Trust Certificates;

     

    (xix) the
      amount of any payments made to each Class of Certificates that are treated
      as
      payments received in respect of a REMIC 2 Regular Interest and the amount of
      any
      payments to each Class of Certificates that are not treated as payments received
      in respect of a REMIC 2 Regular Interest; and

     

    (xx) the
      amount of any payments made by the Cap Provider under the Cap Agreement, Balance
      Guaranteed Cap Agreement or the Deferred Interest Cap Agreements.

     

    In
      the
      case of information furnished pursuant to sub-clauses (i), (ii) and (vi) above,
      the amounts shall (except with respect to the Class X Certificates) be expressed
      as a dollar amount per $1,000 of original principal amount of
      Certificates.

     

    In
      addition to the information listed above for any year in which the Depositor
      is
      subject to Exchange Act reporting with respect to the Certificates, such
      Distribution Date report shall also include such other information as is
      required by Form 10-D, including, but not limited to, the information required
      by Item 1121 (§ 229.1121) of Regulation AB to the extent that the Trustee
      shall have received any such information from the Depositor, the Sponsor, the
      Master Servicer, any Servicer, any Custodian, the Cap Provider or any
      Subservicer or Subcontractor therefor, as applicable, no later than four
      Business Days prior to the Distribution Date. 

     

    
      
        
        

      

      
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    The
      Trustee will make such report and additional loan level information (and, at
      its
      option, any additional files containing the same information in an alternative
      format) provided to it by the Master Servicer available each month to
      Certificateholders, any NIMS Insurer, and the Rating Agencies via the Trustee’s
      internet website. The Trustee’s internet website shall initially be located at
      http://trustinvestorreporting.com and assistance in using the website can be
      obtained by emailing the Trustee’s customer service desk at
      ct.information.delivery@usbank.com. Such parties that are unable to use the
      website are entitled to have a paper copy mailed to them via first class mail
      by
      calling the customer service desk and indicating such. The Trustee shall have
      the right to change the way such statements are distributed in order to make
      such distribution more convenient and/or more accessible to the above parties
      and the Trustee shall provide timely and adequate notification to all above
      parties regarding any such changes.

     

    The
      Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven
      (7) calendar days after the receipt of the collateral data file from the
      Depositor, but in no event later than the first Distribution Date, which shall
      contain all of the information in the initial Monthly Report (without giving
      effect to any distributions); provided, however, that in no event will such
      zero
      settlement file contain any mortgagor-specific information.

     

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

     

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

     

    
      
        
        

      

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

     

    (d) The
      Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
      behalf of the Trust Fund, an application for an employer identification number
      on IRS Form SS-4 or by any other acceptable method. The Trustee shall also
      file
      a Form 8811 as required. The Trustee, upon receipt from the IRS of the Notice
      of
      Taxpayer Identification Number Assigned, shall upon request promptly forward
      a
      copy of such notice to the Master Servicer and the Depositor. The Trustee shall
      furnish any other information that is required by the Code and regulations
      thereunder to be made available to Certificateholders. The Master Servicer
      shall
      provide the Trustee with such information as is necessary for the Trustee to
      comply with the foregoing.

     

    Section
      4.04 Certificate
      Account and Grantor Trust Certificate Accounts.

     

    (a) The
      Trustee shall establish and maintain in its name, as trustee, trust accounts
      entitled “Certificate Account, U.S. Bank National Association, as Trustee, in
      trust for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-18N” (the “Certificate Account”), “Class A1B
      Certificate Account, U.S. Bank National Association, as Trustee, in trust for
      the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-18N,” “Class A2A Certificate Account, U.S. Bank
      National Association, as Trustee, in trust for the benefit of the Holders of
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-18N,” “Class A3
      Certificate Account, U.S. Bank National Association, as Trustee, in trust for
      the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-18N,” “Class A4 Certificate Account, U.S. Bank
      National Association, as Trustee, in trust for the benefit of the Holders of
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-18N” and “Class
      A5A Certificate Account, U.S. Bank National Association, as Trustee, in trust
      for the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2006-18N” (each, a “Grantor Trust Certificate Account”)
      until disbursed pursuant to the terms of this Agreement. The Certificate Account
      and each Grantor Trust Certificate Account shall each be an Eligible Account
      and
      shall be for the benefit of the related Certificateholders. If the existing
      Certificate Account (or Grantor Trust Certificate Account, as applicable) ceases
      to be an Eligible Account, the Trustee shall establish a new Certificate Account
      that is an Eligible Account within 20 Business Days and transfer all funds
      and
      investment property on deposit in such existing Certificate Account into such
      new Certificate Account. The Certificate Account (or Grantor Trust Certificate
      Account, as applicable) shall relate solely to the Certificates issued hereunder
      and funds in the Certificate Account (or Grantor Trust Certificate Account,
      as
      applicable) shall be held separate and apart from and shall not be commingled
      with any other monies including, without limitation, other monies of the Trustee
      held under this Agreement. The Trustee shall give to the Depositor, Master
      Servicer and any NIMS Insurer prior written notice of the name and address
      of
      the depository institution at which the Certificate Account (or Grantor Trust
      Certificate Account, as applicable) is maintained and the account number of
      such
      Certificate Account (or Grantor Trust Certificate Account, as
      applicable).

     

    
      
        
        

      

      
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    (b) The
      Trustee shall deposit or cause to be deposited into the Certificate Account
      (or
      Grantor Trust Certificate Account, as applicable), on the day on which, or,
      if
      such day is not a Business Day, the Business Day immediately following the
      day
      on which, any monies are remitted by the Master Servicer to the Trustee, all
      such amounts. The Trustee shall make withdrawals from the Certificate Account
      (or Grantor Trust Certificate Account, as applicable) only for the following
      purposes:

     

    (i) to
      pay
      itself any investment income earned with respect to funds in the Certificate
      Account (or Grantor Trust Certificate Account, as applicable) invested in
      Eligible Investments as set forth in subsection (c) below, and to make payments
      to itself and others prior to making distributions pursuant to Section 5.02
      for
      any expenses or other indemnification owing to itself and others pursuant to
      any
      provision of this Agreement or any Custodial Agreement; provided that such
      payments are for “unanticipated expenses” within the meaning of Treasury
      Regulation Section 1.860G-1(b)(3)(ii);

     

    (ii) to
      make
      payment to itself pursuant to any provision of this Agreement, or to reimburse
      itself or its agents for any amounts reimbursable to it pursuant to Sections
      6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses”
within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii);

     

    (iii) to
      withdraw amounts deposited in the Certificate Account (or Grantor Trust
      Certificate Account, as applicable) in error;

     

    (iv) to
      make
      payments to itself and others pursuant to any provision of this
      Agreement;

     

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

     

    (vi) to
      clear
      and terminate the Certificate Account (or Grantor Trust Certificate Account,
      as
      applicable) pursuant to Section 7.02.

     

    Any
      withdrawals described in the preceding sentence shall be allocated and limited
      to collections or other recoveries and shall be accounted for in such
      manner.

     

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

     

    
      
        
        

      

      
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    Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Eligible Investment, or if a default occurs
      in
      any other performance required under any Eligible Investment, the Trustee may
      and, subject to Section 6.01 and Section 6.02(iv), upon the request of the
      NIMS
      Insurer, shall take such action as may be appropriate to enforce such payment
      or
      performance, including the institution and prosecution of appropriate
      proceedings.

     

    Section
      4.05 Final
      Maturity Reserve Account.

     

    (a) The
      Trustee shall establish and maintain in its name in its name, as trustee, a
      trust account entitled “Final Maturity Reserve Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2006-18N” (the “Final Maturity
      Reserve Account”). The Final Maturity Reserve Account shall be an Eligible
      Account and shall be for the benefit of the related Certificateholders. If
      the
      existing Final Maturity Reserve Account ceases to be an Eligible Account, the
      Trustee shall establish a new Final Maturity Reserve Account that is an Eligible
      Account within 20 Business Days and transfer all funds and investment property
      on deposit in such existing Final Maturity Reserve Account into such new Final
      Maturity Reserve Account. The Final Maturity Reserve Account shall relate solely
      to the Certificates issued hereunder and funds in the Final Maturity Reserve
      Account shall be held separate and apart from and shall not be commingled with
      any other monies including, without limitation, other monies of the Trustee
      held
      under this Agreement. The Trustee shall give to the Depositor, Master Servicer
      and any NIMS Insurer prior written notice of the name and address of the
      depository institution at which the Final Maturity Reserve Account is maintained
      and the account number of such Final Maturity Reserve Account. Notwithstanding
      anything herein to the contrary, the Trustee will only establish the Final
      Maturity Reserve Account if there is any Coupon Strip to be deposited
      therein.

     

    (b) If,
      on
      the Distribution Date occurring in December 2016, or on any Distribution Date
      thereafter through the Distribution Date in December 2036, any Offered
      Certificates and Class M10 Certificates are outstanding and the aggregate stated
      principal balance of the Mortgage Loans with original terms to maturity in
      excess of 30 years is greater than the scheduled amount set forth in Schedule
      B
      hereto, the Trustee shall deposit from funds available for interest
      distributions into the Final Maturity Reserve Account, the Coupon Strip for
      such
      Distribution Date. 

     

    (c) On
      each
      Distribution Date, any amounts on deposit in the Final Maturity Reserve Account
      in excess of the lesser of (i) the aggregate Class Principal Amount of the
      Senior Certificates and Subordinate Certificates and (ii) the aggregate stated
      principal balance of the Mortgage Loans with original terms to maturity in
      excess of 30 years, will be used to pay any interest shortfalls to the holders
      of the Senior Certificates and Subordinate Certificates, in accordance with
      Sections 5.02(a) and 5.02(b), and any amounts in excess of such shortfalls
      will
      be applied in accordance with Section 5.02(d) with
      the following modifications: (i) after
      giving effect to proposed distributions on any Distribution Date, the sum of
      the
      cumulative amounts applied in accordance with Section 5.02(d)(i) pursuant to
      this sentence, the cumulative amounts applied in accordance with Section
      5.02(d)(ii) pursuant to this sentence and the cumulative amounts applied in
      accordance with Section 5.02(d)(iii) pursuant to this sentence shall be limited
      to the aggregate amount of cumulative Realized Losses incurred from the Cut-off
      Date through the last day of the related Collection Period and
      (ii) “the Class X Distributable Amount” shall be substituted with “any remaining
      amount”.

     

    
      
        
        

      

      
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    (d) On
      the
      earlier of (x) the Distribution Date occurring in December 2036 and (y) the
      Distribution Date on which the final distribution of payments from the Mortgage
      Loans and the other assets of the Trust Fund is expected to be made, any
      remaining amounts on deposit in the Final Maturity Reserve Account will be
      distributed to the Offered Certificates and Class M10 Certificates in the
      following order of priority:

     

    (1)  pro
      rata,
      to each class of Senior Certificates, in accordance with their respective
      outstanding Class Principal Amounts, after giving effect to principal
      distributions on such Distribution Date, until the Class Principal Amount of
      each such class is reduced to zero;

     

    (2)  sequentially,
      to each class of Subordinate Certificates, in accordance with the Subordinate
      Priority, after
      giving effect to principal distributions on such Distribution Date,
      until
      the Class Principal Amount of each such class is reduced to zero;

     

    (3)  to
      each
      class of Offered Certificates and Class M10 Certificates, any Current Interest
      and Carryforward Interest for each such class remaining unpaid after giving
      effect to interest distributions on such Distribution Date in accordance with
      Sections 5.02(a) and 5.02(b);

     

    (4)  to
      each
      class of Offered Certificates and Class M10 Certificates, any Unpaid Basis
      Risk
      Shortfall for each such class after giving effect to the distributions on such
      Distribution Date in accordance with Section 5.02(d); and

     

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

     

    (e) The
      Holders of the Class X Certificates shall direct the Trustee, in writing, as
      to
      investment of amounts on deposit in the Final Maturity Reserve Account and
      shall
      be liable for any losses incurred on such investments. All such investments
      shall be Eligible Investments (which may be obligations of the Trustee), must
      be
      payable on demand or mature no later than the next Distribution Date and shall
      not be sold or disposed of prior to their maturity. All such Eligible
      Investments will be made in the name of the Trustee (in its capacity as such)
      or
      its nominee. All income and gain realized from any such investment shall remain
      in the Final Maturity Reserve Account. For federal income tax purposes, the
      Final Maturity Reserve Account shall be an “outside reserve fund” within the
      meaning of Treasury regulation 1.860G-2(h) and not an asset of any REMIC created
      pursuant to this Agreement, and the Class X Certificates shall evidence
      ownership of the Final Maturity Reserve Account and shall be taxable on all
      income earned thereon. 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 remain uninvested. 

     

    
      
        
        

      

      
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    (f) For
      federal income tax purposes, any Certificateholder that receives a principal
      payment from the Final Maturity Reserve Account 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 Account shall not be treated as distributions
      from any REMIC created hereby. All principal distributions from the Final
      Maturity Reserve Account shall be accounted for hereunder in accordance with
      this Section 4.05(f). In furtherance of the foregoing, distributions and
      allocations shall continue to be made with respect to the REMIC regular interest
      represented by the portion of any Certificate that is treated as having been
      sold to the Class X Certificateholder as if such portion was still outstanding
      and held by the Class X Certificateholder, provided that the rights of the
      Class
      X Certificateholder to any such distributions shall subordinated to the rights
      of any other Certificateholder (other than the Holder of the Residual
      Certificates) to receive distributions.

     

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

     

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

     

    
      
        
        

      

      
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    (c) The
      Trustee shall make payments to Certificateholders and any other person pursuant
      to this Article V based solely on the information set forth in the monthly
      report furnished by the Trustee in accordance with Section 4.03(a), and shall
      be
      entitled to conclusively rely on such information and reports, and on the
      calculations contained therein, when making distributions to Certificateholders.
      The Trustee shall have no liability for any errors in such reports or
      information, and shall not be required to verify, recompute, reconcile or
      recalculate any such information or data.

     

    Section
      5.02 Distributions
      from the Certificate Account and Grantor Trust Certificate
      Accounts.
      

     

    (a) On
      each
      Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee)
      shall withdraw from the Certificate Account the Total Distribution Amount
      (excluding all Prepayment Premiums) and shall allocate such amount to the
      interests issued in respect of each REMIC and shall distribute such amount
      as
      specified in this Section sequentially as follows:

     

    (A) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      on and after the Distribution Date in December 2016, if applicable, to the
      Final
      Maturity Reserve Account, an amount equal to the Coupon Strip, if any, for
      such
      Distribution Date;

     

    (B) concurrently,
      to each Class of Senior Certificates, Current Interest and any Carryforward
      Interest for such Classes for such Distribution Date; provided, however, that
      if
      funds available are insufficient to pay such amounts, any resulting shortfalls
      will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date;

     

    (C) for
      application pursuant to Section 5.02(b), any such Interest Remittance Amount
      remaining undistributed for such Distribution Date.

     

    (b) On
      each
      Distribution Date, the Trustee will distribute the aggregate of any remaining
      Interest Remittance Amounts from Sections 5.02(a)(C), as applicable, as
      follows:

     

    (i) concurrently,
      to each Class of Senior Certificates, Current Interest and any Carryforward
      Interest for such Classes for such Distribution Date (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 otherwise be distributable thereon) to the extent not paid on such
      Distribution Date pursuant to Sections 5.02(a)(B);

     

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

     

    (iii) to
      the
      Trustee, previously unreimbursed extraordinary costs, liabilities and expenses
      related to the Certificates; and

     

    
      
        
        

      

      
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    (iv) for
      application as part of the aggregate Monthly Excess Cashflow for such
      Distribution Date, as provided in Section 5.02(d), any such Interest Remittance
      Amount remaining after application pursuant to clauses (i) through (iii)
      above.

     

    (c) On
      each
      Distribution Date, the Trustee shall distribute the Principal Distribution
      Amount for such date, concurrently, as follows:

     

    (i) On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) with respect to which
      a
      Trigger Event is in effect, until the aggregate Certificate Principal Amount
      of
      the LIBOR Certificates equals the Target Amount for such Distribution Date,
      the
      Trustee shall distribute the Principal Distribution Amount in the following
      order of priority:

     

    (1) sequentially
      as follows: (I) pro rata, to (a) sequentially, in the following order, to the
      Class A1A Certificates, Class A2A Underlying Interest and Class A5A Underlying
      Interest, until the Class Principal Amount of each such class has been reduced
      to zero, and (b) the Class A1B Underlying Interest, until the Class Principal
      Amount of such class has been reduced to zero, (II) to the Class A3 Underlying
      Interest, until the Class Principal Amount of such class has been reduced to
      zero, and (III) to the Class A4 Underlying Interest, until the Class Principal
      Amount of such class has been reduced to zero;

     

    (2) to
      the
      Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8,
      Class M9 and Class M10 Certificates, sequentially, in that order, until the
      Class Principal Amount of each such Class has been reduced to zero;
      and

     

    (3) for
      application as part of the Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(d), any such Principal Distribution Amount remaining
      after application pursuant to Sections 5.02(c)(i)(1) and (2) above.

     

    (ii) On
      each
      Distribution 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
      such date will be distributed in the following order of priority:

     

    (A) (i)
      so
      long as any of the Subordinate Certificates are outstanding, concurrently,
      to
      the Senior Certificates (except as provided below) in accordance with Section
      5.02(c)(i)(1), in an amount equal to the lesser of (x) the Principal
      Distribution Amount and (y) the Senior Principal Distribution Amount for such
      Distribution Date until the Class Principal Amount of each such Class has been
      reduced to zero; or (ii) otherwise to Senior Certificates, in each case in
      accordance with Section 5.02(c)(i)(1), the Principal Distribution Amount for
      such Distribution Date;

     

    (B) to
      the
      Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates on such Distribution Date pursuant to
      clause (A) above and (y) the M1 Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    
      
        
        

      

      
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    (C) to
      the
      Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1 Certificates on such
      Distribution Date pursuant to clauses (A) and (B) above and (y) the M2 Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (D) to
      the
      Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1 and Class M2
      Certificates on such Distribution Date pursuant to clauses (A) through (C)
      above
      and (y) the M3 Principal Distribution Amount for such Distribution Date, until
      the Class Principal Amount of 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 Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2 and Class
      M3
      Certificates on such Distribution Date pursuant to clauses (A) through (D)
      above
      and (y) the M4 Principal Distribution Amount for such Distribution 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 Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3
      and
      Class M4 Certificates on such Distribution Date pursuant to clauses (A) through
      (E) above and (y) the M5 Principal Distribution Amount for such Distribution
      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 Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3,
      Class M4 and Class M5 Certificates on such Distribution Date pursuant to clauses
      (A) through (F) above and (y) the M6 Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (H) to
      the
      Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3,
      Class M4, Class M5 and Class M6 Certificates on such Distribution Date pursuant
      to clauses (A) through (G) above and (y) the M7 Principal Distribution Amount
      for such Distribution 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 Principal Distribution Amount for such Distribution Date over (b) the amount
      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 Distribution
      Date
      pursuant to clauses (A) through (H) above and (y) the M8 Principal Distribution
      Amount for such Distribution Date, until the Class Principal Amount of such
      Class has been reduced to zero;

     

    
      
        
        

      

      
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    (J) to
      the
      Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      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
      Distribution Date pursuant to clauses (A) through (I) above and (y) the M9
      Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero; 

     

    (K) to
      the
      Class M10 Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      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 Distribution Date pursuant to clauses (A) through (I) above and (y) the
      M10
      Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero; and

     

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

     

    (d) Any
      Monthly Excess Cashflow will, on each Distribution Date, be distributed 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) after
      giving effect to principal distributions on such Distribution Date, to the
      Senior Certificates, in accordance with Section 5.02(c)(i), 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
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, 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) after
      giving effect to principal distributions on such Distribution Date, to the
      Senior Certificates, in accordance with Section 5.02(c)(i), in reduction of
      their respective Class Principal Amounts, until the aggregate Class Principal
      Amount of such Senior Certificates, after giving effect to distributions on
      such
      Distribution Date, equals the Senior Target Amount;

     

    
      
        
        

      

      
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    (B) to
      the
      Class M1 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Senior Certificates and the Class M1
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the M1 Target Amount;

     

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

     

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

     

    (E) to
      the
      Class M4 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of 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 M4 Target
      Amount;

     

    (F) to
      the
      Class M5 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of 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 M5 Target
      Amount;

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (K) to
      the
      Class M10 Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Senior Certificates and the Class M1,
      Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class
      M9
      and Class M10 Certificates, after giving effect to distributions on such
      Distribution Date, equals the M10 Target Amount.

     

    (iii) (a)
      first, in proportion to their respective Deferred Amounts, to the Senior
      Certificates and (b) second, to the 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, the amount of any Basis Risk Payment and then from
      the
      Basis Risk Reserve Fund, in the following order of priority:

     

    (A) pro
      rata,
      to the
      Senior Certificates, any applicable Basis Risk Shortfalls and Unpaid Basis
      Risk
      Shortfalls for each such Class and such Distribution Date (in the case of the
      Class A2A and Class A4 Certificates, as reduced by amounts paid to such Class
      on
      such Distribution Date out of amounts received on the Cap Agreement or Balance
      Guaranteed Cap Agreement, respectively), in proportion to such
      shortfalls;

     

    (B) to
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, any
      applicable Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each
      such
      Class and such Distribution Date; and

     

    (C) to
      the
      Class X Certificates, any amounts remaining in the Basis Risk Reserve Fund
      in
      excess of amounts required to be on deposit therein after satisfying Sections
      5.02(d)(iv)(A) and (B) above for such Distribution Date;

     

    (v) to
      the
      Class X Certificates, the Class X Distributable Amount for such Distribution
      Date; and

     

    (vi) to
      the
      Residual Certificate, any remaining amount.

     

    (e) (1) On
      each
      Distribution Date on and prior to the Class X Account Termination Date, the
      Trustee shall withdraw the Class C Distributable Amount for such Distribution
      Date from the Class X Account, pursuant to Section 5.12 herein, and shall
      distribute such amount to the Class C Certificates.

     

    (2) On
      each
      Distribution Date on or prior to the Class X Termination Date, the Trustee
      shall
      withdraw amounts on deposit in the Class X Account and distribute such amounts
      to the Class X Certificates, an amount equal to the excess, if any, of the
      sum
      of Realized Losses attributable to the Class C Mortgage Loans over the sum
      of
      all amounts distributed pursuant to this Section 5.02(e)(2) on prior
      Distribution Dates to the Class X Certificates.

     

    (f) On
      each
      Distribution Date, the Trustee shall distribute to the Class P Certificates
      any
      Prepayment Premiums paid by borrowers upon voluntary full or partial prepayment
      of the Mortgage Loans.

     

    
      
        
        

      

      
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    (g) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Class A2A Certificates, a Cap Agreement
      Account. The Trustee shall deposit all amounts received on the Cap Agreement
      into the Cap Agreement Account. The Cap Agreement Account shall be an Eligible
      Account, and funds on deposit therein shall be held separate and apart from,
      and
      shall not be commingled with, any other moneys, including, without limitation,
      other moneys of the Trustee held pursuant to this Agreement. On each
      Distribution Date, the Trustee shall distribute the amounts in the Cap Agreement
      Account to the Class A2A Certificates up to the amount of any applicable Basis
      Risk Shortfall and Unpaid Basis Risk Shortfall for such Class on such
      Distribution Date prior to distributions pursuant to Section 5.02(d)(iv) hereof.
      On each Distribution Date, all remaining amounts in the Cap Agreement Account
      derived from the Cap Agreement shall be distributed to the holders of the Class
      A2A Certificates, but such distributions shall not reduce the Class Principal
      Amount of such Certificates and such excess distributions shall be disregarded
      for purposes of computing any future distributions to such
      Certificates.

     

    On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Class A4 Certificates, a Balance Guaranteed
      Cap Agreement Account. The Trustee shall deposit all amounts received on the
      Balance Guaranteed Cap Agreement into the Balance Guaranteed Cap Agreement
      Account. The Balance Guaranteed Cap Agreement Account shall be an Eligible
      Account, and funds on deposit therein shall be held separate and apart from,
      and
      shall not be commingled with, any other moneys, including, without limitation,
      other moneys of the Trustee held pursuant to this Agreement. On each
      Distribution Date, the Trustee shall distribute the amounts in the Balance
      Guaranteed Cap Agreement Account to the Class A4 Certificates prior to
      distributions pursuant to Section 5.02(d)(iv) hereof. 

    

    (h) The
      Depositor shall cause the Trustee to enter into the Deferred Interest Cap
      Agreements. The Trustee’s rights to receive certain proceeds of each Deferred
      Interest Cap Agreement as provided in each Deferred Interest Cap Agreement
      shall
      be rights of the Trustee under this Agreement, shall be an asset of the Class
      A1B, Class A2A, Class A3, Class A4 or Class A5A Grantor Trust, as applicable,
      and shall not be an asset of the Trust Fund nor of any REMIC. The Trustee shall
      deposit any amounts received from time to time from the Cap Provider with
      respect to each Deferred Interest Cap Agreement into the applicable Deferred
      Interest Cap Account. 

     

    Funds
      in
      the Cap Agreement Account, Balance Guaranteed Cap Agreement Account and Deferred
      Interest Cap Accounts shall remain uninvested. For federal income tax purposes,
      the Class A2A Certificates shall evidence ownership of the Cap Agreement and
      the
      Cap Agreement Account. For federal income tax purposes, the Class A4
      Certificates shall evidence ownership of the Balance Guaranteed Cap Agreement
      and the Balance Guaranteed Cap Agreement Account. For federal income tax
      purposes, the Class A1B, Class A2A, Class A3, Class A4 or Class A5A Certificates
      shall each evidence a beneficial interest in the Deferred Interest Cap Agreement
      related to such Class and the Deferred Interest Cap Account related to such
      Deferred Interest Cap Agreement. 

     

    Solely
      for federal income tax purposes, (i) each Underlying Interest, (ii) the related
      Deferred Interest Cap Agreement, (iii) the related Deferred Interest Cap Account
      and (iv) the related Grantor Trust Certificate Account shall be treated as
      comprising a “grantor trust” within the meaning of the Grantor Trust Provisions
      for the benefit of the holders of the related Grantor Trust
      Certificates.

     

    
      
        
        

      

      
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    (i) On
      each
      Distribution Date, the Trustee, as holder of the Underlying Interests, shall
      deposit all distributions received on those Underlying Interests for that
      Distribution Date into the related Grantor Trust Certificate
      Account.

     

    On
      each
      Distribution Date, the Trustee will withdraw the Grantor Trust Available Funds
      for each Grantor Trust Fund and such amounts will be distributed in the
      following priority:

     

    (i) to
      the
      Cap Provider, interest, if any, on the Cap Deferred Interest Amount due to
      the
      Cap Provider from
      the
      applicable Grantor Trust Available Funds;

     

    (ii) to
      the
      related Grantor Trust Certificates, the Current Interest and any Carryforward
      Interest for such Distribution Date;

     

    (iii) to
      the
      Cap Provider, the Cap Deferred Interest Amount for such Distribution Date from
      the applicable Grantor Trust Available Funds;

     

    (iv) to
      the
      related Grantor Trust Certificates, any principal distributions received from
      the Class A1B Underlying Interest (in the case of the Deferred Interest Cap
      Agreement related to the Class A1B Certificates), Class A2A Underlying Interest
      (in the case of the Deferred Interest Cap Agreement related to the Class A2A
      Certificates), Class A3 Underlying Interest (in the case of the Deferred
      Interest Cap Agreement related to the Class A3 Certificates), Class A4
      Underlying Interest (in the case of the Deferred Interest Cap Agreement related
      to the Class A4 Certificates) or Class A5A Underlying Interest (in the case
      of
      the Deferred Interest Cap Agreement related to the Class A5A Certificates),
      in
      reduction of the Class Principal Amount of such Grantor Trust Certificates,
      until the Class Principal Amount thereof has been reduced to zero;
      and

     

    (v) to
      the
      Cap Provider, any termination payments (as set forth in the related Deferred
      Interest Cap Agreement) from the applicable Grantor Trust Available
      Funds.

     

    (j) Any
      interest shortfall resulting from Deferred Interest on the Mortgage Loans will
      be allocated to the related
      LIBOR
      Certificates, pro rata, according to the Class Principal Amount of each such
      Class of Certificates in reduction of the amount of interest otherwise
      distributable to such Classes of Certificates; provided, however, that to the
      extent the amount of Net Negative Amortization otherwise allocable to such
      Certificates exceeds the amount of Current Interest accrued on such
      Certificates, then such excess Net Negative Amortization shall be allocated
      to
      the Class X Certificates to the extent payments would otherwise be made to
      the
      Class X Certificates (disregarding any payments to the Class X Certificates
      from
      the Final Maturity Reserve Account), and then, if necessary, among the related
      LIBOR Certificates in proportion to, and up to, the amount of any remaining
      interest otherwise distributable on the related LIBOR Certificates.

     

    The
      amount of the reduction of Current Interest distributable to each Class of
      Certificates attributable to Net Negative Amortization will be added to the
      Class Principal Amount of that Class (other
      than the Grantor Trust Certificates, unless the
      related Deferred Interest Cap Agreement has
      been terminated or there has been a default in payment under the related
      Deferred Interest Cap Agreement). As a result of Net Negative
      Amortization, a portion of the interest accrued on the Certificates will be
      distributed to such Certificates later than otherwise anticipated. In the case
      of the Grantor Trust Certificates, the related Deferred Interest Cap Agreement
      will provide for payment to the related Grantor Trust Fund on each Distribution
      Date an amount equal to the Deferred Interest allocated to the Class A1B
      Underlying Interest (in the case of the Deferred Interest Cap Agreement related
      to the Class A1B Certificates), Class A2A Underlying Interest (in the case
      of
      the Deferred Interest Cap Agreement related to the Class A2A Certificates),
      Class A3 Underlying Interest (in the case of the Deferred Interest Cap Agreement
      related to the Class A3 Certificates), Class A4 Underlying Interest (in the
      case
      of the Deferred Interest Cap Agreement related to the Class A4 Certificates)
      or
      Class A5A Underlying Interest (in the case of the Deferred Interest Cap
      Agreement related to the Class A5A Certificates).

     

     

    
      
        
        

      

      
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    Section
      5.03 Allocation
      of Losses.

     

    (a) On
      each
      Distribution Date, the aggregate Class Principal Amount of the Certificates
      shall be reduced by the amount of any Applied Loss Amount for such date, in
      the
      following order of priority:

     

    (i) to
      the
      Class M10 Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (ii) to
      the
      Class M9 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (iii) to
      the
      Class M8 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (iv) to
      the
      Class M7 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (v) to
      the
      Class M6 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (vi) to
      the
      Class M5 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (vii) to
      the
      Class M4 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (viii) to
      the
      Class M3 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (ix) to
      the
      Class M2 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero; 

     

    (x) to
      the
      Class M1 Certificates, until the Class Principal Amount of such Class has been
      reduced to zero; 

     

    (xi) concurrently
      (i) sequentially, first (a) the Class A1B Underlying Interest until their Class
      Principal Amount is reduced to zero, and second (b) pro rata, the Class A1A
      Certificates, Class A2A Underlying Interest and Class A5A Underlying Interest,
      each until their respective Class Principal Amount is reduced to zero, (ii)
      the
      Class A3 Underlying Interest until their Class Principal Amount is reduced
      to
      zero and (iii) the Class A4 Underlying Interest until their Class Principal
      Amount is reduced to zero.

     

     

    
      
        
        

      

      
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    Section
      5.04 Advances
      by Master Servicer, Servicer and Trustee.

     

    (a) Subject
      to Section 9.07, Advances shall be made in respect of each Determination Date
      as
      provided herein. If, on any Determination Date, any Servicer determines that
      any
      Scheduled Payments due during the related Collection Period (other than Balloon
      Payments) and relating to any of the Mortgage Loans that it services have not
      been received, such Servicer shall advance such amount to the extent provided
      in
      the related Servicing Agreement. If the applicable Servicer fails to remit
      Advances required to be made under the related Servicing Agreement, the Master
      Servicer shall itself make, or shall cause the successor Servicer to make,
      such
      Advance on the Deposit Date immediately following such Determination Date;
      provided, however, that required Advances remitted by the applicable Servicer
      or
      the Master Servicer may be reduced by an amount, if any, to be set forth in
      an
      Officer’s Certificate to be delivered to the Trustee on such Determination Date,
      which if advanced the Master Servicer or the applicable Servicer has determined
      would not be recoverable from amounts received with respect to such Mortgage
      Loan, including late payments, Liquidation Proceeds, Insurance Proceeds or
      otherwise. If the Master Servicer determines that an Advance is required, it
      shall on the Deposit Date immediately following such Determination Date either
      (i) remit to the Trustee from its own funds (or funds advanced by the applicable
      Servicer) for deposit in the Certificate Account immediately available funds
      in
      an amount equal to such Advance, (ii) cause to be made an appropriate entry
      in
      the records of the Collection Account that funds in such account being held
      for
      future distribution or withdrawal have been, as permitted by this Section 5.04,
      used by the Master Servicer to make such Advance, and remit such immediately
      available funds to the Trustee for deposit in the Certificate Account or (iii)
      make Advances in the form of any combination of clauses (i) and (ii) aggregating
      the amount of such Advance. Any funds being held in the Collection Account
      for
      future distribution to Certificateholders and so used shall be replaced by
      the
      Master Servicer from its own funds by remittance to the Trustee for deposit
      in
      the Certificate Account on or before any future Deposit Date to the extent
      that
      funds in the Certificate Account on such Deposit Date shall be less than
      payments to Certificateholders required to be made on the related Distribution
      Date. The Master Servicer and the Servicers shall be entitled to be reimbursed
      from the Collection Account for all Advances made by it as provided in Section
      4.02. Notwithstanding anything to the contrary herein, in the event the Master
      Servicer determines in its reasonable judgment that an Advance is
      non-recoverable, the Master Servicer shall be under no obligation to make such
      Advance. The Trustee shall be entitled to conclusively rely upon any
      determination by the Master Servicer that an Advance, if made, would constitute
      a non-recoverable Advance.

     

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

      
        
          
          

        

        
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    Section
      5.05 Compensating
      Interest Payments.

     

    The
      Master Servicer shall not be responsible for making any Compensating Interest
      Payment except with respect to the GMACM Mortgage Loans. 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 Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Certificates, a Basis Risk Reserve Fund.
      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 moneys, including, without limitation, other moneys of the Trustee
      held pursuant to this Agreement.

     

    (b) [Reserved]

     

    (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 Holders thereof, shall
      direct the Trustee, in writing, as to investment of amounts on deposit therein.
      LBH shall be liable for any losses incurred on such investments. In the absence
      of written instructions from LBH as to investment funds on deposit in the Basis
      Risk Reserve Fund, such funds shall remain uninvested.

     

    Section
      5.07 [Reserved].

     

    Section
      5.08 [Reserved].

     

    Section
      5.09 [Reserved].

     

    Section
      5.10 Capitalized
      Interest Account.

     

    (a) No
      later
      than the Closing Date, the Trustee shall establish and maintain a segregated
      trust account that is an Eligible Account, which shall be titled “Capitalized
      Interest Account, U.S. Bank National Association, as trustee for the registered
      holders of Lehman XS Trust Mortgage Pass-Through Certificates Series 2006-18N”
(the “Capitalized Interest Account”). The Trustee shall, promptly upon receipt,
      deposit in the Capitalized Interest Account and retain therein the Capitalized
      Interest Amount remitted on the Closing Date to the Trustee by the Depositor.
      Funds deposited in the Capitalized Interest Account shall be held in trust
      by
      the Trustee on behalf of the Certificateholders for the uses and purposes set
      forth herein. With respect to each Distribution Date up to and including the
      Distribution Date in February 2007, the Trustee will withdraw funds from the
      Capitalized Interest Account and such funds shall be used to pay (i) first,
      to
      the Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls for each such Class and such Distribution Date, in
      proportion to the amount of such shortfalls and (ii) second, to the Subordinate
      Certificates, in accordance with the Subordinate Priority, any applicable Basis
      Risk Shortfalls and Unpaid Basis Risk Shortfalls for each such Class and such
      Distribution Date, in each case, after giving effect (x) to distributions under
      Section 5.02(d) and Section 5.02(e) and (y) in the case of the Class A2A and
      Class A4 Certificates, amounts paid to such Class on such Distribution Date
      out
      of amounts received on the Cap Agreement and Balance Guaranteed Cap Agreement,
      respectively.

     

    
      
        
        

      

      
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    (b) The
      Trustee will invest funds deposited in the Capitalized Interest Account in
      Eligible Investments as directed in writing by the Depositor (provided that
      if
      the Trustee does not receive written direction from the Depositor, the amounts
      in the Capitalized Interest Account shall not be invested) with a maturity
      date
      no later than the Business Day preceding each Distribution Date. For federal
      income tax purposes, the Depositor shall be the owner of the Capitalized
      Interest Account and shall report all items of income, deduction, gain or loss
      arising therefrom. At no time will the Capitalized Interest Account be an asset
      of any of the REMICs provided for herein. All income and gain realized from
      investment of funds deposited in the Capitalized Interest Account shall be
      for
      the sole and exclusive benefit of the Depositor and shall be remitted by the
      Trustee to the Depositor on each Distribution Date. The Depositor shall deposit
      in the Capitalized Interest Account the amount of any net loss incurred in
      respect of any such Eligible Investment immediately upon realization of such
      loss.

     

    (c) On
      the
      Distribution Date in February 2007, any amount remaining on deposit in the
      Capitalized Interest Account after withdrawals pursuant to paragraph (a) above
      shall be withdrawn by the Trustee and paid to the Depositor or its
      designee.

     

    Section
      5.11 [Reserved].

     

    Section
      5.12 Class
      X Account.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Class X Certificates, the Class X Account.
      No
      later than the first date on which any NIMS Securities are issued, the Depositor
      may deposit a dollar amount into the Class X Account. The Class X Account shall
      be an Eligible Account, and funds on deposit therein shall be held separate
      and
      apart from, and shall not be commingled with, any other moneys, including,
      without limitation, other moneys of the Trustee held pursuant to this
      Agreement.

     

    (b) Funds
      in
      the Class X Account may be invested in Eligible Investments having fixed
      maturities described in clauses (i), (iv), (v) or (vii) of the definition
      thereof by the Trustee at the direction of the holders of the Class C
      Certificates maturing on or prior to the next succeeding Distribution Date.
      No
      Eligible Investments shall be acquired or disposed of for the primary purpose
      of
      recognizing gains or decreasing losses from market value changes. Any funds
      held
      in the Class X Account that are not invested shall be held in cash. In the
      absence of such written direction, all funds in the Class X Account shall remain
      uninvested. Any investment earnings on such amounts shall be payable to the
      holders of the Class C Certificates. The Trustee shall account for the Class
      X
      Account as an outside reserve fund within the meaning of Treasury regulation
      1.860G-2(h) and not an asset of any REMIC created pursuant to this Agreement.
      The Class C Certificates shall evidence ownership of the Class X Account for
      federal tax purposes and the Holders thereof shall direct the Trustee in writing
      as to the investment of amounts therein. The Trustee shall have no liability
      for
      losses on investments in Eligible Investments made pursuant to this Section
      5.12(b) (other than as obligor on any such investments). Upon termination of
      the
      Class X Account, any amounts remaining in the Class X Account shall be
      distributed to the Holders of the Class C Certificates in the same manner as
      if
      distributed pursuant to Section 5.02(e)(1) hereof.

     

    
      
        
        

      

      
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    (c) On
      each
      Distribution Date on or prior to the Class X Termination Date, amounts on
      deposit in the Class X Account will be withdrawn and applied to make payments
      on
      the Class X and Class C Certificates, as provided in Section 5.02(e)(1) of
      this
      Agreement. Any amounts that the Trustee is not required to distribute from
      the
      Class X Account pursuant to Section 5.02(e) of this Agreement shall remain
      on
      deposit in the Class X Account.

     

    (d) The
      Class
      X Account shall terminate on the earlier of (i) the Class X Account Termination
      Date or (ii) the Distribution Date on which the amount on deposit in the Class
      X
      Account is reduced to zero.

     

    ARTICLE
      VI.

     

    CONCERNING
      THE TRUSTEE; EVENTS OF DEFAULT

     

    Section
      6.01 Duties
      of Trustee.

     

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

     

    (b) The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they are, on their face,
      in
      the form required by this Agreement; provided, however, that the Trustee shall
      not be responsible for the accuracy or content of any such resolution,
      certificate, statement, opinion, report, document, order or other instrument
      furnished by the Master Servicer, the Cap Provider or any Servicer to the
      Trustee pursuant to this Agreement, and shall not be required to recalculate
      or
      verify any numerical information furnished to the Trustee pursuant to this
      Agreement. Subject to the immediately preceding sentence, if any such
      resolution, certificate, statement, opinion, report, document, order or other
      instrument is found not to conform on its face to the form required by this
      Agreement in a material manner the Trustee shall notify the Person providing
      such resolutions, certificates, statements, opinions, reports or other documents
      of the non-conformity, and if the instrument is not corrected to the Trustee’s
      satisfaction, the Trustee will provide notice thereof to the Certificateholders
      and any NIMS Insurer and will, at the expense of the Trust Fund, which expense
      shall be reasonable given the scope and nature of the required action, take
      such
      further action as directed by the Certificateholders and any NIMS
      Insurer.

     

    
      
        
        

      

      
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    (c) The
      Trustee shall not have any liability arising out of or in connection with this
      Agreement, except for its negligence or willful misconduct. Notwithstanding
      anything in this Agreement to the contrary, the Trustee shall not be liable
      for
      special, indirect or consequential losses or damages of any kind whatsoever
      (including, but not limited to, lost profits). No provision of this Agreement
      shall be construed to relieve the Trustee from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct;
      provided, however, that:

     

    (i) The
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      consent or direction of the Holders of Certificates as provided in Section
      6.18
      hereof;

     

    (ii) For
      all
      purposes under this Agreement, the Trustee shall not be deemed to have notice
      of
      any Event of Default (other than resulting from a failure by the Master Servicer
      to remit funds or to furnish information to the Trustee when required to do
      so)
      unless a Responsible Officer of the Trustee has actual knowledge thereof or
      unless written notice of any event which is in fact such a default is received
      by the Trustee at the address provided in Section 11.07, and such notice
      references the Holders of the Certificates and this Agreement; and

     

    (iii) The
      Trustee shall not be responsible for the acts or omissions of any Servicer,
      Custodian or the Master Servicer, it being understood that this Agreement shall
      not be construed to render any of them agents of one another.

     

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

     

    (e) The
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of any NIMS Insurer or the Certificateholders of any Class holding
      Certificates which evidence, as to such Class, Percentage Interests aggregating
      not less than 25% as to the time, method and place of conducting any proceeding
      for any remedy available to the Trustee or exercising any trust or power
      conferred upon the Trustee under this Agreement.

     

    
      
        
        

      

      
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    (f) The
      Trustee shall not be required to perform services under this Agreement, or
      to
      expend or risk its own funds or otherwise incur financial liability for the
      performance of any of its duties hereunder or the exercise of any of its rights
      or powers if there is reasonable ground for believing that the timely payment
      of
      its fees and expenses or the repayment of such funds or adequate indemnity
      against such risk or liability is not reasonably assured to it, and none of
      the
      provisions contained in this Agreement shall in any event require the Trustee
      to
      perform, or be responsible for the manner of performance of, any of the
      obligations of the Master Servicer or 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, except
      with
      respect to the Trustee, during such time, if any, as the Trustee shall be the
      successor to, and be vested with the rights, duties, powers and privileges
      of,
      the Master Servicer in accordance with the terms of this Agreement.

     

    (g) The
      Trustee shall not be held liable by reason of any insufficiency in any account
      (including without limitation the Collection Account, the Cap Agreement Account
      and the Certificate Account) held by or on behalf of the Trustee resulting
      from
      any investment loss on any Eligible Investment included therein (except to
      the
      extent that the Trustee is the obligor and has defaulted thereon).

     

    (h) Except
      as
      otherwise provided herein, the Trustee shall not have any duty (A) to see to
      any
      recording, filing, or depositing of this Agreement or any agreement referred
      to
      herein or any financing statement or continuation statement evidencing a
      security interest, or to see to the maintenance of any such recording or filing
      or depositing or to any rerecording, refiling or redepositing of any thereof,
      (B) to see to any insurance, (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 Collection Account or the Certificate
      Account, or (D) to confirm or verify the contents of any reports or certificates
      of the Master Servicer, any Servicer, the Cap Provider or the Depositor
      delivered to the Trustee pursuant to this Agreement believed by the Trustee
      to
      be genuine and to have been signed or presented by the proper party or
      parties.

     

    (i) The
      Trustee shall not be liable in its individual capacity for an error of judgment
      made in good faith by a Responsible Officer or other officers of the Trustee
      unless it shall be proved that the Trustee was negligent in ascertaining the
      pertinent facts.

     

    (j) Notwithstanding
      anything in this Agreement to the contrary, the Trustee shall not be liable
      for
      special, indirect or consequential losses or damages of any kind whatsoever
      (including, but not limited to, lost profits), even if the Trustee has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action.

     

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

     

    (l) For
      so
      long as the Depositor is subject to Exchange Act reporting requirements for
      the
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-18N transaction,
      the Trustee shall give prior written notice to the Sponsor, the Master Servicer
      and the Depositor of the appointment of any Subcontractor by it and a written
      description (in form and substance satisfactory to the Sponsor and the
      Depositor) of the role and function of each Subcontractor utilized by the
      Trustee, specifying (A) the identity of each such Subcontractor and (B) which
      elements of the servicing criteria set forth under Item 1122(d) of Regulation
      AB
      will be addressed in assessments of compliance provided by each such
      Subcontractor.

     

    
      
        
        

      

      
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    (m) The
      Trustee 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 Trustee, of the type described in Item 1117 (§ 229.1117) of
      Regulation AB, (ii) of any merger, consolidation or sale of substantially all
      of
      the assets of the Trustee and (iii) if the Trustee shall become (but only to
      the
      extent not previously disclosed) at any time an affiliate of any of the parties
      listed on Exhibit S hereto or any of their affiliates. On or before March 1st
      of
      each year, the Depositor shall distribute the information in Exhibit S to the
      Trustee.

     

    Section
      6.02 Certain
      Matters Affecting the Trustee.

     

    Except
      as
      otherwise provided in Section 6.01:

     

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

     

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

     

    (iii) The
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and reasonably believed by it to be authorized or within
      the
      discretion or rights or powers conferred upon it by this Agreement;

     

    (iv) Unless
      an
      Event of Default shall have occurred and be continuing, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document (provided
      the
      same appears regular on its face), unless requested in writing to do so by
      any
      NIMS Insurer or the Holders of at least a majority in Class Principal Amount
      (or
      Percentage Interest) of each Class of Certificates; provided, however, that,
      if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such expense or liability or payment of such
      estimated expenses from any NIMS Insurer or the Certificateholders, as
      applicable, as a condition to proceeding. The reasonable expense thereof shall
      be paid by the party requesting such investigation and if not reimbursed by
      the
      requesting party shall be reimbursed to the Trustee by the Trust
      Fund;

     

    
      
        
        

      

      
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    (v) The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, custodians or attorneys,
      which agents, custodians or attorneys shall have any and all of the rights,
      powers, duties and obligations of the Trustee conferred on them by such
      appointment, provided that the Trustee shall continue to be responsible for
      its
      duties and obligations hereunder to the extent provided herein, and provided
      further that the Trustee shall not be responsible for any misconduct or
      negligence on the part of any such agent or attorney appointed with due care
      by
      the Trustee;

     

    (vi) The
      Trustee shall not be under any obligation to exercise any of the trusts or
      powers vested in it by this Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto, in each case at the request, order
      or direction of any of the Certificateholders or any NIMS Insurer pursuant
      to
      the provisions of this Agreement, unless such Certificateholders or any NIMS
      Insurer shall have offered to the Trustee reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein or
      thereby;

     

    (vii) The
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act;
      and

     

    (viii) The
      Trustee shall not be required to give any bond or surety in respect of the
      execution of the Trust Fund created hereby or the powers granted
      hereunder.

     

    Section
      6.03 Trustee
      Not Liable for Certificates.

     

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

     

     

    
      
        
        

      

      
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    Section
      6.04 Trustee
      May Own Certificates.

     

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

     

    Section
      6.05 Eligibility
      Requirements for Trustee.

     

    The
      Trustee hereunder shall at all times be (i) an institution whose accounts are
      insured by the FDIC, (ii) a corporation or national banking association,
      organized and doing business under the laws of any State or the United States
      of
      America, authorized under such laws to exercise corporate trust powers, having
      a
      combined capital and surplus of not less than $50,000,000 and subject to
      supervision or examination by federal or state authority and (iii) not an
      Affiliate of the Master Servicer or any Servicer. If such corporation or
      national banking association publishes reports of condition at least annually,
      pursuant to law or to the requirements of the aforesaid supervising or examining
      authority, then, for the purposes of this Section, the combined capital and
      surplus of such corporation or national banking association shall be deemed
      to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. In case at any time the Trustee shall cease to be
      eligible in accordance with provisions of this Section, the Trustee shall resign
      immediately in the manner and with the effect specified in Section
      6.06.

     

    Section
      6.06 Resignation
      and Removal of Trustee.

     

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

     

    (b) If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 6.05 and shall fail to resign after written request
      therefor by the Depositor or any NIMS Insurer, (ii) the Trustee shall become
      incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
      of the Trustee 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, (iii) a tax is
      imposed or threatened with respect to the Trust Fund by any state in which
      the
      Trustee or the Trust Fund held by the Trustee is located, (iv) the continued
      use
      of the Trustee would result in a downgrading of the rating by any Rating Agency
      of any Class of Certificates with a rating, or (v) the Trustee shall fail to
      provide the information required pursuant to Section 6.01(l) or (m) or Section
      9.25 hereof, then the Depositor, any NIMS Insurer or the Master Servicer shall
      remove the Trustee and the Depositor shall appoint a successor trustee
      acceptable to any NIMS Insurer and the Master Servicer by written instrument,
      one copy of which instrument shall be delivered to the Trustee so removed,
      one
      copy each to the successor trustee and one copy to the Master Servicer and
      any
      NIMS Insurer.

     

    
      
        
        

      

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

     

    (d) Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section shall become effective upon
      (i) the payment of all unpaid amounts owed to the Trustee and (ii) the
      acceptance of appointment by the successor trustee as provided in Section
      6.07.

     

    Section
      6.07 Successor
      Trustee.

     

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

     

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

     

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

     

     

    
      
        
        

      

      
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    Section
      6.08 Merger
      or Consolidation of Trustee.

     

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

     

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

     

    (a) Notwithstanding
      any other provisions hereof, at any time, the Trustee, the Depositor or the
      Certificateholders evidencing more than 50% of the Class Principal Amount (or
      Percentage Interest) of every Class of Certificates shall have the power from
      time to time to appoint one or more Persons, approved by the Trustee and any
      NIMS Insurer, to act either as co-trustees jointly with the Trustee, or as
      separate trustees, or as custodians, for the purpose of holding title to,
      foreclosing or otherwise taking action with respect to any Mortgage Loan outside
      the state where the Trustee has its principal place of business where such
      separate trustee or co-trustee is necessary or advisable (or the Trustee has
      been advised by the Master Servicer that such separate trustee or co-trustee
      is
      necessary or advisable) under the laws of any state in which a property securing
      a Mortgage Loan is located or for the purpose of otherwise conforming to any
      legal requirement, restriction or condition in any state in which a property
      securing a Mortgage Loan is located or in any state in which any portion of
      the
      Trust Fund is located. The separate Trustees, co-trustees, or custodians so
      appointed shall be trustees or custodians for the benefit of all the
      Certificateholders and shall have such powers, rights and remedies as shall
      be
      specified in the instrument of appointment; provided, however, that no such
      appointment shall, or shall be deemed to, constitute the appointee an agent
      of
      the Trustee. The obligation of the Trustee to make Advances pursuant to Section
      5.04 and 6.14 shall not be affected or assigned by the appointment of a
      co-trustee. Prior to the appointment hereunder of any co-trustee, separate
      trustee, or custodian pursuant to this Section 6.09, such Person shall enter
      into an agreement, in form and substance satisfactory to the Depositor, the
      Master Servicer and the Trustee, relating to the satisfaction of such Person
      of
      its reporting obligations under Regulation AB with respect to any servicing
      performed by it in connection with the Trust Fund. The Trustee shall not be
      responsible for any action or omission of any separate trustee, co-trustee
      or
      custodian. Notwithstanding the foregoing, if such co-custodian or co-trustee
      is
      determined to be a Servicing Function Participant, no such co-custodian or
      co-trustee shall be vested with any powers, rights and remedies under this
      Agreement unless such party has agreed to comply with all Regulation AB
      requirements set forth under this Agreement or each Custodial Agreement, as
      applicable.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    (iv) the
      Trustee or the Certificateholders evidencing more than 50% of the Aggregate
      Voting Interests of the Certificates may at any time accept the resignation
      of
      or remove any separate trustee, co-trustee or custodian, so appointed by it
      or
      them, if such resignation or removal does not violate the other terms of this
      Agreement.

     

    (c) Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee,
      co-trustee or custodian shall refer to this Agreement and the conditions of
      this
      Article VI. Each separate trustee and co-trustee, upon its acceptance of the
      trusts conferred, shall be vested with the estates or property specified in
      its
      instrument of appointment, either jointly with the Trustee or separately, as
      may
      be provided therein, subject to all the provisions of this Agreement,
      specifically including every provision of this Agreement relating to the conduct
      of, affecting the liability of, or affording protection to, the Trustee. Every
      such instrument shall be filed with the Trustee and a copy given to the Master
      Servicer and any NIMS Insurer.

     

    (d) Any
      separate trustee, co-trustee or custodian may, at any time, constitute the
      Trustee its agent or attorney in fact with full power and authority, to the
      extent not prohibited by law, to do any lawful act under or in respect of this
      Agreement on its behalf and in its name. If any separate trustee, co-trustee
      or
      custodian shall die, become incapable of acting, resign or be removed, all
      of
      its estates, properties, rights, remedies and trusts shall vest in and be
      exercised by the Trustee, to the extent permitted by law, without the
      appointment of a new or successor trustee.

     

    (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.

     

    
      
        
        

      

      
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    (f) The
      Trustee agrees to instruct the co-trustees, if any, to the extent necessary
      to
      fulfill the Trustee’s obligations hereunder.

     

    (g) The
      Trustee shall pay the reasonable compensation of the co-trustees requested
      by
      the Trustee to be so appointed (which compensation shall not reduce any
      compensation payable to the Trustee) and, if paid by the Trustee, shall be
      a
      reimbursable expense pursuant to Section 6.12.

     

    (h) Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Trustee shall
      not utilize any Subcontractor for the performance of its duties hereunder if
      such Subcontractor would be “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB without (a) giving notice to the Seller,
      the Master Servicer and the Depositor and (b) requiring any such Subcontractor
      to provide to the Trustee an assessment of compliance as provided in Section
      9.25(a) and an attestation report as provided in Section 9.25(b), which reports
      the Trustee shall include in its assessment and attestation reports. The Trustee
      shall indemnify the Depositor and the Master Servicer and any director, officer,
      employee or agent of each of the Depositor and the Master Servicer and hold
      them
      harmless against any and all claims, losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments,
      and any other costs, fees and expenses that any of them may sustain arising
      out
      of or based upon the failure by the Trustee (i) to give notice of the engagement
      of any Subcontractor or (ii) to require any Subcontractor to provide the Trustee
      an assessment of compliance as provided in Section 9.25(a) and an attestation
      report as provided in Section 9.25(b). This indemnity shall survive the
      termination of this Agreement or the earlier resignation or removal of the
      Trustee.

     

    Section
      6.10 Authenticating
      Agents.

     

    (a) The
      Trustee may appoint one or more Authenticating Agents which shall be authorized
      to act on behalf of the Trustee in authenticating Certificates. Wherever
      reference is made in this Agreement to the authentication of Certificates by
      the
      Trustee or the Trustee’s certificate of authentication, such reference shall be
      deemed to include authentication on behalf of the Trustee by an Authenticating
      Agent and a certificate of authentication executed on behalf of the Trustee
      by
      an Authenticating Agent. Each Authenticating Agent must be a corporation
      organized and doing business under the laws of the United States of America
      or
      of any state, having a combined capital and surplus of at least $15,000,000,
      authorized under such laws to do a trust business and subject to supervision
      or
      examination by federal or state authorities and acceptable to any NIMS
      Insurer.

     

    (b) Any
      Person into which any Authenticating Agent may be merged or converted or with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which any Authenticating Agent shall be a party,
      or any Person succeeding to the corporate agency business of any Authenticating
      Agent, shall continue to be the Authenticating Agent without the execution
      or
      filing of any paper or any further act on the part of the Trustee or the
      Authenticating Agent.

     

    
      
        
        

      

      
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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 Trustee, any NIMS Insurer and the
      Depositor. The Trustee may at any time terminate the agency of any
      Authenticating Agent by giving written notice of termination to such
      Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving a
      notice of resignation or upon such a termination, or in case at any time any
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section 6.10, the Trustee may appoint a successor
      Authenticating Agent, shall give written notice of such appointment to the
      Depositor and any NIMS Insurer and shall mail notice of such appointment to
      all
      Holders of Certificates. Any successor Authenticating Agent upon acceptance
      of
      its appointment hereunder shall become vested with all the rights, powers,
      duties and responsibilities of its predecessor hereunder, with like effect
      as if
      originally named as Authenticating Agent. No successor Authenticating Agent
      shall be appointed unless eligible under the provisions of this Section 6.10.
      No
      Authenticating Agent shall have responsibility or liability for any action
      taken
      by it as such at the direction of the Trustee. Any Authenticating Agent shall
      be
      entitled to reasonable compensation for its services and, if paid by the
      Trustee, it shall be a reimbursable expense pursuant to Section
      6.12.

     

    Section
      6.11 Indemnification
      of Trustee.

     

    The
      Trustee and its 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 (it being understood that the
      negligence or willful misconduct of any Custodian shall not constitute
      negligence or willful misconduct on the part of the Trustee or its directors,
      officers, employees or agents for such purpose), 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,
      the
      Mortgage Loan Sale Agreement, the Cap Agreements, any Transfer Agreement, any
      Servicing Agreement or any Custodial Agreement, including any applicable fees
      and expenses payable pursuant to Section 6.12 and the costs and expenses of
      defending themselves against any claim in connection with the exercise or
      performance of any of their powers or duties hereunder, provided
      that:

     

    (i) with
      respect to any such claim, the Trustee shall have given the Depositor, the
      Master Servicer and the Holders written notice thereof promptly after the
      Trustee shall have knowledge thereof; provided that failure to so notify shall
      not relieve the Trust Fund of the obligation to indemnify the Trustee; however,
      any reasonable delay by the Trustee to provide written notice to the Depositor,
      the Master Servicer and the Holders promptly after the Trustee shall have
      obtained knowledge of a claim shall not relieve the Trust Fund of the obligation
      to indemnify the Trustee under this Section 6.11;

     

    (ii) while
      maintaining control over its own defense, the Trustee shall cooperate and
      consult fully with the Depositor in preparing such defense; and

     

    (iii) notwithstanding
      anything to the contrary in this Section 6.11, the Trust Fund shall not be
      liable for settlement of any such claim by the Trustee entered into without
      the
      prior consent of the Depositor, which consent shall not be unreasonably
      withheld.

     

    
      
        
        

      

      
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    The
      provisions of this Section 6.11 shall survive any termination of this Agreement
      and the resignation or removal of the Trustee and shall be construed to include,
      but not be limited to any loss, liability or expense under any environmental
      law.

     

    Section
      6.12 Fees
      and Expenses of Trustee and Custodians.

     

    The
      Trustee shall be entitled to (i) receive, and is authorized to pay itself,
      the
      amount of income or gain earned from investment of funds in the Certificate
      Account and (ii) reimbursement of all reasonable expenses, disbursements and
      advances incurred or made by the Trustee in accordance with this Agreement
      (including fees and expenses of its counsel and all persons not regularly in
      its
      employment and any amounts described in Section 10.01 to which the Trustee
      is
      entitled as provided therein), except for expenses, disbursements and advances
      that either (i) do not constitute “unanticipated expenses” within the meaning of
      Treasury Regulations Section 1.860G-1(b)(3)(ii) or (ii) arise from its
      negligence, bad faith or willful misconduct. The Custodian shall receive
      compensation and reimbursement or payment of its expenses under the Custodial
      Agreement as provided therein; provided that, to the extent required under
      Section 6 or Section 20 of the Custodial Agreement, the Trustee is hereby
      authorized to pay such compensation or reimbursement from amounts on deposit
      in
      the Certificate Account prior to any distributions to Certificateholders
      pursuant to Section 5.02 hereof.

     

    Section
      6.13 Collection
      of Monies.

     

    Except
      as
      otherwise expressly provided in this Agreement, the Trustee may demand payment
      or delivery of, and shall receive and collect, all money and other property
      payable to or receivable by the Trustee pursuant to this Agreement. The Trustee
      shall hold all such money and property received by it as part of the Trust
      Fund
      and shall distribute it as provided in this Agreement. If the Trustee shall
      not
      have timely received amounts to be remitted with respect to the Mortgage Loans
      from the Master Servicer, the Trustee shall request the Master Servicer to
      make
      such distribution as promptly as practicable or legally permitted. If the
      Trustee shall subsequently receive any such amount, it may withdraw such
      request.

     

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

     

    (a) The
      occurrence of any one or more of the following events shall constitute an “Event
      of Default”:

     

    (i) Any
      failure by the Master Servicer to furnish to the Trustee the Mortgage Loan
      data
      sufficient to prepare the reports described in Section 4.03(a) which continues
      unremedied for a period of two (2) Business Days after the date upon which
      written notice of such failure shall have been given to such Master Servicer
      by
      the Trustee or to such Master Servicer and the Trustee by any NIMS Insurer
      or
      Holders of not less than 25% of the Class Principal Amount of each Class of
      Certificates affected thereby; or

     

    (ii) 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 (or 15 days, in the case of failure to maintain any Insurance
      Policy required to be maintained pursuant to this Agreement) after the date
      on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Master Servicer by the Trustee or to the Master Servicer
      and the Trustee by any NIMS Insurer or Holders of not less than 25% of the
      Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates
      affected thereby or by any NIMS Insurer; or

     

    
      
        
        

      

      
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    (iii) 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

     

    (iv) 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

     

    (v) 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

     

    (vi) 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

     

    (vii) If
      a
      representation or warranty set forth in Section 9.14 hereof shall prove to
      be
      incorrect as of the time made in any respect that materially and adversely
      affects the interests of the Certificateholders, and the circumstance or
      condition in respect of which such representation or warranty was incorrect
      shall not have been eliminated or cured within 30 days after the date on which
      written notice of such incorrect representation or warranty shall have been
      given to the Master Servicer by the Trustee or to the Master Servicer and the
      Trustee by the Holders of more than 50% of the Aggregate Voting Interests of
      the
      Certificates or by any NIMS Insurer; or

     

    (viii) 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

     

    (ix) The
      Master Servicer has notice or actual knowledge that a 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 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; or

     

    
      
        
        

      

      
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    (x) After
      any
      receipt of notice from the Trustee or any NIMS Insurer, any failure of the
      Master Servicer to remit to the Trustee any payment required to be made to
      the
      Trustee for the benefit of Certificateholders under the terms of this Agreement,
      including any Advance, on any Deposit Date, which failure continues unremedied
      for a period of one Business Day after the date upon which such written notice
      of such failure shall have been given to the Master Servicer by the
      Trustee.

     

    If
      an
      Event of Default described in clauses (i) through (ix) of this Section 6.14
      shall occur, then, in each and every case, subject to applicable law, so long
      as
      any such Event of Default shall not have been remedied within any period of
      time
      prescribed by this Section, the Trustee, by notice in writing to the Master
      Servicer may, and shall, if so directed by Certificateholders evidencing more
      than 50% of the Class Principal Amount (or Class Notional Amount) of each Class
      of Certificates or any NIMS Insurer, 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 (x) of this Section
      6.14 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 (x) of this Section 6.14, the Trustee, by notice
      in
      writing to the Master Servicer and the NIMS Insurer, shall promptly terminate
      all 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 and pursuant to and under the terms of this Agreement;
      provided, however, the parties acknowledge that notwithstanding the preceding
      sentence, there may be a transition period, not to exceed 90 days, in order
      to
      effect the transfer of the Master Servicer’s 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 the 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 Collection Account
      maintained by such defaulting Master Servicer and any other account or fund
      maintained with respect to the Certificates or thereafter received with respect
      to the Mortgage Loans. The Master Servicer being terminated (or the Trust Fund,
      if the Master Servicer is unable to fulfill its obligations hereunder) as a
      result of an Event of Default shall bear all costs of a master servicing
      transfer, including but not limited to those of the Trustee reasonably allocable
      to specific employees and overhead, legal fees and expenses, accounting and
      financial consulting fees and expenses, and costs of amending the Agreement,
      if
      necessary.

     

    
      
        
        

      

      
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    The
      Trustee shall be entitled to be reimbursed from the Master Servicer (or by
      the
      Trust Fund, if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of master servicing from
      the predecessor Master Servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all master servicing data
      and
      the completion, correction or manipulation of such servicing data as may be
      required by the Trustee to correct any errors or insufficiencies in the master
      servicing data or otherwise to enable the Trustee to master service the Mortgage
      Loans properly and effectively. If the terminated Master Servicer does not
      pay
      such reimbursement within thirty (30) days of its receipt of an invoice
      therefor, such reimbursement shall be an expense of the Trust Fund and the
      Trustee shall be entitled to withdraw such reimbursement from amounts on deposit
      in the Certificate Account pursuant to Section 4.04(b); provided that the
      terminated Master Servicer shall reimburse the Trust Fund for any such expense
      incurred by the Trust Fund.

     

    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(a)(i), (ii), (iii), (v), (vii) and (ix) to the extent such
      reimbursement relates to the period prior to such Master Servicer’s
      termination.

     

    If
      any
      Event of Default shall occur of which a Responsible Officer of the Trustee
      has
      actual knowledge, the Trustee, shall promptly notify any NIMS Insurer and each
      Rating Agency of the nature and extent of such Event of Default. The Trustee
      shall immediately give written notice to the Master Servicer upon the Master
      Servicer’s failure to remit funds on the Deposit Date.

     

    (b) On
      or
      after the time the Master Servicer (and the Trustee, if notice is sent by any
      NIMS Insurer) 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, within
      90 days of such notice unless another master servicer acceptable to the NIMS
      Insurer shall have been appointed, shall be the successor in all respects to
      the
      Master Servicer in its capacity as such under this Agreement and the
      transactions set forth or provided for herein and shall have all the rights
      and
      powers and be subject to all the responsibilities, duties and liabilities
      relating thereto and arising thereafter placed on the Master Servicer hereunder,
      including the obligation to make Advances; provided, however, that any failure
      to perform such duties or responsibilities caused by the Master Servicer’s
      failure to provide information required by this Agreement shall not be
      considered a default by the Trustee hereunder. In addition, the Trustee shall
      have no responsibility for any act or omission of the Master Servicer 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 and the General Servicing Fee (subject to reduction for the
      Servicing Fee of GMACM). 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
      master 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.

     

    
      
        
        

      

      
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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 or if any NIMS Insurer so requests in writing
      to the Trustee, request the Depositor to appoint, 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 acceptable to the NIMS Insurer 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 a master servicer, like 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
      successor master servicer, as applicable, all amounts which shall at the time
      be
      or should have been deposited by the Master Servicer in the Collection Account
      and any other account or fund maintained with respect to the Certificates or
      thereafter be received with respect to the Mortgage Loans. Neither the Trustee
      nor any other successor master servicer shall be deemed to be in default
      hereunder by reason of any failure to make, or any delay in making, any
      distribution hereunder or any portion thereof caused by (i) the failure of
      the
      Master Servicer to deliver, or any delay in delivering, cash, documents or
      records to it, (ii) the failure of the Master Servicer to cooperate as required
      by this Agreement, (iii) the failure of the Master Servicer to deliver the
      Mortgage Loan data to the Trustee or such successor master servicer as required
      by this Agreement or (iv) restrictions imposed by any regulatory authority
      having jurisdiction over the Master Servicer. No 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 terminated Master Servicer to deliver, or any delay in
      delivering cash, documents or records to it, or (ii) the failure of the
      terminated Master Servicer to cooperate as required by this
      Agreement.

    
      
        
        

      

      
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    Section
      6.15 Additional
      Remedies of Trustee Upon Event of Default.

     

    During
      the continuance of any Event of Default, so long as such Event of Default shall
      not have been remedied, the Trustee, in addition to the rights specified in
      Section 6.14, shall have the right, in its own name and as trustee of an express
      trust, to take all actions now or hereafter existing at law, in equity or by
      statute to enforce its rights and remedies and to protect the interests, and
      enforce the rights and remedies, of 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 Trustee to make any required payment of principal
      of
      or interest on the Certificates may only be waived with the consent of 100%
      of
      the affected Certificateholders and with the consent of any NIMS Insurer. Upon
      any such waiver of a past default, such default shall cease to exist, and any
      Event of Default arising therefrom shall be deemed to have been remedied for
      every purpose of this Agreement. No such waiver shall extend to any subsequent
      or other default or impair any right consequent thereon except to the extent
      expressly so waived.

     

    Section
      6.17 Notification
      to Holders.

     

    Upon
      termination of the Master Servicer or appointment of a successor to the Master
      Servicer, in each case as provided herein, the Trustee shall promptly mail
      notice thereof by first class mail to the Certificateholders at their respective
      addresses appearing on the Certificate Register and any NIMS Insurer. The
      Trustee shall also, within 45 days after the occurrence of any Event of Default
      known to a Responsible Officer of the Trustee, give written notice thereof
      to
      any NIMS Insurer and the Certificateholders, unless such Event of Default shall
      have been cured or waived prior to the issuance of such notice and within such
      45 day period.

     

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

     

    Subject
      to the provisions of Section 8.01 hereof, during the continuance of any Event
      of
      Default, Holders of Certificates evidencing not less than 25% of the Class
      Principal Amount (or Percentage Interest) of each Class of Certificates affected
      thereby may, with the consent of any NIMS Insurer, direct the time, method
      and
      place of conducting any proceeding for any remedy available to the Trustee,
      or
      exercising any trust or power conferred upon the Trustee, under this Agreement;
      provided, however, that the Trustee shall be under no obligation to pursue
      any
      such remedy, or to exercise any of the trusts or powers vested in it by this
      Agreement (including, without limitation, (i) the conducting or defending of
      any
      administrative action or litigation hereunder or in relation hereto and (ii)
      the
      terminating of the Master Servicer or any successor master servicer from its
      rights and duties as master servicer hereunder) at the request, order or
      direction of any of the Certificateholders, or any NIMS Insurer, unless such
      Certificateholders, or any NIMS Insurer, shall have offered to the Trustee
      reasonable security or indemnity against the cost, expenses and liabilities
      which may be incurred therein or thereby; and, provided further, that, subject
      to the provisions of Section 8.01, the Trustee shall have the right to decline
      to follow any such direction if the Trustee, in accordance with an Opinion
      of
      Counsel, 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.

    
      
        
        

      

      
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    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 shall have actual knowledge
      of
      any action or inaction of the Master Servicer that would become an Event of
      Default upon the Master Servicer’s failure to remedy the same after notice, the
      Trustee shall give notice thereof to the Master Servicer. For all purposes
      of
      this Agreement, in the absence of actual knowledge by a Responsible Officer
      of
      the Trustee, the Trustee shall not be deemed to have knowledge of any failure
      of
      the Master Servicer or any other Event of Default unless notified in writing
      by
      the Depositor, the Master Servicer or the Certificateholders.

     

    Section
      6.20 Preparation
      of Tax Returns and Other Reports.

     

    (a) The
      Trustee shall prepare or cause to be prepared on behalf of the Trust Fund,
      based
      upon information calculated in accordance with this Agreement pursuant to
      instructions given by the Depositor, and the Trustee shall file federal tax
      returns, all in accordance with Article X hereof. The Trustee shall prepare
      and
      file required state income tax returns and such other returns as may be required
      by applicable law relating to the Trust Fund, and, if required by state law,
      and
      shall file any other documents to the extent required by applicable state tax
      law (to the extent such documents are in the Trustee’s possession). The Trustee
      shall forward copies to the Depositor of all such returns and Form 1099
      supplemental tax information and such other information within the control
      of
      the Trustee as the Depositor may reasonably request in writing, and shall
      distribute to each Certificateholder such forms and furnish such information
      within the control of the Trustee as are required by the Code and the REMIC
      Provisions to be furnished to them, and will prepare and distribute to
      Certificateholders Form 1099 (supplemental tax information) (or otherwise
      furnish information within the control of the Trustee) to the extent required
      by
      applicable law. The Master Servicer shall indemnify the Trustee for any
      liability of or assessment against the Trustee arising out of or based upon
      any
      error in any of such tax or information returns arising out of or based upon
      errors in the information provided by such Master Servicer.

     

    
      
        
        

      

      
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    (b) The
      Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
      behalf of each REMIC created hereby, an application on IRS Form SS-4. The
      Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification
      Number Assigned for each REMIC, shall promptly forward copies of such notices
      to
      the Master Servicer and the Depositor. The Trustee will file an IRS Form 8811
      for all REMICs created hereunder. The Trustee shall have no obligation to verify
      the information in any Form 8811 or Form SS-4 filing.

     

    (c) Reports
      Filed on Form 10-D.

     

    (i) Within
      15
      days after each Distribution Date (or, if applicable, within such shorter period
      of time as is required under the rules of the Commission as in effect from
      time
      to time (the “Rules”)) during each year in which the Trust Fund is subject to
      Exchange Act reporting requirements, the Trustee shall prepare and file on
      behalf of the Trust Fund any Form 10-D required by the Exchange Act, in form
      and
      substance as required by the Exchange Act. The Trustee shall file each Form
      10-D
      with a copy of the related Distribution Date Statement attached thereto. Any
      disclosure in addition to the Distribution Date Statement that is required
      to be
      included on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined
      and prepared by and at the direction of the Depositor pursuant to the following
      paragraph and the Trustee will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-D Disclosure, except
      as
      set forth in the next paragraph.

     

    (ii) As
      set
      forth on Exhibit Q-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2006-18N transaction shall be required to
      provide to the Trustee, to the extent known by a Responsible Officer thereof,
      in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Additional Form 10-D Disclosure,
      if applicable, and included with such Additional Form 10-D Disclosure, an
      Additional Disclosure Notification in the form attached hereto as Exhibit Q-4,
      (B) the Trustee shall forward to the Depositor, the form and substance of the
      Additional Form 10-D Disclosure, and (C) the Depositor will approve, as to
      form
      and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-D Disclosure on Form 10-D. The Sponsor will be responsible
      for any reasonable fees and expenses assessed or incurred by the Trustee in
      connection with including any Additional Form 10-D Disclosure on Form 10-D
      pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-D, the Trustee shall forward electronically a draft copy
      of the Form 10-D to the Exchange Act Signing Party for review and approval.
      If
      the Master Servicer is the Exchange Act Signing Party and the Form 10-D includes
      Additional Form 10-D Disclosure, then the Form 10-D shall also be electronically
      distributed to the Depositor for review and approval. No later than two Business
      Days prior to the 15th calendar day after the related Distribution Date, a
      senior officer of the Exchange Act Signing Party shall sign the Form 10-D and
      return an electronic or fax copy of such signed Form 10-D (with an original
      executed hard copy to follow by overnight mail) to the Trustee. If a Form 10-D
      cannot be filed on time or if a previously filed Form 10-D needs to be amended,
      the Trustee will follow the procedures set forth in subsection (f)(ii) of this
      Section 6.20. Promptly (but no later than one Business Day) after the deadline
      for filing such report with the Commission, the Trustee will make available
      on
      its internet website a final executed copy of each Form 10-D. Each party to
      this
      Agreement acknowledges that the performance by the Trustee of its duties under
      this Section 6.20(c) 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(c). The Trustee shall
      have no liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare and/or timely file such Form 10-D,
      where such failure results from the Trustee’s inability or failure to obtain or
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-D, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    
      
        
        

      

      
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    (d) Reports
      Filed on Form 10-K.

     

    (i) Unless
      and until a Form 15 suspension notice shall have been filed, on or prior to
      March 31 after the end of each fiscal year of the Trust Fund or such earlier
      date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
      being understood that the fiscal year for the Trust Fund ends on December 31st
      of each year), commencing in March 2007, the Trustee shall prepare and file
      on
      behalf of the Trust Fund a Form 10-K, in form and substance as required by
      the
      Exchange Act. To
      facilitate the Trustee’s preparation of the Form 10-K, the Depositor shall
      provide to the Trustee, no later than 30 days prior to the 10-K Filing Deadline,
      a template of the Form 10-K in an Edgar-compatible format.
      Each
      such Form 10-K shall include the following items, in each case to the extent
      they have been delivered to the Trustee within the applicable time frames set
      forth in this Agreement and in the Servicing Agreement and the Custodial
      Agreement, (A) an annual compliance statement for the Servicer, each Additional
      Servicer and the Master Servicer, as described under Section 9.26 hereof and
      in
      the Servicing Agreement, (B)(I) the annual reports on assessment of compliance
      with servicing criteria for the Servicer, the Custodian, each Additional
      Servicer, the Master Servicer, any Servicing Function Participant, the Paying
      Agent (if other than the Trustee) and the Trustee (each, a “Reporting
      Servicer”), as described under Section 9.25(a) hereof and in the Servicing
      Agreement and Custodial Agreement, and (II) if any Reporting Servicer’s report
      on assessment of compliance with servicing criteria described under Section
      9.25(a) hereof or in the Servicing Agreement or Custodial Agreement identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any Reporting Servicer’s report on assessment of compliance
      with servicing criteria described under Section 9.25(a) hereof or in the
      Servicing Agreement or Custodial Agreement is not included as an exhibit to
      such
      Form 10-K, disclosure that such report is not included and an explanation why
      such report is not included, (C)(I) the registered public accounting firm
      attestation report for each Reporting Servicer, as described under Section
      9.25(b) hereof and in the Servicing Agreement and Custodial Agreement and (II)
      if any registered public accounting firm attestation report described under
      Section 9.25(b) hereof or in the Servicing Agreement or Custodial Agreement
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such registered public accounting firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (D) a Sarbanes-Oxley Certification. Any disclosure or information
      in addition to (A) through (D) above that is required to be included on Form
      10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and
      at the direction of the Depositor pursuant to the following paragraph and the
      Trustee will have no duty or liability for any failure hereunder to determine
      or
      prepare any Additional Form 10-K Disclosure, except as set forth in the next
      paragraph.

     

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit Q-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2007,
      (A) certain parties to the Lehman XS Trust Mortgage Pass-Through Certificates,
      Series 2006-18N transaction shall be required to provide to the Trustee, to
      the
      extent known by a Responsible Officer thereof, in EDGAR-compatible form (which
      may be Word or Excel documents easily convertible to EDGAR format), or in such
      other form as otherwise agreed upon by the Trustee and such party, the form
      and
      substance of any Additional Form 10-K Disclosure, if applicable, and include
      with such Additional Form 10-K Disclosure, an Additional Disclosure Notification
      in the form attached hereto as Exhibit Q-4, (B) the Trustee shall forward to
      the
      Depositor, the form and substance of the Additional Form 10-K Disclosure, and
      (C) the Depositor will approve, as to form and substance, or disapprove, as
      the
      case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K.
      The Trustee has no duty under this Agreement to monitor or enforce the
      performance by the parties listed on Exhibit Q-2 of their duties under this
      paragraph or proactively solicit or procure from such parties any Form 10-K
      Disclosure Information. The Sponsor will be responsible for any reasonable
      fees
      and expenses assessed or incurred by the Trustee in connection with including
      any Additional Form 10-K Disclosure on Form 10-K pursuant to this
      paragraph.

     

    (iii) After
      preparing the Form 10-K, the Trustee shall forward electronically a draft copy
      of the Form 10-K to the Exchange Act Signing Party for review and approval.
      If
      the Master Servicer is the Exchange Act Signing Party and the Form 10-K includes
      Additional Form 10-K Disclosure, then the Form 10-K shall also be electronically
      distributed to the Depositor for review and approval. No later than the close
      of
      business New York City time on the 4th Business Day prior to the 10-K Filing
      Deadline, a senior officer of the Exchange Act Signing Party shall sign the
      Form
      10-K and return an electronic or fax copy of such signed Form 10-K (with an
      original executed hard copy to follow by overnight mail) to the Trustee. If
      a
      Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
      to be
      amended, the Trustee will follow the procedures set forth in subsection (f)
      of
      this Section 6.20. Promptly (but no later than one Business Day) after the
      deadline for filing such report with the Commission, the Trustee will make
      available on its internet website a final executed copy of each Form 10-K.
      The
      parties to this Agreement acknowledge that the performance by the Trustee of
      its
      duties under this Section 6.20(d) 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(d), Section 9.25(a),
      Section 9.25(b) and Section 9.26. The Trustee shall have no liability for any
      loss, expense, damage, claim arising out of or with respect to any failure
      to
      properly prepare and/or timely file such Form 10-K, where such failure results
      from the Trustee’s inability or failure to obtain or receive, on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 10-K, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Trustee, the Paying
      Agent and, if the Depositor is the Exchange Act Signing Party, the Master
      Servicer, shall, and the Trustee, the Paying Agent and the Master Servicer
      (if
      applicable) shall cause any Servicing Function Participant engaged by it to,
      provide to the Person who signs the Sarbanes-Oxley Certification (the
“Certifying Person”), by March 15 of each year in which the Trust Fund is
      subject to the reporting requirements of the Exchange Act (each, a “Back-Up
      Certification”), in the form attached hereto as Exhibit T (or, in the case of
      (x) the Paying Agent (if other than the Trustee), such other form as agreed
      to
      between the Paying Agent and the Exchange Act Signing Party, and (y) the
      Trustee, the form attached hereto as Exhibit 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
      Exchange Act Signing Party shall serve as the Certifying Person on behalf of
      the
      Trust Fund. In the event the Master Servicer, the Trustee, the Paying Agent
      or
      any Servicing Function Participant engaged by such parties is terminated or
      resigns pursuant to the terms of this Agreement, such party or Servicing
      Function Participant shall provide a Back-Up Certification to the Certifying
      Person pursuant to this Section 6.20(d)(iv) with respect to the period of time
      it was subject to this Agreement.

     

    
      
        
        

      

      
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    (v) Each
      person (including their officers or directors) that signs any Form 10-K
      Certification shall be entitled to indemnification from the Trust Fund for
      any
      liability or expense incurred by it in connection with such certification,
      other
      than any liability or expense attributable to such Person’s own bad faith,
      negligence or willful misconduct. The provisions of this subsection shall
      survive any termination of this Agreement and the resignation or removal of
      such
      Person.

     

    (e) Reports
      Filed on Form 8-K.

     

    (i) During
      any year in which the Trust Fund is subject to Exchange Act reports, within
      four
      Business Days after the occurrence of an event requiring disclosure on Form
      8-K
      (each such event, a “Reportable Event”) or such later date as may be required by
      the Commission, and if requested by the Depositor, the Trustee shall prepare
      and
      file on behalf of the Trust Fund any Form 8-K, as required by the Exchange
      Act;
      provided that the Depositor shall file the initial Form 8-K in connection with
      the issuance of the Certificates. Any disclosure or information related to
      a
      Reportable Event or that is otherwise required to be included on Form 8-K (“Form
      8-K Disclosure Information”) shall be determined and prepared by and at the
      direction of the Depositor pursuant to the following paragraphs and the Trustee
      will have no duty or liability for any failure hereunder to determine or prepare
      any Form 8-K Disclosure Information or any Form 8-K, except as set forth in
      the
      next paragraph.

     

    (ii) As
      set
      forth on Exhibit Q-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) certain
      parties to the Lehman XS Trust Mortgage Pass-Through Certificates, Series
      2006-18N transaction shall be required to provide to the Trustee, to the extent
      known by a Responsible Officer thereof, in EDGAR-compatible form (which may
      be
      Word or Excel documents easily convertible to EDGAR format), or in such other
      form as otherwise agreed upon by the Trustee and such party, the form and
      substance of any Form 8-K Disclosure Information, if applicable, and include
      with such Form 8-K Disclosure Information, an Additional Disclosure Notification
      in the form attached hereto as Exhibit Q-4, (B) the Trustee shall forward to
      the
      Depositor, the form and substance of the Form 8-K Disclosure Information, and
      (C) the Depositor will approve, as to form and substance, or disapprove, as
      the
      case may be, the inclusion of the Form 8-K Disclosure Information. The Trustee
      has no duty under this Agreement to monitor or enforce the performance by the
      parties listed on Exhibit Q-3 of their duties under this paragraph or
      proactively solicit or procure from such parties any Form 8-K Disclosure
      Information. The Sponsor will be responsible for any reasonable fees and
      expenses assessed or incurred by the Trustee in connection with including any
      Form 8-K Disclosure Information on Form 8-K pursuant to this
      paragraph.

     

    
      
        
        

      

      
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    (iii) After
      preparing the Form 8-K, the Trustee shall forward electronically, no later
      than
      Noon New York city time on the 3rd Business Day after the Reportable Event,
      a
      draft copy of the Form 8-K to the Exchange Act Signing Party for review and
      approval. If the Master Servicer is the Exchange Act Signing Party, then the
      Form 8-K shall also be electronically distributed to the Depositor for review
      and approval. No later than Noon New York City time on the 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
      Trustee. If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K
      needs to be amended, the Trustee will follow the procedures set forth in
      subsection (f) of this Section 6.20. Promptly (but no later than one Business
      Day) after the deadline for filing such form with the Commission, the Trustee
      will, make available on its internet website a final executed copy of each
      Form
      8-K. The parties to this Agreement acknowledge that the performance by the
      Trustee of its duties under this Section 6.20(e) 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(e). The Trustee 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 file such Form 8-K, where such failure results from the
      Trustee’s inability or failure to obtain or receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 8-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    (f) Delisting;
      Amendments; Late Filings.

     

    (i) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, unless otherwise directed by the Depositor, the Trustee shall
      prepare and file a Form 15 relating to the automatic suspension of reporting
      in
      respect of the Trust Fund under the Exchange Act.

     

    (ii) In
      the
      event that the Trustee becomes aware that it will be unable to timely file
      with
      the Commission all or any required portion of any Form 8-K, 10-D or 10-K
      required to be filed by this Agreement because required disclosure information
      was either not delivered to it or delivered to it after the delivery deadlines
      set forth in this Agreement or for any other reason, the Trustee will
      immediately notify the Depositor. In the case of Form 10-D and 10-K, the parties
      to this Agreement and the Servicer will cooperate to prepare and file a Form
      12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of the
      Exchange Act. In the case of Form 8-K, the Trustee will, upon receipt of all
      required Form 8-K Disclosure Information and upon the approval and direction
      of
      the Depositor, include such disclosure information on the next Form 10-D. In
      the
      event that any previously filed Form 8-K, 10-D or 10-K needs to be amended,
      the
      Trustee will notify the Depositor and the Servicer 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 of the Exchange Act Signing Party. The parties to this Agreement
      acknowledge that the performance by the Trustee of its duties under this Section
      6.20(f) related to the timely preparation and filing of Form 15, a Form 12b-25
      or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
      performing its duties under this Section. The Trustee shall have no liability
      for any loss, expense, damage, claim arising out of or with respect to any
      failure to properly prepare and/or timely file any such Form 15, Form 12b-25
      or
      any amendments to Forms 8-K, 10-D or 10-K, where such failure results from
      the
      Trustee’s inability or failure to obtain or receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K,
      not resulting from its own negligence, bad faith or willful
      misconduct.

     

    
      
        
        

      

      
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    (g) Any
      party
      that signs any Exchange Act report that the Trustee is required to file shall
      provide to the Trustee prompt notice of the execution of such Exchange Act
      report along with the name and contact information for the person signing such
      report and shall promptly deliver to the Trustee the original executed signature
      page for such report. In addition, each of the parties agrees to provide to
      the
      Trustee such additional information related to such party as the Trustee may
      reasonably request, including evidence of the authorization of the person
      signing any certification or statement, financial information and reports,
      and
      such other information related to such party or its performance
      hereunder.

     

    (h) The
      Depositor and the Master Servicer, by mutual agreement, shall determine which
      of
      the Depositor or the Master Servicer shall be the initial Exchange Act Signing
      Party. Upon such determination, the Depositor shall timely notify the Trustee,
      and such notice shall provide contact information for the Exchange Act Signing
      Party. If the Depositor and Master Servicer, at any time, mutually agree to
      change the identity of the Exchange Act Signing Party, the Depositor shall
      provide timely notice to the Trustee of any such change.

     

    (i) The
      Trustee shall promptly send copies of each periodic report filed on Form 8-K,
      Form 10-D or other applicable form, each annual report on Form 10-K, and each
      Form 15 Suspension Notification, together in each case with the acceptance
      confirmation receipt from EDGAR, to McKee Nelson LLP and to the Depositor (i)
      by
      e-mail to the e-mail addresses provided in writing by each of McKee Nelson
      LLP
      and the Depositor, respectively and (ii) to McKee Nelson LLP at 1919 M Street,
      N.W., Washington, D.C. 20036, and to the Depositor at the address specified
      in
      Section 11.07, in each case to the attention of a designated contact specified
      by each of McKee Nelson LLP and the Depositor, respectively.

     

    Section
      6.21 Reporting
      Requirements of the Commission.

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 6.01,
      6.20, 9.25(a) and 9.25(b) of this Agreement is to facilitate compliance by
      the
      Sponsor, the Master Servicer 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, the Master Servicer or the Trustee
      for delivery of additional or different information as the Sponsor, the
      Depositor, the Master Servicer or the Trustee may determine in good faith is
      necessary to comply with the provisions of Regulation AB, provided that such
      information is available without unreasonable effort or expense and within
      such
      timeframe as may be reasonably requested.

    
      
        
        

      

      
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    Section
      6.22 Indemnification
      by the Trustee.

     

    The
      Trustee (including in its capacity as Paying Agent) agrees to indemnify the
      Depositor and the Master Servicer, and each of their respective directors,
      officers, employees and agents and the Trust Fund and hold each of them harmless
      from and against any losses, damages, penalties, fines, forfeitures, legal
      fees
      and expenses and related costs, judgments, and any other costs, fees and
      expenses that any of them may sustain arising out of or based upon the
      engagement of any Subcontractor in violation of Section 6.01 or any failure
      by
      the Trustee to deliver any assessment of compliance pursuant to Section 9.25(a).
      This indemnification shall survive the termination of this Agreement or the
      termination of the Trustee hereunder.

     

    ARTICLE
      VII.

     

    PURCHASE
      OF MORTGAGE LOANS AND

    TERMINATION
      OF THE TRUST FUND

     

    Section
      7.01 Purchase
      of Mortgage Loans; Termination of the Trust Fund Upon Purchase or Liquidation
      of
      Mortgage Loans.

     

    (a) The
      respective obligations and responsibilities of the Trustee and the Master
      Servicer created hereby (other than the obligation of the Trustee to make
      payments to Certificateholders as set forth in Section 7.02, the obligation
      of
      the Master Servicer to make a final remittance to the Trustee pursuant to
      Section 4.01, and the obligations of the Master Servicer to the Trustee pursuant
      to Sections 9.10 and 9.14) 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; 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. Any
      termination of the Trust Fund shall be carried out in such a manner so that
      the
      termination of each REMIC included therein shall qualify as a “qualified
      liquidation” under the REMIC Provisions.

     

    
      
        
        

      

      
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    (b) On
      any
      Distribution Date occurring on or after the Initial Optional Termination Date,
      the Master Servicer, with the prior written consent of any NIMS Insurer and
      the
      Seller, which consent shall not be unreasonably withheld, has the option to
      cause each of REMIC AX, REMIC 1 and REMIC 2 to adopt a plan of complete
      liquidation and to purchase the Mortgage Loans and any REO Property related
      to
      the Mortgage Pool (the “Pool Assets”) for a price equal to the Purchase Price,
      pursuant to Section 7.03 hereof. Upon exercise of such option, the property
      of
      the Mortgage Pool shall be sold to the Master Servicer at a price (the “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
      Mortgage Rate with respect to such Mortgage Loan to the Due Date in the
      Collection Period immediately preceding the Distribution Date on which the
      proceeds of such sale will be distributed to the holders of the Certificates,
      (ii) the fair market value of any REO Property related to the Mortgage Loans
      and
      any other property related to the Mortgage Loans 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) and
      (iii) any unreimbursed Servicing Advances and other amounts to be reimbursed
      pursuant to the immediately following sentence related to the Mortgage Loans;
      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
      Purchase Price shall also include an amount equal to the sum of (1) any accrued
      interest on the NIM Securities related to the Mortgage Loans, (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”).
      If the Master Servicer fails to exercise such right, the NIMS Insurer will
      have
      the option to direct the Master Servicer to exercise such option so long as
      it
      is insuring the NIMS Securities or it is owed any amounts in connection with
      its
      guaranty of the NIM Securities. Following receipt of such notice from the NIMS
      Insurer, the Master Servicer shall advise the NIMS Insurer whether it will
      exercise the option under this Section 7.01(b) for its own account and using
      its
      own funds, or whether it will exercise such option in its own name but for
      the
      NIMS Insurer's account and utilizing the NIMS Insurer's funds. If the Master
      Servicer exercises such option for the NIMS Insurer's account, the NIMS Insurer
      will remit the Purchase Price to the Master Servicer one Business Day prior
      to
      the day the Master Servicer is required to remit the Purchase Price to the
      Trustee. Following its receipt from the NIMS Insurer of the entire Purchase
      Price and its subsequent remittance to the Trustee of the entire Purchase Price,
      the Master Servicer will convey to the NIMS Insurer all of the rights it
      receives from the Trustee with respect to the related Mortgage Loans as a result
      of such remittance. The Master Servicer, the Servicer, the Trustee and the
      Custodian 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 the Mortgage Loans that are reimbursable to any such entity under
      this Agreement, the related Servicing Agreement or the related Custodial
      Agreement, together with any accrued and unpaid compensation and any other
      amounts due to the Master Servicer or the Trustee hereunder or the applicable
      Servicer or the applicable Custodian, to the extent such amounts relate to
      the
      Mortgage Loans. Subject to Section 7.03, the Trustee shall distribute the assets
      of the Trust Fund on the Distribution Date on which the repurchase occurred.
      If
      the NIMS Insurer directs the Master Servicer to exercise such right as described
      above, then (i) the Master Servicer shall cause each REMIC to adopt a plan
      of
      complete liquidation as described above and (ii) the NIMS Insurer shall remit
      the Purchase Price in immediately available funds to the Master Servicer at
      least three Business Days prior to the applicable Distribution Date and, upon
      receipt of such funds from the NIMS Insurer, the Master Servicer shall promptly
      deposit such funds in the Collection Account. The NIMS Insurer shall be
      obligated to reimburse the Master Servicer and the Trustee for their reasonable
      out-of-pocket expenses incurred in connection with the purchase of the Mortgage
      Loans and REO Property related to the Mortgage Pool at the direction of the
      NIMS
      Insurer and shall indemnify and hold harmless the Master Servicer and the
      Trustee for any losses, liabilities or expenses resulting from any claims
      arising out of or based upon the Master Servicer’s or Trustee’s purchase of the
      Pool Assets at the direction of the NIMS Insurer at the direction of the NIMS
      Insurer, except to the extent such losses, liabilities or expenses arise out
      of
      or result from the Master Servicer’s or Trustee’s, as the case may be,
      negligence, bad faith or willful misconduct. 

      
        
          
          

        

        
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    Section
      7.02 Procedure
      Upon Termination of Trust Fund.

     

    (a) Notice
      of
      any termination pursuant to the provisions of Section 7.01 (or the retirement
      of
      Certificates), specifying the Distribution Date upon which the final
      distribution shall be made, shall be given promptly by the Trustee by first
      class mail to the Certificateholders and any NIMS Insurer, mailed upon (x)
      no
      later than five Business Days after the Trustee has received notice from the
      Master Servicer of its intent to exercise its right to cause the termination
      of
      the Trust Fund pursuant to Section 7.01(b) (or the retirement of the
      Certificates ) or (y) upon final payment or other liquidation of the last
      Mortgage Loan or REO Property in the Trust Fund. Such notice shall specify
      (A)
      the Distribution Date upon which final distribution on the Certificates of
      all
      amounts required to be distributed to Certificateholders pursuant to Section
      5.02 will be made upon presentation and surrender of the related 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 related Certificates at the office or agency
      of the Trustee therein specified. The Trustee shall give such notice to the
      Master Servicer and the Certificate Registrar at the time such notice is given
      to Holders of the related Certificates. Upon any termination pursuant to Section
      7.01(b), the duties of the Certificate Registrar with respect to the applicable
      Certificates shall terminate and the Trustee shall terminate or request the
      Master Servicer to terminate, the Collection Account it maintains, the
      Certificate Account and any other account or fund maintained with respect to
      the
      related Certificates, subject to the Trustee’s obligation hereunder to hold all
      amounts payable to Certificateholders in trust without interest pending such
      payment.

     

    (b) In
      the
      event that all of the Holders do not surrender their Certificates for
      cancellation within three months after the time specified in the above mentioned
      written notice, the Trustee shall give a second written notice to the remaining
      Certificateholders to surrender their Certificates for cancellation and receive
      the final distribution with respect thereto. If within one year after the second
      notice any Certificates shall not have been surrendered for cancellation, the
      Trustee may take appropriate steps to contact the remaining Certificateholders
      concerning surrender of such Certificates, and the cost thereof shall be paid
      out of the amounts distributable to such Holders. If within two years after
      the
      second notice any Certificates shall not have been surrendered for cancellation,
      the Trustee shall, subject to applicable state law relating to escheatment,
      hold
      all amounts distributable to such Holders for the benefit of such Holders.
      No
      interest shall accrue on any amount held by the Trustee and not distributed
      to a
      Certificateholder due to such Certificateholder’s failure to surrender its
      Certificate(s) for payment of the final distribution thereon in accordance
      with
      this Section.

     

    
      
        
        

      

      
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    (c) Any
      reasonable expenses incurred by the Trustee in connection with any termination
      or liquidation of the Trust Fund (or a Mortgage Pool thereof) shall be
      reimbursed from proceeds received from the liquidation of the Mortgage
      Pool.

     

    Section
      7.03 Additional
      Trust Fund Termination Requirements.

     

    Any
      sale
      pursuant to Section 7.01(b) shall be effected in accordance with the following
      additional requirements, unless the Trustee seeks (at the request of the party
      exercising the option to repurchase all of the Mortgage Loans pursuant to
      Section 7.01(b)), and subsequently receives, an Opinion of Counsel (at the
      expense of such requesting party), addressed to the Trustee and any NIMS Insurer
      to the effect that the failure of the Trust Fund to comply with the requirements
      of this Section 7.03 will not (I) result in the imposition of taxes on any
      REMIC
      under the REMIC Provisions or (II) cause any REMIC established hereunder to
      fail
      to qualify as a REMIC at any time that any Certificates are
      outstanding:

     

    (i) On
      the
      date specified for final payment of the Certificates, the Trustee shall make
      final distributions of principal and interest on the Certificates and, after
      payment of, or provision for any outstanding expenses, 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;

     

    (ii) In
      the
      case of a sale of assets:

     

    (A) The
      Trustee shall sell all of the assets of the Mortgage Pool for cash and, within
      90 days of such sale, shall distribute the proceeds of such sale to the
      Certificateholders in complete liquidation of each REMIC; and

     

    (B) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      REMIC stating that pursuant to Treasury Regulation § 1.860F-1, the first
      day of the 90-day liquidation period for each such REMIC was the date on which
      the Trustee sold such assets.

     

    Section
      7.04 Optional
      Purchase Right of NIMS Insurer.

     

    The
      NIMS
      Insurer may purchase 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, Servicing Fees, General Servicing Fees or Trustee Fees and any
      unreimbursed expenses of the Trustee allocable to such Distressed Mortgage
      Loan.
      Any such purchase shall be accomplished by the NIM Insurer’s remittance of the
      purchase price for the Distressed Mortgage Loan to the Master Servicer for
      deposit into the Collection Account.

     

    Section
      7.05 Grantor
      Trust Termination.

     

    The
      Class
      A1B, Class A2A, Class A3, Class A4 and Class A5 Grantor Trust will each
      terminate on the earlier of the date on which the Class Principal Amount of
      the
      related Grantor Trust Certificate is reduced to zero and the termination of
      this
      Agreement.

    

      
        
          
          

        

        
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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 Class Notional
      Amount (or Percentage Interest) of Certificates of each Class affected thereby
      shall have made written request upon the Trustee to institute such action,
      suit
      or proceeding in its own name as Trustee hereunder and shall have offered to
      the
      Trustee such reasonable indemnity as it may require against the cost, expenses
      and liabilities to be incurred therein or thereby, and the Trustee, for sixty
      days after its receipt of such notice, request and offer of indemnity, shall
      have neglected or refused to institute any such action, suit or proceeding
      and
      no direction inconsistent with such written request has been given such Trustee
      during such sixty day period by such Certificateholders; it being understood
      and
      intended, and being expressly covenanted by each Certificateholder with every
      other Certificateholder and the Trustee, that no one or more Holders of
      Certificates shall have any right in any manner whatever by virtue or by
      availing of any provision of this Agreement to affect, disturb or prejudice
      the
      rights of the Holders of any other of such Certificates, or to obtain or seek
      to
      obtain priority over or preference to any other such Holder, or to enforce
      any
      right under this Agreement, except in the manner herein provided and for the
      benefit of all Certificateholders. For the protection and enforcement of the
      provisions of this Section, each and every Certificateholder and the Trustee
      shall be entitled to such relief as can be given either at law or in
      equity.

     

    Section
      8.02 Access
      to List of Holders.

     

    (a) If
      the
      Trustee is not acting as Certificate Registrar, the Certificate Registrar will
      furnish or cause to be furnished to the Trustee, within fifteen days after
      receipt by the Certificate Registrar of a request by the Trustee 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.

     

    
      
        
        

      

      
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    (b) If
      three
      or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
      apply in writing to the Trustee, and such application states that the Applicants
      desire to communicate with other Holders with respect to their rights under
      this
      Agreement or under the Certificates and is accompanied by a copy of the
      communication which such Applicants propose to transmit, then the Trustee shall,
      within five Business Days after the receipt of such application, afford such
      Applicants reasonable access during the normal business hours of the Trustee
      to
      the most recent list of Certificateholders held by the Trustee or shall, as
      an
      alternative, send, at the Applicants’ expense, the written communication
      proffered by the Applicants to all Certificateholders at their addresses as
      they
      appear in the Certificate Register.

     

    (c) Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Master Servicer,
      the
      Certificate Registrar and the Trustee, that none of the Depositor, the Master
      Servicer, the Certificate Registrar, the Paying Agent or 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, the Certificate Registrar and the
      Paying Agent 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 and the Master Servicer, if
      made in the manner provided in this Section. Each of the Trustee and the Master
      Servicer shall promptly notify the other of receipt of any such instrument
      by
      it, and shall promptly forward a copy of such instrument to the
      other.

     

    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      any notary public or other officer authorized by law to take acknowledgments
      or
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by an
      officer of a corporation or a member of a partnership on behalf of such
      corporation or partnership, such certificate or affidavit shall also constitute
      sufficient proof of his authority. The fact and date of the execution of any
      such instrument or writing, or the authority of the individual executing the
      same, may also be proved in any other manner which the Trustee deems
      sufficient.

     

    
      
        
        

      

      
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    (c) The
      ownership of Certificates (whether or not such Certificates 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 Paying Agent 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 shall bind every future Holder of the
      same Certificate and the Holder of every Certificate issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof,
      in
      respect of anything done, omitted or suffered to be done by the Trustee or
      the
      Master Servicer in reliance thereon, whether or not notation of such action
      is
      made upon such Certificate.

     

    ARTICLE
      IX.

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE
      MASTER SERVICER

     

    Section
      9.01 Duties
      of the Master Servicer.

     

    The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint Aurora Loan Services LLC, as Master Servicer. For and on behalf of
      the
      Depositor, the Trustee and the Certificateholders, the Master Servicer shall
      master service the Mortgage Loans in accordance with the provisions of this
      Agreement and the provisions of the Servicing Agreements.

     

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

     

    (a) The
      Master Servicer, at its expense, shall maintain in effect a 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 meet the requirements
      of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans,
      and
      if the Master Servicer receives notice that such policy is or shall be
      cancelled, it shall immediately notify the NIMS Insurer. 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 the 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. The Fidelity
      Bond and Errors and Omissions Insurance Policy may be obtained and maintained
      in
      blanket form.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer shall promptly report to the Trustee any material changes that
      may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors
      and
      Omissions Insurance Policy and shall furnish to the Trustee, on request,
      certificates evidencing that such bond and insurance policy are in full force
      and effect. The Master Servicer shall promptly report to the Trustee all cases
      of embezzlement or fraud, if such events involve funds relating to the Mortgage
      Loans. The total losses, regardless of whether claims are filed with the
      applicable insurer or surety, shall be disclosed in such reports together with
      the amount of such losses covered by insurance. If a bond or insurance claim
      report is filed with any of such bonding companies or insurers, the Master
      Servicer shall promptly furnish a copy of such report to the Trustee. Any
      amounts relating to the Mortgage Loans collected by the Master Servicer under
      any such bond or policy shall be promptly remitted by the Master Servicer to
      the
      Trustee for deposit into the Certificate Account. Any amounts relating to the
      Mortgage Loans collected by a 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, each Rating Agency, any NIMS Insurer, and the Depositor a copy of
      its
      corporate parent’s audited financial statements on or prior to March 31 of each
      year, beginning March 31, 2007. Such financial statements shall include
      comparative balance sheets, income statements, statement of changes in
      shareholder’s equity, statements of cash flows, a consolidating schedule showing
      consolidated subsidiaries and any related notes required pursuant to generally
      accepted accounting principles, certified by a nationally recognized firm of
      Independent Accountants to the effect that such financial statements were
      examined and prepared in accordance with generally accepted accounting
      principles applied on a basis consistent with that of the preceding
      year.

     

    Section
      9.04 Power
      to Act; Procedures.

     

    
      
        
        

      

      
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    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the applicable
      Servicing Agreement, as applicable; provided that the Master Servicer shall
      not
      take, or knowingly permit any Servicer to take, any action that is inconsistent
      with or prejudices the interests of the Trust Fund or the Certificateholders
      in
      any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
      or
      the Certificateholders under this Agreement. The Master Servicer further is
      authorized and empowered by the Trustee, on behalf of the Certificateholders
      and
      the Trustee, in its own name or in the name of any Servicer (to the extent
      permitted in the applicable Servicing Agreement), when the Master Servicer
      or a
      Servicer, as the case may be, believes it is appropriate in its best judgment
      to
      register any Mortgage Loan with MERS, or cause the removal from the registration
      of any Mortgage Loan on the MERS system, to execute and deliver, on behalf
      of
      the Trustee and the Certificateholders or any of them, any and all instruments
      of assignment and other comparable instruments with respect to such assignment
      or re-recording of a Mortgage in the name of MERS, solely as nominee for the
      Trustee and its successors and assigns. The Master Servicer shall represent
      and
      protect the interests of the Trust Fund in the same manner as it protects its
      own interests in mortgage loans in its own portfolio in any claim, proceeding
      or
      litigation regarding a Mortgage Loan and shall not make or knowingly permit
      any
      Servicer to make any modification, waiver or amendment of any term of any
      Mortgage Loan that would cause 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 a Servicer, as the case
      may
      be, believes it appropriate in its best judgment and in accordance with Accepted
      Servicing Practices and the applicable Servicing Agreement, to execute and
      deliver, on behalf of itself and the Certificateholders, the Trustee or any
      of
      them, any and all instruments of satisfaction or cancellation, or of partial
      or
      full release or discharge and all other comparable instruments, with respect
      to
      the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
      shall execute, upon request, any powers of attorney furnished to it by the
      Master Servicer empowering the Master Servicer or such 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 the applicable Servicer). If the Master
      Servicer or the Trustee has been advised that it is likely that the laws of
      the
      state in which action is to be taken prohibit such action if taken in the name
      of the Trustee or that the Trustee would be adversely affected under the “doing
      business” or tax laws of such state if such action is taken in its name, then
      upon request of the Trustee the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 6.09 hereof. In the
      performance of its duties hereunder, the Master Servicer shall be an independent
      contractor and shall not, except in those instances where it is taking action
      in
      the name of the Trustee, be deemed to be the agent of the Trustee.
      Notwithstanding anything to the contrary, the Master Servicer shall not without
      the Trustee’s written consent: (i) initiate any action, suit or proceeding
      solely under the Trustee’s name without indicating the Master Servicer’s
      representative capacity or (ii) take any action with the intent to cause, and
      which actually does cause, the Trustee to be registered to do business in any
      state.

    
      
        
        

      

      
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    (b) In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures, and shall exercise the same care that it customarily employs and
      exercises master servicing and administering loans for its own account, giving
      due consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. Consistent with the foregoing, the Master Servicer
      may, and may permit the Servicer to, in its discretion (i) waive any late
      payment charge (but not any Prepayment Premium, except as set forth below)
      and
      (ii) extend the due dates for payments due on a Mortgage Note for a period
      not
      greater than 120 days; provided, however, that the maturity of any Mortgage
      Loan
      shall not be extended past the date on which the final payment is due on the
      latest maturing Mortgage Loan as of the Cut-off Date. In the event of any
      extension described in clause (ii) above, the Master Servicer shall make or
      cause the applicable Servicer (if required by the related 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 applicable Servicer, reasonably foreseeable, (2) in the case of a waiver
      of
      a Prepayment Premium if (a) such Mortgage Loan is in default or default by
      the
      related Mortgagor is, in the reasonable judgment of the Master Servicer or
      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
      refinancing by the Servicer or any of its Affiliates and (i) such Mortgage
      Loan
      is in default or default by the related Mortgagor is, in the reasonable judgment
      of the Master Servicer or the applicable Servicer, reasonably foreseeable,
      and
      such waiver would maximize recovery of total proceeds taking into account the
      value of such Prepayment Premium and the related Mortgage Loan or (ii) the
      collection of the Prepayment Premium would be in violation of applicable laws
      or
      (iii) the collection of such Prepayment Premium would be considered “predatory”
pursuant to written guidance published or issued by any applicable federal,
      state or local regulatory authority acting in its official capacity and having
      jurisdiction over such matters, and (3) the Master Servicer shall have provided
      or caused to be provided to the Trustee an Opinion of Counsel addressed to
      the
      Trustee (which opinion shall, if provided by the Master Servicer, be an expense
      reimbursed from the Collection Account pursuant to Section 4.02(a)(v)) in
      writing to the effect that such modification, waiver or amendment would not
      cause an Adverse REMIC Event; provided, in no event shall an Opinion of Counsel
      be required for the waiver of a Prepayment Premium under clause (2)
      above.

     

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

     

    (a) Each
      Servicing Agreement requires the applicable Servicer to service the Mortgage
      Loans in accordance with the provisions thereof. References in this Agreement
      to
      actions taken or to be taken by the Master Servicer include actions taken or
      to
      be taken by a Servicer on behalf of the Master Servicer. Any fees, costs,
      expenses and other amounts payable to such Servicer shall be deducted from
      amounts remitted to the Master Servicer by the 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 applicable 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.

     

    
      
        
        

      

      
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    (c) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall use its reasonable best efforts to enforce the obligations of each
      Servicer under the related Servicing Agreement, and shall, upon obtaining actual
      knowledge of the failure of a Servicer to perform its obligations in accordance
      therewith, to the extent that such non-performance of such obligations would
      have a material adverse effect on a Mortgage Loan, the Trust Fund or the
      Certificateholders, 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 Collection Account.

     

    (d) The
      Master Servicer shall be entitled to conclusively rely on any certifications
      or
      other information provided by the Servicers under the terms of the applicable
      Servicing Agreement, in its preparation of any certifications, notifications,
      filings or reports, in accordance with the terms hereof or as may be required
      by
      applicable law or regulation.

     

    Section
      9.06 Collection
      of Taxes, Assessments and Similar Items.

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, the Master Servicer
      shall
      cause each Servicer to establish and maintain one or more custodial accounts
      at
      a depository institution (which may be a depository institution with which
      the
      Master Servicer or the Servicer establishes accounts in the ordinary course
      of
      its servicing activities), the accounts of which are insured to the maximum
      extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
      any collections of amounts received with respect to amounts due for taxes,
      assessments, water rates, Standard Hazard Insurance Policy premiums, Payaheads,
      if applicable, or any comparable items for the account of the Mortgagors.
      Withdrawals from any Escrow Account may be made (to the extent amounts have
      been
      escrowed for such purpose) only in accordance with the Servicing Agreements.
      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.

     

    
      
        
        

      

      
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    (b) Costs
      incurred by the Master Servicer or by the Servicers in effecting the timely
      payment of taxes and assessments on the properties subject to the Mortgage
      Loans
      may be added to the amount owing under the related Mortgage Note where the
      terms
      of the Mortgage Note so permit; provided, however, that the addition of any
      such
      cost shall not be taken into account for purposes of calculating the
      distributions to be made to Certificateholders. Such costs, to the extent that
      they are unanticipated, extraordinary costs, and not ordinary or routine costs
      shall be recoverable 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 or a related Servicer, the Master
      Servicer shall either act as Servicer of the related Mortgage Loans or provide
      for the servicing of the Mortgage Loans by a successor Servicer to be appointed
      as provided in the related 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 such Servicer is unable
      to fulfill its obligations hereunder) for all costs associated with the transfer
      of servicing from the predecessor servicer, including without limitation, any
      costs or expenses associated with the complete transfer of all servicing data
      and the completion, correction or manipulation of such servicing data, as may
      be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

     

    (b) If
      the
      Master Servicer acts as a successor Servicer, it will not assume liability
      for
      the representations and warranties of the Servicer, if any, that it replaces.
      The Master Servicer shall use reasonable efforts to have the successor Servicer
      assume liability for the representations and warranties made by the terminated
      Servicer in 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 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 and the Trustee.

      
        
          
          

        

        
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    Section
      9.08 Master
      Servicer Liable for Enforcement.

     

    Notwithstanding
      any Servicing Agreement, the Master Servicer shall remain obligated and liable
      to the Trustee and the Certificateholders in accordance with the provisions
      of
      this Agreement, to the extent of its obligations hereunder, without diminution
      of such obligation or liability by virtue of such Servicing 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. The Master
      Servicer shall be entitled to enter into any agreement with the Servicers for
      indemnification of the Master Servicer and nothing contained in this Agreement
      shall be deemed to limit or modify such indemnification. Except as expressly
      set
      forth herein, the Master Servicer shall have no liability for the acts or
      omissions of any Servicer in the performance by such Servicer of its obligations
      under the related Servicing Agreement.

     

    Section
      9.09 No
      Contractual Relationship Between the Servicer, Any NIMS Insurer and Trustee
      or
      Depositor.

     

    Any
      Servicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving a Servicer in its capacity as such and not as an
      originator shall be deemed to be between such Servicer, the Seller and the
      Master Servicer, and the Trustee 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.

     

    Section
      9.10 Assumption
      of Servicing Agreement by the Trustee.

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), after a
      period not to exceed ninety days after the issuance of any notice of termination
      pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee, or a
      successor master servicer appointed by it in accordance with Section 6.14,
      shall
      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 hereby agrees to indemnify and hold
      harmless the Trustee from and against all costs, damages, expenses and
      liabilities (including reasonable attorneys’ fees) incurred by the Trustee 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; provided that the Master Servicer shall not
      indemnify or hold harmless the Trustee against negligent or willful misconduct
      of the Trustee.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer that has been terminated shall, upon request of the Trustee
      but
      at the expense of such Master Servicer or at the expense of the Trust Fund,
      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; Easements.

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, to the extent Mortgage
      Loans contain enforceable due on sale clauses, and to the extent that the Master
      Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
      Servicer shall use its reasonable best efforts to cause the Servicers to enforce
      such clauses in accordance with the applicable Servicing Agreement. If
      applicable law prohibits the enforcement of a due on sale clause or such clause
      is otherwise not enforced in accordance with the applicable Servicing Agreement,
      and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may
      be
      released from liability in accordance with the applicable Servicing
      Agreement.

     

    (b) The
      Master Servicer or the related Servicer, as the case may be, shall be entitled
      to approve a request from a Mortgagor for the granting of an easement thereon
      in
      favor of another Person or any alteration or demolition of the related Mortgaged
      Property if it has determined, exercising its good faith business judgment
      in
      the same manner as it would if it were the owner of the related Mortgage Loan,
      that the security for, and the timely and full collectability of, such Mortgage
      Loan would not be materially adversely affected thereby. Any fee collected
      by
      the Master Servicer or the related Servicer for processing such a request will
      be retained by the Master Servicer or such Servicer as additional servicing
      compensation.

     

    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 shall,
      or shall cause the applicable Servicer to, promptly notify the Trustee (or
      the
      applicable Custodian) by a certification (which certification shall include
      a
      statement to the effect that all amounts received in connection with such
      payment that are required to be deposited in the Collection Account maintained
      by the Master Servicer pursuant to Section 4.01 hereof 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 applicable Custodial Agreement)
      the
      Trustee or the applicable Custodian, to deliver to the applicable Servicer
      the
      related Mortgage File; provided, however, that in lieu of sending a hard copy
      certification of a Servicing Officer, the Master Servicer may, or may cause
      the
      applicable Servicer to, deliver the request for release in a mutually agreeable
      electronic format, and to the extent that such a request, on its face,
      originates from a Servicing Officer, no original signature shall be required.
      Upon receipt of such certification and request, the Trustee or the applicable
      Custodian, shall promptly release the related Mortgage File to the Servicer
      and
      neither the Trustee nor such Custodian shall have any further responsibility
      with regard to such Mortgage File. Upon any such payment in full, the Master
      Servicer is authorized, and the applicable Servicer, to the extent such
      authority is provided for under the related Servicing Agreement, is authorized,
      to give, as agent for the Trustee, as the mortgagee under the Mortgage that
      secured the Mortgage Loan, an instrument of satisfaction (or assignment of
      mortgage without recourse) regarding the Mortgaged Property subject to the
      Mortgage, which instrument of satisfaction or assignment, as the case may be,
      shall be delivered to the Person or Persons entitled thereto against receipt
      therefor of such payment, it being understood and agreed that no expenses
      incurred in connection with such instrument of satisfaction or assignment,
      as
      the case may be, shall be chargeable to the Collection Account.

     

    
      
        
        

      

      
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    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with Accepted Servicing Practices and the applicable Servicing
      Agreement, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the Master Servicer, or by the applicable Servicer
      (in form reasonably acceptable to the Trustee) and as are necessary to the
      prosecution of any such proceedings. The Trustee or the applicable Custodian,
      shall, upon request of the Master Servicer, or of the applicable Servicer,
      and
      delivery to the Trustee or such Custodian, of a trust 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 trust receipt shall obligate the Master Servicer
      or
      applicable Servicer to return the Mortgage File to the Trustee or the applicable
      Custodian, as applicable, when the need therefor by the Master Servicer or
      applicable Servicer no longer exists unless (i) the Mortgage Loan shall be
      liquidated, in which case, upon receipt of a certificate of a Servicing Officer
      similar to that hereinabove specified, the trust receipt shall be released
      by
      the Trustee or the Custodian, as applicable, to the Master Servicer (or the
      applicable Servicer) or (ii) the Mortgage File has been delivered directly
      or
      through a Servicer to an attorney, or to a public trustee or other public
      official as required by law, for purposes of initiating or pursuing legal action
      or other proceedings for the foreclosure of the Mortgaged Property either
      judicially or non-judicially, and the Master Servicer has delivered directly
      or
      through a Servicer to the Trustee a certificate of a Servicing Officer
      certifying as to the name and address of the Person to which such Mortgage
      File
      or such document was delivered and the purpose of such delivery.

     

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

     

    (a) The
      Master Servicer shall transmit, or shall 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 related Servicing Agreement to be
      delivered to the Trustee or the applicable 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 a Subsequent
      Recovery, Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage
      Loan shall be held for the benefit of the Trustee and the Certificateholders
      subject to the Master Servicer’s right to retain or withdraw from the Collection
      Account the Master Servicing Fee, the General 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 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, its respective agents
      and accountants and to any NIMS Insurer, 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. The Master Servicer shall
      afford the NIMS Insurer, and shall (to the extent provided in the Servicing
      Agreement) cause the Servicer to afford the NIMS Insurer, upon reasonable
      advance notice, during normal business hours access to all records related
      to
      their respective rights and obligations hereunder and access to officers of
      the
      Master Servicer and the Servicer responsible for such obligations.

     

    
      
        
        

      

      
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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 a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
      Servicer, or by such Servicer, for and on behalf of the Trustee and the
      Certificateholders and shall be and remain the sole and exclusive property
      of
      the Trustee; provided, however, that the Master Servicer and each Servicer
      shall
      be entitled to setoff against, and deduct from, any such funds any amounts
      that
      are properly due and payable to the Master Servicer or such Servicer under
      this
      Agreement or the applicable Servicing Agreement and shall be authorized to
      remit
      such funds to the Trustee in accordance with this Agreement.

     

    (c) The
      Master Servicer hereby acknowledges that concurrently with the execution of
      this
      Agreement, the Trustee shall own or, to the extent that a court of competent
      jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
      to
      the Depositor not to constitute a sale, the Trustee shall have a security
      interest in the Mortgage Loans and in all Mortgage Files representing such
      Mortgage Loans and in all funds and investment property now or hereafter held
      by, or under the control of, a Servicer or the Master Servicer that are
      collected by such 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 a Subsequent
      Recovery, Liquidation Proceeds or Insurance Proceeds or otherwise, and in all
      proceeds of the foregoing and proceeds of proceeds (but excluding any fee or
      other amounts to which such Servicer is entitled under the applicable Servicing
      Agreement, or the Master Servicer or the Depositor is entitled to hereunder);
      and the Master Servicer agrees that so long as the Mortgage Loans are assigned
      to and held by the Trustee or the any 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.

     

    
      
        
        

      

      
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    (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 Collection Account, or any
      funds
      that otherwise are or may become due or payable to the Trustee, to any claim,
      lien, security interest, judgment, levy, writ of attachment or other
      encumbrance, nor assert by legal action or otherwise any claim or right of
      setoff against any Mortgage Loan or any funds collected on, or in connection
      with, a Mortgage Loan.

     

    Section
      9.14 Representations
      and Warranties of the Master Servicer.

     

    (a) The
      Master Servicer hereby represents and warrants to the Depositor 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 Delaware,
      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;

     

    
      
        
        

      

      
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    (vi) no
      litigation is pending or, to the best of the Master Servicer’s knowledge,
      threatened against the Master Servicer which would prohibit its entering into
      this Agreement or performing its obligations under this Agreement;

     

    (vii) the
      Master Servicer, or an Affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is a Fannie Mae- or
      Freddie Mac-approved seller/servicer;

     

    (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 Prospectus 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 and the Trustee and hold them
      harmless against any loss, damages, penalties, fines, forfeitures, legal fees
      and related costs, judgments, and other costs and expenses arising out of or
      based upon 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 and the Trustee as provided in this Section constitutes the sole
      remedy (other than as set forth in Section 6.14) of the Depositor and the
      Trustee, respecting a breach of the foregoing representations and warranties.
      Such indemnification shall survive any termination of the Master Servicer as
      Master Servicer hereunder, and any termination of this Agreement.

     

    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, any
      NIMS
      Insurer or the Trustee 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).

     

    
      
        
        

      

      
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    (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 it harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses resulting
      from any claim, demand, defense or assertion based on or grounded upon, or
      resulting from, a breach of the Depositor’s representations and warranties
      contained in Sections 2.03(a)(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.

     

    Any
      cause
      of action against the Depositor relating to or arising out of the breach of
      the
      representations and warranties made in Sections 2.03(a)(i) through (vi) hereof
      shall accrue upon discovery of such breach by either the Depositor or the Master
      Servicer or notice thereof by any one of such parties to the other
      parties.

     

    Section
      9.15 Opinion.

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller and the Trustee 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 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 the applicable 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 such Servicing Agreement) shall
      be
      deposited into the Collection Account, subject to withdrawal pursuant to Section
      4.02. Any cost incurred by the Master Servicer or 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 the Servicer and remitted to the Master
      Servicer) in respect of such policies or bonds shall be promptly deposited
      in
      the Collection Account or any Custodial Account upon receipt, except that any
      amounts realized that are to be applied to the repair or restoration of the
      related Mortgaged Property or released to the related Mortgagor in accordance
      with the Master Servicer’s or the applicable Servicer’s normal servicing
      procedures need not be so deposited (or remitted).

     

    Section
      9.18 Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a) The
      Master Servicer shall not take, or knowingly permit any Servicer (consistent
      with the applicable Servicing Agreement) to take, any action that would result
      in noncoverage under any applicable Primary Mortgage Insurance Policy of any
      loss which, but for the actions of such Master Servicer or such Servicer, would
      have been covered thereunder. To the extent that coverage is available, the
      Master Servicer shall use its best reasonable efforts to keep in force and
      effect, or to cause each Servicer to keep in force and effect (to the extent
      that the Mortgage Loan requires the Mortgagor to maintain such insurance),
      primary mortgage insurance applicable to each Mortgage Loan in accordance with
      the provisions of this Agreement and the applicable Servicing Agreement, as
      applicable. The Master Servicer shall not, and shall not knowingly permit any
      Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
      Policy that is in effect at the date of the initial issuance of the Certificates
      and is required to be kept in force hereunder except in accordance with the
      provisions of this Agreement and the applicable Servicing Agreement, as
      applicable.

     

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

     

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

     

    The
      Trustee (or the applicable Custodian) shall retain possession and custody of
      the
      originals of the Primary Mortgage Insurance Policies or certificate of insurance
      if applicable and any certificates of renewal as to the foregoing as may be
      issued from time to time as contemplated by this Agreement. Until all amounts
      distributable in respect of the Certificates have been distributed in full
      and
      the Master Servicer otherwise has fulfilled its obligations under this
      Agreement, the Trustee (or the applicable Custodian) shall also retain
      possession and custody of each Mortgage File in accordance with and subject
      to
      the terms and conditions of this Agreement. The Master Servicer shall promptly
      deliver or cause the applicable Servicer to deliver to the Trustee (or the
      applicable Custodian), upon the execution or receipt thereof the originals
      of
      the Primary Mortgage Insurance Policies and any certificates of renewal thereof,
      and such other documents or instruments that constitute portions of the Mortgage
      File that come into the possession of the Master Servicer or a Servicer from
      time to time.

     

     

    
      
        
        

      

      
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    Section
      9.20 Realization
      Upon Defaulted Mortgage Loans.

     

    (a) The
      Master Servicer shall use its reasonable best efforts to, or to cause the
      applicable Servicer to, foreclose upon, repossess or otherwise comparably
      convert the ownership of Mortgaged Properties securing such of the Mortgage
      Loans as come into and continue in default and as to which no satisfactory
      arrangements can be made for collection of delinquent payments, all in
      accordance with the applicable Servicing Agreement. Alternatively, the Master
      Servicer may take, or authorize the applicable Servicer to take, other actions
      in respect of a defaulted Mortgage Loan, which may include (i) accepting a
      short
      sale (a payoff of the Mortgage Loan for an amount less than the total amount
      contractually owed in order to facilitate a sale of the Mortgaged Property
      by
      the Mortgagor) or permitting a short refinancing (a payoff of the Mortgage
      Loan
      for an amount less than the total amount contractually owed in order to
      facilitate refinancing transactions by the Mortgagor not involving a sale of
      the
      Mortgaged Property), (ii) arranging for a repayment plan or (iii) agreeing
      to a
      modification in accordance with Section 9.04. In connection with such
      foreclosure or other conversion or action, the Master Servicer shall, consistent
      with Section 9.18, follow such practices and procedures as it shall reasonably
      determine to be in the best interests of the Trust Fund and the
      Certificateholders and which shall be consistent with its customary practices
      in
      performing its general mortgage servicing activities; provided that the Master
      Servicer shall not be liable in any respect hereunder if the Master Servicer
      is
      acting in connection with any such foreclosure or other conversion or action
      in
      a manner that is consistent with the provisions of this Agreement. Neither
      the
      Master Servicer, nor any Servicer, shall be required to expend its own funds
      or
      incur other reimbursable charges in connection with any foreclosure, or
      attempted foreclosure which is not completed, or toward the correction of any
      default on a related senior mortgage loan, or towards the restoration of any
      property unless it shall determine (i) that such restoration and/or foreclosure
      will increase the proceeds of liquidation of the Mortgage Loan to the
      Certificateholders after reimbursement to itself for such expenses or charges
      and (ii) that such expenses and charges will be recoverable to it through
      Liquidation Proceeds or Insurance Proceeds (as provided in Section
      4.02).

     

    (b) Notwithstanding
      the foregoing provisions of this Section 9.20 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Master Servicer
      has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Master Servicer
      shall not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund or the Certificateholders would be considered to hold title to, to be
      a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Master Servicer has obtained the prior written
      consent of the NIMS Insurer.

     

     

    
      
        
        

      

      
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    Section
      9.21 Compensation
      to the Master Servicer.

     

    The
      Master Servicer shall be entitled to withdraw from the Collection Account,
      subject to Section 5.05, the Master Servicing Fee and the General Servicing
      Fee
      to the extent permitted by Section 4.02. Servicing compensation in the form
      of
      assumption fees, if any, late payment charges, as collected, if any, or
      otherwise (but not including any Prepayment Premium) shall be retained by the
      Master Servicer (or the applicable Servicer) and shall not be deposited in
      the
      Collection Account. If the Master Servicer does not retain or withdraw the
      Master Servicing Fee or the General Servicing Fee from the Collection Account
      as
      provided herein, the Master Servicer shall be entitled to direct the Trustee
      to
      pay the Master Servicing Fee and the General Servicing Fee to such Master
      Servicer by withdrawal from the Certificate Account to the extent that payments
      have been received with respect to the applicable Mortgage Loan. The Master
      Servicer shall be required to pay all expenses incurred by it in connection
      with
      its activities hereunder and shall not be entitled to reimbursement therefor
      except as provided in this Agreement. Pursuant to Section 4.01(e), all income
      and gain realized from any investment of funds in the Collection Account shall
      be for the benefit of the Master Servicer as compensation. The provisions of
      this Section 9.21 are subject to the provisions of Section 6.14.

     

    Section
      9.22 REO
      Property.

     

    (a) In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
      or to its nominee, on behalf of the Certificateholders. The Master Servicer
      shall use its reasonable best efforts to sell, or cause the applicable Servicer,
      to the extent provided in the related Servicing Agreement, to sell any REO
      Property as expeditiously as possible and in accordance with the provisions
      of
      this Agreement and such 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
      related Servicing Agreement, subject to Article X hereof.

     

    (b) The
      Master Servicer shall deposit or cause to be deposited all funds collected
      and
      received by it, or recovered from the Servicer, in connection with the operation
      of any REO Property in the Collection Account.

     

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Master Servicing
      Fees, General Servicing Fee or Servicing Fees from Liquidation Proceeds received
      in connection with the final disposition of such REO Property; provided, that
      (without limitation of any other right of reimbursement that the Master Servicer
      or any Servicer shall have hereunder) any such unreimbursed Advances as well
      as
      any unpaid net Master Servicing Fees, General Servicing Fees or Servicing Fees
      may be reimbursed or paid, as the case may be, prior to final disposition,
      out
      of any net rental income or other net amounts derived from such REO
      Property.

     

    
      
        
        

      

      
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    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above,
      shall be deposited in the Collection Account on or prior to the Determination
      Date in the month following receipt thereof (and the Master Servicer shall
      provide written notice to the Trustee upon such deposit) and be remitted by
      wire
      transfer in immediately available funds to the Trustee for deposit into the
      Certificate Account on the next succeeding Deposit Date.

     

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

     

    (a) The
      Master Servicer shall promptly notify the Trustee, the Sponsor and the Depositor
      (i) of any legal proceedings pending against the Master Servicer of the type
      described in Item 1117 (§ 229.1117) of Regulation AB.

     

    (b) On
      or
      before March 1st of each year, the Depositor shall distribute the information
      in
      Exhibit S to the Master Servicer. If the Master Servicer shall become at any
      time an affiliate of any of the parties listed on Exhibit S hereto or any of
      their affiliates who have been identified to the Master Servicer in writing,
      the
      Master Servicer shall notify the Trustee, the Sponsor and the Depositor of
      such
      affiliation by March 15 of each year (but only to the extent that the Master
      Servicer has not previously notified the Trustee, the Sponsor or the Depositor
      of such affiliation.)

     

    (c) Not
      later
      than four Business Days prior to the Distribution Date of each month, the Master
      Servicer shall provide to the Trustee, the Sponsor and the Depositor notice
      of
      the occurrence of any material modifications, extensions or waivers of terms,
      fees, penalties or payments relating to the Mortgage Loans during the related
      Collection Period or that have cumulatively become material over time (Item
      1121(a)(11) of Regulation AB) along with all information, data, and materials
      related thereto as may be required to be included in the related Distribution
      Report on Form 10-D, in each case solely as reported to the Master Servicer
      by
      the applicable Servicer. The parties to this Agreement acknowledge that the
      performance by the Master Servicer of its duties under this Section 9.23(c)
      related to the timely preparation and delivery of such information is contingent
      upon each applicable Servicer strictly observing all requirements and deadlines
      in the performance of their duties under their related Servicing Agreements.
      The
      Master Servicer shall have no liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare and/or timely
      deliver all such information where such failure results from the Master
      Servicer’s inability or failure to obtain or receive, on a timely basis, any
      information from any Servicer needed to prepare or deliver such information,
      which failure does not result from the Master Servicer’s own negligence, bad
      faith or willful misconduct.

     

    Section
      9.24 Reports
      to the Trustee.

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall, upon
      request, forward to the Trustee and any NIMS Insurer a statement, deemed to
      have
      been certified by a Servicing Officer, setting forth the status of the
      Collection Account maintained by the Master Servicer as of the close of business
      on the related Distribution Date, indicating that all distributions required
      by
      this Agreement to be made by the Master Servicer have been made (or if any
      required distribution has not been made by the Master Servicer, specifying
      the
      nature and status thereof) and showing, for the period covered by such
      statement, the aggregate of deposits into and withdrawals from the Collection
      Account maintained by the Master Servicer. Copies of such statement shall be
      provided by the Master Servicer, upon request, to the Depositor, Attention:
      Contract Finance and to any Certificateholders (or by the Trustee at the Master
      Servicer’s expense if the Master Servicer shall fail to provide such copies to
      the Certificateholders (unless (i) the Master Servicer shall have failed to
      provide the Trustee with such statement or (ii) the Trustee shall be unaware
      of
      the Master Servicer’s failure to provide such statement)).

    
      
        
        

      

      
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    (b) Not
      later
      than two Business Days following each Distribution Date, the Master Servicer
      shall deliver to one Person designated by the Depositor, in a format consistent
      with other electronic loan level reporting supplied by the Master Servicer
      in
      connection with similar transactions, “loan level” information with respect to
      the Mortgage Loans as of the related Determination Date, to the extent that
      such
      information has been provided to the Master Servicer by the Servicers or by
      the
      Depositor.

     

    (c) All
      information, reports and statements prepared by the Master Servicer under this
      Agreement shall be based upon information supplied to the Master Servicer by
      the
      Servicers without independent verification thereof and the Master Servicer
      shall
      be entitled to rely on such information.

     

    Section
      9.25 Assessment
      of Compliance and Attestation Reports.

     

    (a) Assessment
      of Compliance

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2007,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee, each at its own expense, shall furnish, and each such party shall
      cause
      any Servicing Function Participant engaged by it to furnish, each at its own
      expense, to the Sponsor, the Depositor, the Master Servicer and the Trustee,
      a
      report on an assessment of compliance with the Relevant Servicing Criteria
      that
      contains (A) a statement by such party of its responsibility for assessing
      compliance with the Relevant Servicing Criteria, (B) a statement that such
      party
      used the Servicing Criteria to assess compliance with the Relevant Servicing
      Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for the fiscal year covered by the Form 10-K required to
      be
      filed pursuant to Section 6.20(d), including, if there has been any material
      instance of noncompliance with the Relevant Servicing Criteria, a discussion
      of
      each such failure and the nature and status thereof, and (D) a statement that
      a
      registered public accounting firm has issued an attestation report on such
      party’s assessment of compliance with the Relevant Servicing Criteria as of and
      for such period.

     

    (ii) When
      the
      Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee
      (or any Servicing Function Participant engaged by it) submit their assessments
      to the Trustee and the Master Servicer, such parties will also at such time
      include the assessment (and attestation pursuant to subsection (b) of this
      Section 9.25) of each Servicing Function Participant engaged by it and shall
      indicate to the Trustee what Relevant Servicing Criteria will be addressed
      in
      any such reports prepared by any such Servicing Function
      Participant.

     

    
      
        
        

      

      
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    (iii) Promptly
      after receipt of each report on assessment of compliance, the Trustee shall
      confirm that the assessments, taken as a whole, address all applicable Servicing
      Criteria and taken individually address the Relevant Servicing Criteria (and
      disclose the inapplicability of the Servicing Criteria not determined to be
      Relevant Servicing Criteria) for each party as set forth on Exhibit R and on
      any
      similar exhibit set forth in the applicable Servicing Agreement in respect
      of
      any Servicer, and the applicable Custodial Agreement in respect of any
      Custodian, and shall notify the Depositor of any exceptions. By way of
      clarification and for the avoidance of doubt, it is acknowledged that the
      Trustee shall rely exclusively on Exhibit R to determine such applicable
      Servicing Criteria and Relevant Servicing Criteria, as the case may be, and
      shall not otherwise be reporting on the content of or sufficiency of such
      assessments. 

     

    (b) Attestation
      Reports

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2007,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee shall, at its own expense, cause a firm of independent public
      accountants (who may also render other services to the Master Servicer, Paying
      Agent or Trustee), which is a member of the American Institute of Certified
      Public Accountants, to furnish to the Sponsor, the Master Servicer, the Trustee
      and the Depositor a report to the effect that such firm attests to, and reports
      on, the assessment made by such asserting party pursuant to Section 6.01(l)
      above, which report shall be made in accordance with standards for attestation
      engagements issued or adopted by the PCAOB. In addition, on or before March
      15th
      of each calendar year in which the Depositor is required to file reports with
      respect to the Trust Fund in accordance with the Exchange Act and the rules
      and
      regulations of the Commission, beginning with March 15, 2007, the Master
      Servicer, the Paying Agent (if other than the Trustee) and the Trustee shall
      cause any Subservicer or Subcontractor with respect to the Trustee to furnish
      to
      the Sponsor and the Depositor an assessment of compliance and attestation
      report.

     

    (ii) Promptly
      after receipt of such report from the Master Servicer, the Paying Agent, the
      Trustee or any Servicing Function Participant engaged by such parties, the
      Trustee shall confirm that each assessment submitted pursuant subsection (a)
      of
      this Section 9.25 is coupled with an attestation meeting the requirements of
      this Section and notify the Depositor of any exceptions.

     

    (c) The
      Trustee’s, the Paying Agent’s and the Master Servicer’s obligation to provide
      assessments of compliance and attestations under this Section 9.25 shall
      terminate upon the filing of a Form 15 suspension notice on behalf of the Trust
      Fund. After the occurrence of such event, and provided the Depositor is not
      otherwise provided with such reports or copies of such reports, the Trustee,
      the
      Paying Agent and the Master Servicer shall be obligated to provide a copy of
      such reports, by March 15 of each year, to the Depositor.

     

     

    
      
        
        

      

      
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    Section
      9.26 Annual
      Statement of Compliance with Applicable Servicing Criteria.

     

    The
      Master Servicer shall deliver (and the Master Servicer shall cause any
      Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
      and
      the Trustee on or before March 15 of each year, commencing in March 2007, an
      Officer’s Certificate stating, as to the signer thereof, that (A) a review of
      such party’s activities during the preceding calendar year or portion thereof
      and of such party’s performance under this Agreement, or such other applicable
      agreement in the case of an Additional Servicer, has been made under such
      officer’s supervision and (B) to the best of such officer’s knowledge, based on
      such review, such party has fulfilled all its obligations under this Agreement,
      or such other applicable agreement in the case of an Additional Servicer, in
      all
      material respects throughout such year or portion thereof, or, if there has
      been
      a failure to fulfill any such obligation in any material respect, specifying
      each such failure known to such officer and the nature and status
      thereof.

     

    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. Notwithstanding the foregoing, as
      a
      condition to the succession to the Master Servicer under this Agreement by
      any
      Person (i) into which the Master Servicer may be merged or consolidated, or
      (ii)
      which may be appointed as a successor to the Master Servicer, the Master
      Servicer shall notify 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 Depositor in writing and in form and
      substance reasonably satisfactory to the Depositor, all information reasonably
      necessary for the Trustee to accurately and timely report, pursuant to Section
      6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if
      such reports under the Exchange Act are required to be filed under the Exchange
      Act).

     

    Section
      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 or
      the
      Trustee 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 the NIMS Insurer. No such resignation shall become
      effective until a period of time not to exceed 90 days after the Trustee and
      the
      NIMS Insurer receives written notice thereof from the Master Servicer and until
      the Trustee shall have assumed, or a successor master servicer shall have been
      appointed by the Trustee, such successor master servicer being acceptable to
      the
      NIMS Insurer, 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.

    
      
        
        

      

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

     

    Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any 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 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 shall be given promptly by the Master Servicer
      to
      the Depositor and the Trustee. 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, the General Servicing Fees (except
      with respect to the Servicing Fee for GMACM) 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.

     

    Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Master Servicer
      shall not utilize any Subcontractor for the performance of its duties hereunder
      if such Subcontractor would be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB without (a) giving notice to the
      Trustee and the Depositor and (b) requiring any such Subcontractor to provide
      to
      the Master Servicer an attestation report as provided for in Section 9.25(b)
      and
      an assessment of compliance as provided in Section 9.25(a), which reports the
      Master Servicer shall include in its attestation report and assessment of
      compliance.

     

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

     

    (a) The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement.

     

    (b) No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided, however, that the duties and obligations
      of the Master Servicer shall be determined solely by the express provisions
      of
      this Agreement, the Master Servicer shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement; no implied covenants or obligations shall be read into this Agreement
      against the Master Servicer and, in absence of bad faith on the part of the
      Master Servicer, the Master Servicer may conclusively rely, as to the truth
      of
      the statements and the correctness of the opinions expressed therein, upon
      any
      certificates or opinions furnished to the Master Servicer and conforming to
      the
      requirements of this Agreement.

     

    
      
        
        

      

      
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    (c) None
      of
      the Master Servicer, the Seller, any NIMS Insurer 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, any NIMS Insurer or the
      Depositor or any such person against any liability that would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in its
      performance of its duties or by reason of reckless disregard for its obligations
      and duties under this Agreement. The Master Servicer, the Seller, any NIMS
      Insurer and the Depositor and any director, officer, employee or agent of any
      of
      them shall be entitled to indemnification by the Trust Fund and will be held
      harmless against any loss, liability or expense incurred in connection with
      any
      legal action relating to this Agreement or the Certificates other than any
      loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence in the performance of his or its duties hereunder or by reason of
      reckless disregard of his or its obligations and duties hereunder. The Master
      Servicer, the Seller, any NIMS Insurer and the Depositor and any director,
      officer, employee or agent of any of them may rely in good faith on any document
      of any kind prima facie properly executed and submitted by any Person respecting
      any matters arising hereunder. The Master Servicer shall be under no obligation
      to appear in, prosecute or defend any legal action that is not incidental to
      its
      duties to master service the Mortgage Loans in accordance with this Agreement
      and that in its opinion may involve it in any expenses or liability; provided,
      however, that the Master Servicer may in its sole discretion undertake any
      such
      action that it may deem necessary or desirable in respect to this Agreement
      and
      the rights and duties of the parties hereto and the interests of the
      Certificateholders hereunder. In such event, the legal expenses and costs of
      such action and any liability resulting therefrom shall be expenses, costs
      and
      liabilities of the Trust Fund and the Master Servicer shall be entitled to
      be
      reimbursed therefor out of the Collection Account it maintains as provided
      by
      Section 4.02.

     

    Section
      9.31 Indemnification;
      Third Party Claims.

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the Certificate
      Registrar, the Paying Agent and the Trustee (and each of their respective
      directors, officers, employees and agents) 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 Certificate Registrar, the
      Paying Agent or the Trustee may sustain arising out of or based upon (a) any
      material breach by the Master Servicer of any of its obligations hereunder,
      including particularly its obligations to provide any report 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, provided, however, that
      in
      no event shall the Master Servicer be liable for any special, consequential,
      indirect or punitive damages pursuant to this Section 9.31, even if advised
      of
      the possibility of such damages, (b) any material misstatement or omission
      on
      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 Certificate
      Registrar, the Paying Agent and the Trustee shall immediately notify the Master
      Servicer if a claim is made by a third party with respect to this Agreement
      or
      the Mortgage Loans entitling the Depositor, the Sponsor or the Trustee to
      indemnification hereunder, whereupon the Master Servicer shall assume the
      defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or them in respect of such claim. This
      indemnification shall survive the termination of this Agreement or the
      termination of the Master Servicer as a party to this
      Agreement.

    
      
        
        

      

      
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    Section
      9.32 Special
      Servicing of Delinquent Mortgage Loans.

     

    If
      permitted under the terms of any Servicing Agreement, the Seller may appoint,
      pursuant to the terms of such Servicing Agreement and with the written consent
      of the Depositor, the Master Servicer, the Trustee and the NIMS Insurer, a
      Special Servicer to special service any Distressed Mortgage Loans. Any
      applicable Termination Fee related to the termination of the Servicer and the
      appointment of any Special Servicer shall be paid by the Seller. Any fees paid
      to any such Special Servicer shall not exceed the applicable Servicing Fee
      Rate
      (or, with respect to the GMACM Mortgage Loans, on a monthly basis, the Servicing
      Fee).

     

    ARTICLE
      X.

     

    REMIC
      ADMINISTRATION

     

    Section
      10.01 REMIC
      Administration.

     

    (a) REMIC
      elections as set forth in the Preliminary Statement and this Section 10.01
      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 and this Section
      10.01. 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 to take into account
      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 or any Net
      Funds
      Cap, (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.

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code. The latest possible maturity date
      for
      purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
      Maturity Date.

     

    (c) The
      Trustee shall represent the Trust Fund in any administrative or judicial
      proceeding relating to an examination or audit by any governmental taxing
      authority with respect thereto. The Trustee shall pay any and all tax related
      expenses (not including taxes) of each REMIC and Grantor Trust, including but
      not limited to any professional fees or expenses related to audits or any
      administrative or judicial proceedings with respect to such REMIC or Grantor
      Trust that involve the Internal Revenue Service or state tax authorities, but
      only to the extent that (i) such expenses are ordinary or routine expenses,
      including expenses of a routine audit but not expenses of litigation (except
      as
      described in (ii)); or (ii) such expenses or liabilities (including taxes and
      penalties) are attributable to the negligence or willful misconduct of the
      Trustee in fulfilling its duties hereunder (including its duties as tax return
      preparer). The Trustee shall be entitled to reimbursement from the Certificate
      Account of the expenses to the extent (x) provided in clause (i) above and
      (y)
      with respect to each REMIC, such expenses are “unanticipated expenses” within
      the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii). Any reimbursement
      described in the preceding sentence shall be allocated and limited to
      collections or other recoveries on the Mortgage Pool and shall be accounted
      for
      in such manner.

     

    
      
        
        

      

      
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    (d) The
      Trustee shall prepare, the Trustee shall sign, and the Trustee will file, all
      of
      each REMIC’s federal and state tax and information returns as such REMIC’s
      direct representative. The Trustee shall prepare, sign and file all of the
      tax
      or information returns in respect of each Grantor Trust. The Trustee shall
      comply with such requirement by filing Form 1041. The expenses of preparing
      and
      filing such returns shall be borne by the Trustee.

     

    (e) The
      Trustee or its designee shall perform on behalf of the Trust Fund and each
      REMIC
      and Grantor Trust all reporting and other tax compliance duties that are the
      responsibility of the Trust Fund or such REMIC or Grantor Trust under the Code,
      the REMIC Provisions, or other compliance guidance issued by the Internal
      Revenue Service or any state or local taxing authority. Among its other duties,
      if required by the Code, the REMIC Provisions, or other such guidance, the
      Trustee shall provide (i) to the Treasury or other governmental authority such
      information as is necessary for the application of any tax relating to the
      transfer of a Residual Certificate to any disqualified person or organization
      pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated in
      Section 860E(e)(3) of the Code and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC
      Provisions.

     

    (f) The
      Trustee, the Master Servicer and the Holders of Certificates shall take any
      action, within their respective control and scope of their duties, or cause
      any
      REMIC to take any action necessary to create or maintain the status of any
      REMIC
      as a REMIC under the REMIC Provisions and shall assist each other as necessary
      to create or maintain such status. Neither the Trustee, the Master Servicer
      nor
      the Holder of any Residual Certificate shall knowingly take any action, cause
      any REMIC to take any action or fail to take (or fail to cause to be taken)
      any
      action, within their respective control and scope of their duties, 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 NIMS Insurer and the Master
      Servicer have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      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 NIMS
      Insurer, the Master Servicer or their respective designees, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any REMIC, and no such Person shall take any such action or cause
      any
      REMIC to take any such action as to which the Trustee, the NIMS Insurer or
      the
      Master Servicer has advised it in writing that an Adverse REMIC Event could
      occur.

     

    (g) Each
      Holder of a Residual Certificate shall pay when due any and all taxes imposed
      on
      the related REMIC by federal or state governmental authorities. To the extent
      that such taxes are not paid by a Residual Certificateholder, the Trustee shall
      pay any remaining REMIC taxes out of current or future amounts otherwise
      distributable to the Holder of the Residual Certificate in any such REMIC or,
      if
      no such amounts are available, out of other amounts held in the Collection
      Account, and shall reduce amounts otherwise payable to holders of regular
      interests in any such REMIC, as the case may be.

     

    
      
        
        

      

      
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    (h) The
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to each REMIC on a calendar year and on an accrual basis.

     

    (i) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement with respect to Qualifying Substitute
      Mortgage Loans.

     

    (j) Neither
      the Trustee nor the Master Servicer shall enter into any arrangement by which
      any REMIC will receive a fee or other compensation for services.

     

    (k) Upon
      the
      request of any Rating Agency or any NIMS Insurer, the Trustee shall deliver
      an
      Officer’s Certificate to the Rating Agency and to the NIMS Insurer stating,
      without regard to any actions taken by any party other than the Trustee, the
      Trustee’s compliance with provisions of this Section 10.01.

     

    (l) The
      Class
      P Certificates shall be neither regular interests nor residual interests in
      any
      REMIC created hereunder. It is the intention of the parties hereto that the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      related to the Mortgage Loans distributable to the Class P Certificates shall
      constitute a grantor trust for federal income tax purposes. The Trustee, by
      its
      execution and delivery hereof, acknowledges the assignment to it of the rights
      to receive such Prepayment Premiums and declares that it holds and will hold
      such assets in trust for the exclusive use and benefit of all present and future
      Holders of the Class P Certificates. The rights of Holders of the Class P
      Certificates to receive distributions from the proceeds of such Prepayment
      Premiums, and all ownership interests of such Holders in and to such
      distributions, shall be as set forth in this Agreement.

     

    (m) REMIC
      AX
      shall consist of all the assets of the Trust Fund relating to the Mortgage
      Pools
      other than (i) the Lower Tier Interests, (ii) the Basis Risk Reserve Fund,
      (iii)
      the Capitalized Interest Account, (iv) the Class X Account, (v) the Final
      Maturity Reserve Account and (vi) the rights to receive Prepayment Premiums
      distributable to the Class P Certificates. The REMIC AX Regular Interests shall
      be designated as the regular interests in REMIC AX, and the Class LTAX-R
      Interest shall be designated as the sole class of residual interest in REMIC
      AX.
      Each of the REMIC AX Regular Interests shall have the characteristics set forth
      in the Preliminary Statement.

     

    The
      assets of REMIC 1 shall be the REMIC AX Regular Interests. The REMIC 1 Regular
      Interests shall be designated as the regular interests in REMIC 1, and the
      Class
      LT1-R Interest shall be designated as the sole class of residual interest in
      REMIC 1.

     

    The
      assets of REMIC 2 shall be the REMIC 1 Regular Interests. The REMIC 2 Regular
      Interests shall be designated as the regular interests in REMIC 2 and the
      Residual Interest shall be designated as the sole class of residual interest
      in
      REMIC 2. For federal income tax purposes, the interest rate on each REMIC 2
      Regular Interest (other than the Uncertificated Class X Interest, the Class
      AX
      Certificates and the Class LT2-Coupon Strip Interest) shall be subject to a
      cap
      equal to the REMIC Pass-Through Rate.

     

    
      
        
        

      

      
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    The
      beneficial ownership of the Class LTAX-R Interest, the Class LT1-R Interest
      and
      the Residual Interest shall be represented by the Class R Certificate. None
      of
      the Class LTAX-R Interest, the Class LT1-R Interest nor the Residual Interest
      shall have a principal balance or bear interest.

     

    (n) It
      is
      intended that the rights of each Class of LIBOR Certificates to receive payments
      in respect of Excess Interest shall be treated as a right in interest rate
      cap
      contracts written by the holders of the Class X Certificates in favor of the
      holders of each Class of the LIBOR Certificates and such shall be accounted
      for
      as property held separate and apart from the regular interests in REMIC 2 held
      by the holders of the LIBOR Certificates. This provision is intended to satisfy
      the requirements of Treasury Regulations Section 1.860G-2(i) for the treatment
      of property rights coupled with REMIC interests to be separately respected
      and
      shall be interpreted consistently with such regulation. On each Distribution
      Date, to the extent that any of the LIBOR Certificates receive payments in
      respect of Excess Interest, such amounts, to the extent not derived from amounts
      in the Final Maturity Reserve Account or from payments in respect of Class
      X
      Shortfalls as set forth in Section 10.01(p), will be treated as distributed
      by
      REMIC 2 to the Class X Certificates in respect of the Uncertificated Class
      X
      Interest pro
      rata
      and then
      paid to the relevant Class of Certificates pursuant to the related interest
      cap
      agreement. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(n).

     

    It
      is
      intended that the rights of the Class A2A Certificates and Class A4 Certificates
      to receive payments in respect of the related Cap Agreement or Balance
      Guaranteed Cap Agreement shall be treated as a right in interest rate cap
      contracts written by the Cap Provider in favor of the holders of the Class
      A2A
      Certificates and Class A4 Certificates and such shall be accounted for as
      property held separate and apart from the regular interests in REMIC 2 held
      by
      the holders of the Class A2A Certificates and Class A4 Certificates. This
      provision is intended to satisfy the requirements of Treasury Regulations
      Section 1.860G-2(i) for the treatment of property rights coupled with REMIC
      interests to be separately respected and shall be interpreted consistently
      with
      such regulation. The Trustee is hereby directed to perform its duties and
      obligations in accordance with this Section 10.01(n).

     

    It
      is
      intended that the rights of each Class of LIBOR Certificates to receive payments
      from the Capitalized Interest Account shall be treated as a right in interest
      rate cap contracts written by the Depositor in favor of the holders of each
      Class of the LIBOR Certificates and such shall be accounted for as property
      held
      separate and apart from the regular interests in REMIC 2 held by the holders
      of
      the LIBOR Certificates. This provision is intended to satisfy the requirements
      of Treasury Regulations Section 1.860G-2(i) for the treatment of property rights
      coupled with REMIC interests to be separately respected and shall be interpreted
      consistently with such regulation. The Trustee is hereby directed to perform
      its
      duties and obligations in accordance with this Section 10.01(n).

     

    (o) The
      parties hereto intend that the Uncertificated Class X Interest, the Class
      LT2-Coupon Strip Interest, the Final Maturity Reserve Account, the Basis Risk
      Reserve Fund, the right to receive payments in respect of Class X Shortfalls
      as
      set forth in Section 10.01(p) and the obligation of the holders of the Class
      X
      Certificates to pay amounts of Excess Interest to the holders of the LIBOR
      Certificates shall be treated as a “grantor trust” under the Code, and the
      provisions hereof shall be interpreted consistently with this intention. In
      furtherance of such intention, the Trustee shall (i) furnish or cause to be
      furnished to the holders of the Class X Certificates information regarding
      their
      allocable share, if any, of the income with respect to such grantor trust,
      (ii)
      file or cause to be filed with the Internal Revenue Service Form 1041 (together
      with any necessary attachments) and such other forms as may be applicable and
      (iii) comply with such information reporting obligations with respect to
      payments from such grantor trust to the holders of LIBOR Certificates as may
      be
      applicable under the Code. The Trustee is hereby directed to perform its duties
      and obligations in accordance with this Section 10.01(o).

     

    
      
        
        

      

      
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    (p) The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC 2 over the amounts payable with respect to the REMIC 2 Regular
      Interests with respect to each Accrual Period shall, solely for purposes of
      the
      REMIC Provisions, be deemed earned by the Master Servicer as an additional
      fee,
      which amount shall be deemed paid by the Master Servicer to the holders of
      the
      Class X Certificates. It is intended that the rights of the holders of the
      Class
      X Certificates to receive such deemed payments (“Class X Shortfalls”) shall be
      treated as rights in respect of an interest rate cap contract written by the
      Master Servicer in favor of the holders of the Class X Certificates and shall
      be
      accounted for as property separate and apart from any REMIC regular interest
      represented by the Class X Certificates. This provision is intended to comply
      with the requirements of Treasury Regulations Section 1.860G-2(i) for the
      treatment of property rights coupled with regular interests to be separately
      respected and shall be interpreted consistently with such regulation. The
      holders of the Class X Certificates agree by their acceptance of such
      Certificates, that they will take tax reporting positions that allocate no
      more
      than a nominal value to the right to receive deemed payments in respect of
      Class
      X Shortfalls. The Master Servicer and Trustee shall agree to take tax reporting
      positions consistent with the allocations by the holders of the Class X
      Certificates of no more than a nominal value to the right to receive deemed
      payments in respect of Class X Shortfalls. For information reporting purposes,
      it will be assumed that such rights have no value. Each payment deemed made
      to
      the Class X Certificates in respect of Class X Shortfalls shall be treated
      for
      federal income tax purposes or having been paid to the Master Servicer as an
      additional servicing fee and then paid by the Master Servicer to the Holders
      of
      the Class X Certificates. The Trustee and Master Servicer agree and each holder
      or beneficial owner of a Class X Certificate agrees, by virtue of its
      acquisition of such Certificate or beneficial interest, to adopt tax reporting
      positions consistent with the payments deemed made to the Class X Certificates
      in respect of Class X Shortfalls as payments in respect of interest rate cap
      agreements written by the Master Servicer. The Trustee is hereby directed to
      perform its duties and obligations in accordance with this Section
      10.01(p).

     

    (q) Payments
      in the nature of expenses, reimbursements and indemnifications made from the
      Trust Fund shall be allocated and limited to collections or other recoveries
      on
      the related Mortgage Pool or Mortgage Pools (if applicable) and shall be
      accounted for in such manner.

     

    (r) The
      Trustee shall treat the Class X Account as an outside reserve fund within the
      meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder of the
      Class C Certificates and that is not an asset of any REMIC. The Trustee shall
      treat the Final Maturity Reserve Account as an outside reserve fund within
      the
      meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder of the
      Class X Certificates and that is not an asset of any REMIC. The Class X
      Certificateholder shall be treated as the owner of the Final Maturity Reserve
      Account and any payments in respect of principal made from the Final Maturity
      Reserve Account to beneficial owners of Certificates (other than the Class
      X
      Certificates) shall be treated for federal income tax purposes as payments
      made
      by the Class X Certificateholder in exchange for an interest in the Certificates
      then owned by such beneficial owners. For purposes of the REMIC Provisions
      (including distributions and allocations to any Lower Tier Interest pursuant
      to
      Section 10.01(s) hereof), such payments in respect of principal shall be deemed
      not to reduce the principal amount of any Certificate receiving such
      payments.

     

    
      
        
        

      

      
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    (s) REMIC
      AX:
      On each
      Distribution Date, the Trustee shall first pay or charge as an expense of REMIC
      AX all expenses of the Trust Fund for such Distribution Date. All payments
      of
      principal and interest at the Net Mortgage Rate on each of the Mortgage Loans
      received with respect to the Mortgage Loans shall be paid to the REMIC AX
      Regular Interests until the principal balance of all such interests have been
      reduced to zero and any losses allocated to such interests have been reimbursed.
      Any excess amounts shall be distributed to the Class LTAX-R Interest.

     

    On
      each
      Distribution Date, distributions shall first be made in respect of the Class
      LTAX-Coupon Strip Interest in an amount equal to the amount of any Coupon Strip
      required to be deposited into the Final Maturity Reserve Account for such
      Distribution Date. Second, payments and allocations shall be made in respect
      of
      the Class LTAX-AAA Interest in the amounts necessary so that its principal
      amount equals the aggregate principal amounts of the Senior Certificates after
      giving effect to distributions and allocations on such Distribution Date. Third,
      all remaining amounts shall be paid and allocated in respect of the Class LTAX-Z
      Interest. 

     

    REMIC
      1:
      All
      payments received by REMIC 1 shall be paid to the REMIC 1 Regular Interests
      until the principal balance of all such interests have been reduced to zero
      and
      any losses allocated to such interests have been reimbursed. Any excess amounts
      shall be distributed to the Class LT1-R Interest. 

     

    On
      each
      Distribution Date, distributions shall first be made in respect of the Class
      LT1-Coupon Strip Interest in an amount equal to the amount of any Coupon Strip
      required to be deposited into the Final Maturity Reserve Account for such
      Distribution Date. Second, distributions shall be made in respect of the Class
      LT1-AX Interest in an amount equal to the amount of any distributions made
      to
      the Class AX Certificates for such Distribution Date. Third, from all remaining
      amounts to be paid and allocated on each Distribution Date,

     

    (i) interest
      shortfalls with respect to the Mortgage Loans (other than interest shortfalls
      attributable to Negative Amortization) shall be allocated to the REMIC 1 Regular
      Interests (other than the Class LT1-AX Interest and the Class LT1-Coupon Strip
      Interest) pro
      rata
      based on
      interest otherwise accrued thereon;

     

    (ii) the
      principal balance of each REMIC 1 Regular Interest (other than the Class LT1-AX
      Interest and the Class LT1-Coupon Strip Interest) shall be increased by the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    
      
        
        

      

      
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    (iii) [Reserved.]

     

    (iv) the
      cash
      received by REMIC 1 shall be distributed to, and losses with respect to the
      Mortgage Loans shall be allocated to the REMIC 1 Marker Classes and the Class
      LT1-X Interest in reduction of their principal amounts as follows:

     

    first,
      to the
      Class LT1-M10 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    second,
      to the
      Class LT1-M9 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of its
      Corresponding Class;

     

    third,
      to the
      Class LT1-M8 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fourth,
      to the
      Class LT1-M7 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fifth,
      to the
      Class LT1-M6 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    sixth,
      to the
      Class LT1-M5 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    seventh,
      to the
      Class LT1-M4 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    eighth,
      to the
      Class LT1-M3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    ninth,
      to the
      Class LT1-M2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    tenth,
      to the
      Class LT1-M1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    
      
        
        

      

      
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    eleventh,
      to the
      Class LT1-A4 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    twelfth,
      to the
      Class LT1-A3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    thirteenth,
      to the
      Class LT1-A5A Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fourteenth,
      to the
      Class LT1-A2A Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fifteenth,
      to the
      Class LT1-A1B Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    sixteenth,
      to the
      Class LT1-A1A Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class; and 

     

    seventeenth,
      to the
      Class LT1-X Interest in reduction of its principal balance so that its principal
      balance is as close as possible to the sum of (x) 50% of the aggregate Scheduled
      Principal Balance of the Mortgage Loans and (y) 50% of the Overcollateralization
      Amount.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any LIBOR Certificate as a result of the proviso in the definition of
      Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the REMIC 1 Regular Interests (other than the Class
      LT1-AX Interest and the Class LT1-Coupon Strip Interest) allocated as
      follows:

     

    (i) [Reserved.]

     

    (ii) such
      increase shall be allocated among the REMIC 1 Marker Classes and the Class
      LT1-X
      Interest as follows:

     

    first,
      to
      each of the REMIC 1 Marker Classes so that the principal balance of each such
      interest is as close as possible to 50% of the principal balance of its
      Corresponding Class; and

     

    second,
      to the Class LT1-X Interest so that the principal balance of such interest
      is as
      close as possible to the sum of (x) 50% of the aggregate Scheduled Principal
      Balance of the Mortgage Loans and (y) 50% of the Overcollateralization
      Amount.

     

    
      
        
        

      

      
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    (t) Notwithstanding
      the priority and sources of payments set forth in Article 5 hereof or otherwise,
      the Trustee shall account for all distributions with respect to a Class of
      Certificates in amounts that differ from those payable pursuant to the regular
      interest in REMIC 2 corresponding to such Class as amounts paid or received
      (as
      appropriate) pursuant to the interest rate cap contracts or notional principal
      contracts provided for in this Section. In no event shall any such amounts
      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.

     

    None
      of
      the Depositor, the Master Servicer or the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of the REMIC holding such Mortgage Loan pursuant to
      Article VII of this Agreement, (iv) a substitution pursuant to Article II of
      this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II
      of
      this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of
      any
      investments in the Certificate Account for gain, nor accept any contributions
      to
      any REMIC after the Closing Date, unless it has received an Opinion of Counsel
      (at the expense of the party causing such sale, disposition, or substitution),
      a
      copy of which shall be provided to any NIMS Insurer, that such disposition,
      acquisition, substitution, or acceptance will not (a) result in an Adverse
      REMIC
      Event, (b) affect the distribution of interest or principal on the Certificates,
      or (c) result in the encumbrance of the assets transferred or assigned to the
      Trust Fund (except pursuant to the provisions of this Agreement).

     

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

     

    Upon
      the
      occurrence of an Adverse REMIC Event due to the negligent performance by the
      Trustee of its duties and obligations set forth herein, the Trustee shall
      indemnify the NIMS Insurer, the Holder of the related Residual Certificate
      or
      the Trust Fund, as applicable, against any and all losses, claims, damages,
      liabilities or expenses (“Losses”) resulting from such negligence; provided,
      however, that the Trustee shall not be liable for any such Losses attributable
      to the action or inaction of the Master Servicer, the Depositor, the Class
      X or
      Class R Certificateholder, as applicable, nor for any such Losses resulting
      from
      misinformation provided by the Holder of such Residual Certificate on which
      the
      Trustee has relied. The foregoing shall not be deemed to limit or restrict
      the
      rights and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, however, in no
      event shall the Trustee have any liability (1) for any action or omission that
      is taken in accordance with and in compliance with the express terms of, or
      which is expressly permitted by the terms of, this Agreement or any Servicing
      Agreement, (2) for any Losses other than arising out of a negligent performance
      by the Trustee of its duties and obligations set forth herein, and (3) for
      any
      special or consequential damages to Certificateholders (in addition to payment
      of principal and interest on the Certificates).

     

    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 such Servicer to advise, the Trustee in writing to the effect
      that, under the REMIC Provisions, such action would not result in an Adverse
      REMIC Event.

     

    
      
        
        

      

      
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    (b) The
      Master Servicer shall cause the applicable Servicer (to the extent provided
      in
      the related 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, 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 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 such 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 such 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 such Servicer) in an auction reasonably
      designed to produce a fair price prior to the expiration of the three year
      period or the Extended Period, as the case may be.

     

    ARTICLE
      XI.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01 Binding
      Nature of Agreement; Assignment.

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    Section
      11.02 Entire
      Agreement.

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

     

    
      
        
        

      

      
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    Section
      11.03 Amendment.

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, with the consent of the NIMS Insurer, 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. 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
      and the NIMS Insurer shall be provided with an Opinion of Counsel addressed
      to
      the Trustee and the NIMS Insurer (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 NIMS Insurer 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
      (and any Opinion of Counsel requested by the Trustee in connection with any
      such
      amendment may rely expressly on such confirmation as the basis
      therefor).

     

    (b) This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the NIMS Insurer and the Trustee, with the consent of the Holders
      of
      not less than 66 2/3% of the Class Principal Amount or Class Notional
      Amount (or Percentage Interest) of each Class of Certificates (other than the
      Grantor Trust 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
      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 Class Notional 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.

     

    (c) Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the NIMS
      Insurer, the Depositor and to the Rating Agencies.

     

    
      
        
        

      

      
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    (d) It
      shall
      not be necessary for the consent of Holders under this Section 11.03 to approve
      the particular form of any proposed amendment, but it shall be sufficient if
      such consent shall approve the substance thereof. The manner of obtaining such
      consents and of evidencing the authorization of the execution thereof by Holders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe.

     

    (e) 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 this Section 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.

     

    (f) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer and the Trustee to
      the
      extent necessary, in the judgment of the Depositor and its counsel, to comply
      with the Rules, Regulation AB and any related rules and
      regulations.

     

    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 Class Notional Amount
      (or Percentage Interest), Certificates owned by the Depositor, the Master
      Servicer, the Trustee, the Servicer or Affiliates thereof are not to be counted
      so long as such Certificates are owned by the Depositor, the Master Servicer,
      the Trustee, any Servicer or any Affiliate thereof.

     

    So
      long
      as the Class A1B Grantor Trust, Class A2A Grantor Trust, Class A3 Grantor Trust,
      Class A4 Grantor Trust and Class A5 Grantor Trust exists, the Trustee shall
      exercise the Voting Rights of the Class A1B, Class A2A, Class A3, Class A4
      and
      Class A5 Underlying Interests, as applicable, only as directed by Holders of
      the
      related Class A1B, Class A2A, Class A3, Class A4 and Class A5
      Certificates.

     

    Section
      11.05 Provision
      of Information.

     

    (a) For
      so
      long as any of the Certificates of any series or Class are “restricted
      securities” within the meaning of Rule 144(a)(3) under the Act, each of the
      Depositor, the Master Servicer and the Trustee agree to cooperate with each
      other to provide to any Certificateholders, 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 Trustee
      in
      providing such information shall be reimbursed by the Depositor.

     

    (b) The
      Trustee shall make available to any person to whom a Prospectus was delivered,
      upon the request of such person specifying the document or documents requested,
      (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
      10-K filed with the Commission pursuant to Section 6.20(c), (d) or (e) and
      (ii)
      a copy of any other document incorporated by reference in the Prospectus (to
      the
      extent that the Trustee has such documents in its possession or such documents
      are reasonably obtainable by the Trustee). Any reasonable out-of-pocket expenses
      incurred by the Trustee in providing copies of such documents shall be
      reimbursed by the Depositor.

     

    
      
        
        

      

      
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    (c) On
      each
      Distribution Date, the Trustee shall make available on its website or otherwise
      deliver to the Depositor 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, New York 10019, Attention: Mortgage Finance, LXS 2006-18N,
      (b)
      in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh Avenue,
      7th Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2006-18N,
      (c) in the case of the Trustee, U.S. Bank National Association, One Federal
      Street, Boston, M.A. 02110, Attention: Corporate Trust Services, (d) in the
      case
      of the NIMS Insurer, if any, as set forth in the Indenture and (e) in the case
      of the Master Servicer, Aurora Loan Services LLC, 10350 Park Meadows Drive,
      Littleton, Colorado 80124; Attention: Master Servicing, LXS 2006-18N 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.

     

    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.

     

     

    
      
        
        

      

      
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    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.

     

    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 Holders of the Certificates, any benefit or any legal or equitable right,
      power, remedy or claim under this Agreement, except to the extent specified
      in
      Section 11.15.

     

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

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies and the 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 any 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
      Moody’s, to:

     

    
      
        
        

      

      
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    Moody’s
      Investors Service, Inc.

    99
      Church
      Street

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

     

    If
      to
      S&P, to:

     

    Standard
      & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc.

    55
      Water
      Street

    New
      York,
      New York 10014

    Attention:
      Residential Mortgages

     

    (c) The
      Trustee shall provide or make available to the Rating Agencies and the NIMS
      Insurer reports prepared pursuant to Section 4.03. In addition, the Trustee
      shall, at the expense of the Trust Fund, make available to each Rating Agency
      such information as such Rating Agency may reasonably request regarding the
      Certificates or the Trust Fund, to the extent that such information is
      reasonably available to the Trustee.

     

    Section
      11.13 Conflicts.

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, such Servicing Agreement shall govern unless such provisions shall
      adversely affect the Trustee, the Trust Fund or the status of any REMIC created
      hereunder as a REMIC, provided that nothing in this Section 11.13 shall be
      construed to limit the rights or obligations of the Master Servicer under
      Section 9.05 of this Agreement.

     

    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
      NIMS Insurer and the Trustee thirty days prior to any proposed transfer or
      assignment by the Seller of its rights under any Servicing Agreement or of
      the
      servicing thereunder from time to time with respect to any Mortgage Loan or
      group of Mortgage Loans, 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, however, that the Seller shall not be required
      to
      provide prior notice of any transfer of servicing that occurs within three
      months following the Closing Date to an entity that is a Servicer on the Closing
      Date. 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, from time to time with respect to any Mortgage Loan or group of
      Mortgage Loans, to a successor servicer shall be subject to the following
      conditions:

     

    (i) Satisfaction
      of the conditions to such transfer as set forth in the Servicing Agreement
      including, without limitation, receipt of written consent of the Master Servicer
      to such transfer;

     

    
      
        
        

      

      
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    (ii) Receipt
      of the written consent of the NIMS Insurer, such consent not to be unreasonably
      withheld;

     

    (iii) 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;

     

    (iv) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement, exclusive of any experience in mortgage loan
      origination and must be reasonably acceptable to the Master Servicer, whose
      approval shall not be unreasonably withheld;

     

    (v) 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
      related Servicing Agreement or such successor servicer shall execute and deliver
      to the Trustee and Master Servicer a servicing agreement which contains
      customary and reasonable servicing provisions and which will not cause either
      Rating Agency to qualify, withdraw or downgrade the then-current rating of
      any
      of the Certificates or, (i) in the case of a transfer of servicing to a party
      that is already a Servicer pursuant to this Agreement, an agreement to add
      the
      related Mortgage Loans to the Servicing Agreement already in effect with such
      Servicer and (ii) in the case of a transfer of servicing to a Special Servicer
      pursuant to Section 9.32 herein, a special servicing agreement in the form
      of
      that attached to the applicable Servicing Agreement;

     

    (vi) 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

     

    (vii) The
      Seller shall, at its cost and expense, take such steps, or cause the
      transferring Servicer to take such steps, as may be necessary or appropriate
      to
      effectuate and evidence the transfer of the servicing of the specified Mortgage
      Loans to such successor or replacement 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 or replacement 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 or replacement
      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 or replacement
      servicer, or, if such transfer occurs after a Servicer Remittance Date but
      before the next succeeding Deposit Date, to the Trustee, 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 or replacement servicer, continue to forward to such successor or
      replacement 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 or replacement 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 or
      replacement servicer, continue to cooperate with the successor or replacement
      servicer to facilitate such transfer in such manner and to such extent as the
      successor or replacement 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.

     

     

    
      
        
        

      

      
        168

        
          

        

      

      
        
        

      

    

    Section
      11.16 Third
      Party Rights.

     

    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 have the right to enforce the
      provisions of this Agreement.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

    
      
        
        

      

      
        169

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer 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:                      

    Name:
      Michael C. Hitzmann

    Title:
      Senior Vice President

    

    U.S.
      BANK
      NATIONAL ASSOCIATION,

          not
      in its individual capacity, but solely

          as
      Trustee

    

    By:                      

    Name:
      James H. Brynes

    Title:
      Vice President

    

    AURORA
      LOAN SERVICES LLC,

          as
      Master Servicer

    

    

    By:                      

    Name:
      Jerald W. Dreyer

    Title:
      Vice President

    Solely
      for purposes of Section 11.15,

    accepted
      and agreed to by:

     

    LEHMAN
      BROTHERS HOLDINGS INC.

     

    By:                          

    Name:
      Ellen Kiernan

    Title:
      Authorized Signatory

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    [INTENTIONALLY
      OMITTED]

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    Date

     

    U.S.
      Bank
      National Association

    1
      Federal
      Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2006-18N

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
                  Re:  

            	
              Trust
                Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Aurora
                Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2006-18N

            	 

    

     

    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

    1
      Federal
      Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2006-18N

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
                  Re:    

            	
              Trust
                Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Aurora
                Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2006-18N

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
      I
      hereto) it (or its custodian) has received the applicable documents listed
      in
      Section 2.01(b) of the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears regular on its
      face
      and appears to relate to the Mortgage Loan identified in such
      document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement including, but not limited to, Section
      2.02(b).

     

    [Custodian]

    

    By:                              

    Name:

    Title:

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION

     

    Date

    U.S.
      Bank
      National Association

    1
      Federal
      Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2006-18N

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
                  Re:    

            	
              Trust
                Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Aurora
                Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2006-18N

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears to be complete
      and,
      based on an examination of such documents, the information set forth in items
      (i) through (vi) of the 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 a
      Trust Agreement dated as of November 1, 2006, among Structured Asset Securities
      Corporation, as depositor, Aurora Loan Services LLC, as master servicer, and
      the
      Trustee, relating to Lehman XS Trust Mortgage Pass-Through Certificates, Series
      2006-18N, without recourse.

    
 

    __________________________________________

    [current
      signatory on note]

    

    

    By:                            

    Name:
      

    Title:
      

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    Date

    

    [Addressed
      to Trustee

    or,
      if
      applicable, Custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of November 1, 2006 by and among Structured
      Asset Securities Corporation, as Depositor, U.S. Bank National Association,
      as
      Trustee, and Aurora Loan Services LLC, as Master Servicer (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 applicable Purchase
      Price has been credited to the Certificate Account pursuant to the Trust
      Agreement.)

     

    5. Other.
      (Describe)

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

     

     

      
        

      

    

    [Name
      of
      Servicer]

    

    

    By:                            

    Name:
      

    Title:
      Servicing Officer

    

    
      
        
        

      

      
        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 is not, and on _______________ [date of transfer] will
                not
                be, an employee benefit plan or other arrangement subject to Title
                I of
                the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
                a plan subject to Section 4975 of the Internal Revenue Code of 1986,
                as
                amended (the “Code”) or a plan subject to any provisions under any
                federal, state, local, non-U.S. or other laws or regulations that
                are
                substantively similar to the foregoing provisions of ERISA or the
                Code
                (collectively, a “Plan”), and is not directly or indirectly acquiring a
                Residual Certificate for, on behalf of or with any assets of any
                such
                Plan.

            

    

     

    
      
        
        

      

      
        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, Aurora Loan Services LLC, as Master Servicer,
                and U.S. Bank National Association, as Trustee, dated as of November
                1,
                2006, relating to Lehman XS Trust Mortgage Pass-Through Certificates,
                Series 2006-18N, no transfer of the Residual Certificates shall be
                permitted to be made to any person unless the Depositor and Trustee
                have
                received a certificate from such transferee containing the representations
                in paragraphs 3 and 4 hereof.

            

    

     

    
      	 	
              6.

            	
              That
                the Purchaser does not hold REMIC residual securities as nominee
                to
                facilitate the clearance and settlement of such securities through
                electronic book entry changes in accounts of participating organizations
                (such entity, a “Book-Entry
                Nominee”).

            

    

     

    
      	 	
              7.

            	
              That
                the Purchaser does not have the intention to impede the assessment
                or
                collection of any federal, state or local taxes legally required
                to be
                paid with respect to such Residual Certificate, and that the Purchaser
                has
                provided financial statements or other financial information requested
                by
                the transferor in connection with the transfer of the Residual Certificate
                in order to permit the transferor to assess the financial capability
                of
                the Purchaser to pay such taxes.

            

    

     

    
      	 	
              8.

            	
              That
                the Purchaser will not transfer a Residual Certificate to any person
                or
                entity (i) as to which the Purchaser has actual knowledge that the
                requirements set forth in paragraph 3, paragraph 6 or paragraph 10
                hereof
                are not satisfied or that the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Trustee a written statement substantially
                in the form of Exhibit D-2 to the
                Agreement.

            

    

     

    
      	 	
              9.

            	
              That
                the Purchaser understands that, as the holder of a Residual Certificate,
                the Purchaser may incur tax liabilities in excess of any cash flows
                generated by the interest and that it intends to pay taxes associated
                with
                holding such Residual Certificate as they become
                due.

            

    

     

    
      	 	
              10.

            	
              That
                the Purchaser (i) is not a Non U.S. Person or (ii) is a Non U.S.
                Person
                that holds a Residual Certificate in connection with the conduct
                of a
                trade or business within the United States and has furnished the
                transferor and the Trustee with an effective Internal Revenue Service
                Form
                W-8ECI (Certificate of Foreign Person’s Claim for Exemption From
                Withholding on Income Effectively Connected With the Conduct of a
                Trade or
                Business in the United States) or successor form at the time and
                in the
                manner required by the Code or (iii) is a Non U.S. Person that has
                delivered to both the transferor and the Trustee an opinion of a
                nationally recognized tax counsel to the effect that the transfer
                of such
                Residual Certificate to it is in accordance with the requirements
                of the
                Code and the regulations promulgated thereunder and that such transfer
                of
                a Residual Certificate will not be disregarded for federal income
                tax
                purposes. “Non U.S. Person” means an individual, corporation, partnership
                or other person other than (i) a citizen or resident of the United
                States;
                (ii) a corporation, partnership or other entity created or organized
                in or
                under the laws of the United States or any state thereof, including
                for
                this purpose, the District of Columbia; (iii) an estate that is subject
                to
                U.S. federal income tax regardless of the source of its income; (iv)
                a
                trust if a court within the United States is able to exercise primary
                supervision over the administration of the trust and one or more
                United
                States trustees have authority to control all substantial decisions
                of the
                trust; and, (v) to the extent provided in Treasury regulations, certain
                trusts in existence on August 20, 1996 that are treated as United
                States
                persons prior to such date and elect to continue to be treated as
                United
                States persons.

            

    

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

    
      	 	
              11.

            	
              That
                the Purchaser agrees to such amendments of the Trust Agreement as
                may be
                required to further effectuate the restrictions on transfer of any
                Residual Certificate to such a “disqualified organization,” an agent
                thereof, a Book Entry Nominee, or a person that does not satisfy
                the
                requirements of paragraph 7 and paragraph 10
                hereof.

            

    

     

    
      	 	
              12.

            	
              That
                the Purchaser consents to the designation of the Trustee as its agent
                to
                act as “tax matters person” of the Trust Fund pursuant to the Trust
                Agreement.

            

    

     

    
      
        
        

      

      
        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

     

    RESIDUAL
      CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    
      	 	
              ____________________________

            
	 	
            	
              Date

            

    

     

              

     

    
      	 	
              Re:

            	
              Lehman
                XS Trust

            

      	 	 	
              Mortgage
                Pass-Through Certificates, Series
                2006-18N

            

    

     

    _______________________
      (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

     

    SERVICING
      AGREEMENTS

     

     

    See
      Exhibits 99.2 and 99.5

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    
      	 	
              Re:

            	
              Lehman
                XS Trust

            

      	 	 	
              Mortgage
                Pass Through Certificates, Series
                2006-18N

            

       

    

    Reference
      is hereby made to the Trust Agreement dated as of November 1, 2006 (the “Trust
      Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee. Capitalized terms used but not defined herein shall
      have the meanings given to them in the Trust Agreement.

     

    This
      letter relates to $__________ initial Certificate 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 Act to a purchaser that the
      Transferor reasonably believes is a “qualified institutional buyer” within the
      meaning of Rule 144A purchasing for its own account or for the account of a
      “qualified institutional buyer,” which purchaser is aware that the sale to it is
      being made in reliance upon Rule 144A, in a transaction meeting the requirements
      of Rule 144A and in accordance with any applicable securities laws of any state
      of the United States or any other applicable jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Depositor.

     

    
_______________________________

    [Name
      of
      Transferor]

    

    

    By:                        

          Name:
      

          Title:
      

    

    

    Dated:
      ___________, ____

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

    

     

    Date

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Lehman XS Trust Mortgage Pass Through Certificates, Series 2006-18N (the
“Privately Offered Certificates”) of the Structured Asset Securities Corporation
      (the “Depositor”), we confirm that:

     

    
      	 	
              (1)

            	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities Act”), and may not be sold except as permitted in the
                following sentence. We agree, on our own behalf and on behalf of
                any
                accounts for which we are acting as hereinafter stated, that if we
                should
                sell any Privately Offered Certificates within two years of the later
                of
                the date of original issuance of the Privately Offered Certificates
                or the
                last day on which such Privately Offered Certificates are owned by
                the
                Depositor or any Affiliate of the Depositor we will do so only (A)
                to the
                Depositor, (B) to “qualified institutional buyers” (within the meaning of
                Rule 144A under the Securities Act) in accordance with Rule 144A
                under the
                Securities Act (“QIBs”), (C) pursuant to the exemption from registration
                provided by Rule 144 under the Securities Act, or (D) to an institutional
                “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
                (7) of Regulation D under the Securities Act that is not a QIB (an
                “Institutional Accredited Investor”) which, prior to such transfer,
                delivers to the Trustee under the Trust Agreement dated as of November
                1,
                2006 by and among the Depositor, Aurora Loan Services LLC, as Master
                Servicer, and U.S. Bank National Association, as Trustee (the “Trustee”),
                a signed letter in the form of this letter; and we further agree,
                in the
                capacities stated above, to provide to any person purchasing any
                of the
                Privately Offered Certificates from us a notice advising such purchaser
                that resales of the Privately Offered Certificates are restricted
                as
                stated herein.

            

    

     

    
      	 	
              (2)

            	
              We
                understand that, in connection with any proposed resale of any Privately
                Offered Certificates to an Institutional Accredited Investor, we
                will be
                required to furnish to the Trustee and the Depositor a certification
                from
                such transferee in the form hereof to confirm that the proposed sale
                is
                being made pursuant to an exemption from, or in a transaction not
                subject
                to, the registration requirements of the Securities Act. We further
                understand that the Privately Offered Certificates purchased by us
                will
                bear a legend to the foregoing
                effect.

            

    

     

    
      	 	
              (3)

            	
              We
                are acquiring the Privately Offered Certificates for investment purposes
                and not with a view to, or for offer or sale in connection with,
                any
                distribution in violation of the Securities Act. We have such knowledge
                and experience in financial and business matters as to be capable
                of
                evaluating the merits and risks of our investment in the Privately
                Offered
                Certificates, and we and any account for which we are acting are
                each able
                to bear the economic risk of such
                investment.

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

    
      	 	
              (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 an ERISA-Restricted Certificate, we are not a Plan
                and we
                are not acquiring the ERISA-Restricted Certificate for, on behalf
                of or
                with any assets of a Plan, except as may be permitted pursuant to
                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. The
      Investor in an ERISA-Restricted Certificate (A) is not, and on _______________
      [date of transfer] will not be, an employee benefit plan or arrangement subject
      to Title I of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986,
      as amended (the “Code”) or a plan subject to any provisions under any federal,
      state, local, non-U.S. or other laws or regulations that are substantively
      similar to the foregoing provisions of ERISA or the Code (“Similar Law”)
      (collectively, a “Plan”), and is not directly or indirectly acquiring the
      Certificate for, on behalf of or with any assets of any such Plan, (B) if the
      Certificate has been the subject of an ERISA-Qualifying Underwriting, is an
      insurance company that is acquiring the Certificate with assets of an “insurance
      company general account” as defined in Section V(E) of Prohibited Transaction
      Class Exemption (“PTCE”) 95-60 and the acquisition and holding of the
      Certificate are covered and exempt under Sections I and III of PTCE 95-60,
      or
      (C) solely in the case of a Definitive Certificate, shall herewith deliver
      an
      Opinion of Counsel satisfactory to the Certificate Registrar, the Trustee and
      the Depositor, and upon which the Trustee, the Certificate Registrar and the
      Depositor shall be entitled to rely, to the effect that the acquisition and
      holding of such Certificate by the Investor will not result in a nonexempt
      prohibited transaction under Title I of ERISA or Section 4975 of the Code,
      or a
      violation of Similar Law, and will not subject the Trustee, the Master Servicer,
      the Certificate Registrar, any Servicer or the Depositor 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 Trustee, the Master Servicer,
      the Certificate Registrar, any Servicer or the Depositor.

     

    3. Either
      (i) the investor in a Grantor Trust Certificate is not, and is not acting for,
      on behalf of or with any assets of, an employee benefit plan or other
      arrangement subject to Title I of ERISA or plan subject to Section 4975 of
      the
      Code, or (ii) until the termination of the applicable Deferred Interest Cap
      Agreement, the acquisition and holding of the Grantor Trust Certificate by
      the
      investor are eligible for exemptive relief under any of Section 408(b)(17)
      of
      ERISA or Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1, PTCE 91-38,
      PTCE 95-60 or PTCE 96-23, each as amended.

     

    
      
        
        

      

      
        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,
      Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee, dated as of November 1, 2006, regarding Lehman XS
      Trust
      Mortgage Pass-Through Certificates, Series 2006-18N, no transfer of the
      ERISA-Restricted Certificates shall be permitted to be made to any person unless
      the Depositor and Trustee have received a certificate from such transferee
      in
      the form hereof.

     

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20___.

     

    ______________________________________

    [Investor]

     

    By:                        

    Name:
      

    Title:
      

    

    

    ATTEST:

     

     

      
        

      

    

    

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

    

     

    Personally
      appeared before me the above-named ________________, known or proved to me
      to be
      the same person who executed the foregoing instrument and to be the
      ____________________ of the Investor, and acknowledged that he executed the
      same
      as his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of _________ 20___.

     

    _________________________________

    NOTARY
      PUBLIC

    

    My
      commission expires the

    _____
      day
      of __________, 20___.

    

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    [RESERVED]

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    [RESERVED]

     

    

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENTS

    

     

    [INTENTIONALLY
      OMITTED]

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    [RESERVED]

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    [RESERVED]

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    FORM
      OF
      CAP AGREEMENT

     

    See
      Exhibit 99.7

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    FORM
      OF
      BALANCE GUARANTEED CAP AGREEMENT

     

     

    See
      Exhibit 99.8

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

     

    FORMS
      OF
      DEFERRED INTEREST CAP AGREEMENTS

     

    See
      Exhibit 99.9

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-1

     

    ADDITIONAL
      FORM 10-D DISCLOSURE

    
      	 	 
	
              Item
                on Form 10-D

            	
              Party
                Responsible

            
	
              Item
                1: Distribution and Pool Performance Information

              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	
              Master
                Servicer (as to any Servicer, to the extent provided by such
                Servicer),

              Trustee
                (if Paying Agent), Paying Agent and Depositor (to the extent of any
                additional information that has not already been provided by the
                Master
                Servicer)

            
	
              Item
                2: Legal Proceedings

              per
                Item 1117 of Reg AB

            	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                as
                to the issuing entity, (iii) the Depositor as to the sponsor, any
                1110(b)
                originator, any 1100(d)(1) party and (iv) the Master Servicer, as
                to any
                Servicer, to the extent provided by such Servicer

            
	
              Item
                3: Sale of Securities and Use of Proceeds

            	
              Depositor

            
	
              Item
                4: Defaults Upon Senior Securities

            	
              Trustee

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

            	
              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets

            	
              Depositor

            
	
              Item
                7: Significant Enhancement Provider Information

            	
              Depositor

            
	
              Item
                8: Other Information

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                9: Exhibits

            	
              Depositor
                and Master Servicer (on behalf of any Servicer or on its own behalf
                if
                acting as a Servicer)

            

    

    

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-2

     

    ADDITIONAL
      FORM 10-K DISCLOSURE

    
      	 	 
	
              Item
                on Form 10-K

            	
              Party
                Responsible

            
	
              Item
                1B: Unresolved Staff Comments

            	
              Depositor

            
	
              Item
                9B: Other Information

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Depositor,
                Servicer, Master Servicer, Subservicer

            
	
              Additional
                Item:

              Disclosure
                per Item 1117 of Reg AB

            	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                and Depositor as to the issuing entity, (iii) the Depositor as to
                the
                sponsor, any 1110(b) originator, any 1100(d)(1) party and (iv) the
                Master
                Servicer, as to any Servicer, to the extent provided by such
                Servicer

            
	
              Additional
                Item:

              Disclosure
                per Item 1119 of Reg AB

            	
              (i)
                All parties to the Trust Agreement as to themselves, (ii) the Depositor
                as
                to the sponsor, originator, significant obligor, enhancement or support
                provider and (iii) the Master Servicer, as to any Servicer, to the
                extent
                provided by such Servicer

            
	
              Additional
                Item:

              Disclosure
                per Item 1112(b) of Reg AB

            	
              Depositor

            
	
              Additional
                Item:

              Disclosure
                per Items 1114(b) and 1115(b) of Reg AB

            	
              Depositor

            

    

    

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-3

     

    ADDITIONAL
      FORM 8-K DISCLOSURE

    
      	 	 	 
	
              Item
                on Form 8-K

            	 	
              Party
                Responsible

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

            	 	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

            	 	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	
              Item
                1.03- Bankruptcy or Receivership

            	 	
              Depositor

            
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

            	 	
              Depositor

            
	
              Item
                3.03- Material Modification to Rights of Security Holders

            	 	
              Trustee
                and Depositor

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

            	 	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational Material

            	 	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Trustee

            	 	
              Master
                Servicer (as to itself and as to any Servicer, to the extent provided
                by
                such Servicer), Trustee (as to itself), Seller

            
	
              Item
                6.03- Change in Credit Enhancement or External Support

            	 	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	 	
              Trustee

            
	
              Item
                6.05- Securities Act Updating Disclosure

            	 	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	 	
              Depositor

            
	
              Item
                8.01

            	 	
              Depositor

            
	
              Item
                9.01

            	 	
              Depositor

            

    

    
      
        
        

      

      
        Q-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    U.S.
      Bank
      National Association,

    as
      Trustee to Lehman XS Trust Mortgage

    Pass-Through
      Certificates, Series 2006-18N

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

     

    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 February 1,
      2006, by and among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan Services LLC, as Master Servicer, and U.S. Bank National Association,
      as
      Trustee, 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:
      

    

    
      
        
        

      

      
        Q-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

     

    Key:
      X
      -
      obligation

     

     

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Trust Agreement dated as of November 1, 2006
      (the “Trust Agreement”), by and among U.S. Bank National Association, (the
“Trustee”), Aurora Loan Services LLC, as master servicer (the “Master
      Servicer”), and Structured Asset Securities Corporation, as depositor (the
“Depositor”).

    
      	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	
              Trustee

            	
              Master
                Servicer

            
	 	
              General Servicing
                 Considerations

            	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 	 	
              X

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	
              If
                applicable for

              the
                transaction

              participant

            	
              If
                applicable for
                

              the
                transaction

              participant

            	
              If
                applicable for 

              the
                transaction 

              participant

            
	
              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

            

    

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	
              Trustee

            	
              Master
                Servicer

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	
              X

            	 	
              X

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 	 	
              X

            
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	
              X

            	
              X

            	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.

            	 	 	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized
                access.

            	
              X

            	 	
              X

            
	
              1122(d)(2)(vii)

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements.

            	
              X

            	 	
              X

            
	 	
              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

            

    

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	
              Trustee

            	
              Master
                Servicer

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 	
              X

            	
              X

            
	
              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.

            	 	
              X

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents.

            	 	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal
                balance.

            	 	 	 
	
              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

            

    

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	
              Trustee

            	
              Master
                Servicer

            
	
              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.

            	 	 	 
	
              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.

            	 	 	 

    

    
      
        
        

      

      
        R-4

        
          

        

      

      
        
        

      

    

    

    
      	 	 	 	 	 
	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the Trustee if acting as Paying Agent)

            	
              Trustee

            	
              Master
                Servicer

            
	
              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

            	 

    

     

    
      
        
        

      

      
        R-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

     

    TRANSACTION
      PARTIES

     

    SPONSOR
      AND SELLER: LEHMAN BROTHERS HOLDINGS INC.

     

    DEPOSITOR:
      STRUCTURED ASSET SECURITIES CORPORATION

     

    TRUSTEE:
      U.S. BANK NATIONAL ASSOCIATION

     

    MASTER
      SERVICER: AURORA LOAN SERVICES LLC

     

    INTEREST
      RATE SWAP COUNTERPARTY: N/A

     

    CAP
      PROVIDER: LEHMAN BROTHERS SPECIAL FINANCING INC.

     

    SERVICERS:
      COUNTRYWIDE HOME LOANS SERVICING LP, INDYMAC BANK, F.S.B, GMAC MORTGAGE, LLC
      AND
      RESIDENTIAL FUNDING COMPANY, LLC

     

    TRANSFERORS:
      COUNTRYWIDE HOME LOANS, INC., INDYMAC BANK, F.S.B, RESIDENTIAL FUNDING COMPANY,
      LLC AND SUNTRUST MORTGAGE, INC.

     

    CUSTODIAN(S):
      DEUTSCHE BANK NATIONAL TRUST COMPANY, U.S. BANK NATIONAL ASSOCIATION AND WELLS
      FARGO BANK, N.A.

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

     

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

     

    [                ]

    [                ]

    [                ]

     

    Re:  Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2006-18N

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Trustee, and each of their officers, directors
      and
      affiliates that:

     

    (1)
      I
      have reviewed [the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
      report on assessment of the Company’s compliance with the Servicing Criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of
      1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
      servicing reports, officer’s certificates and other information relating to the
      servicing of the Mortgage Loans by the Company during 200[ ] that were delivered
      by the Company to any of the Depositor, the Master Servicer and the Trustee
      pursuant to the Agreement (collectively, the “Company Servicing
      Information”);

     

    (2)
      Based
      on my knowledge, the Company Servicing Information, taken as a whole, does
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3)
      Based
      on my knowledge, all of the Company Servicing Information required to be
      provided by the Company under the Agreement has been provided to the Depositor,
      the Master Servicer and the Trustee;

     

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

     

    (5)
      [The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
      to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
      to the Agreement, have been provided to the Depositor, the Master Servicer
      and
      the Trustee. Any material instances of noncompliance described in such reports
      have been disclosed to the Depositor, the Master Servicer and the Trustee.
      Any
      material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

     

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Trust Agreement, dated as of November 1, 2006 (the “Trust Agreement”) by and
      among Structured Asset Securities Corporation, as Depositor, Aurora Loan
      Services LLC, as Master Servicer and U.S. Bank National Association, as Trustee.
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Trust Agreement.

     

    

    [_______]

    as
      [_______]

    

    

    By:

          Name:
      

          Title:
      

          Date:
      

    

    
      
        
        

      

      
        T-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION 

    TO
      BE
      PROVIDED BY THE TRUSTEE

     

    
      	
              Re:   

            	
              Lehman
                XS Trust, Series 2006-18N (the “Trust”), Mortgage Pass-Through
                Certificates, Series 2006-18N, issued pursuant to the Trust Agreement,
                dated as of November 1, 2006, among Structured Asset Securities
                Corporation, as Depositor, Aurora Loan Services, 

              LLC,
                as Master Servicer, and U.S. Bank National Association, as
                Trustee

            

    

     

    The
      Trustee hereby certifies to the Depositor and the Master Servicer, and their
      respective officers, directors and affiliates, and with the knowledge and intent
      that they will rely upon this certification, that:

     

    (1) I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
      Report”), and all reports on Form 10-D required to be filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

     

    (2) To
      my
      knowledge, (a)
      the
      Reports, taken as a whole, do not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by the Annual Report,
      and (b)
      the Trustee’s assessment of compliance and related attestation report referred
      to below, taken as a whole, do not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by such assessment of compliance and
      attestation report;

     

    (3) To
      my
      knowledge, the distribution information required to be provided by the Trustee
      under the Trust Agreement for inclusion in the Reports is included in the
      Reports;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Trustee under the
      Trust Agreement, and based on my knowledge and the compliance review conducted
      in preparing the assessment of compliance of the Trustee required by the Trust
      Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
      its
      obligations under the Trust Agreement in all material respects; and

     

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
      Any material instances of non-compliance are described in such report and have
      been disclosed in the Annual Report.

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties: [names of servicer(s),
      master servicer, subservicer(s), depositor, trustee, custodian(s)]

     

    Date:      

    

    U.S.
      Bank
      National Association, as Trustee

     

    ______________________________

    [Signature]

    [Title]

    
 

    
      
        
        

      

      
        U-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-1

     

    FORM
      OF TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(iii)

                           of
      the
      Agreement)                            

     

    Re:  Lehman
      XS
      Trust, Series 2006-18N 

    

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and U.S. Bank National Association, as Trustee, dated as of November
      1, 2006.  Capitalized terms used but not defined herein shall have the
      meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
       aggregate
      principal amount of securities which are held in the form of a Restricted Global
      Security with DTC in the name of [name of transferor]                                                        (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Regulation S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Agreement and the securities and in accordance with Rule 904 of
      Regulation S, and that:

     

    a. the
      offer of the securities was not made to a person in the United States;

    

    b. at
      the time the buy order was originated, the transferee was outside the United
      States or the Transferor and any person acting on its behalf reasonably believed
      that the transferee was outside the United States;

    

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

    

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended;
      and

    

    e. the
      transferee is not a U.S. person (as defined in Regulation S).

     

    
      
        
        

      

      
        V-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:             
                           ,
                 

    

    
      
        
        

      

      
        V-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-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: Lehman
      XS
      Trust, Series 2006-18N 

    

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and U.S. Bank National Association, as Trustee, dated as of November
      1, 2006.  Capitalized terms used but not defined herein shall have the
      meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                             aggregate
      principal amount of securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                         (the
      “Transferor”) to effect the transfer of the securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

     

                                                                 

     [Name
      of Transferor]

    

    By:                                                        

    Name:

    Title:

     

    Date:             
                           ,
            

    

     

    
      
        
        

      

      
        V-2-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    [INTENTIONALLY
      OMITTED]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

     

    FINAL
      MATURITY RESERVE ACCOUNT SCHEDULE

     

    
      	
              Month

            	
              Scheduled
                Amount ($)

            	
              Month

            	
              Scheduled
                Amount ($)

            	
              Month

            	
              Scheduled
                Amount ($)

            	
              Month

            	
              Scheduled
                Amount ($)

            
	
              121

            	
              64,091,752

            	
              169

            	
              31,046,441

            	
              217

            	
              14,818,864

            	
              265

            	
              6,905,792

            
	
              122

            	
              63,138,134

            	
              170

            	
              30,577,069

            	
              218

            	
              14,589,175

            	
              266

            	
              6,794,393

            
	
              123

            	
              62,198,453

            	
              171

            	
              30,114,603

            	
              219

            	
              14,362,900

            	
              267

            	
              6,684,675

            
	
              124

            	
              61,272,509

            	
              172

            	
              29,658,941

            	
              220

            	
              14,139,987

            	
              268

            	
              6,576,613

            
	
              125

            	
              60,360,101

            	
              173

            	
              29,209,985

            	
              221

            	
              13,920,388

            	
              269

            	
              6,470,182

            
	
              126

            	
              59,461,032

            	
              174

            	
              28,767,638

            	
              222

            	
              13,704,055

            	
              270

            	
              6,365,359

            
	
              127

            	
              58,575,111

            	
              175

            	
              28,331,803

            	
              223

            	
              13,490,940

            	
              271

            	
              6,262,120

            
	
              128

            	
              57,702,145

            	
              176

            	
              27,902,386

            	
              224

            	
              13,280,995

            	
              272

            	
              6,160,441

            
	
              129

            	
              56,841,947

            	
              177

            	
              27,479,292

            	
              225

            	
              13,074,175

            	
              273

            	
              6,060,301

            
	
              130

            	
              55,994,332

            	
              178

            	
              27,062,431

            	
              226

            	
              12,870,433

            	
              274

            	
              5,961,675

            
	
              131

            	
              55,159,117

            	
              179

            	
              26,651,711

            	
              227

            	
              12,669,726

            	
              275

            	
              5,864,542

            
	
              132

            	
              54,336,121

            	
              180

            	
              26,247,043

            	
              228

            	
              12,472,007

            	
              276

            	
              5,768,880

            
	
              133

            	
              53,525,168

            	
              181

            	
              25,848,338

            	
              229

            	
              12,277,235

            	
              277

            	
              5,674,668

            
	
              134

            	
              52,726,084

            	
              182

            	
              25,455,511

            	
              230

            	
              12,085,365

            	
              278

            	
              5,581,883

            
	
              135

            	
              51,938,694

            	
              183

            	
              25,068,475

            	
              231

            	
              11,896,355

            	
              279

            	
              5,490,505

            
	
              136

            	
              51,162,831

            	
              184

            	
              24,687,147

            	
              232

            	
              11,710,164

            	
              280

            	
              5,400,513

            
	
              137

            	
              50,398,326

            	
              185

            	
              24,311,442

            	
              233

            	
              11,526,749

            	
              281

            	
              5,311,886

            
	
              138

            	
              49,645,015

            	
              186

            	
              23,941,279

            	
              234

            	
              11,346,072

            	
              282

            	
              5,224,605

            
	
              139

            	
              48,902,735

            	
              187

            	
              23,576,578

            	
              235

            	
              11,168,090

            	
              283

            	
              5,138,650

            
	
              140

            	
              48,171,326

            	
              188

            	
              23,217,259

            	
              236

            	
              10,992,766

            	
              284

            	
              5,054,001

            
	
              141

            	
              47,450,630

            	
              189

            	
              22,863,244

            	
              237

            	
              10,820,059

            	
              285

            	
              4,970,639

            
	
              142

            	
              46,740,492

            	
              190

            	
              22,514,454

            	
              238

            	
              10,649,932

            	
              286

            	
              4,888,545

            
	
              143

            	
              46,040,758

            	
              191

            	
              22,170,815

            	
              239

            	
              10,482,348

            	
              287

            	
              4,807,700

            
	
              144

            	
              45,351,277

            	
              192

            	
              21,832,251

            	
              240

            	
              10,317,268

            	
              288

            	
              4,728,086

            
	
              145

            	
              44,671,900

            	
              193

            	
              21,498,688

            	
              241

            	
              10,154,656

            	
              289

            	
              4,649,685

            
	
              146

            	
              44,002,481

            	
              194

            	
              21,170,053

            	
              242

            	
              9,994,476

            	
              290

            	
              4,572,478

            
	
              147

            	
              43,342,876

            	
              195

            	
              20,846,274

            	
              243

            	
              9,836,693

            	
              291

            	
              4,496,449

            
	
              148

            	
              42,692,940

            	
              196

            	
              20,527,281

            	
              244

            	
              9,681,270

            	
              292

            	
              4,421,579

            
	
              149

            	
              42,052,534

            	
              197

            	
              20,213,005

            	
              245

            	
              9,528,175

            	
              293

            	
              4,347,852

            
	
              150

            	
              41,421,520

            	
              198

            	
              19,903,375

            	
              246

            	
              9,377,372

            	
              294

            	
              4,275,251

            
	
              151

            	
              40,799,761

            	
              199

            	
              19,598,325

            	
              247

            	
              9,228,827

            	
              295

            	
              4,203,759

            
	
              152

            	
              40,187,123

            	
              200

            	
              19,297,787

            	
              248

            	
              9,082,509

            	
              296

            	
              4,133,359

            
	
              153

            	
              39,583,473

            	
              201

            	
              19,001,696

            	
              249

            	
              8,938,384

            	
              297

            	
              4,064,036

            
	
              154

            	
              38,988,680

            	
              202

            	
              18,709,987

            	
              250

            	
              8,796,420

            	
              298

            	
              3,995,774

            
	
              155

            	
              38,402,616

            	
              203

            	
              18,422,596

            	
              251

            	
              8,656,585

            	
              299

            	
              3,928,557

            
	
              156

            	
              37,825,154

            	
              204

            	
              18,139,461

            	
              252

            	
              8,518,848

            	
              300

            	
              3,862,369

            
	
              157

            	
              37,256,169

            	
              205

            	
              17,860,518

            	
              253

            	
              8,383,179

            	
              301

            	
              3,797,196

            
	
              158

            	
              36,695,538

            	
              206

            	
              17,585,708

            	
              254

            	
              8,249,547

            	
              302

            	
              3,733,022

            
	
              159

            	
              36,143,139

            	
              207

            	
              17,314,969

            	
              255

            	
              8,117,922

            	
              303

            	
              3,669,833

            
	
              160

            	
              35,598,853

            	
              208

            	
              17,048,242

            	
              256

            	
              7,988,274

            	
              304

            	
              3,607,613

            
	
              161

            	
              35,062,561

            	
              209

            	
              16,785,469

            	
              257

            	
              7,860,576

            	
              305

            	
              3,546,349

            
	
              162

            	
              34,534,148

            	
              210

            	
              16,526,591

            	
              258

            	
              7,734,797

            	
              306

            	
              3,486,027

            
	
              163

            	
              34,013,499

            	
              211

            	
              16,271,553

            	
              259

            	
              7,610,910

            	
              307

            	
              3,426,632

            
	
              164

            	
              33,500,501

            	
              212

            	
              16,020,298

            	
              260

            	
              7,488,888

            	
              308

            	
              3,368,151

            
	
              165

            	
              32,995,043

            	
              213

            	
              15,772,771

            	
              261

            	
              7,368,702

            	
              309

            	
              3,310,570

            
	
              166

            	
              32,497,016

            	
              214

            	
              15,528,917

            	
              262

            	
              7,250,326

            	
              310

            	
              3,253,876

            
	
              167

            	
              32,006,310

            	
              215

            	
              15,288,683

            	
              263

            	
              7,133,733

            	
              311

            	
              3,198,055

            
	
              168

            	
              31,522,820

            	
              216

            	
              15,052,016

            	
              264

            	
              7,018,897

            	
              312

            	
              3,143,096

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Month

            	
              Scheduled
                Amount ($)

            
	
              313

            	
              3,088,984

            
	
              314

            	
              3,035,708

            
	
              315

            	
              2,983,255

            
	
              316

            	
              2,931,613

            
	
              317

            	
              2,880,770

            
	
              318

            	
              2,830,714

            
	
              319

            	
              2,781,433

            
	
              320

            	
              2,732,915

            
	
              321

            	
              2,685,150

            
	
              322

            	
              2,638,127

            
	
              323

            	
              2,591,833

            
	
              324

            	
              2,546,259

            
	
              325

            	
              2,501,393

            
	
              326

            	
              2,457,226

            
	
              327

            	
              2,413,746

            
	
              328

            	
              2,370,944

            
	
              329

            	
              2,328,809

            
	
              330

            	
              2,287,332

            
	
              331

            	
              2,246,502

            
	
              332

            	
              2,206,310

            
	
              333

            	
              2,166,747

            
	
              334

            	
              2,127,803

            
	
              335

            	
              2,089,468

            
	
              336

            	
              2,051,735

            
	
              337

            	
              2,014,593

            
	
              338

            	
              1,978,034

            
	
              339

            	
              1,942,050

            
	
              340

            	
              1,906,631

            
	
              341

            	
              1,871,770

            
	
              342

            	
              1,837,457

            
	
              343

            	
              1,803,685

            
	
              344

            	
              1,770,446

            
	
              345

            	
              1,737,732

            
	
              346

            	
              1,705,534

            
	
              347

            	
              1,673,845

            
	
              348

            	
              1,642,658

            
	
              349

            	
              1,611,965

            
	
              350

            	
              1,581,758

            
	
              351

            	
              1,552,030

            
	
              352

            	
              1,522,775

            
	
              353

            	
              1,493,984

            
	
              354

            	
              1,465,652

            
	
              355

            	
              1,437,771

            
	
              356

            	
              1,410,334

            
	
              357

            	
              1,383,334

            
	
              358

            	
              1,356,766

            
	
              359

            	
              1,330,623

            
	
              360

            	
              1,304,897

            
	
              361

            	
              1,279,584EXECUTION

      

      

      

      

      STRUCTURED
        ASSET SECURITIES CORPORATION,

      as
        Depositor,

      

      AURORA
        LOAN SERVICES LLC,

      as
        Master
        Servicer,

      

      and

      

      LASALLE
        BANK NATIONAL ASSOCIATION,

      as
        Trustee

      

      ___________________________

      

      TRUST
        AGREEMENT

      

      

      Dated
        as
        of November 1, 2006

      ___________________________

      

      LEHMAN
        XS
        TRUST

      MORTGAGE
        PASS-THROUGH CERTIFICATES,

      SERIES
        2006-19

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      TABLE
        OF
        CONTENTS

      

      Page

      

      
        	
                ARTICLE
                  I DEFINITIONS

              	
                14

              
	 	 	 
	
                Section
                  1.01.

              	
                Definitions.

              	
                14

              
	
                Section
                  1.02.

              	
                Calculations
                  Respecting Mortgage Loans.

              	
                53

              
	
                Section
                  1.03.

              	
                Calculations
                  Respecting Accrued Interest.

              	
                53

              
	 	 
	
                ARTICLE
                  II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

              	
                53

              
	 	 	 
	
                Section
                  2.01.

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

              	
                53

              
	
                Section
                  2.02.

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

              	
                57

              
	
                Section
                  2.03.

              	
                Representations
                  and Warranties of the Depositor.

              	
                59

              
	
                Section
                  2.04.

              	
                Discovery
                  of Breach.

              	
                61

              
	
                Section
                  2.05.

              	
                Repurchase,
                  Purchase or Substitution of Mortgage Loans.

              	
                61

              
	
                Section
                  2.06.

              	
                Grant
                  Clause.

              	
                63

              
	 	 
	
                ARTICLE
                  III THE CERTIFICATES

              	
                64

              
	 	 	 
	
                Section
                  3.01.

              	
                The
                  Certificates.

              	
                64

              
	
                Section
                  3.02.

              	
                Registration.

              	
                64

              
	
                Section
                  3.03.

              	
                Transfer
                  and Exchange of Certificates.

              	
                65

              
	
                Section
                  3.04.

              	
                Cancellation
                  of Certificates.

              	
                69

              
	
                Section
                  3.05.

              	
                Replacement
                  of Certificates.

              	
                69

              
	
                Section
                  3.06.

              	
                Persons
                  Deemed Owners.

              	
                70

              
	
                Section
                  3.07.

              	
                Temporary
                  Certificates.

              	
                70

              
	
                Section
                  3.08.

              	
                Appointment
                  of Paying Agent.

              	
                70

              
	
                Section
                  3.09.

              	
                Book-Entry
                  Certificates.

              	
                71

              
	 	 
	
                ARTICLE
                  IV ADMINISTRATION OF THE TRUST FUND

              	
                72

              
	 	 	 
	
                Section
                  4.01.

              	
                Collection
                  Account.

              	
                72

              
	
                Section
                  4.02.

              	
                Application
                  of Funds in the Collection Account.

              	
                74

              
	
                Section
                  4.03.

              	
                Reports
                  to Certificateholders.

              	
                77

              
	
                Section
                  4.04.

              	
                Certificate
                  Account.

              	
                80

              
	 	 
	
                ARTICLE
                  V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

              	
                82

              
	 	 	 
	
                Section
                  5.01.

              	
                Distributions
                  Generally.

              	
                82

              
	
                Section
                  5.02.

              	
                Distributions
                  from the Certificate Account.

              	
                82

              
	
                Section
                  5.03.

              	
                Allocation
                  of Losses.

              	
                92

              
	
                Section
                  5.04.

              	
                Advances
                  by Master Servicer, Servicers and Trustee.

              	
                93

              
	
                Section
                  5.05.

              	
                Compensating
                  Interest Payments.

              	
                94

              
	
                Section
                  5.06.

              	
                Basis
                  Risk Reserve Fund.

              	
                94

              
	
                Section
                  5.07.

              	
                [Reserved].

              	
                95

              
	
                Section
                  5.08.

              	
                Supplemental
                  Interest Trust.

              	
                95

              

      

       

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

       

      
        	
                Section
                  5.09.

              	
                Rights
                  of Swap Counterparty.

              	
                97

              
	
                Section
                  5.10.

              	
                Termination
                  Receipts.

              	
                97

              
	
                Section
                  5.11.

              	
                Class
                  X Account.

              	
                98

              
	 	 
	
                ARTICLE
                  VI CONCERNING THE TRUSTEE EVENTS OF DEFAULT

              	
                99

              
	 	 	 
	
                Section
                  6.01.

              	
                Duties
                  of Trustee.

              	
                99

              
	
                Section
                  6.02.

              	
                Certain
                  Matters Affecting the Trustee.

              	
                103

              
	
                Section
                  6.03.

              	
                Trustee
                  Not Liable for Certificates.

              	
                104

              
	
                Section
                  6.04.

              	
                Trustee
                  May Own Certificates.

              	
                104

              
	
                Section
                  6.05.

              	
                Eligibility
                  Requirements for Trustee.

              	
                105

              
	
                Section
                  6.06.

              	
                Resignation
                  and Removal of Trustee.

              	
                105

              
	
                Section
                  6.07.

              	
                Successor
                  Trustee.

              	
                106

              
	
                Section
                  6.08.

              	
                Merger
                  or Consolidation of Trustee.

              	
                107

              
	
                Section
                  6.09.

              	
                Appointment
                  of Co-Trustee, Separate Trustee or Custodian.

              	
                107

              
	
                Section
                  6.10.

              	
                Authenticating
                  Agents.

              	
                109

              
	
                Section
                  6.11.

              	
                Indemnification
                  of Trustee.

              	
                109

              
	
                Section
                  6.12.

              	
                Fees
                  and Expenses of Trustee and Custodians.

              	
                110

              
	
                Section
                  6.13.

              	
                Collection
                  of Monies.

              	
                111

              
	
                Section
                  6.14.

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

              	
                111

              
	
                Section
                  6.15.

              	
                Additional
                  Remedies of Trustee Upon Event of Default.

              	
                115

              
	
                Section
                  6.16.

              	
                Waiver
                  of Defaults.

              	
                115

              
	
                Section
                  6.17.

              	
                Notification
                  to Holders.

              	
                116

              
	
                Section
                  6.18.

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

              	
                116

              
	
                Section
                  6.19.

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

              	
                116

              
	
                Section
                  6.20.

              	
                Preparation
                  of Tax Returns and Reports to the Commission.

              	
                117

              
	
                Section
                  6.21.

              	
                Compliance
                  with Regulation AB.

              	
                125

              
	
                Section
                  6.22.

              	
                Reporting
                  Requirements of the Commission.

              	
                126

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

              	
                126

              
	 	 	 
	
                Section
                  7.01.

              	
                Purchase
                  of Mortgage Loans; Termination of the Trust Fund Upon Purchase
                  or
                  Liquidation of Mortgage Loans; Purchase of the Pooling REMIC 1
                  Regular
                  Interests.

              	
                126

              
	
                Section
                  7.02.

              	
                Procedure
                  Upon Termination of Trust Fund or Purchase of Pooling REMIC 1 Regular
                  Interests.

              	
                128

              
	
                Section
                  7.03.

              	
                Additional
                  Requirements for any Trust Fund Termination Event or Purchase of
                  the
                  Pooling REMIC 1 Regular Interests.

              	
                129

              
	
                Section
                  7.04.

              	
                Optional
                  Purchase Right of NIMS Insurer.

              	
                130

              
	 	 
	
                ARTICLE
                  VIII RIGHTS OF CERTIFICATEHOLDERS

              	
                131

              
	 	 	 
	
                Section
                  8.01.

              	
                Limitation
                  on Rights of Holders.

              	
                131

              
	
                Section
                  8.02.

              	
                Access
                  to List of Holders.

              	
                132

              
	
                Section
                  8.03.

              	
                Acts
                  of Holders of Certificates.

              	
                132

              
	 	 

      

       

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

       

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

              	
                133

              
	 	 	 
	
                Section
                  9.01.

              	
                Duties
                  of the Master Servicer.

              	
                133

              
	
                Section
                  9.02.

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

              	
                133

              
	
                Section
                  9.03.

              	
                Master
                  Servicer’s Financial Statements and Related Information.

              	
                134

              
	
                Section
                  9.04.

              	
                Power
                  to Act; Procedures.

              	
                134

              
	
                Section
                  9.05.

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

              	
                136

              
	
                Section
                  9.06.

              	
                Collection
                  of Taxes, Assessments and Similar Items.

              	
                137

              
	
                Section
                  9.07.

              	
                Termination
                  of Servicing Agreements; Successor Servicers.

              	
                138

              
	
                Section
                  9.08.

              	
                Master
                  Servicer Liable for Enforcement.

              	
                139

              
	
                Section
                  9.09.

              	
                No
                  Contractual Relationship Between Any Servicer and Trustee or
                  Depositor.

              	
                139

              
	
                Section
                  9.10.

              	
                Assumption
                  of Servicing Agreement by Trustee.

              	
                139

              
	
                Section
                  9.11.

              	
                Due-on-Sale
                  Clauses; Assumption Agreements; Easements.

              	
                140

              
	
                Section
                  9.12.

              	
                Release
                  of Mortgage Files.

              	
                140

              
	
                Section
                  9.13.

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

              	
                141

              
	
                Section
                  9.14.

              	
                Representations
                  and Warranties of the Master Servicer.

              	
                143

              
	
                Section
                  9.15.

              	
                Opinion.

              	
                145

              
	
                Section
                  9.16.

              	
                Standard
                  Hazard and Flood Insurance Policies.

              	
                145

              
	
                Section
                  9.17.

              	
                Presentment
                  of Claims and Collection of Proceeds.

              	
                146

              
	
                Section
                  9.18.

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              	
                146

              
	
                Section
                  9.19.

              	
                Trustee
                  To Retain Possession of Certain Insurance Policies and
                  Documents.

              	
                146

              
	
                Section
                  9.20.

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              	
                147

              
	
                Section
                  9.21.

              	
                Compensation
                  to the Master Servicer.

              	
                147

              
	
                Section
                  9.22.

              	
                REO
                  Property.

              	
                148

              
	
                Section
                  9.23.

              	
                [Reserved]

              	
                148

              
	
                Section
                  9.24.

              	
                Reports
                  to the Trustee.

              	
                149

              
	
                Section
                  9.25.

              	
                Assessment
                  of Compliance and Attestation Reports.

              	
                149

              
	
                Section
                  9.26.

              	
                Annual
                  Statement of Compliance with Applicable Servicing Criteria
                  .

              	
                150

              
	
                Section
                  9.27.

              	
                Merger
                  or Consolidation.

              	
                151

              
	
                Section
                  9.28.

              	
                Resignation
                  of Master Servicer.

              	
                151

              
	
                Section
                  9.29.

              	
                Assignment
                  or Delegation of Duties by the Master Servicer.

              	
                152

              
	
                Section
                  9.30.

              	
                Limitation
                  on Liability of the Master Servicer and Others.

              	
                152

              
	
                Section
                  9.31.

              	
                Indemnification;
                  Third-Party Claims.

              	
                153

              
	 	 
	
                ARTICLE
                  X REMIC ADMINISTRATION

              	
                154

              
	 	 	 
	
                Section
                  10.01.

              	
                REMIC
                  Administration.

              	
                154

              
	
                Section
                  10.02.

              	
                Prohibited
                  Transactions and Activities.

              	
                157

              
	
                Section
                  10.03.

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

              	
                157

              
	
                Section
                  10.04.

              	
                REO
                  Property.

              	
                158

              
	 	 
	
                ARTICLE
                  XI MISCELLANEOUS PROVISIONS

              	
                158

              
	 	 	 
	
                Section
                  11.01.

              	
                Binding
                  Nature of Agreement; Assignment.

              	
                158

              

      

       

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

       

      
        	
                Section
                  11.02.

              	
                Entire
                  Agreement.

              	
                158

              
	
                Section
                  11.03.

              	
                Amendment.

              	
                159

              
	
                Section
                  11.04.

              	
                Voting
                  Rights.

              	
                160

              
	
                Section
                  11.05.

              	
                Provision
                  of Information.

              	
                161

              
	
                Section
                  11.06.

              	
                Governing
                  Law.

              	
                161

              
	
                Section
                  11.07.

              	
                Notices.

              	
                161

              
	
                Section
                  11.08.

              	
                Severability
                  of Provisions.

              	
                162

              
	
                Section
                  11.09.

              	
                Indulgences;
                  No Waivers.

              	
                162

              
	
                Section
                  11.10.

              	
                Headings
                  Not To Affect Interpretation.

              	
                162

              
	
                Section
                  11.11.

              	
                Benefits
                  of Agreement.

              	
                162

              
	
                Section
                  11.12.

              	
                Special
                  Notices to the Rating Agencies.

              	
                162

              
	
                Section
                  11.13.

              	
                Conflicts.

              	
                163

              
	
                Section
                  11.14.

              	
                Counterparts.

              	
                163

              
	
                Section
                  11.15.

              	
                Transfer
                  of Servicing.

              	
                163

              

      

      

      

      

      
        
           

        

        
          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

              	
                Servicing
                  Agreement for Aurora Loan Services LLC

              

      

      
        	
                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

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  J

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  K

              	
                Custodial
                  Agreements for LaSalle Bank National Association, U.S. Bank National
                  Association, Wells Fargo Bank, N.A. and Deutsche Bank National
                  Trust
                  Company

              

      

      
        	
                Exhibit
                  L

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  M

              	
                Form
                  of Back-up Certification to be Provided by the Trustee to the Depositor
                  

              

      

      
        	
                Exhibit
                  N-1

              	
                Swap
                  Agreement

              

      

      
        	
                Exhibit
                  N-2

              	
                Cap
                  Agreement

              

      

      
        	
                Exhibit
                  O

              	
                Servicing
                  Criteria to be Addressed in Report on Assessment of
                  Compliance

              

      

      
        	
                Exhibit
                  P

              	
                Transaction
                  Parties

              

      

      
        	
                Exhibit
                  Q

              	
                Additional
                  Form 10-D Disclosure

              

      

      
        	
                Exhibit
                  R

              	
                Additional
                  Form 10-K Disclosure

              

      

      
        	
                Exhibit
                  S

              	
                Additional
                  Form 8-K Disclosure

              

      

      

      
        	
                Schedule
                  A

              	
                Mortgage
                  Loan Schedule (by Mortgage Pool)

              

      

      

      
        
           

        

        
          v

          
            

          

        

        
           

        

      

      This
        TRUST AGREEMENT (“Trust Agreement”), dated as of November 1, 2006 (the
“Agreement”), is by and among STRUCTURED ASSET SECURITIES CORPORATION, a
        Delaware corporation, as depositor (the “Depositor”), AURORA LOAN SERVICES LLC,
        as master servicer (the “Master Servicer”), and LASALLE BANK NATIONAL
        ASSOCIATION, a national banking association, as trustee (the
“Trustee”).

      

      PRELIMINARY
        STATEMENT 

      

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

      

      As
        provided herein, the Trustee shall elect that the Trust Fund (exclusive of
        (i)
        the Basis Risk Reserve Fund, (ii) the Swap Agreement, (iii) the Supplemental
        Interest Trust, (iv) the Cap Agreement, (v) the obligation to pay Class I
        Shortfalls, (vi) the Class X Account, (vii) the Class C Distributable Amount,
        (viii) the Collateral Account and (ix) the rights to receive (and the
        obligations to pay) Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
        (collectively, the “Excluded Trust Assets”) be treated for federal income tax
        purposes as comprising four real estate mortgage investment conduits (each,
        a
“REMIC”): Pooling REMIC 1, Lower-Tier REMIC 1, Middle-Tier REMIC 1, and
        Upper-Tier REMIC 1. 

      

      Pooling
        REMIC 1 shall hold the assets of the Trust Fund, other than any Excluded
        Trust
        Assets, and shall issue several uncertificated interests and shall also issue
        the Class LT-R Certificate, which is hereby designated as the sole residual
        interest in Pooling REMIC 1. Each uncertificated interest in Pooling REMIC
        1 is
        hereby designated as a REMIC regular interest. 

      

      Lower-Tier
        REMIC 1 shall hold the uncertificated interests issued by Pooling REMIC 1
        and
        shall issue several uncertificated interests. Each such interest, other than
        the
        LT1-R Interest, is hereby designated as a REMIC regular interest. The LT1-R
        Interest is hereby designated as the sole residual interest in Lower-Tier
        REMIC
        1.

      

      Middle-Tier
        REMIC 1 shall hold the uncertificated interests issued by Lower-Tier REMIC
        1,
        other than the LT1-R Interest, and shall issue several uncertificated interests.
        Each such interest, other than the Class MT1-R Interest, is hereby designated
        as
        a REMIC regular interest. The Class MT1-R Interest is hereby designated as
        the
        sole residual interest in Middle-Tier REMIC 1.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Upper-Tier
        REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC
        1,
        other than the Class MT1-R Interest. Each of the Offered Certificates represent
        ownership of regular interests in Upper-Tier REMIC 1. Each of the Offered
        Certificates also represent (i) the right to receive Basis Risk Shortfalls
        or
        Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls.
        For federal income tax purposes, the Class X Certificates represent ownership
        of
        regular interests in Upper-Tier REMIC 1 and also represent the obligation
        to
        make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk
        Shortfalls to the Offered Certificates to the extent payable from Monthly
        Excess
        Cashflow. The Class C-X and Class S-X Certificates shall not represent an
        interest in any REMIC formed hereby. The Class P Certificates represent
        ownership of regular interests in Upper-Tier REMIC 1. The Class R Certificate
        represents ownership of the sole class of residual interest in Upper-Tier
        REMIC
        1 as well as ownership of the LT1-R and Class MT1-R Interests.

      

      Pooling
        REMIC 1

      

      Pooling
        REMIC 1 shall issue one uncertificated interest in respect of each Mortgage
        Loan
        held by the Trust on the Closing Date, each of which is hereby designated
        as a
        regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”).
        Pooling REMIC 1 shall also issue the Class LT-R Certificate, which shall
        represent the sole class of residual interest in Pooling REMIC 1. Each Pooling
        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 Mortgage Loan shall be distributed on such Pooling
        REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of
        the
        Original Mortgage Loan.

      

      On
        each
        Distribution Date, the Trustee shall first pay or charge as an expense of
        Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with
        respect to the Swap Agreement) that are deducted in computing the Interest
        Remittance Amount for such Distribution Date.

      

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

      

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

      

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

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      Lower-Tier
        REMIC 1

       

      The
        following table sets forth (or describes) the designation, interest rate,
        and
        initial principal balance for each interest in Lower-Tier REMIC 1, each of
        which, other than the LT1-R Lower-Tier Interest) is hereby designated as
        a
        regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular
        Interests):

      

      
        	
                Designation

              	 	
                Initial Principal

                Balance

              	 	
                Interest
                  Rate

              
	
                LT1-A

              	 	
                $     31,175,089.01

              	 	
                (1)

              
	
                LT1-F1

              	 	
                $     15,034,911.50

              	 	
                (2)

              
	
                LT1-V1

              	 	
                $     15,034,911.50

              	 	
                (3)

              
	
                LT1-F2

              	 	
                $     14,501,577.50

              	 	
                (2)

              
	
                LT1-V2

              	 	
                $     14,501,577.50

              	 	
                (3)

              
	
                LT1-F3

              	 	
                $     13,987,143.00

              	 	
                (2)

              
	
                LT1-V3

              	 	
                $     13,987,143.00

              	 	
                (3)

              
	
                LT1-F4

              	 	
                $     13,490,938.50

              	 	
                (2)

              
	
                LT1-V4

              	 	
                $     13,490,938.50

              	 	
                (3)

              
	
                LT1-F5

              	 	
                $     13,012,318.50

              	 	
                (2)

              
	
                LT1-V5

              	 	
                $     13,012,318.50

              	 	
                (3)

              
	
                LT1-F6

              	 	
                $     12,550,661.50

              	 	
                (2)

              
	
                LT1-V6

              	 	
                $     12,550,661.50

              	 	
                (3)

              
	
                LT1-F7

              	 	
                $     12,105,365.00

              	 	
                (2)

              
	
                LT1-V7

              	 	
                $     12,105,365.00

              	 	
                (3)

              
	
                LT1-F8

              	 	
                $     11,675,852.00

              	 	
                (2)

              
	
                LT1-V8

              	 	
                $     11,675,852.00

              	 	
                (3)

              
	
                LT1-F9

              	 	
                $     11,261,561.00

              	 	
                (2)

              
	
                LT1-V9

              	 	
                $     11,261,561.00

              	 	
                (3)

              
	
                LT1-F10

              	 	
                $     10,861,954.50

              	 	
                (2)

              
	
                LT1-V10

              	 	
                $     10,861,954.50

              	 	
                (3)

              
	
                LT1-F11

              	 	
                $     32,418,240.50

              	 	
                (2)

              
	
                LT1-V11

              	 	
                $     32,418,240.50

              	 	
                (3)

              
	
                LT1-F12

              	 	
                $     11,105,260.50

              	 	
                (2)

              
	
                LT1-V12

              	 	
                $     11,105,260.50

              	 	
                (3)

              
	
                LT1-F13

              	 	
                $     10,542,133.50

              	 	
                (2)

              
	
                LT1-V13

              	 	
                $     10,542,133.50

              	 	
                (3)

              
	
                LT1-F14

              	 	
                $     10,100,316.00

              	 	
                (2)

              
	
                LT1-V14

              	 	
                $     10,100,316.00

              	 	
                (3)

              
	
                LT1-F15

              	 	
                $       9,676,999.50

              	 	
                (2)

              
	
                LT1-V15

              	 	
                $       9,676,999.50

              	 	
                (3)

              
	
                LT1-F16

              	 	
                $       9,531,871.00

              	 	
                (2)

              
	
                LT1-V16

              	 	
                $       9,531,871.00

              	 	
                (3)

              
	
                LT1-F17

              	 	
                $       9,868,293.00

              	 	
                (2)

              
	
                LT1-V17

              	 	
                $       9,868,293.00

              	 	
                (3)

              
	
                LT1-F18

              	 	
                $       8,458,352.00

              	 	
                (2)

              
	
                LT1-V18

              	 	
                $       8,458,352.00

              	 	
                (3)

              

      

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      
        	
                Designation

              	 	
                Initial Principal

                Balance

              	 	
                Interest
                  Rate

              
	
                LT1-F19

              	 	
                $       8,103,795.50

              	 	
                (2)

              
	
                LT1-V19

              	 	
                $       8,103,795.50

              	 	
                (3)

              
	
                LT1-F20

              	 	
                $       7,764,087.50

              	 	
                (2)

              
	
                LT1-V20

              	 	
                $       7,764,087.50

              	 	
                (3)

              
	
                LT1-F21

              	 	
                $       7,845,889.00

              	 	
                (2)

              
	
                LT1-V21

              	 	
                $       7,845,889.00

              	 	
                (3)

              
	
                LT1-F22

              	 	
                $       8,068,012.00

              	 	
                (2)

              
	
                LT1-V22

              	 	
                $       8,068,012.00

              	 	
                (3)

              
	
                LT1-F23

              	 	
                $     31,797,901.00

              	 	
                (2)

              
	
                LT1-V23

              	 	
                $     31,797,901.00

              	 	
                (3)

              
	
                LT1-F24

              	 	
                $       6,333,979.50

              	 	
                (2)

              
	
                LT1-V24

              	 	
                $       6,333,979.50

              	 	
                (3)

              
	
                LT1-F25

              	 	
                $       6,092,174.50

              	 	
                (2)

              
	
                LT1-V25

              	 	
                $       6,092,174.50

              	 	
                (3)

              
	
                LT1-F26

              	 	
                $       5,793,854.00

              	 	
                (2)

              
	
                LT1-V26

              	 	
                $       5,793,854.00

              	 	
                (3)

              
	
                LT1-F27

              	 	
                $       5,635,019.50

              	 	
                (2)

              
	
                LT1-V27

              	 	
                $       5,635,019.50

              	 	
                (3)

              
	
                LT1-F28

              	 	
                $       5,168,444.00

              	 	
                (2)

              
	
                LT1-V28

              	 	
                $       5,168,444.00

              	 	
                (3)

              
	
                LT1-F29

              	 	
                $       4,915,891.50

              	 	
                (2)

              
	
                LT1-V29

              	 	
                $       4,915,891.50

              	 	
                (3)

              
	
                LT1-F30

              	 	
                $       4,690,358.50

              	 	
                (2)

              
	
                LT1-V30

              	 	
                $       4,690,358.50

              	 	
                (3)

              
	
                LT1-F31

              	 	
                $       4,446,452.50

              	 	
                (2)

              
	
                LT1-V31

              	 	
                $       4,446,452.50

              	 	
                (3)

              
	
                LT1-F32

              	 	
                $       4,254,269.50

              	 	
                (2)

              
	
                LT1-V32

              	 	
                $       4,254,269.50

              	 	
                (3)

              
	
                LT1-F33

              	 	
                $       4,383,278.00

              	 	
                (2)

              
	
                LT1-V33

              	 	
                $       4,383,278.00

              	 	
                (3)

              
	
                LT1-F34

              	 	
                $     19,717,206.50

              	 	
                (2)

              
	
                LT1-V34

              	 	
                $     19,717,206.50

              	 	
                (3)

              
	
                LT1-F35

              	 	
                $       7,246,769.00

              	 	
                (2)

              
	
                LT1-V35

              	 	
                $       7,246,769.00

              	 	
                (3)

              
	
                LT1-F36

              	 	
                $       2,491,758.00

              	 	
                (2)

              
	
                LT1-V36

              	 	
                $       2,491,758.00

              	 	
                (3)

              
	
                LT1-F37

              	 	
                $       2,369,817.50

              	 	
                (2)

              
	
                LT1-V37

              	 	
                $       2,369,817.50

              	 	
                (3)

              
	
                LT1-F38

              	 	
                $       2,253,839.50

              	 	
                (2)

              
	
                LT1-V38

              	 	
                $       2,253,839.50

              	 	
                (3)

              
	
                LT1-F39

              	 	
                $       2,143,532.50

              	 	
                (2)

              
	
                LT1-V39

              	 	
                $       2,143,532.50

              	 	
                (3)

              
	
                LT1-F40

              	 	
                $       2,038,618.50

              	 	
                (2)

              
	
                LT1-V40

              	 	
                $       2,038,618.50

              	 	
                (3)

              
	
                LT1-F41

              	 	
                $       1,938,836.00

              	 	
                (2)

              

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      
        	
                Designation

              	 	
                Initial Principal

                Balance

              	 	
                Interest
                  Rate

              
	
                LT1-V41

              	 	
                $       1,938,836.00

              	 	
                (3)

              
	
                LT1-F42

              	 	
                $       1,843,932.00

              	 	
                (2)

              
	
                LT1-V42

              	 	
                $       1,843,932.00

              	 	
                (3)

              
	
                LT1-F43

              	 	
                $       1,753,670.00

              	 	
                (2)

              
	
                LT1-V43

              	 	
                $       1,753,670.00

              	 	
                (3)

              
	
                LT1-F44

              	 	
                $       1,667,822.00

              	 	
                (2)

              
	
                LT1-V44

              	 	
                $       1,667,822.00

              	 	
                (3)

              
	
                LT1-F45

              	 	
                $       1,586,173.00

              	 	
                (2)

              
	
                LT1-V45

              	 	
                $       1,586,173.00

              	 	
                (3)

              
	
                LT1-F46

              	 	
                $       1,508,517.00

              	 	
                (2)

              
	
                LT1-V46

              	 	
                $       1,508,517.00

              	 	
                (3)

              
	
                LT1-F47

              	 	
                $       1,434,660.00

              	 	
                (2)

              
	
                LT1-V47

              	 	
                $       1,434,660.00

              	 	
                (3)

              
	
                LT1-F48

              	 	
                $       1,364,415.00

              	 	
                (2)

              
	
                LT1-V48

              	 	
                $       1,364,415.00

              	 	
                (3)

              
	
                LT1-F49

              	 	
                $       1,297,606.00

              	 	
                (2)

              
	
                LT1-V49

              	 	
                $       1,297,606.00

              	 	
                (3)

              
	
                LT1-F50

              	 	
                $       1,250,976.00

              	 	
                (2)

              
	
                LT1-V50

              	 	
                $       1,250,976.00

              	 	
                (3)

              
	
                LT1-F51

              	 	
                $       1,180,367.00

              	 	
                (2)

              
	
                LT1-V51

              	 	
                $       1,180,367.00

              	 	
                (3)

              
	
                LT1-F52

              	 	
                $       1,114,990.50

              	 	
                (2)

              
	
                LT1-V52

              	 	
                $       1,114,990.50

              	 	
                (3)

              
	
                LT1-F53

              	 	
                $       1,110,792.50

              	 	
                (2)

              
	
                LT1-V53

              	 	
                $       1,110,792.50

              	 	
                (3)

              
	
                LT1-F54

              	 	
                $       1,035,556.50

              	 	
                (2)

              
	
                LT1-V54

              	 	
                $       1,035,556.50

              	 	
                (3)

              
	
                LT1-F55

              	 	
                $       1,090,063.50

              	 	
                (2)

              
	
                LT1-V55

              	 	
                $       1,090,063.50

              	 	
                (3)

              
	
                LT1-F56

              	 	
                $       1,923,517.50

              	 	
                (2)

              
	
                LT1-V56

              	 	
                $       1,923,517.50

              	 	
                (3)

              
	
                LT1-F57

              	 	
                $       1,976,414.50

              	 	
                (2)

              
	
                LT1-V57

              	 	
                $       1,976,414.50

              	 	
                (3)

              
	
                LT1-F58

              	 	
                $       7,302,834.00

              	 	
                (2)

              
	
                LT1-V58

              	 	
                $       7,302,834.00

              	 	
                (3)

              
	
                LT1-F59

              	 	
                $       7,186,948.50

              	 	
                (2)

              
	
                LT1-V59

              	 	
                $       7,186,948.50

              	 	
                (3)

              
	
                LT1-R

              	 	
                (4)

              	 	
                (4)

              

      

      
        	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for the LT1-A Interest shall be the Net WAC Rate.
                  

              

      

      

      
        	
                (2)

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

              

      

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
        	
                (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
                  LT1-R interest shall not have a principal amount and shall not
                  bear
                  interest. The LT1-R interest is hereby designated as the sole class
                  of
                  residual interest in Lower-Tier REMIC
                  1.

              

      

      

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

      

      On
        each
        Distribution Date, the Trustee shall distribute the aggregate Principal
        Remittance Amount with respect to the Lower-Tier REMIC 1 Interests, first
        to the
        LT1-A Interest until its principal balance is reduced to zero, and then
        sequentially, to the other Lower-Tier Interests in Lower-Tier REMIC 1 in
        ascending order of their numerical designation, and, with respect to each
        pair
        of Lower-Tier Interests having the same numerical designation, in equal amounts
        to each such Lower-Tier Interest, until the principal balance of each is
        reduced
        to zero. All losses on the Mortgage Loans shall be allocated among the
        Lower-Tier Interests in Lower-Tier REMIC 1 in the same manner that principal
        distributions are allocated.

      

      On
        each
        Distribution Date, the Trustee shall distribute the Prepayment Premiums
        collected during the preceding Prepayment Period, in the case of Principal
        Prepayments in full, or during the related Collection Period, in the case
        of
        Principal Prepayments in part, to the LT1-F59 and LT1-V59 Lower-Tier Interests,
        respectively.

      

      Middle-Tier
        REMIC 1:

      

      The
        following table sets forth the designations, principal balances and interest
        rates for each interest in Middle-Tier REMIC 1, each of which (other than
        the
        Class MT1-R Interest) is hereby designated as a regular interest in Middle-Tier
        REMIC 1 (the “Middle-Tier REMIC 1 Regular Interests”):

      
        	
                Middle-Tier
                  

                REMIC
                  1

                Designation

              	 	
                Middle-Tier
                  

                REMIC
                  1

                Interest
                  Rate

              	 	
                Initial
                  Class 

                Principal
                  Amount

              	 	
                Corresponding
                  Class of 

                Certificate(s)
                  or 

                Components

              
	
                MT1-A1

              	 	
                (1)

              	 	
                (3)

              	 	
                A1

              
	
                MT1-A2

              	 	
                (1)

              	 	
                (3)

              	 	
                A2

              
	
                MT1-A3

              	 	
                (1)

              	 	
                (3)

              	 	
                A3

              
	
                MT1-A4

              	 	
                (1)

              	 	
                (3)

              	 	
                A4

              
	
                MT1-A5

              	 	
                (1)

              	 	
                (3)

              	 	
                A5

              
	
                MT1-M1

              	 	
                (1)

              	 	
                (3)

              	 	
                M1

              
	
                MT1-M2

              	 	
                (1)

              	 	
                (3)

              	 	
                M2

              
	
                MT1-M3

              	 	
                (1)

              	 	
                (3)

              	 	
                M3

              
	
                MT1-M4

              	 	
                (1)

              	 	
                (3)

              	 	
                M4

              
	
                MT1-M5

              	 	
                (1)

              	 	
                (3)

              	 	
                M5

              
	
                MT1-M6

              	 	
                (1)

              	 	
                (3)

              	 	
                M6

              
	
                MT1-M7

              	 	
                (1)

              	 	
                (3)

              	 	
                M7

              
	
                MT1-M8

              	 	
                (1)

              	 	
                (3)

              	 	
                M8

              
	
                MT1-M9

              	 	
                (1)

              	 	
                (3)

              	 	
                M9

              
	
                MT1-M10

              	 	
                (1)

              	 	
                (3)

              	 	
                M10

              
	
                MT1-Q

              	 	
                (1)

              	 	
                (4)

              	 	
                N/A

              
	
                MT1-IO

              	 	
                (2)

              	 	
                (2)

              	 	
                N/A

              
	
                MT1-R

              	 	
                (5)

              	 	
                (5)

              	 	
                R

              

      

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      ___________________________

      

      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Interests in Middle-Tier REMIC 1 is a per annum
                  rate
                  equal to the weighted average of the interest rates on the Lower-Tier
                  Interests in Lower-Tier REMIC 1 for such Distribution Date, provided,
                  however, that
                  for any Distribution Date on which the Class MT1-IO Interest is
                  entitled
                  to a portion of the interest accruals on a Lower-Tier Interest
                  in
                  Lower-Tier REMIC 1 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 1 to a
                  cap equal
                  to Swap LIBOR for such Distribution Date.

              

      

      

      
        	 	
                (2)

              	
                The
                  Class MT1-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 MT1-IO shall be entitled to interest
                  accrued on
                  the Lower-Tier Interest in Lower-Tier REMIC 1 listed in 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 Lower-Tier REMIC
                  1 for
                  such Distribution Date over (ii) Swap LIBOR for such Distribution
                  Date.

              

      

      

      
        	
                Distribution
                  Dates

              	
                Lower-Tier
                  REMIC 

                1
                  Designation

              
	
                2

              	
                LT1-F1

              
	
                2-3

              	
                LT1-F2

              
	
                2-4

              	
                LT1-F3

              
	
                2-5

              	
                LT1-F4

              
	
                2-6

              	
                LT1-F5

              
	
                2-7

              	
                LT1-F6

              
	
                2-8

              	
                LT1-F7

              
	
                2-9

              	
                LT1-F8

              
	
                2-10

              	
                LT1-F9

              
	
                2-11

              	
                LT1-F10

              
	
                2-12

              	
                LT1-F11

              
	
                2-13

              	
                LT1-F12

              
	
                2-14

              	
                LT1-F13

              
	
                2-15

              	
                LT1-F14

              
	
                2-16

              	
                LT1-F15

              
	
                2-17

              	
                LT1-F16

              
	
                2-18

              	
                LT1-F17

              
	
                2-19

              	
                LT1-F18

              
	
                2-20

              	
                LT1-F19

              
	
                2-21

              	
                LT1-F20

              
	
                2-22

              	
                LT1-F21

              
	
                2-23

              	
                LT1-F22

              
	
                2-24

              	
                LT1-F23

              
	
                2-25

              	
                LT1-F24

              
	
                2-26

              	
                LT1-F25

              
	
                2-27

              	
                LT1-F26

              
	
                2-28

              	
                LT1-F27

              
	
                2-29

              	
                LT1-F28

              
	
                2-30

              	
                LT1-F29

              
	
                2-31

              	
                LT1-F30

              
	
                2-32

              	
                LT1-F31

              
	
                2-33

              	
                LT1-F32

              
	
                2-34

              	
                LT1-F33

              
	
                2-35

              	
                LT1-F34

              
	
                2-36

              	
                LT1-F35

              
	
                2-37

              	
                LT1-F36

              

      

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      
        	
                Distribution
                  Dates

              	
                Lower-Tier
                  REMIC 

                1
                  Designation

              
	
                2-38

              	
                LT1-F37

              
	
                2-39

              	
                LT1-F38

              
	
                2-40

              	
                LT1-F39

              
	
                2-41

              	
                LT1-F40

              
	
                2-42

              	
                LT1-F41

              
	
                2-43

              	
                LT1-F42

              
	
                2-44

              	
                LT1-F43

              
	
                2-45

              	
                LT1-F44

              
	
                2-46

              	
                LT1-F45

              
	
                2-47

              	
                LT1-F46

              
	
                2-48

              	
                LT1-F47

              
	
                2-49

              	
                LT1-F48

              
	
                2-50

              	
                LT1-F49

              
	
                2-51

              	
                LT1-F50

              
	
                2-52

              	
                LT1-F51

              
	
                2-53

              	
                LT1-F52

              
	
                2-54

              	
                LT1-F53

              
	
                2-55

              	
                LT1-F54

              
	
                2-56

              	
                LT1-F55

              
	
                2-57

              	
                LT1-F56

              
	
                2-58

              	
                LT1-F57

              
	
                2-59

              	
                LT1-F58

              
	
                2-60

              	
                LT1-F59

              

      

      

      
        	 	
                (3)

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

              

      

      

      
        	 	
                (4)

              	
                This
                  interest shall have an initial principal balance 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
                  Middle-Tier REMIC 1.

              

      

      

      
        	 	
                (5)

              	
                The
                  Class MT1-R interest is the sole class of residual interests in
                  Middle-Tier REMIC 1. It does not have an interest rate or a principal
                  balance.

              

      

      

      On
        each
        Distribution Date, interest shall be distributed on the Lower-Tier Interests
        in
        Middle-Tier REMIC 1 based on the above-described interest rates,
        provided,
        however,
        that
        interest that accrues on the Class MT1-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 MT1-Q Interest. An amount equal to the
        interest so deferred shall be distributed as additional principal on the
        other
        interests in Middle-Tier REMIC 1 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 interests in Middle-Tier REMIC 1 in the following order
        of
        priority:

      

      (a)
        First, to the Class MT-A1, Class MT-A2, Class MT-A3, Class MT-A4, Class MT1-A5,
        Class MT1-M1, Class MT1-M2, Class MT1-M3, Class MT1-M4, Class MT1-M5, Class
        MT1-M6, Class MT1-M7, Class MT1-M8, Class MT1-M9, and Class MT1-M10 Interests
        until the principal balance of each such 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 MT1-Q Interests, any remaining amounts.

      

      On
        each
        Distribution Date, the Trustee shall be deemed to have distributed the
        Prepayment Premiums passed through with respect to the LT1-F59 and LT1-V59
        Lower-Tier Interests in Lower-Tier REMIC 1 on such Distribution Date to the
        Class MT1-Q Interest.

      

      The
        Certificates

      

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

      

        
          	
                  Class
                    Designation

                	 	
                  Interest
                    Rate

                	 	
                  Initial
                    Class

                  Principal
                    Amount

                  or
                    Class Notional 

                  Amount
                    ($)

                	 	
                  Minimum
                    

                  Denominations

                
	
                   

                	 	
                   

                	 	
                   

                	 	
                   

                
	
                  Class
                    A1

                	 	
                  (1)

                	 	
                  $337,121,000

                	 	
                  $25,000

                
	
                  Class
                    A2

                	 	
                  (2)

                	 	
                  $161,066,000

                	 	
                  $25,000

                
	
                  Class
                    A3

                	 	
                  (3)

                	 	
                  $64,546,000

                	 	
                  $25,000

                
	
                  Class
                    A4

                	 	
                  (4)

                	 	
                  $170,000,000

                	 	
                  $25,000

                
	
                  Class
                    A5

                	 	
                  (5)

                	 	
                  $81,414,000

                	 	
                  $25,000

                
	
                  Class
                    M1

                	 	
                  (6)

                	 	
                  $17,116,000

                	 	
                  $100,000

                
	
                  Class
                    M2

                	 	
                  (7)

                	 	
                  $7,022,000

                	 	
                  $100,000

                
	
                  Class
                    M3

                	 	
                  (8)

                	 	
                  $4,388,000

                	 	
                  $100,000

                
	
                  Class
                    M4

                	 	
                  (9)

                	 	
                  $4,388,000

                	 	
                  $100,000

                
	
                  Class
                    M5

                	 	
                  (10)

                	 	
                  $4,388,000

                	 	
                  $100,000

                
	
                  Class
                    M6

                	 	
                  (11)

                	 	
                  $4,388,000

                	 	
                  $100,000

                
	
                  Class
                    M7

                	 	
                  (12)

                	 	
                  $4,388,000

                	 	
                  $100,000

                
	
                  Class
                    M8

                	 	
                  (13)

                	 	
                  $4,388,000

                	 	
                  $100,000

                
	
                  Class
                    M9

                	 	
                  (14)

                	 	
                  $4,388,000

                	 	
                  $100,000

                
	
                  Class
                    M10

                	 	
                  (15)

                	 	
                  $4,388,000

                	 	
                  $100,000

                
	
                  Class
                    P

                	 	
                  (16)

                	 	
                  (16)

                	 	
                  (23)

                
	
                  Class
                    X

                	 	
                  (17)

                	 	
                  (17)

                	 	
                  (23)

                
	
                  Class
                    C-X

                	 	
                  (18)

                	 	
                  (18)

                	 	
                  (23)

                
	
                  Class
                    S-X

                	 	
                  (19)

                	 	
                  (19)

                	 	
                  (23)

                
	
                  Class
                    R

                	 	
                  (20)

                	 	
                  (20)

                	 	
                  (23)

                
	
                  Class
                    LT-R

                	 	
                  (21)

                	 	
                  (21)

                	 	
                  (23)

                
	
                  Class
                    C

                	 	
                  (22)

                	 	
                  (22)

                	 	
                  (23)

                

        

      

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      _________________

      
        	
                (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 0.100% (the “A1 Margin”) and
                  (ii) the 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 0.200%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass A1
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class A1
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (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 0.170% (the “A2 Margin”) and
                  (ii) the 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 0.340%. For purposes of the REMIC Provisions,
                  the
                  reference to “ Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass A2
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class A2
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to 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 0.250% (the “A3 Margin”) and
                  (ii) the 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 0.500%. For purposes of the REMIC Provisions,
                  the
                  reference to “ Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass A3
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class A3
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to 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 0.170% (the “A4 Margin”) and
                  (ii) the 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 0.340%. For purposes of the REMIC Provisions,
                  the
                  reference to “ Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass A4
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class A4
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      
        	
                (5)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Certificates is the per annum rate
                  equal
                  to the lesser of (i) LIBOR plus 0.250% (the “A5 Margin”) and (ii) the 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 Certificates will
                  be
                  LIBOR plus 0.500%. For purposes of the REMIC Provisions, the reference
                  to
                  “Net Funds Cap” in clause (ii) of the preceding sentence shall be deemed
                  to be a reference to the REMIC 1 Net Funds Cap. For any Distribution
                  Date
                  on which the Certificate Interest Rate for the Class A5 Certificates
                  is
                  based on the Net Funds Cap, the amount of interest that would have
                  been
                  payable on such Certificates if the REMIC 1 Net Funds Cap were
                  substituted
                  for the Net Funds Cap over the amount actually payable thereon
                  shall be
                  treated as having been paid to the owners of the Certificates and
                  then
                  deposited by such owners into the Supplemental Interest Trust pursuant
                  to
                  Section 10.01(n) hereof. 

              

      

      

      
        	
                (6)

              	
                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 0.300% (the “M1 Margin”) and
                  (ii) the 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 0.450%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Class M1
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class M1
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (7)

              	
                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 0.320% (the “M2 Margin”) and
                  (ii) the 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 0.480%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass M2
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class M2
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (8)

              	
                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 0.340% (the “M3 Margin”) and
                  (ii) the 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 0.510%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass M3
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class M3
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      
        	
                (9)

              	
                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 0.400% (the “M4 Margin”) and
                  (ii) the 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 0.600%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass M4
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class M4
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (10)

              	
                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 0.420% (the “M5 Margin”) and
                  (ii) the 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 0.630%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass M5
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class M5
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (11)

              	
                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 0.500% (the “M6 Margin”) and
                  (ii) the 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 0.750%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass M6
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class M6
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (12)

              	
                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 1.000% (the “M7 Margin”) and
                  (ii) the 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 1.500%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass M7
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class M7
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      
        	
                (13)

              	
                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 1.250% (the “M8 Margin”) and
                  (ii) the 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 1.875%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass M8
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class M8
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (14)

              	
                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 1.900% (the “M9 Margin”) and
                  (ii) the 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 2.850%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass M9
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class M9
                  Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (15)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M10 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 1.900% (the “M10 Margin”) and
                  (ii) the 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 M10 Certificates
                  will be LIBOR plus 2.850%. For purposes of the REMIC Provisions,
                  the
                  reference to “Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 1 Net Funds Cap.
                  For any
                  Distribution Date on which the Certificate Interest Rate for the
                  Cass M10
                  Certificates is based on the Net Funds Cap, the amount of interest
                  that
                  would have been payable on such Certificates if the REMIC 1 Net
                  Funds Cap
                  were substituted for the Net Funds Cap over the amount actually
                  payable
                  thereon shall be treated as having been paid to the owners of the
                  Class
                  M10 Certificates and then deposited by such owners into the Supplemental
                  Interest Trust pursuant to Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (16)

              	
                The
                  Class P Certificates will not bear interest at a stated rate. The
                  Class P
                  Certificates shall have a Class P Principal Amount equal to $100
                  and shall
                  be entitled to receive all Prepayment Premiums paid with respect
                  to the
                  Mortgage Loans for which the Seller has retained the servicing
                  rights as
                  provided in Section 5.02(f)(viii).

              

      

      

      
        	
                (17)

              	
                The
                  Class X Certificates shall have an initial principal balance of
                  $4,399,566.01 (initial overcollateralization of $4,399,666.01 minus
                  $100.00 allocated to the Class P Certificates to create the $100
                  Class P
                  Principal Amount), but shall not accrue interest on that balance.
                  In
                  addition to the right to receive ultimately the initial principal
                  balance,
                  which right represents a regular interest Upper-Tier REMIC 1, the
                  Class X
                  Certificate shall also comprise a notional component, which represents
                  a
                  regular interest in the Upper Tier REMIC 1. Such component has
                  a notional
                  balance that will at all times equal the aggregate of the principal
                  balances of the regular interests in Middle-Tier REMIC 1, 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) the difference between (a) the weighted average of the interest
                  rates
                  on the regular interests in Middle-Tier REMIC 1 (other than the
                  Class
                  MT1-IO Interest) over (ii) the Adjusted Middle-Tier 1 WAC.
                  

              

      

      

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      
        	
                (18)

              	
                For
                  purposes of the REMIC Provisions, the Class C-X Certificate shall
                  represent beneficial ownership of the Cap
                  Agreement.

              

      

      

      
        	
                (19)

              	
                The
                  Class S-X Certificates shall represent an interest-only regular
                  interest
                  in Upper-Tier REMIC I, which shall be entitled to receive all
                  distributions in respect of the Class MT1-IO Interest in Middle-Tier
                  REMIC
                  1 (the “Class I” interest). In addition, for purposes of the REMIC
                  Provisions, the Class S-X Certificate shall represent beneficial
                  ownership
                  of the Supplemental Interest Trust Account, including the Swap
                  Agreement.

              

      

      

      
        	
                (20)

              	
                The
                  Class R Certificate will be issued without a Certificate Principal
                  Amount
                  and will not bear interest at a stated rate. The Class R Certificate
                  represents ownership of the residual interest in Upper-Tier REMIC
                  1, as
                  well as ownership of the LT1-R Interest and the MT1-R
                  Interest.

              

      

      

      
        	
                (21)

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

              

      

      

      
        	
                (22)

              	
                The
                  Class C Certificates will be issued without a Certificate Principal
                  Amount
                  and will not bear interest at a stated rate. The Class C Certificates
                  shall be entitled to receive the Class C Distributable
                  Amount.

              

      

      

      
        	
                (23)

              	
                The
                  Class X, Class C-X, Class S-X and Class P Certificates will each
                  be issued
                  in minimum Percentage Interests of 10.00%. The Class C, Class LT-R
                  and
                  Class R Certificate will each be issued as a single Certificate
                  evidencing
                  the entire Percentage Interest in each such
                  Class.

              

      

      

      As
        of the
        Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
        of
        $877,788,666.

      

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

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01. Definitions.
        

      

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

      

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

      

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      A1
        Margin:
        As defined in footnote (1) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      A2
        Margin:
        As defined in footnote (2) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      A3
        Margin:
        As defined in footnote (3) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      A4
        Margin:
        As defined in footnote (4) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      A5
        Margin:
        As defined in footnote (5) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      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.

      

      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 any Distribution Date and the Offered Certificates, the period
        beginning on the immediately preceding Distribution Date (or, in the case
        of the
        first Accrual Period on November 25, 2006) and ending on the day immediately
        preceding the related Distribution Date. With respect to any Distribution
        Date
        and the Class X Certificates and each Lower-Tier Interest, the calendar month
        preceding the month of such Distribution Date. The Class C-X and Class S-X
        Certificates will not be entitled to payments of interest.

      

      Act:
        As defined in Section 3.03(c).

      

      Additional
        Servicer:
        Each
        affiliate of each 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.

      

      Adjusted
        Middle-Tier 1 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 each regular interest in Middle-Tier REMIC 1 (other
        than
        any interest-only regular interest), 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 MT1-Q Interest to a cap of 0.00% and
        by
        subjecting the rate on each remaining regular interest to a cap that corresponds
        to the Certificate Interest Rate for the Corresponding Class of Certificates
        (determined by substituting the REMIC 1 Net Funds Cap for the applicable
        Net
        Funds Cap), provided,
        however,
        that
        for each Class of Certificates for which interest is accrued on the basis
        of a
        360-day year and the actual number of days in the related Accrual Period,
        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.

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      Advance:
        An
        advance of the aggregate of payments of principal and interest (net of the
        applicable Servicing Fee) on one or more Mortgage Loans that were due on
        the 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 the related
        Servicer or by the Master Servicer on behalf of the related Servicer (or
        by the
        Trustee as successor Master Servicer) pursuant to Section 5.04.

      

      Adverse
        REMIC Event:
        Either
        (i) 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) 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
        Loan Balance:
        As of
        any date of determination, the aggregate of the Scheduled Principal Balances
        of
        all the Mortgage Loans.

      

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

      

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

      

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

      

      Applied
        Loss Amounts:
        With
        respect to any Distribution Date, after giving effect to all Realized Losses
        incurred with respect to the Mortgage Loans during the related Collection
        Period
        and distributions of principal on such Distribution Date, the amount by which
        the aggregate Class Principal Amount of the Offered Certificates and Class
        P
        Certificates exceeds the Aggregate Loan Balance for such Distribution
        Date.

      

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      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 none of the Custodians nor the Trustee shall be responsible for determining
        whether any such assignment is in recordable form.

      

      Aurora:
        Aurora Loan Services LLC or its successors in interest.

      

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

      

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

      

      Available
        Basis Risk Amount:
        For any Distribution Date and the Offered Certificates, the lesser
        of:

      

      (i)
        the
        product of:

      

      (a)
        the
        excess, if any of (1) the weighted average of the Interest Rates on the Offered
        Certificates computed without regard to the Net Funds Cap, weighted based
        on the
        relative Class Principal Amounts for each class of Offered Certificates,
        over
        (2) the Net Funds Cap, and

      

      (b)
        the
        Scheduled Notional Amount for such Distribution Date, and

      

      (c)
        a
        fraction, the numerator of which is the actual number of days in the Accrual
        Period and the denominator of which is 360, and

      

      (ii)
        the
        amount on deposit in the Supplemental Interest Trust after all required
        distributions have been made on such Distribution Date pursuant to Sections
        5.02(h)(i) through (iv).

      

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

      

      Balloon
        Mortgage Loan:
        Not applicable. 

      

      Balloon
        Payment:
        Not applicable.

      

      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.

      

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

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

      

      Basis
        Risk Payment:
        With
        respect to any Distribution Date, an amount equal to (A) 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
        Amount for such Distribution Date less any amounts received by the Trust
        Fund
        under the Cap Agreement to the extent payable to the Offered Certificates
        for
        such Distribution Date over (B) (i) the amount of Available Basis Risk Amounts
        paid pursuant to Section 5.02(h)(v) on such Distribution Date and (ii) the
        amount of any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls paid
        pursuant to Section 5.02(h)(vii). 

      

      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 for the benefit of the Offered Certificates.

      

      Basis
        Risk Shortfall:
        With
        respect to any Distribution Date and any Class of Offered 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
        applicable Net Funds Cap for such date, exceeds the amount of interest
        calculated at the applicable Net Funds Cap.

      

      Benefit
        Plan Opinion:
        An Opinion of Counsel satisfactory to the Trustee to the effect that any
        proposed transfer 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.

      

      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 Offered Certificates constitutes Book-Entry
        Certificates.

      

      Bulk
        PMI Policy:
        Not applicable.

      

      Business
        Day:
        Any day other than (i) a Saturday or a Sunday, (ii) a day on which banking
        institutions in the States of Colorado, Illinois or New York or the city
        in
        which the Corporate Trust Office of the Trustee is located are closed, or
        (iii)
        with respect to any Servicer Remittance Date or any Servicer reporting date,
        a
        day on which banking institutions in 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.

      

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      Cap
        Agreement:
        The Cap
        Agreement dated as of November 30, 2006, entered into between the Trustee
        on
        behalf of the Trust Fund (for the benefit of the Certificateholders) and
        the Cap
        Counterparty, which agreement provides for the monthly payment specified
        therein, to the Trustee on behalf of the trust (for the benefit of the Offered
        Certificateholders) commencing with the Distribution Date in November 2007
        and
        terminating in (but including the Distribution Date in) December 2011, by
        the
        Cap Counterparty, but subject to the conditions set forth therein, including
        the
        1992 ISDA Master Swap Agreement (Multi-Currency Cross Border), together with
        the
        confirmation and schedules relating thereto, in the form of Exhibit N-2
        hereto.

      

      Cap
        Counterparty:
        In the case of the Cap Agreement, Lehman Brothers Special Financing
        Inc.

      

      Carryforward
        Interest:
        With respect to any Distribution Date and any Class of Certificates (other
        than
        the Class C, Class X, Class C-X, Class S-X, Class P, Class R and Class LT-R
        Certificates), 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.

      

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

      

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

      

      Certificate
        Interest Rate:
        With respect to each Class of Certificates and any Distribution Date, the
        applicable per annum rate set forth or described 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 Certificate (other than the Class C, Class X, Class C-X,
        Class S-X, Class R and Class LT-R Certificates) and any Distribution Date,
        the
        initial Certificate Principal Amount thereof on the Closing Date, less the
        amount of all principal distributions previously distributed with respect
        to
        such Certificate prior to such Distribution Date, and, in the case of the
        Offered Certificates, as reduced by any Applied Loss Amount previously allocated
        thereto; provided,
        however,
        that on each Distribution Date on which a related Subsequent Recovery is
        distributed, (i) the Certificate Principal Amount of any Offered 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 date and (2) the total
        amount of any Subsequent Recovery distributed on such Distribution Date after
        application (for this purpose) to any more senior Classes of such Certificates.
        The Class C, Class X, Class C-X, Class S-X and Class R Certificates are issued
        without Certificate Principal Amounts. The Class P Certificates are issued
        with
        an initial Class P Principal Amount of $100.00. 

      

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      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.”

      

      Certifying
        Party:
        As
        defined in Section 6.20(e)(iii).

      

      Class:
        All Certificates and, in the case of each of Lower-Tier REMIC 1 and Middle-Tier
        REMIC 1, all Lower Tier Interests bearing the same Class designation.

      

      Class
        C Distributable Amount:
        For
        each Distribution Date (1) on and prior to the Class X Account Termination
        Date,
        an amount equal to the lesser of (a) aggregate
        investment earnings on the Class X Account for the related Collection Period
        and
        (b) the amount on deposit in the Class X Account on such Distribution Date,
        and
        (2) on the Class X Account Termination Date, an amount equal to the entire
        amount remaining on deposit in the Class X Account, after making the payments
        set forth in clause (1) hereto.

      

      Class
        C Mortgage Loan:
        Any Mortgage Loan which has become a Liquidated Mortgage Loan on or prior
        to the
        Collection Period ending in December 2009.

      

      Class
        I Shortfalls:
        As defined in Section 10.01(l) 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 I interest in the Upper Tier REMIC 1 on such Distribution Date, all
        as
        further provided in Section 10.01(l) hereof.

      

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

      

      Class
        P Interest:
        An
        interest in Upper-Tier REMIC 1, as described in footnote (16) to the table
        entitled “The Certificates” in the Preliminary Statement, which interest shall
        be evidenced by the rights of the holders of the Class P Certificates to
        receive
        Prepayment Premiums with respect to Mortgage Loans.

      

      Class
        P Principal Amount:
        As of
        the Closing Date, $100.00.

      

      Class
        Principal Amount:
        With respect to each Class of
        Certificates other than the Class C, Class P, Class R, Class LT-R, Class
        X,
        Class C-X and Class S-X Certificates, the aggregate of the Certificate Principal
        Amounts (or related Percentage Interest therein aggregating to 100%) of all
        Certificates of such Class at the date of determination. With respect to
        the
        Class P Certificates, the Class P Principal Amount. With respect to the Class
        C,
        Class R, Class LT-R, Class X, Class C-X and Class S-X Certificates,
        zero.

      

      Class
        R Certificate:
        The Class R Certificate executed by the Trustee, and
        authenticated and delivered by the Certificate Registrar, substantially in
        the
        form annexed hereto as Exhibit A and evidencing the ownership of the sole
        class
        of residual interest in Upper-Tier
        REMIC 1 as well as ownership of the Class LT1-R Interest in Lower-Tier REMIC
        1
        and the Class MT1-R Interest in Middle-Tier REMIC 1.

      

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      Class
        X
        Account:
        An account established as part of the Trust
        Fund pursuant to Section 5.11 of this Agreement but which is not an asset
        of any
        of the REMICs for the benefit of the Class X and Class C
        Certificates.

      

      Class
        X Account Termination Date:
        The Distribution Date in December 2009.

      

      Class
        X Distributable Amount:
        On any Distribution Date, the amount of interest that has accrued on the
        notional balance of the Class X Certificates (as described in the Preliminary
        Statement in footnote (17) under the caption “The Certificates,” but that has
        not been distributed prior to such date. In addition, such amount shall include
        the Class X Principal Amount to the extent such amount has not been distributed
        on an earlier Distribution Date as part of the Overcollateralization Release
        Amount.

      

      Class
        X Notional Balance:
        With respect to any Distribution Date (and the related Accrual Period) the
        aggregate of the Class Principal Amount of the interests in Middle-Tier REMIC
        1,
        as described in the Preliminary Statement.

      

      Class
        X Principal Amount:
        As of the Closing Date, $4,399,566. 

      

      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.

      

      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.

      

      Clearstream:
        Clearstream Banking, S.A., Luxembourg, and any successor thereto.

      

      Closing
        Date:
        November 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.

      

      Collateral
        Account:
        The
        account maintained by the Trustee in accordance with the provisions of Section
        5.08(b).

      

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

      

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

      

      Commission:
        The
        United States Securities and Exchange Commission.

      

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

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

      

      Component:
        Not
        applicable.

      

      Component
        Interest Rate:
        Not
        applicable.

      

      Component
        Principal Amount:
        Not applicable.

      

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

      

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

      

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

      

      Cooperative
        Shares:
        Shares
        issued by a Cooperative Corporation.

      

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

      

      Corporate
        Trust Office:
        The
        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 execution of this Agreement shall be in the case of Certificate
        transfers and for purposes of presentment and surrender of the Certificates
        for
        final distribution thereon, 135 South LaSalle Street, Suite 1511, Chicago,
        Illinois, 60603,
        Attention: Global Securities and Trust Services - LXS 2006-19 or any such
        other
        address as the Trustee may designate from time to time by notice to the
        Certificateholders, the Depositor and the Master Servicer.

      

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      Corresponding
        Class:
        The
        Class of Certificates that corresponds to a class of interests in Middle-Tier
        REMIC 1 and as described in the Preliminary Statement.

      

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

      

      Credit
        Support Annex:
        The
        credit support annex to the Swap Agreement dated as of November 30, 2006,
        between the Trustee on behalf of the Supplemental Interest Trust and the
        Swap
        Counterparty. 

      

      Cumulative
        Loss Trigger Event:
        With
        respect to any Distribution Date, a Cumulative Loss Trigger Event shall occur
        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:

      

      
        	
                Distribution
                  Date

              	
                Loss
                  Percentage

              
	
                December
                  2008 through November 2009

              	
                0.30%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.40% for each month thereafter

              
	
                December
                  2009 through November 2010

              	
                0.70%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.50% for each month thereafter

              
	
                December
                  2010 through November 2011

              	
                1.20%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.50% for each month thereafter

              
	
                December
                  2011 through November 2012

              	
                1.70%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.30% for each month thereafter

              
	
                December
                  2012 through November 2013

              	
                2.00%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.05% for each month thereafter

              
	
                December
                  2013 and thereafter

              	
                2.05%

              

      

      

       

      
        
           

        

        
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      Current
        Interest:
        With
        respect to any Offered Certificate 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 thereof immediately
        prior to such Distribution Date. 

      

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

      

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

      

      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:
        With
        respect to all Mortgage Loans, November 1, 2006.

      

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

      

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

      

      Defaulting
        Party:
        As
        defined in the Swap Agreement.

      

      Deferred
        Amount:
        With
        respect to any Distribution Date and each Offered Certificate, the amount
        by
        which the aggregate Applied Loss Amounts previously applied in reduction
        of the
        Certificate Principal Amount thereof, less (i) any amounts previously reimbursed
        in respect thereof and (ii) the amount by which the Certificate Principal
        Amount
        of such Offered Certificate has been increased due to Subsequent Recoveries.
        

      

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

      

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

      

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

      

      Delinquency
        Event:
        With
        respect to any Distribution Date, a Delinquency Event shall occur if the
        Rolling
        Three Month Delinquency Rate as of the last day of the immediately preceding
        month equals or exceeds 37.40% of the Senior Enhancement Percentage for such
        Distribution Date.

      

      
        
           

        

        
          24

          
            

          

        

        
           

        

      

      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 all
        Mortgage Loans which are 60 days Delinquent or more (including all foreclosures,
        bankruptcies and REO Properties) as of the close of business on the last
        day of
        such month, and the denominator of which is the Aggregate Loan Balance
        as of
        the close of business on the last day of such month.

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      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.

      

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

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

      

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

      

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

      

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

      

      (iv) securities
        bearing interest or sold at a discount issued by any corporation incorporated
        under the laws of the United States of America or any state thereof which
        have a
        credit rating from each Rating Agency, at the time of investment or the
        contractual commitment providing for such investment, at least equal to one
        of
        the two highest long-term credit rating categories of each Rating Agency;
        provided,
        however,
        that
        securities issued by any particular corporation will not be Eligible Investments
        to the extent that investment therein will cause the then outstanding principal
        amount of securities issued by such corporation and held as part of the Trust
        Fund to exceed 20% of the sum of the 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;

      

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

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

      

      (vi) a
        Qualified GIC;

      

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

      

      (viii) any
        other
        demand, money market, common trust fund or time deposit or obligation, or
        interest-bearing or other security or investment (including those managed
        or
        advised by the Trustee or any Affiliate thereof), (A) rated in the highest
        rating category by each Rating Agency 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. Such investments in this subsection (viii) may include
        money
        market mutual funds or common trust funds, including any fund for which LaSalle
        Bank National Association, in its capacity other than as Trustee, the Trustee,
        the Master Servicer or an Affiliate thereof serves as an investment advisor,
        administrator, shareholder, servicing agent, and/or custodian or subcustodian,
        notwithstanding that (x) LaSalle Bank National Association, the Trustee,
        the
        Master Servicer or any Affiliate thereof charges and collects fees and expenses
        from such funds for services rendered, (y) LaSalle Bank National
        Association, the Trustee, the Master Servicer, 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. LaSalle Bank National Association or an Affiliate
        thereof is hereby authorized to charge and collect from the Trustee such
        fees as
        are collected from all investors in such funds for services rendered to such
        funds (but not to exceed investment earnings thereon);

      

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

      

      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 C, Class P, Class R, Class LT-R, Class X, Class C-X and Class S-X
        Certificate and any Certificate with a rating below the lowest applicable
        rating
        permitted under the Underwriter’s Exemption.

      

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

      ERISA-Restricted
        Swap Certificate:
        Any
        Offered 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 and Exchange Act of 1934, as amended, and the rules and regulations
        thereunder.

      

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

      

      Excluded
        Trust Assets:
        As
        defined in the Preliminary Statement. 

      

      Fannie
        Mae:
        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
        Scheduled Distribution Date:
        With
        respect to each Class of Certificates, the Distribution Date in December
        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.

      

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

      

      Freddie
        Mac:
        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.

      

      Ginnie
        Mae
        or
GNMA:
        Ginnie
        Mae, f/k/a the Government National Mortgage Association, a wholly owned
        corporate instrumentality of the United States within HUD.

      

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

      

      
        
           

        

        
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      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, any Servicer, the Cap
        Counterparty or any Affiliate thereof shall be deemed not to be outstanding
        in
        determining whether the requisite percentage necessary to effect any such
        consent has been obtained, except that, in determining whether the Trustee
        shall
        be protected in relying upon any such consent, only Certificates which a
        Responsible Officer of the Trustee knows to be so owned shall be disregarded.
        The Trustee may request and conclusively rely on certifications by the
        Depositor, the Master Servicer, the Cap Counterparty or the applicable Servicer,
        in determining whether any Certificates are registered to an Affiliate of
        the
        Depositor, the Master Servicer, the Cap Counterparty or any Servicer,
        respectively. After a Section 7.01(d) Purchase Event, except in the case
        of the
        Class LT-R Certificates, Sections 3.03, 3.04, 3.05, 3.06, 3.07, 3.09, 5.02(b)
        through (h) and 11.03 (a) and (b) 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 Pooling REMIC 1 Regular Interests (in the case of a Section 7.01(d)
        Purchase Event).

      

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

      

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

      

      Initial
        LIBOR Rate:
        5.32%
        per annum.

      

      Initial
        Optional Termination Date:
        The
        Distribution Date occurring in the month following the month in which the
        Aggregate Loan Balance initially declines to less than 10.00% of the Cut-off
        Date Balance.

      

      Insurance
        Fee Rate:
        With
        respect to each Mortgage Loan insured by an Insurance Policy paid for by
        the
        lender, the per annum rate specified in the Mortgage Loan Schedule.

      

      Insurance
        Policy:
        Any
        Primary Mortgage 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.

      

      
        
           

        

        
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      Interest
        Remittance Amount:
        With
        respect any Distribution Date, (a) the sum of (1) all interest collected
        (other
        than in connection with Payaheads and Prepayment Premiums) or advanced in
        respect of Scheduled Payments during the related Collection Period by the
        Servicers, the Master Servicer, or the Trustee (solely acting in its capacity
        as
        successor Master Servicer), minus
        (x) the
        Servicing Fee with respect to the Mortgage Loans and (y) previously unreimbursed
        Advances and other amounts due to the Servicers, the Master Servicer or the
        Trustee (solely acting 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 the Mortgage Loans, (2) any
        Compensating Interest Payments with respect to the Mortgage Loans with respect
        to the related Prepayment Period (or in the case of Mortgage Loans serviced
        by
        Aurora, the relevant Collection Period), (3) the portion of any Purchase
        Price,
        as applicable, or Substitution Amount paid with respect the Mortgage Loans
        during the related Prepayment Period (or in the case of Mortgage Loans serviced
        by Aurora, the relevant Collection Period) allocable to interest, and
        (4) all Net Liquidation Proceeds, Insurance Proceeds and any other
        recoveries collected with respect to the Mortgage Loans during the related
        Prepayment Period (or in the case of Mortgage Loans serviced by Aurora, the
        relevant Collection Period), to the extent allocable to interest, as reduced
        by
        (b) other costs, expenses or liabilities reimbursable to the Trustee, the
        Master
        Servicer or each Servicer to the extent provided in this Agreement and each
        Servicing Agreement, and the Custodian pursuant to the Custodial Agreement;
        provided,
        however,
        that in the case of the Trustee, such reimbursable amounts may not exceed
        $500,000 during any Anniversary Year up to and including the Anniversary
        Year in
        which the Stepdown Date occurs and $200,000 during any Anniversary Year
        thereafter (the “Applicable Maximum Reimbursement Amount”). In the event that
        the Trustee incurs reimbursable amounts in excess of the Applicable Maximum
        Reimbursement Amount in any Anniversary Year, it may obtain reimbursement
        for
        such amounts in subsequent Anniversary Years, but in no event shall more
        than
        the Applicable Maximum Reimbursement Amount in aggregate 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 in determining the Applicable Maximum
        Reimbursement Amount limitation on reimbursable amounts per Anniversary Year.
        For
        the
        avoidance of doubt, (i) the Interest Remittance Amount available on each
        Swap
        Payment Date for distributions to the Supplemental Interest Trust 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 Supplemental Interest
        Trust Account on the related Swap Payment Date. 

      

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

      

      Item
        1122 Responsible Party:
        With
        respect to the criteria to be addressed under Item 1122 of Regulation AB,
        the
        attesting party as indicated in the table attached hereto at Exhibit
        O.

      

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

      

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

      

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

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

      

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

      

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

      

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

      

      LIBOR
        Certificate:
        Any
        Offered Certificate.

      

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

      

      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 and are not recoverable
        under the applicable Primary Mortgage Insurance Policy, 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, condemnation proceeds,
        Insurance Proceeds, or otherwise, or the sale of the related Mortgaged Property
        if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan
        by
        foreclosure or deed in lieu of foreclosure, including any amounts remaining
        in
        the related Escrow Account.

      

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

      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 thereof.

      

      Lower-Tier
        Interest:
        As
        described in the Preliminary Statement.

      

      Lower-Tier
        REMIC:
        Any of
        Pooling REMIC 1 or Lower-Tier REMIC 1. 

      

      Lower-Tier
        REMIC 1:
        As
        described in the Preliminary Statement.

      

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

      

      M1
        Margin:
        As defined in footnote (6) of the Preliminary Statement under the caption
“The
        Certificates.”

      

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

      

      M1
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 89.20% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor. 

      

      M2
        Margin:
        As defined in footnote (7) of the Preliminary Statement under the caption
“The
        Certificates.”

      

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

      

      M2
        Target Amount:
        With
        respect to any Distribution Date an amount equal to the lesser of (a) the
        product of (i) 90.80% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

      M3
        Margin:
        As defined in footnote (8) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

      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 the aggregate Class Principal Amount
        of
        the Senior Certificates, the Class M1 Certificates and Class M2 Certificates,
        in
        each case after giving effect to distributions on such Distribution Date
        and
        (ii) the Class Principal Amount of the 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) 91.80% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

      M4
        Margin:
        As defined in footnote (9) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      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 the aggregate Class Principal Amount
        of
        the Senior Certificates, the Class M1 Certificates, Class M2 Certificates
        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) 92.80% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

      M5
        Margin:
        As defined in footnote (10) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      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 the aggregate Class Principal Amount
        of
        the Senior Certificates, the Class M1 Certificates, Class M2 Certificates,
        Class
        M3 Certificates 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) 93.80% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

      M6
        Margin:
        As defined in footnote (11) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      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 the aggregate Class Principal Amount
        of
        the Senior Certificates, the Class M1 Certificates, Class M2 Certificates,
        Class
        M3 Certificates, Class M4 Certificates and the 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) 94.80% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

      M7
        Margin:
        As defined in footnote (12) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      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 the aggregate Class Principal Amount
        of
        the Senior Certificates, the Class M1 Certificates, Class M2 Certificates,
        Class
        M3 Certificates, Class M4 Certificates, Class M5 Certificates 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) 95.80% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

      M8
        Margin:
        As defined in footnote (13) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      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 the aggregate Class Principal Amount
        of
        the Senior Certificates, the Class M1 Certificates, Class M2 Certificates,
        Class
        M3 Certificates, Class M4 Certificates, Class M5 Certificates, Class M6
        Certificates 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) 96.80% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

      M9
        Margin:
        As defined in footnote (14) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      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 the aggregate Class Principal Amount
        of
        the Senior Certificates, the Class M1 Certificates, Class M2 Certificates,
        Class
        M3 Certificates, Class M4 Certificates, Class M5 Certificates, Class M6
        Certificates, Class M7 Certificates 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.

      

      M9
        Target Amount:
        With
        respect to any Distribution Date an amount equal to the lesser of (a) the
        product of (i) 97.80% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

      M10
        Margin:
        As defined in footnote (15) of the Preliminary Statement under the caption
“The
        Certificates.”

      

      M10
        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 the aggregate Class Principal Amount
        of
        the Senior Certificates, the Class M1 Certificates, Class M2 Certificates,
        Class
        M3 Certificates, Class M4 Certificates, Class M5 Certificates, Class M6
        Certificates, Class M7 Certificates, Class M8 Certificates 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 M10
        Certificates immediately prior to such Distribution Date exceeds (y) the
        M10
        Target Amount.

      

      M10
        Target Amount:
        With
        respect to any Distribution Date an amount equal to the lesser of (a) the
        product of (i) 98.80% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

       

      

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

      

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

      

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

      

      
        
           

        

        
          35

          
            

          

        

        
           

        

      

      Master
        Servicing Fee Rate:
        0.00%
        per annum.

      

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

      

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

      

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

      

      Middle-Tier
        REMIC 1:
        As
        described in the Preliminary Statement.

      

      Monthly
        Excess Cashflow:
        For any
        Distribution Date, an amount equal to the sum of (i) the Monthly Excess Interest
        for such Distribution Date, (ii) the Overcollateralization Release Amount
        for
        such Distribution Date and (iii) any remaining Principal Distribution Amount
        for
        such Distribution Date, after applying the principal payment priority set
        forth
        in Sections 5.02(d)(i)(A) 5.02(d)(i)(C) or Section 5.02(d)(ii), as
        applicable.

      

      Monthly
        Excess Interest:
        With
        respect to any Distribution Date, the amount of any Interest Remittance Amount
        remaining after application pursuant to clauses (A)(i) through (iii) of Section
        5.02(b) on such date.

      

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

      

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

      

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

      

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

      

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

      

      Mortgage
        Loan Schedule:
        The
        schedule attached hereto as Schedule A, which shall identify each Mortgage
        Loan,
        as such schedule may be amended from time to time to reflect the addition
        of
        Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
        Such
        schedule shall set forth, among other things, the following information with
        respect to each Mortgage Loan: (i) the Mortgage Loan identifying number;
        (ii)
        the Mortgagor’s name; (iii) the street address of the Mortgaged Property
        including the city, state and zip code; (iv) the original principal amount
        of
        the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the monthly
        payment of principal and interest at origination; (vii) the Seller of such
        Mortgage Loan to the Depositor; (viii) the Servicer servicing such Mortgage
        Loan
        and the applicable Servicing Fee Rate; (ix) with respect to any Mortgage
        Loan
        with a lender paid Insurance Policy, the related Insurance Fee Rate; (x)
        the
        applicable Prepayment Premium, if any, and the method of calculation, (xi)
        the
        Custodian with respect to the Mortgage File related to such Mortgage Loan
        and
        (xii) the Mortgage Pool into which the Mortgage Loan has been deposited.
        The
        Depositor shall be responsible for providing the Trustee and the Master Servicer
        with all amendments to the Mortgage Loan Schedule.

      

      
        
           

        

        
          36

          
            

          

        

        
           

        

      

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

      

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

      

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

      

      Mortgagor:
        The
        obligor on a Mortgage Note.

      

      Net
        Excess Spread Percentage:
        With
        respect to any Distribution Date, 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 Interest Remittance Amount for such Distribution Date exceeds (b)
        the
        Current Interest payable with respect to the Offered Certificates for such
        Distribution Date and (ii) 12, and the denominator of which is the Pool Balance
        for such Distribution Date.

      

      Net
        Funds Cap:
        With
        respect to any Distribution Date and the Offered Certificates, an annual
        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 Optimal Interest Remittance
        Amount for such Distribution Date over (ii) any Net Swap Payment or Swap
        Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
        the
        Swap Counterparty on the related Swap Payment Date and (2) 12, and (b) the
        denominator of which is the Pool Balance 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), multiplied by 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.

      

      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 (i) the
        Servicing Fee Rate for such Mortgage Loan, and (ii) the Insurance Fee Rate,
        if
        applicable.

      

      
        
           

        

        
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      Net
        Prepayment Interest Shortfall:
        With
        respect to any Master Servicer Remittance Date, the excess, if any, of any
        Prepayment Interest Shortfalls with respect to the Mortgage Loans for such
        date
        over (i) any Prepayment Interest Excess with respect to the Mortgage Loans
        for such date and (ii) any amounts paid with respect to such shortfalls by
        the Servicers pursuant to the Servicing Agreements.

      

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

      

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

      

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

      

      NIM
        Securities:
        Any net
        interest margin securities issued subsequent to the Closing Date by an owner
        trust or other special purpose entity, the principal assets of such trust
        or
        other entity including the Class X, Class C-X, Class S-X and Class P
        Certificates and the payments received thereon, as provided herein, which
        principal assets back such securities.

      

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

      

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

      

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

      

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

      

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

      

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

      

      Offered
        Certificates:
        The
        Senior Certificates and the Offered Subordinate Certificates. 

      

      Offered
        Subordinate Certificates:
        The
        Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
        M8,
        Class M9 and Class M10 Certificates.

      

      Offering
        Document:
        The
        Prospectus.

      

      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.

      

      
        
           

        

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

      

      Optimal
        Interest Remittance Amount:
        For
        each Distribution Date, the product of (A) (x) the weighted average of the
        Net
        Mortgage Rates for the Mortgage Loans as of the first day of the related
        Collection Period divided by (y) 12 and (B) the Pool Balance 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).

      

      Original
        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 Mortgage Property.

      

      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
        Loan Balance for such Distribution Date determined as of the last day of
        the
        related Collection Period exceeds (y) the aggregate Class Principal Amount
        of
        the Offered Certificates, in each case 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 for such Distribution Date exceeds (y) the
        Overcollateralization Amount for such Distribution Date, calculated for this
        purpose after giving effect to the reduction on such Distribution Date of
        the
        aggregate Certificate Principal Amount of the Offered 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 to the Offered Certificates.

      

      Overcollateralization
        Floor:
        An
        amount equal to 0.35% of the Aggregate Loan Balance as of the Cut-off Date
        and
        beginning on the Distribution Date in December 2026, an amount equal to the
        higher of (i) 0.35% of the Aggregate Loan Balance as of the Cut-off Date
        or (ii)
        the outstanding balance of the 40-year Mortgage Loans at the end of the related
        Collection Period plus 0.10% of the Aggregate Loan Balance as of the Cut-off
        Date.

      

      Overcollateralization
        Release Amount:
        With
        respect to any Distribution Date, the lesser of (x) the Principal Remittance
        Amount for such Distribution Date and (y) the amount, if any, by which (1)
        the
        Overcollateralization Amount for such Distribution Date (calculated for this
        purpose on the basis of the assumption that 100% of the Principal Remittance
        Amount for such date is applied on such Distribution Date in reduction of
        the
        aggregate Certificate Principal Amount of the Offered Certificates) exceeds
        (2)
        the Targeted Overcollateralization Amount for such Distribution
        Date.

      

      
        
           

        

        
          39

          
            

          

        

        
           

        

      

      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.

      

      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 Certificate other than the
        Class
        C, Class X, Class C-X, Class S-X, Class P, Class R and Class LT-R Certificates,
        the Percentage Interest evidenced thereby shall equal the initial Certificate
        Principal Amount thereof divided by the initial Class Principal Amount of
        all
        Certificates of the same Class. With respect to the Class C, Class X, Class
        C-X,
        Class S-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
        Balance:
        For any
        date of determination, the aggregate of the Scheduled Principal Balances
        of the
        Mortgage Loans as of such date.

      

      Pool
        Purchase Price:
        A 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 to the Due Date in the Due
        Period immediately preceding the related Distribution Date, (ii) 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, (iii) the
        amount of any unreimbursed Servicing Advances and amounts owed to the Trustee
        hereunder with respect to such Mortgage Loans, (iv) the fair market value
        of any
        REO Property and any other property held by the Trust Fund with respect to
        such
        Mortgage Loans, such fair market value to be determined by an appraiser or
        appraisers mutually agreed upon by the Master Servicer and the Trustee (reduced,
        in the case of REO Property, by (1) reasonably anticipated disposition costs
        and
        (2) any amount by which the fair market value as so reduced exceeds the
        outstanding principal balance of the related Mortgage Loan) plus interest
        accrued thereon at the applicable Net Mortgage Rate to the date of such purchase
        and (v) any Swap Termination Payment payable to the Swap Counterparty as
        a
        result of a termination pursuant to Section 7.01.

      

      
        
           

        

        
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      Pooling
        REMIC 1 Regular Interests:
        Lower-Tier Interests in Pooling REMIC 1 as described in the Preliminary
        statement.

      

      Prepayment
        Interest Excess:
        With respect to any Distribution Date and any Mortgage Loan for which Aurora
        is
        the primary servicer, any Principal Prepayment in full received on the Mortgage
        Loans from the first day through the sixteenth day of the month during which
        such Distribution Date occurs, all amounts paid in respect of interest at
        the
        applicable Net Mortgage Rate on such Principal Prepayment. 

      

      Prepayment
        Interest Shortfall:
        With respect to any Distribution Date and (x) any Principal Prepayment in
        full
        (with respect to those Mortgage Loans serviced by Servicers other than Aurora)
        and (y) any Principal Prepayment in full with respect to those Mortgage Loans
        serviced by Aurora if such Principal Prepayment is received on or after the
        seventeenth day of the month immediately preceding the month of such
        Distribution Date, but on or before the last day of the month immediately
        preceding the month of such Distribution Date, the difference between (i)
        one
        full month’s interest at the applicable Net Mortgage Rate (after giving effect
        to any applicable Relief Act Reduction) on the outstanding principal balance
        of
        such Mortgage Loan immediately prior to such prepayment and (ii) the amount
        of
        interest actually received with respect to such Mortgage Loan in connection
        with
        such Principal Prepayment.

      

      Prepayment
        Period:
        With
        respect to those Mortgage Loans serviced by Servicers other than Aurora and
        any
        Distribution Date and any Principal Prepayment, whether in part or in full
        (including any liquidation), the calendar month immediately preceding the
        month
        in which such Distribution Date occurs. With respect to any Distribution
        Date
        and a Principal Prepayment in full (including any liquidation) with respect
        to
        those Mortgage Loans serviced by Aurora, the period from the seventeenth
        day of
        the month immediately preceding the month of such Distribution Date to the
        sixteenth day of the month of such Distribution Date (except in the case
        of the
        December 2006 Distribution Date, for which the related Prepayment Period
        will be
        the period from November 1, 2006 through December 16, 2006). With respect
        to
        those Mortgage Loans serviced by Aurora, any Distribution Date and any Principal
        Prepayment in part, the calendar month immediately preceding the month in
        which
        such Distribution Date occurs.

      

      Prepayment
        Premiums:
        Any
        prepayment fees and penalties to be paid by the Mortgagor on a Mortgage Loan
        with respect to which the Seller owns the servicing rights, as indicated
        in the
        Mortgage Loan Schedule. Prepayment Premiums shall not be included in the
        Principal Remittance Amount or the Interest Remittance Amount.

      

      Primary
        Mortgage Insurance Policy:
        Any
        mortgage guaranty insurance, if any, on an individual Mortgage Loan as evidenced
        by a policy or certificate, whether such policy is obtained by the originator,
        the lender or the borrower.

      

      
        
           

        

        
          41

          
            

          

        

        
           

        

      

      Principal
        Distribution Amount:
        With
        respect to any Distribution Date, an amount equal to the Principal Remittance
        Amount for such date minus
        the
        Overcollateralization Release Amount, if any, for such Distribution Date.
        

      

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

      

      Principal
        Remittance Amount:
        With
        respect to any Distribution Date (a) the sum of (i) all principal collected
        (other than in connection with Payaheads) or advanced in respect of Scheduled
        Payments on the Mortgage Loans during the related Collection Period whether
        by a
        Servicer, the Master Servicer or the Trustee, solely in its capacity as
        successor Master Servicer (less unreimbursed Advances due to the Master
        Servicer, any Servicer, or the Trustee, in its capacity as successor master
        servicer, with respect to the related Mortgage Loans, to the extent allocable
        to
        principal and any unreimbursed Servicing Advances), (ii) all Principal
        Prepayments in full or in part received during the related Prepayment Period
        with respect to the Mortgage Loans (or in the case of Mortgage Loans serviced
        by
        Aurora, the related Collection Period), (iii) the outstanding principal balance
        of each Mortgage Loan that was repurchased by the Seller or the related
        Transferor during the related Prepayment Period (or in the case of Mortgage
        Loans serviced by Aurora, the related Collection Period), or the NIMS Insurer
        (in the case of certain Mortgage Loans 90 days or more delinquent), (iv)
        the
        portion of any Substitution Amount paid with respect to any Deleted Mortgage
        Loan during the related Prepayment Period (or in the case of Mortgage Loans
        serviced by Aurora, the related Collection 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 during
        the
        related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora,
        the related Collection Period), to the extent allocable to principal, as
        reduced
        by (b) to the extent not reimbursed from the Interest Remittance Amount,
        other
        costs, expenses or liabilities reimbursable to the Trustee, the Master Servicer
        and each Servicer to the extent provided in this Agreement and each Servicing
        Agreement, and to the Custodian pursuant to the Custodial Agreement;
provided,
        however,
        in the case of the Trustee such reimbursement may not exceed the Applicable
        Maximum Reimbursement Amount. In the event the Trustee incurs reimbursable
        amounts in excess of the Applicable Maximum Reimbursement Amount, it may
        seek
        reimbursement for such amounts in subsequent Anniversary Years, but in no
        event
        shall more than the Applicable Maximum Reimbursement Amount 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 in determining the Applicable Maximum
        Reimbursement Amount limitation on reimbursable amounts per Anniversary Year.
        For the avoidance of doubt, (i) the Principal Remittance Amount available
        on
        each Swap Payment Date for distributions to the Supplemental Interest Trust
        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 Supplemental
        Interest Trust Account on the related Swap Payment Date.

      

      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.

      

      
        
           

        

        
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      Prospectus:
        The
        prospectus supplement dated November 29, 2006 together with the accompanying
        prospectus dated November 13, 2006, relating to the Offered
        Certificates.

      

      Purchase
        Price:
        With
        respect to the purchase of a Mortgage Loan or related REO Property pursuant
        to
        Section 2.05 of 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) any unreimbursed Servicing Advances
        with respect to such Mortgage Loan; (d) any costs and damages incurred by
        the
        Trust Fund with respect to such Mortgage Loan in connection with any violation
        of any federal, state or local predatory or abusive lending laws or other
        similar laws; and (e) the fair market value of all other property being
        purchased (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). The
        Master Servicer, each Servicer (or the Trustee, in its capacity as successor
        Master Servicer, 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 or related REO Property that
        are
        reimbursable to the Master Servicer or such Servicer under this Agreement
        or the
        Servicing Agreement (or to the Trustee hereunder in its capacity as successor
        Master Servicer), together with any accrued and unpaid compensation due to
        the
        Master Servicer, any Servicer or the Trustee hereunder or
        thereunder.

      

      QIB:
        As
        defined in Section 3.03(c).

      

      QIB-Restricted
        Certificate:
        Any
        Class C Certificate.

      

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

      

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

      

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

      

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

      

      
        
           

        

        
          43

          
            

          

        

        
           

        

      

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

      

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

      

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

      

      Qualifying
        Substitute Mortgage Loan:
        In the
        case of a Mortgage Loan substituted for a Deleted Mortgage Loan 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) in the case of any Adjustable Rate Mortgage
        Loans, has a maximum Mortgage Rate not less than the maximum Mortgage Rate
        on
        the Deleted Mortgage Loan, (iv) in the case of any Adjustable Rate Mortgage
        Loans, has a minimum Mortgage Rate not less than the minimum Mortgage Rate
        of
        the Deleted Mortgage Loan, (v) in the case of any Adjustable Rate Mortgage
        Loans, 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) in the case of any Adjustable
        Rate
        Mortgage Loans, 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 greater than
        (and not more than one year less than) that of the Deleted Mortgage Loan,
        provided,
        that in
        no case shall such substitute Mortgage Loan have a maturity date later than
        the
        Final Scheduled Maturity 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 any 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 and Assignment
        Agreement, (xvi) has the same or higher lien position as the Deleted Mortgage
        Loan, (xvii) is covered by a Primary Mortgage Insurance Policy if the Deleted
        Mortgage Loan was so covered and (xviii) contains provisions covering the
        payment of Prepayment Premium by the Mortgagor for early prepayment of the
        Mortgage Loan at least as favorable as the Deleted Mortgage Loan. 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 Qualified 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 Qualified Substitute Mortgage Loan or in the aggregate, as the
        case
        may be.

      

      
        
           

        

        
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      Rating
        Agency:
        Each of
        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.

      

      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 the LIBOR Certificates, and any Distribution Date, the close of
        business on the Business Day immediately preceding such Distribution Date.
        With
        respect to the Class C, Class P, Class X, Class C-X, Class S-X, Class LT-R
        and
        Class R Certificates and 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 Global Security:
        Not
        applicable.

      

      Regulation
        S:
        Not
        applicable.

      

      Relevant
        Servicing Criteria:
        The
        Servicing Criteria applicable to each party, as set forth on Exhibit O 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 Trustee, each Custodian or each Servicer, the term “Relevant
        Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria
        applicable to such parties. 

      

      
        
           

        

        
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      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
        Relief
        Act, any amount by which interest collectible on such Mortgage Loan for the
        Due
        Date in the related Due Period is less than interest accrued thereon for
        the
        applicable one-month period at the Mortgage Rate without giving effect to
        such
        reduction.

      

      Relief
        Act:
        The
        Servicemembers Civil Relief Act, as amended, and any similar state law or
        regulation.

      

      REMIC:
        Each
        pool of assets in the Trust Fund designated as a REMIC pursuant to Section
        10.01(a) hereof.

      

      REMIC
        1 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 regular interests in Middle-Tier REMIC 1 (other than the Class MT1-IO
        Interests), weighted in proportion to their Class Principal Amounts as of
        the
        beginning of the related Accrual Period, multiplied by (ii) the quotient
        of (a)
        30 divided by (b) the actual number of days in the Accrual Period.

      

      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 D to the Prospectus Supplement,
        (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 Amount:
        With
        respect to any Distribution Date on which the Net Excess Spread Percentage
        is
        less than 0.25%, the amount, if any by which (a) the product of 1.00% and
        the
        aggregate Class
        Principal Amount of the Offered Certificates immediately prior to such
        Distribution 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
        Percentage is equal to or greater than 0.25%, the amount, if any, by which
        $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 Amounts of each Class
        of the
        Offered Certificates
        has
        been
        reduced to zero, the Required Reserve Fund Amount shall be zero.

      

      
        
           

        

        
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      Residual
        Certificates:
        The
        Class LT-R and Class R Certificates.

      

      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 P, Class X, Class C-X, Class S-X, Class LT-R or Class R
        Certificate.

      

      Restricted
        Global Security:
        Not
        Applicable.

      

      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.

      

      Scheduled
        Notional Amount:
        For
        each Distribution Date and the Swap Agreement, the amount set forth in Exhibit
        N. The initial Scheduled Notional Amount will be approximately
        $846,613,577.

      

      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
        or as a result of any related Deficient Valuation (in each case, excluding
        all
        amounts of principal and interest that were due on or before the Cut-off
        Date
        whenever received) and, in the case of an REO Property, an amount equivalent
        to
        the Scheduled Payment that would have been due on the related Mortgage Loan
        if
        such Mortgage Loan had remained in existence.

      

      Scheduled
        Principal Balance:
        With
        respect to (i) any Mortgage Loan 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 received thereon which are 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 and the Cut-off Date, as specified in the Mortgage
        Loan Schedule. The Scheduled Principal Balance of a Liquidated Mortgage Loan
        shall be zero.

      

      
        
           

        

        
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      Section
        7.01(d) Purchase Event:
        The
        purchase of all the Pooling REMIC 1 Regular Interests.

      

      Securities
        Act:
        The
Securities
        Act of 1933, as amended

      

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

      

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

      

      Senior
        Certificates:
        Collectively, the Class A1, Class A2, Class A3, Class A4 and Class A5
        Certificates.

      

      Senior
        Enhancement Percentage:
        With
        respect to any Distribution Date, the fraction, expressed as a percentage,
        the
        numerator of which is the sum of (x) the aggregate Class Principal Amount
        of the
        Offered Subordinate Certificates and (y) 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 Loan Balance for
        such
        Distribution Date, in each case after giving effect to distributions on such
        Distribution Date.

      

      Senior
        Principal Distribution Amount:
        With
        respect to any Distribution Date (a) prior to the Stepdown Date or if a
        Trigger Event is
        in effect with
        respect to such Distribution Date, an amount equal to 100% of the Principal
        Distribution Amount and (b) 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
        aggregate Class Principal Amount of the Senior Certificates immediately prior
        to
        such Distribution Date exceeds (y) the Senior Target Amount.

      

      Senior
        Priority:
        The
        priority of distributions on the Senior Certificates described in Section
        5.02(d)(i)(B).

      

      Senior
        Target Amount:
        With
        respect to any Distribution Date an amount equal to the lesser of (a) the
        product of (i) 85.30% and (ii) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (1) the Aggregate Loan Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (2)
        the Overcollateralization Floor.

      

      Servicer:
        Any
        Servicer that has entered into any of the Servicing Agreements attached as
        Exhibit E hereto, or any successor in interest.

      

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

      

      
        
           

        

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

      

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

      

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

      

      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 and the Trustee, that is participating in
        the
        servicing function within the meaning of Regulation AB, unless such Person’s
        activities relate only to 5% or less of the Mortgage Loans.

      

      Sponsor:
        Lehman
        Brothers Holdings Inc.

      

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

      

      Stepdown
        Date:
        The
        earlier of (x) 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 (y) the later to occur of (1) the Distribution Date in
        December 2009 and (2) 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 any related
        Certificate on such Distribution Date) is greater than or equal to
        14.70%.

      

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

      

      
        
           

        

        
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      Subordinate
        Priority:
        To the
        Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
        M8,
        Class M9 and Class M10 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 any material servicing functions required
        to
        be performed under this Agreement, any related Servicing Agreement or any
        subservicing agreement that are identified in Item 1122(d) of Regulation
        AB.

      

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

      

      Supplemental
        Interest Trust:
        The
        corpus of a trust created pursuant to Section 5.08 of this Agreement and
        designated as the “Supplemental Interest Trust,” consisting of the Swap
        Agreement, the Supplemental Interest Trust Account, the Collateral Account,
        the
        right to receive the Class X Distributable Amount to the extent provided
        in
        Section 5.02(f)(ix), the Class I interest in Upper-Tier REMIC 1 and the right
        to
        receive Class I Shortfalls.

      

      Supplemental
        Interest Trust Account:
        The
        account created pursuant to Section 5.08 of this Agreement.

      

      Supplemental
        Interest Trust 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
        Supplemental Interest Trust Account.

      

      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, credit support annex or other agreements relating thereto,
        attached hereto as Exhibit N.

      

      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
        HSBC Bank USA, National Association.

      

      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.

      

      
        
           

        

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

      

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

      

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

      

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

      

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

      

      Targeted
        Overcollateralization Amount:
        With
        respect to any Distribution Date (x) prior to the Stepdown Date an amount
        equal
        to approximately $5,266,732 (i.e., 0.60% of the Cut-Off Date Balance) and
        (y)
        for any Distribution Date on or after the Stepdown Date, the greater of (1)
        the
        lesser of (a) $5,266,732 and (b) the product of 1.20% of the Aggregate Loan
        Balance as of the last day of the Collection Period and (2) the
        Overcollateralization Floor; provided, however, for any Distribution Date
        on or
        after the Stepdown Date and for which a Trigger Event is in effect, the Targeted
        Overcollateralization Amount will be equal to the Targeted Overcollateralization
        Amount in effect 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 Moneyline Telerate Service
        (or such other page selected by the Trustee as may replace Page 3750 on that
        service for the purpose of displaying daily comparable rates on
        prices).

      

      Termination
        Event:
        As
        defined in the Swap Agreement.

      

      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 Interest Remittance
        Amount
        for such date; (ii) the Principal Remittance Amount for such date; and (iii)
        the
        Prepayment Premiums.

      

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

      

      
        
           

        

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

      

      Trigger
        Event:
        With
        respect to any Distribution Date, means that either a Delinquency Event or
        a
        Cumulative Loss Trigger Event is in effect for such Distribution
        Date.

      

      Trust
        Fund:
        The
        corpus of the Lehman XS Trust 2006-19 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, the Cap Agreement and all amounts received from the Cap Counterparty
        thereunder, such amounts as shall from time to time be held in the Basis
        Risk
        Reserve Fund, the Collection Account, Certificate Account, any Custodial
        Account
        and any Escrow Account, the Insurance Policies, any REO Property and the
        other
        items referred to in, and conveyed to the Trustee under, Section
        2.01(a).

      

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

      

      Trustee:
        LaSalle
        Bank National Association, a national banking association, not in its individual
        capacity, but solely in its capacity as trustee for the benefit of the
        Certificateholders under this Agreement or solely in its capacity as trustee
        of
        the Supplemental Interest Trust, as applicable, and any successor thereto,
        and
        any corporation or national banking association resulting from or surviving
        any
        consolidation or merger to which it or its successors may be a party and
        any
        successor trustee as may from time to time be serving as successor trustee
        hereunder.

      

      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 Class of Offered Certificates, the
        aggregate of all Basis Risk Shortfalls with respect to such Class remaining
        unpaid from previous Distribution Dates, plus interest accrued thereon at
        the
        applicable Certificate Interest Rate computed without regard to the applicable
        Net Funds Cap.

      

      Upper-Tier
        REMIC 1:
        As
        described in the Preliminary Statement.

      

      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 Offered Certificates. Such Voting Interests shall be allocated
        among the Offered 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 and Class R Certificates,
        while they remain outstanding. At all times during the term of this Agreement,
        0.33% of all Voting Interests shall be allocated to each of the Class X,
        Class
        C-X and Class S-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. The Class
        C
        Certificates will not have any Voting Interests. In the case of the purchase
        by
        the Master Servicer of the Pooling REMIC 1 Regular Interests pursuant to
        a
        Section 7.01(d) 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
        any
        Class of Certificates may be exercised by the LTURI-holder.

      

      
        
           

        

        
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      Section
        1.02. Calculations
        Respecting Mortgage Loans.

      

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

      

      Section
        1.03. Calculations
        Respecting Accrued Interest.  

      

      Accrued
        interest, if any, on the LIBOR Certificates, shall be calculated based upon
        a
        360-day year and the actual number of days in each Accrual Period. Accrued
        interest on the Class X Certificates and each Lower-Tier Interest shall be
        calculated based upon a 360-day year and twelve 30-day months.

      

      ARTICLE
        II

      

      DECLARATION
        OF TRUST;

      ISSUANCE
        OF CERTIFICATES

      

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

      

      (a) Concurrently
        with the execution and delivery of this Agreement, the Depositor does hereby
        transfer, assign, set over, deposit with and otherwise convey to the Trustee,
        without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
        all
        the right, title and interest of the Depositor in and to the Mortgage Loans.
        Such conveyance includes, without limitation, the right to all payments of
        principal and interest received on or with respect to the Mortgage Loans
        on and
        after the Cut-off Date (other than payments of principal and interest due
        on or
        before such date), and all such payments due after such date but received
        prior
        to such date and intended by the related Mortgagors to be applied after such
        date together with all of the Depositor’s right, title and interest in and to
        the Collection Account, the Certificate Account and all amounts from time
        to
        time credited to and the proceeds of the Certificate Account, any Custodial
        Accounts, any Escrow Account established pursuant to Section 9.06, the 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 proceeds of the foregoing, to have and to hold (or a
        Custodian on its behalf), 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
        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.

      

      
        
           

        

        
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      Concurrently
        with the execution of this Agreement, the Swap Agreement shall be delivered
        to
        the Trustee. In connection therewith, the Depositor hereby authorizes and
        directs the Trustee (solely in its capacity as trustee of the Supplemental
        Interest Trust) to execute and deliver the Swap Agreement (on behalf of the
        Supplemental Interest Trust), in trust for the benefit of the Offered
        Certificateholders. The Seller, the Master Servicer, the Depositor, the Servicer
        and the Offered Certificateholders (by their acceptance of such Certificates)
        acknowledge and agree that the Trustee is executing and delivering the Swap
        Agreement solely in its capacity as trustee of the Supplemental Interest
        Trust,
        and not in its individual capacity. The Depositor hereby authorizes and directs
        the Trustee, in its capacity as trustee of the Supplemental Interest Trust,
        to
        represent in the Swap Agreement that it is not required by any applicable
        law of
        any relevant jurisdiction to make any deduction or withholding for or on
        account
        of any tax from Net Swap Payment. The Trustee shall have no duty or
        responsibility to enter into any other interest rate swap agreement upon
        the
        expiration or termination of the Swap Agreement. 

      

      Concurrently
        with the execution and delivery of this Agreement and the Cap Agreement,
        the
        Depositor does hereby assign to the Trustee all of its rights and interest
        under
        the Mortgage Loan Sale Agreement, including all rights of the Seller under
        each
        related Servicing Agreement and each related Transfer Agreement (other than
        first payment date default or early payment date default rights against the
        related Transferor) but, in each case, only to the extent assigned under
        the
        Mortgage Loan Sale Agreement. The Trustee hereby accepts such assignment
        and
        delegation, 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. The foregoing sale, transfer, assignment, set-over, deposit,
        delegation 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 or any other agreement
        or
        instrument relating thereto except as specifically set forth therein. The
        Depositor hereby confirms it directs the Trustee, solely in its capacity
        as
        Trustee hereunder, to execute and deliver the Cap Agreement. The Trustee
        shall
        have no duty or responsibility to enter into any other interest rate cap
        agreement upon the expiration or termination of any such Cap
        Agreement.

      

      It
        is
        agreed and understood by the Depositor and the Trustee (and the 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.

      

      
        
           

        

        
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      (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 applicable 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, as shown on Exhibit
        B-4
        hereto, 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) if
        applicable, the original of any guarantee, security agreement or pledge
        agreement executed in connection with the Mortgage Note, assigned to the
        Trustee;

      

      (iii) with
        respect to 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 applicable 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 applicable 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 delivered 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 applicable Custodian)
        is
        a true copy and that the original of such agreement has been forwarded to
        the
        public recording office;

      

      
        
           

        

        
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      (v) with
        respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage,
        in
        form and substance acceptable for recording. The related Mortgage shall be
        assigned either (A) in blank, without recourse or (B) to “LaSalle Bank National
        Association, as Trustee of the Lehman
        XS Trust
        Mortgage
        Pass-Through Certificates, Series 2006-19,” without recourse;

      

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

      

      (vii) with
        respect to any Mortgage Loan other than a Cooperative Loan, the original
        mortgagee title insurance policy or attorney’s opinion of title and abstract of
        title, and, if applicable, the original Primary Mortgage Insurance Policy
        or
        certificate;

      

      (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 applicable 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 manufactured housing contract, any related manufactured housing
        sales contract, installment loan agreement or participation interest;
        and

      

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

      

      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 cause 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 cause
        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. With
        respect to each Cooperative Loan, the Master Servicer, at the expense of
        the
        Depositor and with the cooperation of applicable Servicer, shall cause such
        Servicer to take such actions as are necessary under applicable law in order
        to
        perfect the interest of the Trustee in the related Mortgaged
        Property.

      

      
        
           

        

        
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      (ii) With
        respect to each MERS Mortgage Loan, the Master Servicer, at the expense of
        the
        Depositor and with the cooperation of the applicable Servicer, shall cause
        the
        Servicer 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. 

      

      (d) In
        instances where a Title Insurance Policy is required to be delivered to the
        Trustee or the applicable 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 applicable Custodian
        on
        behalf of the Trustee, as promptly as practicable after the execution and
        delivery hereof, but in any case within 180 days of the Closing
        Date.

      

      (e) For
        Mortgage Loans (if any) that have been prepaid in full after the Cut-off
        Date
        and prior to the Closing Date, the Depositor, in lieu of delivering the above
        documents, herewith delivers to the Trustee, or to the applicable Custodian
        on
        behalf of the Trustee, an Officer’s Certificate which shall include a statement
        to the effect that all amounts received in connection with such prepayment
        that
        are required to be deposited in the Collection Account pursuant to Section
        4.01
        have been so deposited. All original documents that are not delivered to
        the
        Trustee or the applicable Custodian on behalf of the Trustee shall be held
        by
        the 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
        applicable 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 applicable Custodian on behalf of the Trustee,
        under
        this Section 2.02. The Trustee, or the applicable Custodian on behalf of
        the
        Trustee, will execute and deliver to the Trustee, the Depositor, the Master
        Servicer 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 applicable
        Custodial Agreement as Exhibit B-1, as applicable).

      

      
        
           

        

        
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      (b) Within
        45
        days after the Closing Date, the Trustee or the applicable Custodian on behalf
        of the Trustee, will, for the benefit of the Holders, 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 applicable
        Custodial Agreement as Exhibit B-2, as applicable) to the effect that, as
        to
        each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
        Loan prepaid in full or any specifically identified in such certification
        as not
        covered by such certification), (i) all of the applicable documents specified
        in
        Section 2.01(b) are in its possession and (ii) such documents have been reviewed
        by it and appear to relate to such Mortgage Loan. The Trustee, or the applicable
        Custodian on behalf of the Trustee, shall 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
        any
        applicable Custodian shall have any responsibility for verifying the genuineness
        or the legal effectiveness of or authority for any signatures of or on behalf
        of
        any party or endorser.

      

      (c) If
        in the
        course of the review described in paragraph (b) above the Trustee or the
        applicable Custodian discovers any document or documents constituting a part
        of
        a Mortgage File that is missing, does not appear regular on its face
        (i.e.,
        is
        mutilated, damaged, defaced, torn or otherwise physically altered) or appears
        to
        be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule
        (each, a “Material Defect”), the Trustee, or the applicable Custodian on behalf
        of the Trustee, discovering such Material Defect shall promptly identify
        the
        Mortgage Loan to which such Material Defect relates in the Interim Certification
        delivered to the Trustee, 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 applicable 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 applicable Custodian to give the notice
        contemplated herein within 45 days after the Closing Date shall not affect
        or
        relieve the Depositor of its obligation to repurchase any Mortgage Loan pursuant
        to this Section 2.02 or any other Section of this Agreement requiring the
        repurchase of Mortgage Loans from the Trust Fund.

      

      
        
           

        

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

      

      (e) Nothing
        in this Agreement shall be construed to constitute an assumption by the Trust
        Fund, the Trustee, any 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 applicable 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.

      

      (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.

      

      Section
        2.03. Representations
        and Warranties of the Depositor.  

      

      (a) The
        Depositor hereby represents and warrants to the Trustee, for the benefit
        of
        Certificateholders, to the Master Servicer 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 and the Master Servicer
        constitutes a valid and binding obligation of the Depositor enforceable against
        it in accordance with its terms except as such enforceability may be subject
        to
        (A) applicable bankruptcy and insolvency laws and other similar laws affecting
        the enforcement of the rights of creditors generally and (B) general principles
        of equity regardless of whether such enforcement is considered in a proceeding
        in equity or at law;

      

      
        
           

        

        
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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 each Transferor with respect to the related
        Mortgage Loans in the applicable Transfer Agreement, which have been assigned
        to
        the Trustee hereunder, were made as of the date specified in the applicable
        Transfer Agreement (or underlying agreement, if such Transfer Agreement is
        in
        the form of an assignment of a prior agreement). To the extent that any fact,
        condition or event with respect to a Mortgage Loan constitutes a breach of
        both
        (i) a representation or warranty of the applicable Transferor under the
        applicable Transfer Agreement and (ii) a representation or warranty of the
        Seller under the Mortgage Loan Sale Agreement, the only right or remedy of
        the
        Trustee or any Certificateholder hereunder (other than a breach by the Seller
        of
        the representations made pursuant to Sections 1.04(b)(xii), 1.04(b)(xiii),
        1.04(b)(xiv), 1.04(b)(xv) and 1.04(b)(xvi) of the Mortgage Loan Sale Agreement)
        shall be their rights to enforce the obligations of the applicable Transferor
        under any applicable representation or warranty made by it. Pursuant to the
        terms of the Mortgage Loan Sale Agreement, the representations and warranties
        made by the Seller pursuant to Sections 1.04(b)(xii), 1.04(b)(xiii),
        1.04(b)(xiv), 1.04(b)(xv) and 1.04(b)(xvi) of the Mortgage Loan Sale Agreement
        shall be the direct obligations of the Seller. With the exception of the
        immediately proceeding sentence, the Seller shall not have any other 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 applicable Transferor in the applicable Transfer Agreement,
        without regard to whether such Transferor fulfills its contractual obligations
        in respect of such representation or warranty. The 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) 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 each
        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 or the Trustee of a breach of any of such representations and
        warranties that materially and adversely affects the value of the related
        Mortgage Loan, the party discovering such breach shall give prompt written
        notice to the other parties; provided, to the extent that knowledge of such
        breach with respect to any Mortgage Loan is known by any officer, director,
        employee or agent of Aurora acting in any capacity other than as Master Servicer
        hereunder, the Master Servicer shall not be deemed to have knowledge of any
        such
        breach until an officer of the Master Servicer has actual knowledge thereof.
        Within 90 days of the discovery of a breach of any representation or warranty
        given to the Trustee by the Depositor or given by any Transferor or the Seller
        and assigned to the Trustee, the Depositor, such 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, with respect to Mortgage Loans as
        to
        which there is a breach of a representation or warranty set forth in Section
        1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor
        paid by the Seller under the Mortgage Loan Sale Agreement) 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 any Transferor assigned to the
        Trustee, the Trustee shall enforce its rights under the applicable Transfer
        Agreement and the Mortgage Loan Sale Agreement for the benefit of
        Certificateholders. As provided in the Mortgage Loan Sale Agreements, if
        any
        Transferor substitutes a mortgage loan for a Deleted Mortgage Loan pursuant
        to
        the related 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.  

      

      
        
           

        

        
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      (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 applicable Transfer Agreement, the principal portion
        of the funds received by the Master Servicer in respect of such repurchase
        of a
        Mortgage Loan will be considered a Principal Prepayment and the Purchase
        Price
        shall be deposited in the Collection Account or a Custodial Account, as
        applicable. The Trustee (i) upon receipt of the full amount of the Purchase
        Price for a Deleted Mortgage Loan, (ii) upon receipt of a written certification
        from the Master Servicer that it has received the full amount of the Purchase
        Price for a Deleted Mortgage Loan and has deposited such amount in the
        Collection Account or (iii) upon receipt of notification from the Custodian
        that
        it had received the Mortgage File for a Qualifying Substitute Mortgage Loan
        substituted for a Deleted Mortgage Loan (and any applicable Substitution
        Amount), shall release or cause to be released and reassign to the Depositor,
        the Seller or the Transferor, as applicable, the related Mortgage File for
        the
        Deleted Mortgage Loan and shall execute and deliver such instruments of transfer
        or assignment, in each case without recourse, representation or warranty,
        as
        shall be necessary to vest in such party or its designee or assignee title
        to
        any Deleted Mortgage Loan released pursuant hereto, free and clear of all
        security interests, liens and other encumbrances created by this Agreement,
        which instruments shall be prepared by the 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 Trustee, the Depositor and each Certificateholder
        harmless against any and all taxes, claims, losses, penalties, fines,
        forfeitures, reasonable legal fees and related costs, judgments, and any
        other
        costs, fees and expenses that the Trust Fund, the Trustee, the Master Servicer,
        the Depositor and any Certificateholder may sustain in connection with any
        actions of the Seller relating to a repurchase of a Mortgage Loan other than
        in
        compliance with the terms of this Section 2.05 and the Mortgage Loan Sale
        Agreement, to the extent that any such action causes an Adverse REMIC
        Event.

      

      (b) With
        respect to each Qualifying Substitute Mortgage Loan to be delivered to the
        Trustee (or the applicable Custodian) pursuant to the terms of this Article
        II
        in exchange for a Deleted Mortgage Loan: (i) the Depositor, the Transferor
        or
        the Seller, as applicable, must deliver to the Trustee (or the applicable
        Custodian) the Mortgage File for the Qualifying Substitute Mortgage Loan
        containing the documents set forth in Section 2.01(b) along with a written
        certification certifying as to the delivery of such Mortgage File and containing
        the granting language set forth in Section 2.01(a); and (ii) the Depositor
        will
        be deemed to have made, with respect to such Qualifying Substitute Mortgage
        Loan, each of the representations and warranties made by it with respect
        to the
        related Deleted Mortgage Loan. As soon as practicable after the delivery
        of any
        Qualifying Substitute Mortgage Loan hereunder, the Master Servicer, at the
        expense of the Depositor and 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 has received an Opinion of Counsel
        (at the
        expense of the party seeking to make the substitution) that, under current
        law,
        such substitution will not result in 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
        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 Pooling REMIC 1 Regular Interests) in
        all of
        the Depositor’s right, title and interest in, to and under, whether now owned or
        hereafter acquired, the Trust Fund and the Supplemental Interest Trust and
        all
        proceeds of any and all property constituting the Trust Fund and the
        Supplemental Interest Trust to secure payment of the Certificates (or Pooling
        REMIC 1 Regular Interests) (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
        Pooling REMIC 1 Regular Interests, 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 mediate transferees,
        including the Trustee, in the Mortgage Loans. In connection with the
        transactions contemplated by this Agreement, the Seller and the Depositor
        authorizes its immediate or mediate 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 Offered
        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 C, Class P, Class X, Class C-X
        and
        Class S-X Certificates shall each be maintained in definitive, fully registered
        form in a minimum denomination equal to 10.00% of the Percentage Interest
        of
        each such Class and integral multiples of 1.00% in excess thereof. Each of
        the
        Class LT-R and Class R Certificates shall be issued as a single Certificate
        and
        maintained in definitive, fully registered form in a minimum denomination
        equal
        to 100% of the Percentage Interest of such Class. The Certificates may be
        issued
        in the form of typewritten certificates. 

      

      (b) The
        Certificates shall be executed by manual or facsimile signature on behalf
        of the
        Trustee by an authorized officer. Each Certificate shall, on original issue,
        be
        authenticated by the Trustee upon the order of the Depositor upon receipt
        by the
        Trustee of the Mortgage Files described in Section 2.01. No Certificate shall
        be
        entitled to any benefit under this Agreement, or be valid for any purpose,
        unless there appears on such Certificate a certificate of authentication
        substantially in the form provided for herein, executed by an authorized
        officer
        of the Trustee or the Authenticating Agent, if any, by manual signature,
        and
        such certification upon any Certificate shall be conclusive evidence, and
        the
        only evidence, that such Certificate has been duly authenticated and delivered
        hereunder. All Certificates shall be dated the date of their authentication.
        

      

      Section
        3.02. Registration.  

      

      
        
           

        

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

      

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

      

      Section
        3.03. Transfer
        and Exchange of Certificates.  

      

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

      

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

      

      
        
           

        

        
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      (c) By
        acceptance of a Restricted Certificate or QIB-Restricted Certificate, 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. 

      

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

      

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

      

      (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 Act, or to any Person all of the equity
        owners in which are such accredited investors, by a transferor who furnishes
        to
        the Trustee a letter of the transferee substantially in the form of Exhibit
        G
        hereto.

      

      The
        following restrictions shall apply with respect to the transfer and registration
        of transfer of a QIB Restricted Certificate to a transferee that takes delivery
        in the form of a Definitive Certificate: the Certificate Registrar shall
        register the transfer of a Restricted Certificate if the requested transfer
        is
        (x) to the Depositor or an affiliate (as defined in Rule 405 under the
        Securities Act) of the Depositor or (y) being made to a QIB as defined in
        Rule
        144A under the Securities Act by a transferor that has provided the Trustee
        with
        a certificate in the form of Exhibit F hereto.

      

      (d) (i) No
        transfer of an ERISA-Restricted Certificate in the form of a Definitive
        Certificate shall be made to any Person or shall be effective unless the
        Trustee
        has received (A) a certificate substantially in the form of Exhibit H hereto
        (or
        Exhibit D-1, in the case of a Residual Certificate) from such transferee
        or (B)
        an Opinion of Counsel to the effect that the purchase and holding of such
        a
        Certificate will not constitute or result in prohibited transactions under
        Title
        I of ERISA or Section 4975 of the Code and will not subject the Trustee,
        the
        Master Servicer, the Depositor or any NIMS Insurer to any obligation in addition
        to those undertaken in the Agreement; provided,
        however,
        that the
        Trustee will not require such certificate or opinion in the event that, as
        a
        result of a change of law or otherwise, the Trustee receives an Opinion of
        Counsel to the effect that the purchase and holding of an ERISA-Restricted
        Certificate by a Plan or a Person that is purchasing or holding such a
        Certificate with the assets of a Plan will not constitute or result in a
        prohibited transaction under Title I of ERISA or Section 4975 of the Code.
        Each
        Transferee of an ERISA-Restricted Certificate that is a Book-Entry Certificate
        shall be deemed to have made the representations set forth in Exhibit H.
        The
        preparation and delivery of the certificate and opinions referred to above
        shall
        not be an expense of the Trust Fund, the Trustee, the Master Servicer, the
        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 Trustee shall have no
        obligation to monitor transfers of Book-Entry Certificates that are
        ERISA-Restricted Certificates and shall have no liability for transfers of
        such
        Certificates in violation of the transfer restrictions. The Trustee shall
        be
        under no liability to any Person for any registration of transfer of any
        ERISA-Restricted Certificate that is in fact not permitted by this Section
        3.03(d) or for making any payments due on such Certificate to the Holder
        thereof
        or taking any other action with respect to such Holder under the provisions
        of
        this Agreement so long as the transfer was registered by the Trustee in
        accordance with the foregoing requirements. The Trustee shall be entitled,
        but
        not obligated, to recover from any Holder of any ERISA-Restricted Certificate
        that was in fact a Plan or a Person acting on behalf of a Plan, any payments
        made on such ERISA-Restricted Certificate at and after either such time.
        Any
        such payments so recovered by the Trustee shall be paid and delivered by
        

      

      the
        Trustee to the last preceding Holder of such Certificate that is not such
        a Plan
        or Person acting on behalf of a Plan.

      

      (ii) No
        transfer of an ERISA-Restricted Swap Certificate prior to the termination
        of the
        Swap Agreement shall be made unless the Trustee shall have received a
        representation letter from the transferee of such Certificate, substantially
        in
        the form set forth in Exhibit H, to the effect that either (i) such transferee
        is neither a Plan nor a Person acting on behalf of any such Plan or using
        the
        assets of any such Plan to effect such transfer or (ii) the acquisition and
        holding of the ERISA-Restricted Swap Certificate are eligible for exemptive
        relief under the statutory exemption for nonfiduciary service providers under
        Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code, Prohibited
        Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or
        PTCE 96-23 or some other applicable exemption. Notwithstanding anything else
        to
        the contrary herein, any purported transfer of an ERISA-Restricted Swap
        Certificate prior to the termination of the Swap Agreement or on behalf of
        a
        Plan without the delivery to the Trustee of a representation letter as described
        above shall be void and of no effect. If the ERISA-Restricted Swap 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 Swap 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 Swap Certificate, or interest therein, was effected in
        violation of the provisions of the preceding paragraph shall indemnify to
        the
        extent permitted by law and hold harmless the Depositor, the Trustee, any
        NIMS
        Insurer and the Master Servicer from and against any and all liabilities,
        claims, costs or expenses incurred by such parties as a result of such
        acquisition or holding.

      

      
        
           

        

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

      

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

      

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

      

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

      

      
        
           

        

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

      

      (g) Each
        Holder or Certificate Owner of a Restricted Certificate,
        ERISA-Restricted Certificate,
        ERISA-Restricted Swap Certificate,
        Residual
        Certificate or QIB-Restricted 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.

      

      Section
        3.04. Cancellation
        of Certificates.  

      

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

      

      Section
        3.05. Replacement
        of Certificates.  

      

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

      

      
        
           

        

        
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      Section
        3.06. Persons
        Deemed Owners.  

      

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

      

      Section
        3.07. Temporary
        Certificates.  

      

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

      

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

      

      Section
        3.08. Appointment
        of Paying Agent.  

      

      The
        Trustee may appoint a Paying Agent (which may be the Trustee) for the purpose
        of
        making distributions to Certificateholders hereunder. The Trustee shall cause
        such Paying Agent (if other than the Trustee) to execute and deliver to the
        Trustee an instrument in which such Paying Agent shall agree with the Trustee
        that such Paying Agent will hold all sums held by it for the payment to
        Certificateholders in an Eligible Account in trust for the benefit of the
        Certificateholders entitled thereto until such sums shall be paid to the
        Certificateholders. All funds remitted by the Trustee to any such Paying
        Agent
        for the purpose of making distributions shall be paid to Certificateholders
        on
        each Distribution Date and any amounts not so paid shall be returned on such
        Distribution Date to the Trustee. 

      

      
        
           

        

        
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      If
        the
        Paying Agent is not the Trustee, the Trustee shall cause to be remitted to
        the
        Paying Agent on or before the Business Day prior to each Distribution Date,
        by
        wire transfer in immediately available funds, the funds to be distributed
        on
        such Distribution Date. Any Paying Agent shall be either a bank or trust
        company
        or otherwise authorized under law to exercise corporate trust powers. As
        of
        the Closing Date the Trustee is the Paying Agent.

      

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

      

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

      

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

      

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

      

      
        
           

        

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

      

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

      

      ARTICLE
        IV

      

      ADMINISTRATION
        OF THE TRUST FUND

      

      Section
        4.01. Collection
        Account.  

      

      (a) On
        the
        Closing Date, the Master Servicer shall open and shall thereafter maintain
        a
        segregated account held in trust (the “Collection Account”), entitled
“Collection Account, Aurora Loan Services LLC, as Master Servicer, in trust
        for
        the benefit of the Holders of Lehman XS Trust Mortgage Pass-Through
        Certificates, Series 2006-19.” The Collection Account shall relate solely to the
        Certificates and to the Pooling REMIC 1 Regular Interests issued by the Trust
        Fund hereunder, and funds in such Collection Account shall not be commingled
        with any other monies.

      

      
        
           

        

        
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      (b) The
        Collection Account shall be an Eligible Account. If an existing Collection
        Account ceases to be an Eligible Account, the Master Servicer shall establish
        a
        new Collection Account that is an Eligible Account within 15 days and transfer
        all funds and investment property on deposit in such existing Collection
        Account
        into such new Collection Account.

      

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

      

      (d) The
        Master Servicer shall deposit or cause to be deposited into the Collection
        Account, no later than two Business Days following the Closing Date, any
        amounts
        received with respect to the Mortgage Loans representing Scheduled Payments
        on
        the Mortgage Loans due after the Cut-off Date and unscheduled payments received
        on or after the Cut-off Date and on or before the Closing Date. Thereafter,
        the
        Master Servicer shall deposit or cause to be deposited in the Collection
        Account
        on the earlier of the applicable 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, late
        collections, and any Prepayment Premiums, on the Mortgage Loans;

      

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

      

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

      

      
        
           

        

        
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      (iv) all
        Insurance Proceeds;

      

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

      

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

      

      (vii) the
        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 the
        NIMS
        Insurer for the purchase of any Distressed Mortgage Loan under Section
        7.04.

      

      (e) Funds
        in
        the Collection Account may be invested in Eligible Investments selected by
        and
        at the written direction of the Master Servicer, which shall mature not later
        than one Business Day prior to the Master Servicer Remittance Date (except
        that
        if such Eligible Investment is an obligation of the Trustee, then such Eligible
        Investment shall mature not later than such applicable Master Servicer
        Remittance Date) and any such Eligible Investment shall not be sold or disposed
        of prior to its maturity. All such Eligible Investments shall be made in
        the
        name of the Master Servicer in trust for the benefit of the Trustee and the
        Holders of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-19.
        All income and gain realized from any Eligible Investment shall be for the
        benefit of the Master Servicer and shall be subject to its withdrawal or
        order
        from time to time and shall not be part of the Trust Fund. The amount of
        any
        losses incurred in respect of any such investments shall be deposited in
        such
        Collection Account by the Master Servicer out of its own funds, without any
        right of reimbursement therefor, immediately as realized. The foregoing
        requirements for deposit in the Collection Account are exclusive, it being
        understood and agreed that, without limiting the generality of the foregoing,
        payments of interest on funds in the Collection Account and payments in the
        nature of late payment charges, assumption fees, prepayment penalties with
        respect to mortgages for which the Seller does not own the servicing rights,
        and
        other incidental fees and charges relating to the Mortgage Loans (other than
        Prepayment Premiums) need not be deposited by the Master Servicer in the
        Collection Account and may be retained by the Master Servicer or the applicable
        Servicer as additional servicing compensation. If the Master Servicer deposits
        in the Collection Account any amount not required to be deposited therein,
        it
        may at any time withdraw such amount from such Collection Account. 

      

      Section
        4.02. Application
        of Funds in the Collection Account.  

      

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

      

      
        
           

        

        
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      (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 sub-clause (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 or such Servicer determines in good faith will not be
        recoverable from amounts representing late recoveries of payments of principal
        or interest respecting the particular Mortgage Loan as to which such Advance
        or
        Servicing Advance was made or from Liquidation Proceeds or Insurance Proceeds
        with respect to such Mortgage Loan and/or (B) to the extent that such
        unreimbursed Advances or Servicing Advances exceed the related Liquidation
        Proceeds or Insurance Proceeds, it being understood, in the case of each
        such
        reimbursement, that such Master Servicer’s or Servicer’s right thereto shall be
        prior to the rights of the Certificateholders;

      

      (iii) to
        reimburse itself or any Servicer from Liquidation Proceeds for Liquidation
        Expenses and for amounts expended by it pursuant to Sections 9.20 and 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 and to retain any excess remaining thereafter as
        additional servicing compensation, it being understood, in the case of any
        such
        reimbursement or payment, that such Master Servicer’s or Servicer’s right
        thereto shall be prior to the rights of the Certificateholders;

      

      (iv) [Reserved];

      

      (v) to
        reimburse itself or any Servicer for expenses incurred by and recoverable
        by or
        reimbursable to it or any Servicer pursuant to Sections 9.04, 9.05, 9.06
        9.07(a), 9.16, 9.30 or 11.15 or pursuant to the related Servicing
        Agreement;

      

      (vi) to
        pay to
        the Depositor, the Seller or any 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;

      

      
        
           

        

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

      

      (viii) to
        make
        payments to the Trustee on each Master Servicer Remittance Date for deposit
        into
        the Certificate Account in the amount provided in Section 4.04;

      

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

      

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

      

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

      

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

      

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

      

      If
        provided in the related Servicing Agreement, each Servicer shall be entitled
        to
        retain as additional servicing compensation any Prepayment Interest Excess
        (to
        the extent not offset by Prepayment Interest Shortfalls). 

      

      In
        the
        event that the Master Servicer fails on any Master Servicer Remittance Date
        to
        remit to the Trustee any amounts required to be so remitted to the Trustee
        pursuant to sub-clause (viii) by such date, the Master Servicer shall pay
        the Trustee, for the account of the Trustee, interest calculated at the “prime
        rate” (as published in the “Money Rates” section of The Wall Street Journal) on
        such amounts not timely remitted for the period from and including that Master
        Servicer Remittance Date to but not including the related Distribution Date.
        The
        Master Servicer shall only be required to pay the Trustee interest for the
        actual number of days such amounts are not timely remitted (e.g., one day’s
        interest, if such amounts are remitted one day after the Master Servicer
        Remittance Date).

      

      In
        connection with withdrawals pursuant to sub-clauses (i), (iii), and (vi)
        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
        from the Collection Account it maintains pursuant to such sub-clause (i),
        (iii)
        and (vi).

      

      
        
           

        

        
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      Section
        4.03. Reports
        to Certificateholders.  

      

      (a) On
        each
        Distribution Date, the Trustee shall prepare (based solely on information
        provided by the Master Servicer, the Cap Counterparty or the Swap Counterparty)
        and shall make available to the Certificateholders and the Swap Counterparty
        a
        written report, which may be in electronic form (the “Distribution Date
        Statement”) setting forth the following information (on the basis of Mortgage
        Loan level information obtained from the Servicers).

      

      (i) the
        aggregate amount of the distribution to be made on such Distribution Date
        to the
        Holders of each Class of Offered Certificates, other than any Class of Notional
        Certificates, 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 Offered Certificates allocable to interest and the
        calculation thereof;

      

      (iii) the
        amount, if any, of any distributions to the Holders of the Class C, Class
        P,
        Class X, Class C-X, Class S-X, Class LT-R and Class R Certificates on such
        Distribution Date, stated separately, and the aggregate amounts, if any,
        of
        distributions to the Holders of the Class C, Class P, Class X, Class C-X,
        Class
        S-X, Class LT-R and Class R Certificates on all Distribution Dates, stated
        separately;

      

      (iv) (A) the
        aggregate amount of any Advances required to be made 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) 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 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;

      

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

      

      
        
           

        

        
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      (ix) the
        number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported
        to the Trustee by the Master Servicer, (a) remaining outstanding (b) Delinquent
        30 to 59 days on a contractual basis, (c) Delinquent 60 to 89 days on a
        contractual basis, (d) Delinquent 90 or more days on a contractual basis,
        (e) as
        to which foreclosure proceedings have been commenced 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;

      

      (x) the
        aggregate Scheduled Principal Balance of any Mortgage Loans with respect
        to
        which the related Mortgage 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;

      

      (xi) 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;

      

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

      

      (xiii) the
        Certificate Interest Rate applicable to such Distribution Date with respect
        to
        each Class of Certificates (with a notation if such Certificate Interest
        Rate
        reflects the application of the applicable Net Funds Cap);

      

      (xiv) the
        Interest Remittance Amount and the Principal Remittance Amount and the Senior
        Principal Distribution Amount and the Overcollateralization Release Amount
        applicable to such Distribution Date;

      

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

      

      (xvi) the
        Overcollateralization Amount after giving effect to the distributions made
        on
        such Distribution Date;

      

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

      

      (xviii) the
        level
        of LIBOR and the Certificate Interest Rate of each of the LIBOR
        Certificates;

      

      (xix) the
        amount of any payments made by the Cap Counterparty to the Trust Fund under
        the
        Cap Agreement; 

      

      
        
           

        

        
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      (xx) the
        amount of any Net Swap Payment to the Supplemental Interest Trust made pursuant
        to Section 5.02, any Net Swap Payment to the Swap Counterparty made pursuant
        to
        Section 5.02, any Swap Termination Payment to the Supplemental Interest Trust
        made pursuant to Sections 5.02 and any Swap Termination Payment to the Swap
        Counterparty made pursuant to Section 5.02; and

      

      (xxi) such
        other information as is required by Form 10-D, including, but not limited
        to,
        the information required by Item 1121 (§ 229.1121) of Regulation AB, other than
        those data elements specified in Item 1121(a)(11), (12) and (14).

      

      In
        the
        case of information furnished pursuant to sub-clauses (i), (ii) and (vi)
        above,
        the amounts shall (except with respect to the Class X, Class C-X and Class
        S-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(d) Purchase Event
        with
        respect to the Pooling REMIC 1 Regular Interests, the information required
        by
        subclauses (i), (ii), (iv), (v), (vii), (viii), (ix), (x), (xi), (xii), (xv)
        (and in the case of the Class LT-R Certificates, subclause (iii)) shall be
        made
        available to the Holder of the Class LT-R Certificates and the LTURI-holder
        of
        the Pooling REMIC 1 Regular Interests.

      

      The
        Trustee will make such report and additional loan level information (and,
        at its
        option, any additional files containing the same information in an alternative
        format) provided to it by the Master Servicer available each month to
        Certificateholders and the Rating Agencies via the Trustee’s internet website.
        The Trustee’s internet website shall initially be located at “www.etrustee.net”.
        Assistance in using the website can be obtained by calling the Trustee’s
        customer service desk at (312) 904-1487. Such parties that are unable to
        use the
        website are entitled to have a paper copy mailed to them via first class
        mail
        upon request. The Trustee shall have the right to change the way such statements
        are distributed in order to make such distribution more convenient and/or
        more
        accessible to the above parties and the Trustee shall provide timely and
        adequate notification to all above parties regarding any such
        changes.

      

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

      

      
        
           

        

        
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      (b) Upon
        the
        reasonable advance written request of any Certificateholder that is a savings
        and loan, bank or insurance company (which request, if received by the Trustee
        will be promptly forwarded to the Master Servicer), the Master Servicer shall
        provide, or cause to be provided, to the extent such information is available
        to
        the Master Servicer exercising reasonable efforts to obtain such information
        (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 such Certificateholder such reports and access
        to
        information and documentation regarding the Mortgage Loans as such
        Certificateholder may reasonably deem necessary to comply with applicable
        regulations of the Office of Thrift Supervision or its successor or other
        regulatory authorities with respect to the NIM Securities or an investment
        in
        the Certificates; provided,
        however,
        that the
        Trustee shall be entitled to be reimbursed by such Certificateholder for
        the
        actual expenses incurred in providing such reports and access.

      

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

      

      (d) The
        Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
        behalf of the Trust Fund, an application for an employer identification number
        on IRS Form SS-4 or by any other acceptable method. The Trustee shall also
        file
        a Form 8811 as required. The Trustee, upon receipt from the IRS of the Notice
        of
        Taxpayer Identification Number Assigned, shall upon request promptly forward
        a
        copy of such notice to the Master Servicer and the Depositor. The Trustee
        shall,
        to the extent reasonably available, furnish any other information that is
        required by the Code and regulations thereunder to be made available to
        Certificateholders. The Master Servicer, to the extent reasonably available,
        shall provide the Trustee with such information as is necessary for the Trustee
        to comply with the foregoing.

      

      Section
        4.04. Certificate
        Account.  

      

      
        
           

        

        
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      (a) The
        Trustee shall establish and maintain in its name, as trustee, a trust account
        (the “Certificate Account”) entitled “Certificate Account, LaSalle Bank National
        Association, as Trustee, in trust for the benefit of the Holders of Lehman
        XS
        Trust Mortgage Pass-Through Certificates, Series 2006-19” until disbursed
        pursuant to the terms of this Agreement. The Certificate Account shall be
        an
        Eligible Account and shall be for the benefit of the Certificateholders.
        If the
        existing Certificate Account ceases to be an Eligible Account, the Trustee
        shall
        establish a new Certificate Account that is an Eligible Account within 20
        Business Days and transfer all funds and investment property on deposit in
        such
        existing Certificate Account into such new Certificate Account. The Certificate
        Account shall relate solely to the Certificates and to the Pooling REMIC
        1
        Regular Interests issued hereunder and funds in the Certificate Account shall
        be
        held separate and apart from and shall not be commingled with any other monies
        including, without limitation, other monies of the Trustee held under this
        Agreement.

      

      (b) The
        Trustee shall deposit or cause to be deposited into the Certificate Account, on
        the day on which, or, if such day is not a Business Day, the Business Day
        immediately following the day on which, any monies are remitted by the Master
        Servicer to the Trustee, all such amounts so remitted. The Trustee shall
        make
        withdrawals from the Certificate Account only for the following
        purposes:

      

      (i) to
        make
        payment to itself pursuant to any provision of this Agreement, or to reimburse
        itself or its agents for any amounts reimbursable
        to it pursuant to Sections 6.11, 6.12 or 7.01; 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 Sections 6.11, 6.14 and
        7.01 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(b)(vi) and 5.02(c)(v) hereof;

      

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

      

      (iii) to
        make
        payments to itself and others pursuant to any provision of this
        Agreement;

      

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

      

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

      

      The
        Trustee may invest, or cause to be invested, funds held in the Certificate
        Account, which funds, if invested, shall be invested in Eligible Investments
        (which may be obligations of the Trustee). All such investments must be payable
        on demand or mature no later than the next Distribution Date (except with
        respect to such investments in an amount equal to the aggregate of any Net
        Swap
        Payments and any Swap Termination Payments payable to the Swap Counterparty,
        such amount to mature no later than the next Swap Payment Date), and shall
        not
        be sold or disposed of prior to their maturity. All such Eligible Investments
        will be made in the name of the Trustee (in its capacity as such) or its
        nominee. All income and gain realized from any such investment shall be
        compensation to the Trustee and shall be subject to its withdrawal on order
        from
        time to time. The amount of any losses incurred in respect of any such
        investments shall be paid by the Trustee for deposit in the Certificate Account
        out of its own funds, without any right of reimbursement therefor, immediately
        as realized. 

      

      
        
           

        

        
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      ARTICLE
        V

      

      DISTRIBUTIONS
        TO HOLDERS OF CERTIFICATES

      

      Section
        5.01. Distributions
        Generally.  

      

      (a) On
        each
        Distribution Date, so long as the Offered Certificates are outstanding, the
        Trustee or the Paying Agent shall make distributions to the Holders in
        accordance with this Article V; provided, however, that if a Section 7.01(d)
        Purchase Event has occurred with respect to the Pooling REMIC 1 Regular
        Interests, the distributions related to the Pooling REMIC 1 Regular Interests
        shall be made in accordance with Section 5.02(j). Such distributions shall
        be
        made by wire transfer if the Certificateholder has provided the Trustee with
        wire instructions or by check mailed to the address of such Certificateholder
        as
        it appears in the books of the Trustee if the Certificateholder has not provided
        the Trustee with wire instructions in immediately available funds to an account
        specified in the request and at the expense of such Certificateholder;
provided,
        however,
        that the
        final distribution in respect of any Certificate shall be made only upon
        presentation and surrender of such Certificate at the Corporate Trust Office;
        provided,
        further,
        that the
        foregoing provisions shall not apply to any Class of Certificates as long
        as
        such Certificate remains a Book-Entry Certificate in which case all payments
        made shall be made through the Clearing Agency and its Clearing Agency
        Participants. Notwithstanding such final 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 applicable Corporate Trust Office. If
        any
        payment required to be made on the Certificates or the Pooling REMIC 1 Regular
        Interests is to be made on a day that is not a Business Day, then such payment
        will be made on the next succeeding Business Day. 

      

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

      

      Section
        5.02. Distributions
        from the Certificate Account. 

      

      (a) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust
        Fund Termination Event, as applicable, the Trustee (or the Paying Agent on
        behalf of the Trustee) shall withdraw from the Certificate Account the Total
        Distribution Amount and amounts that are available for payment to the Swap
        Counterparty and shall allocate such amounts to the interests issued in respect
        of each REMIC and shall distribute such amounts as specified in subparagraphs
        (b) through (i) of this Section 5.02; provided,
        that
        amounts that are available for payment to the Swap Counterparty shall be
        paid on
        the related Swap Payment Date.

      

      
        
           

        

        
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      (b) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with
        respect to clause (i) below, on the related Swap Payment Date), the Trustee
        shall distribute the Interest Remittance Amount for such date in the following
        order of priority:

      

      (i) for
        deposit into the Supplemental Interest Trust Account, an amount equal to
        the
        lesser 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 and (y) the Interest Remittance Amount for such Distribution
        Date;

      

       

      

      (ii) concurrently,
        pro
        rata, to
        the
        Senior Certificates, Current
        Interest and any Carryforward Interest for such Classes for 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;

      

      (iii) to
        the
        Offered Subordinated Certificates, in accordance with the Subordinate Priority,
        Current Interest and any Carryforward Interest for such Classes for such
        Distribution Date;
        and 

      

      (iv) for
        application as part of the Monthly Excess Cashflow for such Distribution
        Date,
        as provided in subsection (f) of this Section, any Monthly Excess Interest
        for
        such Distribution Date.

      

      (c) [Reserved].

      

      (d) On
        each
        Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d)
        Purchase Event, the Trustee shall distribute the Principal Distribution Amount
        for such date, as follows:

      

      (i)
         Prior
        to
        the Stepdown Date or (b) on or after the Stepdown Date and with respect to
        which
        a Trigger Event is in effect, until the aggregate Certificate Principal Amount
        of the Offered Certificates equals the Target Amount for such Distribution
        Date,
        the Trustee shall distribute the Principal Distribution Amount, in the following
        order of priority:

      

      (A)
        for
        deposit into the Supplemental Interest Trust Account, any Net Swap Payment
        or
        Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed
        to
        the Swap Counterparty (to the extent not deposited previously from the Interest
        Remittance Amount in accordance with clause (b)(i) above);

      

      
        
           

        

        
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      (B)
        concurrently, to the Senior Certificates, pro
        rata,
        based
        on (x) the aggregate Class Principal Amount of the Class A1, Class A2 and
        Class
        A3 Certificates, (y) the Class Principal Amount of the Class A4 Certificates
        and
        (z) the Class Principal Amount of the Class A5 Certificates, as
        follows:

      

      (a) sequentially,
        to the Class A1, Class A2 and Class A3 Certificates, in that order, until
        the
        Class Principal Amount of each such Class has been reduced to zero;

      

      (b)
        to
        the Class A4 Certificates, until the Class Principal Amount of such Class
        has
        been reduced to zero; and 

      

      (c)
        to
        the Class A5 Certificates, until the Class Principal Amount of such class
        has
        been reduced to zero.

      

       

      

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

      

      (D)
        for
        application as part of the Monthly Excess Cashflow for such Distribution
        Date,
        as provided in subsection (f) of this Section, any such Principal Distribution
        Amount remaining after application pursuant subclauses (d)(i)(A) through
        (C) of
        this Section 5.02(d).

      

      (ii) On
        or
        after the Stepdown Date and (b) with respect to which a Trigger Event is
        not in
        effect, the Trustee shall distribute the Principal Distribution Amount for
        such
        date, in the following order of priority:

      

      (A) for
        deposit into the Supplemental Interest Trust Account, any Net Swap Payment
        or
        Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed
        to
        the Swap Counterparty (to the extent not deposited previously);

      

      (B)
        (1)
        so long as any of the Offered Subordinate Certificates are outstanding, to
        the
        Senior Certificates, in accordance with the Senior Priority, in an amount
        equal
        to the lesser of (x) the excess, if any, of (a) the Principal Distribution
        Amount for such Distribution Date over (b) the amount distributed to the
        Supplemental Interest Trust on such Distribution Date pursuant to clause
        (A)
        above and (y) the Senior Principal Distribution Amount for such Distribution
        Date until the Class Principal Amount of each such class has been reduced
        to
        zero; or (2) otherwise to the Senior Certificates, in accordance with the
        Senior
        Priority, the excess of (A) the Principal Distribution Amount for such
        Distribution Date over (B) the amount distributed to the Supplemental Interest
        Trust with respect to such Distribution Date pursuant to clause (ii) (A)
        above,
        in each case until the Class Principal Amount of each such class has been
        reduced to zero;

      

      
        
           

        

        
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      (C) to
        the
        Class M1 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates and the Supplemental Interest Trust
        on
        such Distribution Date pursuant to clauses (ii) (A) through (B) above, and
        (y)
        the M1 Principal Distribution Amount for such Distribution Date, until the
        Class
        Principal Amount of such Class has been reduced to zero; 

      

      (D) to
        the
        Class M2 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates, the Class M1 Certificates and the
        Supplemental Interest Trust on such Distribution Date pursuant to clauses
        (ii)
        (A) through (C) above, and (y) the M2 Principal Distribution Amount for such
        Distribution Date, until the Class Principal Amount of such Class has been
        reduced to zero; 

      

      (E) to
        the
        Class M3 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates, the Class M1 and Class M2 Certificates
        and the Supplemental Interest Trust on such Distribution Date pursuant to
        clauses (ii) (A) through (D) above, and (y) the M3 Principal Distribution
        Amount
        for such Distribution Date, until the Class Principal Amount of such Class
        has
        been reduced to zero; 

      

      (F) to
        the
        Class M4 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates, the Class M1, Class M2 and Class
        M3
        Certificates and the Supplemental Interest Trust on such Distribution Date
        pursuant to clauses (ii) (A) through (E) above, and (y) the M4 Principal
        Distribution Amount for such Distribution Date, until the Class Principal
        Amount
        of such Class has been reduced to zero;

      

      (G) to
        the
        Class M5 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates, the Class M1, Class M2, Class M3
        and
        Class M4 Certificates and the Supplemental Interest Trust on such Distribution
        Date pursuant to clauses (ii) (A) through (F) above, and (y) the M5 Principal
        Distribution Amount for such Distribution Date, until the Class Principal
        Amount
        of such Class has been reduced to zero;

      

      (H) to
        the
        Class M6 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates, the Class M1, Class M2, Class M3,
        Class
        M4 and Class M5 Certificates and the Supplemental Interest Trust on such
        Distribution Date pursuant to clauses (ii) (A) through (G) above, and (y)
        the M6
        Principal Distribution Amount for such Distribution Date, until the Class
        Principal Amount of such Class has been reduced to zero; 

      

      
        
           

        

        
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      (I) to
        the
        Class M7 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates, the Class M1, Class M2, Class M3,
        Class
        M4, Class M5 and Class M6 Certificates and the Supplemental Interest Trust
        on
        such Distribution Date pursuant to clauses (ii) (A) through (H) above, and
        (y)
        the M7 Principal Distribution Amount for such Distribution Date, until the
        Class
        Principal Amount of such Class has been reduced to zero; 

      

      (J) to
        the
        Class M8 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates, the Class M1, Class M2, Class M3,
        Class
        M4, Class M5, Class M6 and Class M7 Certificates and the Supplemental Interest
        Trust on such Distribution Date pursuant to clauses (ii) (A) through (I)
        above,
        and (y) the M8 Principal Distribution Amount for such Distribution Date,
        until
        the Class Principal Amount of such Class has been reduced to zero; 

      

      (K) to
        the
        Class M9 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates, the Class M1, Class M2, Class M3,
        Class
        M4, Class M5, Class M6, Class M7 and Class M8 Certificates and the Supplemental
        Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through
        (J) above, and (y) the M9 Principal Distribution Amount for such Distribution
        Date, until the Class Principal Amount of such Class has been reduced to
        zero;

      

      (L) to
        the
        Class M10 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        distributed to the Senior Certificates, the Class M1, Class M2, Class M3,
        Class
        M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates and
        the
        Supplemental Interest Trust on such Distribution Date pursuant to clauses
        (ii)
        (A) through (K) above, and (y) the M10 Principal Distribution Amount for
        such
        Distribution 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 subsection (f) of
        this
        Section, any Principal Distribution Amount remaining after application pursuant
        to subclauses (d)(ii)(A) through (L) above of this Section 5.02(b).

      

      (e) [Reserved].

      

      (f) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event, the Trustee
        shall distribute the Monthly Excess Cashflow for such Distribution Date,
        together with any payments received under the Cap Agreement in the case of
        distributions made pursuant to subclause (iv) below,
        in
        the following order of priority:

      

       

      

      (i) (A) concurrently, on
        a pro
        rata basis, based on amounts due, to the Senior Certificates, Current
        Interest and any Carryforward Interest for such Classes for such Distribution
        Date, to the extent unpaid pursuant to clause 5.02(b)(ii);
        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;

      

      
        
           

        

        
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      (B) sequentially,
        to the Offered Subordinate Certificates, in that order, any Current Interest
        and
        Carryforward Interest for such Classes for such Distribution Date, to the
        extent
        unpaid pursuant to clause 5.02(b)(iii); 

      

      (C) to
        the
        Trustee, to pay previously unreimbursed extraordinary costs, liabilities,
        and
        expenses;

      

      (ii) 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 Offered Certificates equals
        the
        Target Amount, in reduction of the Class Principal Amounts of the Offered
        Certificates in the following order of priority:

      

      (A)
        to
        each class of Senior Certificates, in accordance with the 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
        the
        Offered Subordinate Certificates, in accordance with the Subordinate Priority,
        in reduction of their Class Principal Amounts, until the Class Principal
        Amount
        of each such class has been reduced to zero; 

      

      (iii) 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)
        to
        each class of Senior Certificates, in accordance with the Senior Priority,
        in
        reduction of their respective Class Principal Amounts, until the aggregate
        Class
        Principal Amount of such Senior Certificates, after giving effect to
        distributions on such Distribution Date, equals the Senior Target
        Amount;

      

      (B) to
        the
        Class M1 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Senior Certificates and the Class
        M1
        Certificates, after giving effect to distributions on such Distribution Date,
        equals the M1 Target Amount;

      

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

      

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

      

      
        
           

        

        
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      (E)
        to
        the Class M4 Certificates, in reduction of their Class Principal Amount,
        until
        the aggregate Class Principal Amount of 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 M4 Target
        Amount;

      

      (F)
        to
        the Class M5 Certificates, in reduction of their Class Principal Amount,
        until
        the aggregate Class Principal Amount of 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 M5 Target
        Amount;

      

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

      

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

      

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

      

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

      

      (K)
        to
        the Class M10 Certificates, in reduction of their Class Principal Amount,
        until
        the aggregate Class Principal Amount of the Senior Certificates and the Class
        M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8,
        Class
        M9 and Class M10 Certificates, after giving effect to distributions on such
        Distribution Date, equals the M10 Target Amount;

      

      (iv) to
        the
        Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment and any
        payment received in respect of the Cap Agreement, and then from the Basis
        Risk
        Reserve Fund, in the following order of priority:

      

      
        
           

        

        
          88

          
            

          

        

        
           

        

      

      (A) 
        (1)
        first, pro
        rata, to
        the
        Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid Basis
        Risk Shortfalls for each such class and such Distribution Date, in proportion
        to
        the amount of such shortfalls; and (2) second, to the Offered Subordinate
        Certificates, in accordance with the Subordinate Priority, the amount of
        any
        Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each such class
        and
        such Distribution Date, in each case, to be paid from any proceeds received
        under the Cap Agreement (provided that any payments received from the Cap
        Agreement which are in excess of those required to pay Basis Risk Shortfalls
        or
        Unpaid Basis Risk Shortfalls to the Senior Certificates and Offered Subordinate
        Certificates shall be distributed to the Class C-X Certificates);

      

      (B)
        pro
        rata,
        to the
        Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid Basis
        Risk Shortfalls for each such class and such Distribution Date, in proportion
        to
        the amount of such shortfalls, to the extent unpaid pursuant to clause (A)
        above
        and Section 5.02(h)(v) and (vii) below;

      

      (C) 
        to the
        Offered 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, to the extent unpaid pursuant to clause
        (A) above and Section 5.02(h)(v) and (vii) below; and

      

      (D)
        to
        the Class X Certificates, any amounts remaining in the Basis Risk Reserve
        Fund
        in excess of the Required Reserve Fund Amount for such Distribution Date,
        after
        satisfying priorities (iv)(A) through (C) above for that Distribution Date;
        

      

      provided,
        that, the
        amount of the Basis Risk Payment for any Distribution Date payable solely
        pursuant to this clause 5.02(f)(iv) of this Agreement cannot exceed the amount
        of Monthly Excess Cashflow otherwise available for distribution pursuant
        to
        Section 5.02(f)(iv) of
        this
        Agreement.

      

      (v)
         pro
        rata,
        in
        proportion to their respective Deferred Amounts (and any interest accrued
        on
        such Deferred Amounts), after giving effect to distributions described above
        on
        such Distribution Date, to the Senior Certificates, any applicable Deferred
        Amount and any interest accrued on such Deferred Amount for each such Class
        and
        such Distribution Date;

      

      (vi) to
        the
        Offered Subordinate Certificates, in accordance with the Subordinate Priority,
        any Deferred Amounts for each such Class and such Distribution
        Date;

      

      (vii) [reserved];

      

      (viii) to
        the
        Class X Certificates, the Class X Distributable Amount (less any Basis Risk
        Payment for such Distribution Date) for such Distribution Date;

      

      
        
           

        

        
          89

          
            

          

        

        
           

        

      

      (ix) to
        the
        Supplemental Interest Trust, for distribution pursuant to clause 5.02(h)(xi),
        any Swap Termination Payment due to a Swap Counterparty Trigger Event owed
        to
        the Swap Counterparty pursuant to the Swap Agreement; and

      

      (x) to
        the
        Class LT-R Certificate, any amount remaining on such date after application
        pursuant to clauses (i) through (ix) above to the extent attributable to
        the
        Pooling REMIC 1, and otherwise to the Class R Certificate; 

      

      (g) [Reserved].

      

      (h) On
        each
        Distribution Date (or, with respect to clauses (i), (ii), (ix) and (x) below,
        on
        the related Swap Payment Date), the Trustee shall distribute the Supplemental
        Interest Trust Amount from the Supplemental Interest Trust Account for such
        date
        as follows:

      

      (i)
        to
        the Swap Counterparty, any Net Swap Payment (not due to a Swap Counterparty
        Trigger Event) owed to the Swap Counterparty pursuant to the Swap Agreement
        for
        such Distribution Date to the extent unpaid from the Interest Remittance
        Amount
        and the Principal Distribution Amount;

      

      (ii)
        to
        the Swap Counterparty, any unpaid Swap Termination Payment not due to a Swap
        Counterparty Trigger Event owed to the Swap Counterparty pursuant to the
        Swap
        Agreement to the extent unpaid from the Interest Remittance Amount and from
        the
        Principal Distribution Amount;

      

      (iii)
        to
        the Senior Certificates, Current
        Interest and any Carryforward Interest for each such Class and such Distribution
        Date, pro
        rata,
        based
        on amounts due, to the extent unpaid pursuant to Section 5.02(b) and pursuant
        to
        Section 5.02(f)(i)(A);

      

      (iv)
        to
        the Offered Subordinate Certificates, in accordance with the Subordinate
        Priority, Current Interest and any Carryforward Interest for such class for
        such
        Distribution Date, to the extent unpaid pursuant to Sections 5.02(b)(iii)
        and
        5.02(f)(i)(B);

      

      (v)
        the
        Available Basis Risk Amount, in the following order of priority:

      

      (A)
        concurrently, pro
        rata,
        to the
        Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid Basis
        Risk Shortfalls for each such Class and such Distribution Date, to the extent
        unpaid pursuant to Section 5.02(f)(iv)(A);

      

      (B)
        to
        the Offered 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, to the extent unpaid pursuant
        to
        Section 5.02(f)(iv)(A); 

      

      (C)
        if
        applicable, to the Termination Receipts Account for application to the purchase
        of a replacement swap agreement pursuant to Section 5.10; and

      

      (D) 
        to the
        Class S-X Certificates, any amounts remaining;

      

      
        
           

        

        
          90

          
            

          

        

        
           

        

      

      (vi)
        to
        the Senior Certificates and the Offered Subordinate Certificates, any amount
        necessary to create and maintain the Targeted Overcollateralization Amount
        specified in Sections 5.02(f)(i) and (ii) for such Distribution Date, for
        application pursuant to the priorities set forth in such Sections, after
        giving
        effect to distributions pursuant to such Sections; provided,
        however,
        that the
        sum of all such amounts distributed pursuant to this Section 5.02(h)(vi)
        and all
        amounts distributed pursuant to Section 5.02(h)(viii) and 5.02(h)(ix) 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;

      

      (vii)
        concurrently, to the Senior Certificates, pro
        rata,
        based
        on the amount of any remaining Basis Risk Shortfalls and Unpaid Basis Risk
        Shortfalls, and then to the Offered Subordinate Certificates, in accordance
        with
        the Subordinate Priority, any remaining Basis Risk Shortfalls and Unpaid
        Basis
        Risk Shortfalls (less the amount of any Available Basis Risk Amount paid
        to each
        such Class pursuant to clause (v) above), for each such Class and for such
        Distribution Date to the extent unpaid pursuant to Sections
        5.02(f)(iv)(A);

      

      (viii)
        first, concurrently, to the Senior Certificates, in accordance with the Senior
        Priority, any Deferred Amount for each such Class and Distribution Date (and
        any
        interest accrued on such Deferred Amounts), for application pursuant to the
        priority set forth in Section 5.02(f)(v), to the extent unpaid pursuant to
        such
        clause; provided,
        however,
        that the
        sum of all such amounts distributed pursuant to this Section 5.02(h)(viii)
        and
        all amounts distributed pursuant to Section 5.02(h)(vi) and 5.02(h)(ix) 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;

      

      (ix)
        to
        the Offered Subordinate Certificates, in accordance with the Subordinate
        Priority, any Deferred Amount for each such Class and such Distribution Date,
        for application pursuant to the priority set forth in Section 5.02(f)(vi),
        to
        the extent unpaid pursuant to such clause; provided,
        however,
        that the
        sum of all such amounts distributed pursuant to this Section 5.02(h)(ix)
        and all
        amounts distributed pursuant to Section 5.02(h)(vi) and 5.02(h)(viii) 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;

      

      (x)
        if
        applicable, to the Termination Receipts Account for application to the purchase
        of a replacement swap agreement pursuant to Section 5.10;

      

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

      

      (xii)
        to
        the S-X Certificates, any remaining Supplemental Interest Trust Amount;
        and

      

      
        
           

        

        
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      (xiii)
        on
        the first Distribution Date on which the Class Principal Amount of each Class
        of
        Certificates has been reduced to zero, to the Class S-X Certificates, all
        amounts remaining in the Supplemental Interest Trust Account.

      

      (i) (i) On
        each
        Distribution Date on and prior to the Class X Account Termination Date, the
        Trustee shall withdraw the Class C Distributable Amount for such Distribution
        Date from the Class X Account, pursuant to Section 5.11 herein, and shall
        distribute such amount to the Class C Certificates. 

      

       

      

      (ii) On
        each
        Distribution Date on and prior to the Class X Account Termination Date, the
        Trustee shall withdraw amounts on deposit in the Class X Account after providing
        for the Class C Distributable Amount for such Distribution Date and distribute
        to the Class X Certificates an amount equal to the excess, if any, of the
        sum of
        Realized Losses attributable to the Class C Mortgage Loans over the sum of
        all
        amounts distributed pursuant to this Section 5.02(i)(ii) on prior Distribution
        Dates to the Class X Certificates. If, on any Distribution Date, the amount
        required to be distributed pursuant to the immediately preceding sentence
        exceeds the amount then on deposit in the Class X Account, the entire amount
        then on deposit shall be distributed to the Class X Certificates. 

      

      (j) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event, an amount
        equal to the aggregate of all Prepayment Premiums collected with respect
        to the
        Mortgage Loans during the preceding Prepayment Period shall be distributed
        to
        the Holders of the Class P Certificates.

      

      (k) On
        each
        Distribution Date occurring after a Section 7.01(d) Purchase Event but on
        or
        prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent
        on
        behalf of the Trustee), shall withdraw from the Certificate Account the related
        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 Pooling REMIC 1 Regular Interests created pursuant to this
        Agreement and shall distribute such Total Distribution Amount first,
        to the
        Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not
        previously reimbursed to the Trustee, second,
        to the
        LTURI-holder, any remaining related Total Distribution Amount to the extent
        payable on the Pooling REMIC 1 Regular Interests as provided in the Preliminary
        Statement, and third,
        to the
        Class LT-R Certificates any remaining amounts.

      

      Section
        5.03. Allocation
        of Losses.  

      

      On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event, the Class
        Principal Amounts of the Offered Certificates shall be reduced by the amount
        of
        any Applied Loss Amount for such date, in the following order of
        priority:

      

      (i) to
        the
        Class M10 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

      

      (ii) to
        the
        Class M9 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

      

      
        
           

        

        
          92

          
            

          

        

        
           

        

      

      (iii) to
        the
        Class M8 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

      

      (iv) to
        the
        Class M7 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

      

      (v) to
        the
        Class M6 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

      

      (vi) to
        the
        Class M5 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

      

      (vii) to
        the
        Class M4 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

      

      (viii) to
        the
        Class M3 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

      

      (ix) to
        the
        Class M2 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero; 

      

      (x) to
        the
        Class M1 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero; and

      

      (xi) to
        the
        extent of any Applied Loss Amounts, to the Senior Certificates, pro
        rata,
        based on
        their respective Class Principal Amounts, until their respective Class Principal
        Amounts are reduced to zero; provided,
        however,
        that
        any Applied Loss Amounts otherwise allocable to the Class A1, Class A2, Class
        A3
        and Class A4 Certificates will be applied in reduction of the Class Principal
        Amount of the Class A5 Certificates, until the Class Principal Amount of
        the
        Class A5 Certificates has been reduced to zero, before reducing the Class
        Principal Amount of the Class A1, Class A2, Class A3 and Class A4
        Certificates.

      

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

      

      (a) Subject
        to Section 9.07, Advances shall be made in respect of each Determination
        Date as
        provided herein. If, on any Determination Date, any Servicer determines that
        any
        Scheduled Payments due during the related Collection Period have not been
        received, such Servicer shall advance such amount on the Deposit Date
        immediately following such Determination Date 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
        on the
        Master Servicer Remittance Date immediately following such Determination
        Date;
provided,
        however,
        that
        required Advances remitted by the Servicer or the Master Servicer may be
        reduced
        by an amount, if any, to be set forth in an Officer’s Certificate to be
        delivered to the Trustee on such Determination Date, which if advanced the
        Master Servicer or the applicable Servicer has determined would not be
        recoverable from amounts received with respect to such Mortgage Loan, including
        late payments, Liquidation Proceeds, Insurance Proceeds or otherwise. If
        the
        Master Servicer determines that an Advance is required, it shall on the Master
        Servicer Remittance Date immediately following such Determination Date either
        (i) remit to the Trustee from its own funds (or funds advanced by the applicable
        Servicer) for deposit in the Certificate Account immediately available funds
        in
        an amount equal to such Advance, (ii) cause to be made an appropriate entry
        in
        the records of the Collection Account that funds in such account being held
        for
        future distribution or withdrawal have been, as permitted by this Section
        5.04,
        used by the Master Servicer to make such Advance, and remit such immediately
        available funds to the Trustee for deposit in the Certificate Account or
        (iii)
        make Advances in the form of any combination of clauses (i) and (ii) aggregating
        the amount of such Advance. Any funds being held in the Collection Account
        for
        future distribution to Certificateholders and so used shall be replaced by
        the
        Master Servicer from its own funds by remittance to the Trustee for deposit
        in
        the Certificate Account on or before any future Master Servicer Remittance
        Date
        to the extent that funds in the Certificate Account on such Master Servicer
        Remittance Date shall be less than payments to Certificateholders required
        to be
        made on the related Distribution Date. The Master Servicer and each Servicer
        shall be entitled to be reimbursed from the Collection Account for all Advances
        made by it as provided in Section 4.02. Notwithstanding anything to the contrary
        herein, in the event the Master Servicer determines in its reasonable judgment
        that an Advance is non-recoverable, the Master Servicer shall be under no
        obligation to make such Advance. The Trustee shall be entitled to conclusively
        rely upon any determination by the Master Servicer that an Advance, if made,
        would constitute a non-recoverable Advance.

      

      
        
           

        

        
          93

          
            

          

        

        
           

        

      

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

      

      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 Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the holders of the Offered Certificates, the Basis Risk Reserve
        Fund, into which LBH shall deposit $1,000. In addition, the Trustee shall
        hold
        the Cap Agreement as an asset in the Basis Risk Reserve Fund. 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
        moneys, including, without limitation, other moneys of the Trustee held pursuant
        to this Agreement.

      

      
        
           

        

        
          94

          
            

          

        

        
           

        

      

      (b) On
        each Distribution Date on which there is a payment received under the Cap
        Agreement that is based on a notional amount in excess of the Class Principal
        Amount of the Certificates (such amount, the “Class C-X Excess Cap Amount”), the
        Trustee shall distribute such Class C-X Excess Cap Amount to the Class C-X
        Certificateholders pursuant to Section 5.02(f)(iv). On
        each
        Distribution Date the Trustee shall distribute in the order of priority and
        to
        the extent specified in Section 5.02(f)(iv) of this Agreement the sum of
        (without duplication) (a) any payments made by the Cap Counterparty to the
        Trust
        Fund for such Distribution Date with respect to the Cap Agreement and (b)
        any
        amounts then on deposit in the Basis Risk Reserve Fund, including any earnings
        thereon. On any Distribution Date, any amounts that the Trustee is not required
        to distribute from the Basis Risk Reserve Fund pursuant to Section 5.02(f)(iv)
        of this Agreement shall remain on deposit in the Basis Risk Reserve
        Fund.

      

      (c) Funds
        in
        the Basis Risk Reserve Fund shall be invested in Eligible Investments. The
        Class
        C-X Certificates shall evidence ownership of the Basis Risk Reserve Fund
        for
        federal income tax purposes and LBH on behalf of the Holders thereof shall
        direct the Trustee, in writing, as to investment of amounts on deposit therein.
        LBH shall be liable for any losses incurred on such investments. In the absence
        of written instructions from LBH as to investment of funds on deposit in
        the
        Basis Risk Reserve Fund, such funds shall remain uninvested. The Basis Risk
        Reserve Fund will be terminated after a Trust Fund Termination
        Event.

      

      Section
        5.07. [Reserved].
        

      

      Section
        5.08. Supplemental
        Interest Trust.  

      

      (a)
        A
        separate trust is hereby established (the “Supplemental Interest Trust”), the
        corpus of which shall be held by the Trustee, in trust, for the benefit of
        the
        holders of the Senior Certificates and the Offered Subordinate Certificates.
        The
        Trustee, as trustee of the Supplemental Interest Trust, shall establish an
        account (the “Supplemental Interest Trust Account”), into which LBH shall
        initially deposit $1,000 on the Closing Date. The Supplemental Interest Trust
        Account shall be an Eligible Account, and funds on deposit therein shall
        be held
        separate and apart from, and shall not be commingled with, any other moneys,
        including, without limitation, other moneys of the Trustee held pursuant
        to this
        Agreement. 

      

      (b)
        In
        addition, the Trustee, on behalf of the Supplemental Interest Trust, shall
        establish an account (the “Collateral Account”). The Collateral Account shall be
        an Eligible Account, and funds on deposit therein shall be held separate
        and
        apart from, and shall not be commingled with, any other monies, including,
        without limitation, other monies of the Trustee held pursuant to this
        Agreement.

      

      (c)
        The
        Trustee shall deposit into the Supplemental Interest Trust Account any Net
        Swap
        Payment required pursuant to Sections 5.02(b), (d), and (f), any Swap
        Termination Payment required pursuant to Sections 5.02(b), (d) and (f) and
        any
        amounts received from the Swap Counterparty under the Swap Agreement and
        shall
        distribute from the Supplemental Interest Trust Account any Net Swap Payment
        required pursuant to Section 5.02(h)(i) or Swap Termination Payment required
        pursuant to Sections 5.02(h)(ii) and (xi).

      

      
        
           

        

        
          95

          
            

          

        

        
           

        

      

      (d)
        Funds
        in the Supplemental Interest Trust 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). The Class S-X Certificates
        shall
        evidence ownership of the Supplemental Interest Trust Account for federal
        income
        tax purposes and the Holder thereof shall direct the Trustee, in writing,
        as to
        investment of amounts on deposit therein. The Class S-X Certificateholders
        shall
        be liable for any losses incurred on such investments. In the absence of
        written
        instructions from the Class S-X Certificateholders as to investment of funds
        on
        deposit in the Supplemental Interest Trust Account, such funds shall remain
        uninvested. Any amounts on deposit in the Supplemental Interest Trust Account
        in
        excess of the Supplemental Interest Trust Amount on any Distribution Date
        shall
        be held for distribution pursuant to Section 5.02(h) on the following
        Distribution Date.

      

      (e)
        Funds
        required to be held pursuant to the Credit Support Annex shall be deposited
        into
        the Collateral Account. Funds posted by the Swap Counterparty (or its credit
        support provider) in the Collateral Account shall be invested in Eligible
        Investments as directed by the Swap Counterparty (or its credit support
        provider). Any interest earnings on such amounts shall be remitted to the
        Swap
        Counterparty, as applicable, pursuant to the terms of the Credit Support
        Annex.
        The Trustee shall not be liable for any losses incurred on such investments.
        On
        the first Distribution Date immediately following any Swap Payment Date as
        to
        which a shortfall exists with respect to a Net Swap Payment or a Swap
        Termination Payment owed by the Swap Counterparty as a result of its failure
        to
        make payments pursuant to the Swap Agreement, amounts necessary to cover
        such
        shortfall shall be removed from the Collateral Account, remitted to the Swap
        Account and distributed as all or a portion of such Net Swap Payment or Swap
        Termination Payment pursuant to Section 5.02(g) or Section 5.02(k), as
        applicable. Any amounts on deposit in the Collateral Account required to
        be
        returned to the Swap Counterparty (or its credit support provider), as
        applicable, as a result of (i) the termination of the Swap Agreement, (ii)
        the
        procurement of a guarantor, (iii) the reinstatement of required ratings or
        (iv)
        otherwise pursuant to the Swap Agreement, shall be released directly to the
        Swap
        Counterparty pursuant to the terms of the Credit Support Annex.

      

      (f)
        Upon
        termination of the Trust Fund, any amounts remaining in the Supplemental
        Interest Trust Account shall be distributed pursuant to the priorities set
        forth
        in Section 5.02(h).

      

      (g)
        Upon
        termination of the Trust Fund, any amounts remaining in the Collateral Account
        shall be distributed as required pursuant to the terms of Credit Support
        Annex.

      

      (h)
        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 S-X Certificates unless
        and
        until the date when either (i) there is more than one Class S-X
        Certificateholder or (ii) any Class of Certificates in addition to the Class
        S-X
        Certificates is recharacterized as an equity interest in the Supplemental
        Interest Trust for federal income tax purposes. The Trustee shall not be
        responsible for any entity level tax reporting for the Supplemental Interest
        Trust.

      

      
        
           

        

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

      

      (j)
        In
        the event that either the Swap Counterparty or the Cap Counterparty fails
        to
        perform any of its obligations under the Swap Agreement or the Interest Rate
        Cap
        Agreement, respectively (including, without limitation, its obligations to
        make
        any payment or transfer collateral), or breaches any of its representations
        and
        warranties under the Swap Agreement, or in the event that an Event of Default,
        Termination Event, or Additional Termination Event occurs (as such terms
        are
        defined in the Swap Agreement or the Interest Rate Cap Agreement, as
        applicable), the Trustee on behalf of the Supplemental Interest Trust, shall
        (upon a Responsible Officer of the Trustee receiving notice or becoming aware
        of
        the occurrence thereof), no later than the next Business Day following such
        failure, breach or occurrence, of which the Trustee has actual knowledge,
        notify
        the Swap Counterparty, and give any notice of such failure and make any demand
        for payment pursuant to the Swap Agreement. In the event that the Swap
        Counterparty’s obligations under the Swap Agreement or the Cap Counterparty’s
        obligations under the Interest Rate Cap Agreement are at any time guaranteed
        by
        a third party, then to the extent that the Swap Counterparty fails to make
        any
        payment or delivery required under terms of the Swap Agreement, the Trustee,
        on
        behalf of the Supplemental Interest Trust, shall, no later than the next
        Business Day following such failure, of which the Trustee has actual knowledge,
        demand that such guarantor make any and all payments then required to be
        made by
        the applicable guarantor. 

      

      Section
        5.09. Rights
        of Swap Counterparty.  

      

      The
        Swap
        Counterparty shall be deemed a third-party beneficiary of this Agreement
        to the
        same extent as if it were a party hereto and shall have the right, upon
        designation of an “Early Termination Date” (as defined in the Swap Agreement),
        to enforce its rights under this Agreement, which rights include but are
        not
        limited to the obligation of the Trustee (A) to deposit any Net Swap Payment
        required pursuant to Sections 5.02(b), (d) and (f), and any Swap Termination
        Payment required pursuant to Sections 5.02(b), (d) and (f), into the
        Supplemental Interest Trust Account, (B) to pay any Net Swap Payment required
        pursuant to Section 5.02(h)(i) or Swap Termination Payment required pursuant
        to
        Sections 5.02(h)(ii) and (xi) to the Swap Counterparty and (C) to establish
        and
        maintain the Supplemental Interest Trust 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.

      

      Section
        5.10. Termination
        Receipts.  

      

      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 Supplemental
        Interest Trust and paid pursuant to Section 5.02(h)(x) (“Termination Receipts”)
        will be deposited in a segregated non-interest bearing account which shall
        be an
        Eligible Account established by the Trustee (the “Termination Receipts Account”)
        and (ii) any amounts received from a replacement Swap Counterparty (“Replacement
        Receipts”) will be deposited in a segregated non-interest bearing account which
        shall be an Eligible Account established by the Trustee (the “Replacement
        Receipts Account”). Solely upon written direction of the Depositor, the Trustee
        shall invest, or cause to be invested, funds held in the Termination Receipts
        Account and the Replacement Receipts Account in time deposits of the Trustee
        as
        permitted by clause (ii) of the definition of Eligible Investments or as
        otherwise directed in writing by a majority of the Certificateholders. All
        such
        investments must be payable on demand or mature on a Distribution Date or
        such
        other date as directed by the Certificateholders. If no such direction is
        given
        by the Depositor, such funds shall remain uninvested. All such Eligible
        Investments will be made in the name of the Trustee, as trustee of the
        Supplemental Interest Trust (in its capacity as such) or its nominee. All
        income
        and gain realized from any such investment shall be deposited in the Termination
        Receipts Account or the Replacement Receipts Account, as applicable, and
        all
        losses, if any, shall be borne by the related account.

      

      
        
           

        

        
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      Unless
        otherwise permitted by the Rating Agencies as evidenced in a written
        confirmation, the Depositor shall arrange for replacement Swap Agreement(s)
        or
        procure a replacement guarantor, if applicable, and the Trustee shall promptly,
        at the written direction of the Depositor, use amounts on deposit in the
        Termination Receipts Account, if necessary, to enter into replacement Swap
        Agreement(s) or to execute any other agreements with respect to such replacement
        guarantor, if applicable, which shall be executed and delivered by the Trustee
        upon receipt of written confirmation from each Rating Agency (if required
        pursuant to the terms of the Swap Agreement) that such replacement Swap
        Agreement(s) will not result in the reduction or withdrawal of the rating
        of any
        outstanding Class of Certificates with respect to which it is a Rating Agency.
        

      

      Amounts
        on deposit in the 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 S-X Certificates.

      

      Section
        5.11. Class
        X Account.  

      

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the holders of the Class X and Class C Certificates, the Class
        X
        Account. No later than the first date on which any NIMS Securities are issued,
        the Depositor shall deposit a dollar amount into the Class X Account. The
        Class
        X Account shall be an Eligible Account, and funds on deposit therein shall
        be
        held separate and apart from, and shall not be commingled with, any other
        moneys, including, without limitation, other moneys of the Trustee held pursuant
        to this Agreement.

      

      (b) Funds
        in
        the Class X Account may be invested in Eligible Investments having fixed
        maturities described in clauses (i), (iv), (v) or (vii) of the definition
        thereof by the Trustee at the direction of the holders of the Class C
        Certificates maturing on or prior to the next succeeding Distribution Date.
        No
        Eligible Investments shall be acquired or disposed of for the primary purpose
        of
        recognizing gains or decreasing losses from market value changes. Any funds
        held
        in the Class X Account that are not invested shall be held in cash. In the
        absence of such written direction, all funds in the Class X Account shall
        remain
        uninvested. Any investment earnings on such amounts shall be payable to the
        holders of the Class C Certificates. The Trustee shall account for the
        Class X Account as an outside reserve fund within the meaning of Treasury
        regulation 1.860G-2(h) and not an asset of any REMIC created pursuant to
        this
        Agreement. The Class C Certificates shall evidence ownership of the Class X
        Account for federal tax purposes and the Holders thereof shall direct the
        Trustee in writing as to the investment of amounts therein. The Trustee shall
        have no liability for losses on investments in Eligible Investments made
        pursuant to this Section 5.11(b) (other than as obligor on any such
        investments). Upon termination of the Class X Account, any amounts remaining
        in
        the Class X Account shall be distributed to the Holders of the Class C
        Certificates in the same manner as if distributed pursuant to Section 5.02(i)(i)
        hereof.

      

      
        
           

        

        
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      (c) On
        each Distribution Date on and prior to the Class X Account Termination Date,
        amounts on deposit in the Class X Account will be withdrawn and applied to
        make
        payments to the Class X and Class C Certificates as provided in Section 5.02(i)
        of this Agreement. Any
        amounts that the Trustee is not required to distribute from the Class X Account
        pursuant to Section 5.02(i) of this Agreement shall remain on deposit in
        the
        Class X Account. 

      

      (d) The
        Class X Account shall terminate on the earlier of (i) the Class X Account
        Termination Date or (ii) the Distribution Date on which the amount on deposit
        in
        the Class X Account is reduced to zero.

      

      ARTICLE
        VI

      

      CONCERNING
        THE TRUSTEE EVENTS OF DEFAULT

      

      Section
        6.01. Duties
        of Trustee.  

      

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

      

      (b) The
        Trustee, upon receipt of all resolutions, certificates, statements, opinions,
        reports, documents, orders or other instruments furnished to the Trustee
        which
        are specifically required to be furnished pursuant to any provision of this
        Agreement, shall examine them to determine whether they are in the form required
        by this Agreement; provided,
        however,
        that the
        Trustee shall not be responsible for the accuracy or content of any such
        resolution, certificate, statement, opinion, report, document, order or other
        instrument furnished by the Master Servicer, any Servicer or the Swap
        Counterparty to the Trustee pursuant to this Agreement, and shall not be
        required to recalculate or verify any numerical information furnished to
        the
        Trustee pursuant to this Agreement. 

      

      
        
           

        

        
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      (c) The
        Trustee shall not have any liability arising out of or in connection with
        this
        Agreement, except for its negligence or willful misconduct. Notwithstanding
        anything in this Agreement to the contrary, the Trustee shall not be liable
        for
        special, indirect or consequential losses or damages of any kind whatsoever
        (including, but not limited to, lost profits). No provision of this Agreement
        shall be construed to relieve the Trustee from liability for its own negligent
        action, its own negligent failure to act or its own willful misconduct;
provided,
        however,
        that:

      

      (i) The
        Trustee shall not be personally liable with respect to any action taken,
        suffered or omitted to be taken by it in good faith in accordance with the
        direction or with the consent of Holders of Certificates as provided in Section
        6.18 hereof;

      

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

      

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

      

      (iv) The
        Trustee shall not be responsible for the act or omission of the Master Servicer,
        any Servicer, the Depositor, the Seller or any Custodian.

      

      (d) The
        Trustee shall have no duty hereunder with respect to any complaint, claim,
        demand, notice or other document it may receive or which may be alleged to
        have
        been delivered to or served upon it by the parties as a consequence of the
        assignment of any Mortgage Loan hereunder; provided,
        however,
        that the
        Trustee shall promptly remit to the Master Servicer upon receipt any such
        complaint, claim, demand, notice or other document (i) which is delivered
        to the
        Corporate Trust Office of the Trustee, (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) The
        Trustee shall not be personally liable with respect to any action taken,
        suffered or omitted to be taken by it in good faith in accordance with the
        direction of any NIMS Insurer or the Certificateholders of any Class holding
        Certificates which evidence, as to such Class, Percentage Interests aggregating
        not less than 25% as to the time, method and place of conducting any proceeding
        for any remedy available to the Trustee or exercising any trust or power
        conferred upon the Trustee under this Agreement.

      

      
        
           

        

        
          100

          
            

          

        

        
           

        

      

      (f) The
        Trustee shall not be required to perform services under this Agreement, or
        to
        expend or risk its own funds or otherwise incur financial liability for the
        performance of any of its duties hereunder or the exercise of any of its
        rights
        or powers if there is reasonable ground for believing that the timely payment
        of
        its fees and expenses or the repayment of such funds or adequate indemnity
        against such risk or liability is not reasonably assured to it, and none
        of the
        provisions contained in this Agreement shall in any event require the Trustee
        to
        perform, or be responsible for the manner of performance of, any of the
        obligations of the Master Servicer or 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) The
        Trustee shall not be held liable by reason of any insufficiency in the
        Collection Account or the Basis Risk Reserve Funds resulting from any investment
        loss on any Eligible Investment included therein (except to the extent that
        the
        Trustee is the obligor and has defaulted thereon).

      

      (h) Except
        as
        otherwise provided herein, the Trustee shall not have any duty (A) to record,
        file or deposit this Agreement or any agreement referred to herein or any
        financing statement or continuation statement evidencing a security interest,
        or
        to maintain any such recording or filing or depositing or any rerecording,
        refiling or redepositing of any such statement or agreement, (B) to procure
        or
        maintain any insurance, (C) to pay or discharge 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 Collection Account or the Certificate Account, or (D) to
        confirm or verify the contents of any reports or certificates of the Master
        Servicer, any Servicer, the Cap Counterparty, the Swap Counterparty or the
        Depositor delivered to the Trustee pursuant to this Agreement believed by
        the
        Trustee to be genuine and to have been signed or presented by the proper
        party
        or parties.

      

      (i) The
        Trustee shall not be liable in its individual capacity for an error of judgment
        made in good faith by a Responsible Officer or any other officer of the Trustee
        unless it shall be proved that the Trustee was negligent in ascertaining
        the
        pertinent facts.

      

      (j) Notwithstanding
        anything in this Agreement to the contrary, the Trustee shall not be liable
        for
        special, indirect or consequential losses or damages of any kind whatsoever
        (including, but not limited to, lost profits), even if the Trustee has been
        advised of the likelihood of such loss or damage and regardless of the form
        of
        action.

      

      (k) On
        or
        before March 15 of each calendar year for so long as the Depositor is subject
        to
        Exchange Act reporting requirements for the Lehman XS Trust 2006-19, beginning
        in March 2007, the Trustee and Paying Agent shall deliver to the Sponsor,
        the
        Master Servicer and the Depositor a report regarding its assessment of
        compliance with the Servicing Criteria applicable to such party, as identified
        on Exhibit O hereto, as of and for the period ending the end of the fiscal
        year
        ending no later than December 31 of the year prior to the year of delivery
        of
        the report. Each such report shall include (a) a statement of the party’s
        responsibility for assessing compliance with the Servicing Criteria applicable
        to such party, (b) a statement that such party used the criteria identified
        in
        Item 1122(d) of Regulation AB (§ 229.1122(d)) to assess compliance with the
        applicable Servicing Criteria, (c) disclosure of any material instance of
        noncompliance identified by such party and (d) a statement that a registered
        public accounting firm has issued an attestation report on such party’s
        assessment of compliance with the applicable Servicing Criteria, which report
        shall be delivered by the Trustee as provided in Section 6.01(l). In addition,
        on or before March 15th of each calendar year for so long as the Depositor
        is
        subject to Exchange Act reporting requirements for the Lehman XS Trust 2006-19,
        beginning in March 2007, the Trustee and Paying Agent shall, at their own
        expense, furnish or cause to be furnished to the Sponsor and the Depositor
        an
        assessment of compliance and accountant’s attestation of any Subservicer or
        Subcontractor with respect to the Trustee or Paying Agent, as
        applicable.

      

      
        
           

        

        
          101

          
            

          

        

        
           

        

      

      (l) On
        or
        before March 15th of each calendar year for so long as the Depositor is subject
        to Exchange Act reporting requirements for the Lehman XS Trust 2006-19,
        beginning in March 2007, the Trustee and Paying Agent shall, at their own
        expense, cause a registered public accounting firm (who may also render other
        services to Trustee or Paying Agent), which is a member of the American
        Institute of Certified Public Accountants, to furnish to the Sponsor, the
        Master
        Servicer and the Depositor a report 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 made by the Trustee or Paying
        Agent pursuant to Section 6.01(k) above. 

      

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

      

      (n) For
        as
        long as the Depositor is subject to Exchange Act reporting with respect to
        the
        Trust Fund, the Trustee shall notify the Depositor, the Master Servicer and
        the
        Sponsor within five (5) days of knowledge thereof (i) of any legal proceedings
        pending against the Trustee of the type described in Item 1117 (§ 229.1117) of
        Regulation AB and (ii) if the Trustee shall become (but only to the extent
        not
        previously disclosed) at any time an affiliate of any of the parties listed
        on
        Exhibit P hereto, together with a description thereof. On or before March
        1st
        of each
        year, the Depositor shall distribute the information in Exhibit P to the
        Trustee.

      

      (o) The
        Trustee agrees to indemnify the Depositor and the Master Servicer, and their
        respective directors, officers, employees and agents and the Trust Fund and
        hold
        each of them harmless 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 any failure by the Trustee to comply with the provisions of Subsections
        6.01(k), (m) and (n) above; provided,
        however,
        that in
        no event shall the Trustee be liable for any special, consequential, indirect
        or
        punitive damages pursuant to this Section 6.01(o), even if advised of the
        possibility of such damages.

      

      
        
           

        

        
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      Section
        6.02. Certain
        Matters Affecting the Trustee.  

      

      Except
        as
        otherwise provided in Section 6.01:

      

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

      

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

      

      (iii) The
        Trustee shall not be personally liable for any action taken, suffered or
        omitted
        by it in good faith and reasonably believed by it to be authorized or within
        the
        discretion or rights or powers conferred upon it by this Agreement;

      

      (iv) Unless
        an
        Event of Default shall have occurred and be continuing, the Trustee shall
        not be
        bound to make any investigation into the facts or matters stated in any
        resolution, certificate, statement, instrument, opinion, report, notice,
        request, consent, order, approval, bond or other paper or document (provided
        the
        same appears regular on its face), unless requested in writing to do so by
        any
        NIMS Insurer or the Holders of at least a majority in Class Principal Amount
        (or
        Percentage Interest) of each Class of Certificates or, if such Classes have
        been
        retired pursuant to a Section 7.01(d) Purchase Event, the LTURI-holder;
provided,
        however,
        that, if
        the payment within a reasonable time to the Trustee of the costs, expenses
        or
        liabilities likely to be incurred by it in the making of such investigation
        is,
        in the opinion of the Trustee not reasonably assured to the Trustee by the
        security afforded to it by the terms of this Agreement, the Trustee may require
        reasonable indemnity against such expense or liability or payment of such
        estimated expenses from any NIMS Insurer or the Certificateholders, as
        applicable, as a condition to proceeding. The reasonable expense thereof
        shall
        be paid by the party requesting such investigation and if not reimbursed
        by the
        requesting party shall be reimbursed to the Trustee by the Trust
        Fund;

      

      (v) The
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents, custodians or attorneys,
        which agents, custodians or attorneys shall have any and all of the rights,
        powers, duties and obligations of the Trustee conferred on them by such
        appointment, provided that the Trustee shall continue to be responsible for
        its
        duties and obligations hereunder to the extent provided herein, and provided
        further that the Trustee shall not be responsible for any misconduct or
        negligence on the part of any such agent or attorney appointed with due care
        by
        the Trustee;

      

      
        
           

        

        
          103

          
            

          

        

        
           

        

      

      (vi) The
        Trustee shall not be under any obligation to exercise any of the trusts or
        powers vested in it by this Agreement or to institute, conduct or defend
        any
        litigation hereunder or in relation hereto, in each case at the request,
        order
        or direction of any of the Certificateholders or any NIMS Insurer pursuant
        to
        the provisions of this Agreement, unless such Certificateholders or any NIMS
        Insurer shall have offered to the Trustee reasonable security or indemnity
        against the costs, expenses and liabilities which may be incurred therein
        or
        thereby;

      

      (vii) The
        right
        of the Trustee to perform any discretionary act enumerated in this Agreement
        shall not be construed as a duty, and the Trustee shall not be answerable
        for
        other than its negligence or willful misconduct in the performance of such
        act;
        and

      

      (viii) The
        Trustee shall not be required to give any bond or surety in respect of the
        execution of the Trust Fund created hereby or the powers granted
        hereunder.

      

      Section
        6.03. Trustee
        Not Liable for Certificates.  

      

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

      

      The
        Trustee and any Affiliate or agent of the Trustee in its individual or any
        other
        capacity may become the owner or pledgee of Certificates or the Pooling REMIC
        1
        Regular Interests and may transact banking and trust business with the other
        parties hereto and their Affiliates with the same rights it would have if
        it
        were not Trustee or such agent.

      

      
        
           

        

        
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      Section
        6.05. Eligibility
        Requirements for Trustee.  

      

      The
        Trustee hereunder shall at all times be (i) an institution whose accounts
        are
        insured by the FDIC, (ii) a corporation or national banking association,
        organized and doing business under the laws of any State or the United States
        of
        America, authorized under such laws to exercise corporate trust powers, having
        a
        combined capital and surplus of not less than $50,000,000 and subject to
        supervision or examination by federal or state authority and (iii) not an
        Affiliate of the Master Servicer or any Servicer. If such corporation or
        national banking association publishes reports of condition at least annually,
        pursuant to law or to the requirements of the aforesaid supervising or examining
        authority, then, for the purposes of this Section, the combined capital and
        surplus of such corporation or national banking association shall be deemed
        to
        be its combined capital and surplus as set forth in its most recent report
        of
        condition so published. In case at any time the Trustee shall cease to be
        eligible in accordance with provisions of this Section, the Trustee shall
        resign
        immediately in the manner and with the effect specified in Section
        6.06.

      

      Section
        6.06. Resignation
        and Removal of Trustee.  

      

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

      

      (b) If
        at any
        time (i) the Trustee shall cease to be eligible in accordance with the
        provisions of Section 6.05 and shall fail to resign after written request
        therefor by the Depositor or any NIMS Insurer, (ii) the Trustee shall become
        incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
        of the Trustee of its property shall be appointed, or any public officer
        shall
        take charge or control of the Trustee or of its property or affairs for the
        purpose of rehabilitation, conservation or liquidation, (iii) a tax is imposed
        or threatened with respect to the Trust Fund by any state in which the Trustee
        or the Trust Fund held by the Trustee is located, (iv) the continued use
        of the
        Trustee would result in a downgrading of the rating by any Rating Agency
        of any
        Class of Certificates with a rating or (v)
        the
        Trustee shall fail to deliver the information or reports required pursuant
        to
        Section 6.01(k) through (n) hereto,
        then
        the Depositor, any NIMS Insurer or the Master Servicer shall remove the Trustee
        and the Depositor shall appoint a successor trustee acceptable to any NIMS
        Insurer and the Master Servicer by written instrument, one copy of which
        instrument shall be delivered to the Trustee so removed, one copy each to
        the
        successor trustee and one copy to the Master Servicer, the Swap Counterparty
        and
        any NIMS Insurer; provided,
        however, that
        if
        the Trustee is removed for the failure to provide the accountant’s attestation
        pursuant to Section 6.01(l) of this Agreement, the Trustee shall reimburse
        the
        Depositor for reasonable out-of pocket costs incurred by the Depositor in
        providing for a successor Trustee.

      

      
        
           

        

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

      

      (d) Any
        resignation or removal of the Trustee and appointment of a successor trustee
        pursuant to any of the provisions of this Section shall become effective
        upon
        (i) the payment of all unpaid amounts owed to the Trustee and (ii) the
        acceptance of appointment by the successor trustee as provided in Section
        6.07.

      

      Section
        6.07. Successor
        Trustee.  

      

      (a) Any
        successor trustee appointed as provided in Section 6.06 shall execute,
        acknowledge and deliver to the Depositor, the Swap Counterparty, the Master
        Servicer and any NIMS Insurer and to its predecessor trustee (i) an instrument
        accepting such appointment hereunder and (ii) if such successor trustee is
        appointed at any time during the period that a Form 10-K is being filed with
        respect to the Trust in accordance with the Exchange Act and the rules and
        regulations of the Commission, the certification required pursuant to the
        first
        sentence of Section 6.01(k) indicating which Servicing Criteria are applicable
        to such successor trustee, and thereupon the resignation or removal of the
        predecessor trustee shall become effective and such successor trustee without
        any further act, deed or conveyance, shall become fully vested with all the
        rights, powers, duties and obligations of its predecessor hereunder, with
        like
        effect as if originally named as trustee herein. The predecessor trustee
        (or its
        custodian) shall deliver to the successor trustee (or assign to the Trustee
        its
        interest under each Custodial Agreement, to the extent permitted thereunder)
        all
        Mortgage Files and documents and statements related to each Mortgage File
        held
        by it hereunder, and shall duly assign, transfer, deliver and pay over to
        the
        successor trustee the entire Trust Fund, together with all necessary instruments
        of transfer and assignment or other documents properly executed necessary
        to
        effect such transfer and such of the records or copies thereof maintained
        by the
        predecessor trustee in the administration hereof as may be requested by the
        successor trustee and shall thereupon be discharged from all duties and
        responsibilities under this Agreement. In addition, the Master Servicer and
        the
        predecessor trustee shall execute and deliver such other instruments and
        do such
        other things as may reasonably be required to more fully and certainly vest
        and
        confirm in the successor trustee all such rights, powers, duties and
        obligations. 

      

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

      

      
        
           

        

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

      

      Section
        6.08. Merger
        or Consolidation of Trustee.  

      

      Any
        Person into which the Trustee may be merged or with which it may be
        consolidated, or any Person resulting from any merger, conversion or
        consolidation to which the Trustee shall be a party, or any Persons succeeding
        to the business of the Trustee shall be the successor to the Trustee hereunder,
        without the execution or filing of any paper or any further act on the part
        of
        any of the parties hereto, anything herein to the contrary notwithstanding,
        provided that such Person shall be eligible under the provisions of Section
        6.05. As
        a condition to the succession to the Trustee under this Agreement by any
        Person
        (i) into which the Trustee may be merged or consolidated, or (ii) which may
        be
        appointed as a successor to the Trustee, the Trustee shall notify the Sponsor,
        the 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 Trustee to accurately and timely report, pursuant to Section
        6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act
        (if
        such reports under the Exchange Act are required to be filed under the Exchange
        Act).

      

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

      

      (a) Notwithstanding
        any other provisions hereof, at any time, the Trustee, the Depositor or the
        Certificateholders evidencing more than 50% of the Class Principal Amount
        (or
        Percentage Interest) of every Class of Certificates shall have the power
        from
        time to time to appoint one or more Persons, approved by the Trustee and
        any
        NIMS Insurer, to act either as co-trustees jointly with the Trustee, or as
        separate trustees, or as custodians, for the purpose of holding title to,
        foreclosing or otherwise taking action with respect to any Mortgage Loan
        outside
        the state where the Trustee has its principal place of business where such
        separate trustee or co-trustee is necessary or advisable (or the Trustee
        has
        been advised by the Master Servicer that such separate trustee or co-trustee
        is
        necessary or advisable) under the laws of any state in which a property securing
        a Mortgage Loan is located or for the purpose of otherwise conforming to
        any
        legal requirement, restriction or condition in any state in which a property
        securing a Mortgage Loan is located or in any state in which any portion
        of the
        Trust Fund is located. The separate trustees, co-trustees, or custodians
        so
        appointed shall be trustees or custodians for the benefit of all the
        Certificateholders and shall have such powers, rights and remedies as shall
        be
        specified in the instrument of appointment; provided,
        however,
        that no
        such appointment shall, or shall be deemed to, constitute the appointee an
        agent
        of the Trustee. The Trustee shall not be responsible for any action or omission
        of any separate trustee, co-trustee or custodian. Notwithstanding
        the foregoing,
        at any
        time during the period that a Form 10-K is being filed with respect to the
        Trust
        in accordance with the Exchange Act and the rules and regulations of the
        Commission, no
        such
        co-custodian or co-trustee shall be vested with any powers, rights and remedies
        under this Agreement unless such party has agreed to comply with all Regulation
        AB requirements set forth under this Agreement or the related Custodial
        Agreement, as applicable.

      

      
        
           

        

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

      

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

      

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

      

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

      

      (iv) the
        Trustee or the Certificateholders evidencing more than 50% of the Aggregate
        Voting Interests of the Certificates may at any time accept the resignation
        of
        or remove any separate trustee, co-trustee or custodian, so appointed by
        it or
        them, if such resignation or removal does not violate the other terms of
        this
        Agreement.

      

      (c) Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the then separate trustees and co-trustees, as effectively
        as if given to each of them. Every instrument appointing any separate trustee,
        co-trustee or custodian shall refer to this Agreement and the conditions
        of this
        Article VI. Each separate trustee and co-trustee, upon its acceptance of
        the
        trusts conferred, shall be vested with the estates or property specified
        in its
        instrument of appointment, either jointly with the Trustee or separately,
        as may
        be provided therein, subject to all the provisions of this Agreement,
        specifically including every provision of this Agreement relating to the
        conduct
        of, affecting the liability of, or affording protection to, the Trustee.
        Every
        such instrument shall be filed with the Trustee and a copy given to the Master
        Servicer and any NIMS Insurer.

      

      (d) Any
        separate trustee, co-trustee or custodian may, at any time, constitute the
        Trustee its agent or attorney-in-fact with full power and authority, to the
        extent not prohibited by law, to do any lawful act under or in respect of
        this
        Agreement on its behalf and in its name. If any separate trustee, co-trustee
        or
        custodian shall die, become incapable of acting, resign or be removed, all
        of
        its estates, properties, rights, remedies and trusts shall vest in and be
        exercised by the Trustee, to the extent permitted by law, without the
        appointment of a new or successor trustee.

      

      (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.

      

      
        
           

        

        
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      (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 (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
        Trustee may appoint one or more Authenticating Agents which shall be authorized
        to act on behalf of the Trustee in authenticating Certificates. Wherever
        reference is made in this Agreement to the authentication of Certificates
        by the
        Trustee or the Trustee’s certificate of authentication, such reference shall be
        deemed to include authentication on behalf of the Trustee by an Authenticating
        Agent and a certificate of authentication executed on behalf of the Trustee
        by
        an Authenticating Agent. Each Authenticating Agent must be a corporation
        organized and doing business under the laws of the United States of America
        or
        of any state, having a combined capital and surplus of at least $15,000,000,
        authorized under such laws to do a trust business and subject to supervision
        or
        examination by federal or state authorities and acceptable to any NIMS
        Insurer.

      

      (b) Any
        Person into which any Authenticating Agent may be merged or converted or
        with
        which it may be consolidated, or any Person resulting from any merger,
        conversion or consolidation to which any Authenticating Agent shall be a
        party,
        or any Person succeeding to the corporate agency business of any Authenticating
        Agent, shall continue to be the Authenticating Agent without the execution
        or
        filing of any paper or any further act on the part of the Trustee or the
        Authenticating Agent.

      

      (c) Any
        Authenticating Agent may at any time resign by giving at least 30 days’ advance
        written notice of resignation to the Trustee, any NIMS Insurer and the
        Depositor. The Trustee may at any time terminate the agency of any
        Authenticating Agent by giving written notice of termination to such
        Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving
        a
        notice of resignation or upon such a termination, or in case at any time
        any
        Authenticating Agent shall cease to be eligible in accordance with the
        provisions of this Section 6.10, the Trustee may appoint a successor
        Authenticating Agent, shall give written notice of such appointment to the
        Depositor and any NIMS Insurer and shall mail notice of such appointment
        to all
        Holders of Certificates. Any successor Authenticating Agent upon acceptance
        of
        its appointment hereunder shall become vested with all the rights, powers,
        duties and responsibilities of its predecessor hereunder, with like effect
        as if
        originally named as Authenticating Agent. No successor Authenticating Agent
        shall be appointed unless eligible under the provisions of this Section 6.10.
        No
        Authenticating Agent shall have responsibility or liability for any action
        taken
        by it as such at the direction of the Trustee. Any Authenticating Agent shall
        be
        entitled to reasonable compensation for its services and, if paid by the
        Trustee, it shall be a reimbursable expense pursuant to Section
        6.12.

      

      Section
        6.11. Indemnification
        of Trustee.  

      

      
        
           

        

        
          109

          
            

          

        

        
           

        

      

      The
        Trustee, including in its individual capacity, and its 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 Cap Agreement, the Mortgage
        Loan Sale Agreement, any Transfer Agreement, any Servicing Agreement or any
        Custodial Agreement, including any applicable fees and expenses payable pursuant
        to Section 6.12 and the costs and expenses of defending themselves against
        any
        claim in connection with the exercise or performance of any of their powers
        or
        duties hereunder, provided that:

      

      (i) with
        respect to any such claim, the Trustee shall have given the Depositor, the
        Master Servicer and the Holders written notice thereof promptly after the
        Trustee shall have knowledge thereof; provided that failure of the Trustee
        to
        provide such written notice shall not relieve the Trust Fund of the obligation
        to indemnify the Trustee under this Section 6.11;

      

      (ii) while
        maintaining control over its own defense, the Trustee shall cooperate and
        consult fully with the Depositor in preparing such defense; and

      

      (iii) notwithstanding
        anything to the contrary in this Section 6.11, the Trust Fund shall not be
        liable for settlement of any such claim by the Trustee entered into without
        the
        prior consent of the Depositor, which consent shall not be unreasonably
        withheld.

      

      The
        Trustee shall be further indemnified by the Seller for and held harmless
        against, any loss, liability or expense arising out of, or in connection
        with,
        the provisions set forth in the fourth paragraph of Section 2.01(a) hereof,
        including, without limitation, all costs, liabilities and expenses (including
        reasonable legal fees and expenses) of investigating and defending itself
        against any claim, action or proceeding, pending or threatened, relating
        to the
        provisions of such paragraph.

      

      The
        provisions of this Section 6.11 shall survive any termination of this Agreement
        and the resignation or removal of the Trustee and shall be construed to include,
        but not be limited to any loss, liability or expense under any environmental
        law.

      

      Section
        6.12. Fees
        and Expenses of Trustee and Custodians.  

      

      The
        Trustee shall be entitled to (i) receive, and is authorized to pay itself,
        the
        amount of income or gain earned from investment of or other earnings on funds
        in
        the Certificate Account and (ii) reimbursement of all reasonable expenses,
        disbursements and advances incurred or made by the Trustee in accordance
        with
        this Agreement (including fees and expenses of its counsel and all persons
        not
        regularly in its employment and any amounts described in Section 10.01 to
        which
        the Trustee is entitled as provided therein), except for expenses, disbursements
        and advances that either (i) do not constitute “unanticipated expenses” within
        the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) or (ii) arise
        from its negligence, bad faith or willful misconduct. The Trustee shall be
        entitled to reimbursement of its reasonable expenses and disbursements incurred
        or made in connection with a Section 7.01(d) Purchase Event in accordance
        with
        Section 4.04(b). Each Custodian shall receive compensation and indemnification
        amounts 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 Custodial Agreement, the Trustee is hereby authorized to
        pay
        such compensation or indemnification amounts from amounts on deposit in the
        Certificate Account prior to any distributions to Certificateholders pursuant
        to
        Section 5.02 hereof.

      

      
        
           

        

        
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      Section
        6.13. Collection
        of Monies.  

      

      Except
        as
        otherwise expressly provided in this Agreement, the Trustee may demand payment
        or delivery of, and shall receive and collect, all money and other property
        payable to or receivable by the Trustee pursuant to this Agreement. The Trustee
        shall hold all such money and property received by it as part of the Trust
        Fund
        and shall distribute it as provided in this Agreement. If the Trustee shall
        not
        have timely received amounts to be remitted with respect to the Mortgage
        Loans
        from the Master Servicer, the Trustee shall request the Master Servicer to
        make
        such distribution as promptly as practicable or legally permitted. If the
        Trustee shall subsequently receive any such amount, it may withdraw such
        request.

      

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

      

      (a) The
        occurrence of any one or more of the following events shall constitute an
“Event
        of Default”:

      

      (i) Any
        failure by the Master Servicer to furnish to the Trustee the Mortgage Loan
        data
        sufficient to prepare the reports described in Section 4.03(a) which continues
        unremedied for a period of two (2) Business Days after the date upon which
        written notice of such failure shall have been given to such Master Servicer
        by
        the Trustee or to such Master Servicer and the Trustee by the Holders of
        not
        less than 25% of the Class Principal Amount or Class Notional Amount of each
        Class of Certificates affected thereby; or

      

      (ii) 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 (or 15 days, in the case of failure to maintain any Insurance
        Policy required to be maintained pursuant to this Agreement) after the date
        on
        which written notice of such failure, requiring the same to be remedied,
        shall
        have been given to the Master Servicer by the Trustee or to the Master Servicer
        and the Trustee by the Holders of not less than 25% of the Class Principal
        Amount (or Class Notional Amount) of each Class of Certificates affected
        thereby
        or by any NIMS Insurer; or

      

      (iii) 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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      (iv) 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

      

      (v) 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

      

      (vi) 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
        9.28
        hereof; or

      

      (vii) If
        a
        representation or warranty set forth in Section 9.14 hereof shall prove to
        be
        incorrect as of the time made in any respect that materially and adversely
        affects the interests of the Certificateholders, and the circumstance or
        condition in respect of which such representation or warranty was incorrect
        shall not have been eliminated or cured within 30 days after the date on
        which
        written notice of such incorrect representation or warranty shall have been
        given to the Master Servicer by the Trustee or to the Master Servicer and
        the
        Trustee by the Holders of more than 50% of the Aggregate Voting Interests
        of the
        Certificates or by any NIMS Insurer; or

      

      (viii) 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

      

      (ix) 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 actual knowledge; or

      

      (x) Any
        failure of the Master Servicer to remit to the Trustee any payment required
        to
        be made to the Trustee for the benefit of Certificateholders under the terms
        of
        this Agreement, including any Advance, on any Master Servicer Remittance
        Date,
        which failure continues unremedied for a period of one Business Day (but
        in no
        event later than 12:00 p.m. New York time on the related Distribution Date)
        after the date upon which such written notice of such failure shall have
        been
        given to the Master Servicer by the Trustee.

      

      
        
           

        

        
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      If
        an
        Event of Default described in clauses (i) through (ix) of this Section 6.14
        shall occur, then, in each and every case, subject to applicable law, so
        long as
        any such Event of Default shall not have been remedied within any period
        of time
        prescribed by this Section, the Trustee, by notice in writing to the Master
        Servicer may, and shall, if so directed by Certificateholders evidencing
        more
        than 50% of the Class Principal Amount (or Class Notional 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 (x) of this Section 6.14 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 (x) of this Section 6.14, the Trustee, by notice in writing to the
        Master
        Servicer, shall promptly terminate all 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 and pursuant to and
        under
        the terms of this Agreement; provided,
        however,
        the
        parties acknowledge that notwithstanding the preceding sentence, there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of the
        Master Servicer’s 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 Collection Account maintained by such
        defaulting Master Servicer and any other account or fund maintained with
        respect
        to the Certificates or thereafter received with respect to the Mortgage Loans.
        The Master Servicer being terminated shall bear all costs of a master servicing
        transfer, including but not limited to those of the Trustee reasonably allocable
        to specific employees and overhead, legal fees and expenses, accounting and
        financial consulting fees and expenses, and costs of amending the Agreement,
        if
        necessary. 

      

      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 servicing from the
        predecessor Master 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 Trustee to correct any errors or insufficiencies in the servicing
        data or
        otherwise to enable the Trustee to master service the Mortgage Loans properly
        and effectively. If the terminated Master Servicer does not pay such
        reimbursement within thirty (30) days of its receipt of an invoice therefor,
        such reimbursement shall be an expense of the Trust Fund and the Trustee
        shall
        be entitled to withdraw such reimbursement from amounts on deposit in the
        Certificate Account pursuant to Section 4.04(b); provided that the terminated
        Master Servicer shall reimburse the Trust Fund for any such expense incurred
        by
        the Trust Fund; and provided,
        further,
        that the
        Trustee shall decide whether and to what extent it is in the best interest
        of
        the Certificateholders to pursue any remedy against any party obligated to
        make
        such reimbursement.

      

      
        
           

        

        
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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(i), (ii), (iii), (v), (vii) and (ix) to the extent such
        reimbursement relates to the period prior to such Master Servicer’s
        termination.

      

      If
        any
        Event of Default shall occur of which a Responsible Officer of the Trustee
        has
        actual knowledge, the Trustee, shall promptly notify the Swap Counterparty,
        any
        NIMS Insurer and each Rating Agency of the nature and extent of such Event
        of
        Default. The Trustee shall immediately give written notice to the Master
        Servicer upon the Master Servicer’s failure to remit funds on the Master
        Servicer Remittance Date.

      

      (b) Within
        90
        days of the time the Master Servicer receives a notice of termination from
        the
        Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
        of
        the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
        9.28,
        the Trustee, unless another master servicer shall have been appointed, shall
        be
        the successor in all respects to the Master Servicer in its capacity as such
        under this Agreement and the transactions set forth or provided for herein
        and
        shall have all the rights and powers and be subject to all the responsibilities,
        duties and liabilities relating thereto and arising thereafter placed on
        the
        Master Servicer hereunder, including the obligation to make Advances;
provided,
        however,
        that any
        failure to perform such duties or responsibilities caused by the Master
        Servicer’s failure to provide information required by this Agreement shall not
        be considered a default by the Trustee hereunder. In addition, the Trustee
        shall
        have no responsibility for any act or omission of the Master Servicer prior
        to
        the issuance of any notice of termination and within a period of time not
        to
        exceed 90 days after the issuance of written notice of termination pursuant
        to
        Section 6.14(a) or Section 9.28 or for any breach of representation or warranty
        by such predecessor Master Servicer. The Trustee shall have no liability
        relating to the representations and warranties of the Master Servicer set
        forth
        in Section 9.14. In the Trustee’s capacity as such successor, the Trustee shall
        have the same limitations on liability herein granted to the Master Servicer.
        As
        compensation therefor, the Trustee shall be entitled to receive all compensation
        payable to the Master Servicer under this Agreement, including the Master
        Servicing Fee. 

      

      
        
           

        

        
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      (c) Notwithstanding
        the above, the Trustee may, if it shall be unwilling to continue to so act,
        or
        shall, if it is unable to so act, petition a court of competent jurisdiction
        to
        appoint, or appoint on its own behalf any established housing and home finance
        institution servicer, master servicer, servicing or mortgage servicing
        institution having a net worth of not less than $15,000,000 and meeting such
        other standards for a successor master servicer as are set forth in this
        Agreement, as the successor to such Master Servicer in the assumption of
        all of
        the responsibilities, duties or liabilities of the Master Servicer hereunder.
        Any entity designated by the Trustee as a successor master servicer may be
        an
        Affiliate of the Trustee; provided,
        however,
        that,
        unless such Affiliate meets the net worth requirements and other standards
        set
        forth herein for a successor master servicer, the Trustee in its individual
        capacity shall agree, at the time of such designation, to be and remain liable
        to the Trust Fund for such Affiliate’s actions and omissions in performing its
        duties hereunder. In connection with such appointment and assumption, the
        Trustee may make such arrangements for the compensation of such successor
        out of
        payments on Mortgage Loans as it and such successor shall agree; provided,
        however,
        that no
        such compensation shall be in excess of that permitted to the Master Servicer
        hereunder. The Trustee and such successor shall take such actions, consistent
        with this Agreement, as shall be necessary to effectuate any such succession
        and
        may make other arrangements with respect to the servicing to be conducted
        hereunder which are not inconsistent herewith. The Master Servicer shall
        cooperate with the Trustee and any successor master servicer in effecting
        the
        termination of the Master Servicer’s responsibilities and rights hereunder
        including, without limitation, notifying Mortgagors of the assignment of
        the
        master servicing functions and providing the Trustee and successor master
        servicer, as applicable, all documents and records in electronic or other
        form
        reasonably requested by it to enable it to assume the Master Servicer’s
        functions hereunder and the transfer to the Trustee or such successor master
        servicer, as applicable, all amounts which shall at the time be or should
        have
        been deposited by the Master Servicer in the Collection Account and any other
        account or fund maintained with respect to the Certificates or the Pooling
        REMIC
        1 Regular Interests or thereafter be received with respect to the Mortgage
        Loans. Neither the Trustee nor any other successor master servicer shall
        be
        deemed to be in default hereunder by reason of any failure to make, or any
        delay
        in making, any distribution hereunder or any portion thereof caused by (i)
        the
        failure of the Master Servicer to deliver, or any delay in delivering, cash,
        documents or records to it, (ii) the failure of the Master Servicer to cooperate
        as required by this Agreement, (iii) the failure of the Master Servicer to
        deliver the Mortgage Loan data to the Trustee as required by this Agreement
        or
        (iv) restrictions imposed by any regulatory authority having jurisdiction
        over
        the Master Servicer. 

      

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

      

      During
        the continuance of any Event of Default, so long as such Event of Default
        shall
        not have been remedied, the Trustee, in addition to the rights specified
        in
        Section 6.14, shall have the right, in its own name and as trustee of an
        express
        trust, to take all actions now or hereafter existing at law, in equity or
        by
        statute to enforce its rights and remedies and to protect the interests,
        and
        enforce the rights and remedies, of any NIMS Insurer and the Certificateholders
        (including the institution and prosecution of all judicial, administrative
        and
        other proceedings and the filings of proofs of claim and debt in connection
        therewith). Except as otherwise expressly provided in this Agreement, no
        remedy
        provided for by this Agreement shall be exclusive of any other remedy, and
        each
        and every remedy shall be cumulative and in addition to any other remedy,
        and no
        delay or omission to exercise any right or remedy shall impair any such right
        or
        remedy or shall be deemed to be a waiver of any Event of Default.

      

      Section
        6.16. Waiver
        of Defaults.  

      

      More
        than
        50% of the Aggregate Voting Interests of Certificateholders (with the consent
        of
        any NIMS Insurer) may waive any default or Event of Default by the Master
        Servicer in the performance of its obligations hereunder, except that a default
        in the making of any required deposit to the Certificate Account that would
        result in a failure of the Trustee to make any required payment of principal
        of
        or interest on the Certificates may only be waived with the consent of 100%
        of
        the affected Certificateholders and with the consent of any NIMS Insurer.
        Upon
        any such waiver of a past default, such default shall cease to exist, and
        any
        Event of Default arising therefrom shall be deemed to have been remedied
        for
        every purpose of this Agreement. No such waiver shall extend to any subsequent
        or other default or impair any right consequent thereon except to the extent
        expressly so waived.

      

      
        
           

        

        
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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 Trustee shall promptly mail
        notice thereof by first class mail to the Certificateholders at their respective
        addresses appearing on the Certificate Register, any NIMS Insurer and the
        Swap
        Counterparty. The Trustee shall also, within 45 days after the occurrence
        of any
        Event of Default known to a Responsible Officer of the Trustee, give written
        notice thereof to any NIMS Insurer and the Certificateholders, unless such
        Event
        of Default shall have been cured or waived prior to the issuance of such
        notice
        and within such 45-day period.

      

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

      

      Subject
        to the provisions of Section 8.01 hereof, during the continuance of any Event
        of
        Default, Holders of Certificates evidencing not less than 25% of the Class
        Principal Amount (or Percentage Interest) of each Class of Certificates affected
        thereby may, with the consent of any NIMS Insurer, direct the time, method
        and
        place of conducting any proceeding for any remedy available to the Trustee,
        or
        exercising any trust or power conferred upon the Trustee, under this Agreement;
        provided,
        however,
        that the
        Trustee shall be under no obligation to pursue any such remedy, or to exercise
        any of the trusts or powers vested in it by this Agreement (including, without
        limitation, (i) the conducting or defending of any administrative action
        or
        litigation hereunder or in relation hereto and (ii) the terminating of the
        Master Servicer or any successor master servicer from its rights and duties
        as
        master servicer hereunder) at the request, order or direction of any of the
        Certificateholders, or any NIMS Insurer, unless such Certificateholders,
        or any
        NIMS Insurer, shall have offered to the Trustee reasonable security or indemnity
        against the cost, expenses and liabilities which may be incurred therein
        or
        thereby; and, provided further, that, subject to the provisions of Section
        8.01,
        the Trustee shall have the right to decline to follow any such direction
        if the
        Trustee, in accordance with an Opinion of Counsel, 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 shall have actual knowledge
        of
        any action or inaction of the Master Servicer that would become an Event
        of
        Default upon the Master Servicer’s failure to remedy the same after notice, the
        Trustee shall give notice thereof to the Master Servicer and the Swap
        Counterparty. For all purposes of this Agreement, in the absence of actual
        knowledge by a Responsible Officer of the Trustee, the Trustee shall not
        be
        deemed to have knowledge of any failure of the Master Servicer or any other
        Event of Default unless notified in writing by the Depositor, the Master
        Servicer, the Swap Counterparty or the Certificateholders.

      

      
        
           

        

        
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      Section
        6.20. Preparation
        of Tax Returns and Reports to the Commission.

      

      (a) The
        Trustee shall prepare or cause to be prepared on behalf of the Trust Fund,
        based
        upon information calculated in accordance with this Agreement pursuant to
        instructions given by the Depositor, and the Trustee shall file federal tax
        returns, all in accordance with Article X hereof. The Trustee shall prepare
        and
        file required state income tax returns and such other returns as may be required
        by applicable law relating to the Trust Fund, and, if required by state law,
        and
        shall file any other documents to the extent required by applicable state
        tax
        law (to the extent such documents are in the Trustee’s possession). The Trustee
        shall forward copies to the Depositor of all such returns and Form 1099
        supplemental tax information and such other information within the control
        of
        the Trustee as the Depositor may reasonably request in writing, and shall
        distribute to each Certificateholder such forms and furnish such information
        within the control of the Trustee as are required by the Code and the REMIC
        Provisions to be furnished to them, and will prepare and distribute to
        Certificateholders Form 1099 (supplemental tax information) (or otherwise
        furnish information within the control of the Trustee) to the extent required
        by
        applicable law. The Master Servicer shall indemnify the Trustee for any
        liability of or assessment against the Trustee resulting from any error in
        any
        of such tax or information returns directly resulting from errors in the
        information provided by such Master Servicer.

      

      (b) The
        Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
        behalf of each REMIC created hereby, an application on IRS Form SS-4. The
        Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification
        Number Assigned for each REMIC, shall promptly forward copies of such notices
        to
        the Master Servicer, the Trustee and the Depositor. The Trustee will file
        an IRS
        Form 8811. The Trustee shall have no obligation to verify the information
        in any
        form 8811 or form SS-4 filings.

      

      (c) The
        Depositor shall prepare or cause to be prepared the initial current report
        on
        Form 8-K. Thereafter, within 15 days (or, if applicable, within such shorter
        period of time as is required under the rules of the Commission) as in effect
        from time to time (the “Rules”)) following each Distribution Date, the Trustee
        shall, in accordance with industry standards and 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 each of which reports and any amendment thereof shall be signed by the
        Exchange Act Signing Party. 

      

      (d) Reports
        Filed on Form 10-D. 

      

      (i) 
        Within
        15 days following each Distribution Date (or such later date as may be
        permissible due to an extension of the filing deadline under the Exchange
        Act),
        the Trustee will prepare and file a distribution report on Form 10-D (the
        “Distribution Report”) with respect to the Trust Fund, which Distribution Report
        shall include (A) a copy of the Distribution Date Statement prepared by the
        Trustee in respect of the related Distribution Date detailing all applicable
        data elements specified in Item 1121(a) of Regulation AB and (B) the information
        identified in clauses (A) through (I) below, as specified on Exhibit Q;
        provided, that, the Trustee shall have received from the Depositor, the Sponsor,
        the Master Servicer, any Servicer, any Custodian, any Cap Counterparty, any
        Swap
        Counterparty or any Subservicer or Subcontractor therefor, no later than
        three
        Business Days after the related Distribution Date, the following additional
        information, data, and materials, in a form suitable for conversion to the
        format required for filing with the Commission via EDGAR, required to be
        included in the Distribution Report on Form 10-D for such Distribution
        Date:

      

      
        
           

        

        
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      (A)
         Item
        1 -
        Distribution and Pool Performance Information (each of the data elements
        specified in Item 1121(a)(11), (12) and (14) of Regulation AB);

      

      (B)
         Item
        2 -
        Legal Proceedings (information required by Item 1117 of Regulation
        AB);

      

      (C)
         Item
        3 -
        Sale of Securities and Use of Proceeds (information required by Item 2 of
        Part
        II of Form 10-Q);

      

      (D)
         Item
        4 -
        Defaults Upon Senior Securities (information required by Item 3 of Part II
        of
        Form 10-Q);

      

      (E)
         Item
        5 -
        Submission of Matters to a Vote of Security Holders (information required
        by
        Item 4 of Part II of Form 10-Q);

      

      (F)
         Item
        6 -
        Significant Obligors of Pool Assets (information required by Item 1112(b)
        of
        Regulation AB);

      

      (G)
         Item
        7 -
        Significant Enhancement Provider Information (information required by Items
        1114(b)(2) and 1115(b) of Regulation AB);

      

      (H)
         Item
        8 -
        Other Information (all other information required to be disclosed on Form
        8-K
        during the period covered by the report and not yet reported); and 

      

      (I)
         Item
        9 -
        Exhibits (all exhibits required to be filed by Form 10-D and Item 601 of
        Regulation S-K other than the Distribution Date Statement to be provided
        by the
        Trustee).

      

      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 Q to the Depositor and the
        Trustee and directed and approved by the Depositor pursuant to the following
        paragraph, and the Trustee will have no duty or liability for any failure
        hereunder to determine or prepare any Additional Form 10-D Disclosure to
        the
        extent that such information is required to be provided by a party other
        than
        the Trustee, except as set forth in the next paragraph.

      

      
        
           

        

        
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      (ii) After
        preparing the Form 10-D, the Trustee shall forward electronically a draft
        copy
        of the Form 10-D to the Exchange Act Signing Party for review and approval.
        If
        the Master Servicer is the Exchange Act Signing Party and the Form 10-D includes
        Additional Form 10-D Disclosure, then the Form 10-D shall also be electronically
        distributed to the Depositor for review and approval. No later than two Business
        Days prior to the 15th
        calendar
        day after the related Distribution Date, a duly authorized officer of the
        Exchange Act Signing Party shall sign the Form 10-D and return an electronic
        or
        fax copy of such signed Form 10-D (with an original executed hard copy to
        follow
        by overnight mail) to the Trustee. If a Form 10-D cannot be filed on time
        or if
        a previously filed Form 10-D needs to be amended, the Trustee will follow
        the
        procedures set forth in subsection (g)(ii) of this Section 6.20. Promptly
        (but
        no later than one Business Day) after filing with the Commission, the Trustee
        will make available on its internet website a final executed copy of each
        Form
        10-D filed by the Trustee. Each party to this Agreement acknowledges that
        the
        performance by the Trustee of its duties under this Section 6.20(d) related
        to
        the timely preparation and filing of Form 10-D is contingent upon such parties
        strictly observing all applicable deadlines in the performance of their duties
        under this Section 6.20(d). The Trustee shall have no liability for any loss,
        expense, damage, claim arising out of or with respect to any failure to properly
        prepare and/or timely file such Form 10-D, where such failure results from
        the
        Trustee’s inability or failure to obtain or receive, on a timely basis, any
        information from any other party hereto needed to prepare or file such Form
        10-D, not resulting from its own negligence, bad faith or willful misconduct.
        The Trustee shall not be responsible (1) for the content of any of the
        information provided pursuant to clauses (d)(i)(A) - (I) above (unless such
        item
        is provided by and specific to the Trustee or its Subcontractor, in which
        case
        the Trustee will be responsible for the content of such information;
provided
        that
        such information is not revised without the prior consent of the
        Trustee),
        (2)
        for determining whether any such information is required to be included in
        any
        Form 10-D (unless such information is specific to the Trustee, in which case
        the
        Trustee shall be responsible for making such a determination), (3) for
        reformatting any information that is not in a form suitable for conversion
        to
        the format required for filing with the Commission via EDGAR so that it is
        able
        to be filed on EDGAR or (4) for the failure to include any information if
        it is
        not provided to the Trustee on a timely basis (unless such item is specific
        to
        the Trustee, in which case the Trustee will be responsible for the failure
        to
        include such information, unless
        such information is not included in the final Form 10-D without the consent
        of
        the Trustee).

      

      The
        Trustee has no duty under this Agreement to monitor or enforce the performance
        by the parties listed on Exhibit Q 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 Trustee in connection with
        including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
        Section 6.20(d). 

      

      (iii) Form
        10-D
        requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” At the date of filing of each annual
        report on Form 10-K with respect to the Trust Fund, the Depositor shall be
        deemed to represent to the Trustee that as of such date, the Depositor has
        filed
        all such required reports during the preceding 12 months and that is has
        been
        subject to such filing requirements for the past 90 days. The Depositor hereby
        directs the Trustee to check “yes” with respect to both clauses (1) and (2)
        above. The Depositor shall notify the Trustee in writing, no later than the
        fifth calendar day after the related Distribution Date with respect to the
        filing of a report on Form 10-D, if the answer to either of clause (1) or
        clause
        (2) above is “no.” The Trustee shall be entitled to rely on such direction in
        preparing and/or filing any such Form 10-D. 

      

      
        
           

        

        
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      (e) Reports
        Filed on Form 10-K.

      

      (i) On
        or
        prior to the 90th
        day
        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, and, unless and until a Form 15 Suspension
        Notification shall have been filed, the Trustee shall prepare and file (but
        will
        not execute) a Form 10-K in respect of the Trust Fund, which shall include
        the
        certification required pursuant to Rule 13a-14 under the Exchange Act (the
“Form
        10-K Certification”) signed by an appropriate party or parties (which Form 10-K
        Certification the Trustee shall not be required to prepare or sign) and such
        other information as is required by the Rules; provided,
        that,
        the Trustee shall have received from the Depositor, each Servicer, each
        Custodian, each Additional Servicer, any Servicing Function Participant and
        the
        Master Servicer (each, a “Reporting Servicer”), no later than March 15th of each
        calendar year prior to the filing deadline for such Annual Report, all
        information, data, assessments of compliance, accountant’s attestations and
        exhibits required to be provided or filed with such Annual Report including
        information, data, assessments of compliance, accountant’s attestations and
        exhibits required to be provided in connection with the following Items and
        other filing requirements of Form 10-K: 

      

      (A) Item
        9B -
        Other Information (information required to be reported on Form 8-K in the
        fourth
        quarter but not reported);

      

      (B) Item
        15 -
        Exhibits and Financial Statement Schedules (including all exhibits required
        to
        be filed pursuant to Item 601 of Regulation S-K under the Exchange Act other
        than the certification specified in Item 601(b)(31)(ii) of Regulation S-K
        and
        the Assessment of Compliance, Attestation Report, and Compliance Statement
        specified in Item 601(b)(33), (34) and (35) of Regulation S-K with respect
        to
        those Servicing Criteria as to which the Trustee is the Item 1122 Responsible
        Party); 

      

      (C) Significant
        Obligor Financial Information (Item 1112(b) of Regulation AB);

      

      (D) Significant
        Enhancement Provider Financial Information (Items 1114(b)(2) and 1115(b)
        of
        Regulation AB);

      

      (E) Legal
        Proceedings (Item 1117 of Regulation AB);

      

      
        
           

        

        
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      (F) Affiliations
        and Certain Relationships and Related; Transactions (Item 1119 of Regulation
        AB);

      

      (G) Compliance
        with Applicable Servicing Criteria (Item 1122 of Regulation AB);
        and

      

      (H) Servicer
        Compliance Statement (Item 1123 of Regulation AB).

      

      Any
        disclosure or information listed in (A) through (H) 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 R to the Depositor and the
        Trustee and directed and approved by the Depositor pursuant to the following
        paragraph, and the Trustee will have no duty or liability for any failure
        hereunder to determine or prepare any Additional Form 10-K Disclosure to
        the
        extent that such information is required to be provided by a party other
        than
        the Trustee, except as set forth in the next paragraph. 

      

      (ii) After
        preparing the Form 10-K, the Trustee shall forward electronically a draft
        copy
        of the Form 10-K to the Exchange
        Act Signing Party for review and approval. If the Master
        Servicer is
        the
        Exchange Act Signing Party and the Form 10-K includes Additional Form 10-K
        Disclosure, then the Form 10-K shall also be electronically distributed to
        the
        Depositor for review and approval. No later than the close of business New
        York
        City time on the 4th Business Day prior to the 10-K Filing Deadline, a senior
        officer of the Exchange
        Act Signing Party
        shall sign the Form 10-K and return an electronic or fax copy of such signed
        Form 10-K (with an original executed hard copy to follow by overnight mail)
        to
        the Trustee.
        If a
        Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
        to be
        amended, the Trustee will follow the procedures set forth in subsection (g)
        of
        this Section 6.20. Promptly (but no later than one Business Day) after filing
        with the Commission, the Trustee will make available on its internet website
        a
        final executed copy of each Form 10-K filed by the Trustee. The parties to
        this
        Agreement acknowledge that the performance by the Trustee of its duties under
        this Section 6.20(e) related to the timely preparation and filing of Form
        10-K
        is contingent upon such parties (and any Additional Servicer or Servicing
        Function Participant) strictly observing all applicable deadlines in the
        performance of their duties under this Section 6.20(e), Section 9.25(a),
        Section
        9.25(b) and Section 9.26. The Trustee shall have no liability for any loss,
        expense, damage or claim arising out of or with respect to any failure to
        properly prepare and/or timely file such Form 10-K, where such failure results
        from the Trustee’s inability or failure to obtain or receive, on a timely basis,
        any information from any other party hereto needed to prepare, arrange for
        execution or file such Form 10-K, not resulting from its own negligence,
        bad
        faith or willful misconduct. The Trustee shall not be responsible (1) for
        the
        content of any of the information provided pursuant to clauses (e)(i)(A)
        - (H)
        above (unless such item is provided by and specific to the Trustee or its
        Subcontractor, in which case the Trustee will be responsible for the content
        of
        such information; provided
        that
        such information is not revised without the prior consent of the
        Trustee),
        (2)
        for determining whether any such information is required to be included in
        any
        Form 10-K (unless such information is specific to the Trustee, in which case
        the
        Trustee shall be responsible for making such a determination), (3) for
        reformatting any information that is not in a form suitable for conversion
        to
        the format required for filing with the Commission via EDGAR so that it is
        able
        to be filed on EDGAR or (4) for the failure to include any information if
        it is
        not provided to the Trustee on a timely basis (unless such item is specific
        to
        the Trustee, in which case the Trustee will be responsible for the failure
        to
        include such information, unless
        such information is not included in the final Form 10-K without the consent
        of
        the Trustee).
        

      

      
        
           

        

        
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      The
        Trustee has no duty under this Agreement to monitor or enforce the performance
        by the parties listed on Exhibit R 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 Trustee in connection with
        including any Additional Form 10-K Disclosure on Form 10-K pursuant to this
        paragraph.

      

      (iii) Unless
        a
        Form 15 Suspension Notification with respect to the Trust Fund has been filed,
        if so requested, on or prior to March 15th
        of each
        year, beginning in March 2007, the Trustee shall sign a certification in
        the
        form attached hereto as Exhibit M (the “Back-up Certification”) for the benefit
        of the Exchange Act Signing Party and the Person who signs the Form 10-K
        Certification (the “Certifying Party”) regarding certain aspects of such Form
        10-K Certification, upon which the Exchange Act Signing Party and the Certifying
        Party can reasonably rely (provided,
        however,
        that the
        Trustee shall not be required to undertake an analysis of, and shall have
        no
        responsibility for, any financial information, the accountant’s report,
        certification or other materials contained therein, except for those
        computations prepared by the Trustee and reflected in the distribution report).
        Nothing in this Section 6.20(i) shall relieve the Trustee of its responsibility
        for the matters as to which it is certifying in the form attached hereto
        as
        Exhibit M. 

      

      (iv) 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 directs the
        Trustee to check “yes” with respect to both clauses (1) and (2) above. The
        Depositor shall notify the Trustee 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 either of clause (1) or
        clause (2) above is “no.” The Trustee shall be entitled to rely on such
        direction in preparing and/or filing any such Form 10-K.

      

      (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.

      

      (f) Reports
        Filed on Form 8-K.

      

      
        
           

        

        
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      (i) Within
        four Business Days after the occurrence of an event requiring disclosure
        on Form
        8-K (each such event, a “Reportable Event”), at the written direction and
        expense of the Depositor, the Trustee shall prepare and file Current Reports
        on
        Form 8-K in respect of the Trust Fund, as required by the Exchange Act;
provided,
        that,
        the Depositor shall have timely notified the Trustee of an item reportable
        on a
        Current Report on Form 8-K and shall have delivered to the Trustee no later
        than
        two Business Days prior to the filing deadline for such Current Report, all
        information, data, and exhibits required to be provided or filed with such
        Current Report, including, particularly, information, data and exhibits,
        in a
        form suitable for conversion to the format required for filing with the
        Commission via EDGAR, required to be provided in connection with the following
        Items of Form 8-K:

      

      (A) Item
        1.01
        - Entry into a Material Definitive Agreement;

      

      (B) Item
        1.02
        - Termination of a Material Definitive Agreement;

      

      (C) Item
        1.03
        - Bankruptcy or Receivership;

      

      (D) Item
        2.04
        - Triggering Events that Accelerate or Increase a Direct Financial Obligation
        or
        an Obligation under an Off-Balance Sheet Arrangement;

      

      (E) Item
        3.03
        - Material Modification to Rights of Security Holders;

      

      (F) Item
        5.03
        - Amendments of Articles of Incorporation or Bylaws; Change of Fiscal
        Year

      

      (G) Item
        6.02
        - Change in Servicer or Trustee;

      

      (H) Item
        6.03
        - Change in Credit Enhancement or Other External Support;

      

      (I) Item
        6.04
        - Failure to Make a Required Distribution; and

      

      (J) Item
        6.05
        - Securities Act Updating Disclosure.

      

      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
        Trustee and directed and approved by the Depositor pursuant to the following
        paragraph, and the Trustee will have no duty or liability for any failure
        hereunder to determine or prepare any Form 8-K Disclosure Information or
        any
        Form 8-K to the extent that such information is required to be provided by
        a
        party other than the Trustee, except as set forth in the next paragraph.
        

      

      
        
           

        

        
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      (ii) After
        preparing the Form 8-K, the Trustee shall forward electronically, no later
        than
        Noon New York City time on the 3rd
        Business
        Day after the Reportable Event, a draft copy of the Form 8-K to the Exchange
        Act
        Signing Party for review and approval. If the Master Servicer is the Exchange
        Act Signing Party, then the Form 8-K shall also be electronically distributed
        to
        the Depositor for review and approval. No later than 1 p.m. New York City
        time
        on the 4th
        Business
        Day after the Reportable Event, a duly authorized officer of the Exchange
        Act
        Signing Party shall sign the Form 8-K and return an electronic or fax copy
        of
        such signed Form 8-K (with an original executed hard copy to follow by overnight
        mail) to the Trustee. If a Form 8-K cannot be filed on time or if a previously
        filed Form 8-K needs to be amended, the Trustee will follow the procedures
        set
        forth in subsection (g) of this Section 6.20. Promptly (but no later than
        one
        Business Day) after filing with the Commission, the Trustee will make available
        on its internet website a final executed copy of each Form 8-K filed by the
        Trustee. The parties to this Agreement acknowledge that the performance by
        the
        Trustee of its duties under this Section 6.20(f) related to the timely
        preparation and filing of Form 8-K is contingent upon such parties strictly
        observing all applicable deadlines in the performance of their duties under
        this
        Section 6.20(f). The Trustee shall have no liability for any loss, expense,
        damage, claim arising out of or with respect to any failure to properly prepare
        and/or timely file such Form 8-K, where such failure results from the Trustee’s
        inability or failure to obtain or receive, on a timely basis, any information
        from any other party hereto needed to prepare or file such Form 8-K, not
        resulting from its own negligence, bad faith or willful misconduct. The
        Trustee shall not be responsible (1) for the content of any of the information
        provided pursuant to clauses (f)(i)(A) - (J) above (unless such item is provided
        by and specific to the Trustee or its Subcontractor, in which case the Trustee
        will be responsible for the content of such information; provided
        that
        such information is not revised without the prior consent of the
        Trustee),
        (2)
        for determining what information is required to be filed on a Form 8-K in
        connection with the transactions contemplated by this Agreement (unless such
        information is specific to the Trustee, in which case the Trustee will be
        responsible for making such a determination, unless
        such information is not included in the final Form 8-K without the consent
        of
        the Trustee),
        (3)
        for reformatting any information that is not in a form suitable for conversion
        to the format required for filing with the Commission via EDGAR so that it
        is
        able to be filed on EDGAR or (4) for any late filing of a Form 8-K in the
        event
        that it does not receive all information, data, signatures and exhibits required
        to be provided or filed on or prior to the second Business Day prior to the
        applicable filing deadline. The Trustee has no duty under this Agreement
        to
        monitor or enforce the performance by the parties listed on Exhibit S 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
        Trustee in connection with including any Form 8-K Disclosure Information
        on Form
        8-K pursuant to this paragraph.

      

      (g) Delisting;
        Amendments; Late Filings.

      

      (i) Prior
        to
        January 30 of the first year in which the Trustee is able to do so under
        applicable law, unless otherwise directed by the Depositor in writing, the
        Trustee shall prepare and file a Form 15 relating to the automatic suspension
        of
        reporting in respect of the Trust Fund under the Exchange Act. 

      

      
        
           

        

        
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      (ii) In
        the
        event that the Trustee becomes aware that it will be unable to timely file
        with
        the Commission all or any required portion of any Forms 8-K, 10-D or 10-K
        required to be filed by this Agreement because required disclosure information
        was either not delivered to it or delivered to it after the delivery deadlines
        set forth in this Agreement or for any other reason, the Trustee will
        immediately notify the Depositor. In the case of Forms 10-D and 10-K, the
        parties to this Agreement and each Servicer will cooperate to prepare and
        file a
        Form 12b-25 and Forms 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25
        of the Exchange Act. In the case of Form 8-K, the Trustee will, upon receipt
        of
        all required Form 8-K Disclosure Information and upon the approval and direction
        of the Depositor, include such disclosure information on the next Form 10-D.
        In
        the event that any previously filed Forms 8-K, 10-D or 10-K needs to be amended,
        the Trustee will notify the Depositor and each Servicer and such parties
        will
        cooperate to prepare any necessary Forms 8-K/A, 10-D/A or 10-K/A. Any Form
        15,
        Form 12b-25 or any amendment to Forms 8-K, 10-D or 10-K shall be signed by
        a
        senior officer of the Exchange Act Signing Party. The parties to this Agreement
        acknowledge that the performance by the Trustee of its duties under this
        Section
        6.20(g) related to the timely preparation and filing of Form 15, a Form 12b-25
        or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
        performing its duties under this Section. The Trustee shall have no liability
        for any loss, expense, damage or claim arising out of or with respect to
        any
        failure to properly prepare and/or timely file any such Form 15, Form 12b-25
        or
        any amendments to Forms 8-K, 10-D or 10-K, where such failure results from
        the
        Trustee’s inability or failure to obtain or receive, on a timely basis, any
        information from any other party hereto needed to prepare, arrange for execution
        or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or
        10-K,
        not resulting from its own negligence, bad faith or willful
        misconduct.

      

      (h) The
        Trustee, with the prior consent of the Depositor, may include in any Exchange
        Act report all relevant information, data, and exhibits as the Trustee may
        receive in connection with such report irrespective of any provision that
        may
        permit the exclusion of such material. For example, the Trustee, with the
        prior
        consent of the Depositor, may file all Assessments of Compliance, Attestation
        Reports and Compliance Statements timely received from any Item 1122 Responsible
        Party irrespective of any applicable minimum pool asset percentage requirement
        for disclosure related to such Item 1122 Responsible Party.

      

      (i) Any
        party
        that signs any Exchange Act report that the Trustee is required to file shall
        provide to the Trustee prompt notice of the execution of such Exchange Act
        report along with the name and contact information for the person signing
        such
        report and shall promptly deliver to the Trustee the original executed signature
        page for such report. In addition, each of the parties agrees to provide
        to the
        Trustee such additional information related to such party as the Trustee
        may
        reasonably request, including evidence of the authorization of the person
        signing any certification or statement, financial information and reports,
        and
        such other information related to such party or its performance
        hereunder.

      

      (j)
         The
        Depositor and the Master Servicer, by mutual agreement, shall determine which
        of
        the Depositor or the Master Servicer shall be the initial Exchange Act Signing
        Party. Upon such determination, the Depositor shall timely notify the Trustee,
        and such notice shall provide contact information for the Exchange Act Signing
        Party. If the Depositor and Master Servicer, at any time, mutually agree
        to
        change the identity of the Exchange Act Signing Party, the Depositor shall
        provide timely notice to the Trustee of any such change.

      

      Section
        6.21. Compliance
        with Regulation AB.

      

      
        
           

        

        
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      Each
        of
        the parties hereto acknowledges and agrees that the purpose of Sections 6.01
        and
        6.20 of this Agreement is to facilitate compliance by the Sponsor, the Master
        Servicer, the Depositor and the Trustee with the provisions of Regulation
        AB, as
        such may be amended or clarified from time to time. Therefore, each of the
        parties agrees that (a) the obligations of the parties hereunder shall be
        interpreted in such a manner as to accomplish compliance with Regulation
        AB, (b)
        the parties’ obligations hereunder will be supplemented and modified as
        necessary to be consistent with any such amendments, interpretive advice
        or
        guidance from the Commission, convention or consensus among active participants
        in the asset-backed securities markets, or otherwise in respect of the
        requirements of Regulation AB and (c) the parties shall comply with reasonable
        requests made by the Sponsor, the Master Servicer, the Depositor or the Trustee
        for delivery of additional or different information, to the extent such
        information is available or reasonably attainable, as the Sponsor, the Master
        Servicer, the Depositor or the Trustee may determine in good faith is necessary
        to comply with the provisions of Regulation AB.

      

      Section
        6.22. Reporting
        Requirements of the Commission. 

      

      The
        Trustee and the Master Servicer shall reasonably cooperate with the Depositor
        and its counsel to enter into such amendments or modifications to this Agreement
        as may be necessary to comply with the Rules and any interpretations thereof
        by
        the staff of the Commission, subject to the provisions of Section 11.03
        hereof.

      

      ARTICLE
        VII

      

      PURCHASE
        OF MORTGAGE LOANS AND

      TERMINATION
        OF THE TRUST FUND

      

      Section
        7.01. Purchase
        of Mortgage Loans; Termination of the Trust Fund Upon Purchase or Liquidation
        of
        Mortgage Loans; Purchase of the Pooling REMIC 1 Regular Interests.
  

      

      (a) The
        respective obligations and responsibilities of the Trustee and the Master
        Servicer created hereby (other than the obligation of the Trustee to make
        payments to Certificateholders and the Swap Counterparty as set forth in
        Section
        7.02, the obligation of the Master Servicer to make a final remittance to
        the
        Trustee pursuant to Section 4.01, and the obligations of the Master Servicer
        to
        the Trustee pursuant to Sections 9.10 and 9.14) with respect to the Mortgage
        Loans shall terminate on the earliest of (i) the final payment or other
        liquidation of the last Mortgage Loan remaining in the Mortgage Pool and
        the
        disposition of all related REO Property, (ii) the latest to occur of 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 as
        evidenced by an Opinion of Counsel provided to the Trustee at the expense
        of the
        Trust Fund.

      

      
        
           

        

        
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      (b) On
        any
        Distribution Date occurring on or after the Initial Optional Termination
        Date,
        the Master Servicer or the 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 purchase the Mortgage Loans and
        any
        related REO Property for the Pool Purchase Price upon written direction to
        the
        Trustee (delivered no later than 30 days prior to the anticipated sale date);
        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 Pool Purchase 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”). Upon exercise of such option, the property of the
        Trust Fund shall be sold to the Master Servicer for the Pool Purchase Price.
        The
        Master Servicer, each Servicer (or the Trustee, if applicable) shall be
        reimbursed from the Pool Purchase 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 the Master Servicer or the Trustee
        under
        this Agreement or the related Servicing Agreement, together with any accrued
        and
        unpaid compensation and any other amounts due to the Master Servicer hereunder
        or the Servicers thereunder, and the Trustee shall be entitled to be reimbursed
        from the Pool Purchase Price for any related amounts owed to the Trustee
        under
        Section 6.11 and Section 6.12 hereof. If the NIMS Insurer directs the Master
        Servicer to exercise its right to cause the Trust Fund to sell its property
        as
        described above, then (i) the Master Servicer shall cause the Trust Fund
        to sell
        its property as described above, (ii) the NIMS Insurer shall remit the Pool
        Purchase Price in immediately available funds to the Master Servicer at least
        three Business Days prior to the applicable Distribution Date and, upon receipt
        of such funds from the NIMS Insurer, the Master Servicer shall promptly deposit
        such funds in the Collection Account and (iii) the Trustee shall transfer
        the
        property of the Trust Fund to the NIMS Insurer. The NIMS Insurer shall be
        obligated to reimburse the Master Servicer and the Trustee for their reasonable
        out-of-pocket expenses incurred in connection with its sale of the property
        at
        the direction of the NIMS Insurer and shall indemnify and hold harmless the
        Master Servicer and the Trustee for any losses, liabilities or expenses
        resulting from any claims directly resulting from or relating to the Master
        Servicer’s or Trustee’s sale of the property at the direction of the NIMS
        Insurer, except to the extent such losses, liabilities or expenses arise
        out of
        or result from the Master Servicer’s or Trustee’s, as the case may be,
        negligence, bad faith or willful misconduct.

      

      (c) [Reserved].

      

      (d) 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 Pooling REMIC 1 Regular
        Interests. 

      

      
        
           

        

        
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      Upon
        exercise of such option, the Pooling REMIC 1 Regular Interests shall be sold
        to
        the Master Servicer at a price (the “Pooling REMIC 1 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 such 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 Pooling 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 Pooling REMIC 1 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 Pooling
        REMIC 1 Regular Interests pursuant to this subsection, the Trust Fund (and
        Pooling REMIC 1) will remain outstanding and final payment on the Certificates
        (other than the Class LT-R Certificates) will be made in accordance with
        Section
        7.03(a)(iii) and 5.02. 

      

      The
        Trust
        Fund will terminate upon the occurrence of a Trust Fund Termination Event,
        in
        accordance with Section 7.01(a).

      

      Section
        7.02. Procedure
        Upon Termination of Trust Fund or Purchase of Pooling REMIC 1 Regular
        Interests.    

      

      (a)
         Notice
        of
        any Trust Fund Termination Event and notice of the purchase of the Pooling
        REMIC
        1 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 Pooling REMIC 1 Regular Interests) shall be made,
        shall be given promptly by the Trustee by first class mail to Certificateholders
        mailed no later than 5 Business Days after the Trustee has received notice
        from
        the Master Servicer of its election to cause (x) sale of all of the property
        of
        the Trust Fund pursuant to Section 7.01(b), (y) the purchase of the Pooling
        REMIC 1 Regular Interests pursuant to Section 7.01(d), or (z) upon the final
        payment or other liquidation of the last Mortgage Loan or REO Property in
        the
        Trust Fund. In the case of a Trust Fund Termination Event, the Trustee shall
        also give notice to the Master Servicer and the Certificate Registrar at
        the
        time notice is given to the Holders.

      

      In
        the
        case of a Trust Fund Termination Event, such notice shall specify (A) the
        Distribution Date upon which final distribution on the related Certificates,
        Pooling REMIC 1 Regular Interests of all amounts required to be distributed
        to
        Certificateholders pursuant to Section 5.02 will be made upon presentation
        and
        surrender of the Certificates at the Corporate Trust Office, and (B) that
        the
        Record Date otherwise applicable to such Distribution Date is not applicable,
        distribution being made only upon presentation and surrender of the Certificates
        at the office or agency of the Trustee therein specified. Upon any such Trust
        Fund Termination Event, the duties of the Certificate Registrar with respect
        to
        the Certificates or Pooling REMIC 1 Regular Interests shall terminate and
        the
        Trustee shall terminate or request the Master Servicer to terminate, the
        Collection Account it maintains, the Certificate Account and any other account
        or fund maintained with respect to the Certificates or Pooling REMIC 1 Regular
        Interests, subject to the Trustee’s obligation hereunder to hold all amounts
        payable to Certificateholders in trust without interest pending such payment.
        

      

      
        
           

        

        
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      In
        the
        case of a purchase of the Pooling REMIC 1 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 Pooling REMIC
        1) will
        be made upon presentation and surrender of the Certificates (other than the
        Class LT-R Certificates) at the Corporate Trust Office, and (B) that the
        Record
        Date otherwise applicable to such Distribution Date is not applicable,
        distribution being made only upon presentation and surrender of the Certificates
        (other than the Class LT-R Certificates) at the office or agency of the Trustee
        therein specified. Upon any such purchase of the Pooling REMIC 1 Regular
        Interest, the duties of the Certificate Registrar with respect to the related
        Certificates shall terminate but the Trustee shall not terminate or request
        the
        Master Servicer to terminate, the Collection Account it maintains, the
        Certificate Account and any other account or fund maintained with respect
        to the
        related Certificates, subject to the Trustee’s obligation hereunder to hold all
        amounts payable to Certificateholders in trust without interest pending such
        payment. For all Distribution Dates following the Distribution Date on which
        the
        Master Servicer purchases the Pooling REMIC 1 Regular Interests, all amounts
        that would be distributed on the related Certificates (other than the Class
        LT-R
        Certificate, and exclusive of amounts payable from any fund that is treated
        as
        an Excluded Trust Asset) absent such purchase shall be payable to the applicable
        LTURI-holder.

      

      (b) In
        the
        event that all of the Holders do not surrender their Certificates for
        cancellation within three months after the time specified in the above-mentioned
        written notice, the Trustee shall give a second written notice to the remaining
        Certificateholders to surrender their Certificates for cancellation and receive
        the final distribution with respect thereto. If within one year after the
        second
        notice any Certificates shall not have been surrendered for cancellation,
        the
        Trustee may take appropriate steps to contact the remaining Certificateholders
        concerning surrender of such Certificates, and the cost thereof shall be
        paid
        out of the amounts distributable to such Holders. If within two years after
        the
        second notice any Certificates shall not have been surrendered for cancellation,
        the Trustee shall, subject to applicable state law relating to escheatment,
        hold
        all amounts distributable to such Holders for the benefit of such Holders.
        No
        interest shall accrue on any amount held by the Trustee and not distributed
        to a
        Certificateholder due to such Certificateholder’s failure to surrender its
        Certificate(s) for payment of the final distribution thereon in accordance
        with
        this Section.

      

      (c)  Any
        reasonable expenses incurred by the Trustee in connection with any Trust
        Fund
        Termination Event or any purchase of the Pooling REMIC 1 Regular Interests
        shall
        be reimbursed from proceeds received from such termination or
        purchase.

      

      Section
        7.03. Additional
        Requirements for any Trust Fund Termination Event or Purchase of the Pooling
        REMIC 1 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(d) shall be effected in accordance with
        the
        following additional requirements, unless the Trustee seeks (at the request
        of
        the party exercising the option to purchase all of the Mortgage Loans or
        Pooling
        REMIC 1 Regular Interests, pursuant to Section 7.01(b) or Section 7.01(d),
        respectively), and subsequently receives, an Opinion of Counsel (at the expense
        of such requesting party), addressed to the Trustee and any NIMS Insurer
        to the
        effect that the failure to comply with the requirements of this Section 7.03
        will not result in an Adverse REMIC Event:

      

      
        
           

        

        
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      (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 Pooling REMIC 1 Regular Interests, upon notification by the Master
        Servicer, any NIMS Insurer or an Affiliate of the Seller that it intends
        to
        exercise its option to cause the termination of the Trust Fund or purchase
        the
        Pooling REMIC 1 Regular Interests, the Trustee shall adopt a plan of complete
        liquidation on behalf of each REMIC (other than Pooling REMIC 1, in the case
        of
        a purchase of the Pooling REMIC 1 Regular Interests), meeting the requirements
        of a qualified liquidation under the REMIC Provisions;

      

      (ii)
        Any
        sale of the assets of the Trust Fund or the Pooling REMIC 1 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 Pooling REMIC 1 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 Pooling REMIC 1 Regular
        Interests, the Trustee shall make final distributions of principal and interest
        on such Certificates in accordance with Section 5.02. In the case of a Trust
        Fund Termination Event, and, after payment of, or provision for any outstanding
        expenses, the Trustee shall distribute or credit, or cause to be distributed
        or
        credited, to the Holders of the Residual Certificates all cash on hand after
        such final payment (other than cash retained to meet claims), and the Trust
        Fund
        (and each REMIC) shall terminate at that time; and

      

      (iv)
        In
        no event may the final payment on the Certificates or the final distribution
        or
        credit to the Holders of the Residual Certificates in respect of the residual
        interest in any liquidated REMIC be made after the 89th day from the date
        on
        which the plan of complete liquidation for such REMIC is adopted.

      

      (b)
        By
        its acceptance of a Residual Certificate, each Holder thereof hereby agrees
        to
        accept the plan of complete liquidation prepared by the Depositor and adopted
        by
        the Trustee under this Section and to take such other action in connection
        therewith as may be reasonably requested by the Master Servicer or the
        Servicer.

      

      (c)
        In
        connection with the termination of the Trust Fund or a Section 7.01(d) Purchase
        Event, the Trustee may request and Opinion of Counsel addressed to the Trustee
        (at the expense of the Depositor) to the effect that all the requirements
        of a
        qualified liquidation under the REMIC Provisions have been met.

      

      Section
        7.04. Optional
        Purchase Right of NIMS Insurer.

      

      The
        NIMS
        Insurer may purchase 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, Servicing Fees or Trustee Fees and any unreimbursed expenses of
        the
        Trustee allocable to such Distressed Mortgage Loan. Any such purchase shall
        be
        accomplished by the NIM Insurer’s remittance of the purchase price for the
        Distressed Mortgage Loan to the Master Servicer for deposit into the Collection
        Account.

      

      
        
           

        

        
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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 Class Notional
        Amount, as applicable, (or Percentage Interest) of Certificates of each Class
        affected thereby shall have made written request upon the Trustee to institute
        such action, suit or proceeding in its own name as Trustee hereunder and
        shall
        have offered to the Trustee such reasonable indemnity as it may require against
        the cost, expenses and liabilities to be incurred therein or thereby, and
        the
        Trustee, for sixty days after its receipt of such notice, request and offer
        of
        indemnity, shall have neglected or refused to institute any such action,
        suit or
        proceeding and no direction inconsistent with such written request has been
        given such Trustee during such sixty-day period by such Certificateholders;
        it
        being understood and intended, and being expressly covenanted by each
        Certificateholder with every other Certificateholder and the Trustee, that
        no
        one or more Holders of Certificates shall have any right in any manner whatever
        by virtue or by availing of any provision of this Agreement to affect, disturb
        or prejudice the rights of the Holders of any other of such Certificates,
        or to
        obtain or seek to obtain priority over or preference to any other such Holder,
        or to enforce any right under this Agreement, except in the manner herein
        provided and for the benefit of all Certificateholders. For the protection
        and
        enforcement of the provisions of this Section, each and every Certificateholder
        and the Trustee shall be entitled to such relief as can be given either at
        law
        or in equity.

      

      
        
           

        

        
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      Section
        8.02. Access
        to List of Holders.  

      

      (a) If
        the
        Trustee is not acting as Certificate Registrar, the Certificate Registrar
        will
        furnish or cause to be furnished to the Trustee, within fifteen days after
        receipt by the Certificate Registrar of a request by the Trustee 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
        three
        or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
        apply in writing to the Trustee, and such application states that the Applicants
        desire to communicate with other Holders with respect to their rights under
        this
        Agreement or under the Certificates and is accompanied by a copy of the
        communication which such Applicants propose to transmit, then the Trustee
        shall,
        within five Business Days after the receipt of such application, afford such
        Applicants reasonable access during the normal business hours of the Trustee to
        the most recent list of Certificateholders held by the Trustee or shall,
        as an
        alternative, send, at the Applicants’ expense, the written communication
        proffered by the Applicants to all Certificateholders at their addresses
        as they
        appear in the Certificate Register.

      

      (c) Every
        Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
        and holding a Certificate, agrees with the Depositor, the Master Servicer,
        the
        Certificate Registrar and the Trustee, that none of the Depositor, the Master
        Servicer, the Certificate Registrar, the Paying Agent or 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, the Certificate Registrar and the
        Paying Agent 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 and the Master Servicer,
        if
        made in the manner provided in this Section. Each of the Trustee and the
        Master
        Servicer shall promptly notify the others of receipt of any such instrument
        by
        it, and shall promptly forward a copy of such instrument to the
        others.

      

      (b) The
        fact
        and date of the execution by any Person of any such instrument or writing
        may be
        proved by the affidavit of a witness of such execution or by the certificate
        of
        any notary public or other officer authorized by law to take acknowledgments
        or
        deeds, certifying that the individual signing such instrument or writing
        acknowledged to him the execution thereof. Whenever such execution is by
        an
        officer of a corporation or a member of a partnership on behalf of such
        corporation or partnership, such certificate or affidavit shall also constitute
        sufficient proof of his authority. The fact and date of the execution of
        any
        such instrument or writing, or the authority of the individual executing
        the
        same, may also be proved in any other manner which the Trustee deems
        sufficient.

      

      
        
           

        

        
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      (c) The
        ownership of Certificates or Pooling REMIC 1 Regular Interests (whether or
        not
        such Certificates or Pooling REMIC 1 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 Paying Agent 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 Pooling REMIC 1 Regular Interests
        shall bind every future Holder of the same Certificate or Pooling REMIC 1
        Regular Interests and the Holder of every Certificate or Pooling REMIC 1
        Regular
        Interests issued upon the registration of transfer thereof or in exchange
        therefor or in lieu thereof, in respect of anything done, omitted or suffered
        to
        be done by the Trustee or the Master Servicer in reliance thereon, whether
        or
        not notation of such action is made upon such Certificate or Pooling REMIC
        1
        Regular Interests.

      

      ARTICLE
        IX

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      BY
        THE MASTER SERVICER

      

      Section
        9.01. Duties
        of the Master Servicer.  

      

      The
        Certificateholders, by their purchase and acceptance of the Certificates
        or
        Pooling REMIC 1 Regular Interests, appoint Aurora Loan Services LLC, as Master
        Servicer. For and on behalf of the Depositor, the Trustee and the
        Certificateholders, the Master Servicer shall master service the Mortgage
        Loans
        in accordance with the provisions of this Agreement and the provisions of
        each
        Servicing Agreement. 

      

      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 meet the requirements
        of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans.
        The
        Master Servicer shall provide the Trustee 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.

      

      
        
           

        

        
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      (b) The
        Master Servicer shall promptly report to the Trustee any material changes
        that
        may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors
        and
        Omissions Insurance Policy and shall furnish to the Trustee, on request,
        certificates evidencing that such bond and insurance policy are in full force
        and effect. The Master Servicer shall promptly report to the Trustee all
        cases
        of embezzlement or fraud, if such events involve funds relating to the Mortgage
        Loans. The total losses, regardless of whether claims are filed with the
        applicable insurer or surety, shall be disclosed in such reports together
        with
        the amount of such losses covered by insurance. If a bond or insurance claim
        report is filed with any of such bonding companies or insurers, the Master
        Servicer shall promptly furnish a copy of such report to the Trustee. Any
        amounts relating to the Mortgage Loans collected by the Master Servicer under
        any such bond or policy shall be promptly remitted by the Master Servicer
        to the
        Trustee for deposit 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, each Rating Agency and the Depositor a copy of the annual audited
        financial statements of its parent on or prior to March 31st of each year
        commencing on March 31, 2007. Such financial statements shall include
        comparative balance sheets, income statements, statement of changes in
        shareholder's equity, statements of cash flows, a consolidating schedule
        showing
        consolidated subsidiaries and any related notes required pursuant to generally
        accepted accounting principles, certified by a nationally recognized firm
        of
        Independent Accountants to the effect that such financial statements were
        examined and prepared in accordance with generally accepted accounting
        principles applied on a basis consistent with that of the preceding
        year.

      

      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 

      

      
        
           

        

        
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      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 further is authorized and empowered by the Trustee, on behalf of
        the
        Certificateholders and the Trustee, in its own name or in the name of any
        Servicer (to the extent permitted in the related Servicing Agreement), when
        the
        Master Servicer or a Servicer, as the case may be, believes it is appropriate
        in
        its best judgment to register any Mortgage Loan with MERS, or cause the removal
        from the registration of any Mortgage Loan on the MERS system, to execute
        and
        deliver, on behalf of the Trustee and the Certificateholders or any of them,
        any
        and all instruments of assignment and other comparable instruments with respect
        to such assignment or re-recording of a Mortgage in the name of MERS, solely
        as
        nominee for the Trustee and its successor and assigns. The Master Servicer
        shall
        represent and protect the interests of the Trust Fund in the same manner
        as it
        protects its own interests in mortgage loans in its own portfolio in any
        claim,
        proceeding or litigation regarding a Mortgage Loan and shall not make or
        knowingly permit any Servicer to make any modification, waiver or amendment
        of
        any term of any Mortgage Loan that would cause 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 execute, upon request,
        any powers of attorney furnished to it by the Master Servicer empowering
        the
        Master Servicer or any Servicer to execute and deliver instruments of
        satisfaction or cancellation, or of partial or full release or discharge,
        and to
        foreclose upon or otherwise liquidate Mortgaged Property, and to appeal,
        prosecute or defend in any court action relating to the Mortgage Loans or
        the
        Mortgaged Property, in accordance with the applicable Servicing Agreement
        and
        this Agreement, and the Trustee shall execute and deliver such other documents,
        as the Master Servicer may request, necessary or appropriate to enable the
        Master Servicer to master service the Mortgage Loans and carry out its duties
        hereunder and to allow such Servicer to service the Mortgage Loans, in each
        case
        in accordance with Accepted Servicing Practices (and the Trustee shall have
        no
        liability for misuse of any such powers of attorney by the Master Servicer
        or
        any Servicer). If the Master Servicer or the Trustee has been advised that
        it is
        likely that the laws of the state in which action is to be taken prohibit
        such
        action if taken in the name of the Trustee or that the Trustee would be
        adversely affected under the “doing business” or tax laws of such state if such
        action is taken in its name, then upon request of the Trustee the Master
        Servicer shall join with the Trustee in the appointment of a co-trustee pursuant
        to Section 6.09 hereof. In the performance of its duties hereunder, the Master
        Servicer shall be an independent contractor and shall not, except in those
        instances where it is taking action in the name of the Trustee, be deemed
        to be
        the agent of the Trustee. Notwithstanding anything to the contrary, the Master
        Servicer shall not without the Trustee’s written consent: (i) initiate any
        action, suit or proceeding solely under the Trustee’s name without indicating
        the Master Servicer’s representative capacity or (ii) take any action with the
        intent to cause, and which actually does cause, the Trustee to be registered
        to
        do business in any state.

      

      
        
           

        

        
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      (b) In
        master
        servicing and administering the Mortgage Loans, the Master Servicer shall
        employ
        procedures, and shall exercise the same care that it customarily employs
        and
        exercises 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,
        except as set forth below (ii) extend the due dates for payments due on a
        Mortgage Note for a period not greater than 120 days; provided,
        however,
        that the
        maturity of any Mortgage Loan shall not be extended past the date on which
        the
        final payment is due on the latest maturing Mortgage Loan as of the Cut-off
        Date. In the event of any extension described in clause (ii) above, the Master
        Servicer shall make or cause 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 applicable Servicer, reasonably foreseeable, (2) in the case
        of
        a waiver of a Prepayment Premium if (a) such Mortgage Loan is in default
        or
        default by the related Mortgagor is, in the reasonable judgment of the Master
        Servicer or applicable Servicer, reasonably foreseeable, and such waiver
        would
        maximize recovery of total proceeds taking into account the value of such
        Prepayment Premium and the related Mortgage Loan or (b) if the prepayment
        is not
        a result of a refinancing by the Servicer or any of its affiliates and (i)
        such
        Mortgage Loan is in default or default by the related Mortgagor is, in the
        reasonable judgment of the Master Servicer or the applicable Servicer,
        reasonably foreseeable, and such waiver would maximize recovery of total
        proceeds taking into account the value of such Prepayment Premium and the
        related Mortgage Loan, or (ii) the collection of the Prepayment Premium would
        be
        in violation of applicable laws or (iii) the collection of such Prepayment
        Premium would be considered “predatory” pursuant to written guidance published
        or issued by any applicable federal, state or local regulatory authority
        acting
        in its official capacity and having jurisdiction over such matters, and (3)
        the
        Master Servicer shall have provided or caused to be provided to the Trustee
        an
        Opinion of Counsel (if required by the applicable Servicing Agreement) (which
        opinion shall, if provided by the Master Servicer, be an expense reimbursed
        from
        the Collection Account pursuant to Section 4.02(v)) in writing to the effect
        that such modification, waiver or amendment would not cause an Adverse REMIC
        Event; provided, in no event shall an Opinion of Counsel be required for
        the
        waiver of a Prepayment Premium under clause (2) above.

      

      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.

      

      
        
           

        

        
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      (b) The
        Master Servicer shall not be required to (i) take any action with respect
        to the
        servicing of any Mortgage Loan that the related Servicer is not required
        to take
        under the related Servicing Agreement and (ii) cause a Servicer to take any
        action or refrain from taking any action if the related Servicing Agreement
        does
        not require the Servicer to take such action or refrain from taking such
        action;
        in both cases notwithstanding any provision of this Agreement that requires
        the
        Master Servicer to take such action or cause the Servicer to take such
        action.

      

      (c) The
        Master Servicer, for the benefit of the Trustee and the Certificateholders,
        shall use its reasonable best efforts to enforce the obligations of each
        Servicer under the related Servicing Agreement, and shall, upon obtaining
        actual
        knowledge of the failure of a Servicer to perform its obligations in accordance
        therewith, to the extent that such non-performance of such obligations would
        have a material adverse effect on a Mortgage Loan, the Trust Fund or the
        Certificateholders, 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 Collection Account.

      

      (d)
         The
        Master Servicer shall be entitled to conclusively rely on any certifications
        or
        other information provided by the Servicers under the terms of the applicable
        Servicing Agreement, in its preparation of any certifications, notifications,
        filings or reports, in accordance with the terms hereof or as may be required
        by
        applicable law or regulation.

      

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

      

      (a) To
        the
        extent provided in the applicable Servicing Agreement, the Master Servicer
        shall
        cause each Servicer to establish and maintain one or more custodial accounts
        at
        a depository institution (which may be a depository institution with which
        the
        Master Servicer or any Servicer establishes accounts in the ordinary course
        of
        its servicing activities), the accounts of which are insured to the maximum
        extent permitted by the FDIC (each, an “Escrow Account”) and 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.

      

      
        
           

        

        
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      (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
        or
        the related Servicer, the Master Servicer shall either act as Servicer of
        the
        related Mortgage Loans or 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 or all servicing
        data
        and the completion, correction or manipulation of such servicing data, as
        may be
        required by the Master Servicer to correct any errors or insufficiencies
        in the
        servicing data or otherwise to enable the Master Servicer to service the
        Mortgage Loans properly and effectively.

      

      (b) If
        the
        Master Servicer acts as a successor Servicer, it will not assume liability
        for
        the representations and warranties of the Servicer, if any, that it replaces.
        The Master Servicer shall use reasonable efforts to have the successor Servicer
        assume liability for the representations and warranties made by the terminated
        Servicer in 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 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 and the Trustee.

      

      
        
           

        

        
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      Section
        9.08. Master
        Servicer Liable for Enforcement.  

      

      Notwithstanding
        any Servicing Agreement, the Master Servicer shall remain obligated and liable
        to the Trustee and the Certificateholders in accordance with the provisions
        of
        this Agreement, to the extent of its obligations hereunder, without diminution
        of such obligation or liability by virtue of such Servicing 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. 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 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.

      

      Section
        9.10. Assumption
        of Servicing Agreement by Trustee.  

      

      (a) In
        the
        event the Master Servicer shall for any reason no longer be the Master Servicer
        (including by reason of any Event of Default under this Agreement), after
        a
        period not to exceed ninety days after the issuance of any notice of termination
        pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee shall,
        in
        accordance with Section 6.14, 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 hereby agrees to indemnify and hold harmless the Trustee from and against
        all costs, damages, expenses and liabilities (including reasonable attorneys’
fees) incurred by the Trustee 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; provided that the
        Master Servicer shall not indemnify or hold harmless the Trustee against
        negligent or willful misconduct of the Trustee.

      

      
        
           

        

        
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      (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; Easements.

      

      (a) To
        the
        extent provided in the applicable Servicing Agreement, to the extent Mortgage
        Loans contain enforceable due-on-sale clauses, and to the extent that the
        Master
        Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
        Servicer shall 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.

      

      (b) The
        Master Servicer or the related Servicer, as the case may be, shall be entitled
        to approve a request from a Mortgagor for the granting of an easement thereon
        in
        favor of another Person or any alteration or demolition of the related Mortgaged
        Property if it has determined, exercising its good faith business judgment
        in
        the same manner as it would if it were the owner of the related Mortgage
        Loan,
        that the security for, and the timely and full collectability of, such Mortgage
        Loan would not be materially adversely affected thereby. Any fee collected
        by
        the Master Servicer or the related Servicer for processing such a request
        will
        be retained by the Master Servicer or such Servicer as additional servicing
        compensation.

      

      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
        shall,
        or shall cause the applicable Servicer to, promptly notify the Trustee (or
        the
        applicable Custodian) by a certification (which certification shall include
        a
        statement to the effect that all amounts received in connection with such
        payment that are required to be deposited in the Collection Account maintained
        by the Master Servicer pursuant to Section 4.01 hereof 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 applicable Custodian, to deliver to the applicable Servicer
        the
        related Mortgage File; provided,
        however,
        that in
        lieu of sending a hard copy certification of a Servicing Officer, the Master
        Servicer may, or may cause, the Servicer to, deliver the request for release
        in
        a mutually agreeable electronic format, and to the extent that such a request,
        on its face, originates from a Servicing Officer, no original signature shall
        be
        required. Upon receipt of such certification and request, the Trustee or
        the
        applicable Custodian (with the consent, and at the direction of the Trustee),
        shall promptly release the related Mortgage File to the applicable Servicer
        and
        neither the Trustee nor the applicable Custodian shall have any further
        responsibility with regard to such Mortgage File. 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 Collection
        Account.

      

      
        
           

        

        
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      (b) From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan
        and in accordance with Accepted Servicing Practices and the 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 applicable Custodian, shall, upon
        request of the Master Servicer, or of a Servicer, and delivery to the Trustee
        or
        the applicable Custodian, of a trust 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 trust receipt shall obligate the Master Servicer or Servicer
        to
        return the Mortgage File to the Trustee or the applicable Custodian, as
        applicable, when the need therefor by the Master Servicer or Servicer no
        longer
        exists unless (i) the Mortgage Loan shall be liquidated, in which case, upon
        receipt of a certificate of a Servicing Officer similar to that hereinabove
        specified, the trust receipt shall be released by the Trustee or the applicable
        Custodian, as applicable, to the Master Servicer (or the applicable Servicer)
        or
        (ii) the Mortgage File has been delivered directly or through a Servicer
        to an
        attorney, or to a public trustee or other public official as required by
        law,
        for purposes of initiating or pursuing legal action or other proceedings
        for the
        foreclosure of the Mortgaged Property either judicially or non-judicially,
        and
        the Master Servicer has delivered directly or through a Servicer to the Trustee
        a certificate of a Servicing Officer certifying as to the name and address
        of
        the Person to which such Mortgage File or such document was delivered and
        the
        purpose of such delivery.

      

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

      

      (a) The
        Master Servicer shall transmit, or shall 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 applicable 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 Collection Account the Master
        Servicing Fee and other amounts provided in this Agreement and to the right
        of
        each Servicer to retain its Servicing Fee and other amounts as provided in
        the
        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, its 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 Trustee
        in accordance with this Agreement.

      

      (c) The
        Master Servicer hereby acknowledges that concurrently with the execution
        of this
        Agreement, the Trustee shall own or, to the extent that a court of competent
        jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
        to
        the Depositor not to constitute a sale, the Trustee shall have a security
        interest in the Mortgage Loans and in all Mortgage Files representing such
        Mortgage Loans and in all funds and investment property now or hereafter
        held
        by, or under the control of, 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 any
        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 Collection Account, or any
        funds
        that otherwise are or may become due or payable to the Trustee, to any claim,
        lien, security interest, judgment, levy, writ of attachment or other
        encumbrance, nor assert by legal action or otherwise any claim or right of
        setoff against any Mortgage Loan or any funds collected on, or in connection
        with, a Mortgage Loan.

      

      
        
           

        

        
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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 and the Trustee,
        for the benefit of the Certificateholders, as of the Closing Date
        that:

      

      (i) it
        is
        validly existing and in good standing as a limited liability company under
        the
        laws of the State of Delaware, 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;

      

      
        
           

        

        
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      (vi) no
        litigation is pending or, to the best of the Master Servicer’s knowledge,
        threatened against the Master Servicer which would prohibit its entering
        into
        this Agreement or performing its obligations under this Agreement;

      

      (vii) the
        Master Servicer, or an affiliate thereof the primary business of which is
        the
        servicing of conventional residential mortgage loans, is a Fannie Mae- or
        Freddie Mac-approved seller/servicer;

      

      (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 Document 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 and the Trustee and hold them
        harmless against any loss, damages, penalties, fines, forfeitures, legal
        fees
        and related costs, judgments, and other costs and expenses resulting from
        any
        claim, demand, defense or assertion based on or grounded upon, or resulting
        from, a breach of the Master Servicer’s representations and warranties contained
        in Section 9.14(a). It is understood and agreed that the enforcement of the
        obligation of the Master Servicer set forth in this Section to indemnify
        the
        Depositor and the Trustee as provided in this Section constitutes the sole
        remedy (other than as set forth in Section 6.14) of the Depositor and the
        Trustee, respecting a breach of the foregoing representations and warranties.
        Such indemnification shall survive any termination of the Master Servicer
        as
        Master Servicer hereunder, and any termination of this Agreement.

      

      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 or
        the
        Trustee 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).

      

      
        
           

        

        
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      (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.

      

      Any
        cause
        of action against the Depositor relating to or arising out of the breach
        of the
        representations and warranties made in Sections 2.03(a)(i) through (vi) hereof
        shall accrue upon discovery of such breach by either the Depositor or the
        Master
        Servicer or notice thereof by any one of such parties to the other
        parties.

      

      Section
        9.15. Opinion.  

      

      On
        or
        before the Closing Date, the Master Servicer shall cause to be delivered
        to the
        Depositor, the Seller and the Trustee 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 Collection Account, subject to withdrawal pursuant to
        Section
        4.02. Any cost incurred by the Master Servicer or any Servicer in maintaining
        any such insurance if the Mortgagor defaults in its obligation to do so shall
        be
        added to the amount owing under the Mortgage Loan where the terms of the
        Mortgage Loan so permit; provided,
        however,
        that the
        addition of any such cost shall not be taken into account for purposes of
        calculating the distributions to be made to Certificateholders and shall
        be
        recoverable by the Master Servicer or such Servicer pursuant to Section
        4.02.

      

      
        
           

        

        
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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
        Collection Account or the Custodial Account upon receipt, except that any
        amounts realized that are to be applied to the repair or restoration of the
        related Mortgaged Property or related to the related Mortgagor in accordance
        with the Master Servicer’s or related Servicer’s normal servicing procedures
        need not be so deposited (or remitted).

      

      Section
        9.18. Maintenance
        of the Primary Mortgage Insurance Policies.  

      

      (a) The
        Master Servicer shall not take, or knowingly permit any Servicer (consistent
        with the applicable Servicing Agreement) to take, any action that would result
        in noncoverage under any applicable Primary Mortgage Insurance Policy of
        any
        loss which, but for the actions of such Master Servicer or such Servicer,
        would
        have been covered thereunder. To the extent that coverage is available, the
        Master Servicer shall use its best reasonable efforts to keep in force and
        effect, or to cause each Servicer to keep in force and effect (to the extent
        that the Mortgage Loan requires the Mortgagor to maintain such insurance),
        primary mortgage insurance applicable to each Mortgage Loan in accordance
        with
        the provisions of this Agreement and the related Servicing Agreement, as
        applicable. The Master Servicer shall not, and shall not knowingly permit
        any
        Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
        Policy that is in effect at the date of the initial issuance of the Certificates
        and is required to be kept in force hereunder except in accordance with the
        provisions of this Agreement and the related Servicing Agreement, as applicable.
        

      

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

      

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

      

      The
        Trustee (or the applicable Custodian on behalf of the Trustee) shall retain
        possession and custody of the originals of the Primary Mortgage Insurance
        Policies or certificate of insurance if applicable and any certificates of
        renewal as to the foregoing as may be issued from time to time as contemplated
        by this Agreement. Until all amounts distributable in respect of the
        Certificates have been distributed in full and the Master Servicer otherwise
        has
        fulfilled its obligations under this Agreement, the Trustee (or the applicable
        Custodian) shall also retain possession and custody of each Mortgage File
        in
        accordance with and subject to the terms and conditions of this Agreement.
        The
        Master Servicer shall promptly deliver or cause each Servicer to deliver
        to the
        Trustee (or the applicable Custodian), upon the execution or receipt thereof
        the
        originals of the Primary Mortgage Insurance Policies and any certificates
        of
        renewal thereof, and such other documents or instruments that constitute
        portions of the Mortgage File that come into the possession of the Master
        Servicer or any Servicer from time to time.

      

      
        
           

        

        
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      Section
        9.20. Realization
        Upon Defaulted Mortgage Loans.

      

      The
        Master Servicer shall use its reasonable best efforts to, or to cause each
        Servicer to, foreclose upon, repossess or otherwise comparably convert the
        ownership of Mortgaged Properties securing such of the Mortgage Loans as
        come
        into and continue in default and as to which no satisfactory arrangements
        can be
        made for collection of delinquent payments, all in accordance with the
        applicable Servicing Agreement. Alternatively, the Master Servicer may take,
        or
        authorize any Servicer to take, other actions in respect of a defaulted Mortgage
        Loan, which may include (i) accepting a short sale (a payoff of the
        Mortgage Loan for an amount less than the total amount contractually owed
        in
        order to facilitate a sale of the Mortgaged Property by the Mortgagor) or
        permitting a short refinancing (a payoff of the Mortgage Loan for an amount
        less
        than the total amount contractually owed in order to facilitate refinancing
        transactions by the Mortgagor not involving a sale of the Mortgaged Property),
        (ii) arranging for a repayment plan or (iii) agreeing to a
        modification in accordance with Section 9.04. In connection with such
        foreclosure or other conversion or action, the Master Servicer shall, consistent
        with Section 9.18, follow such practices and procedures as it shall reasonably
        determine to be in the best interests of the Trust Fund and the
        Certificateholders and which shall be consistent with its customary practices
        in
        performing its general mortgage servicing activities; provided that the Master
        Servicer shall not be liable in any respect hereunder if the Master Servicer
        is
        acting in connection with any such foreclosure or other conversion or action
        in
        a manner that is consistent with the provisions of this Agreement. Neither
        the
        Master Servicer, nor any Servicer, shall be required to expend its own funds
        or
        incur other reimbursable charges in connection with any foreclosure, or
        attempted foreclosure which is not completed, or toward the correction of
        any
        default on a related senior mortgage loan, or towards the restoration of
        any
        property unless it shall determine (i) that such restoration and/or
        foreclosure will increase the proceeds of liquidation of the Mortgage Loan
        to
        the Certificateholders after reimbursement to itself for such expenses or
        charges and (ii) that such expenses and charges will be recoverable to it
        through Liquidation Proceeds or Insurance Proceeds (as provided in Section
        4.02).

      

      Section
        9.21. Compensation
        to the Master Servicer.  

      

      The
        Master Servicer shall be entitled to withdraw from the Collection Account,
        subject to Section 5.05, the Master Servicing Fee to the extent permitted
        by
        Section 4.02. Servicing compensation in the form of assumption fees, if any,
        late payment charges, as collected, if any, or otherwise (but not including
        any
        Prepayment Premium) shall be retained by the Master Servicer (or the applicable
        Servicer) and shall not be deposited in the Collection Account. If the Master
        Servicer does not retain or withdraw the Master Servicing Fee from the
        Collection Account as provided herein, the Master Servicer shall be entitled
        to
        direct the Trustee to pay the Master Servicing Fee to such Master Servicer
        by
        withdrawal from the Certificate Account to the extent that payments have
        been
        received with respect to the applicable Mortgage Loan. The Master Servicer
        shall
        be required to pay all expenses incurred by it in connection with its activities
        hereunder and shall not be entitled to reimbursement therefor except as provided
        in this Agreement. Pursuant to Section 4.01(e), all income and gain realized
        from any investment of funds in the Collection Account shall be for the benefit
        of the Master Servicer as compensation. The provisions of this Section 9.21
        are
        subject to the provisions of Section 6.14.

      

      
        
           

        

        
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      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.

      

      (b) The
        Master Servicer shall deposit or cause to be deposited all funds collected
        and
        received by it, or recovered from any Servicer, in connection with the operation
        of any REO Property in the Collection Account.

      

      (c) The
        Master Servicer and 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 Master Servicing
        Fees or Servicing Fees from Liquidation Proceeds received in connection with
        the
        final disposition of such REO Property; provided, that (without limitation
        of
        any other right of reimbursement that the Master Servicer or any Servicer
        shall
        have hereunder) any such unreimbursed Advances as well as any unpaid Net
        Master
        Servicing Fees or Servicing Fees may be reimbursed or paid, as the case may
        be,
        prior to final disposition, out of any net rental income or other net amounts
        derived from such REO Property.

      

      (d) The
        Liquidation Proceeds from the final disposition of the REO Property, net
        of any
        payment to the Master Servicer and the applicable Servicer as provided above,
        shall be deposited in the Collection Account on or prior to the Determination
        Date in the month following receipt thereof and be remitted by wire transfer
        in
        immediately available funds to the Trustee for deposit into the Certificate
        Account on the next succeeding Master Servicer Remittance Date.

      

      Section
        9.23. [Reserved]  

      

      
        
           

        

        
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      Section
        9.24. Reports
        to the Trustee.  

      

      (a) Not
        later
        than 30 days after each Distribution Date, the Master Servicer shall, upon
        request, forward to the Trustee a statement, deemed to have been certified
        by a
        Servicing Officer, setting forth the status of the Collection Account maintained
        by the Master Servicer as of the close of business on the related Distribution
        Date, indicating that all distributions required by this Agreement to be
        made by
        the Master Servicer have been made (or if any required distribution has not
        been
        made by the Master Servicer, specifying the nature and status thereof) and
        showing, for the period covered by such statement, the aggregate of deposits
        into and withdrawals from the Collection Account maintained by the Master
        Servicer. Copies of such statement shall be provided by the Master Servicer,
        upon request, to the Depositor, Attention: Contract Finance, and to any
        Certificateholders (or by the Trustee at the Master Servicer’s expense if the
        Master Servicer shall fail to provide such copies to the Certificateholders
        (unless (i) the Master Servicer shall have failed to provide the Trustee
        with
        such statement or (ii) the Trustee shall be unaware of the Master Servicer’s
        failure to provide such statement)).

      

      (b) Not
        later
        than two Business Days following each Distribution Date, the Master Servicer
        shall deliver to one Person designated by the Depositor, in a format consistent
        with other electronic loan level reporting supplied by the Master Servicer
        in
        connection with similar transactions, “loan level” information with respect to
        the Mortgage Loans as of the related Determination Date, to the extent that
        such
        information has been provided to the Master Servicer by the Servicers or
        by the
        Depositor.

      

      (c) All
        information, reports and statements prepared by the Master Servicer under
        this
        Agreement shall be based upon information supplied to the Master Servicer
        by the
        Servicer without independent verification thereof and the Master Servicer
        shall
        be entitled to rely on such information.

      

      Section
        9.25. Assessment
        of Compliance and Attestation Reports. 

      

      (a) Assessment
        of Compliance

      

      (i) By
        March
        15 of each year, commencing in March 2007, the Master Servicer, at its own
        expense, shall furnish, and shall cause any Servicing Function Participant
        engaged by it to furnish, at its own expense, to the Sponsor, the Depositor,
        the
        Master Servicer and the Trustee, a report on an assessment of compliance
        with
        the Relevant Servicing Criteria (as identified on Exhibit O) 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. 

      

      
        
           

        

        
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      (ii) When
        the
        Master Servicer (or any Servicing Function Participant engaged by the Master
        Servicer) submits its assessments to the Trustee and Depositor, the Master
        Servicer 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 Depositor and Trustee what Relevant
        Servicing Criteria will be addressed in any such reports prepared by any
        such
        Servicing Function Participant.

      

      (iii) Promptly
        after receipt of each such report on assessment of compliance, the Exchange
        Act
        Signing Party shall confirm that the assessments, taken as a whole, address
        all
        of the 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 O and on any similar exhibit set forth in each
        Servicing Agreement in respect of each Servicer, and each Custodial Agreement
        in
        respect of each Custodian, and, where the Master Servicer is the Exchange
        Act
        Signing Party, shall notify the Depositor of any exceptions. 

      

      (b) Attestation
        Reports

      

      (i) By
        March
        15 of each year in which the Depositor is required to file reports with respect
        to the Trust Fund in accordance with the Exchange Act and the rules and
        regulations of the Commission, commencing in March 2007, the Master Servicer,
        at
        its own expense, shall cause, and shall cause any Servicing Function Participant
        engaged by it to cause, at its own expense, a registered public accounting
        firm
        (which may also render other services to the Master Servicer) that is a member
        of the American Institute of Certified Public Accountants to furnish a report
        to
        the Sponsor, the Depositor, the Master Servicer and the Trustee, to the effect
        that (A) it has obtained a representation regarding certain matters from
        the
        management of such party, which includes an assertion that such party has
        complied with the Relevant Servicing Criteria, and (B) on the basis of an
        examination conducted by such firm in accordance with standards for attestation
        engagements issued or adopted by the PCAOB, it is expressing an opinion as
        to
        whether such party’s compliance with the Relevant Servicing Criteria was fairly
        stated in all material respects, or it cannot express an overall opinion
        regarding such party’s assessment of compliance with the Relevant Servicing
        Criteria. In the event that an overall opinion cannot be expressed, such
        registered public accounting firm shall state in such report why it was unable
        to express such an opinion. Such report must be available for general use
        and
        not contain restricted use language.

      

      (ii) Promptly
        after receipt of such report from the Master Servicer or any Servicing Function
        Participant engaged by such party, the Exchange Act Signing Party 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. 

      

      
        	
                Section
                  9.26.

              	
                Annual
                  Statement of Compliance with Applicable Servicing Criteria .
                  

              

      

      

      (a)
        The
        Master Servicer shall deliver (and the Master Servicer shall cause any
        Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
        and
        the Trustee on or before March 15 of each year, commencing in March 2007,
        an
        Officer’s Certificate stating, as to the signer thereof, that (A) a review of
        such party’s activities during the preceding calendar year or portion thereof
        and of such party’s performance under this Agreement, or such other applicable
        agreement in the case of an Additional Servicer, has been made under such
        officer’s supervision and (B) to the best of such officer’s knowledge, based on
        such review, such party has fulfilled all its obligations under this Agreement,
        or such other applicable agreement in the case of an Additional Servicer,
        in all
        material respects throughout such year or portion thereof, or, if there has
        been
        a failure to fulfill any such obligation in any material respect, specifying
        each such failure known to such officer and the nature and status thereof.
        

      

      
        
           

        

        
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      (b) Copies
        of
        such statements shall be provided to any Certificateholder upon request,
        by the
        Master Servicer or by the Trustee at the Master Servicer’s expense if the Master
        Servicer failed to provide such copies (unless (i) the Master Servicer shall
        have failed to provide the Trustee with such statement or (ii) the Trustee
        shall
        be unaware of the Master Servicer’s failure to provide such
        statement).

      

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

      

      (d) The
        Master Servicer shall notify the Trustee, the Depositor and the Sponsor within
        five (5) days of knowledge thereof (i) of any legal proceedings pending against
        the Master Servicer of the type described in Item 1117 (§ 229.1117) of
        Regulation AB and (ii) if the Master Servicer shall become (but only to the
        extent not previously disclosed) at any time an affiliate of any of the parties
        listed on Exhibit P to this Agreement. On or before March 1st
        of each
        year, the Depositor shall distribute the information in Exhibit P to the
        Master
        Servicer.

      

      Section
        9.27. Merger
        or Consolidation.  

      

      Any
        Person into which the Master Servicer may be merged or consolidated, or any
        Person resulting from any merger, conversion, other change in form or
        consolidation to which the Master Servicer shall be a party, or any Person
        succeeding to the business of the Master Servicer, shall be the successor
        to the
        Master Servicer hereunder, without the execution or filing of any paper or
        any
        further act on the part of any of the parties hereto, anything herein to
        the
        contrary notwithstanding; provided,
        however,
        that the
        successor or resulting Person to the Master Servicer shall be a Person that
        shall be qualified and approved to service mortgage loans for Fannie Mae
        or
        Freddie Mac and shall have a net worth of not less than
        $15,000,000.

      

      Section
        9.28. Resignation
        of Master Servicer.  

      

      Except
        as
        otherwise provided in Sections 9.27, 9.28 and 9.29 hereof, the Master Servicer
        shall not resign from the obligations and duties hereby imposed on it unless
        it
        or the Trustee determines that the Master Servicer’s duties hereunder are no
        longer permissible under applicable law or are in material conflict by reason
        of
        applicable law with any other activities carried on by it and cannot be cured.
        Any such determination permitting the resignation of the Master Servicer
        shall
        be evidenced by an Opinion of Counsel that shall be Independent to such effect
        delivered to the Trustee. No such resignation shall become effective until
        a
        period of time not to exceed 90 days after the Trustee receives written notice
        thereof from the Master Servicer and until the Trustee shall have assumed,
        or a
        successor master servicer 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.

      

      
        
           

        

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

      

      Except
        as
        expressly provided herein, the Master Servicer shall not assign or transfer
        any
        of its rights, benefits or privileges hereunder to any other Person, or delegate
        to or subcontract with, or authorize or appoint any Subservicer, any
        Subcontractor or any other Person to perform any of the duties, covenants
        or
        obligations to be performed by the Master Servicer hereunder; provided,
        however,
        that the
        Master Servicer shall have the right without the prior written consent of
        the
        Trustee 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
        shall be given promptly by the Master Servicer to the Depositor and the Trustee.
        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.

      

      At
        any
        time during the period that a Form 10-K is being filed with respect to the
        Trust
        in accordance with the Exchange Act and the rules and regulations of the
        Commission, the Master Servicer shall not permit a Subservicer to perform
        any
        master servicing responsibilities hereunder with respect to the Mortgage
        Loans
        unless that Subservicer first agrees in writing with such Master Servicer
        to
        deliver an assessment of compliance and an accountant’s attestation in such
        manner and at such times in compliance with Sections 9.25(a)(ii) and (b)(ii)
        of
        this Agreement.

      

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

      

      (a) The
        Master Servicer undertakes to perform such duties and only such duties as
        are
        specifically set forth in this Agreement.

      

      (b) No
        provision of this Agreement shall be construed to relieve the Master Servicer
        from liability for its own negligent action, its own negligent failure to
        act or
        its own willful misconduct; provided,
        however,
        that the
        duties and obligations of the Master Servicer shall be determined solely
        by the
        express provisions of this Agreement, the Master Servicer shall not be liable
        except for the performance of such duties and obligations as are specifically
        set forth in this Agreement; no implied covenants or obligations shall be
        read
        into this Agreement against the Master Servicer and, in absence of bad faith
        on
        the part of the Master Servicer, the Master Servicer may conclusively rely,
        as
        to the truth of the statements and the correctness of the opinions expressed
        therein, upon any certificates or opinions furnished to the Master Servicer
        and
        conforming to the requirements of this Agreement.

      

      
        
           

        

        
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      (c) None
        of the Master Servicer, the Seller or the Depositor or any of the directors,
        officers, employees or agents of any of them shall be under any liability
        to the
        Trustee or the Certificateholders for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment; provided,
        however,
        that this provision shall not protect the Master Servicer, the Seller or
        the
        Depositor or any such person against any liability that would otherwise be
        imposed by reason of willful misfeasance, bad faith or negligence in its
        performance of its duties or by reason of reckless disregard for its obligations
        and duties under this Agreement. The Master Servicer, the Seller and the
        Depositor and any director, officer, employee or agent of any of them shall
        be
        entitled to indemnification by the Trust Fund and will be held harmless against
        any loss, liability or expense incurred in connection with any legal action
        relating to this Agreement or the Certificates other than any loss, liability
        or
        expense incurred by reason of willful misfeasance, bad faith or negligence
        in
        the performance of his or its duties hereunder or by reason of reckless
        disregard of his or its obligations and duties hereunder. The Master Servicer,
        the Seller and the Depositor and any director, officer, employee or agent
        of any
        of them may rely in good faith on any document of any kind prima facie properly
        executed and submitted by any Person respecting any matters arising hereunder.
        The Master Servicer shall be under no obligation to appear in, prosecute
        or
        defend any legal action that is not incidental to its duties to master service
        the Mortgage Loans in accordance with this Agreement and that in its opinion
        may
        involve it in any expenses or liability; provided,
        however,
        that the Master Servicer may in its sole discretion undertake any such action
        that it may deem necessary or desirable in respect to this Agreement and
        the
        rights and duties of the parties hereto and the interests of the
        Certificateholders hereunder. In such event, the legal expenses and costs
        of
        such action and any liability resulting therefrom shall be expenses, costs
        and
        liabilities of the Trust Fund and the Master Servicer shall be entitled to
        be
        reimbursed therefor out of the Collection Account it maintains as provided
        by
        Section 4.02.

      

      Section
        9.31. Indemnification;
        Third-Party Claims.  

      

      The
        Master Servicer agrees to indemnify the Depositor, the Sponsor and the Trustee,
        and their respective officers, directors, agents and affiliates, and hold
        each
        of them harmless against any and all claims, losses, penalties, fines,
        forfeitures, reasonable legal fees and related costs, judgments, and any
        other
        costs, liability, fees and expenses that the Depositor, the Sponsor or the
        Trustee may sustain as a result of (a) any material breach by the Master
        Servicer of any if its obligations hereunder, including particularly its
        obligations to provide any reports under Section 9.25(a), Section 9.25(b)
        or
        Section 9.26 or any information, data or materials required to be included
        in
        any Exchange Act report ,
        provided,
        however,
        that in
        no event shall the Master Servicer be liable for any special, consequential,
        indirect or punitive damages pursuant to this Section 9.31, even if advised
        of
        the possibility of such damages,
        (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 and the Trustee shall immediately notify the Master
        Servicer if a claim is made by a third party with respect to this Agreement
        or
        the Mortgage Loans entitling the Depositor, the Sponsor or the Trustee to
        indemnification hereunder, whereupon the Master Servicer shall assume the
        defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against it or them in respect of such
        claim.
        

      

      
        
           

        

        
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      ARTICLE
        X

      

      REMIC
        ADMINISTRATION

      

      Section
        10.01. REMIC
        Administration.  

      

      (a) REMIC
        elections as set forth in the Preliminary Statement shall be made on Forms
        1066
        or other appropriate federal tax or information return for the taxable year
        ending on the last day of the calendar year in which the Certificates are
        issued. The regular interests and residual interest in each REMIC shall be
        as
        designated in the Preliminary Statement. For
        purposes of such designations, the interest rate of any regular interest
        that is
        computed by taking into account the weighted average of the Net Mortgage
        Rates
        of the Mortgage Loans shall be reduced by the amount of any expense paid
        by the
        Trust to the extent that (i) such expense was not taken into account in
        computing the Net Mortgage Rate of any Mortgage Loan, (ii) such expense does
        not
        constitute an “unanticipated expense” of a REMIC within the meaning of Treasury
        Regulation Section 1.860G-1(b)(3)(ii) 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.

      

      (b) The
        Closing Date is hereby designated as the “Startup Day” of each REMIC within the
        meaning of section 86OG(a)(9) of the Code. The latest possible maturity date
        for
        purposes of Treasury Regulation 1.86OG-1(a)(4) will be the Latest Possible
        Maturity Date.

      

      (c) The
        Trustee shall represent the Trust Fund in any administrative or judicial
        proceeding relating to an examination or audit by any governmental taxing
        authority with respect thereto. The Trustee shall pay any and all tax related
        expenses (not including taxes) of each REMIC, including but not limited to
        any
        professional fees or expenses related to audits or any administrative or
        judicial proceedings with respect to such REMIC that involve the Internal
        Revenue Service or state tax authorities, but only to the extent that (i)
        such
        expenses are ordinary or routine expenses, including expenses of a routine
        audit
        but not expenses of litigation (except as described in (ii)); or (ii) such
        expenses or liabilities (including taxes and penalties) are attributable
        to the
        negligence or willful misconduct of the Trustee in fulfilling its duties
        hereunder (including its duties as tax return preparer). The Trustee shall
        be
        entitled to reimbursement of expenses to the extent provided in clause (i)
        above
        from the Certificate Account; provided,
        however,
        the
        Trustee shall not be entitled to reimbursement for expenses incurred in
        connection with the preparation of tax returns and other reports as required
        by
        Section 6.20 and this Section.

      

      (d) The
        Trustee shall prepare, the Trustee shall sign, and the Trustee will file,
        all of
        each REMIC’s federal and applicable state tax and information returns as such
        REMIC’s direct representative. As used herein, applicable state tax and
        information returns shall mean returns as may be required by the laws of
        any
        state the applicability of which to the Trust Fund shall have been confirmed
        to
        the Trustee in writing either by the delivery to the Trustee of an Opinion
        of
        Counsel to such effect, or by delivery to the Trustee of a written notification
        to such effect by the taxing authority of such state. The expenses of preparing
        and filing such returns shall be borne by the Trustee.

      

      
        
           

        

        
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      (e) The
        Trustee or its designee shall perform on behalf of each REMIC all reporting
        and
        other tax compliance duties that are the responsibility of such REMIC under
        the
        Code, the REMIC Provisions, or other compliance guidance issued by the Internal
        Revenue Service or any state or local taxing authority. Among its other duties,
        if required by the Code, the REMIC Provisions, or other such guidance, the
        Trustee shall provide (i) to the Treasury or other governmental authority
        such
        information as is necessary for the application of any tax relating to the
        transfer of a Residual Certificate to any disqualified person or organization
        pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated
        in
        Section 860E(e)(3) of the Code and (ii) to the Certificateholders such
        information or reports as are required by the Code or REMIC
        Provisions.

      

      The
        Trustee shall be entitled to receive reasonable compensation from the Trust
        Fund
        for the performance of its duties under this subsection (e); provided,
        however,
        that
        such compensation shall not exceed $5,000 per year; provided, further, that,
        after a Section 7.01(d) Purchase Event, any expenses incurred by the Trustee
        in
        connection with such Section 7.01(d) Purchase Event shall be reimbursed to
        the
        Trustee, regardless of the limitation set forth above, in accordance with
        Section 4.04(b).

      

      (f) The
        Trustee, the Master Servicer and the Holders of Certificates shall take any
        action, within their respective control and scope of their duties, or cause
        any
        REMIC to take any action necessary to create or maintain the status of any
        REMIC
        as a REMIC under the REMIC Provisions and shall assist each other as necessary
        to create or maintain such status. Neither the Trustee, the Master Servicer
        nor
        the Holder of any Residual Certificate shall knowingly take any action, within
        their respective control, cause any REMIC to take any action or fail to take
        (or
        fail to cause to be taken) any action, within their respective control and
        scope
        of their duties, that, under the REMIC Provisions, if taken or not taken,
        as the
        case may be, could result in an Adverse REMIC Event unless the Trustee and
        the
        Master Servicer have received an Opinion of Counsel (at the expense of the
        party
        seeking to take such action) to the effect that the contemplated action will
        not
        result in an Adverse REMIC Event. In addition, prior to taking any action
        with
        respect to any REMIC or the assets therein, or causing any REMIC to take
        any
        action, which is not expressly permitted under the terms of this Agreement,
        any
        Holder of a Residual Certificate will consult with the Trustee, the Master
        Servicer 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 or the Master Servicer has advised it
        in
        writing that an Adverse REMIC Event could occur.

      

      (g) Each
        Holder of a Residual Certificate shall pay when due any and all taxes imposed
        on
        the related REMIC by federal or state governmental authorities. To the extent
        that such taxes are not paid by a Residual Certificateholder, the Trustee
        shall
        pay any remaining REMIC taxes out of current or future amounts otherwise
        distributable to the Holder of the Residual Certificate in any such REMIC
        or, if
        no such amounts are available, out of other amounts held in the Collection
        Account, and shall reduce amounts otherwise payable to holders of regular
        interests in any such REMIC, as the case may be.

      

      
        
           

        

        
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      (h) The
        Trustee shall, for federal income tax purposes, maintain books and records
        with
        respect to each REMIC on a calendar year and on an accrual basis.

      

      (i) No
        additional contributions of assets shall be made to any REMIC, except as
        expressly provided in this Agreement.

      

      (j) Neither
        the Trustee nor the Master Servicer shall enter into any arrangement by which
        any REMIC will receive a fee or other compensation for services.

      

      (k) Upon
        the
        request of any Rating Agency, the Trustee shall deliver an Officer’s Certificate
        stating, without regard to any actions taken by any party other than the
        Trustee, the Trustee’s compliance with provisions of this Section
        10.01.

      

      (l) The
        Trustee shall treat each of the Basis Risk Reserve Fund and the Supplemental
        Interest Trust as an outside reserve fund within the meaning of Treasury
        Regulation 1.860G-2(h) that is owned by the Holder of the Class C-X Certificates
        and the Class S-X Certificates, respectively, and that is not an asset of
        any
        REMIC. The Trustee shall treat the Class X Account as an outside reserve
        fund
        within the meaning of Treasury Regulation 1.860G-2(h) that is owned by the
        Holder of the Class C Certificates and that is not an asset of any REMIC.
        The
        Trustee shall treat the rights of the Certificateholders (other than the
        Holders
        of the Class C, Class X, Class C-X, Class S-X, Class LT-R, Class R and Class
        P
        Certificates) to receive Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
        as rights in interest rate cap contracts, one of which is written by the
        Class X
        Certificateholders with respect to the right to receive such amounts from
        Monthly Excess Cashflow, one of which is written by the Class C-X
        Certificateholders with respect to the right to receive such amounts from
        the
        Cap Agreement and one of which is written by the Class S-X Certificateholders
        with respect to the right to receive such amounts from the Swap Agreement.
        Thus,
        each Certificateholder (other than the Holders of the Class C, Class X, Class
        C-X, Class S-X, Class LT-R, Class R and Class P Certificates) shall be treated
        as representing not only ownership of regular interests in a REMIC, but also
        ownership of an interest in an interest rate cap contract. Pursuant
        to each such notional principal contract, all beneficial owners of the Offered
        Certificates shall be treated as having agreed to pay, on each Distribution
        Date, to the beneficial owners of the Class S-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 1 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 1 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. However, any payment from
        the
        Offered 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 1 and as having been paid by such
        beneficial owners to the Supplemental Interest Trust pursuant to the 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 $34,000 with respect to the Offered Certificates
        as of
        the Closing Date.

      

      
        
           

        

        
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      (m)
         [Reserved]

      

      (n) Notwithstanding
        the priority and sources of payments set forth in Article 5 hereof or otherwise,
        the Trustee shall account for all distributions with respect to a Class of
        Certificates in amounts that differ from those payable pursuant to the REMIC
        regular interest corresponding to such Class as amounts paid or received
        (as
        appropriate) pursuant to the interest rate cap contracts provided for in
        this
        Section. In no event shall any such amounts 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.  

      

      None
        of
        the Depositor, the Master Servicer or 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 it has received an Opinion of Counsel (at the expense of the
        party
        causing such sale, disposition, or substitution) that such disposition,
        acquisition, substitution, or acceptance will not (a) result in an Adverse
        REMIC
        Event, (b) affect the distribution of interest or principal on the Certificates,
        or (c) result in the encumbrance of the assets transferred or assigned to
        the
        Trust Fund (except pursuant to the provisions of this Agreement). 

      

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

      

      Upon
        the
        occurrence of an Adverse REMIC Event due to the negligent performance by
        the
        Trustee of its duties and obligations set forth herein, the Trustee shall
        indemnify the Holder of the related Residual Certificate or the Trust Fund,
        as
        applicable, against any and all losses, claims, damages, liabilities or expenses
        (“Losses”) resulting from such negligence; provided,
        however,
        that the
        Trustee shall not be liable for any such Losses attributable to the action
        or
        inaction of the Master Servicer, the Depositor, the Class X Certificateholder
        or
        the Holder of a Residual Certificate, as applicable, nor for any such Losses
        resulting from misinformation provided by the Holder of such Residual
        Certificate on which the Trustee has relied. The foregoing shall not be deemed
        to limit or restrict the rights and remedies of the Holder of such Residual
        Certificate now or hereafter existing at law or in equity. Notwithstanding
        the
        foregoing, however, in no event shall the Trustee have any liability (1)
        for any
        action or omission that is taken in accordance with and in compliance with
        the
        express terms of, or which is expressly permitted by the terms of, this
        Agreement or any Servicing Agreement, (2) for any Losses other than arising
        out
        of a negligent performance by the Trustee of its duties and obligations set
        forth herein, and (3) for any special or consequential damages to
        Certificateholders (in addition to payment of principal and interest on the
        Certificates) even if the Trustee has been advised of the likelihood of such
        loss or damage and regardless of the form of action.

      

      
        
           

        

        
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      Section
        10.04. REO
        Property.  

      

      (a) Notwithstanding
        any other provision of this Agreement, the Master Servicer, acting on behalf
        of
        the 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 in writing to
        the
        effect that, under the REMIC Provisions, such action would not result in
        an
        Adverse REMIC Event.

      

      (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, 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.

      

      
        
           

        

        
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      Section
        11.03. Amendment.  

      

      (a) On
        or
        prior to a Section 7.01(d) Purchase Event, this Agreement may be amended
        from
        time to time by the Depositor, the Master Servicer and the Trustee, but without
        consent of the Swap Counterparty (except to the extent that the rights or
        obligations of the Swap Counterparty hereunder or under the Swap Agreement,
        respectively, are affected thereby or the ability of the Trustee on behalf
        of
        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. 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 and the Swap
        Counterparty shall be provided with an Opinion of Counsel (at the expense
        of the
        party requesting such amendment) to the effect that such amendment is permitted
        under this Section. Any such amendment shall be deemed not to adversely affect
        in any material respect any Holder, if the Trustee receives 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(d) Purchase Event, this Agreement may also be amended
        from time to time by the Depositor, the Master Servicer, and the Trustee,
        but
        without consent of the Swap Counterparty (except to the extent that the rights
        or obligations of the Swap Counterparty hereunder or under the Swap Agreement,
        respectively, are affected thereby or the ability of the Trustee on behalf
        of
        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) 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 receives an Opinion of Counsel,
        at the expense of the party requesting the change, that such change will
        not
        cause an Adverse REMIC Event; and provided further, that no such amendment
        may
        (i) reduce in any manner the amount of, or delay the timing of, payments
        received on Mortgage Loans which are required to be distributed on any
        Certificate, without the consent of the Holder of such Certificate or (ii)
        reduce the aforesaid percentages of Class Principal Amount or Class Notional
        Amount, as applicable (or Percentage Interest) of Certificates of each Class,
        the Holders of which are required to consent to any such amendment without
        the
        consent of the Holders of 100% of the Class Principal Amount or Class Notional
        Amount, as applicable (or Percentage Interest) of each Class of Certificates
        affected thereby. For purposes of this paragraph, references to “Holder” or
“Holders” shall be deemed to include, in the case of any Class of Book-Entry
        Certificates, the related Certificate Owners.

      

      
        
           

        

        
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      (c) After
        a
        Section 7.01(d) Purchase Event, this Agreement may be amended from time to
        time
        by the Depositor, the Master Servicer, the LTURI-holder and the Trustee but
        without consent of the Swap Counterparty (except to the extent that the rights
        or obligations of the Swap Counterparty hereunder or under the Swap Agreement,
        respectively, are affected thereby or the ability of the Trustee on behalf
        of
        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). Prior to entering into any amendment without the
        consent of Holders pursuant to this paragraph, the Trustee shall be provided
        with an Opinion of Counsel addressed to the Trustee and any NIMS Insurer
        (at the
        expense of the party requesting such amendment) to the effect that such
        amendment is permitted under this Section and will not result in an Adverse
        REMIC Event.

      

      (d) Promptly
        after the execution of any such amendment, the Trustee shall furnish written
        notification of the substance of such amendment to each Holder, the Depositor,
        the Swap Counterparty and to the Rating Agencies.

      

      (e) It
        shall
        not be necessary for the consent of Holders under this Section 11.03 to approve
        the particular form of any proposed amendment, but it shall be sufficient
        if
        such consent shall approve the substance thereof. The manner of obtaining
        such
        consents and of evidencing the authorization of the execution thereof by
        Holders
        shall be subject to such reasonable regulations as the Trustee may
        prescribe.

      

      (f) Notwithstanding
        anything to the contrary in any Servicing Agreement, the Trustee shall not
        consent to any amendment of any Servicing Agreement unless (i) such amendment
        is
        effected pursuant to the standards provided in this Section 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 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 Class Notional Amount,
        as applicable (or Percentage Interest), Certificates owned by the Depositor,
        the
        Master Servicer, the Trustee, any Servicer or Affiliates thereof are not
        to be
        counted so long as such Certificates are owned by the Depositor, the Master
        Servicer, the Trustee, any Servicer or any Affiliate thereof.

      

      
        
           

        

        
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      Section
        11.05. Provision
        of Information.  

      

      (a) For
        so
        long as any of the Certificates of any Series or Class are “restricted
        securities” within the meaning of Rule 144(a)(3) under the Act, each of the
        Depositor, the Master Servicer and the Trustee agree to cooperate with each
        other to provide to any Certificateholders, 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 Trustee
        in
        providing such information shall be reimbursed by the Depositor.

      

      (b) The
        Trustee shall make available to any person to whom a Prospectus was delivered,
        upon the request of such person specifying the document or documents requested,
        (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
        10-K filed with the Commission pursuant to Section 6.20(c) and (ii) a copy
        of
        any other document incorporated by reference in the Prospectus (to the extent
        that the Trustee has such documents in its possession or such documents are
        reasonably obtainable by the Trustee). Any reasonable out-of-pocket expenses
        incurred by the Trustee in providing copies of such documents shall be
        reimbursed by the Depositor.

      

      (c) On
        each
        Distribution Date, the Trustee shall make available on its website or otherwise
        deliver to the Depositor 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, New York 10019, Attention: Mortgage Finance, LXS 2006-19,
        (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
        Avenue, 7th Floor, New York, New York 10019, Attention: Mortgage Finance,
        LXS
        2006-19, (c) in the case of the Trustee, the Corporate Trust Office and
        (d) in the case of the Master Servicer, Aurora Loan Services LLC, 10350
        Park Meadows Drive, Littleton, Colorado 80124; Attention: Master Servicing,
        LXS
        2006-19, 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.

      

      
        
           

        

        
          161

          
            

          

        

        
           

        

      

      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.

      

      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 Holders, any benefit or any legal or equitable right, power, remedy or
        claim
        under this Agreement, except to the extent specified in Section
        11.15.

      

      Section
        11.12. Special
        Notices to the Rating Agencies.  

      

      (a) The
        Depositor shall give prompt notice to the Rating Agencies and the Swap
        Counterparty 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;

      

      
        
           

        

        
          162

          
            

          

        

        
           

        

      

      (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
        Moody’s, to:

      

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street

      New
        York,
        New York 10007

      Attention:
        Residential Mortgages

      

      If
        to
        S&P, to:

      

      Standard
        & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
        Inc.

      55
        Water
        Street

      New
        York,
        New York 10014

      Attention:
        Residential Mortgages

      

      (c) The
        Trustee shall provide or make available to the Rating Agencies reports prepared
        pursuant to Section 4.03. In addition, the Trustee shall, at the expense
        of the
        Trust Fund, make available to each Rating Agency such information as such
        Rating
        Agency may reasonably request regarding the Certificates or the Trust Fund,
        to
        the extent that such information is reasonably available to the
        Trustee.

      

      Section
        11.13. Conflicts.  

      

      To
        the
        extent that the terms of this Agreement conflict with the terms of 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.  

      

      
        
           

        

        
          163

          
            

          

        

        
           

        

      

      The
        Seller agrees that it shall provide written notice to the Master Servicer
        and
        the Trustee thirty days prior to any proposed transfer or assignment by the
        Seller of its rights under the Servicing Agreement or of the servicing
        thereunder from time to time with respect to any Mortgage Loan or group of
        Mortgage Loans, 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,
        however,
        that the
        Seller shall not be required to provide prior notice of any transfer of
        servicing that occurs within three months following the Closing Date to an
        entity that is a Servicer on the Closing Date. In addition, the ability of
        the
        Seller to transfer or assign its rights and delegate its duties under the
        Servicing Agreement or to transfer the servicing thereunder, from time to
        time
        with respect to any Mortgage Loan or group of Mortgage Loans, to a successor
        servicer shall be subject to the following conditions:

      

      (i) satisfaction
        of the conditions to such transfer as set forth in the Servicing Agreement
        including, without limitation, receipt of written consent of the Master Servicer
        to such transfer;

      

      (ii) Such
        successor servicer must be qualified to service loans for Fannie Mae or Freddie
        Mac, and must be a member in good standing of MERS;

      

      (iii) Such
        successor servicer must satisfy the seller/servicer eligibility standards
        in the
        Servicing Agreement, exclusive of any experience in mortgage loan origination
        and must be reasonably acceptable to the Master Servicer, whose approval
        shall
        not be unreasonably withheld;

      

      (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

      

      
        
           

        

        
          164

          
            

          

        

        
           

        

      

      (vi) The
        Seller shall, at its cost and expense, take such steps, or cause the
        transferring Servicer to take such steps, as may be necessary or appropriate
        to
        effectuate and evidence the transfer of the servicing of the specified Mortgage
        Loans to such successor or replacement 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 or replacement 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 or replacement
        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 or replacement
        servicer, or, if such transfer occurs after a Servicer Remittance Date but
        before the next succeeding Master Servicer Remittance Date, to the Trustee,
        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 or replacement servicer, continue to forward to
        such
        successor or replacement 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 or replacement 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 or replacement servicer, continue to cooperate with the successor
        or
        replacement servicer to facilitate such transfer in such manner and to such
        extent as the successor or replacement servicer may reasonably request.
        Notwithstanding the foregoing, the prior Servicer shall be obligated to perform
        the items listed above to the extent provided in the Servicing
        Agreement.

      

       

      
        
           

        

        
          165

          
            

          

        

        
           

        

      

      

      

      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 

      

      AURORA
        LOAN SERVICES LLC, as Master Servicer

      

      

      By: 
        /s/
        Jerald W. Dreyer            

      Name:
        Jerald W. Dreyer

      Title:
        Vice President

      

      LASALLE
        BANK NATIONAL ASSOCIATION,

      as
        Trustee

      

      

      By: 
        /s/
        Ann M. Kelly              

      Name:
        Ann M. Kelly

      Title:
        Assistant Vice President

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      Solely
        for purposes of Section 5.08(b), 6.11 and 11.15,

      accepted
        and agreed to by:

      

      LEHMAN
        BROTHERS HOLDINGS INC.

      

      By:
        /s/
        Michael Hitzmann        

      Name:
        Michael Hitzmann

      Title:
        Authorized Signatory

      

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      EXHIBIT
        A

      

      FORMS
        OF CERTIFICATES

      

      

      

      
        
           

        

        
          A-1

          
            

          

        

        
           

        

      

      EXHIBIT
        B-1

      

      FORM
        OF
        INITIAL CERTIFICATION

      

      __________________

      Date

      

      LaSalle
        Bank National Association

      135
        S.
        LaSalle Street, Suite 1511

      Chicago,
        Illinois 60603

      Attention:
        Global Securities and Trust Services - Lehman XS Trust 2006-19

      

      Aurora
        Loan Services LLC, as Master Servicer

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      

      Structured
        Asset Securities Corporation,

      as
        Depositor

      745
        Seventh Avenue

      7th
        Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LXS 2006-19

      

        
          	 	
                  Re:

                	
                  Trust
                    Agreement dated as of November 1, 2006 (the “Trust
                    Agreement”),

                

        

        by
          and
          among Structured Asset Securities Corporation, as Depositor, Aurora Loan
          Services LLC, as Master Servicer and LaSalle Bank National Association,
          as
          Trustee with respect to Lehman XS Trust Mortgage Pass-Through Certificates,
          

        Series
          2006-19

      

       

      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

      

      LaSalle
        Bank National Association

      135
        S.
        LaSalle Street, Suite 1511

      Chicago,
        Illinois 60603

      Attention:
        Global Securities and Trust Services - Lehman XS Trust 2006-19

      

      Aurora
        Loan Services LLC, as Master Servicer

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      

      Structured
        Asset Securities Corporation,

      as
        Depositor

      745
        Seventh Avenue, 7th
        Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LXS 2006-19

      

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of November 1, 2006 (the “Trust Agreement”), 
by and
                  among Structured Asset Securities Corporation, as Depositor, 
Aurora
                  Loan Services LLC, as Master Servicer and LaSalle Bank National
                  

                Association,
                  as Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                  

                Certificates,
                  Series 2006-19                                    

              

      

      

      Ladies
        and Gentlemen:

      

      In
        accordance with Section 2.02(b) of the Trust Agreement, the undersigned,
        as
        Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
        Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
        I
        hereto) it (or its custodian) has received the applicable documents listed
        in
        Section 2.01(b) of the Trust Agreement.

      

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
        Agreement and has determined that each such document appears regular on its
        face
        and appears to relate to the Mortgage Loan identified in such
        document.

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Trust Agreement. This Certificate is qualified in all respects
        by
        the terms of said Trust Agreement including, but not limited to, Section
        2.02(b).

      

      [Custodian]

      

      By:______________________________

      Name:
        

      Title:

      
        
           

        

        
          B-2-1

          
            

          

        

        
           

        

      

      

      EXHIBIT
        B-3

      

      FORM
        OF
        FINAL CERTIFICATION

      

      __________________

      Date

      

      LaSalle
        Bank National Association

      135
        S.
        LaSalle Street, Suite 1511

      Chicago,
        Illinois 60603

      Attention:
        Global Securities and Trust Services - Lehman XS Trust 2006-19

      

      Aurora
        Loan Services LLC, as Master Servicer

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      

      Structured
        Asset Securities Corporation,

      as
        Depositor

      745
        Seventh Avenue, 7th
        Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LXS 2006-19

      

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of November 1, 2006 (the “Trust Agreement”), 
by and
                  among Structured Asset Securities Corporation, as Depositor, 
Aurora
                  Loan Services LLC, as Master Servicer and LaSalle Bank National
                  
Association, as Trustee with respect to Lehman XS Trust Mortgage
                  Pass-Through 
Certificates,
                  Series 2006-19                                    

              

      

      

      Ladies
        and Gentlemen:

      

      In
        accordance with Section 2.02(d) of the Trust Agreement, the undersigned,
        as
        Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
        Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
        in
        full or listed on Schedule I hereto) it (or its custodian) has received the
        applicable documents listed in Section 2.01(b) of the Trust
        Agreement.

      

      The
        undersigned hereby certifies that as to each Mortgage Loan identified in
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
        Agreement and has determined that each such document appears to be complete
        and,
        based on an examination of such documents, the information set forth in items
        (i) through (vi) of the 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
        LaSalle
        Bank National Association, as trustee (the “Trustee”), under a Trust Agreement
        dated as of November 1, 2006, among Structured Asset Securities Corporation,
        as
        depositor, Aurora Loan Services LLC, as master servicer, and the Trustee,
        relating to Lehman XS Trust Mortgage Pass-Through Certificates, Series
        2006-19,
        without recourse.

      

      

      

      __________________________________

      [current
        signatory on note]

      

      By:_______________________________

      Name:

      Title:

      

      

      
        
           

        

        
          B-4-1

          
            

          

        

        
           

        

      

      EXHIBIT
        C

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      __________________

      Date

      

      [Addressed
        to Trustee

      or,
        if
        applicable, Custodian]

      

      In
        connection with the administration of the mortgages held by you as Trustee
        under
        a certain Trust Agreement dated as of November 1, 2006 by and among Structured
        Asset Securities Corporation, as Depositor, LaSalle Bank National Association,
        as Trustee, and Aurora Loan Services LLC, as Master Servicer (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
        has
        been credited to the Certificate Account pursuant to the Trust
        Agreement.)

      

      5. Other.
        (Describe)

      

      The
        undersigned acknowledges that the above Mortgage File will be held by the
        undersigned in accordance with the provisions of the Trust Agreement and
        will be
        returned to you within ten (10) days of our receipt of the Mortgage File,
        except
        if the Mortgage Loan has been paid in full, or repurchased or substituted
        for a
        Qualifying Substitute Mortgage Loan (in which case the Mortgage File will
        be
        retained by us permanently) and except if the Mortgage Loan is being foreclosed
        (in which case the Mortgage File will be returned when no longer required
        by us
        for such purpose).

      
        
           

        

        
          C-1

          
            

          

        

        
           

        

      

      

      Capitalized
        terms used herein shall have the meanings ascribed to them in the Trust
        Agreement.

      

      
        

        ____________________________________

      

      [Name
        of
        Servicer]

       

      By:__________________________________

      Name:

      Title:
        Servicing Officer

      

      
        
           

        

        
          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
                  (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 Certificate has been the subject of an ERISA-Qualifying
                  Underwriting, is an insurance company that is purchasing the Certificate
                  with funds contained in an “insurance company general account” as defined
                  in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60
                  and the purchase and holding of the Certificate are covered under
                  Sections
                  I and III of PTCE 95-60; or (z) herewith delivers to the Trustee
                  an
                  opinion of counsel (a “Benefit Plan Opinion”) satisfactory to the Trustee,
                  and upon which the Trustee, the Master Servicer, any NIMS Insurer
                  and the
                  Depositor shall be entitled to rely, to the effect that the purchase
                  or
                  holding of such Residual Certificate by the Investor will not result
                  in
                  any non-exempt prohibited transactions under Title I of ERISA or
                  Section
                  4975 of the Code and will not subject the Trustee, the Master Servicer,
                  any NIMS Insurer or the Depositor 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, Aurora Loan Services LLC, as Master
                  Servicer,
                  and LaSalle
                  Bank National Association,
                  as Trustee, dated as of November 1, 2006, relating to Lehman XS
                  Trust
                  Mortgage Pass-Through Certificates, Series 2006-19, no transfer
                  of the
                  Residual Certificates shall be permitted to be made to any person
                  unless
                  the Depositor and Trustee have received a certificate from such
                  transferee
                  containing the representations in paragraphs 3 and 4
                  hereof.

              

      

      

      
        	 	
                6.

              	
                That
                  the Purchaser does not hold REMIC residual securities as nominee
                  to
                  facilitate the clearance and settlement of such securities through
                  electronic book-entry changes in accounts of participating organizations
                  (such entity, a “Book-Entry
                  Nominee”).

              

      

      

      
        	 	
                7.

              	
                That
                  the Purchaser does not have the intention to impede the assessment
                  or
                  collection of any federal, state or local taxes legally required
                  to be
                  paid with respect to such Residual
                  Certificate.

              

      

      

      
        	 	
                8.

              	
                That
                  the Purchaser will not transfer a Residual Certificate to any person
                  or
                  entity (i) as to which the Purchaser has actual knowledge that
                  the
                  requirements set forth in paragraph 3, paragraph 6 or paragraph
                  10 hereof
                  are not satisfied or that the Purchaser has reason to believe does
                  not
                  satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                  without
                  obtaining from the prospective Purchaser an affidavit substantially
                  in
                  this form and providing to the Trustee a written statement substantially
                  in the form of Exhibit D-2 to the
                  Agreement.

              

      

      

      
        	 	
                9.

              	
                That
                  the Purchaser understands that, as the holder of a Residual Certificate,
                  the Purchaser may incur tax liabilities in excess of any cash flows
                  generated by the interest and that it intends to pay taxes associated
                  with
                  holding such Residual Certificate as they become
                  due.

              

      

      

      
        	 	
                10.

              	
                That
                  the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                  Person
                  that holds a Residual Certificate in connection with the conduct
                  of a
                  trade or business within the United States and has furnished the
                  transferor and the Trustee with an effective Internal Revenue Service
                  Form
                  W-8ECI
                  (Certificate of Foreign Person’s Claim for Exemption From Withholding on
                  Income Effectively Connected With the Conduct of a Trade or Business
                  in
                  the United States)
                  or successor form at the time and in the manner required by the
                  Code or
                  (iii) is a Non-U.S. Person that has delivered to both the transferor
                  and
                  the Trustee an opinion of a nationally recognized tax counsel to
                  the
                  effect that the transfer of such Residual Certificate to it is
                  in
                  accordance with the requirements of the Code and the regulations
                  promulgated thereunder and that such transfer of a Residual Certificate
                  will not be disregarded for federal income tax purposes. “Non-U.S. Person”
                  means an individual, corporation, partnership or other person other
                  than
                  (i) a citizen or resident of the United States; (ii) a corporation,
                  partnership or other entity created or organized in or under the
                  laws of
                  the United States or any state thereof, including for this purpose,
                  the
                  District of Columbia; (iii) an estate that is subject to U.S. federal
                  income tax regardless of the source of its income; (iv) a trust
                  if a court
                  within the United States is able to exercise primary supervision
                  over the
                  administration of the trust and one or more United States trustees
                  have
                  authority to control all substantial decisions of the trust; and,
                  (v) to the extent provided in Treasury regulations, certain trusts
                  in
                  existence on September 20, 1996 that are treated as United States
                  persons
                  prior to such date and elect to continue to be treated as United
                  States
                  persons.

              

      

       

      
        
           

        

        
          D-1-2

          
            

          

        

        
           

        

      

       

      
        	 	
                11.

              	
                That
                  the Purchaser agrees to such amendments of the Trust Agreement
                  as may be
                  required to further effectuate the restrictions on transfer of
                  any
                  Residual Certificate to such a “disqualified organization,” an agent
                  thereof, a Book-Entry Nominee, or a person that does not satisfy
                  the
                  requirements of paragraph 7 and paragraph 10
                  hereof.

              

      

      

      
        	 	
                12.

              	
                That
                  the Purchaser consents to the designation of the Trustee as its
                  agent to
                  act as “tax matters person” of the Trust Fund pursuant to the Trust
                  Agreement.

              

      

      

      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:
        

      

       

      
        
           

        

        
          D-1-3

          
            

          

        

        
           

        

      

      

      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

      

      RESIDUAL
        CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

      

      __________________

      Date

      

      
        	 	
                Re:

              	
                Lehman
                  XS Trust

              

      

      Mortgage
        Pass-Through Certificates, Series 2006-19

      

      _______________________
        (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

      

      SERVICING
        AGREEMENTS

      

      

      
        
           

        

        
          E-1

          
            

          

        

        
           

        

      

      

      EXHIBIT
        F

      

      FORM
        OF RULE 144A TRANSFER CERTIFICATE

      

      
        	 	
                Re:

              	
                Lehman
                  XS Trust

              

      

      Mortgage
        Pass-Through Certificates

      Series
        2006-19                

      

      Reference
        is hereby made to the Trust Agreement dated as of November 1, 2006 (the “Trust
        Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
        Aurora Loan Services LLC, as Master Servicer, and LaSalle Bank National
        Association, as Trustee. Capitalized terms used but not defined herein shall
        have the meanings given to them in the Trust Agreement.

      

      This
        letter relates to $__________ initial Certificate Balance of Class     
        Certificates
        which are held in the form of Definitive Certificates registered in the name
        of
                                
        (the
“Transferor”). The Transferor has requested a transfer of such Definitive
        Certificates for Definitive Certificates of such Class registered in the
        name of
        [insert name of transferee].

      

      In
        connection with such request, and in respect of such Certificates, the
        Transferor hereby certifies that such Certificates are being transferred
        in
        accordance with (i) the transfer restrictions set forth in the Trust Agreement
        and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
        that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
        account of a “qualified institutional buyer,” which purchaser is aware that the
        sale to it is being made in reliance upon Rule 144A, in a transaction meeting
        the requirements of Rule 144A and in accordance with any applicable securities
        laws of any state of the United States or any other applicable
        jurisdiction.

      

      This
        certificate and the statements contained herein are made for your benefit
        and
        the benefit of the Depositor.

      

      _____________________________________

      [Name
        of Transferor]

      

      By:__________________________________

      Name:

      Title:

      

      Dated:
        ___________, ____

      
        
           

        

        
          F-1

          
            

          

        

        
           

        

      

      EXHIBIT
        G

      

      FORM
        OF PURCHASER’S LETTER FOR

      INSTITUTIONAL
        ACCREDITED INVESTOR

      

      __________________

      Date

      

      Dear
        Sirs:

      

      In
        connection with our proposed purchase of $______________ principal amount
        of
        Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-19 (the
“Privately Offered Certificates”) of the Structured Asset Securities Corporation
        (the “Depositor”), we confirm that:

      

      
        	
                (1)

              	
                We
                  understand that the Privately Offered Certificates have not been,
                  and will
                  not be, registered under the Securities Act of 1933, as amended
                  (the
                  “Securities Act”), and may not be sold except as permitted in the
                  following sentence. We agree, on our own behalf and on behalf of
                  any
                  accounts for which we are acting as hereinafter stated, that if
                  we should
                  sell any Privately Offered Certificates within two years of the
                  later of
                  the date of original issuance of the Privately Offered Certificates
                  or the
                  last day on which such Privately Offered Certificates are owned
                  by the
                  Depositor or any affiliate of the Depositor we will do so only
                  (A) to the
                  Depositor, (B) to “qualified institutional buyers” (within the meaning of
                  Rule 144A under the Securities Act) in accordance with Rule 144A
                  under the
                  Securities Act (“QIBs”), (C) pursuant to the exemption from registration
                  provided by Rule 144 under the Securities Act, or (D) to an institutional
                  “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
                  (7) of Regulation D under the Securities Act that is not a QIB
                  (an
                  “Institutional Accredited Investor”) which, prior to such transfer,
                  delivers to the Trustee under the Trust Agreement dated as of November
                  1,
                  2006 by and among the Depositor, Aurora Loan Services LLC, as Master
                  Servicer, and LaSalle Bank National Association, as Trustee (the
                  “Trustee”), a signed letter in the form of this letter; and we further
                  agree, in the capacities stated above, to provide to any person
                  purchasing
                  any of the Privately Offered Certificates from us a notice advising
                  such
                  purchaser that resales of the Privately Offered Certificates are
                  restricted as stated herein.

              

      

      

      
        	
                (2)

              	
                We
                  understand that, in connection with any proposed resale of any
                  Privately
                  Offered Certificates to an Institutional Accredited Investor, we
                  will be
                  required to furnish to the Trustee and the Depositor a certification
                  from
                  such transferee in the form hereof to confirm that the proposed
                  sale is
                  being made pursuant to an exemption from, or in a transaction not
                  subject
                  to, the registration requirements of the Securities Act. We further
                  understand that the Privately Offered Certificates purchased by
                  us will
                  bear a legend to the foregoing
                  effect.

              

      

      

      
        	
                (3)

              	
                We
                  are acquiring the Privately Offered Certificates for investment
                  purposes
                  and not with a view to, or for offer or sale in connection with,
                  any
                  distribution in violation of the Securities Act. We have such knowledge
                  and experience in financial and business matters as to be capable
                  of
                  evaluating the merits and risks of our investment in the Privately
                  Offered
                  Certificates, and we and any account for which we are acting are
                  each able
                  to bear the economic risk of such
                  investment.

              

      

       

      
        
           

        

        
          G-1

          
            

          

        

        
           

        

      

       

      
        	
                (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.

      

      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-2

          
            

          

        

        
           

        

      

      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; (y) if the Certificate has been the
        subject of an ERISA-Qualifying Underwriting, is an insurance company that
        is
        purchasing the Certificate with funds contained in an “insurance company general
        account” as defined in Section V(e) of Prohibited Transaction Class Exemption
        (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
        Sections I and III of PTCE 95-60; or (z) herewith delivers to the Trustee
        an
        opinion of counsel (a “Benefit Plan Opinion”) satisfactory to the Trustee, and
        upon which the Trustee, the Master Servicer, any NIMS Insurer and the Depositor
        shall be entitled to rely, to the effect that the purchase or holding of
        such
        Certificate by the Investor will not result in any non-exempt prohibited
        transactions under Title I of ERISA or Section 4975 of the Code and will
        not
        subject the Trustee, the Master Servicer, any NIMS Insurer or the Depositor
        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
        the above parties.

      

      3. In
        the
        case of an ERISA-Restricted Swap Certificate, 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 Swap Certificate are eligible for exemptive relief under
        the
        statutory exemption for nonfiduciary service providers under Section 408(b)(17)
        of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1, PTCE
        91-38,
        PTCE 95-60 or PTCE 96-23 or some other applicable exemption.

      

      4. The
        Investor hereby acknowledges that under the terms of the Trust Agreement
        (the
“Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
        Aurora Loan Services LLC, as Master Servicer, and LaSalle Bank National
        Association, as Trustee, dated as of November 1, 2006, regarding Lehman XS
        Trust
        Mortgage Pass-Through Certificates, Series 2006-19, no transfer of the
        ERISA-Restricted Certificates or the ERISA-Restricted Swap Certificates shall
        be
        permitted to be made to any person unless the Trustee has received a certificate
        from such transferee in the form hereof.

      
        
           

        

        
          H-1

          
            

          

        

        
           

        

      

      

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to proper authority, by its duly authorized officer, duly
        attested, this ____ day of _______________, 20___.

      

      _________________________________

      [Investor]

      

      By:______________________________

      Name:

      Title:

      

      ATTEST:

      

      

      __________________________

      
        	
                STATE
                  OF 

              	
                )

              
	 	
                )
                  ss:

              
	
                COUNTY
                  OF

              	
                )

              

      

      

      

      Subscribed
        and sworn before me this _____ day of _________ 20___.

      

      ______________________________

      NOTARY
        PUBLIC

      

      My
        commission expires the

      _____
        day of __________, 20___.

      

      

      

      
        
           

        

        
          H-2

          
            

          

        

        
           

        

      

      

      EXHIBIT
        I

      

      [RESERVED]

      

      

      

      

      

      

      

      
        
           

        

        
          I-1

          
            

          

        

        
           

        

      

      

      EXHIBIT
        J

      

      [RESERVED]

      

      

      

      

      

      

      

      
        
           

        

        
          J-1

          
            

          

        

        
           

        

      

      

      EXHIBIT
        K

      

      CUSTODIAL
        AGREEMENTS

      

      

      

      

      
 

      

      

      
        
           

        

        
          K-1

          
            

          

        

        
           

        

      

      

      EXHIBIT
        L

      

      [Reserved]

      

      

      

      
        
           

        

        
          L-1

          
            

          

        

        
           

        

      

      EXHIBIT
        M

      FORM
        OF BACK-UP CERTIFICATION TO BE PROVIDED TO

      THE
        DEPOSITOR AND/OR THE MASTER SERVICER BY THE TRUSTEE

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LXS 2006-19

      

      Aurora
        Loan Services LLC

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      

      
        	
                Re:

              	
                Lehman
                  XS Trust 

              

      

      Mortgage
        Pass-Through Certificates, Series 2006-19

      

      Reference
        is made to the Trust
        Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and among
        LaSalle Bank National Association, (the “Trustee”), Aurora Loan Services LLC, as
        master servicer (the “Master Servicer”), and Structured Asset Securities
        Corporation, as depositor (the “Depositor”). The Trustee
        hereby certifies to the Depositor and the Master Servicer, and its officers,
        directors and affiliates, and with the knowledge and intent that they will
        rely
        upon this certification, that:

      

      (i) 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 the
        period covered by the Annual Report (collectively with the Annual Report,
        the
“Reports”), of the Trust; 

      

      (ii) Based
        on
        my knowledge, the Reports, taken as a whole, do not contain any untrue statement
        of a material fact or omit to state a material fact required to be stated
        therein or 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;

      

      (iii) Based
        on
        my knowledge, the distribution information required to be provided by the
        Trustee under the Trust Agreement for inclusion in the Reports is included
        in
        the Reports.

      

      

      Date:

      

      LaSalle
        Bank National Association, as Trustee

      

      

      By:     
        ____________________________

      Name:
        ____________________________

      Title:  
        ____________________________

                 
___________________________

      

      
        
           

        

        
          M-1

          
            

          

        

        
           

        

      

      EXHIBIT
        N-1

      FORM
        OF SWAP AGREEMENT

       

      
        
           

        

        
          N-1-1

          
            

          

        

        
           

        

      

      EXHIBIT
        N-2

      FORM
        OF CAP AGREEMENT

      
        
           

        

        
          N-2-1

          
            

          

        

        
           

        

      

      EXHIBIT
        O

      

      FORM
        OF
        CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN REPORT ON
        ASSESSMENT OF COMPLIANCE

       

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements. Capitalized terms used herein but not defined herein shall have
        the
        meanings assigned to them in the Trust Agreement dated as of November 1,
        2006
        (the “Agreement”), by and among LaSalle Bank National Association (the
“Trustee”), Aurora Loan Services LLC, as master servicer (the “Master
        Servicer”), and Structured Asset Securities Corporation, as depositor (the
“Depositor”) with respect to Lehman XS Trust Mortgage Pass-Through Certificates,
        Series 2006-19. 

      

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  

                Agent

              	
                Trustee

              	
                Master
                  

                Servicer

              
	 	
                General Servicing
                   Considerations

              	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 	 	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans 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 mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	 	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	 	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	 	 	
                X

              
	
                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

              

      

       

      
        
           

        

        
          O-1

          
            

          

        

        
           

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  

                Agent

              	
                Trustee

              	
                Master
                  

                Servicer

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	 	 	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	
                X

              
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the Servicer.
                  

              	 	
                X

              	
                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

              

      

       

      
        
           

        

        
          O-2

          
            

          

        

        
           

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  

                Agent

              	
                Trustee

              	
                Master
                  

                Servicer

              
	
                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 mortgage loans is maintained as required by the
                  transaction
                  agreements or related pool asset documents. 

              	
                 

              	 	 
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loans 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. 

              	
                 

              	
                X

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	 	 	
                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 mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related pool asset documents.
                  

              	 	 	 

      

       

      
        
           

        

        
          O-3

          
            

          

        

        
           

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  

                Agent

              	
                Trustee

              	
                Master
                  

                Servicer

              
	
                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 mortgage loans, or such other
                  number
                  of days specified in the transaction agreements. 

              	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	 	 	
                 

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	 	 	
                 

              
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	 	 	
                 

              
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	 	 	
                X

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	
                X

              	 

      

      

      

       

       

       

      
        
           

        

        
          O-4

          
            

          

        

        
           

        

      

      EXHIBIT
        P

      

      TRANSACTION
        PARTIES

       

      Sponsor
        and Seller: Lehman Brothers Holdings Inc.

      

      Depositor:
        Structured Asset Securities Corporation

      

      Trustee:
        LaSalle Bank National Association

      

      Securities
        Administrator: None

      

      Master
        Servicer: Aurora Loan Services LLC

      

      Swap
        Counterparty: HSBC Bank USA, National Association

      

      Cap
        Counterparty: Lehman Brothers Special Financing Inc.

      

      Servicer(s):
        Aurora Loan Services LLC, Mortgage Corporation f/k/a Cendant Mortgage
        Corporation, IndyMac Bank, F.S.B., Wells Fargo Bank, N.A., Countrywide Home
        Loans Servicing LP and Colonial Savings, F.A..

      

      Originator(s):
        Lehman Brothers Bank, IndyMac Bank, F.S.B., Countrywide Home Loans, Inc.
        and
        LoanCity.

      

      Custodian(s):
        U.S. Bank National Association, LaSalle Bank National Association, Deutsche
        Bank
        National Trust Company and Wells Fargo Bank, N.A.

      

      

      

      

      
        
           

        

        
          P-1

          
            

          

        

        
           

        

      

      EXHIBIT
        Q

      

      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

                Trustee

              
	
                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 and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

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

              

      

       

      
        
           

        

        
          Q-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)

              	
                 

                Trustee

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

                 

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

              	
                Trustee

              
	
                Item
                  6: Significant Obligors of Pool Assets

                 

                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Item
                  7: Significant Enhancement Provider Information

                 

              	
                Depositor

              
	
                Item
                  8: Other Information

                 

                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                 

                 

                 

                Any
                  party responsible for the applicable Form 8-K Disclosure
                  item

              
	
                Item
                  9: Exhibits

              	 
	
                Monthly
                  Statement to Certificateholders

              	
                Trustee

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

              	
                Depositor

              

      

      

      
        
           

        

        
          Q-2

          
            

          

        

        
           

        

      

      EXHIBIT
        R

      

      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

              	
                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.

              	
                Depositor

              
	
                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.

              	 

      

       

      
        
           

        

        
          R-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 and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

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

              
	
                ▪
                  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 

              
	
                ▪
                  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

              

      

       

      
        
           

        

        
          R-2

          
            

          

        

        
           

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                ▪
                  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 

              
	
                ▪
                  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

              

      

      

      
        
           

        

        
          R-3

          
            

          

        

        
           

        

      

      EXHIBIT
        S

      

      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

              
	
                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

              
	
                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

              
	
                ▪
                  Significant Obligor

              	
                Depositor

              
	
                ▪
                  Credit Enhancer (10% or more)

              	
                Depositor

              
	
                ▪
                  Derivative Counterparty

              	
                Depositor

              

      

       

      
        
           

        

        
          S-1

          
            

          

        

        
           

        

      

       

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                ▪
                  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

                Trustee

              
	
                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 Pooling and Servicing
                  Agreement.

              	
                Trustee

                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/Depositor/

                Servicer/Trustee

              
	
                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/Trustee

              

      

       

      
        
           

        

        
          S-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

              	
                Trustee

              
	
                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

              

      

      

      

       

      
        
           

        

        
          S-3

          
            

          

        

        
           

        

      

      SCHEDULE
        A

      

      MORTGAGE
        LOAN SCHEDULE

      

      [On
        file
        with McKee Nelson LLP]

      

      

      

      

      
        
           

        

        
          Schedule
            A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]