Document:

Unassociated Document

     

     

    INDYMAC
      MBS, INC.,

    Depositor

     

    INDYMAC
      BANK, F.S.B.,

    Seller
      and Servicer

     

    And

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY

    Trustee

     

    POOLING
      AND SERVICING AGREEMENT

     

    DATED
      AS
      OF SEPTEMBER 1, 2006

     

    ______________________________

     

    INDYMAC
      RESIDENTIAL MORTGAGE-BACKED TRUST, SERIES 2006-L3

     

    RESIDENTIAL
      MORTGAGE-BACKED CERTIFICATES, SERIES 2006-L3

     

     

     

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Table
      of Contents

     

    

     

    ARTICLE
      I

    DEFINITIONS

     

    
      	 	
              Section
                1.01.

            	
              Defined
                Terms.

            	 

    

    
      	 	
              Section
                1.02.

            	
              Allocation
                of Certain Interest Shortfalls.

            	 

    

    
      	 	
              Section
                1.03.

            	
              Accounting.

            	 

    

     

    ARTICLE
      II

    CONVEYANCE
      OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

     

    
      	 	
              Section
                2.01.

            	
              Conveyance
                of Mortgage Loans.

            	 

    

    
      	 	
              Section
                2.02.

            	
              Acceptance
                by Trustee.

            	 

    

    
      	 	
              Section
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans by the Seller.

            	 

    

    
      	 	
              Section
                2.04.

            	
              [Reserved].

            	 

    

    
      	 	
              Section
                2.05.

            	
              Representations,
                Warranties and Covenants of the Servicer.

            	 

    

    
      	 	
              Section
                2.06.

            	
              Representations
                and Warranties of the Depositor.

            	 

    

    
      	 	
              Section
                2.07.

            	
              Issuance
                of Certificates.

            	 

    

    
      	 	
              Section
                2.08.

            	
              Conveyance
                of REMIC 1 Regular Interests and Acceptance of REMIC 2 by
                Trustee.

            	 

    

    
      	 	
              Section
                2.09.

            	
              Purposes
                and Powers of the Trust.

            	 

    

     

    ARTICLE
      III

    ADMINISTRATION
      AND SERVICING OF THE MORTGAGE LOANS

     

    
      	 	
              Section
                3.01.

            	
              Servicer
                to Act as Servicer.

            	 

    

    
      	 	
              Section
                3.02.

            	
              Sub-Servicing
                Agreements Between Servicer and Sub-Servicers; Special
                Servicing.

            	 

    

    
      	 	
              Section
                3.03.

            	
              Successor
                Sub-Servicers.

            	 

    

    
      	 	
              Section
                3.04.

            	
              Liability
                of the Servicer.

            	 

    

    
      	 	
              Section
                3.05.

            	
              No
                Contractual Relationship Between Sub-Servicers and the Trustee or
                Certificateholders.

            	 

    

    
      	 	
              Section
                3.06.

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee.

            	 

    

    
      	 	
              Section
                3.07.

            	
              Collection
                of Certain Mortgage Loan Payments.

            	 

    

    
      	 	
              Section
                3.08.

            	
              Sub-Servicing
                Accounts.

            	 

    

    
      	 	
              Section
                3.09.

            	
              Collection
                of Taxes, Assessments and Similar Items; Servicing
                Accounts.

            	 

    

    
      	 	
              Section
                3.10.

            	
              Certificate
                Account; Distribution Account.

            	 

    

    
      	 	
              Section
                3.11.

            	
              Withdrawals
                from the Certificate Account and Distribution Account.

            	 

    

    
      	 	
              Section
                3.12.

            	
              Investment
                of Funds in the Certificate Account and the Distribution
                Account.

            	 

    

    
      	 	
              Section
                3.13.

            	
              [Reserved].

            	 

    

    
      	 	
              Section
                3.14.

            	
              Maintenance
                of Errors and Omissions and Fidelity Coverage.

            	 

    

    
      	 	
              Section
                3.15.

            	
              Enforcement
                of Due-On-Sale Clauses; Assumption Agreements.

            	 

    

    
      	 	
              Section
                3.16.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	 

    

    
      	 	
              Section
                3.17.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	 

    

    
      	 	
              Section
                3.18.

            	
              Servicing
                Compensation.

            	 

    

    
      	 	
              Section
                3.19.

            	
              Reports
                to the Trustee; Certificate Account Statements.

            	 

    

    
      	 	
              Section
                3.20.

            	
              Statement
                as to Compliance.

            	 

    

    
      	 	
              Section
                3.21.

            	
              Assessments
                of Compliance and Attestation Reports.

            	 

    

    
      	 	
              Section
                3.22.

            	
              Commission
                Reporting.

            	 

    

    
      	 	
              Section
                3.23.

            	
              Reserved.

            	 

    

    
      	 	
              Section
                3.24.

            	
              Access
                to Certain Documentation.

            	 

    

    
      	 	
              Section
                3.25.

            	
              Title,
                Maintenance and Disposition of REO Property.

            	 

    

    
      	 	
              Section
                3.26.

            	
              Obligations
                of the Servicer in Respect of Prepayment Interest
                Shortfalls.

            	 

    

    
      	 	
              Section
                3.27.

            	
              [Reserved].

            	 

    

    
      	 	
              Section
                3.28.

            	
              Obligations
                of the Servicer in Respect of Mortgage Rates and Monthly
                Payments.

            	 

    

    
      	 	
              Section
                3.29.

            	
              Excess
                Reserve Fund Account.

            	 

      	 	Section 3.30.	Prepayment Charges.	 

    

     

    ARTICLE
      IV

    FLOW
      OF
      FUNDS

     

    
      	 	
              Section
                4.01.

            	
              Distributions.

            	 

    

    
      	 	
              Section
                4.02.

            	
              Statements.

            	 

    

    
      	 	
              Section
                4.03.

            	
              Remittance
                Reports; Advances.

            	 

    

    
      	 	
              Section
                4.04.

            	
              Distributions
                on the REMIC Regular Interests.

            	 

    

    
      	 	
              Section
                4.05.

            	
              Allocation
                of Realized Losses.

            	 

    

    
      	 	
              Section
                4.06.

            	
              The
                Policy.

            	 

    

     

    ARTICLE
      V

    THE
      CERTIFICATES

     

    
      	 	
              Section
                5.01.

            	
              The
                Certificates.

            	 

    

    
      	 	
              Section
                5.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            	 

    

    
      	 	
              Section
                5.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	 

    

    
      	 	
              Section
                5.04.

            	
              Persons
                Deemed Owners.

            	 

    

    
      	 	
              Section
                5.05.

            	
              Appointment
                of Paying Agent.

            	 

    

     

    ARTICLE
      VI

    THE
      SERVICER AND THE DEPOSITOR

     

    
      	 	
              Section
                6.01.

            	
              Liability
                of the Servicer and the Depositor.

            	 

    

    
      	 	
              Section
                6.02.

            	
              Merger
                or Consolidation of, or Assumption of the Obligations of, the Servicer
                or
                the Depositor.

            	 

    

    
      	 	
              Section
                6.03.

            	
              Limitation
                on Liability of the Servicer and Others.

            	 

    

    
      	 	
              Section
                6.04.

            	
              Servicer
                Not to Resign.

            	 

    

    
      	 	
              Section
                6.05.

            	
              Delegation
                of Duties.

            	 

    

    
      	 	
              Section
                6.06.

            	
              Inspection.

            	 

    

     

    ARTICLE
      VII

    DEFAULT

     

    
      	 	
              Section
                7.01.

            	
              Servicer
                Events of Termination.

            	 

    

    
      	 	
              Section
                7.02.

            	
              Trustee
                to Act; Appointment of Successor.

            	 

    

    
      	 	
              Section
                7.03.

            	
              Waiver
                of Defaults.

            	 

    

    
      	 	
              Section
                7.04.

            	
              Notification
                to Certificateholders.

            	 

    

    
      	 	
              Section
                7.05.

            	
              Survivability
                of Servicer Liabilities.

            	 

    

     

    ARTICLE
      VIII

    THE
      TRUSTEE

     

    
      	 	
              Section
                8.01.

            	
              Duties
                of Trustee.

            	 

    

    
      	 	
              Section
                8.02.

            	
              Certain
                Matters Affecting the Trustee.

            	 

    

    
      	 	
              Section
                8.03.

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            	 

    

    
      	 	
              Section
                8.04.

            	
              Trustee
                May Own Certificates.

            	 

    

    
      	 	
              Section
                8.05.

            	
              Trustee
                Fee and Expenses.

            	 

    

    
      	 	
              Section
                8.06.

            	
              Eligibility
                Requirements for Trustee.

            	 

    

    
      	 	
              Section
                8.07.

            	
              Resignation
                or Removal of Trustee.

            	 

    

    
      	 	
              Section
                8.08.

            	
              Successor
                Trustee.

            	 

    

    
      	 	
              Section
                8.09.

            	
              Merger
                or Consolidation of Trustee.

            	 

    

    
      	 	
              Section
                8.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	 

    

    
      	 	
              Section
                8.11.

            	
              Limitation
                of Liability.

            	 

    

    
      	 	
              Section
                8.12.

            	
              Trustee
                May Enforce Claims Without Possession of Certificates.

            	 

    

    
      	 	
              Section
                8.13.

            	
              Suits
                for Enforcement.

            	 

    

    
      	 	
              Section
                8.14.

            	
              Waiver
                of Bond Requirement.

            	 

    

    
      	 	
              Section
                8.15.

            	
              Waiver
                of Inventory, Accounting and Appraisal Requirement.

            	 

    

    
      	 	
              Section
                8.16.

            	
              Reserved.

            	 

    

    
      	 	
              Section
                8.17.

            	
              Access
                to Records of Trustee.

            	 

    

     

    ARTICLE
      IX

    REMIC
      ADMINISTRATION

     

    
      	 	
              Section
                9.01.

            	
              REMIC
                Administration.

            	 

    

    
      	 	
              Section
                9.02.

            	
              Prohibited
                Transactions and Activities.

            	 

    

    
      	 	
              Section
                9.03.

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

            	 

    

     

    ARTICLE
      X

    TERMINATION

     

    
      	 	
              Section
                10.01.

            	
              Termination.

            	 

    

    
      	 	
              Section
                10.02.

            	
              Additional
                Termination Requirements.

            	 

    

     

    ARTICLE
      XI

    MISCELLANEOUS
      PROVISIONS

     

    
      	 	
              Section
                11.01.

            	
              Amendment.

            	 

    

    
      	 	
              Section
                11.02.

            	
              Recordation
                of Agreement; Counterparts.

            	 

    

    
      	 	
              Section
                11.03.

            	
              Limitation
                on Rights of Certificateholders.

            	 

    

    
      	 	
              Section
                11.04.

            	
              Governing
                Law; Jurisdiction.

            	 

    

    
      	 	
              Section
                11.05.

            	
              Notices.

            	 

    

    
      	 	
              Section
                11.06.

            	
              Severability
                of Provisions.

            	 

    

    
      	 	
              Section
                11.07.

            	
              Article
                and Section References.

            	 

    

    
      	 	
              Section
                11.08.

            	
              Notice
                to the Rating Agencies and the Certificate Insurer.

            	 

    

    
      	 	
              Section
                11.09.

            	
              Further
                Assurances.

            	 

    

    
      	 	
              Section
                11.10.

            	
              Benefits
                of Agreement.

            	 

    

    
      	 	
              Section
                11.11.

            	
              Acts
                of Certificateholders.

            	 

    

    
      	 	
              Section
                11.12.

            	
              Grant
                of Security Interest.

            	 

    

    
      	 	
              Section
                11.13.

            	
              Official
                Record.

            	 

    

    
      	 	
              Section
                11.14.

            	
              Protection
                of Assets.

            	 

    

    
      	 	
              Section
                11.15.

            	
              Qualifying
                Special Purpose Entity.

            	 

    

    
      	 	
              Section
                11.16.

            	
              Rights
                of the Certificate Insurer.

            	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBITS:

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Class A Certificates

            
	
              Exhibit
                A-2

            	
              Form
                of Class M Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class B Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class C Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class R Certificate

            
	
              Exhibit
                A-6

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                B

            	
              Copy
                of Certificate Guaranty Insurance Policy with respect to the Insured
                Certificates

            
	
              Exhibit
                C

            	
              Form
                of Mortgage Loan Purchase Agreement

            
	
              Exhibit
                D

            	
              Mortgage
                Loan Schedule

            
	
              Exhibit
                E

            	
              Form
                of Request for Release of Documents

            
	
              Exhibit
                F-1

            	
              Form
                of Trustee’s Initial Certification

            
	
              Exhibit
                F-2

            	
              Form
                of Trustee’s Final Certification

            
	
              Exhibit
                F-3

            	
              Form
                of Receipt of Mortgage Note

            
	
              Exhibit
                G

            	
              Reserved
                

            
	
              Exhibit
                H

            	
              Form
                of Lost Note Affidavit

            
	
              Exhibit
                I

            	
              Form
                of Certification with respect to ERISA and the Code

            
	
              Exhibit
                J

            	
              Form
                of Investment Letter

            
	
              Exhibit
                K

            	
              Reserved

            
	
              Exhibit
                L

            	
              Form
                of Transferor Certificate

            
	
              Exhibit
                M

            	
              Form
                of Class R Certificate Transfer Affidavit

            
	
              Exhibit
                N

            	
              Reserved

            
	
              Exhibit
                O-1

            	
              Depositor
                Certification

            
	
              Exhibit
                O-2

            	
              Trustee
                Certification

            
	
              Exhibit
                P

            	
              Reserved

            
	
              Exhibit
                Q

            	
              Reserved

            
	
              Exhibit
                R

            	
              Servicing
                Criteria

            
	
              Exhibit
                S

            	
              Form
                10-D, Form 8-K and Form 10-K Reporting Responsibility
                

            

    

    

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Pooling and Servicing Agreement is dated as of September 1, 2006 (the
“Agreement”), among INDYMAC MBS, INC., as depositor (the “Depositor”), INDYMAC
      BANK, F.S.B., as seller and servicer (the “Seller” and “Servicer”, as
      applicable) and DEUTSCHE BANK NATIONAL TRUST COMPANY, as trustee (the
“Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell pass-through certificates (collectively, the
“Certificates”), to be issued hereunder in multiple classes, which Certificates
      in the aggregate will evidence the entire beneficial ownership interest in
      the
      Trust Fund created hereunder. The Certificates will consist of eight classes
      of
      certificates, designated as (i) the Class A-1 Certificates, (ii) the Class
      A-2
      Certificates, (iii) the Class A-3 Certificates, (iv) the Class M Certificates,
      (v) the Class B Certificates, (vi) the Class C Certificates, (vii) the Class
      P
      Certificates and (viii) the Class R Certificates.

     

    REMIC
      1

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the Mortgage Loans and certain other related assets
      subject to this Agreement (exclusive of the Excess Reserve Fund Account and
      the
      other assets identified as excluded in accordance with the definition of “REMIC
      1” herein) as a real estate mortgage investment conduit (a “REMIC”) for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC 1.” The Class R-1 Interest represents the sole class of “residual
      interests” in REMIC 1 for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      1 Pass-Through Rate, the initial Uncertificated Principal Balance, and for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC 1 Regular Interests. None
      of the REMIC 1 Regular Interests will be certificated.

     

    

    
      	
              Designation

            	
              Uncertificated
                REMIC 1

              Pass-Through
                Rate

            	
              Initial
                Uncertificated

              Principal
                Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              LT1AA

            	
              Variable(2)

            	
              $
                165,478,105.44

            	
              April
                25, 2012

            
	
              LT1A1

            	
              Variable(2)

            	
              $      
                 968,290.00

            	
              April
                25, 2012

            
	
              LT1A2

            	
              Variable(2)

            	
              $      
                 490,450.00

            	
              April
                25, 2012

            
	
              LT1A3

            	
              Variable(2)

            	
              $      
                 207,860.00

            	
              April
                25, 2012

            
	
              LT1M

            	
              Variable(2)

            	
              $          
                 7,590.00

            	
              April
                25, 2012

            
	
              LT1B

            	
              Variable(2)

            	
              $          14,362.09

            	
              April
                25, 2012

            
	
              LT1ZZ

            	
              Variable(2)

            	
              $     1,688,552.10

            	
              April
                25, 2012

            
	
              LT1P

            	
              Variable(2)

            	
              $             
                 100.00

            	
              April
                25, 2012

            

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                earlier of (a) April 25, 2012 and (b) 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 has been designated as the “latest possible maturity
                date” for each Uncertificated REMIC 1 Regular
                Interest.

            

    

    (2)  
       Calculated
      in accordance with the definition of “Uncertificated REMIC 1 Pass-Through Rate”
herein.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    REMIC
      2

     

    As
      provided herein, the Trustee shall make an election to treat the segregated
      pool
      of assets consisting of the REMIC 1 Regular Interests as a REMIC for federal
      income tax purposes, and such segregated pool of assets will be designated
      as
“REMIC 2.” The Class R-2 Interest represents the sole class of “residual
      interests” in REMIC 2 for purposes of the REMIC Provisions.

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate and initial Certificate Principal Balance for each Class of Certificates
      that represents one or more of the “regular interests” in REMIC 2 created
      hereunder:

    

    
      	
              Designation

            	
              Pass-Through

              Rate

            	
              Initial

              Certificate
                Principal

              Balance

            	
              Latest
                Possible

              Maturity
                Date(1)

            
	
              Class
                A-1

            	
              Variable(2)

            	
              $
                96,829,000.00

            	
              April
                25, 2012

            
	
              Class
                A-2

            	
              Variable(2)

            	
              $
                49,045,000.00

            	
              April
                25, 2012

            
	
              Class
                A-3

            	
              Variable(2)

            	
              $
                20,786,000.00

            	
              April
                25, 2012

            
	
              Class
                M

            	
              Variable(2)

            	
              $    
                 759,000.00

            	
              April
                25, 2012

            
	
              Class
                B

            	
              Variable(2)

            	
              $ 
                 1,436,209.00

            	
              April
                25, 2012

            
	
              Class
                C

            	
              Variable(3)

            	
              $               
                 0.63

            	
              April
                25, 2012

            
	
              Class
                P

            	
              NA

            	
              $           
                 100.00

            	
              April
                25, 2012

            
	 	 	 	 

    

    __________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                earlier of (a) April 25, 2012 and (b) 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 has been designated as the “latest possible maturity
                date” for each Class of Certificates that represents one or more of the
                “regular interests” in REMIC 2.

            

    

    (2)  
       Calculated
      in accordance with the definition of “Pass-Through Rate” herein.

    
      	
              (3)

            	
              The
                Class C Certificates will accrue interest at its variable Pass-Through
                Rate on its uncertificated Notional Amount outstanding from time
                to time
                which shall equal the aggregate Uncertificated Principal Balance
                of the
                REMIC 1 Regular Interests (other than the REMIC 1 Regular Interest
                LT1P).
                The Class C Certificates will not accrue interest on its Certificate
                Principal Balances.

            

    

     

     

    As
      of the
      Cut-off Date, the Closing Date Mortgage Loans had an aggregate Stated Principal
      Balance equal to $168,855,309.63.

     

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

     

    

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01.  Defined
      Terms.

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. Unless otherwise specified, all calculations in
      respect of interest on the Class A Certificates and the Subordinated
      Certificates shall be made on the basis of a 360-day year and the actual number
      of days elapsed, and all other calculations of interest described herein shall
      be made on the basis of a 360-day year consisting of twelve 30-day months.
      The
      Class P and Class R Certificates are not entitled to distributions in respect
      of
      interest and, accordingly, will not accrue interest.

     

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

     

    “Account”:
      Either of the Certificate Account or Distribution Account.

     

    “Accrual
      Period”: With respect to the Class A Certificates and the Subordinated
      Certificates and each Distribution Date, the period commencing on the preceding
      Distribution Date (or in the case of the first such Accrual Period, commencing
      on the Closing Date) and ending on the day preceding the current Distribution
      Date. With respect to the Class C Certificates and each Distribution Date,
      the
      calendar month prior to the month of such Distribution Date.

     

    “Accrued
      Certificate Interest”: With respect to the Class A Certificates, the
      Subordinated Certificates and the Class C Certificates and any Distribution
      Date, the amount of interest accrued during the related Accrual Period at the
      related Pass-Through Rate on the Certificate Principal Balance (or Notional
      Amount in the case of the Class C Certificates) of such Class immediately prior
      to such Distribution Date, in each case, reduced by any Net Interest Shortfalls
      allocated to such Class as set forth in Section 1.02.

     

    “Adjustable-Rate
      Mortgage Loan”: A Mortgage Loan which provides at any period during the life of
      such loan for the adjustment of the Mortgage Rate payable in respect thereto.
      The Adjustable-Rate Mortgage Loans are identified as such on the Mortgage Loan
      Schedule.

     

    “Adjustment
      Date”: With respect to each Adjustable-Rate Mortgage Loan, each adjustment date
      on which the Mortgage Rate of such Mortgage Loans may change pursuant to the
      related Mortgage Note. The first Adjustment Date following the Cut-off Date
      as
      to each Adjustable-Rate Mortgage Loan is set forth in the Mortgage Loan
      Schedule.

     

    “Advance”:
      As to any Mortgage Loan or REO Property, any advance made by the Servicer in
      respect of any Distribution Date pursuant to Section 4.03.

     

    “Adverse
      REMIC Event”: As defined in Section 9.01 hereof.

     

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

     

    “Agreement”:
      This Pooling and Servicing Agreement and all amendments hereof and supplements
      hereto.

     

    “Allocated
      Realized Loss Amount”: With respect to any Distribution Date and any Class of
      Subordinated Certificates, the sum of (i) the amount of any Realized Losses
      allocated to such Class of Certificates on such Distribution Date pursuant
      to
      Section 4.05(b) and (ii) the amount of any Allocated Realized Loss Amount for
      such Class of Certificates remaining unpaid on the preceding Distribution Date
      minus the amount of the increase in the related Certificate Principal Balance
      due to the receipt of Subsequent Recoveries as provided in Section
      4.01.

     

    “Applicable
      Regulations”: As to any Mortgage Loan, all federal, state and local laws,
      statutes, rules and regulations applicable thereto.

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form (excepting therefrom, if applicable, the mortgage recordation
      information which has not been required pursuant to Section 2.01 hereof or
      returned by the applicable recorder’s office), which is sufficient under the
      laws of the jurisdiction wherein the related Mortgaged Property is located
      to
      reflect of record the sale of the Mortgage.

     

    “Available
      Funds”: With respect to any Distribution Date, an amount equal to the excess, if
      any, of: (i) the sum of (a) the aggregate of the related Monthly Payments
      received on or prior to the related Determination Date, including any Subsequent
      Recoveries, (b) Liquidation Proceeds, Principal Prepayments and other
      unscheduled recoveries of principal and interest in respect of the Mortgage
      Loans during the related Prepayment Period, (c) the aggregate of any amounts
      received in respect of a related REO Property withdrawn from any REO Account
      and
      deposited in the Certificate Account for such Distribution Date, (d) the
      aggregate of any amounts deposited in the Certificate Account by the Servicer
      in
      respect of Prepayment Interest Shortfalls for such Distribution Date, (e) the
      aggregate of any Advances made by the Servicer for such Distribution Date,
      (f)
      the aggregate of any related advances made by the Trustee for such Distribution
      Date pursuant to Section 7.02 and (g) the amounts, if any, received pursuant
      to
      an Optional Termination; over (ii) the sum of (a) amounts reimbursable or
      payable to the Servicer pursuant to Section 3.11(a) or Section 3.18 or to the
      Trustee pursuant to Section 3.06 or Section 3.11(b), (b) amounts deposited
      in
      the Certificate Account or the Distribution Account pursuant to clauses (i)
      (a)
      through (i)(f) above, as the case may be, in error, (c) the Trustee Fee payable
      from the Distribution Account pursuant to Section 4.01(a) and Section 8.05
      and
      (d) any indemnification payments or expense reimbursements made by the Trust
      Fund pursuant to Section 8.05.

     

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

     

    “Book-Entry
      Certificate”: Any Certificate registered in the name of the Depository or its
      nominee.

     

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

     

    “Certificate”:
      Any Regular Certificate or Class R Certificate.

     

    “Certificate
      Factor”: With respect to any Class of the Regular Certificates (other than the
      Class C Certificates) as of any Distribution Date, a fraction, expressed as
      a
      decimal carried to six places, the numerator of which is the aggregate
      Certificate Principal Balance of such Class of Certificates on such Distribution
      Date (after giving effect to any distributions of principal and allocations
      of
      Realized Losses in reduction of the Certificate Principal Balance of the
      Certificates to be made on such Distribution Date), and the denominator of
      which
      is the initial aggregate Certificate Principal Balance of such Class of
      Certificates as of the Closing Date. With respect to the Class C Certificates
      as
      of any Distribution Date, a fraction, expressed as a decimal carried to six
      places, the numerator of which is the aggregate Notional Amount of such Class
      of
      Certificates on such Distribution Date (after giving effect to reductions
      thereof to be made on such Distribution Date due to reductions of the Pool
      Balance by scheduled principal due during the related Remittance Period, to
      the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period), and the denominator of which is the
      initial aggregate Notional Amount of such Class of Certificates as of the
      Closing Date.

     

    “Certificateholder”:
      The Person in whose name a Certificate is registered in the Certificate Register
      (except that a Disqualified Organization or non-U.S. Person shall not be a
      Holder of a Class R Certificate for any purpose hereof). Unless otherwise
      specified herein, whenever reference is made herein to actions taken by the
      Trustee on behalf of the Certificateholders or property held by the Trustee
      for
      the benefit of the Certificateholders, such reference shall be deemed and
      construed as a reference to the Trustee acting on behalf of or for the benefit
      of the Certificateholders.

     

    “Certificate
      Account”: The account or accounts created and maintained by the Servicer
      pursuant to Section 3.10(a), which shall be entitled “Deutsche Bank National
      Trust Company, as Trustee, in trust for registered Holders of IndyMac
      Residential Mortgage-Backed Trust Certificates, Series 2006-L3,” which must be
      an Eligible Account.

     

    “Certificate
      Insurer”: Ambac Assurance Corporation, a Wisconsin stock insurance corporation
      or its successors in interest.

     

    “Certificate
      Insurer Default”: The existence and continuance of any of the following: (a) a
      failure by the Certificate Insurer to make a payment required under the Policy
      in accordance with its terms; or (b) the Certificate Insurer (i) files any
      petition or commences any case or proceeding under any provision or chapter
      of
      the Bankruptcy Code or any other similar federal or state law relating to
      insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii)
      makes a general assignment for the benefit of its creditors, or (iii) has an
      order for relief entered against it under the Bankruptcy Code or any other
      similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
      liquidation or reorganization which is final and nonappealable; or (c) a court
      of competent jurisdiction, the New York insurance department or other competent
      regulatory authority enters a final and nonappealable order, judgment or decree
      (i) appointing a custodian, trustee, agent or receiver for the Certificate
      Insurer or for all or any material portion of its property or (ii) authorizing
      the taking of possession by a custodian, trustee, agent or receiver of the
      Certificate Insurer (or the taking of possession of all or any material portion
      of the property of the Certificate Insurer).

     

    “Certificate
      Margin”: With respect to the Class A Certificates and each Class of Subordinated
      Certificates and the Accrual Period for any Distribution Date, the margin
      indicated as follows:

    

    
      	
              Class

            	
              Certificate
                Margin (%)

              (Accrual
                Periods for Distribution Dates up to and including the Optional
                Termination Date)

            	
              Certificate
                Margin (%) (Accrual Periods for Distribution Dates that occur after
                the
                Optional Termination Date)

            
	
              Class
                A-1 Certificates

            	
              0.090%

            	
              0.180%

            
	
              Class
                A-2 Certificates

            	
              0.170%

            	
              0.340%

            
	
              Class
                A-3 Certificates

            	
              0.230%

            	
              0.460%

            
	
              Class
                M Certificates

            	
              1.500%

            	
              2.250%

            
	
              Class
                B Certificates

            	
              1.500%

            	
              2.250%

            

    

    

    “Certificate
      Owner”: With respect to each Book-Entry Certificate, any beneficial owner
      thereof.

     

    “Certificate
      Principal Balance”: With respect to any Class of Regular Certificates (other
      than the Class C and Class P Certificates) immediately prior to any Distribution
      Date, an amount equal to the initial Certificate Principal Balance thereof
      (A)
      reduced by the sum of all amounts actually distributed in respect of principal
      of such Class and (B) further reduced, in the case of a Subordinated
      Certificate, by Realized Losses allocated thereto on all prior Distribution
      Dates plus, with respect to the Subordinated Certificates, any increase in
      the
      Certificate Principal Balance of such Certificate due to receipt of Subsequent
      Recoveries pursuant to Section 4.01 (or, in the case of any date of
      determination up to and including the first Distribution Date, the initial
      Certificate Principal Balance of such Certificate, as stated on the face
      thereof). With respect to the Class C Certificates as of any date of
      determination, an amount equal to the excess, if any, of (A) the then aggregate
      Uncertificated Principal Balances of the REMIC 1 Regular Interests over (B)
      the
      then aggregate Certificate Principal Balance of the Class A Certificates, the
      Class P Certificates and the Subordinated Certificates then
      outstanding.

     

    “Certificate
      Register” and “Certificate Registrar”: The register maintained and registrar
      appointed pursuant to Section 5.02 hereof.

     

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

     

    “Class
      A
      Certificate”: Any one of the Class A-1, Class A-2 or Class A-3 Certificates
      executed by the Trustee, and authenticated and delivered by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit A-1 and
      evidencing (i) a Regular Interest in REMIC 2, and (ii) the right to receive
      the
      Net WAC Rate Carryover Amount.

     

    “Class
      A
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess, if any, of (x) the Certificate Principal Balance of the Class A
      Certificates immediately prior to such Distribution Date over (y) the lesser
      of
      (A) the product of (i) 94.40% and (ii) the aggregate Stated Principal Balance
      of
      the Mortgage Loans as of the last day of the related Remittance Period (after
      giving effect to scheduled payments of principal due during the related
      Remittance Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (B)
      an amount, not less than zero, the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Remittance Period (after giving
      effect to scheduled payments of principal due during the related Remittance
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) minus the
      Overcollateralization Floor Amount.

     

    “Class
      A
      Overcollateralization Deficiency Amount”: With respect to any Distribution Date,
      the excess of (i) the Certificate Principal Balance of the Class A Certificates
      after giving effect to distributions of principal to be made on such
      Distribution Date (without regard to any payments of principal under the Policy)
      over (ii) the aggregate Stated Principal Balance of the Mortgage Loans on the
      last day of the immediately preceding Remittance Period (after giving effect
      to
      scheduled payments of principal due during the related Remittance Period, to
      the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period).

     

    “Class
      B
      Certificate”: Any one of the Class B Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-3, and evidencing (i) a Regular Interest in
      REMIC 2, and (ii) the right to receive the Net WAC Rate Carryover
      Amount.

     

    “Class
      B
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess, if any, of (x) the sum of (i) the Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M Certificates (after taking into account the
      payment of the Class M Principal Distribution Amount on such Distribution Date),
      and (iii) the Certificate Principal Balance of the Class B Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) 97.00% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Remittance Period (after giving
      effect to scheduled payments of principal due during the related Remittance
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) and (B) an amount,
      not
      less than zero, the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Remittance Period (after giving effect to
      scheduled payments of principal due during the related Remittance Period, to
      the
      extent received or advanced, and unscheduled collections of principal received
      during the related Prepayment Period) minus the Overcollateralization Floor
      Amount.

     

    “Class
      C
      Certificate”: Any one of the Class C Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-4, and evidencing a Regular Interest in REMIC
      2.

     

    “Class
      M
      Certificate”: Any one of the Class M Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-2, and evidencing (i) a Regular Interest in
      REMIC 2 and (ii) the right to receive the Net WAC Rate Carryover
      Amount.

     

    “Class
      M
      Principal Distribution Amount”: With respect to any Distribution Date, the
      excess, if any, of (x) the sum of (i) the Certificate Principal Balance of
      the
      Class A Certificates (after taking into account the payment of the Class A
      Principal Distribution Amount on such Distribution Date) and (ii) the
      Certificate Principal Balance of the Class M Certificates immediately prior to
      such Distribution Date over (y) the lesser of (A) the product of (i) 95.30%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      last
      day of the related Remittance Period (after giving effect to scheduled payments
      of principal due during the related Remittance Period, to the extent received
      or
      advanced, and unscheduled collections of principal received during the related
      Prepayment Period) and (B) an amount, not less than zero, the aggregate Stated
      Principal Balance of the Mortgage Loans as of the last day of the related
      Remittance Period (after giving effect to scheduled payments of principal due
      during the related Remittance Period, to the extent received or advanced, and
      unscheduled collections of principal received during the related Prepayment
      Period) minus the Overcollateralization Floor Amount.

     

    “Class
      P
      Certificate”: Any one of the Class P Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-6, and evidencing a Regular Interest in REMIC
      2.

     

    “Class
      R
      Certificate”: Any one of the Class R Certificates executed by the Trustee, and
      authenticated and delivered by the Certificate Registrar, substantially in
      the
      form annexed hereto as Exhibit A-5 and evidencing the ownership of the Class
      R-1
      Interest and the Class R-2 Interest.

     

    “Class
      R-1 Interest”: The uncertificated Residual Interest in REMIC 1.

     

    “Class
      R-2 Interest”: The uncertificated Residual Interest in REMIC 2.

     

    “Close
      of
      Business”: As used herein, with respect to any Business Day, 5:00 p.m. (New York
      time).

     

    “Closing
      Date”: September 25, 2006.

     

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

     

    “Compensating
      Interest”: As defined in Section 3.26 hereof.

     

    “Corporate
      Trust Office”: The principal corporate trust office of the Trustee at which at
      any particular time its corporate trust business in connection with this
      Agreement shall be administered, which office at the date of the execution
      of
      this instrument is located at 1761 East St. Andrew Place, Santa Ana, CA
      92705-4934, Attention: Trust Administration IN06L3 (IndyMac Residential
      Mortgage-Backed Trust, Series 2006-L3) and which is the address to which notices
      and correspondence with the Trustee should be directed or, with respect to
      the
      Certificate Registrar, the designated office for presentment and surrender
      of
      Certificates for registration of transfer or exchange thereof located at DB
      Services Tennessee, 646 Grassmere Park Road, Nashville, TN 37211, Attention:
      Transfer Unit.

     

    “Corresponding
      Certificate”: With respect to each REMIC 2 Regular Interest, as
      follows:

     

    
      	
              REMIC
                1 Regular Interest

            	
              Class

            
	
              REMIC
                1 Regular Interest LT1A1

            	
              A-1

            
	
              REMIC
                1 Regular Interest LT1A2

            	
              A-2

            
	
              REMIC
                1 Regular Interest LT1A3

            	
              A-3

            
	
              REMIC
                1 Regular Interest LT1M

            	
              M

            
	
              REMIC
                1 Regular Interest LT1B

            	
              B

            
	
              REMIC
                1 Regular Interest LT1P

            	
              P

            

    

    

     

    

    “Credit
      Enhancement Percentage”: For any Distribution Date, the percentage equivalent of
      a fraction, the numerator of which is (x) the aggregate Certificate Principal
      Balance of the Subordinated Certificates and the Class C Certificates, and
      the
      denominator of which is (y) the aggregate Stated Principal Balance of the
      Mortgage Loans, calculated prior to taking into account distributions of
      principal on the Mortgage Loans and distribution of the Principal Distribution
      Amount to the Holders of the Certificates then entitled to distributions of
      principal on such Distribution Date.

     

    “Custodian”:
      Deutsche Bank National Trust Company, as custodian of the Mortgage Files, and
      any successor thereto.

     

    “Cut-off
      Date”: With respect to each Mortgage Loan, September 1, 2006. With respect to
      all Qualified Substitute Mortgage Loans, their respective dates of substitution.
      References herein to the “Cut-off Date,” when used with respect to more than one
      Mortgage Loan, shall be to the respective Cut-off Dates for such Mortgage
      Loans.

     

    “Debt
      Service Reduction”: With respect to any Mortgage Loan, a reduction in the
      scheduled Monthly Payment for such Mortgage Loan by a court of competent
      jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
      resulting from a Deficient Valuation.

     

    “Deficiency
      Amount”: With respect to any Distribution Date and the Insured Certificates, an
      amount, if any, equal to the sum of: (i) the aggregate amount by which the
      Accrued Certificate Interest allocable to the Insured Certificates for such
      Distribution Date exceeds the Interest Remittance Amount available on such
      Distribution Date to distribute to the Insured Certificates in accordance with
      Section 4.01(a)(ii); and (ii) (a) with respect to any Distribution Date that
      is
      not the Final Distribution Date, the Class A Overcollateralization Deficiency
      Amount, if any, for such Distribution Date and (b) on the Final Distribution
      Date, the Certificate Principal Balance of the Insured Certificates (after
      giving effect to all distributions of Available Funds).

     

    “Deficient
      Valuation”: With respect to any Mortgage Loan, a valuation of the related
      Mortgaged Property by a court of competent jurisdiction in an amount less than
      the then outstanding Stated Principal Balance of the Mortgage Loan, which
      valuation results from a proceeding initiated under the Bankruptcy
      Code.

     

    “Definitive
      Certificates”: As defined in Section 5.02(c) hereof.

     

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

     

    “Delinquency
      Percentage”: For any Distribution Date, the percentage obtained by dividing (x)
      the aggregate Stated Principal Balance of Mortgage Loans 60 days Delinquent
      or
      more or that are secured by Mortgaged Properties that have become REO Properties
      by (y) the aggregate Stated Principal Balance of the Mortgage Loans, in each
      case, as of the last day of the previous calendar month.

     

    “Delinquent”:
      A Mortgage Loan is “Delinquent” if any Monthly Payment due on a Due Date is not
      made by the Close of Business on the next scheduled Due Date for such Mortgage
      Loan. A Mortgage Loan is “30 days Delinquent” if such Monthly Payment has not
      been received by the Close of Business on the corresponding day of the month
      immediately succeeding the month in which such Monthly Payment was due. The
      determination of whether a Mortgage Loan is “60 days Delinquent”, “90 days
      Delinquent”, etc. shall be made in a like manner.

     

    “Depositor”:
      IndyMac MBS, Inc., a Delaware corporation, or any successor in
      interest.

     

    “Depository”:
      The initial Depository shall be The Depository Trust Company, whose nominee
      is
      Cede & Co., or any other organization registered as a “clearing agency”
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended.
      The
      Depository shall initially be the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(5) of the Uniform Commercial Code of the State of
      New
      York.

     

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

     

    “Determination
      Date”: With respect to any Distribution Date, the 18th
      day of
      the calendar month in which such Distribution Date occurs, or, if such
      18th
      day is
      not a Business Day, the Business Day immediately succeeding such 18th
      day,
      except that if the succeeding Business Day is less than two Business Days before
      the related Distribution Date, then the Determination Date shall be the Business
      Day preceding the 18th
      day of
      the month.

    

     

    “Directly
      Operate”: With respect to any REO Property, the furnishing or rendering of
      services to the tenants thereof, the management or operation of such REO
      Property, the holding of such REO Property primarily for sale to customers,
      the
      performance of any construction work thereon or any use of such REO Property
      in
      a trade or business conducted by the REMIC other than through an Independent
      Contractor; provided, however, that the Servicer on behalf of the Trustee shall
      not be considered to Directly Operate an REO Property solely because the
      Servicer on behalf of the Trustee establishes rental terms, chooses tenants,
      enters into or renews leases, deals with taxes and insurance, or makes decisions
      as to repairs or capital expenditures with respect to such REO
      Property.

     

    “Disqualified
      Organization”: A “disqualified organization” under Section 860E of the Code,
      which as of the Closing Date is any of: (i) the United States, any state or
      political subdivision thereof, any foreign government, any international
      organization, or any agency or instrumentality of any of the foregoing, (ii)
      any
      organization (other than a cooperative described in Section 521 of the Code)
      which is exempt from the tax imposed by Chapter 1 of the Code unless such
      organization is subject to the tax imposed by Section 511 of the Code, (iii)
      any
      organization described in Section 1381(a)(2)(C) of the Code, (iv) an “electing
      large partnership” within the meaning of Section 775 of the Code or (v) any
      other Person so designated by the Depositor based upon an Opinion of Counsel
      provided by nationally recognized counsel to the Depositor that the holding
      of
      an ownership interest in a Class R Certificate by such Person may cause the
      Trust Fund or any Person having an ownership interest in any Class of
      Certificates (other than such Person) to incur liability for any federal tax
      imposed under the Code that would not otherwise be imposed but for the transfer
      of an ownership interest in the Class R Certificate to such Person. A
      corporation will not be treated as an instrumentality of the United States
      or of
      any state or political subdivision thereof, if all of its activities are subject
      to tax and, a majority of its board of directors is not selected by a
      governmental unit. The term “United States”, “state” and “international
      organizations” shall have the meanings set forth in Section 7701 of the
      Code.

     

    “Distribution
      Account”: The trust account or accounts created and maintained by the Trustee
      pursuant to Section 3.10(b) which shall be entitled “Distribution Account,
      Deutsche Bank National Trust Company, as Trustee, in trust for registered
      Holders of IndyMac Residential Mortgage-Backed Trust Certificates, Series
      2006-L3,” and which must be an Eligible Account.

     

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

     

    “Due
      Date”: With respect to each Mortgage Loan and any Distribution Date, the first
      day of the calendar month in which such Distribution Date occurs on which the
      Monthly Payment for such Mortgage Loan was due (or, in the case of any Mortgage
      Loan under the terms of which the Monthly Payment for such Mortgage Loan was
      due
      on a day other than the first day of the calendar month in which such
      Distribution Date occurs, the day during the related Remittance Period on which
      such Monthly Payment was due) exclusive of any days of grace.

     

    “Eligible
      Account”: Any of (i) an account or accounts maintained with a federal or state
      chartered depository institution or trust company, the short-term unsecured
      debt
      obligations of which (or, in the case of a depository institution or trust
      company that is the principal subsidiary of a holding company, the short-term
      unsecured debt obligations of such holding company) are rated “P-1” by Moody’s
      and “A-1” by S&P (or comparable ratings if Moody’s and S&P are not the
      Rating Agencies) at the time any amounts are held on deposit therein, (ii)
      with
      the prior written consent of the Certificate Insurer, an account or accounts
      the
      deposits in which are fully insured by the FDIC (to the limits established
      by
      such corporation), the uninsured deposits in which account are otherwise secured
      such that, as evidenced by an Opinion of Counsel delivered to the Trustee and
      to
      each Rating Agency, the Certificateholders will have a claim with respect to
      the
      funds in such account or a perfected first priority security interest against
      such collateral (which shall be limited to Permitted Investments) securing
      such
      funds that is superior to claims of any other depositors or creditors of the
      depository institution with which such account is maintained, (iii) a trust
      account or accounts maintained with the trust department of a federal or state
      chartered depository institution, national banking association or trust company
      acting in its fiduciary capacity or (iv) with the prior written consent of
      the
      Certificate Insurer, an account otherwise acceptable to each Rating Agency
      without reduction or withdrawal of their then current ratings of any Class
      of
      Certificates (without regard to the Policy) as evidenced by a letter from each
      Rating Agency to the Trustee. Eligible Accounts may bear interest.

     

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

     

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

     

    “Estate
      in Real Property”: A fee simple estate in a parcel of real
      property.

     

    “Excess
      Overcollateralization Amount”: With respect to any Distribution Date, the
      excess, if any, of (i) the Overcollateralized Amount for such Distribution
      Date
      (assuming that 100% of the Principal Remittance Amount is applied as a principal
      payment on such Distribution Date) over (ii) the Overcollateralization Target
      Amount for such Distribution Date.

     

    “Excess
      Reserve Fund Account”: The reserve fund designated, established and maintained
      pursuant to Section 3.27.

     

    “Expense
      Adjusted Maximum Mortgage Rate”: With respect to any Adjustable-Rate Mortgage
      Loan, the then applicable Maximum Mortgage Rate thereon minus the Expense Fee
      Rate. With respect to any Fixed-Rate Mortgage Loan, the Expense Adjusted
      Mortgage Rate thereon.

     

    “Expense
      Adjusted Mortgage Rate”: With respect to any Mortgage Loan or REO Property, the
      then applicable Mortgage Rate thereon minus the Expense Fee Rate.

     

    “Expense
      Amount”: For any Distribution Date, the sum of (i) product of the Expense Fee
      Rate and the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      Due Date occurring in the prior calendar month and (ii) the Premium payable
      to
      the Certificate Insurer for that Distribution Date.

     

    “Expense
      Fee Rate”: As to each Mortgage Loan, the sum of the Servicing Fee Rate and the
      Trustee Fee Rate.

     

    “Extra
      Principal Distribution Amount”: With respect to any Distribution Date other than
      the Distribution Date occurring in January, February or March of 2007,
the
      lesser of (x) the Total Monthly Excess Spread for that Distribution Date and
      (y)
      the Overcollateralization Deficiency Amount for that Distribution
      Date.
      With
      respect to any Distribution Date occurring in January, February or March of
      2007,
      zero.

     

    “Fannie
      Mae”: Fannie Mae or any successor thereto.

     

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

     

    “Final
      Distribution Date”: The Distribution Date in April 2012.

     

    “Final
      Recovery Determination”: With respect to any defaulted Mortgage Loan or any REO
      Property (other than a Mortgage Loan or REO Property purchased by the Seller
      or
      the Servicer pursuant to or as contemplated by Section 2.03, Section 3.16(c)
      or
      Section 10.01), a determination made by the Servicer that all Insurance
      Proceeds, Liquidation Proceeds and other payments or recoveries which the
      Servicer, in its reasonable good faith judgment, expects to be finally
      recoverable in respect thereof have been so recovered. The Servicer shall
      maintain records, prepared by a Servicing Officer, of each Final Recovery
      Determination made thereby.

     

    “Fixed-Rate
      Mortgage Loan”: A Mortgage Loan whose Mortgage Rate is fixed for the life of
      such Mortgage Loan at the fixed Mortgage Rate set forth in the related Mortgage
      Note.

     

    “Formula
      Rate”: With respect to the Class A Certificates and Subordinated Certificates
      and any Distribution Date, a per annum rate equal to the lesser of (i) LIBOR
      plus the related Certificate Margin and (ii) the Maximum Cap Rate.

     

    “Freddie
      Mac”: Freddie Mac or any successor thereto.

     

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

     

    “Highest
      Priority”: As of any date of determination, the Class of Subordinated
      Certificates then outstanding with a Certificate Principal Balance greater
      than
      zero, with the highest priority for payments pursuant to Section 4.01, in the
      following order of decreasing priority: Class M Certificates and Class B
      Certificates.

     

    “Holder”:
      A Certificateholder.

     

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

     

    “Independent
      Contractor”: Either (i) any Person (other than the Servicer) that would be an
“independent contractor” with respect to any of the REMICs created hereunder
      within the meaning of Section 856(d)(3) of the Code if such REMIC were a real
      estate investment trust (except that the ownership tests set forth in that
      section shall be considered to be met by any Person that owns, directly or
      indirectly, 35% or more of any Class of Certificates), so long as each such
      REMIC does not receive or derive any income from such Person and provided that
      the relationship between such Person and such REMIC is at arm’s length, all
      within the meaning of Treasury Regulation Section 1.856-4(b)(5), or (ii) any
      other Person (including the Servicer), if the Trustee and the Certificate
      Insurer have received an Opinion of Counsel to the effect that the taking of
      any
      action in respect of any REO Property by such Person, subject to any conditions
      therein specified, that is otherwise herein contemplated to be taken by an
      Independent Contractor, will not cause such REO Property to cease to qualify
      as
“foreclosure property” within the meaning of Section 860G(a)(8) of the Code
      (determined without regard to the exception applicable for purposes of Section
      860D(a) of the Code), or cause any income realized in respect of such REO
      Property to fail to qualify as Rents from Real Property.

     

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

     

    “Insurance
      Account”: The account or accounts created and maintained pursuant to Section
      4.06, which shall be entitled “Deutsche Bank National Trust Company, as Trustee,
      in trust for the registered holders of IndyMac Residential Mortgage-Backed
      Trust
      Certificates, Series 2006-L3.” The Insurance Account must be an Eligible
      Account.

     

    “Insurance
      Agreement”: The Insurance and Indemnity Agreement, dated as of September 25,
      2006, among the Certificate Insurer, the Trustee, the Servicer, the Seller
      and
      the Depositor.

     

    “Insurance
      Proceeds”: Proceeds of any title policy or other insurance policy covering a
      Mortgage Loan, to the extent such proceeds are not to be applied to the
      restoration of the related Mortgaged Property or released to the Mortgagor
      in
      accordance with the procedures that the Servicer would follow in servicing
      mortgage loans held for its own account, subject to the terms and conditions
      of
      the related Mortgage Note and Mortgage.

     

    “Insured
      Amount”: With respect to the Insured Certificates and (i) a Distribution Date,
      any Deficiency Amount for such Distribution Date and (ii) any date, any
      Preference Amount to be paid pursuant to the terms of the Policy on such
      date.

     

    “Insured
      Certificates”: The Class A Certificates.

     

    “Interest
      Determination Date”: With respect to the Class A Certificates and Subordinated
      Certificates and each Accrual Period, the second LIBOR Business Day preceding
      the commencement of such Accrual Period.

     

    “Interest
      Remittance Amount”: With respect to any Distribution Date, that portion of the
      Available Funds for such Distribution Date attributable to interest received
      or
      advanced on the Mortgage Loans or to amounts in respect of Prepayment Interest
      Shortfalls paid by the Servicer.

     

    “Late
      Collections”: With respect to any Mortgage Loan, all amounts received subsequent
      to the Determination Date immediately following any related Remittance Period,
      whether as late payments of Monthly Payments or as Insurance Proceeds,
      Subsequent Recoveries, Liquidation Proceeds or otherwise, which represent late
      payments or collections of principal and/or interest due (without regard to
      any
      acceleration of payments under the related Mortgage and Mortgage Note) but
      delinquent on a contractual basis for such Remittance Period and not previously
      recovered.

     

    “Late
      Payment Rate”: With respect to the Policy, for any Distribution Date, the lesser
      of (a) the greater of (i) the per annum rate of interest publicly announced
      from
      time to time by Citibank, N.A. at its principal office in New York, New York
      as
      its prime lending rate (any change in such prime rate of interest to be
      effective on the date such change is announced by Citibank, N.A.) plus 2%,
      and
      (ii) the then applicable highest rate of interest on any of the Insured
      Certificates and (b) the maximum rate permissible under applicable usury or
      similar laws limiting interest rates, as determined by the Certificate Insurer.
      The Late Payment Rate shall be computed on the basis of the actual number of
      days elapsed over a year of 360 days.

     

    “LIBOR”:
      With respect to each Accrual Period for the Class A Certificates and the
      Subordinated Certificates, the rate determined by the Trustee on the related
      Interest Determination Date on the basis of the London interbank offered rate
      for one-month United States dollar deposits, as such rate appears on the
      Telerate Page 3750, as of 11:00 a.m. (London time) on such Interest
      Determination Date. If such rate does not appear on Telerate Page 3750, LIBOR
      on
      such Interest Determination Date will be determined on the basis of the offered
      rates of the Reference Banks for one-month United States dollar deposits, as
      of
      11:00 a.m. (London time) on such Interest Determination Date. The Trustee will
      request the principal London office of each of the Reference Banks to provide
      a
      quotation of its rate. On such Interest Determination Date, LIBOR for the
      related Accrual Period will be established by the Trustee as
      follows:

     

    (i) If
      on
      such Interest Determination Date two or more Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the arithmetic
      mean of such offered quotations (rounded upwards if necessary to the nearest
      whole multiple of 1/16 of 1%); and

     

    (ii) If
      on
      such Interest Determination Date fewer than two Reference Banks provide such
      offered quotations, LIBOR for the related Accrual Period shall be the arithmetic
      mean of the rates quoted by major banks in New York City, selected by the
      Servicer and approved by the Certificate Insurer, at approximately 11:00 A.M.
      (New York City time) on that day for loans in United States dollars to leading
      European banks.

     

    “LIBOR
      Business Day”: Any day on which dealings in deposits of United States dollars
      are transacted in the London interbank market.

     

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

     

    “Liquidation
      Event”: With respect to any Mortgage Loan, any of the following events: (i) such
      Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made
      as to
      such Mortgage Loan; or (iii) such Mortgage Loan is removed from the Trust Fund
      by reason of its being purchased, sold or replaced pursuant to or as
      contemplated by Section 2.03, Section 3.16(c) or Section 10.01. With respect
      to
      any REO Property, either of the following events: (i) a Final Recovery
      Determination is made as to such REO Property; or (ii) such REO Property is
      removed from the Trust Fund by reason of its being sold or purchased pursuant
      to
      Section 10.01.

     

    “Liquidation
      Proceeds”: The amount (other than amounts received in respect of the rental of
      any REO Property prior to REO Disposition) received by the Servicer in
      connection with: (i) the taking of all or a part of a Mortgaged Property by
      exercise of the power of eminent domain or condemnation; (ii) the liquidation
      of
      a defaulted Mortgage Loan by means of a trustee’s sale, foreclosure sale or
      otherwise; or (iii) the repurchase, substitution or sale of a Mortgage Loan
      or
      an REO Property pursuant to or as contemplated by Section 2.03, Section 3.16(c)
      or Section 10.01.

     

    “Loan-to-Value
      Ratio”: As of any date and as to any Mortgage Loan, the fraction, expressed as a
      percentage, the numerator of which is the Stated Principal Balance of the
      Mortgage Loan and the denominator of which is the Value of the related Mortgaged
      Property.

     

    “Losses”:
      As defined in Section 9.03.

     

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

     

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

     

    “Marker
      Rate”: With respect to the Class C Certificates and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC 1 Pass-Through Rates for REMIC 1 Regular Interest LT1A1, REMIC 1 Regular
      Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest LT1M,
      REMIC 1 Regular Interest LT1B and REMIC 1 Regular Interest LT1ZZ, with the
      rate
      on each such REMIC 1 Regular Interest (other than REMIC 1 Regular Interest
      LT1ZZ) subject to a cap equal to the lesser of (i) LIBOR plus the related
      Certificate Margin and (ii) the Net WAC Rate for the purpose of this
      calculation; and with the rate on REMIC 1 Regular Interest LT1ZZ subject to
      a
      cap of zero for the purpose of this calculation; provided, however, that for
      this purpose, calculations of the Uncertificated REMIC 1 Pass-Through Rate
      and
      the related caps with respect to REMIC 1 Regular Interest LT1A1, REMIC 1 Regular
      Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest LT1M
      and REMIC 1 Regular Interest LT1B shall be multiplied by a fraction, the
      numerator of which is the actual number of days in the Accrual Period and the
      denominator of which is 30.

     

    “Maximum
      Cap Rate”: For any Distribution Date, a per annum rate (subject to adjustment
      based on the actual number of days elapsed in the related Accrual Period) equal
      to the weighted average (weighted based on their Stated Principal Balances
      as of
      the first day of the related Remittance Period, adjusted to reflect unscheduled
      principal payments made thereafter that were included in the Principal
      Distribution Amount on the immediately preceding Distribution Date) of the
      Expense Adjusted Maximum Mortgage Rates of the Mortgage Loans minus the Premium
      Rate on such Distribution Date (multiplied by a fraction the numerator of which
      is the Certificate Principal Balance of the Class A Certificates immediately
      prior to such Distribution Date and the denominator of which is the aggregate
      Stated Principal Balance of the Mortgage Loans as of the first day of the
      related Remittance Period, adjusted to reflect unscheduled principal payments
      made thereafter that were included in the Principal Distribution Amount on
      the
      immediately preceding Distribution Date).

     

    “Maximum
      LT1ZZ Uncertificated Accrued Interest Deferral Amount”: With respect to any
      Distribution Date, the excess of (a) accrued interest at the Uncertificated
      REMIC 1 Pass-Through Rate applicable to REMIC 1 Regular Interest LT1ZZ for
      such
      Distribution Date on a balance equal to the Uncertificated Principal Balance
      of
      REMIC 1 Regular Interest LT1ZZ minus the REMIC 1 Overcollateralized Amount,
      in
      each case for such Distribution Date, over (b) Uncertificated Accrued Interest
      on REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1
      Regular Interest LT1A3, REMIC 1 Regular Interest LT1M and REMIC 1 Regular
      Interest LT1B, with the rate on each such REMIC 1 Regular Interest subject
      to a
      cap equal to the lesser of (i) LIBOR plus the related Certificate Margin and
      (ii) the Net WAC Rate for the purpose of this calculation; provided, however,
      that for this purpose, calculations of the Uncertificated REMIC 1 Pass-Through
      Rate and the related caps with respect to REMIC 1 Regular Interest LT1A1, REMIC
      1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular
      Interest LT1M and REMIC 1 Regular Interest LT1B shall be multiplied by a
      fraction, the numerator of which is the actual number of days in the Accrual
      Period and the denominator of which is 30.

     

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

     

    “Minimum
      Mortgage Rate”: With respect to each Adjustable-Rate Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the minimum Mortgage Rate
      thereunder.

     

    “Monthly
      Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
      principal, if any, and interest (other than any Prepaid Interest) on such
      Mortgage Loan which is payable by the related Mortgagor from time to time under
      the related Mortgage Note, determined: (a) after giving effect to (i) any
      reduction in such payment due to any Deficient Valuation and/or Debt Service
      Reduction with respect to such Mortgage Loan and (ii) any reduction in the
      amount of interest collectible from the related Mortgagor pursuant to the Relief
      Act; (b) without giving effect to any extension granted or agreed to by the
      Servicer pursuant to Section 3.01; and (c) on the assumption that all other
      amounts, if any, due under such Mortgage Loan are paid when due.

     

    “Moody’s”:
      Moody’s Investors Service, Inc., or its successor in interest.

     

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

     

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

     

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

     

    “Mortgage
      Loan Purchase Agreement”: The agreement between the Seller and the Depositor,
      regarding the transfer of the Mortgage Loans by the Seller to or at the
      direction of the Depositor, substantially in the form attached hereto as Exhibit
      C.

     

    “Mortgage
      Loan Schedule”: As of any date, the list of Mortgage Loans included in the Trust
      Fund on such date, attached hereto as Exhibit D, as initially prepared by the
      Seller pursuant to the Mortgage Loan Purchase Agreement. The Mortgage Loan
      Schedule shall set forth the following information with respect to each Mortgage
      Loan, as applicable:

     

    
      	 	
              (1)

            	
              the
                Mortgage Loan identifying number;

            

    

     

    
      	 	
              (2)

            	
              [reserved];

            

    

     

    
      	 	
              (3)

            	
              the
                state and zip code of the Mortgaged
                Property;

            

    

     

    
      	 	
              (4)

            	
              the
                original months to maturity;

            

    

     

    
      	 	
              (5)

            	
              [reserved];

            

    

     

    
      	 	
              (6)

            	
              the
                Loan-to-Value Ratio at origination;

            

    

     

    
      	 	
              (7)

            	
              the
                Mortgage Rate in effect immediately following the Cut-off
                Date;

            

    

     

    
      	 	
              (8)

            	
              the
                date on which the first Monthly Payment was due on the Mortgage
                Loan;

            

    

     

    
      	 	
              (9)

            	
              the
                stated maturity date;

            

    

     

    
      	 	
              (10)

            	
              the
                amount of the Monthly Payment at
                origination;

            

    

     

    
      	 	
              (11)

            	
              the
                amount of the Monthly Payment due on the first Due Date after the
                Cut-off
                Date;

            

    

     

    
      	 	
              (12)

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

            

    

     

    
      	 	
              (13)

            	
              the
                original principal amount of the Mortgage
                Loan;

            

    

     

    
      	 	
              (14)

            	
              the
                Stated Principal Balance of the Mortgage Loan as of the Close of
                Business
                on the Cut-off Date;

            

    

     

    
      	 	
              (15)

            	
              [reserved];

            

    

     

    
      	 	
              (16)

            	
              the
                Mortgage Rate at origination;

            

    

     

    
      	 	
              (17)

            	
              [reserved];

            

    

     

    
      	 	
              (18)

            	
              the
                Value of the Mortgaged Property;

            

    

     

    
      	 	
              (19)

            	
              [reserved];

            

    

     

    
      	 	
              (20)

            	
              [reserved];

            

    

     

    
      	 	
              (21)

            	
              [reserved];
                and

            

    

     

    
      	 	
              (22)

            	
              in
                the case of each Adjustable-Rate Mortgage Loan, the Minimum Mortgage
                Rate,
                the Maximum Mortgage Rate, the Gross Margin and the Periodic Rate
                Cap.

            

    

     

    The
      Mortgage Loan Schedule shall set forth the following information, with respect
      to the Mortgage Loans in the aggregate as of the Cut-off Date: (1) the number
      of
      Mortgage Loans; (2) the current aggregate Stated Principal Balance of the
      Mortgage Loans; (3) the weighted average Mortgage Rate of the Mortgage Loans;
      and (4) the weighted average maturity of the Mortgage Loans. The Mortgage Loan
      Schedule shall be amended from time to time by the Servicer in accordance with
      the provisions of this Agreement. With respect to any Qualified Substitute
      Mortgage Loan, Cut-off Date shall refer to the related Cut-off Date for such
      Mortgage Loan, determined in accordance with the definition of Cut-off Date
      herein.

     

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

     

    “Mortgage
      Pool”: The pool of Mortgage Loans, identified on Exhibit D from time to time,
      and any REO Properties acquired in respect thereof.

     

    “Mortgage
      Rate”: With respect to each Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan from time to time in accordance with the
      provisions of the related Mortgage Note, which rate in the case of each
      Fixed-Rate Mortgage Loan is the fixed rate set forth in the related Mortgage
      Note, and which rate in the case of each Adjustable-Rate Mortgage Loan (A)
      as of
      any date of determination until the first Adjustment Date following the Cut-off
      Date, shall be the rate set forth in the Mortgage Loan Schedule as the Mortgage
      Rate in effect immediately following the Cut-off Date, and (B) as of any date
      of
      determination thereafter, shall be the rate as adjusted on the most recent
      Adjustment Date, to equal the sum (rounded as provided in the Mortgage Note
      and
      as specified by the Servicer) of the Index, determined as set forth in the
      related Mortgage Note, plus the related Gross Margin, subject to the limitations
      set forth in the related Mortgage Note. With respect to each Mortgage Loan
      that
      is secured by a Mortgaged Property that becomes an REO Property, as of any
      date
      of determination, the annual rate determined in accordance with the immediately
      preceding sentence as of the date such Mortgaged Property became an REO
      Property.

     

    “Mortgaged
      Property”: The underlying property securing a Mortgage Loan, including any REO
      Property, consisting of an Estate in Real Property.

     

    “Mortgagor”:
      The obligor on a Mortgage Note.

     

    “Net
      Interest Shortfalls”: As defined in Section 1.02.

     

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

     

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

     

    “Net
      Prepayment Interest Shortfall”: With respect to any Distribution Date, the
      excess, if any, of any Prepayment Interest Shortfalls for such date over the
      related Compensating Interest.

     

    “Net
      WAC
      Rate”: With respect to the Class A Certificates and the Subordinated
      Certificates, a per annum rate (subject to adjustment based on the actual number
      of days elapsed in the related Accrual Period) equal to (A) for first
      Distribution Date, 6.245%
      per annum
      and (B)
      thereafter, the
      weighted
      average (weighted based on the Stated Principal Balances of the Mortgage Loans
      as of the first day of the related Remittance Period, adjusted to reflect
      unscheduled principal payments made thereafter that were included in the
      Principal Distribution Amount on the immediately preceding Distribution Date)
      of
      the Expense Adjusted Mortgage Rates on the Mortgage Loans minus the Premium
      Rate
      on such Distribution Date (multiplied by a fraction the numerator of which
      is
      the aggregate Certificate Principal Balance of the Class A Certificates
      immediately prior to such Distribution Date and the denominator of which is
      the
      aggregate Stated Principal Balance of the Mortgage Loans as of the first day
      of
      the related Remittance Period, adjusted to reflect unscheduled principal
      payments made thereafter that were included in the Principal Distribution Amount
      on the immediately preceding Distribution Date). For federal income tax
      purposes, for any Distribution Date with respect to the REMIC 2 Regular
      Interests the ownership of which is represented by the Class A, Class M or
      Class
      B Certificates, the Net WAC Rate shall be expressed as the weighted average
      (adjusted for the actual number of days elapsed in the related Interest Accrual
      Period) of the Uncertificated REMIC 1 Pass-Through Rates on the REMIC 1 Regular
      Interests, weighted on the basis of the Uncertificated Balance of each such
      REMIC 1 Regular Interest.

     

    “Net
      WAC
      Rate Carryover Amount”: With respect to the Class A, Class M and Class B
      Certificates and any Distribution Date, the sum of (A) the positive excess,
      if
      any, of (i) the amount of interest that would have accrued on such Class of
      Certificates for such Distribution Date if the Pass-Through Rate for such Class
      of Certificates for such Distribution Date were calculated at the related
      Formula Rate over (ii) the amount of interest accrued on such Class of
      Certificates at the Net WAC Rate for such Distribution Date and (B) the related
      Net WAC Rate Carryover Amount for the previous Distribution Date not previously
      paid, together with interest thereon for the most recently ended related Accrual
      Period at a rate equal to the related Formula Rate for such Class of
      Certificates for such Distribution Date.

     

    “New
      Lease”: Any lease of REO Property entered into on behalf of the Trust, including
      any lease renewed or extended on behalf of the Trust if the Trust has the right
      to renegotiate the terms of such lease.

     

    “Nonrecoverable
      Advance”: Any Advance previously made in respect of a Mortgage Loan or REO
      Property that, in the good faith business judgment of the Servicer, will not
      be
      ultimately recoverable from Late Collections, Insurance Proceeds or Liquidation
      Proceeds on such Mortgage Loan or REO Property as provided herein.

     

    “Notional
      Amount”: Immediately prior to any Distribution Date, with respect to REMIC 2
      Regular Interest C, the aggregate Uncertificated Principal Balances of the
      REMIC
      1 Regular Interests (other than REMIC 1 Regular Interest LT1P).

     

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

     

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

     

    “Optional
      Termination Date”: The earliest Distribution Date on which the Terminator would
      be permitted to exercise its option to terminate the Trust pursuant to Section
      10.01.

     

    “Overcollateralization
      Deficiency Amount”: With respect to any Distribution Date, the amount, if any,
      by which the Overcollateralization Target Amount exceeds the Overcollateralized
      Amount on such Distribution Date (assuming that 100% of the Principal Remittance
      Amount is applied as a principal distribution on such Distribution
      Date).

     

    “Overcollateralization
      Floor Amount”: With respect to any Distribution Date, an amount equal to 0.50%
      of the aggregate Stated Principal Balance of the Mortgage Loans as of the
      Cut-off Date.

     

    “Overcollateralization
      Target Amount”: With respect to any Distribution Date (i) prior to the Stepdown
      Date, 1.50% of the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger
      Event
      is not in effect, the greater of (x) 3.00% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Remittance
      Period (after giving effect to scheduled payments of principal due during the
      related Remittance Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) and
      (y)
      the Overcollateralization Floor Amount, and (iii) on or after the Stepdown
      Date
      and if a Trigger Event is in effect, the Overcollateralization Target Amount
      for
      the immediately preceding Distribution Date. Notwithstanding the foregoing,
      on
      and after any Distribution Date following the reduction of the aggregate
      Certificate Principal Balance of the Class A, Class M and Class B Certificates
      to zero, the Overcollateralization Target Amount shall be zero.

     

    “Overcollateralized
      Amount”: With respect to any Distribution Date, the amount, if any, by which (i)
      the aggregate Stated Principal Balance of the Mortgage Loans (after giving
      effect to scheduled payments of principal due during the related Remittance
      Period, to the extent received or advanced, and unscheduled collections of
      principal received during the related Prepayment Period) exceeds (ii) the
      aggregate Certificate Principal Balance of the Class A Certificates, Class
      P
      Certificates and the Subordinated Certificates as of such Distribution Date
      after giving effect to distributions to be made on such Distribution
      Date.

     

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

     

    “Pass-Through
      Rate”: With respect to the Class A Certificates and each Class of the
      Subordinated Certificates and any Distribution Date, the lesser of (x) the
      related Formula Rate for such Distribution Date and (y) the Net WAC Rate for
      such Distribution Date. With respect to the Class C Certificates and any
      Distribution Date, a per annum rate equal to the percentage equivalent of a
      fraction, the numerator of which is the sum of 100% of the interest on REMIC
      1
      Regular Interest LT1P and the amounts calculated pursuant to clauses (a) through
      (g) below, and the denominator of which is the aggregate of the Uncertificated
      Principal Balances of REMIC 1 Regular Interest LT1AA, REMIC 1 Regular Interest
      LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC
      1
      Regular Interest LT1M, REMIC 1 Regular Interest LT1B and REMIC 1 Regular
      Interest LT1ZZ. For purposes of calculating the Pass-Through Rate for the Class
      C Certificates, the numerator is equal to the sum of the following
      components:

     

    (a) the
      Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1AA
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 1 Regular Interest LT1AA;

     

    (b) the
      Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1A1
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 1 Regular Interest LT1A1;

     

    (c) the
      Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1A2
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 1 Regular Interest LT1A2;

     

    (d) the
      Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1A3
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 1 Regular Interest LT1A3;

     

    (e) the
      Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1M
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 1 Regular Interest LT1M;

     

    (f) the
      Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1B
      minus
      the Marker Rate, applied to an amount equal to the Uncertificated Principal
      Balance of REMIC 1 Regular Interest LT1B; 

     

    (g) the
      Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1ZZ
      minus the Marker Rate, applied to an amount equal to the Uncertificated
      Principal Balance of REMIC 1 Regular Interest LT1ZZ; and

     

    (h)
      100%
      of the interest on REMIC 1 Regular Interest LTP.

     

    The
      Class
      P Certificates and Class R Certificates will not accrue interest and therefore
      will not have a Pass-Through Rate.

     

    “Paying
      Agent”: Any paying agent appointed pursuant to Section 5.05.

     

    “Percentage
      Interest”: With respect to any Certificate (other than a Class R Certificate), a
      fraction, expressed as a percentage, the numerator of which is the initial
      Certificate Principal Balance or initial Notional Amount represented by such
      Certificate and the denominator of which is the aggregate initial Certificate
      Principal Balance or aggregate initial Notional Amount of the related Class.
      With respect to a Class R Certificate, the portion of the Class evidenced
      thereby, expressed as a percentage, as stated on the face of such Certificate;
      provided, however, that the sum of all such percentages for such Class totals
      100%.

     

    “Periodic
      Rate Cap”: With respect to each Adjustable-Rate Mortgage Loan and any Adjustment
      Date therefor, the fixed percentage set forth in the related Mortgage Note,
      which is the maximum amount by which the Mortgage Rate for such Mortgage Loan
      may increase or decrease (without regard to the Maximum Mortgage Rate or the
      Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect
      immediately prior to such Adjustment Date.

     

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

     

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

     

    (ii) (A)
      demand
      and time deposits in, certificates of deposit of, bankers’ acceptances issued by
      or federal funds sold by any depository institution or trust company (including
      the Trustee or its agent acting in their respective commercial capacities)
      incorporated under the laws of the United States of America or any state thereof
      and subject to supervision and examination by federal and/or state authorities;
      and (B) any other demand or time deposit or deposit which is fully insured
      by
      the FDIC;

     

    (iii) repurchase
      obligations with a term not to exceed 30 days with respect to any security
      described in clause (i) above and entered into with a depository institution
      or
      trust company (acting as principal) rated “A2” or higher by Moody’s and “A” by
      S&P; provided, however, that collateral transferred pursuant to such
      repurchase obligation must be of the type described in clause (i) above and
      must
      (A) be valued daily at current market prices plus accrued interest, (B) pursuant
      to such valuation, be equal, at all times, to 105% of the cash transferred
      by
      the Trustee in exchange for such collateral and (C) be delivered to the Trustee
      or, if the Trustee is supplying the collateral, an agent for the Trustee, in
      such a manner as to accomplish perfection of a security interest in the
      collateral by possession of certificated securities;

     

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

     

    (v) commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations payable on demand or on a specified date not more
      than 30 days after the date of acquisition thereof) that is rated by S&P
      (and if rated by any other Rating Agency, also by such other Rating Agency)
      in
      its highest short-term unsecured debt rating available at the time of such
      investment;

     

    (vi) units
      of
      money market funds that have been rated “Aaa” by Moody’s and “AAAm” by S&P,
      including any such funds that may be managed or co-advised by the Trustee or
      an
      Affiliate of the Trustee; and

     

    (vii) if
      previously confirmed in writing to the Trustee, any other demand, money market
      or time deposit, or any other obligation, security or investment, as may be
      acceptable to the Rating Agencies and the Certificate Insurer in writing as
      a
      permitted investment of funds backing securities having ratings of “Aaa” by
      Moody’s and “AAA” by S&P;

     

    provided,
      however, that no instrument described hereunder shall evidence either the right
      to receive (a) only interest with respect to the obligations underlying such
      instrument or (b) both principal and interest payments derived from obligations
      underlying such instrument and the interest and principal payments with respect
      to such instrument provide a yield to maturity at par greater than 120% of
      the
      yield to maturity at par of the underlying obligations. Furthermore, any
      Permitted Investment shall be relatively risk free and no options or voting
      rights shall be exercised with respect to any Permitted Investment and no
      Permitted Investment may be sold or disposed of before its
      maturity.

     

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

     

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

     

    “Plan”:
      Any employee benefit plan or certain other retirement plans and arrangements,
      including individual retirement accounts and annuities, Keogh plans and bank
      collective investment funds and insurance company general or separate accounts
      in which such plans, accounts or arrangements are invested, that are subject
      to
      ERISA or Section 4975 of the Code.

     

    “Policy”:
      The Certificate Guaranty Insurance Policy No. AB1028BE issued by the Certificate
      Insurer in respect of the Insured Certificates, a copy of which is attached
      hereto as Exhibit B.

     

    “Pool
      Balance”: As of any date of determination, the aggregate Stated Principal
      Balance of the Mortgage Loans as of such date.

     

    “Premium”:
      The premium payable to the Certificate Insurer under the Policy.

     

    “Premium
      Rate”: A rate, expressed as a per annum rate, at which the Premium is payable to
      the Certificate Insurer under the Policy.

     

    “Prepaid
      Interest”: With respect to any Mortgage Loan that was originated after the
      Cut-off Date,  the amount paid by the related Mortgagor in respect of
      interest accrued on that Mortgage Loan from the date of origination through
      and
      including the last day of the month of origination. Prepaid Interest shall
      not
      be an asset of any REMIC. 

     

    “Prepayment
      Assumption”: A prepayment rate for the Mortgage Loans of 30% of the constant
      prepayment rate assumption (which represents an assumed annualized rate of
      prepayment relative to the then-outstanding balance of a pool of new mortgage
      loans).

     

    “Prepayment
      Charge”: With respect to any Mortgage Loan, the charges or premiums, if any, due
      in connection with a full or partial prepayment of such Mortgage Loan in
      accordance with the terms thereof.

    

      “Prepayment
        Charge Schedule”: As of any date, the list of Prepayment Charges included in the
        Trust Fund on that
        date
        (including the prepayment charge summary attached thereto). The Prepayment
        Charge Schedule shall contain the following information with respect to each
        Prepayment Charge:

       

      (i) the
        Mortgage Loan account number;

       

      (ii) a
        code
        indicating the type of Prepayment Charge;

       

      (iii) the
        state
        of origination in which the related Mortgaged Property is located;

       

      (iv) the
        first
        date on which a monthly payment is or was due under the related Mortgage
        Note;

       

      (v) the
        term
        of the Prepayment Charge;

       

      (vi) the
        original principal amount of the related Mortgage Loan; and

       

      (vii) the
        Cut-off Date Principal Balance or Subsequent Cut-off Date Principal Balance,
        as
        applicable, of the related Mortgage Loan.

       

      The
        Prepayment Charge Schedule shall be amended from time to time by the Servicer
        in
        accordance with this Agreement.

       

    

    “Prepayment
      Interest Excess”: With respect to any Distribution Date, for each Mortgage Loan
      that was the subject of a Principal Prepayment in full during the portion of
      the
      related Prepayment Period occurring between the first day and the Determination
      Date of the calendar month in which such Distribution Date occurs, an amount
      equal to interest at the applicable Net Mortgage Rate on the amount of such
      Principal Prepayment for the number of days commencing on the first day of
      the
      calendar month in which such Distribution Date occurs and ending on the date
      on
      which such prepayment is so applied.

     

    “Prepayment
      Interest Shortfall”: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment in full during the portion
      of the related Prepayment Period occurring between the first day of the related
      Prepayment Period and the last day of the calendar month preceding the month
      in
      which such Distribution Date occurs, an amount equal to one month’s interest on
      the Mortgage Loan less any interest payments made by the Mortgagor. The
      obligations of the Servicer in respect of any Prepayment Interest Shortfall
      are
      set forth in Section 3.26.

     

    “Prepayment
      Period”: With respect to any Distribution Date, the period commencing on the
      16th
      day in
      the calendar month preceding the calendar month in which such Distribution
      Date
      occurs (or, in the case of the first Distribution Date, commencing on the day
      after the Cut-Off Date) and ending on the 15th
      day of
      the calendar month in which such Distribution Date occurs.

     

    “Principal
      Distribution Amount”: With respect to any Distribution Date, an amount equal to
      the sum of (a) the excess of the Principal Remittance Amount over the Excess
      Overcollateralization Amount, if any, for such Distribution Date plus (b) the
      Extra Principal Distribution Amount.

     

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

     

    “Principal
      Remittance Amount”: With respect to any Distribution Date, the sum of (i) each
      scheduled payment of principal collected or advanced on the Mortgage Loans
      by
      the Servicer that was due during the related Remittance Period, (ii) the
      principal portion of all partial and full Principal Prepayments of the Mortgage
      Loans applied by the Servicer during the related Prepayment Period, (iii) the
      principal portion of all related Net Liquidation Proceeds, Subsequent Recoveries
      and Insurance Proceeds received during such Prepayment Period, (iv) that portion
      of the Purchase Price, representing principal of any purchased or repurchased
      Mortgage Loan, deposited to the Certificate Account during such Prepayment
      Period, (v) the principal portion of any related Substitution Adjustments
      deposited in the Certificate Account during such Prepayment Period and (vi)
      on
      the Distribution Date on which the Trust Fund is to be terminated pursuant
      to
      Section 10.01, that portion of the Termination Price, in respect of
      principal.

     

    “Private
      Certificate”: Any of the
      Class B,
      Class C, Class P and Class R Certificates.

     

    “Purchase
      Price”: With respect to any Mortgage Loan or REO Property to be purchased
      pursuant to or as contemplated by Section 2.03, Section 3.16(c) or Section
      10.01, and as confirmed by an Officers’ Certificate from the Servicer to the
      Trustee, an amount equal to the sum of (i) 100% of the Stated Principal Balance
      thereof as of the date of purchase (or such other price as provided in Section
      10.01), (ii) in the case of (x) a Mortgage Loan, accrued interest on such Stated
      Principal Balance at the applicable Mortgage Rate in effect from time to time
      from the Due Date as to which interest was last covered by a payment by the
      Mortgagor or an advance by the Servicer, which payment or advance had as of
      the
      date of purchase been distributed pursuant to Section 4.01, through the end
      of
      the calendar month in which the purchase is to be effected, and (y) an REO
      Property, the sum of (1) accrued interest on such Stated Principal Balance
      at
      the applicable Mortgage Rate in effect from time to time from the Due Date
      as to
      which interest was last covered by a payment by the Mortgagor or an advance
      by
      the Servicer through the end of the calendar month immediately preceding the
      calendar month in which such REO Property was acquired, plus (2) REO Imputed
      Interest for such REO Property for each calendar month commencing with the
      calendar month in which such REO Property was acquired and ending with the
      calendar month in which such purchase is to be effected, net of the total of
      all
      Insurance Proceeds, Liquidation Proceeds and Advances that as of the date of
      purchase had been distributed as or to cover REO Imputed Interest pursuant
      to
      Section 4.03, (iii) any unreimbursed Servicing Advances and Advances and any
      unpaid Servicing Fees allocable to such Mortgage Loan or REO Property, (iv)
      reserved and (v) in the case of a Mortgage Loan required to be purchased
      pursuant to Section 2.03, expenses reasonably incurred or to be incurred by
      the
      Servicer, the Certificate Insurer or the Trustee in respect of the breach or
      defect giving rise to the purchase obligation, including any costs and damages
      incurred by the Trust Fund in connection with any violation by such loan of
      any
      predatory or abusive lending law.

     

    “Qualified
      Insurer”: Any insurance company acceptable to Fannie Mae and/or Freddie
      Mac.

     

    “Qualified
      Substitute Mortgage Loan”: A mortgage loan substituted for a Deleted Mortgage
      Loan pursuant to the terms of this Agreement or the Mortgage Loan Purchase
      Agreement which must, on the date of such substitution, (i) have an outstanding
      Stated Principal Balance (or in the case of a substitution of more than one
      mortgage loan for a Deleted Mortgage Loan, an outstanding aggregate Stated
      Principal Balance), after application of all scheduled payments of principal
      and
      interest due during or prior to the month of substitution, not in excess of,
      and
      not more than 5% less than, the outstanding Stated Principal Balance of the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) have a Mortgage Rate not less than (and not more
      than
      one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage
      Loan, (iii) if the Deleted Mortgage Loan is an Adjustable-Rate Mortgage Loan,
      have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the
      Deleted Mortgage Loan, (iv) if the Deleted Mortgage Loan is an Adjustable-Rate
      Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage
      Rate of the Deleted Mortgage Loan, (v) if the Deleted Mortgage Loan is an
      Adjustable-Rate Mortgage Loan, have a Gross Margin equal to or greater than
      the
      Gross Margin of the Deleted Mortgage Loan, (vi) if the Deleted Mortgage Loan
      is
      an Adjustable-Rate Mortgage Loan, have a next Adjustment Date not more than
      two
      months later than the next Adjustment Date on the Deleted Mortgage Loan, (vii)
      have a remaining term to maturity not more than one year greater than (and
      not
      more than one year less than) that of the Deleted Mortgage Loan, provided that
      no maturity is later than one month prior to the Final Distribution Date, (viii)
      be current as of the date of substitution, (ix) have 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, (x) [reserved], (xi) have the same Due
      Date as that of the Deleted Mortgage Loan and (xii) conform to each
      representation and warranty set forth in Section 3.01 of the Mortgage Loan
      Purchase Agreement applicable to the Deleted Mortgage Loan. In the event that
      one or more mortgage loans are substituted for one or more Deleted Mortgage
      Loans, the amounts described in clause (i) hereof shall be determined on the
      basis of aggregate Stated Principal Balance, the Mortgage Rates described in
      clauses (ii) through (vi) hereof shall be satisfied for each such mortgage
      loan,
      the risk gradings described in clause (x) hereof shall be satisfied as to each
      such mortgage loan, the terms described in clause (vii) hereof shall be
      determined on the basis of weighted average remaining term to maturity (provided
      that no such mortgage loan may have a remaining term to maturity longer than
      the
      Deleted Mortgage Loan), the Loan-to-Value Ratios described in clause (ix) 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 (xii) hereof must be satisfied as to each Qualified
      Substitute Mortgage Loan or in the aggregate, as the case may be.

     

    “Rating
      Agency”: Moody’s and S&P or their successors, in its capacity as rating
      agency that has assigned ratings to the Class A Certificates and the
      Subordinated Certificates. If such agency or its successor is no longer in
      existence, “Rating Agency” shall be such nationally recognized statistical
      rating agencies, or other comparable Persons, designated by the Depositor (and
      if rating the Insured Certificates, consented to in writing by the Certificate
      Insurer), notice of which designation shall be given to the Trustee and
      Servicer.

     

    “Realized
      Loss”: With respect to any Liquidated Mortgage Loan, the amount of loss realized
      equal to the portion of the Stated Principal Balance remaining unpaid after
      application of all Net Liquidation Proceeds in respect of such Mortgage Loan.
      If
      the Servicer receives Subsequent Recoveries with respect to any Mortgage Loan,
      the amount of the Realized Loss with respect to that Mortgage Loan will be
      reduced to the extent such recoveries are applied to principal distributions
      on
      any Distribution Date.

     

    “Record
      Date”: With respect to each Distribution Date and the Class A Certificates and
      the Subordinated Certificates (other than any such Certificates that are
      Definitive Certificates), the Business Day immediately preceding such
      Distribution Date. With respect to each Distribution Date and the Class C
      Certificates, the Class R Certificates and any Definitive Certificates, the
      last
      Business Day of the month immediately preceding the month in which such
      Distribution Date occurs (or, in the case of the first Distribution Date, the
      Closing Date).

     

    “Reference
      Banks”: Those banks (i) with an established place of business in London,
      England, (ii) not controlling, under the control of or under common control
      with
      the Depositor, the Seller or the Servicer or any affiliate thereof and (iii)
      which have been designated as such by the Depositor; provided, however, that
      if
      fewer than two of such banks provide a LIBOR rate, then the term “Reference
      Banks” shall refer to any leading banks selected by the Depositor which are
      engaged in transactions in United States dollar deposits in the international
      Eurocurrency market.

     

    “Refinance
      Loan”: Any Mortgage Loan the proceeds of which are used to refinance an existing
      Mortgage Loan.

     

    “Regular
      Certificates”: Any of the Class A Certificates, the Subordinated Certificates,
      the Class P Certificates and the Class C Certificates.

     

    “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 published by the Commission or its staff from time
      to
      time.

     

    “Reimbursement
      Amount”: As to any Distribution Date, the sum of (x) (i) all Insured Payments
      paid by the Certificate Insurer, but for which the Certificate Insurer has
      not
      been reimbursed prior to such Distribution Date pursuant to Section 4.01, plus
      (ii) interest accrued on such Insured Payments not previously repaid, calculated
      at the Late Payment Rate from the date the Trustee received the related Insured
      Payments or the date such Insured Payments were made, and (y) without
      duplication (i) any amounts then due and owing to the Certificate Insurer under
      the Insurance Agreement, as certified to the Trustee by the Certificate Insurer
      plus (ii) interest on such amounts at the Late Payment Rate.

     

    “Relief
      Act”: The Servicemembers Civil Relief Act.

     

    “Relief
      Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
      Loan with respect to which there has been a reduction in the amount of interest
      collectible thereon for the most recently ended Remittance Period or (without
      duplication) any earlier Remittance Period as a result of the application of
      the
      Relief Act or any similar state laws, the amount by which (i) interest
      collectible on such Mortgage Loan during each such Remittance Period is less
      than (ii) one month’s interest on the Stated Principal Balance of such Mortgage
      Loan at the Mortgage Rate for such Mortgage Loan before giving effect to the
      application of the Relief Act or any similar state laws.

     

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

     

    “REMIC
      1”: The segregated pool of assets subject hereto, constituting the primary trust
      created hereby and to be administered hereunder, with respect to which a REMIC
      election is to be made, consisting of: (i) such Mortgage Loans and Prepayment
      Charges as from time to time are subject to this Agreement, together with the
      Mortgage Files relating thereto, and together with all collections thereon
      and
      proceeds thereof; (ii) any REO Property, together with all collections thereon
      and proceeds thereof; (iii) the Trustee’s rights with respect to the Mortgage
      Loans under all insurance policies, required to be maintained pursuant to this
      Agreement and any proceeds thereof; (iv) the Depositor’s rights under this
      Agreement (including any security interest created thereby) to the extent
      conveyed pursuant to Section 2.01; and (v) the Certificate Account, the
      Distribution Account and such assets that are deposited therein from time to
      time and any investments thereof, together with any and all income, proceeds
      and
      payments with respect thereto. Notwithstanding the foregoing, however, REMIC
      I
      specifically excludes the Excess Reserve Fund Account, any Prepaid Interest,
      all
      payments and other collections of principal and interest due on the Mortgage
      Loans on or before the Cut-off Date and all Prepayment Charges payable in
      connection with Principal Prepayments made before the Cut-off Date.

     

    “REMIC
      1
      Interest Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Stated Principal Balance
      of
      the Mortgage Loans and related REO Properties then outstanding and (ii) the
      Uncertificated REMIC 1 Pass-Through Rate for REMIC 1 Regular Interest LT1AA
      minus the Marker Rate, divided by (b) 12.

     

    “REMIC
      1
      Overcollateralized Amount”: With respect to any date of determination, (i) 1% of
      the aggregate Uncertificated Principal Balances of the REMIC 1 Regular Interests
      (other than REMIC 1 Regular Interest LT1P) minus (ii) the aggregate of the
      Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A1, REMIC
      1
      Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest
      LT1M, REMIC 1 Regular Interest LT1B and REMIC 1 Regular Interest LT1ZZ, in
      each
      case as of such date of determination.

     

    “REMIC
      1
      Principal Loss Allocation Amount”: With respect to any Distribution Date, an
      amount equal to (a) the product of (i) the aggregate Stated Principal Balance
      of
      the Mortgage Loans and related REO Properties then outstanding and (ii) 1 minus
      a fraction, the numerator of which is two times the aggregate of the
      Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A1, REMIC
      1
      Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest
      LT1M and REMIC 1 Regular Interest LT1B, and the denominator of which is the
      aggregate of the Uncertificated Principal Balances of REMIC 1 Regular Interest
      LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC
      1
      Regular Interest LT1M, REMIC 1 Regular Interest LT1B and REMIC 1 Regular
      Interest LT1ZZ.

     

    “REMIC
      1
      Regular Interest”: Any of the separate non-certificated beneficial ownership
      interests in REMIC 1 issued hereunder and designated as a “regular interest” in
      REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the related
      Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and shall
      be entitled to distributions of principal, subject to the terms and conditions
      hereof, in an aggregate amount equal to its initial Uncertificated Balance
      as
      set forth in the Preliminary Statement hereto. The following is a list of each
      of the REMIC 1 Regular Interests: REMIC 1 Regular Interest LT1AA, REMIC 1
      Regular Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest
      LT1A3, REMIC 1 Regular Interest LT1M, REMIC 1 Regular Interest LT1B, REMIC
      1
      Regular Interest LT1ZZ and REMIC 1 Regular Interest LT1P.

     

    “REMIC
      1
      Regular Interest LT1AA”: One of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. REMIC 1 Regular Interest LT1AA shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      1
      Regular Interest LT1A1”: One of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. REMIC 1 Regular Interest LT1A1 shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      1
      Regular Interest LT1A2”: One of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. REMIC 1 Regular Interest LT1A2 shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      1
      Regular Interest LT1A3”: One of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. REMIC 1 Regular Interest LT1A3 shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      1
      Regular Interest LT1B”: One of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. REMIC 1 Regular Interest LT1B shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      1
      Regular Interest LT1M”: One of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. REMIC 1 Regular Interest LT1M shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      1
      Regular Interest LT1ZZ”: One of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. REMIC 1 Regular Interest LT1ZZ shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      1
      Regular Interest LT1P”: One of the separate non-certificated beneficial
      ownership interests in REMIC 1 issued hereunder and designated as a Regular
      Interest in REMIC 1. REMIC 1 Regular Interest LT1P shall accrue interest at
      the
      related Uncertificated REMIC 1 Pass-Through Rate in effect from time to time,
      and shall be entitled to distributions of principal, subject to the terms and
      conditions hereof, in an aggregate amount equal to its initial Uncertificated
      Principal Balance as set forth in the Preliminary Statement hereto.

     

    “REMIC
      1
      Target Overcollateralized Amount”: 1% of the Overcollateralization Target
      Amount.

     

    “REMIC
      2”: The segregated pool of assets consisting of all of the REMIC 1 Regular
      Interests conveyed in trust to the Trustee, for the benefit of the Holders
      of
      the Regular Certificates and the Class R Certificate (in respect of the Class
      R-2 Interest), pursuant to Article II hereunder, and all amounts deposited
      therein, with respect to which a separate REMIC election is to be
      made.

     

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

     

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

     

    “Remittance
      Report”: A report prepared by the Servicer and delivered to the Trustee pursuant
      to Section 4.03.

     

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

     

    “REO
      Account”: The account or accounts maintained by the Servicer in respect of an
      REO Property pursuant to Section 3.25.

     

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

     

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

     

    “REO
      Principal Amortization”: With respect to any REO Property, for any calendar
      month, the excess, if any, of (a) the aggregate of all amounts received in
      respect of such REO Property during such calendar month, whether in the form
      of
      rental income, sale proceeds (including, without limitation, that portion of
      the
      Termination Price paid in connection with a purchase of all of the Mortgage
      Loans and REO Properties pursuant to Section 10.01 that is allocable to such
      REO
      Property) or otherwise, net of any portion of such amounts (i) payable pursuant
      to Section 3.25 in respect of the proper operation, management and maintenance
      of such REO Property or (ii) payable or reimbursable to the Servicer pursuant
      to
      Section 3.25 for unpaid Servicing Fees in respect of the related Mortgage Loan
      and unreimbursed Servicing Advances and Advances in respect of such REO Property
      or the related Mortgage Loan, over (b) the REO Imputed Interest in respect
      of
      such REO Property for such calendar month.

     

    “REO
      Property”: A Mortgaged Property acquired by the Servicer on behalf of the Trust
      Fund through foreclosure or deed-in-lieu of foreclosure, as described in Section
      3.25.

     

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

     

    “Reserve
      Interest Rate”: With respect to any Interest Determination Date, the rate per
      annum that the Trustee determines to be either (i) the arithmetic mean (rounded
      upwards if necessary to the nearest whole multiple of 1/16 of 1%) of the
      one-month United States dollar lending rates which banks in the City of New
      York
      selected by the Depositor are quoting on the relevant Interest Determination
      Date to the principal London offices of leading banks in the London interbank
      market or (ii) in the event that the Trustee can determine no such arithmetic
      mean, in the case of any Interest Determination Date after the initial Interest
      Determination Date, the lowest one-month United States dollar lending rate
      which
      such New York banks selected by the Depositor are quoting on such Interest
      Determination Date to leading European banks.

     

    “Residual
      Interest”: The sole class of “residual interests” in a REMIC within the meaning
      of Section 860G(a)(2) of the Code.

     

    “Responsible
      Officer”: When used with respect to the Trustee, any director, any vice
      president, any assistant vice president, the Secretary, any assistant secretary,
      the Treasurer, any assistant treasurer, the Cashier, any assistant cashier,
      any
      trust officer or assistant trust officer, the Controller and any assistant
      controller or any other officer of the Trustee customarily performing functions
      similar to those performed by any of the above designated officers and, with
      respect to a particular matter, to whom such matter is referred because of
      such
      officer’s knowledge of and familiarity with the particular subject.

     

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

     

    “Seller”:
      IndyMac Bank, F.S.B. in its capacity as seller under the Mortgage Loan Purchase
      Agreement.

     

    “Servicer”:
      IndyMac Bank, F.S.B., a federal savings bank, or any successor Servicer
      appointed as herein provided, in its capacity as Servicer
      hereunder.

     

    “Servicer
      Event of Termination”: One or more of the events described in Section
      7.01.

     

    “Servicer
      Remittance Date”: With respect to any Distribution Date, the Business Day prior
      to such Distribution Date.

     

    “Servicing
      Account”: The account or accounts created and maintained pursuant to Section
      3.09.

     

    “Servicing
      Advances”: All customary, reasonable and necessary “out of pocket” costs and
      expenses (including reasonable attorneys’ fees and expenses) incurred by the
      Servicer in the performance of its servicing obligations, including, but not
      limited to, the cost of (i) the preservation, restoration, inspection and
      protection of the Mortgaged Property, (ii) any enforcement or judicial
      proceedings, including foreclosures, (iii) the maintenance and liquidation
      of
      the REO Property and (iv) compliance with the obligations under Sections 3.01,
      3.09, 3.16, and 3.25.

     

    “Servicing
      Fee”: With respect to each Mortgage Loan and for any calendar month, an amount
      equal to one month’s interest (or in the event of any payment of interest which
      accompanies a Principal Prepayment in full made by the Mortgagor during such
      calendar month, interest for the number of days covered by such payment of
      interest) at the Servicing Fee Rate on the same principal amount on which
      interest on such Mortgage Loan accrues for such calendar month. A portion of
      such Servicing Fee may be retained by any Sub-Servicer as its servicing
      compensation.

     

    “Servicing
      Fee Rate”: 0.25% per annum.

     

    “Servicing
      Officer”: Any officer of the Servicer involved in, or responsible for, the
      administration and servicing of Mortgage Loans, whose name and specimen
      signature appear on a list of servicing officers furnished by the Servicer
      to
      the Trustee, the Certificate Insurer and the Depositor on the Closing Date,
      as
      such list may from time to time be amended.

     

    “Servicing
      Standard”: Shall mean the standards set forth in Section 3.01.

     

    “Servicing
      Transfer Costs”: Shall mean all reasonable costs and expenses (including without
      limitation, legal fees and expenses) incurred by the Trustee in connection
      with
      the transfer of servicing from a predecessor Servicer, including, without
      limitation, any reasonable 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 or
      another successor Servicer to service the Mortgage Loans properly and
      effectively.

     

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

     

    “Stated
      Principal Balance”: With respect to any Mortgage Loan: (a) as of any date of
      determination up to but not including the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, the outstanding Stated Principal Balance of such Mortgage
      Loan as of the Cut-off Date, as shown in the Mortgage Loan Schedule, minus
      the
      sum of (i) the principal portion of each Monthly Payment due on a Due Date
      subsequent to the Cut-off Date, to the extent received from the Mortgagor or
      advanced by the Servicer and distributed pursuant to Section 4.01 on or before
      such date of determination, (ii) all Principal Prepayments received after the
      Cut-off Date, to the extent distributed pursuant to Section 4.01 on or before
      such date of determination, (iii) all Liquidation Proceeds and Insurance
      Proceeds to the extent distributed pursuant to Section 4.01 on or before such
      date of determination, and (iv) any Realized Loss incurred with respect thereto
      as a result of a Deficient Valuation made during or prior to the Remittance
      Period for the most recent Distribution Date coinciding with or preceding such
      date of determination; and (b) as of any date of determination coinciding with
      or subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such Mortgage Loan would be distributed,
      zero.
      With respect to any REO Property: (a) as of any date of determination up to
      but
      not including the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed, an
      amount (not less than zero) equal to the Stated Principal Balance of the related
      Mortgage Loan as of the date on which such REO Property was acquired on behalf
      of the Trust Fund, minus the aggregate amount of REO Principal Amortization
      in
      respect of such REO Property for all previously ended calendar months, to the
      extent distributed pursuant to Section 4.01 on or before such date of
      determination; and (b) as of any date of determination coinciding with or
      subsequent to the Distribution Date on which the proceeds, if any, of a
      Liquidation Event with respect to such REO Property would be distributed,
      zero.

     

    “Stepdown
      Date”: The earlier to occur of (i) the Distribution Date following the
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Class A Certificates have been reduced to zero and (ii) the later
      to
      occur of (a) the Distribution Date in October 2009 and (b) the first
      Distribution Date on which the Credit Enhancement Percentage for the Class
      A
      Certificates (calculated for this purpose only after taking into account
      distributions of principal on the Mortgage Loans on the last day of the related
      Remittance Period but prior to any application of the Principal Distribution
      Amount to the Certificates) is greater than or equal to 5.60%.

     

    “Subordinated
      Certificate”: Any Class M Certificate or Class B Certificate.

     

    “Subsequent
      Recoveries”: As of any Distribution Date, amounts received by the Servicer (net
      of any related expenses permitted to be reimbursed pursuant to Section 3.05)
      specifically related to a Mortgage Loan that was the subject of a liquidation
      or
      an REO Disposition prior to the related Prepayment Period that resulted in
      a
      Realized Loss.

     

    “Sub-Servicer”:
      Any Person with which the Servicer has entered into a Sub-Servicing Agreement
      and which meets the qualifications of a Sub-Servicer pursuant to Section
      3.02.

     

    “Sub-Servicing
      Account”: An account established by a Sub-Servicer which meets the requirements
      set forth in Section 3.08 and is otherwise acceptable to the
      Servicer.

     

    “Sub-Servicing
      Agreement”: The written contract between the Servicer and a Sub-Servicer
      relating to servicing and administration of certain Mortgage Loans as provided
      in Section 3.02.

     

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

     

    “Tax
      Matters Person”: The tax matters person appointed pursuant to Section 9.01(e)
      hereof.

     

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

     

    “Terminator”:
      As defined in Section 10.01 hereof.

     

    “Total
      Monthly Excess Spread”: With respect to any Distribution Date, the sum of (i)
      any Excess Overcollateralization Amount for such Distribution Date and (ii)
      the
      excess, if any, of (x) the Available Funds for such Distribution Date over
      (y)
      the sum for such Distribution Date of (A) the amount required to be distributed
      pursuant to Section 4.01(a) and (B) the Principal Remittance Amount for such
      Distribution Date.

     

    “Transfer”:
      Any direct or indirect transfer, sale, pledge, hypothecation, or other form
      of
      assignment of any Ownership Interest in a Certificate.

     

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

     

    “Transferor”:
      Any Person who is disposing by Transfer of any Ownership Interest in a
      Certificate.

     

    “Trigger
      Event”: A Trigger Event is in effect if:

     

    (i) with
      respect to any Distribution Date occurring from and including October 2009
      to,
      but not including, October 2011, the Mortgage Loans 60 or more days Delinquent,
      in bankruptcy, in foreclosure or that are secured by Mortgaged Properties that
      have become REO Properties exceed 3.00% of the aggregate Stated Principal
      Balance of the Mortgage Loans on such Distribution Date;

     

    (ii) with
      respect to any Distribution Date occurring on or after October 2011, the
      Mortgage Loans 60 or more days Delinquent or that are secured by Mortgaged
      Properties that have become REO Properties exceed 4.50% of the aggregate Stated
      Principal Balance of the Mortgage Loans on such Distribution Date;
      or

     

    (iii) for
      any
      Distribution Date, the
      cumulative amount of Realized Losses incurred on the Mortgage Loans from the
      Cut-Off Date through the last day of the related Remittance Period (reduced
      by
      the aggregate amount of Subsequent Recoveries received from the Cut-Off Date
      through the last day of the related Remittance Period) exceeds (a) 1.00% of
      the
      aggregate Stated Principal Balance of the Mortgage Loans with respect to the
      Distribution Date in October 2008, plus an additional 1/12th of 0.75% of the
      aggregate Stated Principal Balance of the Mortgage Loans for each Distribution
      Date occurring in each month thereafter to and including the Distribution Date
      in September 2009, (b) 1.75% of the aggregate Stated Principal Balance of the
      Mortgage Loans with respect to the Distribution Date in October 2009, plus
      an
      additional 1/12th of 0.75% of the aggregate Stated Principal Balance of the
      Mortgage Loans for each Distribution Date occurring in each month thereafter
      to
      and including the Distribution Date in September 2010, (c) 2.50% of the
      aggregate Stated Principal Balance of the Mortgage Loans with respect to the
      Distribution Date occurring in October 2010, plus an additional 1/12th of 0.50%
      of the aggregate Stated Principal Balance of the Mortgage Loans for each
      Distribution Date occurring in each month thereafter to and including the
      Distribution Date in September 2011 or (d) 3.00% of the aggregate Stated
      Principal Balance of the Mortgage Loans with respect to the Distribution Date
      occurring in October 2011 and each month thereafter.

     

    “Trust”:
      The trust created hereunder.

     

    “Trustee”:
      Deutsche Bank National Trust Company, a national banking association, or its
      successor in interest, or any successor Trustee appointed as herein
      provided.

     

    “Trustee
      Fee”: The amount payable to the Trustee on each Distribution Date pursuant to
      Section 4.01(a) and Section 8.05 as compensation for all services rendered
      by it
      in the execution of the Trust and in the exercise and performance of any of
      the
      powers and duties of the Trustee hereunder, which amount shall equal one month’s
      interest at the Trustee Fee Rate on the aggregate Stated Principal Balance
      of
      the Mortgage Loans and any REO Properties as of the first day of the calendar
      month prior to the month of such Distribution Date (or, in the case of the
      initial Distribution Date, as of the Cut-off Date).

     

    “Trustee
      Fee Rate”: 0.015% per annum.

     

    “Trustee
      Float Period”: With respect to each Distribution Date and the related amounts in
      the Distribution Account, the period commencing on the Business Day immediately
      preceding such Distribution Date and ending on such Distribution
      Date.

     

    “Trust
      Fund”: All of the assets of the trust created hereunder consisting of REMIC 1,
      REMIC 2, the Excess Reserve Fund Account and the Insurance Account.

     

    “Trust
      REMIC”: REMIC 1 or REMIC 2.

     

    “Uncertificated
      Accrued Interest”: With respect to each REMIC Regular Interest on each
      Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated REMIC Pass-Through Rate on the Uncertificated Principal Balance
      or Uncertificated Notional Amount of such REMIC Regular Interest. In each case,
      Uncertificated Accrued Interest will be reduced by any Net Prepayment Interest
      Shortfalls and Relief Act Interest Shortfalls (allocated to such REMIC Regular
      Interest as set forth in Section 1.02).

     

    “Uncertificated
      Principal Balance”: With respect to each REMIC Regular Interest, the amount of
      such REMIC Regular Interest outstanding as of any date of determination. As
      of
      the Closing Date, the Uncertificated Principal Balance of each REMIC Regular
      Interest shall equal the amount set forth in the Preliminary Statement hereto
      as
      its initial Uncertificated Principal Balance. On each Distribution Date, the
      Uncertificated Principal Balance of each REMIC Regular Interest shall be reduced
      by all distributions of principal made on such REMIC Regular Interest on such
      Distribution Date pursuant to Section 4.04 and, if and to the extent necessary
      and appropriate, shall be further reduced on such Distribution Date by Realized
      Losses as provided in Section 4.05, and the Uncertificated Principal Balance
      of
      REMIC 1 Regular Interest LT1ZZ shall be increased by interest deferrals as
      provided in Section 4.05. The Uncertificated Principal Balance of each REMIC
      Regular Interest that has an Uncertificated Principal Balance shall never be
      less than zero.

     

    “Uncertificated
      REMIC Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through
      Rate.

     

    “Uncertificated
      REMIC 1 Pass-Through Rate”: With respect to each REMIC 1 Regular Interest, a per
      annum rate equal to (A) for first Distribution Date, 6.245%
      per annum and (B) thereafter, the
      weighted average (weighted based on the Stated Principal Balances of the
      Mortgage Loans as of the first day of the related Remittance Period, adjusted
      to
      reflect unscheduled principal payments made thereafter that were included in
      the
      Principal Distribution Amount on the immediately preceding Distribution Date)
      of
      the Expense Adjusted Mortgage Rates on the Mortgage Loans minus the Premium
      Rate
      on such Distribution Date (multiplied by a fraction the numerator of which
      is
      the aggregate Certificate Principal Balance of the Class A Certificates
      immediately prior to such Distribution Date and the denominator of which is
      the
      aggregate Stated Principal Balance of the Mortgage Loans as of the first day
      of
      the related Remittance Period, adjusted to reflect unscheduled principal
      payments made thereafter that were included in the Principal Distribution Amount
      on the immediately preceding Distribution Date).

     

    “Uninsured
      Cause”: Any cause of damage to a Mortgaged Property such that the complete
      restoration of such property is not fully reimbursable by the insurance policies
      required to be maintained pursuant to Section 3.14.

     

    “United
      States Person”: A citizen or resident of the United States, a corporation,
      partnership (or other entity treated as a corporation or partnership for United
      States federal income tax purposes) created or organized in, or under the laws
      of, the United States, any state thereof, or the District of Columbia (except
      in
      the case of a partnership, to the extent provided in Treasury regulations);
      provided, that for purposes solely of the restrictions on the transfer of Class
      R Certificates, no partnership or other entity treated as a partnership for
      United States federal income tax purposes shall be treated as a United States
      Person unless (a) all persons that own an interest in such partnership either
      directly or through any entity that is not a corporation for United States
      federal income tax purposes are required by the applicable operative agreement
      to be United States Persons or (b) the partnership treats all income as
      effectively connected income within the meaning of Section 864 of the Code,
      or
      an estate the income of which from sources without the United States is
      includible in gross income for United States federal income tax purposes
      regardless of its connection with the conduct of a trade or business within
      the
      United States, or a trust if a court within the United States is able to
      exercise primary supervision over the administration of the trust and one or
      more United States persons have authority to control all substantial decisions
      of the trust. The term “United States” shall have the meaning set forth in
      Section 7701 of the Code or successor provisions. The term “U.S. Person” refers
      to a United States Person.

     

    “Unpaid
      Interest Shortfall Amount”: With respect to the Class A Certificates and any
      Class of Subordinated Certificates and (i) the first Distribution Date, zero,
      and (ii) any Distribution Date after the first Distribution Date, the amount,
      if
      any, by which (a) the sum of (1) the Accrued Certificate Interest for such
      Class
      for the immediately preceding Distribution Date and (2) the outstanding Unpaid
      Interest Shortfall Amount, if any, for such Class for such preceding
      Distribution Date exceeds (b) the aggregate amount distributed to such Class
      in
      respect of interest pursuant to clause (a) of this definition on such preceding
      Distribution Date, plus interest on the amount of interest due but not paid
      on
      the Certificates of such Class on such preceding Distribution Date, to the
      extent permitted by law, at the Pass-Through Rate for such Class for the related
      Accrual Period.

     

    “Value”:
      With respect to a Mortgage Loan other than a Refinance Loan, the lesser of
      (a)
      the value of the Mortgaged Property based upon the appraisal made at the time
      of
      the origination of such Mortgage Loan and (b) the sales price of the Mortgaged
      Property at the time of the origination of such Mortgage Loan; with respect
      to a
      Refinance Loan, the value of the Mortgaged Property based upon the appraisal
      made at the time of the origination of such Refinance Loan.

     

    “Voting
      Rights”: The portion of the voting rights of all of the Certificates which is
      allocated to any Certificate. At all times, the Class A Certificates, the
      Subordinated Certificates, the Class P Certificates and the Class C Certificates
      shall have 99% of the Voting Rights (allocated among the Holders of the Class
      A
      Certificates, the Subordinated Certificates and the Class C Certificates in
      proportion to the then outstanding Certificate Principal Balances of their
      respective Certificates), and the Class R Certificates shall have 1% of the
      Voting Rights. The Voting Rights allocated to any Class of Certificates (other
      than the Class R Certificates) shall be allocated among all Holders of each
      such
      Class in proportion to the outstanding Certificate Principal Balance or Notional
      Amount of such Certificates; provided, that any Certificate registered in the
      name of the Seller, the Depositor or its Affiliate shall not be eligible to
      vote
      or be considered outstanding and the Percentage Interest evidenced thereby
      shall
      not be taken into account in determining whether the requisite amount of
      Percentage Interests necessary to effect a consent has been obtained unless
      the
      Seller, the Depositor or its Affiliates own 100% of the related Class of such
      Certificates. The Voting Rights allocated to the Class R Certificates shall
      be
      allocated among all Holders of such Class in proportion to such Holders’
respective Percentage Interests in the Class R Certificates; provided, however,
      that when none of the Regular Certificates are outstanding, 100% of the Voting
      Rights shall be allocated among Holders of the Class R Certificates in
      accordance with such Holders’ respective Percentage Interests in the Class R
      Certificates.

     

    Section
      1.02.  Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of the Accrued Certificate Interest for
      the
      Class A Certificates, the Subordinated Certificates and the Class C Certificates
      for any Distribution Date, the aggregate amount of any Net Prepayment Interest
      Shortfalls and any Relief Act Interest Shortfalls incurred in respect of the
      Mortgage Loans for any Distribution Date (together, “Net Interest Shortfalls”)
      shall be allocated first, to reduce the interest accrued on the Class C
      Certificates in the related Accrual Period up to an amount equal to one month’s
      interest at the then applicable Pass-Through Rate on the Notional Amount of
      such
      Certificates and, thereafter, to reduce the interest accrued during the related
      Accrual Period on the Class A Certificates and the Subordinated Certificates
      on
      a pro
      rata
      basis
      based on, and to the extent of, one month’s interest at the then applicable
      respective Pass-Through Rate on the respective Certificate Principal Balance
      of
      each such Certificate.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC 1 Regular Interests for any Distribution Date, the aggregate amount of
      any
      Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
      incurred in respect of the Mortgage Loans for any Distribution Date shall be
      allocated among REMIC 1 Regular Interest LT1AA, REMIC 1 Regular Interest LT1A1,
      REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular
      Interest LT1M, REMIC 1 Regular Interest LT1B, REMIC 1 Regular Interest LT1ZZ
      and
      REMIC 1 Regular Interest LT1P pro
      rata based
      on,
      and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC 1 Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC 1 Regular Interest.

     

    Section
      1.03.  Accounting.

     

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

     

     

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    Section
      2.01.  Conveyance
      of Mortgage Loans.

     

    The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse,
      in trust for the benefit of the Certificateholders and the Certificate Insurer,
      all the right, title and interest of the Depositor, including any security
      interest therein for the benefit of the Depositor, in and to: (i) each Mortgage
      Loan identified on the Mortgage Loan Schedule, including the related Stated
      Principal Balance as of the Cut-off Date, all interest and principal received
      thereon after the Cut-off Date (other than interest and principal due on such
      Mortgage Loans on or before the Cut-off Date and other than Prepaid Interest
      with respect to such Mortgage Loans); (ii) property which secured each such
      Mortgage Loan and which has been acquired by foreclosure or deed in lieu of
      foreclosure; (iii) its interest in any insurance policies in respect of the
      Mortgage Loans; (iv) all proceeds of any of the foregoing; (v) the rights of
      the
      Depositor under the Mortgage Loan Purchase Agreement; and (vi) all other assets
      included or to be included in the Trust Fund. 

     

    In
      connection with such transfer and assignment, the Depositor does hereby deliver
      to, and deposit with, the Trustee or its designated agent (the “Custodian”), the
      following documents or instruments with respect to each Mortgage Loan so
      transferred and assigned (with respect to each Mortgage Loan, a “Mortgage
      File”):

     

    (i)  the
      original Mortgage Note, endorsed either (A) in blank or (B) in the following
      form: “Pay to the order of Deutsche Bank National Trust Company, as Trustee,
      without recourse”, or with respect to any lost Mortgage Note, an original Lost
      Note Affidavit stating that the original Mortgage Note was lost, misplaced
      or
      destroyed, together with a copy of the related Mortgage Note; provided, however,
      that such substitutions of Lost Note Affidavits for original Mortgage Notes
      may
      occur only with respect to Mortgage Loans, the aggregate Stated Principal
      Balance of which is less than or equal to 2.0% of the Pool Balance as of the
      Cut-off Date;

     

    (ii)  the
      original Mortgage with evidence of recording thereon, and the original recorded
      power of attorney, if the Mortgage was executed pursuant to a power of attorney,
      with evidence of recording thereon or, if such Mortgage or power of attorney
      has
      been submitted for recording but has not been returned from the applicable
      public recording office, has been lost or is not otherwise available, a copy
      of
      such Mortgage or power of attorney, as the case may be, certified to be a true
      and complete copy of the original submitted for recording;

     

    (iii)  an
      original Assignment, in form and substance acceptable for recording. The
      Mortgage shall be assigned either (A) in blank or (B) to “Deutsche Bank National
      Trust Company, as Trustee, without recourse”;

     

    (iv)  an
      original copy of any intervening Assignment, showing a complete chain of
      assignments;

     

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

     

    (vi)  the
      original or copies of each assumption, modification, written assurance or
      substitution agreement, if any.

     

    With
      respect to up to 30% of the Mortgage Loans, the Depositor may deliver all or
      a
      portion of each related Mortgage File to the Trustee not later than five
      Business Days after the Closing Date (such Mortgage Loans, the “Delayed Delivery
      Mortgage Loans”).

     

    If
      any of
      the documents referred to in Section 2.01(ii), (iii) or (iv) above has as of
      the
      Closing Date been submitted for recording but either (x) has not been returned
      from the applicable public recording office or (y) has been lost or such public
      recording office has retained the original of such document, the obligations
      of
      the Depositor to deliver such documents shall be deemed to be satisfied upon
      (1)
      delivery to the Trustee or the Custodian no later than the Closing Date, of
      a
      copy of each such document certified by the Servicer, in its capacity as Seller,
      in the case of (x) above or the applicable public recording office in the case
      of (y) above to be a true and complete copy of the original that was submitted
      for recording and (2) if such copy is certified by the Servicer, in its capacity
      as Seller, delivery to the Trustee or the Custodian, promptly upon receipt
      thereof of either the original or a copy of such document certified by the
      applicable public recording office to be a true and complete copy of the
      original. If the original lender’s title insurance policy, or a certified copy
      thereof, was not delivered pursuant to Section 2.01(v) above, the Depositor
      shall deliver or cause to be delivered to the Trustee or the Custodian, the
      original or a copy of a written commitment or interim binder or preliminary
      report of title issued by the title insurance or escrow company, with the
      original or a certified copy thereof to be delivered to the Trustee or the
      Custodian, promptly upon receipt thereof. The Servicer or the Depositor shall
      deliver or cause to be delivered to the Trustee or the Custodian promptly upon
      receipt thereof any other documents constituting a part of a Mortgage File
      received with respect to any Mortgage Loan, including, but not limited to,
      any
      original documents evidencing an assumption or modification of any Mortgage
      Loan.

     

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

     

    The
      Depositor (at the expense of the Seller) shall cause the Assignments which
      were
      delivered in blank to be completed and shall cause all Assignments referred
      to
      in Section 2.01(iii) hereof and, to the extent necessary, in Section 2.01(iv)
      hereof to be recorded. The Depositor shall furnish the Trustee, or its
      designated agent, with a copy of each Assignment submitted for recording. In
      the
      event that any such Assignment is lost or returned unrecorded because of a
      defect therein, the Depositor shall promptly have a substitute Assignment
      prepared or have such defect cured, as the case may be, and thereafter cause
      each such Assignment to be duly recorded.

     

    Notwithstanding
      the foregoing, however, for administrative convenience and facilitation of
      servicing and to reduce closing costs, the Assignments shall not be required
      to
      be submitted for recording (except with respect to any Mortgage Loan located
      in
      Maryland) unless such failure to record would result in a withdrawal or a
      downgrading by any Rating Agency of the rating on any Class of Certificates
      (with respect to the Class A Certificates only, without regard to the
      Certificate Policy; provided further, however, each Assignment shall be
      submitted for recording by the Originator (or by the Servicer at the expense
      of
      the Originator in the case of clauses (v) and (vi) below) in the manner
      described above, at no expense to the Trust Fund, the Servicer or the Trustee,
      upon the earliest to occur of: (i) direction by Holders of Certificates entitled
      to at least 25% of the Voting Rights, (ii) [reserved], (iii) the occurrence
      of a
      bankruptcy or insolvency relating to the Originator, (iv) the occurrence of
      a
      servicing transfer as described in Section 7.02 hereof, (v) with respect to
      any
      one Assignment, the occurrence of a bankruptcy, insolvency or foreclosure
      relating to the Mortgagor under the related Mortgage and (vi) with respect
      to
      any Assignments, the payment in full of the related Mortgage Note if required
      in
      the applicable jurisdiction. Notwithstanding the foregoing, if the Originator
      is
      unable to pay the cost of recording the Assignments, such expense shall be
      paid
      by the Trustee and shall be reimbursable to the Trustee as an Extraordinary
      Trust Fund Expense.

     

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

     

    The
      Servicer shall forward to the Custodian original documents evidencing an
      assumption, modification, consolidation or extension of any Mortgage Loan
      entered into in accordance with this Agreement within two weeks of their
      execution; provided, however, that the Servicer shall provide the Custodian
      with
      a certified true copy of any such document submitted for recordation within
      two
      weeks of its execution, and shall provide the original of any document submitted
      for recordation or a copy of such document certified by the appropriate public
      recording office to be a true and complete copy of the original within 270
      days
      of its submission for recordation. In the event that the Servicer cannot provide
      a copy of such document certified by the public recording office within such
      270
      day period, the Servicer shall deliver to the Custodian, within such 270 day
      period, an Officer’s Certificate of the Servicer which shall (A) identify the
      recorded document, (B) state that the recorded document has not been delivered
      to the Custodian due solely to a delay caused by the public recording office,
      (C) state the amount of time generally required by the applicable recording
      office to record and return a document submitted for recordation, if known,
      and
      (D) specify the date the applicable recorded document is expected to be
      delivered to the Custodian, and, upon receipt of a copy of such document
      certified by the public recording office, the Servicer shall immediately deliver
      such document to the Custodian. In the event the appropriate public recording
      office will not certify as to the accuracy of such document, the Servicer shall
      deliver a copy of such document certified by an officer of the Servicer to
      be a
      true and complete copy of the original to the Custodian.

     

    Notwithstanding
      anything to the contrary in this Agreement, within five Business Days after
      the
      Closing Date, the Depositor shall either:

     

    (x) deliver
      to the Trustee the Mortgage File as required pursuant to this Section 2.01
      for
      each Delayed Delivery Mortgage Loan; or

     

    (y)(A) cause
      the
      Seller to repurchase the Delayed Delivery Mortgage Loan or (B) substitute a
      Qualified Substitute Mortgage Loan for a Delayed Delivery Mortgage Loan, which
      repurchase or substitution shall be accomplished in the manner and subject
      to
      the conditions in Section 2.03 (treating each such Delayed Delivery Mortgage
      Loan as a Deleted Mortgage Loan for purposes of such Section 2.03);

     

    provided,
      however, that if the Depositor fails to deliver a Mortgage File for any Delayed
      Delivery Mortgage Loan within the period specified herein, the Depositor shall
      cause the Seller to use its best reasonable efforts to effect a substitution,
      rather than a repurchase of, such Delayed Delivery Mortgage Loan; provided,
      further, that the cure period provided for in Section 2.02 or in Section 2.03
      shall not apply to the initial delivery of the Mortgage File for such Delayed
      Delivery Mortgage Loan, but rather the Seller shall have five (5) Business
      Days
      to cure such failure to deliver. At the end of such period, the Trustee shall
      send a certification for the Delayed Delivery Mortgage Loans delivered during
      such period in accordance with the provisions of Section 2.02.

     

    Section
      2.02.  Acceptance
      by Trustee.

     

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

     

    The
      Trustee agrees, for the benefit of the Certificateholders and the Certificate
      Insurer, to execute and deliver (or cause the Custodian to execute and deliver)
      to the Depositor on or prior to the Closing Date an acknowledgment of receipt
      of
      the original Mortgage Notes (with any exceptions noted), substantially in the
      form attached as Exhibit F-3 hereto.

     

    The
      Trustee agrees, for the benefit of the Certificateholders and the Certificate
      Insurer, to review, or that it has reviewed pursuant to Section 2.01 (or to
      cause the Custodian to review or that it has caused the Custodian to have
      reviewed), each Mortgage File on or prior to the Closing Date, with respect
      to
      each Mortgage Loan (or, with respect to any document delivered after the Startup
      Day, within 45 days of receipt and with respect to any Qualified Substitute
      Mortgage Loan, within 45 days after the assignment thereof). The Trustee further
      agrees, for the benefit of the Certificateholders and the Certificate Insurer,
      to certify in substantially the form attached hereto as Exhibit F-1, within
      45
      days after the Closing Date, with respect to each Mortgage Loan (or, with
      respect to any document delivered after the Startup Day, within 45 days of
      receipt and with respect to any Qualified Substitute Mortgage, within 45 days
      after the assignment thereof) that, as to each Mortgage Loan listed in the
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in the exception report annexed thereto
      as
      not being covered by such certification), (i) all documents required to be
      delivered to it pursuant Section 2.01 of this Agreement are in its possession,
      (ii) such documents have been reviewed by it and have not been mutilated,
      damaged or torn and relate to such Mortgage Loan and (iii) based on its
      examination and only as to the foregoing, the information set forth in the
      Mortgage Loan Schedule that corresponds to items (1) and (2) of the Mortgage
      Loan Schedule accurately reflects information set forth in the Mortgage File.
      It
      is herein acknowledged that, in conducting such review, the Trustee (or the
      Custodian, as applicable) is under no duty or obligation to inspect, review
      or
      examine any such documents, instruments, certificates or other papers to
      determine that they are genuine, enforceable, or appropriate for the represented
      purpose or that they have actually been recorded or that they are other than
      what they purport to be on their face.

     

    Within
      the year commencing on the Closing Date and ending on the first anniversary
      date
      of the Closing Date, the Trustee shall deliver (or cause the Custodian to
      deliver) to the Depositor, the Seller, the Certificate Insurer and the Servicer
      a final certification in the form annexed hereto as Exhibit F-2 evidencing
      the
      completeness of the Mortgage Files, with any applicable exceptions noted
      thereon.

     

    If
      in the
      process of reviewing the Mortgage Files and making or preparing, as the case
      may
      be, the certifications referred to above, the Trustee (or the Custodian, as
      applicable) finds any document or documents constituting a part of a Mortgage
      File to be missing or to not meet the requirements of Section 2.01, at the
      conclusion of its review the Trustee shall indicate such on the exception report
      annexed to the final certification sent to the Seller, the Depositor, the
      Certificate Insurer and the Servicer. In addition, upon the discovery by the
      Seller, the Depositor, the Certificate Insurer or the Servicer (or upon receipt
      by the Trustee of written notification of such breach) of a breach of any of
      the
      representations and warranties made by the Seller in the Mortgage Loan Purchase
      Agreement in respect of any Mortgage Loan which materially adversely affects
      such Mortgage Loan or the interests of the Certificateholders in such Mortgage
      Loan, the party discovering such breach shall give prompt written notice to
      the
      other parties to this Agreement.

     

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

     

    (a)  Upon
      discovery or receipt of written notice of any document which does not conform
      to
      the requirements of Section 2.01, or that a document is missing from a Mortgage
      File, or of the breach by the Seller of any representation, warranty or covenant
      under the Mortgage Loan Purchase Agreement in respect of any Mortgage Loan
      which
      in any such case materially adversely affects the value of such Mortgage Loan
      or
      the interest therein of the Certificateholders or the Certificate Insurer,
      the
      Trustee shall promptly notify the Seller, the Depositor, the Certificate Insurer
      and the Servicer of such defect, missing document or breach and request that
      the
      Seller, if and to the extent required under the Mortgage Loan Purchase
      Agreement, deliver such missing document or cure such defect or breach within
      90
      days from the date the Seller was notified of such missing document, defect
      or
      breach, and if the Seller does not deliver such missing document or cure such
      defect or breach in all material respects during such period, if and to the
      extent required under the Mortgage Loan Purchase Agreement, the Servicer or
      the
      Trustee, in accordance with Section 3.02(b), shall enforce the Seller’s
      obligation under the Mortgage Loan Purchase Agreement and cause the Seller
      to
      repurchase such Mortgage Loan from the Trust Fund at the Purchase Price on
      or
      prior to the Determination Date following the expiration of such 90 day period;
      provided, that in connection with any such breach that could not reasonably
      have
      been cured within such 90 day period, if the Seller shall have commenced to
      cure
      such breach within such 90 day period, the Seller shall be permitted to proceed
      thereafter diligently and expeditiously to cure the same within the additional
      period provided under the Mortgage Loan Purchase Agreement. The Purchase Price
      for the repurchased Mortgage Loan shall be deposited in the Certificate Account,
      and the Trustee, upon receipt of written certification from the Servicer of
      such
      deposit, shall release to the Seller the related Mortgage File and shall execute
      and deliver such instruments of transfer or assignment, in each case without
      recourse, as the Seller shall furnish to it and as shall be necessary to vest
      in
      the Seller any Mortgage Loan released pursuant hereto and the Trustee shall
      have
      no further responsibility with regard to such Mortgage File (it being understood
      that the Trustee shall have no responsibility for determining the sufficiency
      of
      such assignment for its intended purpose). In lieu of repurchasing any such
      Mortgage Loan as provided above, the Seller may cause such Mortgage Loan to
      be
      removed from the Trust Fund (in which case it shall become a Deleted Mortgage
      Loan) and substitute one or more Qualified Substitute Mortgage Loans in the
      manner and subject to the limitations set forth in Section 2.03(d). It is
      understood and agreed (i) that the obligation of the Seller to cure or to
      repurchase (or to substitute for) any Mortgage Loan as to which a document
      is
      missing, a material defect in a constituent document exists or as to which
      such
      a breach has occurred and is continuing shall constitute the sole remedy against
      the Seller respecting such omission, defect or breach available to the Trustee
      on behalf of the Certificateholders and the Certificate Insurer and (ii) that
      the Seller shall not have any obligation to provide any such cure, repurchase
      or
      substitution remedy with respect to any such defect or breach to the extent
      such
      defect or breach occurred as a result of the problem associated with the related
      Mortgage Loan that is identified on Schedule II to the Mortgage Loan Purchase
      Agreement.

     

    (b)  As
      promptly as practicable following the earlier of discovery by the Depositor
      or
      receipt of notice by the Depositor of the breach of any representation, warranty
      or covenant of the Depositor set forth in Section 2.06 which materially and
      adversely affects the interests of the Certificateholders or the Certificate
      Insurer in any Mortgage Loan, the Depositor shall cure such breach in all
      material respects.

     

    (c)  As
      promptly as practicable following the earlier of discovery by the Servicer
      or
      receipt of notice by the Servicer of the breach of any representation, warranty
      or covenant of the Servicer set forth in Section 2.05 which materially and
      adversely affects the interests of the Certificateholders in any Mortgage Loan,
      the Servicer shall cure such breach in all material respects.

     

    (d)  Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) must be effected prior to the last Business
      Day
      that is two years after the Closing Date. The final maturity date of such
      Qualified Substitute Mortgage Loan must be on or before March 2011. As to any
      Deleted Mortgage Loan for which the Seller substitutes a Qualified Substitute
      Mortgage Loan or Loans, such substitution shall be effected by the Seller
      delivering to the Trustee, for such Qualified Substitute Mortgage Loan or Loans,
      the Mortgage Note, the Mortgage and the Assignment to the Trustee, and such
      other documents and agreements, with all necessary endorsements thereon, as
      are
      required by Section 2.01, together with an Officers’ Certificate providing that
      each such Qualified Substitute Mortgage Loan satisfies the definition thereof
      and specifying the Substitution Adjustment (as described below), if any, in
      connection with such substitution. The Trustee shall acknowledge receipt for
      such Qualified Substitute Mortgage Loan or Loans and, within ten Business Days
      thereafter, shall review such documents as specified in Section 2.02 and deliver
      to the Servicer, with respect to such Qualified Substitute Mortgage Loan or
      Loans, a certification substantially in the form attached hereto as Exhibit
      F-1,
      with any applicable exceptions noted thereon. Within one year of the date of
      substitution, the Trustee shall deliver to the Servicer a certification
      substantially in the form of Exhibit F-2 hereto with respect to such Qualified
      Substitute Mortgage Loan or Loans, with any applicable exceptions noted thereon.
      Monthly Payments due with respect to Qualified Substitute Mortgage Loans in
      the
      month of substitution are not part of the Trust Fund and will be retained by
      the
      Seller. For the month of substitution, distributions to Certificateholders
      will
      reflect the collections and recoveries in respect of such Deleted Mortgage
      Loan
      in the Remittance Period ending in the month of substitution and the Seller
      shall thereafter be entitled to retain all amounts subsequently received in
      respect of such Deleted Mortgage Loan. The Trustee shall give written notice
      to
      the Certificateholders and the Certificate Insurer that such substitution has
      taken place, and the Servicer shall amend the Mortgage Loan Schedule to reflect
      the removal of such Deleted Mortgage Loan from the terms of this Agreement
      and
      the substitution of the Qualified Substitute Mortgage Loan or Loans and shall
      deliver a copy of such amended Mortgage Loan Schedule to the Trustee. Upon
      such
      substitution by the Seller, such Qualified Substitute Mortgage Loan or Loans
      shall constitute part of the Mortgage Pool and shall be subject in all respects
      to the terms of this Agreement and the Mortgage Loan Purchase Agreement,
      including all applicable representations and warranties thereof included in
      the
      Mortgage Loan Purchase Agreement as of the date of substitution.

     

    For
      any
      month in which the Seller substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Servicer will determine the
      amount (the “Substitution Adjustment”), if any, by which the aggregate Purchase
      Price of all such Deleted Mortgage Loans exceeds the aggregate, as to each
      such
      Qualified Substitute Mortgage Loan, of the Stated Principal Balance thereof
      as
      of the date of substitution, together with one month’s interest on such Stated
      Principal Balance at the applicable Net Mortgage Rate. On the date of such
      substitution, the Seller will deliver or cause to be delivered to the Servicer
      for deposit in the Certificate Account, to the extent required under the
      Mortgage Loan Purchase Agreement, an amount equal to the Substitution
      Adjustment, if any, and the Trustee, upon receipt of the related Qualified
      Substitute Mortgage Loan or Loans and certification by the Servicer of such
      deposit, shall release to the Seller the Mortgage File or Files with respect
      to
      the applicable Deleted Mortgage Loan(s), and shall execute and deliver such
      instruments of transfer or assignment, in each case without recourse, as the
      Seller shall deliver to it and as shall be necessary to vest therein any Deleted
      Mortgage Loan released pursuant hereto.

     

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

     

    (e)  Upon
      discovery by the Depositor, the Certificate Insurer or the Servicer or receipt
      of written notice by the Trustee that any Mortgage Loan does not constitute
      a
“qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, the
      party discovering such fact shall, within two Business Days, give written notice
      thereof to the other parties hereto. In connection therewith, the Servicer
      or
      the Trustee, in accordance with Section 3.02(b), shall enforce the obligations
      of the Seller to repurchase or, subject to the limitations set forth in Section
      2.03(d), substitute one or more Qualified Substitute Mortgage Loans for the
      affected Mortgage Loan within 90 days of the earlier of discovery or receipt
      of
      such notice with respect to such affected Mortgage Loan. Such repurchase or
      substitution shall be made by the Seller if the affected Mortgage Loan’s status
      as a non-qualified mortgage is or results from a breach of any representation,
      warranty or covenant made by the Seller under the Mortgage Loan Purchase
      Agreement. Any such repurchase or substitution shall be made in the same manner
      as set forth in Section 2.03(d). The Trustee shall reconvey to the Seller,
      as
      the case may be, the Mortgage Loan to be released pursuant hereto in the same
      manner, and on the same terms and conditions, as it would a Mortgage Loan
      repurchased pursuant to Section 2.03(a).

     

    Section
      2.04.  [Reserved].

     

    Section
      2.05.  Representations,
      Warranties and Covenants of the Servicer.

     

    The
      Servicer hereby represents, warrants and covenants to the Trustee, for the
      benefit of each of the Trustee, the Certificate Insurer and the
      Certificateholders, and to the Depositor that as of the Closing Date or as
      of
      such date specifically provided herein:

     

    (i)  The
      Servicer is duly organized, validly existing and in good standing under the
      laws
      of the United States and has all licenses necessary to carry on its business
      as
      now being conducted and is licensed, qualified and in good standing in the
      states where each Mortgaged Property is located if the laws of such state
      require licensing or qualification in order to conduct business of the type
      conducted by the Servicer or to ensure the enforceability or validity of each
      Mortgage Loan; the Servicer has the power and authority to execute and deliver
      this Agreement and to perform in accordance herewith; the execution, delivery
      and performance of this Agreement (including all instruments of transfer to
      be
      delivered pursuant to this Agreement) by the Servicer and the consummation
      of
      the transactions contemplated hereby have been duly and validly authorized;
      this
      Agreement evidences the valid, binding and enforceable obligation of the
      Servicer, subject to applicable bankruptcy, insolvency, reorganization,
      moratorium or other similar laws affecting the enforcement of creditors’ rights
      generally; and all requisite corporate action has been taken by the Servicer
      to
      make this Agreement valid and binding upon the Servicer in accordance with
      its
      terms;

     

    (ii)  The
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Servicer and will not result in the breach
      of
      any term or provision of the charter or by-laws of the Servicer or result in
      the
      breach of any term or provision of, or conflict with or constitute a default
      under or result in the acceleration of any obligation under, any agreement,
      indenture or loan or credit agreement or other instrument to which the Servicer
      or its property is subject, or result in the violation of any law, rule,
      regulation, order, judgment or decree to which the Servicer or its property
      is
      subject;

     

    (iii)  The
      execution and delivery of this Agreement by the Servicer and the performance
      and
      compliance with its obligations and covenants hereunder do not require the
      consent or approval of any governmental authority or, if such consent or
      approval is required, it has been obtained;

     

    (iv)  This
      Agreement, and all documents and instruments contemplated hereby which are
      executed and delivered by the Servicer, constitute and will constitute valid,
      legal and binding obligations of the Servicer, enforceable in accordance with
      their respective terms, except as the enforcement thereof may be limited by
      applicable bankruptcy laws and general principles of equity;

     

    (v)  
      [Reserved];

     

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

     

    (vii)  There
      is
      no action, suit, proceeding or investigation pending or, to its knowledge,
      threatened against the Servicer that, either individually or in the aggregate,
      (A) may result in any change in the business, operations, financial condition,
      properties or assets of the Servicer that might prohibit or materially and
      adversely affect the performance by such Servicer of its obligations under,
      or
      validity or enforceability of, this Agreement, or (B) may result in any material
      impairment of the right or ability of the Servicer to carry on its business
      substantially as now conducted, or (C) may result in any material liability
      on
      the part of the Servicer, or (D) would draw into question the validity or
      enforceability of this Agreement or of any action taken or to be taken in
      connection with the obligations of the Servicer contemplated herein, or (E)
      would otherwise be likely to impair materially the ability of the Servicer
      to
      perform under the terms of this Agreement;

     

    (viii)  Neither
      this Agreement nor any information, certificate of an officer, statement
      furnished in writing or report delivered to the Trustee by the Servicer in
      connection with the transactions contemplated hereby contains any untrue
      statement of a material fact; and

     

    (ix)  The
      Servicer covenants that its computer and other systems used in servicing the
      Mortgage Loans operate in a manner such that the Servicer can service the
      Mortgage Loans in accordance with the terms of this Agreement.

     

    It
      is
      understood and agreed that the representations, warranties and covenants set
      forth in this Section 2.05 shall survive delivery of the Mortgage Files to
      the
      Trustee and shall inure to the benefit of the Trustee, the Depositor, the
      Certificate Insurer and the Certificateholders. Upon discovery by any of the
      Depositor, the Servicer, the Seller, the Certificate Insurer or the Trustee
      of a
      breach of any of the foregoing representations, warranties and covenants which
      materially and adversely affects the value of any Mortgage Loan, or the
      interests therein of the Certificateholders and the Certificate Insurer, the
      party discovering such breach shall give prompt written notice (but in no event
      later than two Business Days following such discovery) to the Servicer, the
      Seller, the Certificate Insurer and the Trustee.

     

    Section
      2.06.  Representations
      and Warranties of the Depositor.

     

    The
      Depositor represents and warrants to the Trust and to the Trustee, for the
      benefit of each of the Trustee, the Certificateholders and the Certificate
      Insurer, that as of the Closing Date or as of such date specifically provided
      herein:

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vii)  The
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated thereby, do not and will not
      result in a material breach or violation of any of the terms or provisions
      of,
      or constitute a default under, any indenture, mortgage, deed of trust, loan
      agreement or other agreement or instrument to which the Depositor is a party
      or
      by which the Depositor is bound or to which any of the property or assets of
      the
      Depositor is subject, nor will such actions result in any violation of the
      provisions of the articles of incorporation or by-laws of the Depositor or
      any
      statute or any order, rule or regulation of any court or governmental agency
      or
      body having jurisdiction over the Depositor or any of its properties or assets
      (except for such conflicts, breaches, violations and defaults as would not have
      a material adverse effect on the ability of the Depositor to perform its
      obligations under this Agreement and as would not have a material adverse effect
      on the validity of this Agreement or the Certificates);

     

    (viii)  No
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under state securities or Blue Sky laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this Agreement;
      and

     

    (ix)  There
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement. It is understood and agreed that the representations and
      warranties set forth in this Section 2.06 shall survive delivery of the Mortgage
      Files to the Trustee and shall inure to the of the Certificateholders
and
      the
      Certificate Insurer
      notwithstanding any restrictive or qualified endorsement or assignment. Upon
      discovery by any of the Depositor, the Servicer, the Certificate Insurer or
      the
      Trustee of a breach of any of the foregoing representations and warranties
      which
      materially and adversely affects the value of any Mortgage Loan or the interests
      therein of the Certificateholders and the Certificate Insurer, the party
      discovering such breach shall give prompt written notice to the other parties
      hereto, and in no event later than two Business Days from the date of such
      discovery. Unless such breach shall not be susceptible of cure within 90 days,
      the obligation of the Depositor set forth in Section 2.03(b) to cure breaches
      shall constitute the sole remedy against the Depositor available to the
      Certificateholders, the Servicer and the Trustee on behalf of the
      Certificateholders respecting a breach of the representations, warranties and
      covenants contained in this Section 2.06.

     

    Section
      2.07.  Issuance
      of Certificates.

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it of the Mortgage Files, subject to the provisions of Sections 2.01 and
      2.02, together with the assignment to it of all other assets included in the
      Trust Fund, receipt of which is hereby acknowledged. Concurrently with such
      assignment and delivery and in exchange therefor, the Trustee, pursuant to
      the
      written request of the Depositor executed by an officer of the Depositor, has
      executed, authenticated and delivered to or upon the order of the Depositor,
      the
      Certificates in authorized denominations. The interests evidenced by the
      Certificates, constitute the entire beneficial ownership interest in the Trust
      Fund. The rights of the Certificateholders to receive distributions from the
      proceeds of the Trust Fund in respect of the Certificates, and all ownership
      interests evidenced or constituted by the Certificates, shall be as set forth
      in
      this Agreement.

     

    Section
      2.08.  Conveyance
      of REMIC 1 Regular Interests and Acceptance of REMIC 2 by
      Trustee.

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the assets
      described in the definition of REMIC 1 for the benefit of the holders of the
      REMIC 1 Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-1 Interest). The Trustee acknowledges
      receipt of the assets described in the definition of REMIC 1 and declares that
      it holds and will hold the same in trust for the exclusive use and benefit
      of
      the holders of the REMIC 1 Regular Interests and the Class R Certificates (in
      respect of the Class R-1 Interest). The interests evidenced by the Class R-1
      Interest, together with the REMIC 1 Regular Interests, constitute the entire
      beneficial ownership interest in REMIC 1.

     

    (b)  Reserved.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      1 Regular Interests (which are uncertificated) for the benefit of the Holders
      of
      the REMIC 2 Regular Interests (which are uncertificated) and the Class R
      Certificates (in respect of the Class R-2 Interest). The Trustee acknowledges
      receipt of the REMIC 1 Regular Interests and declares that it holds and will
      hold the same in trust for the exclusive use and benefit of the Holders of
      the
      Regular Certificates and the Class R Certificates (in respect of the Class
      R-2
      Interest). The interests evidenced by the Class R-2 Interest, together with
      the
      Regular Certificates, constitute the entire beneficial ownership interest in
      REMIC 2.

     

    (d)  Reserved.

     

    (e)  Concurrently
      with (i) the assignment and delivery to the Trustee of REMIC 1 (including the
      Residual Interest therein represented by the Class R-1 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.08(a), (ii) [reserved]
      and (iii) the assignment and delivery to the Trustee of REMIC 2 (including
      the
      Residual Interest therein represented by the Class R-2 Interest) and the
      acceptance by the Trustee thereof, pursuant to Section 2.08(c), the Trustee,
      pursuant to the written request of the Depositor executed by an officer of
      the
      Depositor, has executed, authenticated and delivered to or upon the order of
      the
      Depositor, the Class R Certificates in authorized denominations evidencing
      the
      Class R-1 Interest and the Class R-2 Interest.

     

    Section
      2.09.  Purposes
      and Powers of the Trust.

     

    The
      purpose of the common law trust, as created hereunder, is to engage in the
      following activities:

     

    (i)  to
      acquire and hold the Mortgage Loans and the other assets of the Trust Fund
      and
      the proceeds therefrom;

     

    (ii)  to
      issue
      the Certificates sold to the Depositor in exchange for the Mortgage
      Loans;

     

    (iii)  to
      make
      payments on the Certificates;

     

    (iv)  to
      engage
      in those activities that are necessary, suitable or convenient to accomplish
      the
      foregoing or are incidental thereto or connected therewith; and

     

    (v)  subject
      to compliance with this Agreement, to engage in such other activities as may
      be
      required in connection with conservation of the Trust Fund and the making of
      distributions to the Certificateholders.

     

    The
      Trust
      is hereby authorized to engage in the foregoing activities. The Trustee and
      the
      Servicer shall not cause the Trust to engage in any activity other than in
      connection with the foregoing or other than as required or authorized by the
      terms of this Agreement while any Certificate is outstanding, and this Section
      2.10 may not be amended, without the consent of the Certificateholders
      evidencing 66 2/3% or more of the aggregate Voting Rights of the
      Certificates.

     

     

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    Section
      3.01.  Servicer
      to Act as Servicer.

     

    The
      Servicer shall service and administer the Mortgage Loans on behalf of the Trust
      and in the best interests of and for the benefit of the Certificateholders
      and
      the Certificate Insurer (as determined by the Servicer in its reasonable
      judgment) in accordance with the terms of this Agreement and the Mortgage Loans
      and, to the extent consistent with such terms, in the same manner in which
      it
      services and administers similar mortgage loans for its own portfolio, giving
      due consideration to customary and usual standards of practice of mortgage
      lenders and loan servicers administering similar mortgage loans but without
      regard to:

     

    (i)  any
      relationship that the Servicer, any Sub-Servicer or any Affiliate of the
      Servicer or any Sub-Servicer may have with the related Mortgagor;

     

    (ii)  the
      ownership or non-ownership of any Certificate by the Servicer or any Affiliate
      of the Servicer;

     

    (iii)  the
      Servicer’s obligation to make Advances or Servicing Advances; or

     

    (iv)  the
      Servicer’s or any Sub-Servicer’s right to receive compensation for its services
      hereunder or with respect to any particular transaction.

     

    Subject
      only to the above-described servicing standards and the terms of this Agreement
      and of the Mortgage Loans, the Servicer shall have full power and authority,
      acting alone or through Sub-Servicers as provided in Section 3.02, to do or
      cause to be done any and all things in connection with such servicing and
      administration which it may deem necessary or desirable. Without limiting the
      generality of the foregoing, the Servicer in its own name or in the name of
      a
      Sub-Servicer is hereby authorized and empowered by the Trustee, when the
      Servicer believes it appropriate in its best judgment in accordance with the
      servicing standards set forth above, to execute and deliver, on behalf of the
      Certificateholders, the Certificate Insurer and the Trustee, and upon notice
      to
      the Trustee and the Certificateholders, 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 the Mortgaged
      Properties and to institute foreclosure proceedings or obtain a deed-in-lieu
      of
      foreclosure so as to convert the ownership of such properties, and to hold
      or
      cause to be held title to such properties, on behalf of the Trustee and
      Certificateholders. The Servicer shall service and administer the Mortgage
      Loans
      in accordance with applicable state and federal law and shall provide to the
      Mortgagors any reports required to be provided to them thereby. Subject to
      Section 3.17, the Trustee shall execute, at the written request of the Servicer,
      and furnish to the Servicer and any Sub-Servicer any special or limited powers
      of attorney and other documents necessary or appropriate to enable the Servicer
      or any Sub-Servicer to carry out their servicing and administrative duties
      hereunder; provided, such limited powers of attorney or other documents shall
      be
      prepared by the Servicer and submitted to the Trustee for execution. The Trustee
      shall not be liable for the actions of the Servicer or any Sub-Servicers under
      such powers of attorney.

     

    Subject
      to Section 3.09 hereof, in accordance with the servicing standards of the
      preceding paragraphs, the Servicer shall advance or cause to be advanced funds
      as necessary for the purpose of effecting the timely payment of taxes and
      assessments on the Mortgaged Properties, which advances shall be Servicing
      Advances reimbursable in the first instance from related collections from the
      Mortgagors pursuant to Section 3.09, and further as provided in Section 3.11.
      Any cost incurred by the Servicer or by Sub-Servicers in effecting the timely
      payment of taxes and assessments on a Mortgaged Property shall not, for the
      purpose of calculating distributions to Certificateholders, be added to the
      unpaid Stated Principal Balance of the related Mortgage Loan, notwithstanding
      that the terms of such Mortgage Loan so permit.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Servicer may not make any future
      advances with respect to a Mortgage Loan (except as provided in Section 4.03)
      and the Servicer shall not (i) permit any modification with respect to any
      Mortgage Loan that would change the Mortgage Rate, reduce or increase the Stated
      Principal Balance (except for reductions resulting from actual payments of
      principal) or change the final maturity date on such Mortgage Loan (unless,
      as
      provided in Section 3.07, the Mortgagor is in default with respect to the
      Mortgage Loan or such default is, in the judgment of the Servicer, reasonably
      foreseeable) or (ii) permit any modification, waiver or amendment of any term
      of
      any Mortgage Loan that would both (A) effect an exchange or reissuance of such
      Mortgage Loan under Section 1001 of the Code (or Treasury regulations
      promulgated thereunder) and (B) any REMIC created hereunder to fail to qualify
      as a REMIC under the Code or the imposition of any tax on “prohibited
      transactions” or “contributions after the startup date” under the REMIC
      Provisions. The Servicer shall also not permit extensions beyond the Final
      Distribution Date.

     

    Section
      3.02.  Sub-Servicing
      Agreements Between Servicer and Sub-Servicers; Special Servicing.

     

    (a)  The
      Servicer may enter into Sub-Servicing Agreements with Sub-Servicers for the
      servicing and administration of the Mortgage Loans; provided, however, that
      such
      agreements would not result in a withdrawal or a downgrading by any Rating
      Agency of the rating on any Class of Certificates (without regard to the
      Policy).

     

    Each
      Sub-Servicer shall be (i) authorized and licensed to transact business in the
      state or states where the related Mortgaged Properties it is to service are
      situated, if and to the extent required by applicable law to enable the
      Sub-Servicer to perform its obligations hereunder and under the Sub-Servicing
      Agreement and (ii) a Freddie Mac or Fannie Mae approved mortgage servicer.
      Each
      Sub-Servicing Agreement must impose on the Sub-Servicer requirements conforming
      to the provisions set forth in Section 3.08 and provide for servicing of the
      Mortgage Loans consistent with the terms of this Agreement. The Servicer will
      examine each Sub-Servicing Agreement and will be familiar with the terms
      thereof. The terms of any Sub-Servicing Agreement will not be inconsistent
      with
      any of the provisions of this Agreement. The Servicer and the Sub-Servicers
      may
      enter into and make amendments to the Sub-Servicing Agreements or enter into
      different forms of Sub-Servicing Agreements; provided, however, that any such
      amendments or different forms shall be consistent with and not violate the
      provisions of this Agreement, and that no such amendment or different form
      shall
      be made or entered into which could be reasonably expected to be materially
      adverse to the interests of the Certificateholders or the Certificate Insurer
      without the consent of the Holders of Certificates entitled to at least 66%
      of
      the Voting Rights (excluding any Certificates held by the Seller, the Servicer
      or any Affiliate thereof) and the Certificate Insurer (unless the Policy has
      been canceled upon the payment in full of the Insured Certificates or a
      Certificate Insurer Default has occurred and is continuing); provided, further,
      that the consent of the Holders of Certificates entitled to at least 66% of
      the
      Voting Rights (excluding any Certificates held by the Seller, the Servicer
      or
      any Affiliate thereof) or the Certificate Insurer shall not be required (i)
      to
      cure any ambiguity or defect in a Sub-Servicing Agreement, (ii) to correct,
      modify or supplement any provisions of a Sub-Servicing Agreement, or (iii)
      to
      make any other provisions with respect to matters or questions arising under
      a
      Sub-Servicing Agreement, which, in each case, shall not be inconsistent with
      the
      provisions of this Agreement. Any variation without the consent of the Holders
      of Certificates entitled to at least 66% of the Voting Rights (excluding any
      Certificates held by the Seller, the Servicer or any Affiliate thereof) and
      the
      Certificate Insurer (unless the Policy has been canceled upon the payment in
      full of the Insured Certificates or a Certificate Insurer Default has occurred
      and is continuing) from the provisions set forth in Section 3.08 relating to
      insurance or priority requirements of Sub-Servicing Accounts, or credits and
      charges to the Sub-Servicing Accounts or the timing and amount of remittances
      by
      the Sub-Servicers to the Servicer, are conclusively deemed to be inconsistent
      with this Agreement and therefore prohibited. The Servicer shall deliver to
      the
      Trustee copies of all Sub-Servicing Agreements, and any amendments or
      modifications thereof, promptly upon the Servicer’s execution and delivery of
      such instruments.

     

    (b)  As
      part
      of its servicing activities hereunder, the Servicer, for the benefit of the
      Trustee, the Certificate Insurer and the Certificateholders, shall enforce
      the
      obligations of each Sub-Servicer under the related Sub-Servicing Agreement
      and
      of the Seller under the Mortgage Loan Purchase Agreement, including, without
      limitation, any obligation to make advances in respect of delinquent payments as
      required by a Sub-Servicing Agreement, or to purchase a Mortgage Loan on account
      of missing or defective documentation or on account of a breach of a
      representation, warranty or covenant, as described in Section 2.03(a). Such
      enforcement, including, without limitation, the legal prosecution of claims,
      termination of Sub-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 Servicer, in its good faith business judgment, would require were
      it
      the owner of the related Mortgage Loans. The Servicer shall pay the costs of
      such enforcement at its own expense, and shall be reimbursed therefor only
      (i)
      from a general recovery resulting from such enforcement, to the extent, if
      any,
      that such recovery exceeds all amounts due in respect of the related Mortgage
      Loans, or (ii) from a specific recovery of costs, expenses or attorneys’ fees
      against the party against whom such enforcement is directed. Enforcement of
      the
      Mortgage Loan Purchase Agreement against the Seller shall be effected by the
      Servicer to the extent it is not the Seller, and otherwise by the Trustee in
      accordance with the foregoing provisions of this paragraph.

     

    Section
      3.03.  Successor
      Sub-Servicers.

     

    The
      Servicer shall be entitled to terminate any Sub-Servicing Agreement and the
      rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
      Agreement in accordance with the terms and conditions of such Sub-Servicing
      Agreement. In the event of termination of any Sub-Servicer, all servicing
      obligations of such Sub-Servicer shall be assumed simultaneously by the Servicer
      without any act or deed on the part of such Sub-Servicer or the Servicer, and
      the Servicer either shall service directly the related Mortgage Loans or shall
      enter into a Sub-Servicing Agreement with a successor Sub-Servicer which
      qualifies under Section 3.02.

     

    Any
      Sub-Servicing Agreement shall include the provision that such agreement may
      be
      immediately terminated by the Servicer or the Trustee (if the Trustee is acting
      as Servicer) without fee, in accordance with the terms of this Agreement, in
      the
      event that the Servicer (or the Trustee, if such party is then acting as
      Servicer) shall, for any reason, no longer be the Servicer (including
      termination due to a Servicer Event of Termination).

     

    Section
      3.04.  Liability
      of the Servicer.

     

    Notwithstanding
      any Sub-Servicing Agreement or the provisions of this Agreement relating to
      agreements or arrangements between the Servicer and a Sub-Servicer or reference
      to actions taken through a Sub-Servicer or otherwise, the Servicer shall remain
      obligated and primarily liable to the Trustee, the Certificate Insurer and
      the
      Certificateholders for the servicing and administering of the Mortgage Loans
      in
      accordance with the provisions of Section 3.01 without diminution of such
      obligation or liability by virtue of such Sub-Servicing Agreements or
      arrangements or by virtue of indemnification from the Sub-Servicer and to the
      same extent and under the same terms and conditions as if the Servicer alone
      were servicing and administering the Mortgage Loans. The Servicer shall be
      entitled to enter into any agreement with a Sub-Servicer for indemnification
      of
      the Servicer by such Sub-Servicer and nothing contained in this Agreement shall
      be deemed to limit or modify such indemnification.

     

    Section
      3.05.  No
      Contractual Relationship Between Sub-Servicers and the Trustee or
      Certificateholders.

     

    Any
      Sub-Servicing Agreement that may be entered into and any transactions or
      services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
      as such shall be deemed to be between the Sub-Servicer and the Servicer alone,
      and neither the Trustee nor the Certificateholders shall be deemed parties
      thereto, and neither the Trustee nor the Certificateholders shall have any
      claims, rights, obligations, duties or liabilities with respect to the
      Sub-Servicer except as set forth in Section 3.06. The Servicer shall be solely
      liable for all fees owed by it to any Sub-Servicer, irrespective of whether
      the
      Servicer’s compensation pursuant to this Agreement is sufficient to pay such
      fees.

     

    Section
      3.06.  Assumption
      or Termination of Sub-Servicing Agreements by Trustee.

     

    In
      the
      event the Servicer shall for any reason no longer be the servicer (including
      by
      reason of the occurrence of a Servicer Event of Termination), the successor
      Servicer or the Trustee if it becomes successor Servicer shall thereupon assume
      all of the rights and obligations of the Servicer under each Sub-Servicing
      Agreement that the Servicer may have entered into, unless the Trustee elects
      to
      terminate any Sub-Servicing Agreement in accordance with its terms as provided
      in Section 3.03. Upon such assumption, the Trustee (or the successor Servicer
      appointed pursuant to Section 7.02) shall be deemed, subject to Section 3.03,
      to
      have assumed all of the departing Servicer’s interest therein and to have
      replaced the departing Servicer as a party to each Sub-Servicing Agreement
      to
      the same extent as if each Sub-Servicing Agreement had been assigned to the
      assuming party, except that (i) the departing Servicer shall not thereby be
      relieved of any liability or obligations under any Sub-Servicing Agreement
      that
      arose before it ceased to be the Servicer and (ii) neither the Trustee nor
      any
      successor Servicer shall be deemed to have assumed any liability or obligation
      of the Servicer that arose before it ceased to be the Servicer.

     

    The
      Servicer at its expense shall, upon request of the Trustee, deliver to the
      assuming party all documents and records relating to each Sub-Servicing
      Agreement and the Mortgage Loans then being serviced and an accounting of
      amounts collected and held by or on behalf of it, and otherwise use its best
      efforts to effect the orderly and efficient transfer of the Sub-Servicing
      Agreements to the assuming party. All Servicing Transfer Costs shall be paid
      by
      the predecessor Servicer (or, if the predecessor Servicer is the Trustee, the
      Servicer that immediately preceded the Trustee) upon presentation of reasonable
      documentation of such costs, and if such predecessor Servicer defaults in its
      obligation to pay such costs, such costs shall be paid by the successor Servicer
      or the Trustee (in which case, the successor Servicer or the Trustee, as
      applicable, shall be entitled to reimbursement therefor from the assets of
      the
      Trust Fund).

     

    Section
      3.07.  Collection
      of Certain Mortgage Loan Payments.

     

    The
      Servicer shall make reasonable efforts to collect all payments called for under
      the terms and provisions of the Mortgage Loans, and shall, to the extent such
      procedures shall be consistent with this Agreement and the terms and provisions
      of any applicable insurance policies, follow such collection procedures as
      it
      would follow with respect to mortgage loans comparable to the Mortgage Loans
      and
      held for its own account. Consistent with the foregoing, the Servicer may in
      its
      discretion (i) waive any late payment charge or, if applicable, any penalty
      interest, or (ii) subject to the last sentence of Section 3.02, extend the
      due
      dates for the Monthly Payments due on a Mortgage Note for a period of not
      greater than 180 days; provided, however, that any extension pursuant to clause
      (ii) above shall not affect the amortization schedule of any Mortgage Loan
      for
      purposes of any computation hereunder, except as provided below. In the event
      of
      any such arrangement pursuant to clause (ii) above, the Servicer shall make
      timely advances on such Mortgage Loan during such extension pursuant to Section
      4.03 and in accordance with the amortization schedule of such Mortgage Loan
      without modification thereof by reason of such arrangement. Notwithstanding
      the
      foregoing, in the event that any Mortgage Loan is in default or, in the judgment
      of the Servicer, such default is reasonably foreseeable, the Servicer,
      consistent with the standards set forth in Section 3.01, may also waive, modify
      or vary any term of such Mortgage Loan (including modifications that would
      change the Mortgage Rate, forgive the payment of principal or interest or extend
      the final maturity date of such Mortgage Loan), accept payment from the related
      Mortgagor of an amount less than the Stated Principal Balance in final
      satisfaction of such Mortgage Loan, or consent to the postponement of strict
      compliance with any such term or otherwise grant indulgence to any Mortgagor
      (any and all such waivers, modifications, variances, forgiveness of principal
      or
      interest, postponements, or indulgences collectively referred to herein as
      “forbearance”); provided, however, that (i) the Servicer shall determine that
      such forbearance is not materially adverse to the interests of the
      Certificateholders (taking into account any estimated loss that might result
      absent such action) and is expected to minimize the loss on such Mortgage Loan,
      (ii) the Servicer shall not initiate any new lending to such Mortgagor through
      the Trust Fund and (iii) in no event shall the Servicer grant any such
      forbearance (other than as permitted by the second sentence of this Section)
      with respect to any one Mortgage Loan more than once in any 12 month period
      or
      more than three times over the life of such Mortgage Loan. The Servicer’s
      analysis supporting any forbearance and the conclusion that any forbearance
      meets the standards of Section 3.01 shall be reflected in writing in the
      Mortgage File.

     

    Section
      3.08.  Sub-Servicing
      Accounts.

     

    In
      those
      cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
      Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
      maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
      Sub-Servicing Account shall be an Eligible Account and shall comply with all
      requirements of this Agreement relating to the Certificate Account. The
      Sub-Servicer shall deposit in the clearing account in which it customarily
      deposits payments and collections on mortgage loans in connection with its
      mortgage loan servicing activities on a daily basis, and in no event more than
      one Business Day after the Sub-Servicer’s receipt thereof, all proceeds of
      Mortgage Loans received by the Sub-Servicer less its servicing compensation
      to
      the extent permitted by the Sub-Servicing Agreement, and shall thereafter
      deposit such amounts in the Sub-Servicing Account, in no event more than two
      Business Days after the receipt of such amounts. The Sub-Servicer shall
      thereafter deposit such proceeds in the Certificate Account or remit such
      proceeds to the Servicer for deposit in the Certificate Account not later than
      two Business Days after the deposit of such amounts in the Sub-Servicing
      Account. For purposes of this Agreement, the Servicer shall be deemed to have
      received payments on the Mortgage Loans when the Sub-Servicer receives such
      payments.

     

    Section
      3.09.  Collection
      of Taxes, Assessments and Similar Items; Servicing Accounts.

     

    The
      Servicer shall establish and maintain, or cause to be established and
      maintained, one or more accounts (the “Servicing Accounts”), into which all
      Escrow Payments shall be deposited and retained. Servicing Accounts shall be
      Eligible Accounts. The Servicer shall deposit in the clearing account in which
      it customarily deposits payments and collections on mortgage loans in connection
      with its mortgage loan servicing activities on a daily basis, and in no event
      more than one Business Day after the Servicer’s receipt thereof, all Escrow
      Payments collected on account of the Mortgage Loans and shall thereafter deposit
      such Escrow Payments in the Servicing Accounts, in no event more than two
      Business Days after the receipt of such Escrow Payments, all Escrow Payments
      collected on account of the Mortgage Loans for the purpose of effecting the
      timely payment of any such items as required under the terms of this Agreement.
      Withdrawals of amounts from a Servicing Account may be made only to: (i) effect
      payment of taxes, assessments and comparable items in a manner and at a time
      that assures that the lien priority of the Mortgage is not jeopardized (or,
      with
      respect to the payment of taxes, in a manner and at a time that avoids the
      loss
      of the Mortgaged Property due to a tax sale or the foreclosure as a result
      of a
      tax lien); (ii) reimburse the Servicer (or a Sub-Servicer to the extent provided
      in the related Sub-Servicing Agreement) out of related collections for any
      Servicing Advances made pursuant to Section 3.01 (with respect to taxes and
      assessments); (iii) refund to Mortgagors any sums as may be determined to be
      overages; (iv) pay interest, if required and as described below, to Mortgagors
      on balances in the Servicing Account; (v) to pay the Servicer excess interest
      on
      funds in the Servicing Accounts to the extent permitted as provided below;
      or
      (vi) clear and terminate the Servicing Account at the termination of the
      Servicer’s obligations and responsibilities in respect of the Mortgage Loans
      under this Agreement in accordance with Article X. In the event the Servicer
      shall deposit in a Servicing Account any amount not required to be deposited
      therein, it may at any time withdraw such amount from such Servicing Account,
      any provision herein to the contrary notwithstanding. The Servicer will be
      responsible for the administration of the Servicing Accounts and will be
      obligated to make Servicing Advances to such accounts when and as necessary
      to
      avoid the lapse of insurance coverage on the Mortgaged Property, or which the
      Servicer knows, or in the exercise of the required standard of care of the
      Servicer hereunder should know, is necessary to avoid the loss of the Mortgaged
      Property due to a tax sale or the foreclosure as a result of a tax lien. If
      any
      such payment has not been made and the Servicer receives notice of a tax lien
      with respect to the Mortgage being imposed, the Servicer will, within 10
      Business Days of such notice, advance or cause to be advanced funds necessary
      to
      discharge such lien on the Mortgaged Property. As part of its servicing duties,
      the Servicer or Sub-Servicers shall pay to the Mortgagors interest on funds
      in
      the Servicing Accounts, to the extent required by law and, to the extent that
      interest earned on funds in the Servicing Accounts is insufficient, to pay
      such
      interest from its or their own funds, without any reimbursement therefor. The
      Servicer may pay to itself any excess interest on funds in the Servicing
      Accounts, to the extent such action is in conformity with the Servicing
      Standard, is permitted by law and such amounts are not required to be paid
      to
      Mortgagors or used for any of the other purposes set forth above.

     

    Section
      3.10.  Certificate
      Account; Distribution Account.

     

    (a)  On
      behalf
      of the Trust Fund, the Servicer shall establish and maintain, or cause to be
      established and maintained, one or more accounts (such account or accounts,
      the
“Certificate Account”), held in trust for the benefit of the Trustee, the
      Certificate Insurer and the Certificateholders. The Certificate Account shall
      be
      an Eligible Account. On behalf of the Trust Fund, the Servicer shall deposit
      or
      cause to be deposited in the clearing account in which it customarily deposits
      payments and collections on mortgage loans in connection with its mortgage
      loan
      servicing activities on a daily basis, and in no event more than one Business
      Day after the Servicer’s receipt thereof, and shall thereafter deposit in the
      Certificate Account, in no event more than two Business Days after the
      Servicer’s receipt thereof, as and when received or as otherwise required
      hereunder, the following payments and collections received or made by it
      subsequent to the Cut-off Date (other than in respect of principal or interest
      on the Mortgage Loans due on or before the Cut-off Date and other than Prepaid
      Interest with respect to such Mortgage Loans) or payments (other than Principal
      Prepayments) received by it on or prior to the Cut-off Date, but allocable
      to a
      Remittance Period subsequent thereto:

     

    (i)  all
      payments on account of principal, including Principal Prepayments;

     

    (ii)  all
      payments on account of interest (net of the related Servicing Fee) on each
      Mortgage Loan;

     

    (iii)  all
      Insurance Proceeds and Liquidation Proceeds (other than proceeds collected
      in
      respect of any particular REO Property and amounts paid in connection with
      a
      purchase of Mortgage Loans and REO Properties pursuant to Section 10.01) and
      Subsequent Recoveries;

     

    (iv)  any
      amounts required to be deposited pursuant to Section 3.12 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Certificate Account;

     

    (v)  any
      amounts required to be deposited by the Servicer pursuant to the second
      paragraph of Section 3.14(a) in respect of any blanket policy
      deductibles;

     

    (vi)  all
      proceeds of any Mortgage Loan repurchased or purchased in accordance with
      Section 2.03, Section 3.16(c) or Section 10.01; 

     

    (vii)  all
      amounts required to be deposited in connection with Substitution Adjustments
      pursuant to Section 2.03; and

     

    (viii)  all
      Prepayment Charges collected.

     

    The
      foregoing requirements for deposit in the Certificate Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of Servicing Fees, late payment
      charges, assumption fees, modification fees, insufficient funds charges and
      ancillary income need not be deposited by the Servicer in the Certificate
      Account and may be retained by the Servicer as additional compensation. In
      the
      event the Servicer shall deposit in the Certificate Account any amount not
      required to be deposited therein, it may at any time withdraw such amount from
      the Certificate Account, any provision herein to the contrary
      notwithstanding.

     

    (b)  On
      behalf
      of the Trust Fund, the Trustee shall establish and maintain one or more accounts
      (such account or accounts, the “Distribution Account”), held in trust for the
      benefit of the Trustee, the Certificate Insurer and the Certificateholders.
      The
      Distribution Account will be an Eligible Account. On behalf of the Trust Fund,
      the Servicer shall deliver to the Trustee in immediately available funds for
      deposit in the Distribution Account on or before 3:00 p.m. New York time (i)
      on
      the Servicer Remittance Date, that portion of the Available Funds (calculated
      without regard to the references in the definition thereof to amounts that
      may
      be withdrawn from the Distribution Account) for the related Distribution Date
      then on deposit in the Certificate Account and any other amounts deposited
      hereunder that are required to be deposited in the Distribution Account funds
      reimbursable pursuant to Section 3.27, and (ii) on each Business Day as of
      the
      commencement of which the balance on deposit in the Certificate Account exceeds
      $75,000 following any withdrawals pursuant to the next succeeding sentence,
      the
      amount of such excess, but only if the Certificate Account constitutes an
      Eligible Account solely pursuant to clause (ii) of the definition of “Eligible
      Account.” If the balance on deposit in the Certificate Account exceeds $75,000
      as of the commencement of business on any Business Day and the Certificate
      Account constitutes an Eligible Account solely pursuant to clause (ii) of the
      definition of “Eligible Account,” the Servicer shall, on or before 3:00 p.m. New
      York time on such Business Day, withdraw from the Certificate Account any and
      all amounts payable or reimbursable to the Servicer, the Trustee, the Seller
      or
      any Sub-Servicer pursuant to Section 3.11 and shall pay such amounts to the
      Persons entitled thereto.

     

    (c)  Funds
      in
      the Certificate Account and the Distribution Account shall be invested in
      Permitted Investments in accordance with the provisions set forth in Section
      3.12. The Servicer shall give notice to the Trustee and the Certificate Insurer
      of the location of the Certificate Account maintained by it when established
      and
      prior to any change thereof. The Trustee shall give notice to the Servicer,
      the
      Certificate Insurer and the Depositor of the location of the Distribution
      Account when established and prior to any change thereof.

     

    (d)  Funds
      held in the Certificate Account at any time may be delivered by the Servicer
      to
      the Trustee for deposit in an account (which may be the Distribution Account
      and
      must satisfy the standards for the Distribution Account as set forth in the
      definition thereof) and for all purposes of this Agreement shall be deemed
      to be
      a part of the Certificate Account; provided, however, that the Trustee shall
      have the sole authority to withdraw any funds held pursuant to this subsection
      (d). In the event the Servicer shall deliver to the Trustee for deposit in
      the
      Distribution Account any amount not required to be deposited therein, it may
      at
      any time request in writing that the Trustee withdraw such amount from the
      Distribution Account and remit to it any such amount, any provision herein
      to
      the contrary notwithstanding. In addition, the Servicer shall deliver to the
      Trustee from time to time for deposit, and the Trustee shall so deposit, in
      the
      Distribution Account:

     

    (i)  any
      Advances, as required pursuant to Section 4.03;

     

    (ii)  any
      amounts required to be deposited pursuant to Section 3.25(d) or (f) in
      connection with any REO Property;

     

    (iii)  any
      amounts to be paid in connection with a purchase of Mortgage Loans and REO
      Properties pursuant to Section 10.01;

     

    (iv)  any
      Compensating Interest to be deposited pursuant to Section 3.24 in connection
      with any Prepayment Interest Shortfall;

     

    (v)  any
      amounts required to be paid or reimbursed to the Trustee pursuant to the
      Agreement (to the extent required to be paid by the Servicer), including, but
      not limited to Section 3.06 and Section 7.02 (to the extent required to be
      paid
      by the Servicer); and

     

    (vi)  any
      amounts required to be deposited pursuant to Section 3.12 in connection with
      any
      losses realized on Permitted Investments with respect to funds held in the
      Distribution Account (other than any such losses incurred during the Trustee
      Float Period).

     

    Section
      3.11.  Withdrawals
      from the Certificate Account and Distribution Account.

     

    (a)  The
      Servicer shall, from time to time, make withdrawals from the Certificate Account
      for any of the following purposes or as described in Section 4.03:

     

    (i)  to
      remit
      to the Trustee for deposit in the Distribution Account the amounts required
      to
      be so remitted pursuant to Section 3.10(b) or permitted to be so remitted
      pursuant to the first sentence of Section 3.10(d);

     

    (ii)  subject
      to Section 3.16(d), to reimburse the Servicer for (a) any unreimbursed Advances
      to the extent of amounts received which represent Late Collections (net of
      the
      related Servicing Fees) of Monthly Payments, Liquidation Proceeds and Insurance
      Proceeds on Mortgage Loans with respect to which such Advances were made in
      accordance with the provisions of Section 4.03 or (b) any unreimbursed Advances
      with respect to the final liquidation of a Mortgage Loan that are Nonrecoverable
      Advances, but only to the extent that Late Collections, Liquidation Proceeds,
      Subsequent Recoveries and Insurance Proceeds received with respect to such
      Mortgage Loan are insufficient to reimburse the Servicer for such unreimbursed
      Advances;

     

    (iii)  subject
      to Section 3.16(d), to pay the Servicer or any Sub-Servicer (a) any unpaid
      Servicing Fees, (b) any unreimbursed Servicing Advances with respect to each
      Mortgage Loan, but only to the extent of any Late Collections, Liquidation
      Proceeds and Insurance Proceeds received with respect to such Mortgage Loan,
      and
      (c) any Servicing Advances with respect to the final liquidation of a Mortgage
      Loan that are Nonrecoverable Advances, but only to the extent that Late
      Collections, Liquidation Proceeds and Insurance Proceeds received with respect
      to such Mortgage Loan are insufficient to reimburse the Servicer or any
      Sub-Servicer for Servicing Advances;

     

    (iv)  to
      pay to
      the Servicer as servicing compensation (in addition to the Servicing Fee) on
      the
      Servicer Remittance Date any interest or investment income earned on funds
      deposited in the Certificate Account;

     

    (v)  to
      pay to
      the Seller or the Servicer, as the case may be, with respect to each Mortgage
      Loan that has previously been purchased or replaced pursuant to Section 2.03
      or
      Section 3.16(c) all amounts received thereon subsequent to the date of purchase
      or substitution, as the case may be;

     

    (vi)  to
      reimburse the Servicer for any Advance or Servicing Advance previously made
      which the Servicer has determined to be a Nonrecoverable Advance in accordance
      with the provisions of Section 4.03;

     

    (vii)  to
      pay,
      or to reimburse the Servicer for Servicing Advances in respect of, expenses
      incurred in connection with any Mortgage Loan pursuant to Section
      3.16(b);

     

    (viii)  to
      reimburse the Servicer or the Depositor for expenses incurred by or reimbursable
      to the Servicer or the Depositor pursuant to Section 6.03;

     

    (ix)  to
      reimburse the Servicer or the Trustee, as the case may be, for expenses
      reasonably incurred in connection with any breach or defect giving rise to
      the
      purchase obligation under Section 2.03 of this Agreement, including any expenses
      arising out of the enforcement of the purchase obligation (other than with
      respect to a breach caused by the Servicer);

     

    (x)  to
      pay
      itself any Prepayment Interest Excess;

     

    (xi)  to
      pay
      itself to the extent permitted under Section 3.06;

     

    (xii)  to
      withdraw any funds deposited in the Certificate Account in error;
      and

     

    (xiii)  to
      clear
      and terminate the Certificate Account pursuant to Section 10.01.

     

    The
      foregoing requirements for withdrawal from the Certificate Account shall be
      exclusive. In the event the Servicer shall deposit in the Certificate Account
      any amount not required to be deposited therein, it may at any time withdraw
      such amount from the Certificate Account, any provision herein to the contrary
      notwithstanding.

     

    The
      Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan-by-Mortgage Loan basis, for the purpose of justifying any withdrawal from
      the Certificate Account, to the extent held by or on behalf of it, pursuant
      to
      subclauses (ii), (iii), (iv), (v), (vi) and (vii) above. The Servicer shall
      provide written notification to the Trustee, on or prior to the next succeeding
      Servicer Remittance Date, upon making any withdrawals from the Certificate
      Account pursuant to subclause (vi) above; provided that an Officer’s Certificate
      in the form described under Section 4.03(d) shall suffice for such written
      notification to the Trustee in respect hereof.

     

    (b)  The
      Trustee shall, from time to time, make withdrawals from the Distribution
      Account, for any of the following purposes, without priority:

     

    (i)  to
      make
      distributions in accordance with Section 4.01;

     

    (ii)  to
      pay
      itself the Trustee Fee pursuant to Section 4.01 and Section 8.05;

     

    (iii)  to
      pay
      any amounts in respect of taxes pursuant to Section 9.01(g);

     

    (iv)  to
      clear
      and terminate the Distribution Account pursuant to Section 10.01;

     

    (v)  to
      pay
      any amounts required to be paid to the Trustee pursuant to this Agreement,
      including but not limited to funds required to be paid pursuant to Section
      2.01,
      Section 3.06, Section 7.02, Section 8.05 and Section 9.01(c);

     

    (vi)  to
      pay to
      itself as additional compensation any interest or investment income earned
      on
      funds on deposit in the Distribution Account during the Trustee Float Period
      to
      the extent provided in Section 3.12(b);

     

    (vii)  to
      pay to
      the Servicer as servicing compensation any interest or investment income earned
      on funds on deposit in the Distribution Account (other than during the Trustee
      Float Period) to the extent provided in Section 3.12(b); and

     

    (viii)  to
      withdraw any funds deposited in the Distribution Account in error; 

     

    Section
      3.12.  Investment
      of Funds in the Certificate Account and the Distribution Account.

     

    (a)  The
      Servicer shall direct any depository institution maintaining the Certificate
      Account (except with respect to the Trustee Float Period) and the Distribution
      Account, and the Trustee may direct any depository institution maintaining
      (during the Trustee Float Period) the Distribution Account (each such account,
      for purposes of this Section 3.12, an “Investment Account”) to invest the funds
      in such Investment Account in one or more Permitted Investments bearing interest
      or sold at a discount, and maturing, unless payable on demand, (i) no later
      than
      the Business Day immediately preceding the date on which such funds are required
      to be withdrawn from such account pursuant to this Agreement, if a Person other
      than the Trustee is the obligor thereon or if such investment is managed or
      advised by a Person other than the Trustee or an Affiliate of the Trustee,
      and
      (ii) no later than the date on which such funds are required to be withdrawn
      from such account pursuant to this Agreement, if the Trustee is the obligor
      thereon. Funds in the Distribution Account may also be held uninvested. All
      such
      Permitted Investments shall be held to maturity, unless payable on demand.
      Any
      investment of funds in an Investment Account shall be made in the name of the
      Trustee (in its capacity as such), or in the name of a nominee of the Trustee.
      The Trustee shall be entitled to sole possession (except with respect to
      investment direction of funds held in the Certificate Account and, other than
      with respect to the Trustee Float Period, the Distribution Account and any
      income realized thereon) over each such investment, and any certificate or
      other
      instrument evidencing any such investment shall be delivered directly to the
      Trustee or its agent, together with any document of transfer necessary to
      transfer title to such investment to the Trustee or its nominee. In the event
      amounts on deposit in an Investment Account are at any time invested in a
      Permitted Investment payable on demand, the Trustee shall:

     

    
      	 	
              (x)

            	
              consistent
                with any notice required to be given thereunder, demand that payment
                thereon be made on the last day such Permitted Investment may otherwise
                mature hereunder in an amount equal to the lesser of (1) all amounts
                then
                payable thereunder and (2) the amount required to be withdrawn on
                such
                date; and

            

    

     

    
      	 	
              (y)

            	
              demand
                payment of all amounts due thereunder promptly upon determination
                by a
                Responsible Officer of the Trustee that such Permitted Investment
                would
                not constitute a Permitted Investment in respect of funds thereafter
                on
                deposit in the Investment Account, it being understood and agreed
                that the
                Trustee shall have no duty to monitor investments in the Investment
                Accounts.

            

    

     

    (b)  All
      income realized from the investment of funds on deposit in the Certificate
      Account, the Distribution Account (except with respect to the Trustee Float
      Period), and any REO Account held by or on behalf of the Servicer shall be
      for
      the benefit of the Servicer and shall be subject to its withdrawal in accordance
      with Section 3.11 or Section 3.25, as applicable. All income realized from
      the
      investment of funds on deposit in the Distribution Account during the Trustee
      Float Period held by or on behalf of the Trustee shall be for the benefit of
      the
      Trustee and shall be subject to its withdrawal in accordance with Section 3.12.
      The Servicer shall deposit in the Certificate Account, the Distribution Account
      (except with respect to the Trustee Float Period) or any REO Account, as
      applicable, the amount of any loss of principal incurred in respect of any
      such
      Permitted Investment made with funds in such account immediately upon
      realization of such loss. The Trustee shall deposit in the Distribution Account
      the amount of any loss of principal incurred in respect of any such Permitted
      Investment made with funds in such account during the Trustee Float Period
      immediately upon realization of such loss. The Trustee or its Affiliates are
      permitted to receive additional compensation that could be deemed to be in
      the
      Trustee’s economic self-interest for (i) serving as investment adviser,
      administrator, shareholder, servicing agent, custodian or sub-custodian with
      respect to certain of the Permitted Investments, (ii) using Affiliates to effect
      transactions in certain Permitted Investments and (iii) effecting transactions
      in certain Permitted Investments. The Trustee does not guarantee the performance
      of any Permitted Investment.

     

    Section
      3.13.  [Reserved].

     

    Section
      3.14.  Maintenance
      of Errors and Omissions and Fidelity Coverage.

     

    The
      Servicer shall keep in force during the term of this Agreement a policy or
      policies of insurance covering errors and omissions for failure in the
      performance of the Servicer’s obligations under this Agreement, which policy or
      policies 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, unless
      the Servicer has obtained a waiver of such requirements from the Rating
      Agencies. The Servicer shall also maintain a fidelity bond in the form and
      amount that would meet the requirements of Fannie Mae or Freddie Mac, unless
      the
      Servicer has obtained a waiver of such requirements from the Rating Agencies.
      The Servicer shall be deemed to have complied with this provision if an
      Affiliate of the Servicer has such errors and omissions and fidelity bond
      coverage and, by the terms of such insurance policy or fidelity bond, the
      coverage afforded thereunder extends to the Servicer. Any such errors and
      omissions policy and fidelity bond shall by its terms not be cancelable without
      thirty days’ prior written notice to the Trustee. The Servicer shall also cause
      each Sub-Servicer to maintain a policy of insurance covering errors and
      omissions and a fidelity bond which would meet such requirements.

     

    Section
      3.15.  Enforcement
      of Due-On-Sale Clauses; Assumption Agreements.

     

    The
      Servicer will, to the extent it has knowledge of any conveyance or prospective
      conveyance of any Mortgaged Property by any Mortgagor (whether by absolute
      conveyance or by contract of sale, and whether or not the Mortgagor remains
      or
      is to remain liable under the Mortgage Note and/or the Mortgage), exercise
      its
      rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale”
clause, if any, applicable thereto; provided, however, that the Servicer shall
      not be required to take such action if the Person to whom the related Mortgaged
      Property has been conveyed or is proposed to be conveyed satisfies the
      conditions contained in the Mortgage Note and the Mortgage related thereto
      and
      the consent of the mortgagee under the Mortgage Note or the Mortgage is not
      otherwise so required under the Mortgage Note or the Mortgage as a condition
      to
      the transfer. The Servicer shall not exercise any such rights if prohibited
      by
      law from doing so. If the Servicer reasonably believes it is unable under
      applicable law to enforce such “due-on-sale” clause, or if any of the other
      conditions set forth in the proviso to the preceding sentence apply, the
      Servicer will enter into an assumption and modification agreement from or with
      the person to whom such property has been conveyed or is proposed to be
      conveyed, pursuant to which such person becomes liable under the Mortgage Note
      and, to the extent permitted by applicable state law, the Mortgagor remains
      liable thereon. The Servicer is also authorized to enter into a substitution
      of
      liability agreement with such person, pursuant to which the original Mortgagor
      is released from liability and such person is substituted as the Mortgagor
      and
      becomes liable under the Mortgage Note; provided, that no such substitution
      shall be effective unless such person satisfies the underwriting criteria of
      the
      Servicer and has a credit risk rating at least equal to that of the original
      Mortgagor. In connection with any assumption or substitution, the Servicer
      shall
      apply such underwriting standards and follow such practices and procedures
      as
      shall be normal and usual in its general mortgage servicing activities and
      as it
      applies to other mortgage loans owned solely by it. Any fee collected by the
      Servicer in respect of an assumption, modification or substitution of liability
      agreement shall be retained by the Servicer as additional servicing
      compensation. In connection with any such assumption, no material term of the
      Mortgage Note (including but not limited to the related Mortgage Rate and the
      amount of the Monthly Payment) may be amended or modified, except as otherwise
      required pursuant to the terms thereof. The Servicer shall notify the Trustee
      that any such substitution, modification or assumption agreement has been
      completed by forwarding to the Trustee the executed original of such
      substitution, modification or assumption agreement, which document shall be
      added to the related Mortgage File and shall, for all purposes, be considered
      a
      part of such Mortgage File to the same extent as all other documents and
      instruments constituting a part thereof.

     

    Notwithstanding
      the foregoing paragraph or any other provision of this Agreement, the Servicer
      shall not be deemed to be in default, breach or any other violation of its
      obligations hereunder by reason of any assumption of a Mortgage Loan by
      operation of law or by the terms of the Mortgage Note or any assumption which
      the Servicer may be restricted by law from preventing, for any reason
      whatsoever. For purposes of this Section 3.15, the term “assumption” is deemed
      to also include a sale (of the Mortgaged Property) subject to the Mortgage
      that
      is not accompanied by an assumption or substitution of liability
      agreement.

     

    Section
      3.16.  Realization
      Upon Defaulted Mortgage Loans.

     

    (a)  The
      Servicer shall use reasonable efforts, in accordance with the Servicing
      Standard, to foreclose upon or otherwise comparably convert the ownership of
      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 pursuant to Section 3.07. The Servicer shall be
      responsible for all costs and expenses incurred by it in any such proceedings;
      provided, however, that such costs and expenses will be recoverable as Servicing
      Advances by the Servicer as contemplated in Section 3.11 and Section 3.25.
      The
      foregoing is subject to the provision that, in any case in which a Mortgaged
      Property shall have suffered damage from an Uninsured Cause, the Servicer shall
      not be required to expend its own funds toward the restoration of such property
      unless it shall determine in its discretion that such restoration will increase
      the proceeds of liquidation of the related Mortgage Loan after reimbursement
      to
      itself for such expenses.

     

    (b)  Notwithstanding
      the foregoing provisions of this Section 3.16 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the 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 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 Servicer has also previously determined,
      based
      on its reasonable judgment and a report prepared by a Person who regularly
      conducts environmental audits using customary industry standards,
      that:

     

    
      	 	
              (1)

            	
              such
                Mortgaged Property is in compliance with applicable environmental
                laws or,
                if not, that it would be in the best economic interest of the Trust
                Fund
                to take such actions as are necessary to bring the Mortgaged Property
                into
                compliance therewith; and

            

    

     

    
      	 	
              (2)

            	
              there
                are no circumstances present at such Mortgaged Property relating
                to the
                use, management or disposal of any hazardous substances, hazardous
                materials, hazardous wastes, or petroleum-based materials for which
                investigation, testing, monitoring, containment, clean-up or remediation
                could be required under any federal, state or local law or regulation,
                or
                that if any such materials are present for which such action could
                be
                required, that it would be in the best economic interest of the Trust
                Fund
                to take such actions with respect to the affected Mortgaged
                Property.

            

    

     

    The
      cost
      of the environmental audit report contemplated by this Section 3.16 shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Certificate Account as provided in Section 3.11(a)(vii),
      such
      right of reimbursement being prior to the rights of Certificateholders to
      receive any amount in the Certificate Account received in respect of the
      affected Mortgage Loan or other Mortgage Loans.

     

    If
      the
      Servicer determines, as described above, that it is in the best economic
      interest of the Trust Fund to take such actions as are necessary to bring any
      such Mortgaged Property into compliance with applicable environmental laws,
      or
      to take such action with respect to the containment, clean-up or remediation
      of
      hazardous substances, hazardous materials, hazardous wastes or petroleum-based
      materials affecting any such Mortgaged Property, then the Servicer shall take
      such action as it deems to be in the best economic interest of the Trust Fund;
      provided, that any amounts disbursed by the Servicer pursuant to this Section
      3.16(b) shall constitute Servicing Advances, subject to Section 4.03(d). The
      cost of any such compliance, containment, cleanup or remediation shall be
      advanced by the Servicer, subject to the Servicer’s right to be reimbursed
      therefor from the Certificate Account as provided in Section 3.11(a)(iii) and
      (a)(vii), such right of reimbursement being prior to the rights of
      Certificateholders to receive any amount in the Certificate Account received
      in
      respect of the affected Mortgage Loan or other Mortgage Loans.

     

    (c)  The
      Servicer may agree to a modification of any Mortgage Loan (a “Modified Mortgage
      Loan”) at the request of the related Mortgagor if (i) the modification is in
      lieu of a refinancing and the Mortgage Rate on the Modified Mortgage Loan,
      as
      modified, is approximately a prevailing market rate for newly-originated
      Mortgage Loans having similar terms and (ii) the Servicer purchases the Modified
      Mortgage Loan from the Trust Fund as described below. Effective immediately
      after the deposit of the Purchase Price by the Servicer, all interest of the
      Trustee in the Modified Mortgage Loan shall automatically be deemed transferred
      and assigned to the Servicer and all benefits and burdens of ownership thereof,
      including the right to accrued interest thereon from the date of the deposit
      of
      the Purchase Price and the risk of default thereon, shall pass to the Servicer.
      The Servicer shall promptly deliver to the Trustee a certification of a
      Servicing Officer to the effect that all requirements of this paragraph have
      been satisfied with respect to the Modified Mortgage Loan.

     

    The
      Servicer shall deposit the Purchase Price for any Modified Mortgage Loan in
      the
      Certificate Account pursuant to Section 3.10(a)(vii) within one Business Day
      after the purchase of the Modified Mortgage Loan. Upon receipt by the Trustee
      of
      written notification of any such deposit signed by a Servicing Officer, the
      Trustee shall release to the Servicer the related Mortgage File and shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, as shall be necessary to vest in the Servicer any Modified
      Mortgage Loan previously transferred and assigned pursuant hereto. The Servicer
      covenants and agrees to indemnify the Trustee and the Trust Fund against any
      liability for any “prohibited transaction” taxes and any related interest,
      additions, and penalties imposed on the Trust Fund established hereunder as
      a
      result of any modification of a Mortgage Loan effected pursuant to this Section
      3.16(c), any holding of a Modified Mortgage Loan by the Trust Fund or any
      purchase of a Modified Mortgage Loan by the Servicer (but such obligation shall
      not prevent the Servicer or any other appropriate Person from contesting any
      such tax in appropriate proceedings and shall not prevent the Servicer from
      withholding payment of such tax, but not any related indemnification, if
      permitted by law, pending the outcome of such proceedings). The Servicer shall
      have no right of reimbursement for any amount paid pursuant to the foregoing
      indemnification, except to the extent that the amount of any tax, interest,
      and
      penalties, together with interest thereon, is refunded to the Trust Fund. In
      no
      event shall the Servicer have the discretion to sell a delinquent or defaulted
      Mortgage Loan.

     

    (d)  Proceeds
      received in connection with any Final Recovery Determination, as well as any
      recovery resulting from a partial collection of Insurance Proceeds, Subsequent
      Recoveries or Liquidation Proceeds, in respect of any Mortgage Loan, will be
      applied in the following order of priority: first, to unpaid Servicing Fees;
      second, to the Servicer or any Sub-Servicer for any related unreimbursed
      Servicing Advances pursuant to Section 3.11(a)(iii) and Advances pursuant to
      Section 3.11(a)(ii); third, to accrued and unpaid interest on the Mortgage
      Loan,
      to the date of the Final Recovery Determination, or to the Due Date prior to
      the
      Distribution Date on which such amounts are to be distributed if not in
      connection with a Final Recovery Determination; and fourth, as a recovery of
      principal of the Mortgage Loan. The portion of the recovery so allocated to
      unpaid Servicing Fees shall be reimbursed to the Servicer or any Sub-Servicer
      pursuant to Section 3.11(a)(iii).

     

    Section
      3.17.  Trustee
      to Cooperate; Release of Mortgage Files.

     

    (a)  Upon
      the
      payment in full of any Mortgage Loan, or the receipt by the Servicer of a
      notification that payment in full shall be escrowed in a manner customary for
      such purposes, the Servicer shall deliver to the Trustee two executed copies
      of
      a Request for Release in the form of Exhibit E (which certification shall
      include a statement to the effect that all amounts received or to be received
      in
      connection with such payment which are required to be deposited in the
      Certificate Account pursuant to Section 3.10 have been or will be so deposited)
      signed by a Servicing Officer (or in a mutually agreeable electronic format
      that
      will, in lieu of a signature on its face, originate from a Servicing Officer)
      and shall request delivery to it of the Mortgage File. Upon receipt of such
      certification and request, the Trustee shall, within five Business Days, release
      and send by overnight mail, at the expense of the Servicer, the related Mortgage
      File to the Servicer. No expenses incurred in connection with any instrument
      of
      satisfaction or deed of reconveyance shall be chargeable to the Certificate
      Account or the Distribution Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan, including, for this purpose, collection under any insurance policy
      relating to the Mortgage Loans, the Trustee shall, upon any request made by
      or
      on behalf of the Servicer and delivery to the Trustee of two copies of a Request
      for Release in the form of Exhibit E signed by a Servicing Officer (or in a
      mutually agreeable electronic format that will, in lieu of a signature on its
      face, originate from a Servicing Officer), release the related Mortgage File
      to
      the Servicer, and the Trustee shall, at the direction of the Servicer, execute
      such documents as shall be necessary to the prosecution of any such proceedings.
      Such Request for Release shall obligate the Servicer to return each and every
      document previously requested from the Mortgage File to the Trustee when the
      need therefor by the Servicer no longer exists, unless the Mortgage Loan has
      been liquidated and the Liquidation Proceeds relating to the Mortgage Loan
      have
      been deposited in the Certificate Account or the Mortgage File or such document
      has been delivered 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 Servicer has delivered, or caused to
      be
      delivered, to the Trustee an additional Request for Release certifying as to
      such liquidation or action or proceedings. Upon the request of the Trustee,
      the
      Servicer shall provide notice to the Trustee of the name and address of the
      Person to which such Mortgage File or such document was delivered and the
      purpose or purposes of such delivery. Upon receipt of two copies of a Request
      for Release from a Servicing Officer stating that such Mortgage Loan was
      liquidated and that all amounts received or to be received in connection with
      such liquidation that are required to be deposited into the Certificate Account
      have been so deposited, or that such Mortgage Loan has become an REO Property,
      one copy of such Request for Release with respect to such Mortgage Loan shall
      be
      released by the Trustee to the Servicer or its designee.

     

    (c)  Upon
      written certification of a Servicing Officer, the Trustee shall execute and
      deliver to the Servicer or the Sub-Servicer, as the case may be, copies of,
      any
      court pleadings, requests for trustee’s sale or other documents necessary to the
      foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal
      action brought to obtain judgment against any Mortgagor on the Mortgage Note
      or
      Mortgage or to obtain a deficiency judgment, or to enforce any other remedies
      or
      rights provided by the Mortgage Note or Mortgage or otherwise available at
      law
      or in equity. Each such certification shall include a request that such
      pleadings or documents be executed by the Trustee and a statement as to the
      reason such documents or pleadings are required and that the execution and
      delivery thereof by the Trustee will not invalidate or otherwise affect the
      lien
      of the Mortgage, except for the termination of such a lien upon completion
      of
      the foreclosure or trustee’s sale.

     

    Section
      3.18.  Servicing
      Compensation.

     

    As
      compensation for the activities of the Servicer hereunder, the Servicer shall
      be
      entitled to the Servicing Fee with respect to each Mortgage Loan payable solely
      from payments of interest in respect of such Mortgage Loan, subject to Section
      3.24. In addition, the Servicer shall be entitled to recover unpaid Servicing
      Fees out of Insurance Proceeds, Subsequent Recoveries or Liquidation Proceeds
      to
      the extent permitted by Section 3.11(a)(iii). The right to receive the Servicing
      Fee may not be transferred in whole or in part except in connection with the
      transfer of all of the Servicer’s responsibilities and obligations under this
      Agreement; provided, however, that the Servicer may pay from the Servicing
      Fee
      any amounts due to a Sub-Servicer pursuant to a Sub-Servicing Agreement entered
      into under Section 3.02.

     

    Additional
      servicing compensation in the form of assumption fees, late payment charges,
      insufficient funds charges, ancillary income or otherwise shall be retained
      by
      the Servicer only to the extent such fees or charges are received by the
      Servicer. The Servicer shall also be entitled pursuant to Section 3.11(a)(iv)
      to
      withdraw from the Certificate Account and pursuant to Section 3.25(b) to
      withdraw from any REO Account, as additional servicing compensation, interest
      or
      other income earned on deposits therein, subject to Section 3.12 and Section
      3.24. The Servicer shall be required to pay all expenses incurred by it in
      connection with its servicing activities hereunder (including premiums for
      the
      insurance required by Section 3.14, to the extent such premiums are not paid
      by
      the related Mortgagors or by a Sub-Servicer and servicing compensation of each
      Sub-Servicer) and shall not be entitled to reimbursement therefor except as
      specifically provided herein.

     

    In
      addition, the Servicer shall be entitled to any Prepayment Interest Excess,
      which it may withdraw from the Certificate Account pursuant to Section
      3.11(a)(x).

     

    Section
      3.19.  Reports
      to the Trustee; Certificate Account Statements.

     

    Not
      later
      than twenty days after each Distribution Date, the Servicer shall forward,
      upon
      request, to the Trustee, the Certificate Insurer and the Depositor, the most
      current available bank statement for the Certificate Account. Copies of such
      statement shall be provided by the Trustee to any Certificateholder or
      Certificate Owner, to the Certificate Insurer and to any Person identified
      to
      the Trustee as a prospective transferee of a Certificate, upon request at the
      expense of the requesting party; provided, that such statement is delivered
      by
      the Servicer to the Trustee.

     

    Section
      3.20.  Statement
      as to Compliance.

     

    The
      Servicer shall deliver to the Trustee via electronic mail
      (DBSEC.Notifications@db.com), the Depositor, the Certificate Insurer and the
      Rating Agencies on or before March 15 of each year, commencing in 2007, an
      officer’s certificate, certifying that with respect to the period ending
      December 31st of the prior year: (i) the Servicer or such Servicing Officer,
      as
      applicable, has reviewed the activities of the Servicer during the preceding
      calendar year or portion thereof and its performance under this Agreement and
      (ii) to the best of the Servicer’s or such Servicing Officer’s knowledge, as
      applicable, based on such review, the Servicer has performed and fulfilled
      its
      duties, responsibilities and obligations under this Agreement in all material
      respects throughout such year, or, if there has been a default in the
      fulfillment of any such duties, responsibilities or obligations, specifying
      each
      such default known to such Servicing Officer and the nature and status thereof.
      Copies of any such statement shall be provided by the Trustee to any
      Certificateholder and to any Person identified to the Trustee as a prospective
      transferee of a Certificate, upon request at the expense of the requesting
      party, provided such statement is delivered by the Servicer to the Trustee.
      In
      addition to the foregoing, the Servicer will, to the extent reasonable, give
      any
      other servicing information required by the Commission pursuant to applicable
      law.

     

    Section
      3.21.  Assessments
      of Compliance and Attestation Reports.

     

    The
      Servicer shall service and administer the Mortgage Loans in accordance with
      all
      applicable requirements of the Servicing Criteria (as set forth in Exhibit
      R
      hereto). Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122
      of Regulation AB, the Servicer shall deliver to the Trustee via electronic
      mail
      (DBSEC.Notifications@db.com), the Certificate Insurer and the Depositor prior
      to
      (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 15th of each year thereafter, a report regarding
      the Servicer’s assessment of compliance (an “Assessment of Compliance”) with the
      Servicing Criteria during the preceding calendar year. The Assessment of
      Compliance must be reasonably satisfactory to the Depositor, and as set forth
      in
      Regulation AB, the Assessment of Compliance must contain the
      following:

     

    a. A
      statement by such officer of its responsibility for assessing compliance with
      the Servicing Criteria applicable to the Servicer;

     

    b. A
      statement by such officer that such officer used the Servicing Criteria, and
      which will also be attached to the Assessment of Compliance, to assess
      compliance with the Servicing Criteria applicable to the Servicer;

     

    c. An
      assessment by such officer of the Servicer’s compliance with the applicable
      Servicing Criteria for the period consisting of the preceding calendar year,
      including disclosure of any material instance of noncompliance with respect
      thereto during such period, which assessment shall be based on the activities
      it
      performs with respect to asset-backed securities transactions taken as a whole
      involving the Servicer, that are backed by the same asset type as the Mortgage
      Loans;

     

    d. A
      statement that a registered public accounting firm has issued an attestation
      report on the Servicer’s Assessment of Compliance for the period consisting of
      the preceding calendar year; and

     

    e. A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the Servicer, which statement shall be based on the activities it performs
      with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Servicer, that are backed by the same asset type as the Mortgage
      Loans.

     

    Such
      report at a minimum shall address each of the Servicing Criteria specified
      on
      Exhibit R hereto which are indicated as applicable to the Servicer.

     

    Prior
      to
      (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 15th of each year thereafter, the Servicer
      shall
      furnish to the Trustee and the Depositor a report (an “Attestation Report”) by a
      registered public accounting firm that attests to, and reports on, the
      Assessment of Compliance made by the Servicer, as required by Rules 13a-18
      and
      15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation
      Report must be made in accordance with standards for attestation reports issued
      or adopted by the Public Company Accounting Oversight Board. 

     

    The
      Servicer shall cause and any sub-servicer, and each subcontractor determined
      by
      the Servicer to be “participating in the servicing function” within the meaning
      of Item 1122 of Regulation AB, to deliver to the Trustee and the Depositor
      an
      Assessment of Compliance and Attestation Report as and when provided
      above.

     

    Such
      Assessment of Compliance, as to any Sub-Servicer, shall at a minimum address
      each of the Servicing Criteria specified on Exhibit R hereto which are indicated
      as applicable to any “primary servicer.” Notwithstanding the foregoing, as to
      any subcontractor, an Assessment of Compliance is not required to be delivered
      unless it is required as part of a Form 10-K with respect to the Trust
      Fund.

     

    If
      the
      Servicer cannot deliver any Assessment of Compliance or Attestation Report
      by
      March 15th of such year, the Depositor, at its sole option, may permit a cure
      period for the Servicer to deliver such Assessment of Compliance or Attestation
      Report, but in no event later than March 25th of such year.

     

    Failure
      of the Servicer to timely comply with this Section 3.21 may be deemed an Event
      of Default. The Trustee shall, with the consent of the Depositor, in addition
      to
      whatever rights the Trustee may have under this Agreement and at law or equity
      or to damages, including injunctive relief and specific performance, give notice
      to Certificateholders that they have ten Business Days to object. If no such
      objection is received and so long as no Certificate Insurer Default is
      continuing, if the Certificate Insurer consents in writing, the Trustee shall
      immediately terminate all the rights and obligations of the Servicer under
      this
      Agreement and in and to the Mortgage Loans and the proceeds thereof without
      compensating the Servicer for the same. This paragraph shall supersede any
      other
      provision in this Agreement or any other agreement to the contrary.

     

    The
      Trustee shall, prior to (x) March 15, 2007 and (y) unless and until a Form
      15
      Suspension Notice shall have been filed, prior to March 15th of each year
      thereafter, shall also provide an Assessment of Compliance and Attestation
      Report, as and when provided above, which shall at a minimum address each of
      the
      Servicing Criteria specified on Exhibit R hereto which are indicated as
      applicable to the “trustee.”

     

    The
      Servicer shall indemnify and hold harmless the Depositor and its officers,
      directors and Affiliates from and against any actual losses, damages, penalties,
      fines, forfeitures, reasonable and necessary legal fees and related costs,
      judgments and other costs and expenses that such Person may sustain based upon
      a
      breach of the Servicer’s obligations under this Section 3.21.

     

    Section
      3.22.  Commission
      Reporting.

     

    (i)  Unless
      and until a Form 15 Suspension Notice shall have been filed, the Trustee shall,
      within 15 days after each Distribution Date and in accordance with industry
      standards, file with the Commission via the Electronic Data Gathering and
      Retrieval System (“EDGAR”), a Distribution Report on Form 10-D (the
“Distribution Report”) with a copy of the Monthly Statement to be furnished by
      the Trustee to the Certificateholders for such Distribution Date and, if
      applicable, including the information required by each of the items set forth
      in
      Part II thereof, subject to the receipt of the information set forth in (f)
      below, in the case of information not required to be provided by the
      Trustee.

     

    (ii)  
      Except
      with respect to the Distribution Report to be filed following the first
      Distribution Date, the Trustee shall prepare each Distribution Report and,
      no
      later than 5 Business Days prior to the date on which such Distribution Report
      is required to be filed, deliver a copy of such Distribution Report to the
      Depositor for review. No later than the Business Day following the receipt
      thereof, the Depositor shall notify the Trustee of any changes to be made to
      the
      Distribution Report. The Trustee shall make any changes thereto requested by
      the
      Depositor and deliver the final Distribution Report to the Depositor for
      signature no later than three Business Days prior to the date on which such
      Distribution Report must be filed by the Trustee in accordance with clause
      (i)
      above. The Depositor shall execute the final Distribution Report and deliver
      the
      same to the Trustee via electronic mail (DBSEC.Notifications@db.com) or
      facsimile no later than the Business Day following receipt of the same (which,
      unless not received within such time frame from the Trustee, shall be no later
      than two Business Days prior to the date on which the Distribution Report is
      required to be filed), with an original executed hard copy to follow by
      overnight mail. With respect to the Distribution Report to be filed following
      the first Distribution Date, the Depositor shall prepare and execute such
      Distribution Report and, no later than 5 Business Days prior to the date on
      which such Distribution Report is required to be filed, deliver a copy of such
      Distribution Report to the Trustee. The Trustee shall attach thereto the Monthly
      Statement furnished by the Trustee to the Certificateholders for such
      Distribution Date and file such Distribution Report in accordance with clause
      (a) above.

     

    (iii)  The
      Depositor shall prepare and file Current Reports on Form 8-K, as and when
      required. 

     

    (iv)  Prior
      to
      January 30th of the first year in which the Trustee is able to do so under
      applicable law, the Trustee shall, in accordance with industry standards, file
      a
      Form 15 Suspension Notice with respect to the Trust Fund. 

     

    (v)  Prior
      to
      (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, prior to March 15th of each year thereafter, the Servicer
      shall
      provide the Trustee with an Annual Compliance Statement, together with a copy
      of
      the Assessment of Compliance and Attestation Report to be delivered by the
      Servicer pursuant to Sections 3.20 and 3.21. Prior to (x) March 31, 2007 and
      (y)
      unless and until a Form 15 Suspension Notice shall have been filed, March 31st
      of each year thereafter, the Trustee shall, subject to subsection (e) below,
      file a Form 10-K, with respect to the Trust Fund. The Trustee shall prepare
      each
      Form 10-K and, no later than 5 Business Days prior to the date on which such
      Form 10-K is required to be filed, deliver a copy of such Form 10-K to the
      Depositor for review. No later than the Business Day following the receipt
      thereof, the Depositor shall notify the Trustee of any changes to be made to
      the
      Form 10-K. The Trustee shall make any changes thereto requested by the Depositor
      and deliver the final Form 10-K to the Depositor for signature no later than
      three Business Days prior to the date on which such Form 10-K must be filed
      by
      the Trustee in accordance with this clause (iv). The Depositor shall execute
      the
      final Form 10-K and deliver the same to the Trustee via electronic mail
      (DBSEC.Notifications@db.com) or facsimile no later than Business Day following
      receipt of the same (which, unless not received within such time frame from
      the
      Trustee, shall be no later than two Business Days prior to the date on which
      the
      Form 10-K is required to be filed), with an original executed hard copy to
      follow by overnight mail. Such Form 10-K shall include the Assessment of
      Compliance, Attestation Report, Annual Compliance Statements and other
      documentation provided by the Servicer pursuant to Sections 3.20 and 3.21 and
      a
      certification in the form attached hereto as Exhibit O-1 (the “Depositor
      Certification”), which shall be signed by the senior officer of the Depositor in
      charge of securitization. 

     

    (vi)  As
      to
      each item of information required to be included in any Form 10-D, Form 8-K
      or
      Form 10-K, the Trustee's or Depositor’s obligation to include the information in
      the applicable report is subject to receipt from the entity that is indicated
      in
      Exhibit S as the responsible party for providing that information, if other
      than
      the Trustee or the Depositor, as applicable, as and when required as described
      above. Each of the Trustee, the Servicer and the Depositor, as applicable,
      hereby agree to notify and provide to the Trustee and the Depositor all
      information that is required to be included in any Form 10-D, Form 8-K or Form
      10-K, with respect to which that entity is indicated in Exhibit S as the
      responsible party for providing that information. In the case of information
      to
      be included in the Form 10-D, such information shall be delivered to the Trustee
      no later than no later than 5 calendar days following each Distribution Date.
      In
      the case of information to be included in the Form 8-K, such information shall
      be delivered to the Depositor no later than 2 Business Days following the
      occurrence of a reportable event. In the case of information to be included
      in
      the Form 10-K, such information, other than the documentation provided pursuant
      to Sections 3.20, 3.21 and 3.22, shall be delivered to the Trustee no later
      than
      (x) March 1, 2007 and (y) unless and until a Form 15 Suspension Notice shall
      have been filed, March 1st of each year thereafter. The Servicer shall be
      responsible for determining the pool concentration applicable to any subservicer
      or originator at any time, for purposes of disclosure as required by Items
      1117
      and 1119 of Regulation AB. The Trustee shall provide electronic or paper copies
      of all Form 10-D, 8-K and 10-K filings free of charge to any Certificateholder
      upon request. 

     

    (vii)  The
      Trustee shall sign a certification (in the form attached hereto as Exhibit
      O-2)
      for the benefit of the Depositor and its officers, directors and Affiliates.
      The
      Trustee's certification shall be delivered to the Depositor no later than March
      18th of each year (or if such day is not a Business Day, the immediately
      preceding Business Day) and the Depositor shall deliver the Depositor
      Certification to the Trustee for filing no later than March 20th of each year
      (or if such day is not a Business Day, the immediately preceding Business
      Day).

     

    (viii)  The
      Trustee shall indemnify and hold harmless the Depositor and its officers,
      directors and Affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon (i) a breach of the
      Trustee’s obligations under this Section 3.22, Section 3.21 or (ii) any
      material misstatement or omission contained in any information provided by
      the
      Trustee including, without limitation, in the certification provided by the
      Trustee in the form of Exhibit O-2 or the Assessment of Compliance provided
      pursuant to Section 3.21. If the indemnification provided for herein is
      unavailable or insufficient to hold harmless the Depositor, then the Trustee,
      in
      connection with (i) a breach of the Trustee’s obligations under this
      Section 3.22, Section 3.21 or (ii) any material misstatement or omission
      contained in any information provided by the Trustee including, without
      limitation, in the certification provided by the Trustee in the form of Exhibit
      O-2, or in the Assessment of Compliance or Attestation report provided pursuant
      to Section 3.21, agrees that it shall contribute to the amount paid or payable
      by the Depositor as a result of the losses, claims, damages or liabilities
      of
      the Depositor in such proportion as is appropriate to reflect the relative
      fault
      of the Depositor on the one hand and the Trustee on the other. This
      indemnification shall survive the termination of this Agreement or the
      termination of any party to this Agreement.

     

    The
      Servicer shall indemnify and hold harmless the Depositor, the Trustee, the
      Certificate Insurer and their respective officers, directors and Affiliates
      from
      and against any actual losses, damages, penalties, fines, forfeitures,
      reasonable and necessary legal fees and related costs, judgments and other
      costs
      and expenses that such Person may sustain based upon (i) a breach of the
      Servicer’s obligations under Sections 3.20, 3.21 or 3.22 or (ii) any material
      misstatement or omission contained in any information provided by the Servicer
      including, without limitation, in the information provided pursuant to Sections
      3.20 and 3.21. This indemnification shall survive the termination of this
      Agreement or the termination of any party to this Agreement.

     

    The
      Depositor shall indemnify and hold harmless the Servicer, the Trustee, the
      Certificate Insurer and their respective officers, directors and Affiliates
      from
      and against any actual losses, damages, penalties, fines, forfeitures,
      reasonable and necessary legal fees and related costs, judgments and other
      costs
      and expenses that such Person may sustain based upon (i) a breach of the
      Depositor’s obligations under this Section 3.22 or (ii) any material
      misstatement or omission contained in any information provided by the
      Depositor.

     

    (ix)  The
      Trustee will have no duty or liability to verify the accuracy or sufficiency
      of
      any information not prepared by it included in any Form 10-D, Form
      10-K or Form 8-K.  The Trustee shall have no liability with
      respect to any failure to properly prepare or file any Form 10-D or Form 10-K
      resulting from or relating to the Trustee's inability or failure to obtain
      any
      information in a timely manner from the party responsible for delivery of such
      disclosure information.  The Trustee shall have no liability with respect
      to any failure to properly file any Form 10-D or 10-K resulting from or relating
      to the Depositor's failure to timely comply with the provisions of this
      section.  Nothing herein shall be construed to require the Trustee or any
      officer, director or Affiliate thereof to sign any Form 10-D, Form 10-K or
      Form
      8-K. Copies of all reports filed by the Trustee under the Exchange Act shall
      be
      sent to the Depositor electronically or at the addressed set forth in Section
      11.05. Fees and expenses incurred by the Trustee in connection with this Section
      3.24 shall not be reimbursable from the Trust Fund.

     

    (x)  Upon
      any
      filing with the Commission, the Trustee shall promptly deliver to the Depositor
      a copy of any executed report, statement or information.

     

    (xi)  To
      the
      extent that, following the Closing Date, the Depositor certifies that reports
      and certifications differing from those required under this Section 3.22 are
      necessary to comply with the reporting requirements under the Exchange Act,
      the
      parties hereto hereby agree that each will reasonably cooperate to amend the
      provisions of this Section 3.22 in order to comply with such amended reporting
      requirements and such amendment of this Section 3.22. Any such amendment may
      result in the reduction of the reports executed by and filed on behalf of the
      Depositor under the Exchange Act. Notwithstanding the foregoing, the Trustee
      shall not be obligated to enter into any amendment pursuant to this Section
      that
      adversely affects its obligations and immunities under this
      Agreement.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.20, 3.21
      and
      this Section 3.22 of this Agreement is to facilitate compliance by the Depositor
      with the provisions of Regulation AB. Therefore, each of the parties agree
      that
      (a) the obligations of the parties hereunder shall be interpreted in such a
      manner as to accomplish that purpose, (b) the parties’ obligations hereunder
      will be supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance in respect of the requirements
      of
      Regulation AB, (c) the parties shall comply with reasonable requests made by
      the
      Depositor for delivery of additional or different information as the Depositor
      may determine in good faith is necessary to comply with the provisions of
      Regulation AB, and (d) no amendment of this Agreement shall be required to
      effect any such changes in the parties’ obligations as are necessary to
      accommodate evolving interpretations of the provisions of Regulation
      AB.

     

    Section
      3.23.  Reserved.

     

    Section
      3.24.  Access
      to Certain Documentation.

     

    The
      Servicer shall provide to the Office of Thrift Supervision, the FDIC, and any
      other federal or state banking or insurance regulatory authority that may
      exercise authority over any Certificateholder or Certificate Owner, access
      to
      the documentation regarding the Mortgage Loans required by applicable laws
      and
      regulations. Such access shall be afforded without charge, but only upon
      reasonable request and reasonable advance notice and during normal business
      hours at the offices of the Servicer designated by it. In addition, access
      to
      the documentation regarding the Mortgage Loans will be provided to any
      Certificateholder or Certificate Owner, the Certificate Insurer, the Trustee
      and
      any Person identified to the Servicer as a prospective transferee of a
      Certificate, upon reasonable request and reasonable advance notice during normal
      business hours at the offices of the Servicer designated by it at the expense
      of
      the Person requesting such access.

     

    Section
      3.25.  Title,
      Maintenance and Disposition of REO Property.

     

    (a)  The
      deed
      or certificate of sale of any REO Property shall be taken in the name of the
      Trustee, or its nominee, in trust for the benefit of the Certificateholders
      and
      the Certificate Insurer. If the Trust Fund acquires any Mortgaged Property
      as
      aforesaid or otherwise in connection with a default or imminent default on
      a
      Mortgage Loan, the REO Property shall only be held temporarily, shall be
      actively marketed for sale, and the Servicer shall dispose of the Mortgaged
      Property as soon as practicable, and in any case before the end of the third
      calendar year following the calendar year in which the Trust Fund acquires
      the
      property. Notwithstanding any other provision of this Agreement, no Mortgaged
      Property acquired by the Trust Fund shall be rented (or allowed to continue
      to
      be rented) or otherwise used for the production of income by or on behalf of
      the
      Trust Fund in such a manner or pursuant to any terms that would (i) cause the
      Mortgaged Property to fail to qualify as “foreclosure property” within the
      meaning of Section 860G(a)(8) of the Code or (ii) subject any REMIC to the
      imposition of any federal, state, or local income taxes on the proceeds received
      from the Mortgaged Property under Section 860G(c) of the Code or otherwise,
      unless the Servicer has agreed to indemnify and hold harmless the Trust Fund
      with respect to the imposition of any such taxes.

     

    The
      decision of the Servicer to foreclose on a defaulted Mortgage Loan shall be
      subject to a determination by the Servicer that the proceeds of the foreclosure
      would exceed the costs and expenses of bringing a foreclosure proceeding. The
      proceeds received from the maintenance of any REO Properties, net of
      reimbursement to the Servicer for costs incurred (including any property or
      other taxes) in connection with maintenance of the REO Properties and net of
      unreimbursed Servicing Fees, Advances, and Servicing Advances, shall be applied
      to the payment of principal of and interest on the related defaulted Mortgage
      Loans (with interest accruing as though the Mortgage Loans were still current
      and adjustments, if applicable, to the Mortgage Rate were being made in
      accordance with the Mortgage Note) and all such proceeds shall be deemed, for
      all purposes in this Agreement, to be payments on account of principal and
      interest on the related Mortgage Notes and shall be deposited into the
      Distribution Account.

     

    (b)  The
      Servicer shall separately account for any funds collected in connection with
      any
      REO Property and shall establish and maintain, or cause to be established and
      maintained, with respect to REO Properties an account held in trust for the
      Trustee for the benefit of the Certificateholders and the Certificate Insurer
      (the “REO Account”), which shall be an Eligible Account. The Servicer shall be
      permitted to allow the Certificate Account to serve as the REO Account, subject
      to separate ledgers for each REO Property. The Servicer shall be entitled to
      retain or withdraw any interest income paid on funds deposited in the REO
      Account.

     

    (c)  The
      Servicer shall deposit, or cause to be deposited in the clearing account in
      which it customarily deposits payments and collections on mortgage loans in
      connection with its mortgage loan servicing activities on a daily basis, and
      in
      no event more than one Business Day after the Servicer’s receipt thereof, and
      shall thereafter deposit in the REO Account, in no event more than two Business
      Days after the Servicer’s receipt thereof, any amounts collected in respect of
      an REO Property and shall withdraw therefrom funds necessary for the proper
      maintenance and preservation of such REO Property including, without
      limitation:

     

    (i)  all
      insurance premiums due and payable in respect of such REO Property;

     

    (ii)  all
      real
      estate taxes and assessments in respect of such REO Property that may result
      in
      the imposition of a lien thereon; and

     

    (iii)  all
      costs
      and expenses necessary to maintain such REO Property.

     

    To
      the
      extent that amounts on deposit in the REO Account with respect to an REO
      Property are insufficient for the purposes set forth in clauses (i) through
      (iii) above with respect to such REO Property, the Servicer shall advance from
      its own funds such amount as is necessary for such purposes if, but only if,
      the
      Servicer would make such advances if the Servicer owned the REO Property and
      if
      in the Servicer’s judgment, the payment of such amounts will be recoverable from
      the proceeds of the REO Property.

     

    Notwithstanding
      the foregoing, following the date of acquisition by the Trust Fund, neither
      the
      Servicer nor the Trustee shall knowingly:

     

    (i) authorize
      the Trust Fund to enter into, renew or extend any New Lease with respect to
      any
      REO Property;

     

    (ii) authorize
      any amount to be received or accrued under any New Lease other than amounts
      that
      will constitute Rents from Real Property;

     

    (iii) authorize
      any construction on any REO Property; or

     

    (iv) authorize
      any Person to Directly Operate any REO Property on any date more than 90 days
      after its date of acquisition by the Trust Fund.

     

    (d)  In
      addition to the withdrawals permitted under Section 3.25(d), the Servicer may
      from time to time make withdrawals from the REO Account for any REO Property:
      (i) to pay itself or any Sub-Servicer unpaid Servicing Fees in respect of the
      related Mortgage Loan; and (ii) to reimburse itself or any Sub-Servicer for
      unreimbursed Servicing Advances and Advances made in respect of such REO
      Property or the related Mortgage Loan. On the Servicer Remittance Date, the
      Servicer shall withdraw from each REO Account maintained by it and deposit
      into
      the Distribution Account in accordance with Section 3.10(d)(ii), for
      distribution on the related Distribution Date in accordance with Section 4.01,
      any proceeds from the related REO Property received during the prior calendar
      month, net of any withdrawals made pursuant to Section 3.25(c) or this Section
      3.25(d).

     

    (e)  [Reserved].

     

    (f)  The
      proceeds from the REO Disposition, net of any amount required by law to be
      remitted to the Mortgagor under the related Mortgage Loan and net of any payment
      or reimbursement to the Servicer or any Sub-Servicer as provided above, shall
      be
      deposited in the Distribution Account in accordance with Section 3.10(d)(ii)
      on
      the Servicer Remittance Date in the month following the receipt thereof for
      distribution on the related Distribution Date in accordance with Section 4.01.
      Any REO Disposition shall be for cash only (unless changes in the REMIC
      Provisions made subsequent to the Startup Day allow a sale for other
      consideration).

     

    (g)  The
      Servicer shall file information returns with respect to the receipt of mortgage
      interest received in a trade or business, reports of foreclosures and
      abandonments of any Mortgaged Property and cancellation of indebtedness income
      with respect to any Mortgaged Property as required by Sections 6050H, 6050J
      and
      6050P of the Code, respectively. Such reports shall be in form and substance
      sufficient to meet the reporting requirements imposed by such Sections 6050H,
      6050J and 6050P of the Code.

     

    Section
      3.26.  Obligations
      of the Servicer in Respect of Prepayment Interest Shortfalls.

     

    Not
      later
      than 3:00 p.m. New York time on each Servicer Remittance Date, the Servicer
      shall remit from its own funds to the Distribution Account an amount
      (“Compensating Interest”) equal to the lesser of (A) the aggregate of the
      Prepayment Interest Shortfalls for the related Distribution Date and (B)
      one-half of its aggregate Servicing Fee received in the related Remittance
      Period. The Servicer shall not have the right to reimbursement for any amounts
      remitted to the Trustee in respect of Compensating Interest. Such amounts so
      remitted shall be included in the Available Funds and distributed therewith
      on
      the next Distribution Date. The Servicer shall not be obligated to pay any
      compensating amounts with respect to Relief Act Interest
      Shortfalls.

     

    Section
      3.27.  [Reserved].

     

    Section
      3.28.  Obligations
      of the Servicer in Respect of Mortgage Rates and Monthly
      Payments.

     

    In
      the
      event that a shortfall in any collection on or liability with respect to the
      Mortgage Loans in the aggregate results from or is attributable to adjustments
      to Mortgage Rates, Monthly Payments or Stated Principal Balances that were
      made
      by the Servicer in a manner not consistent with the terms of the related
      Mortgage Note and this Agreement, the Servicer, upon discovery or receipt of
      notice thereof, immediately shall deposit in the Certificate Account from its
      own funds the amount of any such shortfall and shall indemnify and hold harmless
      the Trust Fund, the Trustee, the Depositor, the Certificate Insurer and any
      successor Servicer in respect of any such liability. Such indemnities shall
      survive the termination or discharge of this Agreement. Notwithstanding the
      foregoing, this Section 3.26 shall not limit the ability of the Servicer to
      seek
      recovery of any such amounts from the related Mortgagor under the terms of
      the
      related Mortgage Note, as permitted by law.

     

    Section
      3.29.  Excess
      Reserve Fund Account.

     

    (a)  No
      later
      than the Closing Date, the Trustee shall establish and maintain with itself
      a
      separate, segregated trust account titled, “Excess Reserve Fund Account,
      Deutsche Bank National Trust Company, as Trustee, in trust for registered
      Holders of IndyMac Residential Mortgage-Backed Trust Certificates, Series
      2006-L3.” The Excess Reserve Fund Account shall be an Eligible Account. On the
      Closing Date, the Depositor will deposit, or cause to be deposited, into the
      Excess Reserve Fund Account, $5,000.

     

    On
      each
      Distribution Date as to which there is a Net WAC Rate Carryover Amount that
      will
      remain unpaid to the Holders of the Class A Certificates or the Subordinated
      Certificates, the Trustee has been directed by the Class C Certificateholders
      to, and therefore will, deposit into the Excess Reserve Fund Account the amounts
      described in Section 4.01(d)(vii), rather than distributing such amounts to
      the
      Class C Certificateholders. On each such Distribution Date, the Trustee shall
      hold all such amounts for the benefit of the Holders of the Class A Certificates
      and the Subordinated Certificates, and will distribute such amounts to the
      Holders of the Class A Certificates and the Subordinated Certificates in the
      amounts and priorities set forth in Section 4.01(e). If no unpaid Net WAC Rate
      Carryover Amounts are payable from the Excess Reserve Fund Account on a
      Distribution Date, the Trustee shall deposit into the Excess Reserve Fund
      Account on behalf of the Class C Certificateholders, from amounts otherwise
      distributable to the Class C Certificateholders, an amount such that when added
      to other amounts already on deposit in the Excess Reserve Fund Account, the
      aggregate amount on deposit therein is equal to $5,000.

     

    It
      is the
      intention of the parties hereto that, for federal and state income and state
      and
      local franchise tax purposes, the Excess Reserve Fund Account be disregarded
      as
      an entity separate from the Holder of the Class C Certificates unless and until
      the date when either (a) there is more than one Class C Certificateholder or
      (b)
      any Class of Certificates in addition to the Class C Certificates is
      recharacterized as an equity interest in the Excess Reserve Fund Account for
      federal income tax purposes, in which case it is the intention of the parties
      hereto that, for federal and state income and state and local franchise tax
      purposes, the Excess Reserve Fund Account be treated as a partnership. All
      amounts deposited into the Excess Reserve Fund Account shall be treated as
      amounts distributed by REMIC 2 to the Holders of the Class C Certificates.
      The
      Excess Reserve Fund Account will be an “outside reserve fund” within the meaning
      of Treasury regulation Section 1.860G-2(h). Upon the termination of the Trust
      Fund, or the payment in full of the Class A Certificates and the Subordinated
      Certificates, all amounts remaining on deposit in the Excess Reserve Fund
      Account will be released by the Trust Fund and distributed to the Class C
      Certificateholders or their designees. The Excess Reserve Fund Account will
      be
      part of the Trust Fund but not part of any REMIC, and any payments to the
      Holders of the Class A Certificates or the Subordinated Certificates of Net
      WAC
      Rate Carryover Amounts from the Excess Reserve Fund Account will not be payments
      with respect to a “regular interest” in a REMIC within the meaning of Code
      Section 860(G)(a)(1).

     

    By
      accepting a Class C Certificate, each Class C Certificateholder hereby agrees
      to
      direct the Trustee, and the Trustee hereby is directed, to deposit into the
      Excess Reserve Fund Account the amounts described above on each Distribution
      Date as to which there is any Net WAC Rate Carryover Amount that will remain
      unpaid to the Holders of the Class A Certificates or the Subordinated
      Certificates, rather than distributing such amounts to the Class C
      Certificateholders. By accepting a Class C Certificate, each Class C
      Certificateholder further agrees that such direction is given for good and
      valuable consideration, the receipt and sufficiency of which are acknowledged
      by
      such acceptance.

     

    The
      Servicer shall direct any depository institution maintaining the Excess Reserve
      Fund Account to invest the funds in such account in one or more Permitted
      Investments bearing interest or sold at a discount, and maturing, unless payable
      on demand, (i) no later than the Business Day immediately preceding the date
      on
      which such funds are required to be withdrawn from such account pursuant to
      this
      Agreement, if a Person other than the Trustee or an Affiliate manages or advises
      such investment, and (ii) no later than the date on which such funds are
      required to be withdrawn from such account pursuant to this Agreement, if the
      Trustee or an Affiliate manages or advises such investment. If no investment
      direction of the Servicer with respect to the Excess Reserve Fund Account is
      received by the Trustee, the Trustee shall invest the funds in Deutsche Bank
      Institutional Cash Management Fund No. 541. The Trustee shall not be responsible
      for any losses incurred with respect to any investment of funds pursuant to
      this
      Section 3.27(a), except to the extent that the Trustee is the obligor on such
      Permitted Investment. All income realized from investment of funds in the Excess
      Reserve Fund Account shall be distributed to the Holders of the Class C
      Certificates.

     

    For
      federal tax return and information reporting, the right of the Holders of the
      Class A Certificates and the Subordinated Certificates to receive payments
      from
      the Excess Reserve Fund Account in respect of any unpaid Net WAC Rate Carryover
      Amount shall be assigned a value of $0, which value the Trustee shall identify
      to any Certificateholder that requests such information by contacting the
      Trustee in writing.

    

      Section
        3.30.  Prepayment
        Charges

       

      (a)               
        The
        Servicer shall not waive any part of any Prepayment Charge unless the waiver
        relates to a default or a reasonably foreseeable default, the collection
        of any
        Prepayment Charge would violate any relevant law or regulation or the waiving
        of
        the Prepayment Charge would otherwise benefit the Trust Fund and it is expected
        that the waiver would maximize recovery of total proceeds taking into account
        the value of the Prepayment Charge and related Mortgage Loan and doing so
        is
        standard and customary in servicing similar Mortgage Loans (including any
        waiver
        of a Prepayment Charge in connection with a refinancing of a Mortgage Loan
        that
        is related to a default or a reasonably foreseeable default). The Servicer
        shall
        not waive a Prepayment Charge in connection with a refinancing of a Mortgage
        Loan that is not related to a default or a reasonably foreseeable
        default.

       

      (b)              
        The
        Seller represents and warrants to the Depositor and the Trustee, as of the
        Closing Date, that the information in the Prepayment Charge Schedule (including
        the attached prepayment charge summary) is complete and accurate in all material
        respects at the dates as of which the information is furnished and each
        Prepayment Charge is permissible and enforceable in accordance with its terms
        under applicable state law.

       

      (c)               
        Upon
        discovery by the Seller or a Responsible Officer of the Trustee of a breach
        of
        the foregoing clause (b) that materially and adversely affects right of the
        Holders of the Class P Certificate to any Prepayment Charge, the party
        discovering the breach shall give prompt written notice to the other parties.
        Within sixty (60) days of the earlier of discovery by the Servicer or receipt
        of
        notice by the Servicer of breach, the Servicer shall cure the breach in all
        material respects or shall pay into the Servicing Account the amount of the
        scheduled Prepayment Charge, less any amount previously collected and paid
        by
        the Servicer into the Servicing Account. If the covenant made by the Servicer
        in
        clause (a) above is breached, the Servicer must pay into the Servicing Account
        the amount of the waived Prepayment Charge.

       

    

     

     

    ARTICLE
      IV

     

    FLOW
      OF
      FUNDS

     

    Section
      4.01.  Distributions.

     

    (a)  On
      each
      Distribution Date, prior to making any distributions on the Certificates, the
      Trustee shall withdraw from the Distribution Account, from amounts on deposit
      therein, amounts representing the Trustee Fee payable for such Distribution
      Date
      and any and all expenses owing to it under the terms of this Agreement, which
      the Trustee shall pay to itself. Following such payments, on each Distribution
      Date the Trustee shall withdraw from the Distribution Account that portion
      of
      Available Funds for such Distribution Date, consisting of the Interest
      Remittance Amount for such Distribution Date, and shall make the following
      disbursements and transfers in the order of priority described below, in each
      case to the extent of the Interest Remittance Amount remaining for such
      Distribution Date:

     

    (i)  to
      the
      Certificate Insurer, the amount owing under the Insurance Agreement for the
      Premium payable in respect of the Insured Certificates;

     

    (ii)  to
      the
      Holders of the Class A-1, Class A-2 and Class A-3 Certificates, pro
      rata,
      based
      on the entitlement of each such Class, the Accrued Certificate Interest and
      the
      Unpaid Interest Shortfall Amount, if any, related to such Class for such
      Distribution Date;

     

    (iii)  to
      the
      Certificate Insurer, the amount owing under the Insurance Agreement for
      reimbursement for prior claims paid under the Policy and any other amounts
      owing
      to the Certificate Insurer under the Insurance Agreement;

     

    (iv)  to
      the
      Holders of the Class M Certificates, the Accrued Certificate Interest for such
      Class for such Distribution Date; and

     

    (v)  to
      the
      Holders of the Class B Certificates, the Accrued Certificate Interest for such
      Class for such Distribution Date.

     

    (b)  On
      each
      Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger
      Event
      is in effect, the Trustee shall withdraw from the Distribution Account an amount
      equal to the Principal Distribution Amount and distribute to the
      Certificateholders the following amounts, in the following order of priority,
      in
      each case to the extent of the Principal Distribution Amount remaining for
      such
      Distribution Date:

     

    (i)  sequentially,
      to the Holders of the Class A-1, Class A-2 and Class A-3 Certificates, in that
      order, until the Certificate Principal Balance of each such Class has been
      reduced to zero;

     

    (ii)  to
      the
      Certificate Insurer, the amount owing under the Insurance Agreement for
      reimbursement for prior claims paid under the Policy and any other amounts
      owing
      to the Certificate Insurer under the Insurance Agreement, to the extent not
      paid
      pursuant to clause Section 4.01(a) above and to the extent of the Principal
      Distribution Amount remaining after the distribution in Section 4.01(b)(i)
      above;

     

    (iii)  to
      the
      Holders of the Class M Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero;

     

    (iv)  to
      the
      Holders of the Class B Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero.

     

    (c)  On
      each
      Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger
      Event is not in effect, the Trustee shall withdraw from the Distribution Account
      an amount equal to the Principal Distribution Amount and distribute to the
      Certificateholders the following amounts, in the following order of priority,
      in
      each case to the extent of the Principal Distribution Amount remaining for
      such
      Distribution Date:

     

    (i)  sequentially,
      to the Holders of the Class A-1, Class A-2 and Class A-3 Certificates, the
      Class
      A Principal Distribution Amount for such Distribution Date, in that order,
      until
      the aggregate Certificate Principal Balance of such Class has been reduced
      to
      zero;

     

    (ii)  to
      the
      Certificate Insurer, the amount owing to the Certificate Insurer under the
      Insurance Agreement for reimbursement for prior claims paid under the Policy
      and
      any other amounts owing to the Certificate Insurer under the Insurance
      Agreement, to the extent not paid pursuant to Section 4.01(a) above and to
      the
      extent of the Principal Distribution Amount remaining after the distribution
      in
      Section 4.01(c)(i) above;

     

    (iii)  to
      the
      Holders of the Class M Certificates, the Class M Principal Distribution Amount
      for such Distribution Date, until the Certificate Principal Balance thereof
      has
      been reduced to zero;

     

    (iv)  to
      the
      Holders of the Class B Certificates, the Class B Principal Distribution Amount
      for such Distribution Date, until the Certificate Principal Balance thereof
      has
      been reduced to zero.

     

    (d)  On
      each
      Distribution Date, the Total Monthly Excess Spread shall be distributed as
      follows:

     

    (i)  in
      the
      case of each Distribution Date occurring in January, February or March 2007,
      to
      the holders of the Class C Certificates, 100% of the Total Monthly Excess
      Spread;

     

    (ii)  in
      the
      case of a Distribution Date other than a Distribution Date occurring in January,
      February or March 2007, to the Holders of the Certificates then entitled to
      distributions of principal, the Extra Principal Distribution Amount payable
      to
      such Holders as part of the Principal Distribution Amount to the extent of
      their
      respective entitlements to principal as set forth in Section 4.01(b) and Section
      4.01(c) above;

     

    (iii)  to
      the
      Holders of the Class M Certificates, in an amount equal to the Unpaid Interest
      Shortfall Amount for such Distribution Date and such Class of
      Certificates;

     

    (iv)  to
      the
      Holders of the Class M Certificates, in an amount equal to the Allocated
      Realized Loss Amount for such Distribution Date and such Class of
      Certificates;

     

    (v)  to
      the
      Holders of the Class B Certificates, in an amount equal to the Unpaid Interest
      Shortfall Amount for such Distribution Date and such Class of
      Certificates;

     

    (vi)  to
      the
      Holders of the Class B Certificates, in an amount equal to the Allocated
      Realized Loss Amount for such Distribution Date and such Class of
      Certificates;

     

    (vii)  to
      the
      Excess Reserve Fund Account, for distribution therefrom to the Holders of the
      Class A Certificates and the Subordinated Certificates, the amount of any Net
      WAC Rate Carryover Amounts for such Distribution Date, to the extent of their
      respective entitlements as set forth in Section 4.01(e);

     

    (viii)  reserved;

     

    (ix)  to
      the
      Holders of the Class C Certificates, (a) the Accrued Certificate Interest for
      such Class and any Excess Overcollateralization Amount for such Distribution
      Date and (b) on any Distribution Date on which the Certificate Principal
      Balances of the Class A Certificates and the Subordinated Certificates have
      been
      reduced to zero, any remaining Available Funds; 

     

    (x)  if
      such
      Distribution Date follows the Prepayment Period during which occurs the latest
      date on which a Prepayment Charge may be required to be paid in respect of
      any
      Mortgage Loans, to the Holders of the Class P Certificates, in reduction of
      the
      Certificate Principal Balance thereof, until the Certificate Principal Balance
      thereof is reduced to zero; and

     

    (xi)  any
      remaining amounts to the Holders of the Class R Certificates (in respect of
      the
      Class R-2 Interest).

     

    On
      each
      Distribution Date, an amount equal to all Prepayment Charges received during
      the
      related Prepayment Period together with the amounts paid in respect thereof
      pursuant to Section 3.30 shall be distributed to the Holders of the Class P
      Certificates. The distribution of the foregoing amounts to the Holders of the
      Class P Certificates shall not reduce the Class Certificate Balance
      thereof.

     

    On
      each
      Distribution Date, following the foregoing distributions, an amount equal to
      the
      amount of Subsequent Recoveries deposited into the Certificate Account pursuant
      to Section 3.05 and included in the Available Funds for such Distribution Date
      shall be applied to increase the Certificate Principal Balance of the Class
      of
      Subordinated Certificates with the Highest Priority up to the extent of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.04. An amount equal to the amount of any remaining Subsequent
      Recoveries shall be applied to increase the Certificate Principal Balance of
      the
      Class of Certificates with the next Highest Priority, up to the amount of such
      Realized Losses previously allocated to that Class of Certificates pursuant
      to
      Section 4.04, and so on. Holders of such Certificates will not be entitled
      to
      any distribution in respect of interest on the amount of such increases for
      any
      Accrual Period preceding the Distribution Date on which such increase occurs.
      Any such increases shall be applied to the Certificate Principal Balance of
      each
      Certificate of such Class in accordance with its respective Percentage
      Interest.

     

    (e)  On
      each
      Distribution Date, following the distributions made pursuant to Section 4.01(a),
      Section 4.01(b) or Section 4.01(c), as applicable, and Section 4.01(d), the
      Trustee shall withdraw from the Excess Reserve Fund Account the lesser of (A)
      the amount on deposit therein and (B) the aggregate of any Net WAC Rate
      Carryover Amounts for such Distribution Date and shall distribute the amount
      so
      withdrawn to the Holders of the Class A Certificates and the Subordinated
      Certificates in the following order of priority, in each case to the extent
      of
      the amount withdrawn:

     

    From
      amounts on deposit in the Excess Reserve Fund Account as follows:

     

    (i)  concurrently,
      to the Class A-1, Class A-2 and Class A-3 Certificates, pro
      rata,
      based
      on entitlement, the Net WAC Rate Carryover Amount for each such Class and each
      such Distribution Date; and 

     

    (ii)  sequentially,
      to the Class M and Class B Certificates, in that order, the Net WAC Rate
      Carryover Amount for each such Class and each such Distribution
      Date.

     

    (f)  All
      distributions made with respect to the Certificates of each Class on each
      Distribution Date shall be allocated pro
      rata
      among
      the outstanding Certificates of such Class based on their respective Percentage
      Interests. Payments in respect of the Certificates of each Class on each
      Distribution Date will be made to the Holders of record on the related Record
      Date (except as otherwise provided in this Section 4.01(f), in Section 4.01(h)
      or in Section 10.01, respecting the final distribution on the Certificates),
      based on the aggregate Percentage Interest represented by their respective
      Certificates in such Class, and shall be made by wire transfer of immediately
      available funds to the account of any such Holder at a bank or other entity
      having appropriate facilities therefor, or otherwise by check mailed by first
      class mail to the address of such Holder appearing in the Certificate Register,
      if such Holder shall have so notified the Trustee in writing at least five
      Business Days prior to the Record Date immediately prior to such Distribution
      Date. The final distribution on each Certificate will be made in like manner,
      but only upon presentment and surrender of such Certificate at the Corporate
      Trust Office of the Trustee or such other location specified in the notice
      to
      Certificateholders of such final distribution.

     

    (g)  The
      rights of the Certificateholders to receive distributions in respect of the
      Certificates, and all interests of the Certificateholders in such distributions,
      shall be as set forth in this Agreement. In no event shall the Holders of any
      Class of Certificates, the Trustee, the Depositor or the Servicer in any way
      be
      responsible or liable to the Holders of any other Class of Certificates in
      respect of amounts properly previously distributed on the
      Certificates.

     

    Except
      as
      otherwise provided in Section 10.01, whenever the Trustee expects that the
      final
      distribution with respect to any Class of Certificates will be made on the
      next
      Distribution Date, the Trustee shall, no later than four days prior to the
      related Distribution Date, send, by overnight delivery or by registered mail,
      to
      each Holder on such date of such Class of Certificates and the Certificate
      Insurer a notice to the effect that:

     

    (i)  the
      Trustee expects that the final distribution with respect to the Certificates
      of
      such Class will be made on such Distribution Date but only upon presentation
      and
      surrender of such Certificates at the office of the Trustee therein specified,
      and

     

    (ii)  no
      interest shall accrue on such Certificates from and after the end of the
      calendar month preceding such final Distribution Date.

     

    Any
      funds
      not distributed to any Holder or Holders of any Class of Certificates on such
      final Distribution Date because of the failure of such Holder or Holders to
      tender their Certificates shall, on such date, be set aside and held in trust
      by
      the Trustee and credited to the account of the appropriate non-tendering Holder
      or Holders. If any Certificates as to which notice has been given pursuant
      to
      this Section 4.01(h) shall not have been surrendered for cancellation within
      six
      months after the time specified in such notice, the Trustee shall mail a second
      notice to the remaining non-tendering Certificateholders to surrender their
      Certificates for cancellation in order to receive the final distribution with
      respect thereto. If within one year after the second notice all such
      Certificates shall not have been surrendered for cancellation, the Trustee
      shall, directly or through an agent, mail a final notice to the remaining
      non-tendering Certificateholders concerning surrender of their Certificates
      but
      shall continue to hold any remaining funds for the benefit of non-tendering
      Certificateholders. The costs and expenses of maintaining the funds in trust
      and
      of contacting such Certificateholders shall be paid out of the assets remaining
      in such trust funds. If within one year after the final notice any such
      Certificates shall not have been surrendered for cancellation, the Trustee
      shall
      pay to Lehman Brothers Inc. all such amounts, and Lehman Brothers Inc. shall
      be
      entitled to all unclaimed funds and other assets which remain subject hereto,
      and the Trustee upon transfer of such funds shall be discharged of any
      responsibility for such funds, and the Certificateholders shall look only to
      Lehman Brothers Inc. for payment. No interest shall accrue or be payable to
      any
      Certificateholder on any amount held in trust by the Trustee as a result of
      such
      Certificateholder’s failure to surrender its Certificate(s) for final payment
      thereof in accordance with this Section 4.01(h). Any such amounts held in trust
      by the Trustee shall be held in an Eligible Account and shall be held
      uninvested.

     

    Section
      4.02.  Statements.

     

    (a)  On
      each
      Distribution Date, based, as applicable, on information provided to it by the
      Servicer, the Trustee shall prepare and make available to each Holder of the
      Regular Certificates, the Servicer, the Certificate Insurer and the Rating
      Agencies, a statement as to the distributions made on such Distribution
      Date:

     

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

     

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

     

    (iii)  reserved;

     

    (iv)  the
      aggregate amount of servicing compensation received by the Servicer with respect
      to the related Remittance Period (separately identifying Servicing Fees and
      other servicing compensation) and such other customary information as the
      Trustee reasonably deems necessary or desirable, or which a Certificateholder
      reasonably requests, to enable Certificateholders to prepare their tax
      returns;

     

    (v)  the
      aggregate amount of Advances for the related Remittance Period;

     

    (vi)  the
      Pool
      Balance at the Close of Business at the end of the related Remittance
      Period;

     

    (vii)  the
      number, aggregate Stated Principal Balance, weighted average remaining term
      to
      maturity and weighted average Mortgage Rate of the Mortgage Loans as of the
      related Determination Date;

     

    (viii)  the
      number and aggregate unpaid Stated Principal Balance of Mortgage Loans (a)
      that
      were (A) Delinquent (exclusive of Mortgage Loans in bankruptcy or foreclosure
      and REO Properties) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more
      days, (B) as to which foreclosure proceedings have been commenced and Delinquent
      (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, (C) in bankruptcy
      and Delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days,
      in
      each preceding case as of the Close of Business on the last day of the calendar
      month preceding such Distribution Date, and (b) the related Mortgaged Properties
      of which are REO Properties;

     

    (ix)  the
      total
      number and cumulative Stated Principal Balance of all REO Properties as of
      the
      Close of Business of the last day of the preceding Prepayment
      Period;

     

    (x)  the
      aggregate amount of Principal Prepayments made during the related Prepayment
      Period;

     

    (xi)  the
      aggregate amount of Realized Losses incurred during the related Prepayment
      Period and the cumulative amount of Realized Losses;

     

    (xii)  the
      aggregate amount of Subsequent Recoveries received during the related Prepayment
      Period and the cumulative amount of Subsequent Recoveries received since the
      Closing Date

     

    (xiii)  the
      aggregate Certificate Principal Balance of each Class of Regular Certificates
      after giving effect to the distributions, and allocations of Realized Losses,
      made on such Distribution Date separately identifying any reduction thereof
      due
      to allocations of Realized Losses (in the case of the Subordinated Certificates
      and the Class C Certificates);

     

    (xiv)  the
      Certificate Factor for each Class of the Regular Certificates applicable to
      such
      Distribution Date;

     

    (xv)  the
      Accrued Certificate Interest for the Class A Certificates, the Subordinated
      Certificates and the Class C Certificates for such Distribution Date and Unpaid
      Interest Shortfall Amount, if any, with respect to the Class A Certificates
      and
      the Subordinated Certificates for such Distribution Date;

     

    (xvi)  the
      aggregate amount of any Net Prepayment Interest Shortfalls for such Distribution
      Date;

     

    (xvii)  the
      aggregate amount of any Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (xviii)  the
      Overcollateralized Amount and the Excess Overcollateralization Amount for such
      Distribution Date;

     

    (xix)  the
      Credit Enhancement Percentage for such Distribution Date;

     

    (xx)  the
      Net
      WAC Rate Carryover Amount for the Class A Certificates and the Subordinated
      Certificates, if any, for such Distribution Date and the amount remaining unpaid
      after payments from the Excess Reserve Fund Account are made pursuant to Section
      4.01(e);

     

    (xxi)  when
      the
      Stepdown Date has occurred and when a Trigger Event is in effect;

     

    (xxii)  the
      deposits to and withdrawals from the Excess Reserve Fund Account on such
      Distribution Date;

     

    (xxiii)  the
      Available Funds for such Distribution Date;

     

    (xxiv)  the
      respective Pass-Through Rates applicable to the Class A Certificates, the
      Subordinated Certificates and the Class C Certificates for such Distribution
      Date and the respective Pass-Through Rates applicable to the Class A
      Certificates and the Subordinated Certificates for the immediately succeeding
      Distribution Date;

     

    (xxv)  the
      aggregate Notional Amount of the Class C Certificates, in each case after giving
      effect the reductions thereof to occur on such Distribution Date;
      and

     

    (xxvi)  the
      amount of the Reimbursement Amount for such Distribution Date and the amount
      received by the Certificate Insurer in respect thereof on such Distribution
      Date.

     

    The
      Trustee will make such statement (and, at its option, any additional files
      containing the same information in an alternative format) available each month
      to Certificateholders, the Servicer, the Trustee, the Certificate Insurer and
      the Rating Agencies via the Trustee’s internet website. 

     

    The
      Trustee’s internet website shall initially be located at https://www.tss.db.com/invr.
      Assistance in using the website can be obtained by calling the Trustee’s
      customer service desk at 1-800-735-7777. Parties that are unable to use the
      above distribution options 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.

     

    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each hypothetical Certificate having an initial Certificate Principal
      Balance or Notional Amount (in the case of the Class C Certificates) equal
      to
      $1,000.

     

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

     

    On
      each
      Distribution Date, the Trustee shall make available to the Class R
      Certificateholders a copy of the reports forwarded to the Regular
      Certificateholders in respect of such Distribution Date with such other
      information as the Trustee deems necessary or appropriate.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      deliver to each Person who at any time during the calendar year was a Class
      R
      Certificateholder, if requested in writing by such Person, such information
      as
      is reasonably necessary to provide to such Person a statement containing the
      information provided pursuant to the previous paragraph aggregated for such
      calendar year or applicable portion thereof during which such Person was a
      Class
      R Certificateholder. Such obligation of the Trustee shall be deemed to have
      been
      satisfied to the extent that substantially comparable information shall be
      prepared and furnished to Certificateholders by the Trustee pursuant to any
      requirements of the Code as from time to time in force.

     

    The
      Trustee shall maintain at its Corporate Trust Office and shall make available
      free of charge during normal business hours for review by any Certificateholder,
      Certificate Owner or any Person identified to the Trustee as a prospective
      transferee of a Certificate, originals or copies of the following items: (i)
      the
      private placement memorandum or other disclosure document relating to such
      Certificates, if any, in the form most recently provided to the Trustee; and
      (ii) in all cases, (A) this Agreement and any amendments hereof entered into
      pursuant to Section 11.01, (B) all monthly statements required to be delivered
      to Certificateholders of the relevant Class pursuant to this Section 4.02 since
      the Closing Date, and all other notices, reports, statements and written
      communications delivered to the Certificateholders of the relevant Class
      pursuant to this Agreement since the Closing Date, (C) all certifications
      delivered by a Responsible Officer of the Trustee since the Closing Date
      pursuant to Section 9.01(h) and (D) any and all Officers’ Certificates delivered
      to the Trustee by the Servicer since the Closing Date to evidence the Servicer’s
      determination that any Advance or Servicing Advance was, or if made, would
      be a
      Nonrecoverable Advance or Nonrecoverable Servicing Advance, respectively. Copies
      and mailing of any and all of the foregoing items will be available from the
      Trustee upon request at the expense of the person requesting the
      same.

     

    Section
      4.03.  Remittance
      Reports; Advances.

     

    (a)  By
      each
      Determination Date, the Servicer shall provide to the Trustee and the
      Certificate Insurer in electronic form the information needed to determine
      the
      distributions to be made pursuant to Section 4.01 and any other information
      on
      which the Servicer and the Trustee mutually agree. On or before the fifth
      Business Day following the end of each Prepayment Period (but in no event later
      than the third Business Day prior to the related Distribution Date), the
      Servicer shall deliver to the Trustee and the Certificate Insurer (which
      delivery may be by electronic data transmission) a report in substantially
      the
      form agreed to by the Servicer and the Trustee. The Trustee shall not be
      responsible to recompute, recalculate or verify any information provided to
      it
      by the Servicer.

     

    (b)  The
      amount of Advances to be made by the Servicer for any Distribution Date shall
      equal, subject to Section 4.03(d), the sum of (i) the aggregate amount of
      Monthly Payments (net of the related Servicing Fee), due during the related
      Remittance Period in respect of the Mortgage Loans, which Monthly Payments
      were
      delinquent on a contractual basis as of the Close of Business on the related
      Determination Date and (ii) with respect to each REO Property, which REO
      Property was acquired during or prior to the related Remittance Period and
      as to
      which REO Property an REO Disposition did not occur during the related
      Remittance Period, an amount equal to the excess, if any, of the REO Imputed
      Interest on such REO Property for the most recently ended calendar month, over
      the net income from such REO Property transferred to the Distribution Account
      pursuant to Section 3.25 for distribution on such Distribution
      Date.

     

    On
      or
      before 3:00 p.m. New York time on the Servicer Remittance Date, the Servicer
      shall remit in immediately available funds to the Trustee for deposit in the
      Distribution Account an amount equal to the aggregate amount of Advances, if
      any, to be made in respect of the Mortgage Loans and REO Properties for the
      related Distribution Date either (i) from its own funds or (ii) from the
      Certificate Account, to the extent of funds held therein for future distribution
      (in which case it will cause to be made an appropriate entry in the records
      of
      Certificate Account that amounts held for future distribution have been, as
      permitted by this Section 4.03, used by the Servicer in discharge of any such
      Advance) or (iii) in the form of any combination of (i) and (ii) aggregating
      the
      total amount of Advances to be made by the Servicer with respect to the Mortgage
      Loans and REO Properties. Any amounts held for future distribution used by
      the
      Servicer to make an Advance as permitted in the preceding sentence shall be
      appropriately reflected in the Servicer’s records and replaced by the Servicer
      by deposit in the Certificate Account on or before any future Servicer
      Remittance Date to the extent that the Available Funds for the related
      Distribution Date (determined without regard to Advances to be made on the
      Servicer Remittance Date) shall be less than the total amount that would be
      distributed to the Certificateholders pursuant to Section 4.01 on such
      Distribution Date if such amounts held for future distributions had not been
      so
      used to make Advances. The Trustee will provide notice to the Servicer by
      telecopy by the Close of Business on any Servicer Remittance Date in the event
      that the amount remitted by the Servicer to the Trustee on such date is less
      than the Advances required to be made by the Servicer for the related
      Distribution Date, as set forth in the related Remittance Report.

     

    (c)  The
      obligation of the Servicer to make such Advances is mandatory, notwithstanding
      any other provision of this Agreement but subject to (d) below, and, with
      respect to any Mortgage Loan, shall continue until a Final Recovery
      Determination in connection therewith or the removal thereof from the Trust
      Fund
      pursuant to any applicable provisions of this Agreement, except as otherwise
      provided in this Section.

     

    (d)  Notwithstanding
      anything herein to the contrary, no Advance or Servicing Advance shall be
      required to be made hereunder by the Servicer if such Advance or Servicing
      Advance would, if made, constitute a Nonrecoverable Advance. The determination
      by the Servicer that it has made a Nonrecoverable Advance or that any proposed
      Advance or Servicing Advance, if made, would constitute a Nonrecoverable
      Advance, shall be evidenced by an Officers’ Certificate of the Servicer
      delivered to the Depositor, the Certificate Insurer and the
      Trustee.

     

    Section
      4.04.  Distributions
      on the REMIC Regular Interests.

     

    On
      each
      Distribution Date, the Trustee shall cause the Available Funds from the
      Distribution Account to make the following disbursements and transfers, in
      the
      following order of priority, to be distributed by REMIC 1 to REMIC 2 on account
      of the REMIC 1 Regular Interests or withdrawn from the Distribution Account
      and
      distributed to the Holders of the Class R Certificates (in respect of the Class
      R-1 Interest), as the case may be:

     

    (i)  first,
      to
      the extent of Available Funds, to Holders of REMIC 1 Regular Interest LT1AA,
      REMIC 1 Regular Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular
      Interest LT1A3, REMIC 1 Regular Interest LT1M, REMIC 1 Regular Interest LT1B,
      REMIC 1 Regular Interest LT1ZZ and REMIC 1 Regular Interest LT1P, pro
      rata,
      in an
      amount equal to (A) the Uncertificated Accrued Interest for such Distribution
      Date, plus (B) any amounts in respect thereof remaining unpaid from previous
      Distribution Dates. Amounts payable as Uncertificated Accrued Interest in
      respect of REMIC 1 Regular Interest LT1ZZ shall be reduced when the REMIC 1
      Overcollateralized Amount is less than the REMIC 1 Target Overcollateralized
      Amount, by the lesser of (x) the amount of such difference and (y) the Maximum
      LT1ZZ Uncertificated Accrued Interest Deferral Amount and such amount will
      be
      payable to the Holders of REMIC 1 Regular Interest LT1AA, REMIC 1 Regular
      Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3,
      REMIC 1 Regular Interest LT1M and REMIC 1 Regular Interest LT1B, in the same
      proportion as the Overcollateralization Deficiency Amount is allocated to the
      Corresponding Certificates and the Uncertificated Principal Balance of the
      REMIC
      1 Regular Interest LT1ZZ shall be increased by such amount; 

     

    (ii)  second,
      to the Holders of REMIC 1 Regular Interest LT1P, on each Distribution Date,
      100%
      of the amount paid in respect of Prepayment Charges; and

     

    (iii)  third,
      to
      the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder
      of
      the Available Funds for such Distribution Date after the distributions made
      pursuant to clause (i) above, allocated as follows:

     

    (a)  98.00%
      of
      such remainder to the Holders of REMIC 1 Regular Interest LT1AA, until the
      Uncertificated Principal Balance of such Uncertificated REMIC 1 Regular Interest
      is reduced to zero;

     

    (b)  2.00%
      of
      such remainder, first, to the Holders of REMIC 1 Regular Interest LT1A1, REMIC
      1
      Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3, REMIC 1 Regular Interest
      LT1M, REMIC 1 Regular Interest LT1B and REMIC 1 Regular Interest LT1P, 1.00%
      of
      such remainder, in the same proportion as principal payments are allocated
      to
      the Corresponding Certificates, until the Uncertificated Principal Balances
      of
      such REMIC 1 Regular Interests are reduced to zero; and second, to the Holders
      of REMIC 1 Regular Interest LT1ZZ, 1.00% of such remainder, until the
      Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced
      to
      zero; then

     

    (c)  any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-1 Interest).

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Excess Overcollateralization Amount shall be allocated to
      Holders of REMIC 1 Regular Interest LT1AA and REMIC 1 Regular Interest LTZZ,
      respectively.

     

    If
      the
      Trustee becomes aware that interest and principal collections that it receives
      in respect of the Mortgage Loans are not flowing from (a) REMIC 1 to REMIC
      2 and
      (b) from REMIC 2 to each Class of Certificates, then the Trustee shall notify
      the Servicer and cooperate in consulting with the Servicer’s tax counsel. The
      advice or any opinion of said counsel shall be full and complete authorization
      and protection to the Trustee in respect of any action taken or omitted by
      it
      hereunder in good faith and in accordance with such advice or opinion of
      counsel. All parties hereby agree to resolve such issues within 30 days of
      notice thereof. Furthermore, to the extent any provisions of this document
      are
      inconsistent with (a) above, such provisions will be amended in accordance
      with
      Section 11.01 of this Agreement. Notwithstanding anything herein to the
      contrary, the Trustee shall incur no liability for any payments made in
      accordance with the provisions of this Agreement.

     

    Notwithstanding
      the distributions described in this Section 4.04, distribution of funds shall
      be
      made so that the Uncertificated Principal Balance of each of REMIC 1 Regular
      Interest LT1A1, REMIC 1 Regular Interest LT1A2, REMIC 1 Regular Interest LT1A3,
      REMIC 1 Regular Interest LT1M and REMIC 1 Regular Interest LT1B remains equal
      to
      1% of the Certificate Principal Balance of the related Corresponding Certificate
      and for REMIC 1 Regular Interest LT1ZZ to equal the sum of (i) 1% of the
      Mortgage Pool and (ii) 1% of the Overcollateralized Amount for such Distribution
      Date.

     

    Section
      4.05.  Allocation
      of Realized Losses.

     

    For
      each
      Distribution Date, the Servicer shall calculate the amount of Realized Losses
      on
      the Mortgage Loans that occurred during the preceding Prepayment Period, and
      shall include such calculation in its Remittance Report.

     

    If
      on any
      Distribution Date, the aggregate Certificate Principal Balance of the Class
      A
      Certificates and the Subordinated Certificates, determined after all
      distributions pursuant to Section 4.01 have been made, exceed the aggregate
      Stated Principal Balance of all of the Mortgage Loans as of such Distribution
      Date after all distributions pursuant to Section 4.01 have been made, such
      excess shall be allocated by the Trustee as follows: first, to the Class B
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; and second, to the Class M Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero. All Realized Losses to
      be so
      allocated to the Certificate Principal Balance of any such Class on any
      Distribution Date shall be so allocated after the actual distributions to be
      made on such date as provided herein. No allocations of any Realized Losses
      shall be made to the Certificate Principal Balance of the Class A Certificates.
      All references in Section 4.01 to the Certificate Principal Balance of any
      Class
      of Certificates, unless otherwise stated, shall be to the Certificate Principal
      Balance of such Class immediately prior to the relevant Distribution Date,
      before reduction thereof by any Realized Losses as provided in this Section
      4.05, in each case to be allocated to such Class of Certificates, on such
      Distribution Date.

     

    Any
      allocation of Realized Losses to a Subordinated Certificate on any Distribution
      Date shall be made by reducing the Certificate Principal Balance thereof by
      the
      amount so allocated.

     

    All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date, in the specified percentages, as follows: first, to
      Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LT1AA
      and REMIC 1 Regular Interest LT1ZZ up to an aggregate amount equal to the REMIC
      1 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the
      Uncertificated Principal Balances of REMIC 1 Regular Interest LT1AA and REMIC
      1
      Regular Interest LT1ZZ up to an aggregate amount equal to the REMIC 1 Principal
      Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated
      Principal Balances of REMIC 1 Regular Interest LT1AA, REMIC 1 Regular Interest
      LT1B and REMIC 1 Regular Interest LT1ZZ, 98%, 1% and 1%, respectively, until
      the
      Uncertificated Principal Balance of REMIC 1 Regular Interest LT1B has been
      reduced to zero; and fourth, to the Uncertificated Principal Balances of REMIC
      1
      Regular Interest LT1AA, REMIC 1 Regular Interest LT1M and REMIC 1 Regular
      Interest LT1ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC 1 Regular Interest LT1M has been reduced to zero.

     

    All
      Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
      each
      Distribution Date among the REMIC 1 Regular Interests in the same manner and
      priority as such amounts are allocated with respect to the Corresponding
      Certificates.

     

    Section
      4.06.  The
      Policy.

     

    (a)  If
      the
      Trustee determines that a Deficiency Amount to be covered by the Policy will
      exist for the related Distribution Date, the Trustee shall complete the notice
      in the form of Exhibit A to the Policy (the “Notice”) and submit such Notice in
      accordance with the Policy to the Certificate Insurer no later than 12:00 P.M.,
      New York City time, on the second Business Day immediately preceding such
      Distribution Date, as a claim for the amount of such Insured
      Amount.

     

    (b)  The
      Trustee shall establish and maintain the Insurance Account on behalf of the
      Holders of the Insured Certificates over which the Trustee shall have the
      exclusive control and sole right of withdrawal. Upon receipt of an Insured
      Amount from the Certificate Insurer on behalf of the Holders of the Insured
      Certificates, the Trustee shall deposit such Insured Amount in the Insurance
      Account and distribute such amount only for purposes of payment to the Insured
      Certificates of the Insured Amount for which a claim was made and such amount
      may not be applied to satisfy any costs, expenses or liabilities of the
      Servicer, the Seller, the Depositor, the Trustee or the Trust Fund or to pay
      any
      other Class of Certificates. Amounts paid under the Policy, to the extent needed
      to pay the Insured Amount, shall be transferred to the Distribution Account
      on
      the related Distribution Date and disbursed by the Trustee to the holders of
      the
      Insured Certificates in accordance with Section 4.01. It shall not be necessary
      for such payments to be made by checks or wire transfers separate from the
      checks or wire transfers used to pay other distributions to the holders of
      the
      Insured Certificates with other funds available to make such payment. However,
      the amount of any payment of principal or of interest on the Insured
      Certificates to be paid from funds transferred from the Insurance Account shall
      be noted as provided in paragraph (d) below and in the statement to be furnished
      to holders of the Insured Certificates pursuant to Section 4.02. Funds held
      in
      the Insurance Account shall not be invested. Any funds remaining in the
      Insurance Account on the first Business Day following the later of (i) the
      related Distribution Date or (ii) the date received by the Trustee, shall be
      returned to the Certificate Insurer pursuant to the written instructions of
      the
      Certificate Insurer by the end of such Business Day.

     

    (c)  The
      Trustee shall keep a complete and accurate record of the amount of interest
      and
      principal paid in respect of any Insured Certificate from moneys received under
      the Policy. The Certificate Insurer shall have the right to inspect such records
      at reasonable times during normal business hours upon one Business Day’s prior
      notice to the Trustee.

     

    (d)  In
      the
      event that the Trustee has received a certified copy of an order of the
      appropriate court that any Insured Amount has been voided in whole or in part
      as
      a preference payment under applicable bankruptcy law, the Trustee shall so
      notify the Certificate Insurer, shall comply with the provisions of the Policy
      to obtain payment by the Certificate Insurer of such Preference Amount in the
      amount of such voided Insured Amount, and shall, at the time it provides notice
      to the Certificate Insurer, notify, by mail the holders of the affected Insured
      Certificates that, in the event any holder’s Insured Amount is so recovered,
      such holder of an Insured Certificate will be entitled to payment pursuant
      to
      the Policy, a copy of which shall be made available through the Trustee or
      the
      Certificate Insurer, and the Trustee shall furnish to the Certificate Insurer,
      its records evidencing the payments which have been made by the Trustee and
      subsequently recovered from the holders of the Insured Certificates, and dates
      on which such payments were made.

     

    (e)  The
      Trustee shall promptly notify the Certificate Insurer of any proceeding or
      the
      institution of any action, of which a Responsible Officer of the Trustee has
      actual knowledge, seeking the avoidance as a preferential transfer under
      applicable bankruptcy, insolvency, receivership or similar law (a “Preference
      Claim”)
      of any
      distribution made with respect to the Insured Certificates. Each holder of
      an
      Insured Certificate, by its purchase of such Insured Certificate, the Servicer,
      the Depositor and the Trustee agree that the Certificate Insurer (so long as
      no
      Certificate Insurer Default exists) may at any time during the continuation
      of
      any proceeding relating to a Preference Claim direct all matters relating to
      such Preference Claim, including, without limitation, (i) the direction of
      any
      appeal of any order relating to such Preference Claim and (ii) the posting
      of
      any surety or performance bond pending any such appeal. In addition and without
      limitation of the foregoing, the Certificate Insurer shall be subrogated to,
      and
      each holder of an Insured Certificate and the Trustee hereby delegates and
      assigns to the Certificate Insurer, to the fullest extent permitted by law,
      the
      rights of the Trustee and each holder of an Insured Certificate in the conduct
      of any such Preference Claim, including, without limitation, all rights of
      any
      party to any adversary proceeding or action with respect to any court order
      issued in connection with any such Preference Claim.

     

    (f)  The
      Trustee shall, upon retirement of the Insured Certificates, furnish to the
      Certificate Insurer a notice of such retirement, and, upon retirement of the
      Insured Certificates and the expiration of the term of the Policy, surrender
      the
      Policy to the Certificate Insurer for cancellation.

     

    (g)  The
      Trustee will hold the Policy in trust as agent for the holders of the Insured
      Certificates for the purpose of making claims thereon and distributing the
      proceeds thereof. Neither the Policy nor the amounts paid on the Policy will
      constitute part of the Trust Fund created by this Agreement. Each Holder of
      the
      Insured Certificates, by accepting its Insured Certificates, appoints the
      Trustee as attorney in fact for the purpose of making claims on the
      Policy.

     

    (h)  Anything
      herein to the contrary notwithstanding, any payment with respect to principal
      of
      or interest on the Insured Certificates which is made with moneys received
      pursuant to the terms of the Policy shall not be considered payment of the
      Insured Certificates from the Trust Fund. The Depositor, the Servicer and the
      Trustee acknowledge, and each holder by its acceptance of an Insured Certificate
      agrees, that without the need for any further action on the part of the
      Certificate Insurer, the Depositor, the Servicer or the Trustee (a) to the
      extent the Certificate Insurer makes payments, directly or indirectly, on
      account of principal of or interest on the Insured Certificates to the holders
      of such Insured Certificates, the Certificate Insurer will be fully subrogated
      to, and each holder of an Insured Certificate, the Servicer and the Trustee
      hereby delegate and assign to the Certificate Insurer, to the fullest extent
      permitted by law, the rights of such holders to receive such principal and
      interest from the Trust Fund, including, without limitation, any amounts due
      to
      the holders of the Insured Certificates in respect of securities law violations
      arising from the offer and sale of the Insured Certificates, and (b) the
      Certificate Insurer shall be paid such amounts from the sources and in the
      manner provided herein for the payment of such amounts and as provided in this
      Agreement. The Trustee and the Servicer shall cooperate in all respects with
      any
      reasonable request by the Certificate Insurer for action to preserve or enforce
      the Certificate Insurer’s rights or interests under this Agreement without
      limiting the rights or affecting the interests of the holders as otherwise
      set
      forth herein.

     

    (i)  By
      accepting its Insured Certificate, each holder of an Insured Certificate agrees
      that, unless a Certificate Insurer Default exists, the Certificate Insurer
      shall
      be deemed to be the holder of the Insured Certificate for all purposes (other
      than with respect to the receipt of payment on the Insured Certificates) and
      shall have the right to exercise all rights (including, without limitation,
      voting rights) of the holders of the Insured Certificates under this Agreement
      and under the Insured Certificates without any further consent of the holders
      of
      the Insured Certificates. All notices, statement reports, certificates or
      opinions required by this Agreement to be sent to any holders of Insured
      Certificates shall also be sent to the Certificate Insurer.

     

     

     

    ARTICLE
      V

     

    THE
      CERTIFICATES

     

    Section
      5.01.  The
      Certificates.

     

    Each
      of
      the Class A Certificates, the Subordinated Certificates, the Class C
      Certificates and the Class R Certificates shall be substantially in the forms
      annexed hereto as exhibits, and shall, on original issue, be executed,
      authenticated and delivered by the Trustee to or upon the order of the Depositor
      concurrently with the sale and assignment to the Trustee of the Trust Fund.
      The
      Class A Certificates and the Subordinated Certificates shall be initially
      evidenced by one or more Certificates representing a Percentage Interest with
      a
      minimum dollar denomination of $100,000 initial Certificate Principal Balance
      and integral dollar multiples of $1,000.00 in excess thereof, except that one
      Certificate of each such Class of Certificates may be in a different
      denomination so that the sum of the denominations of all outstanding
      Certificates of such Class shall equal the Certificate Principal Balance of
      such
      Class on the Closing Date. The Class C Certificates and the Class R Certificates
      are issuable in any Percentage Interests; provided, however, that the sum of
      all
      such percentages for each such Class totals 100% and no more than ten
      Certificates of each such Class may be issued.

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Trustee by a Responsible Officer. Certificates
      bearing the manual or facsimile signatures of individuals who were, at the
      time
      when such signatures were affixed, authorized to sign on behalf of the Trustee
      shall bind the Trust, notwithstanding that such individuals or any of them
      have
      ceased to be so authorized prior to the authentication and delivery of such
      Certificates or did not hold such offices at the date of such Certificate.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Trustee substantially in the form provided for herein, and such
      authentication upon any Certificate shall be conclusive evidence, and the only
      evidence, that such Certificate has been duly authenticated and delivered
      hereunder. All Certificates shall be dated the date of their authentication.
      Subject to Section 5.02(c), the Class A Certificates and the Subordinated
      Certificates shall be Book-Entry Certificates. The other Classes of Certificates
      shall not be Book-Entry Certificates.

     

    Section
      5.02.  Registration
      of Transfer and Exchange of Certificates.

     

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

     

    Upon
      surrender for registration of transfer of any Certificate at the Trustee’s
      offices located at 648 Grassmere Park Road, Nashville, Tennessee 37211,
      Attention: Transfer Department, at the offices of the Trustee’s agent located at
      DB Services Tennessee, 648 Grassmere Park Road, Nashville, Tennessee 37211-3658
      or at such other office designated by the Trustee for such purposes and, in
      the
      case of a Class R Certificate, upon satisfaction of the conditions set forth
      below, the Trustee on behalf of the Trust shall execute, authenticate and
      deliver, in the name of the designated transferee or transferees, one or more
      new Certificates of the same aggregate Percentage Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Trustee on behalf of the Trust shall execute on behalf of the Trust and
      authenticate and deliver the Certificates which the Certificateholder making
      the
      exchange is entitled to receive. Every Certificate presented or surrendered
      for
      registration of transfer or exchange shall (if so required by the Trustee or
      the
      Certificate Registrar) be duly endorsed by, or be accompanied by a written
      instrument of transfer satisfactory to the Trustee and the Certificate Registrar
      duly executed by, the Holder thereof or his attorney duly authorized in writing.
      In addition, with respect to each Class R Certificate, the holder thereof may
      exchange, in the manner described above, such Class R Certificate for two
      separate certificates, each representing such holder’s respective Percentage
      Interest in the Class R-1 Interest and the Class R-2 Interest, respectively,
      in
      each case that was evidenced by the Class R Certificate being
      exchanged.

     

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

     

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

     

    (c)  If
      (i)(x)
      the Depository or the Depositor advises the Trustee in writing that the
      Depository is no longer willing or able to discharge properly its
      responsibilities as Depository and (y) the Trustee or the Depositor is unable
      to
      locate a qualified successor or (ii) after the occurrence of a Servicer Event
      of
      Termination, the Certificate Owners of the Book-Entry Certificates representing
      Percentage Interests of such Classes aggregating not less than 51% advise the
      Trustee and Depository through the applicable financial intermediaries and
      the
      Depository Participants in writing that the continuation of a book-entry system
      through the Depository to the exclusion of definitive, fully registered
      certificates (the “Definitive Certificates”) to Certificate Owners is no longer
      in the best interests of the Certificate Owners. Upon surrender to the
      Certificate Registrar of the Book-Entry Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration,
      the Trustee shall, at the Servicer’s expense, execute on behalf of the Trust and
      authenticate 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 fully protected in relying on, such
      instructions. Upon the issuance of Definitive Certificates, the Trustee, the
      Certificate Registrar, the Servicer, any Paying Agent and the Depositor shall
      recognize the Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    (d)  No
      transfer, sale, pledge or other disposition of any Private Certificate or any
      Ownership Interest therein shall be made unless such disposition is exempt
      from
      the registration requirements of the 1933 Act, and any applicable state
      securities laws or is made in accordance with the 1933 Act and such state
      securities laws.

     

    In
      the
      event of any such transfer of any Ownership Interest in any Private Certificate
      that is a Definitive Certificate, except with respect to the initial transfer
      of
      any Private Certificate by the Depositor (i) unless such transfer is made in
      reliance upon Rule 144A under the 1933 Act (as evidenced by the investment
      letter delivered to the Trustee, in substantially the form of the Form of Rule
      144A Investment Letter included as part of Exhibit J hereto), the Trustee and
      the Depositor shall require a written Opinion of Counsel (which may be in-house
      counsel) acceptable to and in form and substance reasonably satisfactory to
      the
      Trustee and the Depositor that such transfer may be made pursuant to an
      exemption, describing the applicable exemption and the basis therefor, from
      the
      1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel
      shall not be an expense of the Trustee or the Depositor or (ii) the Trustee
      shall require the transferor to execute a transferor certificate (in
      substantially the form attached hereto as Exhibit L) and the transferee to
      execute an investment letter (in substantially the form attached hereto as
      Exhibit J) acceptable to and in form and substance reasonably satisfactory
      to
      the Depositor and the Trustee certifying to the Depositor and the Trustee the
      facts surrounding such transfer, which transferor certificate and investment
      letter shall not be an expense of the Trustee or the Depositor. The Holder
      of
      such Private Certificate desiring to effect such transfer shall, and does hereby
      agree to, indemnify the Trustee and the Depositor against any liability that
      may
      result if the transfer is not so exempt or is not made in accordance with such
      federal and state laws.

     

    In
      the
      event of any such transfer of any Ownership Interest in any Private Certificate
      that is a Book-Entry Certificate, except with respect to the initial transfer
      of
      any such Certificate by the Depositor, such transfer shall be required to be
      made in reliance upon Rule 144A under the 1933 Act, and the transferor will
      be
      deemed to have made each of the representations and warranties set forth on
      Exhibit L hereto in respect of such interest as if it was evidenced by such
      Private Certificate and the transferee will be deemed to have made each of
      the
      representations and warranties set forth in the Form of Rule 144A Investment
      Letter included as part of Exhibit J hereto in respect of such interest as
      if it
      was evidenced by a Definitive Certificate. The Certificate Owner of any such
      Ownership Interest in any such Private Certificate desiring to effect such
      transfer shall, and does hereby agree to, indemnify the Trustee and the
      Depositor against any liability that may result if the transfer is not so exempt
      or is not made in accordance with such federal and state laws.

     

    No
      transfer of any Certificate or any interest therein shall be made to any Plan
      subject to ERISA or Section 4975 of the Code, any Person acting, directly or
      indirectly, on behalf of any such Plan or any Person acquiring such Certificates
      with “Plan Assets” of a Plan within the meaning of the Department of Labor
      regulation promulgated at 29 C.F.R. § 2510.3-101 (“Plan Assets”), as certified
      by such transferee in the form of Exhibit I, unless the Trustee is provided
      with
      an Opinion of Counsel on which the Depositor, the Trustee, the Certificate
      Insurer and the Servicer may rely, which is satisfactory to the Trustee, that
      the purchase of such Certificates is permissible under applicable law, will
      not
      constitute or result in any prohibited transaction under ERISA or Section 4975
      of the Code and will not subject the Depositor, the Servicer, the Trustee,
      the
      Certificate Insurer or the Trust Fund to any obligation or liability (including
      obligations or liabilities under ERISA or Section 4975 of the Code) in addition
      to those undertaken in this Agreement, which Opinion of Counsel shall not be
      an
      expense of the Depositor, the Servicer, the Trustee, the Certificate Insurer
      or
      the Trust Fund. Neither a certification nor an Opinion of Counsel will be
      required in connection with the initial transfer of any such Certificate by
      the
      Depositor to an affiliate of the Depositor (in which case, the Depositor or
      any
      affiliate thereof shall have deemed to have represented that such affiliate
      is
      not a Plan or a Person investing Plan Assets) and the Trustee shall be entitled
      to conclusively rely upon a written representation from the Depositor of the
      status of such transferee as an affiliate of the Depositor.

     

    In
      the
      event of any such transfer of any Ownership Interest in any Book-Entry
      Certificate, except with respect to the initial transfer of any such Certificate
      by the Depositor, the transferee will be deemed to have made each of the
      representations and warranties set forth on Exhibit I hereto.

     

    If
      any
      Certificate subject to the restrictions set forth in the preceding paragraph
      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 any such Certificate or interest therein was effected
      in violation of the provisions of the preceding paragraph shall indemnify and
      hold harmless the Depositor, the Servicer, the Trustee and the Trust Fund from
      and against any and all liabilities, claims, costs or expenses incurred by
      those
      parties as a result of that acquisition or holding.

     

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

     

    (i)  Each
      Person holding or acquiring any Ownership Interest in a Class R Certificate
      shall be a Permitted Transferee and shall promptly notify the Trustee of any
      change or impending change in its status as a Permitted Transferee.

     

    (ii)  No
      Person
      shall acquire an Ownership Interest in a Class R Certificate unless such
      Ownership Interest is a pro
      rata
      undivided interest.

     

    (iii)  In
      connection with any proposed transfer of any Ownership Interest in a Class
      R
      Certificate, the Trustee shall as a condition to registration of the transfer,
      require delivery to it, in form and substance satisfactory to it, of each of
      the
      following:

     

    (x) an
      affidavit in the form of Exhibit M hereto from the proposed transferee to the
      effect that such transferee is a Permitted Transferee and that it is not
      acquiring its Ownership Interest in the Class R Certificate that is the subject
      of the proposed transfer as a nominee, trustee or agent for any Person who
      is
      not a Permitted Transferee; and

     

    (y) a
      covenant of the proposed transferee to the effect that the proposed transferee
      agrees to be bound by and to abide by the transfer restrictions applicable
      to
      the Class R Certificates.

     

    (iv)  Any
      attempted or purported transfer of any Ownership Interest in a Class R
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of a Class R Certificate, then the prior Holder of such Class
      R
      Certificate that is a Permitted Transferee shall, upon discovery that the
      registration of transfer of such Class R Certificate was not in fact permitted
      by this Section, be restored to all rights as Holder thereof retroactive to
      the
      date of registration of transfer of such Class R Certificate. The Trustee shall
      be under no liability to any Person for any registration of transfer of a Class
      R Certificate that is in fact not permitted by this Section or for making any
      distributions due on such Class R 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 Trustee received the documents specified in clause
      (iii). The Trustee shall be entitled to recover from any Holder of a Class
      R
      Certificate that was in fact not a Permitted Transferee at the time such
      distributions were made all distributions made on such Class R Certificate.
      Any
      such distributions so recovered by the Trustee shall be distributed and
      delivered by the Trustee to the prior Holder of such Class R Certificate that
      is
      a Permitted Transferee.

     

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

     

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

     

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

     

    (e)  No
      service charge shall be made for any registration of transfer or 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 transfer or exchange of Certificates. All Certificates
      surrendered for registration of transfer or exchange shall be cancelled by
      the
      Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    Section
      5.03.  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

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

     

    Section
      5.04.  Persons
      Deemed Owners.

     

    The
      Servicer, the Depositor, the Trustee, the Certificate Registrar, any Paying
      Agent and any agent of the Servicer, the Depositor, the Trustee, the Certificate
      Registrar or any Paying Agent may treat the Person, including the Depository,
      in
      whose name any Certificate is registered as the owner of such Certificate for
      the purpose of receiving distributions pursuant to Section 4.01 and for all
      other purposes whatsoever, and none of the Servicer, the Trust, the Trustee
      nor
      any agent of any of them shall be affected by notice to the
      contrary.

     

    Section
      5.05.  Appointment
      of Paying Agent.

     

    (a)  The
      Paying Agent shall make distributions to Certificateholders from the
      Distribution Account pursuant to Section 4.01 and shall report the amounts
      of
      such distributions to the Trustee. The duties of the Paying Agent may include
      the obligation to distribute statements and provide information to
      Certificateholders as required hereunder. The Paying Agent hereunder shall
      at
      all times be an entity duly incorporated and validly existing under the laws
      of
      the United States of America or any state thereof, authorized under such laws
      to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. The Paying Agent shall initially be the Trustee.
      The Trustee may appoint a successor to act as Paying Agent, which appointment
      shall be reasonably satisfactory to the Depositor.

     

    (b)  The
      Trustee shall cause the Paying Agent (if other than the Trustee) to execute
      and
      deliver to the Trustee an instrument in which such Paying Agent shall agree
      with
      the Trustee that such Paying Agent shall hold all sums, if any, held by it
      for
      payment to the Certificateholders in trust for the benefit of the
      Certificateholders and the Certificate Insurer entitled thereto until such
      sums
      shall be paid to such Certificateholders and shall agree that it shall comply
      with all requirements of the Code regarding the withholding of payments in
      respect of Federal income taxes due from Certificate Owners and otherwise comply
      with the provisions of this Agreement applicable to it.

     

     

     

    ARTICLE
      VI

     

    THE
      SERVICER AND THE DEPOSITOR

     

    Section
      6.01.  Liability
      of the Servicer and the Depositor.

     

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

     

    Section
      6.02.  Merger
      or Consolidation of, or Assumption of the Obligations of, the Servicer or the
      Depositor.

     

    Any
      entity into which the Servicer or Depositor may be merged or consolidated,
      or
      any entity resulting from any merger, conversion or consolidation to which
      the
      Servicer or the Depositor shall be a party, or any corporation succeeding to
      the
      business of the Servicer or the Depositor, shall be the successor of the
      Servicer or the Depositor, as the case may be, hereunder, without the execution
      or filing of any paper or any further act on the part of any of the parties
      hereto, anything herein to the contrary notwithstanding; provided, however,
      that
      the successor Servicer shall satisfy all the requirements of Section 7.02 with
      respect to the qualifications of a successor Servicer.

     

    Section
      6.03.  Limitation
      on Liability of the Servicer and Others.

     

    Neither
      the Servicer or the Depositor nor any of the directors or officers or employees
      or agents of the Servicer or the Depositor shall be under any liability to
      the
      Trust or the Certificateholders for any action taken or for refraining from
      the
      taking of any action by the Servicer or the Depositor in good faith pursuant
      to
      this Agreement, or for errors in judgment; provided, however, that this
      provision shall not protect the Servicer, the Depositor or any such Person
      against any liability which would otherwise be imposed by reason of its willful
      misfeasance, bad faith or negligence in the performance of duties of the
      Servicer or the Depositor, as the case may be, or by reason of its reckless
      disregard of its obligations and duties of the Servicer or the Depositor, as
      the
      case may be, hereunder; provided, further, that this provision shall not be
      construed to entitle the Servicer to indemnity in the event that amounts
      advanced by the Servicer to retire any senior lien exceed Liquidation Proceeds
      (in excess of related liquidation expenses) realized with respect to the related
      Mortgage Loan. The Servicer and any director or officer or employee or agent
      of
      the Servicer may rely in good faith on any document of any kind prima facie
      properly executed and submitted by any Person respecting any matters arising
      hereunder. The Servicer and the Depositor, and any director or officer or
      employee or agent of the Servicer or the Depositor, shall be indemnified by
      the
      Trust and 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 related to any specific Mortgage
      Loan
      or Mortgage Loans (except as any such loss, liability or expense shall be
      otherwise reimbursable pursuant to this Agreement) and any loss, liability
      or
      expense incurred by reason of its willful misfeasance, bad faith or negligence
      in the performance of duties hereunder or by reason of its reckless disregard
      of
      obligations and duties hereunder. None of the Depositor, the Seller or the
      Servicer shall be under any obligation to appear in, prosecute or defend any
      legal action that is not incidental to its respective duties hereunder and
      which
      in its opinion may involve it in any expense or liability; provided, however,
      that any of the Depositor, the Seller or the Servicer may in its discretion
      undertake any such legal action that it may deem appropriate in respect of
      this
      Agreement and the rights and duties of the parties hereto and interests of
      the
      Trustee and the Certificateholders hereunder or with respect to the Mortgage
      Loans including, without limitation, any rights or causes of action arising
      out
      of the origination of the Mortgage Loans.  In such event, unless the
      Depositor, the Servicer or the Seller, as applicable, acts without the consent
      of the Certificate Insurer (unless the Policy has been canceled upon the payment
      in full of the Insured Certificates or a Certificate Insurer Default has
      occurred and is continuing), the legal expenses and costs of such action and
      any
      liability resulting therefrom shall be expenses, costs and liabilities of the
      Trust Fund, and the Depositor, the Seller, and the Servicer shall be entitled
      to
      be reimbursed therefor out of the Certificate Account. The Servicer’s right to
      indemnity or reimbursement pursuant to this Section shall survive any
      resignation or termination of the Servicer pursuant to Section 6.04 or 7.01
      with
      respect to any losses, expenses, costs or liabilities arising prior to such
      resignation or termination (or arising from events that occurred prior to such
      resignation or termination). This paragraph shall apply to the Servicer solely
      in its capacity as Servicer hereunder and in no other capacities.

     

    Section
      6.04.  Servicer
      Not to Resign.

     

    Subject
      to the provisions of Section 7.01 and Section 7.02, the Servicer shall not
      resign from the obligations and duties hereby imposed on it except (i) upon
      determination that the performance of its obligations or 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 or its subsidiaries
      or
      Affiliates, the other activities of the Servicer so causing such a conflict
      being of a type and nature carried on by the Servicer or its subsidiaries or
      Affiliates at the date of this Agreement or (ii) upon satisfaction of the
      following conditions: (a) the Servicer has proposed a successor Servicer to
      the
      Trustee and the Certificate Insurer in writing and such proposed successor
      Servicer is reasonably acceptable to the Trustee and the Certificate Insurer;
      and (b) each Rating Agency shall have delivered a letter to the Trustee prior
      to
      the appointment of the successor Servicer stating that the proposed appointment
      of such successor Servicer as Servicer hereunder will not result in the
      reduction or withdrawal of the then current rating of any of the Certificates
      (without regard to the Policy); provided, however, that no such resignation
      by
      the Servicer shall become effective until such successor Servicer or the
      Trustee, if it becomes successor Servicer, shall have assumed the Servicer’s
      responsibilities and obligations hereunder or the Trustee shall have designated
      a successor Servicer in accordance with Section 7.02. Any such resignation
      shall
      not relieve the Servicer of responsibility for any of the obligations specified
      in Sections 7.01 and 7.02 as obligations that survive the resignation or
      termination of the Servicer. Any such determination permitting the resignation
      of the Servicer pursuant to clause (i) above shall be evidenced by an Opinion
      of
      Counsel to such effect delivered to the Trustee and the Certificate
      Insurer.

     

    Section
      6.05.  Delegation
      of Duties.

     

    In
      the
      ordinary course of business, the Servicer at any time may delegate any of its
      duties hereunder to any Person, including any of its Affiliates, who agrees
      to
      conduct such duties in accordance with standards comparable to those set forth
      in Section 3.01. Such delegation shall not relieve the Servicer of its
      liabilities and responsibilities with respect to such duties and shall not
      constitute a resignation within the meaning of Section 6.04. Except as provided
      in Section 3.02, no such delegation is permitted that results in the delegate
      subservicing any Mortgage Loans. The Servicer shall provide the Trustee with
      60
      days prior written notice prior to the delegation of any of its duties to any
      Person other than any of the Servicer’s Affiliates or their respective
      successors and assigns.

     

    Section
      6.06.  Inspection.

     

    The
      Servicer, in its capacity as Seller and Servicer, shall afford the Trustee
      and
      the Certificate Insurer, upon reasonable advance notice, during normal business
      hours, access to all records maintained by the Servicer in respect of its rights
      and obligations hereunder and access to officers of the Servicer responsible
      for
      such obligations. Upon request, the Servicer shall furnish to the Trustee and/or
      the Certificate Insurer, as applicable, its most recent publicly available
      financial statements and such other information relating to its capacity to
      perform its obligations under this Agreement.

     

     

     

    ARTICLE
      VII

     

    DEFAULT

     

    Section
      7.01.  Servicer
      Events of Termination.

     

    (a)  If
      any
      one of the following events (“Servicer Events of Termination”) shall occur and
      be continuing:

     

    (i)  (A)The
      failure by the Servicer to make any Advance; or (B) any other failure by the
      Servicer to deposit in the Certificate Account or Distribution Account any
      deposit required to be made under the terms of this Agreement which continues
      unremedied for a period of five (5) Business Days after the date upon which
      written notice of such failure shall have been given to the Servicer by the
      Trustee, or to the Servicer, the Certificate Insurer and the Trustee by the
      Holders of Certificates evidencing at least 25% of the Voting Rights;
      or

     

    (ii)  The
      failure by the Servicer to make any required Servicing Advance which failure
      continues unremedied for a period of 30 days, or the failure by the Servicer
      duly to observe or perform, in any material respect, any other covenants,
      obligations or agreements of the Servicer as set forth in this Agreement, which
      failure continues unremedied for a period of 30 days, after the date (A) on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Servicer by the Trustee, or to the Servicer and the
      Trustee by the Holders of Certificates evidencing at least 25% of the Voting
      Rights or (B) actual knowledge of such failure by a Servicing Officer of the
      Servicer; or

     

    (iii)  The
      entry
      against the Servicer of a decree or order by a court or agency or supervisory
      authority having jurisdiction in the premises for the appointment of a trustee,
      conservator, receiver or liquidator in any insolvency, conservatorship,
      receivership, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings, or for the winding up or liquidation of its affairs, and
      the continuance of any such decree or order unstayed and in effect for a period
      of 60 days; or

     

    (iv)  The
      Servicer shall voluntarily go into liquidation, consent to the appointment
      of a
      conservator or receiver or liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings of or relating to the Servicer or of or relating to all or
      substantially all of its property; or a decree or order of a court or agency
      or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a conservator, receiver, liquidator or similar person in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding-up or liquidation of its affairs, shall have
      been entered against the Servicer and such decree or order shall have remained
      in force undischarged, unbonded or unstayed for a period of 60 days; or the
      Servicer shall admit in writing its inability to pay its debts generally as
      they
      become due, file a petition to take advantage of any applicable insolvency
      or
      reorganization statute, make an assignment for the benefit of its creditors
      or
      voluntarily suspend payment of its obligations;

     

    (b)  then,
      in
      each and every such case, so long as a Servicer Event of Termination shall
      not
      have been remedied within the applicable grace period, or with respect solely
      to
      clause (i)(A) above, if such Advance is not made by 5:00 P.M., New York time,
      on
      the Business Day immediately following the Servicer Remittance Date (provided,
      that the Trustee shall give the Servicer notice of such failure to advance
      by
      5:00 P.M. New York time on the Servicer Remittance Date), the Trustee may,
      and
      at the direction of the Holders of Certificates evidencing Percentage Interests
      aggregating not less than 51%, by notice then given in writing to the Servicer,
      the Certificate Insurer and to the Trustee or, if no Certificate Insurer Default
      has occurred and is continuing, at the direction of the Certificate Insurer,
      the
      Trustee shall, terminate all of the rights and obligations of the Servicer
      as
      servicer under this Agreement but only upon consent of the Certificate Insurer
      if no Certificate Insurer Default has occurred and is continuing. Any such
      notice to the Servicer shall also be given to each Rating Agency, the
      Certificate Insurer, the Depositor and the Seller. On or after the receipt
      by
      the Servicer (and by the Trustee if such notice is given by the Holders) of
      such
      written notice, all authority and power of the Servicer under this Agreement,
      whether with respect to the Certificates or the Mortgage Loans or otherwise,
      shall pass to and be vested in the Trustee (or if another successor Servicer
      shall at such time have already been appointed in accordance with Section 7.02,
      such successor Servicer) pursuant to and under this Section (subject to Section
      7.02); and, without limitation, the Trustee (or such other successor Servicer
      appointed in accordance with Section 7.02) is hereby authorized and empowered
      to
      execute and deliver, on behalf of the Servicer, as attorney-in-fact or
      otherwise, any and all documents and other instruments, and to do or accomplish
      all other acts or things necessary or appropriate to effect the purposes of
      such
      notice of termination, whether to complete the transfer and endorsement of
      each
      Mortgage Loan and related documents or otherwise. The Servicer agrees to
      cooperate with the Trustee (or such other successor Servicer appointed in
      accordance with Section 7.02) in effecting the termination of the
      responsibilities and rights of the Servicer hereunder, including, without
      limitation, the delivery to the Trustee (or such other successor Servicer
      appointed in accordance with Section 7.02) of all documents, funds, information
      and records requested by it to enable it to assume the Servicer’s functions
      under this Agreement within ten Business Days subsequent to such notice, the
      transfer within one Business Day subsequent to such notice to the Trustee (or
      such other successor Servicer appointed in accordance with Section 7.02) for
      the
      administration by it of all cash amounts that shall at the time be held by
      the
      Servicer and to be deposited by it in the Certificate Account, the Distribution
      Account, any REO Account or any Servicing Account or that have been deposited
      by
      the Servicer in such accounts or thereafter received by the Servicer with
      respect to the Mortgage Loans or any REO Property received by the Servicer.
      All
      reasonable costs and expenses (including attorneys’ fees) incurred in connection
      with transferring the Mortgage Files to the successor Servicer and amending
      this
      Agreement to reflect such succession as Servicer pursuant to this Section shall
      be paid by the predecessor Servicer (or if the predecessor Servicer is the
      Trustee, the Servicer that immediately preceded the Trustee) upon presentation
      of reasonable documentation of such costs and expenses and to the extent not
      paid by such Servicer, by the Trust.

     

    Section
      7.02.  Trustee
      to Act; Appointment of Successor.

     

    (a)  On
      and
      after the time the Servicer (and the Trustee, if notice is sent by the Holders)
      receives a notice of termination pursuant to Section 6.04 or Section 7.01,
      the
      Certificate Insurer shall have the right to appoint a successor Servicer and
      if
      the Certificate Insurer does not exercise such right, the Trustee shall be
      the
      successor in all respects to the Servicer in its capacity as servicer under
      this
      Agreement and the transactions set forth or provided for herein and shall be
      subject to all the responsibilities, duties and liabilities relating thereto
      placed on the Servicer (except for any representations or warranties of the
      Servicer under this Agreement, the responsibilities, duties and liabilities
      contained in Section 2.03(c) and the obligation to deposit amounts in respect
      of
      losses pursuant to Section 3.12) by the terms and provisions hereof arising
      on
      and after its succession including, without limitation, the Servicer’s
      obligations to make Advances pursuant to Section 4.03; provided, however, that
      if the Trustee is prohibited by law or regulation from obligating itself to
      make
      advances regarding delinquent mortgage loans, then the Trustee shall not be
      obligated to make Advances pursuant to Section 4.03; provided further, that
      any
      failure to perform such duties or responsibilities during the period following
      the termination of the Servicer reasonably necessary for the Trustee as
      successor to the Servicer hereunder to assume the duties and responsibilities
      of
      the Servicer or caused by the Servicer’s failure to provide information,
      documents or funds (or any other items reasonably requested by the Trustee
      in
      order to succeed to the Servicer’s responsibilities, duties and liabilities
      hereunder) required by Section 7.01 shall not be considered a default by the
      Trustee as successor to the Servicer hereunder and shall not result in any
      liability to the Trustee, and the Trustee, in its capacity as successor
      Servicer, shall not be responsible for the lack of information and/or documents
      that it cannot obtain through reasonable efforts. As compensation therefor,
      the
      Trustee (or such other successor Servicer as may be appointed as provided
      herein) shall be entitled to such compensation as the Servicer would have been
      entitled to hereunder if no such notice of termination had been given.
      Notwithstanding the above, (i) if the Trustee is unwilling to act as successor
      Servicer or (ii) if the Trustee is legally unable so to act, the Trustee shall
      appoint or petition a court of competent jurisdiction to appoint, any
      established housing and home finance institution, bank or other mortgage loan
      or
      home equity loan servicer having a net worth of not less than $50,000,000 as
      the
      successor to the Servicer hereunder in the assumption of all or any part of
      the
      responsibilities, duties or liabilities of the Servicer hereunder and such
      successor Servicer must be acceptable to the Certificate Insurer; provided,
      that
      the appointment of any such successor Servicer will not result in the
      qualification, reduction or withdrawal of the ratings assigned to any of the
      Certificates by the Rating Agencies as evidenced by a letter to such effect
      from
      each Rating Agency (without regard to the Policy). Pending appointment of a
      successor to the Servicer hereunder, unless the Trustee is prohibited by law
      from so acting, the Trustee shall act in such capacity as hereinabove provided.
      In connection with such appointment and assumption, the successor shall be
      entitled to receive compensation out of payments on Mortgage Loans in an amount
      equal to the compensation which the Servicer would otherwise have received
      pursuant to Section 3.18 (or such other compensation as the Trustee and such
      successor shall agree, not to exceed the Servicing Fee). The appointment of
      a
      successor Servicer shall not affect any liability of the predecessor Servicer
      which may have arisen under this Agreement prior to its termination as Servicer
      to pay any deductible under an insurance policy pursuant to Section 3.14 or
      to
      indemnify the Trustee pursuant to Section 8.05, nor shall any successor Servicer
      be liable for any acts or omissions of the predecessor Servicer or for any
      breach by such Servicer of any of its representations or warranties contained
      herein or in any related document or agreement. The Trustee and such successor
      shall take such action, consistent with this Agreement, as shall be necessary
      to
      effectuate any such succession. All Servicing Transfer Costs shall be paid
      by
      the predecessor Servicer (or, if the predecessor Servicer is the Trustee, the
      Servicer that preceded the Trustee) upon presentation of reasonable
      documentation of such costs, and if such predecessor Servicer defaults in its
      obligation to pay such costs, such costs shall be paid by the successor Servicer
      or the Trustee (in which case the successor Servicer or the Trustee, as
      applicable, shall be entitled to reimbursement therefor from the assets of
      the
      Trust Fund). If no Certificate Insurer Default has occurred and is continuing,
      the Certificate Insurer shall have the right to consent to any successor
      Servicer which the Trustee may propose to appoint.

     

    (b)  Any
      successor to the Servicer, including the Trustee, shall during the term of
      its
      service as servicer continue to service and administer the Mortgage Loans for
      the benefit of Certificateholders and the Certificate Insurer, and maintain
      in
      force a policy or policies of insurance covering errors and omissions in the
      performance of its obligations as Servicer hereunder and a fidelity bond in
      respect of its officers, employees and agents to the same extent as the Servicer
      is so required pursuant to Section 3.14.

     

    Section
      7.03.  Waiver
      of Defaults.

     

    The
      Majority Certificateholders (excluding any Certificates held by the Seller,
      the
      Servicer or any Affiliate thereof) may, on behalf of all Certificateholders
      and
      the Certificate Insurer, waive any events permitting removal of the Servicer
      as
      servicer pursuant to this Article VII; provided, however, that the Majority
      Certificateholders (excluding any Certificates held by the Servicer or any
      Affiliate thereof) may not waive a default in making a required distribution
      on
      a Certificate without the consent of the Holder of such Certificate. Upon any
      waiver of a past default, such default shall cease to exist and any Servicer
      Event of Termination 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 thereto except to the extent
      expressly so waived. Notice of any such waiver shall be given by the Trustee
      to
      the Rating Agencies.

     

    Section
      7.04.  Notification
      to Certificateholders.

     

    (a)  Upon
      any
      termination or appointment of a successor to the Servicer pursuant to Section
      6.04 or this Article VII, the Trustee shall give prompt written notice thereof
      to the Certificateholders and the Certificate Insurer at their respective
      addresses appearing in the Certificate Register and to each Rating
      Agency.

     

    (b)  No
      later
      than the later of (i) 60 days after the occurrence of any event which
      constitutes or which, with notice or a lapse of time or both, would constitute
      a
      Servicer Event of Termination and (ii) five days after a Responsible Officer
      of
      the Trustee becomes aware of the occurrence of such an event, the Trustee shall
      transmit by mail to all Certificateholders notice of such occurrence unless
      such
      default or Servicer Event of Termination shall have been waived or
      cured.

     

    Section
      7.05.  Survivability
      of Servicer Liabilities.

     

    Notwithstanding
      anything herein to the contrary, upon termination of the Servicer hereunder,
      any
      liabilities of the Servicer which accrued prior to such termination shall
      survive such termination.

     

     

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE

     

    Section
      8.01.  Duties
      of Trustee.

     

    The
      Trustee, prior to the occurrence of a Servicer Event of Termination and after
      the curing of all Servicer Events of Termination which may have occurred,
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in this Agreement. If a Servicer Event of Termination has occurred (which
      has not been cured) of which a Responsible Officer of the Trustee has actual
      knowledge, the Trustee shall exercise such of the rights and powers vested
      in it
      by this Agreement, and use the same degree of care and skill in their exercise,
      as a prudent person would exercise or use under the circumstances in the conduct
      of his own affairs.

     

    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 conform to the
      requirements of this Agreement; provided, however, that the Trustee will not
      be
      responsible for the accuracy or content of any such resolutions, certificates,
      statements, opinions, reports, documents or other instruments. If any such
      instrument is found not to conform to the requirements of this Agreement in
      a
      material manner, the Trustee shall take such action as it deems appropriate
      to
      have the instrument corrected, and if the instrument is not corrected to the
      Trustee’s satisfaction, the Trustee will provide notice thereof to the
      Certificateholders.

     

    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 misconduct; provided, however, that:

     

    (i)  prior
      to
      the occurrence of a Servicer Event of Termination, and after the curing of
      all
      such Servicer Events of Termination which may have occurred, the duties and
      obligations of the Trustee shall be determined solely by the express provisions
      of this Agreement, the Trustee shall not be liable except for the performance
      of
      such duties and obligations as are specifically set forth in this Agreement,
      no
      implied covenants or obligations shall be read into this Agreement against
      the
      Trustee and, in the absence of bad faith on the part of the Trustee, the Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Trustee and conforming to the requirements of this Agreement;

     

    (ii)  the
      Trustee shall not be personally liable for an error of judgment made in good
      faith by a Responsible Officer of the Trustee, unless it shall be proved that
      the Trustee was negligent in ascertaining or investigating the facts related
      thereto;

     

    (iii)  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 the Majority Certificateholders relating to the time, method and
      place of conducting any proceeding for any remedy available to the Trustee,
      or
      exercising or omitting to exercise any trust or power conferred upon the
      Trustee, under this Agreement; and

     

    (iv)  the
      Trustee shall not be charged with knowledge of any failure by the Servicer
      to
      comply with the obligations of the Servicer referred to in clauses (i) and
      (ii)
      of Section 7.01(a) unless a Responsible Officer of the Trustee at the Corporate
      Trust Office obtains actual knowledge of such failure or the Trustee receives
      written notice of such failure from the Servicer or the Majority
      Certificateholders.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder, or in
      the
      exercise of any of its rights or powers (other than expenses, disbursements
      and
      advances incurred or made by the Trustee, including the compensation and the
      expenses and disbursements of its agents and counsel, in the ordinary course
      of
      the Trustee’s performance in accordance with the provisions of this Agreement),
      if there is reasonable ground for believing that 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 Servicer under this Agreement, except during
      such time, if any, as the Trustee shall be the successor to, and be vested
      with
      the rights, duties, powers and privileges of, the Servicer in accordance with
      the terms of this Agreement.

     

    Section
      8.02.  Certain
      Matters Affecting the Trustee.

     

    Except
      as
      otherwise provided in Section 8.01:

     

    (i)  the
      Trustee may request and 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, appraisal, bond or other paper or document
      reasonably believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties, and the manner of obtaining consents and of
      evidencing the authorization of the execution thereof by Certificateholders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe;

     

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

     

    (iii)  the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Agreement, or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders, pursuant to the provisions of this Agreement,
      unless such Certificateholders shall have offered to the Trustee reasonable
      security or indemnity against the costs, expenses and liabilities which may
      be
      incurred therein or thereby; nothing contained herein shall, however, relieve
      the Trustee of the obligation, upon the occurrence of a Servicer Event of
      Termination (which has not been cured or waived), to exercise such of the rights
      and powers vested in it by this Agreement, and to 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;

     

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

     

    (v)  prior
      to
      the occurrence of a Servicer Event of Termination and after the curing of all
      Servicer Events of Termination which may have occurred, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or documents, unless
      requested in writing to do so by the Majority Certificateholder (provided,
      however, that no Certificates held by the Servicer, the Seller, the Depositor
      or
      any Affiliate thereof shall be given effect for the purpose of calculating
      any
      such aggregation of Voting Rights); provided, however, that if the payment
      within a reasonable time to the Trustee of the costs, expenses or liabilities
      likely to be incurred by it in the making of such investigation is, in the
      opinion of the Trustee, not reasonably assured to the Trustee by the security
      afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such cost, expense or liability from such
      Certificateholders as a condition to making such investigation. Nothing in
      this
      clause (v) shall derogate from the obligation of the Servicer to observe any
      applicable law prohibiting disclosure of information regarding the
      Mortgagors;

     

    (vi)  the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys or a
      custodian;

     

    (vii)  the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Servicer until
      such
      time as the Trustee may be required to act as Servicer pursuant to Section
      7.02
      and thereupon only for the acts or omissions of the Trustee as successor
      Servicer;

     

    (viii)  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
      its action or inaction other than its negligence or willful misconduct in the
      performance of such act; and

     

    (ix)  the
      Trustee shall not be personally liable for any loss resulting from the
      investment of funds held in the Certificate Account or the Distribution Account
      at the direction of the Servicer pursuant to Section 3.12.

     

    In
      order
      to comply with its duties under the U.S. Patriot Act, the Trustee shall obtain
      and verify certain information and documentation from the other parties hereto,
      including, but not limited to, such parties’ name, address and other identifying
      information.

     

    In
      order
      to comply with laws, rules and regulations applicable to banking institutions,
      including those relating to the funding of terrorist activities and money
      laundering, the Trustee is required to obtain, verify and record certain
      information relating to individuals and entities which maintain a business
      relationship with the Trustee.  Accordingly, each of the parties
      agrees to provide to the Trustee upon its request from time to time such
      party’s complete name, address, tax identification number and such other
      identifying information together with copies of such party’s constituting
      documentation, securities disclosure documentation or such other identifying
      documentation as may be available for such party.

     

    Section
      8.03.  Trustee
      Not Liable for Certificates or Mortgage Loans.

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee on the Certificates) shall be taken as the statements of the
      Depositor, and the Trustee assumes no responsibility for the correctness of
      the
      same. The Trustee makes no representations as to the validity or sufficiency
      of
      this Agreement or of the Certificates (other than the signature and
      authentication of the Trustee on the Certificates) or of any Mortgage Loan
      or
      related document. The Trustee shall not be accountable for the use or
      application by the Servicer, or for the use or application of any funds paid
      to
      the Servicer in respect of the Mortgage Loans or deposited in or withdrawn
      from
      the Certificate Account by the Servicer. The Trustee shall at no time have
      any
      responsibility or liability for or with respect to the legality, validity and
      enforceability of any Mortgage or any Mortgage Loan, or the perfection and
      priority of any Mortgage or the maintenance of any such perfection and priority,
      or for or with respect to the sufficiency of the Trust or its ability to
      generate the payments to be distributed to Certificateholders under this
      Agreement, including, without limitation: the existence, condition and ownership
      of any Mortgaged Property; the validity of the assignment of any Mortgage Loan
      to the Trustee or of any intervening assignment; the completeness of any
      Mortgage Loan; the performance or enforcement of any Mortgage Loan (other than
      if the Trustee shall assume the duties of the Servicer pursuant to Section
      7.02
      and in such case only to the extent of the Servicer’s obligations hereunder);
      the compliance by the Depositor, the Seller, the Seller or the Servicer with
      any
      warranty or representation made under this Agreement or in any related document
      or the accuracy of any such warranty or representation prior to the Trustee’s
      receipt of notice or other discovery of any non-compliance therewith or any
      breach thereof; any investment of moneys by or at the direction of the Servicer
      or any loss resulting therefrom, it being understood that the Trustee shall
      remain responsible for any Trust property that it may hold in its individual
      capacity; the acts or omissions of any of the Servicer (other than if the
      Trustee shall assume the duties of the Servicer pursuant to Section 7.02 and
      in
      such case only to the extent of the Servicer’s obligations hereunder), any
      Sub-Servicer or any Mortgagor; any action of the Servicer (other than if the
      Trustee shall assume the duties of the Servicer pursuant to Section 7.02 and
      in
      such case only to the extent of the Servicer’s obligations hereunder), or any
      Sub-Servicer taken in the name of the Trustee; the failure of the Servicer
      or
      any Sub-Servicer to act or perform any duties required of it as agent of the
      Trustee hereunder; or any action by the Trustee taken at the instruction of
      the
      Servicer (other than if the Trustee shall assume the duties of the Servicer
      pursuant to Section 7.02 and in such case only to the extent of the Servicer’s
      obligations hereunder); provided, however, that the foregoing shall not relieve
      the Trustee of its obligation to perform its duties under this Agreement,
      including, without limitation, the Trustee’s duty to review the Mortgage Files
      pursuant to Section 2.01. 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 (unless the Trustee shall have become the successor
      Servicer and in such case only to the extent of the Servicer’s obligations
      hereunder).

     

    Section
      8.04.  Trustee
      May Own Certificates.

     

    The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Certificates with the same rights as it would have if it were not Trustee
      and
      may transact any banking and trust business with the Seller, the Servicer,
      the
      Depositor or their Affiliates.

     

    Section
      8.05.  Trustee
      Fee and Expenses.

     

    As
      compensation for its activities under this Agreement, on each Distribution
      Date
      the Trustee may withdraw from the Distribution Account and pay to itself the
      Trustee Fee for that Distribution Date. The Trustee and any director, officer,
      employee, or agent of the Trustee shall be indemnified by the Servicer against
      any loss, liability, or expense (including reasonable attorney’s fees) (i)
      resulting from any error in any tax or information return prepared by the
      Servicer or (ii) incurred in connection with any claim or legal action relating
      to:

     

    (a)  this
      Agreement;

     

    (b)  the
      Certificates; or

     

    (c)  the
      performance of any of the Trustee’s duties under this Agreement, other than any
      loss, liability or expense incurred because of willful misfeasance, bad faith
      or
      negligence in the performance of any of the Trustee’s duties hereunder or
      incurred by reason of any action of the Trustee taken at the direction of the
      Certificateholders under this Agreement.

     

    This
      indemnity shall survive the termination of this Agreement or the resignation
      or
      removal of the Trustee under this Agreement. Without limiting the foregoing,
      except as otherwise agreed upon in writing by the Depositor and the Trustee,
      and
      except for any expense, disbursement, or advance arising from the Trustee’s
      negligence, bad faith, or willful misconduct, the Servicer shall pay or
      reimburse the Trustee, for all reasonable expenses, disbursements, and advances
      incurred or made by the Trustee in accordance with this Agreement with respect
      to:

     

    (i)  the
      reasonable compensation, expenses, and disbursements of its counsel not
      associated with the closing of the issuance of the Certificates;

     

    (ii)  the
      reasonable compensation, expenses, and disbursements of any accountant,
      engineer, or appraiser that is not regularly employed by the Trustee, to the
      extent that the Trustee must engage them to perform services under this
      Agreement; and

     

    (iii)  printing
      and engraving expenses in connection with preparing any Definitive
      Certificates.

     

    Except
      as
      otherwise provided in this Agreement, the Trustee shall not be entitled to
      payment or reimbursement for any routine ongoing expenses incurred by the
      Trustee in the ordinary course of its duties as Trustee, Certificate Registrar
      or Paying Agent under this Agreement or for any other expenses.

     

    Section
      8.06.  Eligibility
      Requirements for Trustee.

     

    The
      Trustee hereunder shall at all times be an entity duly organized and validly
      existing under the laws of the United States of America or any state thereof,
      authorized under such laws to exercise corporate trust powers, having a combined
      capital and surplus of at least $50,000,000 and subject to supervision or
      examination by federal or state authority and has a credit rating which would
      not cause any Rating Agency to reduce its current rating of the Certificates.
      If
      such entity publishes reports of condition at least annually, pursuant to law
      or
      to the requirements of the aforesaid supervising or examining authority, then
      for the purposes of this Section 8.06, the combined capital and surplus of
      such
      entity shall be deemed to be its combined capital and surplus as set forth
      in
      its most recent report of condition so published. The principal office of the
      Trustee (other than the initial Trustee) shall be in a state with respect to
      which an Opinion of Counsel has been delivered to such Trustee at the time
      such
      Trustee is appointed Trustee to the effect that the Trust will not be a taxable
      entity under the laws of such state. In case at any time the Trustee shall
      cease
      to be eligible in accordance with the provisions of this Section 8.06, the
      Trustee shall resign immediately in the manner and with the effect specified
      in
      Section 8.07.

     

    Section
      8.07.  Resignation
      or Removal of Trustee.

     

    The
      Trustee may at any time resign and be discharged from the trusts hereby created
      by giving written notice thereof to the Depositor, the Servicer, the Certificate
      Insurer and each Rating Agency. Upon receiving such notice of resignation,
      the
      Depositor shall promptly appoint a successor Trustee by written instrument,
      in
      duplicate, one copy of which instrument shall be delivered to the resigning
      Trustee, the Certificate Insurer and one copy to the successor Trustee. If
      no
      successor Trustee shall have been so appointed and having accepted appointment
      within 30 days after the giving of such notice of resignation, the resigning
      Trustee may petition any court of competent jurisdiction for the appointment
      of
      a successor Trustee.

     

    If
      at any
      time the Trustee shall cease to be eligible in accordance with the provisions
      of
      Section 8.06 and shall fail to resign after written request therefor by the
      Depositor or if at any time the Trustee shall be legally unable to act, 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, then the Depositor or the Servicer may remove
      the
      Trustee but only upon consent of the Certificate Insurer if no Certificate
      Insurer default has occurred and is continuing. If the Depositor or the Servicer
      removes the Trustee under the authority of the immediately preceding sentence,
      the Depositor shall promptly appoint a successor Trustee by written instrument,
      in duplicate, one copy of which instrument shall be delivered to the Trustee
      so
      removed and one copy to the successor Trustee. The Trustee that is the subject
      of such removal shall deliver a copy of such instrument to the
      Certificateholders, the Certificate Insurer and the Servicer. If no successor
      Trustee shall have been so appointed and having accepted appointment within
      30
      days after the giving of such notice of resignation, then the Certificate
      Insurer may appoint a successor Trustee.

     

    The
      Majority Certificateholders (excluding any Certificates held by the Seller,
      the
      Servicer or any Affiliate thereof) may at any time remove the Trustee by written
      instrument or instruments delivered to the Servicer, the Depositor, the
      Certificate Insurer and the Trustee but only upon consent of the Certificate
      Insurer if no Certificate Insurer Default has occurred and is continuing; the
      Depositor shall thereupon use its best efforts to appoint a successor Trustee
      in
      accordance with this Section. The Trustee that is the subject of such removal
      shall deliver a copy of such instrument to the Certificateholders and the
      Servicer.

     

    Any
      resignation or removal of the Trustee and appointment of a successor Trustee
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee as provided
      in Section 8.08.

     

    Section
      8.08.  Successor
      Trustee.

     

    Any
      successor Trustee appointed as provided in Section 8.07 shall execute,
      acknowledge and deliver to the Depositor, the Servicer, the Certificate 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. The Depositor, the Servicer and the predecessor
      Trustee shall execute and deliver such instruments and do such other things
      as
      may reasonably be required for fully and certainly vesting and confirming in
      the
      successor Trustee all such rights, powers, duties and obligations.

     

    No
      successor Trustee shall accept appointment as provided in this Section 8.08
      unless at the time of such acceptance such successor Trustee shall be eligible
      under the provisions of Section 8.06 and the appointment of such successor
      Trustee shall not result in a downgrading of any Class of the Certificates
      by
      either Rating Agency, as evidenced by a letter from each Rating
      Agency.

     

    Upon
      acceptance of appointment by a successor Trustee as provided in this Section
      8.08, the successor Trustee shall mail notice of the appointment of a successor
      Trustee hereunder to all Holders of Certificates and the Certificate Insurer
      at
      their addresses as shown in the Certificate Register and to each Rating
      Agency.

     

    Notwithstanding
      anything to the contrary contained herein, so long as no Certificate Insurer
      Default exists, the appointment of any successor Trustee pursuant to any
      provision of this Agreement will be subject to the prior written consent of
      the
      Certificate Insurer.

     

    Section
      8.09.  Merger
      or Consolidation of Trustee.

     

    Any
      entity into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any entity resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any entity succeeding
      to
      the business of the Trustee, shall be the successor of the Trustee hereunder,
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08, without the execution or filing of any paper or any further act on the
      part of any of the parties hereto, anything herein to the contrary
      notwithstanding.

     

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

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power and shall execute and deliver all
      instruments to appoint one or more Persons approved by the Trustee to act as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of the Trust, and to vest in such Person
      or Persons, in such capacity and for the benefit of the Certificateholders
      and
      the Certificate Insurer, such title to the Trust, or any part thereof, and,
      subject to the other provisions of this Section 8.10, such powers, duties,
      obligations, rights and trusts as the Servicer and the Trustee may consider
      necessary or desirable. Any such co-trustee or separate trustee shall be subject
      to the written approval of the Servicer. If the Servicer shall not have joined
      in such appointment within 15 days after the receipt by it of a request so
      to
      do, or in the case a Servicer Event of Termination shall have occurred and
      be
      continuing, the Trustee alone shall have the power to make such appointment.
      No
      co-trustee or separate trustee hereunder shall be required to meet the terms
      of
      eligibility as a successor Trustee under Section 8.06, and no notice to
      Certificateholders of the appointment of any co-trustee or separate trustee
      shall be required under Section 8.08. The Servicer shall be responsible for
      the
      fees of any co-trustee or separate trustee appointed hereunder.

     

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

     

    (i)  all
      rights, powers, duties and obligations conferred or imposed upon the Trustee
      shall be conferred or imposed upon and exercised or performed by the Trustee
      and
      such separate trustee or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Servicer hereunder), the Trustee shall
      be incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to the
      Trust or any portion thereof in any such jurisdiction) shall be exercised and
      performed singly by such separate trustee or co-trustee, but solely at the
      direction of the Trustee;

     

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

     

    (iii)  the
      Servicer and the Trustee, acting jointly, may at any time accept the resignation
      of or remove any separate trustee or co-trustee except that following the
      occurrence of a Servicer Event of Termination, the Trustee acting alone may
      accept the resignation or remove any separate trustee or
      co-trustee.

     

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

     

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

     

    Section
      8.11.  Limitation
      of Liability.

     

    The
      Certificates are executed by the Trustee, not in its individual capacity but
      solely as Trustee of the Trust, in the exercise of the powers and authority
      conferred and vested in it by this Agreement. Each of the undertakings and
      agreements made on the part of the Trustee in the Certificates is made and
      intended not as a personal undertaking or agreement by the Trustee but is made
      and intended for the purpose of binding only the Trust.

     

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

     

    All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates
      and
      the Certificate Insurer, subject to the provisions of this Agreement. Any
      recovery of judgment shall, after provision for the payment of the reasonable
      compensation, expenses, disbursement and advances of the Trustee, its agents
      and
      counsel, be for the ratable benefit of the Certificateholders in respect of
      which such judgment has been recovered.

     

    Section
      8.13.  Suits
      for Enforcement.

     

    In
      case a
      Servicer Event of Termination or other default by the Servicer or the Depositor
      hereunder shall occur and be continuing, the Trustee, shall, at the direction
      of
      the Majority Certificateholders, or may, proceed to protect and enforce its
      rights and the rights of the Certificateholders under this Agreement by a suit,
      action or proceeding in equity or at law or otherwise, whether for the specific
      performance of any covenant or agreement contained in this Agreement or in
      aid
      of the execution of any power granted in this Agreement or for the enforcement
      of any other legal, equitable or other remedy, as the Trustee, being advised
      by
      counsel, and subject to the foregoing, shall deem most effectual to protect
      and
      enforce any of the rights of the Trustee and the
      Certificateholders.

     

    Section
      8.14.  Waiver
      of Bond Requirement.

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

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

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    Section
      8.16.  Reserved.

     

    Section
      8.17.  Access
      to Records of Trustee.

     

    The
      Trustee shall afford the Seller, the Depositor, the Servicer, the Certificate
      Insurer and each Certificateholder or Certificate Owner, upon reasonable notice
      during normal business hours, access to all records maintained by the Trustee
      in
      respect of its duties under this Agreement and access to officers of the Trustee
      responsible for performing its duties. Upon request, the Trustee shall furnish
      the Depositor, the Servicer, the Certificate Insurer and any requesting
      Certificateholder or Certificate Owner with its most recent financial
      statements. The Trustee shall cooperate fully with the Seller, the Servicer,
      the
      Depositor, the Certificate Insurer and the Certificateholder or Certificate
      Owner for review and copying any books, documents or records requested with
      respect to the Trustee’s duties under this Agreement at the expense of the
      requesting party. The Seller, the Depositor, the Servicer and the
      Certificateholder or Certificate Owner shall not have any responsibility or
      liability for any action for failure to act by the Trustee and are not obligated
      to supervise the performance of the Trustee under this Agreement or
      otherwise.

     

     

    
 

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    Section
      9.01.  REMIC
      Administration.

     

    (a)  REMIC
      elections as set forth in the Preliminary Statement shall be made by the Trustee
      on Form 1066 or other appropriate federal tax or information return for the
      taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement. For the purposes
      of
      the REMIC election in respect of REMIC 1, (i) the REMIC 1 Regular Interests
      shall be designated as the Regular Interests in REMIC 1 and the Class R-1
      Interest shall be designated as the Residual Interest in REMIC 1, and (ii)
      the
      Regular Certificates (exclusive of the right to receive payments from the Excess
      Reserve Fund Account) shall be designated as the Regular Interests in REMIC
      2
      and the Class R-2 Interest shall be designated as the Residual Interest in
      REMIC
      2. The Trustee shall not permit the creation of any “interests” in any Trust
      REMIC (within the meaning of Section 860G of the Code) other than the REMIC
      1
      Regular Interests, the Class R-1 Interest, the Class R-2 Interest, and the
      interests represented by the Certificates.

     

    (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.

     

    (c)  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 each 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. The Trustee shall be entitled to reimbursement
      of expenses to the extent provided in clause (i) above from the Distribution
      Account.

     

    (d)  The
      Trustee shall prepare, sign and file, all of the REMICs’ federal and state tax
      and information returns as the direct representative of each REMIC created
      hereunder. The expenses of preparing and filing such returns shall be borne
      by
      the Trustee.

     

    (e)  The
      Holder of the Class R Certificate at any time holding the largest Percentage
      Interest thereof shall be the “tax matters person” as defined in the REMIC
      Provisions (the “Tax Matters Person”) with respect to each REMIC and shall act
      as Tax Matters Person for each REMIC. The Trustee, as agent for the Tax Matters
      Person, 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,
      as agent for the Tax Matters Person, 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 Class R Certificate to any disqualified
      person or organization and (ii) to the Certificateholders such information
      or
      reports as are required by the Code or REMIC Provisions.

     

    (f)  The
      Trustee, the Servicer and the Holders of Certificates shall take any action
      or
      cause the REMIC to take any action necessary to create or maintain the status
      of
      each 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 Servicer
      nor the Holder of any Class R Certificate shall knowingly take any action,
      cause
      any REMIC created hereunder to take any action or fail to take (or fail to
      cause
      to be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as the case may be, could (i) endanger the status of such REMIC as a REMIC
      or
      (ii) result in the imposition of a tax upon such REMIC (including but not
      limited to the tax on prohibited transactions as defined in Code Section
      860F(a)(2) and the tax on prohibited contributions set forth on Section 860G(d)
      of the Code) (either such event, an “Adverse REMIC Event”) unless the Trustee,
      the Certificate Insurer and the Servicer have received an Opinion of Counsel
      (at
      the expense of the party seeking to take such action but in no event at the
      expense of the Trustee) to the effect that the contemplated action will not
      endanger such status or result in the imposition of such a tax. In addition,
      prior to taking any action with respect to any REMIC created hereunder or the
      assets therein, or causing such REMIC to take any action, which is not expressly
      permitted under the terms of this Agreement, any Holder of a Class R Certificate
      will consult with the Servicer and the Certificate Insurer, or its 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
      Servicer or the Certificate Insurer has advised it in writing that an Adverse
      REMIC Event could occur.

     

    (g)  Each
      Holder of a Class R Certificate shall pay when due any and all taxes imposed
      on
      each REMIC created hereunder by federal, state or local governmental
      authorities. To the extent that such Trust taxes are not paid by a Class R
      Certificateholder, the Trustee shall pay any remaining REMIC taxes out of
      current or future amounts otherwise distributable to the Holder of the Class
      R
      Certificate in the REMICs or, if no such amounts are available, out of other
      amounts held in the Distribution Account, and shall reduce amounts otherwise
      payable to Holders of regular interests in the related REMIC. If any tax is
      imposed on “prohibited transactions” (as defined in Section 860F(a)(2) of the
      Code) of any REMIC created hereunder, on the “net income form foreclosure
      property” of any REMIC created hereunder as defined in Section 860G(c) of the
      Code, on any contribution to any REMIC created hereunder after the Startup
      Day
      pursuant to Section 860G(d) of the Code, or any other tax is imposed, including
      any minimum tax imposed on any REMIC created hereunder pursuant to Sections
      23153 and 24874 of the California Revenue and Taxation Code, if not paid as
      otherwise provided for herein, the tax shall be paid by (i) the Trustee, if
      any
      such other tax arises out of or results from negligence of the Trustee in the
      performance of its obligations under this Agreement, (ii) the Servicer or the
      Seller, in the case of any such minimum tax, if such tax arises out of or
      results from a breach by the Servicer or Seller of any of their obligations
      under this Agreement, (iii) the Seller, if any such tax arises out of or results
      from the Seller’s obligation to repurchase a Mortgage Loan pursuant to Section
      2.03, or (iv) in all other cases, or if the Trustee, the Servicer, or the Seller
      fails to honor its obligations under the preceding clauses (i), (ii), or (iii),
      any such tax will be paid with amounts otherwise to be distributed to the
      Certificateholders, as provided in Section 3.11(b).

     

    (h)  The
      Trustee, as agent for the Tax Matters Person, shall, for federal income tax
      purposes, maintain books and records with respect to each REMIC created
      hereunder on a calendar year and on an accrual basis.

     

    (i)  No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

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

     

    (k)  On
      or
      before April 15th
      of each
      calendar year beginning in 2006, the Servicer shall deliver to the Trustee
      and
      each Rating Agency an Officers’ Certificate stating the Servicer’s compliance
      with the provisions of this Section 9.01.

     

    (l)  The
      Trustee will apply for an Employee Identification Number from the Internal
      Revenue Service via a Form SS-4 or other acceptable method for all tax entities
      and shall complete and timely file the Form 8811.

     

    Section
      9.02.  Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the 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 any REMIC created hereunder pursuant to Article X of this
      Agreement, (iv) a substitution pursuant to Article II or Section 3.10 of this
      Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II of this
      Agreement, or acquire any assets for any REMIC, sell or dispose of any
      investments in the Distribution Account, or accept any contributions to either
      REMIC after the Closing Date, unless it has received an Opinion of Counsel
      (at
      the expense of the party causing such sale, disposition, acquisition,
      substitution or acceptance) acceptable to the Certificate Insurer that such
      sale, disposition, acquisition, substitution or acceptance will not (a) affect
      adversely the status of any REMIC created hereunder as a REMIC or of the
      interests therein other than the Class R Certificates as the regular interests
      therein, (b) affect the distribution of interest or principal on the
      Certificates, (c) result in the encumbrance of the assets transferred or
      assigned to the Trust Fund (except pursuant to the provisions of this
      Agreement), (d) cause any REMIC created hereunder to be subject to a tax on
      prohibited transactions or prohibited contributions pursuant to the REMIC
      Provisions or (e) disqualify the Trust from being a qualifying special purpose
      entity under generally accepted accounting principles.

     

    Section
      9.03.  Indemnification
      with respect to Certain Taxes and Loss of REMIC Status.

     

    (a)  In
      the
      event that any REMIC created hereunder fails to qualify as a REMIC, loses its
      status as a REMIC, or incurs federal, state or local taxes as a result of a
      prohibited transaction or prohibited contribution under the REMIC Provisions
      due
      to the negligent performance by the Servicer of its duties and obligations
      set
      forth herein or due to the location of the Servicer, the Servicer shall
      indemnify the Trustee and the Holder of the related Class R Certificate against
      any and all losses, claims, damages, liabilities or expenses (“Losses”)
      resulting from such negligence; provided, however, that the Servicer shall
      not
      be liable for any such Losses attributable to the action or inaction of the
      Trustee, the Depositor or the Holder of such Class R Certificate, as applicable,
      or for any such Losses resulting from misinformation provided by the Holder
      of
      such Class R Certificate on which the Servicer has relied. The foregoing shall
      not be deemed to limit or restrict the rights and remedies of the Holder of
      such
      Class R Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Servicer have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Servicer 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).

     

    (b)  In
      the
      event that any REMIC created hereunder fails to qualify as a REMIC, loses its
      status as a REMIC, or incurs federal, state or local taxes as a result of a
      prohibited transaction or prohibited contribution under the REMIC Provisions
      due
      to the negligent performance by the Trustee of its duties and obligations set
      forth herein, the Trustee shall indemnify the Trust Fund against any and all
      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
      Servicer, the Depositor or the Holder of such Class R Certificate, as
      applicable, or for any such Losses resulting from misinformation provided by
      the
      Holder of such Class R 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 Class R 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, (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).

     

     

     

    ARTICLE
      X

     

    TERMINATION

     

    Section
      10.01.  Termination.

     

    (a)  The
      respective obligations and responsibilities of the Servicer, the Depositor
      and
      the Trustee created hereby (other than the obligation of the Trustee to make
      certain payments to Certificateholders after the final Distribution Date and
      the
      obligation of the Servicer to send certain notices as hereinafter set forth)
      shall terminate upon notice to the Trustee upon the earliest of (i) the
      Distribution Date on which the Certificate Principal Balances of the
      Certificates have been reduced to zero and any amounts owed to the Certificate
      Insurer have been paid in full, (ii) the final payment or other liquidation
      of
      the last Mortgage Loan in the Trust and any amounts owed to the Certificate
      Insurer have been paid in full and (iii) the optional purchase by the Terminator
      of the Mortgage Loans as described below. Notwithstanding the foregoing, in
      no
      event shall the trust created hereby continue beyond the earlier of (i) the
      Latest Possible Maturity Date and (ii) 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.

     

    Either
      (i) the Servicer, or (ii) if the Servicer fails to exercise such option and
      any
      portion of the Class A Certificates remain outstanding, the Certificate Insurer
      (either the Servicer or the Certificate Insurer, as applicable, the
“Terminator”), shall have the right to terminate this Agreement on any
      Distribution Date following the date on which the aggregate Stated Principal
      Balance of the Mortgage Loans and REO Properties as of the last day of the
      related Remittance Period is less than 10% of the aggregate Stated Principal
      Balance of the Mortgage Loans on the Cut-off Date, by purchasing, on or before
      such Distribution Date, all of the outstanding Mortgage Loans and REO Properties
      at a price (the “Termination Price”) equal to the sum of (i) 100% of the Stated
      Principal Balance of each Mortgage Loan (other than in respect of a Delinquent
      Mortgage Loan or REO Property) as of such date of purchase (assuming for this
      purpose that all amounts on deposit in the Certificate Account, net of amounts
      payable or reimbursable to the Servicer, have been distributed pursuant to
      Section 4.01 on or before such date of purchase) plus one month’s accrued
      interest thereon at the applicable Mortgage Rate (or if the Terminator is the
      Servicer, at the applicable Mortgage Rate less the Servicing Fee Rate), (ii)
      the
      lesser of (x) the appraised value of any Delinquent Mortgage Loan or REO
      Property as determined by the higher of two appraisals completed by two
      independent appraisers selected by the Servicer at the expense of the Servicer
      and (y) the Stated Principal Balance of each such Delinquent Mortgage Loan
      or
      Mortgage Loan related to such REO Property, in each case plus accrued and unpaid
      interest thereon at the applicable Mortgage Rate (or if the Terminator is the
      Servicer, at the applicable Mortgage Rate less the Servicing Fee Rate) and
      (iii)
      any related Net WAC Rate Carryover Amount and any outstanding amounts owed
      to
      the Certificate Insurer; provided that the purchase of the Mortgage Loans by
      the
      Terminator will not be permitted unless the total proceeds of such sale will
      be
      an amount sufficient to pay all principal and interest owed on the Class A
      Certificates and all amounts owed to the Certificate Insurer.

     

    In
      connection with any such purchase pursuant to the preceding paragraph, the
      Servicer shall remit to the Trustee for deposit in the Distribution Account
      all
      amounts then on deposit in the Certificate Account (after paying itself or
      reimbursing itself for unreimbursed Advances and Servicing Advances and unpaid
      Servicing Fees and withdrawing any other amounts payable to itself that it
      is
      permitted to withdraw from the Certificate Account), which deposit shall be
      deemed to have occurred immediately preceding such purchase. Any such purchase
      shall be accomplished by deposit of the Termination Price into the Distribution
      Account on the Business Day before the date of final distribution pursuant
      to
      Section 10.01(c).

     

    Upon
      the
      termination of the Trust Fund, any amounts remaining on deposit in the Excess
      Reserve Fund Account shall be released by the Trust Fund and distributed by
      the
      Trustee to the Class C Certificateholders or their designees. Upon termination
      of the Trust Fund, the Trustee will return the original Policy to the
      Certificate Insurer.

     

    With
      such
      repurchase by the Servicer, the Servicer shall acquire any rights or potential
      rights of the Certificateholders or the Trustee to causes of action against
      any
      Person relating to the Mortgage Loans or the origination of the Mortgage Loans,
      including, without limitation, the right to enforce any breach of a
      representation or warranty made at any time with respect to the Mortgage
      Loans.

     

    (b)  Notice
      of
      any termination, specifying the date upon which the Certificateholders may
      surrender their Certificates to the Trustee for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee upon
      the
      Trustee receiving notice of such date from the Servicer, by letter to the
      Certificateholders mailed not earlier than the 15th
      day and
      not later than the 25th
      day of
      the month next preceding the month of such final distribution specifying (1)
      the
      date upon which final distribution of the Certificates will be made upon
      presentation and surrender of such Certificates at the office or agency of
      the
      Trustee therein designated, (2) the amount of any such final distribution and
      (3) that the Record Date otherwise applicable to such date of final distribution
      is not applicable, distributions being made only upon presentation and surrender
      of the Certificates at the office or agency of the Trustee therein
      specified.

     

    (c)  Upon
      presentation and surrender of the Certificates, the Trustee shall cause to
      be
      distributed to Holders of the Certificates on the date for such final
      distribution (which date may be but is not required to be a Distribution Date),
      in proportion to the Percentage Interests of their respective Certificates
      and
      to the extent that funds are available for such purpose, an amount equal to
      the
      amount required to be distributed to such Holders in accordance with the
      provisions of Section 4.01 as if such date was the immediately following
      Distribution Date, plus any residual amounts in excess thereof that are
      available for such final distribution. By acceptance of the Class R
      Certificates, the Holders of the Class R Certificates agree, in connection
      with
      any termination hereunder, to assign and transfer any amounts in excess of
      the
      par value of the Mortgage Loans, and to the extent received in respect of such
      termination, to pay any such amounts to the Holders of the Class C
      Certificates.

     

    (d)  In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final distribution, the Trustee
      shall take the actions set forth in Section 4.01(h).

     

    Section
      10.02.  Additional
      Termination Requirements.

     

    (a)  In
      the
      event that the Terminator exercises its purchase option as provided in Section
      10.01, each REMIC shall be terminated in accordance with the following
      additional requirements, unless the Trustee shall have been furnished with
      an
      Opinion of Counsel to the effect that the failure of the Trust to comply with
      the requirements of this Section will not (i) result in the imposition of taxes
      on “prohibited transactions” of the Trust as defined in Section 860F of the Code
      or (ii) cause any REMIC constituting part of the Trust Fund to fail to qualify
      as a REMIC at any time that any Certificates are outstanding:

     

    (i)  Within
      90
      days prior to the final Distribution Date, the Servicer shall adopt and the
      Trustee shall sign a plan of complete liquidation of each REMIC created
      hereunder meeting the requirements of a “Qualified Liquidation” under Section
      860F of the Code and any regulations thereunder; and

     

    (ii)  At
      or
      after the time of adoption of such a plan of complete liquidation and at or
      prior to the final Distribution Date, the Trustee shall sell all of the assets
      of the Trust Fund to the Servicer for cash pursuant to the terms of the plan
      of
      complete liquidation.

     

    (b)  By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee as their attorney in fact to: (i) adopt such a plan of complete
      liquidation (and the Certificateholders hereby appoint the Trustee as their
      attorney in fact to sign such plan) as appropriate; and (ii) to take such other
      action in connection therewith as may be reasonably required to carry out such
      plan of complete liquidation all in accordance with the terms
      hereof.

     

     

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01.  Amendment.

     

    This
      Agreement may be amended from time to time by the Depositor, the Servicer and
      the Trustee, with the consent of the Certificate Insurer but without the consent
      of the Certificateholders, (i) to cure any ambiguity, (ii) to correct or
      supplement any provisions herein which may be defective or inconsistent with
      any
      other provisions herein, (iii) to make or modify any other provisions with
      respect to matters or questions arising under this Agreement which shall not
      be
      inconsistent with the provisions of this Agreement or (iv) to modify, eliminate
      or add to any provisions of this Agreement to such extent as shall be necessary
      or desirable to maintain the qualification of the Trust Fund as a REMIC at
      all
      times that any Certificate is outstanding or to avoid or minimize the risk
      of
      the imposition of any federal income tax on the Trust Fund pursuant to the
      Code
      that would be a claim against the Trust Fund; provided; that (1) such action
      shall not, as evidenced by either (a) an Opinion of Counsel delivered to the
      Trustee and the Certificate Insurer or (b) written notice to the Depositor,
      the
      Servicer and the Trustee from each Rating Agency that such action will not
      result in the reduction or withdrawal of the rating of any outstanding Class
      of
      Certificates with respect to which it is a Rating Agency (without regard to
      the
      Policy), adversely affect in any material respect the interests of any
      Certificateholder and (2) in the case of an amendment pursuant to clause (iv)
      above, such action is necessary or desirable to maintain such qualification
      or
      to avoid or minimize the risk of the imposition of any such federal income
      tax,
      as evidenced by an Opinion of Counsel delivered to the Trustee and the
      Certificate Insurer.

     

    In
      addition, this Agreement may be amended from time to time by the Depositor,
      the
      Servicer and the Trustee with the consent of the Majority Certificateholders
      and
      with the consent of the Certificate Insurer for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Agreement or of modifying in any manner the rights of the Holders of
      Certificates; provided, however, that no such amendment shall (i) reduce in
      any
      manner the amount of, or delay the timing of, payments on the Certificates
      without the consent of the Holder of such Certificate, (ii) amend, modify,
      add
      to, rescind, or alter in any respect Section 11.15, notwithstanding any contrary
      provision of this Agreement, without the consent of the Holders of Certificates
      evidencing Percentage Interests aggregating not less than 66 2/3% (provided,
      however, that no Certificates held by the Servicer, the Seller, the Depositor
      or
      any Affiliate thereby shall be given effect for the purpose of calculating
      any
      such aggregation of Percentage Interests), (iii) modify, add to, rescind, alter,
      or amend in any respect any provision of this Agreement restricting the Trust
      Fund from holding any property or engaging in any activity that would disqualify
      the Trust Fund from being a qualifying special purpose entity under generally
      accepted accounting principles without the consent of the Holders of
      Certificates evidencing Percentage Interests aggregating not less than 66 2/3%
      (provided, however, that no Certificates held by the Servicer, the Seller,
      the
      Depositor or any Affiliate thereby shall be given effect for the purpose of
      calculating any such aggregation of Percentage Interests), or (iv) reduce the
      aforesaid percentages of Certificates the Holders of which are required to
      consent to any such amendment, without the consent of the Holders of all such
      Certificates then outstanding. Upon approval of an amendment, a copy of such
      amendment shall be sent to each Rating Agency.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      or
      enter into any amendment to this Agreement unless it shall have first received
      an Opinion of Counsel (addressed to the Trustee and the Certificate Insurer)
      to
      the effect that such amendment or the exercise of any power granted to the
      Servicer, the Depositor or the Trustee in accordance with such amendment (i)
      is
      authorized or permitted by the Agreement and (ii) will not result in the
      imposition of a tax on any REMIC created hereunder constituting part of the
      Trust Fund pursuant to the REMIC Provisions or cause any REMIC created hereunder
      constituting part of the Trust to fail to qualify as a REMIC at any time that
      any Certificates are outstanding and that the amendment is being made in
      accordance with the terms hereof.

     

    Promptly
      after the execution of any such amendment the Trustee shall furnish a copy
      of
      such amendment to each Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 11.01
      to approve the particular form of any proposed amendment, but it shall be
      sufficient if such consent shall approve the substance thereof. The manner
      of
      obtaining such consents and of evidencing the authorization of the execution
      thereof by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    The
      cost
      of any Opinion of Counsel to be delivered pursuant to this Section 11.01 shall
      be borne by the Person seeking the related amendment, but in no event shall
      such
      Opinion of Counsel be an expense of the Trustee.

     

    The
      Trustee may but shall not be obligated to enter into any amendment pursuant
      to
      this Section that affects its rights, duties and immunities under this Agreement
      or otherwise; provided however, that such consent shall not be unreasonably
      withheld.

     

    Section
      11.02.  Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the properties subject
      to
      the Mortgages are situated, and in any other appropriate public recording office
      or elsewhere, such recordation to be effected by the Servicer at the expense
      of
      the Trust, but only upon direction of Certificateholders and the Certificate
      Insurer accompanied by an Opinion of Counsel to the effect that such recordation
      materially and beneficially affects the interests of the Certificateholders
      or
      the Certificate Insurer.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    Section
      11.03.  Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate this
      Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust or (iii)
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third person
      by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee and the Certificate Insurer a written notice of
      default and of the continuance thereof, as hereinbefore provided, and unless
      also the Holders of Certificates entitled to at least 25% of the Voting Rights
      (excluding any Certificates held by the Seller, the Servicer or any Affiliate)
      thereof shall have made written request upon the Trustee to institute such
      action, suit or proceeding in its own name as Trustee hereunder and shall have
      offered to the Trustee such reasonable indemnity as it may require against
      the
      costs, expenses and liabilities to be incurred therein or thereby, and the
      Trustee for 15 days after its receipt of such notice, request and offer of
      indemnity, shall have neglected or refused to institute any such action, suit
      or
      proceeding. It is understood and intended, and expressly covenanted by each
      Certificateholder with every other Certificateholder and the Trustee, that
      no
      one or more Holders of Certificates shall have any right in any manner whatever
      by virtue of any provision of this Agreement to affect, disturb or prejudice
      the
      rights of the Holders of any other of such Certificates, or to obtain or seek
      to
      obtain priority over or preference to any other such Holder, which priority
      or
      preference is not otherwise provided for herein, or to enforce any right under
      this Agreement, except in the manner herein provided and for the equal, ratable
      and common benefit of all Certificateholders. For the protection and enforcement
      of the provisions of this Section 11.03 each and every Certificateholder and
      the
      Trustee shall be entitled to such relief as can be given either at law or in
      equity.

     

    Section
      11.04.  Governing
      Law; Jurisdiction.

     

    This
      Agreement shall be construed in accordance with the laws of the State of New
      York, and the obligations, rights and remedies of the parties hereunder shall
      be
      determined in accordance with such laws. With respect to any claim arising
      out
      of this Agreement, each party irrevocably submits to the exclusive jurisdiction
      of the courts of the State of New York and the United States District Court
      located in the Borough of Manhattan in The City of New York, and each party
      irrevocably waives any objection which it may have at any time to the laying
      of
      venue of any suit, action or proceeding arising out of or relating hereto
      brought in any such courts, irrevocably waives any claim that any such suit,
      action or proceeding brought in any such court has been brought in any
      inconvenient forum and further irrevocably waives the right to object, with
      respect to such claim, suit, action or proceeding brought in any such court,
      that such court does not have jurisdiction over such party, provided that
      service of process has been made by any lawful means.

     

    Section
      11.05.  Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, by facsimile (with confirmation of receipt) or
      by
      express delivery service, to (a) in the case of the Seller, the Seller and/or
      Servicer, IndyMac Bank, F.S.B., 155 North Lake Avenue, Pasadena, California
      91101, Attention: Secondary Marketing, or such other address or telecopy number
      as may hereafter be furnished to the Depositor and the Trustee in writing by
      the
      Servicer, (b) in the case of the Trustee, Deutsche Bank National Trust Company,
      1761 East St. Andrew Place, Santa Ana, California 92705-4934, Attention: Trust
      Administration-IN06L3 (telecopy number: (714) 247-6285), or such other address
      or telecopy number as may hereafter be furnished to the Depositor and the
      Servicer in writing by the Trustee; (c) in the case of the Depositor, IndyMac
      MBS, Inc., 155 North Lake Avenue, Pasadena, California 91101, Attention:
      Secondary Marketing, and (d) in the case of the Certificate Insurer, Ambac
      Assurance Corporation, One State Street Plaza, New York, New York, 10004,
      Attention: Risk Management, Asset-Backed Securities (telecopy number: (212)
      363-1459) (confirmation: (212) 668-0340), with a copy to General Counsel, or
      such other address or telecopy number as may be furnished to the Servicer,
      the
      Certificate Insurer and the Trustee in writing by the Depositor. Any notice
      required or permitted to be mailed to a Certificateholder shall be given by
      first class mail, postage prepaid, at the address of such Holder as shown in
      the
      Certificate Register. Notice of any Servicer Event of Termination shall be
      given
      by telecopy and by certified mail. Any notice so mailed within the time
      prescribed in this Agreement shall be conclusively presumed to have duly been
      given when mailed, whether or not the Certificateholder receives such notice.
      A
      copy of any notice required to be telecopied hereunder shall also be mailed
      to
      the appropriate party in the manner set forth above.

     

    Section
      11.06.  Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall for any reason whatsoever be held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof or the rights of
      the
      Certificate Insurer.

     

    Section
      11.07.  Article
      and Section References.

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    Section
      11.08.  Notice
      to the Rating Agencies and the Certificate Insurer.

     

    (a)  Each
      of
      the Trustee and the Servicer shall be obligated to use its best reasonable
      efforts promptly to provide notice to each Rating Agency and the Certificate
      Insurer with respect to each of the following of which a Responsible Officer
      of
      the Trustee or Servicer, as the case may be, has actual knowledge:

     

    (i)  any
      material change or amendment to this Agreement;

     

    (ii)  the
      occurrence of any Servicer Event of Termination that has not been cured or
      waived;

     

    (iii)  the
      resignation or termination of the Servicer or the Trustee;

     

    (iv)  the
      final
      payment to Holders of any Class of the Certificates;

     

    (v)  any
      change in the location of any Account; and

     

    (vi)  if
      the
      Trustee is acting as successor Servicer pursuant to Section 7.02 hereof, any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b)  In
      addition, the Trustee shall promptly make available to each Rating Agency and
      the Certificate Insurer copies of each Statement to Certificateholders described
      in Section 4.02 hereof and the Servicer shall promptly furnish to each Rating
      Agency and the Certificate Insurer copies of the following:

     

    (i)  each
      annual statement as to compliance described in Section 3.20 hereof;

     

    (ii)  each
      annual independent public accountants’ servicing report described in Section
      3.21 hereof; and

     

    (iii)  each
      notice delivered pursuant to Section 7.01(a) hereof which relates to the fact
      that the Servicer has not made an Advance.

     

    Any
      such
      notice pursuant to this Section 11.08 shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to Moody’s Investors Service,
      Inc., 99 Church Street, New York, NY 10048, Attention: MBS Monitoring/IndyMac
      Residential Mortgage-Backed Trust Certificates, Series 2006-L3 and to Standard
      & Poor’s, a division of the McGraw-Hill Companies, Inc., 55 Water Street,
      41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group-
      New Assets, or such other addresses as the Rating Agencies may designate in
      writing to the parties hereto.

     

    Section
      11.09.  Further
      Assurances.

     

    Notwithstanding
      any other provision of this Agreement, neither the Certificateholders nor the
      Trustee shall have any obligation to consent to any amendment or modification
      of
      this Agreement unless they have been provided reasonable security or indemnity
      against their out-of-pocket expenses (including reasonable attorneys’ fees) to
      be incurred in connection therewith.

     

    Section
      11.10.  Benefits
      of Agreement.

     

    Except
      as
      set forth in Section 11.12 and Section 11.16, nothing in this Agreement or
      in
      the Certificates, expressed or implied, shall give to any Person, other than
      the
      Certificateholders, the Certificate Insurer and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement. The Certificate Insurer shall be an express
      third-party beneficiary of this Agreement.

     

    Section
      11.11.  Acts
      of Certificateholders.

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Servicer. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 11.11.

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate issued upon the registration
      of
      transfer thereof or in exchange therefor or in lieu thereof, in respect of
      anything done, omitted or suffered to be done by the Trustee or the Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    Section
      11.12.  Grant
      of Security Interest.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by the Depositor to the Trustee, be, and be construed as, a sale of the Mortgage
      Loans by the Depositor and not a pledge of the Mortgage Loans to secure a debt
      or other obligation of the Depositor. However, in the event that,
      notwithstanding the aforementioned intent of the parties, the Mortgage Loans
      are
      held to be property of the Depositor, then, (a) it is the express intent of
      the
      parties that such conveyance be deemed a pledge of the Mortgage Loans by the
      Depositor to the Trustee to secure a debt or other obligation of the Depositor
      and (b)(1) this Agreement shall also be deemed to be a security agreement within
      the meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect
      from
      time to time in the State of New York; (2) the conveyance provided for in
      Section 2.01 hereof shall be deemed to be a grant by the Depositor to the
      Trustee of a security interest in all of the Depositor’s right, title and
      interest in and to the Mortgage Loans and all amounts payable to the holders
      of
      the Mortgage Loans in accordance with the terms thereof and all proceeds of
      the
      conversion, voluntary or involuntary, of the foregoing into cash, instruments,
      securities or other property, including without limitation all amounts, other
      than investment earnings, from time to time held or invested in the Certificate
      Account and the Distribution Account, whether in the form of cash, instruments,
      securities or other property; (3) the obligations secured by such security
      agreement shall be deemed to be all of the Depositor’s obligations under this
      Agreement, including the obligation to provide to the Certificateholders the
      benefits of this Agreement relating to the Mortgage Loans and the Trust Fund;
      and (4) notifications to persons holding such property, and acknowledgments,
      receipts or confirmations from persons holding such property, shall be deemed
      notifications to, or acknowledgments, receipts or confirmations from, financial
      intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
      of perfecting such security interest under applicable law. Accordingly, the
      Depositor hereby grants to the Trustee a security interest in the Mortgage
      Loans
      and all other property described in clause (2) of the preceding sentence, for
      the purpose of securing to the Trustee the performance by the Depositor of
      the
      obligations described in clause (3) of the preceding sentence. Notwithstanding
      the foregoing, the parties hereto intend the conveyance pursuant to Section
      2.01
      to be a true, absolute and unconditional sale of the Mortgage Loans and assets
      constituting the Trust Fund by the Depositor to the Trustee.

     

    Section
      11.13.  Official
      Record.

     

    The
      Seller agrees that this Agreement is and shall remain at all times before the
      time at which this Agreement terminates an official record of the Seller as
      referred to in Section 13(e) of the Federal Deposit Insurance Act.

     

    Section
      11.14.  Protection
      of Assets.

     

    (a)  Except
      for transactions and activities entered into in connection with the
      securitization that is the subject of this agreement, the Trust created by
      this
      Agreement is not authorized and has no power to:

     

    (1) borrow
      money or issue debt;

     

    (2) merge
      with another entity, reorganize, liquidate or sell assets;

     

    (3) engage
      in
      any business or activities.

     

    (b)  Each
      party to this agreement agrees that it will not file an involuntary bankruptcy
      petition against the Trustee or the Trust Fund or initiate any other form of
      insolvency proceeding until at least one year and one day after the Certificates
      have been paid in full.

     

    Section
      11.15.  Qualifying
      Special Purpose Entity.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trust Fund shall not hold any
      property or engage in any activity that would disqualify the Trust Fund from
      being a qualifying special purpose entity under generally accepted accounting
      principles.

     

    Section
      11.16.  Rights
      of the Certificate Insurer.

     

    (a)  The
      Certificate Insurer is an express third-party beneficiary of this
      Agreement.

     

    (b)  The
      Trustee or the Depositor, as applicable, shall provide to the Certificate
      Insurer copies of any report, notice, Opinion of Counsel, Officers’ Certificate,
      request for consent or request for amendment to any document related hereto
      promptly upon the Trustee’s or the Depositor’s production or receipt thereof,
      but only to the extent that such item is required to be delivered to the
      Certificate Insurer hereunder.

     

    (c)  Unless
      a
      Certificate Insurer Default exists, the Trustee, the Servicer and the Depositor
      shall not agree to any amendment to this Agreement without first having obtained
      the prior written consent of the Certificate Insurer.

     

    (d)  So
      long
      as there does not exist a failure by the Certificate Insurer to make a required
      payment under the Policy, the Certificate Insurer shall have the right to
      exercise all rights of the Holders of the Insured Certificates under this
      Agreement without any consent of such Holders, and such Holders may exercise
      such rights only with the prior written consent of the Certificate Insurer,
      except as provided herein.

     

    (e)  The
      Certificate Insurer shall not be entitled to exercise any of its rights
      hereunder so long as there exists a failure by the Certificate Insurer to make
      a
      required payment under the Policy.

     

    

    IN
      WITNESS WHEREOF, the Depositor, the Seller, the Servicer and the Trustee have
      caused their names to be signed hereto by their respective officers thereunto
      duly authorized, all as of the day and year first above written.

     

    INDYMAC
      MBS, INC.,

    as
      Depositor

     

    By: /s/
      Jill Jacobson   

    Name:
      Jill
      Jacobson   

    Title:
       
      Vice
      President   

    

    INDYMAC
      BANK, F.S.B.

    as
      Seller
      and Servicer

     

    By: /s/
      Jill Jacobson   

    Name:
      Jill
      Jacobson   

    Title:
       
      Vice
      President   

    

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    as
      Trustee

     

    By: /s/
      Marion Hogan   

    Name: 
      Marion Hogan   

    Title:
       
      Associate    

    

    

    By: /s/
      Jennifer Hermansader  

    Name: 
      Jennifer Hermansader  

    Title:
       
      Associate    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      

        
          	
                  STATE
                    OF CALIFORNIA

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF LOS ANGELES

                	
                  )

                	 

        

         

        On
          the
          20th day of September, 2006 before me, a notary public in and for said
          State,
          personally appeared Jill Jacobson known to me to be a Vice President of
          IndyMac
          MBS Inc., a Delaware corporation that executed the within instrument, and
          also
          known to me to be the person who executed it on behalf of said corporation,
          and
          acknowledged to me that such corporation executed the within
          instrument.

      

    

     

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

     

    /s/
      Evan Fitzsimon 

    Notary
      Public

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      

        
          	
                  STATE
                    OF CALIFORNIA

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF LOS ANGELES

                	
                  )

                	 

        

      

      
On
        the
        20th day of September, 2006 before me, a notary public in and for said State,
        personally appeared Jill Jacobson known to me to be a Vice President of IndyMac
        MBS Inc., a Delaware corporation that executed the within instrument, and
        also
        known to me to be the person who executed it on behalf of said corporation,
        and
        acknowledged to me that such corporation executed the within
        instrument.

    

     

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

     

    /s/
      Evan Fitzsimon 

    Notary
      Public

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      

        
          	
                  STATE
                    OF CALIFORNIA

                	
                  )

                	 
	 	
                  )

                	
                  ss.:

                
	
                  COUNTY
                    OF ORANGE

                	
                  )

                	 

        

      

      

On
      the
      20th day of September, 2006 before me, a notary public in and for said State,
      personally appeared Marion Hogan to be an Associate of Deutsche Bank National
      Trust Company that executed the within instrument, and also known to me to
      be
      the person who executed it on behalf of said corporation, and acknowledged
      to me
      that such corporation executed the within instrument.

     

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

     

    /s/
      Diana Nguyen  

    Notary
      Public

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      
        	
                STATE
                  OF CALIFORNIA

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF ORANGE

              	
                )

              	 

      

    

    
On
      the
      20th day of September, 2006 before me, a notary public in and for said State,
      personally appeared Jennifer Hermansader to be an Associate of Deutsche Bank
      National Trust Company that executed the within instrument, and also known
      to me
      to be the person who executed it on behalf of said corporation, and acknowledged
      to me that such corporation executed the within instrument.

     

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

     

    /s/
      Diana Nguyen

    Notary
      Public

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      EXHIBIT
        A-1

       

      FORM
        OF
        CLASS [A-1] [A-2] [A-3] CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                First
                  Distribution Date 

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                Initial
                  Certificate Balance of this Certificate (“Denomination”)

              	
                :

              	
                $_____

              
	 	 	 
	
                Initial
                  Certificate Balances of all Certificates of this Class

              	
                :

              	
                $_____

              
	 	 	 
	
                CUSIP

              	
                :

              	
                ___________

              
	 	 	 
	
                Interest
                  Rate

              	
                :

              	
                Variable

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

      Class
        [A-1] [A-2] [A-3]

       

      evidencing
        a percentage interest in the distributions allocable to the Certificates
        of the
        above-referenced Class.

      

      Principal
        in respect of this Certificate is distributable monthly as stated herein.
        Accordingly, the Certificate Principal Balance at any time may be less than
        the
        Certificate Principal Balance as set forth herein. This Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Seller, the Servicer or the Trustee referred to below or any
        of
        their respective affiliates. Neither this Certificate nor the Mortgage Loans
        are
        guaranteed or insured by any governmental agency or
        instrumentality.

       

      This
        certifies that [___]. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Denomination of this
        Certificate by the aggregate of the Denominations of all Certificates of
        the
        Class to which this Certificate belongs) in certain monthly distributions
        pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
        specified above (the “Agreement”) among IndyMac MBS, Inc., as depositor (the
“Depositor”), IndyMac Bank, F.S.B., as seller (in such capacity, the “Seller”)
        and as servicer (in such capacity, the “Servicer”), and Deutsche Bank National
        Trust Company, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(d) of the Agreement.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized signatory
        of the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      Dated:
        ___________ __, 200_

      

      
        	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

      

      

      

      
        	
                Countersigned:

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 	 	 	 	 	 	 
	 	
                Authorized
                  Signatory of 

                DEUTSCHE
                  BANK NATIONAL TRUST
                  COMPANY, not in its individual
                  capacity, but
                  solely as Trustee

              	 	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Trust, of the Series
        specified on the face hereof (herein collectively called the “Certificates”),
        and representing a beneficial ownership interest in the Trust created by
        the
        Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, the Business Day
        immediately following (the “Distribution Date”), commencing on the first
        Distribution Date specified on the face hereof, to the Person in whose name
        this
        Certificate is registered at the close of business on the applicable Record
        Date
        in an amount equal to the product of the Percentage Interest evidenced by
        this
        Certificate and the amount required to be distributed to Holders of Certificates
        of the Class to which this Certificate belongs on such Distribution Date
        pursuant to the Agreement. The Record Date applicable to each Distribution
        Date
        is (i) with respect to each Class A Certificate, the Subordinated Certificates
        and any Book-Entry Certificate, the Business Day immediately preceding such
        Distribution Date and (ii) the Class C Certificates, the Class P Certificates,
        the Class R Certificates and any Definitive Certificate, the last Business
        Day
        of the month immediately preceding the month in which such Distribution Date
        occurs (or, in the case of the first Distribution Date, the Closing
        Date).

       

      Distributions
        on this Certificate shall be made by wire transfer of immediately available
        funds to the account of the Holder hereof at a bank or other entity having
        appropriate facilities therefor, if such Certificateholder shall have so
        notified the Trustee in writing at least five Business Days prior to the
        related
        Record Date and such Certificateholder shall satisfy the conditions to receive
        such form of payment set forth in the Agreement, or, if not, by check mailed
        by
        first class mail to the address of such Certificateholder appearing in the
        Certificate Register. The final distribution on each Certificate will be
        made in
        like manner, but only upon presentment and surrender of such Certificate
        at the
        Corporate Trust Office or such other location specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the Certificate
        Insurer and the Holders of Certificates affected by such amendment evidencing
        the requisite Percentage Interest, as provided in the Agreement. Any such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange therefor or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee in New York, New York,
        accompanied by a written instrument of transfer in form satisfactory to the
        Trustee and the Certificate Registrar duly executed by the holder hereof
        or such
        holder’s attorney duly authorized in writing, and thereupon one or more new
        Certificates of the same Class in authorized denominations and evidencing
        the
        same aggregate Percentage Interest in the Trust will be issued to the designated
        transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Seller and the Trustee and any agent of the
        Depositor or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, or any such agent shall be affected by any notice to the
        contrary.

      

      On
        any
        Distribution Date following the date on which the aggregate Stated Principal
        Balance of the Mortgage Loans and REO Properties as of the last day of the
        related Remittance Period is less than 10% of the sum of the Stated Principal
        Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
        Date, the Servicer or if the Servicer fails to exercise such option and any
        portion of the Class A-1 Certificates remain outstanding, the Certificate
        Insurer, will have the right to repurchase, in whole, from the Trust all
        remaining Mortgage Loans and all property acquired in respect of the Mortgage
        Loans at a purchase price determined as provided in the Agreement. The
        obligations and responsibilities created by the Agreement will terminate
        as
        provided in Section 10.01 of the Agreement.

      

      Any
        term
        used herein that is defined in the Agreement shall have the meaning assigned
        in
        the Agreement, and nothing herein shall be deemed inconsistent with that
        meaning.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      

      
        	 	 	 
	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	
                .

              

      

      

      

      Dated:

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

      On
        the
        __th day of               ,
        20  
        before
        me, a notary public in and for said State, personally appeared                                 ,
        known
        to me who, being by me duly sworn, did depose and say that he executed the
        foregoing instrument.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        A-2

       

      FORM
        OF
        CLASS M CERTIFICATES

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
        IS
        REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES TO THE EXTENT DESCRIBED
        IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

       

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                First
                  Distribution Date 

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                Initial
                  Certificate Balance of this Certificate (“Denomination”)

              	
                :

              	
                $_____

              
	 	 	 
	
                Initial
                  Certificate Balances of all Certificates of this Class

              	
                :

              	
                $_____

              
	 	 	 
	
                CUSIP

              	
                :

              	
                ___________

              
	 	 	 
	
                Interest
                  Rate

              	
                :

              	
                ___________

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

      Class
        M

       

      evidencing
        a percentage interest in the distributions allocable to the Certificates
        of the
        above-referenced Class.

      

      Principal
        in respect of this Certificate is distributable monthly as stated herein.
        Accordingly, the Certificate Principal Balance at any time may be less than
        the
        Certificate Principal Balance as set forth herein. This Certificate does
        not
        evidence an obligation of, or an interest in, and is not guaranteed by the
        Depositor, the Seller, the Servicer or the Trustee referred to below or any
        of
        their respective affiliates. Neither this Certificate nor the Mortgage Loans
        are
        guaranteed or insured by any governmental agency or
        instrumentality.

       

      This
        certifies that [___] is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Denomination of this
        Certificate by the aggregate of the Denominations of all Certificates of
        the
        Class to which this Certificate belongs) in certain monthly distributions
        pursuant to a Pooling and Servicing Agreement dated as of the Cut-off Date
        specified above (the “Agreement”) among IndyMac MBS, Inc., as depositor (the
“Depositor”), IndyMac Bank, F.S.B., as seller (in such capacity, the “Seller”)
        and as servicer (in such capacity, the “Servicer”), and Deutsche Bank National
        Trust Company, as trustee (the “Trustee”). To the extent not defined herein, the
        capitalized terms used herein have the meanings assigned in the Agreement.
        This
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Certificate
        by virtue of the acceptance hereof assents and by which such Holder is
        bound.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(d) of the Agreement.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized signatory
        of the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      Dated:
        __________ __, 200_

      

      
        	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

      

      

      

      
        	
                Countersigned:

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 	 	 	 	 	 	 
	 	
                Authorized
                  Signatory of

                DEUTSCHE
                  BANK NATIONAL

                TRUST
                  COMPANY, not in its

                individual
                  capacity,

                but
                  solely as Trustee

              	 	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Certificates, of the
        Series specified on the face hereof (herein collectively called the
“Certificates”), and representing a beneficial ownership interest in the Trust
        created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day, the Business Day
        immediately following (the “Distribution Date”), commencing on the first
        Distribution Date specified on the face hereof, to the Person in whose name
        this
        Certificate is registered at the close of business on the applicable Record
        Date
        in an amount equal to the product of the Percentage Interest evidenced by
        this
        Certificate and the amount required to be distributed to Holders of Certificates
        of the Class to which this Certificate belongs on such Distribution Date
        pursuant to the Agreement. The Record Date applicable to each Distribution
        Date
        is (i) with respect to each Class A Certificates, the Subordinated Certificates
        and any Book-Entry Certificate, the Business Day immediately preceding such
        Distribution Date and (ii) the Class C Certificates, the Class P Certificates,
        the Class R Certificates and any Definitive Certificate, the last Business
        Day
        of the month immediately preceding the month in which such Distribution Date
        occurs (or, in the case of the first Distribution Date, the Closing
        Date).

       

      Distributions
        on this Certificate shall be made by wire transfer of immediately available
        funds to the account of the Holder hereof at a bank or other entity having
        appropriate facilities therefor, if such Certificateholder shall have so
        notified the Trustee in writing at least five Business Days prior to the
        related
        Record Date and such Certificateholder shall satisfy the conditions to receive
        such form of payment set forth in the Agreement, or, if not, by check mailed
        by
        first class mail to the address of such Certificateholder appearing in the
        Certificate Register. The final distribution on each Certificate will be
        made in
        like manner, but only upon presentment and surrender of such Certificate
        at the
        Corporate Trust Office or such other location specified in the notice to
        Certificateholders of such final distribution.

      

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee with the consent of the Certificate
        Insurer and the Holders of Certificates affected by such amendment evidencing
        the requisite Percentage Interest, as provided in the Agreement. Any such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in exchange therefor or in
        lieu
        hereof whether or not notation of such consent is made upon this Certificate.
        The Agreement also permits the amendment thereof, in certain limited
        circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee in New York, New York,
        accompanied by a written instrument of transfer in form satisfactory to the
        Trustee and the Certificate Registrar duly executed by the holder hereof
        or such
        holder’s attorney duly authorized in writing, and thereupon one or more new
        Certificates of the same Class in authorized denominations and evidencing
        the
        same aggregate Percentage Interest in the Trust will be issued to the designated
        transferee or transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Servicer, the Seller and the Trustee and any agent of the
        Depositor or the Trustee may treat the Person in whose name this Certificate
        is
        registered as the owner hereof for all purposes, and none of the Depositor,
        the
        Trustee, or any such agent shall be affected by any notice to the
        contrary.

      

      On
        any
        Distribution Date following the date on which the aggregate Stated Principal
        Balance of the Mortgage Loans and REO Properties as of the last day of the
        related Remittance Period is less than 10% of the sum of the Stated Principal
        Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
        Date, the Servicer or if the Servicer fails to exercise such option and any
        portion of the Class A Certificates remain outstanding, the Certificate Insurer,
        will have the right to repurchase, in whole, from the Trust all remaining
        Mortgage Loans and all property acquired in respect of the Mortgage Loans
        at a
        purchase price determined as provided in the Agreement. The obligations and
        responsibilities created by the Agreement will terminate as provided in Section
        10.01 of the Agreement.

      

      Any
        term
        used herein that is defined in the Agreement shall have the meaning assigned
        in
        the Agreement, and nothing herein shall be deemed inconsistent with that
        meaning.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      

      
        	 	 	 
	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	
                .

              

      

      

      

      Dated:

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

      On
        the
        __th day of               ,
        20  
        before
        me, a notary public in and for said State, personally appeared                                 ,
        known
        to me who, being by me duly sworn, did depose and say that he executed the
        foregoing instrument.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

      

      

      EXHIBIT
        A-3

      

      FORM
        OF
        CLASS B CERTIFICATES

      

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
        NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
        TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE
        OF SUCH
        REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
        REGISTRATION UNDER THE SECURITIES ACT.

       

      THE
        HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER,
        SELL OR
        OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN ACCORDANCE WITH ALL APPLICABLE
        STATE SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH
        HAS
        BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (B) FOR SO LONG AS THIS
        CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
        ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A IN A TRANSACTION MEETING
        THE REQUIREMENTS OF RULE 144A.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE IS SUBORDINATE TO THE CLASS A CERTIFICATES AND THE CLASS M
        CERTIFICATES TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
        REFERRED TO HEREIN.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                First
                  Distribution Date 

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                Initial
                  Certificate Balance of this Certificate (“Denomination”)

              	
                :

              	
                $_____

              
	 	 	 
	
                Initial
                  Certificate Balances of all Certificates of this Class

              	
                :

              	
                $_____

              
	 	 	 
	
                CUSIP

              	
                :

              	
                ___________

              
	 	 	 
	
                Interest
                  Rate

              	
                :

              	
                ___________

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

      Class
        B

       

      evidencing
        a percentage interest in the distributions allocable to the Certificates
        of the
        above-referenced Class.

      

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Balance of this Class B Certificate
        at
        any time may be less than the Initial Certificate Principal Balance set forth
        on
        the face hereof. This Class B Certificate does not evidence an obligation
        of, or
        an interest in, and is not guaranteed by the Depositor, the Servicer, or
        the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that [___] is the registered owner of the Percentage Interest
        evidenced by this Class B Certificate (obtained by dividing the Denomination
        of
        this Class B Certificate by the Initial Certificate Principal Balance of
        this
        Class) in certain monthly distributions with respect to a Trust consisting
        primarily of the Mortgage Loans deposited by IndyMac MBS, Inc. (the
“Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of September 1, 2006 (the “Agreement”) among the Depositor,
        IndyMac Bank, F.S.B., as seller (the “Seller”) and servicer (the “Servicer”) and
        Deutsche Bank National Trust Company, as Trustee (the “Trustee”). To the extent
        not defined herein, the capitalized terms used herein have the meanings assigned
        in the Agreement. This Class B Certificate is issued under and is subject
        to the
        terms, provisions and conditions of the Agreement, to which Agreement the
        Holder
        of this Class B Certificate by virtue of the acceptance hereof assents and
        by
        which such Holder is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event of any such transfer of any Ownership
        Interest in any Private Certificate that is a Book-Entry Certificate, except
        with respect to the initial transfer of any such Certificate by the Depositor,
        such transfer shall be required to be made in reliance upon Rule 144A under
        the
        1933 Act, and the transferor will be deemed to have made each of the
        representations and warranties set forth on Exhibit L hereto in respect of
        such
        interest as if it was evidenced by such Private Certificate and the transferee
        will be deemed to have made each of the representations and warranties set
        forth
        in the Form of Rule 144A Investment Letter included as part of Exhibit J
        hereto
        in respect of such interest as if it was evidenced by a Definitive Certificate.
        The Certificate Owner of any such Ownership Interest in any such Private
        Certificate desiring to effect such transfer shall, and does hereby agree
        to,
        indemnify the Trustee and the Depositor against any liability that may result
        if
        the transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any Person using “Plan Assets” to acquire this Certificate shall be made except
        in accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class B Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class B Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      Dated:
        __________ __, 200_

      

      
        	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

      

      

      

      
        	
                Countersigned:

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 	 	 	 	 	 	 
	 	
                Authorized
                  Signatory of

                DEUTSCHE
                  BANK NATIONAL TRUST
                  COMPANY, not in its individual
                  capacity,

                but
                  solely as Trustee

              	 	 	 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

       

      

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Trust 2006-L3, Mortgage
        Backed Certificates, Series 2006-L3 (herein collectively called the
“Certificates”), and representing a beneficial ownership interest in the Trust
        created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day then the first Business
        Day following such Distribution Date (the “Distribution Date”), commencing on
        the first Distribution Date specified on the face hereof, to the Person in
        whose
        name this Certificate is registered at the close of business on the applicable
        Record Date in an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount required to be distributed to
        Holders of Certificates of the Class to which this Certificate belongs on
        such
        Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Servicer, the Depositor and the Trustee and any agent of the Depositor or
        the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Servicer, the
        Trustee or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date on which the aggregate Stated Principal
        Balance of the Mortgage Loans and REO Properties as of the last day of the
        related Remittance Period is less than 10% of the sum of the Stated Principal
        Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
        Date, the Servicer or if the Servicer fails to exercise such option and any
        portion of the Class A Certificates remain outstanding, the Certificate Insurer,
        will have the right to repurchase, in whole, from the Trust all remaining
        Mortgage Loans and all property acquired in respect of the Mortgage Loans
        at a
        purchase price determined as provided in the Agreement. The obligations and
        responsibilities created by the Agreement will terminate as provided in Section
        10.01 of the Agreement.

      

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      

      
        	 	 	 
	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	
                .

              

      

      

      

      Dated:

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                To

              	 	
                ,

              
	
                For
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                The
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

      On
        the
        __th day of               ,
        20  
        before
        me, a notary public in and for said State, personally appeared                                 ,
        known
        to me who, being by me duly sworn, did depose and say that he executed the
        foregoing instrument.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-4

       

      FORM
        OF
        CLASS C CERTIFICATES

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
        NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
        TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE
        OF SUCH
        REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
        REGISTRATION UNDER THE SECURITIES ACT.

      

      ANY
        RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER
        THE
        ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION
        REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
        REFERRED TO HEREIN.

      

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                First
                  Distribution Date 

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                Percentage
                  Interest of this Certificate

                (“Denomination”)

              	
                :

              	
                100%

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

      Class
        C

       

      

      evidencing
        a percentage interest in the distributions allocable to the Certificates
        of the
        above-referenced Class.

      

      The
        Certificate Principal Balance of this Class C Certificate at any time may
        be
        greater than or less than the Initial Certificate Principal Balance set forth
        on
        the face hereof. The Notional Amount of this Class C Certificate at any time
        may
        be less than the Initial Notional Amount set forth on the face hereof. This
        Class C Certificate does not evidence an obligation of, or an interest in,
        and
        is not guaranteed by the Depositor, the Servicer, or the Trustee referred
        to
        below or any of their respective affiliates.

       

      This
        certifies that [__] is the registered owner of the Percentage Interest evidenced
        by this Class C Certificate (obtained by dividing the Denomination of this
        Class
        C Certificate by the Initial Notional Amount of this Class) in certain
        distributions with respect to a Trust consisting primarily of the Mortgage
        Loans
        deposited by IndyMac MBS, Inc. (the “Depositor”). The Trust was created pursuant
        to a Pooling and Servicing Agreement dated as of the Cut-off Date (the
“Agreement”) among the Depositor, IndyMac Bank, F.S.B., as seller (the “Seller”)
        and servicer (the “Servicer”) and Deutsche Bank National Trust Company, as
        Trustee (the “Trustee”). To the extent not defined herein, the capitalized terms
        used herein have the meanings assigned in the Agreement. This Class C
        Certificate is issued under and is subject to the terms, provisions and
        conditions of the Agreement, to which Agreement the Holder of this Class
        C
        Certificate by virtue of the acceptance hereof assents and by which such
        Holder
        is bound.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event of any such transfer (i) unless
        such
        transfer is made in reliance upon Rule 144A under the 1933 Act (as evidenced
        by
        the investment letter delivered to the Trustee, in substantially the form
        of the
        Form of Rule 144A Investment Letter included as part of Exhibit J to the
        Agreement), the Trustee and the Depositor shall require a written Opinion
        of
        Counsel (which may be in-house counsel) acceptable to and in form and substance
        reasonably satisfactory to the Trustee and the Depositor that such transfer
        may
        be made pursuant to an exemption, describing the applicable exemption and
        the
        basis therefor, form the 1933 Act or is being made pursuant to the 1933 Act,
        which Opinion of Counsel shall not be an expense of the Trustee or the Depositor
        or (ii) the Trustee shall require the transferor to execute a transferor
        certificate (in substantially the form of Exhibit L of the Agreement) and
        the
        transferee to execute an investment letter (in substantially the form attached
        hereto as Exhibit J of the Agreement) acceptable to and in form and substance
        reasonably satisfactory to the Depositor and the Trustee certifying to the
        Depositor and the Trustee the facts surrounding such transfer, which investment
        letter shall not be an expense of the Trustee or the Depositor. The Holder
        hereof desiring to effect such transfer shall, and does hereby agree to,
        indemnify the Trustee and the Depositor against any liability that may result
        if
        the transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Class C Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Class C Certificate shall not be entitled to any benefit under the Agreement
        or
        be valid for any purpose unless manually countersigned by an authorized
        signatory of the Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      Dated:
        June __, 2006

      

      
        	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

      

      

      

      
        	
                Countersigned:

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 	 	 	 	 	 	 
	 	
                Authorized
                  Signatory of

                DEUTSCHE
                  BANK NATIONAL TRUST
                  COMPANY, not in its individual
                  capacity, but
                  solely as Trustee

              	 	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Trust 2006-L3, Mortgage
        Backed Certificates, Series 2006-L3 (herein collectively called the
“Certificates”), and representing a beneficial ownership interest in the Trust
        created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day then the first Business
        Day following such Distribution Date (the “Distribution Date”), commencing on
        the first Distribution Date specified on the face hereof, to the Person in
        whose
        name this Certificate is registered at the close of business on the applicable
        Record Date in an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount required to be distributed to
        Holders of Certificates of the Class to which this Certificate belongs on
        such
        Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Servicer, the Depositor and the Trustee and any agent of the Depositor or
        the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Servicer, the
        Trustee or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date on which the aggregate Stated Principal
        Balance of the Mortgage Loans and REO Properties as of the last day of the
        related Remittance Period is less than 10% of the sum of the Stated Principal
        Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
        Date, the Servicer or if the Servicer fails to exercise such option and any
        portion of the Class A Certificates remain outstanding, the Certificate Insurer,
        will have the right to repurchase, in whole, from the Trust all remaining
        Mortgage Loans and all property acquired in respect of the Mortgage Loans
        at a
        purchase price determined as provided in the Agreement. The obligations and
        responsibilities created by the Agreement will terminate as provided in Section
        10.01 of the Agreement.

      

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      

      
        	 	 	 
	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	
                .

              

      

      

      

      Dated:

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                To

              	 	
                ,

              
	
                For
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                The
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

      On
        the
        __th day of               ,
        20  
        before
        me, a notary public in and for said State, personally appeared                                 ,
        known
        to me who, being by me duly sworn, did depose and say that he executed the
        foregoing instrument.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-5

       

      FORM
        OF
        CLASS R CERTIFICATES

      

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
        NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
        TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE
        OF SUCH
        REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
        REGISTRATION UNDER THE SECURITIES ACT.

       

      ANY
        RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER
        THE
        ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION
        REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
        REFERRED TO HEREIN.

       

      THIS
        CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND
        WILL
        NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
        THE
        PROVISIONS OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
        HEREIN.

       

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                Aggregate
                  Percentage Interest of the Class R Certificates as of the Issue
                  Date

              	
                :

              	
                100.00%

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

      Class
        R

       

      

      evidencing
        the distributions allocable to the Class R Certificates with respect to a
        Trust
        consisting primarily of a pool of fixed and adjustable-rate, residential
        lot
        mortgage loans (the “Mortgage Loans”) secured by parcels of land that have been
        improved for residential use. 

      

      IndyMac
        MBS, Inc., as Depositor

      

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Servicer or the Trustee referred to below
        or
        any of their respective affiliates.

       

      This
        certifies that [___] is the registered owner of the Percentage Interest
        evidenced by this Certificate specified above in the interest represented
        by all
        Certificates of the Class to which this Certificate belongs in a Trust
        consisting primarily of the Mortgage Loans deposited by IndyMac MBS, Inc.
        (the
“Depositor”). The Trust was created pursuant to a Pooling and Servicing
        Agreement dated as of the Cut-off Date (the “Agreement”) among the Depositor,
        IndyMac Bank, F.S.B., as seller (the “Seller”) and Servicer (the “Servicer”) and
        Deutsche Bank National Trust Company, as trustee (the “Trustee”). To the extent
        not defined herein, the capitalized terms used herein have the meanings assigned
        in the Agreement. This Certificate is issued under and is subject to the
        terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of the acceptance hereof assents and by which
        such
        Holder is bound.

       

      This
        Certificate does not have a principal balance or pass-through rate and will
        be
        entitled to distributions only to the extent set forth in the Agreement.
        In
        addition, any distribution of the proceeds of any remaining assets of the
        Trust
        will be made only upon presentment and surrender of this Certificate at the
        Corporate Trust Office or the office or agency maintained by the Trustee
        in New
        York, New York.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event of any such transfer (i) unless
        such
        transfer is made in reliance upon Rule 144A under the 1933 Act (as evidenced
        by
        the investment letter delivered to the Trustee, in substantially the form
        of the
        Form of Rule 144A Investment Letter included as part of Exhibit J to the
        Agreement), the Trustee and the Depositor shall require a written Opinion
        of
        Counsel (which may be in-house counsel) acceptable to and in form and substance
        reasonably satisfactory to the Trustee and the Depositor that such transfer
        may
        be made pursuant to an exemption, describing the applicable exemption and
        the
        basis therefor, form the 1933 Act or is being made pursuant to the 1933 Act,
        which Opinion of Counsel shall not be an expense of the Trustee or the Depositor
        or (ii) the Trustee shall require the transferor to execute a transferor
        certificate (in substantially the form of Exhibit L of the Agreement) and
        the
        transferee to execute an investment letter (in substantially the form attached
        hereto as Exhibit J of the Agreement) acceptable to and in form and substance
        reasonably satisfactory to the Depositor and the Trustee certifying to the
        Depositor and the Trustee the facts surrounding such transfer, which investment
        letter shall not be an expense of the Trustee or the Depositor. The Holder
        hereof desiring to effect such transfer shall, and does hereby agree to,
        indemnify the Trustee and the Depositor against any liability that may result
        if
        the transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each Person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee and shall promptly notify the
        Trustee
        of any change or impending change in its status as a Permitted Transferee;
        (ii)
        no Person shall acquire an Ownership Interest in this Certificate unless
        such
        Ownership Interest is a pro rata undivided interest; (iii) in connection
        with
        any proposed transfer of any Ownership Interest in this Certificate, the
        Trustee
        shall as a condition to registration of the transfer, require delivery to
        it, in
        form and substance satisfactory to it, of each of the following: (a) an
        affidavit in the form of Exhibit O to the Agreement from the proposed transferee
        to the effect that such transferee is a Permitted Transferee and that it
        is not
        acquiring its Ownership Interest in the Class R Certificate that is the subject
        of the proposed transfer as a nominee, trustee or agent for any Person who
        is
        not a Permitted Transferee; and (b) a covenant of the proposed transferee
        to the
        effect that the proposed transferee agrees to be bound by and to abide by
        the
        transfer restrictions applicable to the Class R Certificates; (iv) any attempted
        or purported transfer of any Ownership Interest in this Certificate in violation
        of the provisions of this Section shall be absolutely null and void and shall
        vest no rights in the purported transferee.

       

      Reference
        is hereby made to the further provisions of this Class R Certificate set
        forth
        on the reverse hereof, which further provisions shall for all purposes have
        the
        same effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized signatory
        of the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      Dated:
        ___________ __, 200_

      

      
        	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST

                COMPANY,

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

      

      

      

      
        	
                Countersigned:

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 	 	 	 	 	 	 
	 	
                Authorized
                  Signatory of

                DEUTSCHE
                  BANK NATIONAL TRUST
                  COMPANY, not in its individual
                  capacity,

                but
                  solely as Trustee

              	 	 	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        IndyMac MBS, Inc., IndyMac Residential Mortgage Backed Trust 2006-L3, Mortgage
        Backed Certificates, Series 2006-L3 (herein collectively called the
“Certificates”), and representing a beneficial ownership interest in the Trust
        created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day then the first Business
        Day following such Distribution Date (the “Distribution Date”), commencing on
        the first Distribution Date specified on the face hereof, to the Person in
        whose
        name this Certificate is registered at the close of business on the applicable
        Record Date in an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount required to be distributed to
        Holders of Certificates of the Class to which this Certificate belongs on
        such
        Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Servicer, the Depositor and the Trustee and any agent of the Depositor or
        the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Servicer, the
        Trustee or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date on which the aggregate Stated Principal
        Balance of the Mortgage Loans and REO Properties as of the last day of the
        related Remittance Period is less than 10% of the sum of the Stated Principal
        Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
        Date, the Servicer or if the Servicer fails to exercise such option and any
        portion of the Class A Certificates remain outstanding, the Certificate Insurer,
        will have the right to repurchase, in whole, from the Trust all remaining
        Mortgage Loans and all property acquired in respect of the Mortgage Loans
        at a
        purchase price determined as provided in the Agreement. The obligations and
        responsibilities created by the Agreement will terminate as provided in Section
        10.01 of the Agreement.

      

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ABBREVIATIONS

       

      The
        following abbreviations, when used in the inscription on the face of this
        instrument, shall be construed as though they were written out in full according
        to applicable laws or regulations:

       

      

        
          	
                  TEN
                    COM - as tenants in common

                   

                	
                  UNIF
                    GIFT MIN ACT - Custodian

                
	
                  TEN
                    ENT - as tenants by the entireties

                	
                  (Cust)
                    (Minor) under

                  Uniform
                    Gifts to Minors Act

                   

                
	
                  JT
                    TEN - as joint tenants with 

                  right
                    of survivorship and not as

                  tenants
                    in common

                	
                  _____________

                  (State)

                

        

      

       

      Additional
        abbreviations may also be used though not in the above list.

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      

      
        	 	 	 
	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	
                .

              

      

      

      

      Dated:

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                to

              	 	
                ,

              
	
                for
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                the
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

      On
        the
        __th day of               ,
        20  
        before
        me, a notary public in and for said State, personally appeared                                 ,
        known
        to me who, being by me duly sworn, did depose and say that he executed the
        foregoing instrument.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      EXHIBIT
        A-6

       

      FORM
        OF
        CLASS P CERTIFICATES

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE WITH
        THE
        PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

      

      THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED
        (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
        NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
        TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE
        OF SUCH
        REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
        REGISTRATION UNDER THE SECURITIES ACT.

      

      ANY
        RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER
        THE
        ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE REGISTRATION
        REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT
        REFERRED TO HEREIN.

      

      NO
        TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), SHALL BE MADE EXCEPT IN COMPLIANCE WITH THE
        PROCEDURES DESCRIBED HEREIN.

      

      
        	
                Certificate
                  No.

              	
                :

              	
                1

              
	 	 	 
	
                Cut-off
                  Date

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                First
                  Distribution Date 

              	
                :

              	
                ___________
                  __, 200_

              
	 	 	 
	
                Initial
                  Certificate Balances

                of
                  all Certificates

                of
                  this Class

                (“Denomination”)

              	 	
                $100

              
	 	 	 
	
                Percentage
                  Interest

                of
                  this Certificate

                (“Denomination”)

              	 	
                $100

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

      Class
        P

       

      

      evidencing
        a percentage interest in the distributions allocable to the Certificates
        of the
        above-referenced Class payable solely from Prepayment Charges.

      

      Distributions
        in respect of this Certificate are distributable monthly as set forth herein.
        This Certificate does not evidence an obligation of, or an interest in, and
        is
        not guaranteed by the Depositor, the Seller, the Servicer or the Trustee
        referred to below or any of their respective affiliates. Neither this
        Certificate nor the Mortgage Loans are guaranteed or insured by any governmental
        agency or instrumentality.

       

      This
        certifies that [___] is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Denomination of this
        Certificate by the aggregate of the Denominations of all Certificates of
        the
        Class to which this Certificate belongs) in certain distributions with respect
        to a Trust consisting primarily of the Mortgage Loans deposited by IndyMac
        MBS,
        Inc. (the “Depositor”). The Trust was created pursuant to a Pooling and
        Servicing Agreement dated as of the Cut-off Date (the “Agreement”) among the
        Depositor, IndyMac Bank, F.S.B., as seller (the “Seller”) and servicer (the
“Servicer”) and Deutsche Bank National Trust Company, as Trustee (the
“Trustee”). To the extent not defined herein, the capitalized terms used herein
        have the meanings assigned in the Agreement. This Certificate is issued under
        and is subject to the terms, provisions and conditions of the Agreement,
        to
        which Agreement the Holder of this Certificate by virtue of the acceptance
        hereof assents and by which such Holder is bound. This Certificate represents
        an
        interest in the Trust, but does not represent an interest in any
        REMIC.

       

      This
        Certificate does not have a Pass-Through Rate and will be entitled to
        distributions only to the extent set forth in the Agreement and solely payable
        from Prepayment Charges. In addition, any distribution of the proceeds of
        any
        remaining assets of the Trust will be made only upon presentment and surrender
        of this Certificate at the office or agency maintained by the
        Trustee.

       

      No
        transfer of a Certificate of this Class shall be made unless such transfer
        is
        made pursuant to an effective registration statement under the Act and any
        applicable state securities laws or is exempt from the registration requirements
        under said Act and such laws. In the event of any such transfer (i) unless
        such
        transfer is made in reliance upon Rule 144A under the 1933 Act (as evidenced
        by
        the investment letter delivered to the Trustee, in substantially the form
        of the
        Form of Rule 144A Investment Letter included as part of Exhibit J to the
        Agreement), the Trustee and the Depositor shall require a written Opinion
        of
        Counsel (which may be in-house counsel) acceptable to and in form and substance
        reasonably satisfactory to the Trustee and the Depositor that such transfer
        may
        be made pursuant to an exemption, describing the applicable exemption and
        the
        basis therefor, form the 1933 Act or is being made pursuant to the 1933 Act,
        which Opinion of Counsel shall not be an expense of the Trustee or the Depositor
        or (ii) the Trustee shall require the transferor to execute a transferor
        certificate (in substantially the form of Exhibit L of the Agreement) and
        the
        transferee to execute an investment letter (in substantially the form attached
        hereto as Exhibit J of the Agreement) acceptable to and in form and substance
        reasonably satisfactory to the Depositor and the Trustee certifying to the
        Depositor and the Trustee the facts surrounding such transfer, which investment
        letter shall not be an expense of the Trustee or the Depositor. The Holder
        hereof desiring to effect such transfer shall, and does hereby agree to,
        indemnify the Trustee and the Depositor against any liability that may result
        if
        the transfer is not so exempt or is not made in accordance with such federal
        and
        state laws.

       

      No
        transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
        the
        Code, any Person acting, directly or indirectly, on behalf of any such Plan
        or
        any person using Plan Assets to acquire this Certificate shall be made except
        in
        accordance with Section 5.02(d) of the Agreement.

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually countersigned by an authorized signatory
        of the
        Trustee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
        executed.

       

      Dated:
        _______ __, 2006

      

      
        	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY,

                not
                  in its individual capacity, but solely as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

      

      

      

      
        	
                Countersigned:

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 	 	 	 	 	 	 
	 	
                Authorized
                  Signatory of

                DEUTSCHE
                  BANK NATIONAL TRUST
                  COMPANY, not in its individual
                  capacity,

                but
                  solely as Trustee

              	 	 	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      INDYMAC
        MBS, INC.

      IndyMac
        Residential Mortgage-Backed Trust 2006-L3,

      Mortgage-Backed
        Certificates, Series 2006-L3

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        IndyMac MBS, Inc., IndyMac Residential Mortgage-Backed Trust 2006-L3, Mortgage
        Backed Certificates, Series 2006-L3 (herein collectively called the
“Certificates”), and representing a beneficial ownership interest in the Trust
        created by the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th day
        of
        each month or, if such 25th day is not a Business Day then the first Business
        Day following such Distribution Date (the “Distribution Date”), commencing on
        the first Distribution Date specified on the face hereof, to the Person in
        whose
        name this Certificate is registered at the close of business on the applicable
        Record Date in an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount required to be distributed to
        Holders of Certificates of the Class to which this Certificate belongs on
        such
        Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made by check or money order mailed to the address
        of the person entitled thereto as it appears on the Certificate Register
        or by
        wire transfer or otherwise, as set forth in the Agreement. The final
        distribution on each Certificate will be made in like manner, but only upon
        presentment and surrender of such Certificate at the office or agency of
        the
        Trustee specified in the notice to Certificateholders of such final
        distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time by the
        Depositor, the Servicer and the Trustee and of Holders of the requisite
        percentage of the Percentage Interests of each Class of Certificates affected
        by
        such amendment, as specified in the Agreement. Any such consent by the Holder
        of
        this Certificate shall be conclusive and binding on such Holder and upon
        all
        future Holders of this Certificate and of any Certificate issued upon the
        transfer hereof or in exchange therefor or in lieu hereof whether or not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Trustee upon surrender of this Certificate for registration of transfer
        at
        the office or agency maintained by the Trustee accompanied by a written
        instrument of transfer in form satisfactory to the Trustee and the Certificate
        Registrar duly executed by the holder hereof or such holder’s attorney duly
        authorized in writing, and thereupon one or more new Certificates of the
        same
        Class in authorized denominations and evidencing the same aggregate Percentage
        Interest in the Trust will be issued to the designated transferee or
        transferees.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Servicer, the Depositor and the Trustee and any agent of the Depositor or
        the
        Trustee may treat the Person in whose name this Certificate is registered
        as the
        owner hereof for all purposes, and none of the Depositor, the Servicer, the
        Trustee or any such agent shall be affected by any notice to the
        contrary.

       

      On
        any
        Distribution Date following the date on which the aggregate Stated Principal
        Balance of the Mortgage Loans and REO Properties as of the last day of the
        related Remittance Period is less than 10% of the sum of the Stated Principal
        Balances of the Closing Date Mortgage Loans and REO Properties on the Cut-off
        Date, the Servicer or if the Servicer fails to exercise such option and any
        portion of the Class A Certificates remain outstanding, the Certificate Insurer,
        will have the right to repurchase, in whole, from the Trust all remaining
        Mortgage Loans and all property acquired in respect of the Mortgage Loans
        at a
        purchase price determined as provided in the Agreement. The obligations and
        responsibilities created by the Agreement will terminate as provided in Section
        10.01 of the Agreement.

      

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
        unto

      

      
        	 	 	 
	 	 	 
	 	 	 

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	
                .

              

      

      

      

      Dated:

      

      
        	 	 
	 	
                Signature
                  by or on behalf of assignor

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        

      
        	
                To

              	 	
                ,

              
	
                For
                  the account of

              	 	
                ,

              
	
                account
                  number___________, or, if mailed by check, to

              	 	
                ,

              
	
                Applicable
                  statements should be mailed to

              	 	
                ,

              
	 	
                .

              

      

      

      
        	
                This
                  information is provided by

              	 	
                ,

              
	
                The
                  assignee named above, or

              	 	
                ,

              
	
                as
                  its agent.

              	 	 

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

      On
        the
        __th day of               ,
        20  
        before
        me, a notary public in and for said State, personally appeared                                 ,
        known
        to me who, being by me duly sworn, did depose and say that he executed the
        foregoing instrument.

       

      
        	 	 
	 	
                Notary
                  Public

              

      

      

       

      [Notarial
        Seal]

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        B

       

      COPY
        OF
        CERTIFICATE GUARANTY INSURANCE POLICY WITH RESPECT TO THE INSURED
        CERTIFICATES

       

      

        CERTIFICATE
          GUARANTY INSURANCE POLICY ENDORSEMENT

         

         

        
          	
                  Attached
                    to and forming part of

                  Certificate
                    Guaranty Insurance Policy 

                  No.
                    AB1028BE issued to:

                	
                  Effective
                    Date of Endorsement:

                  September
                    25, 2006

                

        

         

        Deutsche
          Bank National Trust Company,

        as
          Trustee for the Holders of

        IndyMac
          Residential Mortgage-Backed Trust,

        Series
          2006-L3, Class A Certificates

         

         

        For
          all
          purposes of the Policy, the following terms shall have the following
          meanings:

         

        “Affiliate”
          shall mean 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 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.

         

        “Agreement”
          shall mean, for purposes of the Policy, the Pooling and Servicing Agreement,
          dated as of September 1, 2006, among Indymac MBS, Inc., as the Depositor,
          Indymac Bank, F.S.B., as the Seller and Servicer, and Deutsche Bank National
          Trust Company, as the Trustee. 

         

        “Business
          Day” shall mean any day other than (i) a Saturday or Sunday or (ii) a day on
          which banking institutions in the state of New York or the state of California
          or the city in which the Corporate Trust Office or the office of the Insurer
          is
          located are required or authorized by law or executive order to be
          closed.

         

        “Class
          A
          Certificates” shall mean any one of the IndyMac Residential Mortgage-Backed
          Certificates, Series 2006-L3, substantially in the form set forth as Exhibits
          A-1, A-2 and A-3 to the Agreement.

         

        “Deficiency
          Amount” shall mean for any Distribution Date, an amount equal to the sum of (1)
          the aggregate amount by which the Accrued Certificate Interest payable
          to the
          Class A Certificates for such Distribution Date exceeds the Interest Remittance
          Amount available on such Distribution Date to pay the Class A Certificates,
          and
          (2) (i) with respect to any Distribution Date other than the Final Distribution
          Date, the aggregate amount, if any, by which the aggregate Certificate
          Principal
          Balance of the Class A Certificates (after giving effect to all distributions
          of
          Available Funds on such Distribution Date) exceeds the aggregate Stated
          Principal Balance of the Mortgage Loans on the last day of the related
          Remittance Period and (ii) with respect to the Final Distribution Date,
          the
          aggregate Certificate Principal Balance of the Class A Certificates (after
          giving effect to all distributions of Available Funds on such Distribution
          Date). Notwithstanding anything to the contrary contained herein, the aggregate
          Deficiency Amount described above which may be paid under the Policy shall
          not
          exceed the Maximum Insured Amount.

         

        “Distribution
          Date” shall mean the 25th day of each month (or if such day is not a Business
          Day the next Business Day immediately following) beginning with the First
          Distribution Date.

         

        “Due
          for
          Payment” shall mean, (i) with respect to an Insured Amount, the Distribution
          Date on which Insured Amounts are due and payable pursuant to the terms
          of the
          Agreement and (ii) with respect to a Preference Amount, the Business Day
          on
          which the documentation required by the Insurer has been received by the
          Insurer.

         

        “Final
          Distribution Date” shall mean the Distribution Date occurring in April
          2012.

         

        “First
          Distribution Date” shall mean October 25, 2006.

         

        “Holder”
          shall mean the registered owner or beneficial owner of a Class A Certificate,
          other than the Depositor, the Seller, the Servicer or the Trustee or any
          of
          their Affiliates.

         

        “Insurance
          Account” shall mean the account created and maintained with the Trustee for the
          benefit of the Holders and the Insurer pursuant to Section 4.06 of the
          Agreement.

         

        “Insurance
          Agreement” shall mean the Insurance and Indemnity Agreement, dated as of
          September 25, 2006, among IndyMac MBS, Inc., as the Depositor, IndyMac
          Bank,
          F.S.B., as the Sponsor, the Seller and the Servicer, and Deutsche Bank
          National
          Trust Company, as Trustee, the Insurer, as such agreement may be amended,
          modified or supplemented from time to time.

         

        “Insured
          Amount” shall mean, with respect to any Distribution Date, the Deficiency Amount
          for such Distribution Date.

         

        “Insured
          Payments” shall mean, with respect to any Distribution Date, the aggregate
          amount actually paid by the Insurer to, or at the direction of, the Trustee
          in
          respect of (i) Insured Amounts for a Distribution Date and (ii) Preference
          Amounts for any given Business Day. 

         

        “Insurer”
          shall mean Ambac Assurance Corporation, or any successor thereto, as issuer
          of
          the Policy.

         

        “Late
          Payment Rate” shall mean for any Distribution Date, the lesser of (i) the
          greater of (a) the rate of interest, as it is publicly announced by Citibank,
          N.A. at its principal office in New York, New York as its prime rate (any
          change
          in such prime rate of interest to be effective on the date such change
          is
          announced by Citibank, N.A.) plus 2% and (b) the then applicable highest
          rate of
          interest on any of the Class A Certificates and (ii) the maximum rate
          permissible under applicable usury or similar laws limiting interest rates.
          The
          Late Payment Rate shall be computed on the basis of the actual number of
          days
          elapsed over a year of 360 days.

         

        “Maximum
          Insured Amount” shall mean $167,790,000 in respect of principal, plus interest
          thereon calculated at the Pass-Through Rate for the Class A
          Certificates.

         

        “Nonpayment”
          shall mean, with respect to any Distribution Date, an Insured Amount is
          Due for
          Payment but has not been paid pursuant to the Agreement.

         

        “Notice”
          shall mean the telephonic or telegraphic notice, promptly confirmed in
          writing
          by telecopy substantially in the form of Exhibit A to the Policy, the original
          of which is subsequently delivered by registered or certified mail, from
          the
          Trustee specifying the Insured Amount or Preference Amount which shall
          be due
          and owing on the applicable Distribution Date.

         

        “Person”
          shall mean any individual, corporation, estate, partnership, joint venture,
          association, joint stock company, trust (including any beneficiary thereof),
          unincorporated organization or government or any agency or political subdivision
          thereof.

         

        “Policy”
          shall mean the Certificate Guaranty Insurance Policy No. AB1028BE together
          with
          each and every endorsement hereto. 

         

        “Pooling
          and Servicing Agreement” shall mean the Pooling and Servicing Agreement, dated
          as of September 1, 2006 by and among IndyMac Bank, F.S.B., as the Seller
          and the
          Servicer, IndyMac MBS, Inc., as the Depositor, and Deutsche Bank National
          Trust
          Company, as Trustee.

         

        “Preference
          Amount” shall mean any payment of principal or interest previously distributed
          to a Holder on a Class A Certificate, which would have been covered under
          the
          Policy as an Insured Amount, which has been deemed a preferential transfer
          and
          was previously recovered from its owner pursuant to the United States Bankruptcy
          Code in accordance with a final, non-appealable order a court of competent
          jurisdiction.

         

        “Reimbursement
          Amount” shall mean, as to any Distribution Date, the sum of (x) (i) all Insured
          Payments paid by the Insurer, but for which the Insurer has not been reimbursed
          prior to such Distribution Date pursuant to the Agreement, plus (ii) interest
          accrued on such Insured Payments not previously repaid, calculated at the
          Late
          Payment Rate from the date the Trustee received the related Insured Payments,
          and (y) without duplication (i) any amounts then due and owing to the Insurer
          under the Insurance Agreement, as certified to the Trustee by the Insurer
          plus
          (ii) interest on such amounts at the Late Payment Rate. 

         

        “Relief
          Act Shortfalls” shall mean interest shortfalls resulting from the application of
          the Servicemembers Relief Act, as amended, or any similar state law.

         

        “Trustee”
          shall mean Deutsche Bank National Trust Company, or its successor-in-interest,
          in its capacity as Trustee under the Agreement, or if any successor trustee
          shall be appointed as provided therein, then “Trustee” shall also mean such
          successor trustee, subject to the provisions thereof.

         

        Capitalized
          terms used herein as defined terms and not otherwise defined herein shall
          have
          the meaning assigned to them in the Insurance Agreement and the Agreement,
          without regard to any amendment or modification thereof, unless such amendment
          or modification has been approved in writing by the Insurer.

         

        Notwithstanding
          any other provision of the Policy, the Insurer will pay any Insured Amount
          payable hereunder no later than 12:00 noon, New York City time, on the
          later of
          (i) the second Business Day following receipt in New York, New York on
          a
          Business Day by the Insurer of a Notice at the address and in the manner
          provided in Section 6.02 of the Insurance Agreement and (ii) the Distribution
          Date on which the related Insured Amount is Due for Payment; provided that,
          if
          such Notice is received after 12:00 noon, New York City time, on such Business
          Day, it shall be deemed to be received on the following Business Day. If
          any
          such Notice is not in proper form or is otherwise insufficient for the
          purpose
          of making a claim under the Policy, it shall be deemed not to have been
          received
          for purposes of this paragraph, and the Insurer shall promptly so advise
          the
          Trustee and the Trustee may submit an amended or corrected Notice.

         

        If
          such
          an amended or corrected Notice is in proper form and is otherwise sufficient
          for
          the purpose of making a claim under the Policy, it will be deemed to have
          been
          timely received on the business day of such resubmission, provided that,
          if such
          Notice is received after 12:00 noon, New York City time, on such Business
          Day,
          it will be deemed to be received before 12:00 noon on the following Business
          Day.

         

        The
          Insurer’s obligations under the Policy with respect to Insured Amounts will be
          discharged to the extent funds are transferred to the Trustee as provided
          in the
          Policy, whether or not the funds are properly applied by the
          Trustee.

         

        The
          Insurer will pay any Preference Amount when due to be paid pursuant to
          the Order
          (as defined below), but in any event no earlier than the third Business
          Day
          following receipt by the Insurer of (i) a certified copy of a final,
          non-appealable order of a court or other body exercising jurisdiction in
          such
          insolvency proceeding to the effect that the Trustee, or Holder, as applicable,
          is required to return such Preference Amount paid during the term of the
          Policy
          because such payments were avoided as a preferential transfer or otherwise
          rescinded or required to be restored by the Trustee and/or Holder, as applicable
          (the “Order”), (ii) an opinion of counsel satisfactory to the Insurer, stating
          that such Order has been entered and is final and not subject to any stay,
          (iii)
          an assignment, in form and substance satisfactory to the Insurer, duly
          executed
          and delivered by the Trustee or Holder, irrevocably assigning to the Insurer
          all
          rights and claims of the Trustee and/or such Holder relating to or arising
          under
          the Agreement or otherwise with respect to such Preference Amount, (iv)
          appropriate instruments in form satisfactory to the Insurer to effect the
          appointment of the Insurer as agent for the Trustee and such Holder in
          any legal
          proceeding relating to such Preference Amount and (v) a Notice (in the
          form
          attached hereto as Exhibit A) appropriately completed and executed by the
          Trustee; provided, that if such documents are received after 12:00 noon,
          New
          York City time, on such Business Day, they will be deemed to be received
          on the
          following Business Day; provided, further, that the Insurer shall not be
          obligated to make any payment in respect of any Preference Amount representing
          a
          payment of principal on the Class A Certificates prior to the time the
          Insurer
          would have been required to make a payment in respect of such principal
          pursuant
          to the first paragraph of the face of the Policy; provided, further, that
          any
          Preference Amount that constitutes interest will be limited to the amount
          of
          interest on the outstanding principal amount of the Class A Certificates
          (calculated at the related Pass-Through Rate) accrued as of the last day
          of the
          applicable interest accrual period and will not, in any event, include
          any
          interest on the Class A Certificates accrued after such date or any interest
          on
          such interest amount. Such payment shall be disbursed to the receiver,
          conservator, debtor-in-possession or trustee in bankruptcy named in the
          Order,
          and not to the Holder directly, unless the Holder has made a payment of
          the
          Preference Amount to the court or such receiver, conservator,
          debtor-in-possession or trustee in bankruptcy named in the Order, in which
          case
          the Insurer will pay the Holder, subject to the delivery of (a) the items
          referred to in clauses (i), (ii), (iii), (iv) and (v) above to the Insurer
          and
          (b) evidence satisfactory to the Insurer that payment has been made to
          such
          court or receiver, conservator, debtor-in-possession or trustee in bankruptcy
          named in the Order. 

         

        Upon
          any
          payment under the Policy, in furtherance and not in limitation of the Insurer’s
          equitable right of subrogation and the Insurer’s rights under the Insurance
          Agreement, the Insurer will, to the extent of such payment by the Insurer
          under
          the Policy, be subrogated to the rights of any Holder, to receive any and
          all
          amounts due in respect of such Class A Certificates as to which such payment
          under the Policy was made, to the extent of any payment by the Insurer
          under the
          Policy.

         

        The
          Insurer hereby agrees that if it shall be subrogated to the rights of Holders
          by
          virtue of any payment under the Policy, no recovery of such payment will
          occur
          unless the full amount of the Holders’ allocable distributions for such
          Distribution Date can be made. In so doing, the Insurer does not waive
          its
          rights to seek full payment of all Reimbursement Amounts owed to it under
          the
          Insurance Agreement and the Agreement. 

         

        The
          Policy does not cover Net WAC Cap Carry Forward Amounts, Net WAC Shortfalls,
          Net
          Interest Shortfalls, default interest, premiums, if any, allocated to or
          payable
          in respect of the Class A Certificates, nor does the Policy guarantee to
          the
          Holders any particular rate of principal payment. In addition, the Policy
          does
          not cover shortfalls, if any, attributable to the liability of the Issuer,
          any
          REMIC thereof, the Trustee or any Holder for withholding taxes, if any,
          (including interest and penalties in respect of any liability for withholding
          taxes) or any risk other than Nonpayment, including the failure of the
          Trustee
          or any Paying Agent to make any payment required under the Agreement to
          the
          Holders.

         

        The
          terms
          and provisions of the Agreement constitute the instrument of assignment
          referred
          to in the second paragraph of the face of the Policy.

         

        A
          premium
          will be payable on the Policy on each Distribution Date as provided in
          Section
          3.02 of the Insurance Agreement, beginning with the First Distribution
          Date, in
          an amount equal to the Premium Amount. The premium on the Policy is not
          refundable for any reason, including the payment of any Class A Certificates
          prior to their maturities.

         

        IN
          THE EVENT THAT AMBAC ASSURANCE CORPORATION WERE TO BECOME INSOLVENT, ANY
          CLAIMS
          ARISING UNDER THE POLICY WOULD BE EXCLUDED FROM COVERAGE BY THE CALIFORNIA
          INSURANCE GUARANTY ASSOCIATION.

         

        The
          Policy to which this endorsement is attached and of which it forms a part
          is
          hereby amended to provide that there shall be no acceleration payment due
          under
          the Policy unless such acceleration is at the sole option of the Insurer.
          In the
          event of a payment default or insolvency of the Trust, there shall be no
          acceleration of payments required to be made under the Policy with respect
          to
          the Class A Certificates except at the option of the Insurer.

         

        Nothing
          herein contained shall be held to vary, alter, waive or extend any of the
          terms,
          conditions, provisions, agreements or limitations of the above mentioned
          Policy
          other than as above stated.

         

        To
          the
          fullest extent permitted by applicable law, the Insurer hereby waives and
          agrees
          not to assert any and all rights and defenses (including but not limited
          to
          set-offs, counterclaims, fraud in the inducement or fact or any other
          circumstances that would have the effect of discharging a surety at law
          or in
          equity), to the extent such rights and defenses may be available to the
          Insurer
          to avoid payment of its obligations under the Policy in accordance with
          the
          express provisions hereof. None of the foregoing waivers shall prejudice
          any
          claim the Insurer may have, whether directly or as subrogee of the Class
          A
          Certificateholders, subsequent to making such payment to the Trustee in
          accordance with this Policy.

         

        To
          the
          extent the provisions of this endorsement conflict with the provisions
          in the
          above-mentioned Policy, the provisions of this endorsement shall
          govern.

         

        The
          Policy and the obligations of the Insurer thereunder will terminate without
          any
          action on the part of the Insurer or any other person on the date that
          is one
          year and one day following the earlier to occur of (i) the date on which
          all
          amounts required to be paid on the Class A Certificates have been paid
          in full
          and (ii) if any proceedings requisite to avoidance as a Preference Payment
          have
          been commenced on or prior to the date specified in clause (i) above, the
          30th
          day after the entry of a final and nonappealable order in resolution or
          settlement of each such proceeding. Upon termination of the Policy, the
          Trustee
          shall deliver the original of the Policy to the Insurer.

         

        No
          person
          other than the Trustee shall be entitled to present the Notice.

         

        No
          waiver
          of any rights or powers of the Insurer, the Holders or the Trustee or consent
          by
          any of them shall be valid unless signed by an authorized officer or agent
          thereof.

         

        The
          Policy is issued under and pursuant to, and shall be construed in accordance
          with, the laws of the State of New York, without giving effect to the conflict
          of laws principles thereof. 

         

        

         

        

         

        [REMAINDER
          OF PAGE INTENTIONALLY LEFT BLANK]

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, Ambac Assurance Corporation has caused this endorsement
          to the
          Policy to be signed by its duly authorized officers.

         

        ________________________________                                                                        
          ___________________________________

        Assistant
          Secretary                                                                                                                
First
          Vice President

         

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

         

        TO
          THE
          CERTIFICATE GUARANTY INSURANCE POLICY

         

        Policy
          No. AB1028BE

        

         

        NOTICE
          OF NONPAYMENT AND DEMAND

        FOR
          PAYMENT OF INSURED AMOUNTS

         

        Date:
          [         ]

         

        Ambac
          Assurance Corporation

        One
          State
          Street Plaza

        New
          York,
          New York 10004

        Attention:
          General Counsel

         

        Reference
          is made to Certificate Guaranty Insurance Policy No. AB1028BE (the “Policy”)
          issued by Ambac Assurance Corporation (“Ambac”). Terms capitalized herein and
          not otherwise defined shall have the meanings specified in the Policy and
          the
          Pooling and Servicing Agreement, dated as of September 1, 2006 (the
“Agreement”), between IndyMac Bank, F.S.B., as the Seller and the Servicer,
          IndyMac MBS, Inc., as the Depositor, and Deutsche Bank National Trust Company,
          as Trustee, as the case may be, unless the context otherwise requires.
          

         

        The
          Trustee hereby certifies as follows:

         

        
          	1.  	
                  The
                    Trustee is the Trustee under the Agreement for the
                    Holders.

                

        

         

        
          	2.  	
                  The
                    relevant Distribution Date is [date].

                

        

         

        
          	3.  	
                  Payment
                    on the Class A Certificates in respect of the Distribution Date
                    is due to
                    be received on _________________________ under the Agreement
                    in an amount
                    equal to $_________. 

                

        

         

        
          	4.  	
                  There
                    is an [Insured Amount] [Preference Amount] of $______________
                    in respect
                    of the Class A Certificates, which amount is Due for Payment
                    pursuant to
                    the terms of the Agreement.

                

        

         

        
          	5.  	
                  The
                    Trustee has not heretofore made a demand for the Insured Amount
                    in respect
                    of the Distribution Date. 

                

        

         

        
          	6.  	
                  The
                    Trustee hereby requests the payment of the [Insured Amount] [Preference
                    Amount] that is Due For Payment be made by Ambac under the Policy
                    and
                    directs that payment under the Policy be made to the following
                    account by
                    bank wire transfer of federal or other immediately available
                    funds in
                    accordance with the terms of the Policy to: ______________________________
                    (Trustee’s account number).

                

        

         

        
          	7.  	
                  The
                    Trustee hereby agrees that, following receipt of the [Insured
                    Amount]
                    [Preference Amount] from Ambac, it shall (a) hold such amounts
                    in trust
                    and apply the same directly to the distribution of payment on
                    the Class A
                    Certificates when due; (b) not apply such funds for any other
                    purpose; (c)
                    deposit such funds to the Insurance Account and not commingle
                    such funds
                    with other funds held by Trustee and (d) maintain an accurate
                    record of
                    such payments with respect to each certificate and the corresponding
                    claim
                    on the Policy and proceeds thereof.

                

        

         

        FOR
          YOUR PROTECTION CALIFORNIA LAW REQUIRES THE FOLLOWING TO APPEAR ON THIS
          FORM.
          ANY PERSON WHO KNOWINGLY PRESENTS A FALSE OR FRAUDULENT CLAIM FOR THE PAYMENT
          OF
          A LOSS IS GUILTY OF A CRIME AND MAY BE SUBJECT TO FINES AND CONFINEMENT
          IN STATE
          PRISON. 

         

        By:________________________________

        Trustee

         

        Title:_______________________________

        (Officer)

         

        

        

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      

       

      EXHIBIT
        C

       

      FORM
        OF
        MORTGAGE LOAN PURCHASE AGREEMENT

       

       

      
         

         

         

        INDYMAC
          BANK, F.S.B.,

        as
          Seller

         

         

         

        and

         

         

         

        INDYMAC
          MBS, INC.,

        as
          Purchaser

         

         

         

        MORTGAGE
          LOAN PURCHASE AGREEMENT

         

        Dated
          as
          of September 25, 2006

         

         

         

        INDYMAC
          RESIDENTIAL MORTGAGE-BACKED TRUST CERTIFICATES,

        SERIES
          2006-L3

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        Table
          of Contents

         

         

         

        ARTICLE
          I

         

        DEFINITIONS

         

        Section
          1.01     Definitions

         

        ARTICLE
          II

         

        SALE
          OF
          MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

         

        Section
          2.01     Sale
          of Mortgage Loans.

        Section
          2.02     Obligations
          of Seller Upon Sale

        Section
          2.03     Payment
          of Purchase Price for the Mortgage Loans.

         

        ARTICLE
          III

         

        REPRESENTATIONS
          AND WARRANTIES; REMEDIES FOR BREACH

         

        Section
          3.01     Seller
          Representations and Warranties Relating to the Mortgage Loans

        Section
          3.02     Seller
          Representations and Warranties Relating to the Seller

        Section
          3.03     Remedies
          for Breach of Representations and Warranties

         

        ARTICLE
          IV

         

        SELLER’S
          COVENANTS

         

        Section
          4.01     Covenants
          of the Seller

         

        ARTICLE
          V

         

        INDEMNIFICATION
          WITH RESPECT TO THE MORTGAGE LOANS

         

        Section
          5.01     Indemnification.

         

        ARTICLE
          VI

         

        TERMINATION

         

        Section
          6.01     Termination

         

        ARTICLE
          VII

         

        MISCELLANEOUS
          PROVISIONS

         

        Section
          7.01     Amendment

        Section
          7.02     Governing
          Law

        Section
          7.03     Notices

        Section
          7.04     Severability
          of Provisions

        Section
          7.05     Counterparts

        Section
          7.06     Further
          Agreements

        Section
          7.07     Intention
          of the Parties

        Section
          7.08     Successors
          and Assigns: Assignment of Purchase Agreement

        Section
          7.09     Survival

        Section
          7.10     Third
          Party Beneficiary

        

 

        MORTGAGE
          LOAN PURCHASE AGREEMENT, dated as of September 19, 2006 (this “Agreement”),
          between IndyMac Bank, F.S.B. (the “Seller”) and IndyMac MBS, Inc. (the
“Purchaser”).

         

        W
          I T
          N E S S E T H

         

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

         

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

         

        WHEREAS,
          the parties hereto desire that the Seller sell the Mortgage Loans to the
          Purchaser pursuant to the terms of this Agreement; and

         

        WHEREAS,
          pursuant to the terms of a Pooling and Servicing Agreement, dated as of
          September 1, 2006 (the “Pooling and Servicing Agreement”), among the Purchaser
          as depositor, the Seller as seller and servicer and Deutsche Bank National
          Trust
          Company as trustee (the “Trustee”), relating to IndyMac Residential
          Mortgage-Backed Trust Certificates, Series 2006-L3, the Purchaser will
          convey
          the Mortgage Loans to the trust created therein (the “Trust”); and

         

        WHEREAS,
          the Seller is obligated, in connection with the transactions contemplated
          by
          this Agreement, to make certain representations, warranties and covenants
          with
          respect to itself and the Mortgage Loans.

         

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

         

         

        ARTICLE
          I

         

        DEFINITIONS

         

        Section
          1.01  Definitions.
          All
          capitalized terms used but not defined herein shall have the meanings assigned
          thereto in the Pooling and Servicing Agreement.

         

         

        ARTICLE
          II

         

        SALE
          OF
          MORTGAGE LOANS;

        PAYMENT
          OF PURCHASE PRICE

         

        Section
          2.01  Sale
          of Mortgage Loans.

         

        The
          Seller, concurrently with the execution and delivery of this Agreement,
          does
          hereby sell, assign, set over, and otherwise convey to the Purchaser, without
          recourse, (i) all of its right, title and interest in and to each Mortgage
          Loan,
          including the related Principal Balance as of the Cut-off Date, (ii) all
          interest accruing thereon on or after the Cut-off Date and all collections
          in
          respect of interest and principal due after the Cut-off Date, (iii) its
          interest
          in any insurance policies in respect of the Mortgage Loans and (iv) all
          proceeds
          of any of the foregoing.

         

        Section
          2.02  Obligations
          of Seller Upon Sale.
          In
          connection with any transfer pursuant to Section 2.01 hereof, the Seller
          agrees,
          at its own expense, on or prior to the Closing Date, (i) to cause its books
          and
          records to indicate that the Mortgage Loans have been sold to the Purchaser
          pursuant to this Agreement and (ii) to deliver to the Purchaser and the
          Trustee
          an electronic data file containing a true and complete list of all such
          Mortgage
          Loans, specifying for each such Mortgage Loan, as of the Cut-off Date,
          those
          data fields as required in the Pooling and Servicing Agreement. Such file,
          which
          forms a part of Exhibit D to the Pooling and Servicing Agreement, shall
          also be
          marked as Schedule I to this Agreement and is hereby incorporated into
          and made
          a part of this Agreement.

         

        In
          connection with any conveyance by the Seller, the Seller shall on behalf
          of the
          Purchaser deliver to, and deposit with, the Trustee, as assignee of the
          Purchaser, or to the Custodian, on or before the Closing Date, the following
          documents or instruments, which documents and instruments will comply with
          the
          requirements of the Pooling and Servicing Agreement notwithstanding any
          provision to the contrary below:

         

        (i)  the
          original Mortgage Note, endorsed either (A) in blank or (B) in the following
          form: “Pay to the order of Deutsche Bank National Trust Company, as Trustee,
          without recourse”, or with respect to any lost Mortgage Note, an original Lost
          Note Affidavit stating that the original Mortgage Note was lost, misplaced
          or
          destroyed, together with a copy of the related Mortgage Note; provided,
          however,
          that
          such substitutions of Lost Note Affidavits for original Mortgage Notes
          may occur
          only with respect to Mortgage Loans, the aggregate Stated Principal Balance
          of
          which is less than or equal to 2.00% of the Pool Balance as of the Cut-off
          Date;

         

        (ii)  the
          original Mortgage with evidence of recording thereon, and the original
          recorded
          power of attorney, if the Mortgage was executed pursuant to a power of
          attorney,
          with evidence of recording thereon or, if such Mortgage or power of attorney
          has
          been submitted for recording but has not been returned from the applicable
          public recording office, has been lost or is not otherwise available, a
          copy of
          such Mortgage or power of attorney, as the case may be, certified to be
          a true
          and complete copy of the original submitted for recording;

         

        (iii)  an
          original Assignment, in form and substance acceptable for recording. The
          Mortgage shall be assigned either (A) in blank or (B) to “Deutsche Bank National
          Trust Company, as Trustee, without recourse”;

         

        (iv)  an
          original copy of any intervening Assignment, showing a complete chain of
          assignments;

         

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

         

        (vi)  the
          original or copies of each assumption, modification, written assurance
          or
          substitution agreement, if any.

         

        With
          respect to up to 30% of the Mortgage Loans, the Seller may deliver all
          or a
          portion of each related Mortgage File to the Trustee not later than five
          Business Days after the Closing Date (such Mortgage Loans, the “Delayed Delivery
          Mortgage Loans”).

         

        The
          Seller hereby confirms to the Purchaser and the Trustee that it has made
          the
          appropriate entries in its general accounting records, to indicate that
          such
          Mortgage Loans have been transferred to the Trustee and constitute part
          of the
          Trust in accordance with the terms of the Pooling and Servicing
          Agreement.

         

        If
          any of
          the documents referred to in Section 2.02(ii), (iii) or (iv) above has
          as of the
          Closing Date been submitted for recording but either (A) has not been returned
          from the applicable public recording office or (B) has been lost or such
          public
          recording office has retained the original of such document, the obligations
          of
          the Seller to deliver such documents shall be deemed to be satisfied upon
          (1)
          delivery to the Trustee or the Custodian no later than the Closing Date
          of a
          copy of each such document certified by the Seller in the case of (A) above
          or
          the applicable public recording office in the case of (B) above to be a
          true and
          complete copy of the original that was submitted for recording and (2)
          if such
          copy is certified by the Seller, delivery to the Trustee or the Custodian,
          promptly upon receipt thereof of either the original or a copy of such
          document
          certified by the applicable public recording office to be a true and complete
          copy of the original. If the original lender’s title insurance policy, or a
          certified copy thereof, was not delivered pursuant to Section 2.02(v) above,
          the
          Seller shall deliver or cause to be delivered to the Trustee or a Custodian,
          the
          original or a copy of a written commitment or interim binder or preliminary
          report of title issued by the title insurance or escrow company, with the
          original or a certified copy thereof to be delivered to the Trustee or
          the
          Custodian, promptly upon receipt thereof. The Seller shall deliver or cause
          to
          be delivered to the Trustee or the Custodian promptly upon receipt thereof
          any
          other documents constituting a part of a Mortgage File received with respect
          to
          any Mortgage Loan, including, but not limited to, any original documents
          evidencing an assumption or modification of any Mortgage Loan.

         

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

         

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

         

        The
          Seller shall cause the Assignments which were delivered in blank to be
          completed
          and shall cause all Assignments referred to in Section 2.02(iii) hereof
          and, to
          the extent necessary, in Section 2.02(iv) hereof to be recorded. The Seller
          shall be required to deliver such Assignments for recording within 30 days
          of
          the Closing Date. The Seller shall furnish the Trustee, or its designated
          agent,
          with a copy of each Assignment submitted for recording. In the event that
          any
          such Assignment is lost or returned unrecorded because of a defect therein,
          the
          Seller shall promptly have a substitute Assignment prepared or have such
          defect
          cured, as the case may be, and thereafter cause each such Assignment to
          be duly
          recorded.

         

        Notwithstanding
          the foregoing, the Seller shall not cause to be recorded any Assignment
          which
          relates to a Mortgage Loan secured by a Mortgaged Property in California
          or in
          any other jurisdiction where the Rating Agencies do not require recordation
          in
          order to receive the ratings on the Certificates at the time of their initial
          issuance (which, in the case of the Insured Certificates, shall be without
          regard to the Policy); provided,
          however,
          that
          each Assignment shall be submitted for recording by the Seller in the manner
          described above, at no expense to the Trust Fund or Trustee, upon the earliest
          to occur of: (i) direction by the Holders of the Certificates entitled
          to at
          least 25% of the Voting Rights, (ii) the occurrence of a Servicer Event
          of
          Termination, (iii) the occurrence of a bankruptcy or insolvency relating
          to the
          Seller, (iv) the occurrence of a servicing transfer as described in Section
          7.02
          of the Pooling and Servicing Agreement and (v) if the Seller is not the
          Servicer
          and with respect to any one Assignment, the occurrence of a bankruptcy,
          insolvency or foreclosure relating to the Mortgagor under the related
          Mortgage.

         

        Notwithstanding
          anything to the contrary in this Agreement, within five Business Days after
          the
          Closing Date, the Seller shall either:

         

        (x) deliver
          to the Trustee the Mortgage File as required pursuant to this Article II
          for
          each Delayed Delivery Mortgage Loan; or

         

        (y)(A) repurchase
          the Delayed Delivery Mortgage Loan or (B) substitute a Qualified Substitute
          Mortgage Loan for a Delayed Delivery Mortgage Loan, which repurchase or
          substitution shall be accomplished in the manner and subject to the conditions
          herein (treating each such Delayed Delivery Mortgage Loan as a Deleted
          Mortgage
          Loan for purposes of Section 3.03);

         

        provided,
          however, that if the Seller fails to deliver a Mortgage File for any Delayed
          Delivery Mortgage Loan within the period specified herein, the Seller shall
          use
          its best reasonable efforts to effect a substitution, rather than a repurchase
          of, such Delayed Delivery Mortgage Loan; provided, further, that the cure
          period
          provided for herein and in the Pooling and Servicing Agreement shall not
          apply
          to the initial delivery of the Mortgage File for such Delayed Delivery
          Mortgage
          Loan, but rather the Seller shall have five (5) Business Days to cure such
          failure to deliver.

         

        Section
          2.03  Payment
          of Purchase Price for the Mortgage Loans.

         

        In
          consideration of the sale of the Mortgage Loans to be purchased hereunder,
          the
          Purchaser shall pay to or upon the order of the Seller on the Closing Date
          the
          purchase price thereof (the “Mortgage Loan Purchase Price”) by transfer to the
          Seller of (i) immediately available funds in an amount equal to the net
          sale
          proceeds of the Class A Certificates and (ii) the Class M Certificates,
          the
          Class B Certificates, the Class C Certificates and the Class R Certificates
          (the
“IndyMac Certificates”). The Seller shall pay, and be billed directly for, all
          expenses incurred by the Purchaser in connection with the issuance of the
          Certificates, including, without limitation, printing fees incurred in
          connection with the Prospectus Supplement relating to the Class A Certificates
          and the Class M Certificates and the Private Placement Memorandum relating
          to
          the Class B Certificates, fees and expenses of Purchaser’s counsel, accountant’s
          fees and expenses and the fees and expenses of the Trustee and the Certificate
          Insurer and other out-of-pocket costs, if any.

         

         

        ARTICLE
          III  

         

        REPRESENTATIONS
          ANDWARRANTIES; REMEDIES FOR BREACH

         

        Section
          3.01  Seller
          Representations and Warranties Relating to the Mortgage Loans.
          The
          Seller hereby makes representations and warranties, as set forth in Exhibit
          A
          hereof, to the Purchaser with respect to the Mortgage Loans as of the Closing
          Date or as of such other date specifically provided herein.

         

        Section
          3.02  Seller
          Representations and Warranties Relating to the Seller.
          The
          Seller represents, warrants and covenants to the Purchaser as of the Closing
          Date:

         

        (i)  The
          Seller is duly organized, validly existing and in good standing as a federal
          savings bank under the laws of the United States and is licensed, qualified
          and
          in good standing in each state in which any Mortgaged Property is located
          if the
          laws of such state require licensing or qualification in order to conduct
          business of the type conducted by the Seller or to ensure the enforceability
          or
          validity of each Mortgage Loan in accordance with the terms of this
          Agreement;

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        (ix)  The
          information delivered by the Seller to the Purchaser with respect to the
          Seller’s loan loss, foreclosure and delinquency experience on mortgage loans
          underwritten to similar standards as the Mortgage Loans and covering mortgaged
          properties similar to the Mortgaged Properties, is true and correct in
          all
          material respects as of the date of such report;

         

        (x)  Except
          with respect to any statement regarding the intentions of the Purchaser,
          or any
          other statement contained herein, the truth or falsity of which is dependent
          solely upon the actions of the Purchaser, this Agreement does not contain
          any
          untrue statement of material fact or omit to state a material fact necessary
          to
          make the statements contained herein not misleading. The written statements,
          reports and other documents prepared and furnished or to be prepared and
          furnished by the Seller pursuant to this Agreement or in connection with
          the
          transactions contemplated hereby and by the Pooling and Servicing Agreement,
          taken in the aggregate, do not contain any untrue statement of material
          fact or
          omit to state a material fact necessary to make the statements contained
          therein
          not misleading;

         

        (xi)  The
          Seller has not transferred the Mortgage Loans to the Purchaser with any
          intent
          to hinder, delay or defraud any of its creditors;

         

        (xii)  The
          Seller has not dealt with any broker, investment banker, agent or other
          person,
          except for the Purchaser or any of its affiliates, that may be entitled
          to any
          commission or compensation in connection with the sale of the Mortgage
          Loans
          (except that an entity that previously financed the Seller’s ownership of the
          Mortgage Loans may be entitled to a fee to release its security interest
          in the
          Mortgage Loans, which fee shall have been paid and which security interest
          shall
          have been released on or prior to the Closing Date); and

         

        (xiii)  There
          is
          no litigation currently pending or, to the best of the Seller’s knowledge,
          threatened against the Seller that would reasonably be expected to adversely
          affect the transfer of the Mortgage Loans, the issuance of the Certificates
          or
          the execution, delivery, performance or enforceability of this Agreement
          or the
          Pooling and Servicing Agreement, or that would result in a material adverse
          change in the financial condition of the Seller.

         

        Section
          3.03  Remedies
          for Breach of Representations and Warranties.
          It is
          understood and agreed that the representations and warranties set forth
          in
          Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans to the
          Purchaser and shall inure to the benefit of the Purchaser, notwithstanding
          any
          restrictive or qualified endorsement on any Mortgage Note or Assignment
          or the
          examination or lack of examination of any Mortgage File. Upon discovery
          by
          either the Seller or the Purchaser of a breach of any of the foregoing
          representations and warranties that materially and adversely affects the
          value
          of the Mortgage Loans or the interest of the Purchaser (or which materially
          and
          adversely affects the interests of the Purchaser in the related Mortgage
          Loan in
          the case of a representation and warranty relating to a particular Mortgage
          Loan), the party discovering such breach shall give prompt written notice
          to the
          others. The Seller shall promptly reimburse the Servicer and the Trustee
          for any
          expenses reasonably incurred by the Servicer or the Trustee in respect
          of
          enforcing the remedies for the breach.

         

        Within
          90
          days of the earlier of either discovery by or notice to the Seller of any
          breach
          of a representation or warranty made by the Seller that materially and
          adversely
          affects the value of a Mortgage Loan or the Mortgage Loans or the interest
          therein of the Purchaser, the Seller shall use its best efforts promptly
          to cure
          such breach in all material respects and, if such breach cannot be cured,
          the
          Seller shall, at the Purchaser’s option, repurchase such Mortgage Loan at the
          Purchase Price. In the event that such a breach shall involve any representation
          or warranty set forth in Section 3.02 and such breach cannot be cured within
          90
          days of the earlier of either discovery by or notice to the Seller of such
          breach, all of the Mortgage Loans shall, at the Purchaser’s option, be
          repurchased by the Seller at the Purchase Price. The Seller may, assuming
          the
          Seller has a Qualified Substitute Mortgage Loan, rather than repurchase
          a
          deficient Mortgage Loan as provided above, remove such Mortgage Loan (in
          which
          case it shall become a Deleted Mortgage Loan) and substitute in its place
          a
          Qualified Substitute Mortgage Loan or Loans. Upon substitution, such Qualified
          Substitute Mortgage Loan or Loans shall be subject in all respects to the
          terms
          of this Agreement, including all applicable representations and warranties
          thereof included in this Agreement, as of the date of such substitution.
          If the
          Seller does not provide a Qualified Substitute Mortgage Loan or Loans,
          it shall
          repurchase the deficient Mortgage Loan. Any repurchase of a Mortgage Loan(s)
          pursuant to the foregoing provisions of this Section 3.03 shall occur on
          a date
          specified in the Pooling and Servicing Agreement and shall be accomplished
          by
          deposit in accordance with Section 2.03 of the Pooling and Servicing Agreement.
          Any repurchase or substitution required by this Section shall be made in
          a
          manner consistent with Section 2.03 of the Pooling and Servicing
          Agreement.

         

        At
          the
          time of substitution or repurchase of any deficient Mortgage Loan, the
          Purchaser
          and the Seller shall arrange for the reassignment of the repurchased or
          substituted Mortgage Loan to the Seller and the delivery to the Seller
          of any
          documents held by the Purchaser relating to the deficient or repurchased
          Mortgage Loan. In the event the Purchase Price is deposited in the Collection
          Account, the Seller shall, simultaneously with such deposit, give written
          notice
          to the Purchaser that such deposit has taken place. Upon such repurchase,
          the
          Mortgage Loan Schedule shall be amended to reflect the withdrawal of the
          repurchased Mortgage Loan from this Agreement.

         

        As
          to any
          Deleted Mortgage Loan for which the Seller substitutes a Qualified Substitute
          Mortgage Loan or Loans, the Seller shall effect such substitution by delivering
          to the Purchaser or its designee for such Qualified Substitute Mortgage
          Loan or
          Loans the Mortgage Note, the Mortgage, the Assignment and such other documents
          and agreements as are required by the Pooling and Servicing Agreement,
          with the
          Mortgage Note endorsed as required therein. The Seller shall deposit in
          the
          Collection Account the Monthly Payment less the Servicing Fee due on such
          Qualified Substitute Mortgage Loan or Loans in the month following the
          date of
          such substitution. Monthly Payments due with respect to Qualified Substitute
          Mortgage Loans in the month of substitution will be retained by the Seller.
          For
          the month of substitution, distributions to the Purchaser will include
          the
          Monthly Payment due on such Deleted Mortgage Loan in the month of substitution,
          and the Seller shall thereafter be entitled to retain all amounts subsequently
          received by the Seller in respect of such Deleted Mortgage Loan. Upon such
          substitution, the Qualified Substitute Mortgage Loans shall be subject
          to the
          terms of this Agreement in all respects, and the Seller shall be deemed
          to have
          made with respect to such Qualified Substitute Mortgage Loan or Loans as
          of the
          date of substitution, the covenants, representations and warranties set
          forth in
          Sections 3.01 and 3.02.

         

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

         

        It
          is
          understood and agreed that the obligations of the Seller set forth in Section
          3.03 to cure, repurchase and substitute for a defective Mortgage Loan and
          to
          indemnify the Parties as provided in Section 5.01 constitute the sole remedies
          of the Purchaser respecting a missing or defective document or a breach
          of the
          representations and warranties contained in Section 3.01 or 3.02.

         

         

        ARTICLE
          IV

         

        SELLER’S
          COVENANTS

         

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

         

         

        ARTICLE
          V

         

        INDEMNIFICATION
          WITH

        RESPECT
          TO THE MORTGAGE LOANS

         

        Section
          5.01  Indemnification.

         

        The
          Seller agrees to indemnify and to hold each of the Purchaser, the Trustee,
          each
          of the officers and directors of each such entity and each person or entity
          who
          controls each such entity or person harmless against any and all claims,
          losses,
          penalties, fines, forfeitures, legal fees and related costs, judgments,
          and any
          other costs, fees and expenses that the Purchaser, the Trustee, or any
          such
          person or entity may sustain in any way (i) related to the failure of the
          Seller
          to perform its duties in compliance with the terms of this Agreement, (ii)
          arising from a breach by the Seller of its representations and warranties
          in
          Section 3.01 or 3.02 of this Agreement or (iii) related to the origination
          or
          prior servicing of the Mortgage Loans by reason of any acts, omissions,
          or
          alleged acts or omissions of the Seller or any servicer. The Seller shall
          immediately notify the Purchaser and the Trustee if a claim is made by
          a third
          party with respect to this Agreement. The Seller shall assume the defense
          of any
          such claim and pay all expenses in connection therewith, including reasonable
          counsel fees, and promptly pay, discharge and satisfy any judgment or decree
          which may be entered against the Purchaser, the Trustee or any such person
          or
          entity in respect of such claim.

         

        Promptly
          after receipt by any indemnified party under this Article V of notice of
          any
          claim or the commencement of any action, such indemnified party shall,
          if a
          claim in respect thereof is to be made against any indemnifying party under
          this
          Article V, notify the indemnifying party in writing of the claim or the
          commencement of that action; provided,
          however,
          that
          the failure to notify an indemnifying party shall not relieve it from any
          liability which it may have under this Article V except to the extent it
          has
          been materially prejudiced by such failure; provided,
          further,
          that
          the failure to notify any indemnifying party shall not relieve it from
          any
          liability which it may have to any indemnified party otherwise than under
          this
          Article V.

         

        If
          any
          such claim or action shall be brought against an indemnified party, and
          it shall
          notify the indemnifying party thereof, the indemnifying party shall be
          entitled
          to participate therein and, to the extent that it wishes, jointly with
          any other
          similarly notified indemnifying party, to assume the defense thereof with
          counsel reasonably satisfactory to the indemnified party. After notice
          from the
          indemnifying party to the indemnified party of its election to assume the
          defense of such claim or action, the indemnifying party shall not be liable
          to
          the indemnified party under this Article V for any legal or other expenses
          subsequently incurred by the indemnified party in connection with the defense
          thereof other than reasonable costs of investigation.

         

        Any
          indemnified party shall have the right to employ separate counsel in any
          such
          action and to participate in the defense thereof, but the fees and expenses
          of
          such counsel shall be at the expense of such indemnified party unless:
          (i) the
          employment thereof has been specifically authorized by the indemnifying
          party in
          writing; (ii) such indemnified party shall have been advised in writing
          by such
          counsel that there may be one or more legal defenses available to it which
          are
          different from or additional to those available to the indemnifying party
          and in
          the reasonable judgment of such counsel it is advisable for such indemnified
          party to employ separate counsel; or (iii) the indemnifying party has failed
          to
          assume the defense of such action and employ counsel reasonably satisfactory
          to
          the indemnified party, in which case, if such indemnified party notifies
          the
          indemnifying party in writing that it elects to employ separate counsel
          at the
          expense of the indemnifying party, the indemnifying party shall not have
          the
          right to assume the defense of such action on behalf of such indemnified
          party,
          it being understood, however, the indemnifying party shall not, in connection
          with any one such action or separate but substantially similar or related
          actions in the same jurisdiction arising out of the same general allegations
          or
          circumstances, be liable for the reasonable fees and expenses of more than
          one
          separate firm of attorneys (in addition to local counsel) at any time for
          all
          such indemnified parties, which firm shall be designated in writing by
          the
          Purchaser, if the indemnified parties under this Article V consist of the
          Purchaser, and by the Seller, if the indemnified parties under this Article
          V
          consist of the Seller.

         

        Each
          indemnified party, as a condition of the indemnity agreements, shall use
          its
          reasonable efforts to cooperate with the indemnifying party in the defense
          of
          any such action or claim. No indemnifying party shall be liable for any
          settlement of any such action effected without its written consent (which
          consent shall not be unreasonably withheld), but if settled with its written
          consent or if there be a final judgment for the plaintiff in any such action,
          the indemnifying party agrees to indemnify and hold harmless any indemnified
          party from and against any loss or liability by reason of such settlement
          or
          judgment. Notwithstanding the foregoing sentence, if at any time an indemnified
          party shall have requested an indemnifying party to consent to a settlement
          of
          any action, the indemnifying party agrees that it shall be liable for any
          settlement of any proceeding effected without its written consent if such
          settlement is entered into more than 30 days after receipt by such indemnifying
          party of the aforesaid request and the indemnifying party has not previously
          provided the indemnified party with written notice of its objection to
          such
          settlement. No indemnifying party shall effect any settlement of any pending
          or
          threatened proceeding in respect of which an indemnified party is or could
          have
          been a party and indemnity is or could have been sought hereunder, without
          the
          written consent of such indemnified party, unless settlement includes an
          unconditional release of such indemnified party from all liability and
          claims
          that are the subject matter of such proceeding.

         

         

        ARTICLE
          VI

         

        TERMINATION

         

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

         

         

        ARTICLE
          VII

         

        MISCELLANEOUS
          PROVISIONS

         

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

         

        Section
          7.02  Governing
          Law.
          THIS
          AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE
          PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
          INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK WITHOUT REGARDS TO
          ANY
          CONFLICT OF LAW PROVISIONS. THE PARTIES HERETO INTEND THAT THE PROVISIONS
          OF
          SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS
          AGREEMENT.

         

        Section
          7.03  Notices.
          All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given when delivered as follows: (i) if to the
          Seller:
          IndyMac Bank, F.S.B., 3465 East Foothill Blvd., 2nd Floor, Pasadena, California
          91107, Attention: Secondary Marketing, or such other address as may hereafter
          be
          furnished to the Purchaser in writing by the Seller; (ii) if to the Purchaser:
          IndyMac MBS, Inc., 3465 East Foothill Blvd., 2nd Floor, Pasadena, California
          91107, Attention: Secondary Marketing, or such other address as may hereafter
          be
          furnished to the Seller in writing by the Purchaser.

         

        Section
          7.04  Severability
          of Provisions.
          If any
          one or more of the covenants, agreements, provisions or terms of this Agreement
          shall be held invalid for any reason whatsoever, then such covenants,
          agreements, provisions or terms shall be deemed severable from the remaining
          covenants, agreements, provisions or terms of this Agreement and shall
          in no way
          affect the validity of enforceability of the other provisions of this
          Agreement.

         

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

         

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

         

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

         

        Section
          7.07  Intention
          of the Parties.
          It is
          the intention of the parties that the Purchaser is purchasing, and the
          Seller is
          selling, the Mortgage Loans rather than pledging the Mortgage Loans to
          secure a
          loan by the Purchaser to the Seller. Accordingly, the parties hereto each
          intend
          to treat the transaction for federal income tax purposes and all other
          purposes
          as a sale by the Seller, and a purchase by the Purchaser, of the Mortgage
          Loans.
          In the event the transaction set forth herein is deemed not to be a sale,
          the
          Seller hereby grants to the Purchaser a security interest in all of the
          Seller’s
          right, title and interest in, to and under the Mortgage Loans and other
          property
          described above, whether now existing or hereafter created, to secure all
          of the
          Seller’s obligations hereunder; and this Agreement shall constitute a security
          agreement under applicable law. The Purchaser will have the right to review
          the
          Mortgage Loans and the related Mortgage Files to determine the characteristics
          of the Mortgage Loans which will affect the federal income tax consequences
          of
          owning the Mortgage Loans and the Seller will cooperate with all reasonable
          requests made by the Purchaser in the course of such review.

         

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

         

        Section
          7.09  Survival.
          The
          representations and warranties set forth in Sections 3.01 and 3.02, the
          remedies
          set forth in Section 3.03 and the provisions of Article V hereof shall
          survive
          the purchase of the Mortgage Loans hereunder.

         

        Section
          7.10  Third
          Party Beneficiary. 
          The Certificate Insurer, if any, shall be a third party beneficiary hereof,
          until such time as the Certificate Principal Balance of the Class A Certificates
          has been reduced to zero and all amounts owed to the Certificate Insurer
          have
          been paid in full, and may enforce the terms hereof as if a party hereto.
          The
          Trustee shall be a third party beneficiary hereof.

        
 

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

        
          	 	 	 
	 	
                  INDYMAC
                    MBS, INC., as Purchaser

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                
	 	
                  Name: 

                  
                    Title: 

                  

                

        

        
          	 	 	 
	 	
                  INDYMAC
                    BANK, F.S.B., as Seller

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                
	 	
                  Name:

                  
                    Title: 

                  

                

        

        
 

        
          	
                  SCHEDULE
                    I

                

        

        

         

        MORTGAGE
          LOAN SCHEDULE

         

        (Available
          Upon Request)

        

        

        
          	
                  EXHIBIT
                    A

                

        

        

        

        Representations
          and Warranties of the Seller Regarding the Mortgage
          Loans.

         

        The
          Seller hereby represents and warrants to the Purchaser, as of the Closing
          Date,
          or if so specified herein, as of the related Cut-off Date as
          follows.

         

        (i) The
          information set forth on the Mortgage Loan Schedule as to each Mortgage
          Loan is
          true and correct as of the Cut-off Date.

         

        (ii) As
          of the
          Closing Date, all regularly scheduled Monthly Payments due with respect
          to each
          Mortgage Loan up to and including the first day of the month before the
          Cut-off
          Date have been made; and as of the Cut-off Date, no Mortgage Loan had more
          than
          one regularly scheduled Monthly Payment that was 30 or more days Delinquent
          during the twelve months before the Cut-off Date.

         

        (iii) With
          respect to each Mortgage Loan, the related Mortgage is a valid and enforceable
          first lien on the Mortgaged Property, subject only to (a) the lien of
          nondelinquent current real property taxes and assessments, (b) covenants,
          conditions and restrictions, rights of way, easements and other matters
          of
          public record as of the date of recording of such Mortgage, such exceptions
          appearing of record being generally acceptable to mortgage lending institutions
          in the area wherein the related Mortgaged Property is located or specifically
          reflected in the appraisal made in connection with the origination of the
          related Mortgage Loan, and (c) other matters to which like properties are
          commonly subject which do not materially interfere with the benefits of
          the
          security intended to be provided by such Mortgage.

         

        (iv) Immediately
          before the assignment of the Mortgage Loans to the Purchaser, the Seller
          had
          good title to, and was the sole owner of, each Mortgage Loan free and clear
          of
          any pledge, lien, encumbrance 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 the same pursuant to this
          Agreement.

         

        (v) As
          of the
          date of origination of each Mortgage Loan, there was no delinquent tax
          or
          assessment lien against the related Mortgaged Property. Except for payment
          defaults permitted in clause (ii) above, there are no defaults in complying
          with
          the terms of the Mortgage, or an escrow of funds has been established in
          an
          amount sufficient to pay for every such item which remains unpaid and which
          has
          been assessed but is not yet due and payable. The Seller has not advanced
          funds,
          or induced, solicited or knowingly received any advance of funds by a party
          other than the Mortgagor, directly or indirectly, for the payment of any
          amount
          required under the Mortgage Loan, except for interest accruing from the
          date of
          the Mortgage Note or date of disbursement of the Mortgage Loan proceeds,
          whichever is earlier, to the date which precedes by one month the Due Date
          of
          the first installment of principal and interest.

         

        (vi) There
          is
          no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
          including the obligation of the Mortgagor to pay the unpaid principal of
          or
          interest on such Mortgage Note. No Mortgagor has been released, in whole
          or in
          part, except in connection with an assumption agreement, approved by the
          issuer
          of the title insurer, to the extent required by the policy, and which assumption
          agreement is part of the Mortgage Loan File delivered to the Custodian
          or to
          such other Person as the Purchaser shall designate in writing and the terms
          of
          which are reflected in the Mortgage Loan Schedule.

         

        (vii) There
          are
          no mechanics’ liens or claims for work, labor or material affecting any
          Mortgaged Property which are or may be a lien prior to or equal with, the
          lien
          of such Mortgage, except those which are insured against by the title insurance
          policy referred to in item (xi) below.

         

        (viii) No
          Mortgaged Property has been materially damaged by water, fire, earthquake,
          windstorm, flood, tornado, hurricane or similar casualty (excluding casualty
          from the presence of hazardous wastes or hazardous substances, as to which
          the
          Seller makes no representation) so as to affect adversely the value of
          the
          related Mortgaged Property as security for the Mortgage Loan.

         

        (ix) Each
          Mortgage Loan at origination complied in all material respects with applicable
          local, state and federal laws and regulations, including usury, equal credit
          opportunity, anti-money laundering laws, real estate settlement procedures
          and
          truth-in-lending and disclosure laws, or any noncompliance does not have
          a
          material adverse effect on the value of the related Mortgage Loan.

         

        (x) As
          of the
          Closing Date the Seller has not: modified the Mortgage in any material
          respect
          (except that a Mortgage Loan may have been modified by a written instrument
          which has been recorded or submitted for recordation, if necessary, to
          protect
          the interests of the Purchaser and which has been delivered to the Purchaser);
          satisfied, cancelled or subordinated such Mortgage in whole or in part;
          released
          the related Mortgaged Property in whole or in part from the lien of such
          Mortgage; or executed any instrument of release, cancellation, modification
          or
          satisfaction with respect thereto.

         

        (xi) A
          lender’s policy of title insurance, together with extended coverage endorsement,
          if applicable, in an amount at least equal to the Stated Principal Balance
          of
          each such Mortgage Loan as of the Cut-off Date or a commitment (binder)
          to issue
          the same was effective on the date of the origination of each Mortgage
          Loan and
          each such policy is valid and remains in full force and effect.

         

        (xii) To
          the
          best of the Seller’s knowledge, all inspections, licenses and certificates
          required to be made or issued with respect to the Mortgaged Property and,
          with
          respect to the use of the same, have been made or obtained from the appropriate
          authorities, unless the lack thereof would not have a material adverse
          effect on
          the value of the Mortgaged Property. All parties to the Mortgage Note,
          the
          Mortgage and any other such related agreement had legal capacity to enter
          into
          the Mortgage Loan and to execute and deliver the Mortgage Note, the Mortgage
          and
          any such agreement, and the Mortgage Note, the Mortgage and any other such
          related agreement have been duly and properly executed by other such related
          parties. The Seller has reviewed all of the documents constituting the
          Mortgage
          File.

         

        (xiii) The
          Mortgage Note and the related Mortgage are genuine, and each is the legal,
          valid
          and binding obligation of the maker thereof, enforceable in accordance
          with its
          terms and under applicable law.

         

        (xiv) The
          proceeds of the Mortgage Loan have been fully disbursed and there is no
          requirement for future advances thereunder.

         

        (xv) The
          related Mortgage contains customary and enforceable provisions which render
          the
          rights and remedies of the holder thereof adequate for the realization
          against
          the Mortgaged Property of the benefits of the security, including, (i)
          in the
          case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii)
          otherwise by judicial foreclosure. There is no homestead or other exemption
          available to a Mortgagor which would interfere with the right to sell the
          Mortgaged Property at a trustee’s sale or the right to foreclose the Mortgage,
          subject to applicable federal and state laws and judicial precedent with
          respect
          to bankruptcy and right of redemption or similar law.

         

        (xvi) With
          respect to each Mortgage constituting a deed of trust, a trustee, duly
          qualified
          under applicable law to serve as such, has been properly designated and
          currently so serves and is named in such Mortgage, and no fees or expenses
          are
          or will become payable by the Purchaser to the trustee under the deed of
          trust,
          except in connection with a trustee’s sale after default by the
          Mortgagor.

         

        (xvii) To
          the
          best of the Seller’s knowledge, there is no proceeding pending or threatened for
          the total or partial condemnation of any Mortgaged Property, nor is such
          a
          proceeding currently occurring.

         

        (xvii) To
          the
          best of the Seller’s knowledge, there is no material event which, with the
          passage of time or with notice and the expiration of any grace or cure
          period,
          would constitute a material non-monetary default, breach, violation or
          event of
          acceleration under the Mortgage or the related Mortgage Note; and the Seller
          has
          not waived any material non-monetary default, breach, violation or event
          of
          acceleration.

         

        (xviii) Each
          Mortgage File contains an appraisal of the related Mortgaged Property in
          a form
          acceptable to Fannie Mae or Freddie Mac.

         

        (xix) Any
          leasehold estate securing a Mortgage Loan has a stated term at least as
          long as
          the term of the related Mortgage Loan.

         

        (xx) Each
          Mortgage Loan was selected from among the outstanding residential lot mortgage
          loans in the Seller’s portfolio at the Closing Date as to which the
          representations and warranties made with respect to the Mortgage Loans
          set forth
          herein can be made. No such selection was made in a manner intended to
          adversely
          affect the interests of the Purchaser.

         

        (xxi) Each
          Mortgage Loan constitutes a “qualified mortgage” within the meaning of Section
          860G(a)(3) of the Code.

         

        (xxii) As
          of the
          Closing Date, no two Mortgaged Properties are mortgaged by any one
          borrower.

         

        (xxiii) None
          of
          the Mortgage Loans are classified as (a) “high cost” loans under the Home
          Ownership and Equity Protection Act of 1994 or (b) “high cost,” “threshold,”
“covered,” “predatory” or “abusive” loans under any other applicable state,
          federal or local law.

         

        (xxiv) No
          Mortgage Loans are subject to the Georgia Fair Lending Act (“GFLA”), effective
          from October 1, 2002 to March 6, 2003.

         

        (xxv) No
          Mortgage Loan is subject to the requirements of the Home Ownership and
          Equity
          Protection Act of 1994 (“HOEPA”) and no Mortgage Loan is in violation of any
          state law or ordinance similar to HOEPA.

         

        (xxvi) Each
          Prepayment Charge is enforceable against and was originated in compliance
          with
          all federal, state and local laws, (except to the extent that (i) the
          enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
          receivership and other similar laws relating to creditors’ rights generally and
          (ii) the collectability thereof may be limited due to acceleration in connection
          with a foreclosure or other involuntary payoff).

         

        (xxvii) No
          loan
          is a high cost loan or a covered loan, as applicable (as such terms are
          defined
          in the then-current version of Standard & Poor’s LEVELS which is now Version
          5.6(c) Glossary Revised, Appendix E).

         

        (xxviii) The
          Mortgage has not been satisfied, canceled, subordinated or rescinded, in
          whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such release, cancellation, subordination or rescission.
          The
          Seller has not waived the performance by the Mortgagor of any action, if
          the
          Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
          in default, nor has the Seller waived any default resulting from any action
          or
          inaction by the Mortgagor.

         

        (xxix) The
          Mortgaged Property is a fee simple property located in the state identified
          in
          the Mortgage Loan Schedule, except that with respect to real property located
          in
          jurisdictions in which the use of leasehold estates for residential properties
          is a widely-accepted practice, the Mortgaged Property may be a leasehold
          estate.
          If the Mortgage Loan is secured by a long-term residential lease: (1) the
          lessor
          under the lease holds a fee simple interest in the land; (2) the terms
          of such
          lease expressly permit the mortgaging of the leasehold estate, the assignment
          of
          the lease without the lessor’s consent and the acquisition by the holder of the
          Mortgage of the rights of the lessee upon foreclosure or assignment in
          lieu of
          foreclosure or provide the holder of the Mortgage with substantially similar
          protections; (3) the terms of such lease do not (a) allow the termination
          thereof upon the lessee’s default without the holder of the Mortgage being
          entitled to receive written notice of, and opportunity to cure, such default,
          (b) allow the termination of the lease in the event of damage or destruction
          as
          long as the Mortgage is in existence, (c) prohibit the holder of the Mortgage
          from being insured (or receiving proceeds of insurance) under the hazard
          insurance policy or policies relating to the Mortgaged Property or (d)
          permit
          any increase in rent other than pre-established increases set forth in
          the
          lease; and (4) the term of such lease does not terminate earlier than five
          years
          after the maturity date of the Mortgage Note.

         

         

        (xxx) Each
          Mortgage Loan has been underwritten and serviced substantially in accordance
          with the Seller’s guidelines, subject to such variances as are reflected on the
          Mortgage Loan Schedule or that the Seller has approved.

         

        (xxxi) To
          the
          best of the Seller’s knowledge, there is no pending action or proceeding
          directly involving the Mortgaged Property in which compliance with any
          environmental law, rule or regulation is an issue.

         

        (xxxii) The
          Mortgagor has not notified the Seller, and the Seller has no knowledge
          of any
          relief requested or allowed to the Mortgagor under the Relief Act.

         

        (xxxiii) Each
          original Mortgage was recorded and all subsequent assignments of the original
          Mortgage (other than the assignment to the Purchaser) have been recorded
          in the
          appropriate jurisdictions wherein such recordation is necessary to perfect
          the
          lien thereof as against creditors of the Seller, or is in the process of
          being
          recorded.

         

        (xxxiv) No
          Mortgage Loan is (a) subject to, covered by or in violation of the provisions
          of
          HOEPA, (b) a “high cost”, “covered” (except with respect to purchase money
“covered loans” under the New Jersey Home Ownership Security Act of 2002),
“abusive”, “predatory”, “home loan”, “Oklahoma Section 10” or “high risk”
mortgage loan (or a similarly designated loan using different terminology)
          under
          any federal, state or local law, including without limitation, the provisions
          of
          the Georgia Fair Lending Act, New York Banking Law, Section 6-1, the City
          of
          Oakland, California Anti-Predatory Lending Ordinance No. 12361, the Arkansas
          Home Loan Protection Act, effective as of September 22, 2003, Kentucky
          State
          Statute KRS 360.100, effective as of June 25, 2003, the New Jersey Home
          Ownership Security Act of 2002, the New Mexico Home Loan Protection Act
          (N.M.
          Stat. Ann. §§ 58-21A-1 et seq.), the Illinois High-Risk Home Loan Act (815 Ill.
          Comp. Stat. 137/1 et seq.), the Oklahoma Home Ownership and Equity Protection
          Act, Nevada Assembly Bill No. 284, effective as of Oct. 1, 2003, the Minnesota
          Residential Mortgage Originator and Servicer Licensing Act (MN Stat. §58.137),
          the South Carolina High-Cost and Consumer Home Loans Act, effective January
          1,
          2004, or any other statute or regulation providing assignee liability to
          holders
          of such mortgage loans, or (c) subject to or in violation of any such or
          comparable federal, state or local statutes or regulations.

         

        (xxxv) The
          Mortgage Loan is not subject to any outstanding litigation for fraud,
          origination, predatory lending, servicing or closing practices.

         

        (xxxvi) Each
          Mortgage Loan has been serviced in all material respects in compliance
          with all
          applicable federal, state and local laws.

         

        (xxxvii) The
          Mortgage contains an enforceable provision (except as such enforcement
          may be
          effected by bankruptcy and insolvency laws or by general principals of
          equity)
          for the acceleration of the payment of the unpaid principal balance of
          the
          Mortgage Loan in the event that the Mortgaged Property is sold or transferred
          without the prior written consent of the mortgagee thereunder, and to the
          best
          of the Seller’s knowledge, such provision is enforceable.

         

        (xxxviii) None
          of
          the Fixed-Rate Mortgage Loans are, by their terms, assumable.

         

        (xxxix) To
          the
          best of Seller’s knowledge there was no fraud involved in the origination of any
          Mortgage Loan by the Mortgagee or by the Mortgagor, any Appraiser or any
          Other
          Party involved in the origination of the Mortgage Loan. 

         

         

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D

       

      MORTGAGE
        LOAN SCHEDULE

       

      ---------------------------------------------------------------------------------------------------------------------------
Loan Number                        State        Zip          Original months         Loan-to-Value         Curr.
                                                              to maturity            ratio at Orig.         Interest Rate
---------------------------------------------------------------------------------------------------------------------------
00000000000121167755               CA           95421                        60                    90                6.875
00000000000121819667               CA           92592                        60                59.689                5.875
00000000000122092020               MT           59716                        60                    80                9.625
00000000000122470736               CA           90042                        24                    75                 6.25
00000000000122532796               CA           92509                        60                83.133                6.375
00000000000122742252               TN           37064                        60                    90                6.875
00000000000122772412               FL           34951                        60                    90                6.875
00000000000122784626               AK           99516                        60                    90                6.875
00000000000122784934               AK           99516                        60                    90                6.875
00000000000122807004               NY           11705                        24                    90                 9.75
00000000000122926094               ME           04043                        60                    90               10.375
00000000000122953557               FL           34482                        60                    90                6.875
00000000000122997810               CA           96088                        60                 69.71                5.875
00000000000123012951               WA           98528                        60                    90                6.875
00000000000123017472               NJ           08205                        60                89.725                   10
00000000000123054079               FL           33947                        60                    90                6.875
00000000000123063531               NV           89521                        60                    90                6.875
00000000000123064070               CA           92543                        60                89.812                6.875
00000000000123068864               NV           89521                        60                    90                6.875
00000000000123083172               CA           93271                        24                    90                  9.5
00000000000123089937               CA           95376                        24                    75                  7.5
00000000000123104876               TX           77505                        60                    80                5.875
00000000000123114977               HI           96720                        60                    90                6.875
00000000000123139554               IL           60561                        60                    80                5.875
00000000000123164273               FL           33982                        60                    90                6.875
00000000000123175624               NC           28734                        60                    90                 10.5
00000000000123202435               VA           23117                        24                    90               11.125
00000000000123203332               PA           18472                        24                42.553               10.375
00000000000123203933               AZ           85396                        24                    80                7.875
00000000000123216409               CA           93638                        24                86.842                    8
00000000000123218189               IL           60468                        60                    85                5.375
00000000000123222473               NH           03303                        60                    90                6.875
00000000000123226555               FL           34433                        60                    90                6.875
00000000000123240444               CA           90290                        60                    90                6.875
00000000000123248581               NY           12814                        60                    90                 6.75
00000000000123248975               NY           12997                        60                    90                6.125
00000000000123251921               CA           95451                        60                    80                4.875
00000000000123262492               FL           32060                        24                40.271               10.125
00000000000123265729               AZ           86404                        60                    90                6.875
00000000000123272071               AL           36695                        60                    90                6.875
00000000000123277929               NY           13607                        60                    80                5.875
00000000000123282566               PA           18426                        60                    75                 9.25
00000000000123287926               OR           97386                        24                85.728               13.125
00000000000123289123               CA           95945                       180                    90                6.875
00000000000123294803               TX           77009                        23                    90                9.625
00000000000123296697               CA           92530                        60                    90                6.875
00000000000123300618               SC           29438                        60                    90                6.875
00000000000123303013               IN           46307                        60                    90                6.875
00000000000123304282               NC           28411                        24                    90                9.375
00000000000123333907               FL           34481                        60                86.677                6.875
00000000000123354604               CA           91390                        24                    90               10.375
00000000000123356222               FL           32531                        60                    90                6.875
00000000000123356281               CA           92277                        60                    90                6.875
00000000000123361949               CA           92570                        60                    80                6.875
00000000000123377905               FL           33880                        60                    90                6.875
00000000000123393611               CA           92539                        60                    90                4.875
00000000000123395292               FL           33868                        60                    80                5.875
00000000000123403076               NH           03269                        60                    90                6.875
00000000000123403166               HI           96761                        60                52.083                5.875
00000000000123405103               CA           91384                        60                    90                4.875
00000000000123406437               HI           96771                        60                    80                    9
00000000000123408733               NY           12549                        60                    90                6.875
00000000000123409509               ID           83860                        60                    80                5.875
00000000000123410025               CA           92344                        24                    90                10.25
00000000000123414506               MI           48827                        24                    90                9.125
00000000000123418001               CA           95688                        60                    90                6.875
00000000000123420138               IL           60615                        24                    90                    9
00000000000123420565               NC           27850                        60                    90                6.875
00000000000123422001               CA           90065                        60                    90                6.875
00000000000123424668               WA           98236                        60                    90                6.875
00000000000123426621               CA           96003                        24                    90                  9.5
00000000000123429529               NV           89131                        60                    90                6.875
00000000000123431958               CA           92284                        60                    80                5.875
00000000000123432264               OR           97539                        60                    90                6.875
00000000000123436936               CA           92530                        60                    90                6.875
00000000000123439122               NV           89015                        60                    90                6.875
00000000000123440313               MS           39046                        60                    90                6.875
00000000000123443901               FL           33193                       180                    85                6.375
00000000000123444744               FL           32927                        60                    90                6.875
00000000000123448261               NC           28730                        60                    90                4.875
00000000000123452737               FL           33030                        60                    90                6.875
00000000000123456802               CA           95030                        24                    70                10.25
00000000000123457018               UT           84720                        60                    90                6.875
00000000000123458264               CA           93304                        24                    90               10.375
00000000000123458460               CA           92345                        60                    90                6.875
00000000000123459436               HI           96708                        24                    85                9.875
00000000000123460155               FL           33953                        60                    90                6.875
00000000000123460790               CO           81149                        60                    90                6.875
00000000000123463103               NY           11233                        60                    90                6.875
00000000000123467094               CA           91906                        60                    37                5.875
00000000000123467731               FL           32686                        60                    90                6.875
00000000000123467860               FL           34759                        24                    90                11.75
00000000000123468221               AZ           85207                        24                    90                9.875
00000000000123469497               ID           83429                        60                    90                5.875
00000000000123470316               GA           31331                        60                 74.02                5.875
00000000000123470357               AZ           86024                        60                    80                5.875
00000000000123471302               TX           78266                        60                    90                5.875
00000000000123472628               SC           29414                        24                    80                 10.5
00000000000123473928               AZ           86440                        60                    90                   10
00000000000123474418               CA           90031                        60                47.037                5.875
00000000000123474538               HI           96727                       180                    90                5.875
00000000000123478613               IL           60047                        60                    90                5.875
00000000000123479070               CA           92398                        60                    90                    9
00000000000123480079               CA           91384                        60                    90                5.875
00000000000123480908               TX           77571                        60                    90                6.875
00000000000123482056               MS           39576                        60                    90                6.875
00000000000123482142               CA           94514                        60                    80                5.875
00000000000123483431               CA           96003                        24                89.975                9.375
00000000000123484569               IL           60014                        60                88.718                6.875
00000000000123485270               IL           60621                        60                    90                6.875
00000000000123486597               FL           33167                        60                    90                6.875
00000000000123488132               CO           80549                        60                    90                5.875
00000000000123489623               WA           98328                        60                    80                5.875
00000000000123491054               CA           91784                        60                88.496                6.875
00000000000123491855               CA           94018                        24                    80                    9
00000000000123492040               IL           60187                        60                    90                6.875
00000000000123493019               FL           33073                        60                    85                6.375
00000000000123494874               RI           02857                        24                    90                   10
00000000000123495110               CA           92103                        60                    85                5.375
00000000000123495148               OR           97701                        60                 69.63                5.875
00000000000123495218               CT           6090                         60                    90                6.875
00000000000123495482               FL           34436                        60                    90                6.875
00000000000123496006               VA           23117                        60                    90                6.875
00000000000123497145               NY           10547                        60                    90                6.875
00000000000123498151               CA           93534                        60                    90                6.875
00000000000123498422               AZ           85735                        24                    90                9.375
00000000000123501722               HI           96772                        60                    80                5.875
00000000000123504717               NV           89149                        60                61.111                5.875
00000000000123504938               CA           92549                        60                    80                5.875
00000000000123505379               CA           92562                        24                    80                 9.25
00000000000123505557               CA           92530                        60                    90                6.875
00000000000123506436               CA           95624                        60                    80                5.875
00000000000123517769               CA           95667                        60                    90                6.875
00000000000123519138               PA           18301                        60                    90                6.875
00000000000123520208               HI           96741                        60                    90                6.875
00000000000123520787               TX           78639                        60                    90                5.875
00000000000123523735               TX           78112                        60                    90                6.875
00000000000123526959               CA           95361                        24                    90                8.375
00000000000123527415               AZ           85737                        60                    90                6.875
00000000000123529257               TX           77445                       180                    90                6.875
00000000000123529504               AZ           85255                        59                87.336                6.875
00000000000123531017               CA           91390                        60                    80                5.875
00000000000123531360               NC           27243                        60                    90                6.875
00000000000123532034               NJ           07631                       180                    80                5.875
00000000000123532052               UT           84069                        60                    90                6.875
00000000000123533097               FL           32459                        60                    90                6.875
00000000000123533430               ME           04032                        60                    90                6.875
00000000000123534057               NV           89015                        60                    80                5.875
00000000000123534429               PA           18326                        60                    90                6.875
00000000000123534771               CA           96122                        24                    90                 10.5
00000000000123537676               FL           32833                        24                 52.83                8.875
00000000000123539024               FL           33470                        24                    90                10.25
00000000000123539845               CA           92282                        60                    90                6.875
00000000000123540594               OR           97754                        60                    80                5.875
00000000000123540851               OR           97707                        60                    90                5.875
00000000000123541017               ID           83429                        60                    90                6.875
00000000000123541118               AZ           86401                        24                    90                10.75
00000000000123541234               CA           92504                        60                    90                6.875
00000000000123541476               CA           93012                        60                    75                5.875
00000000000123544624               IL           60644                        60                    90                 6.75
00000000000123545526               CA           95451                        60                    90                6.875
00000000000123546595               FL           34436                       180                    90                6.875
00000000000123547961               AZ           85045                        60                    90                5.875
00000000000123549303               MT           59922                        60                    90                6.875
00000000000123549777               CA           92307                        60                    90                5.875
00000000000123550157               IL           60010                        24                    80                 7.25
00000000000123550524               FL           33852                       240                    90                6.875
00000000000123550567               CA           92064                        60                    75                5.875
00000000000123551564               CO           80482                        60                    80                5.875
00000000000123552449               FL           33525                        60                    90                6.875
00000000000123554164               TX           78133                        60                    90                6.875
00000000000123554397               GA           30115                        60                    90                6.875
00000000000123554893               WA           98817                        24                74.684                8.125
00000000000123556552               AL           35111                        24                    90                 11.5
00000000000123556893               CA           92315                        60                    80                4.875
00000000000123557287               MA           01982                        60                    80                5.875
00000000000123558729               UT           84737                        60                    90                5.875
00000000000123558917               CO           80104                        24                    90                10.25
00000000000123559141               WA           98632                        60                    90                6.875
00000000000123559364               CA           90210                        60                    80                4.875
00000000000123559519               WA           99208                        60                    90                6.875
00000000000123560565               TX           78130                       360                    80                5.875
00000000000123560579               CA           90630                        60                    80                4.875
00000000000123563617               WI           53147                        23                  97.5                   10
00000000000123563991               CA           96141                        60                    90                6.875
00000000000123564131               SC           29449                        24                    90                10.75
00000000000123564584               FL           33971                       180                    90               10.375
00000000000123566575               CO           80424                        60                    90                6.875
00000000000123568007               NV           89012                        60                    90                6.875
00000000000123569251               CA           92545                       180                    90               10.625
00000000000123570383               CA           92504                        60                    90                6.875
00000000000123571571               CA           93536                        60                    90                6.875
00000000000123572550               AZ           85653                        60                89.958                6.875
00000000000123572739               GA           30634                        60                    90                 7.25
00000000000123573871               CA           95608                        60                    70                9.375
00000000000123574628               FL           33971                        60                    90                6.875
00000000000123574823               NH           03598                        24                    90               10.875
00000000000123578008               WA           98203                        60                    90                6.875
00000000000123578470               FL           33971                        60                    90                6.875
00000000000123579262               CA           93510                        24                74.894                9.375
00000000000123579929               WA           98328                        60                    90                6.875
00000000000123580482               WA           98014                        60                    90                6.875
00000000000123580631               CA           93631                        60                    90                6.875
00000000000123580822               FL           32309                        60                    90                6.875
00000000000123582502               MN           55407                        60                    90                6.875
00000000000123582569               NV           89015                        60                    90                6.875
00000000000123583461               VA           23838                        60                    90                6.875
00000000000123584099               FL           33981                        57                    90                5.875
00000000000123585716               CA           90026                        24                    80                9.375
00000000000123587851               NC           27808                        60                    90                6.875
00000000000123588643               GA           30817                       180                    90                6.875
00000000000123588895               HI           96746                        60                    85                6.375
00000000000123588987               ID           83449                       180                    90                6.875
00000000000123589878               CA           93505                        60                    90                6.875
00000000000123591610               MN           55357                        60                 37.89                5.875
00000000000123592436               CO           80498                        60                    90                6.875
00000000000123592507               CA           92252                        60                    90                6.875
00000000000123592941               AZ           86323                        24                    90                9.875
00000000000123593577               FL           34771                       180                86.533                6.875
00000000000123597928               WA           99208                        60                    90                6.875
00000000000123598261               CA           93314                        60                    80                5.875
00000000000123598430               CA           92065                        60                    90                5.875
00000000000123598821               OR           97023                        24                    70                6.625
00000000000123598919               HI           96748                        24                    80                8.375
00000000000123600898               FL           33870                        60                    90                6.875
00000000000123601001               CA           95666                        24                    90               10.375
00000000000123603242               MD           20837                        24                    90               10.875
00000000000123603822               NV           89060                        60                 84.22                6.375
00000000000123604559               MA           01057                        60                    90                6.875
00000000000123604575               FL           32608                        60                    90                6.875
00000000000123604919               FL           32822                        60                    90                6.875
00000000000123606266               IN           46037                        60                    80                4.875
00000000000123606673               FL           33972                        60                    90                  6.9
00000000000123607370               FL           34759                        60                    80                5.875
00000000000123608554               CA           90265                        24                    70                8.625
00000000000123608634               UT           84121                        60                    90                6.875
00000000000123608840               CA           92223                        60                    90                6.875
00000000000123610663               ID           83810                        60                    90                6.875
00000000000123611894               GA           30506                        60                    90                5.875
00000000000123613272               SC           29464                        60                    90                  7.5
00000000000123613805               FL           33478                       180                    90                5.875
00000000000123613897               CA           92371                        60                    58                5.875
00000000000123614179               CA           92307                        60                    90                9.875
00000000000123614760               WI           53186                        60                    90                6.875
00000000000123615959               GA           30213                        60                    90                6.875
00000000000123616035               CA           95570                        60                    90                6.875
00000000000123616079               OH           44023                        24                89.989                8.875
00000000000123616260               CA           93021                        24                    70                8.375
00000000000123617827               ID           83716                        60                    90                6.875
00000000000123618277               HI           96741                        60                    90                6.875
00000000000123618493               CA           92539                       180                    90                6.875
00000000000123618607               CA           94597                        60                    85               10.125
00000000000123618867               NV           89011                        23                63.063                8.625
00000000000123618947               VT           05445                        60                    90                6.875
00000000000123619571               NC           28783                        60                    90                6.875
00000000000123619707               FL           34432                       180                    80                5.875
00000000000123620075               HI           96727                        24                    90                   10
00000000000123620420               CA           96161                        60                    75                5.875
00000000000123621179               WA           98258                        60                    90                6.875
00000000000123621461               AK           99556                        60                    90                6.875
00000000000123623403               UT           84032                        24                    90               12.125
00000000000123625638               CA           93420                        60                    80                5.875
00000000000123625950               CA           94563                        60                88.889                5.875
00000000000123626238               CA           93536                        60                    90                6.875
00000000000123626391               SC           29075                        60                    90                6.875
00000000000123627482               WA           98023                        60                    85                6.375
00000000000123628244               MD           21401                        60                    80                5.875
00000000000123628915               WA           98258                        60                    90                6.875
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00000000000123971578               AZ           85901                        24                    90                11.75
00000000000123971809               NV           89701                        60                    90                6.875
00000000000123972078               UT           84653                        24                    80                    9
00000000000123972385               FL           33030                        60                    90                6.875
00000000000123972859               CT           06514                        24                    80                8.125
00000000000123974087               GA           30548                       180                52.219                5.875
00000000000123974312               SC           29461                        60                    90                6.875
00000000000123975087               CA           92570                        60                    90                5.875
00000000000123975453               WA           98252                        60                    90                5.875
00000000000123977000               CA           93306                        24                    90               10.625
00000000000123977159               WA           98819                        24                    80                   10
00000000000123977705               CA           92673                        60                73.125                5.875
00000000000123978178               TX           77365                        60                    90                5.875
00000000000123980259               FL           34120                        60                    90                6.875
00000000000123980386               OH           43061                        60                    90                6.875
00000000000123981888               UT           84049                        24                    90                   11
00000000000123982272               UT           84341                        60                    90                6.875
00000000000123982846               VA           22911                        60                    90               10.375
00000000000123984154               GA           30549                        60                    90                5.875
00000000000123985139               TX           78023                        60                    90                5.875
00000000000123985359               CA           92064                        60                86.957                5.875
00000000000123986598               UT           84020                        60                    90                6.875
00000000000123986843               FL           33165                       180                    90               10.625
00000000000123987095               WA           98926                        24                    90                10.25
00000000000123987129               WA           98516                        24                    80                8.625
00000000000123987907               TX           77441                        24                    90               11.375
00000000000123987944               NV           89511                        60                    80                5.875
00000000000123989652               CO           81637                        24                    90                 11.5
00000000000123992170               NV           89032                        60                    90                6.875
00000000000123992390               NH           03046                        60                    75                5.875
00000000000123993277               AZ           86442                        24                    90               10.625
00000000000123996496               AZ           86305                        60                    80                5.875
00000000000123997028               UT           84098                        60                    90                9.875
00000000000123997214               SC           29745                        60                    90                6.875
00000000000124000763               FL           32137                        60                79.012                9.625
00000000000124002161               CA           93536                        60                    90                6.875
00000000000124003043               CA           92592                        60                    60                5.875
00000000000124004500               TX           77386                        60                    90                6.875
00000000000124005083               CA           92026                        60                    90                6.875
00000000000124005947               CA           95762                        60                84.211                6.375
00000000000124006148               OR           97756                        60                    90                6.875
00000000000124007881               WA           98367                        60                    90                6.875
00000000000124007947               CA           96137                        24                    80                8.875
00000000000124009512               FL           33914                        60                    90                6.875
00000000000124013713               CA           92344                       180                    90                6.875
00000000000124015850               CA           95946                        60                    90                6.875
00000000000124017740               FL           33810                       240                    80                  9.5
00000000000124018718               VA           20176                        60                    80                5.875
00000000000124018835               NM           87710                        24                    90                 10.5
00000000000124019507               WA           98001                        24                    80                10.25
00000000000124019805               CO           80424                        60                    90                6.875
00000000000124021091               CO           81435                        60                    75                5.875
00000000000124021154               CA           95629                        60                    90                6.875
00000000000124022192               CA           95560                        60                    90                5.875
00000000000124022811               TX           78028                        24                    70               10.875
00000000000124024518               FL           33914                        60                    90                5.875
00000000000124025416               AK           99516                        60                    90                    9
00000000000124026369               OR           97753                        60                89.972                5.875
00000000000124027114               GA           30549                        60                    90                6.875
00000000000124029675               VA           20169                        60                    90                6.875
00000000000124030119               CO           81147                        60                    90                6.875
00000000000124032230               CO           80102                        60                    70                5.875
00000000000124032255               GA           30173                        60                    90                6.875
00000000000124033974               CA           95236                       181                    90                6.875
00000000000124034652               AZ           85641                        60                    90                6.875
00000000000124034823               CT           06236                        60                    90                6.875
00000000000124034994               NV           89506                        60                    90                6.875
00000000000124037202               UT           84017                        24                    90                  8.5
00000000000124041381               ID           83617                        60                    90                6.875
00000000000124043943               CA           93543                       180                    85                6.375
00000000000124050471               ID           83864                        24                    90                9.375
00000000000124052527               CA           95252                       180                    80                  8.5
00000000000124053464               CA           94513                        60                    80                9.125
00000000000124054830               VA           22503                        60                    80                5.875
00000000000124055666               CA           95722                        24                    80               10.125
00000000000124057527               MI           48380                        24                    90                   12
00000000000124058635               KY           41017                        60                    90                5.875
00000000000124059927               ID           83835                        60                    80                8.625
00000000000124062561               HI           96819                        60                    90                6.875
00000000000124062713               GA           30301                        60                    90                5.875
00000000000124063045               HI           96753                        24                    75                7.625
00000000000124063455               WA           98075                        24                    80                 9.75
00000000000124068481               GA           30252                        60                    90                9.125
00000000000124069943               CA           95864                        24                76.471                9.625
00000000000124070952               CA           92398                        60                    90                5.875
00000000000124072251               NM           87043                        24                    90                10.75
00000000000124075106               CA           95361                        24                    90                9.375
00000000000124076482               FL           33971                        60                    90                6.875
00000000000124078616               MT           59875                        60                    90               10.875
00000000000124078667               CA           93727                        24                69.231                  9.5
00000000000124078958               CA           92592                       239                    90                6.875
00000000000124079041               NC           28779                       180                    90                6.875
00000000000124083433               CA           92029                        60                    60                5.875
00000000000124083578               MI           48836                        60                    90               10.375
00000000000124084117               TX           77055                        60                87.912               10.375
00000000000124087601               FL           32183                        60                    90                6.875
00000000000124087975               FL           33030                       180                    80                4.875
00000000000124089284               AZ           86301                        60                    80                5.875
00000000000124089416               OR           97049                        25                81.529                 9.25
00000000000124091906               GA           30175                        59                    90                6.875
00000000000124092797               UT           84045                        60                    80                5.875
00000000000124094094               CA           92270                        60                    80                5.875
00000000000124095603               WA           98072                        24                    80                8.875
00000000000124095929               CA           91364                        60                    80                    8
00000000000124096938               MO           65681                        60                    90                6.875
00000000000124097522               FL           32444                       180                    90                6.875
00000000000124102382               AZ           86314                        24                    90                11.75
00000000000124104576               CA           93543                        60                    90                6.875
00000000000124105120               ID           83833                       180                    85                6.375
00000000000124105247               CA           92562                        60                    90                 10.5
00000000000124105281               CA           92070                       180                    90                6.875
00000000000124108527               CA           92590                        60                    90                6.875
00000000000124108812               GA           30642                        60                    80                5.875
00000000000124109261               PA           15144                        60                    85                6.375
00000000000124110934               TX           78258                        60                    90                6.875
00000000000124111237               UT           84066                        60                    90                 10.5
00000000000124112323               FL           34677                        60                    90                6.875
00000000000124113211               CA           95304                        60                    85                6.375
00000000000124113214               CA           92253                        60                    85                6.375
00000000000124114017               TX           78002                        60                89.999                6.875
00000000000124115982               ID           83449                        60                    80                5.875
00000000000124116093               FL           33948                        24                    80                  9.5
00000000000124116183               TN           37934                       180                 89.64                9.875
00000000000124120315               UT           84088                        60                    90                6.875
00000000000124121771               CA           92562                        60                    80                5.875
00000000000124121848               TX           77304                        24                76.042                8.625
00000000000124122188               UT           84060                       180                    85                  8.5
00000000000124122262               CO           81301                        60                    80                  9.5
00000000000124122276               CA           93453                        60                    75                5.875
00000000000124122453               CA           92530                        60                    80                  9.5
00000000000124123879               HI           96717                        24                    90                  8.5
00000000000124129542               CA           95841                        60                    75                5.875
00000000000124129917               CA           96088                        60                    80                  7.5
00000000000124129997               FL           33957                        60                    90                6.875
00000000000124130397               WY           83001                        60                    65                5.875
00000000000124132497               GA           30188                       180                    90                6.875
00000000000124132532               NV           89511                        60                    80                5.875
00000000000124133535               UT           84050                        60                    80                5.875
00000000000124134050               CA           92563                        24                    90                   11
00000000000124134573               CA           92508                        60                89.996                6.875
00000000000124135709               CA           93536                        24                    80                  8.5
00000000000124141135               MI           48302                        60                    70                4.875
00000000000124141848               KS           66618                        60                    90                 12.5
00000000000124144066               NY           14131                        60                    90                6.875
00000000000124144575               TX           78628                        60                    90                6.875
00000000000124145863               MA           01960                        60                    90                5.875
00000000000124146694               HI           96740                        60                    90                6.875
00000000000124147648               TX           75104                        60                    90                6.875
00000000000124149732               FL           34480                        60                    90                5.875
00000000000124149825               TX           78133                        60                79.964                  9.5
00000000000124153399               MN           55438                        24                    90                9.875
00000000000124153850               CA           95693                        60                    90                5.875
00000000000124154764               WA           98074                        60                    80                5.875
00000000000124154882               IL           60462                        60                    80                5.875
00000000000124155085               AZ           85242                        60                    90                6.875
00000000000124157713               CA           95476                        60                46.809                9.375
00000000000124159403               LA           70437                        59                    90                6.875
00000000000124159713               OR           97478                        24                87.629                9.625
00000000000124164131               WA           99208                        60                    90                 10.5
00000000000124164520               FL           32958                       180                    80                   10
00000000000124170213               AZ           86046                        60                    80                5.875
00000000000124171740               CO           81301                        60                64.912                5.875
00000000000124179245               TX           78006                        60                    90                6.875
00000000000124179652               TX           76248                        60                    90                6.875
00000000000124180177               TX           77091                        60                    80                5.875
00000000000124181664               CO           80107                        60                    90                6.875
00000000000124183698               OK           74429                        60                    90                6.875
00000000000124188244               ID           83864                        60                    90                6.875
00000000000124191061               WA           98502                        60                    80                  9.5
00000000000124191428               FL           33993                        60                    80                  9.5
00000000000124195559               CA           95640                        60                89.583                6.875
00000000000124196786               UT           84036                        60                    90                6.875
00000000000124197665               CA           96022                        60                    90                6.875
00000000000124197712               CA           93291                        24                    80                 9.25
00000000000124198540               AZ           86442                        60                    90                6.875
00000000000124198946               UT           84762                        60                    90                6.875
00000000000124204735               FL           32720                        60                  87.5                6.875
00000000000124206633               FL           33602                        60                86.907                6.875
00000000000124207341               CA           92543                        60                    90                 8.25
00000000000124208823               ID           83333                        24                    90                9.625
00000000000124209527               AZ           85262                        60                    90                6.875
00000000000124210610               FL           33914                       180                    90                6.875
00000000000124219114               FL           33936                       180                    90                6.875
00000000000124223991               GA           30205                        60                    90                6.875
00000000000124228066               VA           22712                       180                    90                6.875
00000000000124229610               UT           84098                        60                    90                6.875
00000000000124230771               CA           93638                        60                    90                6.875
00000000000124230925               WA           98351                        60                    85                6.375
00000000000124233818               FL           34614                        60                    80                5.875
00000000000124234104               AZ           85340                        60                    90                6.875
00000000000124241241               CA           92705                       240                    90                6.875
00000000000124244743               CO           81225                        24                32.927                9.375
00000000000124251715               ID           83825                        60                    65                5.875
00000000000124251896               TX           78006                        60                    90                6.875
00000000000124255872               MA           01506                        24                    90                11.75
00000000000124255879               ME           04087                        60                    90                6.875
00000000000124271382               NV           89135                        60                    85                6.375
00000000000124271821               UT           84655                        60                    90                6.875
00000000000124272485               NJ           08318                         0                    90                5.875
00000000000124273562               OR           97759                        60                    90                6.875
00000000000124279188               WA           98837                        24                    90                 10.5
00000000000124282557               FL           33904                        24                    90                 11.5
00000000000124284558               OR           97005                        60                    90                6.875
00000000000124289750               CO           80467                        60                78.906                5.875
00000000000124290031               CO           80135                        60                74.947                5.875
00000000000124296125               AL           36695                        24                    90               10.875
00000000000124307503               ID           83858                        24                    85                9.125
00000000000124309908               AL           35216                        60                    80                5.875
00000000000124312043               TX           77356                        24                    90                11.75
00000000000124341492               FL           33056                        60                    90               10.375
00000000000124343762               WA           98201                        24                    80                9.375

----------------------------------------------------------------------------------------------------------------
Loan Number                        First Monthly               Stated                        Current Monthly
                                   Payment Due Date            Maturity Date                 Payment
----------------------------------------------------------------------------------------------------------------
00000000000121167755               10/1/2006 00:00:00          9/1/2011 00:00:00                        1566.78
00000000000121819667               11/1/2005 00:00:00          10/1/2010 00:00:00                       2040.81
00000000000122092020               9/1/2006 00:00:00           8/1/2011 00:00:00                        4587.92
00000000000122470736               2/1/2006 00:00:00           1/1/2008 00:00:00                          646.5
00000000000122532796               5/1/2006 00:00:00           4/1/2011 00:00:00                        1291.41
00000000000122742252               5/1/2006 00:00:00           4/1/2011 00:00:00                         359.39
00000000000122772412               5/1/2006 00:00:00           4/1/2011 00:00:00                         453.75
00000000000122784626               8/1/2006 00:00:00           7/1/2011 00:00:00                         177.37
00000000000122784934               8/1/2006 00:00:00           7/1/2011 00:00:00                         177.37
00000000000122807004               5/1/2006 00:00:00           4/1/2008 00:00:00                        2559.37
00000000000122926094               8/1/2006 00:00:00           7/1/2011 00:00:00                           1245
00000000000122953557               5/1/2006 00:00:00           4/1/2011 00:00:00                         670.31
00000000000122997810               8/1/2006 00:00:00           7/1/2011 00:00:00                         746.37
00000000000123012951               7/1/2006 00:00:00           6/1/2011 00:00:00                         296.48
00000000000123017472               11/1/2006 00:00:00          10/1/2011 00:00:00                        1287.4
00000000000123054079               5/1/2006 00:00:00           4/1/2011 00:00:00                         541.41
00000000000123063531               10/1/2006 00:00:00          9/1/2011 00:00:00                         386.72
00000000000123064070               8/1/2006 00:00:00           7/1/2011 00:00:00                        1232.34
00000000000123068864               10/1/2006 00:00:00          9/1/2011 00:00:00                         443.43
00000000000123083172               5/1/2006 00:00:00           4/1/2008 00:00:00                        1392.45
00000000000123089937               5/1/2006 00:00:00           4/1/2008 00:00:00                        2150.08
00000000000123104876               7/1/2006 00:00:00           6/1/2011 00:00:00                         176.25
00000000000123114977               8/1/2006 00:00:00           7/1/2011 00:00:00                         443.43
00000000000123139554               8/1/2006 00:00:00           7/1/2011 00:00:00                        1774.61
00000000000123164273               5/1/2006 00:00:00           4/1/2011 00:00:00                         618.75
00000000000123175624               8/1/2006 00:00:00           7/1/2011 00:00:00                        2118.38
00000000000123202435               8/1/2006 00:00:00           7/1/2008 00:00:00                         828.38
00000000000123203332               8/1/2006 00:00:00           7/1/2008 00:00:00                         181.08
00000000000123203933               6/1/2006 00:00:00           5/1/2008 00:00:00                        3480.33
00000000000123216409               9/1/2006 00:00:00           8/1/2008 00:00:00                        1816.07
00000000000123218189               10/1/2006 00:00:00          9/1/2011 00:00:00                         547.37
00000000000123222473               8/1/2006 00:00:00           7/1/2011 00:00:00                            405
00000000000123226555               10/1/2006 00:00:00          9/1/2011 00:00:00                         149.53
00000000000123240444               8/1/2006 00:00:00           7/1/2011 00:00:00                        1598.44
00000000000123248581               8/1/2006 00:00:00           7/1/2011 00:00:00                         542.88
00000000000123248975               8/1/2006 00:00:00           7/1/2011 00:00:00                         358.31
00000000000123251921               8/1/2006 00:00:00           7/1/2011 00:00:00                            453
00000000000123262492               8/1/2006 00:00:00           7/1/2008 00:00:00                        1073.06
00000000000123265729               7/1/2006 00:00:00           6/1/2011 00:00:00                         779.84
00000000000123272071               8/1/2006 00:00:00           7/1/2011 00:00:00                         902.34
00000000000123277929               10/1/2006 00:00:00          9/1/2011 00:00:00                        1116.82
00000000000123282566               9/1/2006 00:00:00           8/1/2011 00:00:00                          968.7
00000000000123287926               8/1/2006 00:00:00           7/1/2008 00:00:00                         965.78
00000000000123289123               9/1/2006 00:00:00           8/1/2021 00:00:00                        1598.44
00000000000123294803               10/1/2006 00:00:00          8/1/2008 00:00:00                         613.59
00000000000123296697               9/1/2006 00:00:00           8/1/2011 00:00:00                         386.72
00000000000123300618               8/1/2006 00:00:00           7/1/2011 00:00:00                         205.75
00000000000123303013               8/1/2006 00:00:00           7/1/2011 00:00:00                         579.41
00000000000123304282               9/1/2006 00:00:00           8/1/2008 00:00:00                        1235.15
00000000000123333907               8/1/2006 00:00:00           7/1/2011 00:00:00                         354.74
00000000000123354604               8/1/2006 00:00:00           7/1/2008 00:00:00                        2334.38
00000000000123356222               8/1/2006 00:00:00           7/1/2011 00:00:00                         567.19
00000000000123356281               8/1/2006 00:00:00           7/1/2011 00:00:00                         139.22
00000000000123361949               7/1/2006 00:00:00           6/1/2011 00:00:00                        3416.03
00000000000123377905               8/1/2006 00:00:00           7/1/2011 00:00:00                         928.13
00000000000123393611               8/1/2006 00:00:00           7/1/2011 00:00:00                         547.73
00000000000123395292               8/1/2006 00:00:00           7/1/2011 00:00:00                         813.96
00000000000123403076               9/1/2006 00:00:00           8/1/2011 00:00:00                         886.85
00000000000123403166               8/1/2006 00:00:00           7/1/2011 00:00:00                        3697.11
00000000000123405103               8/1/2006 00:00:00           7/1/2011 00:00:00                         438.75
00000000000123406437               8/1/2006 00:00:00           7/1/2011 00:00:00                            840
00000000000123408733               8/1/2006 00:00:00           7/1/2011 00:00:00                         670.31
00000000000123409509               7/1/2006 00:00:00           6/1/2011 00:00:00                         828.15
00000000000123410025               9/1/2006 00:00:00           8/1/2008 00:00:00                        1306.88
00000000000123414506               9/1/2006 00:00:00           8/1/2008 00:00:00                         454.01
00000000000123418001               8/1/2006 00:00:00           7/1/2011 00:00:00                        1830.47
00000000000123420138               9/1/2006 00:00:00           8/1/2008 00:00:00                         1012.5
00000000000123420565               8/1/2006 00:00:00           7/1/2011 00:00:00                         257.81
00000000000123422001               8/1/2006 00:00:00           7/1/2011 00:00:00                         886.85
00000000000123424668               8/1/2006 00:00:00           7/1/2011 00:00:00                         342.92
00000000000123426621               8/1/2006 00:00:00           7/1/2008 00:00:00                        1603.13
00000000000123429529               8/1/2006 00:00:00           7/1/2011 00:00:00                        2187.57
00000000000123431958               10/1/2006 00:00:00          9/1/2011 00:00:00                         331.02
00000000000123432264               8/1/2006 00:00:00           7/1/2011 00:00:00                         866.16
00000000000123436936               8/1/2006 00:00:00           7/1/2011 00:00:00                         502.55
00000000000123439122               7/1/2006 00:00:00           6/1/2011 00:00:00                        1404.19
00000000000123440313               8/1/2006 00:00:00           7/1/2011 00:00:00                          189.2
00000000000123443901               8/1/2006 00:00:00           7/1/2021 00:00:00                        2483.59
00000000000123444744               8/1/2006 00:00:00           7/1/2011 00:00:00                         747.66
00000000000123448261               9/1/2006 00:00:00           8/1/2011 00:00:00                         474.95
00000000000123452737               7/1/2006 00:00:00           6/1/2011 00:00:00                        1340.63
00000000000123456802               9/1/2006 00:00:00           8/1/2008 00:00:00                        8968.75
00000000000123457018               7/1/2006 00:00:00           6/1/2011 00:00:00                         750.87
00000000000123458264               8/1/2006 00:00:00           7/1/2008 00:00:00                         778.13
00000000000123458460               8/1/2006 00:00:00           7/1/2011 00:00:00                        1330.28
00000000000123459436               8/1/2006 00:00:00           7/1/2008 00:00:00                        4022.01
00000000000123460155               8/1/2006 00:00:00           7/1/2011 00:00:00                         835.31
00000000000123460790               8/1/2006 00:00:00           7/1/2011 00:00:00                         201.02
00000000000123463103               8/1/2006 00:00:00           7/1/2011 00:00:00                        1182.47
00000000000123467094               9/1/2006 00:00:00           8/1/2011 00:00:00                         437.74
00000000000123467731               8/1/2006 00:00:00           7/1/2011 00:00:00                         169.64
00000000000123467860               8/1/2006 00:00:00           7/1/2008 00:00:00                         408.81
00000000000123468221               8/1/2006 00:00:00           7/1/2008 00:00:00                        1481.25
00000000000123469497               9/1/2006 00:00:00           8/1/2011 00:00:00                         582.96
00000000000123470316               8/1/2006 00:00:00           7/1/2011 00:00:00                         301.68
00000000000123470357               8/1/2006 00:00:00           6/1/2011 00:00:00                         489.58
00000000000123471302               8/1/2006 00:00:00           7/1/2011 00:00:00                          318.9
00000000000123472628               8/1/2006 00:00:00           7/1/2008 00:00:00                            889
00000000000123473928               8/1/2006 00:00:00           7/1/2011 00:00:00                         1271.6
00000000000123474418               8/1/2006 00:00:00           7/1/2011 00:00:00                         310.89
00000000000123474538               11/1/2006 00:00:00          10/1/2021 00:00:00                       1696.41
00000000000123478613               9/1/2006 00:00:00           8/1/2011 00:00:00                        2236.01
00000000000123479070               8/1/2006 00:00:00           7/1/2011 00:00:00                         362.08
00000000000123480079               8/1/2006 00:00:00           7/1/2011 00:00:00                         528.75
00000000000123480908               8/1/2006 00:00:00           7/1/2011 00:00:00                         295.62
00000000000123482056               8/1/2006 00:00:00           7/1/2011 00:00:00                         236.49
00000000000123482142               7/1/2006 00:00:00           6/1/2011 00:00:00                         3194.3
00000000000123483431               8/1/2006 00:00:00           7/1/2008 00:00:00                        1402.34
00000000000123484569               9/1/2006 00:00:00           8/1/2011 00:00:00                         991.15
00000000000123485270               8/1/2006 00:00:00           7/1/2011 00:00:00                         218.76
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00000000000124181664               10/1/2006 00:00:00          9/1/2011 00:00:00                         845.47
00000000000124183698               10/1/2006 00:00:00          9/1/2011 00:00:00                         180.47
00000000000124188244               10/1/2006 00:00:00          9/1/2011 00:00:00                         1389.4
00000000000124191061               11/1/2006 00:00:00          10/1/2011 00:00:00                       1200.17
00000000000124191428               11/1/2006 00:00:00          10/1/2011 00:00:00                        696.67
00000000000124195559               11/1/2006 00:00:00          10/1/2011 00:00:00                        282.48
00000000000124196786               10/1/2006 00:00:00          9/1/2011 00:00:00                         975.54
00000000000124197665               11/1/2006 00:00:00          10/1/2011 00:00:00                        934.83
00000000000124197712               11/1/2006 00:00:00          10/1/2008 00:00:00                       1541.67
00000000000124198540               11/1/2006 00:00:00          10/1/2011 00:00:00                        371.25
00000000000124198946               10/1/2006 00:00:00          9/1/2011 00:00:00                         484.81
00000000000124204735               11/1/2006 00:00:00          10/1/2011 00:00:00                        160.42
00000000000124206633               11/1/2006 00:00:00          10/1/2011 00:00:00                        379.72
00000000000124207341               11/1/2006 00:00:00          10/1/2011 00:00:00                        816.75
00000000000124208823               11/1/2006 00:00:00          10/1/2008 00:00:00                       2526.56
00000000000124209527               11/1/2006 00:00:00          10/1/2011 00:00:00                       1773.71
00000000000124210610               11/1/2006 00:00:00          10/1/2021 00:00:00                        979.17
00000000000124219114               11/1/2006 00:00:00          10/1/2021 00:00:00                         174.8
00000000000124223991               10/1/2006 00:00:00          9/1/2011 00:00:00                         268.13
00000000000124228066               11/1/2006 00:00:00          10/1/2021 00:00:00                       1108.59
00000000000124229610               11/1/2006 00:00:00          10/1/2011 00:00:00                       1443.75
00000000000124230771               11/1/2006 00:00:00          10/1/2011 00:00:00                       1020.94
00000000000124230925               11/1/2006 00:00:00          10/1/2011 00:00:00                         556.8
00000000000124233818               11/1/2006 00:00:00          10/1/2011 00:00:00                        210.52
00000000000124234104               10/1/2006 00:00:00          9/1/2011 00:00:00                        1469.53
00000000000124241241               10/1/2006 00:00:00          9/1/2026 00:00:00                        1443.75
00000000000124244743               11/1/2006 00:00:00          10/1/2008 00:00:00                       2109.38
00000000000124251715               11/1/2006 00:00:00          10/1/2011 00:00:00                       2307.16
00000000000124251896               10/1/2006 00:00:00          9/1/2011 00:00:00                         532.11
00000000000124255872               11/1/2006 00:00:00          10/1/2008 00:00:00                        674.16
00000000000124255879               11/1/2006 00:00:00          10/1/2011 00:00:00                         384.3
00000000000124271382               11/1/2006 00:00:00          10/1/2011 00:00:00                       2569.39
00000000000124271821               11/1/2006 00:00:00          10/1/2011 00:00:00                        283.59
00000000000124272485               10/1/2006 00:00:00          9/1/2001 00:00:00                         745.34
00000000000124273562               11/1/2006 00:00:00          10/1/2011 00:00:00                       1392.19
00000000000124279188               11/1/2006 00:00:00          10/1/2008 00:00:00                       1535.63
00000000000124282557               11/1/2006 00:00:00          10/1/2008 00:00:00                        1552.5
00000000000124284558               11/1/2006 00:00:00          10/1/2011 00:00:00                        398.51
00000000000124289750               11/1/2006 00:00:00          10/1/2011 00:00:00                        597.45
00000000000124290031               11/1/2006 00:00:00          10/1/2011 00:00:00                       1742.92
00000000000124296125               11/1/2006 00:00:00          10/1/2008 00:00:00                           522
00000000000124307503               11/1/2006 00:00:00          10/1/2008 00:00:00                       1551.25
00000000000124309908               11/1/2006 00:00:00          10/1/2011 00:00:00                        538.54
00000000000124312043               11/1/2006 00:00:00          10/1/2008 00:00:00                          1410
00000000000124341492               11/1/2006 00:00:00          10/1/2011 00:00:00                        733.38
00000000000124343762               11/1/2006 00:00:00          10/1/2008 00:00:00                       1031.37

-------------------------------------------------------------------------------------------------------------------------------
Loan Number                        Original Monthly         Last Actual                 Orig. Principal       Curr. Principal
                                   Payment                  Payment                     Balance               Balance
-------------------------------------------------------------------------------------------------------------------------------
00000000000121167755                           1566.78      9/1/2006 00:00:00                     238500                238500
00000000000121819667                           2040.81      7/1/2006 00:00:00                     345000             342254.27
00000000000122092020                           4587.92      8/1/2006 00:00:00                     572000                572000
00000000000122470736                             646.5      8/1/2006 00:00:00                     105000             104291.62
00000000000122532796                           1291.41      9/1/2006 00:00:00                     207000             206279.55
00000000000122742252                            503.15      8/1/2006 00:00:00                      62730                 62730
00000000000122772412                            453.75      9/1/2006 00:00:00                      79200              78746.25
00000000000122784626                            177.37      9/1/2006 00:00:00                      27000              26654.51
00000000000122784934                            177.37      9/1/2006 00:00:00                      27000              26654.51
00000000000122807004                           2559.37      8/1/2006 00:00:00                     315000             314398.68
00000000000122926094                              1245      9/1/2006 00:00:00                     144000                144000
00000000000122953557                            670.31      8/1/2006 00:00:00                     117000                117000
00000000000122997810                            746.37      8/1/2006 00:00:00                     126175             125917.09
00000000000123012951                            296.48      9/1/2006 00:00:00                      51750              51746.48
00000000000123017472                            1287.4      10/1/2006 00:00:00                    146700                146700
00000000000123054079                            541.41      9/1/2006 00:00:00                      94500                 94500
00000000000123063531                            386.72      9/1/2006 00:00:00                      67500                 67500
00000000000123064070                           1232.34      8/1/2006 00:00:00                     215100              215099.8
00000000000123068864                            443.43      9/1/2006 00:00:00                      67500                 67500
00000000000123083172                           1392.45      9/1/2006 00:00:00                     165600             165186.26
00000000000123089937                           2150.08      8/1/2006 00:00:00                     307500             306174.82
00000000000123104876                            176.25      9/1/2006 00:00:00                      36000                 36000
00000000000123114977                            443.43      9/1/2006 00:00:00                      67500              67386.25
00000000000123139554                           1774.61      8/1/2006 00:00:00                     300000             299386.78
00000000000123164273                            618.75      8/1/2006 00:00:00                     108000             107237.49
00000000000123175624                           2118.38      8/1/2006 00:00:00                     242100                242100
00000000000123202435                            828.38      8/1/2006 00:00:00                      86130              86069.96
00000000000123203332                            181.08      9/1/2006 00:00:00                      20000              14715.86
00000000000123203933                           3480.33      8/1/2006 00:00:00                     480000             478665.61
00000000000123216409                           1816.07      8/1/2006 00:00:00                     247500             247333.93
00000000000123218189                            547.37      9/1/2006 00:00:00                      97750              97612.84
00000000000123222473                               405      8/1/2006 00:00:00                      61650              61355.56
00000000000123226555                            149.53      9/1/2006 00:00:00                      26100                 26100
00000000000123240444                           1598.44      8/1/2006 00:00:00                     279000                279000
00000000000123248581                            542.88      9/1/2006 00:00:00                      83700              83012.58
00000000000123248975                            358.31      8/1/2006 00:00:00                      70200                 70200
00000000000123251921                               453      9/1/2006 00:00:00                      85600              85389.07
00000000000123262492                           1073.06      9/1/2006 00:00:00                     121000             120895.32
00000000000123265729                            779.84      9/1/2006 00:00:00                     118710             118356.72
00000000000123272071                            902.34      8/1/2006 00:00:00                     157500                157500
00000000000123277929                           1116.82      9/1/2006 00:00:00                     188800                188800
00000000000123282566                             968.7      8/1/2006 00:00:00                     117750             117688.96
00000000000123287926                            965.78      9/1/2006 00:00:00                      88300                 88300
00000000000123289123                           1598.44      9/1/2006 00:00:00                     279000                279000
00000000000123294803                            613.59      9/1/2006 00:00:00                      76500              76463.59
00000000000123296697                            386.72      8/1/2006 00:00:00                      67500                 67500
00000000000123300618                            205.75      8/1/2006 00:00:00                      31320              31267.23
00000000000123303013                            579.41      9/1/2006 00:00:00                      88200              88051.38
00000000000123304282                           1235.15      9/1/2006 00:00:00                     148500             148425.01
00000000000123333907                            354.74      8/1/2006 00:00:00                      54000              53909.02
00000000000123354604                           2334.38      9/1/2006 00:00:00                     270000                270000
00000000000123356222                            567.19      9/1/2006 00:00:00                      99000                 99000
00000000000123356281                            139.22      8/1/2006 00:00:00                      24300                 24300
00000000000123361949                           3416.03      8/1/2006 00:00:00                     520000             518681.89
00000000000123377905                            928.13      8/1/2006 00:00:00                     162000                162000
00000000000123393611                            547.73      8/1/2006 00:00:00                     103500             103244.96
00000000000123395292                            813.96      8/1/2006 00:00:00                     137600             137318.73
00000000000123403076                            886.85      8/1/2006 00:00:00                     135000             134886.59
00000000000123403166                           3697.11      9/1/2006 00:00:00                     625000             623634.74
00000000000123405103                            438.75      9/1/2006 00:00:00                     108000                108000
00000000000123406437                               840      8/1/2006 00:00:00                     112000             111979.93
00000000000123408733                            670.31      9/1/2006 00:00:00                     117000                117000
00000000000123409509                            828.15      9/1/2006 00:00:00                     140000             139493.61
00000000000123410025                           1306.88      8/1/2006 00:00:00                     153000                153000
00000000000123414506                            454.01      8/1/2006 00:00:00                      55800               55770.3
00000000000123418001                           1830.47      8/1/2006 00:00:00                     319500                319500
00000000000123420138                            1012.5      8/1/2006 00:00:00                     135000                135000
00000000000123420565                            257.81      8/1/2006 00:00:00                      45000               44997.4
00000000000123422001                            886.85      8/1/2006 00:00:00                     135000             134772.53
00000000000123424668                            342.92      9/1/2006 00:00:00                      52200              52092.77
00000000000123426621                           1603.13      9/1/2006 00:00:00                     202500             202496.24
00000000000123429529                           2187.57      9/1/2006 00:00:00                     333000             332438.88
00000000000123431958                            331.02      9/1/2006 00:00:00                      55960                 55960
00000000000123432264                            866.16      8/1/2006 00:00:00                     131850             131627.83
00000000000123436936                            502.55      9/1/2006 00:00:00                      76500              76225.92
00000000000123439122                           1404.19      8/1/2006 00:00:00                     213750             213208.17
00000000000123440313                             189.2      8/1/2006 00:00:00                      28800              28751.46
00000000000123443901                           2483.59      8/1/2006 00:00:00                     467500                467500
00000000000123444744                            747.66      8/1/2006 00:00:00                     130500                130500
00000000000123448261                            474.95      9/1/2006 00:00:00                     116910                116910
00000000000123452737                           1340.63      8/1/2006 00:00:00                     234000                234000
00000000000123456802                           8968.75      8/1/2006 00:00:00                    1050000               1050000
00000000000123457018                            750.87      8/1/2006 00:00:00                     114300             114010.26
00000000000123458264                            778.13      8/1/2006 00:00:00                      90000                 90000
00000000000123458460                           1330.28      8/1/2006 00:00:00                     202500             202158.78
00000000000123459436                           4022.01      9/1/2006 00:00:00                     488750                488750
00000000000123460155                            835.31      8/1/2006 00:00:00                     145800                145800
00000000000123460790                            201.02      9/1/2006 00:00:00                      30600              30523.34
00000000000123463103                           1182.47      8/1/2006 00:00:00                     180000             179696.69
00000000000123467094                            437.74      8/1/2006 00:00:00                      74000              73924.55
00000000000123467731                            169.64      9/1/2006 00:00:00                      29610                 29610
00000000000123467860                            408.81      7/1/2006 00:00:00                      40500              40475.38
00000000000123468221                           1481.25      8/1/2006 00:00:00                     180000             179931.25
00000000000123469497                            582.96      9/1/2006 00:00:00                      98550              98449.52
00000000000123470316                            301.68      8/1/2006 00:00:00                      51000              50947.69
00000000000123470357                            489.58      9/1/2006 00:00:00                     100000                100000
00000000000123471302                             318.9      8/1/2006 00:00:00                      53910              53797.59
00000000000123472628                               889      8/1/2006 00:00:00                     101600                101600
00000000000123473928                            1271.6      9/1/2006 00:00:00                     144900             144771.27
00000000000123474418                            310.89      9/1/2006 00:00:00                      63500                 63500
00000000000123474538                           1696.41      10/1/2006 00:00:00                    346500                346500
00000000000123478613                           2236.01      9/1/2006 00:00:00                     378000             377614.61
00000000000123479070                            362.08      9/1/2006 00:00:00                      45000              44811.09
00000000000123480079                            528.75      9/1/2006 00:00:00                     108000                108000
00000000000123480908                            295.62      9/1/2006 00:00:00                      45000              43720.73
00000000000123482056                            236.49      8/1/2006 00:00:00                      36000              35969.76
00000000000123482142                            3194.3      8/1/2006 00:00:00                     540000             538339.54
00000000000123483431                           1402.34      9/1/2006 00:00:00                     179500                179500
00000000000123484569                            991.15      9/1/2006 00:00:00                     173000                173000
00000000000123485270                            218.76      8/1/2006 00:00:00                      33300              33221.89
00000000000123486597                            979.69      9/1/2006 00:00:00                     171000                171000
00000000000123488132                            627.68      8/1/2006 00:00:00                     106110             105893.11
00000000000123489623                           1039.58      9/1/2006 00:00:00                     212339                212339
00000000000123491054                           2291.67      8/1/2006 00:00:00                     400000                400000
00000000000123491855                            997.73      8/1/2006 00:00:00                     124000             123932.27
00000000000123492040                            1625.9      8/1/2006 00:00:00                     247500             247082.95
00000000000123493019                           2596.48      9/1/2006 00:00:00                     488750                488750
00000000000123494874                              1125      9/1/2006 00:00:00                     135000                135000
00000000000123495110                           2151.12      8/1/2006 00:00:00                     480250             480202.24
00000000000123495148                            920.42      8/1/2006 00:00:00                     188000                188000
00000000000123495218                            709.19      9/1/2006 00:00:00                     107955              107864.3
00000000000123495482                            257.81      8/1/2006 00:00:00                      45000                 45000
00000000000123496006                           2406.33      9/1/2006 00:00:00                     366300             365183.61
00000000000123497145                           1330.28      9/1/2006 00:00:00                     202500             202158.78
00000000000123498151                           1211.72      8/1/2006 00:00:00                     211500             211499.72
00000000000123498422                            426.69      8/1/2006 00:00:00                      51300              51247.98
00000000000123501722                            303.54      9/1/2006 00:00:00                      62000                 62000
00000000000123504717                           1346.35      8/1/2006 00:00:00                     275000             273932.68
00000000000123504938                            528.75      9/1/2006 00:00:00                     108000             107847.15
00000000000123505379                              2775      8/1/2006 00:00:00                     360000                360000
00000000000123505557                            650.36      8/1/2006 00:00:00                      99000              98833.18
00000000000123506436                           2545.83      9/1/2006 00:00:00                     520000                520000
00000000000123517769                            773.44      9/1/2006 00:00:00                     135000                135000
00000000000123519138                            448.59      9/1/2006 00:00:00                      78300                 78300
00000000000123520208                           1546.88      9/1/2006 00:00:00                     270000                270000
00000000000123520787                            202.31      9/1/2006 00:00:00                      34200              34130.09
00000000000123523735                            591.24      8/1/2006 00:00:00                      90000              89848.34
00000000000123526959                           2770.46      8/1/2006 00:00:00                     364500             364045.32
00000000000123527415                             235.9      9/1/2006 00:00:00                      35910              35849.49
00000000000123529257                            709.48      9/1/2006 00:00:00                     108000             107818.02
00000000000123529504                           3941.57      8/1/2006 00:00:00                     600000             582151.67
00000000000123531017                           1171.08      8/1/2006 00:00:00                     239200                239200
00000000000123531360                             600.1      10/1/2006 00:00:00                     91350              77595.63
00000000000123532034                           1801.67      8/1/2006 00:00:00                     368000                368000
00000000000123532052                               495      9/1/2006 00:00:00                      86400                 86400
00000000000123533097                           1546.88      9/1/2006 00:00:00                     270000                270000
00000000000123533430                           1289.06      9/1/2006 00:00:00                     225000                225000
00000000000123534057                           1585.32      8/1/2006 00:00:00                     268000             265731.56
00000000000123534429                            265.55      9/1/2006 00:00:00                      46350                 46350
00000000000123534771                           1220.63      8/1/2006 00:00:00                     139500                139500
00000000000123537676                            445.56      9/1/2006 00:00:00                      56000              55936.98
00000000000123539024                            1537.5      9/1/2006 00:00:00                     180000                180000
00000000000123539845                            400.64      8/1/2006 00:00:00                      69930                 69930
00000000000123540594                            587.11      9/1/2006 00:00:00                     119920                119920
00000000000123540851                            568.41      9/1/2006 00:00:00                     116100                116100
00000000000123541017                            332.58      8/1/2006 00:00:00                      58050              58042.58
00000000000123541118                            282.19      8/1/2006 00:00:00                      31500                 31480
00000000000123541234                           1031.25      8/1/2006 00:00:00                     180000                180000
00000000000123541476                           4406.25      9/1/2006 00:00:00                     900000             899906.25
00000000000123544624                             233.5      8/1/2006 00:00:00                      36000                 35969
00000000000123545526                            644.53      10/1/2006 00:00:00                    112500                112500
00000000000123546595                            515.63      8/1/2006 00:00:00                      90000                 90000
00000000000123547961                           1828.59      8/1/2006 00:00:00                     373500                373500
00000000000123549303                           1752.61      9/1/2006 00:00:00                     305910                305910
00000000000123549777                            264.37      9/1/2006 00:00:00                      54000              53994.37
00000000000123550157                           1923.67      10/1/2006 00:00:00                    318400             317823.67
00000000000123550524                            747.66      8/1/2006 00:00:00                     130500                130500
00000000000123550567                           1799.22      8/1/2006 00:00:00                     367500                367500
00000000000123551564                           2818.04      8/1/2006 00:00:00                     575600                575600
00000000000123552449                            295.62      8/1/2006 00:00:00                      45000              44924.17
00000000000123554164                            618.75      8/1/2006 00:00:00                     108000                108000
00000000000123554397                           1794.38      9/1/2006 00:00:00                     313200                313200
00000000000123554893                           2190.37      8/1/2006 00:00:00                     295000             294807.03
00000000000123556552                            366.56      8/1/2006 00:00:00                      38250              38216.56
00000000000123556893                              1170      8/1/2006 00:00:00                     288000                288000
00000000000123557287                               705      8/1/2006 00:00:00                     144000                144000
00000000000123558729                             352.5      8/1/2006 00:00:00                      72000                 72000
00000000000123558917                              1230      8/1/2006 00:00:00                     144000                144000
00000000000123559141                            582.66      9/1/2006 00:00:00                     101700                101700
00000000000123559364                            1270.1      9/1/2006 00:00:00                     240000                240000
00000000000123559519                           1902.66      8/1/2006 00:00:00                     332100                332100
00000000000123560565                            646.25      8/1/2006 00:00:00                     132000             131011.39
00000000000123560579                           2222.67      8/1/2006 00:00:00                     420000             418965.06
00000000000123563617                           1026.76      9/1/2006 00:00:00                     117000             116948.24
00000000000123563991                           1526.25      9/1/2006 00:00:00                     266400             259034.42
00000000000123564131                            336.05      9/1/2006 00:00:00                      36000              35964.84
00000000000123564584                            220.01      9/1/2006 00:00:00                      24300              24280.08
00000000000123566575                             412.5      8/1/2006 00:00:00                      72000                 72000
00000000000123568007                           1945.17      9/1/2006 00:00:00                     296100             295851.24
00000000000123569251                            257.82      9/1/2006 00:00:00                      27900              27747.03
00000000000123570383                           1902.66      9/1/2006 00:00:00                     332100                332100
00000000000123571571                            546.89      9/1/2006 00:00:00                      83250              83103.48
00000000000123572550                            618.46      8/1/2006 00:00:00                     107950                107950
00000000000123572739                            552.56      9/1/2006 00:00:00                      81000              80873.25
00000000000123573871                            2066.9      8/1/2006 00:00:00                     248500             248248.04
00000000000123574628                            254.23      8/1/2006 00:00:00                      38700              38634.79
00000000000123574823                            280.04      9/1/2006 00:00:00                      29700              29477.23
00000000000123578008                            928.13      8/1/2006 00:00:00                     162000                162000
00000000000123578470                            236.49      9/1/2006 00:00:00                      36000              35939.35
00000000000123579262                              1375      8/1/2006 00:00:00                     176000                176000
00000000000123579929                            366.09      8/1/2006 00:00:00                      63900                 63900
00000000000123580482                              1650      9/1/2006 00:00:00                     288000                288000
00000000000123580631                           2113.67      9/1/2006 00:00:00                     321750             321207.83
00000000000123580822                           1773.71      8/1/2006 00:00:00                     270000             269543.75
00000000000123582502                            515.63      8/1/2006 00:00:00                      90000                 90000
00000000000123582569                           1366.41      8/1/2006 00:00:00                     238500                238500
00000000000123583461                            945.98      8/1/2006 00:00:00                     144000             143757.35
00000000000123584099                            2076.3      8/1/2006 00:00:00                     351000             350282.53
00000000000123585716                              1500      9/1/2006 00:00:00                     192000                192000
00000000000123587851                            193.36      8/1/2006 00:00:00                      33750                 33750
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00000000000124063045                           3788.67      9/1/2006 00:00:00                     596250                596250
00000000000124063455                            4101.5      9/1/2006 00:00:00                     504800                504800
00000000000124068481                            380.78      9/1/2006 00:00:00                      46800                 46800
00000000000124069943                           5213.54      10/1/2006 00:00:00                    650000                650000
00000000000124070952                            638.91      10/1/2006 00:00:00                    130500                130500
00000000000124072251                           1008.16      10/1/2006 00:00:00                    108000                108000
00000000000124075106                           2956.87      9/1/2006 00:00:00                     355500                355500
00000000000124076482                            171.16      9/1/2006 00:00:00                      26055              26033.11
00000000000124078616                           1485.05      9/1/2006 00:00:00                     157500                157500
00000000000124078667                           1891.92      9/1/2006 00:00:00                     225000                225000
00000000000124078958                           1829.95      10/1/2006 00:00:00                    319410                319410
00000000000124079041                            479.53      10/1/2006 00:00:00                     83700                 83700
00000000000124083433                           2129.69      9/1/2006 00:00:00                     435000                435000
00000000000124083578                            466.88      10/1/2006 00:00:00                     54000                 54000
00000000000124084117                           3621.63      9/1/2006 00:00:00                     400000                400000
00000000000124087601                            857.29      9/1/2006 00:00:00                     130500             130390.37
00000000000124087975                           1738.75      9/1/2006 00:00:00                     428000                428000
00000000000124089284                            581.63      10/1/2006 00:00:00                    118800                118800
00000000000124089416                            986.36      9/1/2006 00:00:00                     127960                127960
00000000000124091906                            417.66      10/1/2006 00:00:00                     72900                 72900
00000000000124092797                            489.58      9/1/2006 00:00:00                     100000                100000
00000000000124094094                           2447.92      10/1/2006 00:00:00                    500000                500000
00000000000124095603                            3017.5      9/1/2006 00:00:00                     408000                408000
00000000000124095929                              1440      10/1/2006 00:00:00                    216000                216000
00000000000124096938                            232.03      9/1/2006 00:00:00                      40500                 40500
00000000000124097522                            798.17      10/1/2006 00:00:00                    121500                121500
00000000000124102382                           1079.53      9/1/2006 00:00:00                     110250                110250
00000000000124104576                            455.25      9/1/2006 00:00:00                      69300                 69300
00000000000124105120                           2641.64      10/1/2006 00:00:00                    497250                497250
00000000000124105247                           3110.63      9/1/2006 00:00:00                     355500                355500
00000000000124105281                            773.44      10/1/2006 00:00:00                    135000                135000
00000000000124108527                           2036.72      10/1/2006 00:00:00                    355500                355500
00000000000124108812                           2643.75      9/1/2006 00:00:00                     540000                540000
00000000000124109261                             144.5      10/1/2006 00:00:00                     27200                 27200
00000000000124110934                            366.57      9/1/2006 00:00:00                      55800                 55800
00000000000124111237                            288.14      9/1/2006 00:00:00                      31500                 31500
00000000000124112323                            601.58      9/1/2006 00:00:00                      91575                 91575
00000000000124113211                            2370.7      9/1/2006 00:00:00                     446250                446250
00000000000124113214                           3261.28      9/1/2006 00:00:00                     522750                522750
00000000000124114017                            546.86      10/1/2006 00:00:00                     83245                 83245
00000000000124115982                            473.23      10/1/2006 00:00:00                     80000                 80000
00000000000124116093                             237.5      9/1/2006 00:00:00                      30000                 30000
00000000000124116183                           1945.19      9/1/2006 00:00:00                     224010                224010
00000000000124120315                           1376.72      9/1/2006 00:00:00                     240300                240300
00000000000124121771                           1916.58      9/1/2006 00:00:00                     324000                324000
00000000000124121848                           1064.02      10/1/2006 00:00:00                    136800                136800
00000000000124122188                           3311.46      9/1/2006 00:00:00                     467500                467500
00000000000124122262                              1235      9/1/2006 00:00:00                     156000                156000
00000000000124122276                           1542.19      10/1/2006 00:00:00                    315000                315000
00000000000124122453                            874.49      10/1/2006 00:00:00                    104000                104000
00000000000124123879                           2231.25      10/1/2006 00:00:00                    315000                315000
00000000000124129542                           1204.38      9/1/2006 00:00:00                     246000                246000
00000000000124129917                               400      9/1/2006 00:00:00                      64000                 64000
00000000000124129997                            159.04      10/1/2006 00:00:00                     24210                 24210
00000000000124130397                           4773.44      9/1/2006 00:00:00                     975000                975000
00000000000124132497                            515.63      10/1/2006 00:00:00                     90000                 90000
00000000000124132532                           2393.08      9/1/2006 00:00:00                     488800                488800
00000000000124133535                            496.89      9/1/2006 00:00:00                      84000                 84000
00000000000124134050                           3385.51      9/1/2006 00:00:00                     355500                355500
00000000000124134573                           1288.49      9/1/2006 00:00:00                     224900                224900
00000000000124135709                              1530      9/1/2006 00:00:00                     216000                216000
00000000000124141135                           3519.23      10/1/2006 00:00:00                    665000                665000
00000000000124141848                             187.5      10/1/2006 00:00:00                     18000                 18000
00000000000124144066                            540.89      10/1/2006 00:00:00                     94410                 94410
00000000000124144575                            798.17      9/1/2006 00:00:00                     121500                121500
00000000000124145863                           1432.03      9/1/2006 00:00:00                     292500                292500
00000000000124146694                           1714.58      10/1/2006 00:00:00                    261000                261000
00000000000124147648                            319.27      9/1/2006 00:00:00                      48600                 48600
00000000000124149732                           1487.11      10/1/2006 00:00:00                    303750                303750
00000000000124149825                            695.08      10/1/2006 00:00:00                     87800                 87800
00000000000124153399                           2203.87      9/1/2006 00:00:00                     253800                253800
00000000000124153850                           2555.44      9/1/2006 00:00:00                     432000                432000
00000000000124154764                           1049.67      9/1/2006 00:00:00                     214400                214400
00000000000124154882                            685.42      9/1/2006 00:00:00                     140000                140000
00000000000124155085                            850.27      10/1/2006 00:00:00                    148410                148410
00000000000124157713                            914.92      10/1/2006 00:00:00                    110000                110000
00000000000124159403                            409.92      10/1/2006 00:00:00                     71550              71469.92
00000000000124159713                            667.01      9/1/2006 00:00:00                      83160                 83160
00000000000124164131                           1358.39      9/1/2006 00:00:00                     148500                148500
00000000000124164520                           3333.33      9/1/2006 00:00:00                     400000                400000
00000000000124170213                             587.5      10/1/2006 00:00:00                    120000                120000
00000000000124171740                            452.86      10/1/2006 00:00:00                     92500                 92500
00000000000124179245                            335.16      9/1/2006 00:00:00                      58500                 58500
00000000000124179652                            487.77      10/1/2006 00:00:00                     74250                 74250
00000000000124180177                            160.58      9/1/2006 00:00:00                      32800                 32800
00000000000124181664                            845.47      9/1/2006 00:00:00                     128700                128700
00000000000124183698                            180.47      9/1/2006 00:00:00                      31500                 31500
00000000000124188244                            1389.4      9/1/2006 00:00:00                     211500                211500
00000000000124191061                           1200.17      10/1/2006 00:00:00                    151600                151600
00000000000124191428                            696.67      10/1/2006 00:00:00                     88000                 88000
00000000000124195559                            282.48      10/1/2006 00:00:00                     43000                 43000
00000000000124196786                            975.54      9/1/2006 00:00:00                     148500             148375.24
00000000000124197665                            934.83      10/1/2006 00:00:00                    163170                163170
00000000000124197712                           1541.67      10/1/2006 00:00:00                    200000                200000
00000000000124198540                            371.25      10/1/2006 00:00:00                     64800                 64800
00000000000124198946                            484.81      9/1/2006 00:00:00                      73800                 73800
00000000000124204735                            160.42      10/1/2006 00:00:00                     28000                 28000
00000000000124206633                            379.72      10/1/2006 00:00:00                     57802                 57802
00000000000124207341                            816.75      10/1/2006 00:00:00                    118800                118800
00000000000124208823                           2526.56      10/1/2006 00:00:00                    315000                315000
00000000000124209527                           1773.71      10/1/2006 00:00:00                    270000                270000
00000000000124210610                            979.17      10/1/2006 00:00:00                    170910                170910
00000000000124219114                             174.8      10/1/2006 00:00:00                     30510                 30510
00000000000124223991                            268.13      9/1/2006 00:00:00                      46800                 46800
00000000000124228066                           1108.59      10/1/2006 00:00:00                    193500                193500
00000000000124229610                           1443.75      10/1/2006 00:00:00                    252000                252000
00000000000124230771                           1020.94      10/1/2006 00:00:00                    178200                178200
00000000000124230925                             556.8      10/1/2006 00:00:00                     89250                 89250
00000000000124233818                            210.52      10/1/2006 00:00:00                     43000                 43000
00000000000124234104                           1469.53      9/1/2006 00:00:00                     256500                256500
00000000000124241241                           1443.75      9/1/2006 00:00:00                     252000                252000
00000000000124244743                           2109.38      10/1/2006 00:00:00                    270000                270000
00000000000124251715                           2307.16      10/1/2006 00:00:00                    471250                471250
00000000000124251896                            532.11      9/1/2006 00:00:00                      81000                 81000
00000000000124255872                            674.16      10/1/2006 00:00:00                     68850                 68850
00000000000124255879                             384.3      10/1/2006 00:00:00                     58500                 58500
00000000000124271382                           2569.39      10/1/2006 00:00:00                    483650                483650
00000000000124271821                            283.59      10/1/2006 00:00:00                     49500                 49500
00000000000124272485                            745.34      9/1/2006 00:00:00                     126000                126000
00000000000124273562                           1392.19      10/1/2006 00:00:00                    243000                243000
00000000000124279188                           1535.63      10/1/2006 00:00:00                    175500                175500
00000000000124282557                            1552.5      10/1/2006 00:00:00                    162000                162000
00000000000124284558                            398.51      10/1/2006 00:00:00                     60662                 60662
00000000000124289750                            597.45      10/1/2006 00:00:00                    101000                101000
00000000000124290031                           1742.92      10/1/2006 00:00:00                    356000                356000
00000000000124296125                               522      10/1/2006 00:00:00                     57600                 57600
00000000000124307503                           1551.25      10/1/2006 00:00:00                    204000                204000
00000000000124309908                            538.54      10/1/2006 00:00:00                    110000                110000
00000000000124312043                              1410      10/1/2006 00:00:00                    144000                144000
00000000000124341492                            733.38      10/1/2006 00:00:00                     81000                 81000
00000000000124343762                           1031.37      10/1/2006 00:00:00                    124000                124000

---------------------------------------------------------------------------------------------------------------------------
Loan Number                        Orig.                Appraisal        Min. Interest       Max. Interest        Gross
                                   Interest Rate        Value            Rate                Rate                 Margin
---------------------------------------------------------------------------------------------------------------------------
00000000000121167755                         6.875           265000                   5               12.875             5
00000000000121819667                         5.875           600000                   0               11.875          4.75
00000000000122092020                         9.625           715000                   4               15.625             4
00000000000122470736                          6.25           140000
00000000000122532796                         6.375           260000                   0               12.375             7
00000000000122742252                         6.875            80000                   0               12.875          5.75
00000000000122772412                         6.875           102000                   0               12.875          5.75
00000000000122784626                         6.875            31000                 5.5               12.875           5.5
00000000000122784934                         6.875            31000                 5.5               12.875           5.5
00000000000122807004                          9.75           360000
00000000000122926094                        10.375           160000                5.75               16.375          5.75
00000000000122953557                         6.875           130000                   0               12.875          6.25
00000000000122997810                         5.875           181000                4.25               11.875          4.25
00000000000123012951                         6.875            58000                6.25               12.875          6.25
00000000000123017472                            10           163500
00000000000123054079                         6.875           111000                   0               12.875          5.75
00000000000123063531                         6.875            80000                5.25               12.875          5.25
00000000000123064070                         6.875           297500                5.75               12.875          5.75
00000000000123068864                         6.875            80000                   5               12.875             5
00000000000123083172                           9.5           185000
00000000000123089937                           7.5           515000
00000000000123104876                         5.875            60000               4.375               11.875         4.375
00000000000123114977                         6.875            83000                   5               12.875             5
00000000000123139554                         5.875           385000                   4               11.875             4
00000000000123164273                         6.875           125000                   0               12.875          5.75
00000000000123175624                          10.5           275000                4.75                 16.5          4.75
00000000000123202435                        11.125            96000
00000000000123203332                        10.375            47000
00000000000123203933                         7.875           600000
00000000000123216409                             8           285000
00000000000123218189                         5.375           125000                   5               11.375             5
00000000000123222473                         6.875            68500                   5               12.875             5
00000000000123226555                         6.875            35000                5.25               12.875          5.25
00000000000123240444                         6.875           340000                5.25               12.875          5.25
00000000000123248581                          6.75            95000                   5                12.75             5
00000000000123248975                         6.125            82000                5.75               12.125          5.75
00000000000123251921                         4.875           107000                   4               10.875             4
00000000000123262492                        10.125           400000
00000000000123265729                         6.875           131900                 5.5               12.875           5.5
00000000000123272071                         6.875           175000                5.25               12.875          5.25
00000000000123277929                         5.875           242000                   4               11.875             4
00000000000123282566                          9.25           157000                 3.5                15.25           3.5
00000000000123287926                        13.125           103000
00000000000123289123                         6.875           310000                5.25               12.875          5.25
00000000000123294803                         9.625            85000
00000000000123296697                         6.875            75000                8.75               12.875          8.75
00000000000123300618                         6.875            54000                 5.5               12.875           5.5
00000000000123303013                         6.875           100000                 6.5               12.875           6.5
00000000000123304282                         9.375           165000
00000000000123333907                         6.875            63000                   5               12.875             5
00000000000123354604                        10.375           300000
00000000000123356222                         6.875           112600                5.25               12.875          5.25
00000000000123356281                         6.875            27000                5.75               12.875          5.75
00000000000123361949                         6.875           650000                4.25               12.875          4.25
00000000000123377905                         6.875           193000                6.25               12.875          6.25
00000000000123393611                         4.875           125000                 5.5               10.875           5.5
00000000000123395292                         5.875           172000               4.375               11.875         4.375
00000000000123403076                         6.875           150000                   5               12.875             5
00000000000123403166                         5.875          1200000                3.75               11.875          3.75
00000000000123405103                         4.875           122000                5.25               10.875          5.25
00000000000123406437                             9           140000               5.041                   15         5.041
00000000000123408733                         6.875           150000                5.25               12.875          5.25
00000000000123409509                         5.875           175000                 4.5               11.875           4.5
00000000000123410025                         10.25           170000
00000000000123414506                         9.125            64000
00000000000123418001                         6.875           359000                5.75               12.875          5.75
00000000000123420138                             9           150000
00000000000123420565                         6.875            58000                5.75               12.875          5.75
00000000000123422001                         6.875           160000                   6               12.875             6
00000000000123424668                         6.875            58000                 5.5               12.875           5.5
00000000000123426621                           9.5           225000
00000000000123429529                         6.875           370000                   6               12.875             6
00000000000123431958                         5.875            70000                   4               11.875             4
00000000000123432264                         6.875           149900                   5               12.875             5
00000000000123436936                         6.875            90000                   5               12.875             5
00000000000123439122                         6.875           240000                 5.5               12.875           5.5
00000000000123440313                         6.875            32500                   5               12.875             5
00000000000123443901                         6.375           590000                4.75               12.375          4.75
00000000000123444744                         6.875           145000                   7               12.875             7
00000000000123448261                         4.875           130000                5.75               10.875          5.75
00000000000123452737                         6.875           260000                5.75               12.875          5.75
00000000000123456802                         10.25          1525000
00000000000123457018                         6.875           150000                 5.5               12.875           5.5
00000000000123458264                        10.375           100000
00000000000123458460                         6.875           225000                 5.5               12.875           5.5
00000000000123459436                         9.875           600000
00000000000123460155                         6.875           162000                5.75               12.875          5.75
00000000000123460790                         6.875            34000                 5.5               12.875           5.5
00000000000123463103                         6.875           200000                 5.5               12.875           5.5
00000000000123467094                         5.875           200000                 4.5               11.875           4.5
00000000000123467731                         6.875            33000                5.25               12.875          5.25
00000000000123467860                         11.75            47000
00000000000123468221                         9.875           213500
00000000000123469497                         5.875           109500                 5.5               11.875           5.5
00000000000123470316                         5.875            91125                 5.5               11.875           5.5
00000000000123470357                         5.875           125000                4.25               11.875          4.25
00000000000123471302                         5.875            62000                 5.5               11.875           5.5
00000000000123472628                          10.5           210000
00000000000123473928                            10           163000                   5                   16             5
00000000000123474418                         5.875           135000                3.75               11.875          3.75
00000000000123474538                         5.875           392000                5.75               11.875          5.75
00000000000123478613                         5.875           420000                 5.5               11.875           5.5
00000000000123479070                             9            50000                   5                   15             5
00000000000123480079                         5.875           122000                5.75               11.875          5.75
00000000000123480908                         6.875            60000                   5               12.875             5
00000000000123482056                         6.875            40000                   5               12.875             5
00000000000123482142                         5.875           675000                4.25               11.875          4.25
00000000000123483431                         9.375           200000
00000000000123484569                         6.875           199000                5.25               12.875          5.25
00000000000123485270                         6.875            37000                   5               12.875             5
00000000000123486597                         6.875           200000                5.25               12.875          5.25
00000000000123488132                         5.875           117900                   5               11.875             5
00000000000123489623                         5.875           270000                4.75               11.875          4.75
00000000000123491054                         6.875           452000                5.25               12.875          5.25
00000000000123491855                             9           155000
00000000000123492040                         6.875           275000                   5               12.875             5
00000000000123493019                         6.375           575000                5.25               12.375          5.25
00000000000123494874                            10           160000
00000000000123495110                         5.375           565000                6.75               11.375          6.75
00000000000123495148                         5.875           295000                 4.5               11.875           4.5
00000000000123495218                         6.875           125000                   5               12.875             5
00000000000123495482                         6.875            50000                5.25               12.875          5.25
00000000000123496006                         6.875           425000                   5               12.875             5
00000000000123497145                         6.875           230000                   5               12.875             5
00000000000123498151                         6.875           235000                5.25               12.875          5.25
00000000000123498422                         9.375            57000
00000000000123501722                         5.875            80000                4.25               11.875          4.25
00000000000123504717                         5.875           450000                 4.5               11.875           4.5
00000000000123504938                         5.875           135000                4.75               11.875          4.75
00000000000123505379                          9.25           450000
00000000000123505557                         6.875           120000                   5               12.875             5
00000000000123506436                         5.875           650000                   5               11.875             5
00000000000123517769                         6.875           160000                5.25               12.875          5.25
00000000000123519138                         6.875            89000                5.75               12.875          5.75
00000000000123520208                         6.875           405000                5.75               12.875          5.75
00000000000123520787                         5.875            39500                 5.5               11.875           5.5
00000000000123523735                         6.875           100000                   5               12.875             5
00000000000123526959                         8.375           405000
00000000000123527415                         6.875            40000                   5               12.875             5
00000000000123529257                         6.875           124000                 5.5               12.875           5.5
00000000000123529504                         6.875           700000                6.75               12.875          6.75
00000000000123531017                         5.875           299000                4.25               11.875          4.25
00000000000123531360                         6.875           102000                   5               12.875             5
00000000000123532034                         5.875           461000                4.25               11.875          4.25
00000000000123532052                         6.875            96000                5.25               12.875          5.25
00000000000123533097                         6.875           325000                5.25               12.875          5.25
00000000000123533430                         6.875           252000               5.875               12.875         5.875
00000000000123534057                         5.875           415000                 4.5               11.875           4.5
00000000000123534429                         6.875            51500                5.25               12.875          5.25
00000000000123534771                          10.5           165000
00000000000123537676                         8.875           110000
00000000000123539024                         10.25           210000
00000000000123539845                         6.875            78000                5.25               12.875          5.25
00000000000123540594                         5.875           150000                4.75               11.875          4.75
00000000000123540851                         5.875           145000                5.75               11.875          5.75
00000000000123541017                         6.875            65000                5.75               12.875          5.75
00000000000123541118                         10.75            38000
00000000000123541234                         6.875           220000                5.75               12.875          5.75
00000000000123541476                         5.875          1200000                5.25               11.875          5.25
00000000000123544624                          6.75            40000                 5.5                12.75           5.5
00000000000123545526                         6.875           125000                5.75               12.875          5.75
00000000000123546595                         6.875           101000                5.25               12.875          5.25
00000000000123547961                         5.875           418000                5.75               11.875          5.75
00000000000123549303                         6.875           342000                5.75               12.875          5.75
00000000000123549777                         5.875            60000                5.75               11.875          5.75
00000000000123550157                          7.25           398000
00000000000123550524                         6.875           165000                5.25               12.875          5.25
00000000000123550567                         5.875           490000               4.625               11.875         4.625
00000000000123551564                         5.875           725000                   5               11.875             5
00000000000123552449                         6.875            93000                   6               12.875             6
00000000000123554164                         6.875           130000                8.25               12.875          8.25
00000000000123554397                         6.875           350000                5.75               12.875          5.75
00000000000123554893                         8.125           395000
00000000000123556552                          11.5            42500
00000000000123556893                         4.875           360000                4.75               10.875          4.75
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00000000000123837226                         5.875            82500               5.875               11.875         5.875
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00000000000123850954                        10.375           100000                6.75               16.375          6.75
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00000000000123853182                         6.875           132500                5.25               12.875          5.25
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00000000000123896597                        10.375            54000
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00000000000123910520                        10.375           145000                5.25               16.375          5.25
00000000000123912639                         6.875            65000                   5               12.875             5
00000000000123914435                         6.875           225000                5.25               12.875          5.25
00000000000123916753                         5.875           315000                4.25               11.875          4.25
00000000000123916974                         6.875           300000                 5.5               12.875           5.5
00000000000123917381                        10.625           161666
00000000000123918518                         6.875           162000                   5               12.875             5
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00000000000123923511                          8.75            80000                5.25                14.75          5.25
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00000000000123925068                         6.875           410000                   7               12.875             7
00000000000123925935                         6.875           120000                5.25               12.875          5.25
00000000000123929127                             9           730000
00000000000123929910                          10.5           340000                5.25                 16.5          5.25
00000000000123931539                         5.875           330000                   4               11.875             4
00000000000123932371                         4.875          1105000                4.25               10.875          4.25
00000000000123932795                         6.875           250000                5.25               12.875          5.25
00000000000123934360                         6.875            55500                   5               12.875             5
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00000000000123938172                         6.875            85000                   5               12.875             5
00000000000123938585                         5.875           655000                 4.5               11.875           4.5
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00000000000123941360                        10.625            70000                   5               16.625             5
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00000000000123945507                         5.875           150000                3.75               11.875          3.75
00000000000123946266                         5.875           650000                 4.5               11.875           4.5
00000000000123948626                         6.875           235000                5.25               12.875          5.25
00000000000123951422                         6.875           245000                 5.5               12.875           5.5
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00000000000123955552                         9.375            80600
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00000000000123958162                         5.875           179000                5.25               11.875          5.25
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00000000000123958312                         5.875           387000                   4               11.875             4
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00000000000123958681                             7           355000                   5                   13             5
00000000000123958858                         4.875           130000                   4               10.875             4
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00000000000123972078                             9           171000
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00000000000123984154                         5.875            87000                5.75               11.875          5.75
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00000000000123993277                        10.625           130000
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00000000000123997028                         9.875           386000                   5               15.875             5
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00000000000124000763                         9.625            81000                3.75               15.625          3.75
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00000000000124003043                         5.875           250000                3.75               11.875          3.75
00000000000124004500                         6.875           191000                 6.5               12.875           6.5
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00000000000124017740                           9.5            65000                3.75                 15.5          3.75
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00000000000124021091                         5.875           435000                4.25               11.875          4.25
00000000000124021154                         6.875           146000                5.75               12.875          5.75
00000000000124022192                         5.875           175000                5.25               11.875          5.25
00000000000124022811                        10.875           182500
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00000000000124025416                             9           110000                   5                   15             5
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00000000000124029675                         6.875           125000                6.75               12.875          6.75
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00000000000124032255                         6.875            47500                   5               12.875             5
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00000000000124034652                         6.875           115000                5.75               12.875          5.75
00000000000124034823                         6.875           159000                   5               12.875             5
00000000000124034994                         6.875           215000                5.25               12.875          5.25
00000000000124037202                           8.5           169000
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00000000000124043943                         6.375           135000                4.75               12.375          4.75
00000000000124050471                         9.375           100000
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00000000000124055666                        10.125           655000
00000000000124057527                            12           170000
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00000000000124062561                         6.875           322000                5.25               12.875          5.25
00000000000124062713                         5.875           102000                 5.5               11.875           5.5
00000000000124063045                         7.625           831000
00000000000124063455                          9.75           635000
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00000000000124072251                         10.75           125000
00000000000124075106                         9.375           400000
00000000000124076482                         6.875            34000                   5               12.875             5
00000000000124078616                        10.875           182500
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00000000000124083578                        10.375            62000                4.75               16.375          4.75
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00000000000124094094                         5.875           625000                4.25               11.875          4.25
00000000000124095603                         8.875           510000
00000000000124095929                             8           285000               4.375                   14         4.375
00000000000124096938                         6.875            47500                5.25               12.875          5.25
00000000000124097522                         6.875           138000                   5               12.875             5
00000000000124102382                         11.75           135000
00000000000124104576                         6.875           130000                   5               12.875             5
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00000000000124111237                          10.5            35000                 4.5                 16.5           4.5
00000000000124112323                         6.875           140000                   5               12.875             5
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00000000000124113214                         6.375           615000                5.75               12.375          5.75
00000000000124114017                         6.875            95000                   5               12.875             5
00000000000124115982                         5.875           109500                   4               11.875             4
00000000000124116093                           9.5            37500
00000000000124116183                         9.875           252000
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00000000000124121771                         5.875           405000                   4               11.875             4
00000000000124121848                         8.625           182000
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00000000000124122262                           9.5           195000                3.75                 15.5          3.75
00000000000124122276                         5.875           461000                 4.5               11.875           4.5
00000000000124122453                           9.5           130000                 3.5                 15.5           3.5
00000000000124123879                           8.5           355000
00000000000124129542                         5.875           328000               4.625               11.875         4.625
00000000000124129917                           7.5            91000                3.75                 13.5          3.75
00000000000124129997                         6.875            38500                   5               12.875             5
00000000000124130397                         5.875          1500000                 4.5               11.875           4.5
00000000000124132497                         6.875           103000                5.75               12.875          5.75
00000000000124132532                         5.875           611000                4.25               11.875          4.25
00000000000124133535                         5.875           106000                   4               11.875             4
00000000000124134050                            11           400000
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00000000000124135709                           8.5           270000
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00000000000124149825                           9.5           120000                3.75                 15.5          3.75
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00000000000124157713                         9.375           235000               4.125               15.375         4.125
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00000000000124191061                           9.5           190000                3.75                 15.5          3.75
00000000000124191428                           9.5           110000                 3.5                 15.5           3.5
00000000000124195559                         6.875            48000                 5.5               12.875           5.5
00000000000124196786                         6.875           165000                   5               12.875             5
00000000000124197665                         6.875           205000                5.25               12.875          5.25
00000000000124197712                          9.25           250000
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00000000000124204735                         6.875            32000                5.25               12.875          5.25
00000000000124206633                         6.875          6615000                   5               12.875             5
00000000000124207341                          8.25           139000                5.25                14.25          5.25
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00000000000124219114                         6.875            36000                5.25               12.875          5.25
00000000000124223991                         6.875           120000                5.75               12.875          5.75
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00000000000124244743                         9.375           845000
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00000000000124251896                         6.875            95000                   5               12.875             5
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00000000000124271382                         6.375           600000                5.75               12.375          5.75
00000000000124271821                         6.875            68000                5.75               12.875          5.75
00000000000124272485                         5.875           150000                 5.5               11.875           5.5
00000000000124273562                         6.875           275000                5.75               12.875          5.75
00000000000124279188                          10.5           197000
00000000000124282557                          11.5           190000
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00000000000124290031                         5.875           475000                4.25               11.875          4.25
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00000000000124312043                         11.75           160000
00000000000124341492                        10.375            95000                 4.5               16.375           4.5
00000000000124343762                         9.375           155000

-----------------------------------------------
Loan Number                        Periodic
                                   Rate Cap
-----------------------------------------------
00000000000121167755                    11.875
00000000000121819667                    10.875
00000000000122092020                    10.625
00000000000122470736
00000000000122532796                    11.375
00000000000122742252                    11.875
00000000000122772412                    11.875
00000000000122784626                    11.875
00000000000122784934                    11.875
00000000000122807004
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00000000000124122262                      10.5
00000000000124122276                    10.875
00000000000124122453                      10.5
00000000000124123879
00000000000124129542                    10.875
00000000000124129917                       8.5
00000000000124129997                    11.875
00000000000124130397                    10.875
00000000000124132497                    11.875
00000000000124132532                    10.875
00000000000124133535                    10.875
00000000000124134050
00000000000124134573                    11.875
00000000000124135709
00000000000124141135                     9.875
00000000000124141848
00000000000124144066                    11.875
00000000000124144575                    11.875
00000000000124145863                    10.875
00000000000124146694                    11.875
00000000000124147648                    11.875
00000000000124149732                    10.875
00000000000124149825                      10.5
00000000000124153399
00000000000124153850                    10.875
00000000000124154764                    10.875
00000000000124154882                    10.875
00000000000124155085                    11.875
00000000000124157713                    10.375
00000000000124159403                    11.875
00000000000124159713
00000000000124164131                      11.5
00000000000124164520
00000000000124170213                    10.875
00000000000124171740                    10.875
00000000000124179245                    11.875
00000000000124179652                    11.875
00000000000124180177                    10.875
00000000000124181664                    11.875
00000000000124183698                    11.875
00000000000124188244                    11.875
00000000000124191061                      10.5
00000000000124191428                      10.5
00000000000124195559                    11.875
00000000000124196786                    11.875
00000000000124197665                    11.875
00000000000124197712
00000000000124198540                    11.875
00000000000124198946                    11.875
00000000000124204735                    11.875
00000000000124206633                    11.875
00000000000124207341                      9.25
00000000000124208823
00000000000124209527                    11.875
00000000000124210610                    11.875
00000000000124219114                    11.875
00000000000124223991                    11.875
00000000000124228066                    11.875
00000000000124229610                    11.875
00000000000124230771                    11.875
00000000000124230925                    11.375
00000000000124233818                    10.875
00000000000124234104                    11.875
00000000000124241241                    11.875
00000000000124244743
00000000000124251715                    10.875
00000000000124251896                    11.875
00000000000124255872
00000000000124255879                    11.875
00000000000124271382                    11.375
00000000000124271821                    11.875
00000000000124272485                    10.875
00000000000124273562                    11.875
00000000000124279188
00000000000124282557
00000000000124284558                    11.875
00000000000124289750                    10.875
00000000000124290031                    10.875
00000000000124296125
00000000000124307503
00000000000124309908                    10.875
00000000000124312043
00000000000124341492                    11.375
00000000000124343762

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      --------------------------------------------------------------------------------------------------------------------------
Loan Number                        State        Zip          Original months         Loan-to-Value         Curr. Interest
                                                             to maturity             ratio at Orig.        Rate
--------------------------------------------------------------------------------------------------------------------------
00000000000123017472               NJ           08205                        60                89.725                  10
00000000000123796649               NY           10990                       240                    90               6.875
00000000000123839869               NJ           07827                       180                    80               5.875
00000000000123874791               MD           20772                        60                    90               6.875
00000000000123956826               CO           81235                        60                    90               6.875
00000000000123958858               MO           63025                        60                79.385               4.875
00000000000123977159               WA           98819                        24                    80                  10
00000000000123978178               TX           77365                        60                    90               5.875
00000000000123997214               SC           29745                        60                    90               6.875
00000000000124025416               AK           99516                        60                    90                   9
00000000000124037202               UT           84017                        24                    90                 8.5
00000000000124041381               ID           83617                        60                    90               6.875
00000000000124057527               MI           48380                        24                    90                  12
00000000000124072251               NM           87043                        24                    90               10.75
00000000000124083578               MI           48836                        60                    90              10.375
00000000000124097522               FL           32444                       180                    90               6.875
00000000000124108527               CA           92590                        60                    90               6.875
00000000000124110934               TX           78258                        60                    90               6.875
00000000000124114017               TX           78002                        60                89.999               6.875
00000000000124116093               FL           33948                        24                    80                 9.5
00000000000124122188               UT           84060                       180                    85                 8.5
00000000000124132497               GA           30188                       180                    90               6.875
00000000000124141135               MI           48302                        60                    70               4.875
00000000000124141848               KS           66618                        60                    90                12.5
00000000000124144066               NY           14131                        60                    90               6.875
00000000000124149825               TX           78133                        60                79.964                 9.5
00000000000124180177               TX           77091                        60                    80               5.875
00000000000124195559               CA           95640                        60                89.583               6.875
00000000000124197665               CA           96022                        60                    90               6.875
00000000000124197712               CA           93291                        24                    80                9.25
00000000000124207341               CA           92543                        60                    90                8.25
00000000000124210610               FL           33914                       180                    90               6.875
00000000000124228066               VA           22712                       180                    90               6.875
00000000000124229610               UT           84098                        60                    90               6.875
00000000000124244743               CO           81225                        24                32.927               9.375
00000000000124255872               MA           01506                        24                    90               11.75
00000000000124271821               UT           84655                        60                    90               6.875
00000000000124279188               WA           98837                        24                    90                10.5
00000000000124289750               CO           80467                        60                78.906               5.875
00000000000124312043               TX           77356                        24                    90               11.75
00000000000124341492               FL           33056                        60                    90              10.375

----------------------------------------------------------------------------------------------------------------
Loan Number                        First Monthly               Stated Maturity Date          Current Monthly
                                   Payment Due Date                                          Payment
----------------------------------------------------------------------------------------------------------------
00000000000123017472               11/1/2006 0:00              10/1/2011 00:00:00                        1287.4
00000000000123796649               11/1/2006 0:00              10/1/2026 00:00:00                       1247.81
00000000000123839869               11/1/2006 00:00:00          10/1/2021 00:00:00                        449.57
00000000000123874791               10/1/2006 00:00:00          9/1/2011 00:00:00                        1521.09
00000000000123956826               11/1/2006 00:00:00          10/1/2011 00:00:00                        242.34
00000000000123958858               11/1/2006 00:00:00          10/1/2011 00:00:00                        546.14
00000000000123977159               11/1/2006 00:00:00          10/1/2008 00:00:00                        233.33
00000000000123978178               10/1/2006 00:00:00          9/1/2011 00:00:00                         264.38
00000000000123997214               10/1/2006 00:00:00          9/1/2011 00:00:00                         309.38
00000000000124025416               11/1/2006 00:00:00          10/1/2011 00:00:00                        795.85
00000000000124037202               11/1/2006 00:00:00          10/1/2008 00:00:00                       1077.38
00000000000124041381               11/1/2006 00:00:00          10/12/2011 00:00:00                       953.91
00000000000124057527               11/1/2006 00:00:00          10/1/2008 00:00:00                       1573.78
00000000000124072251               11/1/2006 00:00:00          10/1/2008 00:00:00                       1008.16
00000000000124083578               11/1/2006 00:00:00          10/1/2011 00:00:00                        466.88
00000000000124097522               11/1/2006 00:00:00          10/1/2021 00:00:00                        798.17
00000000000124108527               11/1/2006 00:00:00          10/1/2011 00:00:00                       2036.72
00000000000124110934               10/1/2006 00:00:00          9/1/2011 00:00:00                         366.57
00000000000124114017               11/1/2006 00:00:00          10/1/2011 00:00:00                        546.86
00000000000124116093               10/1/2006 00:00:00          9/1/2008 00:00:00                          237.5
00000000000124122188               10/1/2006 00:00:00          9/1/2021 00:00:00                        3311.46
00000000000124132497               11/1/2006 00:00:00          10/1/2021 00:00:00                        515.63
00000000000124141135               11/1/2006 00:00:00          10/1/2011 00:00:00                       3519.23
00000000000124141848               11/1/2006 00:00:00          10/1/2011 00:00:00                         187.5
00000000000124144066               11/1/2006 00:00:00          10/1/2011 00:00:00                        540.89
00000000000124149825               11/1/2006 00:00:00          10/1/2011 00:00:00                        695.08
00000000000124180177               10/1/2006 00:00:00          9/1/2011 00:00:00                         160.58
00000000000124195559               11/1/2006 00:00:00          10/1/2011 00:00:00                        282.48
00000000000124197665               11/1/2006 00:00:00          10/1/2011 00:00:00                        934.83
00000000000124197712               11/1/2006 00:00:00          10/1/2008 00:00:00                       1541.67
00000000000124207341               11/1/2006 00:00:00          10/1/2011 00:00:00                        816.75
00000000000124210610               11/1/2006 00:00:00          10/1/2021 00:00:00                        979.17
00000000000124228066               11/1/2006 00:00:00          10/1/2021 00:00:00                       1108.59
00000000000124229610               11/1/2006 00:00:00          10/1/2011 00:00:00                       1443.75
00000000000124244743               11/1/2006 00:00:00          10/1/2008 00:00:00                       2109.38
00000000000124255872               11/1/2006 00:00:00          10/1/2008 00:00:00                        674.16
00000000000124271821               11/1/2006 00:00:00          10/1/2011 00:00:00                        283.59
00000000000124279188               11/1/2006 00:00:00          10/1/2008 00:00:00                       1535.63
00000000000124289750               11/1/2006 00:00:00          10/1/2011 00:00:00                        597.45
00000000000124312043               11/1/2006 00:00:00          10/1/2008 00:00:00                          1410
00000000000124341492               11/1/2006 00:00:00          10/1/2011 00:00:00                        733.38

---------------------------------------------------------------------------------------------------------------------------------
Loan Number                        Original Monthly         Last Actual Payment           Orig. Principal       Curr. Principal
                                   Payment                                                Balance               Balance
---------------------------------------------------------------------------------------------------------------------------------
00000000000123017472                            1287.4      10/1/2006 00:00:00                      146700                146700
00000000000123796649                           1247.81      10/1/2006 00:00:00                      217800                217800
00000000000123839869                            449.57      10/1/2006 00:00:00                       76000                 76000
00000000000123874791                           1521.09      9/1/2006 00:00:00                       265500                265500
00000000000123956826                            242.34      10/1/2006 00:00:00                       42300                 42300
00000000000123958858                            546.14      10/1/2006 00:00:00                      103200                103200
00000000000123977159                            233.33      10/1/2006 00:00:00                       28000                 28000
00000000000123978178                            264.38      9/1/2006 00:00:00                        54000                 54000
00000000000123997214                            309.38      9/1/2006 00:00:00                        54000                 54000
00000000000124025416                            795.85      10/1/2006 00:00:00                       98910                 98910
00000000000124037202                           1077.38      10/1/2006 00:00:00                      152100                152100
00000000000124041381                            953.91      10/1/2006 00:00:00                      166500                166500
00000000000124057527                           1573.78      10/1/2006 00:00:00                      153000                153000
00000000000124072251                           1008.16      10/1/2006 00:00:00                      108000                108000
00000000000124083578                            466.88      10/1/2006 00:00:00                       54000                 54000
00000000000124097522                            798.17      10/1/2006 00:00:00                      121500                121500
00000000000124108527                           2036.72      10/1/2006 00:00:00                      355500                355500
00000000000124110934                            366.57      9/1/2006 00:00:00                        55800                 55800
00000000000124114017                            546.86      10/1/2006 00:00:00                       83245                 83245
00000000000124116093                             237.5      9/1/2006 00:00:00                        30000                 30000
00000000000124122188                           3311.46      9/1/2006 00:00:00                       467500                467500
00000000000124132497                            515.63      10/1/2006 00:00:00                       90000                 90000
00000000000124141135                           3519.23      10/1/2006 00:00:00                      665000                665000
00000000000124141848                             187.5      10/1/2006 00:00:00                       18000                 18000
00000000000124144066                            540.89      10/1/2006 00:00:00                       94410                 94410
00000000000124149825                            695.08      10/1/2006 00:00:00                       87800                 87800
00000000000124180177                            160.58      9/1/2006 00:00:00                        32800                 32800
00000000000124195559                            282.48      10/1/2006 00:00:00                       43000                 43000
00000000000124197665                            934.83      10/1/2006 00:00:00                      163170                163170
00000000000124197712                           1541.67      10/1/2006 00:00:00                      200000                200000
00000000000124207341                            816.75      10/1/2006 00:00:00                      118800                118800
00000000000124210610                            979.17      10/1/2006 00:00:00                      170910                170910
00000000000124228066                           1108.59      10/1/2006 00:00:00                      193500                193500
00000000000124229610                           1443.75      10/1/2006 00:00:00                      252000                252000
00000000000124244743                           2109.38      10/1/2006 00:00:00                      270000                270000
00000000000124255872                            674.16      10/1/2006 00:00:00                       68850                 68850
00000000000124271821                            283.59      10/1/2006 00:00:00                       49500                 49500
00000000000124279188                           1535.63      10/1/2006 00:00:00                      175500                175500
00000000000124289750                            597.45      10/1/2006 00:00:00                      101000                101000
00000000000124312043                              1410      10/1/2006 00:00:00                      144000                144000
00000000000124341492                            733.38      10/1/2006 00:00:00                       81000                 81000

---------------------------------------------------------------------------------------------------------------------------
Loan Number                        Orig. Interest       Appraisal        Min. Interest       Max.                 Gross
                                   Rate                 Value            Rate                 Interest Rate       Margin
---------------------------------------------------------------------------------------------------------------------------
00000000000123017472                            10           163500
00000000000123796649                         6.875           250000                5.25               12.875          5.25
00000000000123839869                         5.875           160000                   4               11.875             4
00000000000123874791                         6.875           295000                5.75               12.875          5.75
00000000000123956826                         6.875            50000                5.25               12.875          5.25
00000000000123958858                         4.875           130000                   4               10.875             4
00000000000123977159                            10            35000
00000000000123978178                         5.875            63000                5.75               11.875          5.75
00000000000123997214                         6.875            60000                5.25               12.875          5.25
00000000000124025416                             9           110000                   5                   15             5
00000000000124037202                           8.5           169000
00000000000124041381                         6.875           186000                5.25               12.875          5.25
00000000000124057527                            12           170000
00000000000124072251                         10.75           125000
00000000000124083578                        10.375            62000                4.75               16.375          4.75
00000000000124097522                         6.875           138000                   5               12.875             5
00000000000124108527                         6.875           475000                6.25               12.875          6.25
00000000000124110934                         6.875            62000                 5.5               12.875           5.5
00000000000124114017                         6.875            95000                   5               12.875             5
00000000000124116093                           9.5            37500
00000000000124122188                           8.5           550000                4.75                 14.5          4.75
00000000000124132497                         6.875           103000                5.75               12.875          5.75
00000000000124141135                         4.875          1123000                   4               10.875             4
00000000000124141848                          12.5            21000
00000000000124144066                         6.875           105000                5.25               12.875          5.25
00000000000124149825                           9.5           120000                3.75                 15.5          3.75
00000000000124180177                         5.875            41000                4.25               11.875          4.25
00000000000124195559                         6.875            48000                 5.5               12.875           5.5
00000000000124197665                         6.875           205000                5.25               12.875          5.25
00000000000124197712                          9.25           250000
00000000000124207341                          8.25           139000                5.25                14.25          5.25
00000000000124210610                         6.875           230000                5.25               12.875          5.25
00000000000124228066                         6.875           220000                5.75               12.875          5.75
00000000000124229610                         6.875           280000                5.25               12.875          5.25
00000000000124244743                         9.375           845000
00000000000124255872                         11.75            80000
00000000000124271821                         6.875            68000                5.75               12.875          5.75
00000000000124279188                          10.5           197000
00000000000124289750                         5.875           136000                   4               11.875             4
00000000000124312043                         11.75           160000
00000000000124341492                        10.375            95000                 4.5               16.375           4.5

-----------------------------------------------
Loan Number                        Periodic
                                   Rate Cap
-----------------------------------------------
00000000000123017472
00000000000123796649                    11.875
00000000000123839869                    10.875
00000000000123874791                    11.875
00000000000123956826                    11.875
00000000000123958858                     9.875
00000000000123977159
00000000000123978178                    10.875
00000000000123997214                    11.875
00000000000124025416                        14
00000000000124037202
00000000000124041381                    11.875
00000000000124057527
00000000000124072251
00000000000124083578                    11.375
00000000000124097522                    11.875
00000000000124108527                    11.875
00000000000124110934                    11.875
00000000000124114017                    11.875
00000000000124116093
00000000000124122188                      13.5
00000000000124132497                    11.875
00000000000124141135                     9.875
00000000000124141848
00000000000124144066                    11.875
00000000000124149825                      10.5
00000000000124180177                    10.875
00000000000124195559                    11.875
00000000000124197665                    11.875
00000000000124197712
00000000000124207341                      9.25
00000000000124210610                    11.875
00000000000124228066                    11.875
00000000000124229610                    11.875
00000000000124244743
00000000000124255872
00000000000124271821                    11.875
00000000000124279188
00000000000124289750                    10.875
00000000000124312043
00000000000124341492                    11.375

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      FORM
        OF REQUEST FOR RELEASE OF DOCUMENTS

       

      
        	
                To:

              	
                Deutsche
                  Bank National Trust Company

              

      

      1761
        East
        St. Andrew Place

      Santa
        Ana, California 92705-4934

      Attention:
        Trust Administration - IN06L3

       

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of September 1, 2006 among IndyMac
                  MBS,
                  Inc., as Depositor, IndyMac Bank, F.S.B., as Seller and Servicer,
                  and
                  Deutsche Bank National Trust Company, as Trustee with respect to
                  IndyMac
                  MBS, Inc., Residential Mortgage-Backed Trust, Series
                  2006-L3

              

      

      

       

      In
        connection with the administration of the Mortgage Loans held by you as Trustee
        pursuant to the above-captioned Pooling and Servicing Agreement, we request
        the
        release, and hereby acknowledge receipt of the Trustee’s Mortgage File Or the
        Mortgage Loan described below, for the reason indicated.

       

      Mortgage
        Loan Number:

       

      Mortgagor
        Name. Address & Zip Code:

       

      Reason
        for Requesting Documents (check one):

       

      
        	
                ______1.

              	
                Mortgage
                  Paid in Full

              
	 	 
	
                ______2.
                  

              	
                Foreclosure

              
	 	 
	
                ______3.
                  

              	
                Substitution

              
	 	 
	
                ______4.

              	
                Other
                  Liquidation (Repurchases, etc.)

              
	 	 
	
                ______5.

              	
                Nonliquidation
                  Reason:

              
	 	 

      

      Address
        to which Trustee should deliver

      the
        Trustee’s Mortgage File:

      

      
        	 
	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	 	
                By:

              	 
	 	 	
                (authorized
                  agent)

              
	 	 	 
	 	
                Issuer:

              	 
	 	 	 
	 	 	 
	 	 	 
	 	
                Address:

              	 
	 	 	 
	 	 	 
	 	
                Date:

              	 
	 	 	 

      

      

      Trustee

       

      Deutsche
        Bank National Trust Company

       

      
        	
                Please
                  acknowledge the execution of the above request by your signature
                  and date
                  below:

              

      

       

      
        	 	 	 
	
                Signature

              	 	
                Date

              
	 	 
	
                Documents
                  returned to Trustee:

              	 
	 	 	 
	 	 	 
	
                Trustee

              	 	
                Date

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F-1

       

      FORM
        OF
        TRUSTEE’S INITIAL CERTIFICATION

       

      _______________,
        200__

      

      
        	
                IndyMac
                  MBS, Inc.

                155
                  North Lake Avenue

                Pasadena,
                  California 91101

              	 

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of September 1, 2006 among IndyMac
                  MBS,
                  Inc., as Depositor, IndyMac Bank, F.S.B., as Seller and Servicer,
                  and
                  Deutsche Bank National Trust Company, as Trustee with respect to
                  IndyMac
                  MBS, Inc., Residential Mortgage-Backed Trust, Series
                  2006-L3

              

      

      

      Ladies
        and Gentlemen:

       

      Attached
        is the Trustee’s preliminary exception report delivered in accordance with
        Section 2.02 of the referenced Pooling and Servicing Agreement (the “Pooling and
        Servicing Agreement”). Capitalized terms used but not otherwise defined herein
        shall have the meanings set forth in the Pooling and Servicing
        Agreement.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Pooling and
        Servicing Agreement. The Trustee makes no representations as to (i) the
        validity, legality, sufficiency, enforceability or genuineness of any of
        the
        documents contained in the Mortgage File pertaining to the Mortgage Loans
        identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
        effectiveness or suitability of any such Mortgage Loan or (iii) whether any
        Mortgage File included any of the documents specified in clause (vi) of Section
        2.01 of the Pooling and Servicing Agreement.

       

      
        	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        F-2

       

      FORM
        OF
        TRUSTEE’S FINAL CERTIFICATION

       

      
        	 
	
                [Date]

              

      

      

      

       

      

      
        	
                IndyMac
                  MBS, Inc.

                155
                  North Lake Avenue

                Pasadena,
                  California 91101

              

      

      

      
        	 	
                Re:

              	
                Pooling
                  and Servicing Agreement dated as of September 1, 2006 among IndyMac
                  MBS,
                  Inc., as Depositor, IndyMac Bank, F.S.B., as Seller and Servicer,
                  and
                  Deutsche Bank National Trust Company, as Trustee with respect to
                  IndyMac
                  MBS, Inc., Residential Mortgage-Backed Trust, Series
                  2006-L3

              

      

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the Pooling and Servicing Agreement, the
        undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed
        in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full
        or
        listed on Schedule I hereto) it (or its custodian) has received the applicable
        documents listed in Section 2.01 of the Pooling and Servicing
        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 above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in items (1), (3), (10), (11), (15)
        and
        (18) in the definition of Mortgage Loan Schedule is correct.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Pooling and Servicing Agreement. This Certificate is qualified
        in
        all respects by the terms of said Pooling and Servicing Agreement.

       

      
        	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        F-3

       

      FORM
        OF
        RECEIPT OF MORTGAGE NOTE

       

      

      
        	
                IndyMac
                  MBS, Inc.

                155
                  North Lake Avenue

                Pasadena,
                  California 91101

              	 

      

      

      
        	 	
                Re:

              	
                IndyMac
                  MBS, Inc., IndyMac Residential Mortgage-Backed Trust, Series 2006-L3,
                  Mortgage-Backed Certificates 

              

      

      

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.01 of the Pooling and Servicing Agreement, dated as of September
        1,
        2006, among IndyMac MBS, Inc. as Depositor, IndyMac Bank, F.S.B. as Seller
        and
        Servicer and Deutsche Bank National Trust Company as Trustee (the “Trustee”), we
        hereby acknowledge the receipt of the original Mortgage Notes with any
        exceptions thereto listed on Exhibit 1.

       

      
        	 	 	 	 	 	 	 	
                DEUTSCHE
                  BANK NATIONAL TRUST COMPANY

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      

       

      

      EXHIBIT
        G

       

      [RESERVED]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      FORM
        OF
        LOST NOTE AFFIDAVIT

       

      Personally
        appeared before me the undersigned authority to administer oaths,
        ___________________ who first being duly sworn deposes and says: Deponent
        is
        ___________ of _____________, successor by merger to ________________ (“Seller”)
        and who has personal knowledge of the facts set out in this
        affidavit.

       

      On
        ______________________, ________ did execute and deliver a promissory note
        in
        the principal amount of $__________.

       

      That
        said
        note has been misplaced or lost through causes unknown and is presently lost
        and
        unavailable after diligent search has been made. Seller’s records show that an
        amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and Seller is still owner and holder in due course of said
        lost
        note.

       

      Seller
        executes this Affidavit for the purpose of inducing Deutsche Bank National
        Trust
        Company, as trustee on behalf of IndyMac MBS, Inc., IndyMac Residential
        Mortgage-Backed Trust 2006-L3, Mortgage Backed Certificates, Series 2006-L3,
        to
        accept the transfer of the above described loan from Seller.

       

      Seller
        agrees to indemnify Deutsche Bank National Trust Company, IndyMac MBS, Inc.
        and
        IndyMac Bank, F.S.B. harmless for any losses incurred by such parties resulting
        from the above described promissory note has been lost or
        misplaced.

       

      By: _______________

      _______________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      On
        this
        _____ day of _____________, 20__, before me, a Notary Public, in and for
        said
        County and State, appeared ___________________, who acknowledged the extension
        of the foregoing and who, having been duly sworn, states that any
        representations therein contained are true.

       

      Witness
        my hand and Notarial Seal this _____________ day of 20__.

       

      _______________________

      _______________________

      My
        commission expires _____________.

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      FORM
        OF
        CERTIFICATION WITH RESPECT TO ERISA AND THE CODE

       

                                                 &
        #160;[DATE]

      

      
        	
                IndyMac
                  MBS, Inc.

                155
                  North Lake Avenue

                Pasadena,
                  California 91101

              	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

                Attention:
                  Trust Administration - IN06L3

              

      

      

      
        	 	
                Re:

              	
                IndyMac
                  MBS, Inc., IndyMac Residential Mortgage-Backed Trust 2006-L3, Mortgage-Backed
                  Certificates, Series 2006-L3

              

      

      

      Ladies
        and Gentlemen:

       

      _______________________________
        (the “Transferee”) intends to acquire from __________________________ (the
“Transferor”) $____________ Initial Certificate Principal Balance of IndyMac
        Residential Mortgage-Backed Trust 2006-L3, Mortgage Backed Certificates,
        Series
        2006-L3, Class ___ (the “Certificates”), issued pursuant to a Pooling and
        Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of
        September 1, 2006 among IndyMac MBS, Inc. as depositor (the “Depositor”),
        IndyMac Bank, F.S.B. as seller (the “Seller”) and servicer (the “Servicer”) and
        Deutsche Bank National Trust Company as trustee (the “Trustee”). Capitalized
        terms used herein and not otherwise defined shall have the meanings assigned
        thereto in the Pooling and Servicing Agreement. The Transferee hereby certifies,
        represents and warrants to, and covenants with the Depositor, the Trustee
        and
        the Servicer the following:

       

      The
        Certificates (i) are not being acquired by, and will not be transferred to,
        any
        employee benefit plan within the meaning of section 3(3) of the Employee
        Retirement Income Security Act of 1974, as amended (“ERISA”), or other
        retirement arrangement, including individual retirement accounts and annuities,
        Keogh plans and bank collective investment funds and insurance company general
        or separate accounts in which such plans, accounts or arrangements are invested,
        that is subject to Section 406 of ERISA or Section 4975 of the Internal Revenue
        Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
        acquired with “plan assets” of a Plan within the meaning of the Department of
        Labor (“DOL”) regulation, 29 C.F.R. § 2510.3-101 and (iii) will not be
        transferred to any entity that is deemed to be investing in plan assets within
        the meaning of the DOL regulation at 29 C.F.R. § 2510.3-101.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

                 

                [Transferee]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        J

       

      FORM
        OF
        RULE 144A INVESTMENT LETTER

       

      [Date]

       

      

      
        	
                IndyMac
                  MBS, Inc.

                155
                  North Lake Avenue

                Pasadena,
                  California 91101

              	
                Deutsche
                  Bank National Trust Company

                1761
                  East St. Andrew Place

                Santa
                  Ana, California 92705-4934

                Attention:
                  Trust Administration - IN06L3

              

      

      

      
        	 	
                Re:

              	
                IndyMac
                  MBS, Inc., IndyMac Residential Mortgage-Backed Trust 2006-L3, Mortgage-Backed
                  Certificates Series 2006-L3

              

      

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above Certificates we certify
        that:

       

      (a)  we
        understand that the Certificates are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws;

       

      (b)  we
        have
        had the opportunity to ask questions of and receive answers from the Depositor
        concerning the purchase of the Certificates and all matters relating thereto
        or
        any additional information deemed necessary to our decision to purchase the
        Certificates;

       

      (c)  [Reserved];

       

      (d)  we
        have
        not, nor has anyone acting on our behalf offered, transferred, pledged, sold
        or
        otherwise disposed of the Certificates, any interest in the Certificates
        or any
        other similar security to, or solicited any offer to buy or accept a transfer,
        pledge or other disposition of the Certificates, any interest in the
        Certificates or any other similar security from, or otherwise approached
        or
        negotiated with respect to the Certificates, any interest in the Certificates
        or
        any other similar security with, any person in any manner, or made any general
        solicitation by means of general advertising or in any other manner, or taken
        any other action, that would constitute a distribution of the Certificates
        under
        the Securities Act or that would render the disposition of the Certificates
        a
        violation of Section 5 of the Securities Act or require registration pursuant
        thereto, nor will act, nor has authorized or will authorize any person to
        act,
        in such manner with respect to the Certificates;

       

      (e)  we
        are a
“qualified institutional buyer” as that term is defined in Rule 144A under the
        Securities Act and have completed either of the forms of certification to
        that
        effect attached hereto as Annex 1 or Annex 2. We are aware that the sale
        to us
        is being made in reliance on Rule 144A. We are acquiring the Certificates
        for
        our own account or for resale pursuant to Rule 144A and further, understand
        that
        such Certificates may be resold, pledged or transferred only (i) to a person
        reasonably believed to be a qualified institutional buyer that purchases
        for its
        own account or for the account of a qualified institutional buyer to whom
        notice
        is given that the resale, pledge or transfer is being made in reliance on
        Rule
        144A, or (ii) pursuant to another exemption from registration under the
        Securities Act; and

       

      (f)  either
        (i) we are not an employee benefit or other plan subject to the prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974,
        as amended (“ERISA), or Section 4975 of the Internal Revenue Code of 1986, as
        amended (“Plan”), or any other person (including an investment manager, a named
        fiduciary or a trustee of any Plan) acting, directly or indirectly, on behalf
        of
        or purchasing any Certificate with “plan assets” of any Plan within the meaning
        of the Department of Labor (“DOL”) regulation at 29 C.F.R. § 2510.3-101 or (ii)
        we have provided the Trustee with an Opinion of Counsel acceptable to and
        in
        form and substance satisfactory to the Trustee to the effect that the purchase
        of Certificates is permissible under applicable law, will not constitute
        or
        result in any non-exempt prohibited transaction under ERISA or Section 4975
        of
        the Code and will not subject the Trustee, the Depositor, the Servicer, the
        Certificate Insurer or the Trust Fund to any obligation or liability (including
        obligations or liabilities under ERISA or Section 4975 of the Code) in addition
        to those undertaken in the Pooling and Servicing Agreement].

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

                 

                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Officer

              
	 	 	 	 	 	 	 	 	 

      

      

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        1 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees Other Than Registered Investment Companies]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1.  As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      2.  In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis $_______1in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
        category marked below.

       

      _______
        Corporation,
        etc.
        The
        Buyer is a corporation (other than a bank, savings and loan association or
        similar institution), Massachusetts or similar business trust, partnership,
        or
        charitable organization described in Section 501 (c) (3) of the Internal
        Revenue
        Code of 1986, as amended.

       

      _______
        Bank.
        The
        Buyer (a) is a national bank or banking institution organized under the laws
        of
        any State, territory or the District of Columbia, the business of which is
        substantially confined to banking and is supervised by the State or territorial
        banking commission or similar official or is a foreign bank or equivalent
        institution, and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a copy of which is
        attached hereto.

       

      _______
        Savings
        and Loan.
        The
        Buyer (a) is a savings and loan association, building and loan association,
        cooperative bank, homestead association or similar institution, which is
        supervised and examined by a State or Federal authority having supervision
        over
        any such institutions or is a foreign savings and loan association or equivalent
        institution and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a copy of which is
        attached hereto.

       

      _______
        Broker-dealer.
        The
        Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
        Act of 1934.

       

      _______
        Insurance
        Company.
        The
        Buyer is an insurance company whose primary and predominant business activity
        is
        the writing of insurance or the reinsuring of risks underwritten by insurance
        companies and which is subject to supervision by the insurance commissioner
        or a
        similar official or agency of a State, territory or the District of
        Columbia.

       

      _______
        State
        or Local Plan.
        The
        Buyer is a plan established and maintained by a State, its political
        subdivisions, or any agency or instrumentality of the State or its political
        subdivisions, for the benefit of its employees.

       

      _______
        ERISA
        Plan.
        The
        Buyer is an employee benefit plan within the meaning of Title I of the Employee
        Retirement Income Security Act of 1974.

       

      _______
        Investment
        Advisor.
        The
        Buyer is an investment advisor registered under the Investment Advisors Act
        of
        1940.

       

      _______
        Small
        Business Investment Company.
        Buyer
        is a small business investment company licensed by the U.S. Small Business
        Administration under Section 301(c) or (d) of the Small Business Investment
        Act
        of 1958.

       

      _______
        Business
        Development Company.
        Buyer
        is a business development company as defined in Section 202(a)(22) of the
        Investment Advisors Act of 1940.

       

      3.  The
        term
“securities”
as
        used
        herein does
        not include
        (i)
        securities of issuers that are affiliated with the Buyer, (ii) securities
        that
        are part of an unsold allotment to or subscription by the Buyer, if the Buyer
        is
        a dealer, (iii) securities issued or guaranteed by the U.S. or any
        instrumentality thereof, (iv) bank deposit notes and certificates of deposit
        (v)
        loan participations, (vi) repurchase agreements, (vii) securities owned but
        subject to a repurchase agreement and (viii) currency, interest rate and
        commodity swaps.

       

      4.  For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has
        been published. If clause (ii) in the preceding sentence applies, the securities
        may be valued at market. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer’s direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934, as
        amended.

       

      5.  The
        Buyer
        acknowledges that it is familiar with Rule 144A and understands that the
        seller
        to it and other parties related to the Certificates are relying and will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      6.  Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each
        of the
        parties to which this certification is made of any changes in the information
        and conclusions herein. Until such notice is given, the Buyer’s purchase of the
        Certificates will constitute a reaffirmation of this certification as of
        the
        date of such purchase. In addition, if the Buyer is a bank or savings and
        loan
        is provided above, the Buyer agrees that it will furnish to such parties
        updated
        annual financial statements promptly after they become available.

       

      
        	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Buyer

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      

      

        

        
          1 
            Buyer must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Buyer is a dealer, and, in that case, Buyer must own
            and/or
            invest on a discretionary basis at least $10,000,000 in
            securities.

        

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT J

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That are Registered Investment Companies]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1.  As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2.  In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year. For
        purposes of determining the amount of securities owned by the Buyer or the
        Buyer’s Family of Investment Companies, the cost of such securities was used,
        except (i) where the Buyer or the Buyers Family of Investment Companies reports
        its securities holdings in its financial statements on the basis of their
        market
        value, and (ii) no current information with respect to the cost of those
        securities has been published. If clause (ii) in the preceding sentence applies,
        the securities may be valued at market.

       

      ______
        The Buyer owned $_________ in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year (such
        amount being calculated in accordance with Rule 144A).

       

      ______
        The Buyer is part of a Family of Investment Companies which owned in the
        aggregate $_____________ in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year (such
        amount being calculated in accordance with Rule 144A).

       

      3.  The
        term
“Family
        of Investment Companies”
        as used
        herein means two or more registered investment companies (or series thereof)
        that have the same investment adviser or investment advisers that are affiliated
        (by virtue of being majority owned subsidiaries of the same parent or because
        one investment adviser is a majority owned subsidiary of the
        other).

       

      4.  The
        term
“securities”
as
        used
        herein does not include (i) securities of issuers that are affiliated with
        the
        Buyer or are part of the Buyer’s Family of Investment Companies, (ii) securities
        issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank
        deposit notes and certificates of deposit, (iv) loan participations, (v)
        repurchase agreements, (vi) securities owned but subject to a repurchase
        agreement and (vii) currency, interest rate and commodity swaps.

       

      5.  The
        Buyer
        is familiar with Rule 144A and understands that the parties listed in the
        Rule
        144A Transferee Certificate to which this certification relates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
        purchase for the Buyer’s own account.

       

      6.  Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer’s purchase of the Certificates will constitute a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

      
        	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Buyer of Adviser

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                IF
                  AN ADVISER:

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Print
                  Name of Buyer

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Date:

              	 

      

      

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        
        

      

      EXHIBIT
        K

       

      [RESERVED]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

       

      FORM
        OF
        TRANSFEROR CERTIFICATE

       

      [DATE]

       

      

      
        	
                IndyMac
                  MBS, Inc.

                155
                  North Lake Avenue

                Pasadena,
                  California 91101

              	 

      

      

      
        	 	
                Re:

              	
                IndyMac
                  MBS, Inc., IndyMac Residential Mortgage-Backed Trust 2006-L3, Mortgage-Backed
                  Certificates, Series 2006-L3

              

      

      

      Ladies
        and Gentlemen:

       

      In
        connection with our disposition of the above Certificates we certify that
        (a) we
        understand that the Certificates have not been registered under the Securities
        Act of 1933, as amended (the “Act”), and are being disposed by us in a
        transaction that is exempt from the registration requirements of the Act,
        (b) we
        have not offered or sold any Certificates to, or solicited offers to buy
        any
        Certificates from, any person, or otherwise approached or negotiated with
        any
        person with respect thereto, in a manner that would be deemed, or taken any
        other action which would result in, a violation of Section 5 of the Act,
        (c) to
        the extent we are disposing of a Class R Certificate, we have no knowledge
        the
        Transferee is not a Permitted Transferee and (d) no purpose of the proposed
        disposition of a Class R Certificate is to impede the assessment or collection
        of tax.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

                 

                [TRANSFEROR]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        M

       

      AFFIDAVIT
        OF TRANSFER OF CLASS R CERTIFICATES

      PURSUANT
        TO SECTION 5.02(D)

       

      INDYMAC
        MBS, INC. INDYMAC RESIDENTIAL MORTGAGE-BACKED TRUST 2006-L3,

      MORTGAGE-BACKED
        CERTIFICATES, SERIES 2006-L3

       

      
        	
                STATE
                  OF_____________

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF___________

              	
                )

              	 

      

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1.  The
        undersigned is an officer of, the proposed Transferee of an Ownership Interest
        in Class R Certificates (the “Certificate”) issued pursuant to the Pooling and
        Servicing Agreement, dated as of September 1, 2006, (the “Agreement”), relating
        to the above-referenced Certificates, among the IndyMac MBS, Inc. (the
“Depositor”), IndyMac Bank, F.S.B., as seller (the “Seller”) and servicer (the
“Servicer”) and Deutsche Bank National Trust Company, as trustee (the
“Trustee”). Capitalized terms used, but not defined herein shall have the
        meanings ascribed to such terms in the Agreement. The Transferee has authorized
        the undersigned to make this affidavit on behalf of the Transferee.

       

      2.  The
        Transferee is, as of the date hereof and will be, as of the date of the
        Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
        Interest in the Certificate either (i) for its own account or (ii) as nominee,
        trustee or agent for another Person and has attached hereto an affidavit
        from
        such Person in substantially the same form as this affidavit. The Transferee
        has
        no knowledge that any such affidavit is false.

       

      3.  The
        Transferee has been advised of, and understands that (i) a tax will be imposed
        on Transfers of the Certificate to Persons that are not Permitted Transferees;
        (ii) such tax will be imposed on the transferor, or, if such Transfer is
        through
        an agent (which includes a broker, nominee or middleman) to a Person that
        is not
        a Permitted Transferee, on the agent; and (iii) the Person otherwise liable
        for
        the tax shall be relieved of liability for the tax if the subsequent Transferee
        furnished to such Person an affidavit that such subsequent Transferee is
        a
        Permitted Transferee and, at the time of Transfer, such Person does not have
        actual knowledge that the affidavit is false.

       

      4.  The
        Transferee has been advised of, and understands that a tax will be imposed
        on a
“pass-through entity” holding the Certificate if at any time during the taxable
        year of the pass-through entity a Person that is not a Permitted Transferee
        is
        the record holder of an interest in such entity. The Transferee understands
        that
        such tax will not be imposed for any period with respect to which the record
        holder furnishes to the pass-through entity an affidavit that such record
        holder
        is a Permitted Transferee and the pass-through entity does not have actual
        knowledge that such affidavit is false. (For this purpose, a “pass-through
        entity” includes a regulated investment company, a real estate investment trust
        or common trust fund, a partnership, trust or estate, and certain cooperatives
        and, except as may be provided in Treasury Regulations, persons holding
        interests in pass-through entities as a nominee for another
        Person.)

       

      5.  The
        Transferee has reviewed the provisions of Section 5.02(d) of the Agreement
        and
        understands the legal consequences of the acquisition of an Ownership Interest
        in the Certificate including, without limitation, the restrictions on subsequent
        Transfers and the provisions regarding voiding the Transfer and mandatory
        sales.
        The Transferee expressly agrees to be bound by and to abide by the provisions
        of
        Section 5.02(d) of the Agreement and the restrictions noted on the face of
        the
        Certificate. The Transferee understands and agrees that any breach of any
        of the
        representations included herein shall render the Transfer to the Transferee
        contemplated hereby null and void.

       

      6.  The
        Transferee agrees to require a Transfer Affidavit from any Person to whom
        the
        Transferee attempts to Transfer its Ownership Interest in the Certificate,
        and
        in connection with any Transfer by a Person for whom the Transferee is acting
        as
        nominee, trustee or agent, and the Transferee will not Transfer its Ownership
        Interest or cause any Ownership Interest to be Transferred to any Person
        that
        the Transferee knows is not a Permitted Transferee. In connection with any
        such
        Transfer by the Transferee, the Transferee agrees to deliver to the Trustee
        a
        certificate substantially in the form set forth as Exhibit L to the Agreement
        (a
“Transferor Certificate”) to the effect that such Transferee has no actual
        knowledge that the Person to which the Transfer is to be made is not a Permitted
        Transferee.

       

      7.  The
        Transferee does not have the intention to impede the assessment or collection
        of
        any tax legally required to be paid with respect to the
        Certificate.

       

      8.  The
        Transferee’s taxpayer identification number is _________________.

       

      9.  The
        Transferee is a United States Person as defined in the Agreement.

       

      10.  The
        Transferee is aware that the Certificate may be a “non-economic residual
        interest” within the meaning of proposed Treasury regulations promulgated
        pursuant to the Code and that the transferor of a non-economic residual interest
        will remain liable for any taxes due with respect to the income on such residual
        interest, unless no significant purpose of the transfer was to impede the
        assessment or collection of tax.

       

      11.  The
        Transferee is not an employee benefit plan that is subject to ERISA or a
        plan
        that is subject to Section 4975 of the Code, nor is it acting on behalf of
        such
        a plan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
        _______ day of _______, ____.

       

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF TRANSFEREE]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      

      [Corporate
        Seal]

       

      ATTEST:

       

      __________________________

      [Assistant]
        Secretary

       

      Personally
        appeared before me the above-named ___________________________, known or
        proved
        to me to be the same person who executed the foregoing instrument and to
        be the
        ______________ of the Transferee, and acknowledged that he executed the same
        as
        his free act and deed and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this ____ day of __________, ____.

       

      

      
        	 
	
                NOTARY
                  PUBLIC

              
	
                My
                  Commission expires the ____ day of ________, ____.
                  

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

       

      [RESERVED]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O-1

       

      DEPOSITOR
        CERTIFICATION 

       

      FORM
        OF CERTIFICATION TO BE PROVIDED BY THE DEPOSITOR WITH 

      FORM
        10-K

       

      Re:         
        INDYMAC
        MBS, Inc.

      IndyMac
        Residential Mortgage-Backed Trust, Series 2006-L2 

      

      I,
        [identify the certifying individual], certify that:

       

      1. I
        have
        reviewed this annual report on Form 10-K and all reports on Form 10-D required
        to be filed in respect of the period covered by this report on Form 10-K
        of
        IndyMac Residential Mortgage-Backed Trust, Series 2006-L2 (the “Exchange Act
        Periodic Reports”);

       

      2. Based
        on
        my knowledge, the Exchange Act Periodic Reports, 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 light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report;

       

      3. Based
        on
        my knowledge, the distribution, servicing and other information required
        to be
        provided under Form 10-D for the period covered by this report is included
        in
        the Exchange Act Periodic Reports;

       

      4. Based
        on
        my knowledge and the servicer compliance statement(s) required in this report
        under Item 1123 of Regulation AB and except as disclosed in the Exchange
        Act
        Periodic Reports, the servicer(s) [has/have] fulfilled [its/their] obligations
        under the servicing agreement(s) in all material respects; and; 

       

      5. All
        of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        12A-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K.

       

      In
        giving
        the certifications above, I have reasonably relied on information provided
        to me
        by the following unaffiliated parties: Deutsche Bank National Trust
        Company.

       

      Date:
        __________________

       

      
        	 	 
	 	
                [Signature]

                [Title]

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O-2

       

      TRUSTEE
        CERTIFICATION

       

      TRUSTEE’S
        OFFICER’S CERTIFICATE 

       

      I,
        ____________________, a duly elected and acting officer of Deutsche Bank
        National Trust Company (the “Trustee”) hereby certify as follows:

       

      Reference
        is hereby made to the Pooling and Servicing Agreement dated as of September
        1,
        2006 (the “Pooling Agreement”) by and among IndyMac Bank, F.S.B., as seller and
        servicer, IndyMac MBS, Inc., as depositor and Deutsche Bank National Trust
        Company, as trustee, pursuant to which was created the IndyMac Residential
        Mortgage-Backed Trust, Series 2006-L2 (the “Trust”). Capitalized terms used
        herein but not defined shall have the meanings assigned to them in the Pooling
        and Servicing Agreement.

       

      1. I
        am an
        authorized officer of the Trustee and I have reviewed this annual report
        on Form
        10-K and all reports on Form 10-D required to be filed in respect of the
        period
        covered by this report on Form 10-K of IndyMac Residential Mortgage-Backed
        Trust, Series 2006-L2 (the “Exchange Act Periodic Reports”);

       

      2. For
        purposes of this certificate, “Relevant Information” means the information in
        the report on assessment of the Trustee’s compliance with the servicing criteria
        set forth in Item 1122(d) of Reg AB (the “Servicing Assessment”), the registered
        public accounting firm’s attestation provided in accordance with Rules 12A-18
        and 15d-18 under the Exchange Act and Section 1122(b) of Reg AB ( the
“Attestation Report”) applicable to the Trustee and the Monthly Statements
        (excluding information provided, or based on information provided, by the
        Servicer or any servicer) and those items in Exhibit S attached to the Pooling
        and Servicing Agreement which indicate the 4.03 statement or the Trustee
        as the
        responsible party during the Relevant Year. Based on my knowledge, the Relevant
        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 light of the circumstances under which such statements were made,
        not
        misleading with respect to the period covered by this annual report;
        and

       

      3. Based
        on
        my knowledge, the distribution information required to be provided by the
        Trustee under the Pooling and Servicing Agreement is included in the Monthly
        Statements.

       

      4. I
        am
        responsible for reviewing the activities performed by the Trustee, as servicer
        under the Pooling and Servicing Agreement during the Relevant Year. Based
        upon
        the review required by the Pooling and Servicing Agreement and except as
        disclosed in the Servicing Assessment or Attestation Report, to the best
        of my
        knowledge, the Trustee has fulfilled its obligations under the Pooling and
        Servicing Agreement throughout the Relevant Year. Relevant Year shall mean
        200__. 

       

      

      

      DATED
        as
        of _____________, 200____. 

      

      
        	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P

       

      [RESERVED]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        Q

       

      [RESERVED]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      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.

      

      

      

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Primary
                  Servicer

              	
                Servicer

              	
                Trustee

              	
                Notes

              
	
                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

              	
                X

              	
                X-1

                 

              	
                1
                  - attest to knowledge but not to process

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 	
                NA

              
	
                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

              	
                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

              	 	 
	
                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

              	
                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

              	 	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                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

              	 	 
	
                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. 

              	
                X

              	 	 	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                X

              	 	 	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	
                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. 

              	
                X

              	 	 	 
	
                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.
                  

              	
                X

              	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	 	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	 	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 	 
	
                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. 

              	
                X

              	 	 	 
	
                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. 

              	
                X

              	 	 	 
	
                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. 

              	
                X

              	 	 	 
	
                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. 

              	
                X

              	 	 	 
	
                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. 

              	
                X

              	 	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                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

              	 

      

      

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        S

       

      FORM
        10-D, FORM 8-K AND FORM 10-K

      REPORTING
        RESPONSIBILITY

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the Trustee pursuant
        to Section 3.24(a)(iv). If the Trustee is indicated below as to any item,
        then
        the Trustee is primarily responsible for obtaining that information.

      

      Under
        Item 1 of Form 10-D: a) items marked “4.03 statement” are required to be
        included in the periodic Distribution Date statement under Section 6.07,
        provided by the Trustee based on information received from the Servicer;
        and b)
        items marked “Form 10-D report” are required to be in the Form 10-D report but
        not the 4.03 statement, provided by the party indicated. Information under
        all
        other Items of Form 10-D is to be included in the Form 10-D report.

      

      
        	
                Form

              	
                Item

              	
                Description

              	
                Responsible
                  Party

              
	
                10-D

              	
                Must
                  be filed within 15 days of the distribution date for the asset-backed
                  securities.

              
	
                1

              	
                Distribution
                  and Pool Performance Information

              	 
	
                Item
                  1121(a) - Distribution and Pool Performance
                  Information

              	 
	
                (1)
                  Any applicable record dates, accrual dates, determination dates
                  for
                  calculating distributions and actual distribution dates for the
                  distribution period.

              	
                4.03
                  statement

              
	
                (2)
                  Cash flows received and the sources thereof for distributions,
                  fees and
                  expenses.

              	
                4.03
                  statement

              
	
                (3)
                  Calculated amounts and distribution of the flow of funds for the
                  period
                  itemized by type and priority of payment, including:

              	
                4.03
                  statement

              
	
                (i)
                  Fees or expenses accrued and paid, with an identification of the
                  general
                  purpose of such fees and the party receiving such fees or
                  expenses.

              	
                4.03
                  statement

              
	
                (ii)
                  Payments accrued or paid with respect to enhancement or other support
                  identified in Item 1114 of Regulation AB (such as insurance premiums
                  or
                  other enhancement maintenance fees), with an identification of
                  the general
                  purpose of such payments and the party receiving such
                  payments.

              	
                4.03
                  statement

              
	
                (iii)
                  Principal, interest and other distributions accrued and paid on
                  the
                  asset-backed securities by type and by class or series and any
                  principal
                  or interest shortfalls or carryovers.

              	
                4.03
                  statement

              
	
                (iv)
                  The amount of excess cash flow or excess spread and the disposition
                  of
                  excess cash flow.

              	
                4.03
                  statement

              
	
                (4)
                  Beginning and ending principal balances of the asset-backed
                  securities.

              	
                4.03
                  statement

              
	
                (5)
                  Interest rates applicable to the pool assets and the asset-backed
                  securities, as applicable. Consider providing interest rate information
                  for pool assets in appropriate distributional groups or incremental
                  ranges.

              	
                4.03
                  statement

              
	
                (6)
                  Beginning and ending balances of transaction accounts, such as
                  reserve
                  accounts, and material account activity during the period.

              	
                4.03
                  statement

              
	
                (7)
                  Any amounts drawn on any credit enhancement or other support identified
                  in
                  Item 1114 of Regulation AB, as applicable, and the amount of coverage
                  remaining under any such enhancement, if known and
                  applicable.

              	
                4.03
                  statement

              
	
                (8)
                  Number and amount of pool assets at the beginning and ending of
                  each
                  period, and updated pool composition information, such as weighted
                  average
                  coupon, weighted average life, weighted average remaining term,
                  pool
                  factors and prepayment amounts.

              	
                4.03
                  statement

                 

                Updated
                  pool composition information fields to be as specified by Depositor
                  from
                  time to time

              
	
                (9)
                  Delinquency and loss information for the period. 

                 

                In
                  addition, describe any material changes to the information specified
                  in
                  Item 1100(b)(5) of Regulation AB regarding the pool
                  assets.

              	
                4.03
                  statement.

                 

                 

                Form
                  10-D report: Servicer

              
	
                (10)
                  Information on the amount, terms and general purpose of any advances
                  made
                  or reimbursed during the period, including the general use of funds
                  advanced and the general source of funds for
                  reimbursements.

              	
                4.03
                  statement

              
	
                (11)
                  Any material modifications, extensions or waivers to pool asset
                  terms,
                  fees, penalties or payments during the distribution period or that
                  have
                  cumulatively become material over time.

              	
                4.03
                  statement

              
	
                (12)
                  Material breaches of pool asset representations or warranties or
                  transaction covenants.

              	
                Form
                  10-D report: Securities Adminstrator (subject to Depositor
                  approval)

              
	
                (13)
                  Information on ratio, coverage or other tests used for determining
                  any
                  early amortization, liquidation or other performance trigger and
                  whether
                  the trigger was met.

              	
                4.03
                  statement

              
	
                (14)
                  Information regarding any new issuance of asset-backed securities
                  backed
                  by the same asset pool, 

                 

                [information
                  regarding] any pool asset changes (other than in connection with
                  a pool
                  asset converting into cash in accordance with its terms), such
                  as
                  additions or removals in connection with a prefunding or revolving
                  period
                  and pool asset substitutions and repurchases (and purchase rates,
                  if
                  applicable), and cash flows available for future purchases, such
                  as the
                  balances of any prefunding or revolving accounts, if
                  applicable.

                 

                Disclose
                  any material changes in the solicitation, credit-granting, underwriting,
                  origination, acquisition or pool selection criteria or procedures,
                  as
                  applicable, used to originate, acquire or select the new pool
                  assets.

              	
                Form
                  10-D report: Depositor

                 

                 

                Form
                  10-D report: Servicer

                 

                 

                 

                 

                 

                 

                 

                 

                 

                Form
                  10-D report: Servicer

              
	
                Item
                  1121(b) - Pre-Funding or Revolving Period Information

                 

                Updated
                  pool information as required under Item 1121(b).

              	
                Depositor

              
	
                2

              	
                Legal
                  Proceedings

              	 
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                 

                Sponsor
                  (Seller)

                 

                Depositor

                 

                Trustee

                 

                Issuing
                  entity

                 

                Servicer,
                  affiliated Servicer, other Servicer servicing 20% or more of pool
                  assets
                  at time of report, other material servicers

                 

                Originator
                  of 20% or more of pool assets as of the Cut-off Date

                 

              	
                 

                 

                 

                 

                 

                 

                Sponsor

                 

                Depositor

                 

                Trustee

                 

                Depositor

                 

                Servicer

                 

                 

                 

                Servicer

                 

                 

              
	
                3

              	
                Sales
                  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

              
	
                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

              
	
                5

              	
                Submission
                  of Matters to a Vote of Security Holders

              	 
	
                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Party
                  submitting the matter to Holders for vote

              
	
                6

              	
                Significant
                  Obligors of Pool Assets

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                Servicer

              
	
                *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.

              	 
	
                7

              	
                Significant
                  Enhancement Provider Information

              	 
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

                 

                Determining
                  applicable disclosure threshold

                 

                 

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                Depositor

              
	
                Item
                  1115(b) - Derivative Counterparty Financial Information*

                 

                Determining
                  current maximum probable exposure

                 

                Determining
                  current significance percentage

                 

                 

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                 

                 

                Depositor

                 

                 

                Trustee

                 

                Trustee

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                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

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  below

              
	
                9

              	
                Exhibits

              	 
	
                Distribution
                  report

              	
                Trustee

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              
	
                8-K

              	
                Must
                  be filed within four business days of an event reportable on Form
                  8-K.

              
	
                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

              	
                Servicer;
                  or any of the following that is a party to the agreement if Servicer
                  is
                  not: Trustee, Sponsor, Depositor

              
	
                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.

              	
                Servicer;
                  or any of the following that is a party to the agreement if Servicer
                  is
                  not: Trustee, Sponsor, Depositor

              
	
                1.03

              	
                Bankruptcy
                  or Receivership

              	 
	
                Disclosure
                  is required regarding the bankruptcy or receivership, if known
                  to the
                  Servicer, with respect to any of the following: 

                 

                Sponsor
                  (Seller), Depositor, Servicer, affiliated Servicer, other Servicer
                  servicing 20% or more of pool assets at time of report, other material
                  servicers, Trustee, significant obligor, credit enhancer (10% or
                  more),
                  derivatives counterparty

              	
                Servicer

              
	
                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 4.03 statement

              	
                Servicer

              
	
                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

              
	
                5.03

              	
                Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year

              	 
	
                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”

              	
                Depositor

              
	
                5.06

              	
                Change
                  in Shell Company Status

              	 
	
                [Not
                  applicable to ABS issuers]

              	
                Depositor

              
	
                6.01

              	
                ABS
                  Informational and Computational Material

              	 
	
                [Not
                  included in reports to be filed under Section 3.18]

              	
                Depositor

              
	
                6.02

              	
                Change
                  of Servicer or Trustee

              	 
	
                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  servicer, affiliated servicer, other servicer servicing 10% or
                  more of
                  pool assets at time of report, other material servicers, certificate
                  administrator or trustee. Reg AB disclosure about any new servicer
                  or
                  trustee is also required.

              	
                Trustee
                  or Servicer

              
	
                6.03

              	
                Change
                  in Credit Enhancement or Other 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.
                  Reg AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor
                  or Trustee

              
	
                6.04

              	
                Failure
                  to Make a Required Distribution

              	
                Trustee

              
	
                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

              
	
                7.01

              	
                Regulation
                  FD Disclosure

              	
                Depositor

              
	
                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 security
                  holders.

              	
                Depositor

              
	
                9.01

              	
                Financial
                  Statements and Exhibits

              	
                The
                  Responsible Party applicable to reportable event

              
	
                10-K

              	
                Must
                  be filed within 90 days of the fiscal year end for the
                  registrant.

              
	
                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

              	
                The
                  Responsible Party for the applicable Form 8-K item as indicated
                  above

              
	
                15

              	
                Exhibits
                  and Financial Statement Schedules

              	 
	
                Item
                  1112(b) - Significant
                  Obligor Financial Information

              	
                Servicer

              
	
                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information

                 

                Determining
                  applicable disclosure threshold

                 

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	 
	
                Item
                  1115(b) - Derivative Counterparty Financial Information

                 

                Determining
                  current maximum probable exposure

                 

                Determining
                  current significance percentage

                 

                Obtaining
                  required financial information or effecting incorporation by
                  reference

              	
                 

                 

                 

                Depositor

                 

                 

              
	
                Item
                  1117 - Legal proceedings pending against the following entities,
                  or their
                  respective property, that is material to Certificateholders, including
                  proceedings known to be contemplated by governmental
                  authorities:

                 

                Sponsor
                  (Seller)

                 

                Depositor

                 

                Trustee

                 

                Issuing
                  entity

                 

                Servicer,
                  affiliated Servicer, other Servicer servicing 20% or more of pool
                  assets
                  at time of report, other material servicers

                 

                Originator
                  of 20% or more of pool assets as of the Cut-off Date

              	
                 

                 

                 

                 

                 

                 

                Sponsor

                 

                Depositor

                 

                Trustee

                 

                Depositor

                 

                Servicer

                 

                 

                 

                Servicer

              
	
                Item
                  1119 - Affiliations and relationships between the following entities,
                  or
                  their respective affiliates, that are material to
                  Certificateholders:

                 

                Sponsor
                  (Seller)

                 

                Depositor

                 

                Trustee

                 

                Servicer,
                  affiliated Servicer, other Servicer servicing 20% or more of pool
                  assets
                  at time of report, other material servicers

                 

                 

                 

                 

                Originator

                 

                 

                 

                Credit
                  Enhancer/Support Provider

                 

                 

                Significant
                  Obligor

              	
                 

                 

                 

                 

                 

                Sponsor

                 

                Depositor

                 

                Trustee
                  (only as to affiliations between the Trustee and such other parties
                  listed)

                 

                 

                Servicer

                 

                 

                 

                 

                Servicer

                 

                Trustee

                 

                Servicer

              
	
                Item
                  1122 - Assessment of Compliance with Servicing
                  Criteria

              	
                Each
                  Party participating in the servicing function

              
	
                Item
                  1123 - Servicer Compliance Statement

              	
                Servicer,
                  ServicerEXHIBIT 10.1         

 

 

EXECUTION COPY

=================================================================================

 

MINERALS TECHNOLOGIES INC.

 

 

$50,000,000 5.53% Series 2006-A Senior Notes, Tranche 1, due October 5, 2013

$25,000,000 Floating Rate Series 2006-A Senior Notes, Tranche 2, due October 5, 2013

 

 

________________

NOTE PURCHASE AGREEMENT

________________

 

 

 

Dated as of October 5, 2006

 

 

 

 

 

 

 

 

================================================================================= 

 

 

 

	
TABLE OF CONTENTS

	
SECTION
	
HEADING
	
PAGE

	
SECTION 1.      Authorization of Notes
	
1

	
 
	
Section 1.1      Description of Series 2006-A Notes
	
1

	
 
	
Section 1.2      Provisions Relating to the Series 2006-A Tranche 1 Notes
	
1

	
 
	
Section 1.3      Provisions Relating to the Series 2006-A Tranche 2 Notes
	
2

	
SECTION 2.      Sale and Purchase of Notes; Additional Series of Notes
	
2

	
 
	
Section 2.1      Series 2006-A Notes
	
2

	
 
	
Section 2.2      Additional Series of Notes
	
2

	
SECTION 3.      Closing
	
4

	
SECTION 4.      Conditions to Closing
	
5

	
 
	
Section 4.1      Representations and Warranties
	
5

	
 
	
Section 4.2      Performance; No Default
	
5

	
 
	
Section 4.3      Compliance Certificates
	
5

	
 
	
Section 4.4      Opinions of Counsel
	
5

	
 
	
Section 4.5      Purchase Permitted By Applicable Law, Etc
	
5

	
 
	
Section 4.6      Sale of Other Notes
	
6

	
 
	
Section 4.7      Payment of Special Counsel Fees
	
6

	
 
	
Section 4.8      Private Placement Number
	
6

	
 
	
Section 4.9      Changes in Corporate Structure
	
6

	
 
	
Section 4.10      Funding Instructions
	
6

	
 
	
Section 4.11      Proceedings and Documents
	
6

	
SECTION 5.      Representations and Warranties of the Company
	
6

	
 
	
Section 5.1      Organization; Power and Authority
	
7

	
 
	
Section 5.2      Authorization, Etc
	
7

	
 
	
Section 5.3      Disclosure
	
7

	
 
	
Section 5.4      Organization and Ownership of Shares of Subsidiaries
	
7

	
 
	
Section 5.5      Financial Statements; Material Liabilities
	
8

	
 
	
Section 5.6      Compliance with Laws, Other Instruments, Etc
	
8

	
 
	
Section 5.7      Governmental Authorizations, Etc
	
8

	
 
	
Section 5.8      Litigation; Observance of Statutes and Orders
	
8

-i-

 

	
TABLE OF CONTENTS

(continued)

	
SECTION
	
HEADING
	
PAGE

	
 
	
 
	
 

	
 
	
Section 5.9      Taxes
	
9

	
 
	
Section 5.10      Title to Property; Leases
	
9

	
 
	
Section 5.11      Licenses, Permits, Etc
	
9

	
 
	
Section 5.12      Compliance with ERISA
	
10

	
 
	
Section 5.13      Private Offering by the Company
	
11

	
 
	
Section 5.14      Use of Proceeds; Margin Regulations
	
11

	
 
	
Section 5.15      Existing Debt
	
11

	
 
	
Section 5.16      Foreign Assets Control Regulations, Etc
	
12

	
 
	
Section 5.17      Status under Certain Statutes
	
12

	
 
	
Section 5.18      Environmental Matters
	
13

	
 
	
Section 5.19      Notes Rank Pari Passu
	
13

	
SECTION 6.      Representations of the Purchasers
	
13

	
 
	
Section 6.1      Purchase for Investment
	
13

	
 
	
Section 6.2      Accredited Investor
	
14

	
 
	
Section 6.3      Source of Funds
	
14

	
SECTION 7.      Information as to Company
	
15

	
 
	
Section 7.1      Financial and Business Information
	
15

	
 
	
Section 7.2      Officer's Certificate
	
18

	
 
	
Section 7.3      Visitation
	
18

	
SECTION 8.      Payment of the Notes
	
19

	
 
	
Section 8.1      Required Prepayments; Maturity
	
19

	
 
	
Section 8.2      Optional Prepayments
	
19

	
 
	
Section 8.3      Allocation of Partial Prepayments
	
20

	
 
	
Section 8.4      Maturity; Surrender, Etc
	
20

	
 
	
Section 8.5      Purchase of Notes
	
21

	
 
	
Section 8.6      Offer to Prepay Upon Sale of Assets
	
21

	
 
	
Section 8.7      Make-Whole Amount for the Series 2006-A Tranche 1 Notes
	
22

	
SECTION 9.      Affirmative Covenants
	
24

	
 
	
Section 9.1      Compliance with Law
	
24

	
 
	
 Section 9.2      Insurance
	
24

-ii-

 

	
TABLE OF CONTENTS

(continued)

	
SECTION
	
HEADING
	
PAGE

	
 
	
 
	
 

	
 
	
Section 9.3      Maintenance of Properties
	
24

	
 
	
Section 9.4      Payment of Taxes
	
24

	
 
	
Section 9.5      Corporate Existence, Etc
	
25

	
 
	
Section 9.6      Notes to Rank Pari Passu
	
25

	
 
	
Section 9.7      Books and Records
	
25

	
 
	
Section 9.8      Designation of Subsidiaries
	
25

	
 
	
Section 9.9      Subsidiary Guarantors
	
25

	
SECTION 10.      Negative Covenants
	
26

	
 
	
Section 10.1      Consolidated Debt to Consolidated Total Capitalization
	
26

	
 
	
Section 10.2      Priority Debt
	
26

	
 
	
Section 10.3      Limitation on Liens
	
26

	
 
	
Section 10.4      Merger and Consolidation
	
28

	
 
	
Section 10.5      Sales of Assets
	
29

	
 
	
Section 10.6      Transactions with Affiliates
	
30

	
 
	
Section 10.7      Terrorism Sanctions Regulations
	
30

	
 
	
Section 10.8      Limitation on Unrestricted Subsidiaries
	
30

	
SECTION 11.      Events of Default
	
30

	
SECTION 12.      Remedies on Default, Etc
	
33

	
 
	
Section 12.1      Acceleration
	
33

	
 
	
Section 12.2      Other Remedies
	
34

	
 
	
Section 12.3      Rescission
	
34

	
 
	
Section 12.4      No Waivers or Election of Remedies, Expenses, Etc
	
34

	
SECTION 13.      Registration; Exchange; Substitution of Notes
	
34

	
 
	
Section 13.1      Registration of Notes
	
34

	
 
	
Section 13.2Transfer and Exchange of Notes
	
35

	
 
	
Section 13.3Replacement of Notes
	
35

	
SECTION 14.Payments on Notes
	
36

	
 
	
Section 14.1Place of Payment
	
36

	
 
	
Section 14.2Home Office Payment
	
36

	
SECTION 15.Expenses, Etc
	
36

-iii-

 

	
TABLE OF CONTENTS

(continued)

	
SECTION
	
HEADING
	
PAGE

	
 
	
 
	
 

	
 
	
Section 15.1Transaction Expenses
	
36

	
 
	
Section 15.2Survival
	
37

	
SECTION 16.Survival of Representations and Warranties; Entire Agreement
	
37

	
SECTION 17.Amendment and Waiver
	
37

	
 
	
Section 17.1Requirements
	
37

	
 
	
Section 17.2Solicitation of Holders of Notes
	
38

	
 
	
Section 17.3Binding Effect, Etc
	
38

	
 
	
Section 17.4Notes Held by Company, Etc
	
39

	
SECTION 18.Notices
	
39

	
SECTION 19.Reproduction of Documents
	
40

	
SECTION 20.Confidential Information
	
40

	
SECTION 21.Substitution of Purchaser
	
41

	
SECTION 22.Miscellaneous
	
42

	
 
	
Section 22.1Successors and Assigns
	
42

	
 
	
Section 22.2Payments Due on Non-Business Days
	
42

	
 
	
Section 22.3Accounting Terms
	
42

	
 
	
Section 22.4Severability
	
42

	
 
	
Section 22.5Construction
	
42

	
 
	
Section 22.6Counterparts
	
43

	
 
	
Section 22.7Governing Law
	
43

	
 
	
Section 22.8Jurisdiction and Process; Waiver of Jury Trial
	
43

-iv-

 

	
ATTACHMENTS TO THE NOTE PURCHASE AGREEMENT:

	
Schedule A
	
—
	
Information Relating to Purchasers

	
Schedule B
	
—
	
Defined Terms

	
Schedule 4.9
	
—
	
Changes in Corporate Structure

	
Schedule 5.3
	
—
	
Disclosure Materials

	
Schedule 5.4
	
—
	
Subsidiaries of the Company and Ownership of Subsidiary Stock

	
Schedule 5.5
	
—
	
Financial Statements

	
Schedule 5.11
	
—
	
Licenses, Permits, Etc.

	
Schedule 5.15
	
—
	
Existing Debt

	
Schedule 5.18
	
—
	
Environmental Matters

	
Schedule 10.3
	
—
	
Existing Liens

	
Exhibit 1(a)
	
—
	
Form of 5.53% Series 2006-A Senior Note, Tranche 1, 

due October 5, 2013

	
Exhibit 1(b)
	
—
	
Form of Floating Rate Series 2006-A Senior Note, Tranche 2, due October 5, 2013

	
Exhibit 4.4(a)
	
—
	
Form of Opinion of the General Counsel of the Company

	
Exhibit 4.4(b)
	
—
	
Form of Opinion of Special Counsel to the Purchasers

	
Exhibit S
	
—
	
Form of Supplement to Note Purchase Agreement

	
 
	
 
	
 

-i-

 

 

MINERALS TECHNOLOGIES INC. 

405 Lexington Avenue, 20th Floor

New York, New York 10174-0002

$50,000,000 5.53% Series 2006-A Senior Notes, Tranche 1, due October 5, 2013

$25,000,000 Floating Rate Series 2006-A Senior Notes, Tranche 2, due October 5, 2013

Dated as of      

October 5, 2006      

TO THE PURCHASERS LISTED IN

THE ATTACHED SCHEDULE A:

Ladies and Gentlemen:

    MINERALS TECHNOLOGIES INC., a Delaware corporation (the "Company"), agrees with the Purchasers listed in the attached Schedule A (the "Purchasers") to this Note Purchase Agreement (this "Agreement") as follows:

SECTION 1.      AUTHORIZATION OF NOTES.

    Section 1.1      Description of Series 2006-A Notes.
The Company will authorize the issue and sale of $75,000,000 aggregate principal amount of its Series 2006-A Senior Notes consisting of (a) $50,000,000 aggregate principal amount of its 5.53% Series 2006-A Senior Notes, Tranche 1, due October 5, 2013 (the "Series 2006-A Tranche 1 Notes") and (b) $25,000,000 aggregate principal amount of its Floating Rate Series 2006-A Senior Notes, Tranche 2, due October 5, 2013 (the "Series 2006-A Tranche 2 Notes"; the Series 2006-A Tranche 2 Notes together with the Series 2006-A Tranche 1 Notes are collectively referred to herein as the "Series 2006-A Notes"). The Series 2006-A Notes together with each Series of Additional Notes which may from time to time be issued pursuant to the provisions of Section 2.2 are collectively referred to herein as the "Notes" (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of this Agreement). The Series 2006-A Tranche 1 Notes and the Series 2006-A Tranche 2 Notes shall be substantially in the forms set out in Exhibit 1(a) and Exhibit 1(b), respectively, with such changes therefrom, if any, as may be approved by the Purchasers and the Company. Certain capitalized and other terms used in this Agreement are defined in Schedule B; and references to a "Schedule" or an "Exhibit" are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement.

    Section 1.2      Provisions Relating to the Series 2006-A Tranche 1 Notes. The Series 2006-A Tranche 1 Notes shall bear interest (computed on the basis of a 360-day year of twelve 30-day months) on the unpaid principal thereof from the date of issuance at the rate of 5.53% per annum, payable semiannually in arrears on the fifth day of April and October in each year commencing on April 5, 2007 and, to the extent permitted by law, interest (so computed) on any overdue payment of interest, on any overdue payment of principal and on any overdue payment of Make-Whole Amount at the Default Rate, until such overdue amounts shall have been paid.

 

 

    Section 1.3      Provisions Relating to the Series 2006-A Tranche 2 Notes. 

  (a)    The Series 2006-A Tranche 2 Notes shall bear interest (computed on the basis of a 360-day year and the actual number of days elapsed and, as to each Interest Period or other period during which interest accrues, from and including the first day thereof to but excluding the last day thereof) on the unpaid principal thereof from the date of issuance at a floating rate equal to the Adjusted LIBOR Rate for the Interest Period in effect from time to time, payable quarterly in arrears on each Interest Payment Date and, to the extent permitted by applicable law, interest on any overdue payment of interest, on any overdue payment of principal, on any overdue payment of Prepayment Premium and on any overdue payment of Breakage Amount at the Default Rate, until such overdue amounts shall have been paid.
  (b)    The Adjusted LIBOR Rate shall be determined by the Company, and notice thereof shall be given to the holders of Series 2006-A Tranche 2 Notes, within five Business Days after the beginning of each Interest Period, together with a copy of the relevant screen used for the determination of LIBOR, a calculation of the Adjusted LIBOR Rate for such Interest Period, the number of days in such Interest Period, the Interest Payment Date for such Interest Period and the amount of interest to be paid to each holder of Notes on such Interest Payment Date. In the event that the holders of more than 50% in aggregate principal amount of the outstanding Series 2006-A Tranche 2 Notes do not concur with such determination by the Company, as evidenced by a single written notice to the Company given by such holders of the Series 2006-A Tranche 2 Notes within 10 Business Days after receipt by such holders of the notice delivered by the Company pursuant to the immediately preceding sentence, the determination of the Adjusted LIBOR Rate shall be made by such holders of the Series 2006-A Tranche 2 Notes, and any such determination made in accordance with the provisions of this Agreement, shall be conclusive and binding absent manifest error.
  

    SECTION 2.      SALE AND PURCHASE OF NOTES; ADDITIONAL SERIES OF NOTES.

    Section 2.1      Series 2006-A Notes. Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, on the Closing Date provided for in Section 3, the Series 2006-A Notes of the tranche and in the principal amount specified opposite such Purchaser's name in Schedule A at the purchase price of 100% of the principal amount thereof. The obligations of each Purchaser hereunder are several and not joint obligations and no Purchaser shall have any obligation or any liability to any Person for the performance or nonperformance by any other Purchaser hereunder.

    Section 2.2      Additional Series of Notes.

  (a)    The Company may, from time to time, in its sole discretion but subject to the terms hereof, issue and sell one or more additional Series of its unsecured promissory notes under the provisions of this Agreement pursuant to a supplement (a "Supplement") substantially in the form of Exhibit S, provided
  that the aggregate principal amount of
   

-2-

  Notes of all Series issued pursuant to all Supplements in accordance with
  the terms of this Section 2.2 shall not exceed $275,000,000.

  (b)    Each additional Series of Notes (the "Additional Notes") issued pursuant to a Supplement shall be subject to the following terms and conditions:
  
    (1)    each Series of Additional Notes, when so issued, shall be differentiated from all previous Series by sequential alphabetical designation inscribed thereon;
    (2)    Additional Notes of the same Series may consist of more than one different and separate tranches and may differ with respect to outstanding principal amounts, maturity dates, interest rates and premiums, if any, and price and terms of redemption or payment prior to maturity, but all such different and separate tranches of the same Series shall, if and to the extent this Agreement requires or permits voting by Series, vote as a single class and constitute one Series;

    (3)    each Series of Additional Notes shall be dated the date of issue, bear interest at such rate or rates, mature on such date or dates, be subject to such put rights and mandatory and optional prepayment on the dates and at the premiums, if any, have such additional or different conditions precedent to closing, such representations and warranties and such additional covenants and defaults as shall be specified in the Supplement under which such Additional Notes are issued and upon execution of any such Supplement, this Agreement shall be deemed amended (i) to reflect such additional put rights, covenants and defaults without further action on the part of the holders of the Notes outstanding under this Agreement, provided, that any such additional put rights, covenants and defaults shall inure to the benefit of all holders of Notes so long as any Additional Notes issued pursuant to such Supplement remain outstanding and (ii) to reflect such representations and warranties as are contained in such Supplement for the benefit of the holders of such Additional Notes in accordance with the provisions of Section 16;
    (4)    each Series of Additional Notes issued under this Agreement shall be in substantially the form of Exhibit 1 to Exhibit S with such variations, omissions and insertions as are necessary or permitted hereunder;

    (5)    the minimum principal amount of any Note issued under a Supplement shall be $100,000, except as may be necessary to evidence the outstanding amount of any Note originally issued in a denomination of $100,000 or more;
    (6)    all Additional Notes shall constitute Senior Debt of the Company and shall rank pari passu with all other outstanding Notes; and

     

  

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    (7)    no Additional Notes shall be issued hereunder if at the time of issuance thereof and after giving effect to the application of the proceeds thereof, (i) any Default or Event of Default shall have occurred and be continuing or (ii) a waiver of Default or Event of Default shall be in effect.

  (c)    The right of the Company to issue, and the obligation of the Additional Purchasers to purchase, any Additional Notes shall be subject to the following conditions precedent, in addition to the conditions specified in the Supplement pursuant to which such Additional Notes may be issued:
  
    (1)    a duly authorized Senior Financial Officer shall execute and deliver to each Additional Purchaser and each holder of Notes an Officer's Certificate dated the date of issue of such Series of Additional Notes stating that such officer has reviewed the provisions of this Agreement (including all Supplements) and setting forth the information and computations (in sufficient detail) required to establish whether after giving effect to the issuance of the Additional Notes and after giving effect to the application of the proceeds thereof, the Company is in compliance with the requirements of Section 10.1 on such date;
    (2)    the Company and each such Additional Purchaser shall execute and deliver a Supplement substantially in the form of Exhibit S;
    

    (3)    each Additional Purchaser shall have confirmed in the Supplement that the representations set forth in Section 6 are true with respect to such Additional Purchaser on and as of the date of issue of such Additional Notes; and
    (4)    each Subsidiary Guarantor, if any, shall execute and deliver such documents and agreements as any Additional Purchaser or other holder of Notes may reasonably require to confirm that its Subsidiary Guaranty guarantees the obligations of the Company under such Additional Notes and under each other Series of Notes outstanding.

  

SECTION 3.      CLOSING.

    The sale and purchase of the Series 2006-A Notes to be purchased by each Purchaser shall occur at the offices of Schiff Hardin LLP, 623 Fifth Avenue, 28th Floor, New York, New York 10022 at 11:00 a.m. New York, New York time, at a closing on October 5, 2006 or on such other Business Day thereafter as may be agreed upon by the Company and the Purchasers (the "Closing Date"). On the Closing Date, the Company will deliver to each Purchaser the Series 2006-A Notes of each tranche to be purchased by such Purchaser in the form of a single Series 2006-A Note of such tranche (or such greater number of Series 2006-A Notes of such tranche in denominations of at least $100,000 as such Purchaser may request) dated the Closing Date and registered in such Purchaser's name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company in compliance with the funding instructions described in Section 4.10. If, on the  

 

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Closing Date, the Company shall fail to tender such Series 2006-A Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to any Purchaser's satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.

    SECTION 4.      Conditions to Closing.

    Each Purchaser's obligation to purchase and pay for the Series 2006-A Notes to be sold to such Purchaser on the Closing Date is subject to the fulfillment to such Purchaser's satisfaction, prior to or on the Closing Date, of the following conditions:

    Section 4.1      Representations and Warranties.
The representations and warranties of the Company in this Agreement shall be correct when made and on the Closing Date.

    Section 4.2      Performance; No Default. The Company shall have performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by the Company prior to or on the Closing Date, and immediately after giving effect to the issue and sale of the Series 2006-A Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing. 

    Section 4.3      Compliance Certificates.

  (a)   

  Officer's Certificate. The Company shall have delivered to such Purchaser an Officer's Certificate, dated the Closing Date, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.
  (b)   
Secretary's Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or an Assistant Secretary, dated the Closing Date, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Series 2006-A Notes and this Agreement.
  

    Section 4.4      Opinions of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the Closing Date (a) from Kirk G. Forrest, Esq., General Counsel of the Company, covering the matters set forth in Exhibit 4.4(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or special counsel to the Purchasers may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from Schiff Hardin LLP, special counsel to the Purchasers in connection with such transactions, substantially in the form set forth in Exhibit 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request.

    Section 4.5      Purchase Permitted By Applicable Law, Etc. 
On the Closing Date, such Purchaser's purchase of Series 2006-A Notes shall
(a) be permitted by the laws and regulations of each jurisdiction to which such
Purchaser is subject, without recourse to provisions (such as 

 

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Section 1405(a)(8) of the New York Insurance Law) permitting limited
investments by insurance companies without restriction as to the character of
the particular investment, (b) not violate any applicable law or regulation
(including, without limitation, Regulation T, U or X of the Board of Governors
of the Federal Reserve System) and (c) not subject such Purchaser to any tax,
penalty or liability under or pursuant to any applicable law or regulation. If
requested by any Purchaser, such Purchaser shall have received an Officer's
Certificate certifying as to such matters of fact as such Purchaser may
reasonably specify to enable such Purchaser to determine whether such purchase
is so permitted.

    Section 4.6      Sale of Other Notes. On the Closing Date, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Series 2006-A Notes to be purchased by it on the Closing Date as specified in Schedule A.

    Section 4.7      Payment of Special Counsel Fees. Without limiting the provisions of Section 15.1, the Company shall have paid on or before the Closing Date, the reasonable fees, reasonable charges and reasonable disbursements of special counsel to the Purchasers referred to in Section 4.4(b) to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing Date.

    Section 4.8      Private Placement Number. A Private Placement Number issued by Standard & Poor's CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each tranche of the Series 2006-A Notes.

    Section 4.9      Changes in Corporate Structure. Except as disclosed in Schedule 4.9, the Company shall not have changed its jurisdiction of incorporation or been a party to any merger or consolidation, or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.

    Section 4.10      Funding Instructions. At least three Business Days prior to the Closing Date, such Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company directing the manner of the payment of funds and setting forth (a) the name and address of the transferee bank, (b) such transferee bank's ABA number and (c) the account name and number into which the purchase price for the Series 2006-A Notes is to be deposited.

    Section 4.11      Proceedings and Documents. All corporate and other organizational proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and special counsel to the Purchasers, and such Purchaser and special counsel to the Purchasers shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or special counsel to the Purchasers may reasonably request.

    SECTION 5.      REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

    The Company represents and warrants to each Purchaser that:

 

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    Section 5.1      Organization; Power and Authority. The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Series 2006-A Notes and to perform the provisions hereof and thereof.

    Section 5.2      Authorization, Etc. This Agreement and the Series 2006-A Notes to be issued on the Closing Date have been duly authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each such Series 2006-A Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

    Section 5.3      Disclosure. This Agreement, the documents, certificates or other writings identified in Schedule 5.3 and the financial statements listed in Schedule 5.5, in each case, delivered to the Purchasers prior to September 21, 2006 (this Agreement, such documents, certificates or other writings and such financial statements being referred to, collectively, as the "Disclosure Documents"), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2005, there has been no change in the financial condition, operations, business or properties of the Company or any Restricted Subsidiary except changes that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

    Section 5.4      Organization and Ownership of Shares of Subsidiaries.

  (a)    Schedule 5.4 contains (except as noted therein) a complete and correct list of the Company's Restricted and Unrestricted Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary.
  (b)    All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4).

 

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  (c)    Each Subsidiary identified in Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact.

    Section 5.5      Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the financial statements of the Company and its Subsidiaries listed on Schedule 5.5. All such financial statements (including in each case the related schedules and notes) fairly present, in all material respects, the consolidated financial position of the Company and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.

    Section 5.6      Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by the Company of this Agreement and the Series 2006-A Notes will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other Material agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary. 

    Section 5.7      Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority by the Company is required in connection with the execution, delivery or performance by the Company of this Agreement or the Series 2006-A Notes. 

    Section 5.8      Litigation; Observance of Statutes and Orders. 

  (a)    There are no actions, suits, investigations or
  proceedings pending or, to the knowledge of the Company, threatened against or
  affecting the Company or any Restricted Subsidiary or any property of the
  Company or any Restricted Subsidiary in any court or before any arbitrator of
  any kind or before or by any Governmental Authority

 

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  that, individually or in the aggregate, would reasonably be expected to
  have a Material Adverse Effect.

  (b)    Neither the Company nor any Restricted Subsidiary is in default under any term of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including without limitation Environmental Laws or the USA Patriot Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

    Section 5.9      Taxes. The Company and its Subsidiaries have filed all income tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not, individually or in the aggregate, Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. The federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2002.

    Section 5.10      Title to Property; Leases. The Company and its Restricted Subsidiaries have good and sufficient title to their respective Material properties, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Restricted Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement, except for those defects in title that, individually or in the aggregate, would not have a Material Adverse Effect. All Material leases are valid and subsisting and are in full force and effect in all material respects.

    Section 5.11      Licenses, Permits, Etc.
Except as disclosed in Schedule 5.11,

  (a)    the Company and its Restricted Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks, trade names and domain names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others;
  (b)    to the best knowledge of the Company, no product of the Company or any of its Restricted Subsidiaries infringes in any material respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name, domain name or other right owned by any other Person; and

  (c)    to the best knowledge of the Company, there is no
  Material violation by any Person of any right of the Company or any of its
  Restricted Subsidiaries with respect to any patent, copyright, proprietary
  software, service mark, trademark, trade name,
   

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  domain name or other right owned or used by the Company or any of its
  Restricted Subsidiaries.

    Section 5.12      Compliance with ERISA. 

  (a)    The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in, and would not reasonably be expected to result in, a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in Section 3 of ERISA), and no event, transaction or condition has occurred or exists that would reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions or to Section 401(a)(29) or 412 of the Code or Section 4068 of ERISA, other than such liabilities or Liens as would not be, individually or in the aggregate, Material.
  (b)    The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end of such Plan's most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan's most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities. The term "benefit liabilities" has the meaning specified in Section 4001 of ERISA and the terms "current value" and "present value" have the meanings specified in Section 3 of ERISA.

  (c)    The Company and its ERISA Affiliates have not incurred any withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under Section 4201 or 4204 of ERISA in respect of Multiemployer Plans that, individually or in the aggregate, are Material.
  (d)    The expected post-retirement benefit obligation (determined as of the last day of the Company's most recently ended fiscal year in accordance with Financial Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of the Company and its Subsidiaries is not Material.

  (e)    The execution and delivery of this Agreement and the issuance and sale of the Series 2006-A Notes hereunder to each Purchaser will not involve any transaction with respect to such Purchaser that is subject to the prohibitions of Section 406 of ERISA
  or in connection with which a tax would be imposed pursuant to
  Section 4975(c)(1)(A)-(D) of the Code. The representation by the Company to
  each Purchaser in the first sentence of this Section 5.12(e) is made in
  reliance upon and subject to the accuracy of such Purchaser's representation
  in Section 6.3 as to the sources of the
   

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  funds to be used to pay the purchase price of the Series 2006-A Notes to be
  purchased by such Purchaser.

    Section 5.13      Private Offering by the Company. Neither the Company nor anyone acting on the Company's behalf has offered the Series 2006-A Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than five other Institutional Investors of the type described in clause (c) of the definition thereof, each of which has been offered the Series 2006-A Notes in connection with a private sale for investment. Neither the Company nor anyone acting on the Company's behalf has taken, or will take, any action that would subject the issuance or sale of the Series 2006-A Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. It is understood that, in making the representation set forth in the last sentence of this Section 5.13, the Company is relying, to the extent applicable, upon the representations of the Purchasers set forth in Sections 6.1 and 6.2.

    Section 5.14      Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Series 2006-A Notes to refinance existing indebtedness and for other general corporate purposes of the Company. No part of the proceeds from the sale of the Series 2006-A Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated total assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms "margin stock" and "purpose of buying or carrying" shall have the meanings assigned to them in said Regulation U.

    Section 5.15      Existing Debt. 

  (a)    Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Debt of the Company and its Restricted Subsidiaries as of September 28, 2006 (including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt of the Company or its Restricted Subsidiaries. Neither the Company nor any Restricted Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Debt of the Company or such Restricted Subsidiary, and no event or condition exists with respect to any Debt of the Company or any Restricted Subsidiary the outstanding principal amount of which exceeds $500,000, that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

 

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  (b)    Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Debt of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company, except as specifically indicated in Schedule 5.15.

    Section 5.16      Foreign Assets Control Regulations, Etc. 

  (a)    Neither the sale of the Series 2006-A Notes by the Company hereunder nor its use of the proceeds thereof will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto.
  (b)    Neither the Company nor any Subsidiary is (1) a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (2) to the best knowledge of the Company, engaged in any dealings or transactions with any such Person. The Company and its Subsidiaries are in compliance, in all material respects, with the USA Patriot Act.

  (c)    No part of the proceeds from the sale of the Series 2006-A Notes hereunder will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to the Company.

    Section 5.17      Status under Certain Statutes. Neither the Company nor any Restricted Subsidiary is an "investment company" registered or required to be registered under the Investment Company Act of 1940, as amended, or is subject to regulation under the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.

 

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    Section 5.18      Environmental Matters. Except as disclosed in Schedule 5.18:

  (a)    neither the Company nor any Restricted Subsidiary has knowledge of any liability or has received any notice of any liability, and no proceeding has been instituted raising any liability against the Company or any of its Restricted Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them, or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect;
  (b)    neither the Company nor any Restricted Subsidiary has knowledge of any facts which would give rise to any liability, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect;

  (c)    neither the Company nor any of its Restricted Subsidiaries has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in each case in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect; and
  (d)    all buildings on all real properties now owned, leased or operated by the Company or any of its Restricted Subsidiaries are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect.

    Section 5.19      Notes Rank Pari Passu.
The obligations of the Company under this Agreement and the Series 2006-A Notes rank pari passu in right of payment with all other unsecured Senior Debt (actual or contingent) of the Company, including, without limitation, all unsecured Senior Debt of the Company described in Schedule 5.15.

    SECTION 6.      REPRESENTATIONS OF THE PURCHASERS.

    Section 6.1      Purchase for Investment. Each Purchaser severally represents that it is purchasing the Series 2006-A Notes for its own account or for one or more separate accounts maintained by it or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that any Notes purchased by Banc of America Securities LLC on the Closing Date may, in the alternative, be purchased with the intent to be resold to a Qualified Institutional Buyer pursuant to Rule 144A of the Securities Act, provided further
that, in any case, the disposition of such Purchaser's or such pension or trust
fund's property shall at all times be within such Purchaser's or such pension or
trust fund's control. Each Purchaser understands that the Series 2006-A Notes
have not been registered under the Securities Act and may be resold only if
registered pursuant to the provisions of the Securities Act or if an exemption
from registration is available, except under circumstances where neither such 

 

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registration nor such an exemption is required by law, and that the Company
is not required to register the Series 2006-A Notes. 

    Section 6.2      Accredited Investor. Each Purchaser represents that it is an "accredited investor" (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others are also "accredited investors"). Each Purchaser further represents that such Purchaser has had the opportunity to ask questions of the Company and received answers concerning the terms and conditions of the sale of the Series 2006-A Notes. 

    Section 6.3      Source of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a "Source") to be used by such Purchaser to pay the purchase price of the Series 2006-A Notes to be purchased by such Purchaser hereunder:

  (a)    the Source is an "insurance company general account" (as the term is defined in the United States Department of Labor's Prohibited Transaction Class Exemption ("PTE") 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the "NAIC Annual Statement")) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser's state of domicile; or
  (b)    the Source is a separate account that is maintained solely in connection with such Purchaser's fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or

  (c)    the Source is either (1) an insurance company pooled separate account, within the meaning of PTE 90-1 or (2) a bank collective investment fund, within the meaning of PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or
  (d)    the Source constitutes assets of an "investment fund" (within the meaning of Part V of PTE 84-14 (the "QPAM Exemption")) managed by a "qualified professional asset manager" or "QPAM" (within the meaning of Part V of the QPAM Exemption), no employee benefit plan's assets that are included in such investment fund, when combined
  

 

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  with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Section V(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, exceed 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a Person controlling or controlled by the QPAM (applying the definition of "control" in Section V(e) of the QPAM Exemption) owns a 5% or more interest in the Company and (1) the identity of such QPAM and (2) the names of all employee benefit plans whose assets are included in such investment fund have been disclosed to the Company in writing pursuant to this clause (d); or

  (e)    the Source constitutes assets of a "plan(s)" (within the meaning of Section IV of PTE 96-23 (the "INHAM Exemption")) managed by an "in-house asset manager" or "INHAM" (within the meaning of Part IV of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of "control" in Section IV(d) of the INHAM Exemption) owns a 5% or more interest in the Company and (1) the identity of such INHAM and (2) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or
  (f)    the Source is a governmental plan; or

  (g)    the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or
  (h)    the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.
  

As used in this Section 6.3, the terms "employee benefit plan," "governmental plan" and "separate account" shall have the respective meanings assigned to such terms in Section 3 of ERISA.

    SECTION 7.      INFORMATION AS TO COMPANY.

    Section 7.1      Financial and Business Information. The Company shall deliver to each holder of Notes that is an Institutional Investor:

  (a)   

Quarterly Statements — within 60 days after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), copies of:
  
    (1)    a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and

 

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    (2)    consolidated statements of income, changes in shareholders' equity and cash flows of the Company and its Subsidiaries for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,
  

setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments, provided that delivery within the time period specified above of copies of the Company's Quarterly Report on Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a);

  (b)   
Annual Statements — within 105 days after the end of each fiscal year of the Company, copies of:
  
    (1)    a consolidated balance sheet of the Company and its Subsidiaries, as at the end of such year, and
    (2)    consolidated statements of income, changes in shareholders' equity and cash flows of the Company and its Subsidiaries, for such year,

  

setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified above of the Company's Annual Report on Form 10-K for such fiscal year (together with the Company's annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(b);

  (c)   
SEC and Other Reports — except for filings referred to in Section 7.1(a) and (b) above, promptly upon their becoming available and, to the extent applicable, one copy of (1) each financial statement, report, notice or proxy statement sent by the Company or any Subsidiary to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally and (2) each regular or periodic report, each registration

 

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  statement that shall have become effective (other than registration statements on Form S-8 relating to employee benefit plans and without exhibits except as expressly requested by such holder), and each final prospectus and all amendments thereto filed by the Company or any Subsidiary with the SEC, provided that, in the case of clause (2) of this Section 7.1(c), to the extent that any such report or registration statement is not Material, the Company may instead deliver it to the holders of the Notes concurrently with the delivery of its next officer's certificate pursuant to Section 7.2.
  

  (d)  
 Notice of Default or Event of Default — promptly, and in any event within five Business Days after a Responsible Officer becomes aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto; 
  (e)   
ERISA Matters — promptly, and in any event within five Business Days after a Responsible Officer becomes aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto:
  

  
    (1)    with respect to any Plan, any reportable event, as defined in Section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date thereof; or
    (2)    the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or

    (3)    any event, transaction or condition that would result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the imposition of a penalty or excise tax under the provisions of the Code relating to employee benefit plans, or the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect;

  (f)   

Supplements  — promptly and in any event within 10 Business Days after the execution and delivery of any Supplement, a copy thereof; and
  (g)   
Requested Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company or any of its Subsidiaries or relating to the ability of the
  

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  Company to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by any such holder of Notes or such information regarding the Company required to satisfy the requirements of 17 C.F.R. 𨳨A, as amended from time to time, in connection with any contemplated transfer of the Notes.

    Section 7.2      Officer's Certificate. Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth:

  (a)   

Covenant Compliance — the information (including reasonably detailed calculations) required in order to establish whether the Company was in compliance with the requirements of Section 10.1 during the quarterly or annual period covered by the statements then being furnished (including with respect to such Section, if applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence); provided that, if at any time during the quarterly or annual period covered by the statements then being furnished, (1) the aggregate amount of all Priority Debt exceeded an amount equal to 10% of Consolidated Net Worth determined as of the end of the immediately preceding fiscal quarter of the Company, then such certificate shall include reasonably detailed calculations required in order to determine whether the Company was in compliance with Section 10.2 and Section 10.3 for such quarterly or annual period and (2) the Company and its Restricted Subsidiaries shall have sold, leased or otherwise disposed of assets (other than a sale, lease or other disposition described in clauses (1), (2) or (3) of the last paragraph of Section 10.5 or the proceeds of which were applied in accordance with paragraph (a) or (b) of Section 10.5), the book value of which, when added to the book value of all other assets sold, leased or otherwise disposed of by the Company and its Restricted Subsidiaries during the period of 12 consecutive months ending on the date of such sale, lease or other disposition, exceeded 5% of the book value of Consolidated Total Assets determined as of the end of the immediately preceding fiscal quarter of the Company, then such certificate shall include reasonably detailed calculations required in order to determine whether the Company was in compliance with Section 10.5 at the time of each such sale, lease or other disposition; and

  (b)    Event of Default — a statement that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto.

    Section 7.3      Visitation. The Company shall permit the representatives of each holder of Notes that is an Institutional Investor:

 

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  (a)   

No Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the Company's officers, and (with the consent of the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and each Restricted Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and
  (b)   
Default — if a Default or Event of Default then exists, at the expense of the Company, to visit and inspect any of the offices or properties of the Company or any Restricted Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and its Subsidiaries), all at such times and as often as may be requested.

    SECTION 8.      PAYMENT OF THE NOTES.

    Section 8.1      Required Prepayments; Maturity. 

  (a)    Series 2006-A Tranche 1 Notes. The Series 2006-A Tranche 1 Notes shall not be subject to any required prepayments and the entire unpaid principal amount of the Series 2006-A Tranche 1 Notes shall become due and payable on October 5, 2013. 
  (b)   
Series 2006-A Tranche 2 Notes. The Series 2006-A Tranche 2 Notes shall not be subject to any required prepayments and the entire unpaid principal amount of the Series 2006-A Tranche 2 Notes shall become due and payable on October 5, 2013. 
  

  (c)   
Required Prepayment of Additional Notes. Each Series and tranche, if applicable, of Additional Notes shall be subject to required prepayments as specified in the Supplement pursuant to which such Series and tranche, if applicable, of Additional Notes were issued.

    Section 8.2      Optional Prepayments. 

  (a)   

Optional Prepayments of Fixed Rate Notes. The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, any Series of Fixed Rate Notes, in an amount not less than 10% of the original aggregate principal amount of such Series of Fixed Rate Notes in the case of a partial prepayment, at 100% of the principal amount so prepaid, plus accrued and unpaid interest, plus the applicable Make-Whole Amount, if any, determined for the prepayment date with respect to such principal amount. 
  (b)   
Optional Prepayments of Floating Rate Notes. The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, any Series or tranche of Floating Rate Notes, in an amount not less than 10% of
  

 

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  the original aggregate principal amount of such Series or tranche of Floating Rate Notes in the case of a partial prepayment, at 100% of the principal amount so prepaid, plus accrued and unpaid interest, plus the applicable Prepayment Premium, if any, determined for the prepayment date with respect to such principal amount and, if such prepayment occurs on any date other than an Interest Payment Date, the applicable Breakage Amount, if any. 
  

  (c)   
Optional Prepayment following Default. Notwithstanding anything contained herein to the contrary, the Company may not prepay any Series or tranche, if applicable, of Notes under Section 8.2(a) or 8.2(b) if a Default or Event of Default shall have occurred and be continuing or would result from such optional prepayment unless all Notes at the time outstanding are prepaid on a pro rata basis.
  (d)   
Notice of Optional Prepayments. The Company will give each holder of Notes of the Series and tranche to be prepaid (with a copy to each other holder of Notes) written notice of each optional prepayment of Notes of such Series and tranche under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes of each Series and tranche to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount, if any, or Prepayment Premium, if any, as applicable, due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. In the case of prepayments of Fixed Rate Notes, two Business Days prior to such prepayment, the Company shall deliver to each holder of Fixed Rate Notes a certificate of a Senior Financial Officer specifying the calculation of the applicable Make-Whole Amount as of the specified prepayment date.

    Section 8.3      Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to the provisions of Section 8.2, the principal amount of the Notes of the Series and tranche, if applicable, to be prepaid shall be allocated among all of the Notes of such Series and tranche, if applicable, at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof. All regularly scheduled partial prepayments made with respect to any Series of Additional Notes pursuant to any Supplement shall be allocated as provided therein.

    Section 8.4      Maturity; Surrender, Etc.
In the case of each prepayment of Notes pursuant to this Section 8, the
principal amount of each Note to be prepaid shall mature and become due and
payable on the date fixed for such prepayment (which shall be a Business Day),
together with interest on such principal amount accrued to such date and the
applicable Make-Whole Amount, if any, or Prepayment 

 

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Premium, if any, and Breakage Amount, if any. From and after such date,
unless the Company shall fail to pay such principal amount when so due and
payable, together with the interest and Make-Whole Amount, if any, or Prepayment
Premium, if any, and Breakage Amount, if any, as aforesaid, interest on such
principal amount shall cease to accrue. Any Note paid or prepaid in full shall
be surrendered to the Company and cancelled and shall not be reissued, and no
Note shall be issued in lieu of any prepaid principal amount of any Note.

    Section 8.5      Purchase of Notes. The Company will not, and will not permit any Affiliate to, purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes of any Series except (a) upon the payment or prepayment of the Notes of any Series in accordance with the terms of this Agreement (including any Supplement) and the Notes of such Series or (b) pursuant to a written offer to purchase any outstanding Notes of any Series made by the Company or an Affiliate pro rata to the holders of the Notes of such Series upon the same terms and conditions (except that if such Series has more than one separate tranche, such written offer shall be allocated among all of the separate tranches of such Series at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof but such written offer may otherwise differ among such separate tranches and such written offer shall be made pro rata to the holders of the same tranches of such Series upon the same terms and conditions). Any such offer shall provide each holder of the Notes of the Series being offered for purchase with sufficient information to enable it to make an informed decision with respect to such offer and shall remain open for at least 10 Business Days. If the holders of more than 50% of the outstanding principal amount of the Notes of the Series being offered for purchase accept such offer, the Company shall promptly notify the remaining holders of such Series of such fact and the expiration date for the acceptance by such holders of such offer shall be extended by the number of days necessary to give each such remaining holder at least 5 Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.

    Section 8.6      Offer to Prepay Upon Sale of Assets. 

  (a)    Notice and Offer. In the event of a sale, lease or other disposition of a "substantial part" of the assets of the Company or any Restricted Subsidiary where the Company has elected to apply the net proceeds of such sale, lease or other disposition pursuant to Section 10.5(b), the Company shall, no later than the 305th day following the date of such sale, lease or other disposition, give written notice of such event (a "Sale of Assets Prepayment Event") to each holder of Notes. Such notice shall contain, and shall constitute, an irrevocable offer to prepay a Ratable Portion of the Notes held by such holder on the date specified in such notice (the "Sale of Assets Prepayment Date") which date shall be not less than 30 days and not more than 60 days after such notice.
  (b)   
Acceptance and Payment. A holder of Notes may accept or reject the offer
  to prepay pursuant to this Section 8.6 by causing a notice of such acceptance
  or rejection to be delivered to the Company at least 10 days prior to the Sale
  of Assets Prepayment Date. A failure by a holder of the Notes to respond to an
  offer to prepay made pursuant to this Section 8.6 shall be deemed to
  constitute a rejection of such offer by such holder. If so accepted, such
  offered prepayment in respect of the Ratable Portion of the Notes of 

 

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  each holder that has accepted such offer shall be due and payable on the
  Sale of Assets Prepayment Date. Such offered prepayment shall be made at 100%
  of the aggregate Ratable Portion of the Notes of each holder that has accepted
  such offer, together with interest on that portion of the Notes then being
  prepaid accrued to the Sale of Assets Prepayment Date and, if applicable, the
  Breakage Amount, if any, with respect to the principal being prepaid but, in
  any case, without any Make-Whole Amount or Prepayment Premium. 

  (c)   
Officer's Certificate. Each offer to prepay the Notes pursuant to this Section 8.6 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (1) the Sale of Assets Prepayment Date; (2) that such offer is being made pursuant to this Section 8.6 and that the failure by a holder to respond to such offer by the deadline established in Section 8.6(b) shall result in such offer to such holder being deemed rejected; (3) the Ratable Portion of each such Note offered to be prepaid; (4) the interest that would be due on the Ratable Portion of each such Note offered to be prepaid, accrued to the Sale of Assets Prepayment Date; (5) that the conditions of this Section 8.6 have been satisfied and (6) in reasonable detail, a description of the nature and date of the Sale of Assets Prepayment Event giving rise to such offer of prepayment.

    Section 8.7      Make-Whole Amount for the Series 2006-A Tranche 1 Notes. The term "Make-Whole Amount" shall mean, with respect to any Series 2006-A Tranche 1 Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Series 2006-A Tranche 1 Note, minus the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:

  "Called Principal" shall mean, with respect to any Series 2006-A Tranche 1 Note, the principal of such Series 2006-A Tranche 1 Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

"Discounted Value" shall mean, with respect to the Called Principal of any Series 2006-A Tranche 1 Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Series 2006-A Tranche 1 Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.

"Reinvestment Yield" shall mean, with respect to the Called Principal of any Series 2006-A Tranche 1 Note, 0.50% plus the yield to maturity calculated by using (a) the yields reported, as of 10:00 a.m. (New York, New York time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as "Page PX1" (or such other display as may replace Page PX1 on  

 

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  Bloomberg Financial Markets ("Bloomberg") or, if Page PX1 (or its successor screen on Bloomberg) is unavailable, the Telerate Access Service screen which corresponds most closely to Page PX1) for the most recently issued actively traded U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (b) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. In either case, the yield will be determined, if necessary, by (1) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and (2) interpolating linearly on a straight line basis between (i) the actively traded U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (ii) the actively traded U.S. Treasury security with the maturity closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of such Series 2006-A Tranche 1 Notes.

"Remaining Average Life" shall mean, with respect to the Called Principal of any Series 2006-A Tranche 1 Note, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (a) such Called Principal into (b) the sum of the products obtained by multiplying (1) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (2) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.

"Remaining Scheduled Payments" shall mean, with respect to the Called Principal of any Series 2006-A Tranche 1 Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of such Series 2006-A Tranche 1 Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1.

"Settlement Date" shall mean, with respect to the Called Principal of any Series 2006-A Tranche 1 Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

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    SECTION 9.      AFFIRMATIVE COVENANTS.

    The Company covenants that so long as any of the Notes are outstanding:

    Section 9.1      Compliance with Law. Without limiting Section 10.7, the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, the USA Patriot Act and Environmental Laws, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

    Section 9.2      Insurance. The Company will, and will cause each of its Restricted Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated. 

    Section 9.3     Maintenance of Properties. The Company will, and will cause each of its Restricted Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section shall not prevent the Company or any Restricted Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

    Section 9.4      Payment of Taxes. The Company will, and will cause each of its Subsidiaries to, file all income tax or similar tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges or levies payable by any of them, to the extent such taxes, assessments, governmental charges or levies have become due and payable and before they have become delinquent, provided that neither the Company nor any Subsidiary need pay any such tax, assessment, governmental charge or levy if (a) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (b) the non-filing or nonpayment, as the case may be, of all such taxes, assessments, governmental charges, levies and claims in the aggregate would not reasonably be expected to have a Material Adverse Effect.

 

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    Section 9.5      Corporate Existence, Etc. Subject to Section 10.4, the Company will at all times preserve and keep in full force and effect its corporate existence. Subject to Sections 10.4 and 10.5, the Company will at all times preserve and keep in full force and effect the corporate or other existence of each of its Restricted Subsidiaries (unless merged into the Company or a Restricted Subsidiary) and all rights and franchises of the Company and its Restricted Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate or other existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect.

    Section 9.6      Notes to Rank Pari Passu.
The Notes and all other obligations under this Agreement of the Company are and at all times shall remain direct and unsecured obligations of the Company ranking pari passu as against the assets of the Company with all other Notes from time to time issued and outstanding hereunder without any preference among themselves and pari passu with all other present and future unsecured Senior Debt (actual or contingent) of the Company.

    Section 9.7      Books and Records.
The Company will, and will cause each of its Restricted Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Restricted Subsidiary, as the case may be.

    Section 9.8      Designation of Subsidiaries.
The Company may from time to time cause any Subsidiary (other than a Subsidiary Guarantor, if any) to be designated as an Unrestricted Subsidiary or any Unrestricted Subsidiary to be designated a Restricted Subsidiary; provided, however, that at the time of such designation and immediately after giving effect thereto, (a) no Default or Event of Default shall have occurred and be continuing under the terms of this Agreement and (b) the Company and its Subsidiaries or Restricted Subsidiaries, as the case may be, would be in compliance with all of the covenants set forth in this Section 9 and Section 10 if tested on the date of such action and provided, further, that, except as required in order for the Company to comply with the requirements of Section 10.8, once a Subsidiary has been designated an Unrestricted Subsidiary or a Restricted Subsidiary pursuant to this Section 9.8, it shall not thereafter be redesignated as an Unrestricted Subsidiary or a Restricted Subsidiary on more than one occasion. Within 10 days following any designation described above, the Company will deliver to each holder of Notes a notice of such designation accompanied by a certificate signed by a Senior Financial Officer certifying compliance with all requirements of this Section 9.8 and setting forth all information required in order to establish such compliance.

    Section 9.9      Subsidiary Guarantors. 

  (a)    The Company will cause any Subsidiary which becomes an obligor, co-obligor or guarantor in respect of Debt under any Bank Credit Agreement to deliver to each of the holders of the Notes (concurrently with becoming an obligor, co-obligor or guarantor in respect of Debt under such Bank Credit Agreement) the following items:
  
    (1)    a Subsidiary Guaranty;

 

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    (2)    a certificate signed by an authorized Responsible Officer of the Company making representations and warranties to the effect of those contained in Sections 5.2, 5.4, 5.6 and 5.7, with respect to such Subsidiary and such Subsidiary Guaranty, as applicable; and
    (3)    an opinion of counsel (who may be in-house counsel for the Company) addressed to each of the holders of the Notes which opinion shall be satisfactory to the Required Holders, to the effect that the Subsidiary Guaranty entered into by such Subsidiary has been duly authorized, executed and delivered and that such Subsidiary Guaranty constitutes the legal, valid and binding contract and agreement of such Subsidiary enforceable in accordance with its terms, except as an enforcement of such terms may be limited by bankruptcy, insolvency, fraudulent conveyance and similar laws affecting the enforcement of creditors' rights generally and by general equitable principles.

  

  (b)    The holders of Notes agree to discharge and release any Subsidiary Guarantor from its Subsidiary Guaranty upon the written request of the Company, provided that (1) such Subsidiary Guarantor shall have been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under its Subsidiary Guaranty) as an obligor and guarantor under and in respect of each Bank Credit Agreement and the Company so certifies to the holders of Notes in a certificate of a Responsible Officer of the Company, (2) at the time of such release and discharge, the Company shall have delivered a certificate of a Responsible Officer of the Company to the holders of Notes stating that no Default or Event of Default exists or will result from such release and discharge and (3) if any fee or other form of consideration is given to any party to any Bank Credit Agreement expressly for the purpose of its release of such Subsidiary Guarantor, the holders of Notes shall receive equivalent consideration.

    SECTION 10.      NEGATIVE COVENANTS.

    The Company covenants that so long as any of the Notes are outstanding:

    Section 10.1      Consolidated Debt to Consolidated Total Capitalization. The Company will not, at any time, permit Consolidated Debt to exceed 60% of Consolidated Total Capitalization.

    Section 10.2      Priority Debt. The Company will not, at any time, permit the aggregate amount of all Priority Debt to exceed an amount equal to 20% of Consolidated Net Worth determined as of the end of the then most recently ended fiscal quarter of the Company.

    Section 10.3      Limitation on Liens. The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Company or any Restricted Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom,
or assign or otherwise convey any right to 

 

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receive income or profits (unless it makes, or causes to be made, effective
provision whereby the Notes will be equally and ratably secured with any and all
other obligations thereby secured, such security to be pursuant to documentation
reasonably satisfactory to the Required Holders and, in any such case, the Notes
shall have the benefit, to the fullest extent that, and with such priority as,
the holders of the Notes may be entitled under applicable law, of an equitable
Lien on such property), except:

  (a)    Liens for taxes, assessments or other governmental charges that are not yet due and payable or the payment of which is not at the time required by Section 9.4;
  (b)    Liens incidental to the conduct of business or the ownership of properties and assets (including landlords', carriers', warehousemen's, mechanics', materialmen's and other similar Liens for sums not yet due and payable) and Liens to secure the performance of bids, tenders, leases or trade contracts or to secure statutory obligations (including obligations under workers compensation, unemployment insurance and other social security legislation), surety or appeal bonds or other Liens incurred in the ordinary course of business and not in connection with the borrowing of money;

  (c)    eases or subleases granted to others, easements, rights-of-way, restrictions and other similar charges or encumbrances, in each case incidental to the ownership of property or assets or the ordinary conduct of the business of the Company or any Restricted Subsidiary, and Liens incidental to minor survey exceptions and the like, provided that such Liens do not, in the aggregate, materially detract from the value of such property;
  (d)    any attachment or judgment Lien, unless the judgment it secures shall not, within 60 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged within 60 days after the expiration of any such stay;

  (e)    Liens securing Debt of a Restricted Subsidiary to the Company or to another Restricted Subsidiary;
  (f)    Liens existing on the Closing Date and reflected in Schedule 10.3;

  (g)    Liens incurred after the Closing Date given to secure the payment of the purchase price incurred in connection with the acquisition, construction or improvement of property (other than accounts receivable or inventory) useful and intended to be used in carrying on the business of the Company or a Restricted Subsidiary, including Liens existing on such property at the time of acquisition or construction thereof or improvement thereon or Liens incurred within 365 days of such acquisition or completion of such construction or improvement; provided that (1) the Lien shall attach solely to the property acquired, purchased, constructed or improved, (2) at the time of acquisition, construction or improvement of such property (or, in the case of any Lien incurred within 365 days of such acquisition or completion of such construction or improvement, at the time of the incurrence of the Debt secured by such Lien), the aggregate amount remaining

 

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  unpaid on all Debt secured by Liens on such property, whether or not assumed by the Company or a Restricted Subsidiary, shall not exceed the lesser of (i) the cost of such acquisition, construction or improvement or (ii) the fair market value at the time such property is acquired or constructed or improvement of such property is completed, as the case may be, (as determined in good faith by one or more officers of the Company or such Restricted Subsidiary to whom authority to enter into the transaction has been delegated by the board of directors of the Company or such Restricted Subsidiary), (3) the aggregate principal amount of all Debt secured by such Liens would be permitted by the limitation set forth in Section 10.1 and (4) at the time of such incurrence and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing;

  (h)    any Lien existing on property of a Person immediately prior to its being consolidated with or merged into the Company or a Restricted Subsidiary or its becoming a Subsidiary, or any Lien existing on any property acquired by the Company or any Restricted Subsidiary at the time such property is so acquired (whether or not the Debt secured thereby shall have been assumed); provided that (1) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person becoming a Subsidiary or such acquisition of property, (2) each such Lien shall extend solely to the item or items of property so acquired and, if required by the terms of the instrument originally creating such Lien, other property which is an improvement to or is acquired for specific use in connection with such acquired property, (3) the aggregate principal amount of all Debt secured by such Liens would be permitted by the limitation set forth in Section 10.1 and (4) at the time of such incurrence and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing;
  (i)    any extensions, renewals or replacements of any Lien permitted by the preceding paragraphs (f), (g) and (h) of this Section 10.3; provided that (1) no additional property shall be encumbered by such Liens, (2) the unpaid principal amount of the Debt or other obligations secured thereby shall not be increased or the maturity thereof reduced and (3) at such time and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing; and

  (j)    other Liens not otherwise permitted by paragraphs (a) through (i), inclusive, of this Section 10.3 securing Debt; provided that (1) the aggregate principal amount of all Debt secured by such Liens shall be permitted by the limitations set forth in Sections 10.1 and 10.2 and (2) at the time of such incurrence and after giving effect thereto, no Default or Event of Default shall have occurred or be continuing.

    Section 10.4      Merger and Consolidation. The Company will not, and will not permit any Restricted Subsidiary to, consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person; provided that:

(a)any Restricted Subsidiary may (1) consolidate with or merge with, or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to, (i)
the Company or another Restricted Subsidiary so long as in 

 

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any merger or consolidation involving the Company, the Company shall be
the surviving or continuing corporation or (ii) any other Person so long as the
surviving or continuing entity is a Restricted Subsidiary or (2) convey,
transfer or lease all of its assets in compliance with the provisions of
Section 10.5; and 

(b)the Company may consolidate or merge with, or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to, any Person so long as:

  
    (1)    the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be (the "Successor Corporation"), shall be a solvent entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia;
    (2)    if the Successor Corporation is not the Company, (i) such Successor Corporation shall have executed and delivered to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement, each Supplement and the Notes (pursuant to such agreements and instruments as shall be reasonably satisfactory to the Required Holders) and (ii) each Subsidiary Guarantor, if any, shall have reaffirmed in writing its obligations under its Subsidiary Guaranty; and

    (3)    immediately before and after giving effect to such transaction no Default or Event of Default shall have occurred and be continuing.

    Section 10.5      Sales of Assets. The Company will not, and will not permit any Restricted Subsidiary to, sell, lease or otherwise dispose of any substantial part (as defined below) of the assets (including capital stock or similar equity interests of Subsidiaries) of the Company and its Restricted Subsidiaries; provided, however, that the Company or any Restricted Subsidiary may sell, lease or otherwise dispose of assets constituting a substantial part of the assets of the Company and its Restricted Subsidiaries if such assets are sold for fair market value and, at such time and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and an amount equal to the net proceeds received from such sale, lease or other disposition (but only with respect to that portion of such assets that exceeds the definition of "substantial part" set forth below) shall be used within 365 days of such sale, lease or disposition, in any combination:

(a)    to acquire productive assets used or useful in carrying on the business of the Company and its Restricted Subsidiaries and having a fair market value at least equal to the fair market value of such assets sold, leased or otherwise disposed of; and/or

(b)    to prepay or retire Senior Debt of the Company and/or a Restricted Subsidiary, provided
that in the course of making such application the Company shall offer to prepay
each outstanding Note in accordance with Section 8.6 in a principal 

 

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amount which equals the Ratable Portion for such Note. If any holder of a
Note fails to accept such offer of prepayment, then the Company shall prepay or
pay or cause to prepay or pay additional Debt of the Company or a Restricted
Subsidiary, other than Subordinated Debt, in an amount equal to the Ratable
Portion for such Note.

    As used in this Section 10.5, a sale, lease or other disposition of assets shall be deemed to be a "substantial part" of the assets of the Company and its Restricted Subsidiaries if the book value of such assets, when added to the book value of all other assets sold, leased or otherwise disposed of by the Company and its Restricted Subsidiaries during the period of 12 consecutive months ending on the date of such sale, lease or other disposition, exceeds 10% of the book value of Consolidated Total Assets, determined as of the end of the fiscal quarter immediately preceding such sale, lease or other disposition; provided that there shall be excluded from any determination of a "substantial part" (1) any sale, lease or other disposition of assets in the ordinary course of business of the Company and its Restricted Subsidiaries, (2) any sale, lease or other disposition of assets from the Company to a Restricted Subsidiary or from any Restricted Subsidiary to the Company or another Restricted Subsidiary and (3) any sale of property acquired or constructed by the Company or any Restricted Subsidiary after the Closing Date to any Person within 365 days following the acquisition or completion of construction of such property by the Company or such Restricted Subsidiary if the Company or such Restricted Subsidiary shall concurrently with such sale, lease such property, as lessee.

    Section 10.6      Transactions with Affiliates. The Company will not, and will not permit any Restricted Subsidiary to, enter into directly or indirectly any Material transaction or Material group of related transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company or a Restricted Subsidiary), except pursuant to the reasonable requirements of the Company's or such Restricted Subsidiary's business and upon fair and reasonable terms that are not materially less favorable to the Company or such Restricted Subsidiary than would be obtainable in a comparable arm's-length transaction with a Person not an Affiliate.

    Section 10.7      Terrorism Sanctions Regulations. The Company will not, and will not permit any Subsidiary to, (a) become a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (b) to the best knowledge of the Company after reasonable inquiry, engage in any dealings or transactions with any such Person.

    Section 10.8      Limitation on Unrestricted Subsidiaries. The Company will not, at any time, permit (a) the total assets of all Unrestricted Subsidiaries to constitute more than 10% of the consolidated total assets of the Company and its Subsidiaries or (b) the gross revenues of all Unrestricted Subsidiaries to account for more than 10% of the consolidated gross revenues of the Company and its Subsidiaries, determined in each case in accordance with GAAP.

    SECTION 11.      EVENTS OF DEFAULT.

    An "Event of Default" shall exist if any of the following conditions or events shall occur and be continuing:

 

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  (a)    the Company defaults in the payment of any principal or Make-Whole Amount, if any, Prepayment Premium, if any, or Breakage Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or
  (b)    the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or
  

  (c)    (1) the Company defaults in the performance of or compliance with any term contained in Section 7.1(d) or Section 10 or any covenant in a Supplement which specifically provides that it shall have the benefit of this paragraph (c) or (2) any Subsidiary Guarantor defaults in the performance of or compliance with any term of its Subsidiary Guaranty beyond any period of grace or cure period provided with respect thereto; or
  (d)    the Company defaults in the performance of or compliance with any term contained herein or in any Supplement (other than those referred to in paragraphs (a), (b) and (c) of this Section 11) and such default is not remedied within 30 days after the earlier of (1) a Responsible Officer obtaining actual knowledge of such default and (2) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a "notice of default" and to refer specifically to this paragraph (d) of Section 11); or

  (e)    any Subsidiary Guaranty ceases to be a legally valid, binding and enforceable obligation or contract of a Subsidiary Guarantor (other than a Subsidiary Guarantor released in accordance with the terms of Section 9.9(b) hereof), or any Subsidiary Guarantor or any party by, through or on account of any such Person, challenges the validity, binding nature or enforceability of its Subsidiary Guaranty; or
  (f)    any representation or warranty made in writing by or on behalf of the Company or any Subsidiary Guarantor or by any officer of the Company or any Subsidiary Guarantor in this Agreement, any Supplement under which Additional Notes are then outstanding, any Subsidiary Guaranty or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have been false or incorrect in any material respect on the date as of which made; or

  (g)    (1) the Company or any Material Subsidiary is in default
  (as principal or as guarantor or other surety) in the payment of any principal
  of or premium or make-whole amount or interest (in the payment amount of at
  least $100,000) on any Debt other than the Notes that is outstanding in an
  aggregate principal amount of at least $15,000,000 beyond any period of grace
  provided with respect thereto, (2) the Company or any Material Subsidiary is
  in default in the performance of or compliance with any term of any
  instrument, mortgage, indenture or other agreement relating to any Debt other
  than the Notes in an aggregate principal amount of at least $15,000,000 or any
  other condition exists, and as a consequence of such default or condition such
  Debt has become, or has been declared due and payable before its stated
  maturity or before its regularly scheduled

 

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  dates of payment or (3) as a consequence of the occurrence or continuation
  of any event or condition (other than the passage of time or the right of the
  holder of Debt to convert such Debt into equity interests), the Company or any
  Material Subsidiary has become obligated to purchase or repay Debt other than
  the Notes before its regular maturity or before its regularly scheduled dates
  of payment in an aggregate outstanding principal amount of at least
  $15,000,000; or 

  (h)    the Company or any Material Subsidiary (1) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (2) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (3) makes an assignment for the benefit of its creditors, (4) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (5) is adjudicated as insolvent or to be liquidated or (6) takes corporate action for the purpose of any of the foregoing; or
  (i)    a court or governmental authority of competent jurisdiction enters an order appointing, without consent by the Company or any Material Subsidiary, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company or any Material Subsidiary, or any such petition shall be filed against the Company or any Material Subsidiary and such petition shall not be dismissed or stayed within 60 days or is not dismissed within 60 days after the expiration of such stay; or

  (j)    a final judgment or judgments at any one time outstanding for the payment of money aggregating in excess of $15,000,000 are rendered against one or more of the Company or its Material Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or
  (k)    if (1) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (2) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under Section 4042 of ERISA to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (3) the aggregate "amount of unfunded benefit liabilities" (within the meaning of Section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, shall exceed $15,000,000 (4) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to
  

 

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  Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (5) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan or (6) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder; and any such event or events described in clauses (1) through (6) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect.

As used in Section 11(k), the terms "employee benefit plan" and "employee welfare benefit plan" shall have the respective meanings assigned to such terms in Section 3 of ERISA.

    SECTION 12.      REMEDIES ON DEFAULT, ETC.

    Section 12.1      Acceleration. 

  (a)    If an Event of Default with respect to the Company described in paragraph (h) or (i) of Section 11 (other than an Event of Default described in clause (1) of paragraph (h) or described in clause (6) of paragraph (h) by virtue of the fact that such clause encompasses clause (1) of paragraph (h)) has occurred, all the Notes of every Series then outstanding shall automatically become immediately due and payable.
  (b)    If any other Event of Default has occurred and is continuing, the Required Holders may at any time at their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable.

  (c)    If any Event of Default described in paragraph (a) or (b) of Section 11 has occurred and is continuing with respect to any Notes, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by such holder or holders to be immediately due and payable.

    Upon any Note becoming due and payable under this Section 12.1, whether automatically or by declaration, such Note will forthwith mature and the entire unpaid principal amount of such Note, plus (1) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (2) the applicable Make-Whole Amount, if any, or Prepayment Premium, if any, and Breakage Amount, if any, determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein (or in any Supplement) specifically provided for), and that the provision for payment of a Make-Whole Amount, if any, or Prepayment Premium, if any, by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

 

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    Section 12.2      Other Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.

    Section 12.3      Rescission. At any time after any Notes have been declared due and payable pursuant to clause (b) or (c) of Section 12.1, the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and applicable Make-Whole Amount, if any, or Prepayment Premium, if any, and Breakage Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and applicable Make-Whole Amount, if any, or Prepayment Premium, if any, and Breakage Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17 and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to any Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

    Section 12.4      No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder's rights, powers or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys' fees, expenses and disbursements.

    SECTION 13.      Registration; Exchange; Substitution of Notes.

    Section 13.1      Registration of Notes. The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

 

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    Section 13.2      Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18(4)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder's attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within 10 Business Days thereafter, the Company shall execute and deliver, at the Company's expense (except as provided below), one or more new Notes (as requested by the holder thereof) of the same Series (and of the same tranche if such Series has separate tranches) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of the Note of such Series and tranche, if applicable, originally issued hereunder or pursuant to any Supplement. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $1,000,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of any Series and tranche, if applicable, one Note of such Series and tranche, if applicable, may be in a denomination of less than $1,000,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.3, provided, that such holder may (in reliance upon information provided by the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under Section 406(a) of ERISA.

    Section 13.3      Replacement of Notes. Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(4)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and

  (a)    in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser, an Additional Purchaser, another holder of a Note with a minimum net worth of least $50,000,000 or a Qualified Institutional Buyer, such Person's own unsecured agreement of indemnity shall be deemed to be satisfactory), or
  (b)    in the case of mutilation, upon surrender and cancellation thereof,

the Company at its own expense shall execute and deliver not more than 10 Business Days following satisfaction of such conditions, in lieu thereof, a new Note of the same Series (and of the same tranche if such Series has separate tranches), dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

 

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    SECTION 14.      PAYMENTS ON NOTES.

    Section 14.1      Place of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, or Prepayment Premium, if any, and Breakage Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of Bank of America, N.A. in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

   Section 14.2      Home Office Payment. So long as any Purchaser or Additional Purchaser or such Person's nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, or Prepayment Premium, if any, and Breakage Amount, if any, and interest by the method and at the address specified for such purpose for such Purchaser on Schedule A hereto or, in the case of any Additional Purchaser, Schedule A attached to the applicable Supplement, or by such other method or at such other address as such Purchaser or Additional Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser or Additional Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by any Purchaser or Additional Purchaser or such Person's nominee, such Person will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note.

    SECTION 15.      EXPENSES, ETC.

    Section 15.1      Transaction Expenses.
Whether or not the transactions contemplated hereby are consummated, the Company
will pay all costs and expenses (including reasonable attorneys' fees of a
special counsel for the Purchasers or any Additional Purchasers and, if
reasonably required by the Required Holders, local or other counsel) incurred by
each Purchaser, each Additional Purchaser and each other holder of a Note in
connection with such transactions and in connection with any amendments, waivers
or consents under or in respect of this Agreement, any Supplement or the Notes
(whether or not such amendment, waiver or consent becomes effective), including,
without limitation: (a) the reasonable costs and expenses incurred in enforcing
or defending (or determining whether or how to enforce or defend) any rights
under this Agreement, any Supplement or the Notes or in responding to any
subpoena or other legal process or informal investigative demand issued in
connection with this Agreement, any Supplement or the Notes, or by reason of
being a holder of any Note and (b) the reasonable costs and expenses, including
financial advisors' fees, incurred in connection with the insolvency or 

 

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bankruptcy of the Company or any Subsidiary or in connection with any
work-out or restructuring of the transactions contemplated hereby and by the
Notes. The Company will pay, and will save each Purchaser, each Additional
Purchaser and each other holder of a Note harmless from, all claims in respect
of any fees, costs or expenses if any, of brokers and finders (other than those,
if any, retained by a Purchaser, an Additional Purchaser or other holder in
connection with its purchase of its Notes).

    Section 15.2      Survival. The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Supplement or the Notes and the termination of this Agreement or any Supplement.

    SECTION 16.      SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

    All representations and warranties contained herein or in any Supplement shall survive the execution and delivery of this Agreement, such Supplement and the Notes, the purchase or transfer by any Purchaser or any Additional Purchaser of any Note or portion thereof or interest therein and the payment of any Note and may be relied upon by any subsequent holder of any Note, regardless of any investigation made at any time by or on behalf of any Purchaser, any Additional Purchaser or any other holder of any Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement or any Supplement shall be deemed representations and warranties of the Company under this Agreement; provided, that the representations and warranties contained in any Supplement shall be made for the benefit of all holders of Notes so long as any Additional Notes issued pursuant to such Supplement remain outstanding. Subject to the preceding sentence, this Agreement (including every Supplement) and the Notes embody the entire agreement and understanding between the Purchasers, the Additional Purchasers and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.

    SECTION 17.      AMENDMENT AND WAIVER.

    Section 17.1      Requirements. 

  (a)    This Agreement, any Supplement and the Notes may be amended, and the observance of any term hereof, of any Supplement or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (1) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 21 hereof or the corresponding provision of any Supplement, or any defined term (as it is used in any such Section or such corresponding provision of any Supplement), will be effective as to any holder of Notes unless consented to by such holder of Notes in writing and (2) no such amendment or waiver may, without the written consent of all of the holders of Notes at the time outstanding affected thereby, (i) subject
  to the provisions of Section 12 relating to acceleration or rescission, change
  the amount or time of any prepayment or payment of principal of, or reduce the
  rate or change the time of payment or method of computation of interest (if
  such change results in a decrease in the interest rate) or of the applicable
  Make-Whole

 

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  Amount, Prepayment Premium or Breakage Amount on, the Notes, (ii) change
  the percentage of the principal amount of the Notes the holders of which are
  required to consent to any such amendment or waiver or (iii) amend any of
  Sections 8, 11(a), 11(b), 12, 17 or 20. 
  

  (b)   
Supplements. Notwithstanding anything to the contrary contained herein, the Company may enter into any Supplement providing for the issuance of one or more Series of Additional Notes consistent with Section 2.2 hereof without obtaining the consent of any holder of any other Series of Notes.

    Section 17.2      Solicitation of Holders of Notes.

  (a)   

  Solicitation. The Company will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof, of any Supplement, of any Subsidiary Guaranty or of the Notes. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.
  (b)   
Payment. The Company will not, directly or indirectly, pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any of the terms and provisions hereof, of any Supplement, of any Subsidiary Guaranty or of any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support is concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment.
  

  (c)   
Consent in Contemplation of Transfer. Any consent made pursuant to this Section 17 by a holder of Notes that has transferred or has agreed to transfer its Notes to the Company or any Affiliate and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.

    Section 17.3      Binding Effect, Etc.
Any amendment or waiver consented to as provided in this Section 17 applies
equally to all holders of Notes and is binding upon them and upon each future
holder of any Note and upon the Company without regard to whether such Note has
been 

 

-38-

 

marked to indicate such amendment or waiver. No such amendment or waiver will
extend to or affect any obligation, covenant, agreement, Default or Event of
Default not expressly amended or waived or impair any right consequent thereon.
No course of dealing between the Company and the holder of any Note nor any
delay in exercising any rights hereunder, under any Subsidiary Guaranty or under
any Note shall operate as a waiver of any rights of any holder of such Note. As
used herein, the term "this Agreement" and references thereto shall mean this
Agreement as it may from time to time be amended or supplemented.

    Section 17.4      Notes Held by Company, Etc. Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Subsidiary Guaranty or the Notes, or have directed the taking of any action provided herein, in any Subsidiary Guaranty or in the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.

    SECTION 18.      NOTICES.

    All notices and communications provided for hereunder shall be in writing and sent (a) by facsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by a recognized overnight delivery service (charges prepaid) or (c) in the case of notices required pursuant to Section 7.1(a) and Section 7.1(b), by first-class mail (postage prepaid). Any such notice must be sent:

  
    (1)    if to any Purchaser or its nominee, to such Purchaser or its nominee at the address specified for such communications in Schedule A to this Agreement, or at such other address as such Purchaser or nominee shall have specified to the Company in writing pursuant to this Section 18;
    (2)    if to any Additional Purchaser or its nominee, to such Additional Purchaser or its nominee at the address specified for such communications in Schedule A to the applicable Supplement, or at such other address as such Additional Purchaser or its nominee shall have specified to the Company in writing;

    (3)    if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing pursuant to this Section 18; or
    (4)    if to the Company, to the Company at its address set forth at the beginning hereof to the attention of the General Counsel, or at such other address as the Company shall have specified to the holder of each Note in writing.

  

    Notices under this Section 18 will be deemed given only when actually received.

 

-39-

 

    SECTION 19.      REPRODUCTION OF DOCUMENTS.

    This Agreement and all documents relating hereto, including, without limitation, (a) all Supplements, (b) consents, waivers and modifications that may hereafter be executed, (c) documents received by any Purchaser on the Closing Date or by any Additional Purchaser on the date of purchase of its Additional Notes (except the Notes themselves) and (d) financial statements, certificates and other information previously or hereafter furnished to any holder of Notes, may be reproduced by such holder by any photographic, photostatic, electronic, digital, or other similar process and such holder may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such holder in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

    SECTION 20.      CONFIDENTIAL INFORMATION.

    For the purposes of this Section 20, "Confidential Information" shall mean information delivered to any Purchaser or any Additional Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser or Additional Purchaser as being confidential information of the Company or such Subsidiary, provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser or such Additional Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or such Additional Purchaser or any Person acting on such Purchaser's or such Additional Purchaser's behalf, (c) otherwise becomes known to such Purchaser or such Additional Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser or such Additional Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser and each Additional Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser or such Additional Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser or such Additional Purchaser, provided that such Purchaser or such Additional Purchaser may deliver or disclose Confidential Information to (1) such Purchaser's or such Additional Purchaser's directors, trustees, officers, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by such Purchaser's or such Additional Purchaser's Notes), (2) such Purchaser's or such Additional Purchaser's financial advisors and other professional advisors who agree in writing to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20, (3) any other holder of any Note, (4) any Institutional Investor to which such Purchaser or such Additional Purchaser sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential  

 

-40-

 

Information to be bound by the provisions of this Section 20), (5) any Person from which such Purchaser or such Additional Purchaser offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (6) any federal or state regulatory authority having jurisdiction over such Purchaser or such Additional Purchaser, (7) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser's or such Additional Purchaser's investment portfolio or (8) any other Person to which such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation or order applicable to such Purchaser or such Additional Purchaser, (ii) in response to any subpoena or other legal process, (iii) in connection with any litigation to which such Purchaser or such Additional Purchaser is a party or (iv) if an Event of Default has occurred and is continuing, to the extent such Purchaser or such Additional Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser's or such Additional Purchaser's Notes, the Subsidiary Guaranty and this Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or any Supplement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section 20.

    SECTION 21.      SUBSTITUTION OF PURCHASER.

    Each Purchaser and each Additional Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder or under a Supplement, by written notice to the Company, which notice shall be signed by both such Purchaser or such Additional Purchaser and such Affiliate, shall contain such Affiliate's agreement to be bound by this Agreement or such Supplement, as the case may be, and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser or such Additional Purchaser in this Agreement (other than in this Section 21) or such Supplement, shall be deemed to refer to such Affiliate in lieu of such original Purchaser or such original Additional Purchaser. In the event that such Affiliate is so substituted as a Purchaser or an Additional Purchaser hereunder or under a Supplement and such Affiliate thereafter transfers to such original Purchaser or such original Additional Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a "Purchaser" or an "Additional Purchaser" in this Agreement (other than in this Section 21) or such Supplement, shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser or such original Additional Purchaser, and such original Purchaser or such original Additional Purchaser shall again have all the rights of an original holder of the Notes under this Agreement or such Supplement, as the case may be.

 

-41-

 

    SECTION 22.      MISCELLANEOUS.

    Section 22.1      Successors and Assigns. All covenants and other agreements contained in this Agreement (including all covenants and other agreements contained in any Supplement) by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not.

    Section 22.2      Payments Due on Non-Business Days. Anything in this Agreement, any Supplement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.4 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount, if any, or Prepayment Premium, if any, and Breakage Amount, if any, or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.

    Section 22.3      Accounting Terms. All accounting terms used herein or in any Supplement which are not expressly defined in this Agreement or in such Supplement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein or in any Supplement, (a) all computations made pursuant to this Agreement or in such Supplement shall be made in accordance with GAAP and (b) all financial statements shall be prepared in accordance with GAAP.

    Section 22.4      Severability. Any provision of this Agreement or any Supplement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or of such Supplement, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.

    Section 22.5      Construction. Each covenant contained herein or in any Supplement shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein or therein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein or in any Supplement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

    For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement or any Supplement shall be deemed to be a part hereof or of such Supplement.

 

-42-

 

    Section 22.6      Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.

    Section 22.7      Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

    Section 22.8      Jurisdiction and Process; Waiver of Jury Trial. 

  (a)    The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement, any Supplement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
  (b)    The Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 18(4) or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt (1) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (2) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service.

  (c)    Nothing in this Section 22.8 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.
  (d)    THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY
  ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, ANY SUPPLEMENT, THE NOTES
  OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

* * * * *

 

-43-

 

    The execution hereof by the Purchasers shall constitute a contract among the Company and the Purchasers for the uses and purposes hereinabove set forth. 

  
    
      
        
          
            
              
                
                  	
Very truly yours,

	
MINERALS TECHNOLOGIES INC.

	
By:
	

/s/ Paul R. Saueracker                                    

	 	
Name: Paul R. Saueracker

	 	
Title: Chairman, President and Chief Executive Officer

	 	 
	
By:

 

	

/s/ Gregory P. Kelm                                       

Name: Gregory P. Kelm

Title: Treasurer

	 	 

                

              

            

          

        

      

    

  

 

 

 

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Accepted as of the date first written above. 

 

  
    
      
        
          
            
              
                
                  	
METROPOLITAN LIFE INSURANCE COMPANY
	
By:

 

	

/s/ Erik V. Savi                                               

Name: Erik V. Savi

Title: Director

	 	 

                

              

            

          

        

      

    

  

 

 

 

 

 

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Accepted as of the date first written above. 

 

  
    
      
        
          
            
              
                
                  	
METLIFE INSURANCE COMPANY OF CONNECTICUT

	 	
 

	
By:

 

	
/s/ Erik V. Savi                                               

Name: Erik V. Savi

Title: Vice President

	 	 

                

              

            

          

        

      

    

  

 

 

 

 

 

 

 

 

Schedules and Exhibits have been omitted in part and will be provided upon
request to the Securities and Exchange Commission.

 

 

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DEFINED TERMS

    As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

        "Additional Notes" is defined in Section 2.2(b).

        "Additional Purchasers" shall mean purchasers of Additional Notes.

        "Adjusted LIBOR Rate" shall mean, for any Interest Period, (a) with respect to the Series 2006-A Tranche 2 Notes, a rate per annum equal to 0.45% plus LIBOR for such Interest Period and (b) with respect to any Series or tranche of Additional Notes which are Floating Rate Notes, as set forth in the Supplement pursuant to which such Series or tranche of Additional Notes was issued.

    "Affiliate" shall mean, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. As used in this definition, "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an "Affiliate" is a reference to an Affiliate of the Company.

    "Agreement" is defined in the first paragraph of this Agreement.

    "Anti-Terrorism Order" shall mean Executive Order No. 13,224 of September 24, 2001, Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as amended.

    "Bank Credit Agreement" shall mean each of (a) the Amended and Restated Promissory Note dated as of July 18, 2006 by the Company in favor of Bank of America, NA, as amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof, (b) the Offering Basis Loan Agreement dated as of August 25, 2006 by the Company in favor of Wachovia Bank, NA, as amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof, (c) the Uncommitted Line of Credit Agreement dated as of August 1, 2006 by the Company in favor of Citibank, NA, as amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof and (d) the Master Promissory Note dated as of August 14, 2006 by the Company in favor of The Bank of New York, as amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof.

    "Breakage Amount" shall mean (1) with respect to the Series 2006-A Tranche 2 Notes, any loss, cost or expense reasonably incurred by any holder of a Tranche 2 Note as a result of any payment or prepayment of any Tranche 2 Note on a day other than a regularly scheduled Interest Payment Date or at scheduled maturity thereof (whether voluntary, mandatory, automatic, by 

 

Schedule B

(to Note Purchase Agreement)

 

reason of acceleration or otherwise), and any loss or expense arising from the liquidation or reemployment of funds obtained by such holder or from fees payable to terminate the deposits from which such funds were obtained; provided that any such loss, cost or expense shall be limited to the time period from the date of such prepayment through the earlier of (a) the next Interest Payment Date and (b) the maturity date of the Series 2006-A Tranche 2 Notes and (2) with respect to any other Floating Rate Notes, as set forth in the Supplement pursuant to which such Floating Rate Notes were issued. Each holder shall determine the Breakage Amount with respect to the principal amount of its Notes then being paid or prepaid (or required to be paid or prepaid) by written notice to the Company setting forth such determination in reasonable detail not less than two Business Days prior to the date of prepayment in the case of any prepayment pursuant to Section 8.2 and not more than 10 Business Days after any payment required by Section 12.1. Each such determination shall be conclusive absent manifest error. 

    "Business Day" shall mean (a) for purposes of determining the Adjusted LIBOR Rate only, any day other than a Saturday, a Sunday or a day on which dealings in Dollars are not carried on in the London interbank market and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed.

    "Capital Lease" shall mean, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP.

    "Capital Lease Obligation" shall mean, with respect to any Person and a Capital Lease, the amount of the obligation of such Person as the lessee under such Capital Lease which would, in accordance with GAAP, appear as a liability on a balance sheet of such Person.

    "Closing Date" is defined in Section 3.

    "Code" shall mean the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.

    "Company" is defined in the first paragraph of this Agreement and includes any Successor Corporation.

    "Confidential Information" is defined in Section 20.

    "Consolidated Debt" shall mean, as of any date of determination, the total of all Debt of the Company and its Restricted Subsidiaries outstanding on such date, after eliminating all offsetting debits and credits between the Company and its Restricted Subsidiaries and all other items required to be eliminated in the course of the preparation of consolidated financial statements of the Company and its Restricted Subsidiaries in accordance with GAAP.

    "Consolidated Net Worth" shall mean, as of the date of any determination, the total stockholders' equity of the Company and its Restricted Subsidiaries that would be shown as stockholders' equity on a consolidated balance sheet of the Company and its Restricted Subsidiaries at such time prepared in accordance with GAAP.

 

B-2

 

    "Consolidated Total Assets" shall mean, as of any date of determination, the total amount of all assets of the Company and its Restricted Subsidiaries, that would be shown on a consolidated balance sheet of the Company and its Restricted Subsidiaries as of such date prepared in accordance with GAAP.

    "Consolidated Total Capitalization" shall mean, as of any date of determination, the sum of (a) Consolidated Net Worth plus (b) Consolidated Debt.

    "Debt" shall mean, with respect to any Person, without duplication,
(a)its liabilities for borrowed money;

(b)its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable and other accrued liabilities arising in the ordinary course of business but including, without limitation, all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property);

(c)its Capital Lease Obligations; 

(d)liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed or otherwise become liable for such liabilities); and

(e)Guarantees by such Person with respect to liabilities of a type described in any of clauses (a) through (d) hereof.

    "Default" shall mean an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.

    "Default Rate" shall mean (a) with respect to the Series 2006-A Tranche 1 Notes, that rate of interest that is the greater of (1) 2.00% per annum above the rate of interest stated in clause (a) of the first paragraph of the Series 2006-A Tranche 1 Notes and (2) 2.00% per annum above the rate of interest publicly announced by Bank of America, N.A. in New York, New York as its "reference" rate, (b) with respect to the Series 2006-A Tranche 2 Notes, the Series 2006-A Tranche 2 Default Rate and (c) with respect to the Notes of any Series of Additional Notes, as set forth in the Supplement pursuant to which such Series of Additional Notes was issued.

    "Disclosure Documents" is defined in Section 5.3.

    "Environmental Laws" shall mean any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but not limited to those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

 

B-3

    "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

    "ERISA Affiliate" shall mean any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under Section 414 of the Code.

    "Event of Default" is defined in Section 11.

    "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

    "Fixed Rate Notes" shall mean the Series 2006-A Tranche 1 Notes and each Series or tranche of Additional Notes for which the interest payable thereon is calculated at a fixed interest rate.

    "Floating Rate Notes" shall mean the Series 2006-A Tranche 2 Notes and each Series or tranche of Additional Notes for which the interest payable thereon is calculated at a floating or variable interest rate.

    "GAAP" shall mean generally accepted accounting principles as in effect from time to time in the United States of America.

    "Governmental Authority" shall mean
(a)the government of
(1)the United States of America or any state or other political subdivision thereof, or

(2)any other jurisdiction in which the Company or any Restricted Subsidiary conducts all or any part of its business, or which has jurisdiction over any properties of the Company or any Restricted Subsidiary, or

(b)any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

    "Guaranty" shall mean, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Debt, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including, without limitation, obligations incurred through an agreement, contingent or otherwise, by such Person:
(a)to purchase such Debt or obligation or any property constituting security therefor primarily for the purpose of assuring the owner of such Debt or obligation of the ability of any other Person to make payment of such Debt or obligation;

 

B-4

 

(b)to advance or supply funds (1) for the purchase or payment of such Debt or obligation or (2) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such Debt or obligation;

(c)to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such Debt or obligation of the ability of any other Person to make payment of the Debt or obligation; or

(d)otherwise to assure the owner of such Debt or obligation against loss in respect thereof.

    In any computation of the Debt or other liabilities of the obligor under any Guaranty, the Debt or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor, provided that the amount of such Debt outstanding for purposes of this Agreement (including any Supplement) shall not exceed the maximum amount of Debt that is the subject of such Guaranty. 

    "Hazardous Material" shall mean any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.

    "holder" shall mean, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1.

    "INHAM Exemption" is defined in Section 6.3(e).

    "Institutional Investor" shall mean (a) any original purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than $2,000,000 of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form and (d) any Related Fund of any holder of any Note.

    "Interest Payment Date" shall mean the last day of each applicable Interest Period, provided that if an Interest Payment Date shall fall on a day which is not a Business Day, such Interest Payment Date shall be the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Payment Date shall be the next preceding Business Day.

    "Interest Period" shall mean (a) with respect to the Series 2006-A Tranche 2 Notes, the period of three months commencing on the Closing Date and ending on the numerically  

 

B-5

 

corresponding day in the third succeeding month thereafter, and each successive period of three months thereafter commencing on the last day of the immediately preceding Interest Period, provided that in no event may any Interest Period end after the maturity date of the Series 2006-A Tranche 2 Notes and (b) with respect to any Series or tranche of Additional Notes which are Floating Rate Notes, as set forth in the Supplement pursuant to which such Series or tranche of Additional Notes was issued.

    "LIBOR" shall mean (a) with respect to the Series 2006-A Tranche 2 Notes, for any Interest Period, the rate per annum (rounded upwards, if necessary, to the next higher one hundredth (1/100) of a percentage point) for deposits in U.S. Dollars for a three-month period which appears on the Bloomberg Financial Markets Service Page BBAM-1 (or if such page is not available, the Reuters Screen LIBO Page) as of 11:00 a.m. (London, England time) on the date two Business Days before the commencement of such Interest Period (or three Business Days prior to the beginning of the first Interest Period) and (b) with respect to any Series or tranche of Additional Notes which are Floating Rate Notes, as set forth in the Supplement pursuant to which such Series or tranche of Additional Notes was issued. "Reuters Screen LIBO Page" means the display designated as the "LIBO" page on the Reuters Monitory Money Rates Service (or such other page as may replace the LIBO page on that service or such other service as may be nominated by the British Bankers' Association as the information vendor for the purpose of displaying British Bankers' Association Interest Settlement Rates for U.S. Dollar deposits).

    "Lien" shall mean, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement (other than an operating lease) or Capital Lease, upon or with respect to any property or asset of such Person (including, in the case of stock, shareholder agreements, voting trust agreements and all similar arrangements). 

    "Make-Whole Amount" shall have the meaning (a) set forth in Section 8.7 with respect to the Series 2006-A Tranche 1 Notes and (b) set forth in the applicable Supplement with respect to any other Series or tranche of Additional Notes which are Fixed Rate Notes. 

    "Material" shall mean material in relation to the business, operations, affairs, financial condition, assets or properties of the Company and its Restricted Subsidiaries, taken as a whole.

    "Material Adverse Effect" shall mean a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company and its Restricted Subsidiaries, taken as a whole, (b) the ability of the Company to perform its obligations under this Agreement, any Supplement and the Notes or (c) the validity or enforceability of this Agreement, any Supplement, the Notes or the Subsidiary Guaranty, if any.

    "Material Subsidiary" shall mean, at any time, (a) any Subsidiary Guarantor and (b) any other Restricted Subsidiary of the Company which, together with all other Restricted Subsidiaries of such Restricted Subsidiary, would at such time constitute a "significant subsidiary" (as such term is defined in Regulation S-X of the SEC as in effect on the Closing Date).

 

B-6

 

    "Multiemployer Plan" shall mean any Plan that is a "multiemployer plan" (as such term is defined in Section 4001(a)(3) of ERISA).

    "NAIC" shall mean the National Association of Insurance Commissioners or any successor thereto.

    "NAIC Annual Statement" is defined in Section 5.3(a).

    "Notes" is defined in Section 1.

    "Officer's Certificate" shall mean a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate.

    "PBGC" shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.

    "Person" shall mean an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority.

    "Plan" shall mean an "employee benefit plan" (as defined in Section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability.

    "Prepayment Premium" shall mean (a) with respect to the Series 2006-A Tranche 2 Notes, in connection with any optional prepayment of the Notes pursuant to Section 8.2 or acceleration of the Series 2006-A Tranche 2 Notes pursuant to Section 12.1, an amount equal to the applicable percentage of the principal amount of the Series 2006-A Tranche 2 Notes so prepaid or accelerated as follows:

  
  	
PERIOD
	
APPLICABLE PERCENTAGE

	
For the period from the date of Closing until

October 4, 2007
	
2%

	
For the period from October 5, 2007 until

October 4, 2008
	
1%

	
Thereafter
	
0%

  

and (b) with respect to any Series or tranche of Additional Notes which are Floating Rate Notes, as set forth in the Supplement pursuant to which such Series or tranche of Additional Notes was issued.

 

B-7

 

    "Priority Debt" shall mean (without duplication), as of the date of any determination thereof, the sum of (a) all unsecured Debt of Restricted Subsidiaries (including all Guaranties of Debt of the Company) but excluding (1) unsecured Debt owing to the Company or any other Restricted Subsidiary, (2) unsecured Debt outstanding at the time such Person became a Restricted Subsidiary (other than an Unrestricted Subsidiary which is designated or redesignated as a Restricted Subsidiary pursuant to Section 9.8), provided that such Debt shall have not been incurred in contemplation of such Person becoming a Restricted Subsidiary and (3) all Guaranties of Debt of the Company by any Restricted Subsidiary which has also guaranteed the Notes pursuant to a Subsidiary Guaranty and (b) all Debt of the Company and its Restricted Subsidiaries secured by Liens other than Debt secured by Liens permitted by subparagraphs (a) through (i), inclusive, of Section 10.3.

    "property" or "properties" shall mean, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.

    "PTE" is defined in Section 6.3(a).

    "Purchasers" shall mean the purchasers of the Notes named in Schedule A.

    "QPAM Exemption" is defined in Section 6.3(d).

    "Qualified Institutional Buyer" shall mean any Person who is a qualified institutional buyer within the meaning of such term as set forth in Rule 144(a)(1) under the Securities Act.

    "Ratable Portion" for any Note shall mean an amount equal to the product of (a) the net proceeds from a sale of assets being applied to the payment or prepayment of Debt pursuant to Section 10.5(b) multiplied by (b) a fraction, the numerator of which is the aggregate outstanding principal amount of such Note and the denominator of which is the aggregate outstanding principal amount of all Senior Debt.

    "Related Fund" shall mean, with respect to any holder of any Note, any fund or entity that (a) invests in securities or bank loans and (b) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor.

    "Required Holders" shall mean, at any time, the holders of more than 50% in principal amount of the Notes of all Series at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates and any Notes held by parties who are contractually required to abstain from voting with respect to matters affecting the holders of the Notes).

    "Responsible Officer" shall mean any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.

    "Restricted Subsidiary" shall mean (a) any Subsidiary that is a Subsidiary Guarantor and (b) any other Subsidiary (1) in which at least a majority of the voting securities are owned by the Company and/or one or more wholly-owned Restricted Subsidiaries and (2) which the Company has not designated as an Unrestricted Subsidiary on the Closing Date or by notice in writing given to the holders of Notes in accordance with the provisions of Section 9.8. 

 

B-8

 

    "Sale of Assets Prepayment Date" is defined in Section 8.6(a).

    "Sale of Assets Prepayment Event" is defined in Section 8.6(a).

    "SEC" shall mean the Securities and Exchange Commission of the United States, or any successor thereto.

    "Securities Act" shall mean the Securities Act of 1933, as amended from time to time.

    "Senior Debt" shall mean, as of any date of determination thereof, all Consolidated Debt, other than Subordinated Debt.

    "Senior Financial Officer" shall mean the chief financial officer, director of treasury, principal accounting officer, treasurer, assistant treasurer or controller of the Company.

    "Series" shall mean any series of Notes issued pursuant to this Agreement or any Supplement.

    "Series 2006-A Notes" is defined in Section 1.

    "Series 2006-A Tranche 1 Notes" is defined in Section 1.

    "Series 2006-A Tranche 2 Default Rate" shall mean that rate of interest that is the greater of (a) 2.00% per annum above the then applicable Adjusted LIBOR Rate and (b) 2.00% per annum above the rate of interest publicly announced by Bank of America, N.A. in New York, New York as its "reference" rate.

    "Series 2006-A Tranche 2 Notes" is defined in Section 1.

    "Source" is defined in Section 6.3.

    "Subordinated Debt" shall mean all unsecured Debt of the Company or a Subsidiary Guarantor, as the case may be, which shall contain or have applicable thereto subordination provisions providing for the subordination thereof to other Debt of the Company (including, without limitation, the obligations of the Company under this Agreement, any Supplement or the Notes) or such Subsidiary Guarantor (including, without limitation, the obligations of such Subsidiary Guarantor under its Subsidiary Guaranty).

    "Subsidiary" shall mean, as to any
Person, any corporation, association or other business entity in which such
Person or one or more of its Subsidiaries or such Person and one or more of its
Subsidiaries owns sufficient equity or voting interests to enable it or them (as
a group) ordinarily, in the absence of contingencies, to elect a majority of the
directors (or Persons performing similar functions) of such entity, and any
partnership or joint venture if more than a 50% interest in the profits or
capital thereof is owned by such Person or one or more of its Subsidiaries or
such Person and one or more of its Subsidiaries (unless such partnership can and
does ordinarily take major business actions without the prior approval of such
Person or 

 

B-9

 

one or more of its Subsidiaries). Unless the context otherwise
clearly requires, any reference to a "Subsidiary" is a reference to a Subsidiary
of the Company.

    "Subsidiary Guarantor" shall mean each Subsidiary which is party to a Subsidiary Guaranty.

    "Subsidiary Guaranty" shall mean a subsidiary guaranty agreement in form and substance satisfactory to the Required Holders.

    "Successor Corporation" is defined in Section 10.4(b)(1).

    "Supplement" is defined in Section 2.2(a).

    "SVO" shall mean the Securities Valuation Office of the NAIC or any successor to such office.

    "tranche" shall mean all Notes of a Series having the same maturity, interest rate and schedule for mandatory prepayments.

    "Unrestricted Subsidiary" shall mean any Subsidiary so designated by the Company on the Closing Date or by notice in writing given to the holders of Notes in accordance with the provisions of Section 9.8.

    "USA Patriot Act" shall mean United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

 

B-10

 

FORM OF SERIES 2006-A SENIOR NOTE, TRANCHE 1

MINERALS TECHNOLOGIES INC. 

5.53% Series 2006-A Senior Note, Tranche 1, due October 5, 2013

 

	

    No. R2006A-1-__ 	
    

    ________ __, 20__

	

$__________	
    

    PPN ________

      

 

    FOR VALUE RECEIVED, the undersigned, MINERALS
TECHNOLOGIES INC.
(herein called the "Company"), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to _____________________ or registered assigns, the principal sum of ______________ Dollars (or so much thereof as shall not have been prepaid) on October 5, 2013 with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 5.53% per annum from the date hereof, payable semiannually, on the fifth day of April and October in each year and at maturity, commencing with the April 5 or October 5 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount, payable semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 7.53% and (ii) 2.00% over the rate of interest publicly announced by Bank of America, N.A., from time to time in New York, New York as its "reference" rate.

    Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

    This Note is one of the Series 2006-A Senior Notes, Tranche 1 (herein called the "Notes") issued pursuant to the Note Purchase Agreement, dated as of October 5, 2006 (as from time to time amended, supplemented or otherwise modified, the "Note Purchase Agreement"), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Sections 6.2 and 6.3 of the Note Purchase Agreement, provided, that such holder may (in reliance upon information provided by the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under Section 406(a) of ERISA. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

    This Note is a registered Note and, as
provided in the Note Purchase Agreement, upon surrender of this Note for
registration of transfer, duly endorsed, or accompanied by a written 

 

EXHIBIT 1(a)

(to Note Purchase Agreement)

 

instrument of transfer duly executed, by the registered holder
hereof or such holder's attorney duly authorized in writing, a new Note for a
like principal amount will be issued to, and registered in the name of, the
transferee. Prior to due presentment for registration of transfer, the Company
may treat the person in whose name this Note is registered as the owner hereof
for the purpose of receiving payment and for all other purposes, and the Company
will not be affected by any notice to the contrary.

    This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

    If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

    This Note shall be construed and enforced in accordance with, and the rights of the issuer and holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

 

  
    
      
        
          
            
              
                	

MINERALS TECHNOLOGIES INC. 
	 	 
	

                    By	_________________________________
	 	

                    Name:
	 	

                    Title: 
	 	 
	 	 
	 	 
	

                    By 	

                    _________________________________
	 	

                    Name:
	 	

                    Title:

              

            

          

        

      

    

  

 

 

 

E-1(a)-2

 

FORM OF SERIES 2006-A SENIOR NOTE, TRANCHE 2

MINERALS TECHNOLOGIES INC.

Floating Rate Series 2006-A Senior Note, Tranche 2, due October 5, 2013

	

    No. R2006A-2-__	
    

    ________ __, 20__

	

$__________	
    

    PPN _______

 

     FOR VALUE RECEIVED, the undersigned, MINERALS
TECHNOLOGIES INC.(herein called the "Company"), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to _____________________ or registered assigns, the principal sum of ______________ Dollars (or so much thereof as shall not have been prepaid) on October 5, 2013 with interest (computed on the basis of a 360-day year and the actual number of days elapsed) (a) on the unpaid balance thereof at the Adjusted LIBOR Rate for the Interest Period in effect from time to time from the date hereof, payable quarterly in arrears, on each Interest Payment Date until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Prepayment Premium or Breakage Amount, payable quarterly as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the Series 2006-A Tranche 2 Default Rate.

    Payments of principal of, interest on and any Prepayment Premium or Breakage Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of Bank of America, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

    This Note is one of the Series 2006-A Senior Notes, Tranche 2 (herein called the "Notes") issued pursuant to the Note Purchase Agreement, dated as of October 5, 2006 (as from time to time amended, supplemented or otherwise modified, the "Note Purchase Agreement"), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Sections 6.2 and 6.3 of the Note Purchase Agreement, provided, that such holder may (in reliance upon information provided by the Company, which shall not be unreasonably withheld) make a representation to the effect that the purchase by any holder of any Note will not constitute a non-exempt prohibited transaction under Section 406(a) of ERISA. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

    This Note is a registered Note and, as
provided in the Note Purchase Agreement, upon surrender of this Note for
registration of transfer, duly endorsed, or accompanied by a written instrument
of transfer duly executed, by the registered holder hereof or such holder's
attorney 

 

EXHIBIT 1(b)

(to Note Purchase Agreement)

 

duly authorized in writing, a new Note for a like principal
amount will be issued to, and registered in the name of, the transferee. Prior
to due presentment for registration of transfer, the Company may treat the
person in whose name this Note is registered as the owner hereof for the purpose
of receiving payment and for all other purposes, and the Company will not be
affected by any notice to the contrary.

    This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 

    If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Prepayment Premium and Breakage Amount) and with the effect provided in the Note Purchase Agreement.

    This Note shall be construed and enforced in accordance with, and the rights of the issuer and holder hereof shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

 

  
    
      
        
          
            
              
                	

MINERALS TECHNOLOGIES INC. 
	 	 
	

                    By	_________________________________
	 	

                    Name:
	 	

                    Title: 
	 	 
	 	 
	 	 
	

                    By 	

                    _________________________________
	 	

                    Name:
	 	

                    Title:

              

            

          

        

      

    

  

 

 

E-1(b)-2

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