Document:

EXECUTION
        COPY

    

     

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

     

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Trustee

     

    
      
        

      

    

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of November 1, 2007

     

    
      
 

    LEHMAN
      XS
      TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2007-20N

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

      

        TABLE
          OF CONTENTS

      

      
        
          

            
              	 	 	 	
                       Page

                    
	
                      ARTICLE
                        I.

                    	
                      DEFINITIONS

                    	 	
                      14

                    
	
                      Section
                        1.01

                    	
                      Definitions

                    	 	
                      14

                    
	
                      Section
                        1.02

                    	
                      Calculations
                        Respecting Mortgage Loans

                    	 	
                      54

                    
	
                      Section
                        1.03

                    	
                      Calculations
                        Respecting Accrued Interest

                    	 	
                      54

                    
	
                      Section
                        1.04

                    	
                      Rights
                        of the NIMS Insurer

                    	 	
                      54

                    
	
                      ARTICLE
                        II.

                    	
                      DECLARATION
                        OF TRUST; ISSUANCE OF CERTIFICATES

                    	 	
                      54

                    
	
                      Section
                        2.01

                    	
                      Creation
                        and Declaration of Trust Fund; Conveyance of Mortgage
                        Loans

                    	 	
                      54

                    
	
                      Section
                        2.02

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

                    	 	
                      58

                    
	
                      Section
                        2.03

                    	
                      Representations
                        and Warranties of the Depositor

                    	 	
                      60

                    
	
                      Section
                        2.04

                    	
                      Discovery
                        of Breach

                    	 	
                      62

                    
	
                      Section
                        2.05

                    	
                      Repurchase,
                        Purchase or Substitution of Mortgage Loans

                    	 	
                      62

                    
	
                      Section
                        2.06

                    	
                      Grant
                        Clause

                    	 	
                      63

                    
	
                      ARTICLE
                        III.

                    	
                      THE
                        CERTIFICATES

                    	 	
                      65

                    
	
                      Section
                        3.01

                    	
                      The
                        Certificates

                    	 	
                      65

                    
	
                      Section
                        3.02

                    	
                      Registration

                    	 	
                      66

                    
	
                      Section
                        3.03

                    	
                      Transfer
                        and Exchange of Certificates

                    	 	
                      66

                    
	
                      Section
                        3.04

                    	
                      Cancellation
                        of Certificates

                    	 	
                      72

                    
	
                      Section
                        3.05

                    	
                      Replacement
                        of Certificates

                    	 	
                      72

                    
	
                      Section
                        3.06

                    	
                      Persons
                        Deemed Owners

                    	 	
                      73

                    
	
                      Section
                        3.07

                    	
                      Temporary
                        Certificates

                    	 	
                      73

                    
	
                      Section
                        3.08

                    	
                      Appointment
                        of Paying Agent

                    	 	
                      73

                    
	
                      Section
                        3.09

                    	
                      Book
                        Entry Certificates

                    	 	
                      74

                    
	
                      ARTICLE
                        IV.

                    	
                      ADMINISTRATION
                        OF THE TRUST FUND

                    	 	
                      75

                    

            

            
              	
                      Section
                        4.01

                    	
                      Collection
                        Account

                    	 	
                      75

                    
	
                      Section
                        4.02

                    	
                      Application
                        of Funds in the Collection Account

                    	 	
                      77

                    
	
                      Section
                        4.03

                    	
                      Reports
                        to Certificateholders

                    	 	
                      80

                    
	
                      Section
                        4.04

                    	
                      The
                        Certificate Account

                    	 	
                      84

                    
	
                      ARTICLE
                        V.

                    	
                      DISTRIBUTIONS
                        TO HOLDERS OF CERTIFICATES

                    	 	
                      85

                    
	
                      Section
                        5.01

                    	
                      Distributions
                        Generally

                    	 	
                      85

                    

            

             

            
              
                
                

              

              
                -i-

                
                  

                

              

              
                
                

              

            

            

              TABLE
                OF CONTENTS

              (continued)

            

             

            
              	 	 	 	
                      Page

                    
	
                      Section
                        5.02

                    	
                      Distributions
                        from the Certificate Account.

                    	 	
                      86

                    
	
                      Section
                        5.03

                    	
                      Allocation
                        of Losses

                    	 	
                      93

                    
	
                      Section
                        5.04

                    	
                      Advances
                        by Master Servicer, Servicer and Trustee

                    	 	
                      94

                    
	
                      Section
                        5.05

                    	
                      Compensating
                        Interest Payments

                    	 	
                      95

                    
	
                      Section
                        5.06

                    	
                      Basis
                        Risk Reserve Fund

                    	 	
                      95

                    
	
                      Section
                        5.07

                    	
                      Class
                        AP Reserve Funds

                    	 	
                      95

                    
	
                      Section
                        5.08

                    	
                      Supplemental
                        Interest Trust

                    	 	
                      96

                    
	
                      Section
                        5.09

                    	
                      Rights
                        of Swap Counterparty

                    	 	
                      96

                    
	
                      Section
                        5.10

                    	
                      Termination
                        Receipts

                    	 	
                      97

                    
	
                      Section
                        5.11

                    	
                      Collateral
                        Account

                    	 	
                      98

                    
	
                      Section
                        5.12

                    	
                      Reserved

                    	 	
                      98

                    
	
                      Section
                        5.13

                    	
                      X
                        Component Account

                    	 	
                      98

                    
	
                      ARTICLE
                        VI.

                    	
                      CONCERNING
                        THE TRUSTEE; EVENTS OF DEFAULT

                    	 	
                      99

                    
	
                      Section
                        6.01

                    	
                      Duties
                        of Trustee

                    	 	
                      99

                    
	
                      Section
                        6.02

                    	
                      Certain
                        Matters Affecting the Trustee

                    	 	
                      102

                    
	
                      Section
                        6.03

                    	
                      Trustee
                        Not Liable for Certificates

                    	 	
                      103

                    
	
                      Section
                        6.04

                    	
                      Trustee
                        May Own Certificates

                    	 	
                      103

                    
	
                      Section
                        6.05

                    	
                      Eligibility
                        Requirements for Trustee

                    	 	
                      104

                    
	
                      Section
                        6.06

                    	
                      Resignation
                        and Removal of Trustee

                    	 	
                      104

                    
	
                      Section
                        6.07

                    	
                      Successor
                        Trustee

                    	 	
                      105

                    
	
                      Section
                        6.08

                    	
                      Merger
                        or Consolidation of Trustee

                    	 	
                      105

                    
	
                      Section
                        6.09

                    	
                      Appointment
                        of Co-Trustee, Separate Trustee or Custodian

                    	 	
                      106

                    
	
                      Section
                        6.10

                    	
                      Authenticating
                        Agents

                    	 	
                      108

                    
	
                      Section
                        6.11

                    	
                      Indemnification
                        of Trustee

                    	 	
                      109

                    
	
                      Section
                        6.12

                    	
                      Fees
                        and Expenses of Trustee and Custodians

                    	 	
                      110

                    
	
                      Section
                        6.13

                    	
                      Collection
                        of Monies

                    	 	
                      110

                    
	
                      Section
                        6.14

                    	
                      Events
                        of Default; Trustee To Act; Appointment of Successor

                    	 	
                      110

                    
	
                      Section
                        6.15

                    	
                      Additional
                        Remedies of Trustee Upon Event of Default

                    	 	
                      115

                    
	
                      Section
                        6.16

                    	
                      Waiver
                        of Defaults

                    	 	
                      115

                    
	
                      Section
                        6.17

                    	
                      Notification
                        to Holders

                    	 	
                      115

                    

            

             

            
              
                
                

              

              
                -ii-

                
                  

                

              

              
                
                

              

            

             

              TABLE
                OF CONTENTS

              (continued)

            

             

            
              	 	 	 	
                       Page

                    
	
                      Section
                        6.18

                    	
                      Directions
                        by Certificateholders and Duties of Trustee During Event
                        of
                        Default

                    	 	
                      115

                    
	
                      Section
                        6.19

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

                    	 	
                      116

                    
	
                      Section
                        6.20

                    	
                      Preparation
                        of Tax Returns and Other Reports

                    	 	
                      116

                    
	
                      Section
                        6.21

                    	
                      Reporting
                        Requirements of the Commission

                    	 	
                      122

                    
	
                      Section
                        6.22

                    	
                      Indemnification
                        by the Trustee

                    	 	
                      123

                    
	
                      ARTICLE
                        VII.

                    	
                      PURCHASE
                        OF MORTGAGE LOANS AND TERMINATION OF THE TRUST FUND

                    	 	
                      123

                    
	
                      Section
                        7.01

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

                    	 	
                      123

                    
	
                      Section
                        7.02

                    	
                      Procedure
                        Upon Termination of Trust Fund

                    	 	
                      125

                    
	
                      Section
                        7.03

                    	
                      Additional
                        Trust Fund Termination Requirements

                    	 	
                      126

                    
	
                      Section
                        7.04

                    	
                      Optional
                        Purchase Right of NIMS Insurer

                    	 	
                      127

                    
	
                      ARTICLE
                        VIII.

                    	
                      RIGHTS
                        OF CERTIFICATEHOLDERS

                    	 	
                      127

                    
	
                      Section
                        8.01

                    	
                      Limitation
                        on Rights of Holders

                    	 	
                      127

                    
	
                      Section
                        8.02

                    	
                      Access
                        to List of Holders

                    	 	
                      128

                    
	
                      Section
                        8.03

                    	
                      Acts
                        of Holders of Certificates

                    	 	
                      128

                    
	
                      ARTICLE
                        IX.

                    	
                      ADMINISTRATION
                        AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER

                    	 	
                      129

                    
	
                      Section
                        9.01

                    	
                      Duties
                        of the Master Servicer

                    	 	
                      129

                    
	
                      Section
                        9.02

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

                    	 	
                      129

                    
	
                      Section
                        9.03

                    	
                      Master
                        Servicer’s Financial Statements and Related Information

                    	 	
                      130

                    
	
                      Section
                        9.04

                    	
                      Power
                        to Act; Procedures

                    	 	
                      130

                    
	
                      Section
                        9.05

                    	
                      Enforcement
                        of Servicers’ and Master Servicer’s Obligations

                    	 	
                      132

                    
	
                      Section
                        9.06

                    	
                      Collection
                        of Taxes, Assessments and Similar Items

                    	 	
                      133

                    
	
                      Section
                        9.07

                    	
                      Termination
                        of Servicing Agreements; Successor Servicers

                    	 	
                      134

                    
	
                      Section
                        9.08

                    	
                      Master
                        Servicer Liable for Enforcement

                    	 	
                      135

                    
	
                      Section
                        9.09

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

                    	 	
                      135

                    
	
                      Section
                        9.10

                    	
                      Assumption
                        of Servicing Agreement by the Trustee

                    	 	
                      135

                    

            

             

            
              
                
                

              

              
                -iii-

                
                  

                

              

              
                
                

              

            

             

              TABLE
                OF CONTENTS

              (continued)

               

            

            
              	 	 	 	
                      Page

                    
	
                      Section
                        9.11

                    	
                      Due-on-Sale
                        Clauses; Assumption Agreements; Easements

                    	 	
                      136

                    
	
                      Section
                        9.12

                    	
                      Release
                        of Mortgage Files

                    	 	
                      136

                    
	
                      Section
                        9.13

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

                    	 	
                      137

                    
	
                      Section
                        9.14

                    	
                      Representations
                        and Warranties of the Master Servicer

                    	 	
                      139

                    
	
                      Section
                        9.15

                    	
                      Opinion

                    	 	
                      141

                    
	
                      Section
                        9.16

                    	
                      Standard
                        Hazard and Flood Insurance Policies

                    	 	
                      141

                    
	
                      Section
                        9.17

                    	
                      Presentment
                        of Claims and Collection of Proceeds

                    	 	
                      142

                    
	
                      Section
                        9.18

                    	
                      Maintenance
                        of the Primary Mortgage Insurance Policies

                    	 	
                      142

                    
	
                      Section
                        9.19

                    	
                      Trustee
                        To Retain Possession of Certain Insurance Policies and
                        Documents

                    	 	
                      142

                    
	
                      Section
                        9.20

                    	
                      Realization
                        Upon Defaulted Mortgage Loans

                    	 	
                      143

                    
	
                      Section
                        9.21

                    	
                      Compensation
                        to the Master Servicer

                    	 	
                      144

                    
	
                      Section
                        9.22

                    	
                      REO
                        Property

                    	 	
                      144

                    
	
                      Section
                        9.23

                    	
                      Notice
                        to the Sponsor, the Depositor and the Trustee

                    	 	
                      145

                    
	
                      Section
                        9.24

                    	
                      Reports
                        to the Trustee

                    	 	
                      145

                    
	
                      Section
                        9.25

                    	
                      Assessment
                        of Compliance and Attestation Reports

                    	 	
                      146

                    
	
                      Section
                        9.26

                    	
                      Annual
                        Statement of Compliance with Applicable Servicing Criteria

                    	 	
                      148

                    
	
                      Section
                        9.27

                    	
                      Merger
                        or Consolidation

                    	 	
                      148

                    
	
                      Section
                        9.28

                    	
                      Resignation
                        of Master Servicer

                    	 	
                      149

                    
	
                      Section
                        9.29

                    	
                      Assignment
                        or Delegation of Duties by the Master Servicer

                    	 	
                      149

                    
	
                      Section
                        9.30

                    	
                      Limitation
                        on Liability of the Master Servicer and Others

                    	 	
                      150

                    
	
                      Section
                        9.31

                    	
                      Indemnification;
                        Third Party Claims

                    	 	
                      150

                    
	
                      Section
                        9.32

                    	
                      Special
                        Servicing of Delinquent Mortgage Loans

                    	 	
                      151

                    
	
                      Section
                        9.33

                    	
                      Allocation
                        to Related Mortgage Pool

                    	 	
                      151

                    
	
                      ARTICLE
                        X.

                    	
                      REMIC
                        ADMINISTRATION

                    	 	
                      151

                    
	
                      Section
                        10.01

                    	
                      REMIC
                        Administration

                    	 	
                      151

                    
	
                      Section
                        10.02

                    	
                      Prohibited
                        Transactions and Activities

                    	 	
                      160

                    
	
                      Section
                        10.03

                    	
                      Indemnification
                        with Respect to Certain Taxes and Loss of REMIC Status

                    	 	
                      160

                    

            

             

            
              
                
                

              

              
                -iv-

                
                  

                

              

              
                
                

              

            

             

              TABLE
                OF CONTENTS

              (continued)

               

            

            
              	 	 	 	
                      Page

                    
	
                      Section
                        10.04

                    	
                      REO
                        Property

                    	 	
                      161

                    
	
                      Section
                        10.05

                    	
                      WHFIT
                        Provisions

                    	 	
                      161

                    
	
                      ARTICLE
                        XI.

                    	
                      MISCELLANEOUS
                        PROVISIONS

                    	 	
                      162

                    
	
                      Section
                        11.01

                    	
                      Binding
                        Nature of Agreement; Assignment

                    	 	
                      162

                    
	
                      Section
                        11.02

                    	
                      Entire
                        Agreement

                    	 	
                      162

                    
	
                      Section
                        11.03

                    	
                      Amendment

                    	 	
                      162

                    
	
                      Section
                        11.04

                    	
                      Voting
                        Rights

                    	 	
                      164

                    
	
                      Section
                        11.05

                    	
                      Provision
                        of Information

                    	 	
                      164

                    
	
                      Section
                        11.06

                    	
                      Governing
                        Law

                    	 	
                      165

                    
	
                      Section
                        11.07

                    	
                      Notices

                    	 	
                      165

                    
	
                      Section
                        11.08

                    	
                      Severability
                        of Provisions

                    	 	
                      165

                    
	
                      Section
                        11.09

                    	
                      Indulgences;
                        No Waivers

                    	 	
                      165

                    
	
                      Section
                        11.10

                    	
                      Headings
                        Not To Affect Interpretation

                    	 	
                      166

                    
	
                      Section
                        11.11

                    	
                      Benefits
                        of Agreement

                    	 	
                      166

                    
	
                      Section
                        11.12

                    	
                      Special
                        Notices to the Rating Agencies, the Swap Counterparty and
                        NIMS
                        Insurer

                    	 	
                      166

                    
	
                      Section
                        11.13

                    	
                      Conflicts

                    	 	
                      167

                    
	
                      Section
                        11.14

                    	
                      Counterparts

                    	 	
                      167

                    
	
                      Section
                        11.15

                    	
                      Transfer
                        of Servicing

                    	 	
                      167

                    
	
                      Section
                        11.16

                    	
                      Third
                        Party Rights

                    	 	
                      169

                    

            

          

        

      

    

    

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

    ATTACHMENTS

    

      
        	
                Exhibit
                  A

              	
                Forms
                  of Certificates

              
	
                Exhibit
                  B-1

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  B-2

              	
                Form
                  of Interim Certification

              
	
                Exhibit
                  B-3

              	
                Form
                  of Final Certification

              
	
                Exhibit
                  B-4

              	
                Form
                  of Endorsement

              
	
                Exhibit
                  C

              	
                Request
                  for Release of Documents and Receipt

              
	
                Exhibit
                  D-l

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferee)

              
	
                Exhibit
                  D-2

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferor)

              
	
                Exhibit
                  E

              	
                Servicing
                  Agreements

              
	
                Exhibit
                  F

              	
                Form
                  of Rule 144A Transfer Certificate

              
	
                Exhibit
                  G

              	
                Form
                  of Purchaser’s Letter for Institutional Accredited
                  Investors

              
	
                Exhibit
                  H

              	
                Form
                  of ERISA Transfer Affidavit

              
	
                Exhibit
                  I

              	
                [Reserved]

              
	
                Exhibit
                  J

              	
                [Reserved]

              
	
                Exhibit
                  K

              	
                Custodial
                  Agreements

              
	
                Exhibit
                  L

              	
                [Reserved]

              
	
                Exhibit
                  M

              	
                [Reserved]

              
	
                Exhibit
                  N

              	
                Form
                  of Swap Agreement

              
	
                Exhibit
                  O

              	
                Form
                  of Interest Rate Cap Agreement

              
	
                Exhibit
                  P

              	
                [Reserved]

              
	
                Exhibit
                  Q-1

              	
                Additional
                  Form 10-D Disclosure

              
	
                Exhibit
                  Q-2

              	
                Additional
                  Form 10-K Disclosure

              
	
                Exhibit
                  Q-3

              	
                Additional
                  Form 8-K Disclosure

              
	
                Exhibit
                  Q-4

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  R

              	
                Servicing
                  Criteria to be Addressed in Report on Assessment of
                  Compliance

              
	
                Exhibit
                  S

              	
                Transaction
                  Parties

              
	
                Exhibit
                  T

              	
                Form
                  of Back-Up Sarbanes-Oxley Certification

              
	
                Exhibit
                  U

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

              
	
                Exhibit
                  V-1

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

              
	
                Exhibit
                  V-2

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

              
	 	 
	
                Schedule
                  A

              	
                Mortgage
                  Loan Schedule

              
	
                Schedule
                  B

              	
                Swap
                  Agreement Scheduled Notional Amounts and Rates of
                  Payment

              

      

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    This
      TRUST AGREEMENT, dated as of November 1, 2007 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the “Master
      Servicer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
      as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT 

     

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

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (other than (i)
      the
      Basis Risk Reserve Fund, (ii) the rights to receive Prepayment Premiums
      distributable to the Class P Certificates and the Class P Reserve Funds, (iii)
      the X Component Account, (iv) the Interest Rate Cap Agreement and the Interest
      Rate Cap Account, (v) the Swap Agreement and the Supplemental Interest Trust
      and
      (vi) the Lower Tier Interests) be treated for federal income tax purposes as
      comprising four real estate mortgage investment conduits (each a “REMIC” and
      referred to herein separately as the “SWAP REMIC,” “REMIC 1,” “REMIC 2” and
“REMIC 3”). Each Certificate (other than the Class C Certificates, the Class R
      Certificates and the Class P Certificates) represents ownership of one or more
      regular interests in REMIC 3 for purposes of the REMIC Provisions. In addition,
      each Offered Certificate represents (i) the right to receive certain payments
      with respect to Excess Interest and (ii) the obligation to make payments in
      respect of Class I Shortfalls as set forth herein. The Class R Certificate
      represents ownership of the sole Class of residual interest in each of the
      SWAP
      REMIC, REMIC 1, REMIC 2 and REMIC 3 for purposes of the REMIC Provisions.

     

    REMIC
      3
      shall hold as its assets the several Classes of uncertificated REMIC 2 Regular
      Interests and each such REMIC 2 Regular Interest is hereby designated as a
      regular interest in REMIC 2. REMIC 2 shall hold as its assets the several
      Classes of uncertificated REMIC 1 Regular Interests and each such REMIC 1
      Regular Interest is hereby designated as a regular interest in REMIC 1. REMIC
      1
      shall hold as its assets the several Classes of uncertificated SWAP REMIC
      Regular Interests and each such SWAP REMIC Regular Interest is hereby designated
      as a regular interest in the SWAP REMIC. The SWAP REMIC shall hold as its assets
      the property of the Trust Fund other than (i) the Basis Risk Reserve Fund,
      (ii)
      the Lower 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Tier
      Interests, (iii) the X Component Account, (iv) the
      Interest Rate Cap Agreement and the Interest Rate Cap Account, (v) the Swap
      Agreement and the Supplemental Interest Trust and (vi) the rights to receive
      Prepayment Premiums distributable to the Class P Certificates and the Class
      P
      Reserve Funds.

     

    The
      SWAP REMIC

     

    The
      following table sets forth (or describes) the Class designations, interest
      rate
      and initial principal amount for each Class of SWAP REMIC
      Interests:

     

    

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 
	
                SW-Z

              	 	
                $

              	
                51,933,957.120

              	 	 	
                (1

              	
                )

              
	
                SW2A

              	 	
                $

              	
                5,406,957.000

              	 	 	
                (2

              	
                )

              
	
                SW2B

              	 	
                $

              	
                5,406,957.000

              	 	 	
                (3

              	
                )

              
	
                SW3A

              	 	
                $

              	
                5,261,094.000

              	 	 	
                (2

              	
                )

              
	
                SW3B

              	 	
                $

              	
                5,261,094.000

              	 	 	
                (3

              	
                )

              
	
                SW4A

              	 	
                $

              	
                5,119,218.500

              	 	 	
                (2

              	
                )

              
	
                SW4B

              	 	
                $

              	
                5,119,218.500

              	 	 	
                (3

              	
                )

              
	
                SW5A

              	 	
                $

              	
                4,981,220.500

              	 	 	
                (2

              	
                )

              
	
                SW5B

              	 	
                $

              	
                4,981,220.500

              	 	 	
                (3

              	
                )

              
	
                SW6A

              	 	
                $

              	
                4,846,992.000

              	 	 	
                (2

              	
                )

              
	
                SW6B

              	 	
                $

              	
                4,846,992.000

              	 	 	
                (3

              	
                )

              
	
                SW7A

              	 	
                $

              	
                4,716,429.000

              	 	 	
                (2

              	
                )

              
	
                SW7B

              	 	
                $

              	
                4,716,429.000

              	 	 	
                (3

              	
                )

              
	
                SW8A

              	 	
                $

              	
                4,589,430.000

              	 	 	
                (2

              	
                )

              
	
                SW8B

              	 	
                $

              	
                4,589,430.000

              	 	 	
                (3

              	
                )

              
	
                SW9A

              	 	
                $

              	
                4,465,898.000

              	 	 	
                (2

              	
                )

              
	
                SW9B

              	 	
                $

              	
                4,465,898.000

              	 	 	
                (3

              	
                )

              
	
                SW10A

              	 	
                $

              	
                4,345,734.500

              	 	 	
                (2

              	
                )

              
	
                SW10B

              	 	
                $

              	
                4,345,734.500

              	 	 	
                (3

              	
                )

              
	
                SW11A

              	 	
                $

              	
                4,228,849.500

              	 	 	
                (2

              	
                )

              
	
                SW11B

              	 	
                $

              	
                4,228,849.500

              	 	 	
                (3

              	
                )

              
	
                SW12A

              	 	
                $

              	
                4,115,150.500

              	 	 	
                (2

              	
                )

              
	
                SW12B

              	 	
                $

              	
                4,115,150.500

              	 	 	
                (3

              	
                )

              
	
                SW13A

              	 	
                $

              	
                4,004,550.000

              	 	 	
                (2

              	
                )

              
	
                SW13B

              	 	
                $

              	
                4,004,550.000

              	 	 	
                (3

              	
                )

              
	
                SW14A

              	 	
                $

              	
                3,896,963.000

              	 	 	
                (2

              	
                )

              
	
                SW14B

              	 	
                $

              	
                3,896,963.000

              	 	 	
                (3

              	
                )

              
	
                SW15A

              	 	
                $

              	
                3,792,306.000

              	 	 	
                (2

              	
                )

              
	
                SW15B

              	 	
                $

              	
                3,792,306.000

              	 	 	
                (3

              	
                )

              
	
                SW16A

              	 	
                $

              	
                3,690,498.000

              	 	 	
                (2

              	
                )

              
	
                SW16B

              	 	
                $

              	
                3,690,498.000

              	 	 	
                (3

              	
                )

              
	
                SW17A

              	 	
                $

              	
                3,591,461.500

              	 	 	
                (2

              	
                )

              
	
                SW17B

              	 	
                $

              	
                3,591,461.500

              	 	 	
                (3

              	
                )

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 
	
                SW18A

              	 	
                $

              	
                3,495,119.000

              	 	 	
                (2

              	
                )

              
	
                SW18B

              	 	
                $

              	
                3,495,119.000

              	 	 	
                (3

              	
                )

              
	
                SW19A

              	 	
                $

              	
                3,401,397.000

              	 	 	
                (2

              	
                )

              
	
                SW19B

              	 	
                $

              	
                3,401,397.000

              	 	 	
                (3

              	
                )

              
	
                SW20A

              	 	
                $

              	
                3,310,894.000

              	 	 	
                (2

              	
                )

              
	
                SW20B

              	 	
                $

              	
                3,310,894.000

              	 	 	
                (3

              	
                )

              
	
                SW21A

              	 	
                $

              	
                3,222,163.500

              	 	 	
                (2

              	
                )

              
	
                SW21B

              	 	
                $

              	
                3,222,163.500

              	 	 	
                (3

              	
                )

              
	
                SW22A

              	 	
                $

              	
                3,136,088.500

              	 	 	
                (2

              	
                )

              
	
                SW22B

              	 	
                $

              	
                3,136,088.500

              	 	 	
                (3

              	
                )

              
	
                SW23A

              	 	
                $

              	
                3,052,101.500

              	 	 	
                (2

              	
                )

              
	
                SW23B

              	 	
                $

              	
                3,052,101.500

              	 	 	
                (3

              	
                )

              
	
                SW24A

              	 	
                $

              	
                2,970,395.000

              	 	 	
                (2

              	
                )

              
	
                SW24B

              	 	
                $

              	
                2,970,395.000

              	 	 	
                (3

              	
                )

              
	
                SW25A

              	 	
                $

              	
                2,891,330.000

              	 	 	
                (2

              	
                )

              
	
                SW25B

              	 	
                $

              	
                2,891,330.000

              	 	 	
                (3

              	
                )

              
	
                SW26A

              	 	
                $

              	
                2,813,976.500

              	 	 	
                (2

              	
                )

              
	
                SW26B

              	 	
                $

              	
                2,813,976.500

              	 	 	
                (3

              	
                )

              
	
                SW27A

              	 	
                $

              	
                2,738,814.000

              	 	 	
                (2

              	
                )

              
	
                SW27B

              	 	
                $

              	
                2,738,814.000

              	 	 	
                (3

              	
                )

              
	
                SW28A

              	 	
                $

              	
                2,665,962.000

              	 	 	
                (2

              	
                )

              
	
                SW28B

              	 	
                $

              	
                2,665,962.000

              	 	 	
                (3

              	
                )

              
	
                SW29A

              	 	
                $

              	
                2,595,175.000

              	 	 	
                (2

              	
                )

              
	
                SW29B

              	 	
                $

              	
                2,595,175.000

              	 	 	
                (3

              	
                )

              
	
                SW30A

              	 	
                $

              	
                2,526,313.000

              	 	 	
                (2

              	
                )

              
	
                SW30B

              	 	
                $

              	
                2,526,313.000

              	 	 	
                (3

              	
                )

              
	
                SW31A

              	 	
                $

              	
                2,459,656.000

              	 	 	
                (2

              	
                )

              
	
                SW31B

              	 	
                $

              	
                2,459,656.000

              	 	 	
                (3

              	
                )

              
	
                SW32A

              	 	
                $

              	
                2,395,549.000

              	 	 	
                (2

              	
                )

              
	
                SW32B

              	 	
                $

              	
                2,395,549.000

              	 	 	
                (3

              	
                )

              
	
                SW33A

              	 	
                $

              	
                2,333,505.000

              	 	 	
                (2

              	
                )

              
	
                SW33B

              	 	
                $

              	
                2,333,505.000

              	 	 	
                (3

              	
                )

              
	
                SW34A

              	 	
                $

              	
                2,273,132.000

              	 	 	
                (2

              	
                )

              
	
                SW34B

              	 	
                $

              	
                2,273,132.000

              	 	 	
                (3

              	
                )

              
	
                SW35A

              	 	
                $

              	
                2,219,053.000

              	 	 	
                (2

              	
                )

              
	
                SW35B

              	 	
                $

              	
                2,219,053.000

              	 	 	
                (3

              	
                )

              
	
                SW36A

              	 	
                $

              	
                8,816,328.500

              	 	 	
                (2

              	
                )

              
	
                SW36B

              	 	
                $

              	
                8,816,328.500

              	 	 	
                (3

              	
                )

              
	
                SW37A

              	 	
                $

              	
                1,920,325.500

              	 	 	
                (2

              	
                )

              
	
                SW37B

              	 	
                $

              	
                1,920,325.500

              	 	 	
                (3

              	
                )

              
	
                SW38A

              	 	
                $

              	
                1,871,123.500

              	 	 	
                (2

              	
                )

              
	
                SW38B

              	 	
                $

              	
                1,871,123.500

              	 	 	
                (3

              	
                )

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 
	
                SW39A

              	 	
                $

              	
                1,827,271.000

              	 	 	
                (2

              	
                )

              
	
                SW39B

              	 	
                $

              	
                1,827,271.000

              	 	 	
                (3

              	
                )

              
	
                SW40A

              	 	
                $

              	
                1,782,117.000

              	 	 	
                (2

              	
                )

              
	
                SW40B

              	 	
                $

              	
                1,782,117.000

              	 	 	
                (3

              	
                )

              
	
                SW41A

              	 	
                $

              	
                1,735,576.500

              	 	 	
                (2

              	
                )

              
	
                SW41B

              	 	
                $

              	
                1,735,576.500

              	 	 	
                (3

              	
                )

              
	
                SW42A

              	 	
                $

              	
                1,691,667.500

              	 	 	
                (2

              	
                )

              
	
                SW42B

              	 	
                $

              	
                1,691,667.500

              	 	 	
                (3

              	
                )

              
	
                SW43A

              	 	
                $

              	
                1,648,448.500

              	 	 	
                (2

              	
                )

              
	
                SW43B

              	 	
                $

              	
                1,648,448.500

              	 	 	
                (3

              	
                )

              
	
                SW44A

              	 	
                $

              	
                1,607,990.500

              	 	 	
                (2

              	
                )

              
	
                SW44B

              	 	
                $

              	
                1,607,990.500

              	 	 	
                (3

              	
                )

              
	
                SW45A

              	 	
                $

              	
                1,577,867.000

              	 	 	
                (2

              	
                )

              
	
                SW45B

              	 	
                $

              	
                1,577,867.000

              	 	 	
                (3

              	
                )

              
	
                SW46A

              	 	
                $

              	
                1,555,728.000

              	 	 	
                (2

              	
                )

              
	
                SW46B

              	 	
                $

              	
                1,555,728.000

              	 	 	
                (3

              	
                )

              
	
                SW47A

              	 	
                $

              	
                1,538,113.000

              	 	 	
                (2

              	
                )

              
	
                SW47B

              	 	
                $

              	
                1,538,113.000

              	 	 	
                (3

              	
                )

              
	
                SW48A

              	 	
                $

              	
                1,501,966.000

              	 	 	
                (2

              	
                )

              
	
                SW48B

              	 	
                $

              	
                1,501,966.000

              	 	 	
                (3

              	
                )

              
	
                SW49A

              	 	
                $

              	
                1,485,563.000

              	 	 	
                (2

              	
                )

              
	
                SW49B

              	 	
                $

              	
                1,485,563.000

              	 	 	
                (3

              	
                )

              
	
                SW50A

              	 	
                $

              	
                1,489,783.000

              	 	 	
                (2

              	
                )

              
	
                SW50B

              	 	
                $

              	
                1,489,783.000

              	 	 	
                (3

              	
                )

              
	
                SW51A

              	 	
                $

              	
                1,453,828.500

              	 	 	
                (2

              	
                )

              
	
                SW51B

              	 	
                $

              	
                1,453,828.500

              	 	 	
                (3

              	
                )

              
	
                SW52A

              	 	
                $

              	
                47,514,454.500

              	 	 	
                (2

              	
                )

              
	
                SW52B

              	 	
                $

              	
                47,514,454.500

              	 	 	
                (3

              	
                )

              
	
                SW53A

              	 	
                $

              	
                20,942.000

              	 	 	
                (2

              	
                )

              
	
                SW53B

              	 	
                $

              	
                20,942.000

              	 	 	
                (3

              	
                )

              
	
                SW54A

              	 	
                $

              	
                21,248.500

              	 	 	
                (2

              	
                )

              
	
                SW54B

              	 	
                $

              	
                21,248.500

              	 	 	
                (3

              	
                )

              
	
                SW55A

              	 	
                $

              	
                20,934.500

              	 	 	
                (2

              	
                )

              
	
                SW55B

              	 	
                $

              	
                20,934.500

              	 	 	
                (3

              	
                )

              
	
                SW56A

              	 	
                $

              	
                20,476.000

              	 	 	
                (2

              	
                )

              
	
                SW56B

              	 	
                $

              	
                20,476.000

              	 	 	
                (3

              	
                )

              
	
                SW57A

              	 	
                $

              	
                20,426.500

              	 	 	
                (2

              	
                )

              
	
                SW57B

              	 	
                $

              	
                20,426.500

              	 	 	
                (3

              	
                )

              
	
                SW58A

              	 	
                $

              	
                19,960.000

              	 	 	
                (2

              	
                )

              
	
                SW58B

              	 	
                $

              	
                19,960.000

              	 	 	
                (3

              	
                )

              
	
                SW59A

              	 	
                $

              	
                19,445.500

              	 	 	
                (2

              	
                )

              
	
                SW59B

              	 	
                $

              	
                19,445.500

              	 	 	
                (3

              	
                )

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 
	
                SW60A

              	 	
                $

              	
                644,559.500

              	 	 	
                (2

              	
                )

              
	
                SW60B

              	 	
                $

              	
                644,559.500

              	 	 	
                (3

              	
                )

              
	
                SW-R

              	 	 	
                (4

              	
                )

              	 	
                (4

              	
                )

              

      

    

     

    
      

    

    
      	(1)	
              The
                interest rate on the Class SW-Z Interest shall be a per annum rate
                equal
                to the Net
                Rate.

            

    

     

    
      	(2)	
              For
                any Distribution Date, the interest rate on each SWAP REMIC Regular
                Interest ending with the designation “A” shall be a per annum rate equal
                to 2 times the Net Rate, subject to a maximum rate of 2 times the
                REMIC
                Swap Rate for such Distribution
                Date.

            

    

     

    
      	(3)	
              For
                any Distribution Date, the interest rate on each SWAP REMIC Regular
                Interest ending with the designation “B” shall be a per annum rate equal
                to the greater of (x) the excess, if any, of (i) 2 times the Net
                Rate over (ii) 2 times the REMIC Swap Rate for such Distribution
                Date and
                (y) 0.00%.

            

    

     

    
      	(4)	
              The
                Class SW-R Interest shall have no principal amount and shall bear
                no
                interest. It shall be represented by the Class R
                Certificate.

            

    

     

    REMIC
      1

     

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

     

    
      
        	
                Class
                  Designation

              	 	
                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount

              	 	
                Corresponding
                  Class of Certificates

              	 
	
                LT1-A1

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                A1

              	 
	
                LT1-A2

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                A2

              	 
	
                LT1-A3

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                A3

              	 
	
                LT1-M1

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M1

              	 
	
                LT1-M2

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M2

              	 
	
                LT1-M3

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M3

              	 
	
                LT1-M4

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M4

              	 
	
                LT1-M5

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M5

              	 
	
                LT1-M6

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M6

              	 
	
                LT1-X

              	 	 	
                (1

              	
                )

              	 	
                (3

              	
                )

              	 	
                N/A

              	 
	
                LT1-IO

              	 	 	
                (4

              	
                )

              	 	
                (4

              	
                )

              	 	
                N/A

              	 
	
                LT1-R

              	 	 	
                (5

              	
                )

              	 	
                (5

              	
                )

              	 	
                N/A

              	 

      

    

     

    
      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 1 Interests is a per annum
                rate
                equal to the weighted average of the interest rates on the SWAP REMIC
                Regular Interests for such Distribution Date, provided however, that
                for
                any Distribution Date on which the Class LT1-IO Interest is entitled
                to a
                portion of interest accruals on a SWAP REMIC Regular Interest ending
                with
                a designation “A” as described in footnote 4 below, such weighted average
                shall be computed by first subjecting the rate on such SWAP REMIC
                Regular
                Interest to a cap equal to Swap LIBOR for such Distribution
                Date.

            

    

     

    
      	(2)	
              The
                initial principal amount for each of these REMIC 1 Interests equals
                50% of
                the initial principal amount of the Corresponding Class of
                Certificates.

            

    

     

    
      	(3)	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (i) the Cut-off Date Balance over (ii) the aggregate initial principal
                balance of the REMIC 1 Marker
                Classes.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	(4)	
              The
                Class LT1-IO Interest is an interest-only class that does not have
                a
                principal balance. For only those Distribution Dates listed in the
                first
                column of the table below, the Class LT1-IO Interest shall be entitled
                to
                interest accrued on the SWAP REMIC Regular Interests listed in the
                second
                column below at a per annum rate equal to the excess, if any, of
                (i) the
                interest rate for such SWAP REMIC Regular Interest for such Distribution
                Date over (ii) Swap LIBOR for such Distribution
                Date.

            

    

     

    

      
        	
                Distribution
                  Date

              	 	
                SWAP
                  REMIC Regular Interest

              
	
                2

              	 	
                Class
                  SW2A

              
	
                2-3

              	 	
                Class
                  SW3A

              
	
                2-4

              	 	
                Class
                  SW4A

              
	
                2-5

              	 	
                Class
                  SW5A

              
	
                2-6

              	 	
                Class
                  SW6A

              
	
                2-7

              	 	
                Class
                  SW7A

              
	
                2-8

              	 	
                Class
                  SW8A

              
	
                2-9

              	 	
                Class
                  SW9A

              
	
                2-10

              	 	
                Class
                  SW10A

              
	
                2-11

              	 	
                Class
                  SW11A

              
	
                2-12

              	 	
                Class
                  SW12A

              
	
                2-13

              	 	
                Class
                  SW13A

              
	
                2-14

              	 	
                Class
                  SW14A

              
	
                2-15

              	 	
                Class
                  SW15A

              
	
                2-16

              	 	
                Class
                  SW16A

              
	
                2-17

              	 	
                Class
                  SW17A

              
	
                2-18

              	 	
                Class
                  SW18A

              
	
                2-19

              	 	
                Class
                  SW19A

              
	
                2-20

              	 	
                Class
                  SW20A

              
	
                2-21

              	 	
                Class
                  SW21A

              
	
                2-22

              	 	
                Class
                  SW22A

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                SWAP
                  REMIC Regular Interest

              
	
                2-23

              	 	
                Class
                  SW23A

              
	
                2-24

              	 	
                Class
                  SW24A

              
	
                2-25

              	 	
                Class
                  SW25A

              
	
                2-26

              	 	
                Class
                  SW26A

              
	
                2-27

              	 	
                Class
                  SW27A

              
	
                2-28

              	 	
                Class
                  SW28A

              
	
                2-29

              	 	
                Class
                  SW29A

              
	
                2-30

              	 	
                Class
                  SW30A

              
	
                2-31

              	 	
                Class
                  SW31A

              
	
                2-32

              	 	
                Class
                  SW32A

              
	
                2-33

              	 	
                Class
                  SW33A

              
	
                2-34

              	 	
                Class
                  SW34A

              
	
                2-35

              	 	
                Class
                  SW35A

              
	
                2-36

              	 	
                Class
                  SW36A

              
	
                2-37

              	 	
                Class
                  SW37A

              
	
                2-38

              	 	
                Class
                  SW38A

              
	
                2-39

              	 	
                Class
                  SW39A

              
	
                2-40

              	 	
                Class
                  SW40A

              
	
                2-41

              	 	
                Class
                  SW41A

              
	
                2-42

              	 	
                Class
                  SW42A

              
	
                2-43

              	 	
                Class
                  SW43A

              
	
                2-44

              	 	
                Class
                  SW44A

              
	
                2-45

              	 	
                Class
                  SW45A

              
	
                2-46

              	 	
                Class
                  SW46A

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Date

              	 	
                SWAP
                  REMIC Regular Interest

              
	
                2-47

              	 	
                Class
                  SW47A

              
	
                2-48

              	 	
                Class
                  SW48A

              
	
                2-49

              	 	
                Class
                  SW49A

              
	
                2-50

              	 	
                Class
                  SW50A

              
	
                2-51

              	 	
                Class
                  SW51A

              
	
                2-52

              	 	
                Class
                  SW52A

              
	
                2-53

              	 	
                Class
                  SW53A

              
	
                2-54

              	 	
                Class
                  SW54A

              
	
                2-55

              	 	
                Class
                  SW55A

              
	
                2-56

              	 	
                Class
                  SW56A

              
	
                2-57

              	 	
                Class
                  SW57A

              
	
                2-58

              	 	
                Class
                  SW58A

              
	
                2-59

              	 	
                Class
                  SW59A

              
	
                2-60

              	 	
                Class
                  SW60A

              

      

    

     

    
      

    

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

     

    REMIC
      2

     

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

     

    
      	
              Class

            	 	
              Interest

            	 	
              Initial
                Class

            	 	
              Class
                of Related

            	 
	
              Designation

            	 	
              Rate

            	 	
              Principal
                Amount

            	 	
              Certificates

            	 
	
              LT2-A1

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              A1

            	 
	
              LT2-A2

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              A2

            	 
	
              LT2-A3

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              A3

            	 

    

    
       

      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
       

      
        	
                LT2-M1

              	 	 	
                (3

              	
                )

              	 	
                (2

              	
                )

              	 	
                M1

              	 
	
                LT2-M2

              	 	 	
                (3

              	
                )

              	 	
                (2

              	
                )

              	 	
                M2

              	 

      

    

    
      	
              LT2-M3

            	 	 	
              (3

            	
              )

            	 	
              (2

            	
              )

            	 	
              M3

            	 
	
              LT2-M4

            	 	 	
              (3

            	
              )

            	 	
              (2

            	
              )

            	 	
              M4

            	 
	
              LT2-M5

            	 	 	
              (3

            	
              )

            	 	
              (2

            	
              )

            	 	
              M5

            	 
	
              LT2-M6

            	 	 	
              (3

            	
              )

            	 	
              (2

            	
              )

            	 	
              M6

            	 
	
              LT2-X
                

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            	 	
              N/A

            	 
	
              LT2-IO

            	 	 	
              (5

            	
              )

            	 	
              (5

            	
              )

            	 	
              N/A

            	 
	
              LT2-R

            	 	 	
              (6

            	
              )

            	 	
              (6

            	
              )

            	 	
              N/A

            	 

    

     

    
      	(1)	
              The
                per annum interest rate for each of these REMIC 2 Interests (A) with
                respect to any Distribution Date (and the related Accrual Period)
                on or
                prior to the Distribution Date in November 2012 shall equal the lesser
                of
                (i) the sum of (x) Certificate Interest Rate of the Class of Related
                Certificates (disregarding any Net Funds Cap) and (y) 1.00% and (ii)
                the
                REMIC Net Rate and (B) with respect to any Distribution Date (and
                the
                related Accrual Period) after the Distribution Date in November 2012
                shall
                equal the lesser of (i) the Certificate Interest Rate of the Class
                of
                Related Certificates (disregarding any Net Funds Cap) and (ii) the
                REMIC
                Net Rate.

            

    

     

    
      	(2)	
              The
                initial principal amount of each of these REMIC 2 Interests shall
                equal
                the initial Certificate Principal Amount of the Class of Related
                Certificates.

            

    

     

    
      	(3)	
              The
                per annum interest rate for each of these REMIC 2 Interests with
                respect
                to any Distribution Date (and the related Accrual Period) shall equal
                the
                excess of (x) the product of (i) the REMIC Net Rate and (ii) a fraction
                the numerator of which is the actual number of days in the related
                Accrual
                Period and the denominator of which is 30 over (y)
                0.50%.

            

    

     

    
      	(4)	
              The
                Class LT2-X Interest shall have an initial principal balance equal
                to the
                excess of the Cut-off Date Balance over the aggregate initial Certificate
                Principal Amounts of the Certificates. The Class LT2-X Interest shall
                accrue interest on a notional balance equal to the X Component Notional
                Balance at a rate equal to the X Component Interest
                Rate.

            

    

     

    
      	(5)	
              The
                Class LT2-IO Interest shall have no principal amount and will not
                have an
                interest rate, but will be entitled to 100% of the interest accrued
                with
                respect to the Class LT1-IO Interest.

            

    

     

    
      	(6)	
              The
                Class LT2-R Interest is the sole Class of residual interest in REMIC
                2. It
                does not have an interest rate or a principal balance. The Class
                LT2-R
                Interest shall be represented by the Class R
                Certificate.

            

    

     

    REMIC
      3

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC 3 Interests.

     

    
      	
              Class

            	 	
              Interest

            	 	
              Initial
                Class

            	 	
              Class
                of Related

            	 
	
              Designation

            	 	
              Rate

            	 	
              Principal
                Amount

            	 	
              Certificates

            	 
	
              LT3-A1

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              A1

            	 

    

    
       

      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
       

      
        	
                LT3-A2

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                A2

              	 
	
                LT3-A3

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                A3

              	 
	
                LT3-M1

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M1

              	 
	
                LT3-M2

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M2

              	 
	
                LT3-M3

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M3

              	 
	
                LT3-M4

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M4

              	 
	
                LT3-M5

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M5

              	 
	
                LT3-M6

              	 	 	
                (1

              	
                )

              	 	
                (2

              	
                )

              	 	
                M6

              	 

      

    

    
      	
              Uncertificated
                Class X Interest 

            	 	 	
              (3

            	
              )

            	 	
              (3

            	
              )

            	 	
              N/A

            	 
	
              LT3-IO

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            	 	
              N/A

            	 
	
              LT3-AX

            	 	 	
              (5

            	
              )

            	 	
              (5

            	
              )

            	 	
              N/A

            	 
	
              Residual
                Interest

            	 	 	
              (6

            	
              )

            	 	
              (6

            	
              )

            	 	
              N/A

            	 

    

     

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC 3 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that (i) in the case of any such REMIC 3 Interest the Related
                Certificates of which is a Senior Certificate, in lieu of any Net
                Funds
                Cap set forth in the applicable Certificate Interest Rate, the REMIC
                Net
                Rate shall be used and (ii) in the case of any such REMIC 3 Interest
                the
                Related Certificates of which is a Subordinate Certificate, in lieu of any
                Net Funds Cap or Net WAC set forth in the applicable Certificate
                Interest
                Rate, the REMIC Net Rate multiplied by the actual number of days
                in the
                related Accrual Period and divided by 30 shall be used, and further
                provided that these REMIC 3 Interests shall not be entitled to payments
                with respect to Excess Interest and shall not have any obligations
                with
                respect to Class I Shortfalls.

            

    

     

    
      	(2)	
              The
                initial principal amount for each of these REMIC 3 Interests shall
                equal
                the initial Certificate Principal Amount of the Class of Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Uncertificated Class X Interest shall have an initial principal balance
                equal to the excess of the Cut-off Date Balance over the aggregate
                initial
                Certificate Principal Amounts of the Certificates. The Uncertificated
                Class X Interest shall accrue interest on a notional balance equal
                to the
                X Component Notional Balance at a rate equal to the X Component Interest
                Rate. The Uncertificated Class X Interest shall be represented by
                the
                Class X Certificates.

            

    

     

    
      	(4)	
              The
                Class LT3-IO Interest shall have no principal amount and will not
                have an
                interest rate, but will be entitled to 100% of the interest accrued
                with
                respect to the Class LT2-IO Interest. The Class LT3-IO Interest shall
                be
                represented by the Class X
                Certificates.

            

    

     

    
      	(5)	
              The
                Class LT3-AX Interest shall be an “interest-only” interest that shall not
                have a principal amount and, for each Distribution Date on which
                the Class
                AX Certificates are entitled to distributions, shall be entitled
                to a
                “specified portion” of the interest accrued on each of the REMIC 2
                Interests the Class of Related Certificates of which is a Class of
                Senior
                Certificates. Such “specified portion” shall equal all interest accrued
                thereon in excess of the interest accrued thereon at a per annum
                rate
                equal to the Certificate Interest Rate of the Class of Related
                Certificates (disregarding any Net Funds Cap). The Class LT3-AX Interest
                shall be represented by the Class AX
                Certificates.

            

    

     

    
      	(6)	
              The
                Residual Interest is the sole Class of residual interest in REMIC
                3. It
                does not have an interest rate or a principal balance. It shall be
                represented by the Class R
                Certificate.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    All
      calculations of interest on each regular interest in the SWAP REMIC, REMIC
      1,
      REMIC 2 and REMIC 3 will be made on an “actual/360” basis (except for
      calculations of interest on (i) each regular interest in REMIC 2 and REMIC
      3 the
      Class of Related Certificates of which accrues interest on a “30/360” basis and
      (ii) the Class LT3-AX Interest which will be made on a “30/360”
basis).

     

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

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    The
      Certificates

     

    The
      following table sets forth (or describes) the Class designation, Certificate
      Interest Rate, initial Class Principal Amount (or Class Notional Amount) and
      minimum denomination for each Class of Certificates comprising interests in
      the
      Trust Fund created hereunder. Each Offered Certificate and Class X Certificate
      represents ownership of regular interests in REMIC 3. 

    

      
        	 	 	 	 	
                Initial
                  Class Principal 

              	 	 	 
	 	 	 	 	
                Amount
                  or Class 

              	 	
                Minimum

              	 
	
                Class
                  Designation

              	 	
                Interest
                  Rate

              	 	
                Notional
                  Amount

              	 	
                Denominations

              	 
	
                Class
                  A1

              	 	 	
                (1

              	
                )

              	
                $

              	
                275,192,000

              	 	
                $

              	
                25,000.00

              	 
	
                Class
                  A2 

              	 	 	
                (2

              	
                )

              	
                $

              	
                103,953,000

              	 	
                $

              	
                25,000.00

              	 
	
                Class
                  A3

              	 	 	
                (3

              	
                )

              	
                $

              	
                42,127,000

              	 	
                $

              	
                25,000.00

              	 
	
                Class
                  AX

              	 	 	
                (4

              	
                )

              	
                $

              	
                144,229,020

              	 	
                $

              	
                1,000,000.00

              	 
	
                Class
                  M1

              	 	 	
                (5

              	
                )

              	
                $

              	
                10,090,000

              	 	
                $

              	
                100,000.00

              	 
	
                Class
                  M2

              	 	 	
                (5

              	
                )

              	
                $

              	
                5,045,000

              	 	
                $

              	
                100,000.00

              	 
	
                Class
                  M3

              	 	 	
                (5

              	
                )

              	
                $

              	
                3,210,000

              	 	
                $

              	
                100,000.00

              	 
	
                Class
                  M4

              	 	 	
                (5

              	
                )

              	
                $

              	
                2,751,000

              	 	
                $

              	
                100,000.00

              	 
	
                Class
                  M5

              	 	 	
                (5

              	
                )

              	
                $

              	
                2,293,000

              	 	
                $

              	
                100,000.00

              	 
	
                Class
                  M6

              	 	 	
                (5

              	
                )

              	
                $

              	
                2,293,000

              	 	
                $

              	
                100,000.00

              	 
	
                Class
                  X

              	 	 	
                (6

              	
                )

              	 	
                (6

              	
                )

              	 	
                (7

              	
                )

              
	
                Class
                  AP

              	 	 	
                (8

              	
                )

              	
                $

              	
                1,000.00

              	 	
                $

              	
                10.00

              	 
	
                Class
                  R

              	 	 	
                (9

              	
                )

              	 	
                (9

              	
                )

              	 	
                (7

              	
                )

              
	
                Class
                  C

              	 	 	
                (10

              	
                )

              	 	
                (10

              	
                )

              	 	
                (7

              	
                )

              

      

    

    

    
      	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.150% (the “A1 Margin”) and
                (ii) the Net Funds Cap for such Distribution Date; provided, that
                if the
                Mortgage Loans and related property are not purchased pursuant to
                Section
                7.01(b) on the Initial Optional Termination Date, then with respect
                to
                each subsequent Distribution Date the per annum rate calculated pursuant
                to clause (i) above with respect to the Class A1 Certificates will
                be
                LIBOR plus 2.300%.

            

    

     

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.250% (the “A2 Margin”) and
                (ii) the Net Funds Cap for such Distribution Date; provided, that
                if the
                Mortgage Loans and related property are not purchased pursuant to
                Section
                7.01(b) on the Initial Optional Termination Date, then with respect
                to
                each subsequent Distribution Date the per annum rate calculated pursuant
                to clause (i) above with respect to the Class A2 Certificates will
                be
                LIBOR plus 2.500%.

            

    

     

    
      	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.250% (the “A3 Margin”) and
                (ii) the Net Funds Cap for such Distribution Date; provided, that
                if the
                Mortgage Loans and related property are not purchased pursuant to
                Section
                7.01(b) on the Initial Optional Termination Date, then with respect
                to
                each subsequent Distribution Date the per annum rate calculated pursuant
                to clause (i) above with respect to the Class A3 Certificates will
                be
                LIBOR plus 2.500%.

            

    

     

    
      	
              (4)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date through
                and including the Distribution Date in November 2012 (and the related
                Accrual Period) for the Class AX Certificates is the per annum rate
                equal
                to the lesser of (i) 1.00% per annum and (ii) the product of (1)
                the
                excess, if any, of (A) the Net Funds Cap for the
                

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    Senior
      Certificates (other than the Class AX
      Certificates) over (B) the weighted average Certificate Interest Rate of the
      Senior Certificates (exclusive of the Class AX Certificates), (2) a fraction,
      the numerator of which is the actual number of days in the related Accrual
      Period and the denominator of which is 30 and (3) a fraction, the numerator
      of
      which is the aggregate outstanding Class Principal Amount of the Senior
      Certificates and the denominator of which is the Class Notional Amount of the
      Class AX Certificates for such Distribution Date. The Class AX Certificates
      will
      not be entitled to distributions of any kind after the Distribution Date in
      November 2012.

     

    
      	
              (5)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1, Class M2, Class M3, Class
                M4,
                Class M5 and Class M6 Certificates is the per annum rate equal to
                the Net
                WAC less 0.50% per annum, subject to the Net Funds
                Cap.

            

    

     

    
      	
              (6)

            	
              For
                purposes of the REMIC Provisions, the X Component of the Class X
                Certificates shall have an initial principal balance equal to the
                excess
                of the Cut-off Date Balance over the aggregate initial Certificate
                Principal Amounts of the Certificates. For each Distribution Date,
                the X
                Component of the Class X Certificates shall be entitled to the X
                Component
                Current Interest. Unpaid interest on the X Component of the Class
                X
                Certificates shall not itself bear interest. The S-X Component of
                the
                Class X Certificates shall represent an interest-only regular interest
                in
                REMIC 3 and shall represent beneficial ownership of the Supplemental
                Interest Trust Account, including the Swap Agreement. For purposes
                of the
                REMIC Provisions, the C-X Component of the Class X Certificates shall
                represent beneficial ownership of the Interest Rate Cap Agreement.
                For the
                purposes of the REMIC Provisions, the Class X Certificates shall
                also
                represent beneficial ownership of (i) the Basis Risk Reserve Fund
                and (ii)
                an interest in certain notional principal contracts described in
                Section
                10.01 hereof.

            

    

     

    
      	
              (7)

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

            

    

     

    
      	
              (8)

            	
              Through
                the distribution date in December 2010, the Class AP Certificates
                will be
                entitled to receive the Prepayment Premiums paid by borrowers upon
                voluntary full or partial prepayment of the Mortgage Loans.
                

            

    

     

    
      	
              (9)

            	
              The
                Class R Certificate will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class R Certificate
                represents ownership of the residual interest in each
                REMIC.

            

    

     

    
      	
              (10)

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

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $458,652,997.12. 

     

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

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      I.

     

    DEFINITIONS

     

    Section
      1.01 Definitions.

     

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

     

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

     

    A1
      Margin:
      As
      defined in footnote (1) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A2
      Margin:
      As
      defined in footnote (2) of the Preliminary Statement under the caption “The
      Certificates”.

     

    A3
      Margin:
      As
      defined in footnote (3) of the Preliminary Statement under the caption “The
      Certificates”.

     

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

     

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

     

    Accrual
      Period:
      For the
      LIBOR Certificates for each Distribution Date, the period beginning on the
      immediately preceding Distribution Date (or from November 25, 2007 in the case
      of the first Distribution Date) and ending on the day immediately preceding
      the
      related Distribution Date. The LIBOR Certificates shall accrue interest on
      the
      basis of a 360-day year and the actual number of days in each Accrual Period.
      For the Subordinate Certificates and the Notional Certificates, the calendar
      month immediately preceding the month in which the related Distribution Date
      occurs. The Subordinate Certificates and the Notional Certificates shall accrue
      interest on the basis of a 360-day year and twelve 30-day months. 

     

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

     

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

     

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

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

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

     

    Additional
      Termination Event:
      As
      defined in the Swap Agreement.

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      applicable Servicing Fee) on one or more Mortgage Loans that were due on the
      Due
      Date in the related Collection Period and not received as of the close of
      business on the related Determination Date, required to be made by a Servicer
      or
      by the Master Servicer on behalf of a Servicer (or by the Trustee as successor
      master servicer) pursuant to Section 5.04.

     

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

     

    Affected
      Party:
      As
      defined in the Swap Agreement.

     

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

     

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

     

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

     

    Applicants:
      As
      defined in Section 8.02(b).

     

    Applied
      Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      Certificate Principal Amount of the LIBOR Certificates and Subordinate
      Certificates after giving effect to all Realized Losses incurred with respect
      to
      the Mortgage Loans during the related Collection Period and distributions of
      principal on such Distribution Date, but before giving effect to any application
      of the Applied Loss Amount with respect to such date, exceeds (y) the Pool
      Balance for such Distribution Date.

     

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

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument, in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the sale of the Mortgage to
      the
      Trustee, 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    Authorized
      Officer:
      Not
      applicable.

     

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

     

    Balance
      Guaranteed Cap Agreement:
      Not
      applicable.

     

    Balance
      Guaranteed Cap Agreement Account:
      Not
      applicable.

     

    Balloon
      Mortgage Loan:
      Not
      applicable.

     

    Balloon
      Payment:
      Not
      applicable.

     

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

     

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

     

    Basis
      Risk Payment:
      With
      respect to any Distribution Date, the excess, if any, of (A) the sum of (1)
      for
      any Class of Offered Certificates (other than the Class AX Certificates), any
      Basis Risk Shortfall for such Distribution Date not otherwise funded out of
      amounts received on the Interest Rate Cap Agreement (in the case of the Senior
      Certificates) and (2) any Unpaid Basis Risk Shortfall for such Distribution
      Date
      not otherwise funded out of amounts received on the Interest Rate Cap Agreement
      (in the case of the Senior Certificates) over (B) the amount of payments of
      Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls made to the Senior
      Certificates pursuant to Section 5.02(e)(v) for such Distribution Date;
      provided, however, that the amount of the Basis Risk Payment for any
      Distribution Date cannot exceed the amount of Monthly Excess Cashflow otherwise
      distributable in respect of the X Component of the Class X Certificates pursuant
      to Section 5.02(e) hereof on such Distribution Date (as determined under the
      definition of “X Component Distributable Amount” without regard to the Basis
      Risk Payment for such Distribution Date).

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

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

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates and
      Subordinate Certificates, the amount by which (x) the amount of interest
      calculated at the Certificate Interest Rate applicable to such Class for such
      date, determined without regard to the Net Funds Cap for such date, exceeds
      (y)
      the amount payable at the Net Funds Cap.

     

    Benefit
      Plan Opinion:
      Not
      applicable.

     

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

     

    Bulk
      PMI Policy:
      Not
      applicable.

     

    Business
      Day:
      Generally any day other than (i) a Saturday or Sunday, (ii) a day on which
      banking institutions in New York City, New York or, if other than New York
      City,
      the city in which the Corporate Trust Office of the Trustee is located and
      (iii)
      a day on which banks in Massachusetts, Minnesota, New York or Colorado (or,
      as
      to any Servicer, such other states as are specified in the applicable Servicing
      Agreement) are closed.

     

    C-X
      Component:
      The
      portion of the Class X Certificates representing the right to distributions
      to
      the Class X Certificates from the Interest Rate Cap Agreement.

     

    Cap
      Agreement:
      Not
      applicable.

     

    Cap
      Agreement Account:
      Not
      applicable.

     

    Cap
      Deferred Interest Amount:
      Not
      applicable.

     

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

     

    Cap
      Provider:
      ABN
      AMRO Bank N.V.

     

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

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Capitalization
      Reimbursement Amount:
      For any
      Distribution Date and with respect to any modified Mortgage Loans, the sum
      of
      the amounts, if any, of unreimbursed Advances and servicing advances that were
      added to the Scheduled Principal Balances of such Mortgage Loans in connection
      with the related modifications.

     

    Capitalized
      Interest Account:
      Not
      applicable.

     

    Capitalized
      Interest Amount:
      Not
      applicable.

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates,
      Subordinate Certificates or Notional Certificates, the sum of (i) the amount,
      if
      any, by which (x) the sum of (A) Current Interest for such Class for the
      immediately preceding Distribution Date and (B) any unpaid Carryforward Interest
      for such Class from previous Distribution Dates exceeds (y) the amount
      distributed in respect of interest on such Class on such immediately preceding
      Distribution Date, and (ii) interest on such amount (other than, in the case
      of
      the Class AX Certificates, any portion of such amount resulting from Net
      Negative Amortization) for the related Accrual Period at the applicable
      Certificate Interest Rate. Carryforward Interest shall not include amounts
      attributable to an allocation of Net Negative Amortization (except in the case
      of the Class AX Certificates).

     

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

     

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

     

    Certificate
      Group:
      Not
      applicable.

     

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

     

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

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than the Class X, Class C and Class R
      Certificates and any Notional Certificates) and any Distribution Date,
the
      initial Certificate Principal Amount thereof on the Closing Date,
      less
      the amount of all principal distributions previously distributed with respect
      to
      such Certificate prior to such Distribution Date, and as reduced by any Applied
      Loss Amount previously allocated thereto, plus, in the case of any Negative
      Amortization Certificate, any Net Negative Amortization allocated thereto on
      previous Distribution Dates; provided, however, that on each Distribution Date
      on which a Subsequent Recovery is distributed, the Certificate Principal Amount
      of any Certificate that has been reduced by application of an Applied Loss
      Amount will be increased, in order of seniority, by an amount (to be applied
      pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (1) any Deferred Amount
      for
      each such Class immediately prior to such date and (2) the total amount of
      any
      Subsequent Recovery distributed on such date to Certificateholders, after

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    application
      (for this purpose) to more senior Classes of
      such Certificates. The Notional Certificates, Class X, Class C and Class R
      Certificates are issued without Certificate Principal Amounts.

     

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

     

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

     

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

     

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

     

    Class:
      All
      Certificates and, in the case of REMIC, all interests bearing the same Class
      designation.

     

    Class
      AP Reserve Fund:
      As
      defined in Section 5.07(a). 

     

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

     

    Class
      C Mortgage Loan:
      Any
      Mortgage Loan which has become a Liquidated Mortgage Loan on or prior to the
      Collection Period ending on March 1, 2010.

     

    Class
      CX Excess Cap Amount:
      Not
      applicable.

     

    Class
      I Shortfalls:
      As
      defined in Section 10.01(n) hereof.

     

    Class
      Notional Amount:
      With
      respect to the Class AX Certificates for any Distribution Date, the excess,
      if
      any, of (i) the aggregate Class Principal Amounts of the Senior Certificates
      (other than the Class AX Certificates) immediately prior to such Distribution
      Date over (ii) the amount set forth on Annex E of the prospectus supplement
      for
      such Distribution Date. The initial Class Notional Amount of the Class AX
      Certificates is equal to $144,229,020. 

     

    Class
      P Certificate:
      Any
      Class AP Certificate.

     

    Class
      P Reserve Funds:
      The
      Class AP Reserve Fund.

     

    Class
      P Interest:
      Not
      applicable.

     

    Class
      P Principal Amount:
      Not
      applicable.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Class
      X Account:
      Not
      applicable.

     

    Class
      X Account Termination Date:
      Not
      applicable.

     

    Class
      X Current Interest:
      Not
      applicable.

     

    Class
      X Distributable Amount:
      Not
      applicable.

     

    Class
      X Interest Rate:
      Not
      applicable.

     

    Class
      X Notional Balance:
      Not
      applicable.

     

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

     

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

     

    Clearstream:
      Clearstream Banking Luxembourg, and any successor thereto.

     

    Closing
      Date:
      November 30, 2007.

     

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

     

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

     

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

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date and prepayments in full or in part, an amount
      equal to the aggregate amount of any Prepayment Interest Shortfalls

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    with
      respect to such Distribution Date required to be
      paid by a Servicer up to an amount equal to the aggregate of the Servicing
      Fees
      received on the Mortgage Loans serviced by it. The Master Servicer shall not
      be
      responsible for making any Compensating Interest Payment

     

    Component:
      Not
      applicable.

     

    Component
      Interest Rate:
      Not
      applicable.

     

    Component
      Notional Amount:
      Not
      applicable.

     

    Conventional
      Loan:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      The
      principal corporate trust office of the Trustee is located at U.S. Bank National
      Association, One Federal Street, 3rd Floor, Boston, M.A. 02110, Attention:
      LXS
      2007-20N.

     

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

     

    Countrywide
      Servicing:
      Countrywide Home Loans Servicing LP.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Coupon
      Strip:
      Not
      applicable.

     

    Coupon
      Strip Adjusted Net WAC:
      Not
      applicable.

     

    Coupon
      Strip Rate:
      Not
      applicable.

     

    Credit
      Score:
      Not
      applicable.

     

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

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              December
                2010 through November 2011

            	 	
              0.70%
                for the
                first month plus an additional 1/12
                of 0.70% for each month thereafter.

            
	 	 	 
	
              December
                2011 through November 2012

            	 	
              1.40%
                for the first month plus an additional 1/12 of 0.60% for each month
                thereafter.

            
	 	 	 
	
              December
                2012 through November 2013

            	 	
              2.00%
                for the first month plus an additional 1/12 of 0.50% for each month
                thereafter.

            
	 	 	 
	
              December
                2013 and thereafter

            	 	
              2.50%.

            

    

    

    Current
      Interest:
      With
      respect to any Class of LIBOR Certificates, Subordinate Certificates or Notional
      Certificates and any Distribution Date, the aggregate amount of interest accrued
      at the applicable Certificate Interest Rate during the related Accrual Period
      on
      the Class Principal Amount or Class Notional Amount of such Class immediately
      prior to such Distribution Date minus the Net Negative Amortization, if any,
      allocated to that Class for that Distribution Date in accordance with Section
      5.02.

     

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

     

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

     

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

     

    Cut-off
      Date:
      With
      respect to all Mortgage Loans, November 1, 2007.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Defaulting
      Party:
      As
      defined in the Swap Agreement.

     

    Deferred
      Amount:
      For
      each Distribution Date and for each Class of LIBOR Certificates and Subordinate
      Certificates, the sum of (A) the amount by which (x) the aggregate of Applied
      Loss Amounts previously applied in reduction of the Class Principal Amount
      thereof exceeds (y) the sum of (1) the aggregate of amounts previously
      distributed in reimbursement thereof and (2) the amount by which the Class
      Principal Amount of such Class has been increased due to any Subsequent Recovery
      and (B) for the Senior Certificates only, interest accrued on the related amount
      calculated under clause (A).

     

    Deferred
      Interest Cap Account:
      Not
      applicable.

     

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

     

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

     

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

     

    Delinquency
      Event:
      With
      respect to any Distribution Date, a “Delinquency Event” shall occur if the
      Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding month equals or exceeds, for Distribution Dates prior to December
      2013, 34.35%, and, for Distribution Dates during or after December 2013, 40.00%
      of the Senior Enhancement Percentage for such Distribution Date.

     

    Delinquency
      Rate:
      For any
      month, the fraction, expressed as a percentage, the numerator of which is the
      outstanding principal balance of (i) the Mortgage Loans that are 60 or more
      days
      Delinquent (including all Mortgage Loans 60 or more days Delinquent for which
      the Mortgagor has filed for bankruptcy after the closing date), (ii) each
      Mortgage Loan in foreclosure and all REO Properties as of the close of business
      on the last day of such month, (iii) all Mortgage Loans repurchased within
      12
      months prior to such Distribution Date and (iv) all Mortgage Loans modified
      within 12 months prior to such Distribution Date, and the denominator of which
      is the Pool Balance as of the close of business on the last day of such
      month.

     

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “delinquent” when any payment
      contractually due thereon has not been made by the close of business on the
      Due
      Date therefor. 

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    Distribution
      Date:
      The
      25th day of each month or, if such 25th day is not a Business Day, the next
      succeeding Business Day, commencing in December 2007.

     

    DTC:
      As
      defined in Section 3.01(c).

     

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

     

    Eligible
      Account:
      Either
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company acceptable to the Rating Agencies or
      (ii) an account at a depository institution or trust company whose commercial
      paper or other short term debt obligations (or, in the case of a depository
      institution or trust company which is the principal subsidiary of a holding
      company, the commercial paper or other short term debt or deposit obligations
      of
      such holding company or depository institution, as the case may be) have been
      rated by each Rating Agency in its highest short-term rating category, or (iii)
      a segregated trust account or accounts (which shall be a “special deposit
      account”) maintained with the Trustee or any other federal or state chartered
      depository institution or trust company, acting in its fiduciary capacity,
      in a
      manner acceptable to the Trustee, any NIMS Insurer and the Rating Agencies.
      Eligible Accounts may bear interest.

     

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

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (vi) a
      Qualified GIC;

     

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

     

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

     

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

     

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

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that would satisfy
      the requirements of the Underwriter’s Exemption, except, in relevant part, for
      the requirement that the certificates have received a rating at the time of
      acquisition that is in one of the two highest generic rating categories by
      at
      least one of the Rating Agencies.

     

    
      
        
        

      

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

     

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

     

    Escrow
      Account:
      As
      defined in Section 9.06(a).

     

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

     

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

     

    Excess
      Interest:
      On any
      Distribution Date, for each Class of LIBOR Certificates and the Subordinate
      Certificates, the excess, if any, of (1) the amount of interest such Class
      of
      Certificates is entitled to receive on such Distribution Date over (2) the
      amount of interest such Class of Certificates would have been entitled to
      receive on such Distribution Date at an interest rate equal to the applicable
      REMIC Pass-Through Rate. On any Distribution Date, for the Class AX
      Certificates, the excess, if any, of (1) the amount of interest such Class
      of
      Certificates is entitled to receive on such Distribution Date over (2) the
      amount of interest attributable to accruals on the Class LT3-AX
      Interest.

     

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

     

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

     

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

     

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

     

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

     

    Final
      Maturity Reserve Account:
      Not
      applicable.

     

    Final
      Scheduled Distribution Date:
      December 2037 or, in the case of the Class AX Certificates, November
      2012.

     

    Financial
      Intermediary:
      Not
      applicable.

     

    Fitch:
      Fitch
      Ratings, or any successor in interest.

     

    
      
        
        

      

      
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    Forgiven
      Amount:
      Any
      amount of principal or delinquent interest that the related Mortgagor is no
      longer required to pay as a result of any modification by the related Servicer
      of the terms of the related Mortgage Note.

     

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

     

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

     

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

     

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

     

    Grantor
      Trust:
      Each of
      the “grantor trusts” (within the meaning of the Grantor Trust Provisions)
      described in Section 10.01 herein.

     

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

     

    Guaranteed
      Certificates:
      Not
      applicable.

     

    Guaranteed
      Distribution:
      Not
      applicable.

     

    Holder
      or Certificateholder:
      The
      registered owner of any Certificate as recorded on the books of the Certificate
      Registrar except that, solely for the purposes of taking any action or giving
      any consent pursuant to this Agreement, any Certificate registered in the name
      of the Depositor, the Trustee, the Master Servicer, a Servicer, the Cap Provider
      or any Affiliate thereof shall be deemed not to be outstanding in determining
      whether the requisite percentage necessary to effect any such consent has been
      obtained, except that, in determining whether the Trustee and any NIMS Insurer
      shall be protected in relying upon any such consent, only Certificates which
      a
      Responsible Officer of the Trustee knows to be so owned shall be disregarded.
      The Trustee and any NIMS Insurer may request and conclusively rely on
      certifications by the Depositor, the Master Servicer, any Servicer or the Cap
      Provider, in determining whether any Certificates are registered to an Affiliate
      of the Depositor, the Master Servicer, such Servicer or the Cap Provider,
      respectively.

     

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

     

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

     

    Independent:
      When
      used with respect to any Accountants, a Person who is “independent” within the
      meaning of Rule 2-01(b) of the Commission’s Regulation S-X. When used with
      respect to any other Person, a Person who (a) is in fact independent of another
      specified Person and any Affiliate of such other Person, (b) does not have
      any
      material direct 

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    financial
      interest in such other Person or any Affiliate
      of such other Person, and (c) is not connected with such other Person or any
      Affiliate of such other Person as an officer, employee, promoter, underwriter,
      trustee, partner, director or Person performing similar functions.

     

    Initial
      LIBOR Rate:
      4.79%
      per annum.

     

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

     

    Insurance
      Fee Rate:
      Not
      applicable.

     

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

     

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

     

    Interest
      Rate Cap Account:
      The
      account described in Section 5.02(h) hereof.

     

    Interest
      Rate Cap Agreement:
      The
      Interest Rate Cap Agreement dated as of November 30, 2007, entered into between
      the Trustee on behalf of the Trust Fund (for the benefit of the holders of
      the
      Senior Certificates) and the Cap Provider, which agreement provides for the
      monthly payment, commencing on the Distribution Date in December 2010 and
      terminating on the Distribution Date in November 2012, by the Cap Provider,
      but
      subject to the conditions set forth therein, together with the confirmation
      and
      schedules relating thereto, each of which is attached hereto as Exhibit O.
      The
      Cap Provider will be obligated to pay to the Trust Fund at least one Business
      Day prior to each Distribution Date, commencing with the Distribution Date
      in
      December 2010 and ending with the Distribution Date in November 2012, one
      month’s interest calculated at an annual rate equal to the excess, if any, of
      LIBOR over 6.75% based on a calculated notional amount as described in the
      Interest Rate Cap Agreement, multiplied by the actual number of days in the
      Accrual Period (treating, solely for purposes of such calculation, the initial
      Accrual Period as beginning on the Closing Date and ending on the day
      immediately preceding the initial Distribution Date), and divided by
      360.

     

    Interest
      Remittance Amount:
      With
      respect to any Distribution Date, an amount equal to (a) the sum of (1) all
      interest collected (other than in connection with Payaheads and Prepayment
      Premiums) or advanced in respect of Scheduled Payments on the Mortgage Loans
      during the related Collection Period by any Servicer, the Master Servicer or
      the
      Trustee (solely in its capacity as successor master servicer) minus (x) the
      applicable Servicing Fee with respect to such Mortgage Loans and (y) previously
      unreimbursed Advances and other amounts due to any Servicer, the Master Servicer
      or the Trustee (solely in its capacity as successor master servicer), to the
      extent allocable to interest and the allocable portion of previously
      unreimbursed Servicing Advances with respect to the Mortgage Loans, (2) any
      Compensating Interest Payments with 

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    respect
      to the Mortgage Loans with respect to the
      related Prepayment Period, (3) the portion of any Purchase Price or Substitution
      Amount paid with respect to such Mortgage Loans during the related Prepayment
      Period allocable to interest and (4) all Net Liquidation Proceeds, Insurance
      Proceeds and any other recoveries collected with respect to the Mortgage Loans
      during the related Prepayment Period, to the extent allocable to interest,
      as
      reduced by (b) the amount of other costs, expenses or liabilities related to
      such Mortgage Loans and reimbursable to the Master Servicer, any Servicer,
      any
      Custodians pursuant to the applicable Custodial Agreement or the Trustee and
      as
      increased by (c) the lesser of (1) the aggregate amount set forth in clauses
      (a)
      (1) through (5) of the definition of Principal Remittance Amount with respect
      to
      the Mortgage Loans for such Distribution Date and (2) the aggregate amount
      of
      Negative Amortization with respect to the Mortgage Loans during the related
      Collection Period.

     

    Intervening
      Assignment:
      As
      defined in Section 2.01(b)(vi).

     

    IRS:
      The
      Internal Revenue Service.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date occurring in December 2037.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    LIBOR
      Certificate:
      Any
      Offered Certificate (other than the Notional Certificates and Subordinate
      Certificates).

     

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

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the Master Servicer or a Servicer has
      determined that all amounts that it expects to recover on behalf of the Trust
      Fund from or on account of such Mortgage Loan have been recovered (exclusive
      of
      any possibility of a deficiency judgment).

     

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

     

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

     

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

     

    Lower
      Tier Interest:
      Any of
      the SWAP REMIC Interests, REMIC 1 Interests and REMIC 2 Interests.

     

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

     

    M1
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2013, 85.13% and (y) thereafter, 88.10% and (ii) the Pool Balance
      for
      such Distribution Date determined as of the last day of the related Collection
      Period immediately prior to such Distribution Date and (b) the amount, if any,
      by which (1) the Pool Balance for such Distribution Date determined as of the
      last day of the related Collection Period exceeds (2) the Overcollateralization
      Floor.

     

    
      
        
        

      

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

     

    M2
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2013, 87.88% and (y) thereafter, 90.30% and (ii) the Pool Balance
      for
      such Distribution Date determined as of the last day of the related Collection
      Period immediately prior to such Distribution Date and (b) the amount, if any,
      by which (1) the Pool Balance for such Distribution Date determined as of the
      last day of the related Collection Period exceeds (2) the Overcollateralization
      Floor.

     

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

     

    M3
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2013, 89.63% and (y) thereafter, 91.70% and (ii) the Pool Balance
      for
      such Distribution Date determined as of the last day of the related Collection
      Period immediately prior to such Distribution Date and (b) the amount, if any,
      by which (1) the Pool Balance for such Distribution Date determined as of the
      last day of the related Collection Period exceeds (2) the Overcollateralization
      Floor.

     

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

     

    M4
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2013, 91.13% and (y) thereafter, 92.90% and (ii) the Pool Balance
      for
      such Distribution Date determined as of the last day of the related Collection
      Period immediately prior to such 

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    Distribution
      Date and (b) the amount, if any, by which
      (1) the Pool Balance for such Distribution Date determined as of the last day
      of
      the related Collection Period exceeds (2) the Overcollateralization
      Floor.

     

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

     

    M5
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2013, 92.38% and (y) thereafter, 93.90% and (ii) the Pool Balance
      for
      such Distribution Date determined as of the last day of the related Collection
      Period immediately prior to such Distribution Date and (b) the amount, if any,
      by which (1) the Pool Balance for such Distribution Date determined as of the
      last day of the related Collection Period exceeds (2) the Overcollateralization
      Floor.

     

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

     

    M6
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      December 2013, 93.63% and (y) thereafter, 94.90% and (ii) the Pool Balance
      for
      such Distribution Date determined as of the last day of the related Collection
      Period immediately prior to such Distribution Date and (b) the amount, if any,
      by which (1) the Pool Balance for such Distribution Date determined as of the
      last day of the related Collection Period exceeds (2) the Overcollateralization
      Floor.

     

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

     

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

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    Master
      Servicing Fee Rate:
      0.00%
      per annum.

     

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

     

    Maximum
      Rate:
      For any
      Mortgage Loan, the rate specified in the related Mortgage Note that the related
      mortgage rate will never exceed.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Mortgage
      File:
      As
      defined in Section 2.01(b). 

     

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

     

    Mortgage
      Loan Sale Agreement:
      The
      mortgage loan sale and assignment agreement dated as of November 1, 2007 for
      the
      sale of the Mortgage Loans by the Seller to the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such
      schedule shall consist of the following information with respect to each
      Mortgage Loan: (i) the Mortgage Loan identifying number; (ii) the city, state
      and zip code; (iii) the original principal amount of the Mortgage Loan; (iv)
      the
      Mortgage Rate at origination; (v) the monthly payment of principal and interest
      at origination; (vi) the Seller of such Mortgage Loan to the Depositor; (vii)
      the Servicer servicing such Mortgage Loan and the applicable Servicing Fee
      Rate;
      (viii) the applicable prepayment premium, if any, and the method of calculation
      and (ix) the Custodian with respect to the Mortgage File
      related to such Mortgage Loan. The Depositor shall be 

     

    
      
        
        

      

      
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    responsible
      for providing the Trustee and the Master
      Servicer with all amendments to the Mortgage Loan Schedule.

     

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

     

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

     

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

     

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

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

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

     

    Negative
      Amortization Certificate:
      Any
      Certificate (other than a Class R Certificate or Notional
      Certificate).

     

    Net
      Funds Cap:
      For
      each Distribution Date and the Senior Certificates (other than the Class AX
      Certificates), an annual rate equal to (a) a fraction, expressed as a
      percentage, the numerator of which is the product of (1) the excess, if any,
      of
      (x) the Optimal Interest Remittance Amount for such Distribution Date over
      (y)
      the amount of any Net Swap Payment or Swap Termination Payment not due to a
      Swap
      Counterparty Trigger Event owed to the Swap Counterparty on the related due
      date
      and (2) 12, and the denominator of which is the Pool Balance as of the first
      day
      of the related Collection Period (not including for this purpose Mortgage Loans
      for which prepayments in full have been received and distributed in the month
      prior to that Distribution Date), multiplied by (b) a fraction, the numerator
      of
      which is 30 and the denominator of which is the actual number of days in the
      Accrual Period related to such Distribution Date. For each Distribution Date
      and
      the Subordinate Certificates, an annual rate equal to a fraction, expressed
      as a
      percentage, the numerator of which is the product of (1) the excess, if any,
      of
      (x) the Optimal Interest Remittance Amount for such Distribution Date over
      (y)
      the amount of any Net Swap Payment or Swap Termination Payment not due to a
      Swap
      Counterparty Trigger Event owed to the Swap Counterparty on the related due
      date
      and (2) 12, and the denominator of which is the Pool Balance as of the first
      day
      of the related Collection Period (not including for this purpose Mortgage Loans
      for which prepayments in full have been received and distributed in the month
      prior to that Distribution Date).

     

    
      
        
        

      

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

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the
      applicable Servicing Fee Rate and any mortgage insurance premium rate, as
      applicable.

     

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

     

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

     

    Net
      Rate:
      For
      each Distribution Date, an annual rate equal to (a) a fraction, expressed as
      a
      percentage, the numerator of which is the product of (1) the Optimal Interest
      Remittance Amount for such Distribution Date and (2) 12, and the denominator
      of
      which is the Pool Balance as of the first day of the related Collection Period
      (not including for this purpose Mortgage Loans for which prepayments in full
      have been received and distributed in the month prior to that Distribution
      Date), multiplied by (b) a fraction, the numerator of which is 30 and the
      denominator of which is the actual number of days in the Accrual Period related
      to such Distribution Date.

     

    Net
      Swap Payment:
      With
      respect to each Distribution Date, the net payment required to be made one
      Business Day prior to each Distribution Date pursuant to the terms of the Swap
      Agreement, which net payment shall not take into account any Swap Termination
      Payment, and any unpaid amounts due on previous Swap Payment Dates and accrued
      interest thereon as provided in the Swap Agreement, as calculated by the Swap
      Counterparty and furnished to the Trustee.

     

    Net
      WAC:
      For
      each Distribution Date, the weighted average of the Net Mortgage Rates of the
      Mortgage Loans at the beginning of the related Collection Period, weighted
      on
      the basis of their Scheduled Principal Balances at the beginning of the related
      Collection Period.

     

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

     

    NIM
      Securities:
      Any net
      interest margin securities issued subsequent to the Closing Date by an owner
      trust or other special purpose entity, the principal assets of such trust or
      other entity 

     

    
      
        
        

      

      
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    including
      the Class X or Class P Certificates and the
      payments received thereon, which principal assets back such
      securities.

     

    NIMS
      Agreement:
      Not
      applicable.

     

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

     

    Non-Book-Entry
      Certificate:
      Not
      applicable.

     

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

     

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

     

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

     

    Nonpayment:
      Not
      applicable.

     

    Notional
      Amount:
      Not
      applicable.

     

    Notional
      Certificate:
      Any
      Class AX Certificate.

     

    Offered
      Certificates:
      Collectively, the Class A1, Class A2, Class A3, Class AX, Class M1, Class M2,
      Class M3, Class M4, Class M5 and Class M6 Certificates.

     

    Offered
      Subordinate Certificates:
      Not
      applicable.

     

    Offering
      Document:
      Either
      of the private placement memorandum, dated November 30, 2007, relating to the
      Privately Offered Certificates or the Prospectus.

     

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

     

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

     

    Optimal
      Interest Remittance Amount:
      With
      respect to each Distribution Date, the product of (A) (x) the weighted average
      of the Net Mortgage Rates for the Mortgage Loans (based on their Scheduled
      Principal Balances as of the first day of the related Collection Period) divided
      by (y) 12 and (B) the Pool Balance as of the first day of the related Collection
      Period (not including for this purpose Mortgage Loans for which prepayments
      in
      full have been received and distributed in the month prior to that Distribution
      Date).

     

    
      
        
        

      

      
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    Original
      Loan-to-Value Ratio:
      Not
      applicable.

     

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

     

    Overcollateralization
      Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period exceeds (y) the aggregate Class Principal Amount of the LIBOR
      Certificates and Subordinate Certificates, after giving effect to distributions
      on such Distribution Date.

     

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

     

    Overcollateralization
      Floor:
      With
      respect to any Distribution Date, $8,255,754 (1.80% of the Cut-off Date
      Balance).

     

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

     

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

     

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

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Percentage
      Interest:
      With
      respect to any Certificate, its percentage interest in the undivided beneficial
      ownership interest in the Trust Fund evidenced by all Certificates of the same
      Class as such Certificate. With respect to any Certificate other than the Class
      X, Class C, Class P and Class R Certificates, the Percentage Interest evidenced
      thereby shall equal the initial Certificate Principal Amount thereof divided
      by
      the initial Class Principal Amount of all Certificates of the same Class. With
      respect to the Class X, Class C, Class P and Class R 

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    Certificates,
      the Percentage Interest evidenced thereby
      shall be as specified on the face thereof, or otherwise be equal to
      100%.

     

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

     

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

     

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

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

    Plan:
      As
      defined in Section 3.03(d).

     

    Plan
      Asset Regulations:
      Not
      applicable.

     

    Pool
      Assets:
      As
      defined in Section 7.01(b).

     

    Pool
      Balance:
      For any
      Distribution Date or the Cut-off Date, the sum of the Scheduled Principal
      Balances of the Mortgage Loans for that date.

     

    Pool
      Percentage:
      Not
      applicable.

     

    Prepayment
      Interest Excess:
      With
      respect to any Distribution Date and any Principal Prepayment in full received
      on the Mortgage Loans serviced by Aurora from the first day through the
      sixteenth day of the month during which such Distribution Date occurs, all
      amounts paid in respect of interest at the applicable Net Mortgage Rate on
      such
      Principal Prepayment in full.

     

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

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and (i) any Principal Prepayment in part
      received by Aurora, the calendar month immediately preceding the month in which
      such Distribution Date occurs; (ii) any Principal Prepayments in full for
      Mortgage Loans serviced by Aurora, the seventeenth day (or, in the case of
      the
      first Distribution Date, the 1st
      day) of
      the calendar month immediately preceding the month in which such Distribution
      Date occurs through the sixteenth day of the calendar month in which such
      Distribution Date occurs; and (iii) any Principal Prepayments in full or in
      part
      for Countrywide Servicing, the 2nd day of the calendar month immediately
      preceding the month in which such Distribution Date occurs through the first
      day
      of the calendar month in which such Distribution Date occurs.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    Privately
      Offered Certificates:
      The
      Class AP Certificates.

     

    Proceeding:
      Not
      applicable.

     

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

     

    
      
        
        

      

      
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    Prospectus:
      The
      prospectus supplement dated November 29, 2007 together with the accompanying
      prospectus dated November 26, 2007, relating to the Offered
      Certificates.

     

    PTCE:
      As
      defined in Section 3.03(d).

     

    Purchase
      Price:
      With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
      balance of such Mortgage Loan, (b) accrued interest thereon at the applicable
      Mortgage Rate, from the date as to which interest was last paid to (but not
      including) the Due Date in the Collection Period immediately preceding the
      related Distribution Date; (c) any unreimbursed Servicing Advances with respect
      to such Mortgage Loan; (d) any costs and damages incurred by the Trust Fund
      with
      respect to such Mortgage Loan in connection with any violation of any federal,
      state or local predatory or abusive lending laws or other similar laws; and
      (e)
      the fair market value of all other property being purchased (reduced, in the
      case of REO Property relating to the Mortgage Loans, by (1) reasonably
      anticipated disposition costs and (2) any amount by which the fair market value
      as so reduced exceeds the outstanding principal balance of the related Mortgage
      Loan). The Master Servicer and the Servicer (or the Trustee, in its capacity
      as
      successor master servicer, if applicable) shall be reimbursed from the Purchase
      Price for any Mortgage Loan or related REO Property for any Advances made or
      other amounts advanced with respect to such Mortgage Loan that are reimbursable
      to the Master Servicer or the Servicer under this Agreement or the Servicing
      Agreement (or to the Trustee hereunder in its capacity as successor master
      servicer), together with any accrued and unpaid compensation due to the Master
      Servicer, the Servicer or the Trustee hereunder or thereunder.

     

    QIB:
      As
      defined in Section 3.03(c).

     

    QIB-Restricted
      Certificate:
      Any
      Class C or Class P Certificate.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    Qualified
      Insurer:
      Not
      applicable.

     

    Qualifying
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to
      the
      terms of this Agreement, a Mortgage Loan that, on the date of such substitution,
      (i) has an outstanding Scheduled Principal Balance (or in the case of a
      substitution of more than one mortgage loan for a Deleted Mortgage Loan, an
      aggregate Scheduled Principal Balance), after application of all Scheduled
      Payments due during or prior to the month of substitution, not in excess of,
      and
      not more than 5% less than, the outstanding Scheduled Principal Balance of
      the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage Rate
      on
      the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate
      not
      less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if
      applicable, has a minimum Mortgage Rate not less than the minimum Mortgage
      Rate
      of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to
      or
      greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a
      Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
      Loan, (vii) if applicable, has a next adjustment date not later than the next
      adjustment date on the Deleted Mortgage Loan, (viii) has the same Due Date
      as
      the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity not
      longer than 18 months and not more than 18 months shorter than the remaining
      stated term to maturity of the related Deleted Mortgage Loan, (x) is current
      as
      of the date of substitution, (xi) has a Loan-to-Value Ratio as of the date
      of
      substitution equal to or lower than the Loan-to-Value Ratio of the Deleted
      Mortgage Loan as of such date, (xii) has been underwritten by a Transferor
      in
      accordance with the same underwriting criteria and guidelines as the Deleted
      Mortgage Loan, (xiii) has a risk grading determined by the Seller at least
      equal
      to the risk grading assigned on the Deleted Mortgage Loan, (xiv) is secured
      by
      the same property type as the Deleted Mortgage Loan, (xv) conforms to each
      representation and warranty applicable to the Deleted Mortgage Loan made in
      the
      Mortgage Loan Sale and Assignment Agreement, (xvi) has the same or higher lien
      position as the Deleted Mortgage Loan, (xvii) is covered by a Primary Mortgage
      Insurance Policy if the Deleted Mortgage Loan was so covered and (xviii)
      contains provisions covering the payment of Prepayment Premium by the Mortgagor
      for early prepayment of the Mortgage Loan at least as favorable as the Deleted
      Mortgage Loan. In the event that one or more mortgage loans are substituted
      for
      one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof
      shall be determined on the basis of aggregate Scheduled Principal Balances,
      the
      Mortgage Rates described in clause (ii) hereof shall be determined on the basis
      of weighted average Mortgage Rates, the risk gradings described in clause (xiii)
      hereof shall be satisfied as to each such mortgage loan, the terms described
      in
      clause (ix) hereof shall be determined on the basis of weighted average
      remaining term to maturity, the Loan-to-Value Ratios described in clause (xi)
      hereof shall be satisfied as to each such mortgage loan and, except to the
      extent otherwise provided in this sentence, the representations and warranties
      described in clause (xv) hereof must 

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    be
      satisfied as to each Qualified Substitute Mortgage
      Loan or in the aggregate, as the case may be.

     

    Rate
      of Payment:
      For
      each Distribution Date, the rates of payment set forth in Schedule B
      hereto.

     

    Rating
      Agency:
      Each of
      Fitch and S&P.

     

    Realized
      Loss:
      With
      respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
      principal balance of such Mortgage Loan as of the date of liquidation, minus
      (ii) Liquidation Proceeds received, to the extent allocable to principal, net
      of
      amounts that are reimbursable therefrom to the Master Servicer or the Servicer
      with respect to such Mortgage Loan (other than Advances of principal) including
      expenses of liquidation. In determining whether a Realized Loss is a Realized
      Loss of principal, Liquidation Proceeds shall be allocated, first, to payment
      of
      expenses related to such Liquidated Mortgage Loan, then to accrued unpaid
      interest and finally to reduce the principal balance of the Mortgage Loan.
      Realized Losses may be increased by the principal portion of any Forgiven Amount
      for the Distribution Date related to the Collection Period in which the
      modification has occurred.

     

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

     

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

     

    Regulation
      AB:
      Subpart
      229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may otherwise be provided by the Commission or its staff
      from
      time to time; and all references to any rule, item, section or subsection of,
      or
      definition or term contained in, Regulation AB mean such rule, item, section,
      subsection, definition or term, as the case may be, or any successor thereto,
      in
      each case as the same may be amended from time to time.

     

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

     

    
      
        
        

      

      
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    Regulation
      S Global Security:
      As
      defined in Section 3.01(d).

     

    Related
      Certificates:
      For any
      REMIC 2 Interest, the Class of Certificates set forth on the same row in the
      table under “REMIC 2” in the Preliminary Statement hereto. For any REMIC 3
      Interest, the Class of Certificates set forth on the same row in the table
      under
“REMIC 3” in the Preliminary Statement hereto.

     

    Related
      Mortgage Pool:
      For any
      REMIC 1 Interest, the Mortgage Pool set forth on the same row in the table
      under
“REMIC 1” in the Preliminary Statement hereto.

     

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

     

    Related
      REMIC 3 Interest:
      For any
      Related Certificates, the REMIC 3 Interest set forth on the same row in the
      table under “REMIC 3” in the Preliminary Statement hereto.

     

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

     

    Relief
      Act:
      The
      Servicemembers Civil Relief Act, as amended, and any similar state or local
      law
      or regulation.

     

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

     

    REMIC:
      Each of
      the SWAP REMIC, REMIC 1, REMIC 2 and REMIC 3, as described in the Preliminary
      Statement hereto.

     

    REMIC
      1:
      As
      described in the Preliminary Statement.

     

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

     

    REMIC
      1 Marker Classes:
      Any of
      the REMIC 1 Regular Interests other than (i) the Class LT1-X Interest and (ii)
      the Class LT1-IO Interest.

     

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

     

    REMIC
      2:
      As
      described in the Preliminary Statement.

     

    
      
        
        

      

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

     

    REMIC
      2 Regular Interest:
      Any of
      the REMIC 2 Interests other than the Class LT2-R Interest.

     

    REMIC
      3:
      As
      described in the Preliminary Statement.

     

    REMIC
      3 Interest:
      Any one
      of the Classes of REMIC 3 Interests described in the Preliminary Statement
      hereto.

     

    REMIC
      3 Regular Interest:
      Any of
      the REMIC 3 Interests other than the Residual Interest.

     

    REMIC
      Cap:
      For
      each of the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class LT3-M1, Class
      LT3-M2, Class LT3-M3, Class LT3-M4, Class LT3-M5 and Class LT3-M6 Interests,
      the
      REMIC Net Rate (multiplied, in the case of any such interest the Class of
      Related Certificates of which accrues interest on a “30/360” basis, by a
      fraction the numerator of which is the actual number of days in the related
      Accrual Period and the denominator of which is 30).

     

    REMIC
      Net Rate:
      The per
      annum rate set forth in footnote 1 to the description of REMIC 1 in the
      Preliminary Statement hereto (such rate being based on the weighted average
      of
      the interest rates on the SWAP REMIC Regular Interests as adjusted and as set
      forth in such footnote).

     

    REMIC
      Pass Through Rate:
      With
      respect to any Distribution Date and any Class of LIBOR Certificates and
      Subordinate Certificates, the REMIC Cap for such Distribution Date for the
      Related REMIC 3 Interest.

     

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

     

    REMIC
      Swap Rate:
      For
      each Distribution Date (and the related Accrual Period), a per annum rate equal
      to the rate used to compute the monthly gross amount due to the Swap
      Counterparty under the Swap Agreement for such Distribution Date (such rate,
      as
      described in the Prospectus, being the Rate of Payment set forth in Annex D
      of
      the Prospectus).

     

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

     

    Replacement
      Receipts:
      Not
      applicable.

     

    Replacement
      Receipts Account:
      Not
      applicable.

     

    
      
        
        

      

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

     

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

     

    Repurchase
      Price:
      As
      defined in Section 7.01(b).

     

    Required
      Reserve Fund Amount:
      Not
      applicable.

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    Residual
      Interest:
      An
      interest in REMIC 3 that is entitled to all distributions on the Class R
      Certificate other than distributions in respect of the Class LT2-R Interest,
      Class LT1-R Interest and Class SW-R Interest.

     

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

     

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

     

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

     

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

     

    Rules:
      As
      defined in Section 6.20(c)(i).

     

    S-X
      Component:
      The
      portion of the Class X Certificates representing the right to distributions
      to
      the Class X Certificates from the Swap Agreement.

     

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

     

    Scheduled
      Notional Amount:
      For
      each Distribution Date, the amount set forth on Schedule B. 

     

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

     

    Scheduled
      Principal Balance:
      With
      respect to (i) any Mortgage Loan as of any Distribution Date, the principal
      balance of such Mortgage Loan at the close of business on the 

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    Senior
      Certificates:
      The
      Class A1, Class A2, Class A3 and Class AX Certificates. 

     

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

     

    Senior
      Principal Distribution Amount:
      With
      respect to any Distribution Date (a) prior to the Stepdown Date or if a Trigger
      Event is in effect with respect to such Distribution Date, 100% of the Principal
      Distribution Amount for such Distribution Date and (b) on or after the Stepdown
      Date and as long as a Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the aggregate Class
      Principal Amount of each Class of Senior Certificates after the allocation
      of
      Net Negative Amortization, if any, for each Distribution Date and immediately
      prior to distributions on such Distribution Date exceeds (y) the Senior Target
      Amount.

     

    Senior
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (1) (i) for each distribution prior to the Distribution Date in
      December 2013, 79.63%; and (ii) thereafter, 83.70% and (2) the Pool Balance
      for
      such Distribution Date determined as of the last day of the related Collection
      Period and (b) the amount, if any, by which (1) the Pool Balance for such
      Distribution Date determined as of the last day of the related Collection Period
      exceeds (2) the Overcollateralization Floor.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

    Servicer:
      Each
      Servicer that has entered into one of the Servicing Agreements attached as
      Exhibit E hereto, or any successor in interest. Initially, the Servicers are
      Aurora and Countrywide Servicing.

     

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

     

    Servicer
      Remittance Date:
      The day
      in each calendar month on which the applicable Servicer is required to remit
      payments to the Collection Account, as specified in the related Servicing
      Agreement, which is the 18th day of each month (or if such 18th day is not
      a
      Business Day, the first Business Day immediately following). 

     

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

     

    Servicing
      Agreement:
      Any of
      the servicing agreements between a Servicer and the Seller, dated as of November
      1, 2007, and attached hereto in Exhibit E, and any other servicing agreement
      entered into between a successor servicer and the Seller or the Trustee pursuant
      to the terms hereof.

     

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

     

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

     

    Servicing
      Fee Rate:
      0.375%
      per annum.

     

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

     

    Similar
      Law:
      As
      defined in Section 3.03(d).

     

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

     

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

     

    Stepdown
      Date:
      The
      later to occur of (x) the Distribution Date in December 2010 and (y) the first
      Distribution Date on which the Senior Enhancement Percentage (calculated for
      this purpose after giving effect to payments or other recoveries in respect
      of
      the Mortgage Loans 

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

    during
      the related Collection Period but before giving
      effect to distributions on any Certificates on such Distribution Date) is
      greater than or equal to (i) prior to the Distribution Date in December 2013,
      20.37% and (ii) on or after the Distribution Date in December 2013,
      16.30%.

     

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

     

    Subordinate
      Certificates:
      Collectively, the Class M1, Class M2, Class M3, Class M4, Class M5 and Class
      M6
      Certificates.

     

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

     

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

     

    Subservicer:
      Any
      Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Mortgage Loans on behalf of any Servicer or an Additional Servicer,
      and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of material servicing functions required to
      be
      performed by the Servicer or Master Servicer under this Agreement, the Servicing
      Agreements, the Custodial Agreements or other Servicing agreements entered
      into
      with respect to some or all of the Mortgage Loans, that are identified in Item
      1122(d) of Regulation AB.

     

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

     

    Supplemental
      Interest Trust:
      The
      corpus of a trust created pursuant to Section 5.08 of this Agreement and
      designated as the “Supplemental Interest Trust,” consisting of the Swap
      Agreement, the Supplemental Interest Trust Account and the right to receive
      the
      X Component Distributable Amount as provided in Section 5.08.

     

    Supplemental
      Interest Trust Account:
      The
      account created pursuant to Section 5.08 of this Agreement.

     

    Supplemental
      Interest Trust Amount:
      With
      respect to any Swap Payment Date, the sum of any Net Swap Payment and any Swap
      Termination Payment deposited into the Supplemental Interest Trust
      Account.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Swap
      Early Termination:
      The
      occurrence of an early termination date under the Swap Agreement.

     

    Swap
      LIBOR:
      With
      respect to any Distribution Date (and the related Accrual Period), the product
      of (i) the Floating Rate Option (as defined under “Floating Amounts” in the Swap
      Agreement) for the related Swap Payment Date and (ii) two, as calculated by
      the
      Swap Counterparty and furnished to the Trustee.

     

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

     

    SWAP
      REMIC:
      As
      described in the Preliminary Statement hereto.

     

    SWAP
      REMIC Interests:
      Any one
      of the classes of SWAP REMIC Interests described in the Preliminary Statement
      hereto.

     

    SWAP
      REMIC Regular Interests:
      Any of
      the SWAP REMIC Interests other than the Class SW-R Interest.

     

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

     

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

     

    
      
        
        

      

      
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    Targeted
      Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Stepdown Date an amount equal
      to approximately $11,695,651 (2.550% of the Pool Balance as of the Cut-off
      Date), (y) on or after the Stepdown Date, the greater of (1) the lesser of
      (a)
      the amount of approximately $11,695,651 and (b) the product of (i) for each
      distribution prior to the Distribution Date in December 2013, 6.375%, and
      thereafter, 5.100% and (ii) the Pool Balance as of the last day of the related
      Collection Period and (2) the Overcollateralization Floor and (z) on and after
      the Stepdown Date and for which a Trigger Event is in effect, the amount
      calculated under this definition for the immediately preceding Distribution
      Date.

     

    Tax
      Matters Person:
      Not
      applicable.

     

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

     

    Termination
      Event:
      As
      defined in the Swap Agreement.

     

    Termination
      Receipts:
      Not
      applicable.

     

    Termination
      Receipts Account:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

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

     

    Trust
      Fund:
      The
      corpus of Lehman XS Trust, Series 2007-20N created pursuant to this Agreement,
      consisting of the Mortgage Loans, the assignment of the Depositor’s rights under
      the Transfer Agreements, the Mortgage Loan Sale Agreement and the Servicing
      Agreements, such amounts as shall from time to time be held in the Basis Risk
      Reserve Fund, Collection Account, Certificate Account, any Custodial Account
      and
      any Escrow Account, the Insurance Policies, any REO Property and the other
      items
      referred to in, and conveyed to the Trustee under, Section 2.01(a). For the
      avoidance of doubt, the assets of the Trust Fund shall not include the Swap
      Agreement, the Interest Rate Cap Agreement and the Interest Rate Cap
      Account.

     

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

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    
       

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

       

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

       

      Uncertificated
        Class X Interest:
        An
        uncertificated regular interest in REMIC 3 with an initial principal balance
        equal to the excess of (i) the aggregate Cut-off Date Balance for each Mortgage
        Pool over (ii) the aggregate initial principal amounts of the Offered
        Certificates and bearing interest on a each Distribution Date in an amount
        equal
        to the X Component Current Interest for such Distribution Date; provided,
        however,
        that
        such interest shall have no obligation or right to make or receive any payments
        treated as paid or received by the Class X Certificates pursuant to interest
        rate cap agreements or notional principal contracts under Section 10.01 and
        shall have no rights to receive payments in respect of Class X Shortfalls
        from
        the Master Servicer as described in Section 10.01.

       

      Underlying
        REMIC Certificates:
        Not
        applicable.

       

      Underwriter:
        Lehman
        Brothers Inc.

       

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

       

      Unpaid
        Basis Risk Shortfall:
        With
        respect to any Distribution Date and any Class of Offered Certificates and
        Subordinate Certificates, the aggregate of all Basis Risk Shortfalls with
        respect to such Class remaining unpaid from previous Distribution Dates,
        plus
        interest accrued thereon at the applicable Certificate Interest Rate (calculated
        without giving effect to the Net Funds Cap).

       

      Upper
        Tier REMIC:
        Not
        applicable.

       

      Voting
        Interests:
        The
        portion of the voting rights of all the Certificates that is allocated to
        any
        Certificate for purposes of the voting provisions of this Agreement. At all
        times during the term of this Agreement, 94% of all Voting Interests shall
        be
        allocated to the Offered Certificates (other than the Class AX Certificates),
        2%
        of all Voting Interests shall be allocated to each Class of the Class AX
        Certificates and 1% of all Voting Interests shall be allocated to each Class
        of
        the Class C, Class X, Class AP and Class R Certificates. Voting Interests
        shall
        be allocated among such Classes of Certificates (other than the Class P,
        Class X
        and Class R Certificates) in proportion to their Class Principal Amounts
        or
        Class Notional Amounts and among the Certificates of each Class in proportion
        to
        their Percentage Interests. Voting Interests shall be allocated among the
        Classes of Offered Certificates in proportion to their Class Principal Amounts
        or Class Notional Amounts and among the Certificates of each Class in proportion
        to their Percentage Interests. 

       

      
        
          
          

        

        
          52

          
            

          

        

        
          
          

        

      

       

      WHFIT:
        A
“Widely Held Fixed Investment Trust” as that term is defined in Treasury
        Regulations section 1.671-5(b)(22) or successor provisions.

       

      WHFIT
        Regulations:
        Treasury Regulations section 1.671-5, as amended.

       

      WHMT:
        A
“Widely Held Mortgage Trust” as that term is defined in Treasury Regulations
        section 1.671-5(b)(23) or successor provisions.

       

      X
        Component:
        The
        portion of the Class X Certificates representing the right to distributions
        to
        the Class X Certificates as described herein.

       

      X
        Component Account:
        An
        account established as part of the Trust Fund pursuant to Section 5.13 of
        this
        Agreement but which is not an asset of any of the REMICs for the benefit
        of the
        X Component of the Class X Certificates and the Class C
        Certificates.

       

      X
        Component Account Termination Date:
        The
        Distribution Date in March 2010.

       

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

       

      X
        Component Distributable Amount:
        On any
        Distribution Date, the excess of (i) the sum of (x) the excess of (1) the
        aggregate Cut-off Date Balance for each Mortgage Pool over (2) the aggregate
        initial principal amounts of the Offered Certificates, (y) the aggregate
        X
        Component Current Interest for such Distribution Date and all prior Distribution
        Dates and (z) amounts treated as received by the Class X Certificates in
        respect
        of Class I Shortfalls described in Section 10.01(n) over (ii) the sum of
        (w) the
        aggregate payments in respect of Excess Interest for the Offered Certificates
        for such Distribution Date and all prior Distribution Dates (to the extent
        not
        derived from procceds of the Swap Agreement or the Interest Rate Cap Agreement),
        (x) all prior distributions to the X Component of the Class X Certificate
        under
        Section 5.02(e)(ix) hereof, (y) all payments treated as distributed by REMIC
        3
        to the Uncertificated Class X Interest then paid to the Swap Counterparty
        as
        described in Section 10.01(o) and (z) all payments treated as paid by the
        Offered Certificates to the Class X Certificates in respect of Class I
        Shortfalls then paid to the Swap Counterparty as described in Section
        10.01(o).

       

      X
        Component Interest Rate:
        For any
        Distribution Date, the excess of (i) the weighted average of the interest
        rates
        on the REMIC 1 Regular Interests (other than the Class LT1-IO Interest) over
        (ii) two times the weighted average of the interest rates on the REMIC 1
        Marker
        Classes and the Class LT1-X Interest (treating for purposes of this clause
        (ii)
        the interest rate on each of the REMIC 1 Marker Classes as being subject
        to a
        cap equal to the interest rate of the Related REMIC 2 Interest of the
        Corresponding Classes of Certificates (as adjusted, if necessary, to reflect
        accruals on the basis of the actual number of days in the Accrual Period
        for the
        LIBOR Certificates) and treating the interest rate on the Class LT1-X Interest
        as capped at zero). The average described in the preceding sentence shall
        be
        weighted on the basis of the respective principal balances of the REMIC 1
        Regular Interests immediately prior to such Distribution Date.

       

      
        
          
          

        

        
          53

          
            

          

        

        
          
          

        

      

       

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

       

      Section
        1.02 Calculations
        Respecting Mortgage Loans.

       

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

       

      Section
        1.03 Calculations
        Respecting Accrued Interest.

       

      Accrued
        interest, if any, on any Senior Certificate (other than the Class AX
        Certificates) shall be calculated based upon a 360-day year and the actual
        number of days elapsed in each Accrual Period. Accrued interest, if any,
        on any
        Subordinate Certificate and Class AX Certificate shall be calculated based
        upon
        a 360-day year consisting of twelve 30-day months.

       

      Section
        1.04 Rights
        of the NIMS Insurer.

       

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

       

      ARTICLE
        II.

       

      DECLARATION
        OF TRUST;

      ISSUANCE
        OF CERTIFICATES

       

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

       

      (a) Concurrently
        with the execution and delivery of this Agreement, the Depositor does hereby
        transfer, assign, set over, deposit with and otherwise convey to the Trustee,
        without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
        all
        the right, title and interest of the Depositor in and to the Mortgage Loans.
        Such conveyance includes, without limitation, the right to all payments of
        principal and interest received on or with respect to the Mortgage Loans
        on and
        after the Cut-off Date (other than payments of principal and interest due
        on or
        before such date), and all such payments due after such date but received
        prior
        to such date and intended by the related Mortgagors to be applied after such
        date together with all of the Depositor’s right, title and interest in and to
        the Collection Account, the Interest Rate Cap Account, the Certificate

       

      
        
          
          

        

        
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      Account
        and all amounts from time to time credited to
        and the proceeds of the Certificate Account, any Custodial Accounts, any
        Escrow
        Account established pursuant to Section 9.06, the Basis Risk Reserve Fund
        established pursuant to Section 5.06 and all amounts from time to time credited
        to and the proceeds of each such account, the X Component Account established
        pursuant to Section 5.13 and all amounts from time to time credited to and
        the
        proceeds of each such account, any REO Property and the proceeds thereof,
        the
        Depositor’s rights under any Insurance Policies related to the Mortgage Loans,
        the Depositor’s security interest in any collateral pledged to secure the
        Mortgage Loans, including the Mortgaged Properties, and any proceeds of the
        foregoing, to have and to hold, in trust; and the Trustee declares that,
        subject
        to the review provided for in Section 2.02, it has received and shall hold
        the
        Trust Fund, as trustee, in trust, for the benefit and use of the Holders
        of the
        related Certificates and for the purposes and subject to the terms and
        conditions set forth in this Agreement, and, concurrently with such receipt,
        has
        caused to be executed, authenticated and delivered to or upon the order of
        the
        Depositor, in exchange for the Trust Fund, Certificates in the authorized
        denominations evidencing the entire ownership of the Trust Fund, as
        applicable.

       

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

       

      Concurrently
        with the execution and delivery of this Agreement, the Depositor does hereby
        assign to the Trustee all of its rights and interest under the Mortgage Loan
        Sale Agreement, including all rights of the Seller under the Servicing
        Agreements and each related Transfer Agreement (other than first payment
        date
        default or early payment date default rights against the Transferor) but,
        in
        each case, only to the extent assigned under the Mortgage Loan Sale Agreement.
        The Trustee hereby accepts such assignment and delegation, and shall be entitled
        to exercise all the rights of the Depositor under the Mortgage Loan Sale
        Agreement as if, for such purpose, it were the Depositor. The foregoing sale,
        transfer, assignment, set-over, deposit, delegation and conveyance does not
        and
        is not intended to result in the creation or assumption by the Trustee of
        any
        obligation of the Depositor, the Sellers or any other Person in connection
        with
        the Mortgage Loans or any other agreement or instrument relating thereto
        except
        as specifically set forth herein. 

       

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

       

      (i) with
        respect to each Mortgage Loan, the original Mortgage Note endorsed without
        recourse in proper form to the order of the Trustee, as shown on Exhibit
        B-4
        hereto, or in blank (in each case, with all necessary intervening endorsements,
        as applicable) or with respect to any lost Mortgage Note, a lost note affidavit
        stating that the original Mortgage Note was lost, misplaced or destroyed,
        together with a copy of the related Mortgage Note;

       

      
        
          
          

        

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

       

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

       

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

       

      (v) with
        respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage,
        in
        form and substance acceptable for recording. The related Mortgage shall be
        assigned either (A) in blank, without recourse or (B) to “U.S. Bank National
        Association, as Trustee of the Lehman XS Trust Mortgage Pass-Through
        Certificates, Series 2007-20N,” without recourse;

       

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

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          57

          
            

          

        

        
          
          

        

      

       

      each
        Non-MERS Mortgage Loan. With respect to each
        Cooperative Loan, the Master Servicer, at the expense of the Depositor and
        with
        the cooperation of the applicable Servicer, shall cause such Servicer to
        take
        such actions as are necessary under applicable law in order to perfect the
        interest of the Trustee in the related Mortgaged Property.

       

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

       

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

       

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

       

      (f) The
        issuing entity is hereby named Lehman XS Trust, Series 2007-20N.

       

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

       

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

       

      (b) Within
        45
        days after the Closing Date, the Trustee or the applicable Custodian on behalf
        of the Trustee, will, for the benefit of Holders of the Certificates and
        any
        NIMS Insurer, review each Mortgage File to ascertain that all required documents
        set forth in Section 2.01 have been received and appear on their face to
        contain
        the requisite signatures by or on behalf of the respective parties thereto,
        and
        shall deliver to the Trustee, the Depositor, the Master Servicer and any
        NIMS
        Insurer an Interim Certification in the form annexed hereto as Exhibit B-2
        (or
        in the form annexed to the applicable Custodial Agreement as Exhibit B-2,
        as
        applicable) to the effect 

       

      
        
          
          

        

        
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      that,
        as to each Mortgage Loan listed in the Mortgage
        Loan Schedule (other than any Mortgage Loan prepaid in full or any specifically
        identified in such certification as not covered by such certification), (i)
        all
        of the applicable documents specified in Section 2.01(b) are in its possession
        and (ii) such documents have been reviewed by it and appear to relate to
        such
        Mortgage Loan. The Trustee, or the applicable Custodian on behalf of the
        Trustee, shall determine whether such documents are executed and endorsed,
        but
        shall be under no duty or obligation to inspect, review or examine any such
        documents, instruments, certificates or other papers to determine that the
        same
        are valid, binding, legally effective, properly endorsed, genuine, enforceable
        or appropriate for the represented purpose or that they have actually been
        recorded or are in recordable form or that they are other than what they
        purport
        to be on their face. Neither the Trustee nor the applicable Custodian shall
        have
        any responsibility for verifying the genuineness or the legal effectiveness
        of
        or authority for any signatures of or on behalf of any party or
        endorser.

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      Section
        2.03 Representations
        and Warranties of the Depositor.

       

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

       

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

       

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

       

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

       

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

       

      (v) there
        are
        no actions, suits or proceedings pending or, to the knowledge of the Depositor,
        threatened or likely to be asserted against or affecting the Depositor, before
        or by any court, administrative agency, arbitrator or governmental body (A)
        with
        respect to any of the 

       

      
        
          
          

        

        
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      transactions
        contemplated by this Agreement or (B) with
        respect to any other matter which in the judgment of the Depositor will be
        determined adversely to the Depositor and will if determined adversely to
        the
        Depositor materially and adversely affect it or its business, assets, operations
        or condition, financial or otherwise, or adversely affect its ability to
        perform
        its obligations under this Agreement; and

       

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

       

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

       

      
        
          
          

        

        
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      Section
        2.04 Discovery
        of Breach.

       

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

       

      Section
        2.05 Repurchase,
        Purchase or Substitution of Mortgage Loans.

       

      (a) With
        respect to any Mortgage Loan repurchased by the Depositor pursuant to this
        Agreement, by the Seller pursuant to the Mortgage Loan Sale Agreement, or
        by the
        Transferor pursuant to the applicable Transfer Agreement, the principal portion
        of the funds received by the Master Servicer in respect of such repurchase
        of a
        Mortgage Loan will be considered a Principal Prepayment and the Purchase
        Price
        shall be deposited in the Collection Account or a Custodial Account, as
        applicable. The Trustee (i) upon receipt of the full amount of the Purchase
        Price for a Deleted Mortgage Loan, (ii) upon receipt of a written certification
        from the Master Servicer that it has received the full amount of the Purchase
        Price for a Deleted Mortgage Loan and has deposited such amount in the
        Collection Account or (iii) upon receipt of notification from the 

       

      
        
          
          

        

        
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      applicable
        Custodian that it had received the Mortgage
        File for a Qualifying Substitute Mortgage Loan substituted for a Deleted
        Mortgage Loan (and any applicable Substitution Amount), shall release or
        cause
        to be released and reassign to the Depositor, the Seller or the Transferor,
        as
        applicable, the related Mortgage File for the Deleted Mortgage Loan and shall
        execute and deliver such instruments of transfer or assignment, in each case
        without recourse, representation or warranty, as shall be necessary to vest
        in
        such party or its designee or assignee title to any Deleted Mortgage Loan
        released pursuant hereto, free and clear of all security interests, liens
        and
        other encumbrances created by this Agreement, which instruments shall be
        prepared by the applicable Servicer and the Trustee shall have no further
        responsibility with respect to the Mortgage File relating to such Deleted
        Mortgage Loan. The Seller indemnifies and holds the Trust Fund, the Master
        Servicer, the Trustee, the Depositor and each Certificateholder harmless
        against
        any and all taxes, claims, losses, penalties, fines, forfeitures, reasonable
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Trust Fund, the Trustee, the Master Servicer, the Depositor and
        any
        Certificateholder may sustain in connection with any actions of the Seller
        relating to a repurchase of a Mortgage Loan other than in compliance with
        the
        terms of this Section 2.05 and the Mortgage Loan Sale Agreement, to the extent
        that any such action causes an Adverse REMIC Event.

       

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

       

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

       

      Section
        2.06 Grant
        Clause.

       

      (a) It
        is
        intended that the conveyance of the Depositor’s right, title and interest in and
        to property constituting the Trust Fund pursuant to this Agreement shall
        constitute, and shall be 

       

      
        
          
          

        

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

       

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

       

      
        
          
          

        

        
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      file
        in any filing office any initial financing
        statements, any amendments to financing statements, any continuation statements,
        or any other statements or filings described in this paragraph (b).

       

      ARTICLE
        III.

       

      THE
        CERTIFICATES

       

      Section
        3.01 The
        Certificates.

       

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

       

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

       

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

       

      
        
          
          

        

        
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      made
        on the records of the Trustee or DTC or its
        nominee, as the case may be, as hereinafter provided.

       

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

       

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

       

      Section
        3.02 Registration.

       

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

       

      Section
        3.03 Transfer
        and Exchange of Certificates.

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      (i) The
        Certificate Registrar shall register the transfer of a Restricted Certificate
        if
        the requested transfer is (x) to the Depositor, the Placement Agent or an
        affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended
        (the “Act”)) of the Depositor or the Placement Agent or (y) being made to a
“qualified institutional buyer” (a “QIB”) as defined in Rule 144A under the Act
        by a transferor that has provided the Trustee with a certificate in the form
        of
        Exhibit F hereto; and

       

      
        
          
          

        

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

       

      (d) No
        transfer of a Certificate that is not an ERISA-Restricted Certificate, a
        Class R
        Certificate or a Class AX Certificate will be registered unless the Trustee,
        the
        Certificate Registrar and the Depositor receive a representation as set forth
        in
        Exhibit H to the effect either (A) that such transferee is not, and is not
        acting for, on behalf of or with any assets of, an employee benefit plan
        or
        other arrangement subject to Title I of ERISA or plan subject to Section
        4975 of
        the Code, or (B) until the termination of the Swap Agreement, the acquisition
        and holding of the Certificate will not constitute or result in a non-exempt
        prohibited transaction under Title I of ERISA or Section 4975 of the Code.
        

       

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

       

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

       

      
        
          
          

        

        
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      Notwithstanding
        any other provision herein to the contrary, any purported transfer of a
        Certificate to or on behalf of a Plan without the delivery to the Trustee,
        the
        Certificate Registrar and the Depositor of a representation or an Opinion
        of
        Counsel satisfactory to the Trustee, the Certificate Registrar and the Depositor
        as described above shall be void and of no effect and the next preceding
        permitted beneficial owner will be treated as the beneficial owner of that
        Certificate, retroactive to the date of transfer to the purported beneficial
        owner. The Trustee, the Certificate Registrar and the Depositor shall not
        have
        any liability to any Person for any registration or transfer of any Certificate
        that is in fact not permitted by this Section 3.03(d) and the Trustee, the
        Certificate Registrar and the Depositor shall not have any liability for
        making
        any payments due on such Certificate to the Holder thereof or taking any
        other
        action with respect to such Holder under the provisions of this Agreement
        so
        long as the transfer was registered by the Certificate Registrar in accordance
        with the foregoing requirements. The Trustee, the Certificate Registrar and
        the
        Depositor shall be entitled, but not obligated, to recover from any Holder
        of
        any Certificate that was in fact a Plan and that held such Certificate in
        violation of this Section 3.03(d) all payments made on such Certificate at
        and
        after the time it commenced such holding. Any such payments so recovered
        shall
        be paid and delivered to the last preceding Holder of such Certificate that
        is
        not a Plan.

       

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

       

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

       

      Prior
        to
        and as a condition of the registration of any transfer, sale or other
        disposition of a Residual Certificate, the proposed transferee shall deliver
        to
        the Trustee an affidavit in substantially the form attached hereto as Exhibit
        D-1 representing and warranting, among other things, that such transferee
        is
        neither a Disqualified Organization, an agent or nominee acting on behalf
        of a
        Disqualified Organization, nor a Non-permitted Foreign Holder (any such
        transferee, a “Permitted Transferee”), and the proposed transferor shall deliver
        to the Trustee an affidavit in substantially the form attached hereto as
        Exhibit
        D-2. In addition, the Trustee may (but shall have no obligation to) require,
        prior to and as a condition of any such transfer, the delivery by the proposed
        transferee of an Opinion of Counsel, addressed to the Depositor, the Master
        Servicer, any NIMS Insurer and the Trustee satisfactory in form and substance
        to
        the Depositor, that such proposed transferee or, if the proposed transferee
        is
        an agent or nominee, the proposed beneficial 

       

      
        
          
          

        

        
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      owner,
        is not a Disqualified Organization, agent or
        nominee thereof, or a Non-permitted Foreign Holder. Notwithstanding the
        registration in the Certificate Register of any transfer, sale, or other
        disposition of a Residual Certificate to a Disqualified Organization, an
        agent
        or nominee thereof, or Non-permitted Foreign Holder, such registration shall
        be
        deemed to be of no legal force or effect whatsoever and such Disqualified
        Organization, agent or nominee thereof, or Non-permitted Foreign Holder shall
        not be deemed to be a Certificateholder for any purpose hereunder, including,
        but not limited to, the receipt of distributions on such Residual Certificate.
        The Trustee shall not be under any liability to any person for any registration
        or transfer of a Residual Certificate to a Disqualified Organization, agent
        or
        nominee thereof or Non-permitted Foreign Holder or for the maturity of any
        payments due on such Residual Certificate to the Holder thereof or for taking
        any other action with respect to such Holder under the provisions of the
        Agreement, so long as the transfer was effected in accordance with this Section
        3.03(f), unless a Responsible Officer of the Trustee shall have actual knowledge
        at the time of such transfer or the time of such payment or other action
        that
        the transferee is a Disqualified Organization, or an agent or nominee thereof,
        or Non-permitted Foreign Holder. The Trustee shall be entitled, but not
        obligated, to recover from any Holder of a Residual Certificate that was
        a
        Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
        Holder at the time it became a Holder or any subsequent time it became a
        Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
        Holder, all payments made on such Residual Certificate at and after either
        such
        times (and all costs and expenses, including but not limited to attorneys’ fees,
        incurred in connection therewith). Any payment (not including any such costs
        and
        expenses) so recovered by the Trustee shall be paid and delivered to the
        last
        preceding Holder of such Residual Certificate.

       

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

       

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

       

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

       

      (i) Subject
        to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
        Security representing any Privately Offered Certificate shall be limited
        to
        transfers of such 

       

      
        
          
          

        

        
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      Global
        Security, in whole or in part, to nominees of DTC
        or to a successor of DTC or such successor’s nominee.

       

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

       

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

       

      
        
          
          

        

        
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      States
        or any other jurisdiction, then the Trustee, as
        Certificate Registrar, will reduce the principal amount of the Regulation
        S
        Global Security and increase the principal amount of the Restricted Global
        Security by the aggregate principal amount of the beneficial interest in
        the
        Regulation S Global Security to be transferred and the Trustee, as Certificate
        Registrar, shall instruct DTC, concurrently with such reduction, to credit
        or
        cause to be credited to the account of the Person specified in such instructions
        a beneficial interest in the Restricted Global Security equal to the reduction
        in the principal amount of the Regulation S Global Security.

       

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

       

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

       

      Section
        3.04 Cancellation
        of Certificates.

       

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

       

      Section
        3.05 Replacement
        of Certificates.

       

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

       

      
        
          
          

        

        
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      Section
        3.06 Persons
        Deemed Owners.

       

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

       

      Section
        3.07 Temporary
        Certificates.

       

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

       

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

       

      Section
        3.08 Appointment
        of Paying Agent.

       

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

       

      (b) Any
        Paying Agent shall be either a bank or trust company or otherwise authorized
        under law to exercise corporate trust powers. A Paying Agent shall comply
        with
        its reporting 

       

      
        
          
          

        

        
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      obligations
        under Regulation AB with respect to the
        Trust Fund in form and substance similar to those of the Trustee pursuant
        to
        Section 6.20(d)(iv) and Section 9.25, and the related assessment of compliance
        and attestation shall cover, at a minimum, the matters indicated as obligations
        with respect to the Paying Agent on Exhibit R attached hereto; provided that
        if
        the Trustee is the Paying Agent, any reporting obligations under Regulation
        AB
        specific to the Paying Agent shall be undertaken by the Trustee in the course
        of
        its own reporting and not separately, as further specified in Section
        6.20(d)(iv) and Section 9.25. In addition, the Paying Agent (if other than
        the
        Trustee) shall notify the Sponsor, the Master Servicer and the Depositor
        within
        five (5) calendar days of knowledge thereof (i) of any legal proceedings
        pending
        against the Paying Agent of the type described in Item 1117 (§ 229.1117) of
        Regulation AB, (ii) any merger, consolidation or sale of substantially all
        of
        the assets of the Paying Agent and (iii) if the Paying Agent shall become
        (but
        only to the extent not previously disclosed) at any time an Affiliate of
        any of
        the parties listed on Exhibit S hereto or any of their Affiliates.

       

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

       

      Section
        3.09 Book
        Entry Certificates.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      ARTICLE
        IV.

       

      ADMINISTRATION
        OF THE TRUST FUND

       

      Section
        4.01 Collection
        Account.

       

      (a) On
        the
        Closing Date, the Master Servicer shall open and shall thereafter maintain
        a
        segregated account held in trust (the “Collection Account”), entitled “Aurora
        Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
        of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-20N” or its
        nominee. The Collection Account shall 

       

      
        
          
          

        

        
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      relate
        solely to the Certificates issued by the Trust
        Fund hereunder, and funds in such Collection Account shall not be commingled
        with any other monies.

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      (iv) all
        Insurance Proceeds;

       

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

       

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

       

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

       

      (e) Funds
        in
        the Collection Account may be invested in Eligible Investments selected by
        and
        at the written direction of the Master Servicer, which shall mature not later
        than one Business Day prior to the Deposit Date (except that if such Eligible
        Investment is an obligation of the Trustee, then such Eligible Investment
        shall
        mature not later than such applicable Deposit Date) and any such Eligible
        Investment shall not be sold or disposed of prior to its maturity. All such
        Eligible Investments shall be made in the name of the Master Servicer in
        trust
        for the benefit of the Trustee and the Holders of Lehman XS Trust Mortgage
        Pass-Through Certificates, Series 2007-20N. All income and gain realized
        from
        any Eligible Investment shall be for the benefit of the Master Servicer and
        shall be subject to its withdrawal or order from time to time and shall not
        be
        part of the Trust Fund. The amount of any losses incurred in respect of any
        such
        investments shall be deposited in such Collection Account by the Master Servicer
        out of its own funds, without any right of reimbursement therefor, immediately
        as realized. The foregoing requirements for deposit in the Collection Account
        are exclusive, it being understood and agreed that, without limiting the
        generality of the foregoing, payments of interest on funds in the Collection
        Account and payments in the nature of late payment charges, assumption fees,
        prepayment penalties with respect to mortgages for which the Seller does
        not own
        the servicing rights, and other incidental fees and charges relating to the
        Mortgage Loans (other than Prepayment Premiums) need not be deposited by
        the
        Master Servicer in the Collection Account and may be retained by the Master
        Servicer or the applicable Servicer as additional servicing compensation.
        If the
        Master Servicer deposits in the Collection Account any amount not required
        to be
        deposited therein, it may at any time withdraw such amount from such Collection
        Account.

       

      Section
        4.02 Application
        of Funds in the Collection Account.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (viii) to
        make
        payment to itself, the Trustee and others pursuant to any other provision
        of
        this Agreement;

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      (xiii) to
        reimburse itself or any Servicer for any unreimbursed Capitalization
        Reimbursement Amounts solely from collections on account of
        principal.

      

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

       

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

       

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

       

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

       

      (b) The
        Trustee shall afford the NIMS Insurer upon reasonable notice, during normal
        business hours, access to all records maintained by the Trustee in respect
        of
        its duties hereunder and access to officers of the Trustee responsible for
        performing such duties. The Trustee shall cooperate fully with the NIMS Insurer
        and shall make available to the NIMS Insurer for review and copying at the
        expense of the NIMS Insurer such books, documents or records as may be requested
        with respect to the Trustee’s duties hereunder. The NIMS Insurer shall not have
        any 

       

      
        
          
          

        

        
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      responsibility
        or liability for any action or failure to
        act by the Trustee and is not obligated to supervise the performance of the
        Trustee under this Agreement or otherwise. The Trustee shall also afford
        the
        NIMS Insurer, upon reasonable notice, during normal business hours, access
        to
        the Mortgage Files and shall cause the Master Servicer and the Servicer to
        provide such access to the Mortgage Files.

       

      Section
        4.03 Reports
        to Certificateholders.

       

      (a) On
        each
        Distribution Date, the Trustee shall prepare (based on information provided
        by
        the Master Servicer, the Cap Providers or the Swap Counterparty) and shall
        make
        available to the Certificateholders, the Swap Counterparty and any NIMS Insurer
        a written report setting forth the following information (on the basis of
        Mortgage Loan level information obtained from the Servicers and in the case
        of
        clause (xviii) below, based on information provided by the Trustee (or the
        Paying Agent on behalf of the Trustee)):

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (xviii) the
        level
        of LIBOR;

       

      
        
          
          

        

        
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    (xix) the
      amount of any payments made to each Class of Certificates that are treated
      as
      payments received in respect of a REMIC 3 Regular Interest and the amount of
      any
      payments to each Class of Certificates that are not treated as payments received
      in respect of a REMIC 3 Regular Interest; 

     

    (xx) reserved;

     

    (xxi) the
      amount of any Net Swap Payment to the Supplemental Interest Trust made pursuant
      to Section 5.02, any Net Swap Payment to the Swap Counterparty made pursuant
      to
      Section 5.02, any Swap Termination Payment to the Supplemental Interest Trust
      made pursuant to Sections 5.02 and any Swap Termination Payment to the Swap
      Counterparty made pursuant to Section 5.02; and

     

    (xxii) the
      amount of any payments made by the Cap Provider under the Interest Rate Cap
      Agreement.

     

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

     

    The
      Trustee, the Master Servicer and the Sponsor will negotiate in good faith with
      the Rating Agencies to reach agreement on the reporting of any additional
      information concerning loan modifications to be included in the monthly report
      to Certificateholders.

     

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

     

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

     

    The
      Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven
      (7) calendar days after the receipt of the collateral data file from the
      Depositor, but in no event later than the first Distribution Date, which shall
      contain all of the information in the initial Monthly 

     

    
      
        
        

      

      
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    Report
      (without giving effect to any distributions);
      provided, however, that in no event will such zero settlement file contain
      any
      mortgagor-specific information.

     

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

     

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

     

    (c) Within
      90
      days, or such shorter period as may be required by statute or regulation, after
      the end of each calendar year, the Trustee shall, upon written request, have
      prepared and shall make available to each Person who at any time during the
      calendar year was a Certificateholder of record, and to any NIMS Insurer, and
      make available to Certificate Owners (identified as such by the Clearing Agency)
      in accordance with applicable regulations, a report summarizing the items
      provided to the Certificateholders pursuant to Section 4.03(a)(i) and (ii)
      on an
      annual basis as may be required to enable such Holders to prepare their federal
      income tax returns; provided, however that this Section 4.03(c) shall not be
      applicable where relevant reports or summaries are required elsewhere in this
      Agreement. Such information shall include the amount of original issue discount
      accrued on each Class of Certificates and information regarding the expenses
      of
      the Trust Fund. The Trustee shall be deemed to have satisfied this requirement
      if it forwards such information in any other format permitted by the Code.
      The
      Master Servicer shall provide the Trustee with such information (to the extent
      readily available to the Master Servicer) as is necessary for the Trustee to
      prepare such reports.

     

    
      
        
        

      

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

     

    Section
      4.04 The
      Certificate Account.

     

    (a) The
      Trustee shall establish and maintain in its name, as trustee, a trust account
      (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-20N” until disbursed
      pursuant to the terms of this Agreement. The Certificate Account shall be an
      Eligible Account and shall be for the benefit of the Certificateholders. If
      the
      existing Certificate Account ceases to be an Eligible Account, the Trustee
      shall
      establish a new Certificate Account that is an Eligible Account within 20
      Business Days and transfer all funds and investment property on deposit in
      such
      existing Certificate Account into such new Certificate Account. The Certificate
      Account shall relate solely to the Certificates issued hereunder and funds
      in
      the Certificate Account shall be held separate and apart from and shall not
      be
      commingled with any other monies including, without limitation, other monies
      of
      the Trustee held under this Agreement. The Trustee shall give to the Depositor,
      Master Servicer and any NIMS Insurer prior written notice of the name and
      address of the depository institution at which the Certificate Account is
      maintained and the account number of such Certificate Account.

     

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

     

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

     

    (ii) to
      make
      payment to itself pursuant to any provision of this Agreement, or to reimburse
      itself or its agents for any amounts reimbursable to it pursuant to Sections
      6.11,

     

    
      
        
        

      

      
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    6.12
      or 7.01; provided that such payments are for
“unanticipated expenses” within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii);

     

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

     

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

     

    (v) reserved;
      and

     

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

     

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

     

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

     

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

     

    ARTICLE
      V.

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    Section
      5.01 Distributions
      Generally.

     

    (a) Subject
      to Section 7.01 respecting the final distribution on the Certificates, on each
      Distribution Date the Trustee or the Paying Agent shall make distributions
      in
      accordance with this Article V. Such distributions shall be made by wire
      transfer if the Certificateholder has provided the Trustee with wire
      instructions or by check mailed to the address of such Certificateholder as
      it
      appears in the books of the Trustee if the Certificateholder has not provided
      the Trustee with wire instructions in immediately available funds to an account
      specified in the request and at the expense of such Certificateholder; provided,
      however, that the final distribution in respect of any Certificate shall be
      made
      only upon presentation and surrender 

     

    
      
        
        

      

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

     

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

     

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

     

    Section
      5.02 Distributions
      from the Certificate Account.
      

     

    (a) On
      each
      Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee)
      shall withdraw from the Certificate Account the Total Distribution Amount
      (excluding all Prepayment Premiums) and amounts that are available for payment
      to the Swap Counterparty and shall allocate such amount to the interests issued
      in respect of each REMIC and shall distribute such amount as specified in this
      Section.

     

    (b) On
      each
      Distribution Date, the Interest Remittance Amount for such date will be
      distributed in the following order of priority:

     

    (i) for
      deposit into the Supplemental Interest Trust Account, any Net Swap Payment
      or
      Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed
      to
      the Swap Counterparty (including amounts remaining unpaid from previous
      Distribution Dates);

     

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

     

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

     

    
      
        
        

      

      
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    (iv) to
      the
      Trustee, previously unreimbursed extraordinary costs, liabilities and expenses;
      and

     

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

     

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

     

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

     

    (A) for
      deposit into the Supplemental Interest Trust Account, any Net Swap Payment
      or
      Swap Termination Payment not due to a Swap Counterparty Trigger Event owed
      to
      the Swap Counterparty (to the extent not paid previously or from the Interest
      Remittance Amount in accordance with Section 5.02(b));

     

    (B) up
      to the
      amount of any Net Negative Amortization previously allocated to the Senior
      Certificates and not repaid, to each Class of the Senior Certificates,
pro
      rata,
      based on
      the amount of such unpaid prior allocations of Net Negative Amortization to
      each
      Class thereof;

     

    (C) pro
      rata
      to each
      Class of the Senior Certificates (other than the Class AX Certificates) until
      the Class Principal Amount of each such Class has been reduced to
      zero;

     

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

     

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

     

    (ii) On
      each
      Distribution Date (or, in the case of payments to the Swap Counterparty, the
      Business Day prior to each Distribution Date) (a) on or after the Stepdown
      Date
      and (b) with respect to which a Trigger Event is not in effect, the Principal
      Distribution Amount for such date will be distributed in the following order
      of
      priority:

     

    (A) for
      deposit into the Supplemental Interest Trust Account any Net Swap Payment or
      Swap Termination Payment not due to a Swap Counterparty Trigger Event owed
      to
      the Swap Counterparty (to the extent not paid previously

    
      
        
        

      

      
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    or
      from the Interest Remittance Amount in accordance
      with Section 5.02(b));

     

    (B) (a)
      for
      so long as any of the Subordinate Certificates are outstanding, to the Senior
      Certificates (other than the Class AX Certificates), in accordance with the
      priorities set forth in Section 5.02(c)(i), in an amount equal to the lesser
      of
      (x) the Principal Distribution Amount for such Distribution Date less any Net
      Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant
      to Section 5.02(c)(ii)(A) and (y) the Senior Principal Distribution Amount
      such
      Distribution Date until the Class Principal Amount of each such Class has been
      reduced to zero; or (b) otherwise to the Senior Certificates (other than the
      Class AX Certificates and in accordance with Section 5.02(c)(i)), the Principal
      Distribution Amount for such Distribution Date less any Net Swap Payment or
      Swap
      Termination Payment paid on such Distribution Date pursuant to Section
      5.02(c)(ii)(A) above;

     

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

     

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

     

    (E) to
      the
      Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1 and Class M2
      Certificates on such Distribution Date pursuant to clauses (B) through (D)
      above
      and any Net Swap Payment or Swap Termination Payment paid on such Distribution
      Date pursuant to clause (A) above and (y) the M3 Principal Distribution Amount
      for such Distribution Date, until the Class Principal Amount of such Class
      has
      been reduced to zero;

     

    (F) to
      the
      Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2 and Class
      M3
      Certificates on such Distribution Date pursuant to clauses (B) through (E)
      above
      and any Net Swap Payment or Swap Termination Payment 

    
      
        
        

      

      
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    paid
      on such Distribution Date pursuant to clause (A)
      above and (y) the M4 Principal Distribution Amount for such Distribution Date,
      until the Class Principal Amount of such Class has been reduced to
      zero;

     

    (G) to
      the
      Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a)
      the Principal Distribution Amount for such Distribution Date over (b) the amount
      distributed to the Senior Certificates and the Class M1, Class M2, Class M3
      and
      Class M4 Certificates on such Distribution Date pursuant to clauses (B) through
      (F) above and any Net Swap Payment or Swap Termination Payment paid on such
      Distribution Date pursuant to clause (A) above and (y) the M5 Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

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

     

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

     

    (d) Any
      Monthly Excess Cashflow will, on each Distribution Date, after distributions
      are
      made pursuant to Section 5.02(e), be distributed in the following order of
      priority:

     

    (i) To
      the
      extent unpaid pursuant to 5.02(b) above:

     

    (a) to
      the
      Senior Certificates, on a pro
      rata
      basis,
      Current Interest and Carryforward Interest for such classes for such
      Distribution Date; 

     

    (b) sequentially,
      to the
      Subordinate Certificates, Current Interest and Carryforward Interest for such
      classes for such Distribution Date;

     

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

     

    (a)
      after
      giving effect to principal distributions on such Distribution Date, to the
      Senior Certificates (other than the Class AX Certificates), in accordance with
      Section 5.02(c)(i), in reduction of their respective Class Principal Amounts,
      until the Class Principal Amount of each such Class has been reduced to
      zero;

     

    
      
        
        

      

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

     

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

     

    (a)
      after
      giving effect to principal distributions on such Distribution Date, to the
      Senior Certificates (other than the Class AX Certificates), in accordance with
      Section 5.02(c)(i), in reduction of their respective Class Principal Amounts,
      until the aggregate Class Principal Amount of such Senior Certificates, after
      giving effect to distributions on such Distribution Date, equals the Senior
      Target Amount;

     

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

     

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

     

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

     

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

     

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

     

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

     

    (iv) to
      the
      Basis Risk Reserve Fund, the amount of any Basis Risk Payment and then from
      the
      Basis Risk Reserve Fund, in the following order of priority:

     

    (a) from
      any
      proceeds received under the Interest Rate Cap Agreement, first, to the Senior
      Certificates (other than the Class AX Certificates), any 

     

    
      
        
        

      

      
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    Basis
      Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such class and such Distribution Date, pro
      rata
      in
      accordance with such shortfalls and second, to the C-X
      Component;

     

    (b) to
      the
      Senior Certificates (other than the Class AX Certificates), any Basis Risk
      Shortfalls and Unpaid Basis Risk Shortfalls to the extent not paid pursuant
      to
      Sections 5.02(d)(iv)(a), pro
      rata
      in
      proportion to such shortfalls; 

     

    (c) to
      the
      Subordinate Certificates, in accordance with the Subordinate Priority, any
      applicable Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls;
      and

     

    (d) for
      addition to the amounts distributable pursuant to Section 5.02(d)(vi), amounts
      remaining in the Basis Risk Reserve Fund in excess of amounts required to be
      on
      deposit therein after satisfying clauses (a) through (c) above for such
      Distribution Date;

     

    (v) (a)
      first, in proportion to their respective Deferred Amounts, to the Senior
      Certificates (other than the Class AX Certificates) and (b) second, to the
      Subordinate Certificates, in accordance with the Subordinate Priority, any
      Deferred Amount for each such Class and such Distribution Date;

     

    (vi) to
      the
      Supplemental Interest Trust, for distribution pursuant to Sections 5.02(e)(viii)
      and 5.02(e)(ix); and

     

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

     

    (e) On
      each
      Distribution Date (or, with respect to clauses (i), (ii) and (viii) below,
      on
      the related Swap Payment Date), the Trustee shall distribute the Supplemental
      Interest Trust Amount, together with any investment earnings on deposit in
      the
      Supplemental Interest Trust Account, before distributions are made pursuant
      to
      Section 5.02(d), for such date as follows:

     

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

     

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

     

    (iii) to
      the
      Senior Certificates (other than the Class AX Certificates), Current Interest
      and
      any Carryforward Interest for each such Class for such Distribution Date, in
      the
      priority described in Section 5.02(b) above;

     

    (iv) to
      the
      Senior Certificates (other than the Class AX Certificates), an amount equal
      to
      the lesser of (A) the remaining amount available for distribution and (B) the
      product of (i) the applicable Scheduled Notional Amount, (ii) the excess, if
      any, of (x) the lesser of (1) 1-Month LIBOR and (2) 6.720% over (y) the
      applicable Rate of Payment for such Distribution Date and (iii) a fraction,
      the
      numerator of which is the actual number of days in the related Accrual Period
      and the denominator of which is 360, to pay certain amounts necessary to

    
      
        
        

      

      
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    maintain
      the Overcollateralization Target Amount set
      forth in Sections 5.02(d)(ii) and 5.02(d)(iii);

     

    (v) to
      the
      Senior Certificates (other than the Class AX Certificates), any Basis Risk
      Shortfalls and Unpaid Basis Risk Shortfalls for each such Class and for such
      Distribution Date, for application pursuant to the priorities set forth in
      Sections 5.02(d)(iv)(a);

     

    (vi) in
      proportion to their respective Deferred Amounts, to the Senior Certificates
      (other than the Class AX Certificates), any Deferred Amount for each such Class
      and such Distribution Date;

     

    (vii) if
      applicable, for application to the purchase of a replacement interest rate
      swap
      agreement;

     

    (viii) to
      the
      Swap Counterparty, any unpaid Swap Termination Payment triggered by a Swap
      Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap
      Agreement; and

     

    (ix) to
      the X
      Component of the Class X Certificates, the X Component Distributable Amount
      for
      such Distribution Date and to the S-X Component of the Class X Certificates
      any
      remaining Supplemental Interest Trust Amount.

     

    Notwithstanding
      the foregoing, the sum of the amounts distributed on all Distribution Dates
      pursuant to Sections 5.02(e)(iv) and Section 5.02(e)(vi) shall not exceed the
      aggregate amount of Realized Losses incurred from the Cut-off Date through
      the
      last day of the related Collection Period.

     

    (f) (1) On
      each
      Distribution Date on and prior to the X Component Account Termination Date,
      the
      Trustee shall withdraw the Class C Distributable Amount for such Distribution
      Date from the X Component Account, pursuant to Section 5.13 herein, and shall
      distribute such amount to the Class C Certificates.

     

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

     

    (g) On
      each
      Distribution Date, the Trustee (or Paying Agent, as applicable) shall distribute
      to the Holders of the Class AP Certificates, any Prepayment Premiums paid by
      borrowers upon voluntary full or partial prepayment of the Mortgage
      Loans.

     

    (h) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Senior Certificates, an Interest Rate Cap
      Account. The Trustee shall deposit all amounts received on the Interest Rate
      Cap
      Agreement into the Interest Rate Cap Account. The Interest Rate Cap Account
      shall be an Eligible Account, and funds on deposit therein shall be held
      separate and apart from, and shall not be commingled with, any 

     

    
      
        
        

      

      
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    other
      moneys, including, without limitation, other
      moneys of the Trustee held pursuant to this Agreement. On each Distribution
      Date, the Trustee shall distribute the amounts in the Interest Rate Cap Account
      pursuant to Section 5.02(d)(iv) hereof.

     

    (i) Any
      Net
      Negative Amortization will be allocated to the Senior Certificates (other than
      the Class AX Certificates) and Subordinate Certificates pro
      rata
      according to the Class Principal Amount of each such Class of Certificates,
      in
      reduction of the amount of interest otherwise distributable to such Classes
      of
      Certificates; provided, however, that to the extent the amount of Net Negative
      Amortization otherwise allocable to such Certificates exceeds the amount of
      Current Interest accrued on the related REMIC 3 Interest of such Certificates,
      then such excess Net Negative Amortization shall be allocated to the Class
      X
      Certificates to the extent payments would otherwise be made to the Class X
      Certificates in respect of the Uncertificated Class X Interest, and then, if
      necessary, among such Senior Certificates and Subordinate Certificates in
      proportion to, and up to, the amount of any remaining interest otherwise
      distributable on the related REMIC 3 Interest of such Certificates and to the
      extent necessary any remaining Net Negative Amortization will result in
      Carryforward Interest (but shall not reduce Current Interest) for the Class
      AX
      Certificates.

     

    The
      amount of the reduction of Current Interest distributable to each Class of
      Certificates attributable
      to
      Net Negative Amortization will be added to the Class Principal Amount of that
      Class. 

     

    Section
      5.03 Allocation
      of Losses.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (vii) sequentially,
      first, to the Class A3 Certificates until their Class Principal Amount has
      been
      reduced to zero, second, to the Class A2 Certificates until their Class
      Principal Amount has been reduced to zero, and third, to the Class A1
      Certificates until their Class Principal Amount has been reduced to zero, in
      that order. 

     

    
      
        
        

      

      
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    Section
      5.04 Advances
      by Master Servicer, Servicer and Trustee.

     

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

     

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

     

    Notwithstanding
      anything in this Section 5.04 to the contrary, the Master Servicer’s obligation
      to make Advances on the Mortgage Loans in the aggregate for a Deposit Date
      shall
      be reduced by any Capitalization Reimbursement Amounts during the related
      Collection Period.

    

    Section
      5.05 Compensating
      Interest Payments.

     

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

     

    Section
      5.06 Basis
      Risk Reserve Fund.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the LIBOR Certificates and Subordinate Certificates, a Basis
      Risk
      Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and
      funds on deposit therein shall be held separate and apart from, and shall not
      be
      commingled with, any other moneys, including, without limitation, other moneys
      of the Trustee held pursuant to this Agreement.

     

    (b) [Reserved]

     

    (c) Funds
      in
      the Basis Risk Reserve Fund shall be invested in Eligible Investments. The
      Class
      X Certificates shall evidence ownership of the Basis Risk Reserve Fund for
      federal income tax purposes and LBH, on behalf of the Holders thereof, shall
      direct the Trustee, in writing, as to investment of amounts on deposit therein.
      LBH shall be liable for any losses incurred on such investments. In the absence
      of written instructions from LBH as to the investment of funds on deposit in
      the
      Basis Risk Reserve Fund, such funds shall remain uninvested.

     

    Section
      5.07 Class
      AP Reserve Funds.

     

    (a) The
      Trustee shall establish and maintain a segregated trust account that is an
      Eligible Account, which shall be titled “Class AP Reserve Fund, U.S. Bank
      National Association, as trustee, in trust for the registered holders of Lehman
      XS Trust Mortgage Pass-Through Certificates, Series 2007-20N” (the “Class AP
      Reserve Fund”). The Trustee shall credit the Class AP Reserve Fund with $1,000
      remitted for such purpose on the Closing Date to the Trustee by LBH. Funds
      deposited in the Class AP Reserve Fund shall be held in trust by the Trustee
      on
      behalf of the Certificateholders until distributed pursuant to Section 5.07(c).
      

     

    (b) Funds
      in
      the Class AP Reserve Fund shall remain uninvested.

     

    (c) On
      the
      Distribution Date in December 2010, the Trustee shall distribute $1,000 from
      the
      Class AP Reserve Fund to the Holders of the Class AP Certificates. 

     

    
      
        
        

      

      
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    (d) None
      of
      the assets of the Class P Reserve Funds shall be an asset of any of the
      REMICs.

     

    Section
      5.08 Supplemental
      Interest Trust.

     

    (a) A
      separate trust is hereby established (the “Supplemental Interest Trust”), the
      corpus of which shall be held by the Trustee, in trust, for the benefit of
      the
      holders of the Certificates and the Swap Counterparty. The Trustee, as trustee
      of the Supplemental Interest Trust, shall establish an account (the
“Supplemental Interest Trust Account”). The Supplemental Interest Trust Account
      shall be an Eligible Account, and funds on deposit therein shall be held
      separate and apart from, and shall not be commingled with, any other moneys,
      including, without limitation, other moneys of the Trustee held pursuant to
      this
      Agreement.

     

    (b) The
      Trustee shall deposit into the Supplemental Interest Trust Account any Net
      Swap
      Payment required pursuant to Sections 5.02(b) and 5.02(c), any Swap Termination
      Payment required pursuant to Sections 5.02(b) and 5.02(c), any amounts received
      from the Swap Counterparty under the Swap Agreement and any amounts required
      pursuant to Section 5.02(d)(vi), and shall distribute from the Supplemental
      Interest Trust Account any Net Swap Payment required pursuant to Section
      5.02(e)(i) or Swap Termination Payment required pursuant to Sections 5.02(e)(ii)
      and 5.02(e)(viii).

     

    (c) Funds
      in
      the Supplemental Interest Trust Account shall be invested in Eligible
      Investments. Any earnings on such amounts shall be distributed on each
      Distribution Date pursuant to Section 5.02(e). The S-X Component of the Class
      X
      Certificates shall evidence ownership of the Supplemental Interest Trust Account
      for federal income tax purposes and the Holder thereof shall direct the Trustee,
      in writing, as to investment of amounts on deposit therein. The Class X
      Certificateholders shall be liable for any losses incurred on such investments.
      In the absence of written instructions from the Class X Certificateholders
      as to
      investment of funds on deposit in the Supplemental Interest Trust Account,
      such
      funds shall be invested in the First American Government Obligations Fund or
      comparable investment vehicle. Any amounts on deposit in the Supplemental
      Interest Trust Account in excess of the Supplemental Interest Trust Amount
      on
      any Distribution Date shall be held for distribution pursuant to Section 5.02(e)
      on the following Distribution Date.

     

    (d) Upon
      termination of the Trust Fund, any amounts remaining in the Supplemental
      Interest Trust Account shall be distributed pursuant to the priorities set
      forth
      in Section 5.02(e).

     

    (e) [Reserved].

     

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

     

    Section
      5.09 Rights
      of Swap Counterparty.

     

    The
      Swap
      Counterparty shall be deemed a third-party beneficiary of this Agreement to
      the
      same extent as if it were a party hereto and shall have the right, upon
      designation of an “Early Termination Date” (as defined in the Swap Agreement),
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    Agreement,
      which rights include but are not limited to
      the obligation of the Trustee (A) to deposit any Net Swap Payment required
      pursuant to Sections 5.02(b) and 5.02(c), and any Swap Termination Payment
      required pursuant to Sections 5.02(b) and 5.02(c), into the Supplemental
      Interest Trust Account, (B) to deposit any amounts required pursuant to Section
      5.08(b) into the Supplemental Interest Trust Account, (C) to pay any Net Swap
      Payment required pursuant to Section 5.02(e)(i) or Swap Termination Payment
      required pursuant to Sections 5.02(e)(ii) and (viii) to the Swap Counterparty
      and (D) to establish and maintain the Supplemental Interest Trust Account,
      to
      make such deposits thereto, investments therein and distributions therefrom
      as
      are required pursuant to Section 5.08. For the protection and enforcement of
      the
      provisions of this Section the Swap Counterparty shall be entitled to such
      relief as can be given either at law or in equity.

     

    Section
      5.10 Termination
      Receipts.

     

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

     

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

     

    Amounts
      on deposit in the Replacement Receipts Account shall be held for the benefit
      of
      the related Swap Counterparty and paid to such Swap Counterparty if the
      Supplemental Interest Trust is required to make a payment to such Swap
      Counterparty following an event of default or termination event with respect
      to
      the Supplemental Interest Trust under the related Swap Agreement. Any amounts
      not so applied shall, following the termination or expiration of such Swap
      Agreement, be paid to the S-X Component of the Class X Certificates. Neither
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    Termination
      Receipts Account nor the Replacement
      Receipts Account shall be the asset of any REMIC.

     

    Section
      5.11 Collateral
      Account.

     

    In
      the
      event that the Swap Counterparty is required to post collateral pursuant to
      a
      downgrade event under the Swap Agreement, the Trustee, on behalf of the Trust
      Fund, is hereby authorized to establish on the Closing Date, a Collateral
      Account for the deposit of such monies. Funds in the Collateral Account shall
      not be commingled with any other monies and shall not be invested. Funds in
      the
      Collateral Account will be administered pursuant to the Credit Support Annex
      of
      the Swap Agreement. The Collateral Account shall not be an asset of any REMIC.
      On the first Distribution Date immediately following any Swap Payment Date
      as to
      which a shortfall exists with respect to a Net Swap Payment or a Swap
      Termination Payment owed by the Swap Counterparty as a result of its failure
      to
      make payments pursuant to the Swap Agreement, amounts necessary to cover such
      shortfall shall be removed from the Collateral Account and distributed as all
      or
      a portion of such Net Swap Payment or Swap Termination Payment pursuant to
      Section 5.02.

     

    Section
      5.12 Reserved.
      

     

    Section
      5.13 X
      Component Account.

     

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

     

    (b) Funds
      in
      the X Component Account may be invested in Eligible Investments having fixed
      maturities described in clauses (i), (iv), (v) or (vii) of the definition
      thereof by the Trustee at the direction of the holders of the Class C
      Certificates maturing on or prior to the next succeeding Distribution Date.
      No
      Eligible Investments shall be acquired or disposed of for the primary purpose
      of
      recognizing gains or decreasing losses from market value changes. Any funds
      held
      in the X Component Account that are not invested shall be held in cash. In
      the
      absence of such written direction, all funds in the X Component Account shall
      remain uninvested. Any investment earnings on such amounts in the X Component
      Account shall be payable to the holders of the Class C Certificates. The Trustee
      shall account for the X Component Account as an outside reserve fund within
      the
      meaning of Treasury regulation 1.860G-2(h) and not an asset of any REMIC created
      pursuant to this Agreement. The Class C Certificates shall evidence ownership
      of
      the X Component Account for federal tax purposes and the Holders thereof shall
      direct the Trustee in writing as to the investment of amounts therein. The
      Trustee shall have no liability for losses on investments in Eligible
      Investments made pursuant to this Section 5.13(b) (other than as obligor on
      any
      such investments). Upon termination of the X Component Account, any amounts
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    shall
      be distributed to the Holders of the Class C
      Certificates in the same manner as if distributed pursuant to Section 5.02(f)(1)
      hereof.

     

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

     

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

     

    ARTICLE
      VI.

     

    CONCERNING
      THE TRUSTEE; EVENTS OF DEFAULT

     

    Section
      6.01 Duties
      of Trustee.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    (iv) The
      Trustee shall not be responsible for the acts or omissions of the Master
      Servicer.

     

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

     

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

     

    (f) The
      Trustee shall not be required to perform services under this Agreement, or
      to
      expend or risk its own funds or otherwise incur financial liability for the
      performance of any of its duties hereunder or the exercise of any of its rights
      or powers if there is reasonable ground for believing that the timely payment
      of
      its fees and expenses or the repayment of such funds or 

     

    
      
        
        

      

      
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    adequate
      indemnity against such risk or liability is not
      reasonably assured to it, and none of the provisions contained in this Agreement
      shall in any event require the Trustee to perform, or be responsible for the
      manner of performance of, any of the obligations of the Master Servicer or
      any
      Servicer under this Agreement or any Servicing Agreement except during such
      time, if any, as the Trustee shall be the successor to, and be vested with
      the
      rights, duties, powers and privileges of, the Master Servicer in accordance
      with
      the terms of this Agreement, except with respect to the Trustee, during such
      time, if any, as the Trustee shall be the successor to, and be vested with
      the
      rights, duties, powers and privileges of, the Master Servicer in accordance
      with
      the terms of this Agreement.

     

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

     

    (h) Except
      as
      otherwise provided herein, the Trustee shall not have any duty (A) to see to
      any
      recording, filing, or depositing of this Agreement or any agreement referred
      to
      herein or any financing statement or continuation statement evidencing a
      security interest, or to see to the maintenance of any such recording or filing
      or depositing or to any rerecording, refiling or redepositing of any thereof,
      (B) to see to any insurance, (C) to see to the payment or discharge of any
      tax,
      assessment, or other governmental charge or any lien or encumbrance of any
      kind
      owing with respect to, assessed or levied against, any part of the Trust Fund
      other than from funds available in the Collection Account or the Certificate
      Account, or (D) to confirm or verify the contents of any reports or certificates
      of the Master Servicer, any Servicer, the Swap Counterparty, the Cap Provider
      or
      the Depositor delivered to the Trustee pursuant to this Agreement believed
      by
      the Trustee to be genuine and to have been signed or presented by the proper
      party or parties.

     

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

     

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

     

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

     

    (l) For
      so
      long as the Depositor is subject to Exchange Act reporting requirements for
      the
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-20N transaction,
      the Trustee shall give prior written notice to the Sponsor, the Master Servicer
      and the Depositor of the appointment of any Subcontractor by it and a written
      description (in form and substance satisfactory to the Sponsor and the
      Depositor) of the role and function of each Subcontractor utilized by the
      Trustee, specifying (A) the identity of each such Subcontractor and (B)
which 

    
      
        
        

      

      
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    elements
      of the servicing criteria set forth under Item
      1122(d) of Regulation AB will be addressed in assessments of compliance provided
      by each such Subcontractor.

     

    (m) The
      Trustee shall notify the Sponsor, the Master Servicer and the Depositor within
      five (5) calendar days of knowledge thereof (i) of any legal proceedings pending
      against the Trustee, of the type described in Item 1117 (§ 229.1117) of
      Regulation AB, (ii) of any merger, consolidation or sale of substantially all
      of
      the assets of the Trustee and (iii) if the Trustee shall become (but only to
      the
      extent not previously disclosed) at any time an affiliate of any of the parties
      listed on Exhibit S hereto or any of their affiliates. On or before March 1st
      of
      each year, the Depositor shall distribute the information in Exhibit S to the
      Trustee.

     

    Section
      6.02 Certain
      Matters Affecting the Trustee.

     

    Except
      as
      otherwise provided in Section 6.01:

     

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

     

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

     

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

     

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

     

    (v) The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, custodians or attorneys,
      which agents, custodians or attorneys shall have any and all of the rights,
      powers, duties and obligations 

     

    
      
        
        

      

      
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    of
      the Trustee conferred on them by such appointment,
      provided that the Trustee shall continue to be responsible for its duties and
      obligations hereunder to the extent provided herein, and provided further that
      the Trustee shall not be responsible for any misconduct or negligence on the
      part of any such agent or attorney appointed with due care by the
      Trustee;

     

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

     

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

     

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

     

    Section
      6.03 Trustee
      Not Liable for Certificates.

     

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

     

    Section
      6.04 Trustee
      May Own Certificates.

     

    The
      Trustee and any Affiliate or agent of the Trustee in its individual or any
      other
      capacity may become the owner or pledgee of Certificates and may transact
      banking and trust 

     

    
      
        
        

      

      
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    business
      with the other parties hereto and their
      Affiliates with the same rights it would have if it were not Trustee or such
      agent.

     

    Section
      6.05 Eligibility
      Requirements for Trustee.

     

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

     

    Section
      6.06 Resignation
      and Removal of Trustee.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      6.07 Successor
      Trustee.

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
      6.08 Merger
      or Consolidation of Trustee.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (e) No
      separate trustee, co-trustee or custodian hereunder shall be required to meet
      the terms of eligibility as a successor trustee under Section 6.05 hereunder
      and
      no notice to Certificateholders of the appointment shall be required under
      Section 6.07 hereof.

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      6.10 Authenticating
      Agents.

     

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

     

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

     

    (c) Any
      Authenticating Agent may at any time resign by giving at least 30 days’ advance
      written notice of resignation to the Trustee, any NIMS Insurer and the
      Depositor. The Trustee may at any time terminate the agency of any
      Authenticating Agent by giving written 

     

    
      
        
        

      

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

     

    Section
      6.11 Indemnification
      of Trustee.

     

    The
      Trustee and its respective directors, officers, employees and agents shall
      be
      entitled to indemnification from the Trust Fund for any loss, liability or
      expense incurred in connection with any legal proceeding or incurred without
      negligence or willful misconduct on their part (it being understood that the
      negligence or willful misconduct of any Custodian shall not constitute
      negligence or willful misconduct on the part of the Trustee or its directors,
      officers, employees or agents for such purpose), arising out of, or in
      connection with, the acceptance or administration of the trusts created
      hereunder or under the Exchange Trust Agreement or in connection with the
      performance of their duties hereunder, the Mortgage Loan Sale Agreement, the
      Interest Rate Cap Agreement, the Swap Agreement, any Transfer Agreement, any
      Servicing Agreement or any Custodial Agreement, including any applicable fees
      and expenses payable pursuant to Section 6.12 and the costs and expenses of
      defending themselves against any claim in connection with the exercise or
      performance of any of their powers or duties hereunder, provided
      that:

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
      6.12 Fees
      and Expenses of Trustee and Custodians.

     

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

     

    Section
      6.13 Collection
      of Monies.

     

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

     

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

     

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

     

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

     

    (ii) Any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement which continues unremedied for
      a
      period of 30 days (or 15 days, in the case of failure to maintain any Insurance
      Policy required to be maintained pursuant to this Agreement) after the date
      on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Master Servicer by the Trustee or to the Master Servicer
      and the Trustee by any NIMS Insurer or Holders of not less than 25% of the
      Class
      Principal Amount (or Class Notional Amount or Percentage Interest) of each
      Class
      of Certificates affected thereby; or

     

    
      
        
        

      

      
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    (iii) A
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding up or liquidation of its affairs, shall have
      been entered against the Master Servicer, and such decree or order shall have
      remained in force undischarged or unstayed for a period of 60 days or any Rating
      Agency reduces or withdraws or threatens to reduce or withdraw the rating of
      the
      Certificates because of the financial condition or loan servicing capability
      of
      such Master Servicer; or

     

    (iv) The
      Master Servicer shall consent to the appointment of a conservator or receiver
      or
      liquidator in any insolvency, readjustment of debt, marshalling of assets and
      liabilities, voluntary liquidation or similar proceedings of or relating to
      the
      Master Servicer or of or relating to all or substantially all of its property;
      or

     

    (v) The
      Master Servicer shall admit in writing its inability to pay its debts generally
      as they become due, file a petition to take advantage of any applicable
      insolvency or reorganization statute, make an assignment for the benefit of
      its
      creditors or voluntarily suspend payment of its obligations; or

     

    (vi) The
      Master Servicer shall be dissolved, or shall dispose of all or substantially
      all
      of its assets, or consolidate with or merge into another entity or shall permit
      another entity to consolidate or merge into it, such that the resulting entity
      does not meet the criteria for a successor servicer as specified in Section
      9.27
      hereof; or

     

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

     

    (viii) A
      sale or
      pledge of any of the rights of the Master Servicer hereunder or an assignment
      of
      this Agreement by the Master Servicer or a delegation of the rights or duties
      of
      the Master Servicer hereunder shall have occurred in any manner not otherwise
      permitted hereunder and without the prior written consent of the Trustee, any
      NIMS Insurer and Certificateholders holding not less than 50% of the Aggregate
      Voting Interests of the Certificates; or

     

    (ix) The
      Master Servicer has notice or actual knowledge that a Servicer at any time
      is
      not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and the
      Master Servicer has not terminated the rights and obligations of such Servicer
      under the Servicing Agreement and replaced such Servicer with a Fannie Mae-
      or
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      within
        60 days of the date the Master Servicer receives
        such notice or acquires such actual knowledge; or

       

    

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

     

    If
      an
      Event of Default described in clauses (i) through (ix) of this Section 6.14
      shall occur, then, in each and every case, subject to applicable law, so long
      as
      any such Event of Default shall not have been remedied within any period of
      time
      prescribed by this Section, the Trustee, by notice in writing to the Master
      Servicer may, and shall, if so directed by Certificateholders evidencing not
      less than 25% of the Class Principal Amount (or Class Notional Amount or
      Percentage Interest) of each Class of Certificates affected thereby or any
      NIMS
      Insurer, terminate all of the rights and obligations of the Master Servicer
      hereunder and in and to the Mortgage Loans and the proceeds thereof. If an
      Event
      of Default described in clause (x) of this Section 6.14 shall occur, then,
      in
      each and every case, subject to applicable law, so long as such Event of Default
      shall not have been remedied within the time period prescribed by clause (x)
      of
      this Section 6.14, the Trustee, by notice in writing to the Master Servicer
      and
      the NIMS Insurer, shall promptly terminate all the rights and obligations of
      the
      Master Servicer hereunder and in and to the Mortgage Loans and the proceeds
      thereof. On or after the receipt by the Master Servicer of such written notice,
      all authority and power of the Master Servicer, and only in its capacity as
      Master Servicer under this Agreement, whether with respect to the Mortgage
      Loans
      or otherwise, shall pass to and be vested in the Trustee and pursuant to and
      under the terms of this Agreement; provided, however, the parties acknowledge
      that notwithstanding the preceding sentence, there may be a transition period,
      not to exceed 90 days, in order to effect the transfer of the Master Servicer’s
      obligations to the Trustee, the Trustee is hereby authorized and empowered
      to
      execute and deliver, on behalf of the defaulting Master Servicer as
      attorney-in-fact or otherwise, any and all documents and other instruments,
      and
      to do or accomplish all other acts or things necessary or appropriate to effect
      the purposes of such notice of termination, whether to complete the transfer
      and
      endorsement or assignment of the Mortgage Loans and related documents or
      otherwise. The defaulting Master Servicer agrees to cooperate with the Trustee
      in effecting the termination of the defaulting Master Servicer’s
      responsibilities and rights hereunder as Master Servicer including, without
      limitation, notifying the Servicers of the assignment of the master servicing
      function and providing the Trustee or its designee all documents and records
      in
      electronic or other form reasonably requested by it to enable the Trustee or
      its
      designee to assume the defaulting Master Servicer’s functions hereunder and the
      transfer to the Trustee for administration by it of all amounts which shall
      at
      the time be or should have been deposited by the defaulting Master Servicer
      in
      the Collection Account maintained by such defaulting Master Servicer and any
      other account or fund maintained with respect to the Certificates or thereafter
      received with respect to the Mortgage Loans. The Master Servicer being
      terminated (or the Trust Fund, if the Master Servicer is unable to fulfill
      its
      obligations hereunder) as a result of an Event of Default shall bear all costs
      of a master servicing transfer, including but not limited to those of the
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    employees
      and overhead, legal fees and expenses,
      accounting and financial consulting fees and expenses, and costs of amending
      the
      Agreement, if necessary.

     

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

     

    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 4.02(a)(i), (ii), (iii), (v), (vii), (ix) and (x) to the extent
      such
      reimbursement relates to the period prior to such Master Servicer’s
      termination.

     

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

     

    (b) On
      or
      after the time the Master Servicer (and the Trustee, if notice is sent by any
      NIMS Insurer) receives a notice of termination from the Trustee pursuant to
      Section 6.14(a) or the Trustee receives the resignation of the Master Servicer
      evidenced by an Opinion of Counsel pursuant to Section 9.28, the Trustee, within
      90 days of such notice unless another master servicer acceptable to the NIMS
      Insurer shall have been appointed, shall be the successor in all respects to
      the
      Master Servicer in its capacity as such under this Agreement and the
      transactions set forth or provided for herein and shall have all the rights
      and
      powers and be subject to all the responsibilities, duties and liabilities
      relating thereto and arising thereafter placed on the Master Servicer hereunder,
      including the obligation to make Advances; provided, however, that any failure
      to perform such duties or responsibilities caused by the Master Servicer’s
      failure to provide information required by this Agreement shall not be
      considered a default by the Trustee hereunder. In addition, the Trustee shall
      have no responsibility for any act or omission of the Master Servicer prior
      to
      the issuance of any notice of termination. The Trustee shall have no liability
      relating to the representations and warranties of the Master Servicer set forth
      in Section 9.14. In the Trustee’s capacity as such successor, the Trustee shall
      have the same limitations on liability herein granted to the Master Servicer.
      As
      compensation therefor, the Trustee shall be entitled to receive all compensation
      payable to the Master Servicer under this Agreement, including the Master
      Servicing Fee. The Trustee shall be entitled to be reimbursed from the Master
      Servicer (or by the Trust Fund if the Master Servicer is unable to fulfill
      its
      obligations hereunder) for all costs associated with the transfer of master
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    master
      servicer, including, without limitation, any
      costs or expenses associated with the complete transfer of all master servicing
      data and the completion, correction or manipulation of such master servicing
      data as may be required by the Trustee to correct any errors or insufficiencies
      in the master servicing data or otherwise to enable the Trustee to master
      service the Mortgage Loans properly and effectively.

     

    (c) Notwithstanding
      the above, the Trustee may, if it shall be unwilling to continue to so act,
      or
      shall, if it is unable to so act or if any NIMS Insurer so requests in writing
      to the Trustee, request the Depositor to appoint, petition a court of competent
      jurisdiction to appoint, or appoint on its own behalf any established housing
      and home finance institution servicer, master servicer, servicing or mortgage
      servicing institution acceptable to the NIMS Insurer having a net worth of
      not
      less than $15,000,000 and meeting such other standards for a successor master
      servicer as are set forth in this Agreement, as the successor to such Master
      Servicer in the assumption of all of the responsibilities, duties or liabilities
      of a master servicer, like the Master Servicer hereunder. Any entity designated
      by the Trustee as a successor master servicer may be an Affiliate of the
      Trustee; provided, however, that, unless such Affiliate meets the net worth
      requirements and other standards set forth herein for a successor master
      servicer, the Trustee in its individual capacity shall agree, at the time of
      such designation, to be and remain liable to the Trust Fund for such Affiliate’s
      actions and omissions in performing its duties hereunder. In connection with
      such appointment and assumption, the Trustee may make such arrangements for
      the
      compensation of such successor out of payments on Mortgage Loans as it and
      such
      successor shall agree; provided, however, that no such compensation shall be
      in
      excess of that permitted to the Master Servicer hereunder. The Trustee and
      such
      successor shall take such actions, consistent with this Agreement, as shall
      be
      necessary to effectuate any such succession and may make other arrangements
      with
      respect to the servicing to be conducted hereunder which are not inconsistent
      herewith. The Master Servicer shall cooperate with the Trustee and any successor
      master servicer in effecting the termination of the Master Servicer’s
      responsibilities and rights hereunder including, without limitation, notifying
      Mortgagors of the assignment of the master servicing functions and providing
      the
      Trustee and successor master servicer, as applicable, all documents and records
      in electronic or other form reasonably requested by it to enable it to assume
      the Master Servicer’s functions hereunder and the transfer to the Trustee or
      successor master servicer, as applicable, all amounts which shall at the time
      be
      or should have been deposited by the Master Servicer in the Collection Account
      and any other account or fund maintained with respect to the Certificates or
      thereafter be received with respect to the Mortgage Loans. Neither the Trustee
      nor any other successor master servicer shall be deemed to be in default
      hereunder by reason of any failure to make, or any delay in making, any
      distribution hereunder or any portion thereof caused by (i) the failure of
      the
      Master Servicer to deliver, or any delay in delivering, cash, documents or
      records to it, (ii) the failure of the Master Servicer to cooperate as required
      by this Agreement, (iii) the failure of the Master Servicer to deliver the
      Mortgage Loan data to the Trustee or such successor master servicer as required
      by this Agreement or (iv) restrictions imposed by any regulatory authority
      having jurisdiction over the Master Servicer. No successor master servicer
      shall
      be deemed to be in default hereunder by reason of any failure to make, or any
      delay in making, any distribution hereunder or any portion thereof caused by
      (i)
      the failure of the terminated Master Servicer to deliver, or any delay in
      delivering cash, documents or records to it, or (ii) the failure of the
      terminated Master Servicer to cooperate as required by this
      Agreement.

     

    
      
        
        

      

      
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    Section
      6.15 Additional
      Remedies of Trustee Upon Event of Default.

     

    During
      the continuance of any Event of Default, so long as such Event of Default shall
      not have been remedied, the Trustee, in addition to the rights specified in
      Section 6.14, shall have the right, in its own name and as trustee of an express
      trust, to take all actions now or hereafter existing at law, in equity or by
      statute to enforce its rights and remedies and to protect the interests, and
      enforce the rights and remedies, of any NIMS Insurer and the Certificateholders
      (including the institution and prosecution of all judicial, administrative
      and
      other proceedings and the filings of proofs of claim and debt in connection
      therewith). Except as otherwise expressly provided in this Agreement, no remedy
      provided for by this Agreement shall be exclusive of any other remedy, and
      each
      and every remedy shall be cumulative and in addition to any other remedy, and
      no
      delay or omission to exercise any right or remedy shall impair any such right
      or
      remedy or shall be deemed to be a waiver of any Event of Default.

     

    Section
      6.16 Waiver
      of Defaults.

     

    More
      than
      50% of the Aggregate Voting Interests of Certificateholders (with the consent
      of
      any NIMS Insurer) may waive any default or Event of Default by the Master
      Servicer in the performance of its obligations hereunder, except that a default
      in the making of any required deposit to the Certificate Account that would
      result in a failure of the Trustee to make any required payment of principal
      of
      or interest on the Certificates may only be waived with the consent of 100%
      of
      the affected Certificateholders and with the consent of any NIMS Insurer. Upon
      any such waiver of a past default, such default shall cease to exist, and any
      Event of Default arising therefrom shall be deemed to have been remedied for
      every purpose of this Agreement. No such waiver shall extend to any subsequent
      or other default or impair any right consequent thereon except to the extent
      expressly so waived.

     

    Section
      6.17 Notification
      to Holders.

     

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

     

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

     

    Subject
      to the provisions of Section 8.01 hereof, during the continuance of any Event
      of
      Default, Holders of Certificates evidencing not less than 25% of the Class
      Principal Amount (or Percentage Interest) of each Class of Certificates affected
      thereby may, with the consent of any NIMS Insurer, direct the time, method
      and
      place of conducting any proceeding for any remedy available to the Trustee,
      or
      exercising any trust or power conferred upon the Trustee, under this Agreement;
      provided, however, that the Trustee shall be under no obligation to pursue
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      such 

     

    
      
        
        

      

      
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    remedy,
      or to exercise any of the trusts or powers
      vested in it by this Agreement (including, without limitation, (i) the
      conducting or defending of any administrative action or litigation hereunder
      or
      in relation hereto and (ii) the terminating of the Master Servicer or any
      successor master servicer from its rights and duties as master servicer
      hereunder) at the request, order or direction of any of the Certificateholders,
      or any NIMS Insurer, unless such Certificateholders, or any NIMS Insurer, shall
      have offered to the Trustee reasonable security or indemnity against the cost,
      expenses and liabilities which may be incurred therein or thereby; and, provided
      further, that, subject to the provisions of Section 8.01, the Trustee shall
      have
      the right to decline to follow any such direction if the Trustee, in accordance
      with an Opinion of Counsel, determines that the action or proceeding so directed
      may not lawfully be taken or if the Trustee in good faith determines that the
      action or proceeding so directed would involve it in personal liability for
      which it is not indemnified to its satisfaction or be unjustly prejudicial
      to
      the non assenting Certificateholders.

     

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

     

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

     

    Section
      6.20 Preparation
      of Tax Returns and Other Reports.

     

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

     

    (b) The
      Trustee shall prepare and file with the IRS, on behalf of each REMIC created
      hereby, an application on IRS Form SS-4. The Trustee, upon receipt from the
      IRS
      of the Notice 

     

    
      
        
        

      

      
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    of
      Taxpayer Identification Number Assigned for each
      REMIC, shall promptly forward copies of such notices to the Master Servicer
      and
      the Depositor. The Trustee will file an IRS Form 8811 for all REMICs created
      hereunder. The Trustee shall have no obligation to verify the information in
      any
      Form 8811 or Form SS-4 filing.

     

    (c) Reports
      Filed on Form 10-D.

     

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

     

    (ii) As
      set
      forth on Exhibit Q-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-20N transaction, as identified in Exhibit
      Q-1, shall provide to the Trustee, to the extent known by a Responsible Officer
      thereof, in EDGAR-compatible form (which may be Word or Excel documents easily
      convertible to EDGAR format), or in such other form as otherwise agreed upon
      by
      the Trustee and such party, the form and substance of any Additional Form 10-D
      Disclosure, if applicable, and included with such Additional Form 10-D
      Disclosure, an Additional Disclosure Notification in the form attached hereto
      as
      Exhibit Q-4, (B) the Trustee shall forward to the Depositor, the form and
      substance of the Additional Form 10-D Disclosure, and (C) the Depositor will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Trustee in connection with including any Additional Form 10-D Disclosure on
      Form
      10-D pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-D, the Trustee shall forward electronically a draft copy
      of the Form 10-D to the Exchange Act Signing Party for review and approval.
      If
      the Master Servicer is the Exchange Act Signing Party and the Form 10-D includes
      Additional Form 10-D Disclosure, then the Form 10-D shall also be electronically
      distributed to the Depositor for review and approval. No later than two Business
      Days prior to the 15th calendar day after the related Distribution Date, a
      senior officer of the Exchange Act Signing Party shall sign the Form 10-D and
      return an electronic or fax copy of such signed Form 10-D (with an original
      executed hard copy to follow by overnight mail) to the Trustee. If a Form 10-D
      cannot be filed on time or if a previously filed Form 10-D needs to be amended,
      the Trustee will follow the procedures set forth in subsection (f)(ii) of this
      Section 6.20. Promptly (but no later than one Business Day) after the deadline
      for filing such report with the Commission, the Trustee will make available
      on
      its internet website a final executed copy of each Form 10-D. Each party to
      this
      Agreement acknowledges that the performance by the Trustee of its duties under
      this Section 6.20(c) related 

     

    
      
        
        

      

      
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    to
      the timely preparation and filing of Form 10-D is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 6.20(c). The Trustee shall have
      no liability for any loss, expense, damage, claim arising out of or with respect
      to any failure to properly prepare and/or timely file such Form 10-D, where
      such
      failure results from the Trustee’s inability or failure to obtain or receive, on
      a timely basis, any information from any other party hereto needed to prepare,
      arrange for execution or file such Form 10-D, not resulting from its own
      negligence, bad faith or willful misconduct.

     

    (d) Reports
      Filed on Form 10-K.

     

    (i) Unless
      and until a Form 15 suspension notice shall have been filed, on or prior to
      the
      90th
      calendar
      day after the end of each fiscal year of the Trust Fund or such earlier date
      as
      may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
      understood that the fiscal year for the Trust Fund ends on December 31st of
      each
      year), commencing in March 2008, the Trustee shall prepare and file on behalf
      of
      the Trust Fund a Form 10-K, in form and substance as required by the Exchange
      Act. To
      facilitate the Trustee’s preparation of the Form 10-K, the Depositor shall
      provide to the Trustee, no later than 30 days prior to the 10-K Filing Deadline,
      a template of the Form 10-K in an Edgar-compatible format.
      Each
      such Form 10-K shall include the following items, in each case to the extent
      they have been delivered to the Trustee within the applicable time frames set
      forth in this Agreement and in the Servicing Agreement and the Custodial
      Agreement, (A) an annual compliance statement for the Servicer, each Additional
      Servicer and the Master Servicer, as described under Section 9.26 hereof and
      in
      the Servicing Agreement, (B)(I) the annual reports on assessment of compliance
      with servicing criteria for the Servicer, the Custodian, each Additional
      Servicer, the Master Servicer, any Servicing Function Participant, the Paying
      Agent (if other than the Trustee) and the Trustee (each, a “Reporting
      Servicer”), as described under Section 9.25(a) hereof and in the Servicing
      Agreement and Custodial Agreement, and (II) if any Reporting Servicer’s report
      on assessment of compliance with servicing criteria described under Section
      9.25(a) hereof or in the Servicing Agreement or Custodial Agreement identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any Reporting Servicer’s report on assessment of compliance
      with servicing criteria described under Section 9.25(a) hereof or in the
      Servicing Agreement or Custodial Agreement is not included as an exhibit to
      such
      Form 10-K, disclosure that such report is not included and an explanation why
      such report is not included, (C)(I) the registered public accounting firm
      attestation report for each Reporting Servicer, as described under Section
      9.25(b) hereof and in the Servicing Agreement and Custodial Agreement and (II)
      if any registered public accounting firm attestation report described under
      Section 9.25(b) hereof or in the Servicing Agreement or Custodial Agreement
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such registered public accounting firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (D) a Sarbanes-Oxley Certification. Any disclosure or information
      in addition to (A) through (D) above that is required to be included on Form
      10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and
      at the direction of the Depositor pursuant to the following paragraph and the
      Trustee will have no duty or liability for any failure hereunder to determine
      or
      prepare any Additional Form 10-K Disclosure, except as set forth in the next
      paragraph.

     

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit Q-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2008,
      (A) certain parties to the Lehman XS Trust Mortgage Pass-Through Certificates,
      Series 2007-20N transaction, as identified in Exhibit Q-2, shall provide to
      the
      Trustee, to the extent known by a Responsible Officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Additional Form 10-K Disclosure,
      if applicable, and include with such Additional Form 10-K Disclosure, an
      Additional Disclosure Notification in the form attached hereto as Exhibit Q-4,
      (B) the Trustee shall forward to the Depositor, the form and substance of the
      Additional Form 10-K Disclosure, and (C) the Depositor will approve, as to
      form
      and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-K Disclosure on Form 10-K. The Trustee has no duty under
      this
      Agreement to monitor or enforce the performance by the parties listed on Exhibit
      Q-2 of their duties under this paragraph or proactively solicit or procure
      from
      such parties any Form 10-K Disclosure Information. The Sponsor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trustee in connection with including any Additional Form 10-K Disclosure on
      Form
      10-K pursuant to this paragraph.

     

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

     

    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Trustee (including
      in
      its capacity as Paying Agent, if applicable), the Paying Agent (if other than
      the Trustee) and, if the Depositor is the Exchange Act Signing Party, the Master
      Servicer, shall, and the Trustee (including in its capacity as Paying Agent,
      if
      applicable), the Paying Agent (if other than the Trustee) and the Master
      Servicer (if applicable) shall cause any Servicing Function Participant engaged
      by it to, provide to the Person who signs the Sarbanes-Oxley Certification
      

     

    
      
        
        

      

      
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    (the
“Certifying
      Person”), by March 15 of each year in
      which the Trust Fund is subject to the reporting requirements of the Exchange
      Act (each, a “Back-Up Certification”), in the form attached hereto as Exhibit T
      (or, in the case of (x) the Paying Agent (if other than the Trustee), such
      other
      form as agreed to between the Paying Agent and the Exchange Act Signing Party,
      and (y) the Trustee, the form attached hereto as Exhibit U), upon which the
      Certifying Person, the entity for which the Certifying Person acts as an
      officer, and such entity’s officers, directors and Affiliates (collectively with
      the Certifying Person, “Certification Parties”) can reasonably rely. The senior
      officer of the Exchange Act Signing Party shall serve as the Certifying Person
      on behalf of the Trust Fund. In the event the Master Servicer, the Trustee,
      the
      Paying Agent or any Servicing Function Participant engaged by such parties
      is
      terminated or resigns pursuant to the terms of this Agreement, such party or
      Servicing Function Participant shall provide a Back-Up Certification to the
      Certifying Person pursuant to this Section 6.20(d)(iv) with respect to the
      period of time it was subject to this Agreement.

     

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

     

    (e) Reports
      Filed on Form 8-K.

     

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

     

    (ii) As
      set
      forth on Exhibit Q-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) certain
      parties to the Lehman XS Trust Mortgage Pass-Through Certificates, Series
      2007-20N transaction, as identified in Exhibit Q-3, shall provide to the
      Trustee, to the extent known by a Responsible Officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, and include with such Form 8-K Disclosure Information, an
      Additional Disclosure Notification in the form attached hereto as Exhibit Q-4,
      (B) the Trustee shall forward to the Depositor, the form and substance of the
      Form 8-K Disclosure Information, and (C) the Depositor will approve, as to
      form
      and substance, or disapprove, as the case may be, the inclusion of the Form
      8-K
      Disclosure 

     

    
      
        
        

      

      
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    Information.
      The Trustee has no duty under this
      Agreement to monitor or enforce the performance by the parties listed on Exhibit
      Q-3 of their duties under this paragraph or proactively solicit or procure
      from
      such parties any Form 8-K Disclosure Information. The Sponsor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trustee in connection with including any Form 8-K Disclosure Information on
      Form
      8-K pursuant to this paragraph.

     

    (iii) After
      preparing the Form 8-K, the Trustee shall forward electronically, no later
      than
      Noon New York city time on the 3rd Business Day after the Reportable Event,
      a
      draft copy of the Form 8-K to the Exchange Act Signing Party for review and
      approval. If the Master Servicer is the Exchange Act Signing Party, then the
      Form 8-K shall also be electronically distributed to the Depositor for review
      and approval. No later than Noon New York City time on the 4th Business Day
      after the Reportable Event, a senior officer of the Exchange Act Signing Party
      shall sign the Form 8-K and return an electronic or fax copy of such signed
      Form
      8-K (with an original executed hard copy to follow by overnight mail) to the
      Trustee. If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K
      needs to be amended, the Trustee will follow the procedures set forth in
      subsection (f) of this Section 6.20. Promptly (but no later than one Business
      Day) after the deadline for filing such form with the Commission, the Trustee
      will, make available on its internet website a final executed copy of each
      Form
      8-K. The parties to this Agreement acknowledge that the performance by the
      Trustee of its duties under this Section 6.20(e) related to the timely
      preparation and filing of Form 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 6.20(e). The Trustee shall have no liability for any loss, expense,
      damage or claim arising out of or with respect to any failure to properly
      prepare and/or timely file such Form 8-K, where such failure results from the
      Trustee’s inability or failure to obtain or receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 8-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    (f) Delisting;
      Amendments; Late Filings.

     

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

     

    (ii) In
      the
      event that the Trustee becomes aware that it will be unable to timely file
      with
      the Commission all or any required portion of any Form 8-K, 10-D or 10-K
      required to be filed by this Agreement because required disclosure information
      was either not delivered to it or delivered to it after the delivery deadlines
      set forth in this Agreement or for any other reason, the Trustee will
      immediately notify the Depositor. In the case of Form 10-D and 10-K, the parties
      to this Agreement and the Servicer will cooperate to prepare and file a Form
      12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of the
      Exchange Act. In the case of Form 8-K, the Trustee will, upon receipt of all
      required Form 8-K Disclosure Information and upon the approval and direction
      of
      the Depositor, include such disclosure information on the next Form 10-D. In
      the
      event that any previously filed Form 8-K, 10-D or 10-K needs to be amended,
      the
      Trustee will notify the Depositor and the Servicer and such parties will
      cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A. Any Form 15, Form
      12b-25 or any amendment to 

     

    
      
        
        

      

      
        121

        
          

        

      

      
        
        

      

    

     

    Form
      8-K, 10-D or 10-K shall be signed by a senior
      officer of the Exchange Act Signing Party. The parties to this Agreement
      acknowledge that the performance by the Trustee of its duties under this Section
      6.20(f) related to the timely preparation and filing of Form 15, a Form 12b-25
      or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
      performing its duties under this Section. The Trustee shall have no liability
      for any loss, expense, damage, claim arising out of or with respect to any
      failure to properly prepare and/or timely file any such Form 15, Form 12b-25
      or
      any amendments to Forms 8-K, 10-D or 10-K, where such failure results from
      the
      Trustee’s inability or failure to obtain or receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K,
      not resulting from its own negligence, bad faith or willful
      misconduct.

     

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

     

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

     

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

     

    Section
      6.21 Reporting
      Requirements of the Commission.

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 6.01,
      6.20, 9.25(a) and 9.25(b) of this Agreement is to facilitate compliance by
      the
      Sponsor, the Master Servicer and the Depositor with the provisions of Regulation
      AB, as such may be amended or clarified from time to time. Therefore, each
      of
      the parties agrees that (a) the obligations of the parties hereunder shall
      be
      interpreted in such a manner as to accomplish compliance with Regulation AB,
      (b)
      the parties’ obligations hereunder will be supplemented and modified as
      necessary to be consistent with any such amendments, interpretive advice or
      guidance, convention or consensus among active participants in the asset-backed
      securities markets, advice 

     

    
      
        
        

      

      
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    of
      counsel, or otherwise in respect of the requirements
      of Regulation AB and (c) the parties shall comply with reasonable requests
      made
      by the Sponsor, the Depositor, the Master Servicer or the Trustee for delivery
      of additional or different information as the Sponsor, the Depositor, the Master
      Servicer or the Trustee may determine in good faith is necessary to comply
      with
      the provisions of Regulation AB, provided that such information is available
      without unreasonable effort or expense and within such timeframe as may be
      reasonably requested.

     

    Section
      6.22 Indemnification
      by the Trustee.

     

    The
      Trustee (including in its capacity as Paying Agent) agrees to indemnify the
      Depositor and the Master Servicer, and each of their respective directors,
      officers, employees and agents and the Trust Fund and hold each of them harmless
      from and against any losses, damages, penalties, fines, forfeitures, legal
      fees
      and expenses and related costs, judgments, and any other costs, fees and
      expenses that any of them may sustain arising out of or based upon the
      engagement of any Subcontractor in violation of Section 6.01(l) or any failure
      by the Trustee to deliver when and as required the information pursuant to
      Section 6.01(m), the disclosure applicable to the Trustee pursuant to Sections
      6.20(c)(ii), 6.20(d)(ii) and 6.20(e)(ii), the certification applicable to the
      Trustee pursuant to Section 6.20(d)(iv) or any assessment of compliance pursuant
      to Section 9.25(a). This indemnification shall survive the termination of this
      Agreement or the termination of the Trustee hereunder.

     

    ARTICLE
      VII.

     

    PURCHASE
      OF MORTGAGE LOANS AND

    TERMINATION
      OF THE TRUST FUND

     

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

     

    (a) The
      respective obligations and responsibilities of the Trustee and the Master
      Servicer created hereby (other than the obligation of the Trustee to make
      payments to Certificateholders and the Swap Counterparty as set forth in Section
      7.02, the obligation of the Master Servicer to make a final remittance to the
      Trustee pursuant to Section 4.01, and the obligations of the Master Servicer
      to
      the Trustee pursuant to Sections 9.10 and 9.14) shall terminate on the earliest
      of (i) the final payment or other liquidation of the last Mortgage Loan
      remaining in the Trust Fund and the disposition of all REO Property, (ii) the
      sale of the property held by the Trust Fund in accordance with Section 7.01(b)
      and (iii) the Latest Possible Maturity Date; provided, however, that in no
      event
      shall the Trust Fund created hereby continue beyond the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late Ambassador of the United States to the Court of St. James’s, living on the
      date hereof. Any termination of the Trust Fund shall be carried out in such
      a
      manner so that the termination of each REMIC included therein shall qualify
      as a
“qualified liquidation” under the REMIC Provisions.

     

    (b) On
      any
      Distribution Date occurring on or after the Initial Optional Termination Date,
      the Master Servicer, with the prior written consent of any NIMS Insurer and
      the
      Seller, which consent shall not be unreasonably withheld, has the option to
      cause each of the SWAP 

    
       

      
        
          
          

        

        
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    REMIC,
      REMIC 1, REMIC 2 and REMIC 3 to adopt a plan of
      complete liquidation and to purchase the Mortgage Loans and any REO Property
      related to the Mortgage Pool (the “Pool Assets”) for a price equal to the
      Repurchase Price, pursuant to Section 7.03 hereof. Upon exercise of such option,
      the property of the Mortgage Pool shall be sold to the Master Servicer at a
      price (the “Repurchase Price”) equal to the sum of (i) 100% of the unpaid
      principal balance of each Mortgage Loan on the day of such purchase plus
      interest accrued thereon at the Mortgage Rate with respect to such Mortgage
      Loan
      to the Due Date in the Collection Period immediately preceding the Distribution
      Date on which the proceeds of such sale will be distributed to the holders
      of
      the Certificates, (ii) the fair market value of any REO Property related to
      the
      Mortgage Loans and any other property related to the Mortgage Loans held by
      any
      REMIC, such fair market value to be determined by an independent appraiser
      or
      appraisers mutually agreed upon by the Master Servicer, any NIMS Insurer and
      the
      Trustee (reduced, in the case of REO Property, by (1) reasonably anticipated
      disposition costs and (2) any amount by which the fair market value as so
      reduced exceeds the outstanding principal balance of the related Mortgage Loan
      plus interest accrued thereon at the applicable Net Mortgage Rate to the date
      of
      such purchase), (iii) any unreimbursed Servicing Advances and other amounts
      to
      be reimbursed pursuant to the immediately following sentence related to the
      Mortgage Loans, (iv) any Swap Termination Payment payable to the Swap
      Counterparty as a result of a termination pursuant to this Section 7.01 (v)
      any
      Cap Termination Payment payable to the Cap Provider as a result of a termination
      pursuant to this Section 7.01; provided, however, if there are any NIM
      Securities outstanding, the Master Servicer may only exercise its option after
      receiving the prior written consent of the holders of such NIM Securities and,
      if such consent is given, the Repurchase Price shall also include an amount
      equal to the sum of (1) any accrued interest on the NIM Securities related
      to
      the Mortgage Loans, (2) the unpaid principal balance of any such NIM Securities
      and (3) any other reimbursable expenses owed by the issuer of the NIM Securities
      (the “NIM Redemption Amount”); and
      provided, further, that if any Cap Termination Payment is payable to the Cap
      Counterparty, the Master Servicer may only exercise its option if the Cap
      Counterparty does not object thereto in writing in a timely manner. The
      Master Servicer, the Servicer, the Trustee and the Custodian shall be reimbursed
      from the Repurchase Price for any Mortgage Loan or related REO Property for
      any
      Advances made or other amounts advanced with respect to the Mortgage Loans
      that
      are reimbursable to any such entity under this Agreement, the related Servicing
      Agreement or the Custodial Agreement, together with any accrued and unpaid
      compensation and any other amounts due to the Master Servicer or the Trustee
      hereunder or the applicable Servicer or the Custodian, to the extent such
      amounts relate to the Mortgage Loans. If the Master Servicer fails to exercise
      such right, the NIMS Insurer will have the option to direct the Master Servicer
      to exercise such option so long as it is insuring the NIM Securities or it
      is
      owed any amounts in connection with its guaranty of the NIM Securities.
      Following receipt of such notice from the NIMS Insurer, the Master Servicer
      shall advise the NIMS Insurer whether it will exercise the option under this
      Section 7.01(b) for its own account and using its own funds, or whether it
      will
      exercise such option in its own name but for the NIMS Insurer's account and
      utilizing the NIMS Insurer's funds. If the Master Servicer exercises such option
      for the NIMS Insurer's account, the NIMS Insurer will remit the Repurchase
      Price
      to the Master Servicer one Business Day prior to the day the Master Servicer
      is
      required to remit the Repurchase Price to the Trustee. Following its receipt
      from the NIMS Insurer of the entire Repurchase Price and its subsequent
      remittance to the Trustee of the entire Repurchase Price, the Master Servicer
      will convey to the NIMS Insurer all of the rights it receives from the Trustee
      with respect to the 

     

    
      
        
        

      

      
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    related
      Mortgage Loans as a result of such remittance.
      Subject to Section 7.03, the Trustee shall distribute the assets of the Trust
      Fund on the Distribution Date on which the repurchase occurred. If the NIMS
      Insurer directs the Master Servicer to exercise such right as described above,
      then (i) the Master Servicer shall cause each REMIC to adopt a plan of complete
      liquidation as described above and (ii) the NIMS Insurer shall remit the
      Repurchase Price in immediately available funds to the Master Servicer at least
      three Business Days prior to the applicable Distribution Date and, upon receipt
      of such funds from the NIMS Insurer, the Master Servicer shall promptly deposit
      such funds in the Collection Account. The NIMS Insurer shall be obligated to
      reimburse the Master Servicer and the Trustee for their reasonable out-of-pocket
      expenses incurred in connection with the purchase of the Mortgage Loans and
      REO
      Property related to the Mortgage Pool at the direction of the NIMS Insurer
      and
      shall indemnify and hold harmless the Master Servicer and the Trustee for any
      losses, liabilities or expenses resulting from any claims arising out of or
      based upon the Master Servicer’s or Trustee’s purchase of the Pool Assets at the
      direction of the NIMS Insurer at the direction of the NIMS Insurer, except
      to
      the extent such losses, liabilities or expenses arise out of or result from
      the
      Master Servicer’s or Trustee’s, as the case may be, negligence, bad faith or
      willful misconduct. Notwithstanding the foregoing, for purposes of the REMIC
      Provisions, any portion of the Repurchase Price consisting of any Swap
      Termination Payment, Cap Termination Payment or NIM Redemption Amount shall
      be
      treated as not having been paid into any REMIC.

     

    Section
      7.02 Procedure
      Upon Termination of Trust Fund.

     

    (a) Notice
      of
      any termination pursuant to the provisions of Section 7.01, specifying the
      Distribution Date upon which the final distribution shall be made, shall be
      given promptly by the Trustee by first class mail to the Certificateholders,
      the
      Swap Counterparty and any NIMS Insurer, mailed upon (x) no later than five
      Business Days after the Trustee has received notice from the Master Servicer
      of
      its intent to exercise its right to cause the termination of the Trust Fund
      pursuant to Section 7.01(b) or (y) upon final payment or other liquidation
      of
      the last Mortgage Loan or REO Property in the Trust Fund. Such notice shall
      specify (A) the Distribution Date upon which final distribution on the
      Certificates of all amounts required to be distributed to Certificateholders
      pursuant to Section 5.02 will be made upon presentation and surrender of the
      related Certificates at the Corporate Trust Office, and (B) that the Record
      Date
      otherwise applicable to such Distribution Date is not applicable, distribution
      being made only upon presentation and surrender of the related Certificates
      at
      the office or agency of the Trustee therein specified. The Trustee shall give
      such notice to the Master Servicer, the Swap Counterparty, the Custodians and
      the Certificate Registrar at the time such notice is given to Holders of the
      related Certificates. Upon any termination pursuant to Section 7.01(b), the
      duties of the Certificate Registrar with respect to the applicable Certificates
      shall terminate and the Trustee shall terminate or request the Master Servicer
      to terminate, the Collection Account it maintains, the Certificate Account
      and
      any other account or fund maintained with respect to the related Certificates,
      subject to the Trustee’s obligation hereunder to hold all amounts payable to
      Certificateholders in trust without interest pending such payment.

     

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

     

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

     

    Section
      7.03 Additional
      Trust Fund Termination Requirements.

     

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

     

    (i) On
      the
      date specified for final payment of the Certificates, the Trustee shall make
      final distributions of principal and interest on the Certificates and shall
      pay
      any Swap Termination Payment owed to the Swap Counterparty on the related Swap
      Payment Date (to the extent not paid on previous Swap Payment Dates) in
      accordance with Section 5.02 and, after payment of, or provision for any
      outstanding expenses, distribute or credit, or cause to be distributed or
      credited, to the Holders of the Residual Certificates all cash on hand after
      such final payment (other than cash retained to meet claims), and the Trust
      Fund
      (and each REMIC) shall terminate at that time;

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
      7.04 Optional
      Purchase Right of NIMS Insurer.

     

    The
      NIMS
      Insurer may purchase any Distressed Mortgage Loan for a purchase price equal
      to
      the outstanding principal balance of such Mortgage Loan, plus accrued interest
      thereon to the date of repurchase plus any unreimbursed Advances, Servicing
      Advances, Servicing Fees or Trustee Fees and any unreimbursed expenses of the
      Trustee allocable to such Distressed Mortgage Loan. Any such purchase shall
      be
      accomplished by the NIM Insurer’s remittance of the purchase price for the
      Distressed Mortgage Loan to the Master Servicer for deposit into the Collection
      Account.

     

    ARTICLE
      VIII.

     

    RIGHTS
      OF
      CERTIFICATEHOLDERS

     

    Section
      8.01 Limitation
      on Rights of Holders.

     

    (a) The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or take any action or proceeding
      in any court for a partition or winding up of this Trust Fund, nor otherwise
      affect the rights, obligations and liabilities of the parties hereto or any
      of
      them. Except as otherwise expressly provided herein, no Certificateholder,
      solely by virtue of its status as a Certificateholder, shall have any right
      to
      vote or in any manner otherwise control the Master Servicer or the operation
      and
      management of the Trust Fund, or the obligations of the parties hereto, nor
      shall anything herein set forth, or contained in the terms of the Certificates,
      be construed so as to constitute the Certificateholders from time to time as
      partners or members of an association, nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Agreement pursuant to any provision hereof.

     

    (b) No
      Certificateholder, solely by virtue of its status as Certificateholder, shall
      have any right by virtue or by availing of any provision of this Agreement
      to
      institute any suit, action or proceeding in equity or at law upon or under
      or
      with respect to this Agreement, unless such Holder previously shall have given
      to the Trustee a written notice of an Event of Default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      evidencing not less than 25% of the Class Principal Amount or Class Notional
      Amount (or Percentage Interest) of Certificates of each Class affected thereby
      shall have made written request upon the Trustee to institute such action,
      suit
      or proceeding in its own name as Trustee hereunder and shall have offered to
      the
      Trustee such reasonable indemnity as it may require against the cost, expenses
      and liabilities to be incurred therein or thereby, and the Trustee, for sixty
      days after its receipt of such notice, request and offer of indemnity, shall
      have neglected or refused to institute any such action, suit or proceeding
      and
      no direction inconsistent with such written request has been given such Trustee
      during such sixty day period by such Certificateholders; it being understood
      and
      intended, and being expressly covenanted by each Certificateholder with every
      other Certificateholder and the Trustee, that no one or more Holders of
      Certificates shall have any right in any manner whatever by virtue or by
      availing of any provision of this Agreement to affect, disturb or prejudice
      the
      rights of the Holders of any other of such Certificates, or to obtain or seek
      to
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    Holder,
      or to enforce any right under this Agreement,
      except in the manner herein provided and for the benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section, each and every Certificateholder and the Trustee shall be entitled
      to
      such relief as can be given either at law or in equity.

     

    Section
      8.02 Access
      to List of Holders.

     

    (a) If
      the
      Trustee is not acting as Certificate Registrar, the Certificate Registrar will
      furnish or cause to be furnished to the Trustee, within fifteen days after
      receipt by the Certificate Registrar of a request by the Trustee in writing,
      a
      list, in such form as the Trustee may reasonably require, of the names and
      addresses of the Certificateholders of each Class as of the most recent Record
      Date.

     

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

     

    (c) Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Master Servicer,
      the
      Certificate Registrar and the Trustee, that none of the Depositor, the Master
      Servicer, the Certificate Registrar, the Paying Agent or the Trustee shall
      be
      held accountable by reason of the disclosure of any such information as to
      the
      names and addresses of the Certificateholders hereunder, regardless of the
      source from which such information was derived.

     

    Section
      8.03 Acts
      of Holders of Certificates.

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Holders or Certificate
      Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
      by
      one or more instruments of substantially similar tenor signed by such Holders
      in
      person or by agent duly appointed in writing; and, except as herein otherwise
      expressly provided, such action shall become effective when such instrument
      or
      instruments are delivered to the Trustee, the Certificate Registrar and the
      Paying Agent and, where expressly required herein, to the Master Servicer.
      Such
      instrument or instruments (as the action embodies therein and evidenced thereby)
      are herein sometimes referred to as an “act” of the Holders signing such
      instrument or instruments. Proof of execution of any such instrument or of
      a
      writing appointing any such agents shall be sufficient for any purpose of this
      Agreement and conclusive in favor of the Trustee and the Master Servicer, if
      made in the manner provided in this Section. Each of the Trustee and the Master
      Servicer shall promptly notify the other of receipt of any such instrument
      by
      it, and shall promptly forward a copy of such instrument to the
      other.

     

    
      
        
        

      

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

     

    (c) The
      ownership of Certificates (whether or not such Certificates shall be overdue
      and
      notwithstanding any notation of ownership or other writing thereon made by
      anyone other than the Trustee) shall be proved by the Certificate Register,
      and
      none of the Trustee, the Master Servicer, the Paying Agent or the Depositor
      shall be affected by any notice to the contrary.

     

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

     

    ARTICLE
      IX.

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE
      MASTER SERVICER

     

    Section
      9.01 Duties
      of the Master Servicer.

     

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

     

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

     

    (a) The
      Master Servicer, at its expense, shall maintain in effect a Master Servicer
      Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
      affording coverage with respect to all directors, officers, employees and other
      Persons acting on such Master Servicer’s behalf, and covering errors and
      omissions in the performance of the Master Servicer’s obligations hereunder. The
      Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
      Fidelity Bond shall be in such form and amount that would meet the requirements
      of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans,
      and
      if the Master Servicer receives notice that such policy is or shall be
      cancelled, it shall immediately notify the NIMS Insurer. The Master Servicer
      shall provide the Trustee and any 

     

    
      
        
        

      

      
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    NIMS
      Insurer upon request, with a copy of such policy
      and fidelity bond. The Master Servicer shall (i) require each Servicer to
      maintain an Errors and Omissions Insurance Policy and the Servicer Fidelity
      Bond
      in accordance with the provisions of the applicable Servicing Agreement, (ii)
      cause each Servicer to provide to the Master Servicer certificates evidencing
      that such policy and bond is in effect and to furnish to the Master Servicer
      any
      notice of cancellation, non-renewal or modification of the policy or bond
      received by it, as and to the extent provided in the applicable Servicing
      Agreement, and (iii) furnish copies of such policies and of the certificates
      and
      notices referred to in clause (ii) to the Trustee upon request. The Fidelity
      Bond and Errors and Omissions Insurance Policy may be obtained and maintained
      in
      blanket form.

     

    (b) The
      Master Servicer shall promptly report to the Trustee any material changes that
      may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors
      and
      Omissions Insurance Policy and shall furnish to the Trustee, on request,
      certificates evidencing that such bond and insurance policy are in full force
      and effect. The Master Servicer shall promptly report to the Trustee all cases
      of embezzlement or fraud, if such events involve funds relating to the Mortgage
      Loans. The total losses, regardless of whether claims are filed with the
      applicable insurer or surety, shall be disclosed in such reports together with
      the amount of such losses covered by insurance. If a bond or insurance claim
      report is filed with any of such bonding companies or insurers, the Master
      Servicer shall promptly furnish a copy of such report to the Trustee. Any
      amounts relating to the Mortgage Loans collected by the Master Servicer under
      any such bond or policy shall be promptly remitted by the Master Servicer to
      the
      Trustee for deposit into the Certificate Account. Any amounts relating to the
      Mortgage Loans collected by a Servicer under any such bond or policy shall
      be
      remitted to the Master Servicer to the extent provided in the applicable
      Servicing Agreement.

     

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

     

    For
      each
      year this Agreement is in effect, the Master Servicer shall submit to the
      Trustee, each Rating Agency, any NIMS Insurer, and the Depositor a copy of
      its
      corporate parent’s audited financial statements on or prior to March 31 of each
      year, beginning March 31, 2008. Such financial statements shall include
      comparative balance sheets, income statements, statement of changes in
      shareholder’s equity, statements of cash flows, a consolidating schedule showing
      consolidated subsidiaries and any related notes required pursuant to generally
      accepted accounting principles, certified by a nationally recognized firm of
      Independent Accountants to the effect that such financial statements were
      examined and prepared in accordance with generally accepted accounting
      principles applied on a basis consistent with that of the preceding
      year.

     

    Section
      9.04 Power
      to Act; Procedures.

     

    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
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    consent
      to transfers of any Mortgaged Property and
      assumptions of the Mortgage Notes and related Mortgages, (iii) to collect any
      Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate foreclosure
      or other conversion of the ownership of the Mortgaged Property securing any
      Mortgage Loan, in each case, in accordance with the provisions of this Agreement
      and the applicable Servicing Agreement, as applicable; provided that the Master
      Servicer shall not take, or knowingly permit any Servicer to take, any action
      that is inconsistent with or prejudices the interests of the Trust Fund or
      the
      Certificateholders in any Mortgage Loan or the rights and interests of the
      Depositor, the Trustee, or the Certificateholders under this Agreement. The
      Master Servicer further is authorized and empowered by the Trustee, on behalf
      of
      the Certificateholders and the Trustee, in its own name or in the name of any
      Servicer (to the extent permitted in the applicable Servicing Agreement), when
      the Master Servicer or a Servicer, as the case may be, believes it is
      appropriate in its best judgment to register any Mortgage Loan with MERS, or
      cause the removal from the registration of any Mortgage Loan on the MERS system,
      to execute and deliver, on behalf of the Trustee and the Certificateholders
      or
      any of them, any and all instruments of assignment and other comparable
      instruments with respect to such assignment or re-recording of a Mortgage in
      the
      name of MERS, solely as nominee for the Trustee and its successors and assigns.
      The Master Servicer shall represent and protect the interests of the Trust
      Fund
      in the same manner as it protects its own interests in mortgage loans in its
      own
      portfolio in any claim, proceeding or litigation regarding a Mortgage Loan
      and
      shall not make or knowingly permit any Servicer to make any modification, waiver
      or amendment of any term of any Mortgage Loan that would cause an Adverse REMIC
      Event. Without limiting the generality of the foregoing, the Master Servicer
      in
      its own name or in the name of a Servicer, and each Servicer, to the extent
      such
      authority is delegated to such Servicer under the applicable Servicing
      Agreement, is hereby authorized and empowered by the Trustee when the Master
      Servicer or a Servicer, as the case may be, believes it appropriate in its
      best
      judgment and in accordance with Accepted Servicing Practices and the applicable
      Servicing Agreement, to execute and deliver, on behalf of itself and the
      Certificateholders, the Trustee or any of them, any and all instruments of
      satisfaction or cancellation, or of partial or full release or discharge and
      all
      other comparable instruments, with respect to the Mortgage Loans and with
      respect to the Mortgaged Properties. The Trustee shall execute, upon request,
      any powers of attorney furnished to it by the Master Servicer empowering the
      Master Servicer or such Servicer to execute and deliver instruments of
      satisfaction or cancellation, or of partial or full release or discharge, and
      to
      foreclose upon or otherwise liquidate Mortgaged Property, and to appeal,
      prosecute or defend in any court action relating to the Mortgage Loans or the
      Mortgaged Property, in accordance with the applicable Servicing Agreement and
      this Agreement, and the Trustee shall execute and deliver such other documents,
      as the Master Servicer may request, necessary or appropriate to enable the
      Master Servicer to master service the Mortgage Loans and carry out its duties
      hereunder and to allow each Servicer to service the Mortgage Loans, in each
      case
      in accordance with Accepted Servicing Practices (and the Trustee shall have
      no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      the applicable Servicer). If the Master Servicer or the Trustee has been advised
      that it is likely that the laws of the state in which action is to be taken
      prohibit such action if taken in the name of the Trustee or that the Trustee
      would be adversely affected under the “doing business” or tax laws of such state
      if such action is taken in its name, then upon request of the Trustee the Master
      Servicer shall join with the Trustee in the appointment of a co-trustee pursuant
      to Section 6.09 hereof. In the performance of its duties hereunder, the Master
      Servicer shall be an independent contractor and shall not, except in

     

    
      
        
          
          

        

        
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    those
      instances where it is taking action in the name of
      the Trustee, be deemed to be the agent of the Trustee. Notwithstanding anything
      to the contrary, the Master Servicer shall not without the Trustee’s written
      consent: (i) initiate any action, suit or proceeding solely under the Trustee’s
      name without indicating the Master Servicer’s representative capacity or (ii)
      take any action with the intent to cause, and which actually does cause, the
      Trustee to be registered to do business in any state.

     

    (b) In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures, and shall exercise the same care that it customarily employs and
      exercises master servicing and administering loans for its own account, giving
      due consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. Consistent with the foregoing, the Master Servicer
      may, and may permit the Servicer to, in its discretion (i) waive any late
      payment charge (but not any Prepayment Premium, except as set forth below)
      and
      (ii) extend the due dates for payments due on a Mortgage Note; provided,
      however, that the maturity of any Mortgage Loan shall not be extended past
      the
      date on which the final payment is due on the latest maturing Mortgage Loan
      as
      of the Cut-off Date. Notwithstanding anything to the contrary in this Agreement,
      the Master Servicer shall not make or knowingly permit any modification, waiver
      or amendment of any material term of any Mortgage Loan unless: (1) such Mortgage
      Loan is in default or default by the related Mortgagor is, in the reasonable
      judgment of the Master Servicer or the applicable Servicer, reasonably
      foreseeable, (2) in the case of a waiver of a Prepayment Premium if (a) such
      waiver would maximize recovery of total proceeds taking into account the value
      of such Prepayment Premium and the related Mortgage Loan or (b) if the
      prepayment is not the result of a refinancing by the Servicer or any of its
      Affiliates and (i) the collection of the Prepayment Premium would be in
      violation of applicable laws or (ii) the collection of such Prepayment Premium
      would be considered “predatory” pursuant to written guidance published or issued
      by any applicable federal, state or local regulatory authority acting in its
      official capacity and having jurisdiction over such matters, and (3) such
      modification, waiver or amendment would not cause an Adverse REMIC
      Event.

     

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

     

    (a) Each
      Servicing Agreement requires the applicable Servicer to service the Mortgage
      Loans in accordance with the provisions thereof. References in this Agreement
      to
      actions taken or to be taken by the Master Servicer include actions taken or
      to
      be taken by a Servicer on behalf of the Master Servicer. Any fees, costs,
      expenses and other amounts payable to such Servicer shall be deducted from
      amounts remitted to the Master Servicer by the Servicer to the extent permitted
      by the applicable Servicing Agreement and shall not be an obligation of the
      Trust Fund, the Trustee or the Master Servicer.

     

    (b) The
      Master Servicer shall not be required to (i) take any action with respect to
      the
      servicing of any Mortgage Loan that the applicable Servicer is not required
      to
      take under the related Servicing Agreement and (ii) cause a Servicer to take
      any
      action or refrain from taking any action if the related Servicing Agreement
      does
      not require such Servicer to take such action or refrain from taking such
      action; in both cases notwithstanding any provision of this Agreement that
      requires the Master Servicer to take such action or cause such Servicer to
      take
      such action.

     

    
      
        
          
          

        

        
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    (c) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall use its reasonable best efforts to enforce the obligations of each
      Servicer under the related Servicing Agreement, and shall, upon obtaining actual
      knowledge of the failure of a Servicer to perform its obligations in accordance
      therewith, to the extent that such non-performance of such obligations would
      have a material adverse effect on a Mortgage Loan, the Trust Fund or the
      Certificateholders, terminate the rights and obligations of such Servicer
      thereunder and either act as servicer of the related Mortgage Loans or cause
      the
      other parties hereto to enter into a Servicing Agreement (and such parties
      hereby agree to execute and deliver any such successor Servicing Agreement),
      with a successor Servicer. Such enforcement, including, without limitation,
      the
      legal prosecution of claims, termination of Servicing Agreements and the pursuit
      of other appropriate remedies, shall be in such form and carried out to such
      an
      extent and at such time as the Master Servicer, in its good faith business
      judgment, would require were it the owner of the related Mortgage Loans. The
      Master Servicer shall pay the costs of such enforcement at its own expense,
      and
      shall be reimbursed therefor initially (i) from a general recovery resulting
      from such enforcement only to the extent, if any, that such recovery exceeds
      all
      amounts due in respect of the related Mortgage Loans, (ii) from a specific
      recovery of costs, expenses or attorneys’ fees against the party against whom
      such enforcement is directed, and then, (iii) to the extent that such amounts
      are insufficient to reimburse the Master Servicer for the costs of such
      enforcement, from the Collection Account.

     

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

     

    Section
      9.06 Collection
      of Taxes, Assessments and Similar Items.

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, the Master Servicer
      shall
      cause each Servicer to establish and maintain one or more custodial accounts
      at
      a depository institution (which may be a depository institution with which
      the
      Master Servicer or the Servicer establishes accounts in the ordinary course
      of
      its servicing activities), the accounts of which are insured to the maximum
      extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
      any collections of amounts received with respect to amounts due for taxes,
      assessments, water rates, Standard Hazard Insurance Policy premiums, Payaheads,
      if applicable, or any comparable items for the account of the Mortgagors.
      Withdrawals from any Escrow Account may be made (to the extent amounts have
      been
      escrowed for such purpose) only in accordance with the Servicing Agreements.
      Each Servicer shall be entitled to all investment income not required to be
      paid
      to Mortgagors on any Escrow Account maintained by such Servicer. The Master
      Servicer shall make (or cause to be made) to the extent provided in the
      applicable Servicing Agreement advances to the extent necessary in order to
      effect timely payment of taxes, water rates, assessments, Standard Hazard
      Insurance Policy premiums or comparable items in connection with the related
      Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
      pay
      such items), provided that it or the applicable Servicer has determined that
      the
      funds so advanced are recoverable from escrow payments, reimbursement pursuant
      to Section 4.02 or otherwise.

     

    
      
        
          
          

        

        
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    (b) Costs
      incurred by the Master Servicer or by the Servicers in effecting the timely
      payment of taxes and assessments on the properties subject to the Mortgage
      Loans
      may be added to the amount owing under the related Mortgage Note where the
      terms
      of the Mortgage Note so permit; provided, however, that the addition of any
      such
      cost shall not be taken into account for purposes of calculating the
      distributions to be made to Certificateholders. Such costs, to the extent that
      they are unanticipated, extraordinary costs, and not ordinary or routine costs
      shall be recoverable as a Servicing Advance by the Master Servicer pursuant
      to
      Section 4.02.

     

    Section
      9.07 Termination
      of Servicing Agreements; Successor Servicers.

     

    (a) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      any
      Servicer under the applicable Servicing Agreement in accordance with the terms
      and conditions of such Servicing Agreement and without any limitation by virtue
      of this Agreement; provided, however, that in the event of termination of any
      Servicing Agreement by the Master Servicer or a related Servicer, the Master
      Servicer shall either act as Servicer of the related Mortgage Loans or provide
      for the servicing of the Mortgage Loans by a successor Servicer to be appointed
      as provided in the related Servicing Agreement.

     

    The
      parties acknowledge that notwithstanding the preceding sentence, there may
      be a
      transition period, not to exceed 90 days, in order to effect the transfer of
      servicing to a successor Servicer. The Master Servicer shall be entitled to
      be
      reimbursed from each Servicer (or by the Trust Fund, if such Servicer is unable
      to fulfill its obligations hereunder) for all costs associated with the transfer
      of servicing from the predecessor servicer, including without limitation, any
      costs or expenses associated with the complete transfer of all servicing data
      and the completion, correction or manipulation of such servicing data, as may
      be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

     

    (b) If
      the
      Master Servicer acts as a successor Servicer, it will not assume liability
      for
      the representations and warranties of the Servicer, if any, that it replaces.
      The Master Servicer shall use reasonable efforts to have the successor Servicer
      assume liability for the representations and warranties made by the terminated
      Servicer in the related Servicing Agreement, and in the event of any such
      assumption by the successor Servicer, the Trustee or the Master Servicer, as
      applicable, may, in the exercise of its business judgment, release the
      terminated Servicer from liability for such representations and
      warranties.

     

    (c) If
      the
      Master Servicer acts as a successor servicer, it will have no obligation to
      make
      an Advance if it determines in its reasonable judgment that such Advance is
      non-recoverable. To the extent that the Master Servicer is unable to find a
      successor servicer that is willing to service the Mortgage Loans for the
      Servicing Fee because of the obligation of the servicer to make Advances
      regardless of whether such Advance is recoverable, the applicable Servicing
      Agreement may be amended to provide that the successor servicer shall have
      no
      obligation to make an Advance if it determines in its reasonable judgment that
      such Advance is non-recoverable and provides an Officer’s Certificate to such
      effect to the Master Servicer and the Trustee.

     

    
      
        
          
          

        

        
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    Section
      9.08 Master
      Servicer Liable for Enforcement.

     

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

     

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

     

    Any
      Servicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving a Servicer in its capacity as such and not as an
      originator shall be deemed to be between such Servicer, the Seller and the
      Master Servicer, and the Trustee and the Depositor shall not be deemed parties
      thereto and shall have no obligations, duties or liabilities with respect to
      such Servicer except as set forth in Section 9.10 hereof, but shall have rights
      thereunder as third party beneficiaries.

     

    Section
      9.10 Assumption
      of Servicing Agreement by the Trustee.

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), after a
      period not to exceed ninety days after the issuance of any notice of termination
      pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee, or a
      successor master servicer appointed by it in accordance with Section 6.14,
      shall
      assume all of the rights and obligations of such Master Servicer hereunder
      and
      under each Servicing Agreement entered into with respect to the Mortgage Loans.
      The Trustee, its designee or any successor master servicer appointed by the
      Trustee shall be deemed to have assumed all of the Master Servicer’s interest
      herein and therein to the same extent as if such Servicing Agreement had been
      assigned to the assuming party, except that the Master Servicer shall not
      thereby be relieved of any liability or obligations of the Master Servicer
      under
      such Servicing Agreement accruing prior to its replacement as Master Servicer,
      and shall be liable to the Trustee, and hereby agrees to indemnify and hold
      harmless the Trustee from and against all costs, damages, expenses and
      liabilities (including reasonable attorneys’ fees) incurred by the Trustee as a
      result of such liability or obligations of the Master Servicer and in connection
      with the Trustee’s assumption (but not its performance, except to the extent
      that costs or liability of the Trustee are created or increased as a result
      of
      negligent or wrongful acts or omissions of the Master Servicer prior to its
      replacement as Master Servicer) of the Master Servicer’s obligations, duties or
      responsibilities thereunder; provided that the Master Servicer shall not
      indemnify or hold harmless the Trustee against negligent or willful misconduct
      of the Trustee.

     

    
      
        
          
          

        

        
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    (b) The
      Master Servicer that has been terminated shall, upon request of the Trustee
      but
      at the expense of such Master Servicer or at the expense of the Trust Fund,
      deliver to the assuming party all documents and records relating to each
      Servicing Agreement and the related Mortgage Loans and an accounting of amounts
      collected and held by it and otherwise use its best efforts to effect the
      orderly and efficient transfer of each Servicing Agreement to the assuming
      party.

     

    Section
      9.11 Due-on-Sale
      Clauses; Assumption Agreements; Easements.

     

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

     

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

     

    Section
      9.12 Release
      of Mortgage Files.

     

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

     

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

     

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

     

    (a) The
      Master Servicer shall transmit, or shall cause the applicable Servicer to
      transmit, to the Trustee such documents and instruments coming into the
      possession of the Master Servicer or such Servicer from time to time as are
      required by the terms hereof or of the related Servicing Agreement to be
      delivered to the Trustee or the applicable Custodian. Any funds received by
      the
      Master Servicer or by a Servicer in respect of any Mortgage Loan or which
      otherwise are collected by the Master Servicer or a Servicer as a Subsequent
      Recovery, Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage
      Loan shall be held for the benefit of the Trustee and the Certificateholders
      subject to the Master Servicer’s right to retain or withdraw from the Collection
      Account the Master Servicing Fee and other amounts provided in this Agreement
      and to the right of each Servicer to retain its Servicing Fee and other amounts
      as provided in the Servicing Agreement. The Master Servicer shall, and shall
      (to
      the extent provided in the applicable Servicing Agreement) cause each Servicer
      to, provide access to information and documentation regarding the Mortgage
      Loans
      to the Trustee, its respective agents and accountants and to any NIMS Insurer,
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    normal
      business hours, and to Certificateholders that
      are savings and loan associations, banks or insurance companies, the Office
      of
      Thrift Supervision, the FDIC and the supervisory agents and examiners of such
      Office and Corporation or examiners of any other federal or state banking or
      insurance regulatory authority if so required by applicable regulations of
      the
      Office of Thrift Supervision or other regulatory authority, such access to
      be
      afforded without charge but only upon reasonable request in writing and during
      normal business hours at the offices of the Master Servicer designated by it.
      In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information. The Master Servicer shall
      afford the NIMS Insurer, and shall (to the extent provided in the Servicing
      Agreement) cause the Servicer to afford the NIMS Insurer, upon reasonable
      advance notice, during normal business hours access to all records related
      to
      their respective rights and obligations hereunder and access to officers of
      the
      Master Servicer and the Servicer responsible for such obligations.

     

    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
      Servicer, or by such Servicer, for and on behalf of the Trustee and the
      Certificateholders and shall be and remain the sole and exclusive property
      of
      the Trustee; provided, however, that the Master Servicer and each Servicer
      shall
      be entitled to setoff against, and deduct from, any such funds any amounts
      that
      are properly due and payable to the Master Servicer or such Servicer under
      this
      Agreement or the applicable Servicing Agreement and shall be authorized to
      remit
      such funds to the Trustee in accordance with this Agreement.

     

    (c) The
      Master Servicer hereby acknowledges that concurrently with the execution of
      this
      Agreement, the Trustee shall own or, to the extent that a court of competent
      jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
      to
      the Depositor not to constitute a sale, the Trustee shall have a security
      interest in the Mortgage Loans and in all Mortgage Files representing such
      Mortgage Loans and in all funds and investment property now or hereafter held
      by, or under the control of, a Servicer or the Master Servicer that are
      collected by such Servicer or the Master Servicer in connection with the
      Mortgage Loans, whether as scheduled installments of principal and interest
      or
      as full or partial prepayments of principal or interest or as a Subsequent
      Recovery, Liquidation Proceeds or Insurance Proceeds or otherwise, and in all
      proceeds of the foregoing and proceeds of proceeds (but excluding any fee or
      other amounts to which such Servicer is entitled under the applicable Servicing
      Agreement, or the Master Servicer or the Depositor is entitled to hereunder);
      and the Master Servicer agrees that so long as the Mortgage Loans are assigned
      to and held by the Trustee or the any Custodian, all documents or instruments
      constituting part of the Mortgage Files, and such funds relating to the Mortgage
      Loans which come into the possession or custody of, or which are subject to
      the
      control of, the Master Servicer or any Servicer shall be held by the Master
      Servicer or such Servicer for and on behalf of the Trustee as the Trustee’s
      agent and bailee for purposes of perfecting the Trustee’s security interest
      therein as provided by the applicable Uniform Commercial Code or other
      applicable laws.

     

    (d) The
      Master Servicer agrees that it shall not, and shall not authorize any Servicer
      to, create, incur or subject any Mortgage Loans, or any funds that are deposited
      in any Custodial Account, Escrow Account or the Collection Account, or any
      funds
      that otherwise are or may 

     

    
      
        
          
          

        

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

     

    Section
      9.14 Representations
      and Warranties of the Master Servicer.

     

    (a) The
      Master Servicer hereby represents and warrants to the Depositor and the Trustee,
      for the benefit of the Certificateholders, as of the Closing Date
      that:

     

    (i) it
      is
      validly existing and in good standing under the laws of the State of Delaware,
      and as Master Servicer has full power and authority to transact any and all
      business contemplated by this Agreement and to execute, deliver and comply
      with
      its obligations under the terms of this Agreement, the execution, delivery
      and
      performance of which have been duly authorized by all necessary company action
      on the part of the Master Servicer;

     

    (ii) the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s certificate
      of formation or limited liability company agreement,
      (B)
      violate any law or regulation or any administrative decree or order to which
      it
      is subject or (C) constitute a default (or an event which, with notice or lapse
      of time, or both, would constitute a default) under, or result in the breach
      of,
      any material contract, agreement or other instrument to which the Master
      Servicer is a party or by which it is bound or to which any of its assets are
      subject, which violation, default or breach would materially and adversely
      affect the Master Servicer’s ability to perform its obligations under this
      Agreement;

     

    (iii) this
      Agreement constitutes, assuming due authorization, execution and delivery hereof
      by the other respective parties hereto, a legal, valid and binding obligation
      of
      the Master Servicer, enforceable against it in accordance with the terms hereof,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors’ rights in general, and by general equity principles (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law);

     

    (iv) the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v) the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any certificate of formation or limited liability company agreement
      provision, or any other company restriction or any judgment, order, writ,
      injunction, decree, law or regulation that may materially and adversely affect
      its ability as Master Servicer to perform its obligations under this Agreement
      or that requires the consent of any third person to the execution of this
      Agreement or the performance by the Master Servicer of its obligations under
      this Agreement;

     

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

    
       

      
        
          
          

        

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

     

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

     

    (ix) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer;

     

    (x) the
      Master Servicer has obtained an Errors and Omissions Insurance Policy and a
      Fidelity Bond in accordance with Section 9.02 each of which is in full force
      and
      effect, and each of which provides at least such coverage as is required
      hereunder; and

     

    (xi) the
      information about the Master Servicer under the heading “The Master Servicer” in
      the Prospectus relating to the Master Servicer does not include an untrue
      statement of a material fact and does not omit to state a material fact, with
      respect to the statements made, necessary in order to make the statements in
      light of the circumstances under which they were made not
      misleading.

     

    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 9.14 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Depositor and the Trustee and hold them
      harmless against any loss, damages, penalties, fines, forfeitures, legal fees
      and related costs, judgments, and other costs and expenses arising out of or
      based upon any claim, demand, defense or assertion based on or grounded upon,
      or
      resulting from, a breach of the Master Servicer’s representations and warranties
      contained in Section 9.14(a). It is understood and agreed that the enforcement
      of the obligation of the Master Servicer set forth in this Section to indemnify
      the Depositor and the Trustee as provided in this Section constitutes the sole
      remedy (other than as set forth in Section 6.14) of the Depositor and the
      Trustee, respecting a breach of the foregoing representations and warranties.
      Such indemnification shall survive any termination of the Master Servicer as
      Master Servicer hereunder, and any termination of this Agreement.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by any of the Depositor, the Master Servicer, any
      NIMS
      Insurer or the Trustee or notice thereof by any one of such parties to the
      other
      parties. Notwithstanding anything in this Agreement to the contrary, the Master
      Servicer shall not be liable for special, indirect or consequential losses
      or
      damages of any kind whatsoever (including, but not limited to, lost
      profits).

     

    (c) It
      is
      understood and agreed that the representations and warranties of the Depositor
      set forth in Sections 2.03(a)(i) through (vi) shall survive the execution and
      delivery of this Agreement. The Depositor shall indemnify the Master Servicer
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    any
      loss, damages, penalties, fines, forfeitures, legal
      fees and related costs, judgments, and other costs and expenses resulting from
      any claim, demand, defense or assertion based on or grounded upon, or resulting
      from, a breach of the Depositor’s representations and warranties contained in
      Sections 2.03(a)(i) through (vi) hereof. It is understood and agreed that the
      enforcement of the obligation of the Depositor set forth in this Section to
      indemnify the Master Servicer as provided in this Section constitutes the sole
      remedy hereunder of the Master Servicer respecting a breach by the Depositor
      of
      the representations and warranties in Sections 2.03(a)(i) through (vi)
      hereof.

     

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

     

    Section
      9.15 Opinion.

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller and the Trustee one or more Opinions of Counsel, dated
      the
      Closing Date, in form and substance reasonably satisfactory to the Depositor
      and
      Lehman Brothers Inc., as to the due authorization, execution and delivery of
      this Agreement by the Master Servicer and the enforceability
      thereof.

     

    Section
      9.16 Standard
      Hazard and Flood Insurance Policies.

     

    For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
      maintain, or cause to be maintained by each Servicer, standard fire and casualty
      insurance and, where applicable, flood insurance, all in accordance with the
      provisions of this Agreement and the Servicing Agreement, as applicable. It
      is
      understood and agreed that such insurance shall be with insurers meeting the
      eligibility requirements set forth in the applicable Servicing Agreement and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on property acquired in respect of a defaulted
      loan, other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional
      insurance.

     

    Pursuant
      to Section 4.01, any amounts collected by the Master Servicer, or by any
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      or the applicable Servicing Agreement (other than amounts to be applied to
      the
      restoration or repair of the property subject to the related Mortgage or
      released to the Mortgagor in accordance with such Servicing Agreement) shall
      be
      deposited into the Collection Account, subject to withdrawal pursuant to Section
      4.02. Any cost incurred by the Master Servicer or any Servicer in maintaining
      any such insurance if the Mortgagor defaults in its obligation to do so shall
      be
      added to the amount owing under the Mortgage Loan where the terms of the
      Mortgage Loan so permit; provided, however, that the addition of any such cost
      shall not be taken into account for purposes of calculating the distributions
      to
      be made to Certificateholders and shall be recoverable by the Master Servicer
      or
      such Servicer pursuant to Section 4.02.

     

    
      
        
        

      

      
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    Section
      9.17 Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall cause each Servicer (to the extent provided in the
      applicable Servicing Agreement) to, prepare and present on behalf of the Trustee
      and the Certificateholders all claims under the Insurance Policies with respect
      to the Mortgage Loans, and take such actions (including the negotiation,
      settlement, compromise or enforcement of the insured’s claim) as shall be
      necessary to realize recovery under such policies. Any proceeds disbursed to
      the
      Master Servicer (or disbursed to the Servicer and remitted to the Master
      Servicer) in respect of such policies or bonds shall be promptly deposited
      in
      the Collection Account or any Custodial Account upon receipt, except that any
      amounts realized that are to be applied to the repair or restoration of the
      related Mortgaged Property or released to the related Mortgagor in accordance
      with the Master Servicer’s or the applicable Servicer’s normal servicing
      procedures need not be so deposited (or remitted).

     

    Section
      9.18 Maintenance
      of the Primary Mortgage Insurance Policies.

     

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

     

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

     

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

     

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

     

    Section
      9.20 Realization
      Upon Defaulted Mortgage Loans.

     

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

     

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

     

    Section
      9.21 Compensation
      to the Master Servicer.

     

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

     

    Section
      9.22 REO
      Property.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    (d) In
      the
      event of the appointment of any NIMS Insurer, the Depositor or Seller shall
      promptly notify the Master Servicer and the Trustee of such appointment.

    

    Section
      9.24 Reports
      to the Trustee.

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall, upon
      request, forward to the Trustee and any NIMS Insurer a statement, deemed to
      have
      been 

     

    
      
        
        

      

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

     

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

     

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

     

    Section
      9.25 Assessment
      of Compliance and Attestation Reports.

     

    (a) Assessment
      of Compliance

     

    (i) On
      or
      before March 15 of each calendar year in which the Depositor is required to
      file
      reports with respect to the Trust Fund in accordance with the Exchange Act
      and
      the rules and regulations of the Commission, beginning with March 15, 2008,
      the
      Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee,
      each at its own expense, shall furnish, and each such party shall cause any
      Servicing Function Participant engaged by it to furnish, each at its own
      expense, to the Sponsor, the Depositor, the Master Servicer and the Trustee,
      a
      report on an assessment of compliance with the Relevant Servicing Criteria
      that
      contains (A) a statement by such party of its responsibility for assessing
      compliance with the Relevant Servicing Criteria, (B) a statement that such
      party
      used the Servicing Criteria to assess compliance with the Relevant Servicing
      Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for the fiscal year covered by the Form 10-K required to
      be
      filed pursuant to Section 6.20(d), including, if there has been any material
      instance of noncompliance with the Relevant Servicing Criteria, a discussion
      of
      each such failure and the nature and status thereof, and (D) a statement that
      a
      registered public accounting firm has issued an attestation report on such
      party’s assessment of compliance with the Relevant Servicing Criteria as of and
      for such period. If the Trustee and the Paying Agent are the same party, the
      Relevant Servicing Criteria of the Paying Agent shall be included in the
      Trustee's report. The Master Servicer shall furnish to the Trustee a copy of
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    it
      by the Custodian pursuant to the Custodial Agreement
      and by each Servicer pursuant to the related Servicing Agreement, to the extent
      that the Trustee is not entitled to receive such assessments pursuant to each
      such applicable agreement.

     

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

     

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

     

    (b) Attestation
      Reports

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2008,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee, each at its own expense, shall cause, and each such party shall cause
      any Servicing Function Participant engaged by it to cause, each at its own
      expense, a registered public accounting firm (which may also render other
      services to the Master Servicer, Paying Agent or Trustee, as the case may be)
      that is a member of the American Institute of Certified Public Accountants
      to
      furnish a report to the Sponsor, the Depositor, the Master Servicer and the
      Trustee, as applicable, to the effect that (A) it has obtained a representation
      regarding certain matters from the management of such party, which includes
      an
      assertion that such party has complied with the Relevant Servicing Criteria,
      and
      (B) on the basis of an examination conducted by such firm in accordance with
      standards for attestation engagements issued or adopted by the PCAOB, it is
      expressing an opinion as to whether such party’s compliance with the Relevant
      Servicing Criteria was fairly stated in all material respects, or it cannot
      express an overall opinion regarding such party’s assessment of compliance with
      the Relevant Servicing Criteria. If the Trustee and the Paying Agent are the
      same party, the attestation report caused to be furnished by the Trustee shall
      also address the Relevant Servicing Criteria of the Paying Agent. In the event
      that an overall opinion cannot be expressed, such registered public accounting
      firm shall state in such report why it was unable to express such an opinion.
      Such report must be available for general use and not contain restricted use
      language. 

     

    
      
        
        

      

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

     

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

     

    Section
      9.26 Annual
      Statement of Compliance with Applicable Servicing Criteria.

     

    The
      Master Servicer shall deliver (and the Master Servicer shall cause any
      Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
      and
      the Trustee on or before March 15 of each year, commencing in March 2008, an
      Officer’s Certificate stating, as to the signer thereof, that (A) a review of
      such party’s activities during the preceding calendar year or portion thereof
      and of such party’s performance under this Agreement, or such other applicable
      agreement in the case of an Additional Servicer, has been made under such
      officer’s supervision and (B) to the best of such officer’s knowledge, based on
      such review, such party has fulfilled all its obligations under this Agreement,
      or such other applicable agreement in the case of an Additional Servicer, in
      all
      material respects throughout such year or portion thereof, or, if there has
      been
      a failure to fulfill any such obligation in any material respect, specifying
      each such failure known to such officer and the nature and status
      thereof.

     

    Section
      9.27 Merger
      or Consolidation.

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided, however, that the successor or resulting
      Person to the Master Servicer shall be a Person that shall be qualified and
      approved to service mortgage loans for Fannie Mae or Freddie Mac and shall
      have
      a net worth of not less than $15,000,000. Notwithstanding the foregoing, as
      a
      condition to the succession to the Master Servicer under this Agreement by
      any
      Person (i) into which the Master Servicer may be merged or consolidated, or
      (ii)
      which may be appointed as a successor to the Master Servicer, the Master
      Servicer shall notify the Depositor, at least 15 calendar days prior to the
      effective date of such succession or appointment, of such succession or
      appointment and shall furnish to the Depositor in writing and in form and
      substance reasonably satisfactory to the Depositor, all information reasonably
      necessary for the Trustee to accurately and timely report, pursuant to Section
      6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if
      such reports under the Exchange Act are required to be filed under the Exchange
      Act).

     

    
      
        
        

      

      
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    Section
      9.28 Resignation
      of Master Servicer.

     

    Except
      as
      otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall
      not resign from the obligations and duties hereby imposed on it unless it or
      the
      Trustee determines that the Master Servicer’s duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it and cannot be cured.
      Any such determination permitting the resignation of the Master Servicer shall
      be evidenced by an Opinion of Counsel that shall be Independent to such effect
      delivered to the Trustee and the NIMS Insurer. No such resignation shall become
      effective until a period of time not to exceed 90 days after the Trustee and
      the
      NIMS Insurer receives written notice thereof from the Master Servicer and until
      the Trustee shall have assumed, or a successor master servicer shall have been
      appointed by the Trustee, such successor master servicer being acceptable to
      the
      NIMS Insurer, and until such successor shall have assumed, the Master Servicer’s
      responsibilities and obligations under this Agreement. Notice of such
      resignation shall be given promptly by the Master Servicer and the Depositor
      to
      the Trustee.

     

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

     

    Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any other Person to perform
      any
      of the duties, covenants or obligations to be performed by the Master Servicer
      hereunder; provided, however, that the Master Servicer shall have the right
      without the prior written consent of the Trustee or the Depositor to delegate
      or
      assign to or subcontract with or authorize or appoint an Affiliate of the Master
      Servicer to perform and carry out any duties, covenants or obligations to be
      performed and carried out by the Master Servicer hereunder. In no case, however,
      shall any such delegation, subcontracting or assignment to an Affiliate of
      the
      Master Servicer relieve the Master Servicer of any liability hereunder. Notice
      of such permitted assignment shall be given promptly by the Master Servicer
      to
      the Depositor and the Trustee. If, pursuant to any provision hereof, the duties
      of the Master Servicer are transferred to a successor master servicer, the
      entire amount of the Master Servicing Fees and other compensation payable to
      the
      Master Servicer pursuant hereto, including any amounts payable to or permitted
      to be retained or withdrawn by the Master Servicer pursuant to Section 9.21
      hereof, shall thereafter be payable to such successor master
      servicer.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Section
      9.31 Indemnification;
      Third Party Claims.

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the Certificate
      Registrar, the Paying Agent and the Trustee (and each of their respective
      directors, officers, 

     

    
      
        
        

      

      
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    employees
      and agents) and hold each of them harmless
      against any and all claims, losses, penalties, fines, forfeitures, reasonable
      legal fees and related costs, judgments, and any other costs, liability, fees
      and expenses that the Depositor, the Sponsor, the Certificate Registrar, the
      Paying Agent or the Trustee may sustain arising out of or based upon (a) any
      material breach by the Master Servicer of any of its obligations hereunder,
      including particularly its obligations to provide any report under Section
      9.25(a), Section 9.25(b) or Section 9.26 or any information, data or materials
      required to be included in any Exchange Act report, provided, however, that
      in
      no event shall the Master Servicer be liable for any special, consequential,
      indirect or punitive damages pursuant to this Section 9.31, even if advised
      of
      the possibility of such damages, (b) any material misstatement or omission
      on
      any information, data, or materials provided by the Master Servicer, or (c)
      the
      negligence, bad faith or willful misconduct of the Master Servicer in connection
      with its performance hereunder. The Depositor, the Sponsor, the Certificate
      Registrar, the Paying Agent and the Trustee shall immediately notify the Master
      Servicer if a claim is made by a third party with respect to this Agreement
      or
      the Mortgage Loans entitling the Depositor, the Sponsor or the Trustee to
      indemnification hereunder, whereupon the Master Servicer shall assume the
      defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or them in respect of such claim. This
      indemnification shall survive the termination of this Agreement or the
      termination of the Master Servicer as a party to this Agreement.

     

    Section
      9.32 Special
      Servicing of Delinquent Mortgage Loans.

     

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

     

    Section
      9.33 Allocation
      to Related Mortgage Pool

     

    Payments
      described in this Article IX made from the Trust Fund shall be allocated and
      limited to collections or other recoveries on the related Mortgage Pool or
      Mortgage Pools and shall be accounted for in such manner.

     

    ARTICLE
      X.

     

    REMIC
      ADMINISTRATION

     

    Section
      10.01 REMIC
      Administration.

     

    (a) REMIC
      elections as set forth in the Preliminary Statement and this Section 10.01
      shall
      be made on Forms 1066 or other appropriate federal tax or information return
      for
      the taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement and this Section
      10.01. For purposes of such designations, the interest rate of any 

     

    
      
        
        

      

      
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    regular
      interest that is computed by taking into account
      the weighted average of the Net Mortgage Rates of the Mortgage Loans shall
      be
      reduced to take into account any expense paid by the Trust to the extent that
      (i) such expense was not taken into account in computing the Net Mortgage Rate
      of any Mortgage Loan or any Net Funds Cap, (ii) such expense does not constitute
      an “unanticipated expense” of a REMIC within the meaning of Treasury Regulation
      Section 1.860G-1(b)(3)(ii) and (iii) the amount of such expense was not taken
      into account in computing the interest rate of a more junior Class of regular
      interests.

     

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

     

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

     

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

     

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

     

    (f) The
      Trustee, the Master Servicer and the Holders of Certificates shall take any
      action, within their respective control and scope of their duties, or cause
      any
      REMIC to take any 

     

    
      
        
        

      

      
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    action
      necessary to create or maintain the status of any
      REMIC as a REMIC under the REMIC Provisions and shall assist each other as
      necessary to create or maintain such status. Neither the Trustee, the Master
      Servicer nor the Holder of any Residual Certificate shall knowingly take any
      action, cause any REMIC to take any action or fail to take (or fail to cause
      to
      be taken) any action, within their respective control and scope of their duties,
      that, under the REMIC Provisions, if taken or not taken, as the case may be,
      could result in an Adverse REMIC Event unless the Trustee, the NIMS Insurer
      and
      the Master Servicer have received an Opinion of Counsel (at the expense of
      the
      party seeking to take such action) to the effect that the contemplated action
      will not result in an Adverse REMIC Event. In addition, prior to taking any
      action with respect to any REMIC or the assets therein, or causing any REMIC
      to
      take any action, which is not expressly permitted under the terms of this
      Agreement, any Holder of a Residual Certificate will consult with the Trustee,
      the NIMS Insurer, the Master Servicer or their respective designees, in writing,
      with respect to whether such action could cause an Adverse REMIC Event to occur
      with respect to any REMIC, and no such Person shall take any such action or
      cause any REMIC to take any such action as to which the Trustee, the NIMS
      Insurer or the Master Servicer has advised it in writing that an Adverse REMIC
      Event could occur.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    rights
      of Holders of the Class AP Certificates to
      receive distributions from the proceeds of such Prepayment Premiums and such
      Class P Reserve Fund, and all ownership interests of such Holders in and to
      such
      distributions, shall be as set forth in this Agreement.

     

    (m) The
      SWAP
      REMIC shall consist of all of the assets of the Trust Fund relating to the
      Mortgage Pools other than (i) the Lower Tier Interests, (ii) the Basis Risk
      Reserve Fund, (iii) the X Component Account, (iv) the Interest Rate Cap
      Agreement and the Interest Rate Cap Account, (v) the rights to receive
      Prepayment Premiums distributable to the Class P Certificates and the Class
      P
      Reserve Funds, (vi) the Swap Agreement and the Supplemental Interest Trust
      and
      (vii) any of the grantor trusts described in Section 10.01 hereof. The SWAP
      REMIC Regular Interests shall be designated as the regular interests in the
      SWAP
      REMIC, and the Class SW-R Interest shall be designated as the sole class of
      residual interest in the SWAP REMIC. Each of the SWAP REMIC Regular Interests
      shall have the characteristics set forth in the Preliminary
      Statement.

     

    The
      assets of REMIC 1 shall be the SWAP REMIC Regular Interests. The REMIC 1 Regular
      Interests shall be designated as the regular interests in REMIC 1, and the
      Class
      LT1-R Interest shall be designated as the sole class of residual interest in
      REMIC 1. Each of the REMIC 1 Regular Interests shall have the characteristics
      set forth in the Preliminary Statement.

     

    The
      assets of REMIC 2 shall be the REMIC 1 Regular Interests. The REMIC 2 Regular
      Interests shall be designated as the regular interests in REMIC 2 and the Class
      LT2-R Interest shall be designated as the sole class of residual interest in
      REMIC 2. Each of the REMIC 2 Regular Interests shall have the characteristics
      set forth in the Preliminary Statement.

     

    The
      assets of REMIC 3 shall be the REMIC 2 Regular Interests. The REMIC 3 Regular
      Interests shall be designated as the regular interests in REMIC 3 and the
      Residual Interest shall be designated as the sole class of residual interest
      in
      REMIC 3. For federal income tax purposes, the interest rate on each REMIC 3
      Regular Interest (other than the Uncertificated Class X Interest, the Class
      LT3-AX Interest and the Class LT3-IO Interest) shall be subject to a cap equal
      to the REMIC Cap.

     

    The
      beneficial ownership of the Class SW-R Interest, the Class LT1-R Interest,
      the
      Class LT2-R Interest and the Residual Interest shall be represented by the
      Class
      R Certificate. None of the Class SW-R Interest, the Class LT1-R Interest, the
      Class LT2-R Interest and the Residual Interest shall have a principal balance
      or
      bear interest.

     

    (n) It
      is
      intended that the rights of each Class of Offered Certificates to receive
      payments in respect of Excess Interest shall be treated as a right in interest
      rate cap contracts written by the holders of the Class X Certificates in favor
      of the holders of each Class of Offered Certificates and such shall be accounted
      for as property held separate and apart from the regular interests in REMIC
      3
      held by the holders of the Offered Certificates. This provision is intended
      to
      satisfy the requirements of Treasury Regulations Section 1.860G-2(i) for the
      treatment of property rights coupled with REMIC interests to be separately
      respected and shall be interpreted consistently with such regulation. On each
      Distribution Date, to the extent that any of the Offered Certificates receive
      payments in respect of Excess Interest, such amounts, to the extent not derived
      from payments on the Interest Rate Cap Agreement, from payments on the Swap
      

     

    
      
        
        

      

      
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    Agreement,
      from payments in respect of Class I
      Shortfalls or from payments in respect of Class X Shortfalls as set forth in
      Section 10.01(p), will be treated as distributed by REMIC 3 to the Class X
      Certificates in respect of the Uncertificated Class X Interest pro
      rata
      and then
      paid to the relevant Class of Certificates pursuant to the related interest
      cap
      agreement. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(n).

     

    It
      is
      intended that the beneficial owners of the Offered Certificates shall be treated
      as having entered into a notional principal contract with respect to the
      beneficial owners of the Class X Certificates. Pursuant to each such notional
      principal contract, all beneficial owners of the Offered Certificates shall
      be
      treated as having agreed to pay, on each Distribution Date, to the beneficial
      owners of the Class X Certificates an aggregate amount equal to the excess,
      if
      any, of (i) the amount payable on such Distribution Date on the Related REMIC
      3
      Interest corresponding to such Class of Offered Certificates over (ii) the
      amount payable on such Class of Offered Certificates on such Distribution Date
      (such excess, a “Class I Shortfall”). A Class I Shortfall shall be allocated to
      (i) each Class of Offered Certificates (other than the Class AX Certificates)
      to
      the extent that interest accrued on such Class for the related Accrual Period
      at
      the Certificate Interest Rate for such Class, computed by substituting “REMIC
      Pass-Through Rate” for the applicable Net Funds Cap set forth in the definition
      thereof, exceeds the amount of interest payable on such Class for the related
      Accrual Period and (ii) the Class AX Certificates to the extent that interest
      accrued on the Class LT3-AX Interest for the related Accrual Period exceeds
      the
      amount of interest payable on such Class of Certificates. A Class I Shortfall
      payable from principal collections shall be allocated to the most subordinate
      Class of Offered Certificates with an outstanding principal balance to the
      extent of such balance. In addition, pursuant to such notional principal
      contract, the beneficial owner of the Class X Certificates shall be treated
      as
      having agreed to make payments in respect of Excess Interest to the beneficial
      holders of the Offered Certificates in accordance with the terms of this
      Agreement. Any payments to the Offered Certificates in light of the foregoing
      shall not be payments with respect to a “regular interest” in a REMIC within the
      meaning of Code Section 860G(a)(1). However, any payment by beneficial owners
      of
      Offered Certificates of a Class I Shortfall shall be treated for tax purposes
      as
      having been received by the beneficial owners of such Certificates in respect
      of
      their interests in REMIC 3 and as having been paid by such beneficial owners
      to
      the Class X Certificates pursuant to the notional principal contract. Thus,
      each
      Offered Certificate and each Class X Certificate shall be treated as
      representing not only ownership of regular interests in REMIC 3, but also
      ownership of an interest in (and obligations with respect to) a notional
      principal contract.

     

    (o) The
      parties hereto intend that the Uncertificated Class X Interest, the
      uncertificated Class LT3-IO Interest, the Interest Rate Cap Agreement and the
      Interest Rate Cap Account, the Swap Agreement, the Supplemental Interest Trust,
      the right to receive payments in respect of Class I Shortfalls from the holders
      of the Offered Certificates, the Basis Risk Reserve Fund, the right to receive
      payments in respect of Class X Shortfalls as set forth in Section 10.01(p)
      and
      the obligation of the holders of the Class X Certificates to pay amounts of
      Excess Interest to the holders of the Offered Certificates shall be treated
      as a
“grantor trust” under the Code, and the provisions hereof shall be interpreted
      consistently with this intention. In furtherance of such intention, the Trustee
      shall (i) furnish or cause to be furnished to the holders of the Class X
      Certificates information regarding their allocable share, if any, of the income
      with respect to such grantor trust, (ii) file or cause to be filed with the
      Internal Revenue Service Form 1041 (together with any necessary attachments)
      and
      such other forms as may be applicable and 

     

    
      
        
        

      

      
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    (iii)
      comply with such information reporting obligations
      with respect to payments from such grantor trust to the holders of Offered
      Certificates as may be applicable under the Code. The Trustee is hereby directed
      to perform its duties and obligations in accordance with this Section
      10.01(o).

     

    The
      parties intend that all amounts paid to the Swap Counterparty under the Swap
      Agreement shall be deemed for federal income tax purposes to be paid by the
      Class X Certificates first, out of funds deemed received in respect of the
      Class
      LT3-IO Interest, second, out of funds deemed received in respect of the
      Uncertificated Class X Interest and third, out of funds deemed received in
      respect of Class I Shortfalls described in Section 10.01(n), and the provisions
      hereof shall be interpreted consistently with this intention.

     

    The
      Supplemental Interest Trust shall be an “outside reserve fund” for federal
      income tax purposes and not an asset of any REMIC. Furthermore, the Holders
      of
      the Class X Certificates shall be the beneficial owners of the Supplemental
      Interest Trust for all federal income tax purposes, and shall be taxable on
      all
      income earned thereon.

     

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

     

    (q) Payments
      in the nature of expenses, reimbursements and indemnifications made from the
      Trust Fund shall be allocated and limited to collections or other recoveries
      on
      the 

     

    
      
        
        

      

      
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    related
      Mortgage Pool or Mortgage Pools (if applicable)
      and shall be accounted for in such manner.

     

    (r) The
      Trustee shall treat the X Component Account as an outside reserve fund within
      the meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder
      of
      the Class C Certificates and that is not an asset of any REMIC.

     

    (s) (I)
      The SWAP REMIC:
      On each
      Distribution Date, the Trustee shall first pay or charge as an expense of the
      SWAP REMIC all expenses of the Trust Fund for such Distribution Date, other
      than
      any Net Swap Payment or Swap Termination Payment required to be made from the
      Trust Fund.

     

    On
      each
      Distribution Date the Trustee shall distribute the aggregate Interest Remittance
      Amount (net of expenses described in the preceding paragraph) with respect
      to
      each of the SWAP REMIC Regular Interests based on the interest rates for such
      interests set forth in the Preliminary Statement hereto.

     

    On
      each
      Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount, first to the Class SW-Z Interest until its principal balance
      is reduced to zero, and then sequentially, to each of the other SWAP REMIC
      Regular Interests in ascending order of their numerical Class designation,
      and,
      with respect to each pair of Classes having the same numerical designation,
      in
      equal amounts to each such Class, until the principal balance of each such
      Class
      is reduced to zero. All losses on the Mortgage Loans shall be allocated among
      the SWAP REMIC Regular Interests in the same manner that principal distributions
      are allocated. Increases in principal amount as a result of Subsequent
      Recoveries with respect to the Mortgage Loans shall be allocated among the
      SWAP
      REMIC Regular Interests in the reverse fashion from the manner in which losses
      are allocated. Increases in principal amount as a result of Net Negative
      Amortization with respect to the Mortgage Loans for any Distribution Date shall
      be allocated among the SWAP REMIC Regular Interests, first to the Class SW-Z
      Interest up to an amount equal to the accrued interest thereon for such
      Distribution Date, and then sequentially, to the other SWAP REMIC Regular
      Interests in ascending order of their numerical Class designation, and, with
      respect to each pair of Classes having the same numerical designation, in equal
      amounts to each such Class, up to an amount equal to the accrued interest
      thereon for such Distribution Date. Any amounts remaining in the SWAP REMIC
      after the aforementioned distributions shall be distributed to the Class SW-R
      Interest.

     

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

     

    On
      each
      Distribution Date, 

     

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

     

    
      
        
        

      

      
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    (ii) the
      principal balance of each REMIC 1 Regular Interest shall be increased by the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    (iii) cash
      received by REMIC 1 with respect to the SWAP REMIC Regular Interests shall
      be
      distributed first to the Class LT1-IO Interest in reduction of its principal
      balance so that its principal balance is as close as possible to
      zero.

     

    (iv) the
      remaining cash received by REMIC 1 shall be distributed to, and losses with
      respect to the Mortgage Loans shall be allocated to the REMIC 1 Marker Classes
      and the Class LT1-X Interest in reduction of their principal amounts as
      follows:

     

    first,
      to the
      Class LT1-M6 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    second,
      to the
      Class LT1-M5 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    third,
      to the
      Class LT1-M4 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fourth,
      to the
      Class LT1-M3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fifth,
      to the
      Class LT1-M2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    sixth,
      to the
      Class LT1-M1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    seventh,
      to the
      Class LT1-A3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    eighth,
      to the
      Class LT1-A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    ninth,
      to the
      Class LT1-A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class; and

     

    
      
        
        

      

      
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    tenth,
      to the
      Class LT1-X Interest in reduction of its principal balance so that its principal
      balance is as close as possible to the sum of (x) 50% of the aggregate Scheduled
      Principal Balance of the Mortgage Loans and (y) 50% of the Overcollateralization
      Amount.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Offered Certificate as a result of the proviso in the definition of
      Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the REMIC 1 Regular Interests (other than the Class
      LT1-IO Interest) allocated as follows:

     

    first,
      to each
      of the REMIC 1 Marker Classes so that the principal balance of each such
      interest is as close as possible to 50% of the principal balance of its
      Corresponding Class; and

     

    second,
      to the
      Class LT1-X Interest so that the principal balance of such interest is as close
      as possible to the sum of (x) 50% of the aggregate Scheduled Principal Balance
      of the Mortgage Loans and (y) 50% of the Overcollateralization
      Amount.

     

    (III)
      REMIC 2:
      All
      payments received by REMIC 2 with respect to the REMIC 1 Regular Interests
      shall
      be paid to the REMIC 2 Regular Interests until the principal balance of all
      such
      interests have been reduced to zero and any losses allocated to such interests
      have been reimbursed. Any excess amounts shall be distributed to the Class
      LT2-R
      Interest. 

     

    On
      each
      Distribution Date,

     

    (i) interest
      shortfalls with respect to the Mortgage Loans (other than interest shortfalls
      attributable to Negative Amortization) shall be allocated to the REMIC 2 Regular
      Interests (other than the Class LT2-IO Interest) pro
      rata
      based on
      interest otherwise accrued thereon;

     

    (ii) the
      principal balance of each REMIC 2 Regular Interest shall be increased by the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    (iii) cash
      received by REMIC 2 with respect to the REMIC 1 Regular Interests shall be
      distributed first to the Class LT2-IO Interest in reduction of its principal
      balance so that its principal balance is as close as possible to zero. Any
      remaining cash shall be distributed to, and losses with respect to the Mortgage
      Loans shall be allocated, first, to each of the other classes of REMIC 2 Regular
      Interests (other than the Class LT2-X Interest), in reduction of its principal
      balance so that its principal balance is a close as possible to the principal
      balance of its Related Certificates, and second, to the Class LT2-X Interest
      in
      reduction of its principal balance so that its principal balance is as close
      as
      possible to the Overcollateralization Amount.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Offered Certificate as a result of the proviso in the definition of
      Certificate Principal Amount, 

     

    
      
        
        

      

      
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    then
      there shall be a corresponding increase in the
      principal amount of the REMIC 2 Regular Interests allocated as
      follows:

     

    first,
      to each
      of the REMIC 2 Regular Interests (other than the Class LT2-X Interest and other
      than the Class LT2-IO Interest) so that the principal balance of each such
      interest is as close as possible to the principal balances of its Related
      Certificates; and

     

    second,
      to the
      Class LT2-X Interest so that the principal balance of such interest is as close
      as possible to the Overcollateralization Amount.

     

    (t) Notwithstanding
      the priority and sources of payments set forth in Article 5 hereof or otherwise,
      the Trustee shall account for all distributions with respect to a Class of
      Certificates in amounts that differ from those payable pursuant to the regular
      interest in REMIC 3 corresponding to such Class as amounts paid or received
      (as
      appropriate) pursuant to the interest rate cap contracts or notional principal
      contracts provided for in this Section. In no event shall any such amounts
      be
      treated as payments with respect to a “regular interest” in a REMIC within the
      meaning of Code Section 860G(a)(1).

     

    Section
      10.02 Prohibited
      Transactions and Activities.

     

    None
      of
      the Depositor, the Master Servicer or the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of the REMIC holding such Mortgage Loan pursuant to
      Article VII of this Agreement, (iv) a substitution pursuant to Article II of
      this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II
      of
      this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of
      any
      investments in the Certificate Account for gain, nor accept any contributions
      to
      any REMIC after the Closing Date, unless it has received an Opinion of Counsel
      (at the expense of the party causing such sale, disposition, or substitution),
      a
      copy of which shall be provided to any NIMS Insurer, that such disposition,
      acquisition, substitution, or acceptance will not (a) result in an Adverse
      REMIC
      Event, (b) affect the distribution of interest or principal on the Certificates,
      or (c) result in the encumbrance of the assets transferred or assigned to the
      Trust Fund (except pursuant to the provisions of this Agreement).

     

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

     

    Upon
      the
      occurrence of an Adverse REMIC Event due to the negligent performance by the
      Trustee of its duties and obligations set forth herein, the Trustee shall
      indemnify the NIMS Insurer, the Holder of the related Residual Certificate
      or
      the Trust Fund, as applicable, against any and all losses, claims, damages,
      liabilities or expenses (“Losses”) resulting from such negligence; provided,
      however, that the Trustee shall not be liable for any such Losses attributable
      to the action or inaction of the Master Servicer, the Depositor, the Class
      X or
      Class R Certificateholder, as applicable, nor for any such Losses resulting
      from
      misinformation provided by the Holder of such Residual Certificate on which
      the
      Trustee has relied. The foregoing shall not be deemed to limit or restrict
      the
      rights and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, 

     

    
      
        
        

      

      
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    however,
      in no event shall the Trustee have any
      liability pursuant to this Section 10.03 (1) for any action or omission that
      is
      taken in accordance with and in compliance with the express terms of, or which
      is expressly permitted by the terms of, this Agreement or any Servicing
      Agreement, (2) for any Losses other than arising out of a negligent performance
      by the Trustee of its duties and obligations set forth herein, and (3) for
      any
      special or consequential damages to Certificateholders (in addition to payment
      of principal and interest on the Certificates).

     

    Section
      10.04 REO
      Property.

     

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not, except to the extent provided in the
      applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease,
      or otherwise earn income on behalf of any REMIC with respect to any REO Property
      which might cause an Adverse REMIC Event unless the Master Servicer has advised,
      or has caused such Servicer to advise, the Trustee in writing to the effect
      that, under the REMIC Provisions, such action would not result in an Adverse
      REMIC Event.

     

    (b) The
      Master Servicer shall cause the applicable Servicer (to the extent provided
      in
      the related Servicing Agreement) to make reasonable efforts to sell any REO
      Property for its fair market value. In any event, however, the Master Servicer
      shall, or shall cause the applicable Servicer to, dispose of any REO Property
      within three years of its acquisition by the Trust Fund unless the Master
      Servicer has received a grant of extension from the Internal Revenue Service
      to
      the effect that, under the REMIC Provisions, the REMIC may hold REO Property
      for
      a longer period without causing an Adverse REMIC Event. If the Master Servicer
      has received such an extension, then the Master Servicer, acting on the
      Trustee’s behalf hereunder, shall, or shall cause the Servicer to, continue to
      attempt to sell the REO Property for its fair market value for such period
      longer than three years as such extension permits (the “Extended Period”). If
      the Master Servicer has not received such an extension and the Master Servicer
      or the applicable Servicer, acting on behalf of the Trustee hereunder, is unable
      to sell the REO Property within 33 months after its acquisition by the Trust
      Fund or if the Master Servicer has received such an extension, and the Master
      Servicer or such Servicer is unable to sell the REO Property within the period
      ending three months before the close of the Extended Period, the Master Servicer
      shall cause such Servicer, before the end of the three year period or the
      Extended Period, as applicable, to (i) purchase such REO Property at a price
      equal to the REO Property’s fair market value or (ii) auction the REO Property
      to the highest bidder (which may be such Servicer) in an auction reasonably
      designed to produce a fair price prior to the expiration of the three year
      period or the Extended Period, as the case may be.

     

    Section
      10.05 WHFIT
      Provisions.

     

    (a) Each
      of
      the grantor trusts identified in Section 10.01(l) is a WHFIT that is a WHMT.
      The
      Trustee will report as required under the WHFIT Regulations to the extent such
      information as is reasonably necessary to enable the Trustee to do so is
      provided to the Trustee on a timely basis. The Trustee will not be liable for
      any tax reporting penalties that may arise under the WHFIT Regulations as a
      result of the Depositor incorrectly determining the status of the grantor trust
      as a WHFIT.

     

    
      
        
        

      

      
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    (b) The
      Trustee will report required WHFIT information using either the cash or accrual
      method, except to the extent the WHFIT Regulations specifically require a
      different method. The Trustee will be under no obligation to determine whether
      any certificate holder uses the cash or accrual method. In addition, the Trustee
      will not be responsible or liable for providing subsequently amended, revised
      or
      updated information to any certificate holder, unless requested by the
      certificate holder or as required under applicable law.

     

    (c) The
      Trustee shall not be liable for failure to meet the reporting requirements
      of
      the WHFIT Regulations nor for any penalties thereunder if such failure is due
      to: (i) the lack of reasonably necessary information being provided to the
      Trustee or (ii) incomplete, inaccurate or untimely information being provided
      to
      the Trustee. Each owner of a class of securities representing, in whole or
      in
      part, beneficial ownership of an interest in a WHFIT, by acceptance of its
      interest in such class of securities, will be deemed to have agreed to provide
      the Trustee with information regarding any sale of such securities, including
      the price, amount of proceeds and date of sale. Absent receipt of such
      information, and unless informed otherwise by the Depositor, the Trustee will
      assume there is no secondary market trading of WHFIT interests.

     

    (d) To
      the
      extent required by the WHFIT Regulations, the Trustee will use reasonable
      efforts to publish on an appropriate website the CUSIPs for the certificates
      that represent ownership of a WHFIT. The CUSIPs so published will represent
      the
      Rule 144A CUSIPs. The Trustee will make reasonable good faith efforts to keep
      the website accurate and updated to the extent CUSIPs have been received. Absent
      the receipt of a CUSIP, the Trustee will use a reasonable identifier number
      in
      lieu of a CUSIP. The Trustee will not be liable for investor reporting delays
      that result from the receipt of inaccurate or untimely CUSIP
      information.

     

    ARTICLE
      XI.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01 Binding
      Nature of Agreement; Assignment.

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    Section
      11.02 Entire
      Agreement.

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

    Section
      11.03 Amendment.

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, with the consent of the NIMS Insurer, but without the consent
      of the Swap Counterparty (except to the extent that the rights or obligations
      of
      (1) the Swap 

     

    
      
        
        

      

      
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    Counterparty
      hereunder or (2) the Swap Counterparty
      under the Swap Agreement (or the ability of the Trustee on behalf of the
      Supplemental Interest Trust to perform fully and timely its obligations under
      the Swap Agreement), are affected thereby, in which case prior written consent
      of the Swap Counterparty is required) and without notice to or the consent
      of
      any of the Holders, (i) to cure any ambiguity, (ii) to cause the provisions
      herein to conform to or be consistent with or in furtherance of the statements
      made with respect to the Certificates, the Trust Fund or this Agreement in
      any
      Offering Document, or to correct or supplement any provision herein which may
      be
      inconsistent with any other provisions herein or with the provisions of any
      Servicing Agreement, (iii) to make any other provisions with respect to matters
      or questions arising under this Agreement or (iv) to add, delete, or amend
      any
      provisions to the extent necessary or desirable to comply with any requirements
      imposed by the Code and the REMIC Provisions. No such amendment effected
      pursuant to the preceding sentence shall, as evidenced by an Opinion of Counsel,
      result in an Adverse REMIC Event, nor shall such amendment effected pursuant
      to
      clause (iii) of such sentence adversely affect in any material respect the
      interests of any Holder. Prior to entering into any amendment without the
      consent of Holders pursuant to this paragraph, the Trustee, the Swap
      Counterparty and the NIMS Insurer shall be provided with an Opinion of Counsel
      addressed to the Trustee, the Swap Counterparty and the NIMS Insurer (at the
      expense of the party requesting such amendment) to the effect that such
      amendment is permitted under this Section. Any such amendment shall be deemed
      not to adversely affect in any material respect any Holder, if the Trustee
      and
      the NIMS Insurer receive written confirmation from each Rating Agency that
      such
      amendment will not cause such Rating Agency to reduce the then current rating
      assigned to the Certificates (and any Opinion of Counsel requested by the
      Trustee in connection with any such amendment may rely expressly on such
      confirmation as the basis therefor).

     

    (b) This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the NIMS Insurer and the Trustee, but without the consent of the
      Swap
      Counterparty (except to the extent that the rights or obligations of (1) the
      Swap Counterparty hereunder or (2) the Swap Counterparty under the Swap
      Agreement (or the ability of the Trustee on behalf of the Supplemental Interest
      Trust to perform fully and timely its obligations under the Swap Agreement
      are
      affected thereby, in which case the prior written consent of the Swap
      Counterparty is required) with the consent of the Holders of not less than
      66 2/3% of the Class Principal Amount (or Class Notional Amount or
      Percentage Interest) of each Class of Certificates affected thereby, for the
      purpose of adding any provisions to or changing in any manner or eliminating
      any
      of the provisions of this Agreement or of modifying in any manner the rights
      of
      the Holders; provided, however, that no such amendment shall be made unless
      the
      Trustee receives an Opinion of Counsel addressed to the Trustee and the NIMS
      Insurer, at the expense of the party requesting the change, that such change
      will not cause an Adverse REMIC Event; and provided further, that no such
      amendment may (i) reduce in any manner the amount of, or delay the timing of,
      payments received on Mortgage Loans which are required to be distributed on
      any
      Certificate, without the consent of the Holder of such Certificate or (ii)
      reduce the aforesaid percentages of Class Principal Amount (or Percentage
      Interest) of Certificates of each Class, the Holders of which are required
      to
      consent to any such amendment without the consent of the Holders of 100% of
      the
      Class Principal Amount or Class Notional Amount (or Percentage Interest) of
      each
      Class of Certificates affected thereby. For purposes of this paragraph,
      references to “Holder” or “Holders” shall be deemed to include, in the case of
      any Class of Book-Entry Certificates, the related Certificate
      Owners.

     

    
      
        
        

      

      
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    (c) Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the NIMS
      Insurer, the Depositor, the Swap Counterparty and to the Rating
      Agencies.

     

    (d) It
      shall
      not be necessary for the consent of Holders under this Section 11.03 to approve
      the particular form of any proposed amendment, but it shall be sufficient if
      such consent shall approve the substance thereof. The manner of obtaining such
      consents and of evidencing the authorization of the execution thereof by Holders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe.

     

    (e) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in this Section with respect to
      amendment of this Agreement and (ii) except for a Permitted Servicing Amendment,
      any such amendment pursuant to Section 11.03(a)(iii) shall not be materially
      inconsistent with the provisions of such Servicing Agreement.

     

    (f) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer and the Trustee to
      the
      extent necessary, in the judgment of the Depositor and its counsel, to comply
      with the Rules, Regulation AB and any related rules and
      regulations.

     

    Section
      11.04 Voting
      Rights.

     

    Except
      to
      the extent that the consent of all affected Certificateholders is required
      pursuant to this Agreement, with respect to any provision of this Agreement
      requiring the consent of Certificateholders representing specified percentages
      of aggregate outstanding Certificate Principal Amount or Class Notional Amount
      (or Percentage Interest), Certificates owned by the Depositor, the Master
      Servicer, the Trustee, the Servicer or Affiliates thereof are not to be counted
      so long as such Certificates are owned by the Depositor, the Master Servicer,
      the Trustee, any Servicer or any Affiliate thereof.

     

    Section
      11.05 Provision
      of Information.

     

    (a) For
      so
      long as any of the Certificates of any series or Class are “restricted
      securities” within the meaning of Rule 144(a)(3) under the Act, each of the
      Depositor, the Master Servicer and the Trustee agree to cooperate with each
      other to provide to any Certificateholders, and to any prospective purchaser
      of
      Certificates designated by such holder, upon the request of such holder or
      prospective purchaser, any information required to be provided to such holder
      or
      prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
      under the Act. Any reasonable, out-of-pocket expenses incurred by the Trustee
      in
      providing such information shall be reimbursed by the Depositor.

     

    (b) The
      Trustee shall make available to any person to whom a Prospectus was delivered,
      upon the request of such person specifying the document or documents requested,
      (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
      10-K filed with the Commission pursuant to Section 6.20(c), (d) or (e) and
      (ii)
      a copy of any other document incorporated by reference in the Prospectus (to
      the
      extent that the Trustee has such documents in 

     

    
      
        
        

      

      
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    its
      possession or such documents are reasonably
      obtainable by the Trustee). Any reasonable out-of-pocket expenses incurred
      by
      the Trustee in providing copies of such documents shall be reimbursed by the
      Depositor.

     

    (c) On
      each
      Distribution Date, the Trustee shall make available on its website or otherwise
      deliver to the Depositor a copy of the report delivered to Certificateholders
      pursuant to Section 4.03.

     

    Section
      11.06 Governing
      Law.

     

    THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    Section
      11.07 Notices.

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given when received by (a) in the case of the
      Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 7th
      Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2007-20N,
      (b)
      in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh Avenue,
      7th Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2007-20N,
      (c) in the case of the Trustee, U.S. Bank National Association, One Federal
      Street, Boston, M.A. 02110, Attention: Corporate Trust Services, (d) in the
      case
      of the NIMS Insurer, if any, as set forth in the Indenture, (e) in the case
      of
      the Swap Counterparty and Cap Provider, at the address therefore set forth
      in
      the Swap Agreement and the Interest Rate Cap Agreement, respectively, and (f)
      in
      the case of the Master Servicer, Aurora Loan Services LLC, 10350 Park Meadows
      Drive, Littleton, Colorado 80124; Attention: Master Servicing, LXS 2007-20N.
      All
      demands, notices and communications to a party hereunder shall be in writing
      and
      shall be deemed to have been duly given when delivered to such party at the
      relevant address, facsimile number or electronic mail address set forth above
      or
      at such other address, facsimile number or electronic mail address as such
      party
      may designate from time to time by written notice in accordance with this
      Section 11.07.

     

    Section
      11.08 Severability
      of Provisions.

     

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

     

    Section
      11.09 Indulgences;
      No Waivers.

     

    Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or 

     

    
      
        
        

      

      
        165

        
          

        

      

      
        
        

      

    

     

    partial
      exercise of any right, remedy, power or
      privilege preclude any other or further exercise of the same or of any other
      right, remedy, power or privilege, nor shall any waiver of any right, remedy,
      power or privilege with respect to any occurrence be construed as a waiver
      of
      such right, remedy, power or privilege with respect to any other occurrence.
      No
      waiver shall be effective unless it is in writing and is signed by the party
      asserted to have granted such waiver.

     

    Section
      11.10 Headings
      Not To Affect Interpretation.

     

    The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    Section
      11.11 Benefits
      of Agreement.

     

    Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder,
      the Swap Counterparty and its successors and assigns under the Swap Agreement,
      the Holders of the Certificates, any benefit or any legal or equitable right,
      power, remedy or claim under this Agreement, except to the extent specified
      in
      Section 5.08 and Section 11.16.

     

    Section
      11.12 Special
      Notices to the Rating Agencies, the Swap Counterparty and NIMS
      Insurer.

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies, the Swap Counterparty
      and the NIMS Insurer of the occurrence of any of the following events of which
      it has notice:

     

    (i) any
      amendment to this Agreement pursuant to Section 11.03;

     

    (ii) any
      Assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

     

    (iii) the
      occurrence of any Event of Default described in Section 6.14;

     

    (iv) any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

     

    (v) the
      appointment of any successor to any Master Servicer pursuant to Section
      6.14;

     

    (vi) the
      making of a final payment pursuant to Section 7.02; and

     

    (vii) any
      termination of the rights and obligations of any Servicer under any Servicing
      Agreement.

     

    (b) All
      notices to the Rating Agencies provided for this Section shall be in writing
      and
      sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      Fitch, to:

     

    
      
        
        

      

      
        166

        
          

        

      

      
        
        

      

    

     

    Fitch
      Ratings

    One
      State
      Street Plaza, 30th Floor

    New
      York,
      NY 10004

    Attention:
      Residential Mortgages

    

    If
      to
      S&P, to:

     

    Standard
      & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
      Inc.

    55
      Water
      Street

    New
      York,
      New York 10014

    Attention:
      Residential Mortgages

     

    (c) The
      Trustee shall provide or make available to the Rating Agencies and the NIMS
      Insurer reports prepared pursuant to Section 4.03. In addition, the Trustee
      shall, at the expense of the Trust Fund, make available to each Rating Agency
      such information as such Rating Agency may reasonably request regarding the
      Certificates or the Trust Fund, to the extent that such information is
      reasonably available to the Trustee.

     

    Section
      11.13 Conflicts.

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, such Servicing Agreement shall govern unless such provisions shall
      adversely affect the Trustee, the Trust Fund or the status of any REMIC created
      hereunder as a REMIC, provided that nothing in this Section 11.13 shall be
      construed to limit the rights or obligations of the Master Servicer under
      Section 9.05 of this Agreement.

     

    Section
      11.14 Counterparts.

     

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

     

    Section
      11.15 Transfer
      of Servicing.

     

    The
      Seller agrees that it shall provide written notice to the Master Servicer,
      the
      NIMS Insurer and the Trustee thirty days prior to any proposed transfer or
      assignment by the Seller of its rights under any Servicing Agreement or of
      the
      servicing thereunder from time to time with respect to any Mortgage Loan or
      group of Mortgage Loans, or delegation of its rights or duties thereunder or
      any
      portion thereof to any other Person other than the initial Servicer under such
      Servicing Agreement; provided, however, that the Seller shall not be required
      to
      provide prior notice of any transfer of servicing that occurs within three
      months following the Closing Date to an entity that is a Servicer on the Closing
      Date. In addition, the ability of the Seller to transfer or assign its rights
      and delegate its duties under a Servicing Agreement or to transfer the servicing
      thereunder, from time to time with respect to any Mortgage Loan or group of
      Mortgage Loans, to a successor servicer shall be subject to the following
      conditions:

     

    (i) Satisfaction
      of the conditions to such transfer as set forth in the Servicing Agreement
      including, without limitation, receipt of written consent of the Master Servicer
      to such transfer;

     

    
      
        
        

      

      
        167

        
          

        

      

      
        
        

      

    

     

    (ii) Receipt
      of the written consent of the NIMS Insurer, such consent not to be unreasonably
      withheld;

     

    (iii) Such
      successor servicer must be qualified to service loans for Fannie Mae or Freddie
      Mac, and must be a member in good standing of MERS;

     

    (iv) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement, exclusive of any experience in mortgage loan
      origination and must be reasonably acceptable to the Master Servicer, whose
      approval shall not be unreasonably withheld;

     

    (v) Such
      successor servicer must execute and deliver to the Trustee and the Master
      Servicer an agreement, in form and substance reasonably satisfactory to the
      Trustee and the Master Servicer, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the applicable Servicer under the
      related Servicing Agreement or such successor servicer shall execute and deliver
      to the Trustee and Master Servicer a servicing agreement which contains
      customary and reasonable servicing provisions and which will not cause either
      Rating Agency to qualify, withdraw or downgrade the then-current rating of
      any
      of the Certificates or, (i) in the case of a transfer of servicing to a party
      that is already a Servicer pursuant to this Agreement, an agreement to add
      the
      related Mortgage Loans to the Servicing Agreement already in effect with such
      Servicer and (ii) in the case of a transfer of servicing to a Special Servicer
      pursuant to Section 9.32 herein, a special servicing agreement in the form
      of
      that attached to the applicable Servicing Agreement;

     

    (vi) If
      the
      successor servicer is not a Servicer of Mortgage Loans at the time of the
      transfer, there must be delivered to the Trustee and the Master Servicer a
      letter from each Rating Agency to the effect that such transfer of servicing
      will not result in a qualification, withdrawal or downgrade of the then-current
      rating of any of the Certificates; and

     

    (vii) The
      Seller shall, at its cost and expense, take such steps, or cause the
      transferring Servicer to take such steps, as may be necessary or appropriate
      to
      effectuate and evidence the transfer of the servicing of the specified Mortgage
      Loans to such successor or replacement servicer, including, but not limited
      to,
      the following: (A) to the extent required by the terms of the Mortgage Loans
      and
      by applicable federal and state laws and regulations, the Seller shall cause
      the
      prior Servicer to timely mail to each obligor under a Mortgage Loan any required
      notices or disclosures describing the transfer of servicing of the Mortgage
      Loans to the successor or replacement servicer; (B) prior to the effective
      date
      of such transfer of servicing, the Seller shall cause the prior Servicer to
      transmit to any related insurer notification of such transfer of servicing;
      (C)
      on or prior to the effective date of such transfer of servicing, the Seller
      shall cause the prior Servicer to deliver to the successor or replacement
      servicer all Mortgage Loan Documents and any related records or materials;
      (D)
      on or prior to the effective date of such transfer of servicing, the Seller
      shall cause the prior Servicer to transfer to the successor or replacement
      servicer, or, if such transfer occurs after a Servicer Remittance Date but
      before the next succeeding Deposit Date, to the Trustee, all funds held by
      the
      prior Servicer in respect of the Mortgage Loans; (E) on or prior to the
      effective date of such transfer of servicing, the Seller shall cause the prior
      Servicer to, after the effective date of the transfer of servicing to the

     

    
      
        
        

      

      
        168

        
          

        

      

      
        
        

      

    

     

    successor
      or replacement servicer, continue to forward
      to such successor or replacement servicer, within one Business Day of receipt,
      the amount of any payments or other recoveries received by the prior Servicer,
      and to notify the successor or replacement servicer of the source and proper
      application of each such payment or recovery; and (F) the Seller shall cause
      the
      prior Servicer to, after the effective date of transfer of servicing to the
      successor or replacement servicer, continue to cooperate with the successor
      or
      replacement servicer to facilitate such transfer in such manner and to such
      extent as the successor or replacement servicer may reasonably request.
      Notwithstanding the foregoing, the prior Servicer shall be obligated to perform
      the items listed above to the extent provided in the applicable Servicing
      Agreement.

     

    Section
      11.16 Third
      Party Rights.

     

    The
      NIMS
      Insurer shall be deemed a third-party beneficiary of this Agreement to the
      same
      extent as if it were a party hereto, and shall have the right to enforce the
      provisions of this Agreement.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

     

    
      
        
        

      

      
        169

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer have caused
      their names to be signed hereto by their respective officers hereunto duly
      authorized as of the day and year first above written.

    
      	 	 	 
	 	
              STRUCTURED
                ASSET SECURITIES 

              CORPORATION,
                as Depositor

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:
                Michael C. Hitzmann

              Title:
                Senior Vice President

            

    

     

    
      
        	 	 	 
	 	
                
                  U.S.
                    BANK NATIONAL ASSOCIATION,

                  not
                    in its individual capacity, but solely

                  as
                    Trustee

                

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                

                
                  Name:
                    

                  Title:
                    

                

              

      

    
      	 	 	 
	 	
              
                
                  AURORA
                    LOAN SERVICES LLC,

                  as
                    Master Servicer

                

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              
                Name:
                  

                Title:
                  

              

            

    

     

     

    Accepted
      and agreed to by:

     

    LEHMAN
      BROTHERS HOLDINGS INC.

     

     

    By:  

    
      

    

    Name:
      

    Title:
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    [INTENTIONALLY
      OMITTED]

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    
      	
            	Date	
               

            

    

     

    U.S.
      Bank
      National Association

    1
      Federal
      Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-20N

     

    [NIMS
      Insurer, if applicable]

    

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of November 1, 2007 (the “Trust Agreement”), by and
                  among Structured Asset Securities Corporation, as Depositor, Aurora
                  Loan
                  Services LLC, as Master Servicer and U.S. Bank National Association,
                  as
                  Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                  Certificates, Series 2007-20N

              

      

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian, hereby certifies that it has
      received the documents listed in Section 2.01(b) of the Trust Agreement for
      each
      Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
      Trust Agreement, subject to any exceptions noted on Schedule I
      hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

    
      	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	
            	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

     

    FORM
      OF
      INTERIM CERTIFICATION

    
       

      
        	
              	Date	
                 

              

      

    

     

    U.S.
      Bank
      National Association

    1
      Federal
      Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-20N

     

    [NIMS
      Insurer, if applicable]

    

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of November 1, 2007 (the “Trust Agreement”), by and
                  among Structured Asset Securities Corporation, as Depositor, Aurora
                  Loan
                  Services LLC, as Master Servicer and U.S. Bank National Association,
                  as
                  Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                  Certificates, Series 2007-20N

              

      

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
      I
      hereto) it (or its custodian) has received the applicable documents listed
      in
      Section 2.01(b) of the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears regular on its
      face
      and appears to relate to the Mortgage Loan identified in such
      document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement including, but not limited to, Section
      2.02(b).

    
      
        	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	
              	By:  	 
	 	
                
Name:
	 	Title:

      

       

    

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION

    
      
         

        
          	
                	Date	
                   

                

        

      

    

     

    U.S.
      Bank
      National Association

    1
      Federal
      Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-20N

     

    [NIMS
      Insurer, if applicable]

    

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of November 1, 2007 (the “Trust Agreement”), by and
                  among Structured Asset Securities Corporation, as Depositor, Aurora
                  Loan
                  Services LLC, as Master Servicer and U.S. Bank National Association,
                  as
                  Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                  Certificates, Series 2007-20N

              

      

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears to be complete
      and,
      based on an examination of such documents, the information set forth in items
      (i) through (vi) of the Mortgage Loan Schedule is correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement.

    
      
         

        
          	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	
                	By:  	 
	 	
                  
Name:
	 	Title:

        

      

    

     

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of U.S. Bank National Association, as trustee (the “Trustee”), under a
      Trust Agreement dated as of November 1, 2007, among Structured Asset Securities
      Corporation, as depositor, Aurora Loan Services LLC, as master servicer, and
      the
      Trustee, relating to Lehman XS Trust Mortgage Pass-Through Certificates, Series
      2007-20N, without recourse.

    
      	 	 	 
	 	
               

              
                

              

              [current signatory on note]

            
	 
 	 
 	 
 
	
            	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

    
      
        
           

          
            	
                  	Date	
                     

                  

          

        

      

    

    

    [Addressed
      to Trustee

    or,
      if
      applicable, Custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of November 1, 2007 by and among Structured
      Asset Securities Corporation, as Depositor, U.S. Bank National Association,
      as
      Trustee, and Aurora Loan Services LLC, as Master Servicer (the “Trust
      Agreement”), the undersigned Servicer hereby requests a release of the Mortgage
      File held by you as Trustee with respect to the following described Mortgage
      Loan for the reason indicated below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    1. Mortgage
      Loan paid in full. (The Servicer hereby certifies that all amounts received
      in
      connection with the loan have been or will be credited to the Certificate
      Account pursuant to the Trust Agreement.)

     

    2. The
      Mortgage Loan is being foreclosed.

     

    3. Mortgage
      Loan substituted. (The Servicer hereby certifies that a Qualifying Substitute
      Mortgage Loan has been assigned and delivered to you along with the related
      Mortgage File pursuant to the Trust Agreement.)

     

    4. Mortgage
      Loan repurchased. (The Servicer hereby certifies that the applicable Purchase
      Price has been credited to the Certificate Account pursuant to the Trust
      Agreement.)

     

    5. Other.
      (Describe)

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

    
      	 	 	 
	 	
               

              
                

              

              [Name
                of Servicer]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title:
              Servicing Officer

    

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-1

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

     

    
      	STATE
              OF	
              )

            

    

    
      	 	) ss.:

    

    
      	COUNTY OF	)

    

     

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

     

    
      	 	
              1.

            	
              That
                he [she] is [title of officer] ________________________ of [name
                of
                Purchaser] _________________________________________ (the “Purchaser”), a
                _______________________ [description of type of entity] duly organized
                and
                existing under the laws of the [State of __________] [United States],
                on
                behalf of which he [she] makes this
                affidavit.

            

    

     

    
      	 	
              2.

            	
              That
                the Purchaser’s Taxpayer Identification Number is [  
].

            

    

     

    
      	 	
              3.

            	
              That
                the Purchaser is not a “disqualified organization” within the meaning of
                Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                (the
                “Code”) and will not be a “disqualified organization” as of [date of
                transfer], and that the Purchaser is not acquiring a Residual Certificate
                (as defined in the Agreement) for the account of, or as agent (including
                a
                broker, nominee, or other middleman) for, any person or entity from
                which
                it has not received an affidavit substantially in the form of this
                affidavit. For these purposes, a “disqualified organization” means the
                United States, any state or political subdivision thereof, any foreign
                government, any international organization, any agency or instrumentality
                of any of the foregoing (other than an instrumentality if all of
                its
                activities are subject to tax and a majority of its board of directors
                is
                not selected by such governmental entity), any cooperative organization
                furnishing electric energy or providing telephone service to persons
                in
                rural areas as described in Code Section 1381(a)(2)(C), any “electing
                large partnership” within the meaning of Section 775 of the Code, or any
                organization (other than a farmers’ cooperative described in Code Section
                521) that is exempt from federal income tax unless such organization
                is
                subject to the tax on unrelated business income imposed by Code Section
                511.

            

    

     

    
      	 	
              4.

            	
              That
                the Purchaser is not, and on _______________ [date of transfer] will
                not
                be, an employee benefit plan or other arrangement subject to Title
                I of
                the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
                a plan subject to Section 4975 of the Internal Revenue Code of 1986,
                as
                amended (the “Code”) or a plan subject to any provisions under any
                federal, state, local, non-U.S. or other laws or regulations that
                are
                substantively similar to the foregoing provisions of ERISA or the
                Code
                (collectively, a “Plan”), and is not directly or indirectly acquiring a
                Residual Certificate for, on behalf of or with any assets of any
                such
                Plan.

            

    

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              5.

            	
              That
                the Purchaser hereby acknowledges that under the terms of the Trust
                Agreement (the “Agreement”) by and among Structured Asset Securities
                Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer,
                and U.S. Bank National Association, as Trustee, dated as of November
                1,
                2007, relating to Lehman XS Trust Mortgage Pass-Through Certificates,
                Series 2007-20N, no transfer of the Residual Certificates shall be
                permitted to be made to any person unless the Depositor and Trustee
                have
                received a certificate from such transferee containing the representations
                in paragraphs 3 and 4 hereof.

            

    

     

    
      	 	
              6.

            	
              That
                the Purchaser does not hold REMIC residual securities as nominee
                to
                facilitate the clearance and settlement of such securities through
                electronic book entry changes in accounts of participating organizations
                (such entity, a “Book-Entry
                Nominee”).

            

    

     

    
      	 	
              7.

            	
              That
                the Purchaser does not have the intention to impede the assessment
                or
                collection of any federal, state or local taxes legally required
                to be
                paid with respect to such Residual Certificate, and that the Purchaser
                has
                provided financial statements or other financial information requested
                by
                the transferor in connection with the transfer of the Residual Certificate
                in order to permit the transferor to assess the financial capability
                of
                the Purchaser to pay such taxes.

            

    

     

    
      	 	
              8.

            	
              That
                the Purchaser will not transfer a Residual Certificate to any person
                or
                entity (i) as to which the Purchaser has actual knowledge that the
                requirements set forth in paragraph 3, paragraph 6 or paragraph 10
                hereof
                are not satisfied or that the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Trustee a written statement substantially
                in the form of Exhibit D-2 to the
                Agreement.

            

    

     

    
      	 	
              9.

            	
              That
                the Purchaser understands that, as the holder of a Residual Certificate,
                the Purchaser may incur tax liabilities in excess of any cash flows
                generated by the interest and that it intends to pay taxes associated
                with
                holding such Residual Certificate as they become
                due.

            

    

     

    
      	 	
              10.

            	
              That
                the Purchaser (i) is not a Non U.S. Person or (ii) is a Non U.S.
                Person
                that holds a Residual Certificate in connection with the conduct
                of a
                trade or business within the United States and has furnished the
                transferor and the Trustee with an effective Internal Revenue Service
                Form
                W-8ECI (Certificate of Foreign Person’s Claim for Exemption From
                Withholding on Income Effectively Connected With the Conduct of a
                Trade or
                Business in the United States) or successor form at the time and
                in the
                manner required by the Code or (iii) is a Non U.S. Person that has
                delivered to both the transferor and the Trustee an opinion of a
                nationally recognized tax counsel to the effect that the transfer
                of such
                Residual Certificate to it is in accordance with the requirements
                of the
                Code and the regulations promulgated thereunder and that such transfer
                of
                a Residual Certificate will not be disregarded for federal income
                tax
                purposes. “Non U.S. Person” means an individual, corporation, partnership
                or other person other than (i) a citizen or

            

    

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

     

    resident
      of the United States; (ii) a corporation,
      partnership or other entity created or organized in or under the laws of the
      United States or any state thereof, including for this purpose, the District
      of
      Columbia; (iii) an estate that is subject to U.S. federal income tax regardless
      of the source of its income; (iv) a trust if a court within the United States
      is
      able to exercise primary supervision over the administration of the trust and
      one or more United States trustees have authority to control all substantial
      decisions of the trust; and, (v) to the extent provided in Treasury regulations,
      certain trusts in existence on August 20, 1996 that are treated as United States
      persons prior to such date and elect to continue to be treated as United States
      persons.

     

    
      	 	
              11.

            	
              That
                the Purchaser agrees to such amendments of the Trust Agreement as
                may be
                required to further effectuate the restrictions on transfer of any
                Residual Certificate to such a “disqualified organization,” an agent
                thereof, a Book Entry Nominee, or a person that does not satisfy
                the
                requirements of paragraph 7 and paragraph 10
                hereof.

            

    

     

    
      	 	
              12.

            	
              That
                the Purchaser consents to the designation of the Trustee as its agent
                to
                act as “tax matters person” of the Trust Fund pursuant to the Trust
                Agreement.

            

    

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

    
      	
            	 	 
	 	
               

              
                
                  

                

                [name
                  of Purchaser]

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title:
              

    

    

    Personally
      appeared before me the above named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

     

    ________________________________________________________________________________________________

     

    COUNTY
      OF
      _____________________

     

    STATE
      OF
      ______________________

     

    My
      commission expires the _____ day of __________, 20__.

     

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

     

    RESIDUAL
      CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    
      	
            	 	 
	 	
              
                
                  

                

                Date

              

            

    

     

    
      	 	
              Re:

            	
              Lehman
                XS Trust

              
                Mortgage
                  Pass-Through Certificates, Series
                  2007-20N

              

            

    

     

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 7 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

    
      	 	 	 	 
	 	 	 	Very
              truly
              yours,
	
            	 	 	
               

               

            
	
            	 	 	
              

              Name:

            
	
            	 	 	Title:

    

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      E

     

    SERVICING
      AGREEMENTS

     

    Reconstituted
      Servicing Agreement, dated as of November 1, 2007, by and between the Seller
      and
      Countrywide Home Loans Servicing LP 

     

    [INTENTIONALLY
      OMITTED]

     

    Servicing
      Agreement, dated as of November 1, 2007, by and between the Seller and Aurora
      Loan Services LLC

     

    [SEE
      EXHIBIT 99.2]

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    
      	 	
              Re:

            	
              Lehman
                XS Trust

              
                Mortgage
                  Pass Through Certificates, Series
                  2007-20N

              

            

    

     

    Reference
      is hereby made to the Trust Agreement dated as of November 1, 2007 (the “Trust
      Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee. Capitalized terms used but not defined herein shall
      have the meanings given to them in the Trust Agreement.

     

    This
      letter relates to $__________ initial Certificate Balance of Class Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
      (the “Transferor”). The Transferor has requested a transfer of such Definitive
      Certificates for Definitive Certificates of such Class registered in the name
      of
      [insert name of transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the Act to a purchaser that the
      Transferor reasonably believes is a “qualified institutional buyer” within the
      meaning of Rule 144A purchasing for its own account or for the account of a
      “qualified institutional buyer,” which purchaser is aware that the sale to it is
      being made in reliance upon Rule 144A, in a transaction meeting the requirements
      of Rule 144A and in accordance with any applicable securities laws of any state
      of the United States or any other applicable jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Depositor.

     

    
      	 	 	 
	 	
              
                

              

              [Name of Transferor]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title: 

    

     

    Dated:
      ___________, ____

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

    
      
        
          
             

            
              	
                    	Date	
                       

                    

            

             

          

        

      

    

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Lehman XS Trust Mortgage Pass Through Certificates, Series 2007-20N (the
“Privately Offered Certificates”) of the Structured Asset Securities Corporation
      (the “Depositor”), we confirm that:

     

    
      	 	
              (1)

            	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities Act”), and may not be sold except as permitted in the
                following sentence. We agree, on our own behalf and on behalf of
                any
                accounts for which we are acting as hereinafter stated, that if we
                should
                sell any Privately Offered Certificates within two years of the later
                of
                the date of original issuance of the Privately Offered Certificates
                or the
                last day on which such Privately Offered Certificates are owned by
                the
                Depositor or any Affiliate of the Depositor we will do so only (A)
                to the
                Depositor, (B) to “qualified institutional buyers” (within the meaning of
                Rule 144A under the Securities Act) in accordance with Rule 144A
                under the
                Securities Act (“QIBs”), (C) pursuant to the exemption from registration
                provided by Rule 144 under the Securities Act, or (D) to an institutional
                “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
                (7) of Regulation D under the Securities Act that is not a QIB (an
                “Institutional Accredited Investor”) which, prior to such transfer,
                delivers to the Trustee under the Trust Agreement dated as of November
                1,
                2007 by and among the Depositor, Aurora Loan Services LLC, as Master
                Servicer, and U.S. Bank National Association, as Trustee (the “Trustee”),
                a signed letter in the form of this letter; and we further agree,
                in the
                capacities stated above, to provide to any person purchasing any
                of the
                Privately Offered Certificates from us a notice advising such purchaser
                that resales of the Privately Offered Certificates are restricted
                as
                stated herein.

            

    

     

    
      	 	
              (2)

            	
              We
                understand that, in connection with any proposed resale of any Privately
                Offered Certificates to an Institutional Accredited Investor, we
                will be
                required to furnish to the Trustee and the Depositor a certification
                from
                such transferee in the form hereof to confirm that the proposed sale
                is
                being made pursuant to an exemption from, or in a transaction not
                subject
                to, the registration requirements of the Securities Act. We further
                understand that the Privately Offered Certificates purchased by us
                will
                bear a legend to the foregoing
                effect.

            

    

     

    
      	 	
              (3)

            	
              We
                are acquiring the Privately Offered Certificates for investment purposes
                and not with a view to, or for offer or sale in connection with,
                any
                distribution in 

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

    violation
      of the Securities Act. We have such knowledge
      and experience in financial and business matters as to be capable of evaluating
      the merits and risks of our investment in the Privately Offered Certificates,
      and we and any account for which we are acting are each able to bear the
      economic risk of such investment.

     

    
      	 	
              (4)

            	
              We
                are an Institutional Accredited Investor and we are acquiring the
                Privately Offered Certificates purchased by us for our own account
                or for
                one or more accounts (each of which is an Institutional Accredited
                Investor) as to each of which we exercise sole investment
                discretion.

            

    

     

    
      	 	
              (5)

            	
              We
                have received such information as we deem necessary in order to make
                our
                investment decision.

            

    

     

    
      	 	
              (6)

            	
              If
                we are acquiring an ERISA-Restricted Certificate, we are not a Plan
                and we
                are not acquiring the ERISA-Restricted Certificate for, on behalf
                of or
                with any assets of a Plan, except as may be permitted pursuant to
                Section
                3.03(d) of the Trust Agreement.

            

    

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    You
      and
      the Depositor are entitled to rely upon this letter and are irrevocably
      authorized to produce this letter or a copy hereof to any interested party
      in
      any administrative or legal proceeding or official inquiry with respect to
      the
      matters covered hereby.

    
      
        	 	 	 
	 	Very truly yours,
	 	 	 
	 	 	 
	 	
                
                  

                

                [Purchaser]

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                
Name:
	 	Title: 

      

    

     

    
      
        
        

      

      
        G-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

     

    
      
        	STATE
                OF NEW YORK	
                )

              

        	 	) ss.:

        	COUNTY OF NEW
                YORK 	)

      

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is the ______________________ of (the “Investor”), a [corporation
      duly organized] and existing under the laws of __________, on behalf of which
      he
      makes this affidavit.

     

    2. The
      Investor in an ERISA-Restricted Certificate (A) is not, and on _______________
      [date of transfer] will not be, an employee benefit plan or arrangement subject
      to Title I of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”), a plan subject to Section 4975 of the Internal Revenue Code of 1986,
      as amended (the “Code”) or a plan subject to any provisions under any federal,
      state, local, non-U.S. or other laws or regulations that are substantively
      similar to the foregoing provisions of ERISA or the Code (“Similar Law”)
      (collectively, a “Plan”), and is not directly or indirectly acquiring the
      Certificate for, on behalf of or with any assets of any such Plan, (B) if the
      Certificate has been the subject of an ERISA-Qualifying Underwriting, is an
      insurance company that is acquiring the Certificate with assets of an “insurance
      company general account” as defined in Section V(E) of Prohibited Transaction
      Class Exemption (“PTCE”) 95-60 and the acquisition and holding of the
      Certificate are covered and exempt under Sections I and III of PTCE 95-60,
      or
      (C) solely in the case of a Definitive Certificate, shall herewith deliver
      an
      Opinion of Counsel satisfactory to the Certificate Registrar, the Trustee and
      the Depositor, and upon which the Trustee, the Certificate Registrar and the
      Depositor shall be entitled to rely, to the effect that the acquisition and
      holding of such Certificate by the Investor will not result in a nonexempt
      prohibited transaction under Title I of ERISA or Section 4975 of the Code,
      or a
      violation of Similar Law, and will not subject the Trustee, the Master Servicer,
      the Certificate Registrar, any Servicer or the Depositor to any obligation
      in
      addition to those undertaken by such entities in the Trust Agreement, which
      Opinion of Counsel shall not be an expense of the Trustee, the Master Servicer,
      the Certificate Registrar, any Servicer or the Depositor.

     

    3. Either
      (A) the investor in a Certificate other than ERISA-Restricted Certificates,
      Class R Certificates and Class AX Certificates is not, and is not acting for,
      on
      behalf of or with any assets of, an employee benefit plan or other arrangement
      subject to Title I of ERISA or plan subject to Section 4975 of the Code, or
      (B)
      until the termination of the Swap Agreement, the acquisition and holding of
      the
      Certificate will not constitute or result in a non-exempt prohibited transaction
      under Title I of ERISA or Section 4975 of the Code. 

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20___.

    
       

      
        	 	 	 
	 	
                
                  

                

                [Investor]

              
	 
 	 
 	 
 
	
              	By:  	
              
	 	
                
Name:
	 	Title: 

      

       

    

    ATTEST:

     

    ________________________________________________________________________________________________

    
       

      
        	STATE
                OF	
                )

              

      

      
        	 	) ss.:

      

      
        	COUNTY OF	)

      

       

    

    Personally
      appeared before me the above-named ________________, known or proved to me
      to be
      the same person who executed the foregoing instrument and to be the
      ____________________ of the Investor, and acknowledged that he executed the
      same
      as his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of _________ 20___.

    
      
         

        
          	 	 	 
	 	
                  
                    

                  

                  NOTARY PUBLIC

                
	 	 
	 
 	
                  My
                    commission expires the

                  _____
                    day of __________, 20___.

                

        

         

        
          
            
            

          

          
            H-2

            
              

            

          

          
            
            

          

        

      

    

    EXHIBIT
      I

     

    [RESERVED]

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    [RESERVED]

     

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENTS

     

    1. Custodial
      Agreement, dated as of November 1, 2007, by and among Deutsche Bank National
      Trust Company, as Custodian, and U.S. Bank National Association, as
      Trustee.

     

    2. Custodial
      Agreement, dated as of November 1, 2007, by and among U.S. Bank National
      Association, as Custodian, and U.S. Bank National Association, as
      Trustee.

     

    3. Custodial
      Agreement, dated as of November 1, 2007, by and among LaSalle Bank National
      Association, as Custodian, and U.S. Bank National Association, as
      Trustee

     

    [INTENTIONALLY
      OMITTED].

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      L

     

    [RESERVED]

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    [RESERVED]

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    FORM
      OF
      SWAP AGREEMENT

     

    [SEE
      EXHIBIT 99.4]

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    FORM
      OF
      INTEREST RATE CAP AGREEMENT

     

    [SEE
      EXHIBIT 99.5]

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P

     

    [RESERVED]

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

    

      EXHIBIT
        Q-1

       

      ADDITIONAL
        FORM 10-D DISCLOSURE

       

      
        	
                Item
                  on Form 10-D

              	
                Party
                  Responsible

              
	
                Item
                  1: Distribution and Pool Performance Information

                Any
                  information required by 1121 which is NOT included on the Distribution
                  Date Statement

              	
                Master
                  Servicer (as to any Servicer, to the extent provided by such
                  Servicer),

                Trustee
                  (if Paying Agent), Paying Agent and Depositor (to the extent of
                  any
                  additional information that has not already been provided by the
                  Master
                  Servicer)

              
	
                Item
                  2: Legal Proceedings

                per
                  Item 1117 of Reg AB

              	
                (i)
                  All parties to the Trust Agreement (as to themselves), (ii) the
                  Trustee as
                  to the issuing entity, (iii) the Depositor as to the sponsor, any
                  1110(b)
                  originator, any 1100(d)(1) party and (iv) the Master Servicer,
                  as to any
                  Servicer, to the extent provided by such Servicer

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

              	
                Depositor

              
	
                Item
                  4: Defaults Upon Senior Securities

              	
                Trustee

              
	
                Item
                  5: Submission of Matters to a Vote of Security Holders

              	
                Trustee

              
	
                Item
                  6: Significant Obligors of Pool Assets

              	
                Depositor

              
	
                Item
                  7: Significant Enhancement Provider Information

              	
                Depositor

              
	
                Item
                  8: Other Information

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  9: Exhibits

              	
                Depositor
                  

              

      

      

      

       

      
        
          
          

        

        
          Q-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q-2

       

      ADDITIONAL
        FORM 10-K DISCLOSURE

       

      
        	
                Item
                  on Form 10-K

              	
                Party
                  Responsible

              
	
                Item
                  1B: Unresolved Staff Comments

              	
                Depositor

              
	
                Item
                  9B: Other Information

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Depositor,
                  Servicer, Master Servicer, Subservicer

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1117 of Reg AB

              	
                (i)
                  All parties to the Trust Agreement (as to themselves), (ii) the
                  Trustee
                  and Depositor as to the issuing entity, (iii) the Depositor as
                  to the
                  sponsor, any 1110(b) originator, any 1100(d)(1) party and (iv)
                  the Master
                  Servicer, as to any Servicer, to the extent provided by such
                  Servicer

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1119 of Reg AB

              	
                (i)
                  All parties to the Trust Agreement as to themselves, (ii) the Depositor
                  as
                  to the sponsor, originator, significant obligor, enhancement or
                  support
                  provider and (iii) the Master Servicer, as to any Servicer, to
                  the extent
                  provided by such Servicer

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1112(b) of Reg AB

              	
                Depositor

              
	
                Additional
                  Item:

                Disclosure
                  per Items 1114(b) and 1115(b) of Reg AB

              	
                Depositor

              

      

      

      

       

      
        
          
          

        

        
          Q-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q-3

       

      ADDITIONAL
        FORM 8-K DISCLOSURE

       

      
        	
                Item
                  on Form 8-K

              	
                Party
                  Responsible

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

              	
                Any
                  party to the Trust Agreement which is a party to such
                  agreement

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

              	
                Any
                  party to the Trust Agreement which is a party to such
                  agreement

              
	
                Item
                  1.03- Bankruptcy or Receivership

              	
                Depositor

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

              	
                Depositor

              
	
                Item
                  3.03- Material Modification to Rights of Security Holders

              	
                Trustee
                  and Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Trustee

              	
                Master
                  Servicer (as to itself and as to any Servicer, to the extent provided
                  by
                  such Servicer), Trustee (as to itself), Seller

              
	
                Item
                  6.03- Change in Credit Enhancement or External Support

              	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Trustee

              
	
                Item
                  6.05- Securities Act Updating Disclosure

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                Depositor

              
	
                Item
                  8.01

              	
                Depositor

              
	
                Item
                  9.01

              	
                Depositor

              

      

      

      
        
          
          

        

        
          Q-3-1

          
            

          

        

        
          
          

        

      

    

    EXHIBIT
      Q-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    U.S.
      Bank
      National Association,

    as
      Trustee to Lehman XS Trust Mortgage

    Pass-Through
      Certificates, Series 2007-20N

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

     

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [  ] of the Trust Agreement,
      dated
      as of November 1, 2007, by and among Structured Asset Securities Corporation,
      as
      Depositor, Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee, the undersigned, as [ ], hereby notifies you that
      certain events have come to our attention that [will] [may] need to be disclosed
      on Form [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

    Any
      inquiries related to this notification should be directed to
      [             ],
      phone number:
      [               ];
      email address:
      [              ].

    
      	 	 	 
	 	
              [NAME
                OF PARTY],

              as
                [role]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title: 

    

     

    
      
        
        

      

      
        Q-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

     

    Key:
      X
      -
      obligation

     

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Trust Agreement dated as of November 1, 2007
      (the “Trust Agreement”), by and among U.S. Bank National Association, (the
“Trustee”), Aurora Loan Services LLC, as master servicer (the “Master
      Servicer”), and Structured Asset Securities Corporation, as depositor (the
“Depositor”).

    

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	 	
                General Servicing
                   Considerations

              	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 	 	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                If
                  applicable for the transaction participant

              	
                If
                  applicable for the transaction participant

              	
                If
                  applicable for the transaction participant

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained.

              	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	 	 	
                X

              
	 	
                Cash Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	 	
                X

              

      

       

      
        
          
          

        

        
          R-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              	 	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	 	 	
                X

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	 	 	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              	 	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              	 	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the
                  Servicer.

              	 	
                X

              	
                X

              

      

       

      
        
          
          

        

        
          R-2

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	 	
                X

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	 	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              	 	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents.

              	 	 	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements

              	 	 	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 	
                X

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents.

              	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 	 	 

      

       

      
        
          
          

        

        
          R-3

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 	 	
                X

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	 	 	
                X

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents.

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements.

              	 	 	 

      

       

      
        
          
          

        

        
          R-4

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  Agent

                (including
                  the Trustee if acting as Paying Agent)

              	
                Trustee

              	
                Master
                  Servicer

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 	 	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 	 	
                X

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 	
                X

              	 

      

    

     

    
      
        
        

      

      
        R-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

     

    TRANSACTION
      PARTIES

     

    SPONSOR
      AND SELLER: LEHMAN BROTHERS HOLDINGS INC.

     

    DEPOSITOR:
      STRUCTURED ASSET SECURITIES CORPORATION

     

    TRUSTEE:
      U.S. BANK NATIONAL ASSOCIATION

     

    MASTER
      SERVICER: AURORA LOAN SERVICES LLC

     

    SERVICERS:
      COUNTRYWIDE HOME LOANS SERVICING LP AND AURORA LOAN SERVICES LLC

     

    TRANSFERORS:
      AMERICAN HOME MORTGAGE CORP., COUNTRYWIDE HOME LOANS, INC., GREENPOINT MORTGAGE
      FUNDING, INC., QUICKEN LOANS, INC. AND LEHMAN BROTHERS BANK, FSB 

     

    CUSTODIANS:
      DEUTSCHE BANK NATIONAL TRUST COMPANY, U.S. BANK NATIONAL ASSOCIATION AND LASALLE
      BANK NATIONAL ASSOCIATION

     

    SWAP
      COUNTERPARTY AND CAP PROVIDER: ABN AMRO N.V.

    

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      T

     

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

     

    [                ]

     

    [                ]

     

    [                ]

     

    Re: Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-20N

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Trustee, and each of their officers, directors
      and
      affiliates that:

     

    (1)
      I
      have reviewed [the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
      report on assessment of the Company’s compliance with the Servicing Criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of
      1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
      servicing reports, officer’s certificates and other information relating to the
      servicing of the Mortgage Loans by the Company during 200[ ] that were delivered
      by the Company to any of the Depositor, the Master Servicer and the Trustee
      pursuant to the Agreement (collectively, the “Company Servicing
      Information”);

     

    (2)
      Based
      on my knowledge, the Company Servicing Information, taken as a whole, does
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3)
      Based
      on my knowledge, all of the Company Servicing Information required to be
      provided by the Company under the Agreement has been provided to the Depositor,
      the Master Servicer and the Trustee;

     

    (4)
      I am
      responsible for reviewing the activities performed by [_______] as [_______]
      under the [_______] (the “Agreement”), and based on my knowledge [and the
      compliance review conducted in preparing the Compliance Statement] and except
      as
      disclosed in [the Compliance Statement,] the Servicing Assessment or the
      Attestation Report, the Company has fulfilled its obligations under the
      Agreement in all material respects; and

     

    (5)
      [The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
      to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
      to the Agreement, have been provided to the Depositor, the Master Servicer
      and
      the Trustee. Any material instances of noncompliance described in such reports
      have been disclosed to the Depositor, the Master 

     

    
      
        
        

      

      
        T-1

        
          

        

      

      
        
        

      

    

     

    Servicer
      and the Trustee. Any material instance of
      noncompliance with the Servicing Criteria has been disclosed in such
      reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Trust Agreement, dated as of November 1, 2007 (the “Trust Agreement”) by and
      among Structured Asset Securities Corporation, as Depositor, Aurora Loan
      Services LLC, as Master Servicer and U.S. Bank National Association, as Trustee.
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Trust Agreement.

     

    

    [_______]

    as
      [_______]

    

    

    By:

          Name:
      

          Title:
      

          Date:
      

     

    
      
        
        

      

      
        T-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      U

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION 

    TO
      BE
      PROVIDED BY THE TRUSTEE

     

    
      	
              Re:

            	
              Lehman
                XS Trust, Series 2007-20N (the “Trust”), Mortgage Pass-Through
                Certificates, Series 2007-20N, issued pursuant to the Trust Agreement,
                dated as of November 1, 2007, among Structured Asset Securities
                Corporation, as Depositor, Aurora Loan Services, LLC,
                as Master Servicer, and U.S. Bank National Association, as
                Trustee

            

    

     

    The
      Trustee hereby certifies to the Depositor and the Master Servicer, and their
      respective officers, directors and affiliates, and with the knowledge and intent
      that they will rely upon this certification, that:

     

    (1) I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
      Report”), and all reports on Form 10-D required to be filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

     

    (2) To
      my
      knowledge, (a)
      the
      Reports, taken as a whole, do not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by the Annual Report,
      and (b)
      the Trustee’s assessment of compliance and related attestation report referred
      to below, taken as a whole, do not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by such assessment of compliance and
      attestation report;

     

    (3) To
      my
      knowledge, the distribution information required to be provided by the Trustee
      under the Trust Agreement for inclusion in the Reports is included in the
      Reports;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Trustee under the
      Trust Agreement, and based on my knowledge and the compliance review conducted
      in preparing the assessment of compliance of the Trustee required by the Trust
      Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
      its
      obligations under the Trust Agreement in all material respects; and

     

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
      Any material instances of non-compliance are described in such report and have
      been disclosed in the Annual Report.

     

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

     

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties: [names of servicer(s),
      master servicer, subservicer(s), depositor, trustee, custodian(s)]

     

    
      	
              Date: 

              
                

              

            	 	 	 
	 	 	 	 
	
              U.S.
                Bank National Association, as Trustee

            	 	 	 
	 	 	 	 
	
            	 	 	
            
	
              

              [Signature]

              [Title]

            	 	 	
            

    

     

    
      
        
        

      

      
        U-2

        
          

        

      

      
        
        

      

    

          

    EXHIBIT
      V-1

     

    FORM
      OF
      TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(iii)

                           of
      the
      Agreement)                            

     

    Re: Lehman
      XS
      Trust, Series 2007-20N 

    

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and U.S. Bank National Association, as Trustee, dated as of November
      1, 2007.  Capitalized terms used but not defined herein shall have the
      meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
       aggregate
      principal amount of securities which are held in the form of a Restricted Global
      Security with DTC in the name of [name of transferor]                                                        (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Regulation S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Agreement and the securities and in accordance with Rule 904 of
      Regulation S, and that:

     

    a. the
      offer
      of the securities was not made to a person in the United States; 

    

    b. at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

    

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

    

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended;
      and

    

    e. the
      transferee is not a U.S. person (as defined in Regulation S).

     

    
      
        
        

      

      
        V-1-1

        
          

        

      

      
        
        

      

    

     

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered hereby.
       Terms used in this certificate have the meanings set forth in Regulation
      S.

     

    

                                                                 

     [Name
      of Transferor]

    

    

    By:
                                                              

    Name:

    Title:

     

    Date:             
                           ,
                 

     

    
      
        
        

      

      
        V-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-2

     

    FORM
      OF
      TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(C)

                              of
      the
      Agreement)                          

     

    Re: Lehman
      XS
      Trust, Series 2007-20N 

    

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and U.S. Bank National Association, as Trustee, dated as of November
      1, 2007.  Capitalized terms used but not defined herein shall have the
      meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                             aggregate
      principal amount of securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                         (the
      “Transferor”) to effect the transfer of the securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

     

                                                                 

     [Name
      of Transferor]

    

    By:                                                        

    Name:

    Title:

     

    Date:             
                           ,
            

    

    
      
        
        

      

      
        Schedule
          V-2

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    On
      file
      at the offices of:

     

    Dechert
      LLP

    Cira
      Centre

    2929
      Arch
      Street

    Philadelphia,
      Pennsylvania 19104-2808

    Attn:
      Steven J. Molitor

    Telephone:
      (215) 994-2777

    Telecopier:
      (215) 994-2222

    

    
      
        
        

      

      
        Schedule
          A

        
          

        

      

      
        
        

      

       

    

    SCHEDULE
      B

     

    SWAP
      AGREEMENT SCHEDULED NOTIONAL AMOUNTS AND RATES OF PAYMENT

     

    
      	
              Distribution
                Date

            	 	
              Scheduled
                Notional Amount ($)

            	 	
              Rate
                of Payment (%)

            	 
	
              December
                25, 2007

            	 	 	
              0.00

            	 	 	
              0.00

            	 
	
              January
                25, 2008

            	 	 	
              406,719,040.00

            	 	 	
              5.22

            	 
	
              February
                25, 2008

            	 	 	
              395,905,126.00

            	 	 	
              4.97

            	 
	
              March
                25, 2008

            	 	 	
              385,382,938.00

            	 	 	
              4.76

            	 
	
              April
                25, 2008

            	 	 	
              375,144,501.00

            	 	 	
              4.49

            	 
	
              May
                25, 2008

            	 	 	
              365,182,060.00

            	 	 	
              4.34

            	 
	
              June
                25, 2008

            	 	 	
              355,488,076.00

            	 	 	
              4.19

            	 
	
              July
                25, 2008

            	 	 	
              346,055,218.00

            	 	 	
              4.09

            	 
	
              August
                25, 2008

            	 	 	
              336,876,358.00

            	 	 	
              4.02

            	 
	
              September
                25, 2008

            	 	 	
              327,944,562.00

            	 	 	
              3.94

            	 
	
              October
                25, 2008

            	 	 	
              319,253,093.00

            	 	 	
              3.90

            	 
	
              November
                25, 2008

            	 	 	
              310,795,394.00

            	 	 	
              3.87

            	 
	
              December
                25, 2008

            	 	 	
              302,565,093.00

            	 	 	
              3.85

            	 
	
              January
                25, 2009

            	 	 	
              294,555,993.00

            	 	 	
              3.84

            	 
	
              February
                25, 2009

            	 	 	
              286,762,067.00

            	 	 	
              3.85

            	 
	
              March
                25, 2009

            	 	 	
              279,177,455.00

            	 	 	
              3.86

            	 
	
              April
                25, 2009

            	 	 	
              271,796,459.00

            	 	 	
              3.89

            	 
	
              May
                25, 2009

            	 	 	
              264,613,536.00

            	 	 	
              3.93

            	 
	
              June
                25, 2009

            	 	 	
              257,623,298.00

            	 	 	
              3.96

            	 
	
              July
                25, 2009

            	 	 	
              250,820,504.00

            	 	 	
              4.01

            	 
	
              August
                25, 2009

            	 	 	
              244,198,716.00

            	 	 	
              4.05

            	 
	
              September
                25, 2009

            	 	 	
              237,754,389.00

            	 	 	
              4.10

            	 
	
              October
                25, 2009

            	 	 	
              231,482,212.00

            	 	 	
              4.14

            	 
	
              November
                25, 2009

            	 	 	
              225,378,009.00

            	 	 	
              4.18

            	 
	
              December
                25, 2009

            	 	 	
              219,437,219.00

            	 	 	
              4.22

            	 
	
              January
                25, 2010

            	 	 	
              213,654,559.00

            	 	 	
              4.28

            	 
	
              February
                25, 2010

            	 	 	
              208,026,606.00

            	 	 	
              4.31

            	 
	
              March
                25, 2010

            	 	 	
              202,548,978.00

            	 	 	
              4.34

            	 
	
              April
                25, 2010

            	 	 	
              197,217,054.00

            	 	 	
              4.37

            	 
	
              May
                25, 2010

            	 	 	
              192,026,704.00

            	 	 	
              4.40

            	 
	
              June
                25, 2010

            	 	 	
              186,974,078.00

            	 	 	
              4.43

            	 
	
              July
                25, 2010

            	 	 	
              182,054,766.00

            	 	 	
              4.46

            	 
	
              August
                25, 2010

            	 	 	
              177,263,668.00

            	 	 	
              4.49

            	 
	
              September
                25, 2010

            	 	 	
              172,596,658.00

            	 	 	
              4.52

            	 
	
              October
                25, 2010

            	 	 	
              168,050,394.00

            	 	 	
              4.55

            	 
	
              November
                25, 2010

            	 	 	
              163,612,288.00

            	 	 	
              4.58

            	 
	
              December
                25, 2010

            	 	 	
              145,979,631.00

            	 	 	
              4.62

            	 
	
              January
                25, 2011

            	 	 	
              142,138,980.00

            	 	 	
              4.66

            	 
	
              February
                25, 2011

            	 	 	
              138,396,733.00

            	 	 	
              4.69

            	 

    

     

    
      
        
        

      

      
        Schedule
          B-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Date

            	 	 	
              Scheduled
                Notional Amount ($)

            	 	 	
              Rate
                of Payment (%)

            	 
	
              March
                25, 2011

            	 	 	
              134,742,191.00

            	 	 	
              4.73

            	 
	
              April
                25, 2011

            	 	 	
              131,177,957.00

            	 	 	
              4.76

            	 
	
              May
                25, 2011

            	 	 	
              127,706,804.00

            	 	 	
              4.79

            	 
	
              June
                25, 2011

            	 	 	
              124,323,469.00

            	 	 	
              4.81

            	 
	
              July
                25, 2011

            	 	 	
              121,026,572.00

            	 	 	
              4.83

            	 
	
              August
                25, 2011

            	 	 	
              117,810,591.00

            	 	 	
              4.85

            	 
	
              September
                25, 2011

            	 	 	
              114,654,857.00

            	 	 	
              4.87

            	 
	
              October
                25, 2011

            	 	 	
              111,543,401.00

            	 	 	
              4.88

            	 
	
              November
                25, 2011

            	 	 	
              108,467,175.00

            	 	 	
              4.89

            	 
	
              December
                25, 2011

            	 	 	
              105,463,243.00

            	 	 	
              4.91

            	 
	
              January
                25, 2012

            	 	 	
              102,492,117.00

            	 	 	
              4.93

            	 
	
              February
                25, 2012

            	 	 	
              99,512,551.00

            	 	 	
              4.95

            	 
	
              March
                25, 2012

            	 	 	
              96,604,894.00

            	 	 	
              4.97

            	 
	
              April
                25, 2012

            	 	 	
              1,575,985.00

            	 	 	
              4.99

            	 
	
              May
                25, 2012

            	 	 	
              1,534,101.00

            	 	 	
              5.01

            	 
	
              June
                25, 2012

            	 	 	
              1,491,604.00

            	 	 	
              5.02

            	 
	
              July
                25, 2012

            	 	 	
              1,449,735.00

            	 	 	
              5.04

            	 
	
              August
                25, 2012

            	 	 	
              1,408,783.00

            	 	 	
              5.05

            	 
	
              September
                25, 2012

            	 	 	
              1,367,930.00

            	 	 	
              5.06

            	 
	
              October
                25, 2012

            	 	 	
              1,328,010.00

            	 	 	
              5.07

            	 
	
              November
                25, 2012

            	 	 	
              1,289,119.00

            	 	 	
              5.08

            	 
	
              December
                25, 2012 and thereafter

            	 	 	
              0.00

            	 	 	
              0.00

            	 

    

    

    
      
        
        

      

      
        Schedule
          B-2Exhibit
      10.1

     

    CONSULTING
      AGREEMENT

     

    This
      Consulting Agreement, dated as of the 12th day of December, 2007 (this
“Agreement”), between James Dandeneau and PPC Liquidation Corporation (the
“Consultant”) and Putnam Plastics Company LLC, a Connecticut limited liability
      company (the “Company”).

     

    W
      I T
      N E S S E T H,

     

    WHEREAS,
      the Company and the Consultant are parties to an Employment Agreement, dated
      as
      of November 9, 2004 (the “Prior Agreement”), which was entered into in
      connection with the Company’s acquisition of the assets of Putnam Plastics
      Corporation (“PPC”).

     

    WHEREAS,
      the Consultant was the President and Chief Executive Officer of PPC prior to
      the
      execution and delivery of the Prior Agreement. 

     

    WHEREAS,
      the Consultant’s execution and delivery of the Prior Agreement was a condition
      precedent to (a) the Company’s willingness to acquire the assets of PPC and (b)
      the willingness of Memry Corporation, a Delaware corporation and the parent
      of
      the Company (the “Parent”), to issue options to the Consultant to acquire shares
      of its common stock to the Consultant pursuant to the Parent’s Amended and
      Restated 1997 Long-Term Incentive Plan (the “1997 Plan”).

     

    WHEREAS,
      the Consultant resigned as the President of the
      Company, and Company desires to retain the Consultant to provide services,
      and
      the Consultant desires to perform such services, pursuant to the terms
      below.

     

    NOW,
      THEREFORE, in consideration of the premises and of the covenants and agreements
      set forth herein, the parties agree as follows:

     

    1.  Consulting
      Services.

     

    (a)  The
      Company hereby engages the Consultant as an independent contractor to render
      services as requested from time to time by the Company. The services shall
      consist of technology services and services as a member of the Board of
      Directors of the Parent (the “Services”).  Subject
      to the terms of this Agreement, Consultant will render the services set forth
      in
      Project Assignment(s) (Exhibit A). The parties understand and agree that the
      Consultant will have the sole discretion to determine the method and means
      of
      performing the Services, and that the Company has no right to, and will not,
      control or determine the method or means of the performance of the Services.
      The
      Consultant shall provide the Services in a timely and professional manner and
      in
      compliance with the highest current standards of relevant established industry
      practice.
      The Consultant shall comply with all reasonable instructions given to the
      Consultant by the Company in relation to the Services and shall keep the Company
      informed of the Consultant’s activities under this Agreement. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.  Term.
      The
      Consulting Period
      shall commence on the date hereof. The Consulting Period may be terminated
      by
      either party for any reason upon prior written notice.

     

    3.  Compensation;
      Expenses.
      

     

    (a)  In
      consideration of the services rendered and to be rendered by the Consultant,
      the
      Company shall pay the Consultant $140.00 per hour, payable monthly in arrears.
      The Consultant acknowledges and agrees that the Services do not include payment
      for services as a member of the Board of Directors of the Parent. The
      compensation payable under this Section 3 compensates him only for those
      services outlined in Exhibit A and any other assignments as may be requested
      from time to time. 

     

    (b)  The
      Company shall reimburse the Consultant for reasonable pre-approved out-of-pocket
      expenses incurred by Consultant in the course of performing the Services under
      this Agreement, subject to the Company’ requirements with respect to reporting
      and documentation of such expenses.

     

    4.  Nonsolicitation.

     

    (a)  From
      the
      date hereof through May 8, 2009 (the “Restriction Period”), the Consultant will
      not, directly or indirectly, either for himself or for any other person or
      entity (i) solicit (A) any employee of the Company or any affiliate of the
      Company to terminate his or her employment with the Company or such affiliate
      during his or her employment with the Company or such affiliate or (B) any
      former employee of the Company or an affiliate of the Company for a period
      of
      one year after such individual terminates his or his employment with the Company
      or such affiliate, (ii) solicit any customer or client of the Company or any
      such affiliate (or any prospective customer or client of the Company or such
      affiliate) as of the date hereof to terminate its relationship with the Company
      or such affiliate, or do business with any third parties, or (iii) take any
      action that is reasonably likely to cause injury to the relationships between
      the Company or any such affiliate or any of their respective employees and
      any
      lessor, lessee, vendor, supplier, customer, distributor, employee, consultant
      or
      other business associate of the Company or any such affiliate as such
      relationship relates to the Company’s or such affiliate’s conduct of its
      business. In the event of Consultant’s breach of this subsection (b), the
      Restriction Period shall be extended by the amount of time during which the
      Consultant is in breach. 

     

    (b)  If
      the
      final judgment of a court of competent jurisdiction declares that any term
      or
      provision of this Section 4 is invalid or unenforceable, the parties agree
      that
      the court making the determination of invalidity or unenforceability shall
      have
      the power to reduce the scope, duration, or area of the term or provision,
      to
      delete specific words or phrases, or to replace any invalid or unenforceable
      term or provision with a term or provision that is valid and enforceable and
      that comes closest to expressing the intention of the invalid or unenforceable
      term or provision, and this Agreement shall be enforceable as so modified after
      the expiration of the time within which the judgment may be appealed.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    5.  Covenant
      Not to Disclose Information.
      The
      Consultant agrees that during the Consulting Period and thereafter, he will
      not
      use or disclose, other than to another employee of the Company qualified by
      the
      Company to receive that information in the normal course of business, any
      confidential information or trade secrets of the Company or any affiliate of
      the
      Company which were made known to him by the Company, its officers or employees
      or affiliates, or learned by him while in the Company’s employ or during the
      Consulting Period, without the prior written consent of the Company, and that
      upon termination of the Consulting Period for any reason, he will promptly
      return to the Company any and all properties, records, figures, calculations,
      letters, papers, drawings, schematics or copies thereof or other confidential
      information of the Company and its affiliates of any type or description and
      he
      will promptly delete any copies of any such information from his personal
      computer, BlackBerry or other electronic device. It is understood that the
      term
“trade secrets” as used in this Agreement is deemed to include, without
      limitation, lists of the Company’s and its affiliates’ respective customers,
      information relating to their practices, know-how, processes and inventions,
      and
      any other information of whatever nature which gives the Company or any
      affiliate an opportunity to obtain an advantage over its competitors who do
      not
      have access to such information. In the event that the Consultant becomes
      legally compelled to disclose all or any portion of any confidential information
      or trade secrets of the Company or any affiliate of the Company, the Consultant
      will provide the Company with prompt notice thereof, so that the Company may
      seek a protective order or other appropriate remedy. In the event that such
      protective order or other remedy is not obtained, the Consultant will furnish
      only that portion of the confidential information or trade secret which is
      legally required and the Consultant will exercise the Consultant’s best efforts
      to obtain reliable assurance that confidential treatment will be afforded such
      portion of the confidential information and/or trade secret.

     

    6.  Inventions
      and Improvements.
      With
      respect to any and all inventions (as defined in Section 6(e) below) made or
      conceived by the Consultant, whether or not during his hours of employment
      with
      the Company or during the hours in which he provides the Services, either solely
      or jointly with others, without additional consideration:

     

    (a)  The
      Consultant shall promptly inform the Company of any such invention.

     

    (b)  Any
      such
      invention, whether patentable or not, shall be the property of the Company,
      and
      the Consultant hereby assigns and agrees to assign to the Company all his rights
      to any such invention, and to any United States and/or foreign letters patent
      granted upon any such invention or any application therefor.

     

    (c)  The
      Consultant shall apply, at the Company’s request and expense, for United States
      and/or foreign letters patent either in the Consultant’s name or otherwise as
      the Company may desire.

     

    (d)  The
      Consultant shall acknowledge and deliver promptly to the Company, without charge
      to the Company but at its expense, all sketches, drawings, models and figures
      and other information and shall perform such other acts, such as giving
      testimony in support of his inventorship, as may be necessary in the opinion
      of
      the Company to obtain and maintain United States and/or foreign letters patent
      and to vest the entire right and title thereto in the Company.

     

    (e)  For
      purposes of this Section, the term “invention” shall be deemed to mean any
      discovery, concept or idea (whether patentable or not), including but not
      limited to processes, methods, formulas, techniques, hardware developments
      and
      software developments, as well as improvements thereof or know-how related
      thereto, (i) concerning any present or prospective activities of the Company
      and
      its affiliates and (ii) (A) which the Consultant becomes acquainted with as
      a
      result of his employment by the Company or through his provision of the
      Services, (B) which results from any work he may do for, or at the request
      of,
      the Company or any of its affiliates, (C) which relate to the Company’s or any
      affiliates’ business or actual or demonstrably anticipated research and
      development, or (D) which are developed in any part by use of the Company’s or
      any such affiliates’ equipment, supplies, facilities or trade
      secrets.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (f)  If
      the
      Company is unable, after reasonable effort, to secure the signature of the
      Consultant with respect to any document needed by the Company to enforce its
      rights under this Section 6, any executive officer of the Company shall be
      entitled to execute any such papers as the agent and the attorney-in-fact of
      the
      Consultant, and the Consultant hereby irrevocably designates and appoints each
      executive officer of the Company as his agent and attorney-in-fact to execute
      any such papers on his or her behalf, and to take any and all actions as each
      the Company may deem necessary or desirable in order to protect its rights
      and
      interests in any invention, under the conditions described in this
      sentence.

     

    The
      parties hereto agree that the covenants and agreements contained in this Section
      6 are, taken as a whole, reasonable in their scope and duration, and no party
      shall raise any issue of the reasonableness of the scope or duration of any
      such
      covenants in any proceeding to enforce any such covenants.

     

    7.  Remedy
      at Law Inadequate.
      The
      Consultant acknowledges that any remedy at law for breach of any of the
      covenants set forth in Sections 4, 5 and 6 contained in this Agreement would
      be
      inadequate and the Company shall be entitled to preliminary and permanent
      injunctive relief in the event of any such breach, without any requirement
      to
      post bond. 

     

    8.  Effect
      of Termination.
      Upon
      termination of the Consulting Period for any reason whatsoever, all rights
      and
      obligations of the parties under this Agreement shall cease, except that the
      Consultant shall continue to be bound by the covenants set forth in Sections
      4,
      5, 6 and 7 hereof, and the Company shall be bound to pay to the Consultant
      accrued compensation to the date of termination.

     

    9.  Independent
      Contractor Status.
      It is
      the express intention of the parties to this Agreement that the Consultant
      is an
      independent contractor, and is classified by the Company as such for all
      employee benefit purposes, and the parties expressly agree that the Consultant
      is not an employee, agent, joint venturer, or partner of the Company. Nothing
      in
      this Agreement shall be interpreted or construed as creating or establishing
      an
      employment relationship between the Company and the Consultant. Both parties
      understand and agree that the Consultant may, and probably will, perform
      services for others during the term of this Agreement. 

     

    10.  Obligations
      of the Consultant.

    

    (a)  The
      Consultant will supply all equipment necessary to perform the
      Services.

    

    (b)  The
      Consultant is solely responsible for all taxes, withholdings, and other similar
      statutory obligations with respect to Consultant’s services
      hereunder, and the Consultant agrees to defend, indemnify and hold Company
      and
      its affiliates harmless from any and all claims made by any entity on account
      of
      an alleged failure by the Consultant to satisfy any such tax or withholding
      obligations. 

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (c)  Since
      the
      Consultant is not an employee of Company, the Consultant agrees and understands
      that the Consultant is not entitled to any of the benefits which Company may
      make available to its employees, such as group insurance, workers’ compensation,
      disability insurance, vacation, sick pay, profit-sharing, stock options, or
      retirement benefits. In addition, the Consultant shall be responsible for
      providing, at his expense and in his name, disability, workers compensation
      or
      other insurance as well as any and all licenses and permits usual or necessary
      for conducting the services described in this Agreement.

    

    (d)  The
      Consultant will indemnify and hold the Company and its affiliates harmless
      from,
      and will defend the Company and its affiliates against, any and all loss,
      liability, damage, claims, demands, or suits and related costs and expenses
      to
      persons or property that arise, directly or indirectly, from acts or omissions
      of the Consultant, or from the breach of any term or condition of this Agreement
      attributable to the Consultant or his agents.

     

    11.  Stock
      Options.
      The
      Consultant acknowledges and agrees that the stock options previously granted
      to
      him pursuant to the 1997 Plan and the Parent’s 2006 Long-Term Incentive Plan
      (the “2006 Plan”) shall cease vesting as of the date hereof. As a result, the
      options previously granted to the Consultant under the 2006 Plan shall be
      unvested and forfeited as of the date hereof. The vested and outstanding options
      granted to the Consultant under the 1997 Plan shall remain exercisable for
      three
      months following the date he ceased to be an employee and shall terminate upon
      the earlier of (a) the date of exercise and (b) the close of business on the
      date that is three months following the date thereof. 

     

    12.  Directors’
      Fees.
      The
      Consultant acknowledges and agrees that, as a result of his prior status as
      an
      officer of PPC, he is ineligible to receive any compensation as a non-employee
      director under the 2006 Plan. In recognition of the responsibilities and
      activities of the Consultant as a Director of the Company, the Company shall
      pay
      the Consultant a retainer of $1,000 per month.

     

    13.  Miscellaneous.

     

    (a)  This
      Agreement may not be assigned by the Consultant. The Company may assign this
      Agreement in connection with a Change in Control of the Company.

     

    (b)  In
      the
      event that any provision of this Agreement is found by a court of competent
      jurisdiction to be invalid or unenforceable, such provision shall be, and shall
      be deemed to be, modified so as to become valid and enforceable, and the
      remaining provisions of this Agreement shall not be affected.

     

    (c)  This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Connecticut.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (d)  No
      modification of this Agreement shall be effective unless in a writing executed
      by both parties.

     

    (e)  This
      Agreement constitutes the entire agreement of the parties with respect to the
      subject matter hereof, and supercedes all prior agreements, representations
      and
      promises by either party or between the parties. For purposes of clarification,
      this Agreement does not supercede or replace Section 8(e) of the Asset Purchase
      Agreement entered into as of November 9, 2004 by and among the Parent, PPC
      and
      the Consultant.

     

    (f)  For
      purposes of this Agreement, “Change in Control of the Company” shall mean: (i) a
      sale or exchange by the stockholders of more than fifty percent (50%) of the
      Company’s voting stock (whether in a single or a series of related
      transactions), (ii) a merger or consolidation in which the Company is a party,
      (iii) the sale, exchange or transfer of all or substantially all of the assets
      of the Company (whether in a single or a series of related transactions), or
      (iv) a liquidation or dissolution of the Company, wherein, upon any such event
      described in clauses (i) through (iv) above , the stockholders of the Company
      immediately before such event do not retain immediately after such event direct
      or indirect beneficial ownership of more than fifty percent (50%) of the total
      combined voting power of the outstanding voting stock of the Company, its
      successor, or the corporation to which the assets of the Company were
      transferred, as the case may be. For purposes of the preceding sentence,
      indirect beneficial ownership shall include, without limitation, an interest
      resulting from ownership of the voting stock of one or more corporations which,
      as a result of such event, own the Company or the transferee corporation(s),
      as
      the case may be, either directly or through one or more subsidiary
      corporations.

    

     

    [Signature
      page follows.]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date
      first above written.

     

    
      	 	 	 
	 	Putnam
              Plastics
              Company LLC
	 
 	 
 	 
 
	 	By:  	/s/ Dean
              Tulumaris
	 	
              
Name:
              Dean Tulumaris
	 	Title:  
              President and Chief Operating Officer

    

    
      
        	 	 	 
	 
 	 
 	 
 
	 	       
                	/s/ James
                Dandeneau
	 	
                
James
                Dandeneau

      

      
        
          	 	 	 
	 
 	 
 	 
 
	 	       
                  	/s/ James
                  Dandeneau
	 	
                  
PPC
                  Liquidation Corporation

        

         

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

      

    

    Exhibit
      A

    

    Consulting
      Duties:

    

    
      	1.  	
              Assist
                on technical issues and projects as
                required

            

    

    
      	2.  	
              Assist
                with customers on the technical and commercial
                issues

            

    

    
      	3.  	
              Continue
                to mentor the PPC staff on technical issues and
                capabilities

            

    

    
      	4.  	
              Assist
                with quotes and proposals as needed

            

    

    
      	5.  	
              Other
                duties as assigned and requested.

            

    

     

    
      
        
        

      

      8

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