Document:

Exhibit 11.11
                            Techprecision Corporation
                                   Bella Drive
                              Westminster, MA 01473

                                 August 24, 2006

Barron Partners LP
730 Fifth Avenue; 25th floor
New York, New York  10019
Attention:  Mr. Andrew B. Worden

                          Re: Techprecision Corporation

Dear Andrew:

         This letter will confirm our agreement and understanding with respect
to the registration rights agreement (the "Agreement") dated February 24, 2006,
by and among Techprecision Corporation, a Delaware corporation formerly known as
Lounsberry Holdings II, Inc. (the "Company"), and Barron Partners LP, a Delaware
limited partnership ("Barron").

         Barron hereby agrees that it will waive its rights under the liquidated
damages provisions in the Agreement through October 31, 2006 on the condition
that one of the two conditions (the "Conditions") hereinafter set forth are met
by October 31, 2006.

         a. The Company's independent accountants, who shall be members of the
PCAOB, shall have confirmed to the Company and Barron in writing that, as of
October 31, 2006, the real estate (the "Real Estate") presently owned by WM
Realty Management, LLC ("WM") and leased to the Company shall not be treated,
under generally accepted accounting principles, including FIN 46, as an asset of
the Company and that the mortgage note issued by WM in respect of the mortgage
on the Real Estate shall not be treated as a liability of the Company.

         b. The Company shall have received and exercised by October 31, 2006,
an option to purchase the Real Estate for a purchase price equal to $3.2 million
plus any documented out-of-pocket costs incurred by WM in connection with the
refinancing of the Real Estate, with the closing by which title is transferred
to the Company being completed as soon as possible thereafter, but not later
than, the close of business on December 29, 2006, it being understood that the
Real Estate may be acquired subject to the then current mortgage on the Real
Estate.

         Pending the completion of either of the Conditions, no liquidated
damages shall be paid pursuant to the Agreement through October 31, 2006. In the
event that neither of the Conditions shall have been met, any liquidated damages
accrued through October 31, 2006 shall be due and payable at that time. Nothing
in this letter agreement shall be construed as a waiver of any liquidated
damages which accrue subsequent to October 31, 2006.

<PAGE>

Barron Partners LP
August 22, 2006
Page 2

         Except as amended by this letter agreement, the Agreement shall remain
in full force and effect.

                                                Very truly yours,

                                                TECHPRECISION CORPORATION

AGREED TO:

BARRON PARTNERS LP                              By: s/ James Reindl
                                                    ----------------------------
By:  Barron Capital Advisors, LLC,                  James Reindl, CEO
      its General Partner

By:  s/ Andrew Barron Worden
     -------------------------------------
     Andrew Barron Worden, PresidentSTRUCTURED
      ASSET SECURITIES CORPORATION,

    Depositor

    

    THORNBURG
      MORTGAGE HOME LOANS, INC.,

    Seller

    

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer and

    Securities
      Administrator

    

    WILMINGTON
      TRUST COMPANY,

    Delaware
      Trustee

    

    and

    

    LASALLE
      BANK NATIONAL ASSOCIATION,

    Trustee
      and Custodian

    

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of July 1, 2006

     

    __________________________________

     

    Thornburg
      Mortgage Securities Trust 2006-4

     

    Mortgage
      Loan Pass-Through Certificates, Series 2006-4

     

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of Contents

    Page

    
      
        
          

            
              	
                      ARTICLE
                        I DEFINITIONS; DECLARATION OF TRUST

                    	
                      5

                    
	 	 
	
                      SECTION
                        1.01. Defined Terms.

                    	
                      5

                    
	
                      SECTION
                        1.02. Accounting.

                    	
                      46

                    
	 	 
	
                      ARTICLE
                        IA ORGANIZATION OF TRUST

                    	
                      47

                    
	 	 
	
                      Section
                        1A.01. Name of Trust

                    	
                      47

                    
	
                      Section
                        1A.02. Office

                    	
                      47

                    
	
                      Section
                        1A.03. Declaration of Trust

                    	
                      47

                    
	
                      Section
                        1A.04. Purpose and Powers

                    	
                      47

                    
	
                      Section
                        1A.05. Liability of the Certificateholders

                    	
                      47

                    
	
                      Section
                        1A.06. Title To Trust Property

                    	
                      48

                    
	
                      Section
                        1A.07. Situs of Trust

                    	
                      48

                    
	
                      Section
                        1A.08. The Delaware Trustee

                    	
                      48

                    
	
                      Section
                        1A.09 Separateness Provisions

                    	
                      50

                    
	 	 
	
                      ARTICLE
                        II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                        CERTIFICATES

                    	
                      51

                    
	 	 
	
                      SECTION
                        2.01. Conveyance of Mortgage Loans.

                    	
                      51

                    
	
                      SECTION
                        2.02. Acceptance by Trustee.

                    	
                      56

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

                    	
                      57

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

                    	
                      60

                    
	
                      SECTION
                        2.05. [Reserved].

                    	
                      61

                    
	
                      SECTION
                        2.06. Representations and Warranties of the Depositor.

                    	
                      61

                    
	
                      SECTION
                        2.07. Issuance of Certificates.

                    	
                      62

                    
	
                      SECTION
                        2.08. Representations and Warranties of the Seller.

                    	
                      62

                    
	
                      SECTION
                        2.09. Covenants of the Seller.

                    	
                      64

                    
	 	 
	
                      ARTICLE
                        III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

                    	
                      64

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

                    	
                      64

                    
	
                      SECTION
                        3.02. REMIC-Related Covenants.

                    	
                      66

                    
	
                      SECTION
                        3.03. Monitoring of Servicers.

                    	
                      66

                    
	
                      SECTION
                        3.04. Fidelity Bond.

                    	
                      68

                    
	
                      SECTION
                        3.05. Power to Act; Procedures.

                    	
                      68

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

                    	
                      69

                    
	
                      SECTION
                        3.07. Release of Mortgage Files.

                    	
                      69

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

                    	
                      70

                    
	
                      SECTION
                        3.09. Standard Hazard Insurance and Flood Insurance
                        Policies.

                    	
                      71

                    
	
                      SECTION
                        3.10. Presentment of Claims and Collection of Proceeds.

                    	
                      71

                    
	
                      SECTION
                        3.11. Maintenance of the Primary Insurance Policies.

                    	
                      72

                    

            

             

             

            
              
                
                

              

              
                i

                
                  

                

              

              
                
                

              

            

             

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

                    	
                      72

                    
	
                      SECTION
                        3.13. Realization Upon Defaulted Mortgage Loans.

                    	
                      73

                    
	
                      SECTION
                        3.14. Additional Compensation to the Master Servicer.

                    	
                      73

                    
	
                      SECTION
                        3.15. REO Property.

                    	
                      73

                    
	
                      SECTION
                        3.16. Assessments of Compliance and Attestation Reports.

                    	
                      74

                    
	
                      SECTION
                        3.17. Annual Compliance Statement.

                    	
                      76

                    
	
                      SECTION
                        3.18. Sarbanes-Oxley Certification.

                    	
                      77

                    
	
                      SECTION
                        3.19. Reports Filed with Securities and Exchange
                        Commission.

                    	
                      77

                    
	
                      SECTION
                        3.20. Additional Information.

                    	
                      83

                    
	
                      SECTION
                        3.21. Intention of the Parties and Interpretation.

                    	
                      83

                    
	
                      SECTION
                        3.22. Indemnification.

                    	
                      84

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

                    	
                      84

                    
	
                      SECTION
                        3.24. UCC.

                    	
                      85

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

                    	
                      85

                    
	
                      SECTION
                        3.26. Realization upon Troubled Mortgage Loans.

                    	
                      86

                    
	
                      SECTION
                        3.27. Closing Certificate and Opinion.

                    	
                      86

                    
	
                      SECTION
                        3.28. Liabilities of the Master Servicer.

                    	
                      86

                    
	
                      SECTION
                        3.29. Merger or Consolidation of the Master Servicer.

                    	
                      86

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

                    	
                      87

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

                    	
                      88

                    
	
                      SECTION
                        3.32. Master Servicer Not to Resign.

                    	
                      89

                    
	
                      SECTION
                        3.33. Successor Master Servicer.

                    	
                      89

                    
	
                      SECTION
                        3.34. Sale and Assignment of Master Servicing.

                    	
                      90

                    
	
                      SECTION
                        3.35. Reporting Requirements of the Commission.

                    	
                      90

                    
	 	 
	
                      ARTICLE
                        IV ACCOUNTS

                    	
                      90

                    
	 	 
	
                      SECTION
                        4.01. Servicing Accounts.

                    	
                      90

                    
	
                      SECTION
                        4.02. Distribution Account.

                    	
                      92

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

                    	
                      94

                    
	 	 
	
                      ARTICLE
                        V FLOW OF FUNDS

                    	
                      96

                    
	 	 
	
                      SECTION
                        5.01. Distributions.

                    	
                      96

                    
	
                      SECTION
                        5.02. [Reserved].

                    	
                      101

                    
	
                      SECTION
                        5.03. Allocation of Realized Losses.

                    	
                      101

                    
	
                      SECTION
                        5.04. Statements.

                    	
                      102

                    
	
                      SECTION
                        5.05. Remittance Reports; Advances.

                    	
                      105

                    
	
                      SECTION
                        5.06. Compensating Interest Payments.

                    	
                      106

                    
	
                      SECTION
                        5.07. [Reserved].

                    	
                      106

                    
	
                      SECTION
                        5.08. [Reserved].

                    	
                      106

                    
	
                      SECTION
                        5.09. Yield Maintenance Account.

                    	
                      106

                    
	
                      SECTION
                        5.10. Subsequent Recoveries.

                    	
                      107

                    
	
                      SECTION
                        5.11. [Reserved].

                    	
                      108

                    
	 	 
	
                      ARTICLE
                        VI THE CERTIFICATES

                    	
                      108

                    

            

             

             

            
              
                
                

              

              
                ii

                
                  

                

              

              
                
                

              

            

             

            
              	 	 
	
                      SECTION
                        6.01. The Certificates.

                    	
                      108

                    
	
                      SECTION
                        6.02. Registration of Transfer and Exchange of
                        Certificates.

                    	
                      109

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

                    	
                      115

                    
	
                      SECTION
                        6.04. Persons Deemed Owners.

                    	
                      115

                    
	
                      SECTION
                        6.05. Appointment of Paying Agent.

                    	
                      115

                    
	
                      SECTION
                        6.06. Optional Purchase of Certificates.

                    	
                      116

                    
	 	 
	
                      ARTICLE
                        VII DEFAULT

                    	
                      118

                    
	 	 
	
                      SECTION
                        7.01. Event of Default.

                    	
                      118

                    
	
                      SECTION
                        7.02. Trustee to Act.

                    	
                      120

                    
	
                      SECTION
                        7.03. Waiver of Event of Default.

                    	
                      121

                    
	
                      SECTION
                        7.04. Notification to Certificateholders.

                    	
                      121

                    
	 	 
	
                      ARTICLE
                        VIII THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

                    	
                      122

                    
	 	 
	
                      SECTION
                        8.01. Duties of Trustee and Securities Administrator.

                    	
                      122

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

                    	
                      123

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

                    	
                      125

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

                    	
                      126

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

                    	
                      126

                    
	
                      SECTION
                        8.06. Eligibility Requirements for Trustee and Securities
                        Administrator.

                    	
                      127

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

                    	
                      127

                    
	
                      SECTION
                        8.08. Successor Trustee and Successor Securities
                        Administrator.

                    	
                      128

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

                    	
                      129

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

                    	
                      129

                    
	
                      SECTION
                        8.11. Limitation of Liability.

                    	
                      130

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

                    	
                      131

                    
	
                      SECTION
                        8.13. Suits for Enforcement.

                    	
                      132

                    
	
                      SECTION
                        8.14. Waiver of Bond Requirement.

                    	
                      132

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

                    	
                      132

                    
	
                      SECTION
                        8.16. Appointment of Custodians.

                    	
                      132

                    
	
                      SECTION
                        8.17. Auction Administration Agreement; Auction Swap
                        Agreement.

                    	
                      132

                    
	 	 
	
                      ARTICLE
                        IX REMIC ADMINISTRATION

                    	
                      133

                    
	 	 
	
                      SECTION
                        9.01. REMIC Administration.

                    	
                      133

                    
	
                      SECTION
                        9.02. Prohibited Transactions and Activities.

                    	
                      135

                    
	 	 
	
                      ARTICLE
                        X TERMINATION

                    	
                      136

                    
	 	 
	
                      SECTION
                        10.01. Termination.

                    	
                      136

                    
	
                      SECTION
                        10.02. Additional Termination Requirements.

                    	
                      137

                    
	 	 
	
                      ARTICLE
                        XI DISPOSITION OF TRUST ASSETS

                    	
                      138

                    
	 	 
	
                      SECTION
                        11.01. Disposition of Trust Assets.

                    	
                      138

                    

            

             

             

            
              
                
                

              

              
                iii

                
                  

                

              

              
                
                

              

            

             

            
              	 	 
	
                      ARTICLE
                        XII MISCELLANEOUS PROVISIONS

                    	
                      138

                    
	 	 
	
                      SECTION
                        12.01. Amendment.

                    	
                      138

                    
	
                      SECTION
                        12.02. Recordation of Agreement; Counterparts.

                    	
                      139

                    
	
                      SECTION
                        12.03. Limitation on Rights of Certificateholders.

                    	
                      140

                    
	
                      SECTION
                        12.04. Governing Law; Jurisdiction.

                    	
                      141

                    
	
                      SECTION
                        12.05. Notices.

                    	
                      141

                    
	
                      SECTION
                        12.06. Severability of Provisions.

                    	
                      141

                    
	
                      SECTION
                        12.07. Article and Section References.

                    	
                      142

                    
	
                      SECTION
                        12.08. Notice to the Rating Agencies.

                    	
                      142

                    
	
                      SECTION
                        12.09. Further Assurances.

                    	
                      143

                    
	
                      SECTION
                        12.10. Benefits of Agreement.

                    	
                      143

                    
	
                      SECTION
                        12.11. Acts of Certificateholders.

                    	
                      143

                    
	
                      SECTION
                        12.12. Successors and Assigns.

                    	
                      144

                    
	
                      SECTION
                        12.13. Derivative Transactions.

                    	
                      144

                    

            

          

        

      

    

    
 

    EXHIBITS
      AND SCHEDULES:

     

    
      
        	
                Exhibit
                  A

              	
                Form
                  of Senior Certificate

              	
                A-1

              
	
                Exhibit
                  B

              	
                Form
                  of Class A-X Certificate

              	
                B-2

              
	
                Exhibit
                  C

              	
                Form
                  of Class R Certificate

              	
                C-1-1

              
	
                Exhibit
                  D

              	
                Form
                  of Subordinate Certificate

              	
                D-1

              
	
                Exhibit
                  E

              	
                Form
                  of Reverse of the Certificates

              	
                E-1

              
	
                Exhibit
                  F

              	
                Request
                  for Release

              	
                F-1

              
	
                Exhibit
                  G-1

              	
                Form
                  of Receipt of Mortgage Note

              	
                G-1-1

              
	
                Exhibit
                  G-2

              	
                Form
                  of Interim Certificate of Trustee

              	
                G-2-1

              
	
                Exhibit
                  G-3

              	
                Form
                  of Final Certification of Trustee

              	
                G-3-1

              
	
                Exhibit
                  H

              	
                Form
                  of Lost Note Affidavit

              	
                H-1

              
	
                Exhibit
                  I

              	
                Form
                  of ERISA Representation

              	
                I-1

              
	
                Exhibit
                  J-1

              	
                Form
                  of Investment Letter [Non-Rule 144A]

              	
                J-1-1

              
	
                Exhibit
                  J-2

              	
                Form
                  of Rule 144A Investment Letter

              	
                J-2-1

              
	
                Exhibit
                  K

              	
                Form
                  of Transferor Certificate

              	
                K-1

              
	
                Exhibit
                  L

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

              	
                L-1

              
	
                Exhibit
                  M

              	
                Form
                  of Certificate of Trust

              	
                M-1

              
	
                Exhibit
                  N

              	
                List
                  of Servicers and Servicing Agreements

              	
                N-1

              
	
                Exhibit
                  O

              	
                Notice
                  of Exercise of Optional Securities Purchase Right

              	
                O-1

              
	
                Exhibit
                  P

              	
                [Reserved]

              	
                P-1

              
	
                Exhibit
                  Q

              	
                Servicing
                  Criteria

              	
                Q-1

              
	
                Exhibit
                  R

              	
                Additional
                  Form 10-D Disclosure

              	
                R-1

              
	
                Exhibit
                  S

              	
                Additional
                  Form 10-K Disclosure

              	
                S-1

              
	
                Exhibit
                  T

              	
                Form
                  8-K Disclosure Information

              	
                T-1

              
	
                Exhibit
                  U

              	
                Form
                  of Additional Disclosure Notification

              	
                U-1

              
	
                 

              	 	 
	
                Schedule
                  I

              	
                Mortgage
                  Loan Schedule

              	 
	
                Schedule
                  II

              	
                Group
                  1 Mortgage Loan Schedule

              	 
	
                Schedule
                  III

              	
                Group
                  2 Mortgage Loan Schedule

              	 

      

    

    
 

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

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

     

    PRELIMINARY
      STATEMENT:

     

    On
      August
      3, 2006 the Depositor formed Thornburg Mortgage Securities Trust 2006-4, as
      a
      Delaware statutory trust (the “Trust”)
      pursuant to (i) the Trust Agreement, dated as of August 3, 2006 (the
“Original
      Trust Agreement”),
      among
      the Depositor, the Trustee and the Delaware Trustee and (ii) a Certificate
      of
      Trust filed with the Secretary of State of the State of Delaware on August
      3,
      2006.

     

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

     

    Through
      this Agreement, the Depositor intends to cause the issuance and sale of the
      Trust’s Mortgage Pass-Through Certificates, Series 2006-4 (the “Certificates”)
      representing in the aggregate the entire beneficial ownership of the Trust,
      the
      primary assets of which are the Mortgage Loans (as defined below).

     

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

     

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

     

    For
      federal income tax purposes, the Trust Fund (exclusive of the Additional
      Collateral, the Yield Maintenance Agreements, the Auction Swap Agreement, and
      the Yield Maintenance Account, collectively, the “Excluded
      Trust Assets”)
      is
      comprised of three REMICs in a tiered REMIC structure - REMIC 1 , REMIC 2 ,
      and
      the Upper-Tier REMIC. Each Certificate, other than the Class R Certificate,
      shall represent ownership of a regular interest in the Upper-Tier REMIC, as
      described herein. In addition, the Class A-1, Class A-2A, Class A-2B, and Class
      A-2C Certificates represent the right to receive payments from the Yield
      Maintenance Account as provided in Section 5.09. The Class R Certificate
      represents ownership of the sole class of residual interest in each
      REMIC.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

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

     

    REMIC
      1  

     

    The
      following table specifies the designation, interest rate, and initial principal
      amount for each interest in REMIC 1:

     

    
      	
              Designation

            	 	
               

              Interest
                Rate

            	 	
              Initial
                Principal

              Balance

            	 	
               

               

              Related
                Mortgage Loan Group

            
	
              LT1-Group
                1

            	 	
              (1)

            	 	
              $
                301,983,152.12 

            	 	
              Mortgage
                Loan Group 1

            
	
              LT1-SC-1

            	 	
              (1)

            	 	
              $
                105,738.91 

            	 	
              Mortgage
                Loan Group 1

            
	
              LT1-Group
                2

            	 	
              (2)

            	 	
              $
                1,361,416,351.44 

            	 	
              Mortgage
                Loan Group 2

            
	
              LT1-SC-2

            	 	
              (2)

            	 	
              $
                476,670.22 

            	 	
              Mortgage
                Loan Group 2

            
	
              LT1-R
                

            	 	
              (3)

            	 	
              (3)

            	 	
              N/A

            

    

     

    __________________

     

    
      	 	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower-Tier Regular Interests shall equal the Group
                1 Net
                WAC.

            

    

     

    
      	 	
              (2)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower-Tier Regular Interests shall equal the Group
                2 Net
                WAC.

            

    

     

    
      	 	
              (3)

            	
              The
                LT1-R Interest does not have a principal balance and does not bear
                interest.

            

    

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

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

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (ii)

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

            

    

     

    
      	 	
              (iii)

            	
              third,
                to the LT1-SC-1 or the LT1-SC-2 Interest the minimum amount necessary
                to
                cause the ratio of the principal balance of the LT1-SC-1 to that
                of the
                LT1-SC-2 Interest to equal the ratio of the Subordinate Component
                for
                Mortgage Loan Group 1 to the Subordinate Component for Mortgage Loan
                Group
                2;

            

    

     

    
      	 	
              (iv)

            	
              fourth,
                to the LT1-Group 1 and the LT1-Group 2 Interests, pro
                rata,
                based upon their entitlements under clauses a. and b.
                below:

            

    

     

    
      	 	
              (a)

            	
              To
                the LT1-Group 1 Interest until its principal balance equals the difference
                between (I) the Scheduled Principal Balance of Mortgage Loan Group
                1 on
                such Distribution Date, minus
                (II) the principal balance of the LT1-SC-1 Interest on such Distribution
                Date, taking into account the distributions under priorities (i)
                through
                (iii) above, and 

            

    

     

    
      	 	
              (b)

            	
              To
                the LT1-Group 2 Interest until its principal balance equals the difference
                between (I) the Scheduled Principal Balance of Mortgage Loan Group
                2 on
                such Distribution Date, minus
                (II) the principal balance of the LT1-SC-2 Interest on such Distribution
                Date, taking into account the distributions under priorities (i)
                through
                (iii) above.

            

    

     

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

     

    REMIC
      2 

     

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

     

    

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
               Designation

            	
               

              Interest
                Rate

            	
              Initial
                

              Principal

              Balance

            	
               

               

              Related
                Mortgage Loan Group

            	
               

              Corresponding
                Class of Certificates

            
	
              LT2-A-1

            	
              (1)

            	
              (5)

            	
              Mortgage
                Loan Group 1

            	
              A-1

            
	
              LT2-A-2A

            	
              (2)

            	
              (5)

            	
              Mortgage
                Loan Group 2

            	
              A-2A

            
	
              LT2-A-2B

            	
              (2)

            	
              (5)

            	
              Mortgage
                Loan Group 2

            	
              A-2B

            
	
              LT2-A-2C

            	
              (2)

            	
              (5)

            	
              Mortgage
                Loan Group 2

            	
              A-2C

            
	
              LT2-A-R

            	
              (1)

            	
              (5)

            	
              Mortgage
                Loan Group 1

            	
              R

            
	
              LT2-B-1

            	
              (3)

            	
              (5)

            	
              Both
                Mortgage Loan Groups

            	
              B-1

            
	
              LT2-B-2

            	
              (3)

            	
              (5)

            	
              Both
                Mortgage Loan Groups

            	
              B-2

            
	
              LT2-B-3

            	
              (3)

            	
              (5)

            	
              Both
                Mortgage Loan Groups

            	
              B-3

            
	
              LT2-B-4

            	
              (3)

            	
              (5)

            	
              Both
                Mortgage Loan Groups

            	
              B-4

            
	
              LT2-B-5

            	
              (3)

            	
              (5)

            	
              Both
                Mortgage Loan Groups

            	
              B-5

            
	
              LT2-B-6

            	
              (3)

            	
              (5)

            	
              Both
                Mortgage Loan Groups

            	
              B-6

            
	
              LT2-R
                

            	
              (4)

            	
              (4)

            	
              N/A

            	
              N/A

            

    

    __________________

     

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Regular Interests will
                be a
                per annum rate equal to the weighted average of the interest rates
                on the
                LT-Group 1 and LT-SC--1 Interests, weighted based on their interest
                rates
                and principal balances as of the beginning of the related Accrual
                Period
                (i.e.,
                the Group 1 Net WAC). 

            

    

     

    
      	
              (2)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Regular Interests will
                be a
                per annum rate equal to the weighted average of the interest rates
                on the
                LT-Group 2 and LT-SC--2 Interests, weighted based on their interest
                rates
                and principal balances as of the beginning of the related Accrual
                Period
                (i.e.,
                the Group 2 Net WAC). 

            

    

     

    
      	
              (3)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Regular Interests will
                be a
                per annum rate equal to the weighted average of the rates on the
                LT1-SC-1
                and LT1-SC-2 Lower-Tier Regular Interests in REMIC 1, weighted based
                on
                their interest rates and principal balances as of the beginning of
                the
                related Accrual Period (i.e.,
                the Subordinate Net WAC). 

            

    

     

    
      	
              (4)

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

            

    

     

    
      	
              (5)

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

            

    

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    

    Upper-Tier
      REMIC

     

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

     

    
      
        	 	 	 
	
                Class

              	
                Original
                  Class Principal Amount or Original
                  Class Notional Amount

              	
                Interest

                Rate

              
	
                Class
                  A-1

              	
                $
                  291,515,000.00

              	
                (1)

              
	
                Class
                  A-2A

              	
                $
                  214,226,000.00

              	
                (1)

              
	
                Class
                  A-2B

              	
                $
                  990,000,000.00

              	
                (1)

              
	
                Class
                  A-2C

              	
                $
                  110,000,000.00

              	
                (1)

              
	
                Class
                  A-X

              	
                $
                  1,605,741,000.00

              	
                (1)

              
	
                Class
                  R

              	
                $
                  100.00

              	
                (1)

              
	
                Class
                  B-1

              	
                $
                  23,295,000.00

              	
                (2)

              
	
                Class
                  B-2

              	
                $
                  13,311,000.00

              	
                (2)

              
	
                Class
                  B-3

              	
                $
                  6,655,000.00

              	
                (2)

              
	
                Class
                  B-4

              	
                $
                  6,655,000.00

              	
                (2)

              
	
                Class
                  B-5

              	
                $
                  4,991,000.00

              	
                (2)

              
	
                Class
                  B-6

              	
                $
                  3,333,812.69

              	
                (2)

              

      

    

    ____________

    
      	 	
              (1)

            	
              Calculated
                pursuant to the definition of “Interest Rate.” For purposes of the REMIC
                Provisions, however, the Interest Rate for each of the Auction
                Certificates, for each Distribution Date on or before the Auction
                Distribution Date shall be treated as though it were subject to a
                cap
                equal to the product of (i) the related Net WAC multiplied by (ii)
                the
                quotient of 30 divided by the actual number of days in the Accrual
                Period.
                

            

    

     

    
      	 	
              (2)

            	
              Calculated
                pursuant to the definition of “Subordinate Certificate Interest
                Rate”.

            

    

    

    ARTICLE
      I

     

    DEFINITIONS;
      DECLARATION OF TRUST

     

     

    SECTION
      1.01. Defined Terms.

     

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

     

    

    
      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

    

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

     

    “Account”:
      The
      Distribution Account, each Servicing Account, the Yield Maintenance Account,
      the
      Swap Proceeds Account and the Auction Proceeds Account, as the context
      requires.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Adjustable
      Rate Mortgage Loans”:
      The
      Mortgage Loans identified as such and as set forth on Schedule I and Schedule
      II
      hereto.

     

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

     

    

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Auction
      Administrator”:
      As
      defined in Section 8.17. 

     

    “Auction
      Administration Agreement”:
      The
      Auction Administration Agreement dated as of August 10, 2006 between the Auction
      Swap Counterparty and the Auction Administrator.

     

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

     

    

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

    

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

     

    “Auction
      Distribution Date”:
      The
      Distribution Date in July 2011.

     

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

     

    “Auction
      Swap Agreement”:
      The
      swap agreement dated August 10, 2006 by and between the Auction Swap
      Counterparty and the Auction Administrator, including the ISDA Master Agreement
      between the Auction Swap Counterparty and the Auction Administrator, the
      schedule thereto and the related confirmation External ID: 562200044/Risk ID:
      9333536), each dated as of August 10, 2006.

     

    “Auction
      Swap Counterparty”:
      Credit
      Suisse International.

     

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

     

    

    
      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

    “Certificate”:
      Any
      Regular Certificate or Residual Certificate.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Certification
      Parties”:
      As
      defined in Section 3.18.

     

    “Certifying
      Person”:
      As
      defined in Section 3.18.

     

    

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

    “Class
      Notional Amount”:
      With
      respect to the Class A-X Certificates and any Distribution Date on or prior
      to
      the Distribution Date in July 2011, the sum of the Class Principal Amounts
      of
      the Class A-1, Class A-2A, Class A-2B and Class A-2C Certificates immediately
      prior to such Distribution Date, and after the Distribution Date in July 2011,
      zero. 

     

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

     

    

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    “Closing
      Date”:
      August
      10, 2006.

     

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

     

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

     

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

     

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

     

    “Converted
      Mortgage Loan Schedule”:
      With respect to each Distribution Date, a schedule prepared by the Master
      Servicer pursuant to Section 3.05 listing each Convertible Mortgage Loan that
      has become a Converted Mortgage Loan during the immediately preceding Due
      Period, and the Purchase Price for each such Converted Mortgage
      Loan.

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

    “Corporate
      Trust Office”:
      With
      respect to the Trustee, the principal corporate trust office of the Trustee
      at
      which at any particular time its corporate trust business in connection with
      this Agreement shall be administered, which office at the date of the execution
      of this instrument is located at 135 South LaSalle Street, Suite 1625, Chicago,
      IL 60603, Attention: Global Securities and Trust Services, Thornburg 2006-4,
      or
      at such other address as the Trustee may designate from time to time by notice
      to the Certificateholders, the Depositor and the Seller. With respect to the
      Securities Administrator and the Certificate Registrar and (i) presentment
      of
      Certificates for registration of transfer, exchange or final payment, Wells
      Fargo Bank, National Association, Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: Corporate Trust, Thornburg Mortgage
      Securities Trust 2006-4, and (ii) for all other purposes, P.O. Box 98, Columbia,
      Maryland 21046 (or for overnight deliveries, 9062 Old Annapolis Road, Columbia,
      Maryland 21045), Attention: Corporate Trust, Thornburg Mortgage Securities
      Trust
      2006-4.

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Depositor”:
      Structured Asset Securities Corporation, a Delaware corporation, or any
      successor in interest.

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

    

    

    “Distribution
      Account”:
      The
      trust account or accounts created and maintained by the Securities Administrator
      pursuant to Section 4.02 hereof which shall be entitled “Distribution Account,
      Wells Fargo Bank, N.A., as Securities Administrator for LaSalle Bank National
      Association, as Trustee, in trust for the registered Holders of Thornburg
      Mortgage Securities Trust 2006-4, Mortgage Pass-Through Certificates, Series
      2006-4” and which must be an Eligible Account.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Eligible
      Account”:
      Any of

     

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

     

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

     

    

    
      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    “ERISA-Restricted
      Certificates”:
      The
      Residual Certificate, Class B-4, Class B-5 and Class B-6 Certificates and any
      Certificate that does not satisfy the applicable rating requirement under the
      Underwriter’s Exemption.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

    

    

    “Fitch”:
      Fitch
      Ratings or any successor thereto.

     

    “Five-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans identified as such and as set forth on Schedule I and Schedule
      II
      hereto.

     

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

     

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

     

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

     

    “Group
      1 Certificates”:
      The
      Class A-1, Class R and Class A-X Certificates.

     

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

     

    “Group
      1 Yield Maintenance Agreement”:
      The
      interest rate cap agreement by and between the Yield Maintenance Counterparty
      and the Securities Administrator, on behalf of the Trust, including the related
      confirmation (Ref No. IR16057548.2A), dated as of August 10, 2006 relating
      to
      the Group 1 Certificates.

     

    “Group
      1 Yield Maintenance Sub-Account”:
      As
      defined in Section 5.09 hereof.

     

    “Group
      2 Yield Maintenance Agreement”:
      The
      interest rate cap agreement by and between the Yield Maintenance Counterparty
      and the Securities Administrator, on behalf of the Trust, including the related
      confirmation (Ref No. IR16057564.2A), dated as of August 10, 2006 relating
      to
      the Group 2 Certificates.

     

    “Group
      2 Certificates”:
      The
      Class A-2A, Class A-2B, Class A-2C and Class A-X Certificates.

     

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

     

    “Group
      2 Yield Maintenance Sub-Account”:
      As
      defined in Section 5.09 hereof.

     

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

     

    

    
      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

    “Initial
      LIBOR Rate”:
      5.370%.

     

    “Initial
      Mortgage Loan Group 1 Balance”:
      $302,088,891.03.

    

    “Initial
      Mortgage Loan Group 2 Balance”:
      $1,361,893,021.66.

    

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

     

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

     

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

     

    
      	 	
              (i)

            	
              The
                Interest Rate for the Class A-1 Certificates with respect to any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the sum of LIBOR and 0.130% per annum. On each Distribution
                Dates
                after the Auction Distribution Date, the Interest Rate of the Class
                A-1
                Certificates shall be a per annum rate equal to the product of (i)
                the Net
                WAC of Mortgage Loan Group 1, and (ii) a fraction, the numerator
                of which
                is 30 and the denominator of which is the actual number of days in
                the
                related Accrual Period for such
                Certificates.

            

    

     

    

    
      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (ii)

            	
              The
                Interest Rate for the Class A-2A Certificates with respect to any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the sum of LIBOR and 0.130% per annum. On each Distribution
                Dates
                after the Auction Distribution Date, the Interest Rate of the Class
                A-2A
                Certificates shall be a per annum rate equal to the product of (i)
                the Net
                WAC of Mortgage Loan Group 2 and (ii) a fraction, the numerator of
                which
                is 30 and the denominator of which is the actual number of days in
                the
                related Accrual Period for such
                Certificates.

            

    

     

    
      	 	
              (iii)

            	
              The
                Interest Rate for the Class A-2B Certificates with respect to any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the sum of LIBOR and 0.120% per annum. On each Distribution
                Dates
                after the Auction Distribution Date, the Interest Rate of the Class
                A-2B
                Certificates shall be a per annum rate equal to the product of (i)
                the Net
                WAC of Mortgage Loan Group 2 and (ii) a fraction, the numerator of
                which
                is 30 and the denominator of which is the actual number of days in
                the
                related Accrual Period for such
                Certificates.

            

    

     

    
      	 	
              (iv)

            	
              The
                Interest Rate for the Class A-2C Certificates with respect to any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the sum of LIBOR and 0.180% per annum. On each Distribution
                Dates
                after the Auction Distribution Date, the Interest Rate of the Class
                A-2C
                Certificates shall be a per annum rate equal to the product of (i)
                the Net
                WAC of Mortgage Loan Group 2 and (ii) a fraction, the numerator of
                which
                is 30 and the denominator of which is the actual number of days in
                the
                related Accrual Period for such
                Certificates.

            

    

     

    
      	 	
              (v)

            	
              The
                Interest Rate of the Class A-X Certificates with respect to any
                Distribution Date on or before the Auction Distribution Date shall
                be
                equal to the excess, if any, of (i) the weighted average of the Net
                WAC
                applicable to Mortgage Loan Group 1 and the Net WAC applicable to
                Mortgage
                Loan Group 2 weighted in the case of the Net WAC applicable to Mortgage
                Loan Group 1 based on the Class Principal Amount of the Class A-1
                Certificates immediately before such Distribution Date and, in the
                case of
                the Net WAC for Mortgage Loan Group 2, based on the aggregate of
                the Class
                Principal Amounts of the Class A-2A, Class A-2B and Class A-2C
                Certificates immediately before that Distribution Date over (ii)
                the
                product of (a) the weighted average of the Interest Rates of the
                Class
                A-1, Class A-2A, Class A-2B and Class A-2C Certificates, weighted
                based on
                the Class Principal Amount of each such Class immediately before
                such
                Distribution Date and computed for this purpose by assuming that
                the
                Interest Rate on each such Class was subject to a cap equal to the
                product
                of the Net WAC of the related Mortgage Loan Group and the quotient
                of 30
                divided by the actual number of days in the related Accrual Period,
                multiplied by (b) the quotient of the actual number of days in the
                related
                Accrual Period divided by 30. After
                the Auction Distribution Date, the Interest Rate of the Class A-X
                Certificates will equal zero. The
                Class A-X Certificates will not be entitled to any interest distributions
                on any Distribution Date after the Auction Distribution
                Date.

            

    

     

    

    
      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (vi)

            	
              The
                Interest Rate for the Class R Certificates with respect to any
                Distribution Date will be equal to the Net WAC for Mortgage Loan
                Group
                1.

            

    

     

    
      	 	
              (vii)

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

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

    

    

    (b) The
      establishment of LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the Interest Rate applicable to the
      Class A-1, Class A-2A, Class A-2B, Class A-2C and Class A-X Certificates for
      the
      relevant Accrual Period, in the absence of manifest error, will be final and
      binding.

     

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

     

    “LIBOR
      Determination Date”:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period for the Class A-1, Class A-2A, Class A-2B and Class A-2C
      Certificates.

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Master
      Servicing Fee Rate”:
      0.0100% per annum.

     

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

     

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

     

    

    
      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    “Modified
      Mortgage Loan Schedule”:
      With
      respect to each Distribution Date, a schedule prepared by the Master Servicer
      pursuant to Section 3.25 listing each Modifiable Mortgage Loan that has become
      a
      Modified Mortgage Loan during the immediately preceding Due Period, and the
      Purchase Price for each such Modified Mortgage Loan.

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    “Mortgage
      Loan Group”:
      Either
      of Mortgage Loan Group 1 or Mortgage Loan Group 2, as the context
      requires.

     

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

     

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

     

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

     

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

     

    “Mortgage
      Loan Schedule”:
      As of
      any date, the list of Mortgage Loans included in the Trust Fund on such date,
      attached hereto as Schedule I. The Mortgage Loan Schedule shall be prepared
      by
      the Seller and shall set forth the following information with respect to each
      Mortgage Loan:

    

      
        	 	
                (i)

              	
                the
                  Mortgage Loan identifying number;

              

      

       

      
        	 	
                (ii)

              	
                the
                  Mortgagor’s name;

              

      

       

      
        	 	
                (iii)

              	
                the
                  street address of the Mortgaged Property including the state and
                  five-digit ZIP code;

              

      

       

      
        	 	
                (iv)

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

              

      

       

      
        	 	
                (v)

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

              

      

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      
        	 	
                (vi)

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

              

      

       

      
        	 	
                (vii)

              	
                the
                  original months to maturity;

              

      

       

      
        	 	
                (viii)

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

              

      

       

      
        	 	
                (ix)

              	
                the
                  Loan-to-Value Ratio at origination;

              

      

       

      
        	 	
                (x)

              	
                the
                  value of any Additional Collateral at
                  origination;

              

      

       

      
        	 	
                (xi)

              	
                the
                  Loan-to-Collateral Value Ratio at
                  origination;

              

      

       

      
        	 	
                (xii)

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

              

      

       

      
        	 	
                (xiii)

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

              

      

       

      
        	 	
                (xiv)

              	
                the
                  stated maturity date;

              

      

       

      
        	 	
                (xv)

              	
                the
                  Master Servicing Fee Rate and the Servicing Fee Rate, if
                  any;

              

      

       

      
        	 	
                (xvi)

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

              

      

       

      
        	 	
                (xvii)

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

              

      

       

      
        	 	
                (xviii)

              	
                the
                  original principal balance of the Mortgage
                  Loan;

              

      

       

      
        	 	
                (xix)

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

              

      

       

      
        	 	
                (xx)

              	
                the
                  Index and Gross Margin specified in related Mortgage
                  Note;

              

      

       

      
        	 	
                (xxi)

              	
                the
                  next Adjustment Date, if
                  applicable;

              

      

       

      
        	 	
                (xxii)

              	
                the
                  Maximum Mortgage Rate, if
                  applicable;

              

      

       

      
        	 	
                (xxiii)

              	
                the
                  Value of the Mortgaged Property;

              

      

       

      
        	 	
                (xxiv)

              	
                the
                  sale price of the Mortgaged Property, if
                  applicable;

              

      

       

      
        	 	
                (xxv)

              	
                the
                  product code;

              

      

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      
        	 	
                (xxvi)

              	
                Expense
                  Fee Rate therefor;

              

      

       

      
        	 	
                (xxvii)

              	
                the
                  Servicer that is servicing such Mortgage Loan and the originator
                  of such
                  Mortgage Loan; and

              

      

       

      
        	 	
                (xxviii)

              	
                the
                  respective Mortgage Loan Group and whether the Mortgage Loan is
                  an
                  Adjustable Rate Mortgage Loan, a Three-Year Hybrid Mortgage Loan,
                  a
                  Five-Year Hybrid Mortgage Loan, a Seven-Year Hybrid Mortgage Loan
                  or a
                  Ten-Year Hybrid Mortgage Loan.

              

      

       

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

    

    

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

     

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

     

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

     

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

     

    “Mortgagor”:
      The
      obligor on a Mortgage Note.

     

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

     

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

     

    

    
      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

    

    

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

     

    “Net
      WAC”:
      With
      respect to each Mortgage Loan Group and any Distribution Date, the weighted
      average of the Net Mortgage Rates of the Mortgage Loans in that Mortgage Loan
      Group, as of the first day of the related Due Period (or, in the case of the
      first Distribution Date, as of the Cut-Off Date), weighted on the basis of
      their
      related Scheduled Principal Balances as of the first day of the related Due
      Period (or, in the case of the first Distribution Date, as of the Cut-Off
      Date).

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

    
      	
              Class
                B-1

            	
              2.10%

            
	
              Class
                B-2

            	
              1.30%

            
	
              Class
                B-3

            	
              0.90%

            
	
              Class
                B-4

            	
              0.50%

            
	
              Class
                B-5

            	
              0.20%

            
	
              Class
                B-6

            	
              0.00%

            

    

     

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

     

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

     

    “Original
      Subordinated Principal Amount”:
      The
      aggregate of the Original Class Principal Amounts of the Classes of Subordinate
      Certificates.

     

    “Original
      Trust Agreement”:
      The
      Trust Agreement, dated as of August 3, 2006, among the Depositor, the Trustee
      and the Delaware Trustee.

     

    “OTS”:
      The
      Office of Thrift Supervision.

     

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

     

    “Overcollateralized
      Group”:
      With
      respect to any Distribution Date and the Senior Certificates (other than the
      Class A-X Certificates) related to a Mortgage Loan Group, Senior Certificates
      as
      to which the aggregate Class Principal Amount thereof after giving effect to
      distributions pursuant to Section 5.01(a) on such date, is less than the
      Mortgage Loan Group Balance of the related Mortgage Loan Group for such
      Distribution Date.

     

    

    
      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    “PCAOB”:
      The
      Public Company Accounting Oversight Board.

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    “PHH”:
      PHH
      Mortgage Corporation or its successors and assigns.

     

    “Physical
      Certificates”:
      The
      Residual Certificate.

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    “Private
      Placement Memorandum”:
      The
      Private Placement Memorandum dated August 8, 2006, relating to the initial
      sale
      of the Class B-4, Class B-5 and Class B-6 Certificates.

     

    

    
      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    “Prospectus”:
      The
      Prospectus Supplement, together with the accompanying prospectus, dated June
      2,
      2006, relating to the Senior Certificates and the Class B-1, Class B-2 and
      Class
      B-3 Certificates.

     

    “Prospectus
      Supplement”:
      That
      certain Prospectus Supplement, dated August 8, 2006, relating to the initial
      sale of the Senior Certificates and the Class B-1, Class B-2 and Class B-3
      Certificates.

     

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

     

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

     

    

    
      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    “Realized
      Loss”:
      With
      respect to any Liquidated Mortgage Loan, the amount of loss realized equal
      to
      the portion of the Principal Balance remaining unpaid after application of
      all
      Net Liquidation Proceeds in respect of such Liquidated Mortgage
      Loan.

     

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

     

    “Record
      Date”:
      With
      respect to each Distribution Date after the first Distribution Date and the
      Class A-1, Class A-2A, Class A-2B and Class A-2C Certificates, the Business
      Day
      preceding the applicable Distribution Date so long as such Certificates remain
      Book-Entry Certificates and otherwise the Record Date shall be same as the
      other
      Classes of Certificates. For each other Class of Certificates, after the first
      Distribution Date, the last Business Day of the calendar month preceding the
      month in which such Distribution Date occurs. For the first Distribution Date,
      the Record Date shall be the Closing Date.

     

    

    
      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

    “Relevant
      Servicing Criteria”:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit Q attached
      hereto and any similar exhibit set forth in each Servicing Agreement in respect
      of each Servicer. Multiple parties can have responsibility for the same Relevant
      Servicing Criteria. With respect to a Servicing Function Participant engaged
      by
      the Master Servicer, the Securities Administrator, the Trustee (in its capacity
      as Custodian) or each Servicer, the term “Relevant Servicing Criteria” may refer
      to a portion of the Relevant Servicing Criteria applicable to such
      parties.

     

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

     

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

     

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

     

    “REMIC
      1”:
      As
      defined in the Preliminary Statement.

     

    “REMIC
      2”:
      As
      defined in the Preliminary Statement.

     

    “REMIC
      3”:
      As
      defined in the Preliminary Statement.

     

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

     

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

     

    

    
      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    “Residual
      Certificate”:
      The
      Class R Certificate.

     

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

     

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

     

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

     

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

     

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

     

    “Retained
      Mortgage Files”:
      As to
      each Mortgage Loan, the file consisting of the Mortgage Loan Documents listed
      as
      items (iii), and (vi) through (viii) of Section 2.01(c) that are to be delivered
      to the Trustee, as Custodian subsequent to a Document Transfer
      Event.

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

    

    

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

     

    “Securities
      Act”:
      The
      Securities Act of 1933, as amended and the rules and regulations
      thereunder.

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          37

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    “Senior
      Percentage”:
      With
      respect to each Mortgage Loan Group and any Distribution Date, the percentage
      equivalent of a fraction (which should not be greater than 100%) the numerator
      of which is the aggregate of the Class Principal Amounts of the Class or Classes
      of Senior Certificates relating to that Mortgage Loan Group immediately prior
      to
      such Distribution Date and the denominator of which is the Scheduled Principal
      Balance of all the Mortgage Loans in the related Mortgage Loan Group for that
      date, provided,
      however,
      that on
      any Distribution Date after a Senior Termination Date has occurred with respect
      to a Mortgage Loan Group, the Senior Percentage for that Mortgage Loan Group
      will be equal to 0%. 

     

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

     

    Notwithstanding
      the above, (i) if on any Distribution Date prior to August 2009 the Two Times
      Test is satisfied, the Senior Prepayment Percentage for each Mortgage Loan
      Group
      will equal the related Senior Percentage for such Distribution Date plus 50%
      of
      an amount equal to 100% minus the related Senior Percentage for such
      Distribution Date and (ii) if
      on any
      Distribution Date in or after August 2009 the Two Times Test is satisfied,
      the
      Senior Prepayment Percentage for each Mortgage Loan Group will equal the related
      Senior Percentage for such Distribution Date; provided,
      however,
      that on
      any Distribution Date after a Senior Termination Date has occurred with respect
      to a Mortgage Loan Group, the Senior Prepayment Percentage will equal zero
      percent for the related Mortgage Loan Group. 

     

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

     

    

    
      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

    

    

    (1) the
      product of (a) the related Senior Percentage and (b) the principal portion
      of
      each Monthly Payment on each Mortgage Loan in the related Mortgage Loan Group
      due during the related Due Period;

     

    (2) the
      product of (a) the related Senior Prepayment Percentage and (b) each of the
      following amounts: (i) the principal portion of each full and partial Principal
      Prepayment made by the Mortgagor on a Mortgage Loan in the related Mortgage
      Loan
      Group during the related Prepayment Period, (ii) each other unscheduled
      collection, including any Subsequent Recovery, Insurance Proceeds and Net
      Liquidation Proceeds (other than with respect to any Mortgage Loan in the
      related Mortgage Loan Group that was finally liquidated during the related
      Prepayment Period), representing or allocable to recoveries of principal of
      Mortgage Loans received during the related Prepayment Period and (iii) the
      principal portion of all proceeds of the purchase (or, in the case of Qualified
      Substitute Mortgage Loan, amounts representing a Substitution Adjustment) of
      any
      Mortgage Loan in the related Mortgage Loan Group actually received by the
      Securities Administrator during the related Prepayment Period;

     

    (3) with
      respect to unscheduled recoveries allocable to principal of any Mortgage Loan
      in
      the related Mortgage Loan Group that was finally liquidated during the related
      Prepayment Period, the lesser of (a) the related Net Liquidation Proceeds
      allocable to principal and (b) the product of the related Senior Prepayment
      Percentage for that date and the remaining Scheduled Principal Balance of such
      Mortgage Loan at the time of liquidation; and

     

    (4) any
      amounts described in clauses (1) through (3) for any previous Distribution
      Date
      that remains unpaid.

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

    

    

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

     

    “Servicing
      Agreement”:
      The
      servicing agreements relating to the Mortgage Loans as set forth in Exhibit
      N
      hereto, servicing arrangements for any Mortgage Loans under the Seller’s
      Correspondent Sellers Guide, and any other servicing agreement entered into
      between a successor servicer and the Seller or the Trustee on behalf of the
      Trust pursuant to the terms hereof.

     

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

     

    “Servicing
      Fee”:
      With
      respect to each Servicer and each Mortgage Loan serviced by such Servicer and
      for any calendar month, the fee payable to such Servicer determined pursuant
      to
      the related Servicing Agreement.

     

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

     

    “Servicing
      Function Participant”:
      Any
      Sub-Servicer or Subcontractor, other than each Servicer, the Master Servicer,
      the Trustee, the Custodian and the Securities Administrator, in each case that
      is participating in the servicing function within the meaning of Regulation
      AB.

     

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

     

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

     

    “Significant
      Modification”:
      As
      defined in Section 3.25.

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

    

    

    “S&P”:
      Standard & Poor’s Rating Services (a division of The McGraw-Hill Companies,
      Inc.).

     

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

     

    “Step
      Down Test”:
      As to
      any Distribution Date, the application of both of the following conditions
      (which conditions may or may not be satisfied):

    
      

        
          	 	
                  first,

                	
                  the
                    outstanding Principal Balance of all Mortgage Loans delinquent
                    60 days or
                    more (including Mortgage Loans in foreclosure and REO property),
                    averaged
                    over the preceding six-month period, as a percentage of the aggregate
                    Class Principal Amount of the Subordinate Certificates, does
                    not equal or
                    exceed 50%, and 

                

        

         

        
          	 	
                  second,

                	
                  cumulative
                    Realized Losses on all of the Mortgage Loans do not
                    exceed:

                

        

      

    

     

    
      	 	
              ·

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

            

    

     

    
      	 	
              ·

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

            

    

     

    
      	 	
              ·

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

            

    

     

    
      	 	
              ·

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

            

    

     

    
      	 	
              ·

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

            

    

     

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

     

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

     

    “Subordinate
      Certificate Interest Rate”:
      With
      respect to each Class of Subordinate Certificates and any Distribution Date,
      the
      per annum rate equal to the weighted average (weighted on the basis of the
      related Subordinate Component) of the Net WACs for Mortgage Loan Group 1 and
      Mortgage Loan Group 2.

     

    

    
      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

    

    

    “Subordinate
      Component”:
      With
      respect to each Mortgage Loan Group and any Distribution Date, the aggregate
      Scheduled Principal Balances of the Mortgage Loans in the related Mortgage
      Loan
      Group, as of the first day of the month preceding the month in which such
      Distribution Date occurs, minus the aggregate Class Principal Amount of the
      related Senior Certificates immediately prior to such Distribution
      Date.

     

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

     

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

     

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

     

    
      	 	
              (1)

            	
              the
                product of (a) the related Subordinate Percentage and (b) the principal
                portion of each Monthly Payment on each Mortgage Loan in the related
                Mortgage Loan Group due during the related Due
                Period;

            

    

     

    
      	 	
              (2)

            	
              the
                product of (a) the related Subordinate Prepayment Percentage and
                (b) each
                of the following amounts: (i) the principal portion of each full
                and
                partial principal prepayment made by a Mortgagor on a Mortgage Loan
                in the
                related Mortgage Loan Group during the related Prepayment Period,
                (ii)
                each other unscheduled collection, including any Subsequent Recovery,
                Insurance Proceeds and Net Liquidation Proceeds (other than with
                respect
                to any related Mortgage Loan that was finally liquidated during the
                related Prepayment Period), representing or allocable to recoveries
                of
                principal of Mortgage Loans received during the related Prepayment
                Period
                and (iii) the principal portion of all proceeds of the purchase (or,
                in
                the case of a Qualified Substitute Mortgage Loan, amounts representing
                a
                Substitution Adjustment) of any Mortgage Loan in the related Mortgage
                Loan
                Group actually received by the Securities Administrator with respect
                to
                the related Prepayment Period;

            

    

     

    
      	 	
              (3)

            	
              with
                respect to unscheduled recoveries allocable to principal of any Mortgage
                Loan in the related Mortgage Loan Group that was finally liquidated
                during
                the related Prepayment Period, the related Net Liquidation Proceeds
                allocable to principal (to the extent not distributed pursuant to
                clause
                (3) of the definition of Senior Principal Distribution Amount for
                the
                related Mortgage Loan Group); and

            

    

     

    

    
      
        
          
          

        

        
          42

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (4)

            	
              any
                amounts described in clauses (1) through (3) for any previous Distribution
                Date that remain unpaid.

            

    

     

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

     

    “Surety
      Bond”:
      The
      Limited Purpose Surety Bond (Policy No. AB0039BE), issued by the Surety for
      the
      benefit of certain beneficiaries, including the Trustee for the benefit of
      the
      Holders of the Certificates, but only to the extent that such Limited Purpose
      Surety Bond covers any Additional Collateral Mortgage Loans.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          43

          
            

          

        

        
          
          

        

      

    

    

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

     

    “Three-Year
      Hybrid Mortgage Loans”:
      The
      Mortgage Loans identified as such and as set forth on Schedule I and Schedule
      II
      hereto.

     

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

     

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

     

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

     

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

     

    “Trust”:
      Thornburg Mortgage Securities Trust 2006-4, the Delaware statutory trust
      governed hereunder. 

     

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

     

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

     

    “Trustee
      Fee”:
      The
      annual on-going fee payable by the Master Servicer on behalf of the Trust to
      the
      Trustee from the Master Servicer Fee and pursuant to the terms of the separate
      fee letter agreement between the Trustee and the Master Servicer relating to
      the
      Thornburg Mortgage Securities Trust 2006-4.

     

    

    
      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

    

    

    “Two
      Times Test”:
      On any
      Distribution Date, the satisfaction of all of the following
      conditions:

     

    
      	 	
              (a)

            	
              the
                Aggregate Subordinate Percentage is at least two times the Aggregate
                Subordinate Percentage as of the Closing Date,

            

    

     

    
      	 	
              (b)

            	
              the
                condition described in clause first
                of
                the definition of Step Down Test is satisfied,
                and

            

    

     

    
      	 	
              (c)

            	
              on
                or after the Distribution Date in August 2009, cumulative Realized
                Losses
                do not exceed 30% of the aggregate Class Principal Amount of the
                Subordinate Certificates as of the Closing Date, or prior to the
                Distribution Date in August 2009, cumulative Realized Losses do not
                exceed
                20% of the aggregate Class Principal Amount of the Subordinate
                Certificates as of the Closing Date.

            

    

     

    “Undercollateralized
      Group”:
      With
      respect to any Distribution Date, any Group 1 Certificates or Group 2
      Certificates as to which the aggregate Class Principal Amount thereof, after
      giving effect to distributions pursuant to Section 5.01(a) on such date, is
      greater than the Mortgage Loan Group Balance of the related Mortgage Loan Group
      for such Distribution Date. 

     

    “Underwriter’s
      Exemption”:
      Prohibited Transaction Exemption (“PTE”) 91-14 as most recently amended by PTE
      2002-4 granted to Lehman Brothers, or any substantially similar administrative
      exemption granted by the U.S. Department of Labor. 

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    “WFB”:
      Wells
      Fargo Bank, N.A. or its successors and assigns.

     

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

     

    “Yield
      Maintenance Account”:
      The
      account maintained by the Securities Administrator pursuant to Section 5.09
      which shall be entitled “Yield Maintenance Account, Wells Fargo Bank, N.A., in
      trust for the registered Holders of Thornburg Mortgage Securities Trust 2006-4,
      Mortgage Loan Pass-Through Certificates, Series 2006-4” and which must be an
      Eligible Account.

     

    

    
      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

    

    

    “Yield
      Maintenance Agreement”:
      The
      Group 1 Yield Maintenance Agreement and the Group 2 Yield Maintenance Agreement,
      as applicable. 

     

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

     

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

     

    “Yield
      Maintenance Sub-Accounts”:
      As
      defined in Section 5.09 hereof.

     

     

    SECTION
      1.02. Accounting.

     

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

     

    ARTICLE
      IA

     

    ORGANIZATION
      OF TRUST

     

    Section
      1A.01. Name
      of Trust.
      The
      name of the Trust formed under the Original Trust Agreement and the Certificate
      of Trust is “Thornburg Mortgage Securities Trust 2006-4,” in which name the
      Trustee may conduct the business and affairs of the Trust, make and execute
      contracts and agreements on behalf of the Trust and sue and be
      sued.

     

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

     

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

     

    

    
      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

    

    

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

     

    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

     

    SECTION
      2.01. Conveyance of Mortgage Loans.

     

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

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Purchase Agreement, including all rights of the Seller under the Servicing
      Agreements to the extent assigned in the Mortgage Loan Purchase Agreement.
      The
      Trustee hereby accepts such assignment, and shall be entitled to exercise all
      rights of the Depositor under the Mortgage Loan Purchase Agreement and the
      Seller under the Servicing Agreements as if, for such purpose, it were the
      Depositor or the Seller, as applicable. The foregoing sale, transfer,
      assignment, set-over, deposit and conveyance does not and is not intended to
      result in creation or assumption by the Trustee of any obligation of the
      Depositor, the Seller or any other Person in connection with the Mortgage Loans
      or any other agreement or instrument relating thereto except as specifically
      set
      forth herein.

     

    

    
      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (ii)

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

            

    

     

    
      	 	
              (iii)

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

            

    

     

    
      	 	
              (iv)

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

            

    

     

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

     

    

    
      
        
          
          

        

        
          52

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (i)

            	
              the
                original Mortgage Note, endorsed either on its face or by allonge
                attached
                thereto in blank or in the following form: “Pay to the order of LaSalle
                Bank National Association, as Trustee for Thornburg Mortgage Securities
                Trust 2006-4, without recourse”, or with respect to any lost Mortgage
                Note, an original Lost Note Affidavit stating that the original mortgage
                note was lost, misplaced or destroyed, together with a copy of the
                related
                mortgage note; provided,
                however,
                that such substitutions of Lost Note Affidavits for original Mortgage
                Notes may occur only with respect to Mortgage Loans the aggregate
                Cut-Off
                Date Principal Balance of which is less than or equal to 2% of the
                Cut-Off
                Date Aggregate Principal Balance;

            

    

     

    
      	 	
              (ii)

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

            

    

     

    
      	 	
              (iii)

            	
              except
                as provided below, for each Mortgage Loan that is not a MERS Mortgage
                Loan, the original Mortgage, and in the case of each MERS Mortgage
                Loan,
                the original Mortgage, noting the presence of the MIN for that Mortgage
                Loan and either language indicating that the Mortgage Loan is a MOM
                Loan
                if the Mortgage Loan is a MOM Loan, or if such Mortgage Loan was
                not a MOM
                Loan at origination, the original Mortgage and the assignment to
                MERS, in
                each case with evidence of recording thereon, and the original recorded
                power of attorney, if the Mortgage was executed pursuant to a power
                of
                attorney, with evidence of recording thereon or, if such Mortgage
                or power
                of attorney has been submitted for recording but has not been returned
                from the applicable public recording office, has been lost or is
                not
                otherwise available, a certified copy of such Mortgage or power of
                attorney, as the case may be, and that the original of such Mortgage
                has
                been forwarded to the public recording office, or, in the case of
                a
                Mortgage that has been lost, a copy thereof (certified as provided
                for
                under the laws of the appropriate jurisdiction) and a written Opinion
                of
                Counsel (delivered at the Seller’s expense) acceptable to the Trustee and
                the Depositor that an original recorded Mortgage is not required
                to
                enforce the Trustee’s interest in the Mortgage
                Loan;

            

    

     

    
      	 	
              (iv)

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

            

    

     

    

    
      
        
          
          

        

        
          53

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (v)

            	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original Assignment of Mortgage, in form and substance acceptable
                for
                recording. The Mortgage shall be assigned to “LaSalle Bank National
                Association, as Trustee for Thornburg Mortgage Securities Trust 2006-4,
                without recourse” or in blank;

            

    

     

    
      	 	
              (vi)

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

            

    

     

    
      	 	
              (vii)

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

            

    

     

    
      	 	
              (viii)

            	
              with
                respect to any Cooperative Loan, the Cooperative Loan
                Documents.

            

    

    

    Notwithstanding
      the above, the Mortgage Files to be delivered and deposited with the Trustee,
      or
      the Custodian, as its agent, the Mortgage Loans serviced by WFB, shall include
      only the documents or instruments referred to in clauses (i), (ii), (iv) and
      (v)
      above and the other documents identified above shall be retained and held by
      WFB, as a Servicer, as provided in the Reconstituted Servicing Agreement dated
      as of July 1, 2006, between the Seller and WFB, and acknowledged by the Master
      Servicer and the Trustee; provided that the Master Servicer shall cause WFB
      to
      deliver to the Custodian, within 60 days of the occurrence of a Document
      Transfer Event, the documents and instruments so retained by it consisting
      of
      the documents or instruments referred to in clauses (iii) and (vi) through
      (viii) above.

     

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

     

    In
      connection with the assignment of any MERS Mortgage Loan, the Seller agrees
      that
      it will take (or shall cause the applicable Servicer to take), at the expense
      of
      the Seller (with the cooperation of the Depositor, the Trustee and the Master
      Servicer), such actions as are necessary to cause the MERS® System to indicate
      that such Mortgage Loans have been assigned by the Seller to the Trustee in
      accordance with this Agreement for the benefit of the Certificateholders by
      including (or deleting, in the case of Mortgage Loans that are repurchased
      in
      accordance with this Agreement) in such computer files the information required
      by the MERS® System to identify the series of the Certificates issued in
      connection with the transfer of such Mortgage Loans to the Thornburg Mortgage
      Securities Trust 2006-4.

     

    

    
      
        
          
          

        

        
          54

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          55

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

     

    SECTION
      2.02. Acceptance by Trustee.

     

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

     

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

     

    

    
      
        
          
          

        

        
          56

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

     

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

     

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

     

    

    
      
        
          
          

        

        
          57

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

     

    

    
      
        
          
          

        

        
          58

          
            

          

        

        
          
          

        

      

    

    

    (c) [Reserved].

     

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

     

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

     

    

    
      
        
          
          

        

        
          59

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          60

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

     

    SECTION
      2.05. [Reserved].

     

     

    SECTION
      2.06. Representations and Warranties of the Depositor.

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          61

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

     

     

    

    
      
        
          
          

        

        
          62

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      2.07. Issuance of Certificates.

     

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

     

     

    SECTION
      2.08. Representations and Warranties of the Seller.

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          63

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

     

    SECTION
      2.09. Covenants of the Seller.

     

    The
      Seller hereby covenants that, except for the transfer hereunder, the Seller
      will
      not sell, pledge, assign or transfer to any other Person, or grant, create,
      incur, assume or suffer to exist any lien on any Mortgage Loan, or any interest
      therein; the Seller will notify the Trustee, as assignee of the Depositor,
      and
      the Master Servicer of the existence of any lien on any Mortgage Loan
      immediately upon discovery thereof, and the Seller will defend the right, title
      and interest of the Trust, as assignee of the Depositor, in, to and under the
      Mortgage Loans, against all claims of third parties claiming through or under
      the Seller; provided,
      however,
      that
      nothing in this Section 2.09 shall prevent or be deemed to prohibit the Seller
      from suffering to exist upon any of the Mortgage Loans any liens for municipal
      or other local taxes and other governmental charges if such taxes or
      governmental charges shall not at the time be due and payable or if the Seller
      shall currently be contesting the validity thereof in good faith by appropriate
      proceedings and shall have set aside on its books adequate reserves with respect
      thereto.

     

    

    
      
        
          
          

        

        
          64

          
            

          

        

        
          
          

        

      

    

    

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE MORTGAGE LOANS

     

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

     

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

     

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

     

    The
      Master Servicer shall not without the Trustee’s written consent (i) initiate any
      action, suit or proceeding solely under the Trustee’s name without indicating
      the Master Servicer’s representative capacity or (ii) take any action with the
      intent to cause, and which actually does cause, the Trustee to be registered
      to
      do business in any state. The Master Servicer shall indemnify the Trustee for
      any and all costs, liabilities and expenses incurred by the Trustee in
      connection with the negligent or willful misuse of such powers of attorney
      by
      the Master Servicer.

     

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

     

    

    
      
        
          
          

        

        
          65

          
            

          

        

        
          
          

        

      

    

    

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

     

     

    SECTION
      3.02. REMIC-Related Covenants.

     

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

     

     

    SECTION
      3.03. Monitoring of Servicers.

     

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

     

     

    

    
      
        
          
          

        

        
          66

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

    (e) If
      the
      Master Servicer acts as Servicer, it will not assume liability for the
      representations and warranties of the Servicer, if any, that it
      replaces.

     

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

     

    

    
      
        
          
          

        

        
          67

          
            

          

        

        
          
          

        

      

    

    

    (g) If
      a
      Servicing Agreement requires the approval of the Master Servicer for a
      modification to a Mortgage Loan, the Master Servicer shall approve such
      modification if, based upon its receipt of written notification from the related
      Servicer outlining the terms of such modification and appropriate supporting
      documentation, the Master Servicer determines that the modification is permitted
      under the terms of the related Servicing Agreement and that any conditions
      to
      such modification set forth in related Servicing Agreement have been satisfied.
      If a Servicing Agreement requires approval or consent of the Trustee for a
      modification, the Trustee shall approve or consent to such modification if
      the
      Master Servicer makes such a determination and in reliance thereon.

     

    (h) If
      a
      Servicing Agreement requires the oversight and monitoring of loss mitigation
      measures with respect to the related Mortgage Loans, the Master Servicer will
      monitor any loss mitigation procedure or recovery action related to a defaulted
      Mortgage Loan (to the extent it receives notice of such from the related
      Servicer) and confirm that such loss mitigation procedure or recovery action
      is
      initiated, conducted and concluded in accordance with any timeframes and any
      other requirements set forth in the related Servicing Agreement, and the Master
      Servicer shall notify the Depositor in any case in which the Master Servicer
      believes that the related Servicer is not complying with such timeframes and/or
      other requirements.

     

     

    SECTION
      3.04. Fidelity Bond.

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or
      trustees.

     

     

    SECTION
      3.05. Power to Act; Procedures.

     

    

    
      
        
          
          

        

        
          68

          
            

          

        

        
          
          

        

      

    

    

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Certificateholders, the Trust and the
      Trustee, customary consents or waivers and other instruments and documents,
      (ii)
      to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds,
      Liquidation Proceeds and Recoveries and (iv) to effectuate, in its own name,
      on
      behalf the Trust, or in the name of the Trust, foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the related
      Servicing Agreement, as applicable; provided,
      however,
      that
      the Master Servicer shall not (and, consistent with its responsibilities under
      Section 3.03, shall not permit any Servicer to) knowingly or intentionally
      take
      any action, or fail to take (or fail to cause to be taken) any action reasonably
      within its control and the scope of duties more specifically set forth herein,
      that, under the REMIC Provisions, if taken or not taken, as the case may be,
      would result in an Adverse REMIC Event unless the Master Servicer has received
      an Opinion of Counsel (but not at the expense of the Master Servicer) to the
      effect that the contemplated action will not result in an Adverse REMIC Event.
      The Trustee shall furnish the Master Servicer, upon written request from a
      Servicing Officer, with any limited powers of attorney empowering the Master
      Servicer or any Servicer to execute and deliver instruments of satisfaction
      or
      cancellation, or of partial or full release or discharge, and to foreclose
      upon
      or otherwise liquidate Mortgaged Property, and to appeal, prosecute or defend
      in
      any court action relating to the Mortgage Loans or the Mortgaged Property,
      in
      accordance with the applicable Servicing Agreement and this Agreement, and
      the
      Trustee shall execute and deliver such other documents, as the Master Servicer
      may request, to enable the Master Servicer to master service and administer
      the
      Mortgage Loans and carry out its duties hereunder, in each case in accordance
      with Accepted Master Servicing Practices (and the Trustee shall have no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      any Servicer). In instituting foreclosures or similar proceedings, the Master
      Servicer shall institute such proceedings either in its own name on behalf
      of
      the Trust or in the name of the Trust (or cause the related Servicer, pursuant
      to the related Servicing Agreement, to institute such proceedings either in
      the
      name of such Servicer on behalf of the Trust or in the name of the Trust),
      unless otherwise required by law or otherwise appropriate. If the Master
      Servicer or the Trustee has been advised that it is likely that the laws of
      the
      state in which action is to be taken prohibit such action if taken in the name
      of the Trust or the Trustee on its behalf or that the Trust or the Trustee,
      as
      applicable, would be adversely affected under the “doing business” or tax laws
      of such state if such action is taken in its name, the Master Servicer shall
      join with the Trustee, on behalf of the Trust, in the appointment of a
      co-trustee pursuant to Section 8.10 hereof. In the performance of its duties
      hereunder, the Master Servicer shall be an independent contractor and shall
      not,
      except in those instances where it is taking action in the name of the Trustee,
      be deemed to be the agent of the Trustee on behalf of the Trust.

     

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

     

    To
      the
      extent provided in the applicable Servicing Agreement and to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause
      the Servicers to enforce such clauses in accordance with the applicable
      Servicing Agreement. If applicable law prohibits the enforcement of a
      due-on-sale clause or such clause is otherwise not enforced in accordance with
      the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
      is
      assumed, the original Mortgagor may be released from liability in accordance
      with the applicable Servicing Agreement.

     

    
      
        
          
          

        

        
          69

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      3.07. Release of Mortgage Files.

     

    (a) Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      any Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will, if required under the applicable Servicing
      Agreement, promptly furnish to the Custodian, on behalf of the Trustee, two
      copies of a certification substantially in the form of Exhibit F hereto signed
      by a Servicing Officer or in a mutually agreeable electronic format which will,
      in lieu of a signature on its face, originate from a Servicing Officer (which
      certification shall include a statement to the effect that all amounts received
      in connection with such payment that are required to be deposited in the related
      Servicing Account maintained by the applicable Servicer pursuant to Section
      4.01
      or by the applicable Servicer pursuant to its Servicing Agreement have been
      or
      will be so deposited) and shall request that the Trustee (or the Custodian,
      on
      behalf of the Trustee) deliver to the applicable Servicer the related Mortgage
      File. Upon receipt of such certification and request, the Trustee (or the
      Custodian, on behalf of the Trustee), shall promptly release the related
      Mortgage File to the applicable Servicer and the Trustee (and the Custodian,
      if
      applicable) shall have no further responsibility with regard to such Mortgage
      File. Upon any such payment in full, each Servicer is authorized, to give,
      as
      agent for the Trustee, as the mortgagee under the Mortgage that secured the
      Mortgage Loan, an instrument of satisfaction (or assignment of mortgage without
      recourse) regarding the Mortgaged Property subject to the Mortgage, which
      instrument of satisfaction or assignment, as the case may be, shall be delivered
      to the Person or Persons entitled thereto against receipt therefor of such
      payment, it being understood and agreed that no expenses incurred in connection
      with such instrument of satisfaction or assignment, as the case may be, shall
      be
      chargeable to the related Servicing Account.

     

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

     

     

     

    

    
      
        
          
          

        

        
          70

          
            

          

        

        
          
          

        

      

    

    

     

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

     

    (a) The
      Master Servicer shall transmit and each Servicer (to the extent required by
      the
      related Servicing Agreement) shall transmit to the Trustee (or Custodian) such
      documents and instruments coming into the possession of the Master Servicer
      or
      such Servicer from time to time as are required by the terms hereof, or in
      the
      case of the Servicers, the applicable Servicing Agreement, to be delivered
      to
      the Trustee (or Custodian). Any funds received by the Master Servicer or by
      a
      Servicer in respect of any Mortgage Loan or which otherwise are collected by
      the
      Master Servicer or by a Servicer as Liquidation Proceeds, Insurance Proceeds
      or
      Recoveries in respect of any Mortgage Loan shall be held for the benefit of
      the
      Trust and the Certificateholders subject to the Master Servicer’s right to
      retain or withdraw from the Distribution Account the Master Servicing Fee,
      any
      additional compensation pursuant to Section 3.14 and any other amounts provided
      in this Agreement, and to the right of each Servicer to retain its Servicing
      Fee
      and any other amounts as provided in the applicable Servicing Agreement. The
      Master Servicer shall, and (to the extent provided in the applicable Servicing
      Agreement) shall cause each Servicer to, provide access to information and
      documentation regarding the Mortgage Loans to the Trustee, its agents and
      accountants at any time upon reasonable request and during normal business
      hours, and to Certificateholders that are savings and loan associations, banks
      or insurance companies, the Office of Thrift Supervision, the FDIC and the
      supervisory agents and examiners of such Office and Corporation or examiners
      of
      any other federal or state banking or insurance regulatory authority if so
      required by applicable regulations of the Office of Thrift Supervision or other
      regulatory authority, such access to be afforded without charge but only upon
      reasonable request in writing and during normal business hours at the offices
      of
      the Master Servicer designated by it. In fulfilling such a request the Master
      Servicer shall not be responsible for determining the sufficiency of such
      information.

     

    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds, Insurance
      Proceeds or Recoveries, shall be held by the Master Servicer for and on behalf
      of the Trust and the Certificateholders and shall be and remain the sole and
      exclusive property of the Trust; provided,
      however,
      that
      the Master Servicer and each Servicer shall be entitled to setoff against,
      and
      deduct from, any such funds any amounts that are properly due and payable to
      the
      Master Servicer or such Servicer under this Agreement or the applicable
      Servicing Agreement.

     

     

    SECTION
      3.09. Standard Hazard Insurance and Flood Insurance
      Policies.

     

    (a) For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall enforce
      any obligation of the Servicers under the related Servicing Agreements to
      maintain or cause to be maintained standard fire and casualty insurance and,
      where applicable, flood insurance, all in accordance with the provisions of
      the
      related Servicing Agreements. It is understood and agreed that such insurance
      shall be with insurers meeting the eligibility requirements set forth in the
      applicable Servicing Agreement and that no earthquake or other additional
      insurance is to be required of any Mortgagor or to be maintained on property
      acquired in respect of a defaulted loan, other than pursuant to such applicable
      laws and regulations as shall at any time be in force and as shall require
      such
      additional insurance.

     

     

    

    
      
        
          
          

        

        
          71

          
            

          

        

        
          
          

        

      

    

    

    (b) Pursuant
      to Section 4.01 and 4.02, any amounts collected by the Servicers or the Master
      Servicer, or by any Servicer, under any insurance policies (other than amounts
      to be applied to the restoration or repair of the property subject to the
      related Mortgage or released to the Mortgagor in accordance with the applicable
      Servicing Agreement) shall be deposited into the Distribution Account, subject
      to withdrawal pursuant to Section 4.02 and 4.03. Any cost incurred by the Master
      Servicer or any Servicer in maintaining any such insurance if the Mortgagor
      defaults in its obligation to do so shall be added to the amount owing under
      the
      Mortgage Loan where the terms of the Mortgage Loan so permit; provided,
      however,
      that
      the addition of any such cost shall not be taken into account for purposes
      of
      calculating the distributions to be made to Certificateholders and shall be
      recoverable by the Master Servicer or such Servicer pursuant to Section 4.02
      and
      4.03.

     

     

    SECTION
      3.10. Presentment of Claims and Collection of Proceeds.

     

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

     

     

    SECTION
      3.11. Maintenance of the Primary Insurance Policies.

     

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

     

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

     

     

     

    

    
      
        
          
          

        

        
          72

          
            

          

        

        
          
          

        

      

    

    

     

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

     

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

     

     

    SECTION
      3.13. Realization Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall cause each Servicer (to the extent required under the
      related Servicing Agreement) to foreclose upon, repossess or otherwise
      comparably convert the ownership of Mortgaged Properties securing such of the
      Mortgage Loans as come into and continue in default and as to which no
      satisfactory arrangements can be made for collection of delinquent payments,
      all
      in accordance with the applicable Servicing Agreement.

     

     

    SECTION
      3.14. Additional Compensation to the Master Servicer. 

     

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

     

     

     

    

    
      
        
          
          

        

        
          73

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      3.15. REO Property.

     

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

     

    (b) The
      Master Servicer shall, to the extent required by the related Servicing
      Agreement, cause the applicable Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the related
      Servicing Account.

     

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Servicing Fees
      from Liquidation Proceeds received in connection with the final disposition
      of
      such REO Property; provided, that any such unreimbursed Advances as well as
      any
      unpaid Servicing Fees may be reimbursed or paid, as the case may be, prior
      to
      final disposition, out of any net rental income or other net amounts derived
      from such REO Property.

     

    (d) To
      the
      extent provided in the related Servicing Agreement, the Liquidation Proceeds
      from the final disposition of the REO Property, net of any payment to the Master
      Servicer and the applicable Servicer as provided above shall be deposited in
      the
      related Servicing Account on or prior to the applicable Determination Date
      in
      the month following receipt thereof and be remitted by wire transfer in
      immediately available funds to the Master Servicer for deposit into the related
      Distribution Account on the next succeeding Servicer Remittance
      Date.

     

     

    SECTION
      3.16. Assessments of Compliance and Attestation Reports.

     

    (a) Assessments
      of Compliance.

     

    (i) By
      March
      10 (with a 5 calendar day cure period) of each year (subject to the later date
      referred to in Section 3.16(a)(iii)), commencing in March 2007, the Master
      Servicer, the Securities Administrator and the Custodian, each at its own
      expense, shall furnish, and each such party shall cause any Servicing Function
      Participant engaged by it to furnish, each at its own expense, to the Securities
      Administrator and the Depositor, a report on an assessment of compliance with
      the Relevant Servicing Criteria that contains (A) a statement by such party
      of
      its responsibility for assessing compliance with the Relevant Servicing
      Criteria, (B) a statement that such party used the Servicing Criteria to assess
      compliance with the Relevant Servicing Criteria, (C) such party’s assessment of
      compliance with the Relevant Servicing Criteria as of and for the fiscal year
      covered by the Form 10-K required to be filed pursuant to Section 3.19(b) and
      for each fiscal year thereafter, whether or not a Form 10-K is required to
      be
      filed, including, if there has been any material instance of noncompliance
      with
      the Relevant Servicing Criteria, a discussion of each such failure and the
      nature and status thereof, and (D) a statement that a registered public
      accounting firm has issued an attestation report on such party’s assessment of
      compliance with the Relevant Servicing Criteria as of and for such period.
      

    

    

    
      
        
          
          

        

        
          74

          
            

          

        

        
          
          

        

      

    

    

    (ii) No
      later
      than the end of each fiscal year for the Trust for which a 10-K is required
      to
      be filed, the Master Servicer and the Custodian, shall each forward to the
      Securities Administrator and the Depositor the name of each Servicing Function
      Participant engaged by it and what Relevant Servicing Criteria will be addressed
      in the report on assessment of compliance prepared by such Servicing Function
      Participant (provided, however, that the Master Servicer need not provide such
      information to the Securities Administrator so long as the Master Servicer
      and
      the Securities Administrator are the same Person). When the Master Servicer,
      the
      Custodian, and the Securities Administrator submit their assessments to the
      Securities Administrator, such parties will also at such time include the
      assessment (and attestation pursuant to subsection (b) of this Section 3.16)
      of
      each Servicing Function Participant engaged by it.

    

    (iii) Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and each comparable report submitted by a Servicer
      and, if applicable, consult with the Master Servicer, the Securities
      Administrator, the Custodian, the Servicers and any Servicing Function
      Participant engaged by such parties as to the nature of any material instance
      of
      noncompliance with the Relevant Servicing Criteria by each such party, and
      (ii)
      the Securities Administrator shall confirm that the assessments, taken as a
      whole, address all of the Servicing Criteria and taken individually address
      the
      Relevant Servicing Criteria for each party as set forth on Exhibit Q and on
      any
      similar exhibit set forth in each Servicing Agreement in respect of each
      Servicer and notify the Depositor of any exceptions. None of such parties shall
      be required to deliver any such assessments until March 30 in any given year
      so
      long as it has received written confirmation from the Depositor that a Form
      10-K
      is not required to be filed in respect of the Trust for the preceding calendar
      year; provided that the Custodian shall only be required to deliver such an
      assessment of compliance with respect to any fiscal year for which a Form 10-K
      is required to be filed in respect of the Trust. The Master Servicer shall
      include all annual reports on assessment of compliance received by it with
      its
      own assessment of compliance to be submitted to the Securities Administrator
      pursuant to this Section.

    

    In
      the
      event the Master Servicer, the Securities Administrator, the Custodian, any
      Servicer or any Servicing Function Participant engaged by any such party is
      terminated, assigns its rights and obligations under, or resigns pursuant to,
      the terms of this Agreement, or any applicable Custodial Agreement, Servicing
      Agreement or sub-servicing agreement, as the case may be, such party (in the
      case of a Servicer, to the extent required under the applicable Servicing
      Agreement) shall provide or shall cause such Servicing Function Participant
      to
      provide for the applicable period preceding such assignment and termination
      a
      report on assessment of compliance pursuant to this Section 3.16(a) or to such
      other applicable agreement, notwithstanding any such termination, assignment
      or
      resignation.

    

    

    
      
        
          
          

        

        
          75

          
            

          

        

        
          
          

        

      

    

    

    (b) Attestation
      Reports.

     

    (i) By
      March
      10 (with a 5 calendar day cure period) of each year (subject to the later date
      referred to in Section 3.16(b)(ii)), commencing in March 2007, the Master
      Servicer, the Securities Administrator, the Custodian, each at its own expense,
      shall cause, and each such party shall cause any Servicing Function Participant
      engaged by it to cause, each at its own expense, a registered public accounting
      firm (which may also render other services to the Master Servicer, the Trustee,
      in its capacity as Custodian, the Securities Administrator, or such other
      Servicing Function Participants, as the case may be) and that is a member of
      the
      American Institute of Certified Public Accountants to furnish a report to the
      Securities Administrator and the Depositor, to the effect that (i) it has
      obtained a representation regarding certain matters from the management of
      such
      party, which includes an assertion that such party has complied with the
      Relevant Servicing Criteria, and (ii) on the basis of an examination conducted
      by such firm in accordance with standards for attestation engagements issued
      or
      adopted by the PCAOB, it is expressing an opinion as to whether such party’s
      compliance with the Relevant Servicing Criteria was fairly stated in all
      material respects, or it cannot express an overall opinion regarding such
      party’s assessment of compliance with the Relevant Servicing Criteria. In the
      event that an overall opinion cannot be expressed, such registered public
      accounting firm shall state in such report why it was unable to express such
      an
      opinion. Such report must be available for general use and not contain
      restricted use language. 

    

    (ii) Promptly
      after receipt of such report from the Master Servicer, the Trustee, in its
      capacity as Custodian, the Securities Administrator, a Servicer or any Servicing
      Function Participant engaged by such parties, (i) the Depositor shall review
      the
      report and, if applicable, consult with such parties as to the nature of any
      defaults by such parties, in the fulfillment of any of each such party’s
      obligations hereunder or under any other applicable agreement, and (ii) the
      Securities Administrator shall confirm that each assessment submitted pursuant
      to subsection (a) of this Section 3.16 is coupled with an attestation meeting
      the requirements of this Section and notify the Depositor of any exceptions.
      None of the Master Servicer, the Securities Administrator, the Custodian or
      any
      Servicing Function Participant engaged by such parties shall be required to
      deliver or cause the delivery of such reports until March 30 in any given year
      for so long as it has received written confirmation from the Depositor that
      a
      Form 10-K is not required to be filed in respect of the Trust for preceding
      calendar or fiscal year; provided that the Custodian shall only be required
      to
      deliver or cause to be delivered such report with respect to any fiscal year
      for
      which a Form 10-K is required to be filed by the Trust. The Master Servicer
      shall include each such attestation furnished to it with its own attestation
      to
      be submitted to the Securities Administrator pursuant to this
      Section.

    

    In
      the
      event the Master Servicer, the Securities Administrator, the Custodian, any
      Servicer or any Servicing Function Participant engaged by any such party is
      terminated, assigns its rights and duties under, or resigns pursuant to the
      terms of this Agreement, or any applicable Custodial Agreement, Servicing
      Agreement or sub-servicing agreement, as the case may be, such party (in the
      case of a Servicer, to the extent required under the applicable Servicing
      Agreement) shall cause a registered public accounting firm to provide an
      attestation pursuant to this Section 3.16(b) or to such other applicable
      agreement, for the applicable period immediately preceding such termination,
      assignment or resignation, notwithstanding any such termination, assignment
      or
      resignation.

    

    

     

     

    

    
      
        
          
          

        

        
          76

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      3.17. Annual Compliance Statement.

     

    The
      Master Servicer and the Securities Administrator shall deliver (and the Master
      Servicer and Securities Administrator shall cause any Servicing Function
      Participant engaged by it to deliver) to the Depositor and the Securities
      Administrator on or before March 10 (with a 5 calendar day cure period) of
      each
      year, commencing in March 2007, an Officer’s Certificate stating, as to the
      signer thereof, that (A) a review of such party’s activities during the
      preceding calendar year or portion thereof and of such party’s performance under
      this Agreement, or such other applicable agreement in the case of any Servicing
      Function Participant, has been made under such officer’s supervision and (B) to
      the best of such officer’s knowledge, based on such review, such party has
      fulfilled all its obligations under this Agreement, or such other applicable
      agreement in the case of any Servicing Function Participant, in all material
      respects throughout such year or portion thereof, or, if there has been a
      failure to fulfill any such obligation in any material respect, specifying
      each
      such failure known to such officer and the nature and status thereof. Promptly
      after receipt of each such Officer’s Certificate, the Depositor shall review
      such Officer’s Certificate and, if applicable, consult with each such party, as
      applicable, as to the nature of any failures by such party, in the fulfillment
      of any of such party’s obligations hereunder or, in the case of any Servicing
      Function Participant, under such other applicable agreement. The Master Servicer
      shall include all annual statements of compliance received by it from each
      Servicer with its own annual statement of compliance to be submitted to the
      Securities Administrator pursuant to this Section. In the event the Master
      Servicer, the Securities Administrator or any Servicing Function Participant
      engaged by any such party is terminated or resigns pursuant to the terms of
      this
      Agreement, or any applicable agreement in the case of a Servicing Function
      Participant, as the case may be, such party shall provide an Officer’s
      Certificate pursuant to this Section 3.17 or to such applicable agreement,
      as
      the case may be, notwithstanding any such termination, assignment or
      resignation.

     

     

    SECTION
      3.18. Sarbanes-Oxley Certification.

     

    Each
      Form
      10-K shall include a Sarbanes-Oxley Certification, required to be included
      therewith pursuant to the Sarbanes-Oxley Act. The Master Servicer and the
      Securities Administrator shall provide, and each such party shall cause any
      Servicing Function Participant engaged by it to provide, to the Person who
      signs
      the Sarbanes-Oxley Certification (the “Certifying
      Person”),
      by
      March 1 (with a ten-calendar day cure period), (or by such other date and cure
      period specified in the applicable Servicing Agreement), of each year in which
      the Trust is subject to the reporting requirements of the Exchange Act and
      otherwise within a reasonable period of time upon request, a certification,
      if
      applicable in the form provided by the related Servicing Agreement (each, a
      “Back-Up
      Certification”),
      upon
      which the Certifying Person, the entity for which the Certifying Person acts
      as
      an officer, and such entity’s officers, directors and Affiliates (collectively
      with the Certifying Person, “Certification
      Parties”)
      can
      reasonably rely. The senior officer of the Master Servicer in charge of the
      master servicing function shall serve as the Certifying Person on behalf of
      the
      Trust. Such officer of the Certifying Person can be contacted by e-mail at
      cts.sec.notifications@wellsfargo.com
      or by
      facsimile at 410-715-2380. In the event any such party or any Servicing Function
      Participant engaged by such party is terminated or resigns pursuant to the
      terms
      of this Agreement, or any applicable sub-servicing agreement, as the case may
      be, such party shall provide a Back-Up Certification to the Certifying Person
      pursuant to this Section 3.18 with respect to the period of time it was subject
      to this Agreement or any applicable sub-servicing agreement, as the case may
      be.
      Notwithstanding the foregoing, (i) the Master Servicer and the Securities
      Administrator shall not be required to deliver a Back-Up Certification to each
      other if both are the same Person and the Master Servicer is the Certifying
      Person and (ii) the Master Servicer shall not be obligated to sign the
      Sarbanes-Oxley Certification in the event that it does not receive any Back-Up
      Certification required to be furnished to it pursuant to this section or any
      Servicing Agreement or Custodial Agreement.

     

     

     

    

    
      
        
          
          

        

        
          77

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      3.19. Reports Filed with Securities and Exchange Commission.

     

    (a) Reports
      Filed on Form 10-D. 

     

    (i) Within
      15
      days after each Distribution Date (subject to permitted extensions under the
      Exchange Act), the Securities Administrator shall prepare and file on behalf
      of
      the Trust any Form 10-D required by the Exchange Act, in form and substance
      as
      required by the Exchange Act. The Securities Administrator shall file each
      Form
      10-D with a copy of the related Distribution Date Statement attached thereto.
      Any disclosure in addition to the Distribution Date Statement that is required
      to be included on Form 10-D (“Additional
      Form 10-D Disclosure”)
      shall
      be reported by the parties set forth on Exhibit R to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-D Disclosure, except as set forth in the next two paragraphs. 

    

    (ii) As
      set
      forth on Exhibit R hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties to the Thornburg Mortgage Securities Trust 2006-4
      transaction shall be required to provide to the Securities Administrator and
      the
      Depositor, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-D Disclosure, if applicable, together with an Additional
      Disclosure Notification in the form of Exhibit U hereto (an “Additional
      Disclosure Notification”),
      and
      the Depositor will approve, as to form and substance, or disapprove, as the
      case
      may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D.
      The
      Seller will be responsible for any reasonable fees and expenses assessed or
      incurred by the Securities Administrator in connection with including any
      Additional Form 10-D Disclosure in Form 10-D pursuant to this
      paragraph.

    

    

    
      
        
          
          

        

        
          78

          
            

          

        

        
          
          

        

      

    

    

    (iii) After
      preparing the Form 10-D, the Securities Administrator shall forward upon request
      electronically a copy of the Form 10-D to the Depositor (provided that such
      Form
      10-D includes any Additional Form 10-D Disclosure). Within two Business Days
      after receipt of such copy, but no later than the 12th
      calendar
      day after the Distribution Date, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-D. In the absence of receipt of any written
      changes or approval, or if the Depositor does not request a copy of a Form
      10-D,
      the Securities Administrator shall be entitled to assume that such Form 10-D
      is
      in final form and the Securities Administrator may proceed with the execution
      and filing of the Form 10-D. A duly authorized representative of the Master
      Servicer shall sign each Form 10-D. If a Form 10-D cannot be filed on time
      or if
      a previously filed Form 10-D needs to be amended, the Securities Administrator
      will follow the procedures set forth in subsection (d)(ii) of this Section
      3.19.
      Promptly (but no later than 1 Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website a
      final
      executed copy of each Form 10-D filed by the Securities Administrator. Each
      party to this Agreement acknowledges that the performance by the Master Servicer
      and the Securities Administrator of their respective duties under this Section
      3.19(a) related to the timely preparation, execution and filing of Form 10-D
      is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 3.19(a). Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file such Form 10-D, where such failure results
      from the Securities Administrator’s inability or failure to obtain or receive,
      on a timely basis, any information from any other party hereto needed to
      prepare, arrange for execution or file such Form 10-D, not resulting from its
      own negligence, bad faith or willful misconduct.

    

    (iv) Form
      10-D
      requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days.” The Depositor hereby represents to
      the Securities Administrator that the Depositor has filed all such required
      reports during the preceding 12 months and that it has been subject to such
      filing requirement for the past 90 days. The Depositor shall notify the
      Securities Administrator in writing, no later than the fifth calendar day after
      the related Distribution Date with respect to the filing of a report on Form
      10-D if the answer to the questions should be “no.” The Securities Administrator
      shall be entitled to rely on such representations in preparing, executing and/or
      filing any such report

    

    (b) Reports
      Filed on Form 10-K.

    

    
      
        
          
          

        

        
          79

          
            

          

        

        
          
          

        

      

    

     

    (i) On
      or
      prior to the 90th
      day
      after the end of each fiscal year of the Trust in which a Form 10-K is required
      to be filed or such earlier date as may be required by the Exchange Act (the
      “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust ends on December
      31st
      of each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Trust a Form 10-K, in form and substance as required
      by
      the Exchange Act. Each such Form 10-K shall include the following items, in
      each
      case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement and the related
      Servicing Agreement, (i) an annual compliance statement for each Servicer,
      the
      Master Servicer, the Securities Administrator and any Servicing Function
      Participant engaged by such parties (each, a “Reporting
      Servicer”)
      as
      described under Section 3.17, (ii)(A) the annual reports on assessment of
      compliance with servicing criteria for each Reporting Servicer, as described
      under Section 3.16(a), and (B) if each Reporting Servicer’s report on assessment
      of compliance with servicing criteria described under Section 3.16(a) identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if each Reporting Servicer’s report on assessment of
      compliance with servicing criteria described under Section 3.16(a) is not
      included as an exhibit to such Form 10-K, disclosure that such report is not
      included and an explanation why such report is not included, (iii)(A) the
      registered public accounting firm attestation report for each Reporting
      Servicer, as described under Section 3.16(b), and (B) if any registered public
      accounting firm attestation report described under Section 3.16(b) identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any such registered public accounting firm attestation
      report is not included as an exhibit to such Form 10-K, disclosure that such
      report is not included and an explanation why such report is not included,
      and
      (iv) a Sarbanes-Oxley Certification as described in Section 3.18 (provided,
      however,
      that
      the Securities Administrator, at its discretion, may omit from the Form 10-K
      any
      annual compliance statement, assessment of compliance or attestation report
      that
      is not required to be filed with such Form 10-K pursuant to Regulation AB).
      Any
      disclosure or information in addition to (i) through (iv) above that is required
      to be included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be determined and prepared by and at the direction of the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-K Disclosure, except as set forth in the next two paragraphs. 

    

    (ii) As
      set
      forth on Exhibit S hereto, no later than March 10 (with a 5 calendar day cure
      period) of each year that the Trust is subject to the Exchange Act reporting
      requirements, commencing in 2007, (i) the parties to the Thornburg Mortgage
      Securities Trust 2006-4 transaction shall be required to provide to the
      Securities Administrator and the Depositor, to the extent known by a responsible
      officer thereof, in EDGAR-compatible form (which may be Word or Excel documents
      easily convertible to EDGAR format), or in such other form as otherwise agreed
      upon by the Securities Administrator and such party, the form and substance
      of
      any Additional Form 10-K Disclosure, if applicable, together with an Additional
      Disclosure Notification and (ii) the Depositor will approve, as to form and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K. The Seller will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      in Form 10-K pursuant to this paragraph.

    

    

    
      
        
          
          

        

        
          80

          
            

          

        

        
          
          

        

      

    

    

    (iii) After
      preparing the Form 10-K, the Securities Administrator shall forward upon request
      electronically a copy of the Form 10-K to the Depositor. Within three Business
      Days after receipt of such copy, but no later than March 25th, the Depositor
      shall notify the Securities Administrator in writing (which may be furnished
      electronically) of any changes to or approval of such Form 10-K. In the absence
      of receipt of any written changes or approval, or if the Depositor does not
      request a copy of a Form 10-K, the Securities Administrator shall be entitled
      to
      assume that such Form 10-K is in final form and the Securities Administrator
      may
      proceed with the execution and filing of the Form 10-K. A senior officer of
      the
      Master Servicer in charge of the master servicing function shall sign the Form
      10-K. If a Form 10-K cannot be filed on time or if a previously filed Form
      10-K
      needs to be amended, the Securities Administrator will follow the procedures
      set
      forth in subsection (d) of this Section 3.19. Promptly (but no later than 1
      Business Day) after filing with the Commission, the Securities Administrator
      will make available on its internet website a final executed copy of each Form
      10-K. The parties to this Agreement acknowledge that the performance by the
      Master Servicer and the Securities Administrator of its duties under this
      Section 3.19(b) related to the timely preparation, execution and filing of
      Form
      10-K is contingent upon such parties (the Custodian and any Servicing Function
      Participant) strictly observing all applicable deadlines in the performance
      of
      their duties under this Section 3.19(b), Section 3.18, Section 3.17, Section
      3.16(a) and Section 3.16(b). Neither the Master Servicer nor the Securities
      Administrator shall have any liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 10-K, where such failure results from the
      Securities Administrator’s inability or failure to obtain or receive, on a
      timely basis, any information from any other party hereto needed to prepare,
      arrange for execution or file such Form 10-K, not resulting from its own
      negligence, bad faith or willful misconduct.

    

    (iv) Form
      10-K
      requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
      filed all reports required to be filed by Section 13 or 15(d) of the Exchange
      Act during the preceding 12 months (or for such shorter period that the
      registrant was required to file such reports), and (2) has been subject to
      such
      filing requirements for the past 90 days.” The Depositor hereby represents to
      the Securities Administrator that the Depositor has filed all such required
      reports during the preceding 12 months and that it has been subject to such
      filing requirement for the past 90 days. The Depositor shall notify the
      Securities Administrator in writing, no later than March 15th with respect
      to
      the filing of a report on Form 10-K, if the answer to the questions should
      be
“no.” The Securities Administrator shall be entitled to rely on such
      representations in preparing, executing and/or filing any such
      report.

    

    (c) Reports
      Filed on Form 8-K.

     

    (i) Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable
      Event”),
      and
      if requested by the Depositor, the Securities Administrator shall prepare and
      file on behalf of the Trust a Form 8-K, as required by the Exchange Act,
provided
      that the
      Depositor shall file the initial Form 8-K in connection with the issuance of
      the
      Certificates. Any disclosure or information related to a Reportable Event or
      that is otherwise required to be included in Form 8-K (“Form
      8-K Disclosure Information”)
      shall
      be reported by the parties set forth on Exhibit T to the Depositor and the
      Securities Administrator and directed and approved by the Depositor pursuant
      to
      the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information or any Form 8-K, except as set forth in the next two
      paragraphs. 

    

    
      
        
          
          

        

        
          81

          
            

          

        

        
          
          

        

      

    

    

    

    (ii) As
      set
      forth on Exhibit T hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than close of business (New York City
      time)
      on the 2nd Business Day after the occurrence of a Reportable Event (i) the
      parties to the Thornburg Mortgage Securities Trust 2006-4 transaction shall
      be
      required to provide to the Securities Administrator and Depositor, to the extent
      known by a responsible officer thereof, in EDGAR-compatible form (which may
      be
      Word or Excel documents easily convertible to EDGAR format), or in such other
      form as otherwise agreed upon by the Securities Administrator and such party,
      the form and substance of any Form 8-K Disclosure Information, if applicable,
      together with an Additional Disclosure Notification and (ii) the Depositor
      will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Form 8-K Disclosure Information. The Seller will be responsible
      for any reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Form 8-K Disclosure Information
      in Form 8-K pursuant to this paragraph. 

    

    (iii) After
      preparing the Form 8-K, the Securities Administrator shall forward upon request
      electronically a copy of the Form 8-K to the Depositor. Promptly, but no later
      than the close of business on the third Business Day after the Reportable Event,
      the Depositor shall notify the Securities Administrator in writing (which may
      be
      furnished electronically) of any changes to or approval of such Form 8-K. In
      the
      absence of receipt of any written changes or approval, or if the Depositor
      does
      not request a copy of a Form 8-K, the Securities Administrator shall be entitled
      to assume that such Form 8-K is in final form and the Securities Administrator
      may proceed with the execution and filing of the Form 8-K. A duly authorized
      representative of the Master Servicer shall sign each Form 8-K. If a Form 8-K
      cannot be filed on time or if a previously filed Form 8-K needs to be amended,
      the Securities Administrator will follow the procedures set forth in subsection
      (d) of this Section 3.19. Promptly (but no later than 1 Business Day) after
      filing with the Commission, the Securities Administrator will, make available
      on
      its internet website a final executed copy of each Form 8-K filed by the
      Securities Administrator and of each Form 8-K filed by the Depositor and
      provided to the Securities Administrator for that purpose. The parties to this
      Agreement acknowledge that the performance by the Master Servicer and the
      Securities Administrator of their respective duties under this Section 3.19(c)
      related to the timely preparation, execution and filing of Form 8-K is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 3.19(c). Neither the Securities
      Administrator nor the Master Servicer shall have any liability for any loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file such Form 8-K, where such failure results
      from the Securities Administrator’s inability or failure to obtain or receive,
      on a timely basis, any information from any other party hereto needed to
      prepare, arrange for execution or file such Form 8-K, not resulting from its
      own
      negligence, bad faith or willful misconduct.

    

    
      
        
          
          

        

        
          82

          
            

          

        

        
          
          

        

      

    

    

    

    (d) Delisting;
      Amendments; Late Filings.

     

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

     

    (ii) In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly notify electronically the Depositor. In the case of Form 10-D and
      10-K,
      the parties to this Agreement and each Servicer will cooperate to prepare and
      file a Form 12b-25 and a 10-D/A and 10-K/A, as applicable, pursuant to Rule
      12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
      Administrator will, upon receipt of all required Form 8-K Disclosure Information
      and upon the approval and direction of the Depositor, include such disclosure
      information on the next Form 10-D. In the event that any previously filed Form
      8-K, 10-D or 10-K needs to be amended, and such amendment includes any
      Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure or any
      Form
      8-K Disclosure Information or any amendment to such disclosure, the Securities
      Administrator will promptly notify electronically the Depositor and such parties
      will cooperate to prepare any necessary 8-KA, 10-D/A or 10-K/A. Any Form 15,
      Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a
      duly
      authorized representative or a senior officer in charge of master servicing,
      as
      applicable, of the Master Servicer. The parties to this Agreement acknowledge
      that the performance by the Master Servicer and the Securities Administrator
      of
      their respective duties under this Section 3.19(d) related to the timely
      preparation, execution and filing of Form 15, a Form 12b-25 or any amendment
      to
      Form 8-K, 10-D or 10-K is contingent upon each such party performing its duties
      under this Section. Neither the Master Servicer nor the Securities Administrator
      shall have any liability for any loss, expense, damage, claim arising out of
      or
      with respect to any failure to properly prepare, execute and/or timely file
      any
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where
      such failure results from the Securities Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 15, Form
      12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not resulting from its
      own
      negligence, bad faith or willful misconduct.

    

     

    SECTION
      3.20. Additional Information.

     

    Each
      of
      the parties agrees to provide to the Securities Administrator such additional
      information related to such party as the Securities Administrator may reasonably
      request, including evidence of the authorization of the person signing any
      certification or statement, financial information and reports, and such other
      information related to such party or its performance hereunder. 

     

    

    
      
        
          
          

        

        
          83

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      3.21. Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Section 3.16 through
      Section 3.20 of this Agreement is to facilitate compliance by the Securities
      Administrator and the Depositor with the provisions of Regulation AB promulgated
      by the Commission under the Exchange Act (17 C.F.R. §§ 229.1100 -
      229.1123), as such may be amended from time to time and subject to such
      clarification and interpretive advice as may be issued by the staff of the
      Commission from time to time. Therefore, each of the parties agrees that (a)
      the
      obligations of the parties hereunder shall be interpreted in such a manner
      as to
      accomplish that purpose, (b) the parties’ obligations hereunder will be
      supplemented and modified as necessary to be consistent with any such
      amendments, interpretive advice or guidance, convention or consensus among
      active participants in the asset-backed securities markets, advice of counsel,
      or otherwise in respect of the requirements of Regulation AB, (c) the parties
      shall comply with the reasonable requests made by the Securities Administrator
      or the Depositor for delivery of such additional or different information as
      the
      Securities Administrator or the Depositor may determine in good faith is
      necessary to comply with the provisions of Regulation AB, which information
      is
      available to such party without unreasonable effort or expense and within such
      timeframe as may be reasonably requested, and (d) no amendment of this Agreement
      shall be required to effect any such changes in the parties’ obligations as are
      necessary to accommodate evolving interpretations of the provisions of
      Regulation AB.

     

     

    SECTION
      3.22. Indemnification. 

     

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

     

     

    

    
      
        
          
          

        

        
          84

          
            

          

        

        
          
          

        

      

    

    

     

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

     

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

     

     

    SECTION
      3.24. UCC.

     

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

     

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          85

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

     

    SECTION
      3.26. Realization upon Troubled Mortgage Loans.

     

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

     

     

     

    

    
      
        
          
          

        

        
          86

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      3.27. Closing Certificate and Opinion.

     

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

     

     

    SECTION
      3.28. Liabilities of the Master Servicer.

     

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

     

     

    SECTION
      3.29. Merger or Consolidation of the Master Servicer.

     

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

     

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

     

     

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

     

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

     

    

    
      
        
          
          

        

        
          87

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

     

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

     

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

     

    (a) Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Indemnified Persons,
      the
      Depositor, the Trust or the Certificateholders for taking any action or for
      refraining from taking any action in good faith pursuant to this Agreement,
      or
      for errors in judgment; provided,
      however,
      that
      this provision shall not protect the Master Servicer or any such Person against
      any breach of warranties or representations made herein or any liability which
      would otherwise be imposed by reason of such Person’s willful misfeasance, bad
      faith or gross negligence in the performance of duties or by reason of reckless
      disregard of obligations and duties hereunder.

     

    (b) The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer may rely in good faith on any document of any kind prima facie properly
      executed and submitted by any Person respecting any matters arising
      hereunder.

     

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

     

     

    

    
      
        
          
          

        

        
          88

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

     

    SECTION
      3.32. Master Servicer Not to Resign. 

     

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

     

     

     

    

    
      
        
          
          

        

        
          89

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      3.33. Successor Master Servicer.

     

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

     

     

    SECTION
      3.34. Sale and Assignment of Master Servicing.

     

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

    

    
      
        
          
          

        

        
          90

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      3.35. Reporting Requirements of the Commission.

     

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

     

     

    ARTICLE
      IV

     

    ACCOUNTS

     

     

    SECTION
      4.01. Servicing Accounts.

     

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

     

    (b) [Reserved];

     

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

     

    

    
      
        
          
          

        

        
          91

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    Notwithstanding
      anything herein to the contrary, the Master Servicer shall not be responsible
      for verifying the accuracy of any Prepayment Penalty.

     

    SECTION
      4.02. Distribution Account. 

     

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

     

    

    
      
        
          
          

        

        
          92

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

     

    

    
      
        
          
          

        

        
          93

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          94

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          95

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    (xiv) to
      remove
      amounts deposited in error; and 

     

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

     

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

     

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

     

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

     

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

     

     

    ARTICLE
      V

     

    FLOW
      OF FUNDS

     

     

    SECTION
      5.01. Distributions.

     

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

     

    

    
      
        
          
          

        

        
          96

          
            

          

        

        
          
          

        

      

    

    

    (i) the
      Available Funds for Mortgage Loan Group 1 (and, solely in the case of
      distributions under clause (a)(i)(B) below, the amounts received from the Group
      1 Yield Maintenance Agreement) shall be distributed on each Distribution Date
      in
      the following order of priority: 

     

    
      	 	
              (A)

            	
              to
                the Holders of the Class R, Class A-1 and Class A-X Certificates,
                the
                related Interest Distributable Amounts for such date, pro
                rata
                (based on the Interest Distributable Amounts to which each such Class
                is
                entitled); provided,
                however,
                for purposes of computing the Interest Distributable Amounts under
                this
                clause (a)(i)(A) applicable to the Class A-1 Certificates, the Interest
                Rate of such Class shall be deemed subject to a cap equal to the
                Net WAC
                of Mortgage Loan Group 1, adjusted to reflect the accrual of interest
                on
                the basis of a 360-day year and the actual number of days elapsed
                in the
                related Accrual Period with respect to such Certificates; and provided
                further
                that for the purpose of distributions to the Class A-X Certificates,
                only
                the portion of the Class Notional Amount derived from the Group 1
                Mortgage
                Loans will be used to calculate distributions to the Class A-X
                Certificates from Available Funds for Mortgage Loan Group
                1;

            

    

     

    
      	 	
              (B)

            	
              from
                the funds, if any, provided under the Group 1 Yield Maintenance Agreement,
                first,
                to the Class A-1 Certificates, any Interest Distributable Amounts
                not
                distributed to such Class in clause (a)(i)(A) above, and second,
                any remaining funds provided under the Group 1 Yield Maintenance
                Agreement
                shall be distributed to the Class A-X Certificates;
                and

            

    

     

    
      	 	
              (C)

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

            

    

     

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

     

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

    

    (ii) the
      Available Funds for Mortgage Loan Group 2 (and, solely in the case of
      distributions under clause (a)(ii)(B) below, amounts received under the Group
      2
      Yield Maintenance Agreement) shall be distributed on each Distribution Date
      in
      the following order of priority:

     

    

    
      
        
          
          

        

        
          97

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (A)

            	
              to
                the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-X
                Certificates, the related Interest Distributable Amounts for such
                date,
                pro
                rata
                (based on the Interest Distributable Amounts to which each such Class
                is
                entitled); provided,
                however,
                for purposes of computing the Interest Distributable Amount under
                this
                clause (a)(ii)(A) applicable to the Class A-2A, Class A-2B and Class
                A-2C
                Certificates, the Interest Rate of each such Class shall be deemed
                subject
                to a cap equal to the Net WAC of Mortgage Loan Group 2, adjusted
                to
                reflect the accrual of interest on the basis of a 360-day year and
                the
                actual number of days elapsed in the related Accrual Period with
                respect
                to such Certificates; and provided
                further
                that for the purpose of distributions to the Class A-X Certificates,
                only
                the portion of the Class Notional Amount derived from the Group 2
                Mortgage
                Loans will be used to calculate distributions to the Class A-X
                Certificates from Available Funds for Mortgage Loan Group
                2;

            

    

    

    
      	 	
              (B)

            	
              from
                the funds, if any, provided under the Group 2 Yield Maintenance Agreement,
                first, on a pro
                rata
                basis, to the Class A-2A, Class A-2B and Class A-2C Certificates,
                pro
                rata
                (based on the Interest Distributable Amounts to which each such Class
                is
                entitled), any Interest Distributable Amounts not distributed to
                such
                Classes in clause (a)(ii)(A) above, and second, any remaining funds
                provided under the Group 2 Yield Maintenance Agreement shall be
                distributed to the Class A-X Certificates;
                and

            

    

    

    
      	 	
              (C)

            	
              from
                the Principal Distribution Amount for Mortgage Loan Group 2 for such
                Distribution Date, an amount equal to the Senior Principal Distribution
                Amount for Mortgage Loan Group 2 for that Distribution Date, to the
                Holders of the Class A-2A, Class A-2B and Class A-2C Certificates,
                pro
                rata,
                in proportion to their respective Class Principal Amounts, until
                the Class
                Principal Amount of each such Class is reduced to
                zero;

            

    

    

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

     

    
      	 	
              (A)

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

            

    

     

    
      	 	
              (B)

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

            

    

    

    
      	 	
              (C)

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

            

    

    

    
      
        
          
          

        

        
          98

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              (D)

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

            

    

    

    
      	 	
              (E)

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

            

    

    

    
      	 	
              (F)

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

            

    

    

    
      	 	
              (G)

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

            

    

    

    
      	 	
              (H)

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

            

    

    

    
      	 	
              (I)

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

            

    

    

    
      	 	
              (J)

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

            

    

    

    
      	 	
              (K)

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

            

    

    

    
      	 	
              (L)

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

            

    

    

    
      	 	
              (M)

            	
              to
                the Holder of the Class R Certificate, any Available Funds then
                remaining.

            

    

     

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

     

    (c) [Reserved].

     

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

     

     

    

    
      
        
          
          

        

        
          99

          
            

          

        

        
          
          

        

      

    

    

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

     

    (f) (i)
      Notwithstanding the priority and allocation set forth in Section 5.01(a)(i)
      through (iii) above, on each Distribution Date prior to the Senior Credit
      Support Depletion Date but after the date on which the aggregate Class Principal
      Amount of any Class of the Senior Certificates (in each case other than the
      Class A-X Certificates) related to a Mortgage Loan Group has been reduced to
      zero, if either (i) the Aggregate Subordinate Percentage on that Distribution
      Date is less than 200% of the Aggregate Subordinate Percentage as of the Closing
      Date or (ii) the outstanding principal balance of all Mortgage Loans delinquent
      60 days or more (including Mortgage Loans in foreclosure and REO Property)
      averaged over the prior six months, as a percentage of the aggregate Class
      Principal Amount of the Subordinate Certificates, is greater than or equal
      to
      50%, 100% of the amounts distributable to the Subordinate Certificates (as
      provided under clauses (2) and (3) of the definition of Subordinate Principal
      Distribution Amount with respect to the Mortgage Loans in the Mortgage Loan
      Group related to such retired Class of Senior Certificates) otherwise
      distributable to each Class of Subordinate Certificates pursuant to Section
      5.01(a)(iii), in reverse order of priority, shall instead be distributed as
      principal to the Senior Certificates of the other Mortgage Loan Group (other
      than the Class A-X Certificates) remaining outstanding pursuant to Section
      5.01(a) until the Class Principal Amounts thereof have been reduced to zero.
      

     

    (ii) On
      any
      Distribution Date on which any of the Group 1 Certificates or Group 2
      Certificates (in each case other than the Class A-X Certificates) constitutes
      an
      Undercollateralized Group, all amounts otherwise distributable as principal
      on
      the Subordinate Certificates, in reverse order of priority (or, following the
      Senior Credit Support Depletion Date, such other amounts described in the
      immediately following sentence), will be distributed as principal to the Senior
      Certificates (other than the Class A-X Certificates) of such Undercollateralized
      Group pursuant to Section 5.01(a) first,
      up to
      the Principal Deficiency Amount for the Undercollateralized Group (such
      distribution, an “Undercollateralization
      Distribution”)
      and
second,
      to pay
      to the Subordinate Certificates and the Class R Certificate in the same order
      and priority as provided in Section 5.01(a)(iii). In the event that any Group
      1
      Certificates or Group 2 Certificates (in each case other than the Class A-X
      Certificates) constitutes an Undercollateralized Group on any Distribution
      Date
      following the Senior Credit Support Depletion Date, an Undercollateralization
      Distribution will be made from the excess of the Available Funds from the
      Overcollateralized Group remaining after all required amounts have been
      distributed to the related Class or Classes of Senior Certificates of such
      Overcollateralized Group. In addition, any Unpaid Interest Shortfall Amount
      with
      respect to Undercollateralized Group (including any interest shortfalls for
      the
      related Distribution Date) will be distributed to the Senior Certificates of
      the
      Undercollateralized Group prior to payment of any Undercollateralized
      Distribution from amounts otherwise distributable as principal on the
      Subordinate Certificates, in reverse order of priority (or, following the Senior
      Credit Support Depletion Date, as provided in the immediately preceding sentence
      all such distributions shall be made in accordance with the priorities set
      forth
      in Section 5.01(a) above.

    

    
      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

    

    

     

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

     

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

     

    (i) [Reserved]

     

    (j) [Reserved].

     

    

    
      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      5.02. [Reserved]. 

     

     

    SECTION
      5.03. Allocation of Realized Losses.

     

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

     

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

     

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

     

    second, 

     

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

     

    (B) with
      respect to Mortgage Loan Group 2, to the Class A-2A, Class A-2B and Class A-2C
      Certificates, until the Class Principal Amount of each such Class is reduced
      to
      zero; provided,
      however,
      the
      amount of any Realized Losses to be so allocated to the Class A-2B Certificates
      shall instead be allocated to the Class A-2C Certificates until the Class
      Principal Amount of the Class A-2C Certificates has been reduced to
      zero.

     

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

     

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

     

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

     

     

     

    

    
      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      5.04. Statements. 

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

    

    

    (xxiv) the
      Interest Rate for each Class of Certificates for such Distribution Date and,
      through the Auction Distribution Date, the level of LIBOR used to determine
      the
      applicable Interest Rate; 

     

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

     

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

     

    (xxvii) (A)
      the
      amounts paid to each Class of Senior Certificates (other than the Class A-X
      Certificates) from Yield Maintenance Amounts received from the Yield Maintenance
      Counterparty for such period, expressed as a per annum rate and as a dollar
      amount, (B) the amounts paid to the Class A-X Certificates from any excess
      Yield
      Maintenance Amounts received under the related Yield Maintenance Agreement
      expressed as a per annum rate and as a dollar amount and (C) the Yield
      Maintenance Amount and applicable strike rate for each Yield Maintenance
      Agreement for such Distribution Date; 

     

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

     

    (xxix) the
      total
      number of Mortgage Loans in the aggregate and the aggregate Scheduled Principal
      Balance in the aggregate and separately for the Group 1 Mortgage Loans (also
      separately stating such information for the Adjustable Rate Mortgage Loans,
      the
      Three-Year Hybrid Mortgage Loans, the Five-Year Hybrid Mortgage Loans and the
      Seven-Year Hybrid Mortgage Loans) and the Group 2 Mortgage Loans, in each case
      at the close of business at the end of the related Due Period.

     

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

     

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

    

    
      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

    

     

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

     

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

     

     

    SECTION
      5.05. Remittance Reports; Advances. 

     

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

     

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

     

     

     

    

    
      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      5.06. Compensating Interest Payments.

     

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

     

     

    SECTION
      5.07. [Reserved].

     

     

    SECTION
      5.08. [Reserved].

     

     

    SECTION
      5.09. Yield Maintenance Account.

     

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

     

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

     

    first, concurrently,
      

     

    a)   
      to
      the
      Holders of the Class A-1 Certificates, from amounts received under the Group
      1
      Yield Maintenance Agreement on deposit in the Group 1 Yield Maintenance
      Sub-Account, in accordance with Section 5.01(a)(i)(B); and

    

    
      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

    

    

     

    b)   
      to
      the
      Holders of the Class A-2A, Class A-2B and Class A-2C Certificates, from amounts
      received under the Group 2 Yield Maintenance Agreement on deposit in the Group
      2
      Yield Maintenance Sub-Account, in accordance with Section 5.01(a)(ii)(B);
      and

     

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

     

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

     

     

    SECTION
      5.10. Subsequent Recoveries.

     

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

     

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

     

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

     

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

     

    

    SECTION
      5.11. [Reserved].

     

    

    
      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

    

    

     

    ARTICLE
      VI

     

    THE
      CERTIFICATES

     

     

    SECTION
      6.01. The Certificates.

     

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

     

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

     

    The
      Private Certificates shall be offered and sold in reliance on the exemption
      from
      registration under Rule 144A of the Securities Act and, shall be issued
      initially in the form of one or more permanent global Certificates in
      definitive, fully registered form with the applicable legends set forth in
      Exhibit A (each, a “Restricted
      Global Security”),
      which
      shall be deposited on behalf of the subscribers for such Certificates
      represented thereby with the Securities Administrator, as custodian for DTC
      and
      registered in the name of a nominee of DTC, duly executed and authenticated
      by
      the Securities Administrator as hereinafter provided. The aggregate principal
      amounts of the Restricted Global Securities may from time to time be increased
      or decreased by adjustments made on the records of the Securities Administrator
      and DTC or its nominee, as the case may be, as hereinafter
      provided.

     

     

     

    

    
      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      6.02. Registration of Transfer and Exchange of Certificates. 

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

    

    
      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    

    
      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          113

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

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

     

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

     

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

     

    

    
      
        
          
          

        

        
          114

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

    (f) No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, but the Certificate Registrar may require payment
      of
      a sum sufficient to cover any tax or governmental charge that may be imposed
      in
      connection with any transfer or exchange of Certificates.

     

    

    
      
        
          
          

        

        
          115

          
            

          

        

        
          
          

        

      

    

    

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

     

     

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

     

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

     

     

    SECTION
      6.04. Persons Deemed Owners.

     

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

     

     

    SECTION
      6.05. Appointment of Paying Agent.

     

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

     

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

     

     

     

    

    
      
        
          
          

        

        
          116

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      6.06. Optional Purchase of Certificates. 

     

    (a) All
      but
      not less than all of the Certificates are subject to purchase by TMI, at its
      option, on any Distribution Date on or after the Optional Securities Purchase
      Date from the then Certificateholders thereof; provided,
      however,
      that
      TMI may appoint a designee to purchase the Residual Certificate. The purchase
      price for each Certificate (other than a Class A-X Certificate or a Residual
      Certificate) shall be equal to the sum of (i) the Certificate Principal
      Amount of such Certificate and (ii) any accrued but unpaid interest thereon
      at the applicable Interest Rate with respect thereto for such Distribution
      Date.
      The purchase price for the Class A-X Certificates shall be an amount equal
      to
      the sum of (x) any Interest Distributable Amounts due (after taking into account
      payments made on such date from Interest Distributable Amounts) on the Class
      A-X
      Certificates, and (y) the present value, as of the date of such termination,
      of
      the remaining payments scheduled to be made on the Class A-X Certificates (such
      present value to be based on a discount rate that will approximate the expected
      yield to maturity of the Class A-X Certificates). The purchase price for the
      Class R Certificate shall be $1.00. In order to exercise the Optional Securities
      Purchase Right, TMI must, no later than the eighth Business Day prior to the
      applicable Distribution Date, deliver to the Securities Administrator (with
      copies to the Rating Agencies and the Master Servicer) written notice, in the
      form of Exhibit O hereto, of its intent to purchase the Certificates and of
      the
      Distribution Date on which it intends to do so and the Securities Administrator
      will verify in writing to TMI the cash amount required of TMI to effect such
      purchase no later than the third Business Day prior to the Distribution Date
      on
      which such purchase is scheduled to occur. The Securities Administrator shall
      furnish notice of the exercise of the Optional Securities Purchase Right to
      the
      applicable Certificateholders in compliance with Section 6.06(c). On the
      Distribution Date on which the Optional Securities Purchase Right will be
      exercised, TMI shall deposit the appropriate amount in cash with the Securities
      Administrator. Such amount shall be deposited by the Securities Administrator
      into a separate sub-account of the Distribution Account (the “Purchase
      Account”).
      Such
      amounts shall be paid by the Securities Administrator to Holders of the
      applicable Certificates as provided in Section 6.06(d).

     

    (b) In
      the
      case of an exercise of the Optional Securities Purchase Right, TMI shall be
      solely responsible for the costs and expenses of the Trustee, the Securities
      Administrator and the Master Servicer.

     

    (c) Notice
      of
      exercise of the Optional Securities Purchase Right under Section 6.06(a) shall
      be given by the Securities Administrator by facsimile or by first-class mail,
      postage prepaid, transmitted or mailed not less than five Business Days prior
      to
      the applicable Distribution Date, to the Holder of the Class R Certificate
      as of
      the close of business on the Record Date preceding such Distribution Date and
      to
      each Holder of a Certificate (other than a Residual Certificate) as of a date
      not more than one Business Day preceding
      the mailing of such notice, at such Holder's address appearing in the
      Certificate Register.

     

    

    
      
        
          
          

        

        
          117

          
            

          

        

        
          
          

        

      

    

    

    All
      such
      notices shall state:

     

    (i) the
      Distribution Date upon which the Certificateholders will receive payment in
      full
      on the applicable Certificates;

     

    (ii) the
      amount the applicable Certificateholders will be paid, separately stating
      amounts in respect of principal and interest;

     

    (iii) that
      the
      Record Date otherwise applicable to such Distribution Date is not applicable
      and
      that payments shall be made only upon presentation and surrender of the
      respective Certificates and the place where such Certificates are to be
      surrendered for payment; and

     

    (iv) that
      interest on the respective Certificates shall cease to accrue for the benefit
      of
      the then Certificateholders on such Distribution Date and no interest shall
      accrue on the price paid for such Certificates.

     

    The
      foregoing notice shall be given by the Securities Administrator in the name
      and
      at the expense of TMI. Failure to give notice of such purchase, or any defect
      therein, to any Holder of any Certificate shall not impair or affect the
      validity of the purchase of any other Certificate.

     

    (d) The
      Certificates shall, following notice as required by Section 6.06(c), be
      purchased on the applicable Distribution Date by TMI at the price specified
      in
      Section 6.06(a) from funds in the Purchase Account, and (unless TMI shall
      default in the payment of such amount) no interest shall accrue on such amount
      for any period after the date to which accrued interest is calculated for
      purposes of calculating such amount.

     

    (e) Subsequent
      to the purchase of the Certificates following exercise of the Optional
      Securities Purchase Right, TMI shall be deemed the sole Holder of the Offered
      Certificates (other than the Residual Certificates) and it shall either be
      the
      sole Holder of the Class R Certificate or may designate a Person which meets
      the
      requirements of this Agreement to become the Holder thereof. TMI may
      subsequently transfer some or all of the Certificates acquired by it in
      accordance with the provisions hereof. All Certificates issued to the
      Certificateholders prior to exercise of the Optional Securities Purchase Right
      shall be deemed cancelled (other than those Certificates held by
      TMI).

     

    

    

    
      
        
          
          

        

        
          118

          
            

          

        

        
          
          

        

      

    

    

     

    ARTICLE
      VII

     

    DEFAULT

     

     

    SECTION
      7.01. Event of Default. 

     

    (a) If
      any
      one of the following events (each, an “Event
      of Default”)
      shall
      occur and be continuing: 

     

    (i) the
      failure by the Master Servicer to (A) make any Advance on the Business Day
      immediately preceding the related Distribution Date or (B) to deposit in the
      Distribution Account any deposit required to be made under the terms of this
      Agreement, and in either case such failure continues unremedied for a period
      of
      three Business Days after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer
      (or, if applicable, such shorter time period as is provided in the penultimate
      sentence of Section 7.01(c)); or

     

    (ii) the
      failure by the Master Servicer duly to observe or perform, in any material
      respect, any other covenants, obligations or agreements of the Master Servicer
      as set forth in this Agreement, which failure continues unremedied for a period
      of 60 days, in each case after the date (A) on which written notice of such
      failure, requiring the same to be remedied, shall have been given to the Master
      Servicer by the Trustee or to the Master Servicer and the Trustee by Holders
      of
      Certificates evidencing at least 25% of the Voting Rights or (B) on which a
      Servicing Officer of the Master Servicer has actual knowledge of such failure
      (or, in the case of a breach of its obligation beyond any applicable cure period
      to provide an assessment of compliance, an attestation report or a
      Sarbanes-Oxley Certification pursuant to Sections 3.16 and 3.18, respectively);
      or

     

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

     

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

     

     

    

    
      
        
          
          

        

        
          119

          
            

          

        

        
          
          

        

      

    

    

    (b) then,
      and
      in each and every such case, so long as an Event of Default shall not have
      been
      remedied within the applicable grace period, the Trustee shall, at the written
      direction of the Holders of Certificates evidencing Voting Rights aggregating
      not less than 51%, or at its option may, with the consent of Thornburg (not
      to
      be unreasonably withheld), by notice then given in writing to the Master
      Servicer, terminate all of the rights and obligations of the Master Servicer
      as
      servicer under this Agreement. Any such notice to the Master Servicer shall
      also
      be given to each Rating Agency, the Depositor and the Seller. On or after the
      receipt by the Master Servicer (and by the Trustee if such notice is given
      by
      the Holders) of such written notice, all authority and power of the Master
      Servicer under this Agreement, whether with respect to the Certificates or
      the
      Mortgage Loans or otherwise, shall pass to and be vested in the Trustee and
      the
      Trustee is hereby authorized and empowered to execute and deliver, on behalf
      of
      the Master Servicer, as attorney-in-fact or otherwise, any and all documents
      and
      other instruments, and to do or accomplish all other acts or things necessary
      or
      appropriate to effect the purposes of such notice of termination, whether to
      complete the transfer and endorsement of each Mortgage Loan and related
      documents or otherwise. The Master Servicer agrees to cooperate with the Trustee
      in effecting the termination of the responsibilities and rights of the Master
      Servicer hereunder, including, without limitation, the delivery to the Trustee
      of all documents and records requested by it to enable it to assume the Master
      Servicer's functions under this Agreement within ten Business Days subsequent
      to
      such notice and the transfer within one Business Day subsequent to such notice
      to the Trustee for the administration by it of all cash amounts that shall
      at
      the time be held by the Master Servicer and to be deposited by it in the
      Distribution Account, any REO Account or any Servicing Account or that have
      been
      deposited by the Master Servicer in such accounts or thereafter received by
      the
      Master Servicer with respect to the Mortgage Loans or any REO Property received
      by the Master Servicer. All reasonable costs and expenses (including attorneys'
      fees) incurred in connection with transferring the Master Servicer's duties
      and
      the Mortgage Files to the successor Master Servicer and amending this Agreement
      to reflect such succession as Master Servicer pursuant to this Section shall
      be
      paid by the predecessor Master Servicer (or if the predecessor Master Servicer
      is the Trustee, the initial Master Servicer) upon presentation of reasonable
      documentation of such costs and expenses.
      The
      termination of the rights and obligations of the Master Servicer shall not
      affect any liability it may have incurred prior to such termination. To the
      extent that such costs and expenses of the Trustee are not fully and timely
      reimbursed by the predecessor Master Servicer, the Trustee shall be entitled
      to
      reimbursement of such costs and expenses from the Distribution
      Account.

     

    (c) The
      Securities Administrator shall not later than the close of business on the
      Business Day immediately preceding the related Distribution Date notify the
      Trustee in writing of the Master Servicer’s failure to make any Advance required
      to be made under this Agreement on such date and the amount of such Advance.
      By
      no later than 10:00 A.M. (Chicago time) on the relevant Distribution Date,
      the
      Securities Administrator shall notify the Trustee of the continuance of such
      failure or that the Master Servicer has made the Advance, as the case may be.
      Notwithstanding the terms of the Event of Default described in clause (i)(A)
      of
      Section 7.01(a), the Trustee, upon receipt of written notice on the Distribution
      Date from the Securities Administrator of the continuance of the failure of
      the
      Master Servicer to make an Advance, shall, by notice in writing to the Master
      Servicer, which may be delivered by telecopy, immediately suspend all of the
      rights and obligations of the Master Servicer thereafter arising under this
      Agreement, but without prejudice to any rights it may have as a
      Certificateholder or to reimbursement of outstanding Advances or other amounts
      for which the Master Servicer was entitled to reimbursement as of the date
      of
      suspension, and the Trustee, subject to the cure provided for in this paragraph,
      if available, shall act as provided in Section 7.02 to carry out the duties
      of
      the Master Servicer, including the obligation to make any Advance the nonpayment
      of which is described in clause (i)(A) of Section 7.01(a). Any such action
      taken
      by the Trustee must be prior to the distribution on the relevant Distribution
      Date, and shall have all of the rights incidental thereto. If the Master
      Servicer shall within two Business Days following such suspension remit to
      the
      Trustee the amount of any Advance the nonpayment of which by the Master Servicer
      is described in clause (i)(A) of Section 7.01(a), together with all other
      amounts necessary to reimburse the Trustee for actual, necessary and reasonable
      costs incurred by the Trustee because of action taken pursuant to this
      subsection (including interest on any Advance or other amounts paid by the
      Trustee (from and including the respective dates thereof) at a per annum rate
      equal to the prime rate for U.S. money center commercial banks as published
      in
      the Wall
      Street Journal),
      then
      the Trustee, subject to the last two sentences of this paragraph, shall permit
      the Master Servicer to resume its rights and obligations as Master Servicer
      hereunder. If
      the
      Master Servicer shall fail to remit such amounts to the Trustee within such
      two
      Business Days after the Distribution Date, then an Event of Default shall occur
      and such notice of suspension shall be deemed to be a notice of termination
      without any further action on the part of the Trustee. The Master Servicer
      agrees that if it fails to make a required Advance by 10:00 A.M. (Chicago time)
      on the related Distribution Date on more than two occasions in any 12 month
      period, the Trustee shall be under no obligation to permit the Master Servicer
      to resume its rights and obligations as Master Servicer hereunder, and
      notwithstanding the cure period provided in Section 7.01(a)(i)(A), an Event
      of
      Default shall be deemed to have occurred on the relevant Distribution Date.
      

      
        
          
          

        

        
          120

          
            

          

        

        
          
          

        

      

    

     

    SECTION
      7.02. Trustee to Act.

     

    (a) From
      and
      after the date the Master Servicer (and the Trustee, if notice is sent by the
      Holders) receives a notice of termination pursuant to Section 7.01, the Trustee
      shall be the successor in all respects to the Master Servicer in its capacity
      as
      servicer under this Agreement and the transactions set forth or provided for
      herein and shall be subject to all the responsibilities, duties and liabilities
      relating thereto placed on the Master Servicer by the terms and provisions
      hereof arising on and after its succession. As compensation therefor, the
      Trustee shall be entitled to such compensation as the Master Servicer would
      have
      been entitled to hereunder if no such notice of termination had been given.
      Notwithstanding the above, (i) if the Trustee is unwilling to act as successor
      Master Servicer or (ii) if the Trustee is legally unable so to act, subject
      to
      the rights of Thornburg under Section 3.33 hereof, the Trustee shall appoint
      or
      petition a court of competent jurisdiction to appoint, any established housing
      and home finance institution, bank or other mortgage loan or home equity loan
      servicer having a net worth of not less than $15,000,000 as the successor to
      the
      Master Servicer hereunder in the assumption of all or any part of the
      responsibilities, duties or liabilities of the Master Servicer hereunder;
      provided, that the appointment of any such successor Master Servicer shall
      not
      result in the qualification, reduction or withdrawal of the ratings assigned
      to
      the Certificates by each Rating Agency as evidenced by a letter to such effect
      from each Rating Agency. Pending appointment of a successor to the Master
      Servicer hereunder, unless the Trustee is prohibited by law from so acting,
      the
      Trustee shall act in such capacity as hereinabove provided. In connection with
      such appointment and assumption, the successor shall be entitled to receive
      compensation out of payments on Mortgage Loans in an amount equal to the
      compensation which the Master Servicer would otherwise have received pursuant
      to
      Section 3.18. The appointment of a successor Master Servicer shall not affect
      any liability of the predecessor Master Servicer which may have arisen under
      this Agreement prior to its termination as Master Servicer to pay any deductible
      under an insurance policy pursuant to Section 3.14 or to indemnify the Trustee
      pursuant to Section 8.05, nor shall any successor Master Servicer be liable
      for
      any acts or omissions of the predecessor Master Servicer or for any breach
      by
      such Master Servicer of any of its representations or warranties contained
      herein or in any related document or agreement. The Trustee and such successor
      shall take such action, consistent with this Agreement, as shall be necessary
      to
      effectuate any such succession.

     

     

    

    
      
        
          
          

        

        
          121

          
            

          

        

        
          
          

        

      

    

    

    (b) Any
      successor, including the Trustee, to the Master Servicer as Master Servicer
      shall during the term of its service as Master Servicer continue to service
      and
      administer the Mortgage Loans for the benefit of Certificateholders, and
      maintain in force a policy or policies of insurance covering errors and
      omissions in the performance of its obligations as Master Servicer hereunder
      and
      a Fidelity Bond in respect of its officers, employees and agents to the same
      extent as the Master Servicer is so required pursuant to Section
      3.04. 

     

    (c) Notwithstanding
      anything else herein to the contrary, in no event shall the Trustee be liable
      for any servicing fee or for any differential in the amount of the servicing
      fee
      paid hereunder and the amount necessary to induce any successor Master Servicer
      to act as successor Master Servicer under this Agreement and the transactions
      set forth or provided for herein.

     

     

    SECTION
      7.03. Waiver of Event of Default.

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders, by notice
      in writing to the Trustee, direct the Trustee to waive any events permitting
      removal of any Master Servicer under this Agreement, provided,
      however,
      that
      the Majority Certificateholders may not waive an event that results in a failure
      to make any required distribution on a Certificate without the consent of the
      Holder of such Certificate. Upon any waiver of an Event of Default, such event
      shall cease to exist and any Event of Default arising therefrom shall be deemed
      to have been remedied for every purpose of this Agreement. No such waiver shall
      extend to any subsequent or other event or impair any right consequent thereto
      except to the extent expressly so waived. Notice of any such waiver shall be
      given by the Trustee to each Rating Agency.

     

     

    SECTION
      7.04. Notification to Certificateholders.

     

    (a) Upon
      any
      termination or appointment of a successor to any Master Servicer pursuant to
      this Article VII or Section 3.34, the Certificate Registrar or the Trustee,
      if
      the Master Servicer is also the Certificate Registrar and Securities
      Administrator, shall give prompt written notice thereof to the
      Certificateholders at their respective addresses appearing in the Certificate
      Register and to each Rating Agency.

     

     

    

    
      
        
          
          

        

        
          122

          
            

          

        

        
          
          

        

      

    

    

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

     

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE
      AND THE
      SECURITIES ADMINISTRATOR

     

     

    SECTION
      8.01. Duties of Trustee and Securities Administrator.

     

    The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, and the Securities
      Administrator each undertake to perform such duties and only such duties as
      are
      specifically set forth in this Agreement. If an Event of Default has occurred
      (which has not been cured or waived) of which a Responsible Officer has actual
      knowledge, the Trustee shall exercise such of the rights and powers vested
      in it
      by this Agreement, and use the same degree of care and skill in their exercise,
      as a prudent man would exercise or use under the circumstances in the conduct
      of
      his own affairs, unless the Trustee is acting as successor Master Servicer,
      in
      which case it shall use the same degree of care and skill as the Master Servicer
      hereunder with respect to the exercise of the rights and powers of the Master
      Servicer hereunder.

     

    The
      Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee and the Securities Administrator, which
      are
      specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided,
      however,
      that
      neither the Trustee nor the Securities Administrator will be responsible for
      the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner the Trustee
      and the Securities Administrator shall take such action as it deems appropriate
      to have the instrument corrected.

     

    On
      each
      Distribution Date, the Securities Administrator shall make monthly distributions
      to the Yield Maintenance Account and to the Certificateholders from funds in
      the
      Distribution Account, in each case as provided in Sections 5.01, 5.09 and 10.01
      hereof based on the report of the Securities Administrator.

     

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own willful misconduct; provided,
      however,
      that:

     

    (i) prior
      to
      the occurrence of an Event of Default, and after the curing of all such Events
      of Default which may have occurred, the duties and obligations of the Trustee
      and the Securities Administrator shall be determined solely by the express
      provisions of this Agreement, neither the Trustee nor the Securities
      Administrator shall be liable except for the performance of such of its duties
      and obligations as are specifically set forth in this Agreement, no implied
      covenants or obligations shall be read into this Agreement against the Trustee
      or the Securities Administrator and, in the absence of bad faith on the part
      of
      the Trustee or the Securities Administrator, respectively, the Trustee or the
      Securities Administrator may conclusively rely, as to the truth of the
      statements and the correctness of the opinions expressed therein, upon any
      certificates or opinions furnished to the Trustee or the Securities
      Administrator, respectively, and conforming to the requirements of this
      Agreement;

     

    

    
      
        
          
          

        

        
          123

          
            

          

        

        
          
          

        

      

    

    

    (ii) neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer of the Trustee or an
      officer of the Securities Administrator, respectively, unless it shall be proved
      that the Trustee or the Securities Administrator, respectively, was negligent
      in
      ascertaining or investigating the facts related thereto;

     

    (iii) neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the consent or at the direction of Holders of Certificates
      as
      provided herein relating to the time, method and place of conducting any remedy
      pursuant to this Agreement, or exercising or omitting to exercise any trust
      or
      power conferred upon the Trustee or the Securities Administrator, respectively,
      under this Agreement; and

     

    (iv) the
      Trustee shall not be charged with knowledge of any Event of Default or any
      other
      event or matter that may require it to take action or omit to take action
      hereunder unless a Responsible Officer of the Trustee at the Corporate Trust
      Office obtains actual knowledge of such failure or the Trustee receives written
      notice of such Event of Default.

     

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

     

     

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

     

    Except
      as
      otherwise provided in Section 8.01 hereof:

     

    (i) the
      Trustee and the Securities Administrator may request and conclusively rely
      upon,
      and shall be fully protected in acting or refraining from acting upon, any
      resolution, Officers’ Certificate, certificate of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, appraisal, bond or other paper or document reasonably believed by it
      to
      be genuine and to have been signed or presented by the proper party or parties,
      and the manner of obtaining consents and of evidencing the authorization of
      the
      execution thereof by Certificateholders shall be subject to such reasonable
      regulations as the Trustee and the Securities Administrator may
      prescribe;

     

    

    
      
        
          
          

        

        
          124

          
            

          

        

        
          
          

        

      

    

    

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

     

    (iii) neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the rights or powers vested in it by this Agreement, or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      at
      the request, order or direction of any of the Certificateholders, pursuant
      to
      the provisions of this Agreement, unless such Certificateholders shall have
      offered to the Trustee or the Securities Administrator, respectively, reasonable
      security or indemnity satisfactory to it against the costs, expenses and
      liabilities which may be incurred therein or thereby; the right of the Trustee
      to perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and the Trustee shall not be answerable for other than
      its
      negligence or willful misconduct in the performance of any such
      act;

     

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

     

    (v) prior
      to
      the occurrence of an Event of Default and after the curing or waiver of all
      Events of Default which may have occurred, the Trustee shall not be bound to
      make any investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, approval, bond or other paper or documents, unless requested in writing
      to do so by the Majority Certificateholder; provided,
      however,
      that if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee, not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such cost, expense or liability as a condition
      to
      such proceeding. If the Master Servicer fails to reimburse the Trustee in
      respect of the reasonable expense of every such examination relating to the
      Master Servicer, the Trustee shall be reimbursed by the Trust Fund;

     

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

     

    (vii) the
      Trustee and the Securities Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents, nominees, attorneys or a custodian, and shall not be responsible for
      any
      willful misconduct or negligence on the part of any agent, nominee, attorney
      or
      custodian appointed by the Trustee or the Securities Administrator in good
      faith; and

     

    

    
      
        
          
          

        

        
          125

          
            

          

        

        
          
          

        

      

    

    

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

     

     

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

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee or Securities Administrator on the Certificates) shall be taken
      as the statements of the Depositor or the Seller, and the neither Trustee nor
      the Securities Administrator assumes responsibility for the correctness of
      the
      same. Neither the Trustee nor the Securities Administrator makes representations
      or warranties as to the validity or sufficiency of this Agreement or of the
      Certificates (other than the signature and authentication of the Securities
      Administrator on the Certificates) or of any Mortgage Loan or related document
      or of MERS or the MERS System. The Trustee shall not be accountable for the
      use
      or application by the Master Servicer, or for the use or application of any
      funds paid to the Master Servicer in respect of related Mortgage Loans or
      deposited in or withdrawn from the Distribution Account by the Master Servicer
      or the Securities Administrator. Neither the Trustee nor the Securities
      Administrator shall at any time have any responsibility or liability for or
      with
      respect to the legality, validity and enforceability of any Mortgage or any
      Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance
      of any such perfection and priority, or for or with respect to the sufficiency
      of the Trust or its ability to generate the payments to be distributed to
      Certificateholders under this Agreement, including, without limitation: the
      existence, condition and ownership of any Mortgaged Property; the existence
      and
      enforceability of any hazard insurance thereon (other than if the Trustee shall
      assume the duties of the Master Servicer pursuant to Section 7.02 hereof);
      the
      validity of the assignment of any Mortgage Loan to the Trustee or of any
      intervening assignment; the completeness of any Mortgage Loan; the performance
      or enforcement of any Mortgage Loan (other than if the Trustee shall assume
      the
      duties of the Master Servicer pursuant to Section 7.02 hereof); the compliance
      by the Depositor or the Seller with any warranty or representation made under
      this Agreement or in any related document or the accuracy of any such warranty
      or representation prior to the Trustee’s receipt of notice or other discovery of
      any non-compliance therewith or any breach thereof; any investment of monies
      by
      or at the direction of the Master Servicer or in the case of the Trustee the
      Securities Administrator or any loss resulting therefrom, it being understood
      that the Trustee shall remain responsible for any Trust property that it may
      hold in its individual capacity and the Securities Administrator shall remain
      responsible for any Trust property that it may hold in its individual capacity;
      the acts or omissions of the Master Servicer (other than as to the Securities
      Administrator, if it is also the Master Servicer, and as to the Trustee, if
      the
      Trustee shall assume the duties of the Master Servicer pursuant to Section
      7.02
      hereof, and then only for the acts or omissions of the Trustee as the successor
      Master Servicer), or any acts or omissions of any Servicer or any Mortgagor;
      any
      action of the Master Servicer (other than as to the Securities Administrator,
      if
      it is also the Master Servicer, and as to the Trustee, if the Trustee shall
      assume the duties of the Master Servicer pursuant to Section 7.02 hereof),
      or in
      the case of the Trustee the Securities Administrator or any Servicer taken
      in
      the name of the Trustee; the failure of the Master Servicer or any Servicer
      to
      act or perform any duties required of it as agent or on behalf of the Trustee
      or
      the Trust hereunder; or any action by the Trustee taken at the instruction
      of
      the Master Servicer (other than if the Trustee shall assume the duties of the
      Master Servicer pursuant to Section 7.02 hereof, and then only for the actions
      of the Trustee as the successor Master Servicer); provided,
      however,
      that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement, including, without limitation, the Trustee’s duty
      to review the Mortgage Files, if so required pursuant to Section 2.01 of this
      Agreement.

      
        
          
          

        

        
          126

          
            

          

        

        
          
          

        

      

    

     

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

     

    The
      Trustee, the Custodian, the Delaware Trustee, the Master Servicer and the
      Securities Administrator in their respective individual capacities, or in any
      capacity other than as Trustee, Custodian, Delaware Trustee, Master Servicer
      or
      Securities Administrator hereunder, may become the owner or pledgee of any
      Certificates with the same rights they would have if they were not Trustee,
      Custodian, Delaware Trustee, Master Servicer or Securities Administrator, as
      applicable, and may otherwise deal with the parties hereto.

     

     

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

     

    The
      Trustee shall be compensated by the Master Servicer for its services hereunder
      on behalf of the Trust in accordance with the fee letter between the Master
      Servicer and the Trustee. The Delaware Trustee shall be compensated by the
      Seller for its services hereunder. The Securities Administrator shall be
      compensated by the Master Servicer for its services hereunder from a portion
      of
      the Master Servicing Fee. In addition, the Trustee (as Trustee and in its
      individual corporate capacity), the Delaware Trustee and the Securities
      Administrator will be entitled to recover from the Distribution Account pursuant
      to Section 4.05(a) all reasonable out-of-pocket expenses, disbursements and
      advances and the expenses of the Trustee (including for such purpose, any fees
      and expenses relating to its capacity as Custodian hereunder to the extent
      not
      paid by Thornburg), the Delaware Trustee, and the Securities Administrator,
      respectively, including without limitation, in connection with any Event of
      Default, any breach of this Agreement or any claim or legal action (including
      any pending or threatened claim or legal action) incurred or made by the
      Delaware Trustee, the Trustee or the Securities Administrator, respectively,
      in
      the performance of its duties or the administration of the trusts hereunder
      or
      under the Yield Maintenance Agreements or the Auction Swap Agreement (including
      the reasonable compensation, expenses and disbursements of its counsel) except
      any such expense, disbursement or advance as may arise from its negligence
      (or
      in the case of the Delaware Trustee, gross negligence) or intentional misconduct
      or which is specifically designated herein as the responsibility of the
      Depositor, the Seller, the Master Servicer, the Certificateholders, the Delaware
      Trustee or the Trust hereunder or thereunder. If funds in the Distribution
      Account are insufficient therefor, the Trustee, the Delaware Trustee, the
      Custodian and the Securities Administrator shall recover such expenses from
      future collections on the Mortgage Loans or as otherwise agreed by such parties
      and the Certificateholders. Such compensation and reimbursement obligation
      shall
      not be limited by any provision of law in regard to the compensation of a
      trustee of an express trust.

    

    
      
        
          
          

        

        
          127

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      8.06. Eligibility Requirements for Trustee and Securities
      Administrator.

     

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

     

     

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

     

    The
      Trustee and Securities Administrator may at any time resign and be discharged
      from the trusts hereby created by giving written notice thereof to the
      Depositor, the Seller, the Master Servicer and each Rating Agency. Upon
      receiving such notice of resignation of the Trustee, the Seller shall promptly
      appoint a successor Trustee that meets the requirements in Section 8.06 or,
      in
      the case of notice of resignation of the Securities Administrator, the Trustee
      shall promptly appoint a successor Securities Administrator that meets the
      requirements in Section 8.06, in each case, by written instrument, in duplicate,
      one copy of which instrument shall be delivered to each of the resigning Trustee
      or Securities Administrator, as applicable, and one copy to the successor
      Trustee or successor Securities Administrator, as applicable. If no successor
      Trustee or successor Securities Administrator, as applicable, shall have been
      so
      appointed and having accepted appointment within 30 days after the giving of
      such notice of resignation, the resigning Trustee or Securities Administrator
      may petition any court of competent jurisdiction for the appointment of a
      successor Trustee or Securities Administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 8.06 hereof or if at any time the
      Trustee or the Securities Administrator shall be legally unable to act, or
      shall
      be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the
      Securities Administrator, as applicable, or of its property shall be appointed,
      or any public officer shall take charge or control of the Trustee or the
      Securities Administrator, as applicable, or of its property or affairs for
      the
      purpose of rehabilitation, conservation or liquidation, or if the Trustee (in
      its capacity as Custodian) or the Securities Administrator fails to provide
      an
      assessment of compliance or an attestation report required under Section 3.16
      within 15 calendar days of March 1 of each calendar year in which Exchange
      Act
      reports are required then the Seller may remove the Trustee or the Trustee
      may
      remove the Securities Administrator, as applicable. If the Seller or the Trustee
      removes the Trustee or the Securities Administrator, respectively under the
      authority of the immediately preceding sentence, the Seller or the Trustee
      shall
      promptly appoint a successor Trustee or successor Securities Administrator
      that
      meets the requirements of Section 8.06, as applicable, by written instrument,
      in
      triplicate, one copy of which instrument shall be delivered to the Trustee
      or
      the Securities Administrator, as applicable, so removed, one copy to the
      successor Trustee or successor Securities Administrator, as applicable, and
      one
      copy to the Master Servicer.

     

    

    
      
        
          
          

        

        
          128

          
            

          

        

        
          
          

        

      

    

    

    The
      Majority Certificateholders may at any time remove the Trustee or the Securities
      Administrator by written instrument or instruments delivered to the Seller
      and
      the Trustee; the Seller shall thereupon use its best efforts to appoint a
      successor Trustee or successor Securities Administrator, as applicable, in
      accordance with this Section. 

     

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor Trustee or a successor Securities Administrator,
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee or a
      successor Securities Administrator, as applicable, as provided in Section 8.08
      hereof. If the Trustee or the Securities Administrator is removed pursuant
      to
      this Section 8.07, it shall be reimbursed any outstanding and unpaid fees and
      expenses, and if removed under the authority of the immediately preceding
      paragraph, the Trustee or the Securities Administrator shall also be reimbursed
      any outstanding and unpaid costs and expenses.

     

    Notwithstanding
      anything to the contrary contained herein, in the event that the Master Servicer
      resigns or is removed as Master Servicer hereunder, the Securities Administrator
      shall have the right to resign immediately as Securities Administrator by giving
      written notice to the Seller and the Trustee, with a copy to each Rating Agency;
      provided that such resignation shall not become effective until acceptance
      of
      appointment by a successor Securities Administrator. Notwithstanding anything
      to
      the contrary herein, in the event that the Securities Administrator resigns
      or
      is removed as Securities Administrator hereunder, the Master Servicer shall
      have
      the right to resign immediately as Master Servicer by giving written notice
      to
      the Seller and the Trustee, with a copy to each Rating Agency; provided that
      such resignation shall not become effective until acceptance of appointment
      by a
      successor Master Servicer.

     

     

    SECTION
      8.08. Successor Trustee and Successor Securities
      Administrator.

     

    Any
      successor Trustee or successor Securities Administrator appointed as provided
      in
      Section 8.07 hereof shall execute, acknowledge and deliver to the Depositor,
      the
      Seller and the Master Servicer and to its predecessor Trustee or Securities
      Administrator an instrument accepting such appointment hereunder, and thereupon
      the resignation or removal of the predecessor Trustee or Securities
      Administrator shall become effective, and such successor Trustee or successor
      Securities Administrator, without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder (including, without limitation, with respect to such
      a
      successor Securities Administrator, its rights, powers, duties and obligations
      as Auction Administrator under the Auction Administration Agreement), with
      like
      effect as if originally named as Trustee or Securities Administrator. The
      Depositor, the Seller, the Master Servicer and the predecessor Trustee or
      Securities Administrator shall execute and deliver such instruments and do
      such
      other things as may reasonably be required for fully and certainly vesting
      and
      confirming in the successor Trustee or Securities Administrator, as applicable,
      all such rights, powers, duties and obligations.

     

    

    
      
        
          
          

        

        
          129

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

     

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

     

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

     

     

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

     

    Notwithstanding
      any other provisions of this Agreement, and in addition to the appointment
      of
      the Delaware Trustee pursuant to Section 1A.03 hereof, at any time, for the
      purpose of meeting any legal requirements of any jurisdiction in which any
      part
      of the Trust or any Mortgaged Property may at the time be located, the Depositor
      and the Trustee acting jointly shall have the power, and the Trustee shall,
      and
      shall instruct the Depositor to, execute and deliver all instruments to appoint
      one or more Persons, approved by the Trustee to act as co-trustee or
      co-trustees, jointly with the Trustee, or separate trustee or separate trustees,
      of all or any part of the Trust, and to vest in such Person or Persons, in
      such
      capacity and for the benefit of the Certificateholders, such title to the Trust,
      or any part thereof, and, subject to the other provisions of this Section 8.10,
      such powers, duties, obligations, rights and trusts as the Master Servicer
      and
      the Trustee may consider necessary or desirable. No co-trustee or separate
      trustee hereunder shall be required to meet the terms of eligibility as a
      successor trustee under Section 8.06 hereof, and no notice to Certificateholders
      of the appointment of any co-trustee or separate trustee shall be required
      under
      Section 8.08 hereof.

     

    

    
      
        
          
          

        

        
          130

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

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

     

    (iii) the
      Depositor and the Trustee, acting jointly may at any time accept the resignation
      of or remove any separate trustee or co-trustee.

     

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

     

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

     

     

    SECTION
      8.11. Limitation of Liability.

     

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

     

     

     

    

    
      
        
          
          

        

        
          131

          
            

          

        

        
          
          

        

      

    

    

     

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

     

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

     

    (b) The
      Trustee shall afford the Seller, the Depositor and each Certificateholder upon
      reasonable notice during normal business hours at its Corporate Trust Office
      or
      other office designated by the Trustee, access to all records maintained by
      the
      Trustee in respect of its duties hereunder and access to officers of the Trustee
      responsible for performing such duties. Upon request, the Trustee shall furnish
      the Depositor and any requesting Certificateholder with its most recent audited
      financial statements. The Trustee shall cooperate fully with the Seller, the
      Depositor and such Certificateholder and shall, subject to the first sentence
      of
      this Section 8.12(b), make available to the Seller, the Depositor and such
      Certificateholder for review and copying such books, documents or records as
      may
      be requested with respect to the Trustee’s duties hereunder. The Seller, the
      Depositor and the Certificateholders shall not have any responsibility or
      liability for any action or failure to act by the Trustee and are not obligated
      to supervise the performance of the Trustee under this Agreement or
      otherwise.

     

    (c) The
      Securities Administrator shall afford the Seller, the Depositor, the Trustee
      and
      each Certificateholder upon reasonable notice during normal business hours
      at
      its offices at 9062 Old Annapolis Road, Columbia, Maryland 21045 or other office
      designated by the Securities Administrator, access to all records maintained
      by
      the Securities Administrator in respect of its duties hereunder and access
      to
      officers of the Securities Administrator responsible for performing such duties.
      Upon request, the Securities Administrator shall furnish the Depositor and
      any
      requesting Certificateholder with its most recent audited financial statements.
      The Securities Administrator shall cooperate fully with the Seller, the
      Depositor, the Trustee and such Certificateholder and shall, subject to the
      first sentence of this Section 8.12(c), make available to the Seller, the
      Depositor and such Certificateholder for review and copying such books,
      documents or records as may be requested with respect to the Securities
      Administrator’s duties hereunder. The Seller, the Depositor, the Trustee and the
      Certificateholders shall not have any responsibility or liability for any action
      or failure to act by the Securities Administrator and are not obligated to
      supervise the performance of the Securities Administrator under this Agreement
      or otherwise.

     

     

    SECTION
      8.13. Suits for Enforcement.

     

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

     

     

     

    

    
      
        
          
          

        

        
          132

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      8.14. Waiver of Bond Requirement.

     

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

     

     

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

     

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

     

     

    SECTION
      8.16. Appointment of Custodians.

     

    The
      Trustee may appoint one or more custodians to hold all or a portion of the
      related Mortgage Files as agent for the Trustee, by entering into a custodial
      agreement. The custodian may at any time be terminated and a substitute
      custodian appointed therefor by the Trustee. Subject to this Article VIII,
      the
      Trustee agrees to comply with the terms of each custodial agreement and to
      enforce the terms and provisions thereof against the custodian for the benefit
      of the Certificateholders having an interest in any Mortgage File held by such
      custodian. Each custodian shall be a depository institution or trust company
      subject to supervision by federal or state authority, shall have combined
      capital and surplus of at least $15,000,000 and shall be qualified to do
      business in the jurisdiction in which it holds any Mortgage File. The Seller
      shall pay from its own funds, without any right to reimbursement, the fees,
      costs and expenses of each custodian (including the costs of custodian’s
      counsel).

     

     

    SECTION
      8.17. Auction Administration Agreement; Auction Swap
      Agreement.

     

    (a) Concurrently
      with the execution and delivery hereof, at the direction of the Depositor,
      the
      Securities Administrator, acting solely as an agent (the “Auction
      Administrator”)
      for
      the Holders of the Auction Certificates and not on behalf of the Trust, shall
      execute and deliver the Auction Administration Agreement and the Auction Swap
      Agreement in the forms presented by the Auction Swap Counterparty provided
      that
      the provisions of Section 1A.05 remain applicable to each Certificateholder.
      The
      Securities Administrator shall have no duty to review or otherwise determine
      the
      adequacy of the Auction Administration Agreement or the Auction Swap
      Agreement.

     

    (b) Each
      Holder of an Auction Certificate is deemed, by acceptance of such Certificate,
      (i) to authorize the Securities Administrator to execute and deliver the Auction
      Administration Agreement and the Auction Swap Agreement as their agent and
      (ii)
      to acknowledge and accept and agree to be bound by the provisions of the Auction
      Administration Agreement and the Auction Swap Agreement. The Securities
      Administrator, as Auction Administrator, agrees not to consent to any amendments
      to the Auction Administration Agreement or Auction Swap Agreement without the
      consent of 100% of the Auction Certificates.

     

    

    
      
        
          
          

        

        
          133

          
            

          

        

        
          
          

        

      

    

    

     

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

     

    SECTION
      9.01. REMIC Administration.

     

    (a) As
      set
      forth in the Preliminary Statement to this Agreement, three REMIC elections
      shall be made by the Trust. The Trustee shall sign and the Securities
      Administrator shall file such elections on Form 1066 or other appropriate
      federal tax or information return for the taxable year ending on the last day
      of
      the calendar year in which the Certificates are issued. The regular interests
      in
      each REMIC created hereunder and the related residual interest shall be as
      designated in the Preliminary Statement. Following the Closing Date, the
      Securities Administrator shall apply to the Internal Revenue Service for an
      employer identification number for each REMIC created hereunder by means of
      a
      Form SS-4 or other acceptable method and shall file a Form 8811 with the
      Internal Revenue Service.

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC created
      hereunder within the meaning of section 860G(a)(9) of the Code.

     

    (c) Except
      as
      provided in subsection (d) of this Section 9.01, the Securities Administrator
      shall pay any and all tax related expenses (not including taxes) of each REMIC
      created hereunder, including but not limited to any professional fees or
      expenses related to audits or any administrative or judicial proceedings with
      respect to any such REMIC that involve the Internal Revenue Service or state
      tax
      authorities, but only to the extent that (i) such expenses are ordinary or
      routine expenses, including expenses of a routine audit but not expenses of
      litigation (except as described in (ii)); or (ii) such expenses or liabilities
      (including taxes and penalties) are attributable to the negligence or willful
      misconduct of the Securities Administrator in fulfilling its duties hereunder
      (including the Securities Administrator’s duties as tax return
      preparer).

     

    (d) The
      Securities Administrator shall prepare and file, and the Trustee shall sign
      all
      of the federal and state tax and information returns of each REMIC created
      hereunder (collectively, the “Tax
      Returns”)
      as the
      direct representative. The expenses of preparing and filing such Tax Returns
      shall be borne by the Securities Administrator. Notwithstanding the foregoing,
      the Securities Administrator shall have no obligation to prepare, file or
      otherwise deal with partnership tax information or returns. In the event that
      partnership tax information or returns are required by the Internal Revenue
      Service, the Seller, at its own cost and expense, will prepare and file all
      necessary returns.
      The
      Internal Revenue Service has issued OID regulations under Sections 1271 to
      1275
      of the Code generally addressing the treatment of debt instruments issued with
      original issue discount. Under those regulations, debt issued to one Person
      generally is aggregated in determining if there is OID. Because certain Classes
      of Regular Certificates are expected to be issued to one Person (which intends
      to continue to hold the Regular Certificates indefinitely and, in any case,
      for
      at least 30 days), the Securities Administrator, on behalf of the Trust, intends
      to determine the existence and amount of any OID as if those Classes of Regular
      Certificates were one debt instrument. 

     

     

    

    
      
        
          
          

        

        
          134

          
            

          

        

        
          
          

        

      

    

    

    (e) The
      Securities Administrator shall perform on behalf of each REMIC created hereunder
      all reporting and other tax compliance duties that are the responsibility of
      each such REMIC under the Code, the REMIC Provisions or other compliance
      guidance issued by the Internal Revenue Service or any state or local taxing
      authority. Among its other duties, if required by the Code, the REMIC Provisions
      or other such guidance, the Securities Administrator, shall provide (i) to
      the
      Treasury or other governmental authority such information as is necessary for
      the application of any tax relating to the transfer of the Class R Certificate
      to any disqualified organization and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC
      Provisions. 

     

    (f) Each
      of
      the Trustee, the Securities Administrator and the Holders of Certificates (to
      the extent that the affairs of the REMICs are within such Person’s control and
      the scope of its specific responsibilities under the Agreement) shall take
      any
      action or cause any REMIC created hereunder to take any action necessary to
      create or maintain the status of the REMIC created hereunder as a REMIC under
      the REMIC Provisions and shall assist each other as necessary to create or
      maintain such status. None of the Trustee, the Securities Administrator or
      the
      Holder of a Residual Certificate shall take any action, cause any REMIC created
      hereunder to take any action or fail to take (or fail to cause to be taken)
      any
      action that, under the REMIC Provisions, if taken or not taken, as the case
      may
      be, could result in an Adverse REMIC Event unless the Trustee and the Securities
      Administrator have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      result in an Adverse REMIC Event. In addition, prior to taking any action with
      respect to any REMIC created hereunder or the assets therein, or causing any
      such REMIC to take any action which is not expressly permitted under the terms
      of this Agreement, any Holder of the Class R Certificate will consult with
      the
      Securities Administrator or its designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      such
      REMIC, and no such Person shall take any such action or cause any REMIC created
      hereunder to take any such action as to which the Securities Administrator
      has
      advised it in writing that an Adverse REMIC Event could occur. 

     

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

     

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

     

     

    

    
      
        
          
          

        

        
          135

          
            

          

        

        
          
          

        

      

    

    

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

     

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

     

    (k) [Reserved]

     

    (l) The
      Yield
      Maintenance Agreements and each of the Yield Maintenance Sub-Accounts shall
      not
      be treated as an asset of any REMIC created hereunder. Instead, each owner
      of a
      Class A-1 and Class A-X Certificate shall be treated as owning an interest
      in
      the Group 1 Yield Maintenance Agreement. For federal income tax reporting
      purposes, as of the Closing Date, the value of the interest in the Group 1
      Yield
      Maintenance Agreement owned by each Class of certificates is as follows: Class
      A-1 Certificates, 100%, and Class A-X Certificates, 0% (total value $1,600,000).
      Moreover, each owner of a Class A-2A, Class A-2B, Class A-2C and Class A-X
      Certificate shall be treated as owning an interest in the Group 2 Yield
      Maintenance Agreement. For federal income tax reporting purposes, as of the
      Closing Date, the value of the interest in the Group 2 Yield Maintenance
      Agreement owned by each Class of certificates is as follows: Class A-2A
      Certificates, $1,579,522.81 or 16.30%, Class A-2B Certificates, $7,299,429.47
      or
      75.33%, Class A-2C Certificates, $811,047.72 or 8.37% and Class A-X
      Certificates, 0%
      (total
      value $9,690,000). 

     

    (m) For
      federal income tax purposes, each Certificate Owner of Auction Certificate
      shall
      be treated as a party to the Auction Swap Agreement which shall represent
      contractual rights and obligations that are separate from the regular interest
      related to such Auction Certificate. For purposes of determining the issue
      prices of the Auction Certificates, it shall be assumed that such separate
      rights and obligations have a zero value unless and until required otherwise
      by
      the applicable taxing authority.

     

     

    SECTION
      9.02. Prohibited Transactions and Activities.

     

    Neither
      the Depositor nor the Trustee shall sell, dispose of, or substitute for any
      of
      the Mortgage Loans, except in a disposition pursuant to (i) the foreclosure
      of a
      Mortgage Loan, (ii) the bankruptcy of the Trust Fund, (iii) the termination
      of the REMICs created hereunder pursuant to Article X of this Agreement, (iv)
      a
      substitution pursuant to Article II hereof or (v) a repurchase of Mortgage
      Loans
      as contemplated hereunder, nor acquire any assets for any REMIC created
      hereunder, nor sell or dispose of any investments in the Distribution Account
      for gain, nor accept any contributions to any REMIC created hereunder after
      the
      Closing Date, unless it has received an Opinion of Counsel (at the expense
      of
      the party causing such sale, disposition, or substitution) that such
      disposition, acquisition, substitution, or acceptance will not result in an
      Adverse REMIC Event. 

     

    

    
      
        
          
          

        

        
          136

          
            

          

        

        
          
          

        

      

    

    

     

    ARTICLE
      X

     

    TERMINATION

     

     

    SECTION
      10.01. Termination.

     

    (a) The
      respective obligations and responsibilities of the Seller, the Depositor, the
      Master Servicer, the Securities Administrator, the Delaware Trustee and the
      Trustee created hereby (other than the obligation of the Securities
      Administrator to make certain payments to Certificateholders after the final
      Distribution Date and the obligation of the Master Servicer to send certain
      notices as hereinafter set forth) shall terminate upon notice to the Trustee
      and
      the Securities Administrator upon the earliest of (i) the Distribution Date
      on which the Class Principal Amount of each Class of Certificates has been
      reduced to zero, (ii) the final payment or other liquidation of the last
      Mortgage Loan, (iii) the optional purchase of the Mortgage Loans as
      described in the following paragraph and (iv) the Latest Possible Maturity
      Date. 

     

    Thornburg
      (solely in its capacity as a Servicer of the Mortgage Loans) may, at its option,
      terminate this Agreement on any Distribution Date on which the aggregate of
      the
      Scheduled Principal Balances of the Mortgage Loans as of the end of the
      immediately preceding Due Period is equal to or less than 10% of the Cut-Off
      Date Aggregate Principal Balance, by purchasing, on such Distribution Date,
      all
      of the outstanding Mortgage Loans and REO Properties at a price equal to the
      sum
      of (i) the outstanding Scheduled Principal Balances of the Mortgage Loans (other
      than in respect of REO Properties), (ii) the lesser of (x) the appraised value
      of any REO Property as determined by the higher of two appraisals completed
      by
      two independent appraisers approved by the Depositor and at the expense of
      Thornburg less the good faith estimate of the Master Servicer or the related
      Servicer, as applicable, of Liquidation Expenses to be incurred in connection
      with its disposal and (y) the Principal Balance of each Mortgage Loan related
      to
      any REO Property and (iii) in all cases, accrued and unpaid interest thereon
      at
      the applicable Mortgage Rate through the end of the Due Period preceding the
      final Distribution Date, plus unreimbursed Servicing Advances and Advances
      and
      any unpaid Master Servicing Fees and Servicing Fees allocable to such Mortgage
      Loans and REO Properties, plus all amounts, if any, then due and owing to the
      Trustee, the Master Servicer and the Securities Administrator (the “Termination
      Price”).

     

    In
      addition, Wells Fargo Bank, N.A. (solely in its capacity as the Master Servicer)
      may, at its option, terminate this Agreement on any Distribution Date on which
      the aggregate of the Scheduled Principal Balances of the Mortgage Loans as
      of
      the end of the immediately preceding Due Period is equal to or less than 5%
      of
      the Cut-Off Date Aggregate Principal Balance, by purchasing, on such
      Distribution Date, all of the outstanding Mortgage Loans and REO Properties
      at a
      price equal to Termination Price; provided,
      that
      the
      right of Wells Fargo Bank, N.A. to repurchase all the Mortgage Loans shall
      be
      exercisable only if Thornburg has not elected to exercise its optional
      termination right on or before such date.

     

    (b) Notice
      of
      any termination pursuant to the second or third paragraphs of Section 10.01(a),
      specifying the Distribution Date (which shall be a date that would otherwise
      be
      a Distribution Date) upon which the Certificateholders may surrender their
      Certificates to the Securities Administrator for payment of the final
      distribution and cancellation, shall be given promptly by the Securities
      Administrator upon the Securities Administrator receiving notice of such date
      from the Master Servicer by letter to the Certificateholders mailed not earlier
      than the 10th day and not later than the 19th day of the month of such
      final distribution specifying (1) the Distribution Date upon which final
      distributions on the Certificates will be made upon presentation and surrender
      of such Certificates at the office or agency of the Securities Administrator
      therein designated, (2) the amount of any such final distribution and
      (3) that the Record Date otherwise applicable to such Distribution Date is
      not applicable, distributions being made only upon presentation and surrender
      of
      the Certificates at the office or agency of the Securities Administrator therein
      specified.

    

    
      
        
          
          

        

        
          137

          
            

          

        

        
          
          

        

      

    

    

    (c) Upon
      presentation and surrender of the Certificates, the Securities Administrator
      shall cause to be distributed to the Holders of the Certificates on the
      Distribution Date for such final distribution, in proportion to the Percentage
      Interests of their respective Class and to the extent that funds are available
      for such purpose, an amount equal to the amount required to be distributed
      to
      such Holders in accordance with the provisions of Section 4.01 hereof for
      such Distribution Date.

     

    (d) In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Securities Administrator shall promptly following such date cause all funds
      in
      the Distribution Account not distributed in final distribution to
      Certificateholders to be withdrawn therefrom and credited to the remaining
      Certificateholders by depositing such funds in a separate account for the
      benefit of such Certificateholders, and the Securities Administrator shall
      give
      a second written notice to the remaining Certificateholders to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Master Servicer shall
      be
      entitled to all unclaimed funds and other assets which remain subject hereto,
      and the Securities Administrator upon transfer of such funds shall be discharged
      of any responsibility for such funds, and the Certificateholders shall look
      to
      the Master Servicer for payment.

     

     

    SECTION
      10.02. Additional Termination Requirements.

     

    (a) In
      the
      event the purchase option provided in Section 10.01 is exercised, the Trust
      shall be terminated in accordance with the following additional
      requirements:

     

    (i) The
      Trustee at the direction of the Securities Administrator shall sell any
      remaining assets of the Trust Fund to Thornburg or its designee or Wells Fargo
      Bank, N.A. or its designee, as the case may be, for cash and, within 90 days
      of
      such sale, shall distribute to (or credit to the account of) the
      Certificateholders the proceeds of such sale together with any cash on hand
      (less amounts retained to meet claims) in complete liquidation of the Trust
      Fund, and each REMIC created hereunder; and

     

    (ii) The
      Securities Administrator shall attach a statement to the final federal income
      tax return for each REMIC created hereunder stating that pursuant to Treasury
      Regulation §1.860F-1, the first day of the 90 day liquidation period for such
      REMIC was the date on which the Trustee sold the assets of the Trust Fund and
      shall satisfy all requirements of a qualified liquidation under Section 860F
      of
      the Code and any regulations thereunder as evidenced by an Opinion of Counsel
      delivered to the Trustee and the Securities Administrator obtained at the
      expense of the Seller.

     

     

    

    
      
        
          
          

        

        
          138

          
            

          

        

        
          
          

        

      

    

    

    (b) By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee and the Securities Administration as their attorneys in fact to
      undertake the foregoing steps.

     

    (c) The
      Securities Administrator shall provide written notice to the Delaware Trustee
      that the Trust Fund has been terminated in accordance with Article
      X.

     

     

    ARTICLE
      XI

     

    DISPOSITION
      OF TRUST ASSETS

     

     

    SECTION
      11.01. Disposition of Trust Assets.

     

    Neither
      the Trust, nor this Agreement, may be terminated or voided, or any disposition
      of the assets of the Trust effected, other than in accordance with the terms
      hereof, except to the extent that Holders representing no less than the entire
      beneficial ownership interest of the Certificates have so assented.

     

     

    ARTICLE
      XII 

     

    MISCELLANEOUS
      PROVISIONS

     

     

    SECTION
      12.01. Amendment.

     

    This
      Agreement may be amended from time to time by Seller, the Depositor, the Master
      Servicer, the Securities Administrator, the Delaware Trustee and the Trustee,
      and without the consent of the Certificateholders, (i) to cure any
      ambiguity, (ii) to correct or supplement any provisions herein which may be
      defective or inconsistent with any other provisions herein, (iii) to make
      any other provisions with respect to matters or questions arising under this
      Agreement, which shall not be inconsistent with the provisions of this
      Agreement, or (iv) to conform the terms hereof to the description thereof
      provided in the Prospectus; provided,
      however,
      that
      any such action listed in clause (i) through (iii) above shall be
      deemed not to adversely affect in any material respect the interests of any
      Certificateholder, if evidenced by (i) written notice to the Depositor, the
      Seller, the Master Servicer, the Securities Administrator, the Delaware Trustee
      and the Trustee from each Rating Agency that such action will not result in
      the
      reduction or withdrawal of the rating of any outstanding Class of Certificates
      with respect to which it is a Rating Agency or (ii) an Opinion of Counsel
      stating that such amendment shall not adversely affect in any material respect
      the interests of any Certificateholder, is permitted by the Agreement and all
      the conditions precedent, if any have been complied with, delivered to the
      Master Servicer, the Securities Administrator and the Trustee.

     

    In
      addition, this Agreement may be amended from time to time by Seller, the
      Depositor, the Master Servicer, the Securities Administrator, the Delaware
      Trustee and the Trustee and with the consent of the Majority Certificateholders
      for the purpose of adding any provisions to or changing in any manner or
      eliminating any of the provisions of this Agreement or of modifying in any
      manner the rights of the Holders of Certificates; provided,
      however,
      that no
      such amendment or waiver shall (x) reduce in any manner the amount of, or
      delay the timing of, payments on the Certificates that are required to be made
      on any Certificate without the consent of the Holder of such Certificate,
      (y) adversely affect in any material respect the interests of the Holders
      of any Class of Certificates in a manner other than as described in clause
      (x)
      above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 66 2/3% Percentage Interest in such Class, or
      (z) reduce the percentage of Voting Rights required by clause (y)
      above without the consent of the Holders of all Certificates of such Class
      then
      outstanding. Upon approval of an amendment, a copy of such amendment shall
      be
      sent to each Rating Agency.

      
        
          
          

        

        
          139

          
            

          

        

        
          
          

        

      

    Notwithstanding
      any provision of this Agreement to the contrary, neither the Trustee nor the
      Securities Administrator shall consent to any amendment to this Agreement unless
      it shall have first received an Opinion of Counsel, delivered by and at the
      expense of the Person seeking such Amendment (unless such Person is the Trustee
      or the Securities Administrator, in which case the Trustee or the Securities
      Administrator shall be entitled to be reimbursed for such expenses by the Trust
      pursuant to Section 8.05 hereof), to the effect that such amendment will not
      result in the imposition of a tax on any REMIC created hereunder pursuant to
      the
      REMIC Provisions or cause any REMIC created hereunder to fail to qualify as
      a
      REMIC at any time that any Certificates are outstanding and that the amendment
      is being made in accordance with the terms hereof, such amendment is permitted
      by this Agreement and all conditions precedent, if any, have been complied
      with.

     

    Promptly
      after the execution of any such amendment the Securities Administrator shall
      furnish, at the expense of the Person that requested the amendment if such
      Person is the Seller (but in no event at the expense of the Trustee or the
      Securities Administrator), otherwise at the expense of the Trust, a copy of
      such
      amendment and the Opinion of Counsel referred to in the immediately preceding
      paragraph to the Master Servicer and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment;
      instead it shall be sufficient if such consent shall approve the substance
      thereof. The manner of obtaining such consents and of evidencing the
      authorization of the execution thereof by Certificateholders shall be subject
      to
      such reasonable regulations as the Securities Administrator may
      prescribe.

     

    The
      Trustee and Securities Administrator may, but shall not be obligated to, enter
      into any amendment pursuant to this 12.01 Section that affects its rights,
      duties and immunities under this Agreement or otherwise.

     

     

    SECTION
      12.02. Recordation of Agreement; Counterparts.

     

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

     

    

    
      
        
          
          

        

        
          140

          
            

          

        

        
          
          

        

      

    

    

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

     

     

    SECTION
      12.03. Limitation on Rights of Certificateholders.

     

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

     

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

     

    No
      Certificateholder shall have any right by virtue of any provision of this
      Agreement to institute any suit, action or proceeding in equity or at law upon
      or under or with respect to this Agreement, unless such Holder previously shall
      have given to the Trustee a written notice of default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 days after its receipt
      of such notice, request and offer of indemnity, shall have neglected or refused
      to institute any such action, suit or proceeding. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 12.03, each and every Certificateholder and the Trustee shall be
      entitled to such relief as can be given either at law or in equity.

     

     

     

    

    
      
        
          
          

        

        
          141

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      12.04. Governing Law; Jurisdiction.

     

    This
      Agreement shall be construed in accordance with the laws of the State of
      Delaware, and the obligations, rights and remedies of the parties hereunder
      shall be determined in accordance with such laws. 

     

     

    SECTION
      12.05. Notices.

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service or delivered via
      telecopy, to (a) in the case of the Seller, to Thornburg Mortgage Home
      Loans, Inc., 150 Washington Avenue, Suite 302, Santa Fe, New Mexico 87501,
      Attention: Deborah Burns (telecopy number (505) 954-5300), or such other
      address or telecopy number as may hereafter be furnished to the Depositor,
      the
      Master Servicer, the Securities Administrator, and the Trustee in writing by
      the
      Seller, (b) in the case of the Trustee, to the Corporate Trust Office or such
      other address or telecopy number as may hereafter be furnished to the Depositor,
      the Master Servicer, the Securities Administrator, and the Seller in writing
      by
      the Trustee, (c) in the case of the Depositor, to Structured Asset
      Securities Corporation, 745 Seventh Avenue, 7th
      Floor,
      New York, New York 10019, or such other address or telecopy number as may be
      furnished to the Seller, the Master Servicer, the Securities Administrator,
      and
      the Trustee in writing by the Depositor, (d) in the case of the Delaware
      Trustee, 1100 North Market Street, Wilmington, Delaware 19890; and (e) in the
      case of the Master Servicer or Securities Administrator, for certificate
      transfer purposes, at its Corporate Trust Office and for all other purposes
      at
      P.O. Box 98, Columbia, Maryland 21046, or for overnight delivery, at 9062 Old
      Annapolis Road, Columbia, Maryland 21045 (Attention: Thornburg 2006-4),
      Facsimile no.: (410) 715-2380, or such other address or telecopy number as
      may
      be furnished to the Depositor, the Seller, the Securities Administrator, and
      the
      Trustee in writing by the Master Servicer. Any notice required or permitted
      to
      be mailed to a Certificateholder shall be given by first class mail, postage
      prepaid, at the address of such Holder as shown in the Certificate Register.
      Notice of any Event of Default shall be given by telecopy and by certified
      mail.
      Any notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have duly been given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder shall also be mailed to the appropriate party in the manner
      set forth above.

     

     

    SECTION
      12.06. Severability of Provisions.

     

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

     

     

     

    

    
      
        
          
          

        

        
          142

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      12.07. Article and Section References.

     

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

     

     

    SECTION
      12.08. Notice to the Rating Agencies.

     

    (a) The
      Securities Administrator shall be obligated to use its best reasonable efforts
      promptly to provide notice to the Rating Agencies with respect to each of the
      following of which a Responsible Officer of the Securities Administrator has
      actual knowledge:

     

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

     

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

     

    (iii) the
      resignation or termination of the Master Servicer, the Securities Administrator
      or the Trustee;

     

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

     

    (v) any
      change in the location of any Account.

     

    (b) In
      addition, the Securities Administrator shall promptly furnish to the Rating
      Agencies copies of each Statement to Certificateholders described in Section
      5.04 hereof; if the Trustee is acting as a successor Master Servicer pursuant
      to
      Section 7.02 hereof, the Trustee shall notify the Rating Agencies of any event
      that would result in the inability of the Trustee to make Advances
      and
      the
      Master Servicer shall promptly furnish to each Rating Agency copies of the
      following:

     

    (i) each
      annual statement as to compliance described in Section 3.17 hereof;

     

    (ii) each
      annual assessment of compliance and attestation report described in Section
      3.16
      hereof; and

     

    (iii) each
      notice delivered pursuant to Section 5.05(b) hereof which relates to the fact
      that the Master Servicer has not made an Advance.

     

    (c) All
      notices to the Rating Agencies provided for in this Agreement shall be in
      writing and sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      Moody’s, to:

    

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street 

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

    

    

    
      
        
          
          

        

        
          143

          
            

          

        

        
          
          

        

      

    

    

    If
      to
      S&P, to:

    

    55
      Water
      Street

    New
      York,
      New York 10041

    Attention:
      Residential Mortgages

    

     

    SECTION
      12.09. Further Assurances.

     

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

     

     

    SECTION
      12.10. Benefits of Agreement.

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

     

     

    SECTION
      12.11. Acts of Certificateholders.

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee and the Seller. Such
      instrument or instruments (and the action embodied therein and evidenced
      thereby) are herein sometimes referred to as the “act” of the Certificateholders
      signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Agreement and conclusive in favor of the Trustee and the Trust,
      if made in the manner provided in this Section 12.11.

     

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

     

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

     

     

     

    

    
      
        
          
          

        

        
          144

          
            

          

        

        
          
          

        

      

    

    

     

    SECTION
      12.12. Successors and Assigns.

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

     

     

    SECTION
      12.13. Derivative Transactions.

     

    The
      Trust, the Securities Administrator and the Trustee are authorized, at the
      direction and the expense of the Holders of a majority of the Class A-X
      Certificates (or, if the Class A-X Certificates are no longer outstanding,
      a
      majority of the Voting Rights allocated to the Class of Subordinate Certificates
      outstanding having the highest numerical designation), to enter into such
      derivative transactions for the benefit of any Certificateholders as may be
      deemed desirable by such Holders of the Class A-X Certificates (or other
      applicable Class of Certificates), so long as (i) as evidenced by one or more
      Opinions of Counsel addressed to the Trustee or the Securities Administrator,
      as
      applicable (at the expense of such Holders), the execution and delivery of
      such
      derivative transaction is permitted under this Agreement and the inclusion
      of
      such derivative in the Trust will not be inconsistent with the ERISA provisions
      contained herein or cause the Certificates (other than the Class R Certificate)
      to fail to qualify for the Underwriter’s Exemption,
      (ii)
      a
      REMIC Opinion (at the expense of such Holders) is delivered to the Trustee
      or
      the Securities Administrator, as applicable, (iii) an Opinion of Counsel
      addressed to the Trustee and the Securities Administrator (at the expense of
      such Holders) that the execution and delivery of such derivative transaction
      and
      documentation as presented to the Trustee the Securities Administrator is
      permitted under this Agreement, and (iv) each Rating Agency shall have confirmed
      in writing that the inclusion of such derivative would not result in a downgrade
      of its then rating of any Class of Certificates.

     

    

    
      
        
          
          

        

        
          145

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers thereunto duly authorized, all as of the day and
      year first above written.

     

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor

     

    By:
      /s/ Mary
      Stone                                                      

    Name:
      Mary Stone

    
      	 	 	
              Title:
                Vice President

            

    

     

    THORNBURG
      MORTGAGE HOME LOANS, INC.,

    as
      Seller

     

    By:
      /s/ Deborah J.
      Burns                                            

    Name:
      Deborah J. Burns

    Title:
      Senior Vice President

     

    WELLS
      FARGO BANK, N.A., 

    as
      Master
      Servicer

    

    By: /s/
      Peter J.
      Masterman                                       

    Name:
      Peter J. Masterman

    Title:
      Vice President 

     

    WELLS
      FARGO BANK, N.A., 

    as
      Securities Administrator

     

    By:
      /s/ Peter J.
      Masterman                                        

    Name:
      Peter J. Masterman

    Title:
      Vice President 

     

     

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    WILMINGTON
      TRUST COMPANY, 

    as
      Delaware Trustee

     

    By:
      /s/ Patricia A.
      Evans                                                 

    Name:
      Patricia A. Evans

    Title:
      Vice President 

     

    LASALLE
      BANK NATIONAL ASSOCIATION,

    as
      Trustee and Custodian

     

    By:
      /s/ Rita
      Lopez                                                            
 
                  

    Name:
      Rita Lopez 

    Title:
      Vice President 

     

    
 

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    Solely
      for the purposes of Sections 3.25 and 6.06,

    accepted
      and agreed to by:

    

    

    THORNBURG
      MORTGAGE, INC.

    

    

    By:
      /s/ Deborah J.
      Burns                                                              

    Name:
      Deborah J. Burns

    Title:
      Senior Vice President

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	STATE OF CONNECTICUT	)
	 	) ss.:
	COUNTY OF FAIRFIELD	)

    

     

    On
      the
      ______ day of August 2006, before me, a notary public in and for said State,
      personally appeared __________________ known to me to be a ________________
      of
      Structured Asset Securities Corporation, a Delaware corporation that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

     

    _____________________________________________

    Notary
      Public

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	STATE OF NEW MEXICO 	)
	 	) ss.:
	COUNTY OF SANTA FE 	)

    

     

    On
      the
      _____ day
      of
      August 2006, before me, a notary public in and for said State, personally
      appeared Deborah J. Burns known to me to be a Senior Vice President of Thornburg
      Mortgage Home Loans, Inc., a Delaware corporation that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

     

    ______________________________________________

    Notary
      Public

    
 

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	STATE OF	)
	 	) ss.:
	COUNTY OF	)

      

       

    

    On
      the
      ______ day of August 2006, before me, a notary public in and for said State,
      personally appeared _________________________ known to me to be a
      _______________________ of Wells Fargo Bank, N.A. that executed the within
      instrument, and also known to me to be the person who executed it on behalf
      of
      said corporation, and acknowledged to me that such corporation executed the
      within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      ______________________________________________

      Notary
        Public

      

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
      
        
        

         

        
          	STATE OF	)
	 	) ss.:
	COUNTY OF	)

        

         

      

    

    On
      the
      _____ day of August 2006, before me, a notary public in and for said State,
      personally appeared ___________________________________ known to me to be
      _______________________________ of LaSalle Bank National Association, a national
      banking association that executed the within instrument, and also known to
      me to
      be the person who executed it on behalf of said corporation, and acknowledged
      to
      me that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

    
       

      
        ______________________________________________

        Notary
          Public

        

 

      

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
      
      

       

      
        	STATE OF	)
	 	) ss.:
	COUNTY OF	)

      

       

    

    On
      the
      _______ day of August 2006, before me, a notary public in and for said State,
      personally appeared ________________________________ known to me to be a
      ________________________ of Wilmington Trust Company, and also known to me
      to be
      the person who executed it on behalf of said corporation, and acknowledged
      to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
       

      
        ______________________________________________

        Notary
          Public

        
 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    
      EXHIBIT
        A

       

      FORM
        OF SENIOR CERTIFICATE

       

      CLASS
        A-[
        ] CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR
        OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
        CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
        NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
        IS
        MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      ANY
        TRANSFEREE OF THIS CERTIFICATE ON OR PRIOR TO THE TERMINATION OF THE AUCTION
        SWAP AGREEMENT WILL BE DEEMED TO HAVE REPRESENTED BY VIRTUE OF ITS ACQUISITION
        OR HOLDING OF THIS CERTIFICATE (OR INTEREST THEREIN), THAT EITHER (A) SUCH
        TRANSFEREE IS NOT ACQUIRING SUCH CERTIFICATE FOR, ON BEHALF OF, OR WITH THE
        ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT
        TO
        THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
        4975
        OF THE CODE, OR (B) THE ACQUISITION AND HOLDING OF THIS CERTIFICATE ARE ELIGIBLE
        FOR EXEMPTIVE RELIEF UNDER PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
        84-14, PTCE 90-1, PTCE-91-38, PTCE-95-60, PTCE-96-23 OR SOME OTHER APPLICABLE
        EXEMPTION. IF THE REPRESENTATIONS IN THIS PARAGRAPH ARE VIOLATED, THEN THE
        LAST
        PRECEDING PERMITTED BENEFICIAL OWNER OF THE CERTIFICATE WILL RETROACTIVELY
        BE
        TREATED AS ITS OWNER.

       

      
        
          	
                  
                    Certificate
                      No.: 

                  

                	 	
                  [ ]

                

        

         

      

      
        	
                Cut-Off
                  Date:

              	 	
                July
                  1, 2006

              

      

       

      
        	
                First
                  Distribution Date: 

              	 	
                August
                  25, 2006

              

      

      
         

        
          	
                  
                    Initial
                      Certificate Principal

                    Amount
                      of this Certificate

                    (“Denomination”): 

                  

                	 	
                  $[ ]

                

        

         

      
 

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      
         

        
          	
                  
                    
                      Original
                        Class 

                      Principal
                        Amount of this

                      Class:

                    

                  

                	 	
                  $[ ]

                

        

        
          
             

            
              	
                      
                        
                          Percentage
                            Interest:

                        

                      

                    	 	
                      [ ]%

                    

            

             

          

        

      

      
        	
                Interest
                  Rate:

              	 	
                Variable

              

      

       

      
        
          	
                  CUSIP: 

                	 	
                  88522A
                    __ _

                

        

         

      

      
        	
                Class:

              	 	
                A-[
                  ]

              

      

      
         

        
          	
                  Assumed
                    Final Distribution Date:

                	 	
                  July
                    25, 2036

                

        

         

      

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

      Thornburg
        Mortgage Securities Trust 2006-4,

      Mortgage
        Loan Pass-Through Certificates, 

      Series
        2006-4

      Class
        A-[
        ]

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting primarily
        of
        adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
        purchased from others by

       

      STRUCTURED
        ASSET SECURITIES CORPORATION, as Depositor.

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Amount of this Certificate at any
        time
        may be less than the Initial Certificate Principal Amount set forth on the
        face
        hereof, as described herein. This Certificate does not evidence an obligation
        of, or an interest in, and is not guaranteed by the Depositor, the Seller,
        the
        Master Servicer, the Securities Administrator, the Delaware Trustee or the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that CEDE & CO. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Denomination of this
        Certificate by the Original Class Principal Amount) in certain monthly
        distributions with respect to a Trust consisting primarily of the Mortgage
        Loans
        deposited by Structured Asset Securities Corporation (the “Depositor”). The
        Trust was created pursuant to (i) the Original Trust Agreement dated as of
        August 3, 2006 by and among the Depositor, Wilmington Trust Company, as Delaware
        trustee (the “Delaware Trustee”) and LaSalle Bank National Association, as
        trustee (the “Trustee”) and (ii) a Certificate of Trust filed with the Secretary
        of State of the State of Delaware on August 3, 2006. This Certificate is
        issued
        under and is subject to the terms, provisions and conditions of the Trust
        Agreement dated as of July 1, 2006 (the “Agreement”) by and among the Depositor,
        Thornburg Mortgage Home Loans, Inc. (“TMHL”), as seller (the “Seller”), Wells
        Fargo Bank, N.A., as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), the Delaware Trustee and the
        Trustee, to which Agreement the Holder of this Certificate by virtue of the
        acceptance hereof assents and by which such Holder is bound. To the extent
        not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. 

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      Dated:
        August___, 2006

       

      THORNBURG
        MORTGAGE SECURITIES TRUST 2006-4

       

      
        	 	
                By:
                  

              	
                WELLS
                  FARGO BANK, N.A.,

                
                  not
                    in its individual capacity,

                  but
                    solely as Securities
                    Administrator

                

              

      

      

      By
        _________________________________________

       

      This
        is
        one of the Certificates

      referenced
        in the within-mentioned Agreement

      

      By
        ________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Securities Administrator

      

      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      FORM
        OF CLASS A-X CERTIFICATE

       

      CLASS
        A-X
        CERTIFICATE

       

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR
        OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
        CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
        NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
        IS
        MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      THIS
        CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY DISTRIBUTIONS
        IN
        RESPECT OF PRINCIPAL.

       

      AFTER
        THE
        DISTRIBUTION DATE IN JULY 2011, THE CLASS NOTIONAL AMOUNT OF THIS CERTIFICATE
        WILL EQUAL ZERO.

       

      
        	
                Certificate
                  No.:

                 

              	
                [
                  ]

                 

              
	 	 
	
                Cut-Off
                  Date:

                 

              	
                July
                  1, 2006

                 

              
	
                First
                  Distribution Date:

                 

              	
                August
                  25, 2006

                 

              
	
                Initial
                  Certificate Notional

                 

              	 
	
                Amount
                  of this Certificate

                 

              	 
	
                (“Denomination”):

                 

              	
                Notional
                  Amount

                 

              
	
                Original
                  Class 

                 

              	 
	
                Notional
                  Amount of this

                 

              	 
	
                Class:

                 

              	
                Notional
                  Amount

                 

              
	
                Percentage
                  Interest:

                 

              	
                100%

                 

              
	
                Interest
                  Rate:

                 

              	
                Variable

                 

              
	
                CUSIP:

                 

              	
                88522A
                  __ _

                 

              
	
                Class:

                 

              	
                A-X

                 

              
	
                Assumed
                  Final Distribution Date:

                 

              	
                July
                  25, 2011

                 

              

      

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

      Thornburg
        Mortgage Securities Trust 2006-4,

      Mortgage
        Loan Pass-Through Certificates, 

      Series
        2006-4

      Class
        A-X

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting primarily of
        adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
        purchased from others by

       

      STRUCTURED
        ASSET SECURITIES CORPORATION, as Depositor.

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
        Administrator or the Trustee referred to below or any of their respective
        affiliates.

       

      This
        certifies that CEDE & CO. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Denomination of this
        Certificate by the Original Class Notional Amount) in certain monthly
        distributions with respect to a Trust consisting primarily of the Mortgage
        Loans
        deposited by Structured Asset Securities Corporation (the “Depositor”). The
        Trust was created pursuant to (i) the Original Trust Agreement dated as of
        August 3, 2006 by and among the Depositor, Wilmington Trust Company, as Delaware
        trustee (the “Delaware Trustee”) and LaSalle Bank National Association, as
        trustee (the “Trustee”) and (ii) a Certificate of Trust filed with the Secretary
        of State of the State of Delaware on August 3, 2006. This Certificate is
        issued
        under and is subject to the terms, provisions and conditions of the Trust
        Agreement dated as of July 1, 2006 (the “Agreement”) by and among the Depositor,
        Thornburg Mortgage Home Loans, Inc. (“TMHL”), as seller (the “Seller”), Wells
        Fargo Bank, N.A., as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), the Delaware Trustee and the
        Trustee, to which Agreement the Holder of this Certificate by virtue of the
        acceptance hereof assents and by which such Holder is bound. To the extent
        not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement. 

       

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      Dated:
        August ___, 2006

       

      THORNBURG
        MORTGAGE SECURITIES TRUST 2006-4

       

      
        	 	
                By:

              	
                WELLS
                  FARGO BANK, N.A.,

              

      

      
        	 	 	
                not
                  in its individual capacity,

              

      

      
        	 	 	
                but
                  solely as Securities Administrator

              

      

       

      
        By
          _________________________________________

      

       

      

      

      This
        is
        one of the Certificates

      referenced
        in the within-mentioned Agreement

       

      

      

      By
        ________________________________________

      Authorized
        Signatory of 

      Wells
        Fargo Bank, N.A.,

      as
        Securities Administrator

      

      
        
          
          

        

        
          B-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      FORM
        OF CLASS R CERTIFICATE

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR A TRANSFER AFFIDAVIT
        IN
        ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

       

      NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
        LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
        SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
        (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
        PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
        OF
        ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) A REPRESENTATION
        THAT THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE WITH
        FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION
        V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”) AND THAT THE
        PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND
        III OF
        PTCE-95-60, OR (C) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS
        OF
        THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
        HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
        EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION
        OF
        COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL
        BE
        VOID AND OF NO EFFECT.

      

      
        	
                Certificate
                  No.:

                 

              	
                1

                 

              
	
                Cut-Off
                  Date:

                 

              	
                July
                  1, 2006

                 

              
	
                First
                  Distribution Date:

                 

              	
                August
                  25, 2006

                 

              
	
                Initial
                  Certificate Principal 

                 

              	 
	
                Amount
                  of this Certificate:

                 

              	
                $100

                 

              
	
                Original
                  Class 

                 

              	 
	
                Principal
                  Amount of this 

                 

              	
                Class:

                 

              
	
                $100

                 

              	 
	 	 

      

       

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Percentage
                  Interest:

                 

              	
                100%

                 

              
	
                Pass-Through
                  Rate:

                 

              	
                Weighted
                  Average

                 

              
	
                CUSIP:

                 

              	
                88522A
                  __ _

                 

              
	
                Class:

                 

              	
                R

                 

              
	
                Assumed
                  Final Distribution Date:

                 

              	
                July
                  25, 2036

                 

              

      

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

      Thornburg
        Mortgage Securities Trust 2006-4

      Mortgage
        Loan Pass-Through Certificates, 

      Series
        2006-4

      Class
        R

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting primarily
        of
        adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
        purchased from others by

       

      STRUCTURED
        ASSET SECURITIES CORPORATION, as Depositor.

       

      This
        Certificate does not evidence an obligation of, or an interest in, and is
        not
        guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
        Administrator, the Delaware Trustee or the Trustee referred to below or any
        of
        their respective affiliates. Neither this Certificate nor the Mortgage Loans
        are
        guaranteed or insured by any governmental agency or
        instrumentality.

       

      This
        certifies that _________________________ is the registered owner of the
        Percentage Interest evidenced by this Certificate specified above in the
        interest represented by all Certificates of the Class to which this Certificate
        belongs in a Trust consisting primarily of the Mortgage Loans deposited by
        Structured Asset Securities Corporation (the “Depositor”). The Trust was created
        pursuant to (i) the Original Trust Agreement dated as of August 3, 2006 by
        and
        among the Depositor, Wilmington Trust Company, as Delaware trustee (the
“Delaware Trustee”) and LaSalle Bank National Association, as trustee (the
“Trustee”) and (ii) a Certificate of Trust filed with the Secretary of State of
        the State of Delaware on August 3, 2006. This Certificate is issued under
        and is
        subject to the terms, provisions and conditions of the Trust Agreement dated
        as
        of July 1, 2006 (the “Agreement”) by and among the Depositor, Thornburg Mortgage
        Home Loans, Inc. (“TMHL”), as seller (the “Seller”), Wells Fargo Bank, N.A., as
        master servicer (the “Master Servicer”) and securities administrator (the
“Securities Administrator”), the Delaware Trustee and the Trustee, to which
        Agreement the Holder of this Certificate by virtue of the acceptance hereof
        assents and by which such Holder is bound. To the extent not defined herein,
        the
        capitalized terms used herein have the meanings assigned in the
        Agreement.

       

      Any
        distribution of the proceeds of any remaining assets of the Trust will be
        made
        only upon presentment and surrender of this Certificate at the Corporate
        Trust
        Office or the office or agency maintained by the Trustee.

       

      Each
        Holder of this Certificate will be deemed to have agreed to be bound by the
        restrictions of the Agreement, including but not limited to the restrictions
        that (i) each person holding or acquiring any Ownership Interest in this
        Certificate must be a Permitted Transferee, (ii) no Ownership Interest in
        this
        Certificate may be transferred without delivery to the Securities Administrator
        of (a) a transfer affidavit of the proposed transferee and (b) a transfer
        certificate of the transferor, each of such documents to be in the form
        described in the Agreement, (iii) each person holding or acquiring any Ownership
        Interest in this Certificate must agree to require a transfer affidavit and
        to
        deliver a transfer certificate to the Securities Administrator as required
        pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
        Interest in this Certificate must agree not to transfer an Ownership Interest
        in
        this Certificate if it has actual knowledge that the proposed transferee
        is not
        a Permitted Transferee and (v) any attempted or purported transfer of any
        Ownership Interest in this Certificate in violation of such restrictions
        will be
        absolutely null and void and will vest no rights in the purported transferee.
        The Securities Administrator will provide the Internal Revenue Service and
        any
        pertinent persons with the information needed to compute the tax imposed
        under
        the applicable tax laws on transfers of residual interests to disqualified
        organizations, if any person other than a Permitted Transferee acquires an
        Ownership Interest on a Class R Certificate in violation of the restrictions
        mentioned above.

       

      
        
          
          

        

        
          C-3

          
            

          

        

        
          
          

        

      

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized officer of
        the
        Securities Administrator.

      
        
          
          

        

        
          C-4

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      Dated:
        August ___, 2006

       

      THORNBURG
        MORTGAGE SECURITIES TRUST 2006-4

       

      
        	 	
                By:
                  

              	
                WELLS
                  FARGO BANK, N.A.,

                
                  not
                    in its individual capacity,

                  but
                    solely as Securities
                    Administrator

                

              

      

      

      By___________________________________
        

       

      

      

      This
        is
        the R Certificate

      referenced
        in the within-mentioned Agreement

       

      

      

      By
        ________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Securities Administrator

      
        
          
          

        

        
          C-5

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D

       

      FORM
        OF SUBORDINATE CERTIFICATE

       

      CLASS
        B-[
        ] CERTIFICATE

       

      [UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE SECURITIES ADMINISTRATOR
        OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
        CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
        NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
        IS
        MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] [Applicable
        to Book-Entry Certificates only; delete for Certificates in physical
        form]

       

      SOLELY
        FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
        RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
        AS
        AMENDED (THE “CODE”).

       

      [THIS
        CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
        AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
        NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
        TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE
        OF SUCH
        REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
        REGISTRATION.] [Applicable
        only to Class B-4, Class B-5 and Class B-6
        Certificates]

       

      [THE
        HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
        REPRESENTED AND WARRANTED THAT IT ACQUIRED SUCH CERTIFICATE (I)(A) PURSUANT
        TO A
        REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT
        OR
        (B) AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933
        ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
        INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
        IN
        RELIANCE ON RULE 144A.] [Applicable
        only to Class B-4, Class B-5 and Class B-6
        Certificates]

       

      [IN
        THE
        EVENT THAT THE RATING ON THIS CLASS B-[ ] CERTIFICATE IS DOWNGRADED BELOW
        INVESTMENT GRADE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE
        TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR
        EITHER (A) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS
        NOT AN
        EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF
        1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF
        THE CODE OR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR
        USING
        PLAN ASSETS OF ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B)
        A
        REPRESENTATION THAT THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS
        CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS
        DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60
        AND THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS
        I AND III OF PTCE 95-60. A TRANSFEREE ACQUIRING A BOOK-ENTRY CERTIFICATE
        SHALL
        BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN THIS PARAGRAPH.] [Applicable
        only to Class B-1, Class B-2 and Class B-3
        Certificates]

       

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

      [NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
        TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
        LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
        SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
        (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE OR A
        PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR ARRANGEMENT OR USING PLAN ASSETS
        OF
        ANY SUCH PLAN OR ARRANGEMENT TO EFFECT THE TRANSFER, OR (B) A REPRESENTATION
        THAT THE PURCHASER IS AN INSURANCE COMPANY PURCHASING THIS CERTIFICATE WITH
        FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” AS DEFINED IN SECTION
        V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND THAT THE
        PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS I AND
        III OF
        PTCE 95-60. A TRANSFEREE ACQUIRING A BOOK-ENTRY CERTIFICATE SHALL BE DEEMED
        TO
        HAVE MADE THE REPRESENTATIONS IN THIS PARAGRAPH.] [Applicable
        only to Class B-4, Class B-5 and Class B-6
        Certificates]

       

      [NEITHER
        THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (A) (1) UNLESS
        SUCH
        TRANSFER IS MADE IN RELIANCE UPON RULE 144A OF THE SECURITIES ACT OF 1933,
        AS
        AMENDED (THE “1933 ACT”) OR (2) UNLESS SUCH TRANSFER IS MADE IN RELIANCE UPON
        RULE 501 (C)(1), (2), (3) OR (7) OF THE 1933 ACT (IN EACH CASE AS EVIDENCED
        BY
        AN INVESTMENT LETTER DELIVERED TO THE SECURITIES ADMINISTRATOR, IN SUBSTANTIALLY
        THE FORM ATTACHED TO THE TRUST AGREEMENT AND, IF SO REQUIRED BY THE SECURITIES
        ADMINISTRATOR, A WRITTEN OPINION OF COUNSEL (WHICH MAY BE IN-HOUSE COUNSEL)
        ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE
        SECURITIES ADMINISTRATOR, THAT SUCH TRANSFER MAY BE MADE PURSUANT TO AN
        EXEMPTION, DESCRIBING THE APPLICABLE EXEMPTION AND THE BASIS THEREFOR, FROM
        THE
        1933 ACT OR IS BEING MADE PURSUANT TO THE 1933 ACT, WHICH OPINION OF COUNSEL
        SHALL NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR OR THE DEPOSITOR)
        OR (B)
        THE TRANSFEROR SHALL HAVE EXECUTED A TRANSFEROR CERTIFICATE (IN SUBSTANTIALLY
        THE FORM ATTACHED TO THE TRUST AGREEMENT) AND THE TRANSFEREE SHALL HAVE EXECUTED
        AN INVESTMENT LETTER (IN SUBSTANTIALLY THE FORM ATTACHED TO THE TRUST AGREEMENT)
        ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE DEPOSITOR
        AND THE SECURITIES ADMINISTRATOR CERTIFYING TO THE DEPOSITOR AND THE SECURITIES
        ADMINISTRATOR THE FACTS SURROUNDING SUCH TRANSFER, WHICH INVESTMENT LETTER
        SHALL
        NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR OR THE DEPOSITOR.]
[Applicable
        to Class B-4, Class B-5 and Class B-6 Certificates that are in physical form
        only]

       

      
        
          
          

        

        
          D-2

          
            

          

        

        
          
          

        

      

       

      THIS
        CERTIFICATE IS SUBORDINATE IN RIGHT AND PAYMENT AS DESCRIBED IN THE AGREEMENT
        REFERRED TO HEREIN.

       

      
        	
                Certificate
                  No.:

                 

              	
                [
                  ]

                 

              
	
                Cut-Off
                  Date:

                 

              	
                July
                  1, 2006

                 

              
	
                First
                  Distribution Date:

                 

              	
                August
                  25, 2006

                 

              
	
                Initial
                  Class Principal

              	 
	
                Amount
                  of this Certificate

              	 
	
                (“Denomination”):

                 

              	
                $[
                  ]

                 

              
	
                Original
                  Certificate

              	 
	
                Principal
                  Amount of this

              	 
	
                Class:

                 

              	
                $[
                  ]

                 

              
	
                Percentage
                  Interest:

                 

              	
                [
                  ]%

                 

              
	
                Pass-Through
                  Rate:

                 

              	
                Weighted
                  Average

                 

              
	
                CUSIP:

                 

              	
                88522A
                  __ _

                 

              
	
                Class:

                 

              	
                B-[
                  ]

                 

              
	
                Assumed
                  Final Distribution Date:

              	
                July
                  25, 2036

              

      

      
        
          
          

        

        
          D-3

          
            

          

        

        
          
          

        

      

      Thornburg
        Mortgage Securities Trust 2006-4,

      Mortgage
        Loan Pass-Through Certificates, 

      Series
        2006-4

      Class
        B-[
        ]

       

      evidencing
        the Percentage Interest in the distributions allocable to the Certificates
        of
        the above-referenced Class with respect to the Trust consisting primarily
        of
        adjustable rate and hybrid, first lien mortgage loans (the “Mortgage Loans”)
        purchased from others by 

       

      STRUCTURED
        ASSET SECURITIES CORPORATION, as Depositor.

       

      Principal
        in respect of this Certificate is distributable monthly as set forth herein.
        Accordingly, the Certificate Principal Amount of this Certificate at any
        time
        may be less than the Initial Certificate Principal Amount set forth on the
        face
        hereof, as described herein. This Certificate does not evidence an obligation
        of, or an interest in, and is not guaranteed by the Depositor, the Seller,
        the
        Master Servicer, the Securities Administrator, the Delaware Trustee or the
        Trustee referred to below or any of their respective affiliates.

       

      This
        certifies that CEDE & CO. is the registered owner of the Percentage Interest
        evidenced by this Certificate (obtained by dividing the Denomination of this
        Certificate by the Original Class Principal Amount) in certain monthly
        distributions with respect to a Trust consisting primarily of the Mortgage
        Loans
        deposited by Structured Asset Securities Corporation (the “Depositor”). The
        Trust was created pursuant to (i) the Original Trust Agreement dated as of
        August 3, 2006 by and among the Depositor, Wilmington Trust Company, as Delaware
        trustee (the “Delaware Trustee”) and LaSalle Bank National Association, as
        trustee (the “Trustee”) and (ii) a Certificate of Trust filed with the Secretary
        of State of the State of Delaware on August 3, 2006. This Certificate is
        issued
        under and is subject to the terms, provisions and conditions of the Trust
        Agreement dated as of July 1, 2006 (the “Agreement”) by and among the Depositor,
        Thornburg Mortgage Home Loans, Inc. (“TMHL”), as seller (the “Seller”), Wells
        Fargo Bank, N.A., as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), the Delaware Trustee and the
        Trustee, to which Agreement the Holder of this Certificate by virtue of the
        acceptance hereof assents and by which such Holder is bound. To the extent
        not
        defined herein, the capitalized terms used herein have the meanings assigned
        in
        the Agreement.

       

      [No
        transfer of this Certificate shall be made unless such disposition is exempt
        from the registration requirements of the Securities Act of 1933, as amended
        (the “1933 Act”), and any applicable state securities laws or is made in
        accordance with the 1933 Act and such laws. In the event of any transfer,
        (i)
        (A) such transfer is made in reliance upon Rule 144A or (B) such transfer
        is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or (7) (in
        each case as evidenced by an investment letter delivered to the Securities
        Administrator, in substantially the form attached to the Trust Agreement,
        and,
        if so required by the Securities Administrator and the Depositor, a written
        Opinion of Counsel (which may be in-house counsel) acceptable to and in form
        and
        substance reasonably satisfactory to the Securities Administrator that such
        transfer may be made pursuant to an exemption, describing the applicable
        exemption and the basis therefor, from the 1933 Act or is being made pursuant
        to
        the 1933 Act, which Opinion of Counsel shall not be an expense of the Securities
        Administrator or the Depositor) or (ii) the Securities Administrator shall
        require the transferor to execute a transferor certificate (in substantially
        the
        form attached to the Trust Agreement) and the transferee to execute an
        investment letter (in substantially the form attached to the Trust Agreement)
        acceptable to and in form and substance reasonably satisfactory to the
        Securities Administrator certifying to the Depositor and the Securities
        Administrator the facts surrounding such transfer, which investment letter
        shall
        not be an expense of the Securities Administrator or the Depositor.]
        [Applicable
        to Certificates in physical form only; delete for Book-Entry
        Certificates]

       

      
        
          
          

        

        
          D-4

          
            

          

        

        
          
          

        

      

      Reference
        is hereby made to the further provisions of this Certificate set forth on
        the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place.

       

      This
        Certificate shall not be entitled to any benefit under the Agreement or be
        valid
        for any purpose unless manually authenticated by an authorized signatory
        of the
        Securities Administrator.

       

      
        
          
          

        

        
          D-5

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      Dated:
        August ___, 2006

       

      THORNBURG
        MORTGAGE SECURITIES TRUST 2006-4

       

      
        	 	
                By:
                  

              	
                WELLS
                  FARGO BANK, N.A.,

                
                  not
                    in its individual capacity,

                  but
                    solely as Securities
                    Administrator

                

              

      

      
      

      By
        ____________________________

      

      

      This
        is
        one of the Certificates

      referenced
        in the within-mentioned Agreement

       

      

      

      By
        ________________________________________

      Authorized
        Signatory of

      Wells
        Fargo Bank, N.A.,

      as
        Securities Administrator

      

        
          
            
            

          

          
            D-6

            
              

            

          

          
            
            

          

        

      EXHIBIT
        E

      FORM
        OF REVERSE OF THE CERTIFICATES

       

      THORNBURG
        MORTGAGE SECURITIES TRUST 2006-4

      Mortgage
        Loan Pass-Through Certificates, Series 2006-4

      Reverse
        Certificate

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as
        Thornburg Mortgage Securities Trust 2006-4, Mortgage Loan Pass-Through
        Certificates, Series 2006-4 (herein collectively called the “Certificates”), and
        representing a beneficial ownership interest in the Trust governed by the
        Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the funds on deposit in the Distribution Account for payment
        hereunder and that the Trustee is not liable to the Certificateholders for
        any
        amount payable under this Certificate or the Agreement or, except as expressly
        provided in the Agreement, subject to any liability under the
        Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced thereby, and the rights, duties and immunities
        of the Trustee.

       

      Pursuant
        to the terms of the Agreement, a distribution will be made on the 25th
        day of
        each month, or if the 25th
        day is
        not a Business Day, then on the next succeeding Business Day (the “Distribution
        Date”), commencing on the first Distribution Date specified on the face hereof,
        to the Person in whose name this Certificate is registered at the close of
        business on the applicable Record Date in an amount equal to the product
        of the
        Percentage Interest evidenced by this Certificate and the amount required
        to be
        distributed to Holders of Certificates of the Class to which this Certificate
        belongs on such Distribution Date pursuant to the Agreement.

       

      Distributions
        on this Certificate shall be made, (i) in the case of a Physical Certificate,
        by
        check or money order mailed to the address of the person entitled thereto
        as it
        appears on the Certificate Register or, upon the request of a Certificateholder,
        by wire transfer as set forth in the Agreement and (ii) in the case of a
        Book-Entry Certificate, to the Depository, which shall credit the amounts
        of
        such distributions to the accounts of its Depository Participants in accordance
        with its normal procedures. The final distribution on each Certificate will
        be
        made in like manner, but only upon presentment and surrender of such Certificate
        at the office or agency of the Trustee specified in the notice to
        Certificateholders of such final distribution.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Trustee
        and
        the rights of the Certificateholders under the Agreement at any time, by
        the
        Depositor, the Seller, the Master Servicer, the Securities Administrator,
        the
        Trustee, the Delaware Trustee and Holders of the requisite percentage of
        the
        Percentage Interests of each Class of Certificates affected by such amendment,
        as specified in the Agreement. Any such consent by the Holder of this
        Certificate shall be conclusive and binding on such Holder and upon all future
        Holders of this Certificate and of any Certificate issued upon the transfer
        hereof or in exchange therefor or in lieu hereof whether or not notation
        of such
        consent is made upon this Certificate. The Agreement also permits the amendment
        thereof, in certain limited circumstances, without the consent of the Holders
        of
        any of the Certificates.

       

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable in the Certificate Register
        of
        the Securities Administrator upon surrender of this Certificate for registration
        of transfer at the office or agency maintained by the Securities Administrator
        accompanied by a written instrument of transfer in form satisfactory to the
        Securities Administrator and the Certificate Registrar duly executed by the
        holder hereof or such holder’s attorney duly authorized in writing, and
        thereupon one or more new Certificates of the same Class in authorized
        denominations and evidencing the same aggregate Percentage Interest in the
        Trust
        will be issued to the designated transferee or transferees.

       

      [Subject
        to the terms of the Agreement, each Class of Book-Entry Certificates will
        be
        registered as being held by the Depository or its nominee and beneficial
        interests will be held by Certificate Owners through the book-entry facilities
        of the Depository or its nominee in minimum denominations of $25,000, provided,
        that, such certificates must be purchased in minimum total investments of
        at
        least $100,000, in the case of the Class [ ] Certificates and $100,000, in
        the
        case of the Class [ ] Certificates and, in each case, in integral multiples
        of
        $1 in excess thereof.] [Applicable
        to Book-Entry Certificates only; delete for Certificates in physical
        form.]
        

       

      [The
        Class R Certificate will be issued as a single Certificate and maintained
        in
        physical form, representing the entire Percentage Interest in that Class.]
        [Applicable
        to Certificates in physical form.]

       

      [The
        Class R Certificate is issuable only in a Percentage Interest of 100%.]
        [Applicable
        to Class R Certificates only.]

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in
        denominations specified in the Agreement. As provided in the Agreement and
        subject to certain limitations therein set forth, Certificates are exchangeable
        for new Certificates of the same Class in authorized denominations and
        evidencing the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made for any such registration of transfer or exchange,
        but the Trustee may require payment of a sum sufficient to cover any tax
        or
        other governmental charge payable in connection therewith.

       

      The
        Depositor, the Seller, the Master Servicer, the Securities Administrator,
        the
        Delaware Trustee and the Trustee and any agent of the Depositor or the Trustee
        may treat the Person in whose name this Certificate is registered as the
        owner
        hereof for all purposes, and neither the Depositor, the Trustee nor any such
        agent shall be affected by any notice to the contrary.

       

      [Each
        Holder of a Class A-1, Class A-2A, Class A-2B or Class A-2C Certificate is
        deemed, by acceptance of such Certificate, (i) to authorize Wells Fargo Bank,
        N.A. to execute and deliver the Auction Administration Agreement, the Auction
        Swap Agreement and the applicable Yield Maintenance Agreement on its behalf
        and
        (ii) to acknowledge and accept and agree to be bound by the provisions of
        the
        Auction Administration Agreement, the Auction Swap Agreement and the applicable
        Yield Maintenance Agreement.] [Applicable
        to Auction Certificates only; delete for Class A-X and Subordinate
        Certificates.]

       

      
        
          
          

        

        
          E-2

          
            

          

        

        
          
          

        

      

      On
        any
        Distribution Date on which the aggregate of the Scheduled Principal Balances
        of
        the Mortgage Loans on such date is less than 20% of the Cut-Off Date Aggregate
        Principal Balance, Thornburg Mortgage, Inc. will have the option to call
        the
        Certificates for a purchase price equal to (i) for all Certificates (other
        than
        the Class R Certificate) the sum of (1) the aggregate Class Principal Amounts
        and (2) the accrued interest thereon at the related Interest Rates, less
        amounts
        of interest and principal otherwise being paid to such Holders on such
        Distribution Date and (ii) for the Class R Certificate, $1.00. 

       

      On
        any
        date on which the aggregate of the Scheduled Principal Balances of the Mortgage
        Loans on such date is equal to or less than 10% of the Cut-Off Date Aggregate
        Principal Balance, Thornburg Mortgage Home Loans, Inc., in its capacity as
        a
        Servicer (hereinafter “TMHL”), may purchase, on the related Distribution Date,
        all of the outstanding Mortgage Loans and REO Properties at a price equal
        to the
        Termination Price. In the event that TMHL does not exercise its right of
        optional termination, on any date on which the aggregate of the Scheduled
        Principal Balances of the Mortgage Loans on such date is equal to or less
        than
        5% of the Cut-Off Date Aggregate Principal Balance, Wells Fargo Bank, N.A.,
        in
        its capacity as Master Servicer, may purchase, on the related Distribution
        Date,
        all of the outstanding Mortgage Loans and REO Properties at a price equal
        to the
        Termination Price. In the event that neither TMHL nor the Master Servicer
        exercises its right of optional termination, the obligations and
        responsibilities created by the Agreement will terminate upon notice to the
        Trustee upon the earliest of (i) the Distribution Date on which the Class
        Principal Amount of each Class of Certificates has been reduced to zero,
        (ii)
        the final payment or other liquidation of the last Mortgage Loan and (iii)
        the
        Latest Possible Maturity Date.

       

      Capitalized
        terms used herein that are defined in the Agreement shall have the meanings
        ascribed to them in the Agreement, and nothing herein shall be deemed
        inconsistent with that meaning.

       

      
        
          
          

        

        
          E-3

          
            

          

        

        
          
          

        

      

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        

       

        
          

        

      

       

        
          

        

      

      (Please
        print or typewrite name and address including postal zip code of
        assignee)

       

      the
        Percentage Interest evidenced by the within Certificate and hereby authorizes
        the transfer of registration of such Percentage Interest to assignee on the
        Certificate Register of the Trust.

       

      I
        (We)
        further direct the Trustee to issue a new Certificate of a like denomination
        and
        Class, to the above named assignee and deliver such Certificate to the following
        address: _______________________________________________.

       

      Dated:
        _____________

       

                                                      
                            

      Signature
        by or on behalf of assignor

       

      
        
          
          

        

        
          E-4

          
            

          

        

        
          
          

        

      

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      Distributions
        shall be made, by wire transfer or otherwise, in immediately available funds
        to_________________________________________________________________________

      for
        the
        account
        of_______________________________________________________________,

      account
        number ________________________, or, if mailed by check, to
        ___________________ _____________________________________________

       

      Applicable
        statements should be mailed to ___________________________________________
        _____________________________________________________________________________.

       

      This
        information is provided by
        _____________________________________________,

      the
        assignee named above, or
        _____________________________________________________,

      as
        its
        agent. 

      
        
          
          

        

        
          E-5

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

       

      REQUEST
        FOR RELEASE 

       

                                     

      Date

       

      [Addressed
        to Trustee

      or,
        if
        applicable, custodian]

       

      In
        connection with the administration of the mortgages held by you as Trustee
        under
        a certain Trust Agreement dated as of July 1, 2006 among Structured Asset
        Securities Corporation, as Depositor, Thornburg Mortgage Home Loans, Inc.,
        as
        Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
        Wilmington Trust Company, as Delaware Trustee and you, as Trustee and Custodian
        (the “Trust Agreement”), the undersigned [Master Servicer] [Servicer] hereby
        requests a release of the Mortgage File held by you as Trustee with respect
        to
        the following described Mortgage Loan for the reason indicated
        below.

       

      Mortgagor’s
        Name:

       

      Address:

       

      Loan
        No.:

       

      Reason
        for requesting file:

       

      1. Mortgage
        Loan paid in full. (The [Master Servicer] [Servicer] hereby certifies that
        all
        amounts received in connection with the loan have been or will be credited
        to
        the Collection Account or the Distribution Account (whichever is applicable)
        pursuant to the Trust Agreement.)

       

      2. The
        Mortgage Loan is being foreclosed.

       

      3. Mortgage
        Loan substituted. (The [Master Servicer] [Servicer] hereby certifies that
        a
        Qualified Substitute Mortgage Loan has been assigned and delivered to you
        along
        with the related Mortgage File pursuant to the Trust Agreement.)

       

      4. Mortgage
        Loan repurchased. (The [Master Servicer] [Servicer] hereby certifies that
        the
        Purchase Price has been credited to the Collection Account or the Distribution
        Account (whichever is applicable) pursuant to the 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
        Qualified Substitute Mortgage Loan (in which case the Mortgage File will
        be
        retained by us without obligation to return to you).

       

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used herein shall have the meanings ascribed to them in the Trust
        Agreement.

       

      _____________________________________

      [Name
        of
        [Master Servicer] [Servicer]]

       

      By:__________________________________

      Name:

      Title:
        Servicing Officer

      

      
        
          
          

        

        
          F-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-1

       

      FORM
        OF RECEIPT OF MORTGAGE NOTE

       

      RECEIPT
        OF MORTGAGE NOTE

       

      Structured
        Asset Securities Corporation

      745
        7th
        Avenue, 28th Floor 

      New
        York,
        New York 10019 

      Attention:
        Legal

      

      
        	 	
                Re:
                  

              	
                Thornburg
                  Mortgage Securities Trust 2006-4, 

                
                  Mortgage
                    Loan Pass-Through Certificates, Series 2006-4
                    

                

              

      

       

      Ladies
        and Gentlemen:

       

      Pursuant
        to Section 2.01 of the Trust Agreement dated as of July 1, 2006, among
        Structured Asset Securities Corporation, as Depositor, Thornburg Mortgage
        Home
        Loans, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer and
        Securities Administrator, Wilmington Trust Company, as Delaware Trustee and
        LaSalle Bank National Association, as Trustee, we hereby acknowledge the
        receipt
        of the original Mortgage Note with respect to each Mortgage Loan listed on
        Exhibit 1, with any exceptions thereto listed on Exhibit 2.

       

      

       

      LASALLE
        BANK NATIONAL ASSOCIATION, as Trustee

       

      

      

      By:           
                                                        
  

      Name:

      Title:

       

      

       

      Dated:
        

       

      
        
          
          

        

        
          G-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        1

       

      MORTGAGE
        LOAN SCHEDULE

       

      [To
        be retained in a separate closing binder entitled “Thornburg 2006-4 Mortgage
        Loan Schedule” at the Washington DC offices of McKee Nelson LLP]

       

      
        
          
          

        

        
          G-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        2

       

      EXCEPTION
        REPORT

       

      [To
        be retained in a separate closing binder entitled “Thornburg 2006-4 Mortgage
        Loan Schedule” at the Washington DC offices of McKee Nelson LLP]

        
          
            
            

          

          
            G-3

            
              

            

          

          
            
            

          

        

      EXHIBIT
        G-2

       

      FORM
        OF INTERIM CERTIFICATION OF TRUSTEE

       

      INTERIM
        CERTIFICATION OF TRUSTEE

       

      [date]

       

      

       

      
        	
                Structured
                  Asset Securities Corporation

                745
                  7th Avenue, 28th Floor 

                New
                  York, New York 10019 

                Attention:
                  Legal

              	 
	
                 

                Thornburg
                  Mortgage Home Loans, Inc.

                150
                  Washington Avenue, Suite 302

                Santa
                  Fe, New Mexico 87501

                 

              	 
	
                 

                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

                 

              	 

      

      

       

      Re:         
        Trust
        Agreement among Structured Asset Securities Corporation, as Depositor, Thornburg
        Mortgage Home Loans, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer
        and Securities Administrator, Wilmington Trust Company, as Delaware Trustee
        and
        LaSalle Bank National Association, as Trustee,
        Thornburg Mortgage Loan Pass-Through Certificates, Series 2006-4

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the above-captioned Trust Agreement (the
“Trust
        Agreement”), the undersigned, as Trustee, hereby certifies that, as to each
        Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
        Loan
        paid in full or listed on the attached schedule) it has received:

       

      
        	 	
                (i)

              	
                all
                  documents required to be delivered to the Trustee pursuant to
                  Section 2.01 of the Trust Agreement are in its
                  possession;

              

      

       

      
        	 	
                (ii)

              	
                such
                  documents have been reviewed by the Trustee and have not been mutilated,
                  damaged or torn and relate to such Mortgage Loan;
                  and

              

      

       

      
        	 	
                (iii)

              	
                based
                  on the Trustee’s examination and only as to the foregoing, the information
                  set forth in the Mortgage Loan Schedule that corresponds to items
                  (i),
                  (ii), (iii), (xiii), (xiv) and (xviii) of the Mortgage Loan Schedule
                  accurately reflects information set forth in the Mortgage
                  File.

              

      

       

      Based
        on
        its review and examination and only as to the foregoing documents, such
        documents appear regular on their face and related to such Mortgage
        Loan.

       

      
        
          
          

        

        
          G-2-1

          
            

          

        

        
          
          

        

      

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Trust Agreement.
        The Trustee makes no representations as to: (i) the validity, legality,
        sufficiency, enforceability or genuineness of any of the documents contained
        in
        each Mortgage File of any of the Mortgage Loans identified on the Mortgage
        Loan
        Schedule, or (ii) the collectibility, insurability, effectiveness or suitability
        of any such Mortgage Loan.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Trust Agreement.

       

      

       

      LASALLE
        BANK NATIONAL ASSOCIATION, as Trustee

       

      By:______________________________________________

      Name:____________________________________________

      Title:_____________________________________________

      
        
          
          

        

        
          G-2-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G-3

       

      FORM
        OF FINAL CERTIFICATION OF TRUSTEE

       

      FINAL
        CERTIFICATION OF TRUSTEE

       

      [date]

       

      
        	
                Structured
                  Asset Securities Corporation

                745
                  7th Avenue, 28th Floor 

                New
                  York, New York 10019 

                Attention:
                  Legal

              	 
	
                 

                Thornburg
                  Mortgage Home Loans, Inc.

                150
                  Washington Avenue, Suite 302 

                Santa
                  Fe, New Mexico 87501

                 

              	 
	
                 

                Wells
                  Fargo Bank, N.A.

                9062
                  Old Annapolis Road

                Columbia,
                  Maryland 21045

                 

              	 

      

      

       

      Re:         
        Trust
        Agreement among Structured Asset Securities Corporation, as Depositor, Thornburg
        Mortgage Home Loans, Inc., as Seller, Wells Fargo Bank, N.A., as Master Servicer
        and Securities Administrator, Wilmington Trust Company, as Delaware Trustee
        and
        LaSalle Bank National Association, as Trustee,
        Thornburg Mortgage Loan Pass-Through Certificates, Series 2006-4

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02 of the above-captioned Trust Agreement (the
“Trust
        Agreement”), the undersigned, as Trustee, hereby certifies that as to each
        Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
        Loan
        paid in full or listed on the attached Document Exception Report) it has
        received all documents required to be delivered to the Trustee pursuant to
        Section 2.01 of the Trust Agreement.

       

      Based
        on
        its review and examination and only as to the foregoing documents, (a) such
        documents appear regular on their face and related to such Mortgage Loan,
        and
        (b) the information set forth in items (i), (ii), (iii), (xiii), (xiv) and
        (xviii) of the definition of the “Mortgage Loan Schedule” in Section 1.01 of the
        Trust Agreement accurately reflects information set forth in the Mortgage
        File.

       

      The
        Trustee has made no independent examination of any documents contained in
        each
        Mortgage File beyond the review specifically required in the Trust Agreement.
        The Trustee makes no representations as to: (i) the validity, legality,
        sufficiency, enforceability or genuineness of any of the documents contained
        in
        each Mortgage File of any of the Mortgage Loans identified on the Mortgage
        Loan
        Schedule, or (ii) the collectibility, insurability, effectiveness or suitability
        of any such Mortgage Loan.

       

      
        
          
          

        

        
          G-3-1

          
            

          

        

        
          
          

        

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Trust Agreement.

       

      

       

      LASALLE
        BANK NATIONAL ASSOCIATION, as Trustee

       

      By:_________________________________________

      Name:_______________________________________

      Title:________________________________________

       

       

      
        
          
          

        

        
          G-3-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      FORM
        OF LOST NOTE AFFIDAVIT

       

      Personally
        appeared before me the undersigned authority to administer oaths,
        ______________________ who first being duly sworn deposes and says: Deponent
        is
        ______________________ of Thornburg Mortgage Home Loans, Inc. (the “Seller”) and
        who has personal knowledge of the facts set out in this affidavit.

       

      On
        ___________________, _________________________ did execute and deliver a
        promissory note in the principal amount of $__________.

       

      That
        said
        note has been misplaced or lost through causes unknown and is currently lost
        and
        unavailable after diligent search has been made. The Seller’s records show that
        an amount of principal and interest on said note is still presently outstanding,
        due, and unpaid, and such Seller is still owner and holder in due course
        of said
        lost note.

       

      The
        Seller executes this Affidavit for the purpose of inducing LaSalle Bank National
        Association, as trustee on behalf of Thornburg Mortgage Securities Trust
        2006-4,
        Mortgage Loan Pass-Through Certificates, Series 2006-4, to accept the transfer
        of the above described loan from the Seller.

       

      The
        Seller agrees to indemnify LaSalle Bank National Association and Structured
        Asset Securities Corporation and hold them harmless for any losses incurred
        by
        such parties resulting from the fact that the above described Note has been
        lost
        or misplaced.

       

      

      By:
        __________________________________

      __________________________________

       

      
        	
                STATE
                  OF 

              	
                )

              
	 	
                )    ss:

              
	
                COUNTY
                  OF

              	
                )

              

      

      

      On
        this
        ____ day of ___________ 20__, before me, a Notary Public, in and for said
        County
        and State, appeared ________________________, who acknowledged the extension
        of
        the foregoing and who, having been duly sworn, states that any representations
        therein contained are true.

       

      Witness
        my hand and Notarial Seal this ____ day of _______ 20__.

       

      _______________________________

      _______________________________

       

      My
        commission expires _______________.

      

      
        
          
          

        

        
          H-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      FORM
        OF ERISA REPRESENTATION

       

      [date]

      

      Structured
        Asset Securities Corporation

      745
        7th
        Avenue, 28th Floor 

      New
        York,
        New York 10019 

      Attention:
        Legal

       

      Wells
        Fargo Bank, N.A.

      P.O.
        Box
        95

      Columbia,
        Maryland 21045

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

       

      Re:         
        Thornburg
        Mortgage Securities Trust 2006-4, Mortgage
        Loan Pass-Through Certificates, Series 2006-4,
        Class [R] [B-4] [B-5] [B-6]   

       

      Ladies
        and Gentlemen:

       

      1. The
        undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
        __________, on behalf of which such officer makes this affidavit.

       

      2.  The
        Transferee either (x) is not an employee benefit plan subject to Section
        406 or
        Section 407 of the Employee Retirement Income Security Act of 1974, as amended
        (“ERISA”), or a plan or arrangement subject to Section 4975 of the Internal
        Revenue Code of 1986, as amended (the “Code”), the Trustee of any such plan or
        arrangement or a person acting on behalf of any such plan or arrangement
        or
        using the assets of any such plan or arrangement to effect such transfer
        (a
“Plan Investor”); (y) if the Certificates have been the subject of an
        ERISA-Qualifying Underwriting, is an insurance company which is purchasing
        such
        Certificates with funds contained in an “insurance company general account” (as
        such term is defined in Section V(e) of Prohibited Transaction Class Exemption
        95-60 (“PTCE 95-60”) and that the purchase and holding of such Certificates are
        covered under Section I and III of PTCE 95-60; or (z) shall deliver to the
        Securities Administrator and the Depositor an opinion of counsel (a “Benefit
        Plan Opinion”) satisfactory to the Securities Administrator, and upon which the
        Securities Administrator and the Depositor shall be entitled to rely, to
        the
        effect that the purchase or holding of such Certificate by the Transferee
        will
        not constitute or result in a non-exempt prohibited transaction under Section
        406 of ERISA or Section 4975 of the Code and will not subject the Trustee,
        the
        Master Servicer, any Servicer, the Securities Administrator or the Depositor
        to
        any obligation in addition to those undertaken by such entities in the Trust
        Agreement or to any liability, which opinion of counsel shall not be an expense
        of the Securities Administrator or the Depositor.

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      3.
         The
        Transferee hereby acknowledges that under the terms of the Trust
        Agreement dated as of July
        1, 2006
        (the “Agreement”) among Structured Asset Securities Corporation, as Depositor,
        Thornburg Mortgage Home Loans, Inc., as Seller, Wells Fargo Bank, N.A., as
        Master Servicer and Securities Administrator, Wilmington Trust Company, as
        Delaware Trustee and LaSalle Bank National Association, as Trustee, no transfer
        of the ERISA-Restricted Certificates shall be permitted to be made to any
        person
        unless the Depositor and Securities Administrator have received a certificate
        from such transferee in the form hereof.

       

      IN
        WITNESS WHEREOF, the Transferee has executed this certificate.

       

      _________________________________

      [Transferee]

       

      By:______________________________

      Name:

      Title:

       

      
        
          
          

        

        
          I-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J-1

       

      FORM
        OF INVESTMENT LETTER [NON-RULE 144A]

       

      [date]

       

      

      Structured
        Asset Securities Corporation

      745
        7th
        Avenue, 28th Floor 

      New
        York,
        New York 10019 

      Attention:
        Legal

       

      Wells
        Fargo Bank, N.A.

      P.O.
        Box
        95

      Columbia,
        Maryland 21045

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

       

      
        	 	
                Re:
                  

              	
                Thornburg
                  Mortgage Securities Trust 2006-4, 

                Mortgage
                  Loan Pass-Through Certificates, Series
                  2006-4 

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above-captioned Certificates, we certify
        that (a) we understand that the Certificates are not being registered under
        the
        Securities Act of 1933, as amended (the “Act”), or any state securities laws and
        are being transferred to us in a transaction that is exempt from the
        registration requirements of the Act and any such laws, (b) we are an
“accredited investor”, as defined in Regulation D under the Act, and have such
        knowledge and experience in financial and business matters that we are capable
        of evaluating the merits and risks of investments in the Certificates, (c)
        we
        have had the opportunity to ask questions of and receive answers from the
        Depositor concerning the purchase of the Certificates and all matters relating
        thereto or any additional information deemed necessary to our decision to
        purchase the Certificates, (d) if we are acquiring an ERISA-Restricted
        Certificate, either: (i) we are not an employee benefit plan that is subject
        to
        the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a
        plan that is subject to Section 4975 of the Internal Revenue Code of 1986,
        as
        amended (the “Code”) (a “Plan”), nor are we acting on behalf of any such plan;
        (ii) if the Certificates have been the subject of an ERISA-Qualifying
        Underwriting, we are an insurance company which is purchasing such Certificates
        with funds contained in an “insurance company general account” (as such term is
        defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE
        95-60”) and the purchase and holding of such Certificates are covered under
        Section I and III of PTCE 95-60 or (iii) we have presented an Opinion of
        Counsel
        satisfactory to the Securities Administrator, which Opinion of Counsel shall
        not
        be an expense of either the Securities Administrator or the Trust, addressed
        to
        the Securities Administrator and the Depositor, to the effect that the purchase
        and holding of such ERISA-Restricted Certificate that is a Physical Certificate
        will not result in a non-exempt prohibited transaction under Section 406
        of
        ERISA or Section 4975 of the Code and will not subject the Trustee, the Master
        Servicer, any Servicer, the Securities Administrator or the Depositor to
        any
        obligation in addition to those expressly undertaken in this Agreement or
        to any
        liability or (e) if we are acquiring an ERISA Restricted Auction Certificate
        (i)
        we not acquiring such Certificate for, on behalf of, or with the assets of
        a
        Plan or (ii) the acquisition and holding of such Certificate are eligible
        for
        exemptive relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14,
        PTCE 90-1, PTCE-91-38, PTCE-95-60, PTCE-96-23 or some other applicable
        exemption, (f) we are acquiring the Certificates for investment for our own
        account and not with a view to any distribution of such Certificates (but
        without prejudice to our right at all times to sell or otherwise dispose
        of the
        Certificates in accordance with clause (h) below), (g) we have not offered
        or
        sold any Certificates to, or solicited offers to buy any Certificates from,
        any
        person, or otherwise approached or negotiated with any person with respect
        thereto, or taken any other action which would result in a violation of Section
        5 of the Act, and (h) we will not sell, transfer or otherwise dispose of
        any
        Certificates unless (1) such sale, transfer or other disposition is made
        pursuant to an effective registration statement under the Act or is exempt
        from
        such registration requirements, and if requested, we will at our expense
        provide
        an opinion of counsel to the addressees of this Certificate satisfactory
        to the
        Securities Administrator that such sale, transfer or other disposition may
        be
        made pursuant to an exemption from the Act, (2) the purchaser or transferee
        of
        such Certificate has executed and delivered to you a certificate to
        substantially the same effect as this certificate, and (3) the purchaser
        or
        transferee has otherwise complied with any conditions for transfer set forth
        in
        the Trust Agreement.

       

      
        
          
          

        

        
          J-1-1

          
            

          

        

        
          
          

        

      

      Very
        truly yours,

       

      [NAME
        OF TRANSFEREE]

       

      By:
                    
                                                                               

      Authorized
        Officer

      
        
          
          

        

        
          J-1-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J-2

      

      FORM
        OF RULE 144A INVESTMENT LETTER

       

      [date]

       

      Structured
        Asset Securities Corporation

      745
        7th
        Avenue, 28th Floor 

      New
        York,
        New York 10019 

      Attention:
        Legal

       

      Wells
        Fargo Bank, N.A.

      P.O.
        Box
        95

      Columbia,
        Maryland 21045

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

       

      
        	 	
                Re:
                  

              	
                Thornburg
                  Mortgage Securities Trust 2006-4, 

                Mortgage
                  Loan Pass-Through Certificates, Series
                  2006-4 

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our acquisition of the above Certificates we certify that
        (a) we
        understand that the Certificates are not being registered under the Securities
        Act of 1933, as amended (the “Act”), or any state securities laws and are being
        transferred to us in a transaction that is exempt from the registration
        requirements of the Act and any such laws, (b) we have had the opportunity
        to
        ask questions of and receive answers from the Depositor concerning the purchase
        of the Certificates and all matters relating thereto or any additional
        information deemed necessary to our decision to purchase the Certificates,
        (c)
        if we are acquiring an ERISA-Restricted Certificate, either: (i) we are not
        an
        employee benefit plan that is subject to the Employee Retirement Income Security
        Act of 1974, as amended (“ERISA”), or a plan that is subject to Section 4975 of
        the Internal Revenue Code of 1986, as amended (the “Code”) (a “Plan”), nor are
        we acting on behalf of any such plan; (ii) if the Certificates have been
        the
        subject of an ERISA-Qualifying Underwriting, we are an insurance company
        which
        is purchasing such Certificates with funds contained in an “insurance company
        general account” (as such term is defined in Section V(e) of Prohibited
        Transaction Class Exemption 95-60 (“PTCE 95-60”) and the purchase and holding of
        such Certificates are covered under Section I and III of PTCE 95-60 or (iii)
        we
        have presented an Opinion of Counsel satisfactory to the Securities
        Administrator, which Opinion of Counsel shall not be an expense of either
        the
        Securities Administrator or the Trust, addressed to the Securities Administrator
        and the Depositor, to the effect that the purchase and holding of such
        ERISA-Restricted Certificate that is a Physical Certificate will not result
        in a
        non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
        of
        the Code and will not subject the Trustee, the Master Servicer, any Servicer,
        the Securities Administrator or the Depositor to any obligation in addition
        to
        those expressly undertaken in this Agreement or to any liability, (d) if
        an
        ERISA-Restricted Auction Certificate, either (i) we not acquiring such
        Certificate for, on behalf of, or with the assets of a Plan or (ii) the
        acquisition and holding of such Certificate are eligible for exemptive relief
        under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1,
        PTCE-91-38, PTCE-95-60, PTCE-96-23 or some other applicable exemption, (e)
        we
        have not, nor has anyone acting on our behalf offered, transferred, pledged,
        sold or otherwise disposed of the Certificates, any interest in the Certificates
        or any other similar security to, or solicited any offer to buy or accept
        a
        transfer, pledge or other disposition of the Certificates, any interest in
        the
        Certificates or any other similar security from, or otherwise approached
        or
        negotiated with respect to the Certificates, any interest in the Certificates
        or
        any other similar security with, any person in any manner, or made any general
        solicitation by means of general advertising or in any other manner, or taken
        any other action, that would constitute a distribution of the Certificates
        under
        the Act or that would render the disposition of the Certificates a violation
        of
        Section 5 of the Act or require registration pursuant thereto, nor will act,
        nor
        has authorized or will authorize any person to act, in such manner with respect
        to the Certificates, and (f) we are a “qualified institutional buyer” as that
        term is defined in Rule 144A under the Act and have completed either of the
        forms of certification to that effect attached hereto as Annex 1 or Annex
        2. We
        are aware that the sale to us is being made in reliance on Rule 144A. We
        are
        acquiring the Certificates for our own account or for resale pursuant to
        Rule
        144A and further, understand that such Certificates may be resold, pledged
        or
        transferred only (i) to a person reasonably believed to be a qualified
        institutional buyer that purchases for its own account or for the account
        of a
        qualified institutional buyer to whom notice is given that the resale, pledge
        or
        transfer is being made in reliance on Rule 144A, or (ii) pursuant to another
        exemption from registration under the Act.

       

      
        
          
          

        

        
          J-2-1

          
            

          

        

        
          
          

        

      

      Very
        truly yours,

       

      [NAME
        OF TRANSFEREE]

       

      

      By:
                    
                                                                    
  

      Authorized
        Officer

       

      
        
          
          

        

        
          J-2-2

          
            

          

        

        
          
          

        

      

      ANNEX
        1 TO EXHIBIT J-2

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees Other Than Registered Investment Companies]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      i. As
        indicated below, the undersigned is the President, Chief Financial Officer,
        Senior Vice President or other executive officer of the Buyer.

       

      ii. In
        connection with purchases by the Buyer, the Buyer is a “qualified institutional
        buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
        amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
        discretionary basis $            1 
        in
        securities (except for the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
        category marked below.

       

      ___ Corporation,
        etc.
        The
        Buyer is a corporation (other than a bank, savings and loan association or
        similar institution), Massachusetts or similar business trust, partnership,
        or
        charitable organization described in Section 501(c)(3) of the Internal Revenue
        Code of 1986, as amended.

       

      ___ Bank.
        The
        Buyer (a) is a national bank or banking institution organized under the laws
        of
        any State, territory or the District of Columbia, the business of which is
        substantially confined to banking and is supervised by the State or territorial
        banking commission or similar official or is a foreign bank or equivalent
        institution, and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a
        copy
        of which is attached hereto.

       

      ___ Savings
        and Loan.
        The
        Buyer (a) is a savings and loan association, building and loan association,
        cooperative bank, homestead association or similar institution, which is
        supervised and examined by a State or Federal authority having supervision
        over
        any such institutions or is a foreign savings and loan association or equivalent
        institution and (b) has an audited net worth of at least $25,000,000 as
        demonstrated in its latest annual financial statements, a
        copy
        of which is attached hereto.

       

      ___ Broker-dealer.
        The
        Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
        Act of 1934.

       

      
        	1  	
                Buyer
                  must own and/or invest on a discretionary basis at least $100,000,000
                  in
                  securities unless Buyer is a dealer, and, in that case, Buyer must
                  own
                  and/or invest on a discretionary basis at least $10,000,000 in
                  securities.

              

        
          
            
            

          

          
            J-2-3

            
              

            

          

          
            
            

          

        

      

       

      ___ Insurance
        Company.
        The
        Buyer is an insurance company whose primary and predominant business activity
        is
        the writing of insurance or the reinsuring of risks underwritten by insurance
        companies and which is subject to supervision by the insurance commissioner
        or a
        similar official or agency of a State, territory or the District of
        Columbia.

       

      ___ State
        or Local Plan.
        The
        Buyer is a plan established and maintained by a State, its political
        subdivisions, or any agency or instrumentality of the State or its political
        subdivisions, for the benefit of its employees.

       

      ___ ERISA
        Plan.
        The
        Buyer is an employee benefit plan within the meaning of Title I of the Employee
        Retirement Income Security Act of 1974.

       

      ___ Investment
        Advisor.
        The
        Buyer is an investment advisor registered under the Investment Advisors Act
        of
        1940.

       

      ___ Small
        Business Investment Company.
        Buyer
        is a small business investment company licensed by the U.S. Small Business
        Administration under Section 301(c) or (d) of the Small Business Investment
        Act
        of 1958.

       

      ___ Business
        Development Company.
        Buyer
        is a business development company as defined in Section 202(a)(22) of the
        Investment Advisors Act of 1940.

       

      iii. The
        term
“securities”
as
        used
        herein does
        not include
        (i)
        securities of issuers that are affiliated with the Buyer, (ii) securities
        that
        are part of an unsold allotment to or subscription by the Buyer, if the Buyer
        is
        a dealer, (iii) securities issued or guaranteed by the U.S. or any
        instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
        (v) loan participations, (vi) repurchase agreements, (vii) securities owned
        but
        subject to a repurchase agreement and (viii) currency, interest rate and
        commodity swaps.

       

      iv. For
        purposes of determining the aggregate amount of securities owned and/or invested
        on a discretionary basis by the Buyer, the Buyer used the cost of such
        securities to the Buyer and did not include any of the securities referred
        to in
        the preceding paragraph, except (i) where the Buyer reports its securities
        holdings in its financial statements on the basis of their market value,
        and
        (ii) no current information with respect to the cost of those securities
        has
        been published. If clause (ii) in the preceding sentence applies, the securities
        may be valued at market. Further, in determining such aggregate amount, the
        Buyer may have included securities owned by subsidiaries of the Buyer, but
        only
        if such subsidiaries are consolidated with the Buyer in its financial statements
        prepared in accordance with generally accepted accounting principles and
        if the
        investments of such subsidiaries are managed under the Buyer’s direction.
        However, such securities were not included if the Buyer is a majority-owned,
        consolidated subsidiary of another enterprise and the Buyer is not itself
        a
        reporting company under the Securities Exchange Act of 1934, as
        amended.

       

      v. The
        Buyer
        acknowledges that it is familiar with Rule 144A and understands that the
        seller
        to it and other parties related to the Certificates are relying and will
        continue to rely on the statements made herein because one or more sales
        to the
        Buyer may be in reliance on Rule 144A.

       

      vi. Until
        the
        date of purchase of the Rule 144A Securities, the Buyer will notify each
        of the
        parties to which this certification is made of any changes in the information
        and conclusions herein. Until such notice is given, the Buyer’s purchase of the
        Certificates will constitute a reaffirmation of this certification as of
        the
        date of such purchase. In addition, if the Buyer is a bank or savings and
        loan
        is provided above, the Buyer agrees that it will furnish to such parties
        updated
        annual financial statements promptly after they become available.

       

      
        
          
          

        

        
          J-2-4

          
            

          

        

        
          
          

        

      

                    
                                                                           
  

      Print
        Name of Buyer

       

      By:          
                                                       
              

      Name:

      Title:

       

      Date:                                                  
            
               

      
        
          
          

        

        
          J-2-5

          
            

          

        

        
          
          

        

      

      ANNEX
        2 TO EXHIBIT J-2

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That are Registered Investment Companies]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1. As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2. In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year. For
        purposes of determining the amount of securities owned by the Buyer or the
        Buyer’s Family of Investment Companies, the cost of such securities was used,
        except (i) where the Buyer or the Buyer’s Family of Investment Companies reports
        its securities holdings in its financial statements on the basis of their
        market
        value, and (ii) no current information with respect to the cost of those
        securities has been published. If clause (ii) in the preceding sentence applies,
        the securities may be valued at market.

       

      ___ The
        Buyer
        owned $            
        in
        securities (other than the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A).

       

      ___ The
        Buyer
        is part of a Family of Investment Companies which owned in the aggregate
        $        
        in
        securities (other than the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A).

       

      3. The
        term
“Family
        of Investment Companies”
as
        used
        herein means two or more registered investment companies (or series thereof)
        that have the same investment adviser or investment advisers that are affiliated
        (by virtue of being majority owned subsidiaries of the same parent or because
        one investment adviser is a majority owned subsidiary of the
        other).

       

      4. The
        term
“securities”
as
        used
        herein does not include (i) securities of issuers that are affiliated with
        the
        Buyer or are part of the Buyer’s Family of Investment Companies, (ii) securities
        issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank
        deposit notes and certificates of deposit, (iv) loan participations, (v)
        repurchase agreements, (vi) securities owned but subject to a repurchase
        agreement and (vii) currency, interest rate and commodity swaps.

       

      
        
          
          

        

        
          J-2-6

          
            

          

        

        
          
          

        

      

      5. The
        Buyer
        is familiar with Rule 144A and understands that the parties listed in the
        Rule
        144A Transferee Certificate to which this certification relates are relying
        and
        will continue to rely on the statements made herein because one or more sales
        to
        the Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
        purchase for the Buyer’s own account.

       

      6. Until
        the
        date of purchase of the Certificates, the undersigned will notify the parties
        listed in the Rule 144A Transferee Certificate to which this certification
        relates of any changes in the information and conclusions herein. Until such
        notice is given, the Buyer’s purchase of the Certificates will constitute a
        reaffirmation of this certification by the undersigned as of the date of
        such
        purchase.

       

          
                                                                           
       

      Print
        Name of Buyer or Adviser

       

      By:    
                                                                 
              

      Name:

      Title:

       

      IF
        AN ADVISER:

       

          
                                                      
            

      Print
        Name of Buyer

       

      Date:    
                                               
              

       

      
        
          
          

        

        
          J-2-7

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      FORM
        OF TRANSFEROR CERTIFICATE

       

      [date]

       

      Structured
        Asset Securities Corporation

      745
        7th
        Avenue, 28th Floor 

      New
        York,
        New York 10019 

      Attention:
        Legal

       

      Wells
        Fargo Bank, N.A.

      P.O.
        Box
        95

      Columbia,
        Maryland 21045

       

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

       

      
        	 	
                Re:
                  

              	
                Thornburg
                  Mortgage Securities Trust 2006-4, Mortgage

                
                  Loan
                    Pass-Through Certificates, Series 2006-4, Class
                    R 

                

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our proposed transfer of an Ownership Interest in Class R
        Certificates, we hereby certify that (a) we have no knowledge that the proposed
        Transferee is not a Permitted Transferee acquiring an Ownership Interest
        in such
        Class R Certificate for its own account and not in a capacity as trustee,
        nominee, or agent for another Person, and (b) we have not undertaken the
        proposed transfer in whole or in part to impede the assessment or collection
        of
        tax.

       

      Very
        truly yours,

       

      [_____________________]

       

      By:
        ______________________________

       

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

       

      TRANSFER
        AFFIDAVIT FOR CLASS R CERTIFICATE

      PURSUANT
        TO SECTION 6.02(e)

       

      THORNBURG
        MORTGAGE SECURITIES TRUST 2006-4,

      MORTGAGE
        LOAN PASS-THROUGH CERTIFICATES, SERIES 2006-4, CLASS R 

       

      
        	
                STATE
                  OF 

              	
                )

              
	 	
                )    ss:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      
        	
                1.

              	
                The
                  undersigned is an officer of ______________________, the proposed
                  Transferee of a 100% Ownership Interest in the Class R Certificate
                  (the
                  “Certificate”) issued pursuant to the Trust Agreement, (the “Agreement”),
                  dated as of July 1, 2006, relating to the above-referenced Certificates,
                  among Structured Asset Securities Corporation, as Depositor, Thornburg
                  Mortgage Home Loans, Inc., as Seller, Wells Fargo Bank, N.A., as
                  Master
                  Servicer, Wilmington Trust Company, as Delaware Trustee and LaSalle
                  Bank
                  National Association, as Trustee. Capitalized terms used, but not
                  defined
                  herein, shall have the meanings ascribed to such terms in the Agreement.
                  The Transferee has authorized the undersigned to make this affidavit
                  on
                  behalf of the Transferee.

              

      

       

      
        	
                2.

              	
                The
                  Transferee is, as of the date hereof, and will be, as of the date
                  of the
                  Transfer, a Permitted Transferee. The Transferee is acquiring its
                  Ownership Interest for its own account and not in a capacity as
                  trustee,
                  nominee or agent for another party.

              

      

       

      
        	
                3.

              	
                The
                  Transferee has been advised of, and understands that (i) a tax
                  will be
                  imposed on Transfers of the Certificate to Persons that are not
                  Permitted
                  Transferees; (ii) such tax will be imposed on the transferor, or,
                  if such
                  Transfer is through an agent (which includes a broker, nominee
                  or
                  middleman) for a Person that is not a Permitted Transferee, on
                  the agent;
                  and (iii) the Person otherwise liable for the tax shall be relieved
                  of
                  liability for the tax if the subsequent Transferee furnished to
                  such
                  Person an affidavit that such subsequent Transferee is a Permitted
                  Transferee and, at the time of Transfer, such Person does not have
                  actual
                  knowledge that the affidavit is false. The Transferee has provided
                  financial statements or other financial information requested by
                  the
                  Transferor in connection with the transfer of the Certificate to
                  permit
                  the Transferor to assess the financial capability of the Transferee
                  to pay
                  such taxes.

              

      

       

      
        	
                4.

              	
                The
                  Transferee has been advised of, and understands that a tax may
                  be imposed
                  on a “pass-through entity” holding the Certificate if, at any time during
                  the taxable year of the pass-through entity, a Disqualified Organization
                  is the record holder of an interest in such entity. The Transferee
                  understands that such tax will not be imposed for any period with
                  respect
                  to which the record holder furnishes to the pass-through entity
                  an
                  affidavit that such record holder is not a Disqualified Organization
                  and
                  the pass-through entity does not have actual knowledge that such
                  affidavit
                  is false. (For this purpose, a “pass-through entity” includes a regulated
                  investment company, a real estate investment trust or common trust
                  fund, a
                  partnership, trust or estate, and certain cooperatives and, except
                  as may
                  be provided in Treasury Regulations, persons holding interests
                  in
                  pass-through entities as a nominee for another
                  Person.)

              

      

       

      
        
          
          

        

        
          L-1

          
            

          

        

        
          
          

        

      

      
        	
                5.

              	
                The
                  Transferee has reviewed the provisions of Section 6.02(e) of the
                  Agreement
                  and understands the legal consequences of the acquisition of an
                  Ownership
                  Interest in the Certificate including, without limitation, the
                  restrictions on subsequent Transfers and the provisions regarding
                  voiding
                  the Transfer and mandatory sales. The Transferee expressly agrees
                  to be
                  bound by and to abide by the provisions of Section 6.02(e) of the
                  Agreement and the restrictions noted on the face of the Certificate.
                  The
                  Transferee understands and agrees that any breach of any of the
                  representations included herein shall render the Transfer to the
                  Transferee contemplated hereby null and
                  void.

              

      

       

      
        	
                6.

              	
                The
                  Transferee agrees to require a Transfer Affidavit from any Person
                  to whom
                  the Transferee attempts to Transfer its Ownership Interest in the
                  Certificate, and the Transferee will not Transfer its Ownership
                  Interest
                  or cause any Ownership Interest to be Transferred to any Person
                  that the
                  Transferee knows is not a Permitted Transferee. In connection with
                  any
                  such Transfer by the Transferee, the Transferee agrees to deliver
                  to the
                  Trustee a certificate substantially in the form set forth as Exhibit
                  K to
                  the Agreement (a “Transferor
                  Certificate”).

              

      

       

      
        	
                7.

              	
                The
                  Transferee does not have the intention to impede the assessment
                  or
                  collection of any tax legally required to be paid with respect
                  to the
                  Certificate.

              

      

      
         

        
          	
                  8.

                	
                  The
                    Transferee’s taxpayer identification number is             .

                

        

      

       

      
        	
                9.

              	
                The
                  Transferee is aware that the Certificate may be a “noneconomic residual
                  interest” within the meaning of the REMIC provisions and that the
                  transferor of a noneconomic residual interest will remain liable
                  for any
                  taxes due with respect to the income on such residual interest,
                  unless no
                  significant purpose of the transfer was to impede the assessment
                  or
                  collection of tax.

              

      

       

      
        
          
          

        

        
          L-2

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
            
        day
        of
                  ,
        20  .

       

      [NAME
        OF TRANSFEREE]

       

      By:  
                                                    
                          

      Name:

      Title:

       

      [Corporate
        Seal]

       

      ATTEST:

       

                     
                          

      [Assistant]
        Secretary

       

      Personally
        appeared before me the above-named             
        ______,
        known
        or proved to me to be the same person who executed the foregoing instrument
        and
        to be the                     
        of the
        Transferee, and acknowledged that he executed the same as his free act and
        deed
        and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this     
        day
        of
        
        ,
        20  .

       

      

      

      

                                                                              
                                 

      NOTARY
        PUBLIC

       

      
        	 	 	 	 	 	 	 	
                My
                  Commission expires the     
                  day of                 ,
                  20  .

              

      

      

        
          
            
            

          

          
            L-3

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        M

       

      FORM
        OF CERTIFICATE OF TRUST

       

      This
        Certificate of Trust of Thornburg Mortgage Securities Trust 2006-4 (the “Trust”)
        is being duly executed and filed by the undersigned, as trustees, to form
        a
        statutory trust under the Delaware Statutory Trust Act, 12 Del. C.§§
3801
        et seq.
        (the
“Act”).

       

      1. Name.
        The
        name of the statutory trust formed hereby is Thornburg Mortgage Securities
        Trust
        2006-4.

       

      2. Delaware
        Trustee.
        The
        name and the business address of the trustee of the Trust with a principal
        place
        of business in the State of Delaware and County of New Castle is Wilmington
        Trust Company, 1100 North Market Street, Wilmington, Delaware
        19890.

       

      3. Effective
        Date.
        This
        Certificate of Trust shall be effective upon filing with the Secretary of
        State
        of the State of Delaware.

       

      IN
        WITNESS WHEREOF, the undersigned, being the only trustees of the Trust, have
        duly executed this Certificate of Trust in accordance with Section 3811(a)(1)
        of
        the Act.

       

      Wilmington
        Trust Company,

      as
        Delaware Trustee

       

      By:
        ______________________________

      Name: 

      Title: 

       

      LaSalle
        Bank, N.A., as Trustee

       

      

      By:
        ______________________________

      Name: 

      Title: 

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

       

      LIST
        OF SERVICERS AND SERVICING AGREEMENTS

       

      
        	 	
                1.

              	
                (a)
                  Servicing Agreement, dated as of March 1, 2002, among Thornburg
                  Mortgage
                  Home Loans, Inc. (“Thornburg”), as seller and servicer and Wells Fargo
                  Bank N.A. (“Wells Fargo”), as master servicer, as amended by the Amendment
                  to Servicing Agreement, dated as of December 1, 2002, and as amended
                  by
                  the Second Amendment to Servicing Agreement, dated as of January
                  1, 2006,
                  and (b) the Subservicing Acknowledgement Agreement, dated as of
                  March 1,
                  2002, between Thornburg, as servicer, and Cenlar FSB, as sub-servicer
                  (“Cenlar”), as amended by the Amendment to Subservicing Acknowledgement
                  Agreement, dated as of December 1, 2002, and by the Second Amendment
                  to
                  Subservicing Acknowledgement Agreement, dated as of January 1,
                  2006,
                  including the related Transfer Notice, dated July 26, 2006, from
                  Thornburg, as seller, to Thornburg, as servicer, and Cenlar, as
                  sub-servicer.

              

      

       

      
        	 	
                2.

              	
                Amended
                  and Restated Correspondent Loan Purchase Agreement, dated as of
                  March 25,
                  2002, between Thornburg Mortgage Home Loans, Inc. (“Thornburg”) and First
                  Republic Bank (“First Republic”), including the related Transfer Notice,
                  dated July 26, 2006, from Thornburg to First
                  Republic.

              

      

       

      
        	 	
                3.

              	
                Amended
                  and Restated Correspondent Loan Purchase Agreement, dated as of
                  March 27,
                  2002, between Thornburg and Colonial Savings, F.A. (“Colonial”), including
                  the related Transfer Notice, dated July 26, 2006, from Thornburg
                  to
                  Colonial.

              

      

       

      
        	 	
                4.

              	
                Correspondent
                  Loan Purchase Agreement, dated as of January 31, 2006, between
                  Thornburg
                  Mortgage Home Loans, Inc. (“Thornburg”) and Mellon Trust of New England,
                  N.A. (“Mellon”), including the related Transfer Notice, dated July 26,
                  2006, from Thornburg to Mellon.

              

      

       

      
        	 	
                5.

              	
                Reconstituted
                  Servicing Agreement, dated as of July 1, 2006, by and among Thornburg,
                  Countrywide Home Loans Servicing LP (“Countrywide”), as servicer, LaSalle
                  Bank National Association, as trustee, and acknowledged by Wells
                  Fargo
                  Bank, N.A., as master servicer, relating
                  to the Mortgage Loan Purchase and Servicing Agreement dated as
                  of
                  September 1, 2005 as amended by the Amendment Reg AB dated as of
                  July 1,
                  2006 by and between Thornburg and Countrywide and by the Amendment
                  Number
                  Two dated as of June
                  19, 2006 by and between Thornburg and
                  Countrywide.

              

      

       

      
        	 	
                6.

              	
                Correspondent
                  Loan Purchase Agreement, dated as of April 6, 2006, between Thornburg
                  Mortgage Home Loans, Inc. (“Thornburg”) and First Horizon Home Loan Corp.
                  (“First Horizon”), including the related Transfer Notice, dated July 26,
                  2006, from Thornburg to First
                  Horizon.

              

      

       

      
        	 	
                7.

              	
                Reconstituted
                  Servicing Agreement, dated as of July 1, 2006, by and among Thornburg,
                  Wells Fargo Bank, N.A. (“Wells Fargo”), as servicer, Thornburg Mortgage
                  Securities Trust 2006-4, and acknowledged by Wells Fargo, as master
                  servicer, relating to the Second Amended and Restated Master Seller’s
                  Warranties and Servicing Agreement dated as of May 1, 2006, between
                  Bank
                  of America, National Association (“B of A”) and Wells Fargo, as amended by
                  the Assignment, Assumption and Recognition Agreement dated as of
                  July 25,
                  2006, among B of A, Wells Fargo and
                  Thornburg.

              

      

       

      
        
          
          

        

        
          N-1

          
            

          

        

        
          
          

        

      

      
        	 	
                8.

              	
                Reconstituted
                  Servicing Agreement, dated as of July 1, 2006, by and among Thornburg,
                  JPMorgan Chase Bank, National Association (“Chase”), as servicer,
                  Thornburg Mortgage Securities Trust 2006-4, and acknowledged by
                  Wells
                  Fargo, as master servicer, relating to the Flow Servicing Agreement
                  dated
                  as of September 1, 2005, between Thornburg and Chase, as amended
                  by
                  Amendment Reg AB dated as of January 1, 2006, by and between Chase
                  and
                  Thornburg.

              

      

       

      
        	 	
                9.

              	
                Reconstituted
                  Servicing Agreement, dated as of July 1, 2006, by and among Thornburg,
                  PHH
                  Mortgage Corporation (“PHH Mortgage”), as servicer, Thornburg Mortgage
                  Securities Trust 2006-4, and acknowledged by Wells Fargo, as master
                  servicer, relating to the Amended and Restated Mortgage Loan Flow
                  Purchase, Sale and Servicing Agreement dated as of January 1, 2006,
                  between PHH Mortgage, Bishops Gate Residential Mortgage Trust (“Bishops
                  Gate”) and J.P. Morgan Mortgage Acquisition Corp. (“J.P. Morgan”), as
                  amended by the Assignment, Assumption and Recognition Agreement
                  dated as
                  of July 1, 2006, among PHH Mortgage, Bishops Gate, J.P. Morgan
                  and
                  Thornburg.

              

      

      

        
          
            
            

          

          
            N-2

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        O

       

      NOTICE
        OF EXERCISE OF OPTIONAL SECURITIES PURCHASE RIGHT

       

      

      Date__________________

      

      [TRUSTEE]

      

      [SECURITIES
        ADMINISTRATOR]

      

      [RATING
        AGENCIES]

      

      [MASTER
        SERVICER]

      

      

      

      
        	 	
                Re:

              	
                Thornburg
                  Mortgage Securities Trust 2006-4

              

      

      

      Ladies
        and Gentlemen:

      

      Pursuant
        to the terms of the Trust Agreement (the “Agreement”), dated as of July 1, 2006,
        among Structured Asset Securities Corporation, as depositor, Thornburg Mortgage
        Home Loans, Inc., Wells Fargo Bank, N.A., as master servicer and securities
        administrator, LaSalle Bank National Association, as trustee, and Wilmington
        Trust Company, as Delaware trustee, we hereby give notice of our exercise
        of the
        Optional Securities Purchase Right. We intend to purchase the outstanding
        Certificates on the Distribution Date in ______ 20__. [We appoint
        __________________ as designee to purchase the Class R
        Certificates.]

       

      Very
        truly yours,

       

      THORNBURG
        MORTGAGE, INC.

       

       

      By:
         ______________________
        _________

      Authorized
        Officer

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        P

       

      [Reserved]

      

        
          
            
            

          

          
            P-1

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        Q

       

      SERVICING
        CRITERIA

       

      

      The
        assessment of compliance to be delivered by Wells Fargo Bank, N.A. (“Wells
        Fargo”), in its capacities as Master Servicer and Securities Administrator, and
        LaSalle Bank National Association, in its capacity as Custodian, shall address,
        at a minimum, the criteria identified below as “Applicable Servicing
        Criteria”:

      

        
          	
                  Servicing
                    Criteria

                	
                  Applicable

                  Servicing

                  Criteria
                    for Wells Fargo

                	
                  Applicable

                  Servicing

                  Criteria
                    for LaSalle

                
	
                  Reference

                	
                  Criteria

                	 	 
	 	
                  General
                    Servicing Considerations

                	 	 
	 	 	 	 
	
                  1122(d)(1)(i)

                	
                  Policies
                    and procedures are instituted to monitor any performance or other
                    triggers
                    and events of default in accordance with the transaction
                    agreements.

                	
                  X

                	 
	
                  1122(d)(1)(ii)

                	
                  If
                    any material servicing activities are outsourced to third parties,
                    policies and procedures are instituted to monitor the third party’s
                    performance and compliance with such servicing activities.

                	
                  X

                	 
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans are maintained.

                	 	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements.

                	
                  X

                	 
	 	
                  Cash
                    Collection and Administration

                	 	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans are deposited into the appropriate custodial
                    bank
                    accounts and related bank clearing accounts no more than two
                    business days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements.

                	
                  X

                	 
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel.

                	
                  X

                	 
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction
                    agreements.

                	
                  X

                	 
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements.

                	
                  X

                	 

        

        
          
            
            

          

          
            Q-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  Servicing
                    Criteria

                	
                  Applicable

                  Servicing

                  Criteria
                    for Wells Fargo

                	
                  Applicable

                  Servicing

                  Criteria
                    for LaSalle

                
	
                  Reference

                	
                  Criteria

                	 	 
	
                  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.

                	 	 
	
                  1122(d)(2)(vii)

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements.

                	
                  X

                	 
	 	
                  Investor
                    Remittances and Reporting

                	 	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of mortgage loans serviced by the
                    Servicer.

                	
                  X

                	 
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements.

                	
                  X

                	 
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements.

                	
                  X

                	 
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank
                    statements.

                	
                  X

                	 

        

        
          
            
            

          

          
            Q-2

            
              

            

          

          
            
            

          

        

        

        
          	
                  Servicing
                    Criteria

                	
                  Applicable

                  Servicing

                  Criteria
                    for Wells Fargo

                	
                  Applicable

                  Servicing

                  Criteria
                    for LaSalle

                
	
                  Reference

                	
                  Criteria

                	 	 
	 	
                  Pool
                    Asset Administration

                	 	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	 	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements.

                	 	
                  X

                
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements.

                	
                  X

                	 
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan documents are posted to the Servicer’s obligor
                    records maintained no more than two business days after receipt,
                    or such
                    other number of days specified in the transaction agreements,
                    and
                    allocated to principal, interest or other items (e.g., escrow)
                    in
                    accordance with the related mortgage loan documents.

                	 	 
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans agree with the Servicer’s
                    records with respect to an obligor’s unpaid principal
                    balance.

                	 	 
	
                  1122(d)(4)(vi)

                	
                  Changes
                    with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                    loan modifications or re-agings) are made, reviewed and approved
                    by
                    authorized personnel in accordance with the transaction agreements
                    and
                    related pool asset documents.

                	 	 
	
                  1122(d)(4)(vii)

                	
                  Loss
                    mitigation or recovery actions (e.g., forbearance plans, modifications
                    and
                    deeds in lieu of foreclosure, foreclosures and repossessions,
                    as
                    applicable) are initiated, conducted and concluded in accordance
                    with the
                    timeframes or other requirements established by the transaction
                    agreements.

                	 	 
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan is delinquent in accordance with the transaction agreements.
                    Such
                    records are maintained on at least a monthly basis, or such other
                    period
                    specified in the transaction agreements, and describe the entity’s
                    activities in monitoring delinquent mortgage loans including,
                    for example,
                    phone calls, letters and payment rescheduling plans in cases
                    where
                    delinquency is deemed temporary (e.g., illness or
                    unemployment).

                	 	 
	
                  1122(d)(4)(ix)

                	
                  Adjustments
                    to interest rates or rates of return for mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	 	 
	
                  1122(d)(4)(x)

                	
                  Regarding
                    any funds held in trust for an obligor (such as escrow accounts):
                    (A) such
                    funds are analyzed, in accordance with the obligor’s mortgage loan
                    documents, on at least an annual basis, or such other period
                    specified in
                    the transaction agreements; (B) interest on such funds is paid,
                    or
                    credited, to obligors in accordance with applicable mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    or such other number of days specified in the transaction
                    agreements.

                	 	 

        

        
          
            
            

          

          
            Q-3

            
              

            

          

          
            
            

          

        

        

        
          	
                  Servicing
                    Criteria

                	
                  Applicable

                  Servicing

                  Criteria
                    for Wells Fargo

                	
                  Applicable

                  Servicing

                  Criteria
                    for LaSalle

                
	
                  Reference

                	
                  Criteria

                	 	 
	
                  1122(d)(4)(xi)

                	
                  Payments
                    made on behalf of an obligor (such as tax or insurance payments)
                    are made
                    on or before the related penalty or expiration dates, as indicated
                    on the
                    appropriate bills or notices for such payments, provided that
                    such support
                    has been received by the servicer at least 30 calendar days prior
                    to these
                    dates, or such other number of days specified in the transaction
                    agreements.

                	 	 
	
                  1122(d)(4)(xii)

                	
                  Any
                    late payment penalties in connection with any payment to be made
                    on behalf
                    of an obligor are paid from the servicer’s funds and not charged to the
                    obligor, unless the late payment was due to the obligor’s error or
                    omission.

                	 	 
	
                  1122(d)(4)(xiii)

                	
                  Disbursements
                    made on behalf of an obligor are posted within two business days
                    to the
                    obligor’s records maintained by the servicer, or such other number of
                    days
                    specified in the transaction agreements.

                	 	 
	
                  1122(d)(4)(xiv)

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements.

                	
                  X

                	 
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements.

                	
                  X

                	 
	 	 	 	 

        
 

        
          
            
            

          

          
            Q-4

            
              

            

          

          
            
            

          

        

      

       

      
        EXHIBIT
          R

        

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1: Distribution and Pool Performance Information

                     

                  	 
	
                    Information
                      included in the Distribution Date Statement

                  	
                    Servicer

                    Master
                      Servicer

                    Securities
                      Administrator

                  
	
                    Any
                      information required by 1121 which is NOT included on the Distribution
                      Date Statement

                  	
                    Depositor

                  
	
                    Item
                      2: Legal Proceedings

                     

                    Any
                      legal proceeding pending against the following entities or
                      their
                      respective property, that is material to Certificateholders,
                      including any
                      proceeding known to be contemplated by governmental
                      authorities:

                  	 
	
                    ▪
                      Issuing Entity (Trust Fund)

                  	
                    Trustee,
                      Master Servicer, Securities Administrator and Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Seller
                      (if a party to the Trust Agreement) or Depositor

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Custodian

                  	
                    Custodian

                  
	
                    ▪
                      1110(b) Originator

                  	
                    Depositor

                  
	
                    ▪
                      Any 1108(a)(2) Servicer (other than the Master Servicer or
                      Securities
                      Administrator)

                  	
                    Servicer

                  
	
                    ▪
                      Any other party contemplated by 1100(d)(1)

                  	
                    Depositor

                  
	
                    Item
                      3: Sale of Securities and Use of Proceeds

                    Information
                      from Item 2(a) of Part II of Form 10-Q:

                     

                    With
                      respect to any sale of securities by the sponsor, depositor
                      or issuing
                      entity, that are backed by the same asset pool or are otherwise
                      issued by
                      the issuing entity, whether or not registered, provide the
                      sales and use
                      of proceeds information in Item 701 of Regulation S-K. Pricing
                      information
                      can be omitted if securities were not registered.

                  	
                    Depositor

                  

          

          
            
              
              

            

            
              R-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      4: Defaults Upon Senior Securities

                     

                    Information
                      from Item 3 of Part II of Form 10-Q:

                     

                    Report
                      the occurrence of any Event of Default (after expiration of
                      any grace
                      period and provision of any required notice)

                  	
                    Securities
                      Administrator

                    Trustee
                      (in the event of the 

                    Master
                      Servicer’s termination)

                  
	
                    Item
                      5: Submission of Matters to a Vote of Security
                      Holders

                     

                    Information
                      from Item 4 of Part II of Form 10-Q

                  	
                    Securities
                      Administrator

                    Trustee

                  
	
                    Item
                      6: Significant Obligors of Pool Assets

                     

                    Item
                      1112(b) - Significant
                      Obligor Financial Information*

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Item.

                  	 
	
                    Item
                      7: Significant Enhancement Provider Information

                     

                    Item
                      1114(b)(2) - Credit Enhancement Provider Financial
                      Information*

                  	 
	
                    ▪
                      Determining applicable disclosure threshold

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    Item
                      1115(b) - Derivative Counterparty Financial
                      Information*

                  	 
	
                    ▪
                      Determining current maximum probable exposure

                  	
                    Depositor

                  
	
                    ▪
                      Determining current significance percentage

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Items.

                  	 

          

          
            
              
              

            

            
              R-2

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      8: Other Information

                     

                    Disclose
                      any information required to be reported on Form 8-K during
                      the period
                      covered by the Form 10-D but not reported

                  	
                    Any
                      party responsible for the applicable Form 8-K Disclosure
                      item

                  
	
                    Item
                      9: Exhibits

                  	 
	
                    Distribution
                      Date Statement to Certificateholders

                  	
                    Securities
                      Administrator

                  
	
                    Exhibits
                      required by Item 601 of Regulation S-K, such as material
                      agreements

                  	
                    Depositor

                  

          

          
 

          
            
              
              

            

            
              R-3

              
                

              

            

            
              
              

            

          

          EXHIBIT
            S

           

          ADDITIONAL
            FORM 10-K DISCLOSURE

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1B: Unresolved Staff Comments

                     

                  	
                    Depositor

                  
	
                    Item
                      9B: Other Information

                    Disclose
                      any information required to be reported on Form 8-K during
                      the fourth
                      quarter covered by the Form 10-K but not reported

                  	
                    Any
                      party responsible for disclosure items on Form 8-K

                  
	
                    Item
                      15: Exhibits, Financial Statement Schedules

                  	
                    Securities
                      Administrator

                    Depositor

                  
	
                    Reg
                      AB Item 1112(b): Significant Obligors of Pool
                      Assets

                  	 
	
                    Significant
                      Obligor Financial Information*

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Item.

                  	 
	
                    Reg
                      AB Item 1114(b)(2): Credit Enhancement Provider Financial
                      Information

                  	 
	
                    ▪
                      Determining applicable disclosure threshold

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Items.

                  	 
	
                    Reg
                      AB Item 1115(b): Derivative Counterparty Financial
                      Information

                  	 
	
                    ▪
                      Determining current maximum probable exposure

                  	
                    Depositor

                  
	
                    ▪
                      Determining current significance percentage

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Items.

                  	 

          

          
            
              
              

            

            
              S-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    Reg
                      AB Item 1117: Legal Proceedings

                     

                    Any
                      legal proceeding pending against the following entities or
                      their
                      respective property, that is material to Certificateholders,
                      including any
                      proceeding known to be contemplated by governmental
                      authorities:

                  	 
	
                    ▪
                      Issuing Entity (Trust Fund)

                  	
                    Trustee,
                      Master Servicer, Securities Administrator and Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Seller
                      (if a party to the Trust Agreement) or Depositor

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Custodian

                  	
                    Custodian

                  
	
                    ▪
                      1110(b) Originator

                  	
                    Depositor

                  
	
                    ▪
                      Any 1108(a)(2) Servicer (other than the Master Servicer or
                      Securities
                      Administrator)

                  	
                    Servicer

                  
	
                    ▪
                      Any other party contemplated by 1100(d)(1)

                  	
                    Depositor

                  
	
                    Reg
                      AB Item 1119: Affiliations and Relationships

                  	 
	
                    Whether
                      (a) the Sponsor (Seller), Depositor or Issuing Entity is an
                      affiliate of
                      the following parties, and (b) to the extent known and material,
                      any of
                      the following parties are affiliated with one another:

                  	
                    Depositor
                      as to Depositor and Issuing Entity (a) 

                    Sponsor/Seller
                      as to Sponsor/Seller (a)

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any other 1101(d)(1) material party

                  	
                    Depositor/Sponsor

                  
	
                    Whether
                      there are any “outside the ordinary course business arrangements” other
                      than would be obtained in an arm’s length transaction between (a) the
                      Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                      and (b) any
                      of the following parties (or their affiliates) on the other
                      hand, that
                      exist currently or within the past two years and that are material
                      to a
                      Certificateholder’s understanding of the Certificates:

                  	
                    Depositor
                      as to Depositor and Issuing Entity (a) 

                    Sponsor/Seller
                      as to Sponsor/Seller (a)

                  

          

          
            
              
              

            

            
              S-2

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any other 1101(d)(1) material party

                  	
                    Depositor/Sponsor

                  
	
                    Whether
                      there are any specific relationships involving the transaction
                      or the pool
                      assets between (a) the Sponsor (Seller), Depositor or Issuing
                      Entity on
                      the one hand, and (b) any of the following parties (or their
                      affiliates)
                      on the other hand, that exist currently or within the past
                      two years and
                      that are material:

                  	
                    Depositor
                      as to Depositor and Issuing Entity 

                    Sponsor/Seller
                      as to Sponsor/Seller

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor/Sponsor

                  
	
                    ▪
                      Any other 1101(d)(1) material party

                  	
                    Depositor/Sponsor

                  

          

           

          

          
            
              
              

            

            
              S-3

              
                

              

            

            
              
              

            

          

          EXHIBIT
            T

           

          ADDITIONAL
            FORM 8-K DISCLOSURE

           

          
            	
                    FORM
                      8-K DISCLOSURE INFORMATION

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1.01- Entry into a Material Definitive Agreement

                     

                    Disclosure
                      is required regarding entry into or amendment of any definitive
                      agreement
                      that is material to the securitization, even if depositor is
                      not a party.
                      

                     

                    Examples:
                      servicing agreement, custodial agreement.

                     

                    Note:
                      disclosure not required as to definitive agreements that are
                      fully
                      disclosed in the prospectus

                  	
                    All
                      parties

                  
	
                    Item
                      1.02- Termination of a Material Definitive Agreement

                     

                    Disclosure
                      is required regarding termination of any definitive agreement
                      that is
                      material to the securitization (other than expiration in accordance
                      with
                      its terms), even if depositor is not a party. 

                     

                    Examples:
                      servicing agreement, custodial agreement.

                  	
                    All
                      parties

                  
	
                    Item
                      1.03- Bankruptcy or Receivership

                     

                    Disclosure
                      is required regarding the bankruptcy or receivership, with
                      respect to any
                      of the following: 

                  	
                    Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Sponsor
                      (Seller)

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Affiliated Servicer

                  	
                    Servicer

                  
	
                    ▪
                      Other Servicer servicing 20% or more of the pool assets at
                      the time of the
                      report

                  	
                    Servicer

                  
	
                    ▪
                      Other material servicers

                  	
                    Servicer

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Securities Administrator

                  	
                    Securities
                      Administrator

                  
	
                    ▪
                      Significant Obligor

                  	
                    Depositor

                  

          

          
            
              
              

            

            
              T-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    FORM
                      8-K DISCLOSURE INFORMATION

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    ▪
                      Credit Enhancer (10% or more)

                  	
                    Depositor

                  
	
                    ▪
                      Derivative Counterparty

                  	
                    Depositor

                  
	
                    ▪
                      Custodian

                  	
                    Custodian

                  
	
                    Item
                      2.04- Triggering Events that Accelerate or Increase a Direct
                      Financial
                      Obligation or an Obligation under an Off-Balance Sheet
                      Arrangement

                     

                    Includes
                      an early amortization, performance trigger or other event,
                      including event
                      of default, that would materially alter the payment priority/distribution
                      of cash flows/amortization schedule.

                     

                    Disclosure
                      will be made of events other than waterfall triggers which
                      are disclosed
                      in the Distribution Date Statements to the
                      certificateholders.

                  	
                    Depositor

                    Master
                      Servicer

                    Securities
                      Administrator

                  
	
                    Item
                      3.03- Material Modification to Rights of Security
                      Holders

                     

                    Disclosure
                      is required of any material modification to documents defining
                      the rights
                      of Certificateholders, including the Trust Agreement.

                  	
                    Securities
                      Administrator

                    Depositor

                  
	
                    Item
                      5.03- Amendments of Articles of Incorporation or Bylaws; Change
                      of Fiscal
                      Year

                    Disclosure
                      is required of any amendment “to the governing documents of the issuing
                      entity”.

                  	
                    Depositor

                  
	
                    Item
                      6.01- ABS Informational and Computational
                      Material

                  	
                    Depositor

                  
	
                    Item
                      6.02- Change of Servicer or Securities Administrator

                     

                    Requires
                      disclosure of any removal, replacement, substitution or addition
                      of any
                      master servicer, affiliated servicer, other servicer servicing
                      10% or more
                      of pool assets at time of report, other material servicers
                      or
                      trustee.

                  	
                    Master
                      Servicer/Securities Administrator/Depositor/

                    Servicer/Trustee
                      (if change of the 

                    Securities
                      Administrator)

                  
	
                    Reg
                      AB disclosure about any new servicer or master servicer is
                      also
                      required.

                  	
                    Servicer/Master
                      Servicer/Depositor

                  
	
                    Reg
                      AB disclosure about any new Trustee is also required.

                  	
                    Trustee

                  

          

          
            
              
              

            

            
              T-2

              
                

              

            

            
              
              

            

          

          

          
            	
                    FORM
                      8-K DISCLOSURE INFORMATION

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      6.03- Change in Credit Enhancement or External
                      Support

                    Covers
                      termination of any enhancement in manner other than by its
                      terms, the
                      addition of an enhancement, or a material change in the enhancement
                      provided. Applies to external credit enhancements as well as
                      derivatives.
                      

                  	
                    Depositor/Securities
                      Administrator

                  
	
                    Reg
                      AB disclosure about any new enhancement provider is also
                      required.

                  	
                    Depositor

                  
	
                    Item
                      6.04- Failure to Make a Required Distribution

                  	
                    Securities
                      Administrator

                  
	
                    Item
                      6.05- Securities Act Updating Disclosure

                     

                    If
                      any material pool characteristic differs by 5% or more at the
                      time of
                      issuance of the securities from the description in the final
                      prospectus,
                      provide updated Reg AB disclosure about the actual asset
                      pool.

                  	
                    Depositor

                  
	
                    If
                      there are any new servicers or originators required to be disclosed
                      under
                      Regulation AB as a result of the foregoing, provide the information
                      called
                      for in Items 1108 and 1110 respectively.

                  	
                    Depositor

                  
	
                    Item
                      7.01- Reg FD Disclosure

                  	
                    All
                      parties

                  
	
                    Item
                      8.01- Other Events

                     

                    Any
                      event, with respect to which information is not otherwise called
                      for in
                      Form 8-K, that the registrant deems of importance to
                      certificateholders.

                  	
                    Depositor

                  
	
                    Item
                      9.01- Financial Statements and Exhibits

                  	
                    Responsible
                      party for reporting/disclosing the financial statement or
                      exhibit

                  

          

          

          
            
              
              

            

            
              T-3

              
                

              

            

            
              
              

            

          

          EXHIBIT
            U

           

          FORM
            OF
            ADDITIONAL DISCLOSURE NOTIFICATION

           

          Wells
            Fargo Bank, N.A. as Securities Administrator 

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          Fax:
            (410) 715-2380

          E-mail:
            cts.sec.notifications@wellsfargo.com

           

          Attn:
            Corporate Trust Services - THORNBURG MORTGAGE TRUST 2006-4-SEC REPORT
            PROCESSING

           

          RE:
            Additional Form [ ] Disclosure Required

          
 

          Ladies
            and Gentlemen:

           

          In
            accordance with Section 3.19(a)(ii) of the Trust Agreement dated as of
            July 1,
            2006 by and among the Structured Asset Securities Corporation, as depositor,
            Thornburg Mortgage Home Loans, Inc., as seller, Wells Fargo Bank, N.A.,
            as
            master servicer and securities administrator, the Wilmington Trust Company,
            as
            Delaware trustee and LaSalle Bank, National Association, as trustee,
            the
            undersigned, as [ ], hereby notifies you that certain events have come
            to our
            attention that [will][may] need to be disclosed on Form [10-D] [10-K]
            [8-K].

           

          Description
            of Additional Form [10-D] [10-K] [8-K] Disclosure:

          
 

           

          List
            of
            Any Attachments hereto to be included in the Additional Form [ ]
            Disclosure:

           

          

           

          Any
            inquiries related to this notification should be directed to [ ], phone
            number:
            [ ]; email address: [ ].

           

          [NAME
            OF
            PARTY]

          as
            [role]

           

          

           

          By:
            __________________

          Name:

          Title:

          
            
              
              

            

            
              U-1

              
                

              

            

            
              
              

            

          

          SCHEDULE
            I

           

          MORTGAGE
            LOAN SCHEDULE

           

          [To
            be retained in a separate closing binder entitled “Thornburg 2006-4 Mortgage
            Loan Schedule” at the Washington DC offices of McKee Nelson LLP]

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          SCHEDULE
            II

           

          GROUP
            1 MORTGAGE LOAN SCHEDULE

           

          [To
            be retained in a separate closing binder entitled “Thornburg 2006-4 Mortgage
            Loan Schedule” at the Washington DC offices of McKee Nelson LLP]

           

          

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          SCHEDULE
            III

           

          GROUP
            2 MORTGAGE LOAN SCHEDULE

           

          [To
            be
            updated by Seller on each distribution date for which a Modifiable Mortgage
            Loan
            becomes modified in the immediately preceding Due Period.]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]