Document:

Exhibit 4.2

         NEITHER THE WARRANTS REPRESENTED BY THIS CERTIFICATE NOR THE SHARES OF
         COMMON STOCK HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
         AMENDED (THE "1933 ACT"), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH
         SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
         OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH
         RESPECT THERETO IS EFFECTIVE UNDER THE 1933 ACT, OR (2) PURSUANT TO AN
         EXEMPTION FROM REGISTRATION UNDER THE 1933 ACT AND ANY APPLICABLE STATE
         SECURITIES LAWS AND THE COMPANY SHALL HAVE RECEIVED AN OPINION OF
         COUNSEL ACCEPTABLE TO THE COMPANY AS TO SUCH EXEMPTION.

         IN ADDITION, A PREFERRED STOCK PURCHASE AGREEMENT DATED AS OF FEBRUARY
         ___, 2006 (THE "PURCHASE AGREEMENT"), A COPY OF WHICH MAY BE OBTAINED
         FROM THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICE, CONTAINS CERTAIN
         ADDITIONAL AGREEMENTS BETWEEN THE PARTIES WITH RESPECT TO THIS WARRANT.

                     ---------------------------------------

                          LOUNSBERRY HOLDINGS III, INC.

                     COMMON STOCK PURCHASE WARRANT "A(1)"

Number of Shares:  3,126,316                  Holder: Barron Partners LP
                                              c/o  Barron Capital Advisors LLC
Original Issue Date:  February  8, 2006       Managing Partner
                                              Attn: Andrew Barron Worden
                                              730 Fifth Avenue, 9th Floor
Expiration Date: February 8, 2011             New York NY 10019
                                              tel 212-659-7790
Exercise Price per Share: $1.75               fax 646-607-2223

Lounsberry Holdings III, Inc., a company organized and existing under the laws
of the State of Delaware (the "COMPANY"), hereby certifies that, for value
received, BARRON PARTNERS LP, or its registered assigns (the "WARRANT HOLDER"),
is entitled, subject to the terms set forth below, to purchase from the Company
up to three million one hundred twenty six thousand three hundred sixteen
(3,126,316) shares (as adjusted from time to time as provided in Section 7 of
this Warrant, the "WARRANT SHARES") of common stock, $.0001 par value (the
"COMMON STOCK"), of the Company at a price of one and 75/100 dollars ($1.75) per
Warrant Share (as adjusted from time to time as provided in Section 7, the
"EXERCISE Price"), at any time and from time to time from and after the date
thereof and through and including 5:00 p.m. New York City time on February 8,
2011 (the "Expiration Date"), and subject to the following terms and conditions:

      1.    REGISTRATION OF WARRANT. The Company shall register this Warrant
upon records to be maintained by the Company for that purpose (the "WARRANT
REGISTER"), in the name of the record Warrant Holder hereof from time to time.
The Company may deem and treat the registered Warrant Holder of this Warrant as
the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Warrant Holder, and for all other purposes, and the Company
shall not be affected by notice to the contrary.

----------
(1)   The A Warrants are for an aggregate of 3,694,738 shares at $1.75 per
      share, The B Warrants are for an aggregate of 3,694,738 shares at $2.50
      per share.

<PAGE>

      2.    INVESTMENT REPRESENTATION. The Warrant Holder by accepting this
Warrant represents that the Warrant Holder is acquiring this Warrant for its own
account or the account of an affiliate that is an accredited investor which has
been identified to and approved by (such approval not to be unreasonably
withheld or delayed) for investment purposes and not with the view to any
offering or distribution and that the Warrant Holder will not sell or otherwise
dispose of this Warrant or the underlying Warrant Shares in violation of
applicable securities laws. The Warrant Holder acknowledges that the
certificates representing any Warrant Shares will bear a legend indicating that
they have not been registered under the 1933 Act, and may not be sold by the
Warrant Holder except pursuant to an effective registration statement or
pursuant to an exemption from registration requirements of the 1933 Act and in
accordance with federal and state securities laws. If this Warrant was acquired
by the Warrant Holder pursuant to the exemption from the registration
requirements of the 1933 Act afforded by Regulation S thereunder, the Warrant
Holder acknowledges and covenants that this Warrant may not be exercised by or
on behalf of a Person during the one year distribution compliance period (as
defined in Regulation S) following the date hereof. "PERSON" means an
individual, partnership, firm, limited liability company, trust, joint venture,
association, corporation, or any other legal entity.

      3.    VALIDITY OF WARRANT AND ISSUE OF SHARES. The Company represents and
warrants that this Warrant has been duly authorized and validly issued and
warrants and agrees that all of Common Stock that may be issued upon the
exercise of the rights represented by this Warrant will, when issued upon such
exercise, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges with respect to the issue thereof other
than those incurred by the Holder. The Company further warrants and agrees that
during the Exercise Period, the Company will at all times have authorized and
reserved a sufficient number of Common Stock to provide for the exercise of the
rights represented by this Warrant.

      4.    REGISTRATION OF TRANSFERS AND EXCHANGE OF WARRANTS.

            a.    Subject to compliance with the federal and state securities
laws, the Company shall register the transfer of any portion of this Warrant in
the Warrant Register, upon surrender of this Warrant with the Form of Assignment
attached hereto duly completed and signed, to the Company at the office
specified in or pursuant to Section 12. Upon any such registration or transfer,
a new warrant to purchase Common Stock, in substantially the form of this
Warrant (any such new warrant, a "NEW WARRANT"), evidencing the portion of this
Warrant so transferred shall be issued to the transferee and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Warrant Holder. The acceptance of the New
Warrant by the transferee thereof shall be deemed the acceptance of such
transferee of all of the rights and obligations of a Warrant Holder of a
Warrant.

            b.    This Warrant is exchangeable, upon the surrender hereof by the
Warrant Holder to the office of the Company specified in or pursuant to Section
9 for one or more New Warrants, evidencing in the aggregate the right to
purchase the number of Warrant Shares which may then be purchased hereunder. Any
such New Warrant will be dated the date of such exchange.

                                       2
<PAGE>

      5.    EXERCISE OF WARRANTS.

            a.    Upon surrender of this Warrant with the Form of Election to
Purchase attached hereto duly completed and signed to the Company, at its
address set forth in Section 12, and upon payment and delivery of the Exercise
Price per Warrant Share multiplied by the number of Warrant Shares that the
Warrant Holder intends to purchase hereunder, in lawful money of the United
States of America, by wire transfer or by certified or official bank check or
checks, to the Company, all as specified by the Warrant Holder in the Form of
Election to Purchase, the Company shall promptly (but in no event later than 7
business days after the Date of Exercise (as defined herein)) issue or cause to
be issued and cause to be delivered to or upon the written order of the Warrant
Holder and in such name or names as the Warrant Holder may designate (subject to
the restrictions on transfer described in the legend set forth on the face of
this Warrant), a certificate for the Warrant Shares issuable upon such exercise,
with such restrictive legend as required by the 1933 Act. Any person so
designated by the Warrant Holder to receive Warrant Shares shall be deemed to
have become holder of record of such Warrant Shares as of the Date of Exercise
of this Warrant.

            b.    A "Date of Exercise" means the date on which the Company shall
have received (i) this Warrant (or any New Warrant, as applicable), with the
Form of Election to Purchase attached hereto (or attached to such New Warrant)
appropriately completed and duly signed, and (ii) payment of the Exercise Price
for the number of Warrant Shares so indicated by the Warrant Holder to be
purchased.

            c.    This Warrant shall be exercisable at any time and from time to
time during the Exercise Period for such number of Warrant Shares as is
indicated in the attached Form of Election To Purchase. If less than all of the
Warrant Shares which may be purchased under this Warrant are exercised at any
time, the Company shall issue or cause to be issued, at its expense, a New
Warrant evidencing the right to purchase the remaining number of Warrant Shares
for which no exercise has been evidenced by this Warrant.

            d.    (i) Notwithstanding anything contained herein to the contrary,
but subject to Section 5(e) and Section 6, the holder of this Warrant may, at
its election exercised in its sole discretion, exercise this Warrant in whole or
in part and, in lieu of making the cash payment otherwise contemplated to be
made to the Company upon such exercise in payment of the Aggregate Exercise
Price, elect instead to receive upon such exercise the "NET NUMBER" of shares of
Common Stock determined according to the following formula (a "CASHLESS
EXERCISE"):

                          Net Number = (A x (B - C))/B

                  (ii)  For purposes of the foregoing formula:

                        A= the total number shares with respect to which this
                        Warrant is then being exercised.

                        B= the last reported sale price (as reported by
                        Bloomberg) of the Common Stock on the trading day
                        immediately preceding the date of the Exercise Notice.

                        C= the Warrant Exercise Price then in effect at the time
                        of such exercise.

            e.    The holder of this Warrant may not make a Cashless Exercise
(i) during the six (6) months following the Original Issue Date and (ii)
thereafter if the sale by the Holder of the Warrant Shares is covered by an
effective registration statement.

                                       3
<PAGE>

      6.    MAXIMUM EXERCISE. The Warrant Holder shall not be entitled to
exercise this Warrant on a Date of Exercise in connection with that number of
shares of Common Stock which would be in excess of the sum of (i) the number of
shares of Common Stock beneficially owned by the Warrant Holder and its
affiliates on the Date of Exercise, and (ii) the number of shares of Common
Stock issuable upon the exercise of this Warrant with respect to which the
determination of this limitation is being made on an Date of Exercise, which
would result in beneficial ownership by the Warrant Holder and its affiliates of
more than 4.9% of the outstanding shares of Common Stock on such date. This
Section 6 may be not be waived or amended. As used in this Warrant, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder.

      7.    ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES. The character of
the shares of stock or other securities at the time issuable upon exercise of
this Warrant and the Exercise Price therefore, are subject to adjustment upon
the occurrence of the following events, and all such adjustments shall be
cumulative:

            a.    ADJUSTMENT FOR STOCK SPLITS, STOCK DIVIDENDS,
RECAPITALIZATIONS, ETC. The Exercise Price of this Warrant and the number of
shares of Common Stock or other securities at the time issuable upon exercise of
this Warrant shall be appropriately adjusted to reflect any stock dividend,
stock split, stock distribution, combination of shares, reverse split,
reclassification, recapitalization or other similar event affecting the number
of outstanding shares of stock or securities.

            b.    ADJUSTMENT FOR REORGANIZATION, CONSOLIDATION, MERGER, ETC. In
case of any consolidation or merger of the Company with or into any other
corporation, entity or person, or any other corporate reorganization, in which
the Company shall not be the continuing or surviving entity of such
consolidation, merger or reorganization (any such transaction being hereinafter
referred to as a "REORGANIZATION"), then, in each case, the holder of this
Warrant, on exercise hereof at any time after the consummation or effective date
of such Reorganization (the "EFFECTIVE DATE"), shall receive, in lieu of the
shares of stock or other securities at any time issuable upon the exercise of
the Warrant issuable on such exercise prior to the Effective Date, the stock and
other securities and property (including cash) to which such holder would have
been entitled upon the Effective Date if such holder had exercised this Warrant
immediately prior thereto (all subject to further adjustment as provided in this
Warrant).

            c.    CERTIFICATE AS TO ADJUSTMENTS. In case of any adjustment or
readjustment in the price or kind of securities issuable on the exercise of this
Warrant, the Company will promptly give written notice thereof to the holder of
this Warrant in the form of a certificate, certified and confirmed by the Board
of Directors of the Company, setting forth such adjustment or readjustment and
showing in reasonable detail the facts upon which such adjustment or
readjustment is based.

            d.    SALES OF COMMON STOCK AT LESS THAN THE EXERCISE PRICE. From
the date hereof until such time as Barron Partners LP holds no Securities, as
defined in the Purchase Agreement, except for (i) Exempt Issuances, as defined
in the Purchase Agreement, (ii) issuances covered by Sections 7(a), 7(b) and
7(e) hereof or (iii) an issuance of Common Stock upon exercise or upon
conversion of warrants, options or other convertible securities for which an
adjustment has already been made pursuant to this Section 7, as to all of which
this Section 7(d) does not apply, if the Company closes on the sale or issuance
of Common Stock at a price, or warrants, options, convertible debt or equity
securities with a exercise price per share or exercise price per share which is
less than the Exercise Price then in effect (such lower sales price, conversion
or exercise price, as the case may be, being referred to as the "Lower Price"),
the Exercise Price in effect from and after the date of such transaction shall
be is reduced to the Lower Price. For purpose of determining the exercise price
of warrants, the price, if any, paid per share for the warrants shall be added
to the exercise price of the warrants.

                                       4
<PAGE>

            e.    THE COMPANY FAILS TO MEET CERTAIN PRE-TAX INCOME LEVELS OR
ADJUSTED EBITDA.

                  i.    In the event Konzern's Adjusted EBITDA for the year
                        ended December 31, 2005 is less than $5,650,000, then
                        the Exercise Price shall be reduced by the percentage
                        shortfall, up to a maximum of 30%. Thus, if Adjusted
                        EBITDA for 2005 is $3,955,000 or less, the Exercise
                        Price shall be reduced by 30%. As used in this Section
                        7(e)(i), Adjusted EBITDA shall mean shall mean earnings
                        before interest, taxes, depreciation and amortization,
                        determined in accordance with U.S. GAAP, minus capital
                        expenditures. Such reduction shall be made at the time
                        the Company files its Form 10-KSB for the year ended
                        March 31, 2006, and shall apply to the all of the Series
                        A Preferred Stock which is outstanding on the date the
                        Form 10-KSB is filed, or, if not filed on time, on the
                        date that filing was required.

                  ii.   In addition to any adjustment pursuant to Section
                        7(e)(i) of this Warrant, in the event the Company's
                        fully-diluted Pre-Tax Income, as defined in Section
                        1.3.14 of the Purchase Agreement, Per Share for the year
                        ended December 31, 2006 is between $0.40 and $0.20 (50%
                        Decline) per share on a fully-diluted basis, then the
                        Exercise Price shall be reduced proportionately by 0% if
                        the fully-diluted Pre-Tax Income is $0.40 per share or
                        greater and by 50% if the fully-diluted Pre Tax Income
                        is $0.20 per share (50% decrease) or less. For example
                        if the earnings are $0.32 per share (20% Decline) then
                        the Exercise Price shall be reduced by 20% of the then
                        current Exercise Price per share. Fully-diluted Pre-Tax
                        Income Per Share shall be based on the number of
                        outstanding shares of Common Stock plus all shares of
                        Common Stock issuable upon conversion of all outstanding
                        convertible securities and upon exercise of all
                        outstanding warrants, options and rights, regardless of
                        whether (x) such shares would be included in determining
                        diluted earnings per share and (y) such convertible
                        securities are subject to a restriction or limitation on
                        exercise. Thus, for purpose of determining fully-diluted
                        Pre-Tax Income Per Share, the 4.9% Limitation shall be
                        disregarded. The adjustment to the Exercise Price shall
                        be made within five business days of the audited numbers
                        being reported to the SEC and shall apply to this
                        Warrant to the extent that it is unexercised on the date
                        the Form 10-KSB or Form 10-K for the year ended December
                        31, 2006 is filed, or, if not filed on time, on the date
                        that filing was required.

                  iii.  An adjustment pursuant to Sections 7(d) or 7(e) of this
                        Warrant shall not affect the number of shares of Common
                        Stock issuable upon exercise of this Warrant.

      8.    FRACTIONAL SHARES. The Company shall not be required to issue or
cause to be issued fractional Warrant Shares on the exercise of this Warrant.
The number of full Warrant Shares that shall be issuable upon the exercise of
this Warrant shall be computed on the basis of the aggregate number of Warrants
Shares purchasable on exercise of this Warrant so presented. If any fraction of
a Warrant Share would, except for the provisions of this Section 8, be issuable
on the exercise of this Warrant, the Company shall, at its option, (i) pay an
amount in cash equal to the Exercise Price multiplied by such fraction or (ii)
round the number of Warrant Shares issuable, up to the next whole number.

      9.    SALE OR MERGER OF THE COMPANY. Upon a Merger Transaction, the
restriction contained in Section 6 shall immediately be released and the Warrant
Holder will have the right to exercise this Warrant concurrently with such
Merger Transaction. For purposes of this Warrant, the term "Merger Transaction"
shall mean a consolidation or merger of the Company into another company or
entity in which the Company is not the surviving entity or the sale of all or
substantially all of the assets of the Company to another company or entity not
controlled by the then existing stockholders of the Company.

                                       5
<PAGE>

      10.   NOTICE OF INTENT TO SELL OR MERGE THE COMPANY. The Company will give
Warrant Holder ten (10) business days notice before any Merger Transaction.

      11.   ISSUANCE OF SUBSTITUTE WARRANT. In the event of a merger,
consolidation, recapitalization or reorganization of the Company or a
reclassification of Company shares of stock, which results in an adjustment to
the number of shares subject to this Warrant and/or the Exercise Price
hereunder, the Company agrees to issue to the Warrant Holder a substitute
Warrant reflecting the adjusted number of shares and/or Exercise Price upon the
surrender of this Warrant to the Company. However, in the event that the Company
does not issue a substitute warrant, the number and class of Warrant Shares or
other securities and the Exercise Price shall be adjusted as provided in this
Warrant, and this Warrant shall relate the adjusted number of Warrant Shares and
Exercise Price.

      12.   NOTICE. All notices and other communications hereunder shall be in
writing and shall be deemed to have been given (i) on the date they are
delivered if delivered in person; (ii) on the date initially received if
delivered by facsimile transmission followed by registered or certified mail
confirmation; (iii) on the date delivered by an overnight courier service; or
(iv) on the date of delivery after it is mailed by registered or certified mail,
return receipt requested with postage and other fees prepaid as follows:

                  If to the Company:

                  Guangzhou Konzern Medicine Co. Ltd.
                  Room 702 Guangri Mansion No. 8
                  South Wuyang Xin Chengsi, Guangzhou
                  China
                  Attention: Mr. Senshan Yang, President
                  Facsimile:

                                       6
<PAGE>

                  With a copy to:

                  Katsky Korins LLP
                  605 Third Avenue
                  New York, New York 10158
                  Attention: Asher S. Levitsky P.C.
                  Facsimile No.: (212) 716-3338

                  and

                  Ms. Meiyi Xia 51 Everett Drive; Suite A-20 West
                  Windsor Professional Center Princeton Junction, NJ
                  08550 Facsimile No.: (609) 799-0115

                  If to the Warrant Holder:

                  at the address or telecopier number and to the attention of
            the person shown on the Company's warrant register.:

      13.   MISCELLANEOUS.

            a.    This Warrant shall be binding on and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. This
Warrant may be amended only by a writing signed by the Company and the Warrant
Holder.

            b.    Nothing in this Warrant shall be construed to give to any
person or corporation other than the Company and the Warrant Holder any legal or
equitable right, remedy or cause of action under this Warrant; this Warrant
shall be for the sole and exclusive benefit of the Company and the Warrant
Holder.

            c.    This Warrant shall be governed by, construed and enforced in
accordance with the internal laws of the State of New York without regard to the
principles of conflicts of law thereof.

            d.    The headings herein are for convenience only, do not
constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

            e.    In case any one or more of the provisions of this Warrant
shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not
in any way be affected or impaired thereby and the parties will attempt in good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonably substitute therefore, and upon so agreeing, shall
incorporate such substitute provision in this Warrant.

            f.    The Warrant Holder shall not, by virtue hereof, be entitled to
any voting or other rights of a stockholder of the Company, either at law or
equity, and the rights of the Warrant Holder are limited to those expressed in
this Warrant.

                          [SIGNATURE ON FOLLOWING PAGE]

                                       7
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by the authorized officer as of the date first above stated.

LOUNSBERRY HOLDINGS III, INC.

By:
     ------------------------------------------
     Meiyi Xia, President

                                       8
<PAGE>

                          FORM OF ELECTION TO PURCHASE

            (To be executed by the Warrant Holder to exercise the right to
            purchase shares of Common Stock under the foregoing Warrant)

To:  LOUNSBERRY HOLDINGS III, INC.:

            In accordance with the Warrant enclosed with this Form of Election
            to Purchase, the undersigned hereby irrevocably elects to purchase
            ______________ shares of Common Stock ("Common Stock"), $.001 par
            value, of Lounsberry Holdings III, Inc. and encloses the warrant and
            $____ for each Warrant Share being purchased or an aggregate of
            $________________ in cash or certified or official bank check or
            checks, which sum represents the aggregate Exercise Price (as
            defined in the Warrant) together with any applicable taxes payable
            by the undersigned pursuant to the Warrant.

The undersigned requests that certificates for the shares of Common Stock
issuable upon this exercise be issued in the name of:

___________________________________________

___________________________________________

___________________________________________
     (Please print name and address)

(Please insert Social Security or Tax Identification Number)

If the number of shares of Common Stock issuable upon this exercise shall not be
all of the shares of Common Stock which the undersigned is entitled to purchase
in accordance with the enclosed Warrant, the undersigned requests that a New
Warrant (as defined in the Warrant) evidencing the right to purchase the shares
of Common Stock not issuable pursuant to the exercise evidenced hereby be issued
in the name of and delivered to:

___________________________________________

___________________________________________

___________________________________________
(Please print name and address)

Dated:                                  Name of Warrant Holder:
        -------------------

                                              (Print)
                                                      --------------------------

                                              (By:)
                                                     ---------------------------

                                              (Name:)
                                                       -------------------------

                                              (Title:)
                                                        ------------------------

                                              Signature must conform in all
                                              respects to name of Warrant Holder
                                              as specified on the face of the
                                              Warrant

                                       9EXECUTION

    

     

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    and

     

    CITIBANK,
      N.A.

     

    as
      Trustee

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of January 1, 2006

    ___________________________

     

    LEHMAN
      MORTGAGE TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-1

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        	
                ARTICLE
                  I DEFINITIONS

              	
                10

              
	 	 
	
                Section
                  1.01. Definitions.

              	
                10

              
	
                Section
                  1.02. Calculations Respecting Mortgage Loans.

              	
                51

              
	 	 
	
                ARTICLE
                  II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

              	
                51

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

              	
                51

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

              	
                55

              
	
                Section
                  2.03. Representations and Warranties of the Depositor.

              	
                57

              
	
                Section
                  2.04. Discovery of Breach.

              	
                60

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

              	
                60

              
	
                Section
                  2.06. Grant Clause.

              	
                62

              
	 	 
	
                ARTICLE
                  III THE CERTIFICATES

              	
                63

              
	 	 
	
                Section
                  3.01. The Certificates.

              	
                63

              
	
                Section
                  3.02. Registration.

              	
                64

              
	
                Section
                  3.03. Transfer and Exchange of Certificates.

              	
                65

              
	
                Section
                  3.04. Cancellation of Certificates.

              	
                71

              
	
                Section
                  3.05. Replacement of Certificates.

              	
                71

              
	
                Section
                  3.06. Persons Deemed Owners.

              	
                72

              
	
                Section
                  3.07. Temporary Certificates.

              	
                72

              
	
                Section
                  3.08. Appointment of Paying Agent.

              	
                72

              
	
                Section
                  3.09. Book-Entry Certificates.

              	
                73

              
	 	 
	
                ARTICLE
                  IV ADMINISTRATION OF THE TRUST FUND

              	
                75

              
	 	 
	
                Section
                  4.01. Collection Account.

              	
                75

              
	
                Section
                  4.02. Application of Funds in the Collection Account.

              	
                77

              
	
                Section
                  4.03. Reports to Certificateholders.

              	
                79

              
	
                Section
                  4.04. Certificate Account.

              	
                82

              
	
                Section
                  4.05. The Securities Account.

              	
                84

              
	
                Section
                  4.06. Liability of the Securities Intermediary.

              	
                86

              
	 	 
	
                ARTICLE
                  V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

              	
                86

              
	 	 
	
                Section
                  5.01. Distributions Generally.

              	
                86

              
	
                Section
                  5.02. Distributions from the Certificate Account.

              	
                87

              
	
                Section
                  5.03. Allocation of Realized Losses.

              	
                95

              
	
                Section
                  5.04. Advances by the Master Servicer and the Trustee.

              	
                97

              
	
                Section
                  5.05. Compensating Interest Payments.

              	
                98

              
	
                Section
                  5.06. Supplemental Interest Trust.

              	
                98

              
	
                Section
                  5.07. The Reserve Funds.

              	
                99

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

      
        	
                 

              	 
	
                ARTICLE
                  VI CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

              	
                100

              
	 	 
	
                Section
                  6.01. Duties of Trustee.

              	
                100

              
	
                Section
                  6.02. Certain Matters Affecting the Trustee.

              	
                104

              
	
                Section
                  6.03. Trustee Not Liable for Certificates.

              	
                105

              
	
                Section
                  6.04. Trustee May Own Certificates.

              	
                106

              
	
                Section
                  6.05. Eligibility Requirements for Trustee.

              	
                106

              
	
                Section
                  6.06. Resignation and Removal of Trustee.

              	
                106

              
	
                Section
                  6.07. Successor Trustee.

              	
                107

              
	
                Section
                  6.08. Merger or Consolidation of Trustee.

              	
                108

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

              	
                108

              
	
                Section
                  6.10. Authenticating Agents.

              	
                110

              
	
                Section
                  6.11. Indemnification of Trustee.

              	
                111

              
	
                Section
                  6.12. Compensation of the Trustee.

              	
                111

              
	
                Section
                  6.13. Collection of Monies.

              	
                112

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

              	
                112

              
	
                Section
                  6.15. Additional Remedies of Trustee Upon Event of
                  Default.

              	
                116

              
	
                Section
                  6.16. Waiver of Defaults.

              	
                117

              
	
                Section
                  6.17. Notification to Holders.

              	
                117

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

              	
                117

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

              	
                118

              
	
                Section
                  6.20. Preparation of Tax Returns and Reports to the
                  Commission.

              	
                118

              
	
                Section
                  6.21 Compliance with Regulation AB.

              	
                125

              
	 	 
	
                ARTICLE
                  VII PURCHASE AND TERMINATION OF THE TRUST FUND

              	
                126

              
	 	 
	
                Section
                  7.01. Termination of Trust Fund Upon Repurchase or Liquidation
                  of All
                  Mortgage Loans.

              	
                126

              
	
                Section
                  7.02. Procedure Upon Termination of Trust Fund.

              	
                127

              
	
                Section
                  7.03. Additional Requirements for any Trust Fund Termination Events
                  or
                  Purchase of the Lower Tier REMIC 1 Uncertificated Regular
                  Interests.

              	
                129

              
	 	 
	
                ARTICLE
                  VIII RIGHTS OF CERTIFICATEHOLDERS

              	
                131

              
	 	 
	
                Section
                  8.01. Limitation on Rights of Holders.

              	
                131

              
	
                Section
                  8.02. Access to List of Holders.

              	
                132

              
	
                Section
                  8.03. Acts of Holders of Certificates.

              	
                132

              
	
                Section
                  8.04. Rights of Certificateholders as Holders of the Underlying
                  Certificates.

              	
                133

              
	 	 
	
                ARTICLE
                  IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER
                  SERVICER

              	
                133

              
	
                 

              	 
	
                Section
                  9.01. Duties of the Master Servicer.

              	
                133

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

              	
                134

              
	
                Section
                  9.03. Master Servicer’s Financial Statements and Related
                  Information.

              	
                134

              
	
                Section
                  9.04. Power to Act; Procedures.

              	
                135

              

      

      
        	
                Section
                  9.05. Servicing Agreement Between the Master Servicer and the Servicer;
                  Enforcement of Servicer’s Obligations.

              	
                137

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  9.06. Collection of Taxes, Assessments and Similar Items.

              	
                138

              
	
                Section
                  9.07. Termination of Servicing Agreement; Successor
                  Servicers.

              	
                139

              
	
                Section
                  9.08. Master Servicer Liable for Enforcement.

              	
                139

              
	
                Section
                  9.09. No Contractual Relationship Between the Servicer and Trustee
                  or
                  Depositor.

              	
                139

              
	
                Section
                  9.10. Assumption of Servicing Agreement by Trustee.

              	
                139

              
	
                Section
                  9.11. “Due-on-Sale” Clauses; Assumption Agreements.

              	
                140

              
	
                Section
                  9.12. Release of Mortgage Files.

              	
                141

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

              	
                142

              
	
                Section
                  9.14. Representations and Warranties of the Master
                  Servicer.

              	
                143

              
	
                Section
                  9.15. Closing Certificate and Opinion.

              	
                145

              
	
                Section
                  9.16. Standard Hazard and Flood Insurance Policies.

              	
                146

              
	
                Section
                  9.17. Presentment of Claims and Collection of Proceeds.

              	
                146

              
	
                Section
                  9.18. Maintenance of the Primary Mortgage Insurance
                  Policies.

              	
                146

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

              	
                147

              
	
                Section
                  9.20. Realization Upon Defaulted Mortgage Loans.

              	
                147

              
	
                Section
                  9.21. Compensation to the Master Servicer.

              	
                148

              
	
                Section
                  9.22. REO Property.

              	
                148

              
	
                Section
                  9.23. [Reserved]

              	
                149

              
	
                Section
                  9.24. Reports to the Trustee.

              	
                149

              
	
                Section
                  9.25. Assessment of Compliance and Attestation Reports.

              	
                150

              
	
                Section
                  9.26. Annual Statement of Compliance with Applicable Servicing
                  Criteria.

              	
                151

              
	
                Section
                  9.27. Merger or Consolidation.

              	
                152

              
	
                Section
                  9.28. Resignation of Master Servicer.

              	
                152

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

              	
                153

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

              	
                153

              
	
                Section
                  9.31. Indemnification; Third-Party Claims.

              	
                154

              
	
                Section
                  9.32. Special Servicing of Delinquent Mortgage Loans.

              	
                154

              
	
                 

              	 
	
                ARTICLE
                  X REMIC ADMINISTRATION

              	
                155

              
	 	 
	
                Section
                  10.01. REMIC Administration.

              	
                155

              
	
                Section
                  10.02. Prohibited Transactions and Activities.

              	
                157

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

              	
                158

              
	
                Section
                  10.04. REO Property.

              	
                158

              
	 	 
	
                ARTICLE
                  XI MISCELLANEOUS PROVISIONS

              	
                159

              
	 	 
	
                Section
                  11.01. Binding Nature of Agreement; Assignment.

              	
                159

              
	
                Section
                  11.02. Entire Agreement.

              	
                159

              
	
                Section
                  11.03. Amendment.

              	
                159

              
	
                Section
                  11.04. Voting Rights.

              	
                161

              
	
                Section
                  11.05. Provision of Information.

              	
                161

              
	
                Section
                  11.06. Governing Law.

              	
                162

              
	
                Section
                  11.07. Notices.

              	
                162

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  11.08. Severability of Provisions.

              	
                163

              
	
                Section
                  11.09. Indulgences; No Waivers.

              	
                163

              
	
                Section
                  11.10. Headings Not To Affect Interpretation.

              	
                163

              
	
                Section
                  11.11. Benefits of Agreement.

              	
                163

              
	
                Section
                  11.12. Special Notices to the Rating Agencies.

              	
                163

              
	
                Section
                  11.13. Counterparts.

              	
                164

              
	
                Section
                  11.14. Transfer of Servicing.

              	
                164

              
	
                Section
                  11.15. Tax Treatment of Class P and Class X Certificates.

              	
                166

              
	
                Section
                  11.16. Conflicts.

              	
                166

              

      

      
 

      
        
          	 	 
	
                  Exhibit
                    A

                	
                  Forms
                    of Certificates

                
	
                  Exhibit
                    B-1

                	
                  Form
                    of Initial Certification

                
	
                  Exhibit
                    B-2

                	
                  Form
                    of Interim Certification

                
	
                  Exhibit
                    B-3

                	
                  Form
                    of Final Certification

                
	
                  Exhibit
                    B-4

                	
                  Form
                    of Endorsement

                
	
                  Exhibit
                    C

                	
                  Request
                    for Release of Documents and Receipt

                
	
                  Exhibit
                    D-l

                	
                  Form
                    of Residual Certificate Transfer Affidavit (Transferee)

                
	
                  Exhibit
                    D-2

                	
                  Form
                    of Residual Certificate Transfer Affidavit (Transferor)

                
	
                  Exhibit
                    E

                	
                  [Reserved]

                
	
                  Exhibit
                    F

                	
                  Form
                    of Rule 144A Transfer Certificate

                
	
                  Exhibit
                    G

                	
                  Form
                    of Purchaser’s Letter for Institutional Accredited
                    Investors

                
	
                  Exhibit
                    H

                	
                  Form
                    of ERISA Transfer Affidavit

                
	
                  Exhibit
                    I

                	
                  Monthly
                    Remittance Advice

                
	
                  Exhibit
                    J

                	
                  Monthly
                    Electronic Data Transmission

                
	
                  Exhibit
                    K

                	
                  Custodial
                    Agreements

                
	
                  Exhibit
                    L

                	
                  [Reserved]

                
	
                  Exhibit
                    M

                	
                  Forms
                    of Cap Agreements

                
	
                  Exhibit
                    N-1

                	
                  Form
                    of Transfer Certificate for Transfer from Restricted Global Security
                    to
                    Regulation S Global Security pursuant to Section
                    3.03(h)(B)

                
	
                  Exhibit
                    N-2

                	
                  Form
                    of Transfer Certificate for Transfer from Regulation S Global
                    Security to
                    Restricted Global Security pursuant to Section
                    3.03(h)(C)

                
	
                  Exhibit
                    O

                	
                  Senior
                    Principal Priorities

                
	
                  Exhibit
                    P-1

                	
                  [Reserved]

                
	
                  Exhibit
                    P-2

                	
                  [Reserved]

                
	
                  Exhibit
                    P-3

                	
                  [Reserved]

                
	
                  Exhibit
                    Q

                	
                  Form
                    of Back-Up Certification

                
	
                  Exhibit
                    R

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

                
	
                  Exhibit
                    S

                	
                  Transaction
                    Parties

                

        

      

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    

      Mortgage
        Loan Schedules

      

      Schedule
        A 
        All
        Mortgage Loans (by Mortgage Pool)

      Schedule
        B-1        AX
        Mortgage Loans (by Mortgage Pool)

      Schedule
        B-2        PAX
        Mortgage Loans (by Mortgage Pool)

    

     

     

    
      
        v

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor has acquired the Mortgage Assets and other property for inclusion
      in
      the Trust Fund. On the Closing Date, the Depositor will acquire the Certificates
      from the Trust Fund, as consideration for its transfer to the Trust Fund of
      the
      Mortgage Loans, the Underlying Certificates and the other property constituting
      the Trust Fund. The Depositor has duly authorized the execution and delivery
      of
      this Agreement to provide for the conveyance to the Trustee of the Mortgage
      Loans, the Underlying Certificates and the other property constituting the
      Trust
      Fund. All covenants and agreements made by the Depositor, the Master Servicer
      and the Trustee herein with respect to the Mortgage Loans, the Underlying
      Certificates and the other property constituting the Trust Fund are for the
      benefit of the Holders from time to time of the Certificates. The Depositor
      and
      the Master Servicer are entering into this Agreement, and the Trustee is
      accepting the Trust Fund created hereby, for good and valuable consideration,
      the receipt and sufficiency of which are hereby acknowledged.

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (exclusive of
      amounts payable in respect of the Class P Certificates, the Basis Risk Reserve
      Funds, the Cap Agreements and the Supplemental Interest Trust (collectively,
      the
“Excluded Trust Assets”) be treated for federal income tax purposes as
      comprising four real estate mortgage investment conduits (each a “REMIC” or, in
      the alternative, REMIC I, REMIC X, REMIC II and REMIC III (the “Upper Tier
      REMIC”), respectively). Each Certificate, other than the Class P, Class X, Class
      LT-R or Class R Certificate and, in the case of the Class 1-A1 and Class 3-A1
      Certificates, exclusive of the right to receive amounts from the Basis Risk
      Reserve Funds, represents ownership of one or more regular interests in REMIC
      III for purposes of the REMIC Provisions. The Class P Certificates represent
      interests in the Trust Fund but are not interests in any REMIC created
      hereunder.

     

    The
      Class
      X Certificates represent beneficial ownership of the Basis Risk Reserve Funds
      and Supplemental Interest Trust as described in note 9 of the table below for
      the Upper Tier REMIC, but do not represent an interest in any REMIC created
      hereunder. In addition, the Class 1-A1 and Class 3-A1 Certificates represent
      the
      right to receive payments in respect of any Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls from the Basis Risk Reserve Fund pursuant to Section
      5.07.
      The Class LT-R Certificate represents ownership of the sole class of residual
      interest in REMIC I for purposes of the REMIC Provisions. The Class R
      Certificate represents ownership of the sole class of residual interest in
      REMIC
      X, REMIC II and the Upper Tier REMIC for purposes of the REMIC Provisions.
      

     

    The
      Upper
      Tier REMIC shall hold as its assets the several Classes of uncertificated Lower
      Tier Interests in REMIC II, other than the Class R-2 Interest, and each such
      Lower Tier Interest is hereby designated as a regular interest in REMIC II
      for
      purposes of the REMIC Provisions. The Upper Tier REMIC shall also hold as its
      assets the uncertificated Lower Tier Interest in REMIC X, other than the Class
      R-X Interest, and each such Lower Tier Interest is hereby designated as a
      regular interest in REMIC X for purposes of the REMIC Provisions. REMIC X shall
      hold as its assets the Underlying Certificates. REMIC II shall hold as its
      assets the several Classes of uncertificated Lower Tier Interests in REMIC
      I,
      and each such Lower Tier Interest is hereby designated as a regular interest
      in
      REMIC I. REMIC I shall hold as its assets the property of the Trust Fund other
      than the Underlying Certificates, the Lower Tier Interests in REMIC X, REMIC
      I,
      REMIC II and the Excluded Trust Assets.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    REMIC
      I:

     

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

     

    On
      each
      Distribution Date the Trustee shall distribute the interest portion of the
      Available Distribution Amount (net of expenses described in the preceding
      paragraph) with respect to each of the Lower Tier Interests in REMIC I based
      on
      the above-described interest rates.

     

    On
      each
      Distribution Date, the Trustee shall distribute the principal portion of the
      Available Distribution Amount among the Lower Tier Interests in REMIC I in
      accordance with the amount of the principal attributable to the Mortgage Loan
      corresponding to each such Lower Tier Interests in REMIC I. All losses on the
      Mortgage Loans shall be allocated among the Lower Tier Interests in REMIC I
      in
      the same manner that principal distributions are allocated.

     

    On
      each
      Distribution Date, the Trustee shall distribute the Prepayment Penalty Amounts
      collected during the preceding Prepayment Period, in the case of Principal
      Prepayments in full, or during the related Due Period, in the case of Principal
      Prepayments in part, to the Lower Tier Interest in REMIC I corresponding to
      the
      Mortgage Loan with respect to which such amounts were received.

     

    On
      each
      Distribution Date, the Trustee shall first pay or charge as an expense of REMIC
      I all expenses of the Trust Fund for such Distribution Date.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    REMIC
      X:

     

    REMIC
      X
      shall issue one uncertificated interest in respect of the Underlying
      Certificates held by the Trust on the Closing Date, which is hereby designated
      as a regular interest in REMIC X (the “REMIC X Regular Interest”). The REMIC X
      Regular Interest shall have an initial principal balance equal to the principal
      amount of the Underlying Certificates and shall bear interest at a per annum
      rate equal to the Interest Rate of the Underlying Certificates.

     

    On
      each
      Distribution Date the Trustee shall distribute the interest portion of the
      Available Distribution Amount for Pool 4 with respect to the Lower Tier Interest
      in REMIC X based on the above-described interest rate.

     

    On
      each
      Distribution Date, the Trustee shall distribute the principal portion of the
      Available Distribution Amount for Pool 4 to the Lower Tier Interest in REMIC
      X.

     

    REMIC
      II

     

    REMIC
      II
      shall hold as assets the REMIC I Regular Interests. REMIC II shall issue the
      several classes of uncertificated REMIC II Interests set out below. Each such
      REMIC II Interest, other than the Class R-2 Interest, is hereby designated
      as a
      regular interest in REMIC II. The following table specifies the Class
      designation, interest rate, and principal amount for each Class of REMIC II
      Interests:

     

    
      	
              REMIC
                II

              Class

              Designation

            	
               

              Interest
                Rate

            	
              Initial
                Class

              Principal

              Amount

            	
               

               

              Corresponding
                Class of Certificates

            
	
              LTII-1-A1

            	
              5.50%

            	
              $
                124,897,000.00 

            	 	
              Class
                1-A1, 1-A2

            
	
              LTII-1-A3

            	
              5.50%

            	
              $
                41,633,000.00 

            	 	
              Class
                1-A3

            
	
              LTII-1-A4

            	
              5.50%

            	
              $
                4,973,000.00 

            	 	
              Class
                1-A4

            
	
              LTII-1-A5

            	
              5.50%

            	
              $
                39,765,000.00 

            	 	
              Class
                1-A5

            
	
              LTII-1-A6

            	
              5.50%

            	
              $
                3,111,000.00 

            	 	
              Class
                1-A6

            
	
              LTII-2-A1

            	
              (1)

            	
              $
                45,293,000.00 

            	 	
              Class
                2-A1

            
	
              LTII-2-A2

            	
              (1)

            	
              $
                5,033,000.00 

            	 	
              Class
                2-A2

            
	
              LTII-3-A1

            	
              5.50%

            	
              $
                123,712,000.00 

            	 	
              Class
                3-A1, 3-A2

            
	
              LTII-3-A3

            	
              5.50%

            	
              $
                41,238,000.00 

            	 	
              Class
                3-A3

            
	
              LTII-3-A4

            	
              5.50%

            	
              $
                5,101,000.00 

            	 	
              Class
                3-A4

            
	
              LTII-3-A5

            	
              5.50%

            	
              $
                27,442,000.00 

            	 	
              Class
                3-A5

            
	
              LTII-3-A6

            	
              5.50%

            	
              $
                9,886,000.00 

            	 	
              Class
                3-A6

            
	
              LTII-AP

            	
              0.00%

            	
              $
                3,181,606.00 

            	 	
              Class
                AP

            
	
              LTII-AX

            	
              (2)

            	
              (2)

            	 	
              Class
                AX

            
	
              LTII-PAX

            	
              (3)

            	
              (3)

            	 	
              Class
                PAX

            
	
              LTII-1-AR

            	
              5.75%

            	
              $
                100.00

            	 	
              Class
                R

            
	
              LTII-3B1

            	
              5.50%

            	
              $
                9,029,000.00

            	
            	
              Class
                3B1

            
	
              LTII-3B2

            	
              5.50%

            	
              $
                1,560,000.00 

            	 	
              Class
                3B2

            
	
              LTII-3B3

            	
              5.50%

            	
              $
                891,000.00 

            	 	
              Class
                3B3

            

    

    
      	
              LTII-3B4

            	
              5.50%

            	
              $
                780,000.00 

            	 	
              Class
                3B4

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

      
        	
                REMIC
                  II

                Class

                Designation

              	
                 

                Interest
                  Rate

              	
                Initial
                  Class

                Principal

                Amount

              	
                 

                 

                Corresponding
                  Class of
                  Certificates

              

      

    

    
      	
              LTII-3B5

            	
              5.50%

            	
              $
                557,000.00 

            	 	
              Class
                3B5

            
	
              LTII-3B6

            	
              5.50%

            	
              $
                448,451.00 

            	 	
              Class
                3B6

            
	
              LTII-1-GSA

            	
              (4)

            	
              $
                149,654.32 

            	 	
              N/A

            
	
              LTII-1-Pool

            	
              (4)

            	
              $
                14,815,778.03 

            	 	
              N/A

            
	
              LTII-2-GSA

            	
              (5)

            	
              $
                34,988.13 

            	 	
              N/A

            
	
              LTII-2-Pool

            	
              (5)

            	
              $
                3,463,824.38 

            	 	
              N/A

            
	
              R-2

            	
              (6)

            	
              (6)

            	 	
              (6)

            

    

     

    

    
      	(1)  	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower Tier Interests is a per annum
                rate
                equal to the
                weighted average Net Mortgage Rate of the Mortgage Loans in Pool
                2.
                

            

    

     

    
      	(2)  	
              The
                Class LTII-AX Interest does not have a principal balance and is entitled
                to receive on each Distribution Date a specified portion of the interest
                payable on the AX Mortgage Loans. Specifically, for each Accrual
                Period,
                the Class LTII-AX Interest is entitled to interest accruals on the
                AX
                Mortgage Loans in Pool 1 and Pool 3 at a per annum rate determined
                for
                each Mortgage Pool equal to the excess of (i) the weighted average
                of the
                Net Mortgage Rates of the AX Mortgage Loans in the Mortgage Pool
                over (ii)
                the Designated Rate for such Mortgage Pool.

            

    

     

    
      	(3)  	
              The
                Class LTII-PAX Interest is entitled to receive on each Distribution
                Date a
                specified portion of the interest payable on the PAX Mortgage Loans.
                Specifically, for each Accrual Period, the Class LTII-PAX Interest
                is
                entitled to interest accruals on the PAX Mortgage Loans in Pool 1
                and Pool
                3 at a per annum rate determined for each Mortgage Pool equal to
                the
                excess of (i) the weighted average of the Net Mortgage Rates of the
                PAX
                Mortgage Loans in the Mortgage Pool over (ii) the Designated Rate
                for such
                Mortgage Pool.

            

    

     

    
      	(4)  	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-1-Pool Interest and the LTII-1-GSA Interest
                will be a per annum rate equal to the Designated Rate for Pool
                1.

            

    

     

    
      	(5)  	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for the LTII-2-Pool Interest and the LTII-2-GSA Interest
                will be a per annum rate equal to the Designated Rate for Pool
                2.

            

    

     

    
      	(6)  	
              The
                Class R-2 Interest does not have a principal balance and does not
                bear
                interest.

            

    

     

    

    On
      each
      Distribution Date, the Available Distribution Amount distributable as interest
      shall be distributed as interest with respect to the REMIC II Interests based
      on
      the interest rates described above. On each Distribution Date, Net Prepayment
      Shortfalls and Excess Losses sustained with respect to any Mortgage Pool are
      to
      be allocated among the Classes of REMIC II Interests related to such Mortgage
      Pool based on the relative amounts of interest otherwise accrued for the related
      Accrual Period on each such REMIC II Interest.

     

    On
      each
      Distribution Date, the Available Distribution Amount distributable as principal
      shall be distributed as principal on REMIC II Interests as follows:

     

    
      	(1)  	
              First,
                to the Class LTII-AP Interests until its balance equals that of the
                Class
                AP Certificate immediately after the Distribution
                Date;

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	(2)  	
              Second,
                from the remaining Available Distribution Amount for Pool 1, to
                the Class LTII-1-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Pool 1 after such Distribution
                Date;

            

    

     

    
      	(3)  	
              Third,
                from the remaining Available Distribution Amount for Pool 2 to
                the Class LTII-2-GSA Interest until its principal balance equals
                one
                percent of the Group Subordinate Amount for Pool 2 after such Distribution
                Date;

            

    

     

    
      	      (4) 	
              Fourth,
                to
                the
                Class LTII-1-GSA and Class LTII-2-GSA Interests, from the remaining
                Available Distribution Amount for Pool 1 and Pool 2, the minimum
                amount
                necessary to cause the ratio of the principal balance of each such
                REMIC
                II Interests to the principal balances of the other such REMIC II
                Interest
                to equal the ratio of the Group Subordinate Amount related to such
                REMIC
                II Interest to the Group Subordinate Amounts related to the other
                such
                REMIC II Interest immediately after such Distribution
                Date;

            

    

     

    
      	      (5) 	
              Fifth,
                from the remaining Available Distribution Amount from each of the
                Mortgage
                Pools, concurrently, as follows - 

            

    

     

    (a)  To
      the
      Class LTII-1-Pool until the sum of (a) its principal balance and (b) the
      principal balance of the LTII-1-GSA, after taking into account distributions
      made pursuant to priorities (2) and (4) above, equals the Group Subordinate
      Amount for Pool 1 immediately after such Distribution Date; and

     

    (b)  To
      the
      Class LTII-2-Pool until the sum of (a) its principal balance and (b) the
      principal balance of the LTII-2-GSA, after taking into account distributions
      made pursuant to priorities (3) and (4) above, equals the Group Subordinate
      Amount for Pool 2 immediately after such Distribution Date;

     

    
      	      (6) 	
              Finally,
                from the remaining Available Distribution Amount from each of the
                Mortgage
                Pools to each REMIC II Interest for which there is a Corresponding
                Class
                of Certificates (other than the Class LTII-AP, Class LTII-AX, and
                Class
                LTII-PAX Interests) until the principal balance of such REMIC II
                Interest
                equals the Class Principal Amount of the Corresponding Class of
                Certificates immediately after such Distribution
                Date.

            

    

     

    For
      each
      Distribution Date, Realized Losses, other than Excess Losses, shall be allocated
      among the REMIC II Interests in the same manner that principal is allocated
      among the REMIC II Interests.

     

    REMIC
      III

     

    REMIC
      III shall hold as assets the several classes of uncertificated REMIC II
      Interests, other than the Class R-2 Interest. REMIC
      III
      shall also hold as its assets the uncertificated Lower Tier Interest in REMIC
      X,
      other than the Class R-X Interest.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    The
      following table specifies the Class designation, Certificate Interest Rate,
      initial Class Principal Amount (or initial Class Notional Amount) and minimum
      denomination (by dollar amount or Percentage Interest) for each Class of
      Certificates (each of which, other than the Class LT-R, Class R, Class X and
      Class P Certificates and in the case of the Class 1-A1 and Class 3-A1
      Certificates, exclusive of the right to receive payments from the Basis Risk
      Reserve Fund, is hereby designated as one or more regular interests in REMIC
      III) constituting the interests in the Trust Fund created
      hereunder.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
               

              Class
                Designation

            	
              Certificate

              Interest
                Rate

            	
              Initial
                Class Principal

              (or
                Notional) Amount

            	
              Minimum
                Denomination

              or
                Percentage Interest

            
	
              Class
                1-A1 

            	
              Variable(1)

            	
              $
                124,897,000

            	 	
              $
                25,000.00

            
	
              Class
                1-A2 

            	
              Variable(2)

            	
              $
                124,897,000

            	 	
              $
                25,000.00

            
	
              Class
                1-A3 

            	
              5.50%

            	
              $
                41,633,000

            	 	
              $
                25,000.00

            
	
              Class
                1-A4

            	
              5.50%

            	
              $
                4,973,000

            	 	
              $
                25,000.00

            
	
              Class
                1-A5

            	
              5.50%

            	
              $
                39,765,000

            	 	
              $
                25,000.00

            
	
              Class
                1-A6

            	
              5.50%

            	
              $
                3,111,000

            	 	
              $
                25,000.00

            
	
              Class
                2-A1

            	
              (3)

            	
              $
                45,293,000

            	 	
              $
                25,000.00

            
	
              Class
                2-A2

            	
              (3)

            	
              $
                5,033,000

            	 	
              $
                25,000.00

            
	
              Class
                3-A1 

            	
              Variable(4)

            	
              $
                123,712,000

            	 	
              $
                25,000.00

            
	
              Class
                3-A2 

            	
              Variable(5)

            	
              $
                123,712,000

            	 	
              $
                25,000.00

            
	
              Class
                3-A3 

            	
              5.50%

            	
              $
                41,238,000

            	 	
              $
                25,000.00

            
	
              Class
                3-A4 

            	
              5.50%

            	
              $
                5,101,000

            	 	
              $
                25,000.00

            
	
              Class
                3-A5 

            	
              5.50%

            	
              $
                27,442,000

            	 	
              $
                25,000.00

            
	
              Class
                3-A6

            	
              5.50%

            	
              $
                9,886,000

            	 	
              $
                25,000.00

            
	
              Class
                4-A1

            	
              5.50%

            	
              $
                65,544,025

            	 	
              $
                25,000.00

            
	
              Class
                4-A2

            	
              5.50%

            	
              $
                3,479,803

            	 	
              $
                25,000.00

            
	
              Class
                AP 

            	
              0.00%

            	
              $
                3,181,606

            	 	
              $
                250,000.00

            
	
              Class
                AX 

            	
              5.50%

            	
              $
                21,838,183(6)

            	 	
              $
                500,000.00

            
	
              Class
                PAX 

            	
              5.50%

            	
              $
                13,480,711(7)

            	 	
              $
                500,000.00

            
	
              Class
                B1(1-2) 

            	
              Variable(8)

            	
              $
                7,953,000

            	 	
              $
                100,000.00

            
	
              Class
                B2(1-2) 

            	
              Variable(8)

            	
              $
                3,691,000

            	 	
              $
                100,000.00

            
	
              Class
                B3(1-2) 

            	
              Variable(8)

            	
              $
                1,987,000

            	 	
              $
                100,000.00

            
	
              Class
                B4(1-2) 

            	
              Variable(8)

            	
              $
                851,000

            	 	
              $
                100,000.00

            
	
              Class
                B5(1-2)

            	
              Variable(8)

            	
              $
                1,278,000

            	 	
              $
                100,000.00

            
	
              Class
                B6(1-2)

            	
              Variable(8)

            	
              $
                1,562,000

            	 	
              $
                100,000.00

            
	
              Class
                B7(1-2)

            	
              Variable(8)

            	
              $
                1,142,245

            	 	
              $
                100,000.00

            
	
              Class
                3B1

            	
              5.50%

            	
              $
                9,029,000

            	 	
              $
                100,000.00

            
	
              Class
                3B2

            	
              5.50%

            	
              $
                1,560,000

            	 	
              $
                100,000.00

            
	
              Class
                3B3

            	
              5.50%

            	
              $
                891,000

            	 	
              $
                100,000.00

            
	
              Class
                3B4

            	
              5.50%

            	
              $
                780,000

            	 	
              $
                100,000.00

            
	
              Class
                3B5

            	
              5.50%

            	
              $
                557,000

            	 	
              $
                100,000.00

            
	
              Class
                3B6

            	
              5.50%

            	
              $
                448,451

            	 	
              $
                100,000.00

            
	
              Class
                X

            	
              (9)

            	
              (9)

            	 	
              (9)

            
	
              Class
                LT-R

            	
              (10)

            	
              (10)

            	 	
              (10)

            
	
              Class
                R 

            	
              5.50%

            	
              $
                100.00

            	 	
              100%(11)

            
	
              Class
                P

            	
              (12)

            	
              (12)

            	 	
              100%

            

    

    __________________

     

    
      	(1)  	
              The
                Certificate Interest Rate for the Class 1-A1 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate
                equal to 5.150%, and thereafter, for any Distribution Date (and related
                Accrual Period) will be an annual rate equal to the lesser of (i)
                LIBOR
                plus
                0.75% and (ii) 5.50%.

            

    

     

    
      	(2)  	
              The
                Certificate Interest Rate for the Class 1-A2 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate
                equal to 0.350%, and thereafter, for any Distribution Date (and related
                Accrual Period) will be an annual rate equal to 4.750% minus
                LIBOR, subject to a minimum rate of 0.00%.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	(3)  	
              The
                Certificate Interest Rate for the Class 2-A1 and the Class 2-A2
                Certificates for any Distribution Date (and related Accrual Period)
                will
                be equal to the weighted average Net Mortgage Rate of the Mortgage
                Loans
                in Pool 2 at the beginning of the related Due
                Period.

            

    

     

    
      	(4)  	
              The
                Certificate Interest Rate for the Class 3-A1 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate
                equal to 5.150%, and thereafter, for any Distribution Date (and related
                Accrual Period) will be an annual rate equal to the lesser of (i)
                LIBOR
                plus
                0.75% and (ii) 5.50%.

            

    

     

    
      	(5)  	
              The
                Certificate Interest Rate for the Class 3-A2 Certificates for the
                first
                Distribution Date (and related Accrual Period) will be an annual
                rate
                equal to 0.350%, and thereafter, for any Distribution Date (and related
                Accrual Period) will be an annual rate equal to 4.750% minus
                LIBOR, subject to a minimum rate of
                0.00%.

            

    

     

    
      	(6)  	
              The
                Class Notional Amount of the Class AX Certificates for the first
                Distribution Date will be the amount set forth in the definition
                of
                “Component” and for any Distribution Date thereafter will be equal to the
                sum of the Component Notional Amounts of the AX(1) and AX(3) Components
                for such date. The Component Notional Amount of the AX(1) Component
                for
                the first Distribution Date will be the amount set forth in the definition
                of “Component” and for any Distribution Date thereafter will be equal to
                the product of (1) a fraction, the numerator of which is the weighted
                average of the Net Mortgage Rates of the AX(1) Mortgage Loans at
                the
                beginning of the related Due Period minus
                5.50, and the denominator of which is 5.50%, and (2) the total Scheduled
                Principal Balance of the AX(1) Mortgage Loans as of the first day
                of the
                related Due Period. The Component Notional Amount of the AX(3) Component
                for the first Distribution Date will be the amount set forth in the
                definition of “Component” and for any Distribution Date thereafter will be
                equal to the product of (1) a fraction, the numerator of which is
                the
                weighted average of the Net Mortgage Rates of the AX(3) Mortgage
                Loans at
                the beginning of the related Due Period minus
                5.50%, and the denominator of which is 5.50%, and (2) the total Scheduled
                Principal Balance of the AX(3) Mortgage Loans as of the first day
                of the
                related Due Period. The initial Class Notional Amount of the Class
                AX
                Certificates is $21,838,183.

            

    

     

    
      	(7)  	
              The
                Class Notional Amount of the Class PAX Certificates for any Distribution
                Date will be equal to the sum of the Component Notional Amounts of
                the
                PAX(1) and PAX(3) Components for such date. The Component Notional
                Amount
                of the PAX(1) Component for the first Distribution Date will be the
                amount
                set forth in the definition of “Component” and for any Distribution Date
                thereafter will be equal to the product of (1) a fraction, the numerator
                of which is the weighted average of the Net Mortgage Rates of the
                PAX(1)
                Mortgage Loans at the beginning of the related Due Period minus
                5.50%, and the denominator of which is 5.50%, and (2) the total Scheduled
                Principal Balance of the PAX(1) Mortgage Loans as of the first day
                of the
                related Due Period. The Component Notional Amount of the PAX(3) Component
                for the first Distribution Date will be the amount set forth in the
                definition of “Component” and for any Distribution Date thereafter will be
                equal to the product of (1) a fraction, the numerator of which is
                the
                weighted average of the Net Mortgage Rates of the PAX(3) Mortgage
                Loans at
                the beginning of the related Due Period minus
                5.50%, and the denominator of which is 5.50%, and (2) the total Scheduled
                Principal Balance of the PAX(3) Mortgage Loans as of the first day
                of the
                related Due Period. The initial Class Notional Amount of the Class
                PAX
                Certificates is $13,480,711.

            

    

     

    
      	(8)  	
              The
                Certificate Interest Rate for the Class B1(1-2), Class B2(1-2), Class
                B3(1-2), Class B4(1-2), Class B5(1-2), Class B6(1-2) and Class B7(1-2)
                for
                any Distribution Date (and related Accrual Period) will be equal
                to the
                weighted average of (i) 5.50% and (ii) the weighted average Net Mortgage
                Rate of the Mortgage Loans in Pool 2 at the beginning of the related
                Due
                Period, weighted on the basis of the Group Subordinate Amount for
                Pool 1
                and Pool 2, respectively.

            

    

     

    
      	(9)  	
              The
                Class X Certificate will be issued without a Class Principal Amount
                and
                will not bear interest at a stated rate. The Class X Certificate
                will be
                issued as a single certificate evidencing the entire Percentage Interest
                in such Class. The Class X Certificate will be entitled to any amounts
                remaining in the Basis Risk Reserve Funds pursuant to Section 5.07.
                The
                Class X Certificate does not represent an interest in any REMIC created
                hereby.

            

    

     

    
      	(10)  	
              The
                Class LT-R Certificate will be issued without a Class Principal Amount
                and
                will not bear interest at a stated rate. The Class LT-R represents
                ownership of the residual interest in REMIC I. The Class LT-R Certificate
                will be issued as a single Certificate evidencing the entire Percentage
                Interest in such Class.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	(11)  	
              The
                Class R Certificate represents ownership of the residual interest
                in each
                of REMIC X, REMIC II and REMIC III.

            

    

     

    
      	(12)  	
              The
                Class P Certificates do not have a Class Principal Amount, Class
                Notional
                Amount or a Certificate Interest Rate but shall be entitled on each
                Distribution Date to the Class P Distributable Amount for such
                Distribution Date. The Class P Certificates do not represent an interest
                in any REMIC created hereby.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $506,995,402.55. As of the Reference Date, the Underlying Certificates had
      an
      aggregate principal amount of $69,023,828.00.

     

    For
      purposes hereof, each Asset Pool constitutes a fully separate and distinct
      sub-trust.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

     

    DEFINITIONS

     

    
      	Section
              1.01.   	
              Definitions.

            

    

     

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

     

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

     

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

     

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

     

    Account
      Property:
      All
      amounts and investments held from time to time in a Securities Account (whether
      in the form of deposit accounts, physical property, book-entry securities,
      uncertificated securities, securities entitlements, investment property or
      otherwise), and all proceeds of the foregoing.

     

    Accretion
      Termination Date:
      With
      respect to the Class 1-A4 Certificates, the earlier of (x) the Group 1-2 Credit
      Support Depletion Date and (y) the first Distribution Date on which the Class
      Principal Amounts of the Class 1-A1 and Class 1-A3 Certificates have been
      reduced to zero. With respect to the Class 3-A4 Certificates, the earlier of
      (x)
      the Group 3 Credit Support Depletion Date and (y) the first Distribution Date
      on
      which the Class Principal Amounts of the Class 3-A1 and Class 3-A3 Certificates
      have been reduced to zero. 

     

    Accrual
      Amount:
      As to
      any Class of Accrual Certificates and each Distribution Date through the
      Accretion Termination Date, the sum of amounts allocable to such Class pursuant
      to Section 5.02 (a)(i) and (ii) on such Distribution Date. As to any Class
      of
      Accrual Certificates and each Distribution Date after the Accretion Termination
      Date, zero.

     

    Accrual
      Certificate:
      Any
      Class 1-A4 Certificate or Class 3-A4 Certificate.

     

    Accrual
      Component:
      None.

     

    Accrual
      Period:
      With
      respect to any Distribution Date and any Class of Certificates (other than
      the
      LIBOR Certificates) or Class of Lower Tier Interests, the calendar month
      immediately preceding the month in which such Distribution Date occurs. With
      respect to any Distribution Date and the LIBOR Certificates, the period
      beginning on the Distribution Date in the calendar month preceding the month
      in
      which such Distribution Date occurs (or on January 25, 2006, in the case of
      the
      first Accrual Period) and ending on the day immediately preceding such
      Distribution Date; provided that each Accrual Period will be treated as being
      a
      30-day period.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Accrued
      Certificate Interest:
      As to
      any Class of Certificates (other than the Class P Certificates and any Component
      Certificates) and each Component (other than Components relating to the Class
      AP
      Certificates) and any Distribution Date, the product of (i) the Certificate
      Interest Rate for such Class of Certificates (or the Component Interest Rate
      for
      such Component) divided by 12 and (ii) the Class Principal Amount or Class
      Notional Amount of such Class of Certificates (or Component Notional Amount
      or
      Component Principal Amount of such Component) as of the last day of the related
      Accrual Period, as reduced by, such Class’s (other than a Class of Group 4
      Certificates) or Component’s share of (a) the interest portion of any Excess
      Losses for the related Mortgage Pool for such Distribution Date and (b) the
      interest portion of any Relief Act Reductions for the related Mortgage Pool
      for
      such Distribution Date. Any such Excess Losses or Relief Act Reductions relating
      to Pool 3 shall be allocable among the interest bearing Senior Certificates
      (or
      Components) for Pool 3 and the Class 3B1, Class 3B2, Class 3B3, Class 3B4,
      Class
      3B5 and Class 3B6 Certificates pro
      rata
      based on
      the Accrued Certificate Interest otherwise distributable thereon. Any such
      Excess Losses or Relief Act Reductions relating to Pool 1 or Pool 2 shall be
      allocable among the interest bearing Senior Certificates (or Components) for
      the
      related Mortgage Pool and the Class B1(1-2), Class B2(1-2), Class B3(1-2),
      Class
      B4(1-2), Class B5(1-2), Class B6(1-2) and Class B7(1-2) Certificates
pro
      rata
      based
      (x) in the case of such Senior Certificates or Components, on the Accrued
      Certificate Interest otherwise distributable thereon and (y) in the case of
      the
      Class B1(1-2), Class B2(1-2), Class B3(1-2), Class B4(1-2), Class B5(1-2),
      Class
      B6(1-2) and Class B7(1-2) Certificates, on their respective Apportioned
      Principal Balances. 

     

    As
      to any
      Class of Component Certificates (other than the Class AP Certificates), on
      any
      Distribution Date, the aggregate of Accrued Certificate Interest for the related
      Accrual Period on the Components of such Class for such date. 

     

    Interest
      shall accrue on the basis of a 360-day year comprising twelve 30-day
      months.

     

    Act:
      As
      defined in Section 8.03(a).

     

    Additional
      Collateral:
      None.

     

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

     

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

     

    Adverse
      REMIC Event:
      As
      defined in Section 10.01(f).

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

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

     

    Aggregate
      Certificate Insurance Premium:
      None.

     

    Aggregate
      Principal Balance:
      The
      aggregate of the Scheduled Principal Balances of all Mortgage Loans at any
      date
      of determination.

     

    Aggregate
      Subordinate Percentage:
      With
      respect to any Distribution Date, the sum of the Class Principal Amounts of
      the
      Subordinate Certificates immediately prior to such date divided by the sum
      of
      the Non-AP Pool Balance for each Mortgage Pool for the immediately preceding
      Distribution Date.

     

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

     

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

     

    AP(1)
      Component Deferred Amount:
      With
      respect to any Distribution Date through the Group 1-2 Credit Support Depletion
      Date, the total of all amounts allocable to the AP(1) Component on such
      Distribution Date in respect of Realized Losses (other than Excess Losses)
      on
      the Pool 1 Mortgage Loans and all amounts previously allocated in respect of
      Realized Losses to the AP(1) Component and not distributed on prior Distribution
      Dates.

     

    AP(3)
      Component Deferred Amount:
      With
      respect to any Distribution Date through the Group 3 Credit Support Depletion
      Date, the total of all amounts allocable to the AP(3) Component on such
      Distribution Date in respect of Realized Losses (other than Excess Losses)
      on
      the Pool 3 Mortgage Loans and all amounts previously allocated in respect of
      Realized Losses to the AP(3) Component and not distributed on prior Distribution
      Dates.

     

    AP
      Deferred Amount:
      Any of
      the AP(1) Component Deferred Amount or the AP(3) Component Deferred
      Amount.

     

    AP
      Percentage:
      As to
      any Discount Mortgage Loan, the percentage equivalent of a fraction, the
      numerator of which is the Designated Rate of the Mortgage Pool containing such
      Discount Mortgage Loan minus
      the Net
      Mortgage Rate of such Discount Mortgage Loan and the denominator of which is
      the
      Designated Rate. As to any Non-Discount Mortgage Loan, 0%.

     

    AP
      Principal Distribution Amount:
      For any
      Distribution Date and for each of Pool 1 and Pool 3, the sum of the following
      amounts:

     

    (i)  the
      applicable AP Percentage of the principal portion of each Scheduled Payment
      (without giving effect to any Debt Service Reduction occurring prior to the
      Bankruptcy Coverage Termination Date) on each Mortgage Loan in the related
      Mortgage Pool due during the related Due Period;

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    (ii)  the
      applicable AP Percentage of each of the following amounts: (1) each Principal
      Prepayment collected on a Mortgage Loan in the related Mortgage Pool during
      the
      applicable Prepayment Period, (2) 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 Pool that was
      finally liquidated during the applicable Prepayment Period), representing or
      allocable to recoveries of principal of such Mortgage Loan in the related
      Mortgage Pool received during the applicable Prepayment Period and (3) the
      principal portion of all proceeds of the purchase of any Mortgage Loan in the
      related Mortgage Pool (or, in the case of a permitted substitution, amounts
      representing a principal adjustment) actually received by the Trustee with
      respect to the applicable Prepayment Period;

     

    (iii)  with
      respect to unscheduled recoveries allocable to principal of any Mortgage Loan
      in
      the related Mortgage Pool that was finally liquidated during the related
      Prepayment Period, the applicable AP Percentage of the related net Liquidation
      Proceeds allocable to principal; and

     

    (iv)  any
      amounts described in clauses (i) through (iii) for any previous Distribution
      Date that remain unpaid.

     

    Apportioned
      Principal Balance:
      As to
      any Class B1(1-2), Class B2(1-2), Class B3(1-2), Class B4(1-2), Class B5(1-2),
      Class B6(1-2) or Class B7(1-2) Certificates 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 applicable Group
      Subordinate Amount for such date and the denominator of which is the Group
      1-2
      Subordinate Amount for such date.

     

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

     

    Asset
      Pool:
      Pool 1,
      Pool 2, Pool 3 and Pool 4.

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument, in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the sale of the Mortgage to
      the
      Trustee, which assignment, notice of transfer or equivalent instrument may
      be in
      the form of one or more blanket assignments covering the Mortgage Loans secured
      by Mortgaged Properties located in the same jurisdiction, if permitted by law;
      provided,
      however,
      that
      the Trustee shall not be responsible for determining whether any such assignment
      is in recordable form.

     

    Aurora:
      Aurora
      Loan Services LLC or its successor in interest, in its capacity as the
      Servicer.

     

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

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Authorized
      Officer:
      Any
      Person who may execute an Officer’s Certificate, as specified in the definition
      thereof, on behalf of the Depositor.

     

    Available
      Distribution Amount:
      (a) As
      to each Asset Pool (other than Pool 4) on any Distribution Date, the sum of
      the
      following amounts:

     

    (i)  the
      total
      amount of all cash received by the Master Servicer through the Remittance Date
      applicable to the Servicer and deposited with the Trustee by the Master Servicer
      by the Deposit Date for such Distribution Date on the Mortgage Loans of such
      Mortgage Pool (including proceeds of any Insurance Policy and any other credit
      support relating to such Mortgage Loans and including any Subsequent Recovery
      or
      recoveries through liquidation of any REO Property), plus
      all
      Advances made by the Master Servicer or the Servicer (or the Trustee in its
      capacity as successor master servicer) for such Distribution Date, any
      Compensating Interest Payment for such date and Mortgage Pool and any amounts
      paid by the Servicer in respect of Prepayment Interest Shortfalls in respect
      of
      the related Mortgage Loans for such date, any proceeds of any purchase of a
      related Mortgage Loan and any Prepayment Penalty Amounts with respect to the
      related Mortgage Loans for which the Mortgage Loan Seller own the servicing
      rights, but not including:

     

    (A)  all
      amounts distributed pursuant to Section 5.02 on prior Distribution
      Dates;

     

    (B)  all
      Scheduled Payments of principal and interest collected but due on a date
      subsequent to the related Due Period;

     

    (C)  all
      Principal Prepayments received or identified by the Servicer after the
      applicable Prepayment Period (together with any interest payments received
      with
      such prepayments to the extent that they represent the payment of interest
      accrued on the related Mortgage Loans for the period subsequent to the
      applicable Prepayment Period);

     

    (D)  any
      other
      unscheduled collection, including Net Liquidation Proceeds and Insurance
      Proceeds, received by the Master Servicer after the applicable Prepayment
      Period;

     

    (E)  all
      fees
      and amounts due or reimbursable to the Master Servicer, the Trustee, a Custodian
      or the Servicer pursuant to the terms of this Agreement, a Custodial Agreement
      or the Servicing Agreement; 

     

    (F)  any
      Prepayment Penalty Amounts with respect to Mortgage Loans for which the Mortgage
      Loan Seller does not hold the servicing rights; 

     

    (G)  any
      Prepayment Interest Excess; and 

     

    (H)  such
      portion of each payment in respect of interest representing Retained Interest,
      if any; and

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    (ii) any
      other
      payment made by the Master Servicer, the Servicer, the Mortgage Loan Seller,
      the
      Depositor, or any other Person with respect to such Distribution Date (including
      the Purchase Price with respect to any Mortgage Loan purchased by the Mortgage
      Loan Seller, the Depositor or any other Person and any related Substitution
      Amount).

     

    (b)
      As to
      Pool 4 on any Distribution Date, all amounts received by the Trustee with
      respect to the Underlying Certificates on
      the related Underlying Distribution Date minus
      all fees
      and other amounts due or reimbursable to the Master Servicer or the Trustee
      pursuant to the terms of this Agreement. 

     

    Average
      Rate:
      With
      respect to each Distribution Date and each Group 1-2 Subordinate Certificate,
      a
      per annum rate equal to the weighted average of (1) the Designated Rate
      applicable to Pool 1 and (2) the Pool 2 Net WAC Rate, expressed as a percentage
      and weighted on the basis of the Group Subordinate Amount for Pool 1 and Pool
      2,
      respectively.

     

    AX
      Mortgage Loans:
      The
      Non-Discount Mortgage Loans listed on Schedule B-1 hereto.

     

    AX(1)
      Mortgage Loans:
      The AX
      Mortgage Loans identified on Schedule B-1 as being included in Pool
      1.

     

    AX(3)
      Mortgage Loans:
      The AX
      Mortgage Loans identified on Schedule B-1 as being included in Pool
      3.

     

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

     

    Balloon
      Mortgage Loan:
      None.

     

    Balloon
      Payment:
      Not
      applicable.

     

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

     

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

     

    Bankruptcy
      Coverage Termination Date:
      With
      respect to any Mortgage Pool, the Distribution Date on which the Bankruptcy
      Loss
      Limit has been reduced to zero (or less than zero).

     

    Bankruptcy
      Loss Limit:
      As of
      the Cut-off Date and the Pool 1-2 Mortgage Loans, $314,314, which amount shall
      be reduced from time to time by the amount of Bankruptcy Losses allocated to
      the
      Certificates related to Pool 1 and Pool 2; and as of the Cut-off Date and the
      Pool 3 Mortgage Loans, $314,314, which amount shall be reduced from time to
      time
      by the amount of Bankruptcy Losses allocated to the Certificates related to
      Pool
      3. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Bankruptcy
      Losses:
      With
      respect to the Mortgage Loans in the related Mortgage Pool, losses that are
      incurred as a result of Deficient Valuations and any Debt Service
      Reductions.

     

    Basis
      Risk Reserve Fund:
      Any of
      the Class 1-A1 Reserve Fund or the Class 3-A1 Reserve Fund.

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and the Class 1-A1 or Class 3-A1 Certificates,
      the excess, if any, of the amount of interest such class of Certificates would
      have been entitled to receive if the Certificate Interest Rate for such Class
      was calculated without regard to its related per annum maximum rate (5.50%
      with
      respect to the Class 1-A1 and Class 3-A1 Certificates), over the actual amount
      of interest such Class is entitled to receive for such Distribution
      Date.

     

    Blanket
      Mortgage:
      The
      mortgage or mortgages encumbering a Cooperative Property.

     

    Book-Entry
      Certificates:
      Beneficial interests in Certificates designated as “Book-Entry Certificates” in
      this Agreement, ownership and transfers of which shall be evidenced or made
      through book entries by a Clearing Agency as described in Section 3.09;
provided,
      that
      after the occurrence of a condition whereupon book-entry registration and
      transfer are no longer permitted and Definitive Certificates are to be issued
      to
      Certificate Owners, such Book-Entry Certificates shall no longer be “Book-Entry
      Certificates.” As of the Closing Date, all of the Classes of Certificates listed
      in the third table of the Preliminary Statement, other than the Class P, Class
      X, Class R and Class LT-R Certificates, constitute Book-Entry Certificates.
      

     

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

     

    Cap
      Agreements:
      Collectively, the Class 1-A1 and Class 3-A1 Cap Agreements.

     

    Cap
      Counterparty:
      In the case of each Cap Agreement, Lehman Brothers Special Financing
      Inc.

     

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

     

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

     

    Certificate
      Insurance Premium:
      None.

     

    Certificate
      Insurer:
      None.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    Certificate
      Insurer Default:
      Not
      applicable.

     

    Certificate
      Interest Rate:
      With
      respect to each Class of Certificates (other than the Class AP, Class X, Class
      P
      and Class LT-R Certificates), the applicable per annum rate specified or
      determined as provided in the Preliminary Statement hereto.

     

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

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than a Notional Certificate, Component
      Certificate, Class X, Class LT-R, Class AP, Class P Certificate or Subordinate
      Certificate), at the time of determination, the maximum specified dollar amount
      of principal to which the Holder thereof is then entitled hereunder, such amount
      being equal to the initial principal amount set forth on the face of such
      Certificate (plus, in the case of any Accrual Certificate, its Percentage
      Interest of any related Accrual Amount for each previous Distribution Date),
      less the amount of all principal distributions previously made with respect
      to
      such Certificate and, in the case of Certificates other than the Group 4
      Certificates, all Realized Losses (including, in the case of a Subordinate
      Certificate, such Certificate’s share of any Subordinate Certificate Writedown
      Amount allocated thereto) allocated to such Certificate (or, in the case of
      the
      Class 4-A1 and Class 4-A2 Certificates, such Certificate’s pro
      rata
      share of
      losses allocated to the Underlying Certificates); provided,
      however,
      that on
      any Distribution Date on which a Subsequent Recovery or Underlying Subsequent
      Recovery is distributed, the Certificate Principal Amount of any Class of
      Certificates then outstanding for which any Realized Loss or Underlying Realized
      Loss has been applied will be increased, in order of seniority, by an amount
      (to
      be applied pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (i) the amount such Class
      of
      Certificates has been reduced by any Realized Losses or Underlying Realized
      Loss, as applicable, which have not been previously increased by any Subsequent
      Recovery or Underlying Subsequent Recovery and (ii) the total amount of any
      Subsequent Recovery or Underlying Subsequent Recovery, as applicable,
      distributed on such date to Certificateholders after application (for this
      purpose) to more senior Classes of Certificates. The “Certificate Principal
      Amount” of any Class of Component Certificates, the sum of the Components
      thereof. For purposes of Article V hereof, unless specifically provided to
      the
      contrary, Certificate Principal Amounts shall be determined as of the close
      of
      business of the immediately preceding Distribution Date, after giving effect
      to
      all distributions made on such date. Notional Certificates and the Class X,
      Class P and Class LT-R Certificates are issued without Certificate Principal
      Amounts.

     

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

     

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

     

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

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    Certifiying
      Person:
      As
      defined in Section 6.20(e)(iii).

     

    Class:
      All
      Certificates bearing the same class designation, and, in the case of REMIC
      I,
      REMIC X and REMIC II, all Lower Tier Interests bearing the same
      designation.

     

    Class
      1-A1 Cap Agreement:
      An
      interest rate cap agreement entered into on the Closing Date by the Trustee,
      not
      individually but solely in its capacity as Trustee of the Supplemental Interest
      Trust, with the Cap Counterparty, for the benefit of the Class 1-A1
      Certificates.

     

    Class
      1-A1 Interest Rate Cap Amount:
      For the
      Class 1-A1 Cap Agreement and any Distribution Date, the amount, if any, to
      be
      paid by the Class 1-A1 Cap Counterparty to the Trustee for the account of the
      Supplemental Interest Trust pursuant to such Class 1-A1 Cap
      Agreement.

     

    Class
      1-A1 Reserve Fund:
      A
      separate account established by the Trustee that is held in the Supplemental
      Interest Trust for the benefit of the Holders of the Class 1-A1 Certificates.
      

     

    Class
      3-A1 Cap Agreement:
      An
      interest rate cap agreement entered into on the Closing Date by the Trustee,
      not
      individually but solely in its capacity as Trustee of the Supplemental Interest
      Trust, with the Cap Counterparty, for the benefit of the Class 3-A1
      Certificates.

     

    Class
      3-A1 Interest Rate Cap Amount:
      For the
      Class 3-A1 Cap Agreement and any Distribution Date, the amount, if any, to
      be
      paid by the Class 3-A1 Cap Counterparty to the Trustee for the account of the
      Supplemental Interest Trust pursuant to such Class 3-A1 Cap
      Agreement.

     

    Class
      3-A1 Reserve Fund:
      A
      separate account established by the Trustee that is held in the Supplemental
      Interest Trust for the benefit of the Holders of the Class 3-A1
      Certificates.

     

    Class
      B Certificate:
      Any
      Class B1(1-2), Class B2(1-2), Class B3(1-2), Class B4(1-2), Class B5(1-2),
      Class
      B6(1-2), Class B7(1-2), Class 3B1, Class 3B2, Class 3B3, Class 3B4, Class 3B5,
      and Class 3B6 Certificate. 

     

    Class
      E Certificate:
      None.

     

    Class
      E Distributable Amount:
      Not
      applicable.

     

    Class
      LT-R Certificates:
      Each
      Class LT-R Certificate executed by the Trustee, and authenticated and delivered
      by the Certificate Registrar, substantially in the form annexed hereto as
      Exhibit A and evidencing the residual interest in REMIC I.

     

    Class
      Notional Amount:
      With
      respect to each Class of Notional Certificates, the applicable class notional
      amount calculated as provided in the Preliminary Statement hereto.

     

    Class
      P Certificate:
      The
      Class P Certificate executed by the Trustee and authenticated by the Certificate
      Registrar, substantially in the form annexed hereto as Exhibit A, evidencing
      beneficial ownership of the Class P Distributable Amount.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Class
      P Distributable Amount:
      With
      respect to each Distribution Date, all Prepayment Penalty Amounts received
      during the related Due Period with respect to Mortgage Loans for which the
      Mortgage Loan Seller holds the servicing rights.

     

    Class
      Percentage:
      With
      respect to any Component of a Class of Subordinate Certificates and any
      Distribution Date, the percentage obtained by dividing the Component Principal
      Amount of such Component immediately prior to such Distribution Date by the
      sum
      of the aggregate Class Principal Amount of all Classes of related Senior
      Certificates and the aggregate Component Principal Amount of all Components
      of
      each Class of Subordinate Certificates having the same parenthetical designation
      immediately prior to such date.

     

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than any Class of Notional
      Certificates and the Class P, Class X and Class LT-R Certificates, the aggregate
      of the Certificate Principal Amounts of all Certificates of such Class at the
      date of determination. With respect to each Class of Notional Certificates
      and
      the Class X, Class P and Class LT-R Certificates, zero. With respect to each
      Class of Lower Tier Interest and any date of determination, the initial Class
      Principal Amount, if any, as set forth in the Preliminary Statement as reduced
      by all distributions of principal and all losses previously allocated to such
      Class.

     

    Class
      R-2 Interest:
      The
      sole residual interest in REMIC II.

     

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

     

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

     

    Clearstream:
      Clearstream Banking Luxembourg, and any successor thereto.

     

    Closing
      Date:
      January
      30, 2006.

     

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

     

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

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date, an amount equal to the aggregate amount of
      any
      Prepayment Interest Shortfalls required to be paid by the Servicer with
respect
      to such Distribution Date. The Master Servicer shall not be responsible to
      make
      any Compensating Interest Payment.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Component:
      Each of
      the components having the designations, initial Component Notional Amounts
      or
      Component Principal Amounts and Component Interest Rates as
      follows:

     

    
      	
              Designation

            	
              Initial
                

              Component
                Notional 

              or
                Principal Amount

            	
              Component
                Interest Rate

            
	 	 	 
	
              AP(1)
                Component

            	
              $
                881,077

            	
              0.00%

            
	
              AP(3)
                Component

            	
              $
                2,300,529

            	
              0.00%

            
	
              AX(1)
                Component

            	
              $13,184,665

            	
              5.50%

            
	
              AX(3)
                Component

            	
              $
                8,653,518

            	
              5.50%

            
	
              PAX(1)
                Component

            	
              $
                9,034,738

            	
              5.50%

            
	
              PAX(3)
                Component

            	
              $
                4,445,973

            	
              5.50%

            

    

    ________________

     

    (1)
      See
      definition of Component Interest Rate below.

     

    Component
      Certificate:
      Any
      Class AP, Class AX or Class PAX.

     

    Component
      Interest Rate:
      With
      respect to any Component, as set forth in the definition of “Component.”

     

    Component
      Notional Amount:
      With
      respect to each Component of the Class AX and Class PAX Certificates, the
      applicable class notional amount calculated as provided in the Preliminary
      Statement hereto. 

     

    Component
      Principal Amount:
      With
      respect to each Class of Component Certificates (other than the Class AX or
      Class PAX Certificates) as of any Distribution Date, its respective initial
      Component Principal Amount as of the Closing Date as reduced by all amounts
      previously distributed with respect to such Component in respect of principal
      and the principal portion of any Realized Losses previously allocated to such
      Component.

     

    Component
      Writedown Amount:
      Not
      applicable.

     

    Control:
      The
      meaning specified in Section 8-106 of the UCC.

     

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

     

    Converted
      Mortgage Loan:
      None.

     

    Convertible
      Mortgage Loan:
      None.

     

    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.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

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

     

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      The
      office of the Trustee at which office at the date of the execution of this
      Agreement shall be (i) in the case of Certificate transfers and for purposes
      of
      presentment and surrender of the Certificates for the final distribution
      thereon, 111 Wall Street, 15th
      Floor,
      New York, New York 10005, Attention: 15th
      Floor
      Window and (ii) for all other purposes, 388 Greenwich Street, 14th
      Floor,
      New York, New York 10013, Attention: Agency and Trust - Lehman Mortgage Trust
      2006-1 or such other addresses as the Trustee may designate from time to time
      by
      notice to the Certificateholders, the Depositor and the Master
      Servicer.

     

    Corresponding
      Class:
      With
      respect to any class of REMIC II Interests, the Class of Certificates so
      designated in the Preliminary Statement hereto. With respect to any Class of
      Certificates, the class or classes of Lower Tier Interests so designated in
      the
      Preliminary Statement hereto.

     

    Corresponding
      Component:
      With
      respect to any class of REMIC I Interests, the Component so designated in the
      Preliminary Statement hereto. With respect to any Component, the class or
      classes of Lower Tier Interests so designated in the Preliminary Statement
      hereto.

     

    Credit
      Score:
      With
      respect to any Mortgage Loan, a numerical assessment of default risk with
      respect to the Mortgagor under such Mortgage Loan, determined on the basis
      of a
      methodology developed by Fair, Isaac & Co., Inc.

     

    Credit
      Support Percentage:
      As to
      any Group 3 Subordinate Certificate or Group 1-2 Subordinate Certificate and
      any
      Distribution Date, the sum of the Class Percentages of all Classes that rank
      lower in priority than such Class. 

     

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

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Custodian:
      Each
      custodian appointed by the Trustee pursuant to a Custodial Agreement, and any
      successor thereto. The initial custodians shall be LaSalle Bank National
      Association and U.S. Bank National Association. 

     

    Cut-off
      Date:
      January
      1, 2006.

     

    Cut-off
      Date Aggregate Principal Balance:
      With
      respect to the Mortgage Loans in the Trust Fund on the Closing Date, the
      Aggregate Principal Balance for all such Mortgage Loans as of the Cut-off
      Date.

     

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

     

    Deceased
      Holder:
      Not
      applicable.

     

    Deferred
      Interest:
      Not
      applicable.

     

    Deficiency
      Amount:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

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

     

    Designated
      Rate:
      With
      respect to Pool 1, 5.50%. With respect to Pool 3, 5.50%. With respect
      to Pool 2 and Pool 4, not applicable.

     

    Determination
      Date:
      With
      respect to each Distribution Date, the Remittance Date immediately preceding
      such Distribution Date.

     

    Discount
      Mortgage Loan:
      Any
      Mortgage Loan with a Net Mortgage Rate less than the related Designated Rate.
      

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

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

     

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

     

    Distribution
      Date:
      With
      respect to the Certificates other than the Class 4-A1 and Class 4A-2
      Certificates, the 25th
      day of
      each month, or, if such 25th
      day is
      not a Business Day, the next succeeding Business Day commencing in February
      2006. With respect to the Class 4-A1 and Class 4A-2 Certificates, the Business
      Day following the Underlying Distribution Date commencing in February
      2006.

     

    Distribution
      Date Statement:
      As
      defined in Section 4.03(a) hereof.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    (vi) a
      Qualified GIC;

     

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

     

    (viii) any
      other
      demand, money market fund, common trust fund or time deposit or obligation,
      or
      interest-bearing or other security or investment, (A) rated in the highest
      rating category by each Rating Agency or (B) that would not adversely affect
      the
      then current rating by either Rating Agency of any of the Certificates. Such
      investments in this subsection (viii) may include money market mutual funds
      or
      common trust funds, including any other fund for which
      Citibank, N.A.,
      the
      Trustee, the Master Servicer or an affiliate thereof serves as an investment
      advisor, administrator, shareholder servicing agent, and/or custodian or
      subcustodian, notwithstanding that (x) Citibank,
      N.A.,
      the
      Master Servicer or an affiliate thereof charges and collects fees and expenses
      from such funds for services rendered, (y) Citibank,
      N.A.,
      the
      Master Servicer or an affiliate thereof charges and collects fees and expenses
      for services rendered pursuant to this Agreement, and (z) services performed
      for
      such funds and pursuant to this Agreement may converge at any time. Citibank,
      N.A. or
      an
      affiliate thereof is specifically authorized to charge and collect from the
      Trustee such fees as are collected from all investors in such funds for services
      rendered to such funds (but not to exceed investment earnings
      thereon);

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

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

     

    Employee
      Discount Rate:
      Not
      applicable.

     

    Employee
      Mortgage Loan:
      None.

     

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

     

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

     

    ERISA-Restricted
      Certificate:
      Any
      Class R, Class LT-R, Class X, Class P, Class B5(1-2), Class B6(1-2), Class
      B7(1-2), Class 3B4, Class 3B5 or Class 3B6 Certificate or any Certificate with
      a
      rating below the lowest applicable rating permitted under the Underwriter’s
      Exemption.

     

    ERISA-Restricted
      Trust Certificate:
      Any
      Class 1-A1 or Class 3-A1 Certificate.

     

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

     

    Euroclear:
      JPMorgan Chase Bank, Brussels office, as operator of the Euroclear
      System.

     

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

     

    Excess
      Loss:
      Any
      Bankruptcy Loss, or portion thereof, in excess of the then-applicable Bankruptcy
      Loss Limit, any Fraud Loss, or portion thereof, in excess of the then-applicable
      Fraud Loss Limit, and any Special Hazard Loss, or portion thereof, in excess
      of
      the then-applicable Special Hazard Loss Limit.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    Final
      Scheduled Distribution Date:
      With
      respect to each Class of Certificates (other than the Group 4 Certificates),
      the
      Distribution Date in February 2036, and with respect to the Group 4
      Certificates, the Distribution Date in November 2035.

     

    Financial
      Asset:
      The
      meaning specified in Section 8-102(a)(9) of the UCC.

     

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

     

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

     

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

     

    Fraud
      Loss:
      Any
      Realized Loss on a Liquidated Mortgage Loan sustained by reason of a default
      arising from fraud, dishonesty or misrepresentation in connection with such
      Liquidated Mortgage Loan, as reported by the Servicer to the Master
      Servicer.

     

    Fraud
      Loss Limit:
      With
      respect to any Distribution Date (x) prior to the first anniversary of the
      Cut-off Date, $5,681,008 (with respect to the Pool 1-2 Mortgage Loans) and
      $2,229,450 (with respect to the Pool 3 Mortgage Loans), as applicable, less
      the
      aggregate of Fraud Losses since the Cut-off Date, (y) on the first and second
      anniversaries of the Cut-off Date, an amount equal to (i) the lesser of (a)
      the
      Fraud Loss Limit as of the most recent anniversary of the Cut-off Date and
      (b)
      1.00% of the aggregate principal balance of all the Pool 1-2 Mortgage Loans
      or
      Pool 3 Mortgage Loans, as applicable, as of the most recent anniversary of
      the
      Cut-off Date, (z) on the third and fourth anniversaries of the Cut-off Date,
      an
      amount equal to (i) the lesser of (a) the Fraud Loss Limit as of the most recent
      anniversary of the Cut-off Date and (b) 0.50% of the aggregate principal balance
      of all the Pool 1-2 Mortgage Loans or Pool 3 Mortgage Loans, as applicable,
      as
      of the most recent anniversary of the Cut-off Date and thereafter, the Fraud
      Loss Limit shall be zero.

     

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

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

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

     

    Group
      1-2 Certificate Writedown Amount:
      The
      amount, if any, by which the aggregate Class Principal Amount of the Group
      1-2
      Subordinate Certificates and the aggregate Class Principal Amount of the related
      Senior Certificates on any Distribution Date (after giving effect to
      distributions of principal and allocation of Realized Losses on that date)
      exceeds the total Scheduled Principal Balance of the Pool 1-2 Mortgage Loans
      for
      the related Distribution Date.

     

    Group
      1-2 Credit Support Depletion Date:
      The
      Distribution Date on which, giving effect to all distributions on such date,
      the
      aggregate Class Principal Amount of the Group 1-2 Subordinate Certificates
      is
      reduced to zero.

     

    Group
      1-2 Subordinate Amount:
      The sum
      of the Group Subordinate Amount for Pool 1 and the Group Subordinate Amount
      for
      Pool 2.

     

    Group
      1-2 Subordinate Certificates:
      The
      Class B1(1-2), Class B2(1-2), Class B3(1-2), Class B4(1-2), Class B5(1-2),
      Class
      B6(1-2) and Class B7(1-2) Certificates.

     

    Group
      1-2 Subordinate Percentage:
      At any
      time, the sum of the Class Principal Amounts of the Group 1-2 Subordinate
      Certificates divided by the sum of the Non-AP Pool Balance of Pool 1 and Pool
      2.

     

    Group
      3 Certificate Writedown Amount:
      The
      amount, if any, by which the aggregate Class Principal Amount of the Group
      3
      Subordinate Certificates and the aggregate Class Principal Amount of the related
      Senior Certificates on any Distribution Date (after giving effect to
      distributions of principal and allocation of Realized Losses on that date)
      exceeds the total Scheduled Principal Balance of the Pool 3 Mortgage Loans
      for
      the related Distribution Date.

     

    Group
      3 Credit Support Depletion Date:
      The
      Distribution Date on which, giving effect to all distributions on such date,
      the
      aggregate Class Principal Amount of the Group 3 Subordinate Certificates is
      reduced to zero.

     

    Group
      3 Subordinate Certificates:
      The
      Class 3B1, Class 3B2, Class 3B3, Class 3B4, Class 3B5 and Class 3B6
      Certificates.

     

    Group
      4 Certificates:
      The
      Class 4-A1 and Class 4-A2 Certificates.

     

    Group
      4 Principal Distribution Amount:
      With
      respect to any Distribution Date, the Available Distribution Amount for Pool
      4
      for such Distribution Date minus
      amounts
      distributed to the Class 4-A1 and Class 4-A2 Certificates on such Distribution
      Date in accordance with Section 5.02(a)(i) and (ii).

     

    Group
      Subordinate Amount:
      With
      respect to any Mortgage Pool and any Distribution Date, the excess of the Non-AP
      Pool Balance for the immediately preceding Distribution Date for that Mortgage
      Pool over the total Certificate Principal Amount of the related Non-AP Senior
      Certificates immediately prior to that Distribution Date. With respect to Pool
      1
      and Pool 2, collectively, and any Distribution Date, the Group 1-2 Subordinate
      Amount.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    Holder
      or Certificateholder:
      The
      registered owner of any Certificate as recorded on the books of the Certificate
      Registrar except that, solely for the purposes of taking any action or giving
      any consent pursuant to this Agreement, any Certificate registered in the name
      of the Depositor, the Trustee, the Master Servicer, the Servicer, the Cap
      Counterparty or any Affiliate thereof shall be deemed not to be outstanding
      in
      determining whether the requisite percentage necessary to effect any such
      consent has been obtained, except that, in determining whether the Trustee
      shall
      be protected in relying upon any such consent, only Certificates which a
      Responsible Officer of the Trustee knows to be so owned shall be disregarded.
      The Trustee may request and conclusively rely on certifications by the
      Depositor, the Master Servicer and the Servicer in determining whether any
      Certificates are registered to an Affiliate of the Depositor, the Master
      Servicer, the Cap Counterparty or the Servicer. After a Section 7.01(c) Purchase
      Event other than in Sections 5.02(a) through (j) and 11.03(a) and (b) herein,
      and, except in the case of the Class LT-R Certificates, Sections 3.03, 3.04,
      3.05, 3.06, 3.07, 3.09 and 5.07(c), (f) and (i) herein, all references in this
      Agreement to “Holder” or “Certificateholder” shall be deemed to be references to
      the LTURI-holder, as recorded on the books of the Certificate Registrar, as
      holder of the Lower Tier REMIC 1 Uncertificated Regular Interests.

     

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

     

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

     

    Individual
      Redemption Certificate:
      Not
      applicable.

     

    Initial
      LIBOR Rate:
      4.40%.

     

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

     

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

     

    Interest
      Distribution Amount:
      Not
      applicable.

     

    Interest-Only
      Certificates:
      The
      Class 1-A2, Class 3-A2, Class AX and Class PAX Certificates. 

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    Interest-Only
      Components:
      The AX(1), AX(3), PAX(1) and PAX(3) Components.

     

    Interest
      Shortfall:
      With
      respect to any Class of Certificates (other than the Class AP Certificates)
      and
      any Distribution Date, any Accrued Certificate Interest not distributed (or
      added to principal) with respect to any previous Distribution Date, other than
      any Net Prepayment Interest Shortfalls.

     

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

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date in February 2041.

     

    Lehman
      Bank:
      Lehman
      Brothers Bank, FSB.

     

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

     

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

     

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

     

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

     

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

     

    LIBOR
      Certificate:
      Any
      Class 1-A1, Class 1-A2, Class 3-A1 or Class 3-A2 Certificate.

     

    LIBOR
      Component:
      None.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    Liquidation
      Proceeds:
      Cash
      received in connection with the liquidation of a defaulted Mortgage Loan,
      whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
      foreclosure sale or otherwise, or the sale of the related Mortgaged Property
      if
      the Mortgaged Property is acquired in satisfaction of the Mortgage Loan,
      including any amounts remaining in the related Escrow Account, together with
      any
      net proceeds received on a monthly basis with respect to any properties acquired
      on behalf of the Holders by foreclosure or deed in lieu of foreclosure, together
      with any net proceeds received on a monthly basis with respect to any properties
      acquired on behalf of the Holders by foreclosure or deed in lieu of
      foreclosure.

     

    Living
      Holder:
      Not
      applicable.

     

    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan and any date of determination, the ratio, expressed
      as a percentage, of (a) the principal balance of such Mortgage Loan on such
      date
      over (b) the Original Value thereof.

     

    London
      Business Day:
      Any day
      on which banks are open for dealing in foreign currency and exchange in London,
      England and New York City.

     

    Lower
      Tier Interest:
      Any one
      of the interests in a Lower Tier REMIC, as described in the Preliminary
      Statement.

     

    Lower
      Tier REMIC:
      REMIC
      I, REMIC X or REMIC II, as described in the Preliminary Statement.

     

    Lower
      Tier REMIC 1 Uncertificated Regular Interests:
      Lower
      Tier Interests of REMIC I constituting regular interests held in uncertificated
      form.

     

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

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    Maintenance:
      With
      respect to any Cooperative Unit, the rent or fee paid by the Mortgagor to the
      Cooperative Corporation pursuant to the Proprietary Lease.

     

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

     

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

     

    Master
      Servicing Fee Rate:
      0.00%
      per annum.

     

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

     

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

     

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

     

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

     

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

     

    Mortgage
      Assets:
      The
      Mortgage Loans and the Underlying Certificates, collectively.

     

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

     

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

     

    Mortgage
      Loan Sale Agreement:
      The
      agreement dated as of January 1, 2006, for the sale of the Mortgage Loans by
      Lehman Holdings to the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such
      schedule shall set forth, among other things, the following information with
      respect to each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii)
      the city, state and zip code of the Mortgaged Property; (iii) the original
      principal amount of the Mortgage Loan; (iv) the Mortgage Rate at origination;
      (v) the monthly payment of principal and interest at origination; (vi) the
      Mortgage Pool in which such Mortgage Loan is included, (vii) the Servicer of
      such Mortgage Loan, (viii) the term and method of calculation of Prepayment
      Penalty Amounts, if any, and whether such Prepayment Penalty Amounts are to
      be
      retained by the Servicer or allocated to the Class P Certificate,
      (ix) whether such Mortgage Loan is an Employee Mortgage Loan, (x)
      the
      Mortgage Pool for such Mortgage Loan and (xi) the initial Custodian for such
      Mortgage Loan. The Depositor shall be responsible for providing the Trustee
      and
      the Master Servicer with all amendments to the Mortgage Loan
      Schedule.

     

    
      
        
        

      

      
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    Mortgage
      Loan Seller:
      Lehman
      Holdings or any successor in interest, as the context may require.

     

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

     

    Mortgage
      Pool:
      Any of
      Pool 1, Pool 2 or Pool 3.

     

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

     

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

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Negative
      Amortization Certificate:
      None.

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds net
      of
      unreimbursed expenses incurred in connection with liquidation or foreclosure
      and
      unreimbursed Advances, Servicing Advances, Servicing Fees and Retained Interest,
      if any, received and retained in connection with the liquidation of such
      Mortgage Loan.

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the sum
      of
      the Servicing Fee Rate, the applicable Retained Interest Rate, if any, and,
      if
      applicable, the premium rate on any lender-provided mortgage insurance. The
      Net
      Mortgage Rate of any Employee Mortgage Loan shall be calculated without regard
      to any increase in the Mortgage Rate thereof as a result of the related
      Mortgagor ceasing to be an employee of the Underwriter or any of its
      affiliates.

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to each Mortgage Pool and any Distribution Date, the excess, if any,
      of
      any Prepayment Interest Shortfalls with respect to the Mortgage Loans in such
      Mortgage Pool for such date over the sum of any amounts paid by the Servicer
      with respect to such shortfalls and any amount that is required to be paid
      by
      the Master Servicer in respect of such shortfalls pursuant to this
      Agreement.

     

    
      
        
        

      

      
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    Net
      WAC Rate:
      As of
      any Distribution Date, the weighted average Net Mortgage Rate of the Mortgage
      Loans in Mortgage Pool 2, weighted on the basis of their 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).

     

    Non-AP
      Percentage:
      As to
      any Discount Mortgage Loan in Pool 1 and Pool 3, the percentage equivalent
      of
      the fraction, the numerator of which is the Net Mortgage Rate of such Discount
      Mortgage Loan and the denominator of which is the applicable Designated Rate.
      As
      to any Non-Discount Mortgage Loan in any Mortgage Pool, 100%. With respect
      to
      any Mortgage Loan in Pool 2, 100%.

     

    Non-AP
      Pool Balance:
      As to
      any Mortgage Pool and any Distribution Date, the sum of the applicable Non-AP
      Percentage of the Scheduled Principal Balance of each Mortgage Loan included
      in
      the applicable Mortgage Pool for such Distribution Date. 

     

    Non-AP
      Senior Certificate:
      Any
      Senior Certificate other than the Notional Certificates, the Class AP
      Certificates and the Group 4 Certificates.

     

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

     

    Non-Discount
      Mortgage Loan:
      Any
      Mortgage Loan with a Net Mortgage Rate equal to or greater than the applicable
      Designated Rate.

     

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

     

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

     

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

     

    Notice
      of Nonpayment.
      Not
      applicable.

     

    Notional
      Amount:
      With
      respect to any Notional Certificate or Notional Component and any Distribution
      Date, such Certificate’s or Component’s Percentage Interest of the Class
      Notional Amount or Component Notional Amount of such Class of Certificates
      or
      Components for such Distribution Date.

     

    Notional
      Certificate:
      Any
Class
      1-A2, Class 3-A2, Class AX or Class PAX Certificate.

     

    Offering
      Document:
      Either
      of the private placement memorandum dated January 27, 2006, relating
      to the Class B5(1-2), Class B6(1-2), Class B7(1-2), Class 3B4, Class 3B5, Class
      3B6 Certificates, or the Prospectus.

     

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

     

    
      
        
        

      

      
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    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee or the Depositor, as applicable, and who may be in-house or outside
      counsel to the Depositor, the Master Servicer or a Servicer but which must
      be
      Independent outside counsel with respect to any such opinion of counsel
      concerning the transfer of any Residual Certificate or concerning certain
      matters with respect to ERISA, or the taxation, or the federal income tax
      status, of each REMIC. For purpose of Section 2.01(c)(i), the Opinion of Counsel
      referred to therein may take the form of a memorandum of law or other acceptable
      assurance.

     

    Original
      Credit Support Percentage:
      With
      respect to any Class of the Subordinate Certificates, the Credit Support
      Percentage for such Class on the Closing Date.

     

    Original
      Group 1-2 Subordinate Amount:
      The
      Group 1-2 Subordinate Amount as of the Cut-off Date.

     

    Original
      Group 3 Subordinate Amount:
      The
      Group Subordinate Amount for Pool 3 as of the Cut-off Date.

     

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

     

    Originator:
      Lehman Brothers Bank, FSB or any other originator contemplated by Item
1110
      (§
      229.1110) of
      Regulation AB.

     

    PAC
      Principal Amount:
      Not
      applicable.

     

    PAC
      Certificate:
      Not
      applicable.

     

    PAC
      Principal Amount Schedule:
      Not
      applicable.

     

    PAX
      Mortgage Loans:
      The
      Non-Discount Mortgage Loans listed on Schedule B-2 hereto.

     

    PAX(1)
      Mortgage Loans:
      The PAX
      Mortgage Loans identified on Schedule B-2 as being included in Pool
      1.

     

    PAX(3)
      Mortgage Loans:
      The PAX
      Mortgage Loans identified on Schedule B-2 as being included in Pool
      3.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

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

     

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

     

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

     

    Pool
      1
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 1.

     

    Pool
      1
      Percentage:
      With
      respect to each Distribution Date, the percentage equal to the product of (x)
      the sum of (i) the aggregate Class Principal Amount of the Class 1-A5 and the
      Class 1-A6 Certificates immediately prior to such date and (ii) $2,237,600,
      divided by (y) the aggregate Class Principal Amount of the Class 1-A1, Class
      1-A3, Class 1-A4, Class 1-A5 and Class 1-A6 Certificates. 

     

    Pool
      1
      Priority Amount:
      With
      respect to each Distribution Date, an amount equal to the lesser of (i) the
      sum
      of (x) the product of the Pool 1 Percentage for such date and the Scheduled
      Principal Amount for Pool 1 for such date, and (y) the product of the Pool
      1
      Percentage for such date, the Shift Percentage for such date and the Unscheduled
      Principal Amount for Pool 1 for such date, (ii) 99.5% of the Senior Principal
      distribution Amount for Pool 1 for such date, and (iii) the aggregate Class
      Principal Amount of the Class 1-A5 and Class 1-A6 Certificates immediately
      prior
      to such date. Notwithstanding the foregoing, on and after the Group 1-2 Credit
      Support Depletion Date, the Class 1-A5 and Class 1-A6 Certificates shall be
      entitled to their pro
      rata
      share of
      the Senior Principal Distribution Amount for Pool 1.

     

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

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    Pool
      2
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 2.

     

    Pool
      1-2 Mortgage Loans:
      The
      Mortgage Loans included in Pool 1 and Pool 2.

     

    Pool
      3:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 3.

     

    Pool
      3
      Mortgage Loan:
      Any
      Mortgage Loan in Pool 3.

     

    Pool
      3
      Percentage:
      With
      respect to each Distribution Date, the percentage equal to the product of (x)
      the sum of (i) the aggregate Class Principal Amount of the Class 3-A5 and the
      Class 3-A6 Certificates immediately prior to such date, and (ii) 1,750,000
      divided by (y) the aggregate Class Principal Amount of the Class 3-A1, Class
      3-A3, Class 3-A4, Class 3-A5 and Class 3-A6 Certificates. 

     

    Pool
      3
      Priority Amount:
      With
      respect to each Distribution Date, an amount equal to the lesser of (i) the
      sum
      of (x) the product of the Pool 3 Percentage for such date and the Scheduled
      Principal Amount for Pool 3 for such date, and (y) the product of the Pool
      3
      Percentage for such date, the Shift Percentage for such date and the Unscheduled
      Principal Amount for Pool 3 for such date, (ii) 99.5% of the Senior Principal
      distribution Amount for Pool 3 for such date, and (iii) the aggregate Class
      Principal Amount of the Class 3-A5 and Class 3-A6 Certificates immediately
      prior
      to such date. Notwithstanding the foregoing, on and after the Group 3 Credit
      Support Depletion Date, the Class 3-A5 and Class 3-A6 Certificates shall be
      entitled to their pro
      rata
      share of
      the Senior Principal Distribution Amount for Pool 3.

     

    Pool
      4:
      The
      Underlying Certificates held by the Trustee on behalf of the
      Certificateholders.

     

    Pool
      Balance:
      For
      each Mortgage Pool and any Distribution Date, the sum of the Scheduled Principal
      Balances of each Mortgage Loan included in such Mortgage Pool for such
      Distribution Date. 

     

    Preference
      Amount:
      Not
      applicable.

     

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

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date and (x) any Principal Prepayment in part and
      (y) any Principal Prepayment in full with respect to those Mortgage Loans
      serviced by Aurora if received on or after the seventeenth day of the month
      immediately preceding the month of such Distribution Date, but on or before
      the
      last day of the month immediately preceding the month of such Distribution
      Date,
      the difference between (i) one full month’s interest at the applicable Mortgage
      Rate (after giving effect to any applicable Relief Act Reduction), as reduced
      by
      the applicable Servicing Fee Rate, the Master Servicing Fee Rate (if the Master
      Servicer is acting as Servicer) and the applicable Retained Interest Rate,
      if
      any, on the outstanding principal balance of such Mortgage Loan immediately
      prior to such prepayment and (ii) the amount of interest actually received
      with
      respect to such Mortgage Loan in connection with such Principal
      Prepayment.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    Prepayment
      Penalty Amounts:
      With
      respect to any Distribution Date, all premiums or charges paid by the obligors
      under the related Mortgage Notes due to Principal Prepayments collected by
      the
      Servicer during the immediately preceding Prepayment Period.

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and a Principal Prepayment in full (including
      any liquidation) with respect to those Mortgage Loans serviced by Aurora, the
      period from the seventeenth day of the month immediately preceding the month
      of
      such Distribution Date to the sixteenth day of the month of such Distribution
      Date. With respect to those Mortgage Loans serviced by Aurora, any Distribution
      Date and any Principal Prepayment in part, the calendar month immediately
      preceding the month in which such Distribution Date occurs.

     

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

     

    Principal-Only
      Certificates:
      The
      Class AP Certificates.

     

    Principal-Only
      Components:
      The
      Class AP(1) and AP(3) Components.

     

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

     

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

     

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

     

    Prospectus:
      The
      prospectus supplement dated January 27, 2006, together with the accompanying
      prospectus dated September 26, 2005, relating to each Class of Certificates
      other than the Class B5(1-2), Class B6(1-2), Class B7(1-2), Class 3B4, Class
      3B5, Class 3B6 and Class P Certificates. 

     

    Purchase
      Price:
      With
      respect to the repurchase of a Mortgage Loan pursuant to this Agreement, an
      amount equal to the sum of (a) 100% of the unpaid principal balance of such
      Mortgage Loan, (b) accrued interest thereon at the Mortgage Rate, from the
      date
      as to which interest was last paid to (but not including) the Due Date
      immediately preceding the related Distribution Date, (c)
      any
      costs
      and damages incurred by the Trust Fund with respect to such Mortgage Loan in
      connection with any violation of any federal, state or local predatory or
      abusive lending laws or other similar laws and (d) any unreimbursed Servicing
      Advances with respect to such Mortgage Loan. The Master Servicer or the
      applicable Servicer (or the Trustee, if applicable) shall be reimbursed from
      the
      Purchase Price for any Mortgage Loan or related REO Property for any Advances
      made with respect to such Mortgage Loan that are reimbursable to the Master
      Servicer, the Servicer or the Trustee under this Agreement or the Servicing
      Agreement, as well as any unreimbursed Servicing Advances and accrued and unpaid
      Master Servicing Fees or Servicing Fees, as applicable.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    QIB:
      As
      defined in Section 3.03(c).

     

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

     

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

     

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

     

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

     

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

     

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

     

     

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

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    Qualifying
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan, a Mortgage
      Loan
      that, on the date of substitution, (i) has a Scheduled Principal Balance
      (together with that of any other mortgage loan substituted for the same Deleted
      Mortgage Loan) as of the Due Date in the month in which such substitution occurs
      not in excess of the Scheduled Principal Balance of the related Deleted Mortgage
      Loan; provided,
      however,
      that,
      to the extent that the Scheduled Principal Balance of such Mortgage Loan is
      less
      than the Scheduled Principal Balance of the related Deleted Mortgage Loan,
      then
      a Substitution Amount shall be paid by the party effecting such substitution
      to
      the Trustee for deposit into the Certificate Account, and shall be treated
      as a
      Principal Prepayment hereunder; (ii) has a Net Mortgage Rate not lower than
      the
      Net Mortgage Rate of the related Deleted Mortgage Loan and will be a Discount
      Mortgage Loan if the Deleted Mortgage Loan was a Discount Mortgage Loan or
      a
      Non-Discount Mortgage Loan if the Deleted Mortgage Loan was a Non-Discount
      Mortgage Loan; (iii) has a remaining stated term to maturity not more than
      eighteen months longer than, and not more than eighteen months shorter than,
      the
      remaining term to stated maturity of the related Deleted Mortgage Loan;
provided,
      however,
      in no
      case shall such substitute Mortgage Loan have a remaining stated term to
      maturity later than the Final Scheduled Distribution Date; (iv) (A) has a
      Loan-to-Value Ratio as of the date of such substitution of not greater than
      80%;
provided,
      however,
      that if
      the related Deleted Mortgage Loan has a Loan-to-Value Ratio of greater than
      80%
      as of the date of such substitution, then the Loan-to-Value Ratio of such
      substitute Mortgage Loan may be greater than 80% but shall not be greater than
      the Loan-to-Value Ratio of the related Deleted Mortgage Loan and (B) the
      addition of such substitute Mortgage Loan does not increase the weighted average
      Loan-to-Value Ratio as of the date of such substitution of the related Mortgage
      Pool by more than 5%; (v) will comply with all of the representations and
      warranties relating to Mortgage Loans set forth herein, as of the date as of
      which such substitution occurs; (vi) is not a Cooperative Loan unless the
      related Deleted Mortgage Loan was a Cooperative Loan; (vii) if applicable,
      has
      the same index as and a margin not less than that of the related Deleted
      Mortgage Loan; (viii) has not been delinquent for a period of more than 30
      days
      more than once in the twelve months immediately preceding such date of
      substitution; (ix) is covered by a Primary Mortgage Insurance Policy if the
      related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio of
      such
      Mortgage Loan is greater than 80%; and (x) has a Credit Score not greater than
      20 points lower than the Credit Score of the related Deleted Mortgage Loan;
      provided,
      however,
      that if
      the Deleted Mortgage Loan does not have a Credit Score, then such substitute
      Mortgage Loan shall have a Credit Score equal to or greater than 700. In the
      event that either one mortgage loan is substituted for more than one Deleted
      Mortgage Loan or more than one mortgage loan is substituted for one or more
      Deleted Mortgage Loans, then (a) the Scheduled Principal Balance referred to
      in
      clause (i) above shall be determined such that the aggregate Scheduled Principal
      Balance of all such substitute Mortgage Loans shall not exceed the aggregate
      Scheduled Principal Balance of all Deleted Mortgage Loans and (b) each of (1)
      the rate referred to in clause (ii) above, (2) the remaining term to stated
      maturity referred to in clause (iii) above, (3) the Loan-to-Value Ratio referred
      to in clause (iv) above and (4) the Credit Score referred to in clause (x)
      above
      shall be determined on a weighted average basis, provided
      that the
      final scheduled maturity date of any Qualifying Substitute Mortgage Loan shall
      not exceed the Final Scheduled Distribution Date of any Class of Certificates.
      Whenever a Qualifying Substitute Mortgage Loan is substituted for a Deleted
      Mortgage Loan pursuant to this Agreement, the party effecting such substitution
      shall certify such qualification in writing to the Trustee. Notwithstanding
      any
      provision herein to the contrary, a Qualifying Substitute Mortgage Loan shall
      be
      deemed to have the same AP Percentage and Non-AP Percentage as that of the
      Deleted Mortgage Loan for which it was substituted.

     

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

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    Realized
      Loss:
      (a)
      With respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
      principal balance of such Mortgage Loan as of the date of liquidation,
plus
      (ii) interest at the applicable Net Mortgage Rate from the date as to which
      interest was last paid up to the last day of the month of such liquidation,
      minus
      (iii)
      Liquidation Proceeds received, net of amounts that are reimbursable to the
      Master Servicer or the applicable Servicer with respect to such Mortgage Loan
      (other than Advances of principal and interest) including expenses of
      liquidation, and (b) with respect to each Mortgage Loan that has become the
      subject of a Deficient Valuation, the difference between the unpaid principal
      balance of such Mortgage Loan immediately prior to such Deficient Valuation
      and
      the unpaid principal balance of such Mortgage Loan as reduced by the Deficient
      Valuation. In determining whether a Realized Loss on a Liquidated Mortgage
      Loan
      is a Realized Loss of interest or principal, Liquidation Proceeds shall be
      allocated, first, to payment of expenses related to such Liquidated Mortgage
      Loan (including payment of any Retained Interest), then to accrued unpaid
      interest and finally to reduce the principal balance of the Mortgage
      Loan.

     

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

     

    Record
      Date:
      With
      respect to any Distribution Date and each Class of Certificates (other than
      the
      LIBOR Certificates), the close of business on the last Business Day of the
      month
      immediately preceding the month in which such Distribution Date occurs; and
      with
      respect to any Distribution Date and the LIBOR Certificates, the Business Day
      immediately preceding the related Distribution Date.

     

    Redemption
      Certificate:
      None.

     

    Reference
      Date:
      January
      25, 2005, the date after which the Trust Fund will be entitled to receive all
      distributions on the Underlying Certificates.

     

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

     

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

     

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

     

    Reimbursement
      Amount:
      Not
      applicable.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

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

     

    Relevant
      UCC:
      The
      Uniform Commercial Code as in effect in the applicable
      jurisdiction.

     

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

     

    REMIC:
      Each of
      REMIC I, REMIC X, REMIC II and REMIC III, as described in the Preliminary
      Statement hereto.

     

    REMIC
      Provisions:
      The
      provisions of the federal income tax law relating to real estate mortgage
      investment conduits, which appear at sections 860A through 86OG of Subchapter
      M
      of Chapter 1 of the Code, and related provisions, and regulations, including
      proposed regulations and rulings, and administrative pronouncements promulgated
      thereunder, as the foregoing may be in effect from time to time.

     

    Remittance
      Date:
      The day
      in each month on which the Servicer is required to remit payments to the account
      maintained by the Master Servicer, as specified in the Servicing Agreement,
      which is the 18th day of each month (or if such 18th day is not a Business
      Day,
      the next succeeding Business Day).

     

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

     

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

     

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

     

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

     

    Responsible
      Officer:
      When
      used with respect to the Trustee, any Vice President, Assistant Vice President,
      the Secretary, any assistant secretary, any Trust Officer, the Treasurer, or
      any
      assistant treasurer, working in its corporate trust department and having direct
      responsibility for the administration of this Agreement.

     

    Restricted
      Certificate:
      Any
      Class 3B4, Class B5(1-2), Class 3B5, Class B6(1-2), Class 3B6, Class B7(1-2)
      or
      Class P Certificate and any Restricted Global Security. 

     

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    Restricted
      Global Security:
      The
      meaning specified in Section 3.01(c).

     

    Retained
      Interest:
      Not
      applicable.

     

    Retained
      Interest Mortgage Loan:
      Not
      applicable.

     

    Retained
      Interest Holder:
      Not
      applicable.

     

    Retained
      Interest Rate:
      Not
      applicable.

     

    Retained
      Mortgage Documents:
      The
      meaning specified in Section 2.01(b).

     

    Rules:
      As
      defined in Section 6.20(c).

     

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

     

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

     

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

     

    Scheduled
      Certificate:
      Not
      applicable.

     

    Scheduled
      Certificate Principal Amount Schedule:
      Not
      applicable.

     

    Scheduled
      Component:
      Not
      applicable.

     

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

     

    Scheduled
      Principal Amount:
      With
      respect to each Distribution Date and any Mortgage Pool, the amount described
      in
      clause (i) of the definition of Senior Principal Distribution Amount with
      respect to such Mortgage Pool.

     

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

    
       

      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

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

     

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

     

    Securities
      Account:
      The
      meaning specified in Section 4.05(a).

     

    Securities
      Intermediary:
      The
      Person acting as Securities Intermediary under this Agreement (which is, as
      of
      the Closing Date, Citibank, N.A.), any successor in interest, and any successor
      Securities Intermediary appointed pursuant to Section 4.02.

     

    Securities
      Purchase Agreement:
      The
      agreement dated as of January 1, 2006, for the sale of the Underlying
      Certificates by Lehman Brothers to the Depositor.

     

    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.

     

    Security
      Entitlement:
      The
      meaning specified in Section 8-102(a)(17) of the UCC.

     

    Senior
      Certificate:
      Any
      Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4, Class 1-A5, Class 1-A6, Class
      2-A1, Class 2-A2, Class 3-A1, Class 3-A2, Class 3-A3, Class 3-A4, Class 3-A5,
      Class 3-A6, Class 4-A1, Class 4-A2, Class AP, Class AX, Class PAX or Class
      R
      Certificate.

     

    Senior
      Percentage:
      With
      respect to any Mortgage Pool and any Distribution Date, the percentage
      equivalent of a fraction, the numerator of which is the sum of the Class
      Principal Amounts of each Class of Non-AP Senior Certificates for the related
      Mortgage Pool immediately prior to such Distribution Date and the denominator
      of
      which is the related Non-AP Pool Balance as of the beginning of the related
      Due
      Period. 

     

    Senior
      Prepayment Percentage:
      With
      respect to each Mortgage Pool and any Distribution Date occurring during the
      five years beginning on the first Distribution Date, 100%. With respect to
      each
      Mortgage Pool and for any Distribution Date occurring on or after the fifth
      anniversary of the first Distribution Date, the related Senior Percentage plus
      the following percentage of the related Subordinate Percentage for such
      Distribution Date: for any Distribution Date in the first year thereafter,
      70%;
      for any Distribution Date in the second year thereafter, 60%; for any
      Distribution Date in the third year thereafter, 40%; for any Distribution Date
      in the fourth year thereafter, 20%; and for any subsequent Distribution Date,
      0%; provided,
      however,
      that if
      on any of the foregoing Distribution Dates the Senior Percentage for a Mortgage
      Pool exceeds the initial Senior Percentage for such Mortgage Pool, the Senior
      Prepayment Percentage for such Mortgage Pool for such Distribution Date shall
      once again equal 100% for such Distribution Date and if that Mortgage Pool
      is
      Pool 1 or Pool 2, the Senior Prepayment Percentage for each of Pool 1 and Pool
      2
      will once again equal 100%.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    Notwithstanding
      the foregoing, no decrease in the Senior Prepayment Percentage for Pool 3 below
      the level in effect for the most recent prior period specified above will be
      effective if, as of that Distribution Date as to which any such decrease
      applies, (1) the average outstanding principal balance on that Distribution
      Date
      and for the preceding five Distribution Dates of all Mortgage Loans in the
      Pool
      3 that were delinquent 60 days or more (including for this purpose any Mortgage
      Loans in foreclosure or bankruptcy and Mortgage Loans with respect to which
      the
      related Mortgaged Property has been acquired by the Trust Fund) is greater
      than
      or equal to 50% of the Group Subordinate Amount for Pool 3 immediately prior
      to
      such Distribution Date or (2) cumulative Realized Losses with respect to the
      Mortgage Loans in Pool 3 exceed (a) with respect to any Distribution Date on
      or
      after the fifth anniversary but prior to the sixth anniversary of the first
      Distribution Date, 30% of the related Original Group 3 Subordinate Amount,
      (b)
      with respect to any Distribution Date on or after the sixth anniversary but
      prior to the seventh anniversary of the first Distribution Date, 35% of the
      related Original Group 3 Subordinate Amount, (c) with respect to any
      Distribution Date on or after the seventh anniversary but prior to the eighth
      anniversary of the first Distribution Date, 40% of the related Original Group
      3
      Subordinate Amount, (d) with respect to any Distribution Date on or after the
      eighth anniversary but prior to the ninth anniversary of the first Distribution
      Date, 45% of the related Original Group 3 Subordinate Amount and (e) with
      respect to any Distribution Date on or after the ninth anniversary of the first
      Distribution Date, 50% of the related Original Group 3 Subordinate Amount.
      In
      addition, no decrease in the Senior Prepayment Percentage for any of Pool 1
      or
      Pool 2 below the level in effect for the most recent prior period specified
      above will be effective if, as of that Distribution Date as to which any such
      decrease applies, (1) the average outstanding principal balance on that
      Distribution Date and for the preceding five Distribution Dates of all Mortgage
      Loans in Pool 1 and Pool 2 that were delinquent 60 days or more (including
      for
      this purpose any Mortgage Loans in foreclosure or bankruptcy and Mortgage Loans
      with respect to which the related Mortgaged Property has been acquired by the
      Trust Fund) is greater than or equal to 50% of the Group 1-2 Subordinate Amount
      immediately prior to such Distribution Date or (2) cumulative Realized Losses
      with respect to the Mortgage Loans in Pool 1 and Pool 2 exceed (a) with respect
      to any Distribution Date on or after the fifth anniversary but prior to the
      sixth anniversary of the first Distribution Date, 30% of the related Original
      Group 1-2 Subordinate Amount, (b) with respect to any Distribution Date on
      or
      after the sixth anniversary but prior to the seventh anniversary of the first
      Distribution Date, 35% of the related Original Group 1-2 Subordinate Amount,
      (c)
      with respect to any Distribution Date on or after the seventh anniversary but
      prior to the eighth anniversary of the first Distribution Date, 40% of the
      related Original Group 1-2 Subordinate Amount, (d) with respect to any
      Distribution Date on or after the eighth anniversary but prior to the ninth
      anniversary of the first Distribution Date, 45% of the related Original Group
      1-2 Subordinate Amount and (e) with respect to any Distribution Date on or
      after
      the ninth anniversary of the first Distribution Date, 50% of the related
      Original Group 1-2 Subordinate Amount. After the Class Principal Amount of
      each
      Class of Senior Certificates for the related Mortgage Pool has been reduced
      to
      zero, the Senior Prepayment Percentage for the related Mortgage Pool will be
      zero.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    Senior
      Principal Distribution Amount:
      For any
      Mortgage Pool and any Distribution Date, the sum of the following
      amounts:

     

    (i) the
      product of (a) the related Senior Percentage for such date and (b) the principal
      portion (multiplied by the applicable Non-AP Percentage) of each Scheduled
      Payment (without giving effect to any Debt Service Reduction occurring prior
      to
      the Bankruptcy Coverage Termination Date), on each Mortgage Loan in the related
      Mortgage Pool due during the related Due Period;

     

    (ii) the
      product of (a) the related Senior Prepayment Percentage for such date and (b)
      each of the following amounts (multiplied by the applicable Non-AP Percentage):
      (1) each Principal Prepayment on the Mortgage Loans in the related Mortgage
      Pool
      collected during the related Prepayment Period, (2) 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 Pool that was finally liquidated during the related Prepayment
      Period) representing or allocable to recoveries of principal received during
      the
      related Prepayment Period, and (3) the principal portion of all proceeds of
      the
      purchase of any Mortgage Loan in the related Mortgage Pool (or, in the case
      of a
      permitted substitution, amounts representing a principal adjustment) actually
      received by the Trustee during the related Prepayment Period;

     

    (iii) with
      respect to unscheduled recoveries allocable to principal of any Mortgage Loan
      in
      the related Mortgage Pool that was finally liquidated during the related
      Prepayment Period, the lesser of (a) the related net Liquidation Proceeds
      allocable to principal (multiplied by the applicable Non-AP Percentage) and
      (b)
      the product of the related Senior Prepayment Percentage for such date and the
      Scheduled Principal Balance (multiplied by the applicable Non-AP Percentage)
      of
      such related Mortgage Loan at the time of liquidation; and

     

    (iv) any
      amounts described in clauses (i) through (iii) for any previous Distribution
      Date that remain unpaid.

     

    If
      on any
      Distribution Date the Class Principal Amount of the Class or Classes of Non-AP
      Senior Certificates related to any Mortgage Pool have been reduced to zero,
      the
      Senior Principal Distribution Amount for such Class or Classes of Non-AP Senior
      Certificates for such date (following such reduction) and each subsequent
      Distribution Date shall be zero.

     

    Senior
      Principal Priorities:
      The
      priorities for distribution of principal to the Senior Certificates and
      Components as set forth in Exhibit O.

     

    Servicer:
      Aurora,
      or any successors in interest. 

     

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

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

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

     

    Servicing
      Agreement:
      The
      servicing agreement between the Servicer and the Mortgage Loan Seller and
      acknowledged by the Trustee dated as of January 1, 2006, and any other servicing
      agreement entered into between a successor servicer and the Mortgage Loan Seller
      or the Trustee pursuant to the terms hereof.

     

    Servicing
      Fee:
      The
      Servicing Fee specified in the Servicing Agreement.

     

    Servicing
      Fee Rate:
      With
      respect to the Servicer, as specified in the Servicing Agreement.

     

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

     

    Servicing
      Officer:
      Any
      officer of the Master Servicer involved in or responsible for the administration
      and servicing or master servicing of the Mortgage Loans whose name appears
      on a
      list of servicing officers furnished by the Master Servicer to the Trustee
      and
      the Custodian, as such list may from time to time be amended.

     

    Shift
      Percentage:
      With
      respect to each Distribution Date occurring during the five years beginning
      on
      the first Distribution Date, 0%. With respect to each Distribution Date
      occurring on or after the fifth anniversary of the first Distribution Date,
      the
      following percentage for such Distribution Date; for any Distribution Date
      in
      the first year thereafter, 30%; for any Distribution Date in the second year
      thereafter, 40%; for any Distribution Date in the third year thereafter, 60%;
      for any Distribution Date in the fourth year thereafter, 80%; and for any
      subsequent Distribution Date, 100%. 

     

    Special
      Hazard Loss:
      With
      respect to the Mortgage Loans, (x) any Realized Loss arising out of any direct
      physical loss or damage to a Mortgaged Property which is caused by or results
      from any cause, exclusive of any loss covered by a hazard policy or a flood
      insurance policy required to be maintained in respect of such Mortgaged Property
      and any loss caused by or resulting from (i) normal wear and tear, (ii)
      conversion or other dishonest act on the part of the Trustee, the Master
      Servicer, the Servicer or any of their agents or employees, or (iii) errors
      in
      design, faulty workmanship or faulty materials, unless the collapse of the
      property or a part thereof ensues, or (y) any Realized Loss arising from or
      related to the presence or suspected presence of hazardous wastes, or hazardous
      substances on a Mortgaged Property unless such loss is covered by a hazard
      policy or flood insurance policy required to be maintained in respect of such
      Mortgaged Property, in any case, as reported by the Servicer to the Master
      Servicer.

     

    Special
      Hazard Loss Limit:
      As of
      the Cut-off Date, $2,840,505 (with respect to the Pool 1-2 Mortgage Loans)
      and
      $4,000,000 (with respect to the Pool 3 Mortgage Loans), which amounts shall
      be
      reduced from time to time to an amount equal on any Distribution Date to the
      lesser of (a) the greatest of (i) 1.00%
      of
      the aggregate of the Scheduled Principal Balances of the Pool 1-2 Mortgage
      Loans
      or Pool 3 Mortgage Loans, as applicable; (ii) twice the Scheduled Principal
      Balance of the Mortgage Loan in Pool 1 or Pool 2, in the case of the Pool 1-2
      Mortgage Loans, or in any of Pool 3, in the case of the Pool 3 Mortgage Loans,
      having the highest Scheduled Principal Balance, and (iii) the aggregate
      Scheduled Principal Balances of the Pool 1-2 Mortgage Loans or Pool 3 Mortgage
      Loans, as applicable, secured by Mortgaged Properties located in the single
      California postal zip code area having the highest aggregate Scheduled Principal
      Balance of Pool 1-2 Mortgage Loans or Pool 3 Mortgage Loans, as applicable,
      of
      any such postal zip code area and (b) the related Special Hazard Loss Limit
      as
      of the Closing Date less the amount, if any, of Special Hazard Losses incurred
      with respect to Pool 1-2 Mortgage Loans or the Pool 3 Mortgage Loans, as
      applicable, since the Closing Date.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    Specified
      Rating:
      Not
      applicable.

     

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

     

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

     

    Subcontractor:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing (as “servicing” is commonly understood by participants in the
      mortgage-backed securities market) of the Mortgage Loans but performs one or
      more discrete material functions required to be performed under
      this Agreement the Servicing Agreement, asany subservicing
      agreement or identified in Item 1122(d) of Regulation AB with respect to
      the Mortgage Loans under the direction or authority of the Trustee, the Master
      Servicer, a Custodian or the Servicer.

     

    Subordinate
      Certificate:
      Any
      Class B Certificate.

     

    Subordinate
      Component:
      Not
      applicable.

     

    Subordinate
      Certificate Percentage:
      With
      respect to any Distribution Date and any Group 3 Subordinate Certificate or
      Group 1-2 Subordinate Certificate, the percentage obtained by dividing the
      Certificate Principal Amount of such Component immediately prior to such
      Distribution Date by the aggregate Certificate Principal Amount of all
      Certificates having the same parenthetical designation immediately prior to
      such
      Distribution Date.

     

    Subordinate
      Certificate Writedown Amount:
      The
      Group 1-2 Subordinate Certificate Writedown Amount or the Group 3 Subordinate
      Certificate Writedown Amount, as applicable.

     

    Subordinate
      Percentage:
      With
      respect to each Mortgage Pool and any Distribution Date, the difference between
      100% and the related Senior Percentage for such Distribution Date.

     

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

     

    Subordinate
      Principal Distribution Amount:
      For any
      Mortgage Pool and any Distribution Date, the sum of the following:

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    (i) the
      product of (a) the related Subordinate Percentage for such date and (b) the
      principal portion (multiplied by the applicable Non-AP Percentage) of each
      Scheduled Payment (without giving effect to any Debt Service Reduction occurring
      prior to the applicable Bankruptcy Coverage Termination Date) on each Mortgage
      Loan in the related Mortgage Pool due during the related Due
      Period;

     

    (ii) the
      product of (a) the related Subordinate Prepayment Percentage for such date
      and
      (b) each of the following amounts (multiplied by the applicable Non-AP
      Percentage): (1) each Principal Prepayment on the Mortgage Loans in the related
      Mortgage Pool collected during the related Prepayment Period, (2) 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 Pool that was finally liquidated during the related
      Prepayment Period) representing or allocable to recoveries of principal received
      during the related Prepayment Period, and (3) the principal portion of all
      proceeds of the purchase of any Mortgage Loan in the related Mortgage Pool
      (or,
      in the case of a permitted substitution, amounts representing a principal
      adjustment) actually received by the Trustee during the related Prepayment
      Period;

     

    (iii) with
      respect to unscheduled recoveries allocable to principal of any Mortgage Loan
      in
      the related Mortgage Pool that was finally liquidated during the related
      Prepayment Period, the related net Liquidation Proceeds allocable to principal
      (multiplied by the applicable Non-AP Percentage) less any related amount paid
      pursuant to subsection (iii) of the definition of Senior Principal Distribution
      Amount for the related Mortgage Pool; and

     

    (iv) any
      amounts described in clauses (i) through (iii) for any previous Distribution
      Date that remain unpaid.

     

    Subsequent
      Recovery:
      The
      amount, if any, recovered by the Servicer or the Master Servicer with respect
      to
      a Liquidated Mortgage Loan with respect to which a Realized Loss has been
      incurred after liquidation and disposition of such Mortgage Loan.

     

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

     

    Substitution
      Amount:
      The
      amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
      Loan exceeds the Scheduled Principal Balance of the related Qualifying
      Substitute Mortgage Loan, or aggregate Scheduled Principal Balance, if
      applicable, plus
      unpaid
      interest thereon at the applicable Net Mortgage Rate from the date on which
      interest was first paid through the end of the Due Period in which such
      substitution occurs, and any related unpaid Advances or Servicing Advances
      or
      unpaid Servicing Fees, and the amount of any costs and damages incurred by
      the
      Trust Fund associated with a violation of any applicable federal, state or
      local
      predatory or abusive lending law in connection with the origination of such
      Deleted Mortgage Loan.

     

    
      
        
        

      

      
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    Supplemental
      Interest Trust:
      A
      separate trust created under the Trust Agreement that will hold the Class 1-A1
      Cap Agreement and the Class 3-A1 Cap Agreement.

     

    TAC
      Certificate:
      Not
      applicable.

     

    TAC
      Principal Amount:
      Not
      applicable.

     

    TAC
      Principal Amount Schedule:
      Not
      applicable.

     

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

     

    Termination
      Price:
      As
      defined in Section 7.01 hereof.

     

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

     

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

     

    Transferor:
      Each
      seller of Mortgage Loans to Lehman Holdings pursuant to a Transfer
      Agreement.

     

    Trust
      Fund:
      The
      corpus of the trust created pursuant to this Agreement, consisting of the
      Underlying Certificates and all payments thereon due after the Reference Date,
      the Mortgage Loans (other than any Retained Interest), the assignment of the
      Depositor’s rights under the Mortgage Loan Sale Agreement, such amounts as shall
      from time to time be held in the Collection Account, the Certificate Account,
      any Escrow Account, the Insurance Policies, any REO Property and the other
      items
      referred to in, and conveyed to the Trustee under, Section 2.01(a).

     

    Trustee:
      Citibank, N.A., not in its individual capacity but solely as Trustee, or any
      successor in interest, or if any successor trustee or any co-trustee shall
      be
      appointed as herein provided, then such successor trustee and such co-trustee,
      as the case may be. 

     

    UCC:
      The
      Uniform Commercial Code as adopted in the State of New York.

     

    Undercollateralization
      Distribution:
      As
      defined in Section 5.02(h)(ii).

     

    Undercollateralized
      Class or Classes:
      With
      respect to any Distribution Date, any Non-AP Senior Certificate or Certificates
      relating to a Mortgage Pool (other than Pool 1) as to which the total
      Certificate Principal Amount thereof, after giving effect to distributions
      pursuant to Sections 5.02(a) and (b) on such date, is greater than the Non-AP
      Pool Balance of the Mortgage Pools (other than Pool 1) for such Distribution
      Date.

     

    Underlying
      Certificates:
      $69,023,828.00
      aggregate principal amount of Lehman Mortgage Trust Mortgage Pass-Through
      Certificates, Series 2005-1, Class 2-A1.

     

    
      
        
        

      

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

     

    Underlying
      Distribution Date Statement:
      The
      distribution date statement relating to the Underlying Certificates made
      available to the Trustee.

     

    Underlying
      Master Servicer:
      Aurora,
      in its capacity as master servicer of the Underlying Trust Fund, or any
      successor or assign. 

     

    Underlying
      Mortgage Loans:
      The
      mortgage loans held by the Underlying Trustee of the Underlying Trust Fund
      and
      relating to the Underlying Certificates. 

     

    Underlying
      Realized Loss:
      The
      amount calculated in accordance with the definition of “Realized Loss” set forth
      in the Underlying Trust Agreement.

     

    Underlying
      Subsequent Recovery:
      The
      amount calculated in accordance with the definition of “Subsequent Recovery” set
      forth in the Underlying Trust Agreement.

     

    Underlying
      Trust Agreement:
      That
      certain trust agreement dated as of October 1, 2005, among the Depositor, the
      Underlying Master Servicer and the Underlying Trustee.

     

    Underlying
      Trust Fund:
      With
      respect to the Underlying Certificates, the trust established by the Underlying
      Trust Agreement providing for the issuance of the Underlying
      Certificates.

     

    Underlying
      Trustee:
      U.S.
      Bank National Association, in its capacity as trustee under the Underlying
      Trust
      Agreement, or any successor thereto.

     

    Underwriter:
      Lehman
      Brothers Inc.

     

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

     

    Unpaid
      Basis Risk Shortfall:
      With
      respect to any Distribution Date and any of the Class 1-A1 or Class 3-A1
      Certificates, the aggregate of all Basis risk Shortfalls with respect to such
      Class remaining unpaid from previous Distribution Dates, plus interest accrued
      thereon at the Certificate Interest Rate.

     

    Unscheduled
      Principal Amount:
      With
      respect to each Distribution Date and any Mortgage Pool, the amount described
      in
      clauses (ii) and (iii) (without application of the related Senior Prepayment
      Percentage) of the definition of Senior Principal Distribution Amount with
      respect to such Mortgage Pool.

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement until the Class Notional Amount of
      each
      Class of Notional Certificates has been reduced to zero, 93% of all Voting
      Interests shall be allocated to the Certificates other than the Notional
      Certificates and the Class P and Class X Certificates. The Class P and Class
      X
      Certificates shall each be allocated 1% of all Voting Interests, and 5% of
      all
      Voting Interests shall be allocated to the Notional Certificates. After the
      Class Notional Amount of each Class of Notional Certificate has been reduced
      to
      zero, 100% of all Voting Interests shall be allocated to the remaining Classes
      of Certificates. Voting Interests allocated to the Notional Certificates shall
      be allocated among the Classes of such Certificates (and among the Certificates
      of each such Class) in proportion to their Class Notional Amounts (or Notional
      Amounts). Voting Interests shall be allocated among the other Classes of
      Certificates (and among the Certificates of each such Class) in proportion
      to
      their Class Principal Amounts (or Certificate Principal Amounts). In the case
      of
      the purchase by the Master Servicer of the Lower Tier REMIC 1 Uncertificated
      Regular Interests pursuant to a Section 7.01(c) Purchase Event, the LTURI-holder
      shall be allocated 100% of the Voting Interests and upon such purchase any
      provisions in this Agreement which requires a vote by, a direction or notice
      given by, an action taken by, a request in writing by or the consent of, any
      percentage of the Holders of the Certificates or any Class of Certificates
      may
      be exercised by the LTURI-holder.

     

    
      
        
        

      

      
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      	Section
              1.02.   	
              Calculations
                Respecting Mortgage Loans.

            

    

     

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

     

    ARTICLE
      II

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

            

    

     

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

     

    
      
        
        

      

      
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    Concurrently
      with the execution and delivery of this Agreement and the Cap Agreements, the
      Depositor does hereby assign to the Trustee all of its rights and interest
      under
      the Mortgage Loan Sale Agreement including all rights of the Mortgage Loan
      Seller under the Servicing Agreement and Transfer Agreements to the extent
      assigned under such Mortgage Loan Sale Agreement. The Trustee hereby accepts
      such assignment, and shall be entitled to exercise all rights of the Depositor
      under the Mortgage Loan Sale Agreement as if, for such purpose, it were the
      Depositor. The foregoing sale, transfer, assignment, set-over, deposit and
      conveyance does not and is not intended to result in creation or assumption
      by
      the Trustee of any obligation of the Depositor, the Mortgage Loan 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. The
      Depositor hereby authorizes and directs the Trustee, solely in its capacity
      as
      Trustee of the Supplemental Interest Trust created hereunder, to execute and
      deliver the Cap Agreements. The Seller, the Master Servicer, the Depositor
      and
      the Certificateholders acknowledge and agree that the Trustee is executing
      the
      Cap Agreements solely in its capacity as trustee of the Supplemental Interest
      Trust, and not in its individual capacity. The Trustee shall have no duty or
      responsibility to enter into any other interest rate cap agreement upon the
      expiration or termination of the Cap Agreements.

     

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

     

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

     

    
      
        
        

      

      
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    (i)  with
      respect to each Mortgage Loan, the original Mortgage Note endorsed without
      recourse in proper form to the order of the Trustee, as shown in Exhibit B-4,
      or
      in blank (in each case, with all necessary intervening endorsements as
      applicable);

     

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

     

    (iii)  with
      respect to each Mortgage Loan other than a Cooperative Loan, the original
      recorded Mortgage with evidence of recording indicated thereon and the original
      recorded power of attorney, if the Mortgage was executed pursuant to a power
      of
      attorney, with evidence of recording thereon or, if such Mortgage or power
      of
      attorney has been submitted for recording but has not been returned from the
      applicable public recording office, has been lost or is not otherwise available,
      a copy of such Mortgage or power of attorney, as the case may be, certified
      to
      be true and complete copy of the original submitted for recording. If, in
      connection with any Mortgage Loan, the Depositor cannot deliver the Mortgage
      with evidence of recording thereon on or prior to the Closing Date because
      of a
      delay caused by the public recording office where such Mortgage has been
      delivered for recordation or because such Mortgage has been lost, the Depositor
      shall deliver or cause to be delivered to the Trustee (or its custodian), in
      the
      case of a delay due to recording, a true copy of such Mortgage, pending delivery
      of the original thereof, together with an Officer’s Certificate of the Depositor
      certifying that the copy of such Mortgage delivered to the Trustee (or its
      custodian) is a true copy 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 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 of each assumption, modification or substitution agreement, if any,
      relating to the Mortgage Loans, or, as to any assumption, modification or
      substitution agreement which cannot be delivered on or prior to the Closing
      Date
      because of a delay caused by the public recording office where such assumption,
      modification or substitution agreement has been delivered for recordation,
      a
      photocopy of such assumption, modification or substitution agreement, pending
      delivery of the original thereof, together with an Officer’s Certificate of the
      Depositor certifying that the copy of such assumption, modification or
      substitution agreement delivered to the Trustee (or its custodian) is a true
      copy and that the original of such agreement has been forwarded to the public
      recording office;

     

    (v)  with
      respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, the
      original Assignment of Mortgage for each Mortgage Loan;

     

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

     

    
      
        
        

      

      
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    (vii)  the
      original Primary Mortgage Insurance Policy or certificate, if private mortgage
      guaranty insurance is required;

     

    (viii)  with
      respect to each Mortgage Loan other than a Cooperative Loan, the original
      mortgagee title insurance policy or attorney’s opinion of title and abstract of
      title;

     

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

     

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

     

    (xi)  in
      connection with any pledge of Additional Collateral, the original additional
      collateral pledge and security agreement executed in connection therewith,
      assigned to the Trustee; and

     

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

     

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

     

    Notwithstanding
      the above, certain of the Mortgage Files to be delivered and deposited with
      LaSalle Bank National Association, as custodian for the Mortgage Loans serviced
      by Wells Fargo, shall include only the documents or instruments referred to
      in
      (i), (ii), (iv) and (v) above and the other documents identified above shall
      be
      delivered to and held by Wells Fargo, as servicer, acting on the Trustee’s
      behalf. Upon the occurrence of a Document Transfer Event or at the request
      of
      the Trustee, Wells Fargo will deliver any documents referred to in (iii), (vi),
      (vii), (viii), (ix), (x), (xi) and (xii) above (the “Retained Mortgage
      Documents”).

     

    In
      connection with the assignment of the Underlying Certificates, the Depositor
      shall have caused the Underlying Certificates to be transferred to the Trustee
      on the book-entry system of the Depository Trust Company. Any payment received
      by the Depositor which shall be due to the Trust Fund hereunder shall be paid
      immediately to the Trustee.

     

    (c)  (i)
      Assignments of Mortgage with respect to each Non-MERS Mortgage Loan other than
      a
      Cooperative Loan shall be recorded; provided,
      however,
      that
      such Assignments of Mortgage need not be recorded if, in the Opinion of Counsel
      (which must be from Independent counsel) (which Opinion of Counsel may be in
      the
      form of a memorandum of law) acceptable to the Trustee and the Rating Agencies,
      recording in such states is not required to protect the Trustee’s interest in
      the related Non-MERS Mortgage Loans. Subject to the preceding sentence, as
      soon
      as practicable after the Closing Date (but in no event more than 3 months
      thereafter except to the extent delays are caused by the applicable recording
      office), the Trustee, at the expense of the Depositor and with the cooperation
      of the applicable Servicer, shall cause to be properly recorded by the Servicer
      in each public recording office where the related Mortgages are recorded each
      Assignment of Mortgage referred to in subsection (b)(v) above with respect
      to
      each Non-MERS Mortgage Loan. With respect to each Cooperative Loan, the Trustee,
      at the expense of the Depositor and with the cooperation of the applicable
      Servicer, shall cause the Servicer to take such actions as are necessary under
      applicable law in order to perfect the interest of the Trustee in the related
      Mortgaged Property.

     

    
      
        
        

      

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

     

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

     

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

     

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

            

    

     

    (a)  The
      Trustee, by execution and delivery hereof, acknowledges (i) receipt of the
      Underlying Certificates and declares that it holds and will hold such Underlying
      Certificates in trust for the exclusive use and benefit of all present and
      future Certificateholders, and (ii) receipt by it or a Custodian on behalf
      of
      the Trustee, of the Mortgage Files pertaining to the Mortgage Loans listed
      on
      the Mortgage Loan Schedule, subject to review thereof by the Trustee, or by
      the
      applicable Custodian on behalf of the Trustee, under this Section 2.02. The
      Trustee, or the applicable Custodian on behalf of the Trustee, will execute
      and
      deliver to the Trustee, the Depositor and the Master Servicer on the Closing
      Date an Initial Certification in the form annexed hereto as Exhibit B-1 (or
      in
      the form annexed to the applicable Custodial Agreement as Exhibit B-1, as
      applicable.

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      	Section
              2.03.   	
              Representations
                and Warranties of the
                Depositor.

            

    

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    (b)  The
      representations and warranties of each Transferor with respect to the related
      Mortgage Loans in the applicable Transfer Agreement, which have been assigned
      to
      the Trustee hereunder, were made as of the date specified in the applicable
      Transfer Agreement (or underlying agreement, if such Transfer Agreement is
      in
      the form of an assignment of a prior agreement). To the extent that any fact,
      condition or event with respect to a Mortgage Loan constitutes a breach of
      both
      (i) a representation or warranty of the applicable Transferor under the
      applicable Transfer Agreement and (ii) a representation or warranty of Lehman
      Holdings under the Mortgage Loan Sale Agreement, the only right or remedy of
      the
      Trustee or of any Certificateholder shall be the Trustee’s right to enforce the
      obligations of the applicable Transferor under any applicable representation
      or
      warranty made by it. The Trustee acknowledges that Lehman Holdings shall have
      no
      obligation or liability with respect to any breach of a representation or
      warranty made by it with respect to the Mortgage Loans if the fact, condition
      or
      event constituting such breach also constitutes a breach of a representation
      or
      warranty made by the applicable Transferor in the applicable Transfer Agreement,
      without regard to whether such Transferor fulfills its contractual obligations
      in respect of such representation or warranty. The Trustee further acknowledges
      that the Depositor shall have no obligation or liability with respect to any
      breach of any representation or warranty with respect to the Mortgage Loans
      (except as set forth in Section 2.03(a)(vi)) under any
      circumstances.

     

    
      
        
        

      

      
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    (c)  With
      respect to the Underlying Certificates, the Depositor hereby represents and
      warrants to the Trustee for the benefit of the Certificateholders, as of the
      Closing Date or such other date as is specified, that:

     

    (i)  This
      Agreement creates a valid and continuing ownership interest in the Account
      Property in favor of the Trustee. If the transfer and assignment of the
      Underlying Certificates contemplated by this Agreement is deemed to be other
      than a sale notwithstanding the intent of the parties hereto, this Agreement
      creates a valid and continuing security interest (as defined in the Relevant
      UCC) in the Account Property in favor of the Trustee, which security interest
      is
      prior to all other security interests, and is enforceable as such as against
      creditors of and purchasers from the Depositor;

     

    (ii)  All
      of
      the Account Property has been and will have been credited to one of the
      Securities Accounts on and after the Reference Date. The Securities Intermediary
      for each Securities Account has agreed to retain all assets credited to the
      Securities Accounts as “financial assets” within the meaning of the Relevant
      UCC;

     

    (iii)  It
      is the
      intention of the Depositor that the Trustee owns and has good and marketable
      title to the Account Property free and clear of any lien, claim or encumbrance
      of any Person. If the transfer and assignment of the Underlying Certificates
      contemplated by this Agreement is deemed to be other than a sale,
      notwithstanding the intent of the parties hereto, the Depositor would own and
      have good and marketable title to the Account Property free and clear of any
      lien, claim or encumbrance of any Person (other than a security interest in
      favor of the Trustee);

     

    (iv)  The
      Depositor has received all consents and approvals required by the terms of
      the
      Account Property for the transfer to the Trustee of its interest and rights
      in
      the Account Property hereunder;

     

    (v)  The
      Depositor has taken all steps necessary to cause the Securities Intermediary
      to
      identify in its records the Trustee as the person having a Security Entitlement
      for each of the Securities Accounts;

     

    (vi)  Other
      than the interest granted to the Trustee pursuant to this Agreement, the
      Depositor has not pledged, assigned, sold or granted a security interest in,
      or
      otherwise conveyed any of the Account Property. The Depositor has not authorized
      the filing of and is not aware of any financing statements against the Depositor
      that include a description of collateral covering the Account Property other
      than any financing statement relating to the interest granted to the Trustee
      hereunder or that has been terminated. The Depositor is not aware of any
      judgment or tax lien filings against the Depositor; and

     

    
      
        
        

      

      
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    (vii)  The
      Securities Accounts are not in the name of any person other than the Trustee.
      The Depositor has not consented to the Securities Intermediary of any Securities
      Account to comply with entitlement orders of any person other than the
      Trustee.

     

    
      	Section
              2.04.   	
              Discovery
                of Breach.

            

    

     

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

     

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

            

    

     

    (a)  With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement, by Lehman Holdings pursuant to the Mortgage Loan Sale Agreement
      or by
      any Transferor pursuant to the applicable Transfer Agreement, the principal
      portion of the funds received by the Trustee in respect of such repurchase
      of a
      Mortgage Loan will be considered a Principal Prepayment and shall be deposited
      in the Collection Account. The Trustee, upon receipt of the full amount of
      the
      Purchase Price for a Deleted Mortgage Loan, or upon its receipt of notification
      from the applicable Custodian that it has received the Mortgage File for a
      Qualifying Substitute Mortgage Loan substituted for a Deleted Mortgage Loan
      (and
      any applicable Substitution Amount), shall release or cause to be released
      and
      reassigned to the Depositor, Lehman Holdings or the applicable Transferor,
      as
      applicable, the related Mortgage File for the Deleted Mortgage Loan and shall
      execute and deliver such instruments of transfer or assignment, in each case
      without recourse, representation or warranty, as shall be necessary to vest
      in
      such party or its designee or assignee title to any Deleted Mortgage Loan
      released pursuant hereto, free and clear of all security interests, liens and
      other encumbrances created by this Agreement, which instruments shall be
      prepared by the applicable Servicer or the Trustee (or its custodian), and
      the
      Trustee shall have no further responsibility with respect to the Mortgage File
      relating to such Deleted Mortgage Loan. The Mortgage Loan Seller indemnifies
      and
      holds the Trust Fund, the Trustee, the Depositor and each Certificateholder
      harmless against any and all taxes, claims, losses, penalties, fines,
      forfeitures, reasonable legal fees and related costs, judgments, and any other
      costs, fees and expenses that the Trust Fund, the Trustee, the Depositor and
      any
      Certificateholder may sustain in connection with any actions of the Mortgage
      Loan Seller relating to a repurchase of a Mortgage Loan other than in compliance
      with the terms of this Section 2.05 and the Mortgage Loan Sale Agreement, to
      the
      extent that any such action causes (i) any federal or state tax to be imposed
      on
      the Trust Fund, including without limitation, any federal tax imposed on
“prohibited transactions” under Section 860F(2) of the Code, or (ii) any REMIC
      created hereunder to fail to qualify as a REMIC at any time that any Certificate
      is outstanding.

     

    
      
        
        

      

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

     

    (c)  Notwithstanding
      any other provision of this Agreement, the right to substitute Mortgage Loans
      pursuant to this Article II shall be subject to the additional limitations
      that
      no substitution of a Qualifying Substitute Mortgage Loan for a Deleted Mortgage
      Loan shall be made unless the Trustee has received an Opinion of Counsel (at
      the
      expense of the party seeking to make the substitution) that, under current
      law,
      such substitution will not (A) affect adversely the status of any REMIC
      established hereunder as a REMIC, or of the related “regular interests” as
“regular interests” in any such REMIC, or (B) cause any such REMIC to engage in
      a prohibited transaction or prohibited contribution pursuant to the REMIC
      Provisions.

     

    
      
        
        

      

      
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      	Section
              2.06.   	
              Grant
                Clause.

            

    

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    THE
      CERTIFICATES

     

    
      	Section
              3.01.   	
              The
                Certificates.

            

    

     

    (a)  The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the UCC. The Book-Entry Certificates will be evidenced
      by one or more certificates, beneficial ownership of which will be held in
      the
      dollar denominations in Certificate Principal Amount or Notional Amount, as
      applicable, or in the Percentage Interests, specified herein. Each Class of
      Book-Entry Certificates shall be issued in the minimum denominations in
      Certificate Principal Amount (or Notional Amount) or Percentage Interest
      specified in the Preliminary Statement hereto and in integral multiples of
      $1 or
      5% (in the case of Certificates issued in Percentage Interests) in excess
      thereof. Each Class of Non-Book Entry Certificates other than the Residual
      Certificate shall be issued in definitive, fully registered form in the minimum
      denominations in Certificate Principal Amount (or Notional Amount) specified
      in
      the Preliminary Statement hereto and in integral multiples of $1 in excess
      thereof. The Residual Certificates shall each be issued as a single Certificate
      and maintained in definitive, fully registered form in a minimum denomination
      equal to 100% of the Percentage Interest of each such Class. The Class P and
      Class X Certificates shall be maintained in definitive, fully registered form
      and shall be issued in a minimum denomination equal to 10% of the Percentage
      Interest of such Class. The Certificates may be issued in the form of
      typewritten certificates. One Certificate of each Class of Certificates other
      than any Class of Residual Certificates may be issued in any denomination in
      excess of the minimum denomination.

     

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

     

    
      
        
        

      

      
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    (c) The
      Class
      B5(1-2), Class B6(1-2), Class B7(1-2), Class 3B4, Class 3B5 or Class 3B6
      Certificates offered and sold in reliance on the exemption from registration
      under Rule 144A shall be issued initially in the form of one or more permanent
      global Certificates in definitive, fully registered form without interest
      coupons with the applicable legends set forth in Exhibit A added to the forms
      of
      such Certificates (each, a “Restricted Global Security”), which, in the case of
      the Class B5(1-2), Class B6(1-2), Class B7(1-2), Class 3B4, Class 3B5 or Class
      3B6 Certificates, shall be deposited on behalf of the subscribers for such
      Certificates represented thereby with the Trustee, as custodian for DTC and
      registered in the name of a nominee of DTC, duly executed and authenticated
      by
      the Trustee as hereinafter provided. The aggregate principal amounts of the
      Restricted Global Securities may from time to time be increased or decreased
      by
      adjustments made on the records of the Trustee or DTC or its nominee, as the
      case may be, as hereinafter provided.

     

    The
      Class
      B5(1-2), Class B6(1-2), Class B7(1-2), Class 3B4, Class 3B5 or Class 3B6
      Certificates sold in offshore transactions in reliance on Regulation S shall
      be
      issued initially in the form of one or more permanent global Certificates in
      definitive, fully registered form without interest coupons with the applicable
      legends set forth in Exhibit A hereto added to the forms of such Certificates
      (each, a “Regulation S Global Security”), which, in the case of the Class
      B5(1-2), Class B6(1-2), Class B7(1-2), Class 3B4, Class 3B5 or Class 3B6
      Certificates, shall be deposited on behalf of the subscribers for such
      Certificates represented thereby with the Trustee, as custodian for DTC and
      registered in the name of a nominee of DTC, duly executed and authenticated
      by
      the Trustee as hereinafter provided. The aggregate principal amounts of the
      Regulation S Global Securities may from time to time be increased or decreased
      by adjustments made on the records of the Trustee, or DTC or its nominee, as
      the
      case may be, as hereinafter provided.

     

    The
      Class
      Class B5(1-2), Class B6(1-2), Class B7(1-2), Class 3B4, Class 3B5 or Class
      3B6
      Certificates sold to an “accredited investor” under Rule 501(a)(1), (2), (3) or
      (7) under the Securities Act shall be issued initially in the form of one or
      more Definitive Certificates.

     

    
      	Section
              3.02.   	
              Registration.

            

    

     

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

     

    
      
        
        

      

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

     

    
      	Section
              3.03.   	
              Transfer
                and Exchange of Certificates.

            

    

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    (g)  Each
      Holder of a Residual Certificate, by such Holder’s acceptance thereof, shall be
      deemed for all purposes to have consented to the provisions of this
      section.

     

    (h)  Notwithstanding
      any provision to the contrary herein, so long as a Global Security representing
      any of the Class B5(1-2), Class B6(1-2), Class B7(1-2), Class 3B4, Class 3B5
      or
      Class 3B6 Certificates remains outstanding and is held by or on behalf of DTC,
      transfers of a Global Security representing any such Certificates, in whole
      or
      in part, shall only be made in accordance with Section 3.01 and this Section
      3.03(h).

     

    (A)  Subject
      to clauses (B) and (C) of this Section 3.03(h), transfers of a Global Security
      representing any of the Class B5(1-2), Class B6(1-2), Class B7(1-2), Class
      3B4,
      Class 3B5 or Class 3B6 Certificates shall be limited to transfers of such Global
      Security, in whole or in part, to nominees of DTC or to a successor of DTC
      or
      such successor’s nominee.

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

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

     

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

     

    
      	Section
              3.04.   	
              Cancellation
                of Certificates.

            

    

     

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

     

    
      	Section
              3.05.   	
              Replacement
                of Certificates.

            

    

     

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

     

    
      
        
        

      

      
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      	Section
              3.06.   	
              Persons
                Deemed Owners.

            

    

     

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

     

    
      	Section
              3.07.   	
              Temporary
                Certificates.

            

    

     

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

     

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

     

    
      	Section
              3.08.   	
              Appointment
                of Paying Agent.

            

    

     

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

     

    
      
        
        

      

      
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      At
        any
        time during the period that a Form 10-K is being filed with respect to the
        Trust
        in accordance with the Exchange Act and the rules and regulations of the
        Commission, the Trustee shall not appoint a Paying Agent that is not the
        Trustee
        unless that Paying Agent first agrees in writing with the Trustee (i) to
        deliver
        an assessment of compliance and an accountant’s attestation in such manner and
        at such times in compliance with Section 6.01(j) and (k) of this Agreement,
        (ii)
        to comply with the provisions of Section 6.01(l), 6.01(m), 6.20(e)(i) and
        6.20(e)(iii) of this Agreement and (iii) to indemnify the Depositor and the
        Master Servicer, and their respective directors, officers, employees and
        agents
        and the Trust Fund and hold each of them harmless as set forth in Section
        6.01(n).

       

    

    In
      addition, the Paying Agent (if other than the Trustee) (i) may not be an
      originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor
      or
      an affiliate of the Depositor unless the Paying Agent is in an institutional
      trust department of the Paying Agent, (ii) must be authorized to exercise
      corporate trust powers under the laws of its jurisdiction of organization and
      (iii) must be rated at least “A/F1” by Fitch, if Fitch is a Rating Agency that
      has rated the Paying Agent, or the equivalent rating by S&P. If no successor
      Paying Agent shall have been appointed and shall have accepted appointment
      within 60 days after the Paying Agent ceases to be the Paying Agent pursuant
      to
      this Section 3.08, then the Trustee shall perform the duties of the Paying
      Agent
      pursuant to this Agreement. The Trustee shall notify the Rating Agencies of
      any
      change of Paying Agent.

     

    
      	Section
              3.09.   	
              Book-Entry
                Certificates.

            

    

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (c)  If
      (i)
      (A) the Depositor advises the Trustee in writing that the Clearing Agency is
      no
      longer willing or able to discharge properly its responsibilities with respect
      to the Book-Entry Certificates, and (B) the Trustee or the Depositor is unable
      to locate a qualified successor or (ii) after the occurrence of an Event of
      Default, Certificate Owners representing beneficial interests aggregating not
      less than 50% of the Class Principal Amount (or Class Notional Amount) of a
      Class of Book-Entry Certificates identified as such to the Trustee by an
      Officer’s Certificate from the Clearing Agency advise the Trustee and the
      Clearing Agency through the Clearing Agency Participants in writing that the
      continuation of a book-entry system through the Clearing Agency is no longer
      in
      the best interests of the Certificate Owners of a Class of Book-Entry
      Certificates, the Trustee shall notify or cause the Certificate Registrar to
      notify the Clearing Agency to effect notification to all Certificate Owners,
      through the Clearing Agency, of the occurrence of any such event and of the
      availability of Definitive Certificates to Certificate Owners requesting the
      same. Upon surrender to the Trustee of the Book-Entry Certificates by the
      Clearing Agency, accompanied by registration instructions from the Clearing
      Agency for registration, the Trustee shall issue the Definitive Certificates.
      Neither the Depositor nor the Trustee shall be liable for any delay in delivery
      of such instructions and may conclusively rely on, and shall be protected in
      relying on, such instructions. Upon the issuance of Definitive Certificates
      all
      references herein to obligations imposed upon or to be performed by the Clearing
      Agency shall be deemed to be imposed upon and performed by the Trustee, to
      the
      extent applicable, with respect to such Definitive Certificates and the Trustee
      shall recognize the holders of the Definitive Certificates as Certificateholders
      hereunder. None of the Seller, the Depositor, the Underwriter, the Master
      Servicer or the Trustee shall have any responsibility for any aspect of the
      records relating to or payments made on account of beneficial ownership
      interests of the Book-Entry Certificates held by the Clearing Agency or for
      maintaining, supervising or reviewing any records relating to such beneficial
      ownership interests.

     

    
      
        
        

      

      
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    ARTICLE
      IV

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    
      	Section
              4.01.   	
              Collection
                Account.

            

    

     

    (a)  On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled “Aurora
      Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
      of Lehman Mortgage Trust Mortgage Pass-Through Certificates, Series 2006-1.” The
      Collection Account shall relate solely to the Certificates issued by the Trust
      Fund hereunder, and funds in such Collection Account shall not be commingled
      with any other monies.

     

    (b)  The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 30 days and transfer
      all funds on deposit in such existing Collection Account into such new
      Collection Account.

     

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

     

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

     

    (i)  all
      payments on account of principal, including Principal Prepayments, late
      collections and any Prepayment Penalty Amounts with respect to those Mortgage
      Loans for which the Mortgage Loan Seller owns the servicing rights, as indicated
      in the Mortgage Loan Schedule, on the Mortgage Loans;

     

    
      
        
        

      

      
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    (ii)  all
      payments on account of interest on the Mortgage Loans (other than payments
      due
      prior to the Cut-off Date), net of the applicable Servicing Fee and Master
      Servicing Fee with respect to each such Mortgage Loan, but only to the extent
      of
      the amount permitted to be withdrawn or withheld from the Collection Account
      in
      accordance with Sections 5.04 and 9.21;

     

    (iii)  any
      unscheduled payment or other recovery with respect to a Mortgage Loan not
      otherwise specified in this paragraph (d), including any Subsequent Recovery,
      all Net Liquidation Proceeds with respect to the Mortgage Loans and REO
      Property, and all amounts received in connection with the operation of any
      REO
      Property, net of any unpaid Servicing Fees and Master Servicing Fees with
      respect to such Mortgage Loans, but only to the extent of the amount permitted
      to be withdrawn or withheld from the Collection Account in accordance with
      Sections 5.04 and 9.21; provided
      that if
      the applicable Servicer is also the Retained Interest Holder with respect to
      any
      Mortgage Loan, payments on account of interest on the Mortgage Loans as to
      which
      the Servicer is the Retained Interest Holder may also be made net of the related
      Retained Interest with respect to each such Mortgage Loan.

     

    (iv)  all
      Insurance Proceeds;

     

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

     

    (vi)  all
      proceeds of any Mortgage Loan purchased by any Person and any Substitution
      Amounts related to any Qualifying Substitute Mortgage Loan.

     

    (e)  Funds
      in
      the Collection Account may be invested in Eligible Investments (selected by
      and
      at the written direction of the Master Servicer) which shall mature not later
      than the earlier of (a) the Deposit Date or (b) the day on which the funds
      in
      such Collection Account are required to be remitted to the Trustee for deposit
      into the Certificate Account, and any such Eligible Investment shall not be
      sold
      or disposed of prior to its maturity. All such Eligible Investments shall be
      made in the name of the Master Servicer in trust for the benefit of the Trustee
      and Holders of the Lehman Mortgage Trust Mortgage Pass-Through Certificates,
      Series 2006-1. All income and gain realized from any such investment shall
      be
      for the benefit of the Master Servicer as additional compensation and shall
      be
      subject to its withdrawal on order from time to time, and shall not be part
      of
      the Trust Fund. The amount of any losses incurred in respect of any such
      investments shall be deposited in the Collection Account by the Master Servicer
      out of its own funds, without any right of reimbursement therefor, immediately
      as realized. The foregoing requirements for deposit in the Collection Account
      are exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments of interest on funds in the Collection
      Account and payments in the nature of late payment charges or assumption fees
      and Prepayment Penalty Amounts with respect to those Mortgage Loans for which
      the Mortgage Loan Seller does not own the servicing rights (as indicated in
      the
      Mortgage Loan Schedule), need not be deposited by the Master Servicer in the
      Collection Account and may be retained by the Master Servicer or the applicable
      Servicer as additional servicing compensation. If the Master Servicer deposits
      in the Collection Account any amount not required to be deposited therein,
      it
      may at any time withdraw such amount from the Collection Account. 

     

    
      
        
        

      

      
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      	Section
              4.02.   	
              Application
                of Funds in the Collection
                Account.

            

    

     

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

     

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

     

    (ii)  to
      reimburse itself or the Servicer for any Servicing Advances made by it or by
      the
      Servicer that it or the Servicer determines in good faith will not be
      recoverable from amounts representing late recoveries of payments of principal
      or interest respecting the particular Mortgage Loan as to which such Servicing
      Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect
      to such Mortgage Loan, it being understood, in the case of any such
      reimbursement, that such Master Servicer’s or Servicer’s right thereto shall be
      prior to the rights of the Certificateholders;

     

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

     

    (iv)  to
      reimburse itself or any Servicer for expenses incurred by and recoverable by
      or
      reimbursable to it or the Servicer pursuant to Section 9.04, 9.05, 9.06, 9.16
      or
      9.22(a) or pursuant to the Servicing Agreement, and to reimburse itself for
      any
      expenses reimbursable to it pursuant to Section 10.01(c);

     

    
      
        
        

      

      
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    (v)  to
      pay to
      the applicable Person, with respect to each Mortgage Loan or REO Property
      acquired in respect thereof that has been repurchased by such Person pursuant
      to
      this Agreement, all amounts received thereon and not distributed on the date
      on
      which the related repurchase was effected;

     

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

     

    (vii)  to
      make
      payments to the Trustee for deposit into the Certificate Account in the amounts
      and in the manner provided for in Section 4.01(c);

     

    (viii)  to
      make
      distributions of any Retained Interest to the Retained Interest Holder on each
      Distribution Date (other than any Retained Interest not deposited into the
      Collection Account in accordance with Section 4.01(d)(iii));

     

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

     

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

     

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

     

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

     

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

     

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

     

    In
      the
      event that the Master Servicer fails on any Deposit Date to remit to the Trustee
      any amounts required to be so remitted to the Trustee pursuant to subclause
      (vii) on such date, the Master Servicer shall pay the Trustee, for the account
      of the Trustee, interest calculated at the “prime rate” (as published in the
“Money Rates” section of The
      Wall Street Journal)
      on such
      amounts not timely remitted for the period from and including that Deposit
      Date
      to but not including the related Distribution Date.

     

    
      
        
        

      

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

     

    
      	Section
              4.03.   	
              Reports
                to Certificateholders.

            

    

     

    (a)  On
      each
      Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust
      Fund Termination Event, the Trustee shall prepare (based solely on the basis
      of
      the Underlying Distribution Date Statement obtained from the Underlying Trustee
      on or prior to the Distribution Date and other information provided by the
      Master Servicer) and shall make available to each Certificateholder and each
      Rating Agency a report (the “Distribution Date Statement”) setting forth the
      following information (on the basis of Mortgage Loan level information obtained
      from the Servicer and the Master Servicer):

     

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

     

    (ii)  the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of Certificates, other than the Class AP Certificates,
      and
      in respect of each Component, allocable to interest, including any Accrual
      Amount added to the Class Principal Amount of any Class of Accrual
      Certificates;

     

    (iii)  the
      amount, if any, of any distribution to the Holders of a Residual
      Certificate;

     

    (iv)  for
      each
      Mortgage Pool and in the aggregate, (A) the aggregate amount of any
      Advances required to be made by or on behalf of the Master Servicer or any
      Servicer (or the Trustee solely in its capacity as successor master servicer)
      with respect to such Distribution Date, (B) the aggregate amount of such
      Advances actually made, and (C) the amount, if any, by which (A) above
      exceeds (B) above;

     

    (v)  the
      Aggregate Principal Balance of the Mortgage Loans and the Non-AP Pool Balance
      of
      each Mortgage Pool for such Distribution Date, after giving effect to payments
      allocated to principal reported under clause (i) above;

     

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

     

    
      
        
        

      

      
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    (vii)  for
      each
      Mortgage Pool and in the aggregate, any Realized Losses realized with respect
      to
      the Mortgage Loans (x) in the applicable Prepayment Period and (y) in the
      aggregate since the Cut-off Date, stating separately the amount of Special
      Hazard Losses, Fraud Losses and Bankruptcy Losses and the aggregate amount
      of
      such Realized Losses, and the remaining Special Hazard Loss Amount, Fraud Loss
      Amount and Bankruptcy Loss Amount;

     

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

     

    (ix)  the
      number and aggregate Scheduled Principal Balance of Mortgage Loans in each
      Mortgage Pool and in the aggregate, as reported to the Trustee by the Master
      Servicer, (a) remaining outstanding (b) delinquent one month, (c) delinquent
      two
      months, (d) delinquent three or more months, and (e) as to which foreclosure
      proceedings have been commenced as of the close of business on the last Business
      Day of the calendar month immediately preceding the month in which such
      Distribution Date occurs;

     

    (x)  the
      deemed principal balance of each REO Property as of the close of business on
      the
      last Business Day of the calendar month immediately preceding the month in
      which
      such Distribution Date occurs;

     

    (xi)  with
      respect to any Mortgage Loan that became an REO Property during the preceding
      calendar month, the principal balance of such Mortgage Loan and the number
      of
      such Mortgage Loans as of the close of business on the last Business Day of
      the
      calendar month immediately preceding the month in which such Distribution Date
      occurs;

     

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

     

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

     

    (xiv)  the
      Certificate Interest Rate or Component Interest Rate applicable to such
      Distribution Date with respect to each Class of Certificates and each Component,
      respectively;

     

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

     

    
      
        
        

      

      
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    (xvi)  the
      amount of any Class P Distributable Amount allocated to the Class P Certificates
      for that Distribution Date;

     

    (xvii)  the
      amount of any principal and interest, if any, distributed in respect of the
      Underlying Certificates on the related Underlying Distribution Date;

     

    (xviii)  the
      certificate principal amount and the class principal amount of the Underlying
      Certificates (i) immediately prior to the related Distribution Date and (ii)
      as
      of such Distribution Date, after giving effect to the distributions of principal
      made thereon on the Underlying Distribution Date;

     

    (xix)  the
      aggregate outstanding Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls,
      if
      any, for the Class 1-A1 or Class 3-A1 Certificates, after giving effect to
      the
      distribution made on such Distribution Date; and

     

    (xx)  the
      amount of any payments made by the Cap Counterparty to the Trust Fund under
      the
      Class 1-A1 Cap Agreement and Class 3-A1 Cap Agreement,
      respectively.

     

    In
      addition to the information listed above, such Distribution Date Statement
      shall
      also include such
      other information as is required by Form 10-D, including, but not limited to,
      the information required by Item 1121 (§ 229.1121) of Regulation AB,
other
      than those data elements specified in Item 1121(a)(11), (12) and
      (14).

     

    In
      the
      case of information furnished pursuant to subclauses (i), (ii) and (vii) above,
      the amounts shall be expressed as a dollar amount per $1,000 of original
      principal amount of Certificates.

     

    Holders
      of the Group 4 Certificates may receive access to the monthly Underlying
      Distribution Date Statements by accessing the Underlying Trustee’s internet
      website at www.trustinvestorreporting.usbank.com.

     

    On
      any
      Distribution Date after the occurrence of a Section 7.01(c) Purchase Event,
      the
      information required by subclauses (i), (iii), (iv), (v), (vii), (viii), (ix),
      (x), (xi), (xii) and (xvi) shall be provided to the Holder of the LT-R
      Certificate and the LTURI-holder with regard to the Lower Tier REMIC 1
      Uncertificated Regular Interests in lieu of the Certificates.

     

    The
      Trustee will make such report and additional loan level information (and, at
      its
      option, any additional files containing the same information in an alternative
      format) available each month to the Certificateholders and the Rating Agencies
      via the Trustee’s internet website, initially located at www.sfcitidirect.com.
      Such parties that are unable to use the website are entitled to have a paper
      copy mailed to them via first class mail upon request. The Trustee shall have
      the right to change the way such statements are distributed in order to make
      such distribution more convenient and/or more accessible to the above-parties
      and the Trustee shall provide timely and adequate notification to all
      above-parties regarding any such changes.

     

    The
      foregoing information and reports shall be prepared and determined by the
      Trustee based solely on the Underlying Distribution Date Statement provided
      by
      the Underlying Trustee for the related Underlying Distribution Date with respect
      to information with respect to the Underlying Certificates and on the Mortgage
      Loan data provided to the Trustee by the Master Servicer (in a format agreed
      to
      by the Trustee and the Master Servicer) no later than 2:00 p.m. Eastern Time
      four Business Days prior to the Distribution Date. In preparing or furnishing
      Mortgage Loan data to the Trustee, the Master Servicer shall be entitled to
      rely
      conclusively on the accuracy of the information or data regarding the Mortgage
      Loans and the related REO Property that has been provided to the Master Servicer
      by the Servicer, and the Master Servicer shall not be obligated to verify,
      recompute, reconcile or recalculate any such information or data. The Trustee
      shall be entitled to conclusively rely on the Mortgage Loan data provided by
      the
      Master Servicer and shall have no liability for any errors in such Mortgage
      Loan
      data. In addition, the Trustee shall be entitled to conclusively rely on the
      accuracy of the information in the Underlying Distribution Date Statements
      that
      have been provided to the Trustee by the Underlying Trustee.

     

    
      
        
        

      

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

     

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

     

    
      	Section
              4.04.   	
              Certificate
                Account.

            

    

     

    (a)  The
      Trustee shall establish and maintain in its name, as trustee, a trust account
      (the “Certificate Account”), to be held in trust for the benefit of the
      Certificateholders until disbursed pursuant to the terms of this Agreement.
      The
      Certificate Account shall be an Eligible Account. If the existing Certificate
      Account ceases to be an Eligible Account, the Trustee shall establish a new
      Certificate Account that is an Eligible Account within 20 Business Days and
      transfer all funds on deposit in such existing Certificate Account into such
      new
      Certificate Account. The Certificate Account shall relate solely to the
      Certificates and to the Lower Tier REMIC I Uncertificated Regular Interests
      issued hereunder and funds in the Certificate Account shall be held separate
      and
      apart from and shall not be commingled with any other monies including, without
      limitation, other monies of the Trustee held under this Agreement.

     

    
      
        
        

      

      
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    (b)  The
      Trustee shall cause to be deposited into the Certificate Account on the day
      on
      which, or, if such day is not a Business Day, the Business Day immediately
      following the day on which, any monies are remitted by the Master Servicer
      to
      the Trustee, all such amounts. In addition, the Trustee shall deposit any
      distributions on the Underlying Certificates with respect to the Underlying
      Distribution Date upon its receipt thereof. If the Trustee shall not have
      received a distribution with respect to the Underlying Certificates by the
      date
      on which such distribution was due and payable pursuant to the terms of the
      Underlying Certificates, the Trustee shall request the Underlying Trustee to
      make such payment as promptly as possible and legally permitted and may, and
      at
      the direction of Holders of at least a majority in Class Principal Amount (or
      Class Notional Amount) of each Class of Group 4 Certificates shall, subject
      to
      the penultimate sentence of this paragraph, take any available legal action,
      including, without limitation, the prosecution of any claims in connection
      therewith. The reasonable legal fees and expenses incurred by the Trustee in
      connection with the prosecution of any such legal action shall be reimbursable
      to the Trustee out of the proceeds of any such action and shall be retained
      by
      the Trustee prior to the deposit of any remaining proceeds in the Certificate
      Account pending payment thereof to Holders of the Group 4 Certificates in
      accordance with Section 5.02. The amount distributable to Holders of the Group
      4
      Certificates on the Distribution Date immediately succeeding the receipt of
      such
      proceeds shall be reduced by the amount so reimbursed. In the event that the
      Trustee has reason to believe that the proceeds of any such legal action may
      be
      insufficient to reimburse it for its projected legal fees and expenses, the
      Trustee shall notify the Holders of the Group 4 Certificates that it is not
      obligated to pursue any such available remedies unless adequate indemnity for
      its legal fees and expenses is provided by the Holders of the Group 4
      Certificates. In the event that any such indemnity is provided to the Trustee,
      the Trustee shall take such action as directed.

     

    (c)  The
      Trustee shall make withdrawals from the Certificate Account only for the
      following purposes:

     

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

     

    (ii)  to
      pay
      itself any investment income earned with respect to funds in the Certificate
      Account invested in Eligible Investments as set forth in subsection (c) below,
      and to make payments to itself (prior to making distributions pursuant to
      Section 5.02) for any expenses or other indemnification owing to the Trustee
      and
      others pursuant to any provision of this Agreement or the Custodial
      Agreements;

     

    
      
        
        

      

      
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    (iii)  to
      make
      payments of the Master Servicing Fee (to the extent not already withheld or
      withdrawn from the Collection Account by the Master Servicer) to the Master
      Servicer;

     

    (iv)  to
      make
      distributions to the Certificateholders pursuant to Article V; and

     

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

     

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

     

    Section
      4.05.   The
      Securities Account.  

     

    (a)  The
      Trustee shall establish one or more “Securities Accounts” in the name of the
      Securities Intermediary that shall be held by the Trustee for the benefit of
      the
      Certificateholders. Each Securities Account shall be a segregated, non-interest
      bearing trust account maintained with the Trustee and established for the
      purpose of holding the Underlying Certificates; such account may be the same
      account as the Certificate Account. Each Securities Account shall be an Eligible
      Account. The Trustee hereby appoints Citibank, N.A., as Securities Intermediary
      with respect to the Securities Accounts, and the Trustee shall hold for the
      benefit of the Certificateholders, the Securities Accounts and the Security
      Entitlements to all Financial Assets credited to the Securities Accounts
      including without limitation all amounts, securities, investments, Financial
      Assets, investment property and other property from time to time deposited
      in or
      credited to the Securities Accounts and all proceeds thereof. Amounts held
      from
      time to time in the Securities Accounts will continue to be held by the Trustee
      for the benefit of the Certificateholders. Upon the termination of the Trust
      Fund, the Trustee shall inform the Securities Intermediary of such termination.
      By acceptance of their Certificates or interests therein, the Certificateholders
      shall be deemed to have appointed Citibank, N.A., as Securities Intermediary.
      Citibank, N.A. hereby accepts such appointment as Securities
      Intermediary.

     

    (b)  With
      respect to the Account Property credited to a Securities Account, the Securities
      Intermediary agrees that:

     

    (i)  any
      Account Property that is held in deposit accounts shall be held solely in a
      bank
      approved in writing by each Rating Agency; provided, that Citibank, N.A. shall
      be deemed to be so approved for so long as it maintains a short term debt rating
      by S&P of at least “A-1+” and a long term debt rating by S&P of at least
“AA-”; and each such deposit account shall be subject to the exclusive custody
      and control of the Securities Intermediary, and the Securities Intermediary
      shall have sole signature authority with respect thereto;

     

    
      
        
        

      

      
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    (ii)  the
      sole
      assets permitted in a Securities Account shall be those the Securities
      Intermediary agrees to treat as Financial Assets; and

     

    (iii)  any
      such
      Account Property that is, or is treated as, a Financial Asset shall be
      physically delivered (accompanied by any required endorsements) to, or credited
      to an account in the name of, the Securities Intermediary or other eligible
      institution maintaining a Securities Account in accordance with the Securities
      Intermediary’s customary procedures such that the Securities Intermediary or
      such other institution establishes a Security Entitlement in favor of the
      Trustee with respect thereto over which the Securities Intermediary or such
      other institution has Control.

     

    (c)  The
      Securities Intermediary hereby confirms that (A) a Securities Account is an
      account to which Financial Assets are or may be credited, and the Securities
      Intermediary shall, subject to the terms of this Agreement, treat the Trustee
      as
      entitled to exercise the rights that comprise any Financial Asset credited
      to a
      Securities Account, (B) all Account Property in respect of a Securities Account
      will be promptly credited by the Securities Intermediary to such Securities
      Account, and (C) all securities or other property underlying any Financial
      Assets credited to a Securities Account shall be registered in the name of
      the
      Trustee, endorsed to the Trustee or in blank or credited to another securities
      account maintained in the name of the Trustee and in no case will any Financial
      Asset credited to a Securities Account be registered in the name of the
      Depositor, payable to the order of the Depositor or specially endorsed to the
      Depositor except to the extent the foregoing have been specially endorsed to
      the
      Trustee or in blank.

     

    (d)  The
      Securities Intermediary hereby agrees that each item of property (whether
      investment property, Financial Asset, security, instrument or cash) credited
      to
      a Securities Account shall be treated as a Financial Asset.

     

    (e)  If
      at any
      time the Securities Intermediary shall receive any order from the Trustee
      directing transfer or redemption of any financial asset relating to a Securities
      Account, the Securities Intermediary shall comply with such entitlement order
      without further consent by the Depositor or any other Person. 

     

    (f)  In
      the
      event that the Securities Intermediary has or subsequently obtains by agreement,
      operation of law or otherwise a security interest in a Securities Account or
      any
      Financial Asset credited thereto, the Securities Intermediary hereby agrees
      that
      such security interest shall be subordinate to the ownership interest of the
      Trustee. The Financial Assets credited to a Securities Account will not be
      subject to deduction, set-off, banker’s lien, or any other right in favor of any
      Person other than the Trustee (except that the Securities Intermediary may
      set
      off the face amount of any checks which have been credited to a Securities
      Account but are subsequently returned unpaid because of uncollected or
      insufficient funds).

     

    
      
        
        

      

      
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    (g)  There
      are
      no other agreements entered into between the Securities Intermediary in such
      capacity and the Depositor with respect to a Securities Account. In the event
      of
      any conflict between this Agreement (or any provision of this Agreement) and
      any
      other agreement now existing or hereafter entered into, the terms of this
      Agreement shall prevail.

     

    (h)  The
      rights and powers granted herein to the Trustee have been granted in order
      to
      perfect its ownership interest in the Securities Accounts and the Security
      Entitlements to the Financial Assets credited thereto and are powers coupled
      with an interest and will neither be affected by the dissolution or bankruptcy
      of the Depositor nor by the lapse of time. The obligations of the Securities
      Intermediary hereunder shall continue in effect until the ownership interest
      of
      the Trustee in the Securities Accounts and such Security Entitlements has been
      terminated pursuant to the terms of this Agreement and the Trustee has notified
      the Securities Intermediary of such termination in writing.

     

    (i)  Notwithstanding
      anything else contained herein, the Trustee agrees that the Securities Accounts
      will be established only with the Securities Intermediary or another institution
      meeting the requirements of this Section, which agrees substantially as follows:
      (1) it will comply with entitlement orders related to such account issued by
      the
      Trustee without further consent by the Depositor; (2) until termination of
      the
      Agreement, it will not enter into any other agreement related to such account
      pursuant to which it agrees to comply with entitlement orders of any Person
      other than the Trustee; and (3) all assets delivered or credited to it in
      connection with such account and all investments thereof will be promptly
      credited to such account.

     

    (j)  The
      Depositor agrees to take or cause to be taken such further actions, to execute,
      deliver and file or cause to be executed, delivered and filed such further
      documents and instruments (including, without limitation, any financing
      statements under the Relevant UCC or this Agreement) as may be determined to
      be
      necessary, in order to perfect the interests created by this Section and
      otherwise effectuate the purposes, terms and conditions of this Agreement.
      

     

    Section
      4.06.   Liability
      of the Securities Intermediary.  

     

    The
      Securities Intermediary shall be liable in accordance herewith only to the
      same
      extent as the Trustee shall be liable hereunder as provided in Article VI
      hereof.

     

    ARTICLE
      V

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    
      	Section
              5.01.   	
              Distributions
                Generally.

            

    

     

    (a)  Subject
      to Section 7.01 respecting (a) the final distribution on the Certificates and
      (b) distributions on the Lower Tier REMIC I Uncertificated Regular Interests,
      on
      each Distribution Date the Trustee or the Paying Agent shall make distributions
      in accordance with this Article V. Such distributions shall be made by wire
      transfer if the Certificateholder has provided the Trustee with wire
      instructions or by check mailed to the address of such Certificateholder as
      it
      appears in the books of the Trustee if the Certificateholder has not provided
      the Trustee with wire instructions in immediately available funds to an account
      specified in the request and at the expense of such Certificateholder;
provided,
      however,
      that the
      final distribution in respect of any Certificate shall be made only upon
      presentation and surrender of such Certificate at the applicable Corporate
      Trust
      Office; provided,
      further,
      that the
      foregoing provisions shall not apply to any Class of Certificates as long as
      such Certificate remains a Book-Entry Certificate in which case all payments
      made shall be made through the Clearing Agency and its Clearing Agency
      Participants. Notwithstanding such final distribution of principal of any of
      the
      Certificates, each Residual Certificate will remain outstanding until the
      termination of each related REMIC and the payment in full of all other amounts
      due with respect to such Residual Certificate and at such time such final
      payment in retirement of any such Residual Certificate will be made only upon
      presentation and surrender of such Certificate at the Corporate Trust Office
      of
      the Trustee. If any payment required to be made on the Certificates or the
      Lower
      Tier REMIC I Uncertificated Regular Interests is to be made on a day that is
      not
      a Business Day, then such payment will be made on the next succeeding Business
      Day. 

     

    
      
        
        

      

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

     

    
      	Section
              5.02.   	
              Distributions
                from the Certificate Account.

            

    

     

    (a)  On
      each
      Distribution Date (or, with respect to the Group 4 Certificates and
      distributions received in respect of the Underlying Certificates after the
      Distribution Date, no later than the first Business Day after receipt by the
      Trustee of such distributions (without any additional interest accruing
      thereon); provided
      that the
      Trustee shall have no liability with respect to any such delay), the Trustee
      (or
      the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate
      Account, the Available Distribution Amount (other than the Class P Distributable
      Amount) with respect to each Asset Pool, and shall distribute such amount to
      the
      Holders of record of each Class of Certificates or Components, in the following
      order of priority:

     

    (i)  from
      the
      Available Distribution Amount for each Asset Pool, to each Class of Senior
      Certificates or Components relating to such Asset Pool (other than the related
      Components of the Class AP Certificates), the Accrued Certificate Interest
      thereon for such Distribution Date, as reduced, in each case, by such Class’s
      (other than a Group 4 Certificate) or Component’s allocable share of any Net
      Prepayment Interest Shortfalls for the related Asset Pool for such Distribution
      Date; provided,
      however,
      that
      any shortfall in available amounts for each Asset Pool shall be allocated among
      the Classes of Senior Certificates or Components related to such Asset Pool
      in
      proportion to the amount of Accrued Certificate Interest (as so reduced) that
      would otherwise be distributable thereon; and provided
      further,
      that
      prior to the related Accretion Termination Date, such amounts otherwise
      distributable to Class 1-A4 and Class 3-A4 Certificates will instead be added
      to
      the Class Principal Amounts thereof and will be allocated as provided in Section
      5.02(f);

     

    
      
        
        

      

      
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    (ii)  from
      the
      Available Distribution Amount for each Asset Pool, to each Class of Senior
      Certificates or Components relating to such Asset Pool (other than the related
      Components of the Class AP Certificates), any related Interest Shortfall for
      such Distribution Date; provided,
      however,
      that
      any shortfall in available amounts for each Asset Pool shall be allocated among
      the Classes of Senior Certificates or Components related to such Asset Pool
      in
      proportion to the amount of such interest (as so reduced) that would otherwise
      be distributable thereon; and provided
      further,
      that
      prior to the Accretion Termination Date, such amounts otherwise distributable
      to
      Class 1-A4 and Class 3-A4 Certificates will instead be added to the Class
      Principal Amounts thereof and will be allocated as provided in Section 5.02(f);
      

     

    (iii)  from
      the
      remaining Available Distribution Amount for each Asset Pool to the Senior
      Certificates (other than any related Notional Certificates) as set forth in
      the
      Senior Principal Priorities attached as Exhibit O hereto;

     

    (iv)  from
      the
      remaining Available Distribution Amounts for Pool 1, to the AP(1) Component,
      to
      the extent of the remaining Available Distribution Amounts for Pool 1, the
      related AP Deferred Amount for such Component for such Distribution Date, until
      the Component Principal Amount thereof has been reduced to zero; provided,
      however,
      that
      (A) distributions pursuant to this priority shall not exceed the Subordinate
      Principal Distribution Amount for Pool 1 for such date; and (B) such amounts
      will not reduce the Component Principal Amount of the AP(1)
      Component;

     

    (v)  from
      the
      remaining Available Distribution Amounts for Pool 3, to the AP(3) Component,
      to
      the extent of the remaining Available Distribution Amounts for Pool 3, the
      related AP Deferred Amount for such Component for such Distribution Date, until
      the Component Principal Amount thereof has been reduced to zero; provided,
      however,
      that
      (A) distributions pursuant to this priority shall not exceed the aggregate
      Subordinate Principal Distribution Amounts for Pool 3 for such date; (B) such
      amounts will not reduce the Component Principal Amounts of the AP(3) Component;
      and

     

    (vi)  from
      the
      remaining Available Distribution Amount for Pool 3, to the Group 3 Subordinate
      Certificates, subject to the prior distribution of amounts pursuant to Section
      5.02(h) in the case of clauses (C), (F), (I), (L), (O) and (R) below, in the
      following order of priority:

     

    (A)  to
      the
      Class 3B1 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (B)  to
      the
      Class 3B1 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (C)  to
      the
      3B1 Certificates, in reduction of the Class Principal Amount thereof, such
      Class’s Subordinate Certificate Percentage of the Subordinate Principal
      Distribution Amount for Pool 3 on such Distribution Date, except as provided
      in
      Section 5.02(d), until the Class Principal Amount thereof has been reduced
      to
      zero;

     

    
      
        
        

      

      
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    (D)  to
      the
      Class 3B2 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (E)  to
      the
      Class 3B2 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (F)  to
      the
      Class 3B2 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Certificate Percentage of the Subordinate Principal
      Distribution Amount for Pool 3 on such Distribution Date, except as provided
      in
      Section 5.02(d), until the Class Principal Amount thereof has been reduced
      to
      zero;

     

    (G)  to
      the
      Class 3B3 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (H)  to
      the
      Class 3B3 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (I)  to
      the
      Class 3B3 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Certificate Percentage of the Subordinate Principal
      Distribution Amount for Pool 3 on such Distribution Date, except as provided
      in
      Section 5.02(d), until the Class Principal Amount thereof has been reduced
      to
      zero;

     

    (J)  to
      the
      Class 3B4 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (K)  to
      the
      Class 3B4 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (L)  to
      the
      Class 3B4 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Certificate Percentage of the Subordinate Principal
      Distribution Amount for Pool 3 on such Distribution Date, except as provided
      in
      Section 5.02(d), until the Class Principal Amount thereof has been reduced
      to
      zero;

     

    (M)  to
      the
      Class 3B5 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (N)  
      to the
      Class 3B5 Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    
      
        
        

      

      
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    (O)  to
      the
      Class 3B5 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Certificate Percentage of the Subordinate Principal
      Distribution Amount for Pool 3 on such Distribution Date, except as provided
      in
      Section 5.02(d), until the Class Principal Amount thereof has been reduced
      to
      zero;

     

    (P)  to
      the
      Class 3B6 Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (Q)  to
      the
      Class 3B6 Certificates, any Interest Shortfall for such Class on such
      Distribution Date; and

     

    (R)  to
      the
      Class 3B6 Certificates, in reduction of the Class Principal Amount thereof,
      such
      Class’s Subordinate Certificate Percentage of the Subordinate Principal
      Distribution Amount for Pool 3 on such Distribution Date, except as provided
      in
      Section 5.02(d), until the Class Principal Amount thereof has been reduced
      to
      zero;

     

    (vii)  from
      the
      remaining Available Distribution Amount for Pool 1 and Pool 2, to the Group
      1-2
      Subordinate Certificates, subject to the prior distribution of amounts pursuant
      to Section 5.02(h) in the case of clauses (C), (F), (I), (L), (O) and (R) below,
      in the following order of priority:

     

    (A)  to
      the
      Class B1(1-2) Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (B)  to
      the
      Class B1(1-2) Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (C)  to
      the
      Class B1(1-2) Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Certificate Percentage of the aggregate Subordinate
      Principal Distribution Amount for Pool 1 and Pool 2 on such Distribution Date,
      except as provided in Section 5.02(d), until the Class Principal Amount thereof
      has been reduced to zero;

     

    (D)  to
      the
      Class B2(1-2) Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (E)  to
      the
      Class B2(1-2) Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (F)  to
      the
      Class B2(1-2) Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Certificate Percentage of the aggregate Subordinate
      Principal Distribution Amount for Pool 1 and Pool 2 on such Distribution Date,
      except as provided in Section 5.02(d), until the Class Principal Amount thereof
      has been reduced to zero;

     

    
      
        
        

      

      
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    (G)  to
      the
      Class B3(1-2) Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (H)  to
      the
      Class B3(1-2) Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (I)  to
      the
      Class B3(1-2) Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Certificate Percentage of the aggregate Subordinate
      Principal Distribution Amount for Pool 1 and Pool 2 on such Distribution Date,
      except as provided in Section 5.02(d), until the Class Principal Amount thereof
      has been reduced to zero;

     

    (J)  to
      the
      Class B4(1-2) Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (K)  to
      the
      Class B4(1-2) Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (L)  to
      the
      Class B4(1-2) Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Certificate Percentage of the aggregate Subordinate
      Principal Distribution Amount for Pool 1 and Pool 2 on such Distribution Date,
      except as provided in Section 5.02(d), until the Class Principal Amount thereof
      has been reduced to zero;

     

    (M)  to
      the
      Class B5(1-2) Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (N)  to
      the
      Class B5(1-2) Certificates, any Interest Shortfall for such Class on such
      Distribution Date;

     

    (O)  to
      the
      Class B5(1-2) Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Certificate Percentage of the aggregate Subordinate
      Principal Distribution Amount for Pool 1 and Pool 2 on such Distribution Date,
      except as provided in Section 5.02(d), until the Class Principal Amount thereof
      has been reduced to zero;

     

    (P)  to
      the
      Class B6(1-2) Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (Q)  to
      the
      Class B6(1-2) Certificates, any Interest Shortfall for such Class on such
      Distribution Date; 

     

    
      
        
        

      

      
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    (R)  to
      the
      Class B6(1-2) Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Certificate Percentage of the aggregate Subordinate
      Principal Distribution Amount for Pool 1 and Pool 2 on such Distribution Date,
      except as provided in Section 5.02(d), until the Class Principal Amount thereof
      has been reduced to zero;

     

    (S)  to
      the
      Class B7(1-2) Certificates, the Accrued Certificate Interest thereon for such
      Distribution Date, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for such Distribution Date;

     

    (T)  to
      the
      Class B7(1-2) Certificates, any Interest Shortfall for such Class on such
      Distribution Date; and

     

    (U)  to
      the
      Class B7(1-2) Certificates, in reduction of the Class Principal Amount thereof,
      such Class’s Subordinate Certificate Percentage of the aggregate Subordinate
      Principal Distribution Amount for Pool 1 and Pool 2 on such Distribution Date,
      except as provided in Section 5.02(d), until the Class Principal Amount thereof
      has been reduced to zero;

     

    (b)  Net
      Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among
      the Certificates related to such Mortgage Pool (other than the related
      Components of the Class AP Certificates) pro
      rata
      based on
      the Accrued Certificate Interest otherwise distributable thereon; except that
      in
      the case of the Group 1-2 Subordinate Certificates, such amounts shall be
      allocated on the basis of interest accrued on the related Apportioned Principal
      Balances.

     

    (c)  (i)
      After
      the Group 3 Credit Support Depletion Date, the Senior Distribution Amount with
      respect to Pool 3 remaining after distribution of interest to the related Non-AP
      Senior Certificates on such date shall be distributed among the related Classes
      of Senior Certificates proportionately, on the basis of their respective Class
      Principal Amounts immediately prior to such Distribution Date, regardless of
      the
      priorities and amounts set forth in Section 5.02(a)(iii); and (ii) after the
      Group 1-2 Credit Support Depletion Date, the Senior Distribution Amount with
      respect to Pool 1 and Pool 2 remaining after distribution of interest to the
      related Non-AP Senior Certificates on such date shall be distributed among
      the
      related Classes of Senior Certificates proportionately, on the basis of their
      respective Class Principal Amounts immediately prior to such Distribution Date,
      regardless of the priorities and amounts set forth in Section
      5.02(a)(iii).

     

    (d)  (i)
      With
      respect to any of the Class 3B1, Class 3B2, Class 3B3, Class 3B4, Class 3B5
      and
      Class 3B6 Certificates, if on any Distribution Date the Credit Support
      Percentage for that Class is less than the Original Credit Support Percentage
      for such Class, then, notwithstanding anything to the contrary in Section
      5.02(a), no distribution of amounts described in clauses (ii) and (iii) of
      the
      definition of Subordinate Principal Distribution Amount will be made to any
      Group 3 Subordinate Certificate of lower priority and (ii) with respect to
      any
      of the Class B1(1-2), Class B2(1-2), Class B3(1-2), Class B4(1-2), Class
      B5(1-2), Class B6(1-2) and Class B7(1-2) Certificates, if on any Distribution
      Date the Credit Support Percentage for that Class is less than the Original
      Credit Support Percentage for such Class, then, notwithstanding anything to
      the
      contrary in Section 5.02(a), no distribution of amounts described in clauses
      (ii) and (iii) of the definition of Subordinate Principal Distribution Amount
      will be made to any related Group 1-2 Subordinate Certificate of lower
      priority.

     

    
      
        
        

      

      
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    Any
      amount not distributed in respect of any Group 3 Subordinate Certificate on
      any
      Distribution Date pursuant to the immediately preceding paragraph shall be
      allocated among the remaining Group 3 Subordinate Certificates in proportion
      to
      their respective Certificate Principal Amounts. Any amount not distributed
      in
      respect of any Group 1-2 Subordinate Certificate on any Distribution Date
      pursuant to the immediately preceding paragraph shall be allocated among the
      remaining Group 1-2 Subordinate Certificates in proportion to their respective
      Certificate Principal Amounts.

     

    (e)  On
      each
      Distribution Date, the Trustee shall distribute to the Holder of the Class
      R
      Certificate any amounts remaining in REMIC III for such Distribution Date after
      application of all amounts described in paragraph (a) of this Section 5.02.
      Any
      distributions pursuant to this paragraph (e) shall not reduce the Class
      Principal Amount of the Class R Certificate.

     

    (f)  On
      each
      Distribution Date prior to the Accretion Termination Date for the Class 1-A4
      Certificates and before the distributions have been made on such Distribution
      Date pursuant to 3(a)(i)(C) and (D) as set forth on Exhibit O hereto, an amount
      equal to the Accrual Amount allocable to the Class 1-A4 Certificates for such
      date will be allocated to make distributions in respect of principal
pro
      rata,
      to the
      Class 1-A1 and Class 1-A3 Certificates, based on their respective Class
      Principal Amounts, until their respective Class Principal Amounts have been
      reduced to zero. On each such date, the Accrual Amount for the Class 1-A4
      Certificates and such date will be added to the Class Principal Amount thereof.
      On each Distribution Date on or after the Accretion Termination Date for the
      Class 1-A4 Certificates, Accrued Certificate Interest will no longer be added
      to
      the Class Principal Amount thereof but will instead be distributed as interest
      thereon.

     

    (g)  On
      each
      Distribution Date prior to the Accretion Termination Date for the Class 3-A4
      Certificates and before the distributions have been made on such Distribution
      Date pursuant to 3(c)(i)(B) and (D) as set forth on Exhibit O hereto, an amount
      equal to the Accrual Amount allocable to the Class 3-A4 Certificates for such
      date will be allocated to make distributions in respect of principal
pro
      rata,
      to the
      Class 3-A1 and Class 3-A3 Certificates, based on their respective Class
      Principal Amounts, until their respective Class Principal Amounts have been
      reduced to zero. On each such date, the Accrual Amount for the Class 3-A4
      Certificates and such date will be added to the Class Principal Amount thereof.
      On each Distribution Date on or after the Accretion Termination Date for the
      Class 3-A4 Certificates, Accrued Certificate Interest will no longer be added
      to
      the Class Principal Amount thereof but will instead be distributed as interest
      thereon.

     

    
      
        
        

      

      
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    (h)  On
      each
      Distribution Date, the Trustee shall distribute the Class P Distributable Amount
      for such date to the Holder of the Class P Certificates.

     

    (i)  On
      each
      Distribution Date prior to the Group 1-2 Credit Support Depletion Date but
      after
      the date on which the total Certificate Principal Amount of the Non-AP Senior
      Certificate or Certificates relating to Pool 1 or Pool 2 have been reduced
      to
      zero, amounts otherwise distributable as principal on each of the Group 1-2
      Subordinate Certificates pursuant to Section 5.02(a)(vii), in reverse order
      of
      priority, in respect of such Class’s Subordinate Class Percentage of the
      Subordinate Principal Distribution Amount for the Mortgage Pool relating to
      such
      retired Senior Certificates, shall be distributed as principal to the Non-AP
      Senior Certificates (other than the Non-AP Senior Certificates related to Pool
      3) remaining outstanding pursuant to Section 5.02(a)(iii) until the Class
      Principal Amounts thereof have been reduced to zero, provided
      that on
      such Distribution Date (a) the Group 1-2 Subordinate Percentage for such
      Distribution Date is less than 200% of the Group 1-2 Subordinate Percentage
      as
      of the Cut-off Date or (b) the average outstanding principal balance of the
      Mortgage Loans in any of Pool 1 or Pool 2 that are delinquent 60 days or more
      for the last six months (including for this purpose any REO Property or Mortgage
      Loans in foreclosure or bankruptcy and the Scheduled Payments that would have
      been due on Mortgage Loans with respect to which the related Mortgaged Property
      has been acquired by the Trust Fund if the related Mortgage Loan had remained
      in
      existence) as a percentage of the related Group Subordinate Amount is greater
      than or equal to 50%.

     

    (ii) On
      any
      Distribution Date on which any Non-AP Senior Certificate or Certificates
      relating to Pool 1 or Pool 2 constitute an Undercollateralized Class or Classes,
      all amounts otherwise distributable as principal on the Group 1-2 Subordinate
      Certificates, in reverse order of priority (other than amounts necessary to
      pay
      any AP Deferred Amounts or unpaid Interest Shortfalls) (or, following the Group
      1-2 Credit Support Depletion Date, such other amounts described in the
      immediately following sentence), will be distributed as principal to the
      Undercollateralized Class or Classes pursuant to Section 5.02(a)(iii), until
      the
      total Certificate Principal Amount of the Undercollateralized Class or Classes
      equals the Non-AP Pool Balance of the related Mortgage Pool (such distribution,
      an “Undercollateralization Distribution”). In the event that any Non-AP Senior
      Certificate or Certificates relating to Pool 1 or Pool 2 constitute an
      Undercollateralized Class or Classes on any Distribution Date following the
      Group 1-2 Credit Support Depletion Date, Undercollateralization Distributions
      will be made from any Available Distribution Amount for the Mortgage Pools
      (other than Pool 3) not related to an Undercollateralized Class or Classes
      remaining after all required amounts have been distributed to the Non-AP Senior
      Certificates related to such other Mortgage Pools. In addition, the amount
      of
      any unpaid Interest Shortfalls with respect to an Undercollateralized Class
      on
      any Distribution Date (including any Interest Shortfalls for such Distribution
      Date) will be distributed to the Undercollateralized Class or Classes prior
      to
      the payment of any Undercollateralization Distributions from amounts otherwise
      distributable as principal on the Group 1-2 Subordinate Certificates, in reverse
      order of priority (or, following the Group 1-2 Credit Support Depletion Date,
      as
      provided in the preceding sentence).

     

    
      
        
        

      

      
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    (i)
      On
      each Distribution Date occurring after a Section 7.01(c) Purchase Event but
      on
      or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent
      on
      behalf of the Trustee), shall withdraw from the Certificate Account the
      Available Distribution Amount (to the extent such amount is on deposit in the
      Certificate Account), and shall allocate such amount to the interests issued
      in
      respect of the Lower Tier REMIC 1 Uncertificated Regular Interests created
      pursuant to this Agreement and shall distribute such amount first,
      to the
      Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not
      previously reimbursed to the Trustee, second,
      to the
      LTURI-holder, any remaining Available Distribution Amount to the extent payable
      on the Lower Tier REMIC 1 Uncertificated Regular Interests as provided in the
      Preliminary Statement, and third,
      to the
      Class LT-R Certificates.

     

    
      	Section
              5.03.   	
              Allocation
                of Realized Losses.

            

    

     

    (a)  (i)On
      any
      Distribution Date, (x) the applicable AP Percentage of the principal portion
      of
      each Realized Loss (other than any Excess Loss) in respect of a Discount
      Mortgage Loan in a Mortgage Pool will be allocated to and reduce the Component
      Principal Amount of the related Component of the Class AP Certificates until
      its
      Component Principal Amount has been reduced to zero; (y) the applicable Non-AP
      Percentage of the principal portion of each Realized Loss (other than any Excess
      Loss) in respect of a Mortgage Loan in Pool 3, shall be allocated in the
      following order of priority:

     

    first,
      to the
      Class 3B6 Certificates, in reduction of its Class Principal Amount, until the
      Class Principal Amount thereof has been reduced to zero;

     

    second,
      to the
      Class 3B5 Certificates, in reduction of its Class Principal Amount, until the
      Class Principal Amount thereof has been reduced to zero;

     

    third,
      to the
      Class 3B4 Certificates, in reduction of its Class Principal Amount, until the
      Class Principal Amount thereof has been reduced to zero;

     

    fourth,
      to the
      Class 3B3 Certificates, in reduction of its Class Principal Amount, until the
      Class Principal Amount thereof has been reduced to zero; 

     

    fifth,
      to the
      Class 3B2 Certificates, in reduction of its Class Principal Amount, until the
      Class Principal Amount thereof has been reduced to zero;

     

    sixth,
      to the
      Class 3B1 Certificates, in reduction of its Class Principal Amount, until the
      Class Principal Amount thereof has been reduced to zero; and

     

    seventh,
      to the
      related Classes of Non-AP Senior Certificates, pro
      rata,
      in
      accordance with their respective Class Principal Amounts; provided, however,
      any
      Realized Loss that would otherwise be allocable to the Class 3-A1, Class 3-A4
      and Class 3-A5 Certificates will instead be allocated to the 3-A6 Certificates,
      until the Class Principal Amount thereof has been reduced to zero.

     

    
      
        
        

      

      
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    and
      (z)
      the applicable Non-AP Percentage of the principal portion of each Realized
      Loss
      (other than any Excess Loss) in respect of a Mortgage Loan in any of Pool 1
      or
      Pool 2, shall be allocated in the following order of priority:

     

    first,
      to the
      Class B7(1-2) Certificates, in reduction of its Class Principal Amount, until
      the Class Principal Amount thereof has been reduced to zero;

     

    second,
      to the
      Class B6(1-2) Certificates, in reduction of its Class Principal Amount, until
      the Class Principal Amount thereof has been reduced to zero;

     

    third,
      to the
      Class B5(1-2) Certificates, in reduction of its Class Principal Amount, until
      the Class Principal Amount thereof has been reduced to zero;

     

    fourth,
      to the
      Class B4(1-2) Certificates, in reduction of its Class Principal Amount, until
      the Class Principal Amount thereof has been reduced to zero; 

     

    fifth,
      to the
      Class B3(1-2) Certificates, in reduction of its Class Principal Amount, until
      the Class Principal Amount thereof has been reduced to zero;

     

    sixth,
      to the
      Class B2(1-2) Certificates, in reduction of its Class Principal Amount, until
      the Class Principal Amount thereof has been reduced to zero; 

     

    seventh,
      to the
      Class B1(1-2) Certificates, in reduction of its Class Principal Amount, until
      the Class Principal Amount thereof has been reduced to zero; and

     

    eighth,
      to the
      related Classes of Non-AP Senior Certificates, pro
      rata,
      in
      accordance with their respective Class Principal Amounts; provided,
      however,
      that (i)
      any Realized Loss that would otherwise be allocable to the Class 1-A4 and Class
      1-A5 Certificates will instead be allocated, pro
      rata,
      to the
      Class 1-A6 Certificates until the Class Principal Amount thereof has been
      reduced to zero, and (ii) that any Realized Loss that would otherwise be
      allocable to the Class 2-A1 Certificates will instead be allocated to the Class
      2-A2 Certificates, until the Class Principal Amount thereof has been reduced
      to
      zero. 

     

    (b)  (i)
      With
      respect to any Distribution Date, the applicable Non-AP Percentage of the
      principal portion of any Excess Loss in respect of a Mortgage Loan in Pool
      3
      shall be allocated, pro
      rata,
      to the
      Group 3 Subordinate Certificates and related Non-AP Senior Certificate or
      Certificates on the basis of the Class Principal Amounts of such Certificates;
      (ii) with respect to any Distribution Date, the applicable Non-AP Percentage
      of
      the principal portion of any Excess Loss in respect of a Mortgage Loan in any
      of
      Pool 1 or Pool 2 shall be allocated, pro
      rata,
      to the
      Group 1-2 Subordinate Certificates and related Non-AP Senior Certificate or
      Certificates on the basis of the Apportioned Principal Balances of the Group
      1-2
      Subordinate Certificates and Class Principal Amounts of the Non-AP Senior
      Certificates; and (iii) the applicable AP Percentage of the principal portion
      of
      an Excess Loss (other than a Debt Service Reduction) in respect of a Mortgage
      Loan in Pool 1 and Pool 3 will be applied to the AP(1) Component and the AP(3)
      Component, respectively, until the Class Principal Amounts thereof have been
      reduced to zero.

     

    
      
        
        

      

      
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    (c)  Any
      Realized Losses allocated to a Class of Certificates pursuant to Section 5.03(a)
      or (b) shall be allocated among the Certificates of such Class in proportion
      to
      their respective Certificate Principal Amounts. Any allocation of Realized
      Losses pursuant to this paragraph (c) shall be accomplished by reducing the
      Certificate Principal Amounts of the related Certificates on the related
      Distribution Date in accordance with Section 5.03(d).

     

    (d)  Realized
      Losses allocated in accordance with this Section 5.03 shall be allocated on
      the
      Distribution Date in the month following the month in which such loss was
      incurred and, in the case of the principal portion thereof, after giving effect
      to distributions made on such Distribution Date, except that the aggregate
      amount of Realized Losses to be allocated to the Class AP Certificates on such
      Distribution Date will be taken into account in determining distributions in
      respect of any related AP Deferred Amount for such date.

     

    (e)  On
      each
      Distribution Date, the Group 3 Component Writedown Amount for such date shall
      effect a corresponding reduction in the Component Principal Amount of the lowest
      ranking outstanding Group 3 Subordinate Component, which reduction shall occur
      on such Distribution Date after giving effect to distributions made on such
      Distribution Date; and (ii) on each Distribution Date, the Group 1-2 Component
      Writedown Amount for such date shall effect a corresponding reduction in the
      Component Principal Amount of the lowest ranking outstanding Group 1-2
      Subordinate Component, which reduction shall occur on such Distribution Date
      after giving effect to distributions made on such Distribution
      Date.

     

    (f)  In
      the
      event that the class principal amount of the Underlying Certificates is reduced
      as a result of an Underlying Realized Loss experienced with respect to the
      Underlying Mortgage Loans, the Class Principal Amounts of the Class 4-A1 and
      Class 4-A2 Certificates will be reduced proportionately, on the basis of their
      respective Class Principal Amounts; provided
      that all
      Realized Losses that would otherwise be allocable to the Class 4-A1 Certificates
      will instead be allocated to the Class 4-A2 Certificates, until the Class
      Principal Amount thereof has been reduced to zero. 

     

    (g)  On
      any
      Underlying Distribution Date on which the class principal amount of the
      Underlying Certificates has been restored due to the application of an
      Underlying Subsequent Recovery, the Class Principal Amounts of the of the Class
      4-A1 and Class 4-A2 Certificates will be restored by an equal amount on a
pro
      rata
      basis.

     

    
      	Section
              5.04.   	
              Advances
                by the Master Servicer and the
                Trustee.

            

    

     

    
      
        
        

      

      
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    (a)  Advances
      shall be made in respect of each Deposit Date as provided herein. If, on any
      Determination Date, the Master Servicer determines that any Scheduled Payments
      due during the related Due Period (other than Balloon Payments) have not been
      received, the Master Servicer shall, or cause the applicable Servicer to,
      advance such amount, less an amount, if any, to be set forth in an Officer’s
      Certificate to be delivered to the Trustee on such Determination Date, which
      if
      advanced the Master Servicer or the applicable Servicer has determined would
      not
      be recoverable from amounts received with respect to such Mortgage Loan,
      including late payments, Liquidation Proceeds, Insurance Proceeds or otherwise.
      If the Master Servicer determines that an Advance is required, it shall on
      the
      Deposit Date immediately following such Determination Date either (i) remit
      to
      the Trustee from its own funds (or funds advanced by the applicable Servicer)
      for deposit in the Certificate Account immediately available funds in an amount
      equal to such Advance, (ii) cause to be made an appropriate entry in the records
      of the Collection Account that funds in such account being held for future
      distribution or withdrawal have been, as permitted by this Section 5.04, used
      by
      the Master Servicer to make such Advance, and remit such immediately available
      funds to the Trustee for deposit in the Certificate Account or (iii) make
      Advances in the form of any combination of clauses (i) and (ii) aggregating
      the
      amount of such Advance. Any funds being held in the Collection Account for
      future distribution to Certificateholders and so used shall be replaced by
      the
      Master Servicer from its own funds by remittance to the Trustee for deposit
      in
      the Certificate Account on or before any future Deposit Date to the extent
      that
      funds in the Certificate Account on such Deposit Date shall be less than
      payments to Certificateholders required to be made on the related Distribution
      Date. The Trustee shall be entitled to conclusively rely upon any determination
      by the Master Servicer that an Advance, if made, would constitute a
      non-recoverable advance. The Master Servicer and the Servicer shall be entitled
      to be reimbursed from the Collection Account for all Advances made by it as
      provided in Section 4.02.

     

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

     

    
      	Section
              5.05.   	
              Compensating
                Interest Payments.

            

    

     

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

     

    
      
        
        

      

      
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      	Section
              5.06.   	
              Supplemental
                Interest Trust.

            

    

     

    The
      Trustee is hereby directed by the Depositor to accept the Cap Agreements on
      behalf of a trust, separate from the Trust Fund, for the benefit of the Class
      1-A1, Class 3-A1 and Class X Certificateholders in the form presented to it
      by
      the Depositor and shall have no responsibility for the contents, adequacy or
      sufficiency of the Class 1-A1 Cap Agreement or the Class 3-A1 Cap Agreement,
      including without limitation, the representations and warranties contained
      therein.

     

    
      	Section
              5.07.   	
              The
                Reserve Funds.

            

    

     

    (a)  
      On the
      Closing Date, the Trustee shall establish and maintain in the name of the
      Trustee, in the Supplemental Interest Trust for the benefit of the holders
      of
      the Class 1-A1 and Class X Certificates, the Class 1-A1 Reserve Fund, into
      which
      the Depositor shall deposit $1,000. The Trustee shall hold the Class 1-A1 Cap
      Agreement as an asset in the Class 1-A1 Reserve Fund. The Class 1-A1 Reserve
      Fund shall be an Eligible Account, and funds on deposit therein shall be held
      separate and apart from, and shall not be commingled with, any other moneys,
      including without limitation other moneys of the Trustee held pursuant to this
      Agreement. The Class 1-A1 Reserve Fund shall not be an asset of any REMIC or
      the
      Trust Fund established hereby.

     

    (b)  On
      each
      Distribution Date, the Trustee on behalf of the Supplemental Interest Trust
      shall distribute amounts on deposit in the Class 1-A1 Reserve Fund, first,
      to the
      Holders of the Class 1-A1 Certificates, in an amount up to any Basis Risk
      Shortfalls on the Class 1-A1 Certificates and second,
      to the
      Holders of the Class 1-A1 Certificates, in an amount up to any Unpaid Basis
      Risk
      Shortfalls on the Class 1-A1 Certificates. Any remaining amounts shall be
      retained in the Class 1-A1 Reserve Fund for distribution on future Distribution
      Dates.

     

    (c)  Upon
      the
      earliest to occur of (i) the Distribution Date on which the Class Principal
      Amount of the Class 1-A1 Certificates is reduced to zero, (ii) a Section 7.01(c)
      Purchase Event or (iii) a Trust Fund Termination Event, any amounts remaining
      in
      the Class 1-A1 Reserve Fund and any future amounts payable under the Class
      1-A1
      Cap Agreement shall be distributed to the Class X
      Certificateholder.

     

    (d)  On
      the
      Closing Date, the Trustee shall establish and maintain in the name of the
      Trustee, in the Supplemental Interest Trust for the benefit of the holders
      of
      the Class 3-A1 and Class X Certificates, the Class 3-A1 Reserve Fund, into
      which
      the Depositor shall deposit $1,000. The Trustee shall hold the Class 3-A1 Cap
      Agreement as an asset in the Class 3-A1 Reserve Fund. The Class 3-A1 Reserve
      Fund shall be an Eligible Account, and funds on deposit therein shall be held
      separate and apart from, and shall not be commingled with, any other moneys,
      including without limitation other moneys of the Trustee held pursuant to this
      Agreement. The Class 3-A1 Reserve Fund shall not be an asset of any REMIC or
      the
      Trust Fund established hereby.

     

    (e)  On
      each
      Distribution Date, the Trustee on behalf of the Supplemental Interest Trust
      shall distribute amounts on deposit in the Class 3-A1 Reserve Fund, first,
      to the
      Holders of the Class 3-A1 Certificates, in an amount up to any Basis Risk
      Shortfalls on the Class 3-A1 Certificates and second,
      to the
      Holders of the Class 3-A1 Certificates, in an amount up to any Unpaid Basis
      Risk
      Shortfalls on the Class 3-A1 Certificates. Any remaining amounts shall be
      retained in the Class 3-A1 Reserve Fund for distribution on future Distribution
      Dates.

     

    
      
        
        

      

      
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    (f)  Upon
      the
      earliest to occur of (i) the Distribution Date on which the Class Principal
      Amount of the Class 3-A1 Certificates is reduced to zero, (ii) a Section 7.01(c)
      Purchase Event or (iii) a Trust Fund Termination Event, any amounts remaining
      in
      the Class 3-A1 Reserve Fund and any future amounts payable under the Class
      3-A1
      Cap Agreement shall be distributed to the Class X
      Certificateholder.

     

    (g)  Funds
      in
      the Class 1-A1 Reserve Fund and Class 3-A1 Reserve Fund shall be invested in
      Eligible Investments. The Class X Certificates shall evidence ownership of
      the
      Class 1-A1 Reserve Fund and Class 3-A1 Reserve Fund for federal income tax
      purposes and LBH on behalf of the Holders thereof shall direct the Trustee,
      in
      writing, as to investment of amounts on deposit therein. LBH shall be liable
      for
      any losses incurred on such investments. In the absence of written instructions
      from LBH as to investment of funds on deposit in the Class 1-A1 Reserve Fund
      or
      Class 3-A1 Reserve Fund, such funds shall remain uninvested.

     

    For
      federal income tax purposes, the Trustee shall treat the holders of the Class
      1-A1 and Class 3-A1 Certificates as having entered into a notional principal
      contract with the holders of the Class X Certificates. Pursuant to such notional
      principal contract, all holders of the Class X Certificates shall be treated
      as
      having agreed to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      to
      the holders of the Class 1-A1 and Class 3-A1 Certificates. Any payments to
      the
      Class 1-A1 and Class 3-A1 Certificates in light of the foregoing shall not
      be
      payments with respect to a “regular interest” in a REMIC within the meaning of
      Code Section 860G(a)(1). Notwithstanding the priority and sources of payments
      set forth in Article V hereof or otherwise, the Trustee shall account for all
      distributions on the Class 1-A1 and Class 3-A1 Certificates as set forth in
      this
      section. For purposes of providing tax information reporting with respect to
      the
      Class 1-A1 and Class 3-A1 Certificates, the Trustee shall treat the notional
      principal contract described in this paragraph as having a value of
      $614,248.96
      and
      $607,809.10,
      respectively, as of the Closing Date.

     

    ARTICLE
      VI

     

    CONCERNING
      THE TRUSTEE;

    EVENTS
      OF
      DEFAULT

     

    
      	Section
              6.01.   	
              Duties
                of Trustee.

            

    

     

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

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    (b)  The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they are in the form required
      by this Agreement; provided,
      however,
      that
      the Trustee shall not be responsible for the accuracy or content of any such
      resolution, certificate, statement, opinion, report, document, order or other
      instrument furnished by the Master Servicer to the Trustee pursuant to this
      Agreement, and the Trustee shall not be required to recalculate or verify any
      numerical information furnished to the Trustee pursuant to this
      Agreement.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

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

     

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

     

    (f)  The
      Trustee shall not be held liable by reason of any insufficiency in any account
      (except the Certificate Account) or the Basis Risk Reserve Fund held by or
      on
      behalf of the Trustee resulting from any investment loss on any Eligible
      Investment included therein (except to the extent that the Trustee is the
      obligor and has defaulted thereon).

     

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

     

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

     

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

     

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    (j)  On
      or
      prior to the Closing Date, the Paying Agent and the Trustee shall each deliver
      to the Sponsor, the Master Servicer and the Depositor a certification in the
      form of Exhibit R attached hereto specifying the items it will address in its
      assessment of compliance with the Servicing Criteria. On or before March 15
      of
      each calendar year in which the Depositor is required to file reports with
      respect to the Trust Fund in accordance with the Exchange Act and the rules
      and
      regulations of the Commission, beginning with March 15, 2007, the Trustee shall
      deliver to the Sponsor, the Master Servicer and the Depositor a report regarding
      its assessment of compliance with the Servicing Criteria identified by such
      Party pursuant to the preceding sentence hereof, as of and for the period ending
      the end of the fiscal year ending no later than December 31 of the year prior
      to
      the year of delivery of the report. Each such report shall include (a) a
      statement of the party’s responsibility for assessing compliance with the
      Servicing Criteria applicable to such party, (b) a statement that such party
      used the criteria identified in Item 1122(d) of Regulation AB (§ 229.1122(d)) to
      assess compliance with the applicable Servicing Criteria, (c) disclosure of
      any
      material instance of noncompliance identified by such party and (d) a statement
      that a registered public accounting firm has issued an attestation report on
      such party’s assessment of compliance with the applicable Servicing Criteria,
      which report shall be delivered by the Trustee as provided in Section 6.01(k).
      In addition, on or before March 15th of each calendar year in which the
      Depositor is required to file reports with respect to the Trust Fund in
      accordance with the Exchange Act and the rules and regulations of the
      Commission, beginning with March 15, 2007, the Trustee shall, at its own
      expense, furnish or cause to be furnished to the Sponsor and the Depositor
      an
      assessment of compliance and attestation of any Subservicer or Subcontractor
      with respect to the Trustee.

     

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

     

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

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

     

    (m)  
      The
      Trustee shall notify the Depositor, the Master Servicer and the Sponsor within
      three (3) Business Days after the related Distribution Date of knowledge thereof
      of any legal proceedings pending against the Paying Agent or the Trustee, as
      applicable, of the type described in Item 1117 (§ 229.1117) of Regulation AB,
      and (ii) if the Trustee, shall become (but only to the extent not previously
      disclosed) at any time an affiliate of any of the parties listed on Exhibit
      S
      hereto. On or before March 1st
      of each
      year, the Depositor shall distribute the information in Exhibit S to the
      Trustee.

     

    (n)  The
      Trustee agrees to indemnify the Depositor and the Master Servicer, and their
      respective directors, officers, employees and agents and the Trust Fund and
      hold
      each of them harmless from and against any losses, damages, penalties, fines,
      forfeitures, legal fees and expenses and related costs, judgments, and any
      other
      costs, fees and expenses that any of them may sustain arising out of or based
      upon any failure by the Trustee to comply with the provisions of Subsections
      6.01(j) and 6.01(l) and 6.01(m) above; provided, however, that in
      no event shall the Trustee be liable for any sepcial, consequential, indirect
      or
      punitive damages pursuant to this Section 6.01(n), even if advised of the
      possibility of such damages.

     

    
      	Section
              6.02.   	
              Certain
                Matters Affecting the Trustee. 

            

    

     

    Except
      as
      otherwise provided in Section 6.01:

     

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

     

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

     

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              6.03.   	
              Trustee
                Not Liable for Certificates. 

            

    

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

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

     

    
      	Section
              6.04.   	
              Trustee
                May Own Certificates. 

            

    

     

    The
      Trustee and any Affiliate or agent of the Trustee in its individual or any
      other
      capacity may become the owner or pledgee of Certificates, may buy, sell, own,
      hold and deal in the Certificates and may transact banking and trust services
      with the other parties hereto with the same rights it would have if it were
      not
      Trustee or such agent.

     

    
      	Section
              6.05.   	
              Eligibility
                Requirements for Trustee. 

            

    

     

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

     

    
      	Section
              6.06.   	
              Resignation
                and Removal of Trustee. 

            

    

     

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

     

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

    (b)  If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 6.05 and shall fail to resign after written request
      therefor by the Depositor, (ii) the Trustee shall become incapable of acting,
      or
      shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or
      of
      their property shall be appointed, or any public officer shall take charge
      or
      control of the Trustee or of their property or affairs for the purpose of
      rehabilitation, conservation or liquidation, (iii) a tax is imposed or
      threatened with respect to the Trust Fund by any state in which the Trustee
      or
      the Trust Fund held by the Trustee is located, (iv) the continued use of the
      Trustee would result in a downgrading of the rating by the Rating Agencies
      of
      any Class of Certificates with a rating, or (v) the Trustee shall fail to
      deliver the information or reports required pursuant to Sections 6.01(j) through
      (m) hereto, then the Depositor shall remove the Trustee and appoint a successor
      trustee by written instrument, one copy of which instrument shall be delivered
      to the Trustee so removed, one copy to the successor trustee and one copy to
      the
      Master Servicer; provided, however, that if the Trustee is removed for
      the failure to provide the accountant’s attestation pursuant to Section 6.01(k)
      of this Agreement, the Trustee shall reimburse the Depositor for reasonable
      out-of pocket costs incurred by the Depositor in providing for a successor
      Trustee.

     

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

     

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

     

    
      	Section
              6.07.   	
              Successor
                Trustee. 

            

    

     

    (a)  Any
      successor trustee appointed as provided in Section 6.06 shall execute,
      acknowledge and deliver to the Depositor, the Master Servicer and to its
      predecessor trustee (i) an instrument accepting such appointment hereunder
      and
      (ii) if such successor trustee is appointed at any time during the period that
      a
      Form 10-K is being filed with respect to the Trust in accordance with the
      Exchange Act and the rules and regulations of the Commission, the certification
      required pursuant to the first sentence of Section 6.01(j) indicating which
      Servicing Criteria are applicable to such successor trustee, and thereupon
      the
      resignation or removal of the predecessor trustee shall become effective and
      such successor trustee, without any further act, deed or conveyance, shall
      become fully vested with all the rights, powers, duties and obligations of
      its
      predecessor hereunder, with like effect as if originally named as trustee
      herein. The predecessor trustee shall deliver to the successor trustee (or
      assign to the Trustee its interest under the Custodial Agreement, to the extent
      permitted thereunder) all Mortgage Files and documents and statements related
      to
      each Mortgage Files held by it hereunder, and shall duly assign, transfer,
      deliver and pay over to the successor trustee the entire Trust Fund, together
      with all necessary instruments of transfer and assignment or other documents
      properly executed necessary to effect such transfer and such of the record
      or
      copies thereof maintained by the predecessor trustee in the administration
      hereof as may be requested by the successor trustee and shall thereupon be
      discharged from all duties and responsibilities under this Agreement. In
      addition, the Master Servicer and the predecessor trustee, shall execute and
      deliver such other instruments and do such other things as may reasonably be
      required to more fully and certainly vest and confirm in the successor trustee
      all such rights, powers, duties and obligations.

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

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

     

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

     

    
      	Section
              6.08.   	
              Merger
                or Consolidation of Trustee.

            

    

     

    Any
      Person into which the Trustee may be merged or with which it may be
      consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any Persons succeeding
      to the corporate trust business of the Trustee, shall be the successor to the
      Trustee hereunder, without the execution or filing of any paper or any further
      act on the part of any of the parties hereto, anything herein to the contrary
      notwithstanding, provided
      that
      such Person shall be eligible under the provisions of Section 6.05.

     

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

            

    

     

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

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    (g)  The
      Trustee shall pay the reasonable compensation of the co-trustees to the extent,
      and in accordance with the standards, specified in Section 6.12 hereof (which
      compensation shall not reduce any compensation payable to the Trustee under
      such
      Section).

     

    
      	Section
              6.10.   	
              Authenticating
                Agents. 

            

    

     

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

     

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

     

    
      
        
        

      

      
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    (c)  Any
      Authenticating Agent may at any time resign by giving at least 30 days’ advance
      written notice of resignation to the Trustee and the Depositor. The Trustee
      may
      at any time terminate the agency of any Authenticating Agent by giving written
      notice of termination to such Authenticating Agent and the Depositor. Upon
      receiving a notice of resignation or upon such a termination, or in case at
      any
      time any Authenticating Agent shall cease to be eligible in accordance with
      the
      provisions of this Section 6.10, the Trustee may appoint a successor
      Authenticating Agent, shall give written notice of such appointment to the
      Depositor and shall mail notice of such appointment to all Holders of
      Certificates. Any successor Authenticating Agent upon acceptance of its
      appointment hereunder shall become vested with all the rights, powers, duties
      and responsibilities of its predecessor hereunder, with like effect as if
      originally named as Authenticating Agent. No successor Authenticating Agent
      shall be appointed unless eligible under the provisions of this Section 6.10.
      No
      Authenticating Agent shall have responsibility or liability for any action
      taken
      by it as such at the direction of the Trustee. Any Authenticating Agent shall
      be
      entitled to reasonable compensation for its services and, if paid by the
      Trustee, it shall be a reimbursable expense pursuant to Section
      6.12.

     

    
      	Section
              6.11.   	
              Indemnification
                of Trustee.

            

    

     

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

     

    (i)  with
      respect to any such claim, the Trustee shall have given the Depositor, the
      Master Servicer and the Holders written notice thereof promptly after the
      Trustee shall have knowledge thereof; provided
      that
      failure to so notify shall not relieve the Trust Fund of the obligation to
      indemnify the Trustee;

     

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

     

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

     

    The
      Trustee shall be further indemnified by the Mortgage Loan Seller for and held
      harmless against, any loss, liability or expense arising out of, or in
      connection with, the provisions set forth in the third paragraph of Section
      2.01(a) hereof, including, without limitation, all costs, liabilities and
      expenses (including reasonable legal fees and expenses) of investigating and
      defending itself against any claim, action or proceeding, pending or threatened,
      relating to the provisions of such paragraph.

     

    
      
        
        

      

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

     

    
      	Section
              6.12.   	
              Compensation
                of the Trustee.

            

    

     

    The
      Trustee shall be entitled to (i) receive, and is authorized to pay to itself
      the
      amount of income or gain earned from the investment or other earnings of funds
      in the Certificate Account and (ii) reimbursement of all reasonable expenses,
      disbursements and advances incurred or made by the Trustee in accordance with
      this Agreement (including fees and expenses of its counsel and all persons
      not
      regularly in its employment), except for any expenses, disbursements and
      advances that either (i) arise from its negligence, bad faith or willful
      misconduct or (ii) do not constitute “unanticipated expenses” within the meaning
      of Treasury Regulation 1.860G-1(b)(3)(ii). The Custodians shall be compensated
      as separately agreed with the Depositor (or its affiliates).

     

    The
      Trustee shall be entitled to reimbursement of its reasonable expenses and
      disbursements incurred or made in connection with a Section 7.01(c) Purchase
      Event in accordance with Section 4.04(b). Each Custodian shall receive
      compensation and reimbursement or payment of its expenses under the related
      Custodial Agreement as provided therein; provided that, to the extent required
      under Section 6 or Section 20 of the Custodial Agreement, the Trustee is hereby
      authorized to pay such compensation or reimbursement from amounts on deposit
      in
      the Certificate Account prior to any distributions to Certificateholders
      pursuant to Section 5.02 hereof.

     

    
      	Section
              6.13.   	
              Collection
                of Monies. 

            

    

     

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

     

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

            

    

     

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

     

    (i)  Any
      failure by the Master Servicer to furnish to the Trustee the Mortgage Loan
      data
      sufficient to prepare the reports described in Section 4.03(a) which continues
      unremedied for a period of one (1) Business Day after the date upon which
      written notice of such failure shall have been given to such Master Servicer
      by
      the Trustee or to such Master Servicer and the Trustee by the Holders of not
      less than 25% of the Class Principal Amount (or Class Notional Amount) of each
      Class of Certificates affected thereby; or

     

    
      
        
        

      

      
        112

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

    (vii)  If
      a
      representation or warranty set forth in Section 9.14 hereof shall prove to
      be
      incorrect as of the time made in any respect that materially and adversely
      affects the interests of the Certificateholders, and the circumstance or
      condition in respect of which such representation or warranty was incorrect
      shall not have been eliminated or cured within 60 days after the date on which
      written notice of such incorrect representation or warranty shall have been
      given to the Master Servicer by the Trustee or to the Master Servicer and the
      Trustee by the Holders of not less than 25% of the Aggregate Certificate
      Principal Amount of each Class of Certificates; or

     

    
      
        
        

      

      
        113

        
          

        

      

      
        
        

      

    

    (viii)  A
      sale or
      pledge of the any of the rights of the Master Servicer hereunder or an
      assignment of this Agreement by the Master Servicer or a delegation of the
      rights or duties of the Master Servicer hereunder shall have occurred in any
      manner not otherwise permitted hereunder and without the prior written consent
      of the Trustee and Certificateholders holding more than 50% of the Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates;
      

     

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

     

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

     

    If
      an
      Event of Default described in clauses (i) through (ix) of this Section 6.14
      shall occur, then, in each and every case, subject to applicable law, so long
      as
      any such Event of Default shall not have been remedied within any period of
      time
      prescribed by this Section 6.14, the Trustee, by notice in writing to the Master
      Servicer may, and shall, if so directed by Certificateholders evidencing more
      than 50% of the Class Principal Amount (or Class Notional Amount) of each Class
      of Certificates, terminate
      all of the rights and obligations of the Master Servicer hereunder and in and
      to
      the Mortgage Loans and the proceeds thereof. If an Event of Default described
      in
      clause (x) of this Section 6.14 shall occur, then, in each and every case,
      subject to applicable law, so long as such Event of Default shall not have
      been
      remedied within the time period prescribed by clause (x) of this Section 6.14,
      the Trustee, by notice in writing to the Master Servicer, shall
      promptly terminate
      all of the rights and obligations of the Master Servicer hereunder and in and
      to
      the Mortgage Loans and the proceeds thereof. On or after the receipt by the
      Master Servicer of such written notice, all authority and power of the Master
      Servicer, only in its capacity as Master Servicer under this Agreement, whether
      with respect to the Mortgage Loans or otherwise, shall pass to and be vested
      in
      the Trustee and the Trustee is hereby authorized and empowered to execute and
      deliver, on behalf of the defaulting Master Servicer as attorney-in-fact or
      otherwise, any and all documents and other instruments, and to do or accomplish
      all other acts or things necessary or appropriate to effect the purposes of
      such
      notice of termination, whether to complete the transfer and endorsement or
      assignment of the Mortgage Loans and related documents or otherwise. The
      defaulting Master Servicer agrees to cooperate with the Trustee in effecting
      the
      termination of the defaulting Master Servicer’s responsibilities and rights
      hereunder as Master Servicer including, without limitation, notifying the
      Servicer of the assignment of the master servicing function and providing the
      Trustee or its designee all documents and records in electronic or other form
      reasonably requested by it to enable the Trustee or its designee to assume
      the
      defaulting Master Servicer’s functions hereunder and the transfer to the Trustee
      for administration by it of all amounts which shall at the time be or should
      have been deposited by the defaulting Master Servicer in the Collection Account
      maintained by such defaulting Master Servicer and any other account or fund
      maintained with respect to the Certificates or thereafter received with respect
      to the Mortgage Loans. The Master Servicer being terminated shall bear all
      costs
      of a master servicing transfer, including but not limited to those of the
      Trustee reasonably allocable to specific employees and overhead, legal fees
      and
      expenses, accounting and financial consulting fees and expenses, and costs
      of
      amending the Agreement, if necessary. Neither the Trustee nor any successor
      Master Servicer shall have any liability for any acts or omissions of the
      predecessor Master Servicer or for any breach of any representation or warranty
      by such predecessor Master Servicer.

    

    
      
        
        

      

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

     

    If
      any
      Event of Default shall occur of which a Responsible Officer of the Trustee
      has
      actual knowledge, the Trustee shall promptly notify the Rating Agencies of
      the
      nature and extent of such Event of Default. The Trustee shall immediately give
      written notice to the Master Servicer upon such Master Servicer’s failure to
      remit funds to it by 12:00 p.m. (New York time) on the Deposit
      Date.

     

    (b)  On
      and
      after the time the Master Servicer receives a notice of termination from the
      Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
      of
      the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
      9.28
      the Trustee, unless another master servicer shall have been appointed, shall
      be
      the successor in all respects to the Master Servicer in its capacity as such
      under this Agreement and the transactions set forth or provided for herein
      and
      shall have all the rights and powers and be subject to all the responsibilities,
      duties and liabilities relating thereto and arising thereafter placed on the
      Master Servicer hereunder, including the obligation to make Advances;
provided,
      however,
      that
      any failure to perform such duties or responsibilities caused by the Master
      Servicer’s or the Trustee’s failure to provide information required by this
      Agreement shall not be considered a default by the Trustee hereunder. In
      addition, the Trustee shall have no responsibility for any act or omission
      of
      the Master Servicer prior to the issuance of any notice of termination and
      shall
      have no liability relating to the representations and warranties of the Master
      Servicer set forth in Section 9.14. In the Trustee’s capacity as such successor,
      the Trustee shall have the same limitations on liability herein granted to
      the
      Master Servicer. As compensation therefor, the Trustee shall be entitled to
      receive all compensation payable to the Master Servicer under this Agreement,
      including the Master Servicing Fee. 

     

    
      
        
        

      

      
        115

        
          

        

      

      
        
        

      

    

    (c)  Notwithstanding
      the above, the Trustee may, if it shall be unwilling to continue to so act,
      or
      shall, if it is unable to so act, appoint a successor master servicer or
      petition a court of competent jurisdiction to appoint, any established housing
      and home finance institution servicer, master servicer, servicing or mortgage
      servicing institution having a net worth of not less than $15,000,000 and
      meeting such other standards for a successor master servicer as are set forth
      in
      this Agreement, as the successor to such Master Servicer in the assumption
      of
      all of the responsibilities, duties or liabilities of a master servicer, like
      the Master Servicer. Any entity designated by the Trustee as a successor master
      servicer may be an Affiliate of the Trustee, provided,
      however,
      that,
      unless such Affiliate meets the net worth requirements and other standards
      set
      forth herein for a successor master servicer or the Trustee, in its individual
      capacity shall agree, at the time of such designation, to be and remain liable
      to the Trust Fund for such Affiliate’s actions and omissions in performing its
      duties hereunder. In connection with such appointment and assumption, the
      Trustee may make such arrangements for the compensation of such successor out
      of
      payments on Mortgage Loans as it and such successor shall agree; provided,
      however,
      that no
      such compensation shall be in excess of that permitted to the Master Servicer
      hereunder. The Trustee and such successor shall take such actions, consistent
      with this Agreement, as shall be necessary to effectuate any such succession
      and
      may make other arrangements with respect to the servicing to be conducted
      hereunder which are not inconsistent herewith. The Master Servicer shall
      cooperate with the Trustee, and any successor master servicer in effecting
      the
      termination of the Master Servicer’s responsibilities and rights hereunder
      including, without limitation, notifying Mortgagors of the assignment of the
      master servicing functions and providing the Trustee and successor master
      servicer, as applicable, all documents and records in electronic or other form
      reasonably requested by it to enable it to assume the Master Servicer’s
      functions hereunder and the transfer to the Trustee or such successor master
      servicer, as applicable, all amounts which shall at the time be or should have
      been deposited by the Master Servicer in the Collection Account and any other
      account or fund maintained with respect to the Certificates or the Lower Tier
      REMIC I Uncertificated Regular Interests or thereafter be received with respect
      to the Mortgage Loans. Neither the Trustee nor any other successor master
      servicer shall be deemed to be in default hereunder by reason of any failure
      to
      make, or any delay in making, any distribution hereunder or any portion thereof
      caused by (i) the failure of the Master Servicer to deliver, or any delay in
      delivering, cash, documents or records to it, (ii) the failure of the Master
      Servicer to cooperate as required by this Agreement, (iii) the failure of the
      Master Servicer to deliver the Mortgage Loan data to the Trustee as required
      by
      this Agreement or (iv) restrictions imposed by any regulatory authority having
      jurisdiction over the Master Servicer. The Trustee shall be entitled to be
      reimbursed from the Master Servicer (or by the Trust Fund if the Master Servicer
      is unable to fulfill its obligations hereunder) for all costs associated with
      the transfer of master servicing from the predecessor Master Servicer,
      including, without limitation, any costs or expenses associated with the
      complete transfer of all master servicing data and the completion, correction
      or
      manipulation of such master servicing data as may be required by the Trustee
      to
      correct any errors or insufficiencies in the master servicing data or otherwise
      to enable the Trustee to master service the Mortgage Loans properly and
      effectively. If the terminated Master Servicer does not pay such reimbursement
      within thirty (30) days of its receipt of an invoice therefor, such
      reimbursement shall be an expense of the Trust Fund and the Trustee shall be
      entitled to withdraw such reimbursement from amounts on deposit in the
      Certificate Account pursuant to Section 4.04; provided
      that the
      terminated Master Servicer shall reimburse the Trust for any such expense
      incurred by the Trust Fund.

     

    
      
        
        

      

      
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      	Section
              6.15.   	
              Additional
                Remedies of Trustee Upon Event of Default. 

            

    

     

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

     

    
      	Section
              6.16.   	
              Waiver
                of Defaults. 

            

    

     

    35%
      or
      more of the Aggregate Voting Interests of Certificateholders may waive any
      default or Event of Default by the Master Servicer in the performance of its
      obligations hereunder, except that a default in the making of any required
      deposit to the Certificate Account that would result in a failure of the Trustee
      to make any required payment of principal of or interest on the Certificates
      may
      only be waived with the consent of 100% of the affected Certificateholders.
      Upon
      any such waiver of a past default, such default shall cease to exist, and any
      Event of Default arising therefrom shall be deemed to have been remedied for
      every purpose of this Agreement. No such waiver shall extend to any subsequent
      or other default or impair any right consequent thereon except to the extent
      expressly so waived.

     

    
      	Section
              6.17.   	
              Notification
                to Holders. 

            

    

     

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

     

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

            

    

     

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

     

    
      
        
        

      

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

            

    

     

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

     

    
      	Section
              6.20.   	
              Preparation
                of Tax Returns and Reports to the Commission. 

            

    

     

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

     

    (b)  The
      Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
      behalf of each REMIC, an application on IRS Form SS-4. The Trustee upon receipt
      from the IRS of the Notice of Taxpayer Identification Number Assigned for each
      REMIC, shall promptly forward copies of such notices to the Master Servicer
      and
      the Depositor. The Trustee will file an IRS Form 8811.

     

    
      
        
        

      

      
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    (c)  The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter, within 10 days (or, if applicable, within such shorter
      period of time as is required under the rules of the Commission) as in effect
      from time to time (the “Rules”)) following each Distribution Date, the Trustee
      shall, in accordance with industry standards and the Rules, prepare and file
      with the Commission via the Electronic Data Gathering and Retrieval System
      (“EDGAR”) the reports listed in subsections (d) through (f) of this Section 6.20
      in respect of the Trust Fund as and to the extent required under the Exchange
      Act, each of which reports and any amendment thereof shall be signed by the
      Exchange Act Signing Party.

     

    (d)
      Reports Filed on Form 10-D. 

     

    (i) Within
      15
      days following each Distribution Date (or such later date as may be permissible
      due to an extension of the filing deadline under the Exchange Act), the Trustee
      will prepare and file on a Distribution Report on Form 10-D with respect to
      the
      Trust Fund, which Distribution Report shall include a copy of the Distribution
      Date Statement prepared by the Trustee in respect of the related Distribution
      Date detailing all data elements specified in Item 1121(a) of Regulation AB
      other than those data elements specified in Item 1121(a)(11), (12) and (14);
      provided, that, the Trustee shall have received from the Depositor, the Sponsor,
      the Master Servicer, the Servicer, any Custodian, any Cap Counterparty or any
      Subservicer or Subcontractor therefor, no later than [three] Business Days
      after
      the related Distribution Date, the following additional information, data,
      and
      materials, in a form suitable for conversion to the format required for filing
      with the Commission via EDGAR, required to be included in the Distribution
      Report on Form 10-D for such Distribution Date:

     

    (A)  Item
      1 -
      Distribution and Pool Performance Information (each of the data elements
      specified in Item 1121(a)(11), (12) and (14) of Regulation AB);

     

    (B)    
      Item
      2 -
      Legal Proceedings (information required by Item 1117 of Regulation
      AB);

     

    (C)   
      Item
      3 -
      Sale of Securities and Use of Proceeds (information required by Item 2 of Part
      II of Form 10-Q);

     

    (D)   
      Item
      4 -
      Defaults Upon Senior Securities (information required by Item 3 of Part II
      of
      Form 10-Q);

     

    (E)    
      Item
      5 -
      Submission of Matters to a Vote of Security Holders (information required by
      Item 4 of Part II of Form 10-Q);

     

    (F)   
      Item
      6 -
      Significant Obligors of Pool Assets (information required by Item 1112(b) of
      Regulation AB);

     

    (G)   
      Item
      7 -
      Significant Enhancement Provider Information (information required by Items
      1114(b)(2) and 1115(b) of Regulation AB);

     

    
      
        
        

      

      
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    (H)   
      Item
      8 -
      Other Information (all other information required to be disclosed on Form 8-K
      during the period covered by the report and not yet reported); and 

     

    (I)     
      Iem
      9 -
      Exhibits (all exhibits required to be filed by Form 10-D and Item 601 of
      Regulation S-K other than the Distribution Date Statement to be provided by
      the
      Trustee).

     

    (ii) After
      preparing the Form 10-D, the Trustee shall forward electronically a draft copy
      of the Form 10-D to the Exchange
      Act Signing Party for review and approval. If the Master Servicer is the
      Exchange Act Signing Party and the Form 10-D includes Additional Form 10-D
      Disclosure, then the Form 10-D shall also be electronically distributed to
      the
      Depositor for review and approval. No later than two Business Day prior to
      the
      15th
      calendar
      day after the related Distribution Date, a senior officer of the Exchange Act
      Signing Party shall sign the Form 10-D and return an electronic or fax copy
      of
      such signed Form 10-D (with an original executed hard copy to follow by
      overnight mail) to the Trustee. 
      If a
      Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
      to be
      amended, the Trustee will follow the procedures set forth in subsection (g)(ii)
      of this Section 6.20. Promptly (but no later than one Business Day) after filing
      with the Commission, the Trustee will make available on its internet website
      a
      final executed copy of each Form 10-D. Each party to this Agreement acknowledges
      that the performance by the Trustee of its duties under this Section 6.20(d)
      related to the timely preparation and filing of Form 10-D is contingent upon
      such parties strictly observing all applicable deadlines in the performance
      of
      their duties under this Section 6.20(d). The Trustee shall have no liability
      for
      any loss, expense, damage, claim arising out of or with respect to any failure
      to properly prepare and/or timely file such Form 10-D, where such failure
      results from the Trustee’s inability or failure to obtain or receive, on a
      timely basis, any information from any other party hereto needed to prepare
      or
      file such Form 10-D, not resulting from its own negligence, bad faith or willful
      misconduct. The Trustee shall not be responsible (1) for the content of any
      of
      the information provided pursuant to clauses (d)(i)(A) - (I) above (unless
      such
      item is provided by and specific to the Trustee, in which case the Trustee
      will
      be responsible for the content of such information; provided
      that such information is not revised without the prior consent of the
      Trustee),
      (2)
      for determining whether any such information is required to be included in
      any
      Form 10-D, (3) for reformatting any information so that it is able to be filed
      on EDGAR or (4) for the failure to include any information if it is not provided
      to the Trustee on a timely basis (unless such item is specific to the Trustee,
      in which case the Trustee will be responsible for the failure to include such
      information, unless
      such information is not included in the final Form 10-D without the consent
      of
      the Trustee).

     

    (e) Reports
      Filed on Form 10-K.

     

    (i) On
      or
      prior to March 31 after the end of each fiscal year of the Trust Fund or such
      earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
      (it being understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2007, and, unless and until a Form 15 Suspension
      Notification shall have been filed, the Trustee shall prepare and file (but
      will
      not execute) a Form 10-K in respect of the Trust Fund, which shall include
      the
      certification required pursuant to Rule 13a-14 under the Exchange Act (the
“Form
      10-K Certification”) signed by an appropriate party or parties (which Form 10-K
      Certification the Trustee shall not be required to prepare or sign) and such
      other information as is required by the Rules; provided,
      that,
      the Trustee shall have received from the Depositor and the Servicer, each
      Custodian, each Additional Servicer, any Servicing Function Participant and
      the
      Master Servicer (each, a “Reporting Servicer”), no later than March 1 of each
      calendar year (and in the case of the Master Servicer, no later than the date
      set forth in Section 9.25 herein) prior to the filing deadline for such Annual
      Report, all information, data, assessments of compliance, accountant’s
      attestations and exhibits required to be provided or filed with such Annual
      Report including information, data, assessments of compliance, accountant’s
      attestations and exhibits required to be provided in connection with the
      following Items and other filing requirements of Form 10-K: 

     

    
      
        
        

      

      
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    (A) Item
      9B -
      Other Information (information required to be reported on Form 8-K in the fourth
      quarter but not reported);

     

    (B) Item
      15 -
      Exhibits and Financial Statement Schedules (including all exhibits required
      to
      be filed pursuant to Item 601 of Regulation S-K under the Exchange Act other
      than the certification specified in Item 601(b)(31)(ii) of Regulation S-K and
      the Assessment of Compliance, Attestation Report, and Compliance Statement
      specified in Item 601(b)(33), (34) and (35) of Regulation S-K with respect
      to
      those Servicing Criteria as to which the Trustee is the Item 1122 Responsible
      Party); 

     

    (C) Significant
      Obligor Financial Information (Item 1112(b) of Regulation AB);

     

    (D) Significant
      Enhancement Provider Financial Information (Items 1114(b)(2) and 1115(b) of
      Regulation AB);

     

    (E) Legal
      Proceedings (Item 1117 of Regulation AB);

     

    (F) Affiliations
      and Certain Relationships and Related; Transactions (Item 1119 of Regulation
      AB);

     

    (G) Compliance
      with Applicable Servicing Criteria (Item 1122 of Regulation AB);
      and

     

    (H) Servicer
      Compliance Statement (Item 1123 of Regulation AB).

     

    (ii) After
      preparing the Form 10-K, the Trustee shall forward electronically a draft copy
      of the Form 10-K to the Exchange
      Act Signing Party for review and approval. If the Master
      Servicer is
      the
      Exchange Act Signing Party and the Form 10-K includes Additional Form 10-K
      Disclosure, then the Form 10-K shall also be electronically distributed to
      the
      Depositor for review and approval. No later than the close of business New
      York
      City time on the 4th Business Day prior to the 10-K Filing Deadline, a senior
      officer of the Exchange
      Act Signing Party
      shall sign the Form 10-K and return an electronic or fax copy of such signed
      Form 10-K (with an original executed hard copy to follow by overnight mail)
      to
      the Trustee.
      If a
      Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
      to be
      amended, the Trustee will follow the procedures set forth in subsection (g)
      of
      this Section 6.20. Promptly (but no later than one Business Day) after filing
      with the Commission, the Trustee will make available on its internet website
      a
      final executed copy of each Form 10-K. The parties to this Agreement acknowledge
      that the performance by the Trustee of its duties under this Section 6.20(e)
      related to the timely preparation and filing of Form 10-K is contingent upon
      such parties (and any Additional Servicer or Servicing Function Participant)
      strictly observing all applicable deadlines in the performance of their duties
      under this Section
      6.20(e), Section 9.25(a), Section 9.25(b) and Section 9.26.
      The
      Trustee shall have no liability for any loss, expense, damage, claim arising
      out
      of or with respect to any failure to properly prepare and/or timely file such
      Form 10-K, where such failure results from the Trustee’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto needed to prepare, arrange for execution or file such Form 10-K, not
      resulting from its own negligence, bad faith or willful misconduct. The Trustee
      shall not be responsible (1) for the content of any of the information provided
      pursuant to clauses (e)(i)(A) - (H) above (unless such item is provided by
      and
      specific to the Trustee, in which case the Trustee will be responsible for
      the
      content of such information; provided
      that such information is not revised without the prior consent of the
      Trustee),
      (2)
      for determining whether any such information is required to be included in
      any
      Form 10-K, (3) for reformatting any information so that it is able to be filed
      on EDGAR or (4) for the failure to include any information if it is not provided
      to the Trustee on a timely basis (unless such item is specific to the Trustee,
      in which case the Trustee will be responsible for the failure to include such
      information, unless
      such information is not included in the final Form 10-K without the consent
      of
      the Trustee).

    

    
      
        
        

      

      
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    (iii) Unless
      a
      Form 15 Suspension Notification with respect to the Trust Fund has been filed,
      if so requested, on or prior to March 15th
      of each
      year, beginning in March 2007, the Trustee shall sign a certification in the
      form attached hereto as Exhibit Q (the “Back-Up Certification”) for the benefit
      of Exchange Act Signing Party and the Person who signs the Form
      10-K Certification (the “Certifying Party”)  regarding certain aspects
      of such Form 10-K Certification upon which the Exchange Act Signing Party and
      the Certifying Person can reasonably rely (provided,
      however,
      that the
      Trustee shall not be required to undertake an analysis of, and shall have no
      responsibility for, any financial information, the accountant’s report,
      certification or other materials contained therein, except for those
      computations prepared by the Trustee and reflected in the distribution report).
      Nothing in this Section 6.20(e) shall relieve the Trustee of its responsibility
      for the matters as to which it is certifying in the form attached hereto as
      Exhibit Q.

     

    
      
        
        

      

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

     

    (f) Reports
      Filed on Form 8-K. 

     

    (i) Within
      four Business Days after the occurrence of an event requiring disclosure on
      Form
      8-K (each such event, a “Reportable Event”), at the written direction and
      expense of the Depositor, the Trustee shall prepare and file Current Reports
      on
      Form 8-K in respect of the Trust Fund, as required by the Exchange Act;
provided,
      that,
      the Depositor shall have timely notified the Trustee of an item reportable
      on a
      Current Report on Form 8-K and shall have delivered to the Trustee no later
      than
      two Business Days prior to the filing deadline for such Current Report, all
      information, data, and exhibits required to be provided or filed with such
      Current Report, including, particularly, information, data and exhibits, in
      a
      form suitable for conversion to the format required for filing with the
      Commission via EDGAR, required to be provided in connection with the following
      Items of Form 8-K:

     

    (A) Item
      1.01
      - Entry into a Material Definitive Agreement;

     

                  (B) Item
      1.02
      - Termination of a Material Definitive Agreement;

     

    (C) Item
      1.03
      - Bankruptcy or Receivership;

     

    (D) Item
      2.04
      - Triggering Events that Accelerate or Increase a Direct Financial Obligation
      or
      an Obligation under an Off-Balance Sheet Arrangement;

     

    (E) Item
      3.03
      - Material Modification to Rights of Security Holders;

     

    (F) Item
      5.03
      - Amendments of Articles of Incorporation or Bylaws; Change of Fiscal
      Year;

     

    (G) Item
      6.02
      - Change in Servicer or Trustee;

     

    (H) Item
      6.03
      - Change in Credit Enhancement or Other External Support;

     

    
      
        
        

      

      
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    (I) Item
      6.04
      - Failure to Make a Required Distribution; and

     

    (J) Item
      6.05
      - Securities Act Updating Disclosure.

     

    (ii) After
      preparing the Form 8-K, the Trustee shall forward electronically, no later
      than
      Noon New York City time on the 3rd
      Business
      Day after the Reportable Event, a draft copy of the Form 8-K to the Exchange
      Act
      Signing Party for review and approval. If the Master Servicer is the Exchange
      Act Signing Party, then the Form 8-K shall also be electronically distributed
      to
      the Depositor for review and approval. No later than 1 p.m. New York
      City time on the 4th
      Business
      Day after the Reportable Event, a senior officer of the Exchange Act Signing
      Party shall sign the Form 8-K and return an electronic or fax copy of such
      signed Form 8-K (with an original executed hard copy to follow by overnight
      mail). If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K
      needs to be amended, the Trustee will follow the procedures set forth in
      subsection (g) of this Section 6.20. Promptly (but no later than one Business
      Day) after filing with the Commission, the Trustee will, make available on
      its
      internet website a final executed copy of each Form 8-K. The parties to this
      Agreement acknowledge that the performance by the Trustee of its duties under
      this Section 6.20(f) related to the timely preparation and filing of Form 8-K
      is
      contingent upon such parties strictly observing all applicable deadlines in
      the
      performance of their duties under this Section 6.20(f). The Trustee shall have
      no liability for any loss, expense, damage, claim arising out of or with respect
      to any failure to properly prepare and/or timely file such Form 8-K, where
      such
      failure results from the Trustee’s inability or failure to obtain or receive, on
      a timely basis, any information from any other party hereto needed to prepare
      or
      file such Form 8-K, not resulting from its own negligence, bad faith or willful
      misconduct. The Trustee shall not be responsible (1) for the content of any
      of
      the information provided pursuant to clauses (f)(i)(A) - (J) above (unless
      such
      item is provided by and specific to the Trustee, in which case the Trustee
      will
      be responsible for the content of such information; provided
      that such information is not revised without the prior consent of the
      Trustee),
      (2)
      for determining what information is required to be filed on a Form 8-K in
      connection with the transactions contemplated by this Agreement (unless such
      information is specific to the Trustee, in which case the Trustee will be
      responsible for making such a determination, unless
      such information is not included in the final Form 8-K without the consent
      of
      the Trustee),
      (3)
      for reformatting any information so that it is able to be filed on EDGAR or
      (4)
      for any late filing of a Form 8-K in the event that it does not receive all
      information, data, signatures and exhibits required to be provided or filed
      on
      or prior to the second Business Day prior to the applicable filing
      deadline.

     

    (g) Delisting;
      Amendments; Late Filings.

     

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

     

    
      
        
        

      

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

     

    (h) The
      Trustee, with the prior consent of the Depositor, may include in any Exchange
      Act report all relevant information, data, and exhibits as the Trustee may
      receive in connection with such report irrespective of any provision that may
      permit the exclusion of such material. For example, the Trustee, with the prior
      consent of the Depositor, may file all Assessments of Compliance, Attestation
      Reports and Compliance Statements timely received from any Item 1122 Responsible
      Party irrespective of any applicable minimum pool asset percentage requirement
      for disclosure related to such Item 1122 Responsible Party.

     

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

     

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

     

    
      
        
        

      

      
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    Section
      6.21 Compliance
      with Regulation AB.

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 6.01
      and
      6.20 of this Agreement is to facilitate compliance by the Sponsor, the Master
      Servicer, the Depositor and the Trustee with the provisions of Regulation AB,
      as
      such may be amended or clarified from time to time. Therefore, each of the
      parties agrees that (a) the obligations of the parties hereunder shall be
      interpreted in such a manner as to accomplish compliance with Regulation AB,
      (b)
      the parties’ obligations hereunder will be supplemented and modified as
      necessary to be consistent with any such amendments, interpretive advice or
      guidance from the Commission, convention or consensus among active participants
      in the asset-backed securities markets, or otherwise in respect of the
      requirements of Regulation AB and (c) the parties shall comply with reasonable
      requests made by the Sponsor, the Master Servicer, the Depositor or the Trustee
      for delivery of additional or different information, to the extent such
      information is available or reasonably attainable, as the Sponsor, the Master
      Servicer, the Depositor or the Trustee may determine in good faith is necessary
      to comply with the provisions of Regulation AB.

     

    ARTICLE
      VII

     

    PURCHASE
      AND TERMINATION

    OF
      THE
      TRUST FUND

     

    
      	Section
              7.01.   	
              Termination
                of Trust Fund Upon Repurchase or Liquidation of All Mortgage
                Loans. 

            

    

     

    (a)  The
      respective obligations and responsibilities of the Trustee and the Master
      Servicer created hereby (other than the obligation of the Trustee to make
      payments to Certificateholders as set forth in Section 7.02, the obligation
      of
      the Master Servicer to make a final remittance to the Trustee for deposit into
      the Certificate Account pursuant to Section 4.01 and the obligations of the
      Master Servicer to the Trustee pursuant to Sections 9.10 and 9.14), shall
      terminate upon the occurrence of the later of the following events: (A) receipt
      by the Trustee of the final payment on the Underlying Certificates and the
      distribution of all amounts required to be distributed to the Holders of the
      Group 4 Certificates pursuant to this Agreement and (B) on the earlier of (i)
      the final payment or other liquidation of the last Mortgage Loan remaining
      in
      the Trust Fund and the disposition of all REO Property, (ii) the sale of the
      property held by the Trust Fund in accordance with Section 7.01(b) and (iii)
      the
      Latest Possible Maturity Date (each, a “Trust Fund Termination Event”);
provided,
      however,
      that in
      no event shall the Trust Fund created hereby continue beyond the expiration
      of
      21 years from the death of the last survivor of the descendants of Joseph P.
      Kennedy, the late Ambassador of the United States to the Court of St. James’s,
      living on the date hereof or beyond the Latest Possible Maturity Date. Upon
      the
      occurrence of a Trust Fund Termination Event, each REMIC shall be terminated
      in
      a manner that shall qualify as a “qualified liquidation” under the REMIC
      Provisions.

     

    
      
        
        

      

      
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    (b)  On
      any
      Distribution Date occurring after the date on which the aggregate Scheduled
      Principal Balance of the Mortgage Loans is less than 10% of the Cut-off Date
      Aggregate Principal Balance (the “Initial Optional Termination Date”), the
      Master Servicer or LTURI-holders, as applicable, may, upon written direction
      to
      the Trustee (delivered no later than 30 days prior to the anticipated sale
      date), cause (i) the Trustee to sell (or arrange for the sale of) the assets
      of
      the Trust Fund (other than the Underlying Certificates) and (ii) the Trust
      Fund
      to adopt a plan of complete liquidation pursuant to Section 7.03(a)(i) hereof
      to
      sell all of its property (other than the Underlying Certificates). The property
      of the Trust Fund (other than the Underlying Certificates) shall be sold at
      a
      price (the “Termination Price”) equal to the sum of: (i) 100% of the unpaid
      principal balance of each Mortgage Loan on the day of such purchase plus
      interest
      accrued thereon at the applicable Mortgage Rate with respect to any Mortgage
      Loan to the Due Date in the Due Period immediately preceding the related
      Distribution Date to the date of such repurchase, (ii) the fair market value
      of
      any REO Property and any other property held by any REMIC (other than the
      Underlying Certificates), such fair market value to be determined by an
      appraiser or appraisers appointed by the Master Servicer and reasonably
      acceptable to the Trustee (reduced, in the case of REO Property, by (1)
      reasonably anticipated disposition costs (as determined by the Master Servicer
      plus
      interest
      accrued thereon at the applicable Net Mortgage Rate to the date of purchases)
      and (2) any amount by which the fair market value as so reduced exceeds the
      outstanding principal balance of the related Mortgage Loan) and (iii) any
      unreimbursed Servicing Advances with respect to each Mortgage Loan.

     

    (c)  On
      any
      Distribution Date occurring on or after the Initial Optional Termination Date,
      the Master Servicer, with the prior written consent of the Seller, which consent
      shall not be unreasonably withheld, has the option to purchase all of the Lower
      Tier REMIC 1 Uncertificated Regular Interests. Upon exercise of such option,
      the
      Lower Tier REMIC 1 Uncertificated Regular Interests shall be sold to the Master
      Servicer at a price (the “Lower Tier REMIC 1 Uncertificated Regular Interests
      Purchase Price”) equal to the sum of (i) 100% of the unpaid principal balance of
      each Mortgage Loan on the day of such purchase plus interest accrued thereon
      at
      the applicable Mortgage Rate with respect to any Mortgage Loan to the Due Date
      in the Collection Period immediately preceding the related Distribution Date
      to
      the date of such repurchase and (ii) the fair market value of any REO Property
      and any other property held by any REMIC (other than the Underlying
      Certificates), such fair market value to be determined by an independent
      appraiser or appraisers mutually agreed upon by the Master Servicer and the
      Trustee (reduced, in the case of REO Property, by (1) reasonably anticipated
      disposition costs and (2) any amount by which the fair market value as so
      reduced exceeds the outstanding principal balance of the related Mortgage Loan
      plus interest accrued thereon at the applicable Net Mortgage Rate to the date
      of
      such purchase). If the Master Servicer elects to exercise such option, each
      REMIC created pursuant to this Agreement (other than REMIC I and REMIC X) shall
      be terminated in such a manner so that the termination of each such REMIC shall
      qualify as a “qualified liquidation” under the REMIC Provisions and the Lower
      Tier REMIC 1 Uncertificated Regular Interests and the Class LT-R Certificates
      will evidence the entire beneficial interest in the property of the Trust Fund
      (other than the Underlying Certificates). Following a purchase of the Lower
      Tier
      REMIC 1 Uncertificated Regular Interests pursuant to this subsection, the Trust
      Fund (and REMIC I) will remain outstanding and final payment on the Certificates
      (other than the Class LT-R Certificates) will be made in accordance with
      Sections 7.03(a)(iii) and 5.02 (and REMIC X shall not be affected thereby).
      The
      Trust Fund will terminate upon the occurrence of a Trust Fund Termination Event,
      in accordance with Section 7.01(a).

     

    
      
        
        

      

      
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      	Section
              7.02.   	
              Procedure
                Upon Termination of Trust Fund. 

            

    

     

    (a)  Notice
      of
      any Trust Fund Termination Event and notice of the purchase of the Lower Tier
      REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date
      upon
      which the final distribution to the Certificates (other than the Class LT-R
      Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests) shall be made, shall be given promptly by the Trustee by
      first class mail to Certificateholders (other than the Holders of the Group
      4
      Certificates) mailed no later than 5 Business Days after the Trustee has
      received notice from the Master Servicer of its election to cause (x) the sale
      of all of the property of the Trust Fund pursuant to Section 7.01(b), (y) the
      purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant
      to
      Section 7.01(c), or (z) upon the final payment or other liquidation of the
      last
      Mortgage Loan or REO Property in the Trust Fund. Notice of any termination
      pursuant to the provisions of Section 7.01(a)(A), specifying the Distribution
      Date upon which the final distribution shall be made, shall be given promptly
      by
      the Trustee by first class mail to the Holders of the Group 4 Certificates
      mailed (x) no later than five Business Days after the Trustee has received
      notice from the Underlying Trustee that it has received notice from the
      Underlying Master Servicer of its election to cause (x) the sale of all of
      the
      property of the Underlying Trust Fund pursuant to Section 7.01(b), (y) the
      purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant
      to
      Section 7.01(c), or (z) upon the final payment or other liquidation of the
      last
      Mortgage Loan or REO Property in the Underlying Trust Fund. In the case of
      a
      Trust Fund Termination Event, the Trustee shall also give notice to the Master
      Servicer and the Certificate Registrar at the time notice is given to Holders
      of
      the Certificates.

     

    In
      the
      case of a Trust Fund Termination Event, such notice shall specify (A) the
      Distribution
      Date
      upon which final distribution on the Certificates or Lower Tier REMIC 1
      Uncertificated Regular Interests of all amounts required to be distributed
      to
      Certificateholders pursuant to Section 5.02 will be made upon presentation
      and
      surrender of the Certificates at the Corporate Trust Office, and (B) that the
      Record Date otherwise applicable to such Distribution Date is not applicable,
      distribution being made only upon presentation and surrender of the Certificates
      at the office or agency of the Trustee therein specified. Upon any such Trust
      Fund Termination Event, the duties of the Certificate Registrar with respect
      to
      the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests shall
      terminate and the Trustee shall terminate or request the Master Servicer to
      terminate, the Collection Account it maintains, the Certificate Account and
      any
      other account or fund maintained with respect to the Certificates or Lower
      Tier
      REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation
      hereunder to hold all amounts payable to Certificateholders in trust without
      interest pending such payment. 

    

    
      
        
        

      

      
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    In
      the
      case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests,
      such notice shall specify (A) the Distribution Date upon which final
      distribution on the Certificates (other than the Class LT-R Certificates and
      the
      Group 4 Certificates) of all amounts required to be distributed to
      Certificateholders pursuant to Section 5.02 (other than any distributions to
      the
      Class LT-R Certificates in respect of REMIC I and the Group 4 Certificates)
      will
      be made upon presentation and surrender of the Certificates (other than the
      Class LT-R Certificates) at the Corporate Trust Office, and (B) that the Record
      Date otherwise applicable to such Distribution Date is not applicable,
      distribution being made only upon presentation and surrender of the Certificates
      (other than the Class LT-R Certificates and the Group 4 Certificates) at the
      office or agency of the Trustee therein specified. Upon any such purchase of
      the
      Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the
      Certificate Registrar with respect to the Certificates other than the Class
      LT-R
      Certificate and the Group 4 Certificates shall terminate but the Trustee shall
      not terminate or request the Master Servicer to terminate, the Collection
      Account it maintains, the Certificate Account and any other account or fund
      maintained with respect to the Certificates, subject to the Trustee’s obligation
      hereunder to hold all amounts payable to Certificateholders in trust without
      interest pending such payment. For all Distribution Dates following the
      Distribution Date on which the Master Servicer purchases the Lower Tier REMIC
      1
      Uncertificated Regular Interests, all amounts that would be distributed on
      the
      Certificates (other than the Class LT-R Certificate and the Group 4 Certificates
      and exclusive of amounts payable from any fund held outside of REMIC I) absent
      such purchase shall be payable to the LTURI-holder.

     

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

     

    (c)  Any
      reasonable expenses incurred by the Trustee in connection with any Trust Fund
      Termination Event or any purchase of the Lower Tier REMIC I Uncertificated
      Regular Interests shall be reimbursed from proceeds received from the
      liquidation of the Trust Fund.

     

    
      
        
        

      

      
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      	Section
              7.03.   	
              Additional
                Requirements for any Trust Fund Termination Events or Purchase of
                the
                Lower Tier REMIC 1 Uncertificated Regular Interests. 

            

    

     

    (a)  Any
      termination of the Trust Fund pursuant to Section 7.01(a) or any termination
      of
      a REMIC pursuant to Section 7.01(c) shall be effected in accordance with the
      following additional requirements (and such requirements shall apply with
      respect to REMIC I in the case of an optional termination described in Section
      7.01(b) if the Group 4 Certificates remain outstanding at the time of such
      optional termination), unless the Trustee seeks (at
      the
      request of the party exercising the option to purchase all of the Mortgage
      Loans
or
      Lower
      Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(b) or
      Section 7.01(c), respectively), and subsequently receives, an Opinion of Counsel
      (at the expense of such requesting party), addressed to the Trustee to the
      effect that the failure to comply with the requirements of this Section 7.03
      will not result in an Adverse REMIC Event:

     

    (i)  Within
      89
      days prior to the time of the making of the final payment on the Certificates
      other than the Class LT-R Certificates, in the case of a purchase of the Lower
      Tier REMIC 1 Uncertificated Regular Interests, upon notification by the Master
      Servicer or an Affiliate of the Seller that it intends to exercise its option
      to
      cause the termination of the Trust Fund or purchase the Lower Tier REMIC 1
      Uncertificated Regular Interests, the Trustee shall adopt a plan of complete
      liquidation on behalf of each REMIC other than REMIC X (other than REMIC I,
      in
      the case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular
      Interests), meeting the requirements of a qualified liquidation under the REMIC
      Provisions; 

     

    (ii)  Any
      sale
      of the assets of the Trust Fund (other than the Underlying Certificates) or
      the
      Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.02
      shall be a sale for cash and shall occur at or after the time of adoption of
      such a plan of complete liquidation and prior to the time of making of the
      final
      payment on the Certificates other than the Group 4 Certificates (other than
      the
      Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC
      1
      Uncertificated Regular Interests);

     

    (iii) On
      the
      date specified for final payment of the Certificates other than the Group 4
      Certificates (other than the Class LT-R Certificates, in the case of a purchase
      of the Lower Tier REMIC 1 Uncertificated Regular Interests), the Trustee shall
      make final distributions of principal and interest on such Certificates in
      accordance with Section 5.02. In the case of a Trust Fund Termination Event,
      and, after payment of, or provision for any outstanding expenses, the Trustee
      shall distribute or credit, or cause to be distributed or credited, to the
      Holders of the Residual Certificates all cash on hand after such final payment
      (other than cash retained to meet claims), and the Trust Fund (and each REMIC)
      shall terminate at that time; and

     

    
      
        
        

      

      
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    (iv) In
      no
      event may the final payment on the Certificates or the final distribution or
      credit to the Holders of the Residual Certificates in respect of the residual
      interest in any liquidated REMIC be made after the 89th day from the date on
      which the plan of complete liquidation for such REMIC is adopted.

     

    (b)  By
      its
      acceptance of a Residual Certificate, each Holder thereof hereby (i) authorizes
      the Trustee to take the action described in paragraph (a) above and (ii) agrees
      to take such other action as may be necessary to facilitate liquidation of
      each
      REMIC created under this Agreement, which authorization shall be binding upon
      all successor Residual Certificateholders.

     

    (c)  In
      connection with the termination of the Trust Fund or a Section 7.01(c) Purchase
      Event, the Trustee may request an Opinion of Counsel addressed to the Trustee
      (at the expense of the Depositor) to the effect that all of the requirements
      of
      a qualified liquidation under the REMIC Provisions have been met.

     

    ARTICLE
      VIII

     

    RIGHTS
      OF
      CERTIFICATEHOLDERS

     

    
      	Section
              8.01.   	
              Limitation
                on Rights of Holders. 

            

    

     

    (a)  The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or take any action or proceeding
      in any court for a partition or winding up of this Trust Fund, nor otherwise
      affect the rights, obligations and liabilities of the parties hereto or any
      of
      them. Except as otherwise expressly provided herein, no Certificateholder,
      solely by virtue of its status as a Certificateholder, shall have any right
      to
      vote or in any manner otherwise control the Master Servicer or the operation
      and
      management of the Trust Fund, or the obligations of the parties hereto, nor
      shall anything herein set forth, or contained in the terms of the Certificates,
      be construed so as to constitute the Certificateholders from time to time as
      partners or members of an association, nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Agreement pursuant to any provision hereof.

     

    (b)  No
      Certificateholder, solely by virtue of its status as Certificateholder, shall
      have any right by virtue or by availing of any provision of this Agreement
      to
      institute any suit, action or proceeding in equity or at law upon or under
      or
      with respect to this Agreement, unless such Holder previously shall have given
      to the Trustee a written notice of an Event of Default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      evidencing not less than 25% of the Class Principal Amount (or Class Notional
      Amount) of Certificates of each Class shall have made written request upon
      the
      Trustee to institute such action, suit or proceeding in its own name as Trustee
      hereunder and shall have offered to the Trustee such reasonable indemnity as
      it
      may require against the cost, expenses and liabilities to be incurred therein
      or
      thereby, and the Trustee, for sixty days after its receipt of such notice,
      request and offer of indemnity, shall have neglected or refused to institute
      any
      such action, suit or proceeding and no direction inconsistent with such written
      request has been given such Trustee during such sixty-day period by such
      Certificateholders; it being understood and intended, and being expressly
      covenanted by each Certificateholder with every other Certificateholder and
      the
      Trustee, that no one or more Holders of Certificates shall have any right in
      any
      manner whatever by virtue or by availing of any provision of this Agreement
      to
      affect, disturb or prejudice the rights of the Holders of any other of such
      Certificates, or to obtain or seek to obtain priority over or preference to
      any
      other such Holder, or to enforce any right under this Agreement, except in
      the
      manner herein provided and for the benefit of all Certificateholders. For the
      protection and enforcement of the provisions of this Section, each and every
      Certificateholder and the Trustee shall be entitled to such relief as can be
      given either at law or in equity.

     

    
      
        
        

      

      
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      	Section
              8.02.   	
              Access
                to List of Holders. 

            

    

     

    (a)  If
      the
      Trustee is not acting as Certificate Registrar, the Certificate Registrar will
      furnish or cause to be furnished to the Trustee, within fifteen days after
      receipt by the Certificate Registrar of a request by the Trustee in writing,
      a
      list, in such form as the Trustee may reasonably require, of the names and
      addresses of the Certificateholders of each Class as of the most recent Record
      Date.

     

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

     

    (c)  Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Master Servicer,
      the
      Certificate Registrar and the Trustee that neither the Depositor, the Master
      Servicer, the Certificate Registrar nor the Trustee shall be held accountable
      by
      reason of the disclosure of any such information as to the names and addresses
      of the Certificateholders hereunder, regardless of the source from which such
      information was derived.

     

    
      	Section
              8.03.   	
              Acts
                of Holders of Certificates. 

            

    

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by Holders or Certificate
      Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
      by
      one or more instruments of substantially similar tenor signed by such Holders
      in
      person or by agent duly appointed in writing; and, except as herein otherwise
      expressly provided, such action shall become effective when such instrument
      or
      instruments are delivered to the Trustee and, where expressly required herein,
      to the Master Servicer. Such instrument or instruments (as the action embodies
      therein and evidenced thereby) are herein sometimes referred to as an “Act” of
      the Holders signing such instrument or instruments. Proof of execution of any
      such instrument or of a writing appointing any such agents shall be sufficient
      for any purpose of this Agreement and conclusive in favor of the Trustee and
      Master Servicer, if made in the manner provided in this Section. Each of the
      Trustee and the Master Servicer shall promptly notify the others of receipt
      of
      any such instrument by it, and shall promptly forward a copy of such instrument
      to the others.

     

    
      
        
        

      

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

     

    (c)  The
      ownership of Certificates or Lower Tier REMIC I Uncertificated Regular Interests
      (whether or not such Certificates or Lower Tier REMIC I Uncertificated Regular
      Interests shall be overdue and notwithstanding any notation of ownership or
      other writing thereon made by anyone other than the Trustee) shall be proved
      by
      the Certificate Register, and neither the Trustee, the Master Servicer, nor
      the
      Depositor shall be affected by any notice to the contrary.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Certificate or Lower Tier REMIC I Uncertificated
      Regular Interests shall bind every future Holder of the same Certificate and
      the
      Holder of every Certificate or Lower Tier REMIC I Uncertificated Regular
      Interests issued upon the registration of transfer thereof or in exchange
      therefor or in lieu thereof, in respect of anything done, omitted or suffered
      to
      be done by the Trustee or the Master Servicer in reliance thereon, whether
      or
      not notation of such action is made upon such Certificate or Lower Tier REMIC
      I
      Uncertificated Regular Interests.

     

    Section
      8.04.   Rights
      of Certificateholders as Holders of the Underlying Certificates.  

     

    The
      Depositor hereby expressly agrees that each Holder of a Group 4 Certificate,
      to
      the extent of its ownership interest in the Underlying Certificates, shall
      have
      the same rights against the Depositor, acting in its capacity as depositor
      with
      respect to the Underlying Trust Fund, as if such Certificateholder held the
      Underlying Certificates directly, and by acceptance of their Certificates or
      interests therein, the Holders of the Group 4 Certificates shall be deemed
      to
      have appointed the Trustee, as agent to enforce such rights.

     

    
      
        
        

      

      
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    ARTICLE
      IX

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE
      MASTER SERVICER

     

    
      	Section
              9.01.   	
              Duties
                of the Master Servicer. 

            

    

     

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

     

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

            

    

     

    (a)  The
      Master Servicer, at its expense, shall maintain in effect a 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 that would meet
      the requirements of FNMA or FHLMC if it were the purchaser of the Mortgage
      Loans. The Master Servicer shall (i) require the Servicer to maintain an Errors
      and Omissions Insurance Policy and a Fidelity Bond in accordance with the
      provisions of the Servicing Agreement, (ii) cause the Servicer to provide to
      the
      Master Servicer certificates evidencing that such policy and bond is in effect
      and to furnish to the Master Servicer any notice of cancellation, non-renewal
      or
      modification of the policy or bond received by it, as and to the extent provided
      in the Servicing Agreement, and (iii) furnish copies of the certificates and
      notices referred to in clause (ii) to the Trustee upon its request. The Fidelity
      Bond and Errors and Omissions Insurance Policy may be obtained and maintained
      in
      blanket form.

     

    (b)  The
      Master Servicer shall promptly report to the Trustee any material changes that
      may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors
      and
      Omissions Insurance Policy and shall furnish to the Trustee, on request,
      certificates evidencing that such bond and insurance policy are in full force
      and effect. The Master Servicer shall promptly report to the Trustee all cases
      of embezzlement or fraud, if such events involve funds relating to the Mortgage
      Loans. The total losses, regardless of whether claims are filed with the
      applicable insurer or surety, shall be disclosed in such reports together with
      the amount of such losses covered by insurance. If a bond or insurance claim
      report is filed with any of such bonding companies or insurers, the Master
      Servicer shall promptly furnish a copy of such report to the Trustee. Any
      amounts relating to the Mortgage Loans collected by the Master Servicer under
      any such bond or policy shall be promptly remitted by the Master Servicer to
      the
      Trustee for deposit into the Certificate Account. Any amounts relating to the
      Mortgage Loans collected by any Servicer under any such bond or policy shall
      be
      remitted to the Master Servicer to the extent provided in the Servicing
      Agreement.

     

    
      
        
        

      

      
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      	Section
              9.03.   	
              Master
                Servicer’s Financial Statements and Related Information. 

            

    

     

    For
      each
      year this Agreement is in effect, the Master Servicer shall submit to the
      Trustee, each Rating Agency and the Depositor a copy of its annual unaudited
      financial statements on or prior to March 15 of each year, commencing March
      15,
      2007. Such financial statements shall include a balance sheet, income statement,
      statement of retained earnings, statement of additional paid-in capital,
      statement of changes in financial position and all related notes and schedules
      and shall be in comparative form, certified by a nationally recognized firm
      of
      Independent Accountants to the effect that such statements were examined and
      prepared in accordance with generally accepted accounting principles applied
      on
      a basis consistent with that of the preceding year.

     

    
      	Section
              9.04.   	
              Power
                to Act; Procedures. 

            

    

     

    (a)  The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and the Servicer shall have full power and authority (to
      the
      extent provided in the Servicing Agreement) to do any and all things that it
      may
      deem necessary or desirable in connection with the servicing and administration
      of the Mortgage Loans, including but not limited to the power and authority
      (i)
      to execute and deliver, on behalf of the Certificateholders and the Trustee,
      customary consents or waivers and other instruments and documents, (ii) to
      consent to transfers of any Mortgaged Property and assumptions of the Mortgage
      Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
      Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of
      the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and Servicing
      Agreement, as applicable; provided
      that the
      Master Servicer shall not take, or knowingly permit any Servicer to take, any
      action that is inconsistent with or prejudices the interests of the Trust Fund,
      the Trustee or the Certificateholders in any Mortgage Loan or the rights and
      interests of the Depositor, the Trustee and the Certificateholders under this
      Agreement. The Master Servicer further is authorized and empowered by the
      Trustee, on behalf of the Certificateholders and the Trustee, in its own name
      or
      in the name of any Servicer, when the Master Servicer or a Servicer, as the
      case
      may be, believes it is appropriate in its best judgment to register any Mortgage
      Loan with MERS, or cause the removal from the registration of any Mortgage
      Loan
      on the MERS system, to execute and deliver, on behalf of the Trustee and the
      Certificateholders or any of them, any and all instruments of assignment and
      other comparable instruments with respect to such assignment or re-recording
      of
      a Mortgage in the name of MERS, solely as nominee for the Trustee and its
      successors and assigns. The Master Servicer shall represent and protect the
      interests of the Trust Fund in the same manner as it protects its own interests
      in mortgage loans in its own portfolio in any claim, proceeding or litigation
      regarding a Mortgage Loan and shall not make or knowingly permit any Servicer
      to
      make any modification, waiver or amendment of any term of any Mortgage Loan
      that
      would cause any REMIC formed hereby to fail to qualify as a REMIC or result
      in
      the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code.
      Without limiting the generality of the foregoing, the Master Servicer in its
      own
      name or in the name of a Servicer, and the Servicer, to the extent such
      authority is delegated to the Servicer by the Master Servicer under the
      Servicing Agreement, is hereby authorized and empowered by the Trustee when
      the
      Master Servicer or applicable Servicer, as the case may be, believes it
      appropriate in its best judgment and in accordance with Accepted Servicing
      Practices and the Servicing Agreement, to execute and deliver, on behalf of
      itself and the Certificateholders, the Trustee or any of them, any and all
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge and all other comparable instruments, with respect to the Mortgage
      Loans and with respect to the Mortgaged Properties. The Trustee shall execute,
      upon request, any powers of attorney furnished to it by the Master Servicer
      empowering the Master Servicer or any Servicer to execute and deliver
      instruments of satisfaction or cancellation, or of partial or full release
      or
      discharge, and to foreclose upon or otherwise liquidate Mortgaged Property,
      and
      to appeal, prosecute or defend in any court action relating to the Mortgage
      Loans or the Mortgaged Property, in accordance with the Servicing Agreement
      and
      this Agreement, and the Trustee shall execute and deliver such other documents,
      as the Master Servicer may request, necessary or appropriate to enable the
      Master Servicer to master service the Mortgage Loans and carry out its duties
      hereunder, and allow the Servicer to service the Mortgage Loans in each case
      in
      accordance with Accepted Servicing Practices (and the Trustee shall have no
      liability for misuse of any such powers of attorney by the Master Servicer
      or
      any Servicer). If the Master Servicer or the Trustee has been advised that
      it is
      likely that the laws of the state in which action is to be taken prohibit such
      action if taken in the name of the Trustee or that the Trustee would be
      adversely affected under the “doing business” or tax laws of such state if such
      action is taken in its name, then upon request of the Trustee, the Master
      Servicer shall join with the Trustee in the appointment of a co-trustee pursuant
      to Section 6.09 hereof. In the performance of its duties hereunder, the Master
      Servicer shall be an independent contractor and shall not, except in those
      instances where it is taking action in the name of the Trustee, be deemed to
      be
      the agent of the Trustee.

     

    
      
        
        

      

      
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    (b)  In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures and exercise the same care that it customarily employs and exercises
      in master servicing and administering loans for its own account, giving due
      consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. Consistent with the foregoing, the Master Servicer
      may, and may permit any Servicer to, in its discretion (i) waive any late
      payment charge or any prepayment charge or penalty interest in connection with
      the prepayment of a Mortgage Loan (except as set forth below) and (ii) extend
      the due dates for payments due on a Mortgage Note for a period not greater
      than
      120 days; provided,
      however,
      that
      the maturity of any Mortgage Loan shall not be extended past the date on which
      the final payment is due on the latest maturing Mortgage Loan as of the Cut-off
      Date. In the event of any extension described in clause (ii) above, the Master
      Servicer shall make or cause to be made Advances on the related Mortgage Loan
      in
      accordance with the provisions of Section 5.04 on the basis of the amortization
      schedule of such Mortgage Loan without modification thereof by reason of such
      extension. Notwithstanding
      anything to the contrary in this Agreement, the Master Servicer shall not make
      or knowingly permit any modification, waiver or amendment of any material term
      of any Mortgage Loan unless: (1) such Mortgage Loan is in default or default
      by
      the related Mortgagor is, in the reasonable judgment of the Master Servicer
      or
      the applicable Servicer, reasonably foreseeable, (2) in the case of a waiver
      of
      a Prepayment Premium if (a) such Mortgage Loan is in default or default by
      the
      related Mortgagor is reasonably foreseeable, and such waiver would maximize
      recovery of total proceeds taking into account the value of such Prepayment
      Premium and the related Mortgage Loan or (b) if the prepayment is not the result
      of a refinance by the Servicer or any of its affiliates and (i) such Mortgage
      Loan is in default or default by the related Mortgagor is, in the reasonable
      judgment of the Master Servicer or the applicable Servicer, reasonably
      foreseeable, and such waiver would maximize recovery of total proceeds taking
      into account the value of such Prepayment Premium and the related Mortgage
      Loan
      or (ii) the collection of the Prepayment Premium would be in violation of
      applicable laws or (iii) the collection of such Prepayment Premium would be
      considered "predatory" pursuant to written guidance published or issued by
      any
      applicable federal, state or local regulatory authority acting in its official
      capacity and having jurisdiction over such matters, and (3) the Master Servicer
      shall have provided or caused to be provided to the Trustee an Opinion of
      Counsel(which opinion shall, if provided by the Master Servicer, be an expense
      reimbursed from the Collection Account pursuant to Section 4.02(v)) in writing
      to the effect that such modification, waiver or amendment would not cause an
      Adverse REMIC Event; provided,
      in no event shall an Opinion of Counsel be required for the waiver of a
      Prepayment Premium under clause (2) above. Notwithstanding
      anything to the contrary, the Master Servicer shall not without the Trustee’s
      written consent: (i) initiate any action, suit or proceeding solely under the
      Trustee’s name without indicating the Master Servicer’s representative capacity
      or (ii) take any action with the intent to cause, and which actually does cause,
      the Trustee to be registered to do business in any state.

     

    
      
        
        

      

      
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      	Section
              9.05.   	
              Servicing
                Agreement Between the Master Servicer and the Servicer; Enforcement
                of
                Servicer’s Obligations. 

            

    

     

    (a)  The
      Servicing Agreement requires the applicable Servicer to service the Mortgage
      Loans in accordance with the provisions thereof. References in this Agreement
      to
      actions taken or to be taken by the Master Servicer include such actions taken
      or to be taken by the Servicer pursuant to the Servicing Agreement. Any fees,
      costs and expenses and other amounts payable to the Servicer shall be deducted
      from amounts remitted to the Master Servicer by the Servicer (to the extent
      permitted by the Servicing Agreement) and shall not be an obligation of the
      Trust Fund, the Trustee or the Master Servicer.

     

    (b)  The
      Master Servicer shall not be required to (i) take any action with respect to
      the
      servicing of any Mortgage Loan that the Servicer is not required to take under
      the Servicing Agreement and (ii) cause the Servicer to take any action or
      refrain from taking any action if the Servicing Agreement does not
      require
      the Servicer to take such action or refrain from taking such action; in both
      cases notwithstanding any provision of this Agreement that requires the Master
      Servicer to take such action or cause the Servicer to take such
      action.

     

    
      
        
        

      

      
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    (c)  The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Servicer under the Servicing Agreement,
      and
      shall use its reasonable best efforts to enforce the obligations of the Servicer
      under the Servicing Agreement and shall, upon its obtaining actual knowledge
      of
      the failure of a Servicer to perform its obligations in accordance with the
      Servicing Agreement, to the extent that the non-performance of any such
      obligations would have a material adverse effect on a Mortgage Loan, the Trust
      Fund or Certificateholders terminate the rights and obligations of the Servicer
      thereunder to the extent and in the manner permitted by the Servicing Agreement
      and either act as servicer of the related Mortgage Loans or enter into a
      Servicing Agreement with a successor Servicer. Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of the
      Servicing Agreement and the pursuit of other appropriate remedies, shall be
      in
      such form and carried out to such an extent and at such time as the Master
      Servicer, in its good faith business judgment, would require were it the owner
      of the related Mortgage Loans. The Master Servicer shall pay the costs of such
      enforcement at its own expense, and shall be reimbursed therefor initially
      only
      (i) from a general recovery resulting from such enforcement only to the extent,
      if any, that such recovery exceeds all amounts due in respect of the related
      Mortgage Loans or (ii) from a specific recovery of costs, expenses or attorneys’
fees against the party against whom such enforcement is directed, and then,
      to
      the extent that such amounts are insufficient to reimburse the Master Servicer
      for the costs of such enforcement, (iii) from the Collection
      Account.

     

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

     

    
      	Section
              9.06.   	
              Collection
                of Taxes, Assessments and Similar Items. 

            

    

     

    (a)  To
      the
      extent provided in the Servicing Agreement, the Master Servicer shall cause
      the
      Servicer to establish and maintain one or more custodial accounts at a
      depository institution (which may be a depository institution with which the
      Master Servicer or the Servicer establishes accounts in the ordinary course
      of
      its servicing activities), the accounts of which are insured to the maximum
      extent permitted by the FDIC (each, an “Escrow Account”) and shall deposit
      therein any collections of amounts received with respect to amounts due for
      taxes, assessments, water rates, Standard Hazard Insurance Policy premiums
      or
      any comparable items for the account of the Mortgagors. Withdrawals from any
      Escrow Account may be made (to the extent amounts have been escrowed for such
      purpose) only in accordance with the Servicing Agreement. The Servicer shall
      be
      entitled to all investment income not required to be paid to Mortgagors on
      any
      Escrow Account maintained by the Servicer. The Master Servicer shall make (or
      cause to be made) to the extent provided in the Servicing Agreement advances
      to
      the extent necessary in order to effect timely payment of taxes, water rates,
      assessments, Standard Hazard Insurance Policy premiums or comparable items
      in
      connection with the related Mortgage Loan (to the extent that the Mortgagor
      is
      required, but fails, to pay such items), provided
      that it
      has determined that the funds so advanced are recoverable from escrow payments,
      reimbursement pursuant to Section 4.02(v) or otherwise.

     

    
      
        
        

      

      
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    (b)  Costs
      incurred by the Master Servicer or by the Servicer in effecting the timely
      payment of taxes and assessments on the properties subject to the Mortgage
      Loans
      may be added to the amount owing under the related Mortgage Note where the
      terms
      of the Mortgage Note so permit; provided,
      however,
      that
      the addition of any such cost shall not be taken into account for purposes
      of
      calculating the distributions to be made to Certificateholders. Such costs,
      to
      the extent that they are unanticipated, extraordinary costs, and not ordinary
      or
      routine costs shall be recoverable by the Master Servicer pursuant to Section
      4.02(v).

     

    
      	Section
              9.07.   	
              Termination
                of Servicing Agreement; Successor Servicers.

            

    

     

    (a)  The
      Master Servicer shall be entitled to terminate the rights and obligations of
      any
      Servicer under the Servicing Agreement in accordance with the terms and
      conditions of such Servicing Agreement and without any limitation by virtue
      of
      this Agreement; provided,
      however,
      that in
      the event of termination of any Servicing Agreement by the Master Servicer
      or
      the Servicer, the Master Servicer shall either act as Servicer of the related
      Mortgage Loans, or enter into a Servicing Agreement with a successor Servicer.
      

     

    (b)  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. The
      Master Servicer shall use reasonable efforts to have the successor Servicer
      assume liability for the representations and warranties made by the terminated
      Servicer in respect of the related Mortgage Loans, and in the event of any
      such
      assumption by the successor Servicer, the Trustee or the Master Servicer, as
      applicable, may, in the exercise of its business judgment, release the
      terminated Servicer from liability for such representations and
      warranties.

     

    
      	Section
              9.08.   	
              Master
                Servicer Liable for Enforcement. 

            

    

     

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

     

    
      
        
        

      

      
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      	Section
              9.09.   	
              No
                Contractual Relationship Between the Servicer and Trustee or
                Depositor. 

            

    

     

    The
      Servicing Agreement that may be entered into and any other transactions or
      services relating to the Mortgage Loans involving the Servicer in its capacity
      as such and not as an originator shall be deemed to be between the Servicer,
      the
      Mortgage Loan Seller and the Master Servicer, and except to the extent expressly
      provided therein the Trustee and the Depositor shall not be deemed parties
      thereto and shall have no claims, rights, obligations, duties or liabilities
      with respect to the Servicer except as set forth in Section 9.10
      hereof.

     

    
      	Section
              9.10.   	
              Assumption
                of Servicing Agreement by Trustee.

            

    

     

    (a)  In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), after a
      period not to exceed ninety days after the issuance of any notice of termination
      pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee shall,
      in
      accordance with Section 6.14, thereupon assume all of the rights and obligations
      of such Master Servicer hereunder and enforce the rights under the Servicing
      Agreement entered into with respect to the Mortgage Loans. The Trustee, its
      designee or any successor master servicer appointed by the Trustee shall be
      deemed to have assumed all of the Master Servicer’s interest herein and therein
      to the same extent as if such Servicing Agreement had been assigned to the
      assuming party, except that the Master Servicer shall not thereby be relieved
      of
      any liability or obligations of the Master Servicer under such Servicing
      Agreement accruing prior to its replacement as Master Servicer, and shall be
      liable to the Trustee, and hereby agrees to indemnify and hold harmless the
      Trustee from and against all costs, damages, expenses and liabilities (including
      reasonable attorneys’ fees) incurred by the Trustee as a result of such
      liability or obligations of the Master Servicer and in connection with the
      Trustee’s assumption (but not its performance, except to the extent that costs
      or liability of the Trustee are created or increased as a result of negligent
      or
      wrongful acts or omissions of the Master Servicer prior to its replacement
      as
      Master Servicer) of the Master Servicer’s obligations, duties or
      responsibilities thereunder; provided
      that the
      Master Servicer shall not indemnify or hold harmless the Trustee against
      negligent or willful misconduct of the Trustee.

     

    (b)  The
      Master Servicer that has been terminated shall, upon request of the Trustee
      but
      at the expense of such Master Servicer or, at the expense of the Trust Fund
      to
      the extent provided in this Agreement, deliver to the assuming party all
      documents and records relating to the Servicing Agreement and the related
      Mortgage Loans and an accounting of amounts collected and held by it and
      otherwise use its best efforts to effect the orderly and efficient transfer
      of
      the Servicing Agreement to the assuming party.

     

    
      
        
        

      

      
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      	Section
              9.11.   	
              “Due-on-Sale”
                Clauses; Assumption Agreements. 

            

    

     

    (a)  To
      the
      extent provided in the Servicing Agreement, to the extent Mortgage Loans contain
      enforceable due-on-sale clauses, and to the extent that the Master Servicer
      has
      knowledge of the conveyance of a Mortgaged Property, the Master Servicer shall
      use its reasonable best efforts to cause the Servicer to enforce such clauses
      in
      accordance with the 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 Servicing Agreement, and, as a consequence, a Mortgage
      Loan
      is assumed, the original Mortgagor may be released from liability in accordance
      with the Servicing Agreement.

     

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

     

    
      	Section
              9.12.   	
              Release
                of Mortgage Files.

            

    

     

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

     

    
      
        
        

      

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

     

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

            

    

     

    (a)  The
      Master Servicer shall transmit, or cause the applicable Servicer to transmit,
      to
      the Trustee such documents and instruments coming into the possession of the
      Master Servicer or the Servicer from time to time as are required by the terms
      hereof to be delivered to the Trustee. 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 a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan
      shall
      be held for the benefit of the Trustee and the Certificateholders subject to
      the
      Master Servicer’s right to retain or withdraw from the Collection Account the
      Master Servicing Fee and other amounts provided in this Agreement, and to the
      right of the Servicer to retain its Servicing Fee and other amounts as provided
      in the Servicing Agreement. The Master Servicer shall, and shall (to the extent
      provided in the Servicing Agreement) cause the 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.

     

    
      
        
        

      

      
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    (b)  All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
      Servicer, or by the Servicer, for and on behalf of the Trustee and the
      Certificateholders and shall be and remain the sole and exclusive property
      of
      the Trustee; provided,
      however,
      that
      the Master Servicer and the 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 the Servicer under this Agreement or the Servicing Agreement
      and shall be authorized to remit such funds to the Trustee in accordance with
      this Agreement.

     

    (c)  The
      Master Servicer hereby acknowledges that concurrently with the execution of
      this
      Agreement, the Trustee shall own or, to the extent that a court of competent
      jurisdiction shall deem the conveyance of the Mortgage Loans from the Mortgage
      Loan Seller to the Depositor not to constitute a sale, the Trustee shall have
      a
      security interest in either Mortgage Loans and in all Mortgage Files
      representing such Mortgage Loans and in all funds now or hereafter held by,
      or
      under the control of, a Servicer or the Master Servicer that are collected
      by
      the Servicer or the Master Servicer in connection with such Mortgage Loans,
      whether as scheduled installments of principal and interest or as full or
      partial prepayments of principal or interest or as a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds or otherwise, and in all proceeds
      of
      the foregoing and proceeds of proceeds (but excluding any fee or other amounts
      to which the Servicer is entitled under the Servicing Agreement, or the Master
      Servicer or the Depositor is entitled to hereunder); and the Master Servicer
      agrees that so long as the Mortgage Loans are assigned to and held by the
      Trustee, all documents or instruments constituting part of the Mortgage Files,
      and such funds relating to the Mortgage Loans which come into the possession
      or
      custody of, or which are subject to the control of, the Master Servicer or
      any
      Servicer shall be held by the Master Servicer or the Servicer for and on behalf
      of the Trustee as the Trustee’s agent and bailee for purposes of perfecting the
      Trustee’s security interest therein as provided by the applicable Uniform
      Commercial Code or other laws.

     

    (d)  The
      Master Servicer agrees that it shall not, and shall not authorize any Servicer
      to, create, incur or subject any Mortgage Loans, or any funds that are deposited
      in any custodial account, Escrow Account or the Collection Account, or any
      funds
      that otherwise are or may become due or payable to the Trustee, to any claim,
      lien, security interest, judgment, levy, writ of attachment or other
      encumbrance, nor assert by legal action or otherwise any claim or right of
      setoff against any Mortgage Loan or any funds collected on, or in connection
      with, a Mortgage Loan.

     

    
      
        
        

      

      
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      	Section
              9.14.   	
              Representations
                and Warranties of the Master Servicer. 

            

    

     

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

     

    (i)  it
      is
      validly existing and in good standing under the jurisdiction of its formation,
      and as Master Servicer has full power and authority to transact any and all
      business contemplated by this Agreement and to execute, deliver and comply
      with
      its obligations under the terms of this Agreement, the execution, delivery
      and
      performance of which have been duly authorized by all necessary corporate action
      on the part of the Master Servicer;

     

    (ii)  the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
      any administrative decree or order to which it is subject or (C) constitute
      a
      default (or an event which, with notice or lapse of time, or both, would
      constitute a default) under, or result in the breach of, any material contract,
      agreement or other instrument to which the Master Servicer is a party or by
      which it is bound or to which any of its assets are subject, which violation,
      default or breach would materially and adversely affect the Master Servicer’s
      ability to perform its obligations under this Agreement;

     

    (iii)  this
      Agreement constitutes, assuming due authorization, execution and delivery hereof
      by the other respective parties hereto, a legal, valid and binding obligation
      of
      the Master Servicer, enforceable against it in accordance with the terms hereof,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors’ rights in general, and by general equity principles (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law);

     

    (iv)  the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

     

    (v)  the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any charter provision, bylaw or any other corporate restriction
      or
      any judgment, order, writ, injunction, decree, law or regulation that may
      materially and adversely affect its ability as Master Servicer to perform its
      obligations under this Agreement or that requires the consent of any third
      person to the execution of this Agreement or the performance by the Master
      Servicer of its obligations under this Agreement; 

     

    
      
        
        

      

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

     

    (vii)  the
      Master Servicer, or an affiliate thereof the primary business of which is the
      servicing of conventional residential mortgage loans, is an FNMA- and
      FHLMC-approved seller/servicer;

     

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

     

    (ix)  the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer; and

     

    (x)  the
      Master Servicer has obtained an Errors and Omissions Insurance Policy and a
      Fidelity Bond in accordance with Section 9.02, each of which is in full force
      and effect, and each of which provides at least such coverage as is required
      hereunder.

     

    (b)  It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 9.14 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Depositor and the Trustee and hold them
      harmless against any loss, damages, penalties, fines, forfeitures, legal fees
      and related costs, judgments, and other costs and expenses resulting from any
      claim, demand, defense or assertion based on or grounded upon, or resulting
      from, a breach of the Master Servicer’s representations and warranties contained
      in Section 9.14(a). Notwithstanding anything in this Agreement to the contrary,
      the Master Servicer shall not be liable for special, indirect or consequential
      losses or damages of any kind whatsoever (including, but not limited to, lost
      profits). It is understood and agreed that the enforcement of the obligation
      of
      the Master Servicer set forth in this Section to indemnify the Depositor and
      the
      Trustee as provided in this Section constitutes the sole remedy (other than
      as
      set forth in Section 6.14) of the Depositor and the Trustee, respecting a breach
      of the foregoing representations and warranties. Such indemnification shall
      survive any termination of the Master Servicer as Master Servicer hereunder,
      and
      any termination of this Agreement. 

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by either the Depositor, the Master Servicer or the
      Trustee or notice thereof by any one of such parties to the other
      parties.

     

    (c)  It
      is
      understood and agreed that the representations and warranties of the Depositor
      set forth in Sections 2.03(a) through (f) shall survive the execution and
      delivery of this Agreement. The Depositor shall indemnify the Master Servicer
      and hold it harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses resulting
      from any claim, demand, defense or assertion based on or grounded upon, or
      resulting from, a breach of the Depositor’s representations and warranties
      contained in Sections 2.03(a) through (f) hereof. It is understood and agreed
      that the enforcement of the obligation of the Depositor set forth in this
      Section to indemnify the Master Servicer as provided in this Section constitutes
      the sole remedy of the Master Servicer respecting a breach by the Depositor
      of
      the representations and warranties in Sections 2.03(a) through (f)
      hereof.

     

    
      
        
        

      

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

     

    
      	Section
              9.15.   	
              Closing
                Certificate and Opinion. 

            

    

     

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

     

    
      	Section
              9.16.   	
              Standard
                Hazard and Flood Insurance Policies. 

            

    

     

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

     

    Pursuant
      to Section 4.01, any amounts collected by the Master Servicer, or by any
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      (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 Master Servicer’s or the Servicer’s normal servicing procedures and Accepted
      Servicing Practices) shall be deposited into the Collection Account, subject
      to
      withdrawal pursuant to Section 4.02. Any cost incurred by the Master Servicer
      or
      any Servicer in maintaining any such insurance if the Mortgagor defaults in
      its
      obligation to do so shall be added to the amount owing under the Mortgage Loan
      where the terms of the Mortgage Loan so permit; provided,
      however,
      that
      the addition of any such cost shall not be taken into account for purposes
      of
      calculating the distributions to be made to Certificateholders and shall be
      recoverable by the Master Servicer or the Servicer pursuant to Section
      4.02(v).

     

    
      
        
        

      

      
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      	Section
              9.17.   	
              Presentment
                of Claims and Collection of Proceeds. 

            

    

     

    The
      Master Servicer shall, or shall cause the Servicer (to the extent provided
      in
      the Servicing Agreement) to, prepare and present on behalf of the Trustee and
      the Certificateholders all claims under the Insurance Policies with respect
      to
      the Mortgage Loans, and take such actions (including the negotiation,
      settlement, compromise or enforcement of the insured’s claim) as shall be
      necessary to realize recovery under such policies. Any proceeds disbursed to
      the
      Master Servicer (or disbursed to the Servicer and remitted to the Master
      Servicer) in respect of such policies or bonds shall be promptly deposited
      in
      the Collection Account upon receipt, except that any amounts realized that
      are
      to be applied to the repair or restoration of the related Mortgaged Property
      or
      released to the Mortgagor in accordance with the Master Servicer’s or the
      Servicer’s normal servicing procedures need not be so deposited (or
      remitted).

     

    
      	Section
              9.18.   	
              Maintenance
                of the Primary Mortgage Insurance Policies. 

            

    

     

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

     

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

     

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

            

    

     

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

     

    
      
        
        

      

      
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      	Section
              9.20.   	
              Realization
                Upon Defaulted Mortgage Loans. 

            

    

     

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

     

    
      	Section
              9.21.   	
              Compensation
                to the Master Servicer. 

            

    

     

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

     

    
      
        
        

      

      
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      	Section
              9.22.   	
              REO
                Property. 

            

    

     

    (a)  In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
      or to its nominee, on behalf of the Certificateholders. The Master Servicer
      shall use its reasonable best efforts to sell, or, to the extent provided in
      the
      Servicing Agreement, cause the applicable Servicer to sell, any REO Property
      as
      expeditiously as possible and in accordance with the provisions of this
      Agreement and the Servicing Agreement, as applicable, but in all events within
      the time period, and subject to the conditions set forth in Article X hereof.
      Pursuant to its efforts to sell such REO Property, the Master Servicer shall
      protect and conserve, or cause the applicable Servicer to protect and conserve,
      such REO Property in the manner and to such extent required by the Servicing
      Agreement, subject to Article X hereof.

     

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

     

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

     

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

     

    
      
        
        

      

      
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      	Section
              9.23.   	
              [Reserved]

            

    

     

    
      	Section
              9.24.   	
              Reports
                to the Trustee. 

            

    

     

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

     

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

     

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

     

    
      	Section
              9.25.   	
              Assessment
                of Compliance and Attestation Reports. 

            

    

     

    (a) Assessment
      of Compliance

     

    (i)  By
      March
      15 of each year, commencing in March 2007, the Master Servicer, at its own
      expense, shall furnish, and shall cause any Servicing Function Participant
      engaged by it to furnish, at its own expense, to the Sponsor, the Depositor,
      the
      Master Servicer and the Trustee, a report on an assessment of compliance with
      the Relevant Servicing Criteria that contains (A) a statement by such party
      of
      its responsibility for assessing compliance with the Relevant Servicing
      Criteria, (B) a statement that such party used the Servicing Criteria to assess
      compliance with the Relevant Servicing Criteria, (C) such party’s assessment of
      compliance with the Relevant Servicing Criteria as of and for the fiscal year
      covered by the Form 10-K required to be filed pursuant to Section 6.20(e),
      including, if there has been any material instance of noncompliance with the
      Relevant Servicing Criteria, a discussion of each such failure and the nature
      and status thereof, and (D) a statement that a registered public accounting
      firm
      has issued an attestation report on such party’s assessment of compliance with
      the Relevant Servicing Criteria as of and for such period. 

    

    
      
        
        

      

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

    

    (iii)  Promptly
      after receipt of each report on assessment of compliance, the Exchange Act
      Signing Party shall confirm that the assessments, taken as a whole, address
      all
      of the Servicing Criteria and taken individually address the Relevant Servicing
      Criteria for each party as set forth on Exhibit O and on any similar exhibit
      set
      forth in each Servicing Agreement in respect of each Servicer, and each
      Custodial Agreement in respect of each Custodian, and shall notify the Depositor
      of any exceptions. 

    

    (iv) On
      or
      prior to the Closing Date, the Master Servicer shall deliver to the Sponsor,
      the
      Trustee and the Depositor a certification in the form of Exhibit R attached
      hereto regarding the items it will address in its assessment of compliance
      with
      the servicing criteria under this Section 9.25(a).

     

    (b) Attestation
      Reports

     

    By
      March
      15 of each year, commencing in March 2007, the Master Servicer, at its own
      expense, shall cause, and shall cause any Servicing Function Participant engaged
      by it to cause, at its own expense, a registered public accounting firm (which
      may also render other services to the Master Servicer) that is a member of
      the
      American Institute of Certified Public Accountants to furnish a report to the
      Sponsor, the Depositor, the Master Servicer and the Trustee, to the effect
      that
      (A) it has obtained a representation regarding certain matters from the
      management of such party, which includes an assertion that such party has
      complied with the Relevant Servicing Criteria, and (B) on the basis of an
      examination conducted by such firm in accordance with standards for attestation
      engagements issued or adopted by the Public Company Accounting Oversight Board,
      it is expressing an opinion as to whether such party’s compliance with the
      Relevant Servicing Criteria was fairly stated in all material respects, or
      it
      cannot express an overall opinion regarding such party’s assessment of
      compliance with the Relevant Servicing Criteria. In the event that an overall
      opinion cannot be expressed, such registered public accounting firm shall state
      in such report why it was unable to express such an opinion. Such report must
      be
      available for general use and not contain restricted use language.

     

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

     

    
      
        
        

      

      
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      	Section
              9.26.   	
              Annual
                Statement of Compliance with Applicable Servicing Criteria. 

            

    

     

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

     

    (b) Copies
      of
      such statements shall be provided to any Certificateholder upon request, by
      the
      Master Servicer or by the Trustee at the Master Servicer’s expense if the Master
      Servicer failed to provide such copies (unless (i) the Master Servicer shall
      have failed to provide the Trustee with such statement or (ii) the Trustee
      shall
      be unaware of the Master Servicer’s failure to provide such
      statement).

     

    

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

     

    (d) The
      Master Servicer shall notify the Trustee, the Depositor and the Sponsor within
      five (5) days of knowledge thereof (i) of any legal proceedings pending against
      the Master Servicer of the type described in Item 1117 (§ 229.1117) of
      Regulation AB, (ii) of any merger, consolidation or sale of substantially all
      of
      the assets of the Master Servicer and (iii) if the Master Servicer shall become
      (but only to the extent not previously disclosed) at any time an affiliate
      of
      any of the parties listed on Exhibit S to this Agreement.

     

    
      	Section
              9.27.   	
              Merger
                or Consolidation. 

            

    

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided,
      however,
      that
      the successor or resulting Person to the Master Servicer shall be a Person
      that
      shall be qualified and approved to service mortgage loans for FNMA or FHLMC
      and
      shall have a net worth of not less than $15,000,000.

     

    
      
        
        

      

      
        152

        
          

        

      

      
        
        

      

    

    
      	Section
              9.28.   	
              Resignation
                of Master Servicer. 

            

    

     

    Except
      as
      otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall
      not resign from the obligations and duties hereby imposed on it unless it
      determines that the Master Servicer’s duties hereunder are no longer permissible
      under applicable law or are in material conflict by reason of applicable law
      with any other activities carried on by it and cannot be cured. Any such
      determination permitting the resignation of the Master Servicer shall be
      evidenced by an Opinion of Counsel that shall be Independent to such effect
      delivered to the Trustee. In the event such determination of ineligibility
      of
      the Master Servicer to continue in the capacity of master servicer is made
      by
      the Master Servicer or the Trustee, no such resignation shall become effective
      until the Trustee shall have assumed, or a successor master servicer shall
      have
      been appointed by the Trustee and until such successor shall have assumed,
      the
      Master Servicer’s responsibilities and obligations under this Agreement. Notice
      of such resignation shall be given promptly by the Master Servicer to the
      Depositor.

     

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

            

    

     

    Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any Subservicer, Subcontractor
      or any other Person to perform any of the duties, covenants or obligations
      to be
      performed by the Master Servicer hereunder; provided,
      however,
      that
      the Master Servicer shall have the right without the prior written consent
      of
      the Trustee, the Depositor or the Rating Agencies to delegate or assign to
      or
      subcontract with or authorize or appoint an Affiliate of the Master Servicer
      to
      perform and carry out any duties, covenants or obligations to be performed
      and
      carried out by the Master Servicer hereunder. In no case, however, shall any
      such delegation, subcontracting or assignment to an Affiliate of the Master
      Servicer relieve the Master Servicer of any liability hereunder. Notice of
      such
      permitted assignment shall be given promptly by the Master Servicer to the
      Depositor and the Trustee. If, pursuant to any provision hereof, the duties
      of
      the Master Servicer are transferred to a successor master servicer, the entire
      amount of the Master Servicing Fees and other compensation payable to the Master
      Servicer pursuant hereto, including amounts payable to or permitted to be
      retained or withdrawn by the Master Servicer pursuant to Section 9.21 hereof,
      shall thereafter be payable to such successor master servicer.

     

    The
      Master Servicer shall not permit a Subservicer to perform any master servicing
      responsibilities hereunder with respect to the Mortgage Loans unless that
      Subservicer first agrees in writing with such Master Servicer to deliver an
      assessment of compliance and an accountant’s attestation in such manner and at
      such times in compliance with Sections 9.25(a)(ii) and (b)(ii) of this
      Agreement.

     

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

            

    

     

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

     

    
      
        
        

      

      
        153

        
          

        

      

      
        
        

      

    

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

     

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

     

    
      	Section
              9.31.   	
              Indemnification;
                Third-Party Claims.

            

    

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor and the Trustee,
      and their respective officers, directors, agents and affiliates, and hold each
      of them harmless against any and all claims, losses, penalties, fines,
      forfeitures, reasonable legal fees and related costs, judgments, and any other
      costs, liability, fees and expenses that the Depositor, the Sponsor or the
      Trustee may sustain as a result of (a) any breach by the Master Servicer of
      any
      if its obligations hereunder, including particularly its obligations to provide
      any reports under Section 9.25(a), Section 9.25(b) or Section 9.26 or any
      information, data or materials required to be included in any Exchange Act
      report, (b) any misstatement or omission in any information, data or materials
      provided by the Master Servicer, or (c) the negligence, bad faith or willful
      misconduct of the Master Servicer in connection with its performance hereunder.
      The Depositor, the Sponsor and the Trustee shall immediately notify the Master
      Servicer if a claim is made by a third party with respect to this Agreement
      or
      the Mortgage Loans entitling the Depositor, the Sponsor or the Trustee to
      indemnification hereunder, whereupon the Master Servicer shall assume the
      defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or them in respect of such
      claim.

     

    
      
        
        

      

      
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      	Section
              9.32.   	
               Special
                Servicing of Delinquent Mortgage Loans.  

            

    

     

    If
      permitted under the terms of the Servicing Agreement, the Mortgage Loan Seller
      may appoint, pursuant to the terms of the Servicing Agreement and with the
      written consent of the Depositor, the Master Servicer and the Trustee, a special
      servicer (the “Special Servicer”) to special service any Distressed Mortgage
      Loans. Any applicable termination fee related to the termination of the Servicer
      and the appointment of any Special Servicer shall be paid by the Mortgage Loan
      Seller from its own funds, without right of reimbursement from the Trust Fund.
      Any fees paid to any such Special Servicer shall not exceed the related
      Servicing Fee Rate.

     

    ARTICLE
      X

     

    REMIC
      ADMINISTRATION

     

    
      	Section
              10.01.   	
              REMIC
                Administration. 

            

    

     

    (a)  As
      set
      forth in the Preliminary Statement hereto, the Trustee shall elect REMIC status
      in accordance with the REMIC Provisions with respect to each of the REMICs.
      The
      Trustee shall make such elections on Forms 1066 or other appropriate federal
      tax
      or information return for the taxable year ending on the last day of the
      calendar year in which the Certificates are issued. For the purposes of such
      elections, each of the Interests in REMIC I, other than the Class R-1 Interest,
      is hereby designated as a regular interest in REMIC I; each of the Interests
      in
      REMIC II, other than the Class R-2 Interest, is hereby designated as a regular
      interest in REMIC II; each of the Interests in REMIC X, other than the Class
      R-X
      Interest, is hereby designated as a regular interest in REMIC X; and each
      Certificate, other than the Group 1-2 Subordinate Certificates, Class X, Class
      LT-R, Class R and Class P Certificates and, in the case of the Class 1-A1 and
      Class 3-A1 Certificates, exclusive of the right to receive amounts from the
      related Basis Risk Reserve Fund, and each Component comprising each Group 1-2
      Component Certificate is hereby designated as a regular interest in REMIC III.
      In addition, the Class R-2 Interest is hereby designated as the sole residual
      interest in REMIC II, the Class R-X Interest is hereby designated as the sole
      residual interest in REMIC X and the Class R Certificate evidences ownership
      of
      the Class R-2 and Class R-X Interests and is also hereby designated as the
      sole
      residual interest in REMIC III.

     

    
      
        
        

      

      
        155

        
          

        

      

      
        
        

      

    

    (b)  The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 86OG(a)(9) of the Code. The latest possible maturity date
      for
      purposes of Treasury Regulation 1.86OG-1(a)(4) will be the Latest Possible
      Maturity Date.

     

    (c)  The
      Trustee shall pay any and all tax related expenses (not including taxes) of
      each
      REMIC, including but not limited to any professional fees or expenses related
      to
      audits or any administrative or judicial proceedings with respect to such REMIC
      that involve the Internal Revenue Service or state tax authorities, but only
      to
      the extent that (i) such expenses are ordinary or routine expenses, including
      expenses of a routine audit but not expenses of litigation (except as described
      in (ii)); or (ii) such expenses or liabilities (including taxes and penalties)
      are attributable to the negligence or willful misconduct of the Trustee in
      fulfilling its duties hereunder (including its duties as tax return preparer).
      The Trustee shall be entitled to reimbursement of expenses to the extent
      provided in clause (i) above from the Certificate Account, provided,
      however,
      the
      Trustee shall not be entitled to reimbursement for expenses incurred in
      connection with the preparation of tax returns and Form SS-4 as required by
      Section 6.20 and this Section 10.01.

     

    (d)  The
      Trustee shall prepare, sign and file all of each REMIC’s federal and applicable
      state tax and information returns as such REMIC’s direct representative. As used
      in the previous sentence, “applicable state tax and information returns” shall
      mean such returns as may be required by the laws of any state, the applicability
      of which to the Trust Fund shall have been confirmed to the Trustee in writing
      either (i) by the delivery to the Trustee of an Opinion of Counsel to such
      effect, or (ii) by delivery to the Trustee of a written notification to such
      effect by the taxing authority of such state. The expenses of preparing and
      filing such returns shall be borne by the Trustee. If any Disqualified
      Organization acquires any Ownership Interest in a Residual Certificate, then
      the
      Trustee will upon request provide to the Internal Revenue Service, and to the
      persons specified in Sections 860E(e)(3) and (6) of the Code, such information
      as required in Section 860D(a)(6)(B) of the Code needed to compute the tax
      imposed under Section 860E(e) of the Code on transfers of residual interests
      to
      disqualified organizations. The Trustee shall be entitled to additional
      compensation from such person for the cost of providing such
      information.

     

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

     

    
      
        
        

      

      
        156

        
          

        

      

      
        
        

      

    

    (f)  The
      Trustee, the Master Servicer and the Holders of Certificates shall take any
      action within their respective control and the scope of their respective duties
      or cause each REMIC to take any action necessary to create or maintain the
      status of such REMIC 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
      Master Servicer or the Holder of any Residual Certificate shall take any action
      within its respective control, cause any REMIC to take any action or fail to
      take (or fail to cause to be taken) any action within its control and in the
      scope of its duties that, under the REMIC Provisions, if taken or not taken,
      as
      the case may be, could (i) endanger the status of any REMIC as a REMIC or
      (ii) result in the imposition of a tax upon any REMIC (including but not limited
      to the tax on prohibited transactions as defined in Code Section 860F(a)(2)
      and
      the tax on prohibited contributions set forth on Section 860G(d) of the Code)
      (either such event, an “Adverse REMIC Event”) unless the Trustee and the Master
      Servicer have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      endanger such status or result in the imposition of such a tax. In addition,
      prior to taking any action with respect to any REMIC or the assets therein,
      or
      causing any REMIC to take any action, which is not expressly permitted under
      the
      terms of this Agreement any Holder of a Residual Certificate will consult with
      the Trustee and the Master Servicer, or their respective designees, in writing,
      with respect to whether such action could cause an Adverse REMIC Event to occur
      with respect to any REMIC, and no such Person shall take any such action or
      cause any REMIC to take any such action as to which the Trustee or the Master
      Servicer has advised it in writing that an Adverse REMIC Event could
      occur.

     

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

     

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

     

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

     

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

     

    (k)  Upon
      the
      request of any Rating Agency, the Trustee shall deliver to such Rating Agency
      an
      Officer’s Certificate stating the Trustee’s compliance with the provisions of
      this Section 10.01 applicable to it.

     

    
      
        
        

      

      
        157

        
          

        

      

      
        
        

      

    

    
      	Section
              10.02.   	
              Prohibited
                Transactions and Activities. 

            

    

     

    None
      of
      the Depositor, the Master Servicer or the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of each REMIC pursuant to Article VII of this Agreement,
      (iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase
      of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any
      assets for any REMIC, nor sell or dispose of any investments in the Certificate
      Account for gain, nor accept any contributions to any REMIC after the Closing
      Date, unless it has received an Opinion of Counsel (at the expense of the party
      causing such sale, disposition, or substitution) that such disposition,
      acquisition, substitution, or acceptance will not (a) affect adversely the
      status of such REMIC as a REMIC or of the Certificates other than the Residual
      Certificate and Class P Certificates as the regular interests therein, (b)
      affect the distribution of interest or principal on the Certificates, (c) result
      in the encumbrance of the assets transferred or assigned to the Trust Fund
      (except pursuant to the provisions of this Agreement) or (d) cause such REMIC
      to
      be subject to a tax on prohibited transactions or prohibited contributions
      pursuant to the REMIC Provisions.

     

    
      	Section
              10.03.   	
              Indemnification
                with Respect to Certain Taxes and Loss of REMIC Status. 

            

    

     

    In
      the
      event that a REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or
      incurs federal, state or local taxes as a result of a prohibited transaction
      or
      prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee of its duties and obligations set forth herein,
      the
      Trustee shall indemnify the Holder of the Residual Certificate against any
      and
      all losses, claims, damages, liabilities or expenses (“Losses”) resulting from
      such negligence; provided,
      however,
      that
      the Trustee shall not be liable for any such Losses attributable to the action
      or inaction of the Master Servicer, the Depositor, or the Holder of such
      Residual Certificate, as applicable, or for any such Losses resulting from
      misinformation provided by the Holder of such Residual Certificate on which
      the
      Trustee has relied. The foregoing shall not be deemed to limit or restrict
      the
      rights and remedies of the Holder of such Residual Certificate now or hereafter
      existing at law or in equity. Notwithstanding the foregoing, however, in no
      event shall the Trustee have any liability (1) for any action or omission that
      is taken in accordance with and in compliance with the express terms of, or
      which is expressly permitted by the terms of, this Agreement, (2) for any Losses
      other than arising out of a negligent performance by the Trustee its duties
      and
      obligations set forth herein, and (3) for any special or consequential damages
      to Certificateholders (in addition to payment of principal and interest on
      the
      Certificates) even if the Trustee has been advised of the likelihood of such
      loss or damage and regardless of the form of action. 

     

    
      	Section
              10.04.   	
              REO
                Property. 

            

    

     

    (a)  Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not (except to the extent provided in the Servicing
      Agreement) permit any Servicer to, rent, lease, or otherwise earn income on
      behalf of any REMIC with respect to any REO Property which might cause such
      REO
      Property to fail to qualify as “foreclosure” property within the meaning of
      section 860G(a)(8) of the Code or result in the receipt by any REMIC of any
      “income from non-permitted assets” within the meaning of section 860F(a)(2) of
      the Code or any “net income from foreclosure property” which is subject to tax
      under the REMIC Provisions unless the Master Servicer has advised, or has caused
      the applicable Servicer to advise, the Trustee in writing to the effect that,
      under the REMIC Provisions, such action would not adversely affect the status
      of
      any REMIC as a REMIC and any income generated for any REMIC by the REO Property
      would not result in the imposition of a tax upon such REMIC.

     

    
      
        
        

      

      
        158

        
          

        

      

      
        
        

      

    

    (b)  The
      Master Servicer shall make, or shall cause the applicable Servicer to make,
      reasonable efforts to sell any REO Property for its fair market value. In any
      event, however, the Master Servicer shall, or shall cause the applicable
      Servicer to, dispose of any REO Property within three years from the end of
      the
      calendar year of its acquisition by the Trust Fund unless the Trustee has
      received a grant of extension from the Internal Revenue Service to the effect
      that, under the REMIC Provisions and any relevant proposed legislation and
      under
      applicable state law, the REMIC may hold REO Property for a longer period
      without adversely affecting the REMIC status of such REMIC or causing the
      imposition of a Federal or state tax upon such REMIC. If the Trustee has
      received such an extension, then (a) the Trustee shall provide a copy of such
      extension to the Master Servicer and (b) the Trustee, or the Master Servicer,
      acting on its behalf hereunder, shall, or shall cause the applicable Servicer
      to, continue to attempt to sell the REO Property for its fair market value
      for
      such period longer than three years as such extension permits (the “Extended
      Period”). If the Trustee has not received such an extension and the Trustee, or
      the Master Servicer acting on behalf of the Trustee hereunder, or the applicable
      Servicer is unable to sell the REO Property within 33 months after its
      acquisition by the Trust Fund or if the Trustee has received such an extension,
      and the Trustee, or the Master Servicer acting on behalf of the Trustee
      hereunder, is unable to sell the REO Property within the period ending three
      months before the close of the Extended Period, the Master Servicer shall,
      or
      shall cause the applicable Servicer to, before the end of the three year period
      or the Extended Period, as applicable, (i) purchase such REO Property at a
      price
      equal to the REO Property’s fair market value or (ii) auction the REO Property
      to the highest bidder (which may be the Master Servicer) in an auction
      reasonably designed to produce a fair price prior to the expiration of the
      three-year period or the Extended Period, as the case may be.

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	Section
              11.01.   	
              Binding
                Nature of Agreement; Assignment. 

            

    

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    
      
        
        

      

      
        159

        
          

        

      

      
        
        

      

    

    
      	Section
              11.02.   	
              Entire
                Agreement. 

            

    

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

    
      	Section
              11.03.   	
              Amendment. 

            

    

     

    (a)  On
      or
      prior to a Section 7.01(c) Purchase Event, this Agreement may be amended from
      time to time by the Depositor, the Master Servicer and the Trustee, without
      notice to or the consent of any of the Holders, (i) to cure any ambiguity,
      (ii)
      to cause the provisions herein to conform to or be consistent with or in
      furtherance of the statements made with respect to the Certificates, the Trust
      Fund or this Agreement in any Offering Document; or to correct or supplement
      any
      provision herein which may be inconsistent with any other provisions herein
      or
      with the provisions of any Servicing Agreement, (iii) to make any other
      provisions with respect to matters or questions arising under this Agreement
      or
      (iv) to add, delete, or amend any provisions to the extent necessary or
      desirable to comply with any requirements imposed by the Code and the REMIC
      Provisions. No such amendment effected pursuant to the preceding sentence shall,
      as evidenced by an Opinion of Counsel, adversely affect the status of any REMIC
      created pursuant to this Agreement, nor shall such amendment effected pursuant
      to clause (iii) of such sentence adversely affect in any material respect the
      interests of any Holder. Prior to entering into any amendment without the
      consent of Holders pursuant to this paragraph, the Trustee may require an
      Opinion of Counsel (at the expense of the party requesting such amendment)
      to
      the effect that such amendment is permitted under this paragraph. Any such
      amendment shall be deemed not to adversely affect in any material respect any
      Holder if the Trustee receives written confirmation from each Rating Agency
      that
      such amendment will not cause such Rating Agency to reduce, qualify or withdraw
      the then current rating assigned to the Certificates (and any Opinion of Counsel
      requested by the Trustee in connection with any such amendment may rely
      expressly on such confirmation as the basis therefor). 

     

    (b)  On
      or
      prior to a Section 7.01(c) Purchase Event, this Agreement may also be amended
      from time to time by the Depositor, the Master Servicer and the Trustee with
      the
      consent of the Holders of not less than 66 2/3% of the Class Principal Amount
      (or Percentage Interest) of each Class of Certificates affected thereby for
      the
      purpose of adding any provisions to or changing in any manner or eliminating
      any
      of the provisions of this Agreement or of modifying in any manner the rights
      of
      the Holders; provided,
      however,
      that no
      such amendment shall be made unless the Trustee receives an Opinion of Counsel,
      at the expense of the party requesting the change, that such change will not
      adversely affect the status of any REMIC as a REMIC or cause a tax to be imposed
      on any REMIC; and provided,
      further,
      that no
      such amendment may (i) reduce in any manner the amount of, or delay the timing
      of, payments received on Mortgage Loans which are required to be distributed
      on
      any Certificate, without the consent of the Holder of such Certificate or (ii)
      reduce the aforesaid percentages of Class Principal Amount (or Percentage
      Interest) of Certificates of each Class, the Holders of which are required
      to
      consent to any such amendment without the consent of the Holders of 100% of
      the
      Class Principal Amount (or Class Notional Amount) of each Class of Certificates
      affected thereby. For purposes of this paragraph, references to “Holder” or
“Holders” shall be deemed to include, in the case of any Class of Book-Entry
      Certificates, the related Certificate Owners.

     

    
      
        
        

      

      
        160

        
          

        

      

      
        
        

      

    

    (c)  After
      a
      Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination
      Event, this Agreement may be amended from time to time by the Depositor, the
      Master Servicer, the LTURI-holder and the Trustee. Prior to entering into any
      amendment without the consent of Holders pursuant to this paragraph, the Trustee
      shall be provided with an Opinion of Counsel addressed to the Trustee (at the
      expense of the party requesting such amendment) to the effect that such
      amendment is permitted under this Section and will not result in an Adverse
      REMIC Event.

     

    (d)  Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the Depositor
      and to the Rating Agencies.

     

    (e)  It
      shall
      not be necessary for the consent of Holders under this Section 11.03 to approve
      the particular form of any proposed amendment, but it shall be sufficient if
      such consent shall approve the substance thereof. The manner of obtaining such
      consents and of evidencing the authorization of the execution thereof by Holders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe.

     

    (f)  Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in Section 11.03(a) or Section
      11.03(b) with respect to amendment of this Agreement and (ii) except for a
      Permitted Servicing Amendment, any such amendment pursuant to Section
      11.03(a)(iii) shall not be materially inconsistent with the provisions of such
      Servicing Agreement as evidenced by an Officer’s Certificate of the
      Depositor.

     

    (g)  Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer and the Trustee to
      the
      extent necessary, in the judgment of the Depositor and its counsel, to comply
      with the Rules.

     

    
      	Section
              11.04.   	
              Voting
                Rights. 

            

    

     

    Except
      to
      the extent that the consent of all affected Certificateholders is required
      pursuant to this Agreement, with respect to any provision of this Agreement
      requiring the consent of Certificateholders representing specified percentages
      of aggregate outstanding Certificate Principal Amount (or Notional Amount),
      Certificates owned by the Depositor, the Master Servicer, the Trustee or any
      Servicer or Affiliates thereof are not to be counted so long as such
      Certificates are owned by the Depositor, the Master Servicer, the Trustee or
      any
      Servicer or Affiliates thereof.

     

    
      
        
        

      

      
        161

        
          

        

      

      
        
        

      

    

    
      	Section
              11.05.   	
              Provision
                of Information. 

            

    

     

    (a)  For
      so
      long as any of the Certificates of any Series or Class are “restricted
      securities” within the meaning of Rule 144(a)(3) under the Securities Act, each
      of the Depositor and the Trustee agree to cooperate with each other to provide
      to any Certificateholders and to any prospective purchaser of Certificates
      designated by such Certificateholder, upon the request of such Certificateholder
      or prospective purchaser, any information required to be provided to such holder
      or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
      under the Securities Act. Any reasonable, out-of-pocket expenses incurred by
      the
      Trustee in providing such information shall be reimbursed by the
      Depositor.

     

    (b)  The
      Trustee will make available to any person to whom a Prospectus was delivered,
      upon the request of such person specifying the document or documents requested,
      (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
      10-K filed with the Securities and Exchange Commission pursuant to Section
      6.20(c) and (ii) a copy of any other document incorporated by reference in
      the
      Prospectus to the extent in the possession of the Trustee. Any reasonable
      out-of-pocket expenses incurred by the Trustee in providing copies of such
      documents shall be reimbursed by the Depositor.

     

    (c)  The
      Trustee shall make available to the Depositor and, upon the written request
      and
      at the expense of a Holder of a Group 4 Certificate, will make available to
      such
      Certificateholder, copies of any notices, statements, reports or other
      communications including, without limitation, the Underlying Distribution Date
      Statements, received by the Trustee with respect to the Underlying Certificates.
      The Trustee shall make available copies of all Underlying Distribution Date
      Statements to the Rating Agencies promptly after its receipt of the
      same.

     

    (d)  On
      each
      Distribution Date, the Trustee shall deliver or cause to be delivered by first
      class mail or make available on its website to the Depositor, Attention:
      Contract Finance, a copy of the report delivered to Certificateholders pursuant
      to Section 4.03.

     

    
      	Section
              11.06.   	
              Governing
                Law. 

            

    

     

    THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
      THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
      SUCH LAWS.

     

    
      
        
        

      

      
        162

        
          

        

      

      
        
        

      

    

    
      	Section
              11.07.   	
              Notices. 

            

    

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given when delivered to such party at the relevant
      address, facsimile number or electronic mail address set forth below (or at
      such
      other address, facsimile number or electronic mail address as such party may
      designate from time to time by written notice in accordance with this Section
      11.07): (a) in the case of the Depositor, Structured Asset Securities
      Corporation, 745 Seventh Avenue, 7th
      Floor,
      New York, New York 10019, Attention: Mortgage Finance Lehman Mortgage Trust
      2006-1, (b) in the case of the Seller and the Sponsor, Lehman Brothers Holdings
      Inc., 745 Seventh Avenue, 7th
      Floor,
      New York, New York 10019, Attention: Mortgage Finance LMT 2006-1, (c) in the
      case of the Trustee, the Corporate Trust Office and (d) in the case of the
      Master Servicer, Aurora Loan Services LLC, 327 Inverness Drive South, Englewood,
      Colorado 80112; Attention: Master Servicing Lehman Mortgage Trust 2006-1, or
      as
      to each party such other address as may hereafter be furnished by such party
      to
      the other parties in writing. Any notice required or permitted to be mailed
      to a
      Holder shall be given by first class mail, postage prepaid, at the address
      of
      such Holder as shown in the Certificate Register. Any notice so mailed within
      the time prescribed in this Agreement shall be conclusively presumed to have
      been duly given, whether or not the Holder receives such notice.

    

    
      	Section
              11.08.   	
              Severability
                of Provisions. 

            

    

     

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

     

    
      	Section
              11.09.   	
              Indulgences;
                No Waivers. 

            

    

     

    Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

     

    
      	Section
              11.10.   	
              Headings
                Not To Affect Interpretation. 

            

    

     

    The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    
      	Section
              11.11.   	
              Benefits
                of Agreement. 

            

    

     

    Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder
      and the Holders of the Certificates, any benefit or any legal or equitable
      right, power, remedy or claim under this Agreement, except to the extent
      specified in Sections 11.14 and 11.15.

     

    
      
        
        

      

      
        163

        
          

        

      

      
        
        

      

    

    
      	Section
              11.12.   	
              Special
                Notices to the Rating Agencies. 

            

    

     

    (a)  The
      Depositor shall give prompt notice to the Rating Agencies of the occurrence
      of
      any of the following events of which it has notice:

     

    (i)  any
      amendment to this Agreement pursuant to Section 11.03;

     

    (ii)  any
      Assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

     

    (iii)  the
      occurrence of any Event of Default described in Section 6.14;

     

    (iv)  any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

     

    (v)  the
      appointment of any successor to any Master Servicer pursuant to Section 6.14;
      and

     

    (vi)  the
      making of a final payment pursuant to Section 7.02.

     

    (b)  All
      notices to the Rating Agencies provided for this Section shall be in writing
      and
      sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      S&P, to:

     

    Standard
      & Poor’s Ratings Services

    55
      Water
      Street, 41st Floor

    New
      York,
      New York 10041

    Attention:
      Residential Mortgage Surveillance

     

    If
      to
      Moody’s, to:

     

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street

    New
      York,
      New York 10007

    Attention:
      ABS Monitoring Department

     

    (c)  The
      Trustee shall provide or make available to the Rating Agencies reports prepared
      pursuant to Section 4.03. In addition, the Trustee shall, at the expense of
      the
      Trust Fund, make available to each Rating Agency such information as such Rating
      Agency may reasonably request regarding the Certificates or the Trust Fund,
      to
      the extent that such information is reasonably available to the
      Trustee.

     

    
      	Section
              11.13.   	
              Counterparts. 

            

    

     

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

     

    
      
        
        

      

      
        164

        
          

        

      

      
        
        

      

    

    
      	Section
              11.14.   	
              Transfer
                of Servicing. 

            

    

     

    The
      Mortgage Loan Seller agrees that it shall provide written notice to the Trustee
      and the Master Servicer thirty days prior to any transfer or assignment by
      such
      Mortgage Loan Seller of its rights under any Servicing Agreement or of the
      servicing thereunder or delegation of its rights or duties thereunder or any
      portion thereof to any Person other than the initial Servicer under such
      Servicing Agreement; provided,
      that
      (i) the Mortgage Loan Seller shall not be required to provide prior notice
      of
      any transfer of servicing that occurs within three months following the Closing
      Date to an entity that is a Servicer on the Closing Date or (ii) Lehman Holdings
      shall be required to provide notice of any transfer of servicing rights by
      either of them to the other. In addition, the ability of the Mortgage Loan
      Seller to transfer or assign its rights and delegate its duties under any
      Servicing Agreement (other than a transfer of servicing rights between Lehman
      Holdings and Lehman Bank) or to transfer the servicing thereunder to a successor
      servicer shall be subject to the following conditions:

     

    (i)  Such
      successor servicer must be qualified to service loans for FNMA or
      FHLMC;

     

    (ii)  Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      Servicing Agreement, exclusive of any experience in mortgage loan origination,
      and must be reasonably acceptable to the Master Servicer, whose approval shall
      not be unreasonably withheld;

     

    (iii)  Such
      successor servicer must execute and deliver to the Trustee and the Master
      Servicer an agreement, in form and substance reasonably satisfactory to the
      Trustee and the Master Servicer, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the applicable Servicer under the
      Servicing Agreement or, (i) in the case of a transfer of servicing to a party
      that is already a Servicer pursuant to this Agreement, an agreement to add
      the
      related Mortgage Loans to the Servicing Agreement already in effect with the
      Servicer and (ii) in the case of a transfer of servicing to a Special Servicer
      pursuant to Section 9.32 herein, a special servicing agreement in the form
      of
      that attached to the Servicing Agreement;

     

    (iv)  If
      the
      successor servicer is not a Servicer of Mortgage Loans at the time of transfer,
      there must be delivered to the Trustee a letter from each Rating Agency to
      the
      effect that such transfer of servicing will not result in a qualification,
      withdrawal or downgrade of the then-current rating of any of the Certificates;
      and

     

    (v)  The
      Mortgage Loan Seller shall, at its cost and expense, take such steps, or cause
      the terminated Servicer to take such steps, as may be necessary or appropriate
      to effectuate and evidence the transfer of the servicing of the Mortgage Loans
      to such successor servicer, including, but not limited to, the following: (A)
      to
      the extent required by the terms of the Mortgage Loans and by applicable federal
      and state laws and regulations, the Mortgage Loan Seller shall cause the prior
      Servicer to timely mail to each obligor under a Mortgage Loan any required
      notices or disclosures describing the transfer of servicing of the Mortgage
      Loans to the successor servicer; (B) prior to the effective date of such
      transfer of servicing, the Mortgage Loan Seller shall cause the prior Servicer
      to transmit to any related insurer notification of such transfer of servicing;
      (C) on or prior to the effective date of such transfer of servicing, the
      Mortgage Loan Seller shall cause the prior Servicer to deliver to the successor
      servicer all Mortgage Loan Documents and any related records or materials;
      (D)
      on or prior to the effective date of such transfer of servicing, the Mortgage
      Loan Seller shall cause the prior Servicer to transfer to the successor
      servicer, or, if such transfer occurs after a Remittance Date but before the
      next succeeding Deposit Date, to the Master Servicer, all funds held by the
      applicable Servicer in respect of the Mortgage Loans; (E) on or prior to the
      effective date of such transfer of servicing, the Mortgage Loan Seller shall
      cause the prior Servicer to, after the effective date of the transfer of
      servicing to the successor servicer, continue to forward to such successor
      servicer, within one Business Day of receipt, the amount of any payments or
      other recoveries received by the prior Servicer, and to notify the successor
      servicer of the source and proper application of each such payment or recovery;
      and (F) the Mortgage Loan Seller shall cause the prior Servicer to, after the
      effective date of transfer of servicing to the successor servicer, continue
      to
      cooperate with the successor servicer to facilitate such transfer in such manner
      and to such extent as the successor servicer may reasonably
      request.

     

    
      
        
        

      

      
        165

        
          

        

      

      
        
        

      

    

    
      	Section
              11.15.   	
              Tax
                Treatment of Class P and Class X Certificates.

            

    

     

    It
      is the
      intent of the parties hereto that the segregated pool of assets consisting
      of
      any collections in respect of the Class P Distributable Amount payable to Class
      P Certificates and the right to assets evidenced by the Class X Certificates
      each constitute, for federal income tax purposes, a grantor trust as described
      in Subpart E of Part I of Subchapter J of the Code and Treasury Regulation
      §301.7701-4(c)(2). The Trustee shall prepare, sign and file all of the tax
      returns in respect of each such grantor trust. The expenses of preparing and
      filing such returns shall be borne by the Trustee without any right of
      reimbursement therefor. The Trustee shall comply with each such requirement
      by
      filing Form 1041 or other applicable form.

     

    
      	Section
              11.16.   	
              Conflicts.

            

    

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of the Servicing
      Agreement, the Servicing Agreement shall govern, unless such provisions shall
      adversely affect the Trustee or the Trust Fund.

     

    

     

    
      
        
        

      

      
        166

        
          

        

      

      
        
        

      

    

    .

     

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers hereunto duly authorized as of the day and year
      first above written.

     

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor

     

    By:
       
      /s/ Ellen V. Kiernan_          

    Name:
      Ellen V. Kiernan

    Title:
      Senior Vice President

     

    CITIBANK,
      N.A.,

     

    as
      Trustee

     

    By:
       
      /s/ Karen Schluter _   

    Name:
      

    Title:
      

     

    AURORA
      LOAN SERVICES LLC, 

     

    as
      Master
      Servicer

     

    By:
       
      /s/ Jerald W. Dreyer 

    Name:
      Jerald W. Dreyer

    Title:
      Vice President

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Solely
      for purposes of Sections 6.11 and 11.14, 

    accepted
      and agreed to by:

     

    LEHMAN
      BROTHERS HOLDINGS INC.

     

    By:
        
      /s/ Joseph J. Kelly
          

    Name:
      Joseph J. Kelly

         
      Title: Authorized Signatory

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    

     

    
      
        A-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      B-1

     

    FORM
      OF INITIAL CERTIFICATION

     

     

    
      	 	
               ________________

            
	 	
               [Date]

            

    

     

     

     

    Citibank,
      N.A.

    388
      Greenwich Street, 14th
      Floor 

    New
      York,
      NY 10013 

    Attention:
      Agency and Trust - Lehman Mortgage Trust 2006-1

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York, New York 10019

     

    Aurora
      Loan Services LLC

    327
      Inverness Drive South

    Englewood,
      Colorado 80112

     

    
      	    RE:    	
              Trust
                Agreement dated as of January 1, 2006, (the “Trust Agreement”), among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, and Citibank, N.A., as Trustee,
                with
                respect to Lehman
                Mortgage
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-1

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian on behalf of the Trustee, hereby
      certifies that it has received the documents listed in Section 2.01(b) of the
      Trust Agreement for each Mortgage File pertaining to each Mortgage Loan listed
      on Schedule A, to the Trust Agreement, subject to any exceptions noted on
      Schedule I hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

     

     

    
      	 	 [Custodian], on behalf of
	 	 Citibank, N.A.,
	 	 as Trustee
	 	 
	 	 By: ________________________
	 	 Name: 
	 	 Title:

    

     

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

     

     

    

    EXHIBIT
      B-2

     

    FORM
      OF INTERIM CERTIFICATION

     

    
       

      
        	 	
                 ________________

              
	 	
                 [Date]

              

      

    

     

    Citibank,
      N.A.

    388
      Greenwich Street, 14th
      Floor 

    New
      York,
      NY 10013 

    Attention:
      Agency and Trust - Lehman Mortgage Trust 2006-1

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York, New York 10019

     

    Aurora
      Loan Services LLC

    327
      Inverness Drive South

    Englewood,
      Colorado 80112

     

    
      	    RE:    	
              Trust
                Agreement dated as of January 1, 2006, (the “Trust Agreement”), among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, and Citibank, N.A., as Trustee,
                with
                respect to Lehman
                Mortgage
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-1

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on the attachment hereto) it (or its custodian) has received
      the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on the attachment
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears regular on its face and appears to relate to the Mortgage
      Loan identified in such document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement including, but not limited to, Section
      2.02(b).

     

    
       

      
        	 	 [Custodian], on behalf of
	 	 Citibank, N.A.,
	 	 as Trustee
	 	 
	 	 By: ________________________
	 	 Name: 
	 	 Title:

      

    

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-3

     

    FORM
      OF FINAL CERTIFICATION

    
      
         

        
          	 	
                   ________________

                
	 	
                   [Date]

                

        

      

       
Citibank,
      N.A.

    388
      Greenwich Street, 14th
      Floor 

    New
      York,
      NY 10013 

    Attention:
      Agency and Trust - Lehman Mortgage Trust 2006-1

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York, New York 10019

     

    Aurora
      Loan Services LLC

    327
      Inverness Drive South

    Englewood,
      Colorado 80112

     

    
      	    Re:    	
              Trust
                Agreement dated as of January 1, 2006, (the “Trust Agreement”), among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer, and Citibank, N.A., as Trustee,
                with
                respect to Lehman
                Mortgage
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-1

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on the attachment hereto) it has received the applicable
      documents listed in Section 2.02(b) of the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in items (i) through (vi) of the definition
      of Mortgage Loan Schedule is correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement.

     

    
      
         

        
          	 	 [Custodian], on behalf of
	 	 Citibank, N.A.,
	 	 as Trustee
	 	 
	 	 By: ________________________
	 	 Name: 
	 	 Title:

        

      

    

     

    

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of
      Citibank, N.A.,
      as
      trustee (the “Trustee”) under the Trust Agreement dated as of January 1, 2006,
      among Structured Asset Securities Corporation, as Depositor, Citibank,
      N.A.,
      as
      Trustee, and Aurora Loan Services LLC, as Master Servicer, relating to Lehman
      Mortgage Trust Mortgage Pass-Through Certificates, Series 2006-1, without
      recourse.

     

     

    ______________________________________

    [current
      signatory on note]

     

    By:___________________________________

    Name:

    Title:

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    
      
         

        
          	 	
                   ________________

                
	 	
                   [Date]

                

        

         

      

    

    [Addressed
      to Trustee

    or,
      if
      applicable, custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of January 1, 2006 among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and you, as Trustee (the “Trust Agreement”), the undersigned Master
      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 hereby certifies that all amounts
      received in connection with the loan have been or will be credited to the
      Collection Account or the Certificate Account (whichever is applicable) pursuant
      to the Trust Agreement.)

     

    2.  The
      Mortgage Loan is being foreclosed.

     

    3.  Mortgage
      Loan substituted. (The Master Servicer hereby certifies that a Qualifying
      Substitute Mortgage Loan has been assigned and delivered to you along with
      the
      related Mortgage File pursuant to the Trust Agreement.)

     

    4.  Mortgage
      Loan repurchased. (The Master Servicer hereby certifies that the Purchase Price
      has been credited to the Collection Account or the Certificate 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
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently).

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

     

    _____________________________________

    [Name
      of
      Master Servicer]

     

    By:__________________________________

    Name:

    Title:
      Servicing Officer

     

     

    
       

      
        C-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-1

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

     

    STATE
      OF            )

    )
      ss.:

    COUNTY
      OF          )

     

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

     

    1.  That
      he
      [she] is [title of officer] ________________________ of [name of Purchaser]
      _________________________________________ (the “Purchaser”), a
      _______________________ [description of type of entity] duly organized and
      existing under the laws of the [State of __________] [United States], on behalf
      of which he [she] makes this affidavit.

     

    2.  That
      the
      Purchaser’s Taxpayer Identification Number is ______________.

     

    3.  That
      the
      Purchaser is not a “disqualified organization” within the meaning of Section
      860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”) and
      will not be a “disqualified organization” as of __________________ [date of
      transfer], and that the Purchaser is not acquiring a Residual Certificate (as
      defined in the Agreement) for the account of, or as agent (including a broker,
      nominee, or other middleman) for, any person or entity from which it has not
      received an affidavit substantially in the form of this affidavit. 

     

    4.  That
      the
      Purchaser either (x) is not, and on __________________ [date of transfer] will
      not be, an employee benefit plan or other retirement arrangement subject to
      Section 406 of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”), or Section 4975 of the Code (“Code”), (collectively, a “Plan”) or a
      person acting on behalf of any such Plan or investing the assets of any such
      Plan to acquire a Residual Certificate; (y) is an insurance company that is
      purchasing the Certificate with funds contained in an “insurance company general
      account” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
      Sections I and III of PTCE 95-60; or (z) herewith delivers to the Trustee an
      opinion of counsel satisfactory to the Trustee, and upon which the Trustee,
      the
      Master Servicer and the Depositor shall be entitled to rely, to the effect
      that
      the purchase or holding of such Residual Certificate by the Investor will not
      result in any non-exempt prohibited transactions under Title I of ERISA or
      Section 4975 of the Code and will not subject the Trustee, the Depositor or
      the
      Master Servicer to any obligation in addition to those undertaken by such
      entities in the Trust Agreement, which opinion of counsel shall not be an
      expense of the Trust Fund or any of the above parties.

     

    5.  That
      the
      Purchaser hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) among Structured Asset Securities Corporation, Citibank, N.A., as
      Trustee, and Aurora Loan Services LLC, as Master Servicer, dated as of January
      1, 2006, no transfer of a Residual Certificate shall be permitted to be made
      to
      any person unless the Depositor and the Trustee have received a certificate
      from
      such transferee containing the representations in paragraphs 3, 4 and 5
      hereof.

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

    6.  That
      the
      Purchaser does not hold REMIC residual securities as nominee to facilitate
      the
      clearance and settlement of such securities through electronic book-entry
      changes in accounts of participating organizations (such entity, a “Book-Entry
      Nominee”).

     

    7.  That
      the
      Purchaser does not have the intention to impede the assessment or collection
      of
      any federal, state or local taxes legally required to be paid with respect
      to
      such Residual Certificate, and that the Purchaser has provided financial
      statements or other financial information requested by the transferor in
      connection with the transfer of the Residual Certificate in order to permit
      the
      transferor to assess the financial capability of the Purchaser to pay such
      taxes.

     

    8.  That
      the
      Purchaser will not transfer a Residual Certificate to any person or entity
      (i)
      as to which the Purchaser has actual knowledge that the requirements set forth
      in paragraph 3, paragraph 6 or paragraph 10 hereof are not satisfied or that
      the
      Purchaser has reason to believe does not satisfy the requirements set forth
      in
      paragraph 7 hereof, and (ii) without obtaining from the prospective Purchaser
      an
      affidavit substantially in this form and providing to the Trustee a written
      statement substantially in the form of Exhibit G to the Agreement.

     

    9.  That
      the
      Purchaser understands that, as the holder of a Residual Certificate, the
      Purchaser may incur tax liabilities in excess of any cash flows generated by
      the
      interest and that it intends to pay taxes associated with holding such Residual
      Certificate as they become due.

     

    10.  That
      the
      Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person that holds a
      Residual Certificate in connection with the conduct of a trade or business
      within the United States and has furnished the transferor and the Trustee with
      an effective Internal Revenue Service Form W-8 ECI (Certificate of Foreign
      Person’s Claim for exception From Withholding on Income Effectively Connected
      with the Conduct of a Trade or Business in the United States) or successor
      form
      at the time and in the manner required by the Code. “Non-U.S. Person” means any
      person other than (i) a citizen or resident of the United States; (ii) a
      corporation (or entity treated as a corporation for tax purposes) created or
      organized in the United States or under the laws of the United States or of
      any
      state thereof, including, for this purpose, the District of Columbia; (iii)
      a
      partnership (or entity treated as a partnership for tax purposes) organized
      in
      the United States or under the laws of the United States or of any state
      thereof, including, for this purpose, the District of Columbia (unless provided
      otherwise by future Treasury regulations); (iv) an estate whose income is
      includible in gross income for United States income tax purposes regardless
      of
      its source; (v) 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 U.S.
      Persons have authority to control all substantial decisions of the trust; (vi)
      and, to the extent provided in Treasury regulations, certain trusts in existence
      prior to August 20, 1996 that are treated as United States persons prior to
      such
      date and elect to continue to be treated as United States persons.

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

    11.  That
      the
      Purchaser agrees to such amendments of the Trust Agreement as may be required
      to
      further effectuate the restrictions on transfer of any Residual Certificate
      to
      such a “disqualified organization,” an agent thereof, a Book-Entry Nominee, or a
      person that does not satisfy the requirements of paragraph 7 and paragraph
      10
      hereof.

     

    12.  That
      the
      Purchaser consents to the designation of the Trustee as its agent to act as
“tax
      matters person” of the Trust Fund pursuant to the Trust Agreement.

     

    
      
        
        

      

      
        D-3-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

     

    ______________________________________

    [name
      of
      Purchaser]

     

    By:___________________________________

    Name:
      

    Title:
      

     

    Personally
      appeared before me the above-named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

     

    _________________________________

     

    COUNTY
      OF_____________________

     

    STATE
      OF_______________________

     

    My
      commission expires the _____ day of __________, 20__.

     

    
      
        
        

      

      
        D-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

    
       

      
        	 	
                 ________________

              
	 	
                 [Date]

              

      

       

    

    
      	 	
              Re:

            	
              Lehman
                Mortgage Trust

            

    

    Mortgage
      Pass-Through Certificates

    Series
      2006-1   

     

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 7 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

     

    Very
      truly yours,

     

    _______________________________

    Name:

    Title:

     

    
      
        D-2-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    [RESERVED]

    

    

    

     

    
      
        E-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    Re:   Lehman
      Mortgage Trust

         Mortgage
      Pass-Through Certificates

        
Series
      2006-1   

     

    Reference
      is hereby made to the Trust Agreement dated as of January 1, 2006 (the “Trust
      Agreement”) among Structured Asset Securities Corporation, as Depositor,
Citibank,
      N.A.,
      as
      Trustee, and Aurora Loan Services LLC, as Master Servicer. Capitalized terms
      used but not defined herein shall have the meanings given to them in the Trust
      Agreement.

     

    This
      letter relates to $_________ initial Certificate Principal Amount of Class
          
      Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
                                
      (the
“Transferor”). The Transferor has requested a transfer of such Definitive
      Certificates for Definitive Certificates of such Class registered in the name
      of
      [insert name of transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
      that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
      account of a “qualified institutional buyer”, which purchaser is aware that the
      sale to it is being made in reliance upon Rule 144A, in a transaction meeting
      the requirements of Rule 144A and in accordance with any applicable securities
      laws of any state of the United States or any other applicable
      jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Placement Agent and the Depositor.

     

    ________________________________________

    [Name
      of
      Transferor]

     

    By:_____________________________________

    Name:

    Title:

     

    Dated:
      __________________, ________

     

     

    
      
        F-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

    
       

      
        	 	
                 ________________

              
	 	
                 [Date]

              

      

    

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Mortgage Pass-Through Certificates, Series 2006-1 (the “Privately Offered
      Certificates”) of Structured Asset Securities Corporation (the “Depositor”)
      which are held in the form of Definitive Certificates, we confirm
      that:

     

    
      	(1)  	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities Act”), and may not be sold except as permitted in the
                following sentence. We agree, on our own behalf and on behalf of
                any
                accounts for which we are acting as hereinafter stated, that if we
                should
                sell any Privately Offered Certificates within two years of the later
                of
                the date of original issuance of the Privately Offered Certificates
                or the
                last day on which such Privately Offered Certificates are owned by
                the
                Depositor or any affiliate of the Depositor (which includes the Placement
                Agent) we will do so only (A) to the Depositor, (B) to “qualified
                institutional buyers” (within the meaning of Rule 144A under the
                Securities Act) in accordance with Rule 144A under the Securities
                Act
                (“QIBs”), (C) pursuant to the exemption from registration provided by Rule
                144 under the Securities Act, or (D) to an institutional “accredited
                investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
                Regulation D under the Securities Act that is not a QIB (an “Institutional
                Accredited Investor”) which, prior to such transfer, delivers to the
                Trustee under the Trust Agreement dated as of January 1, 2006 among
                the
                Depositor, Citibank,
                N.A.,
                as Trustee (the “Trustee”), and Aurora Loan Services LLC, as Master
                Servicer, a signed letter in the form of this letter; and we further
                agree, in the capacities stated above, to provide to any person purchasing
                any of the Privately Offered Certificates from us a notice advising
                such
                purchaser that resales of the Privately Offered Certificates are
                restricted as stated herein.

            

    

     

    
      	(2)  	
              We
                understand that, in connection with any proposed resale of any Privately
                Offered Certificates to an Institutional Accredited Investor, we
                will be
                required to furnish to the Trustee and the Depositor a certification
                from
                such transferee in the form hereof to confirm that the proposed sale
                is
                being made pursuant to an exemption from, or in a transaction not
                subject
                to, the registration requirements of the Securities Act. We further
                understand that the Privately Offered Certificates purchased by us
                will
                bear a legend to the foregoing
                effect.

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

    
      	(3)  	
              We
                are acquiring the Privately Offered Certificates for investment purposes
                and not with a view to, or for offer or sale in connection with,
                any
                distribution in violation of the Securities Act. We have such knowledge
                and experience in financial and business matters as to be capable
                of
                evaluating the merits and risks of our investment in the Privately
                Offered
                Certificates, and we and any account for which we are acting are
                each able
                to bear the economic risk of such
                investment.

            

    

     

    
      	(4)  	
              We
                are an Institutional Accredited Investor and we are acquiring the
                Privately Offered Certificates purchased by us for our own account
                or for
                one or more accounts (each of which is an Institutional Accredited
                Investor) as to each of which we exercise sole investment
                discretion.

            

    

     

    
      	(5)  	
              We
                have received such information as we deem necessary in order to make
                our
                investment decision.

            

    

     

    
      	(6)  	
              If
                we are acquiring ERISA-Restricted Certificates, we understand that
                in
                accordance with ERISA, the Code and the Exemption, no Plan and no
                person
                acting on behalf of such a Plan may acquire such Certificate except
                in
                accordance with Section 3.03(d) of the Trust
                Agreement.

            

    

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    You
      and
      the Depositor are entitled to rely upon this letter and are irrevocably
      authorized to produce this letter or a copy hereof to any interested party
      in
      any administrative or legal proceeding or official inquiry with respect to
      the
      matters covered hereby.

     

    Very
      truly yours,

     

    __________________________________

    [Purchaser]

     

    By________________________________

    Name:
      

    Title:

     

    
      
        
        

      

      
        G-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

     

    STATE
      OF
      NEW YORK    )

     
)
      ss.: 

    COUNTY
      OF
      NEW YORK  )

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1.  The
      undersigned is the ______________________ of (the “Investor”), a [corporation
      duly organized] and existing under the laws of __________, on behalf of which
      he
      makes this affidavit.

     

    2.  The
      Investor either (x) is not, and on ___________ [date of transfer] will not
      be,
      an employee benefit plan or other retirement arrangement subject to Section
      406
      of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
      (collectively, a “Plan”) or a person acting on behalf of any such Plan or
      investing the assets of any such Plan; (y) if the Certificate has been the
      subject of an ERISA-Qualifying Underwriting, is an insurance company that is
      purchasing the Certificate with funds contained in an “insurance company general
      account” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
      Sections I and III of PTCE 95-60; or (z) herewith delivers to the Trustee an
      opinion of counsel satisfactory to the Trustee, and upon which the Trustee,
      the
      Master Servicer and the Depositor shall be entitled to rely, to the effect
      that
      the purchase or holding of such Certificate by the Investor will not result
      in
      any non-exempt prohibited transactions under Title I of ERISA or Section 4975
      of
      the Code and will not subject the Trustee, the Depositor or the Master Servicer
      to any obligation in addition to those undertaken by such entities in the Trust
      Agreement, which opinion of counsel shall not be an expense of the Trust Fund
      or
      any of the above parties.

     

    3.  In
      the
      case of an ERISA-Restricted Trust Certificate, either (i) the Investor is
      neither a Plan nor a person acting on behalf of any such Plan or using the
      assets of any such Plan to effect such transfer or (ii) the acquisition and
      holding of the ERISA-Restricted Trust Certificate are eligible for exemptive
      relief under PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE
      96-23.

     

    4.  The
      Investor hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) among Structured Asset Securities Corporation, as Depositor,
Citibank,
      N.A.,
      as
      Trustee, and Aurora Loan Services LLC, as Master Servicer, dated as of January
      1, 2006, no transfer of the ERISA-Restricted Certificates shall be permitted
      to
      be made to any person unless the Depositor and Trustee have received a
      certificate from such transferee in the form hereof.

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20__.

     

    ________________________________________

    [Investor]

     

    By:_____________________________________

    Name:

    Title:

     

    ATTEST:

     

    ___________________________

     

    STATE
      OF            )

    )
      ss.:

    COUNTY
      OF          )

     

    Personally
      appeared before me the above-named ___________________, known or proved to
      me to
      be the same person who executed the foregoing instrument and to be the
      _________________ of the Investor, and acknowledged that he executed the same
      as
      his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of ___________ 20___.

     

    __________________________________

    NOTARY
      PUBLIC

     

    My
      commission expires the

    ____
      day
      of __________, 20__.

     

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    MONTHLY
      REMITTANCE ADVICE

     

    
      
        I-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    MONTHLY
      ELECTRONIC DATA TRANSMISSION

     

    
      
        J-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENTS

     

    

     

    (1)  Custodial
      Agreement dated as of January 1, 2006, between LaSalle Bank National
      Association, as Custodian, and Citibank, N.A., as Trustee.

     

    (2)  Custodial
      Agreement dated as of January 1, 2006 between U.S. Bank National Association,
      as
      Custodian, and Citibank, N.A., as Trustee.

     

    

     

    
      
        K-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      L

     

     

    [RESERVED]

     

    

     

    

    
      
        L-1

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    FORMS
      OF
      CAP AGREEMENTS

     

    

     

    
      
        M-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      N-1

     

    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      RESTRICTED GLOBAL SECURITY TO REGULATION S 

    GLOBAL
      SECURITY PURSUANT TO SECTION 3.03(h)(B)

    

     

    
      	 	
              Re:

            	
              Lehman
                Mortgage Trust Mortgage Loan Trust Mortgage Pass-Through
                Certificates, Series
                2006-1                                                                 

            

    

     

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and
      Citibank, N.A.,
      as
      Trustee, dated as of January 1, 2006. Capitalized terms used but not defined
      herein shall have the meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Restricted Global
      Security with DTC in the name of [name of transferor]                                                       
      (the
“Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Regulation S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Agreement and the Securities and in accordance with Rule 904 of
      Regulation S, and that:

     

    a. the
      offer
      of the Securities was not made to a person in the United States; 

     

    b. at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

     

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

     

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended;
      and

     

    
                e. the
        transferee is not a U.S. person (as
        defined in Regulation S).

    

     

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered hereby.
      Terms used in this certificate have the meanings set forth in Regulation
      S.

     

    

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    

    

                                                                
      

    [Name
      of Transferor]

    

    

    By:
                                                              

    Name:

         
      Title:

     

    Date:             
        ,
            

     

     

    
      
        
        

      

      
        N-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N-2

     

    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY TO 

    RESTRICTED
      GLOBAL SECURITY PURSUANT TO SECTION 3.03(h)(C)

     

    Re: Lehman
      Mortgage Trust Mortgage Pass-Through Certificates, Series 2006-1 

     

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and
      Citibank, N.A.,
      as
      Trustee, dated as of January 1, 2006. Capitalized terms used but not defined
      herein shall have the meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                       
      (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

     

                                                                
      

    [Name
      of Transferor]

    

    By:                                                        

    Name:

    Title:

     

    Date:             
        ,
            

     

    

    
      
        N-2-1

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      O

     

    SENIOR
      PRINCIPAL PRIORITIES

     

    The
      amount referred to in Section 5.02(a)(iii) of the Agreement shall be distributed
      as follows:

     

    3. to
      the
Senior
      Certificates or Components related to an Asset Pool (other than any related
      Interest-Only Certificates or Interest-Only Components), to the extent of the
      remaining Available Distribution Amount for the related Mortgage Pool,
      concurrently, as follows:

     

    (a) to
      the
      Class 1-A1, Class 1-A3, Class 1-A4, Class 1-A5, Class 1-A6 and Class R
      Certificates and the AP(1) Component, in reduction of their respective Class
      Principal Amounts or Component Principal Amount, from the Available Distribution
      Amount for Pool 1, concurrently, as follows:

     

    (i) to
      the
      Class 1-A1, Class 1-A3, Class 1-A4, Class 1-A5, Class 1-A6 and Class R
      Certificates, in reduction of their respective Class Principal Amounts, up
      to
      the Senior Principal Distribution Amount for Pool 1, in the following order
      of
      priority:

     

    (A) to
      the
      Class R Certificates, until their Class Principal Amount has been reduced to
      zero;

     

    (B) commencing
      on the Distribution Date in February 2011, pro
      rata,
      to the
      Class 1-A5 and Class 1-A6 Certificates, based on their respective Class
      Principal Amounts, the Pool 1 Priority Amount for such Distribution Date, until
      their respective Class Principal Amounts have been reduced to zero;

     

    (C) to
      the
      Class 1-A3 Certificates, as follows:

     

    
      
        
        

      

      
        0-1-1

        
          

        

      

      
        
        

      

    

    (I) commencing
      on the Distribution Date in February 2007, the lesser of (x) $286,000 and (y)
      99.5% of the amount distributable pursuant to this clause (3)(a)(i)(C)(I) until
      their Class Principal Amount has been reduced to zero;

     

    (II) commencing
      on the Distribution Date in September 2008, in addition to amounts distributed
      pursuant to clause (1) above, the lesser of (x) $286,000 and (y) 99.5% of the
      amount distributable pursuant to this clause (3)(a)(i)(C)(II) until their Class
      Principal Amount has been reduced to zero; and

     

    (III) commencing
      on the Distribution Date in May 2009, in addition to amounts distributed
      pursuant to clauses (1) and (2) above, the lesser of (x) $286,000 and (y) 99.5%
      of the amount distributable pursuant to this clause (3)(a)(i)(C)(III) until
      their Class Principal Amount has been reduced to zero; and

     

    (D) sequentially,
      to the Class 1-A1, Class 1-A3 and Class 1-A4 Certificates, in that order, until
      their respective Class Principal Amounts have been reduced to zero;

     

    (E) pro
      rata,
      to the
      Class 1-A5 and Class 1-A6 Certificates, based on their respective Class
      Principal Amounts, until their respective Class Principal Amounts have been
      reduced to zero; and

     

    (ii) to
      the
      AP(1) Component, the AP Principal Distribution Amount for Pool 1, until its
      Component Principal Amount has been reduced to zero;

     

    (b) pro
      rata,
      to the
      Class 2-A1 and Class 2-A2 Certificates, in reduction of and in proportion to,
      their respective Class Principal Amounts, from the Available Distribution Amount
      for Pool 2, in an amount up to the Senior Principal Distribution Amount for
      Pool
      2, until their respective Class Principal Amounts have been reduced to zero;
      and

     

    (c) to
      the
      Class 3-A1, Class 3-A3, Class 3-A4, Class 3-A5 and Class 3-A6 Certificates
      and
      the AP(3) Component, in reduction of their respective Class Principal Amounts
      or
      Component Principal Amount, from the Available Distribution Amount for Pool
      3,
      concurrently, as follows:

     

    (i) to
      the
      Class 3-A1, Class 3-A3, Class 3-A4, Class 3-A5 and Class 3-A6 Certificates,
      up
      to the Senior Principal Distribution Amount for Pool 3, in the following order
      of priority:

     

    (A) commencing
      on the Distribution Date in February 2011, pro
      rata,
      to the
      Class 3-A5 and Class 3-A6 Certificates, based on their respective Class
      Principal Amounts, the Pool 3 Priority Amount for such Distribution Date, until
      their respective Class Principal Amounts have been reduced to zero;

     

    (B) to
      the
      Class 3-A3 Certificates, as follows:

     

    (I) commencing
      on the Distribution Date in February 2007, the lesser of (x) $240,000 and (y)
      99.5% of the amount distributable pursuant to this clause (3)(c)(i)(B)(I) until
      their Class Principal Amount has been reduced to zero;

     

    (II) commencing
      on the Distribution Date in September 2008, in addition to amounts distributed
      pursuant to clause (I) above, the lesser of (x) $240,000 and (y) 99.5% of the
      amount distributable pursuant to this clause (3)(c)(i)(B)(II) until their Class
      Principal Amount has been reduced to zero; and

     

    (III) commencing
      on the Distribution Date in May 2009, in addition to amounts distributed
      pursuant to clauses (I) and (II) above, the lesser of (x) $240,000 and (y)
      99.5%
      of the amount distributable pursuant to this clause (3)(c)(i)(B)(III) until
      their Class Principal Amount has been reduced to zero; and

     

    (C) sequentially,
      to the Class 3-A1, Class 3-A3 and Class 3-A4 Certificates, in that order, until
      their respective Class Principal Amounts have been reduced to zero;

     

    
      
        
        

      

      
        0-1-2

        
          

        

      

      
        
        

      

    

    (D) pro
      rata,
      to the
      Class 3-A5 and Class 3-A6 Certificates, based on their respective Class
      Principal Amounts, until their respective Class Principal Amounts have been
      reduced to zero; and

     

    (ii) to
      the
      AP(3) Component, the AP Principal Distribution Amount for Pool 3, until its
      Component Principal Amount has been reduced to zero; and

     

    (d) pro
      rata,
      to the
      Class 4-A1 and Class 4-A2 Certificates, in reduction of, and in proportion
      to,
      their respective Class Principal Amounts, from the Available Distribution Amount
      for Pool 4, in an amount up to the Group 4 Principal Distribution Amount, until
      their respective Class Principal Amounts have been reduced to zero;

     

    
      
        
        

      

      
        0-1-3

        
          

        

      

      
        
        

      

    

    

     

    

    EXHIBIT
      P-1

    

     

    [RESERVED]

     

    

    

    
      
        
        

      

      
        P-1-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      P-2

     

    [RESERVED]

     

    

    
      
        
        

      

      
        P-2-1

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      P-3

     

    [RESERVED]

     

    

    
      
        
        

      

      
        P-3-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      Q

     

    FORM
      OF
      BACK-UP CERTIFICATION

    

    [  ]

    [  ]

    [  ]

     

    
      Structured
        Asset Securities Corporation

      745
        7th
        Avenue, 7th Floor

      New
        York,
        New York 10019

       

      Aurora
        Loan Services LLC

      327
        Inverness Drive South

      Englewood,
        Colorado 80112

       

      
        	Re:	
                Lehman
                  Mortgage Trust,

                  Mortgage
                    Pass-Through Certificates, Series
                    2006-1

                

              

      

       

      Reference
        is made to the Trust Agreement dated as of January 1, 2006 (the “Trust
        Agreement”), by and among Citibank, N.A. (the “Trustee”), Aurora Loan Services
        LLC, as master servicer (the “Master Servicer”), and Structured Asset Securities
        Corporation, as depositor (the “Depositor”). The Trustee hereby certifies to the
        Depositor and the Master Servicer, and its officers, directors and affiliates,
        and with the knowledge and intent that they will rely upon this certification,
        that:

       

      
        	(i)  	
                The
                  Trustee has reviewed the annual report on Form 10-K for the fiscal
                  year [
                  ], and all reports on Form 10-D containing distribution reports
                  filed in
                  respect of periods included in the year covered by that annual
                  report,
                  relating to the above-referenced
                  trust;

              

      

       

      
        	(ii)  	
                Based
                  solely upon the information provided to us by pursuant to Section
                  6.20(d)
                  and 6.20(e) and the information provided by us pursuant to Section
                  6.20(d)
                  and 6.20(e), the information set forth in the reports referenced
                  in (i)
                  above does not contain any untrue statement of material fact;
                  and

              

      

       

      
        	(iii)  	
                Based
                  on my knowledge, the distribution information required to be provided
                  by
                  the Trustee under the Trust Agreement is included in these
                  reports.

              

      

       

      

      Date:

      

      
        	 	 
	 	Citibank,
                N.A., as Trustee
	 
 	 
 
	 	By:  ____________________________

                Name: ____________________________

                Title: ____________________________

              

      

      

    

    
      
        
        

      

      
        Q-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    FORM
      OF
      CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN REPORT ON
      ASSESSMENT OF COMPLIANCE

     

    

    To:

    

    Structured
      Asset Securities Corporation

    745
      7th
      Avenue, 7th Floor

    New
      York,
      New York 10019

    

    Lehman
      Brothers Holdings Inc.

    745
      7th
      Avenue, 7th Floor

    New
      York,
      New York 10019

    

    Reference
      is made to that certain Trust Agreement dated as of January 1, 2006 (the
“Agreement”), by and among Citibank, N.A. (the “Trustee”), Aurora Loan Services
      LLC, as master servicer (the “Master Servicer”), and Structured Asset Securities
      Corporation, as depositor (the “Depositor”) with respect to Lehman Mortgage
      Trust Mortgage Pass-Through Certificates, Series 2006-1. This certification
      is
      delivered pursuant to Section [6.01(a)] [9.25] of the Agreement. Capitalized
      terms used herein but not otherwise defined shall have the meanings set forth
      in
      the Agreement.

    

    _________________________,
      the undersigned, a duly authorized _______________ of the [Trustee] [Master
      Servicer], does hereby certify that the assessment of compliance to be delivered
      by the [Trustee] [Master Servicer] shall
      address, at a minimum, the criteria identified below as “Applicable Servicing
      Criteria” as identified by a mark in the column titled “Applicable Servicing
      Criteria.”

    

    
      	
              Servicing
                Criteria 

            	
              Applicable
                Servicing Criteria

            
	
              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.

            	 
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the mortgage loans are maintained.

            	 
	
              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.

            	 

    

     

    
      
        R-1

      

      
        R-1

        
          

        

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              

      

    

    
      	
               

            	
              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.

            	 
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 
	
              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.

            	 
	
              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.

            	 
	
              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.

            	 
	
              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.

            	 
	
               

            	
              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.

            	 
	
              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.

            	 
	
              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.

            	 
	
              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.

            	 
	
               

            	
              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.

            	 
	
              1122(d)(4)(ii)

            	
              Mortgage
                loan and related documents are safeguarded as required by the transaction
                agreements

            	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 

    

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              

      

    

    
      	
              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.

            	 
	
              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.

            	 
	
              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.

            	 
	
               

            	
               

            	
               

            

    

     

    [Signature
      Page Follows]

     

    

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

     

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor

    

    By:_____________________________________

    Name:
      

    
      	 	 	
              Title:
                

            

    

     

    LEHMAN
      BROTHERS HOLDINGS INC.,

    as
      Seller

     

    By:_____________________________________

    Name:
      

    
      
        	 	 	
                Title:
                  

              

      

       

    

    
 

    
      
        
        

      

      
        R-4

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      S

    

    TRANSACTION
      PARTIES

    

    Sponsor
      and Seller: Lehman Brothers Holdings Inc.

    

    Depositor:
      Structured Asset Securities Corporation

    

    Trustee:
      Citibank, N.A.

    

    Master
      Servicer: Aurora Loan Services LLC

    

    Cap
      Counterparty: Lehman
      Brothers Special Financing Inc.

    

    Servicer:
      Aurora Loan Services LLC

    

    Originator:
      Lehman Brothers Bank FSB

    

    Custodian(s):
      LaSalle Bank National Association and U.S. Bank National Association

    

    

    
      
        S-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      A

     

     

    ALL
      MORTGAGE LOANS 

     

    (by
      Mortgage Pool)

     

     

    

    
      
        Sch
          A-1

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      B-1

     

    AX
      MORTGAGE LOANS

    

    (by
      Mortgage Pool)

     

    

     

    
      
        Sch
          B-1-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    SCHEDULE
      B-2

     

    PAX
      MORTGAGE LOANS

    

    (by
      Mortgage Pool)

     

    

    
      
        Sch
          B-2-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]