Document:

Unassociated Document

    EXECUTION

    

    

    

    

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

     

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

     

    OFFICETIGER
      GLOBAL REAL ESTATE SERVICES INC., as Credit Risk Manager,

     

     

    and
      

     

     

    WELLS
      FARGO BANK, N.A., as Trustee

     

     

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as of October 1, 2006

    ___________________________

     

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-FF15

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    Page

    

    
      	
              ARTICLE
                I DEFINITIONS

            
	 	 	 
	
              Section
                1.01.

            	
              Definitions.

            	
              15

            
	
              Section
                1.02.

            	
              Calculations
                Respecting Mortgage Loans.

            	
              58

            
	
              Section
                1.03.

            	
              Calculations
                Respecting Accrued Interest.

            	
              58

            
	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            
	 	 	 
	
              Section
                2.01.

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

            	
              58

            
	
              Section
                2.02.

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

            	
              63

            
	
              Section
                2.03.

            	
              Representations
                and Warranties of the Depositor.

            	
              64

            
	
              Section
                2.04.

            	
              Discovery
                of Breach.

            	
              66

            
	
              Section
                2.05.

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans.

            	
              67

            
	
              Section
                2.06.

            	
              Grant
                Clause.

            	
              68

            
	 
	
              ARTICLE
                III THE CERTIFICATES

            
	 	 	 
	
              Section
                3.01.

            	
              The
                Certificates.

            	
              69

            
	
              Section
                3.02.

            	
              Registration.

            	
              70

            
	
              Section
                3.03.

            	
              Transfer
                and Exchange of Certificates.

            	
              71

            
	
              Section
                3.04.

            	
              Cancellation
                of Certificates.

            	
              77

            
	
              Section
                3.05.

            	
              Replacement
                of Certificates.

            	
              77

            
	
              Section
                3.06.

            	
              Persons
                Deemed Owners.

            	
              77

            
	
              Section
                3.07.

            	
              Temporary
                Certificates.

            	
              78

            
	
              Section
                3.08.

            	
              Appointment
                of Paying Agent.

            	
              78

            
	
              Section
                3.09.

            	
              Book-Entry
                Certificates.

            	
              79

            
	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            
	 	 	 
	
              Section
                4.01.

            	
              Collection
                Account.

            	
              81

            
	
              Section
                4.02.

            	
              Application
                of Funds in the Collection Account.

            	
              83

            
	
              Section
                4.03.

            	
              Reports
                to Certificateholders.

            	
              85

            
	
              Section
                4.04.

            	
              Certificate
                Account.

            	
              89

            
	
              Section
                4.05.

            	
              [Reserved]

            	
              90

            
	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            
	 	 	 
	
              Section
                5.01.

            	
              Distributions
                Generally.

            	
              90

            
	
              Section
                5.02.

            	
              Distributions
                from the Certificate Account.

            	
              91

            
	
              Section
                5.03.

            	
              Allocation
                of Losses.

            	
              105

            
	
              Section
                5.04.

            	
              Advances
                by Master Servicer, Servicer and Trustee.

            	
              105

            
	
              Section
                5.05.

            	
              Compensating
                Interest Payments.

            	
              106

            
	
              Section
                5.06.

            	
              Basis
                Risk Reserve Fund.

            	
              106

            
	
              Section
                5.07.

            	
              Supplemental
                Interest Trust.

            	
              107

            
	
              Section
                5.08.

            	
              Rights
                of Swap Counterparty.

            	
              109

            
	
              Section
                5.09.

            	
              Termination
                Receipts.

            	
              109

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                VI

               

              CONCERNING
                THE TRUSTEE; EVENTS OF DEFAULT

            
	 	 	 
	
              Section
                6.01.

            	
              Duties
                of Trustee.

            	
              110

            
	
              Section
                6.02.

            	
              Certain
                Matters Affecting the Trustee .

            	
              113

            
	
              Section
                6.03.

            	
              Trustee
                Not Liable for Certificates.

            	
              114

            
	
              Section
                6.04.

            	
              Trustee
                May Own Certificates.

            	
              115

            
	
              Section
                6.05.

            	
              Eligibility
                Requirements for Trustee.

            	
              115

            
	
              Section
                6.06.

            	
              Resignation
                and Removal of Trustee.

            	
              115

            
	
              Section
                6.07.

            	
              Successor
                Trustee.

            	
              116

            
	
              Section
                6.08.

            	
              Merger
                or Consolidation of Trustee.

            	
              117

            
	
              Section
                6.09.

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian.

            	
              117

            
	
              Section
                6.10.

            	
              Authenticating
                Agents.

            	
              119

            
	
              Section
                6.11.

            	
              Indemnification
                of Trustee.

            	
              120

            
	
              Section
                6.12.

            	
              Fees
                and Expenses of Trustee and Custodian.

            	
              121

            
	
              Section
                6.13.

            	
              Collection
                of Monies.

            	
              121

            
	
              Section
                6.14.

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

            	
              122

            
	
              Section
                6.15.

            	
              Additional
                Remedies of Trustee Upon Event of Default.

            	
              126

            
	
              Section
                6.16.

            	
              Waiver
                of Defaults.

            	
              126

            
	
              Section
                6.17.

            	
              Notification
                to Holders.

            	
              127

            
	
              Section
                6.18.

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

            	
              127

            
	
              Section
                6.19.

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

            	
              127

            
	
              Section
                6.20.

            	
              Preparation
                of Tax Returns and Other Reports.

            	
              127

            
	
              Section
                6.21.

            	
              Reporting
                Requirements of the Commission.

            	
              134

            
	
              Section
                6.22.

            	
              No
                Merger.

            	
              135

            
	
              Section
                6.23.

            	
              Indemnification
                by the Trustee.

            	
              135

            
	 
	
              ARTICLE
                VII PURCHASE OF MORTGAGE LOANS AND TERMINATION OF THE TRUST
                FUND

            
	 	 	 
	
              Section
                7.01.

            	
              Purchase
                of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation
                of All Mortgage Loans; Purchase of Lower Tier REMIC 1 Uncertificated
                Regular Interests.

            	
              135

            
	
              Section
                7.02.

            	
              Procedure
                Upon Termination of Trust Fund or Purchase of Lower Tier REMIC 1
                Uncertificated Regular Interests.

            	
              137

            
	
              Section
                7.03.

            	
              Additional
                Trust Fund Termination Event or Purchase of the Lower Tier REMIC
                1
                Uncertificated Regular Interests.

            	
              139

            
	
              Section
                7.04.

            	
              Optional
                Repurchase Right.

            	
              140

            
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            
	
              Section
                8.01.

            	
              Limitation
                on Rights of Holders.

            	
              140

            
	
              Section
                8.02.

            	
              Access
                to List of Holders.

            	
              141

            
	
              Section
                8.03.

            	
              Acts
                of Holders of Certificates.

            	
              141

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER;
                CREDIT RISK MANAGER

            
	 	 	 
	
              Section
                9.01.

            	
              Duties
                of the Master Servicer.

            	
              142

            
	
              Section
                9.02.

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

            	
              143

            
	
              Section
                9.03.

            	
              Master
                Servicer’s Financial Statements and Related Information.

            	
              144

            
	
              Section
                9.04.

            	
              Power
                to Act; Procedures.

            	
              144

            
	
              Section
                9.05.

            	
              Enforcement
                of Servicer’s and Master Servicer’s Obligations.

            	
              146

            
	
              Section
                9.06.

            	
              Collection
                of Taxes, Assessments and Similar Items.

            	
              147

            
	
              Section
                9.07.

            	
              Termination
                of Servicing Agreement; Successor Servicer.

            	
              147

            
	
              Section
                9.08.

            	
              Master
                Servicer Liable for Enforcement.

            	
              148

            
	
              Section
                9.09.

            	
              No
                Contractual Relationship Between the Servicer and Trustee or
                Depositor.

            	
              149

            
	
              Section
                9.10.

            	
              Assumption
                of Servicing Agreement by Trustee.

            	
              149

            
	
              Section
                9.11.

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	
              149

            
	
              Section
                9.12.

            	
              Release
                of Mortgage Files.

            	
              150

            
	
              Section
                9.13.

            	
              Documents,
                Records and Funds in Possession of Master Servicer to be Held for
                Trustee.

            	
              150

            
	
              Section
                9.14.

            	
              Representations
                and Warranties of the Master Servicer.

            	
              152

            
	
              Section
                9.15.

            	
              Opinion.

            	
              154

            
	
              Section
                9.16.

            	
              Standard
                Hazard and Flood Insurance Policies.

            	
              154

            
	
              Section
                9.17.

            	
              Presentment
                of Claims and Collection of Proceeds.

            	
              155

            
	
              Section
                9.18.

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            	
              155

            
	
              Section
                9.19.

            	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents.

            	
              155

            
	
              Section
                9.20.

            	
              [Reserved]

            	
              156

            
	
              Section
                9.21.

            	
              Compensation
                to the Master Servicer.

            	
              156

            
	
              Section
                9.22.

            	
              REO
                Property.

            	
              156

            
	
              Section
                9.23.

            	
              Notice
                to the Sponsor, the Depositor and the Trustee.

            	
              157

            
	
              Section
                9.24.

            	
              Reports
                to the Trustee.

            	
              157

            
	
              Section
                9.25.

            	
              Assessment
                of Compliance and Attestation Reports.

            	
              158

            
	
              Section
                9.26.

            	
              Annual
                Statement of Compliance with Applicable Servicing
                Criteria.

            	
              160

            
	
              Section
                9.27.

            	
              Merger
                or Consolidation.

            	
              160

            
	
              Section
                9.28.

            	
              Resignation
                of Master Servicer.

            	
              160

            
	
              Section
                9.29.

            	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	
              160

            
	
              Section
                9.30.

            	
              Limitation
                on Liability of the Master Servicer and Others.

            	
              161

            
	
              Section
                9.31.

            	
              Indemnification;
                Third-Party Claims.

            	
              162

            
	
              Section
                9.32.

            	
              Special
                Servicing of Delinquent Mortgage Loans.

            	
              163

            
	
              Section
                9.33.

            	
              Alternative
                Index.

            	
              163

            
	
              Section
                9.34.

            	
              Duties
                of the Credit Risk Manager.

            	
              163

            
	
              Section
                9.35.

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	
              165

            
	
              Section
                9.36.

            	
              Indemnification
                by the Credit Risk Manager.

            	
              165

            
	
              Section
                9.37.

            	
              Removal
                of Credit Risk Manager.

            	
              165

            
	 
	
              ARTICLE
                X REMIC ADMINISTRATION

            
	 	 	 
	
              Section
                10.01.

            	
              REMIC
                Administration.

            	
              166

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities.

            	
              169

            
	
              Section
                10.03.

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

            	
              169

            
	
              Section
                10.04.

            	
              REO
                Property.

            	
              169

            
	 
	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            
	 	 	 
	
              Section
                11.01.

            	
              Binding
                Nature of Agreement; Assignment.

            	
              170

            
	
              Section
                11.02.

            	
              Entire
                Agreement.

            	
              171

            
	
              Section
                11.03.

            	
              Amendment.

            	
              171

            
	
              Section
                11.04.

            	
              Voting
                Rights.

            	
              173

            
	
              Section
                11.05.

            	
              Provision
                of Information.

            	
              173

            
	
              Section
                11.06.

            	
              Governing
                Law.

            	
              173

            
	
              Section
                11.07.

            	
              Notices.

            	
              174

            
	
              Section
                11.08.

            	
              Severability
                of Provisions.

            	
              174

            
	
              Section
                11.09.

            	
              Indulgences;
                No Waivers.

            	
              174

            
	
              Section
                11.10.

            	
              Headings
                Not To Affect Interpretation.

            	
              174

            
	
              Section
                11.11.

            	
              Benefits
                of Agreement.

            	
              174

            
	
              Section
                11.12.

            	
              Special
                Notices to the Rating Agencies and any NIMS Insurer.

            	
              175

            
	
              Section
                11.13.

            	
              Conflicts.

            	
              176

            
	
              Section
                11.14.

            	
              Counterparts.

            	
              176

            
	
              Section
                11.15.

            	
              Transfer
                of Servicing.

            	
              176

            

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    ATTACHMENTS

     

    
      	
              Exhibit
                A-1

            	
              Form
                of Senior Certificate

            
	
              Exhibit
                A-2

            	
              Form
                of Class M Certificate

            
	
              Exhibit
                A-3

            	
              Form
                of Class B Certificate

            
	
              Exhibit
                A-4

            	
              Form
                of Class P Certificate

            
	
              Exhibit
                A-5

            	
              Form
                of Class X Certificate

            
	
              Exhibit
                A-6

            	
              Form
                of Residual Certificate

            
	
              Exhibit
                A-7

            	
              Form
                of Reverse of Certificate

            
	
              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

            	
              List
                of Servicing Agreements

            
	
              Exhibit
                F

            	
              Form
                of Rule 144A Transfer Certificate

            
	
              Exhibit
                G

            	
              Form
                of Purchaser’s Letter for Institutional Accredited Investors
                

            
	
              Exhibit
                H

            	
              Form
                of ERISA Transfer Affidavit

            
	
              Exhibit
                I

            	
              Monthly
                Remittance Advice

            
	
              Exhibit
                J

            	
              Monthly
                Electronic Data Transmission

            
	
              Exhibit
                K

            	
              List
                of Custodial Agreements

            
	
              Exhibit
                L

            	
              List
                of Credit Risk Management Agreements 

            
	
              Exhibit
                M-1

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

            
	
              Exhibit
                M-2

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

            
	
              Exhibit
                N

            	
              Interest
                Rate Cap Agreement

            
	
              Exhibit
                O

            	
              Swap
                Agreement

            
	
              Exhibit
                P-1

            	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                P-2

            	
              Additional
                Form 10-K Disclosure 

            
	
              Exhibit
                P-3

            	
              Additional
                Form 8-K Disclosure

            
	
              Exhibit
                P-4

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                Q-1

            	
              Form
                of Back-Up Sarbanes-Oxley Certification

            
	
              Exhibit
                Q-2

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

            
	
              Exhibit
                R

            	
              
                [Reserved]

              

            
	
              Exhibit
                S

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

            
	
              Exhibit
                T

            	
              [Reserved]

            
	
              Exhibit
                U

            	
              Form
                of Certification to be Provided by the Credit Risk
                Manager

            
	
              Exhibit
                V

            	
              Transaction
                Parties

            
	
              Schedule
                A

            	
              Mortgage
                Loan Schedule (by Mortgage Pool)

            
	
              Schedule
                B

            	
              First
                Payment Default Loans

            

    

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      TRUST AGREEMENT, dated as of October 1, 2006 (the “Agreement”), is by and
      among STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as
      depositor (the “Depositor”), WELLS FARGO BANK, N.A., as trustee (the “Trustee”),
      AURORA LOAN SERVICES LLC, as master servicer (the “Master Servicer”), and
      OFFICETIGER GLOBAL REAL ESTATE SERVICES INC., a Delaware corporation, as credit
      risk manager (the “Credit Risk Manager”).

    

    PRELIMINARY
      STATEMENT

    

    The
      Depositor has acquired the Mortgage Loans from the Seller, and at the Closing
      Date is the owner of the Mortgage Loans and the other property being conveyed
      by
      it to the Trustee hereunder for inclusion in the Trust Fund. On the Closing
      Date, the Depositor will acquire the Certificates from the Trust Fund, as
      consideration for its transfer to the Trust Fund of the Mortgage Loans and
      the
      other property constituting the Trust Fund. The Depositor has duly authorized
      the execution and delivery of this Agreement to provide for the conveyance
      to
      the Trustee of the Mortgage Loans and the other property constituting the Trust
      Fund. All covenants and agreements made by the Seller in the Mortgage Loan
      Sale
      Agreement and by the Depositor, the Master Servicer and the Trustee herein
      with
      respect to the Mortgage Loans and the other property constituting the Trust
      Fund
      are for the benefit of the Holders from time to time of the Certificates and,
      to
      the extent provided herein, any NIMS Insurer, the Swap Counterparty and the
      Cap
      Counterparty. The Depositor, the Trustee, the Master Servicer and the Credit
      Risk Manager 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, an election shall be made that the Trust Fund (exclusive of
      (i)
      the Swap Agreement, (ii) the Swap Account, (iii) the right to receive and the
      obligation to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv)
      the Basis Risk Reserve Fund, (v) the Supplemental Interest Trust, (vi) the
      Interest Rate Cap Agreement, (vii) the Interest Rate Cap Account, (viii) any
      PPTL Premium and (ix) the obligation to pay Class I Shortfalls (collectively,
      the “Excluded Trust Assets”)) be treated for federal income tax purposes as
      comprising four real estate mortgage investment conduits under Section 860D
      of
      the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3,”
and “REMIC 4” (REMIC 4 also being referred to as the “Upper Tier REMIC”)). Any
      inconsistencies or ambiguities in this Agreement or in the administration of
      this Agreement shall be resolved in a manner that preserves the validity of
      such
      REMIC elections.

    

    Each
      Certificate, other than the Class R and Class LT-R Certificates, represents
      ownership of a regular interest in the Upper Tier REMIC for purposes of the
      REMIC Provisions. In addition, each Certificate, other than the Class R, Class
      LT-R, Class X and Class P Certificates, represents (i) the right to receive
      payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls and (ii) the obligation to pay Class I Shortfalls. The Class LT-R
      Certificate represents ownership of the sole Class of residual interest in
      REMIC
      1. The Class R Certificate represents ownership of the sole Class of residual
      interest in each of REMIC 2, REMIC 3, and the Upper Tier REMIC for purposes
      of
      the REMIC Provisions.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    The
      Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier
      Interests in REMIC 3, other than the Class LT3-R interest, and each such Lower
      Tier Interest is hereby designated as a regular interest in REMIC 3 for purposes
      of the REMIC Provisions. REMIC 3 shall hold as its assets the uncertificated
      Lower Tier Interests in REMIC 2, other than the Class LT2-R interest, and each
      such Lower Tier Interest is hereby designated as a regular interest in REMIC
      2.
      REMIC 2 shall hold as its assets the uncertificated Lower Tier Interests in
      REMIC 1, and each such Lower Tier Interest is hereby designated as a regular
      interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust
      Fund other than the Lower Tier Interests in REMIC 1, REMIC 2, and REMIC 3 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
      1:

    

    REMIC
      1 shall issue one uncertificated interest in respect of each Mortgage Loan
      held
      by the Trust Fund on the Closing Date, each of which is hereby designated as
      a
      regular interest in REMIC 1 (the “REMIC 1 Regular Interests”). REMIC 1 shall
      also issue the Class LT-R Certificate, which shall represent the sole class
      of
      residual interest in REMIC 1. Each REMIC 1 Regular Interest shall have an
      initial principal balance equal to the Scheduled Principal Balance of the
      Mortgage Loan to which it relates and shall bear interest at a per annum rate
      equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified
      Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original
      Mortgage Loan”), no amount of interest payable on such Qualified Substitute
      Mortgage Loan shall be distributed on such REMIC 1 Regular Interest at a rate
      in
      excess of the Net Mortgage Rate of the Original Mortgage Loan.

    

    On
      each Distribution Date, the Trustee shall first pay or charge as an expense
      of
      REMIC 1 all expenses of the Trust Fund for such Distribution Date, other than
      any expenses in respect of the Swap Agreement.

    

    On
      each Distribution Date the Trustee shall distribute the aggregate Interest
      Remittance Amount (net of expenses described in the preceding paragraph) with
      respect to each of the Lower Tier Interests in REMIC 1 based on the
      above-described interest rates.

    

    On
      each Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount among the Lower Tier Interests in REMIC 1 in accordance with
      the amount of the Principal Remittance Amount attributable to the Mortgage
      Loan
      corresponding to each such Lower Tier Interest in REMIC 1. All losses on the
      Mortgage Loans shall be allocated among the Lower Tier Interests in REMIC 1
      in
      the same manner that principal distributions are allocated.

    

    On
      each Distribution Date, the Trustee shall distribute the Prepayment Premiums
      collected during the preceding Prepayment Period, in the case of Principal
      Prepayments in full, or during the related Collection Period, in the case of
      Principal Prepayments in part, to the Lower Tier Interest in REMIC 1
      corresponding to the Mortgage Loan with respect to which such amounts were
      received.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    REMIC
      2: 

    

    The
      following table sets forth the designations, principal balances and interest
      rates for each interest in REMIC 2, each of which (other than the Class LT2-R
      Lower Tier Interest) is hereby designated as a regular interest in REMIC 2
      (the
“REMIC 2 Regular Interests”):

    

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            
	
              LT2-A

            	 	
              93,934,403.00

            	 	
              (1)

            
	
              LT2-F1

            	 	
              32,040,500.00

            	 	
              (2)

            
	
              LT2-V1

            	 	
              32,040,500.00

            	 	
              (3)

            
	
              LT2-F2

            	 	
              31,094,000.00

            	 	
              (2)

            
	
              LT2-V2

            	 	
              31,094,000.00

            	 	
              (3)

            
	
              LT2-F3

            	 	
              30,176,000.00

            	 	
              (2)

            
	
              LT2-V3

            	 	
              30,176,000.00

            	 	
              (3)

            
	
              LT2-F4

            	 	
              29,284,000.00

            	 	
              (2)

            
	
              LT2-V4

            	 	
              29,284,000.00

            	 	
              (3)

            
	
              LT2-F5

            	 	
              28,419,500.00

            	 	
              (2)

            
	
              LT2-V5

            	 	
              28,419,500.00

            	 	
              (3)

            
	
              LT2-F6

            	 	
              27,579,500.00

            	 	
              (2)

            
	
              LT2-V6

            	 	
              27,579,500.00

            	 	
              (3)

            
	
              LT2-F7

            	 	
              26,764,000.00

            	 	
              (2)

            
	
              LT2-V7

            	 	
              26,764,000.00

            	 	
              (3)

            
	
              LT2-F8

            	 	
              25,974,000.00

            	 	
              (2)

            
	
              LT2-V8

            	 	
              25,974,000.00

            	 	
              (3)

            
	
              LT2-F9

            	 	
              25,206,000.00

            	 	
              (2)

            
	
              LT2-V9

            	 	
              25,206,000.00

            	 	
              (3)

            
	
              LT2-F10

            	 	
              25,538,500.00

            	 	
              (2)

            
	
              LT2-V10

            	 	
              25,538,500.00

            	 	
              (3)

            
	
              LT2-F11

            	 	
              27,799,500.00

            	 	
              (2)

            
	
              LT2-V11

            	 	
              27,799,500.00

            	 	
              (3)

            
	
              LT2-F12

            	 	
              29,558,500.00

            	 	
              (2)

            
	
              LT2-V12

            	 	
              29,558,500.00

            	 	
              (3)

            
	
              LT2-F13

            	 	
              29,321,000.00

            	 	
              (2)

            
	
              LT2-V13

            	 	
              29,321,000.00

            	 	
              (3)

            
	
              LT2-F14

            	 	
              29,027,500.00

            	 	
              (2)

            
	
              LT2-V14

            	 	
              29,027,500.00

            	 	
              (3)

            
	
              LT2-F15

            	 	
              28,683,500.00

            	 	
              (2)

            
	
              LT2-V15

            	 	
              28,683,500.00

            	 	
              (3)

            
	
              LT2-F16

            	 	
              28,290,000.00

            	 	
              (2)

            
	
              LT2-V16

            	 	
              28,290,000.00

            	 	
              (3)

            
	
              LT2-F17

            	 	
              27,848,500.00

            	 	
              (2)

            
	
              LT2-V17

            	 	
              27,848,500.00

            	 	
              (3)

            
	
              LT2-F18

            	 	
              27,361,500.00

            	 	
              (2)

            
	
              LT2-V18

            	 	
              27,361,500.00

            	 	
              (3)

            
	
              LT2-F19

            	 	
              26,835,000.00

            	 	
              (2)

            
	
              LT2-V19

            	 	
              26,835,000.00

            	 	
              (3)

            
	
              LT2-F20

            	 	
              26,270,000.00

            	 	
              (2)

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            
	
              LT2-V20

            	 	
              26,270,000.00

            	 	
              (3)

            
	
              LT2-F21

            	 	
              25,667,000.00

            	 	
              (2)

            
	
              LT2-V21

            	 	
              25,667,000.00

            	 	
              (3)

            
	
              LT2-F22

            	 	
              25,034,000.00

            	 	
              (2)

            
	
              LT2-V22

            	 	
              25,034,000.00

            	 	
              (3)

            
	
              LT2-F23

            	 	
              86,265,500.00

            	 	
              (2)

            
	
              LT2-V23

            	 	
              86,265,500.00

            	 	
              (3)

            
	
              LT2-F24

            	 	
              46,363,000.00

            	 	
              (2)

            
	
              LT2-V24

            	 	
              46,363,000.00

            	 	
              (3)

            
	
              LT2-F25

            	 	
              40,524,500.00

            	 	
              (2)

            
	
              LT2-V25

            	 	
              40,524,500.00

            	 	
              (3)

            
	
              LT2-F26

            	 	
              30,808,500.00

            	 	
              (2)

            
	
              LT2-V26

            	 	
              30,808,500.00

            	 	
              (3)

            
	
              LT2-F27

            	 	
              24,019,500.00

            	 	
              (2)

            
	
              LT2-V27

            	 	
              24,019,500.00

            	 	
              (3)

            
	
              LT2-F28

            	 	
              19,070,500.00

            	 	
              (2)

            
	
              LT2-V28

            	 	
              19,070,500.00

            	 	
              (3)

            
	
              LT2-F29

            	 	
              15,341,000.00

            	 	
              (2)

            
	
              LT2-V29

            	 	
              15,341,000.00

            	 	
              (3)

            
	
              LT2-F30

            	 	
              12,452,500.00

            	 	
              (2)

            
	
              LT2-V30

            	 	
              12,452,500.00

            	 	
              (3)

            
	
              LT2-F31

            	 	
              10,164,500.00

            	 	
              (2)

            
	
              LT2-V31

            	 	
              10,164,500.00

            	 	
              (3)

            
	
              LT2-F32

            	 	
              8,316,000.00

            	 	
              (2)

            
	
              LT2-V32

            	 	
              8,316,000.00

            	 	
              (3)

            
	
              LT2-F33

            	 	
              7,906,000.00

            	 	
              (2)

            
	
              LT2-V33

            	 	
              7,906,000.00

            	 	
              (3)

            
	
              LT2-F34

            	 	
              7,517,500.00

            	 	
              (2)

            
	
              LT2-V34

            	 	
              7,517,500.00

            	 	
              (3)

            
	
              LT2-F35

            	 	
              7,147,500.00

            	 	
              (2)

            
	
              LT2-V35

            	 	
              7,147,500.00

            	 	
              (3)

            
	
              LT2-F36

            	 	
              6,798,000.00

            	 	
              (2)

            
	
              LT2-V36

            	 	
              6,798,000.00

            	 	
              (3)

            
	
              LT2-F37

            	 	
              6,465,000.00

            	 	
              (2)

            
	
              LT2-V37

            	 	
              6,465,000.00

            	 	
              (3)

            
	
              LT2-F38

            	 	
              6,147,500.00

            	 	
              (2)

            
	
              LT2-V38

            	 	
              6,147,500.00

            	 	
              (3)

            
	
              LT2-F39

            	 	
              5,846,500.00

            	 	
              (2)

            
	
              LT2-V39

            	 	
              5,846,500.00

            	 	
              (3)

            
	
              LT2-F40

            	 	
              5,560,500.00

            	 	
              (2)

            
	
              LT2-V40

            	 	
              5,560,500.00

            	 	
              (3)

            
	
              LT2-F41

            	 	
              5,286,500.00

            	 	
              (2)

            
	
              LT2-V41

            	 	
              5,286,500.00

            	 	
              (3)

            
	
              LT2-F42

            	 	
              5,029,500.00

            	 	
              (2)

            
	
              LT2-V42

            	 	
              5,029,500.00

            	 	
              (3)

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            
	
              LT2-F43

            	 	
              4,780,500.00

            	 	
              (2)

            
	
              LT2-V43

            	 	
              4,780,500.00

            	 	
              (3)

            
	
              LT2-F44

            	 	
              4,547,500.00

            	 	
              (2)

            
	
              LT2-V44

            	 	
              4,547,500.00

            	 	
              (3)

            
	
              LT2-F45

            	 	
              4,324,000.00

            	 	
              (2)

            
	
              LT2-V45

            	 	
              4,324,000.00

            	 	
              (3)

            
	
              LT2-F46

            	 	
              4,112,500.00

            	 	
              (2)

            
	
              LT2-V46

            	 	
              4,112,500.00

            	 	
              (3)

            
	
              LT2-F47

            	 	
              3,909,000.00

            	 	
              (2)

            
	
              LT2-V47

            	 	
              3,909,000.00

            	 	
              (3)

            
	
              LT2-F48

            	 	
              3,721,000.00

            	 	
              (2)

            
	
              LT2-V48

            	 	
              3,721,000.00

            	 	
              (3)

            
	
              LT2-F49

            	 	
              3,535,500.00

            	 	
              (2)

            
	
              LT2-V49

            	 	
              3,535,500.00

            	 	
              (3)

            
	
              LT2-F50

            	 	
              3,362,500.00

            	 	
              (2)

            
	
              LT2-V50

            	 	
              3,362,500.00

            	 	
              (3)

            
	
              LT2-F51

            	 	
              3,198,500.00

            	 	
              (2)

            
	
              LT2-V51

            	 	
              3,198,500.00

            	 	
              (3)

            
	
              LT2-F52

            	 	
              3,041,000.00

            	 	
              (2)

            
	
              LT2-V52

            	 	
              3,041,000.00

            	 	
              (3)

            
	
              LT2-F53

            	 	
              2,890,500.00

            	 	
              (2)

            
	
              LT2-V53

            	 	
              2,890,500.00

            	 	
              (3)

            
	
              LT2-F54

            	 	
              2,750,000.00

            	 	
              (2)

            
	
              LT2-V54

            	 	
              2,750,000.00

            	 	
              (3)

            
	
              LT2-F55

            	 	
              2,615,000.00

            	 	
              (2)

            
	
              LT2-V55

            	 	
              2,615,000.00

            	 	
              (3)

            
	
              LT2-F56

            	 	
              2,488,000.00

            	 	
              (2)

            
	
              LT2-V56

            	 	
              2,488,000.00

            	 	
              (3)

            
	
              LT2-F57

            	 	
              2,366,000.00

            	 	
              (2)

            
	
              LT2-V57

            	 	
              2,366,000.00

            	 	
              (3)

            
	
              LT2-F58

            	 	
              2,259,000.00

            	 	
              (2)

            
	
              LT2-V58

            	 	
              2,259,000.00

            	 	
              (3)

            
	
              LT2-F59

            	 	
              43,464,000.00

            	 	
              (2)

            
	
              LT2-V59

            	 	
              43,464,000.00

            	 	
              (3)

            
	
              LT2-R

            	 	
              (4)

            	 	
              (4)

            

    

    ___________________________

    

    
      	 	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for the Class LT2-A Interest shall be the Net WAC Rate.
                

            

    

    

    
      	 	
              (2)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Interests shall be the lesser of (i)
                the
                REMIC Swap Rate for such Distribution Date, and (ii) the product
                of (a)
                the Net WAC Rate and (b) 2. 

            

    

    

    
      	 	
              (3)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Interests shall be the excess, if any,
                of (i)
                the product of (a) the Net WAC Rate and (b) 2, over (ii) the REMIC
                Swap
                Rate for such Distribution Date and, if no such excess, shall be
                zero.

            

    

    

    
      	 	
              (4)

            	
              The
                Class LT2-R interest shall not have a principal amount and shall
                not bear
                interest. The Class LT2-R interest is hereby designated as the sole
                class
                of residual interest in REMIC 2.

            

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    On
      each Distribution Date, the Trustee shall distribute the aggregate Interest
      Remittance Amount for the three Mortgage Pools (net of the expenses paid by
      REMIC 1) with respect to each of the Lower Tier Interests in REMIC 2 based
      on
      the above-described interest rates.

    

    On
      each Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount with respect to the three Mortgage Pools with respect to
      the
      Lower Tier Interests in REMIC 2, first to the Class LT2-A Interest until its
      principal balance is reduced to zero, and then sequentially, to the other Lower
      Tier Interests in REMIC 2 in ascending order of their numerical class
      designation, and, with respect to each pair of classes having the same numerical
      designation, in equal amounts to each such class, until the principal balance
      of
      each such class is reduced to zero. All losses on the Mortgage Loans shall
      be
      allocated among the Lower Tier Interests in REMIC 2 in the same manner that
      principal distributions are allocated.

    

    On
      each Distribution Date, the Trustee shall distribute the Prepayment Premiums
      collected during the preceding Prepayment Period to the Class LT2-F59 Lower
      Tier
      Interest.

    

    REMIC
      3: 

    

    The
      following table sets forth the designations, principal balances and interest
      rates for each interest in REMIC 3, each of which (other than the Class LT3-R
      interest) is hereby designated as a regular interest in REMIC 3 (the “REMIC 3
      Regular Interests”):

     

    
      	
              REMIC
                3

              Lower
                Tier 

              Class
                Designation

            	 	
              REMIC
                3

              Lower
                Tier

              Interest
                Rate

            	 	
              Initial
                Class 

              Principal
                Amount

            	 	
              Corresponding
                Class of 

              Certificate(s)

            
	
              Class
                LT3-A1

            	 	
              (1)

            	 	
              (3)

            	 	
              A1

            
	
              Class
                LT3-A2

            	 	
              (1)

            	 	
              (3)

            	 	
              A2

            
	
              Class
                LT3-A3

            	 	
              (1)

            	 	
              (3)

            	 	
              A3

            
	
              Class
                LT3-A4

            	 	
              (1)

            	 	
              (3)

            	 	
              A4

            
	
              Class
                LT3-A5

            	 	
              (1)

            	 	
              (3)

            	 	
              A5

            
	
              Class
                LT3-A6

            	 	
              (1)

            	 	
              (3)

            	 	
              A6

            
	
              Class
                LT3-M1

            	 	
              (1)

            	 	
              (3)

            	 	
              M1

            
	
              Class
                LT3-M2

            	 	
              (1)

            	 	
              (3)

            	 	
              M2

            
	
              Class
                LT3-M3

            	 	
              (1)

            	 	
              (3)

            	 	
              M3

            
	
              Class
                LT3-M4

            	 	
              (1)

            	 	
              (3)

            	 	
              M4

            
	
              Class
                LT3-M5

            	 	
              (1)

            	 	
              (3)

            	 	
              M5

            
	
              Class
                LT3-M6

            	 	
              (1)

            	 	
              (3)

            	 	
              M6

            
	
              Class
                LT3-M7

            	 	
              (1)

            	 	
              (3)

            	 	
              M7

            
	
              Class
                LT3-M8

            	 	
              (1)

            	 	
              (3)

            	 	
              M8

            
	
              Class
                LT3-M9

            	 	
              (1)

            	 	
              (3)

            	 	
              M9

            
	
              Class
                LT3-B

            	 	
              (1)

            	 	
              (3)

            	 	
              B

            
	
              Class
                LT3-Q

            	 	
              (1)

            	 	
              (4)

            	 	
              N/A

            
	
              Class
                LT3-IO

            	 	
              (2)

            	 	
              (2)

            	 	
              N/A

            
	
              Class
                LT3-R

            	 	
              (5)

            	 	
              (5)

            	 	
              R

            

    

    ___________________________

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	 	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Interests in REMIC 3 is a per annum
                rate
                equal to the weighted average of the interest rates on the Lower
                Tier
                Interests in REMIC 2 for such Distribution Date, provided,
                however, that
                for any Distribution Date on which the Class LT3-IO Interest is entitled
                to a portion of the interest accruals on a Lower Tier Interest in
                REMIC 2
                having an “F” in its class designation, as described in footnote two
                below, such weighted average shall be computed by first subjecting
                the
                rate on such Lower Tier Interest in REMIC 2 to a cap equal to Swap
                LIBOR
                for such Distribution Date.

            

    

    

    
      	 	
              (2)

            	
              The
                Class LT3-IO is an interest only class that does not have a principal
                balance. For only those Distribution Dates listed in the first column
                in
                the table below, the Class LT3-IO shall be entitled to interest accrued
                on
                the Lower Tier Interest in REMIC 2 listed in the second column in
                the
                table below at a per annum rate equal to the excess, if any, of (i)
                the
                interest rate for such Lower Tier Interest in REMIC 2 for such
                Distribution Date over (ii) Swap LIBOR for such Distribution
                Date.

            

    

     

    
      	
              Distribution
                Dates

            	 	
              REMIC
                

              2
                Class Designation

            
	
              2

            	 	
              Class
                LT2-F1

            
	
              2-3

            	 	
              Class
                LT2-F2

            
	
              2-4

            	 	
              Class
                LT2-F3

            
	
              2-5

            	 	
              Class
                LT2-F4

            
	
              2-6

            	 	
              Class
                LT2-F5

            
	
              2-7

            	 	
              Class
                LT2-F6

            
	
              2-8

            	 	
              Class
                LT2-F7

            
	
              2-9

            	 	
              Class
                LT2-F8

            
	
              2-10

            	 	
              Class
                LT2-F9

            
	
              2-11

            	 	
              Class
                LT2-F10

            
	
              2-12

            	 	
              Class
                LT2-F11

            
	
              2-13

            	 	
              Class
                LT2-F12

            
	
              2-14

            	 	
              Class
                LT2-F13

            
	
              2-15

            	 	
              Class
                LT2-F14

            
	
              2-16

            	 	
              Class
                LT2-F15

            
	
              2-17

            	 	
              Class
                LT2-F16

            
	
              2-18

            	 	
              Class
                LT2-F17

            
	
              2-19

            	 	
              Class
                LT2-F18

            
	
              2-20

            	 	
              Class
                LT2-F19

            
	
              2-21

            	 	
              Class
                LT2-F20

            
	
              2-22

            	 	
              Class
                LT2-F21

            
	
              2-23

            	 	
              Class
                LT2-F22

            
	
              2-24

            	 	
              Class
                LT2-F23

            
	
              2-25

            	 	
              Class
                LT2-F24

            
	
              2-26

            	 	
              Class
                LT2-F25

            
	
              2-27

            	 	
              Class
                LT2-F26

            
	
              2-28

            	 	
              Class
                LT2-F27

            
	
              2-29

            	 	
              Class
                LT2-F28

            
	
              2-30

            	 	
              Class
                LT2-F29

            
	
              2-31

            	 	
              Class
                LT2-F30

            
	
              2-32

            	 	
              Class
                LT2-F31

            
	
              2-33

            	 	
              Class
                LT2-F32

            
	
              2-34

            	 	
              Class
                LT2-F33

            
	
              2-35

            	 	
              Class
                LT2-F34

            
	
              2-36

            	 	
              Class
                LT2-F35

            
	
              2-37

            	 	
              Class
                LT2-F36

            
	
              2-38

            	 	
              Class
                LT2-F37

            
	
              2-39

            	 	
              Class
                LT2-F38

            
	
              2-40

            	 	
              Class
                LT2-F39

            
	
              2-41

            	 	
              Class
                LT2-F40

            
	
              2-42

            	 	
              Class
                LT2-F41

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Dates

            	 	
              REMIC
                

              2
                Class Designation

            
	
              2-43

            	 	
              Class
                LT2-F42

            
	
              2-44

            	 	
              Class
                LT2-F43

            
	
              2-45

            	 	
              Class
                LT2-F44

            
	
              2-46

            	 	
              Class
                LT2-F45

            
	
              2-47

            	 	
              Class
                LT2-F46

            
	
              2-48

            	 	
              Class
                LT2-F47

            
	
              2-49

            	 	
              Class
                LT2-F48

            
	
              2-50

            	 	
              Class
                LT2-F49

            
	
              2-51

            	 	
              Class
                LT2-F50

            
	
              2-52

            	 	
              Class
                LT2-F51

            
	
              2-53

            	 	
              Class
                LT2-F52

            
	
              2-54

            	 	
              Class
                LT2-F53

            
	
              2-55

            	 	
              Class
                LT2-F54

            
	
              2-56

            	 	
              Class
                LT2-F55

            
	
              2-57

            	 	
              Class
                LT2-F56

            
	
              2-58

            	 	
              Class
                LT2-F57

            
	
              2-59

            	 	
              Class
                LT2-F58

            
	
              2-60

            	 	
              Class
                LT2-F59

            

    

    ___________________________

    

    
      	 	
              (3)

            	
              This
                interest shall have an initial class principal amount equal to one-half
                of
                the initial Class Principal Amount of its Corresponding Class of
                Certificates.

            

    

    

    
      	 	
              (4)

            	
              This
                interest shall have an initial class principal amount equal to the
                excess
                of (i) the Aggregate Pool Balance as of the Cut-off Date, over (ii)
                the
                aggregate initial class principal amount of each other regular interest
                in
                REMIC 3.

            

    

    

    
      	 	
              (5)

            	
              The
                Class LT3-R interest is the sole class of residual interests in REMIC
                3.
                It does not have an interest rate or a principal
                balance.

            

    

    

    On
      each Distribution Date, interest shall be distributed on the Lower Tier
      Interests in REMIC 3 based on the above-described interest rates,
      provided,
      however,
      that interest that accrues on the Class LT3-Q Interest shall be deferred in
      an
      amount equal to one-half of the increase, if any, in the Overcollateralization
      Amount for such Distribution Date. Any interest so deferred shall itself bear
      interest at the interest rate for the Class LT3-Q Interest. An amount equal
      to
      the interest so deferred shall be distributed as additional principal on the
      other Lower Tier Interests in REMIC 3 having a principal balance in the manner
      described under priority (a) below.

    

    On
      each Distribution Date principal shall be distributed, and Realized Losses
      shall
      be allocated, among the Lower Tier Interests in REMIC 3 in the following order
      of priority:

    

    (a) First,
      to the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class LT3-A4, Class LT3-A5,
      Class, LT3-A6, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4,
      Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9 and Class
      LT3-B Interests until the principal balance of each such Lower Tier Interest
      equals one-half of the Class Principal Amount of the Corresponding Class of
      Certificates immediately after such Distribution Date; and

    

    (b) Second,
      to the Class LT3-Q Interest, any remaining amounts.

    

    On
      each Distribution Date, the Trustee shall be deemed to have distributed the
      Prepayment Premiums passed through with respect to the Class LT2-F59 Lower
      Tier
      Interest in REMIC 2 on such Distribution Date to the Class LT3-Q
      Interest.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    

    The
      Certificates:

    

    The
      following table sets forth (or describes) the Class designation, Certificate
      Interest Rate, initial Class Principal Amount and minimum denomination for
      each
      Class of Certificates comprising interests in the Trust Fund created hereunder.
      

     

    
      	
              Class

              Designation

            	 	
              Certificate

              Interest
                Rate

            	 	
              Initial

              Class
                Principal
                

              Amount
                

            	 	
              Minimum

              Denomination

            
	
              Class
                A1

            	 	
              (1)

            	 	
              $455,799,000

            	 	
              $
                25,000

            
	
              Class
                A2

            	 	
              (2)

            	 	
              $263,999,000

            	 	
              $
                25,000

            
	
              Class
                A3

            	 	
              (3)

            	 	
              $638,359,000

            	 	
              $
                25,000

            
	
              Class
                A4

            	 	
              (4)

            	 	
              $109,350,000

            	 	
              $
                25,000

            
	
              Class
                A5

            	 	
              (5)

            	 	
              $273,069,000

            	 	
              $
                25,000

            
	
              Class
                A6

            	 	
              (6)

            	 	
              $116,120,000

            	 	
              $
                25,000

            
	
              Class
                M1

            	 	
              (7)

            	 	
              $72,484,000

            	 	
              $100,000

            
	
              Class
                M2

            	 	
              (8)

            	 	
              $61,332,000

            	 	
              $100,000

            
	
              Class
                M3

            	 	
              (9)

            	 	
              $37,915,000

            	 	
              $100,000

            
	
              Class
                M4

            	 	
              (10)

            	 	
              $33,454,000

            	 	
              $100,000

            
	
              Class
                M5

            	 	
              (11)

            	 	
              $32,339,000

            	 	
              $100,000

            
	
              Class
                M6

            	 	
              (12)

            	 	
              $30,109,000

            	 	
              $100,000

            
	
              Class
                M7

            	 	
              (13)

            	 	
              $25,648,000

            	 	
              $100,000

            
	
              Class
                M8

            	 	
              (14)

            	 	
              $15,612,000

            	 	
              $100,000

            
	
              Class
                M9

            	 	
              (15)

            	 	
              $14,497,000

            	 	
              $100,000

            
	
              Class
                B

            	 	
              (16)

            	 	
              $22,303,000

            	 	
              $100,000

            
	
              Class
                X

            	 	
              (17)

            	 	
              (17)

            	 	
              10%

            
	
              Class
                R

            	 	
              (18)

            	 	
              (18)

            	 	
              100%

            
	
              Class
                P

            	 	
              (19)

            	 	
              $100
                (20)

            	 	
              10%

            
	
              Class
                LT-R

            	 	
              (21)

            	 	
              (21)

            	 	
              100%

            

    

    
    

    _____________

    
      	
              (1)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.120% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 2
                Senior Certificates or Group 3 Senior Certificates are outstanding,
                the
                Pool 1 Net Funds Cap for such Distribution Date or, after the Distribution
                Date on which the Class Principal Amounts of the Group 2 Senior
                Certificates and Group 3 Senior Certificates have each been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A1 Certificates
                will be LIBOR plus 0.240%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A1 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A1 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A1 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A1 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.120% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 1
                Senior Certificates or Group 3 Senior Certificates are outstanding,
                the
                Pool 2 Net Funds Cap for such Distribution Date or, after the Distribution
                Date on which the Class Principal Amounts of the Group 1 Senior
                Certificates and Group 3 Senior Certificates have each been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A2 Certificates
                will be LIBOR plus 0.240%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A2 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A2 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A2 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A2 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

    

    
      	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.050% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 1
                Senior Certificates or Group 2 Senior Certificates are outstanding,
                the
                Pool 3 Net Funds Cap for such Distribution Date or, after the Distribution
                Date on which the Class Principal Amounts of the Group 1 Senior
                Certificates and Group 2 Senior Certificates have each been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A3 Certificates
                will be LIBOR plus 0.100%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A3 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A3 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A3 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A3 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

    

    
      	
              (4)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.110% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 1
                Senior Certificates or Group 2 Senior Certificates are outstanding,
                the
                Pool 3 Net Funds Cap for such Distribution Date or, after the Distribution
                Date on which the Class Principal Amounts of the Group 1 Senior
                Certificates or Group 2 Senior Certificates have each been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A4 Certificates
                will be LIBOR plus 0.220%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A4 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A4 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A4 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A4 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      	
              (5)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.160% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 1
                Senior Certificates and the Group 2 Senior Certificates are outstanding,
                the Pool 3 Net Funds Cap for such Distribution Date or, after the
                Distribution Date on which the Class Principal Amounts of the Group
                1
                Senior Certificates or Group 2 Senior Certificates have each been
                reduced
                to zero, the Subordinate Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class A5
                Certificates will be LIBOR plus 0.320%. For purposes of the REMIC
                Provisions, the reference to a “Net Funds Cap” in clause (ii) of the
                preceding sentence shall be deemed to be a reference to the REMIC
                3 Net
                Funds Cap; therefore, on any Distribution Date on which the Certificate
                Interest Rate for the Class A5 Certificates exceeds the REMIC 3 Net
                Funds
                Cap, interest accruals based on such excess shall be treated as having
                been paid from the Basis Risk Reserve Fund or the Supplemental Interest
                Trust, as applicable; on any Distribution Date on which the Certificate
                Interest Rate on the Class A5 Certificates is based on a Net Funds
                Cap,
                the amount of interest that would have accrued on the Class A5
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Net
                Funds Cap shall be treated as having been paid by the Class A5
                Certificateholders to the Supplemental Interest Trust, all pursuant
                to and
                as further provided in Section 10.01(n)
                hereof.

            

    

    

    
      	
              (6)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A6 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.310% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 1
                Senior Certificates and the Group 2 Senior Certificates are outstanding,
                the Pool 3 Net Funds Cap for such Distribution Date or, after the
                Distribution Date on which the Class Principal Amounts of the Group
                1
                Senior Certificates or Group 2 Senior Certificates have each been
                reduced
                to zero, the Subordinate Net Funds Cap for such Distribution Date;
                provided, that if the Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class A6
                Certificates will be LIBOR plus 0.620%. For purposes of the REMIC
                Provisions, the reference to a “Net Funds Cap” in clause (ii) of the
                preceding sentence shall be deemed to be a reference to the REMIC
                3 Net
                Funds Cap; therefore, on any Distribution Date on which the Certificate
                Interest Rate for the Class A6 Certificates exceeds the REMIC 3 Net
                Funds
                Cap, interest accruals based on such excess shall be treated as having
                been paid from the Basis Risk Reserve Fund or the Supplemental Interest
                Trust, as applicable; on any Distribution Date on which the Certificate
                Interest Rate on the Class A6 Certificates is based on a Net Funds
                Cap,
                the amount of interest that would have accrued on the Class A6
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Net
                Funds Cap shall be treated as having been paid by the Class A5
                Certificateholders to the Supplemental Interest Trust, all pursuant
                to and
                as further provided in Section 10.01(n)
                hereof.

            

    

    

    
      	
              (7)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.240% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M1 Certificates
                will be LIBOR plus 0.360%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M1 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M1 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M1
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M1 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n) hereof.
                

            

    

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	
              (8)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.300% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided, that if the Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Initial Optional Termination Date, then with respect to each
                subsequent Distribution Date the per annum rate calculated pursuant
                to
                clause (i) above with respect to the Class M2 Certificates will be
                LIBOR
                plus 0.450%. For purposes of the REMIC Provisions, the reference
                to
                “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence shall
                be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Certificate Interest Rate for
                the Class
                M2 Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based
                on such excess shall be treated as having been paid from the Basis
                Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                M2
                Certificates is based on the Subordinate Net Funds Cap, the amount
                of
                interest that would have accrued on the Class M2 Certificates if
                the REMIC
                3 Net Funds Cap were substituted for the Subordinate Net Funds Cap
                shall
                be treated as having been paid by the Class M2 Certificateholders
                to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 10.01(n) hereof.

            

    

    

    
      	
              (9)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.350% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided, that if the Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Initial Optional Termination Date, then with respect to each
                subsequent Distribution Date the per annum rate calculated pursuant
                to
                clause (i) above with respect to the Class M3 Certificates will be
                LIBOR
                plus 0.525%. For purposes of the REMIC Provisions, the reference
                to
                “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence shall
                be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Certificate Interest Rate for
                the Class
                M3 Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based
                on such excess shall be treated as having been paid from the Basis
                Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                M3
                Certificates is based on the Subordinate Net Funds Cap, the amount
                of
                interest that would have accrued on the Class M3 Certificates if
                the REMIC
                3 Net Funds Cap were substituted for the Subordinate Net Funds Cap
                shall
                be treated as having been paid by the Class M3 Certificateholders
                to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 10.01(n) hereof.

            

    

    

    
      	
              (10)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided, that if the Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Initial Optional Termination Date, then with respect to each
                subsequent Distribution Date the per annum rate calculated pursuant
                to
                clause (i) above with respect to the Class M4 Certificates will be
                LIBOR
                plus 0.600%. For purposes of the REMIC Provisions, the reference
                to
                “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence shall
                be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Certificate Interest Rate for
                the Class
                M4 Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based
                on such excess shall be treated as having been paid from the Basis
                Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                M4
                Certificates is based on the Subordinate Net Funds Cap, the amount
                of
                interest that would have accrued on the Class M4 Certificates if
                the REMIC
                3 Net Funds Cap were substituted for the Subordinate Net Funds Cap
                shall
                be treated as having been paid by the Class M4 Certificateholders
                to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 10.01(n) hereof. 

            

    

    

    
      	
              (11)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.410% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided, that if the Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Initial Optional Termination Date, then with respect to each
                subsequent Distribution Date the per annum rate calculated pursuant
                to
                clause (i) above with respect to the Class M5 Certificates will be
                LIBOR
                plus 0.615%. For purposes of the REMIC Provisions, the reference
                to
                “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence shall
                be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Certificate Interest Rate for
                the Class
                M5 Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based
                on such excess shall be treated as having been paid from the Basis
                Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                M5
                Certificates is based on the Subordinate Net Funds Cap, the amount
                of
                interest that would have accrued on the Class M5 Certificates if
                the REMIC
                3 Net Funds Cap were substituted for the Subordinate Net Funds Cap
                shall
                be treated as having been paid by the Class M5 Certificateholders
                to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 10.01(n) hereof. 

            

    

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      	
              (12)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M6 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.460% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided, that if the Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Initial Optional Termination Date, then with respect to each
                subsequent Distribution Date the per annum rate calculated pursuant
                to
                clause (i) above with respect to the Class M6 Certificates will be
                LIBOR
                plus 0.690%. For purposes of the REMIC Provisions, the reference
                to
                “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence shall
                be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Certificate Interest Rate for
                the Class
                M6 Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based
                on such excess shall be treated as having been paid from the Basis
                Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                M6
                Certificates is based on the Subordinate Net Funds Cap, the amount
                of
                interest that would have accrued on the Class M6 Certificates if
                the REMIC
                3 Net Funds Cap were substituted for the Subordinate Net Funds Cap
                shall
                be treated as having been paid by the Class M6 Certificateholders
                to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 10.01(n) hereof. 

            

    

    

    
      	
              (13)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M7 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.800% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided, that if the Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Initial Optional Termination Date, then with respect to each
                subsequent Distribution Date the per annum rate calculated pursuant
                to
                clause (i) above with respect to the Class M7 Certificates will be
                LIBOR
                plus 1.200%. For purposes of the REMIC Provisions, the reference
                to
                “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence shall
                be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Certificate Interest Rate for
                the Class
                M7 Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based
                on such excess shall be treated as having been paid from the Basis
                Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                M7
                Certificates is based on the Subordinate Net Funds Cap, the amount
                of
                interest that would have accrued on the Class M7 Certificates if
                the REMIC
                3 Net Funds Cap were substituted for the Subordinate Net Funds Cap
                shall
                be treated as having been paid by the Class M7 Certificateholders
                to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 10.01(n) hereof. 

            

    

    

    
      	
              (14)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M8 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.100% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided, that if the Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Initial Optional Termination Date, then with respect to each
                subsequent Distribution Date the per annum rate calculated pursuant
                to
                clause (i) above with respect to the Class M8 Certificates will be
                LIBOR
                plus 1.650%. For purposes of the REMIC Provisions, the reference
                to
                “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence shall
                be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Certificate Interest Rate for
                the Class
                M8 Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based
                on such excess shall be treated as having been paid from the Basis
                Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                M8
                Certificates is based on the Subordinate Net Funds Cap, the amount
                of
                interest that would have accrued on the Class M8 Certificates if
                the REMIC
                3 Net Funds Cap were substituted for the Subordinate Net Funds Cap
                shall
                be treated as having been paid by the Class M8 Certificateholders
                to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 10.01(n) hereof.

            

    

    

    
      	
              (15)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M9 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided, that if the Mortgage
                Loans and related property are not purchased pursuant to Section
                7.01(b)
                on the Initial Optional Termination Date, then with respect to each
                subsequent Distribution Date the per annum rate calculated pursuant
                to
                clause (i) above with respect to the Class M9 Certificates will be
                LIBOR
                plus 3.000%. For purposes of the REMIC Provisions, the reference
                to
                “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence shall
                be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on
                any Distribution Date on which the Certificate Interest Rate for
                the Class
                M9 Certificates exceeds the REMIC 3 Net Funds Cap, interest accruals
                based
                on such excess shall be treated as having been paid from the Basis Risk
                Reserve Fund or the Supplemental Interest Trust, as applicable; on
                any
                Distribution Date on which the Certificate Interest Rate on the Class
                M9
                Certificates is based on the Subordinate Net Funds Cap, the amount
                of
                interest that would have accrued on the Class M9 Certificates if
                the REMIC
                3 Net Funds Cap were substituted for the Subordinate Net Funds Cap
                shall
                be treated as having been paid by the Class M9 Certificateholders
                to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 10.01(n) hereof.

            

    

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      	
              (16)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class B Certificates is the per annum
                rate
                equal to the lesser of (i) LIBOR plus 2.500% and (ii) the Subordinate
                Net
                Funds Cap for such Distribution Date; provided, that if the Mortgage
                Loans
                and related property are not purchased pursuant to Section 7.01(b)
                on the
                Initial Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class B Certificates will be LIBOR plus
                3.750%.
                For purposes of the REMIC Provisions, the reference to “Subordinate Net
                Funds Cap” in clause (ii) of the preceding sentence shall be deemed to be
                a reference to the REMIC 3 Net Funds Cap; therefore, on any Distribution
                Date on which the Certificate Interest Rate for the Class B Certificates
                exceeds the REMIC 3 Net Funds Cap, interest accruals based on such
                excess
                shall be treated as having been paid from the Basis Risk Reserve
                Fund or
                the Supplemental Interest Trust, as applicable; on any Distribution
                Date
                on which the Certificate Interest Rate on the Class B Certificates
                is
                based on the Subordinate Net Funds Cap, the amount of interest that
                would
                have accrued on the Class B Certificates if the REMIC 3 Net Funds
                Cap were
                substituted for the Subordinate Net Funds Cap shall be treated as
                having
                been paid by the Class B Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

    

    

    
      	
              (17)

            	
              For
                purposes of the REMIC Provisions, Class X shall have an initial principal
                balance of $27,878,303.63, and the right to receive distributions
                of such
                amount represents a regular interest in the Upper Tier REMIC. The
                Class X
                Certificate shall also comprise two notional components, each of
                which
                represents a regular interest in the Upper Tier REMIC. The first
                such
                component has a notional balance that will at all times equal the
                aggregate of the Class Principal Amounts of the Lower Tier Interests
                in
                REMIC 3, and, for each Distribution Date (and the related Accrual
                Period)
                this notional component shall bear interest at a per annum rate equal
                to
                the excess, if any, of (i) (a) the weighted average of the interest
                rates
                on the Lower Tier Interests in REMIC 3 (other than any interest-only
                regular interest) minus (b) the Credit Risk Manager’s Fee Rate, over (ii)
                the Adjusted Lower Tier WAC. The second notional component represents
                the
                right to receive all distributions in respect of the Class LT3-IO
                Interest
                in REMIC 3 (the “Class LT4-I” interest). In addition, for purposes of the
                REMIC Provisions, the Class X Certificate shall represent beneficial
                ownership of (i) the Basis Risk Reserve Fund; (ii) the Supplemental
                Interest Trust, including the Swap Agreement, the Swap Account, the
                Interest Rate Cap Agreement and the Interest Rate Cap Account, (iii)
                any
                PPTL Premiums and (iv) an interest in the notional principal contracts
                described in Section 10.01(n)
                hereof.

            

    

    

    
      	
              (18)

            	
              The
                Class R Certificate will be issued without a Class Principal Amount
                and
                will not bear interest at a stated rate. The Class R Certificate
                represents ownership of the residual interest in the Upper Tier REMIC,
                as
                well as ownership of the Class LT2-R Interest and Class LT3-R Interest.
                The Class R Certificate will be issued as a single Certificate evidencing
                the entire Percentage Interest in such
                Class.

            

    

    

    
      	
              (19)

            	
              The
                Class P Certificates shall not bear interest at a stated rate. Prepayment
                Premiums paid with respect to the Mortgage Loans shall be paid to
                the
                Holders of the Class P Certificates as provided in Section 5.02(j).
                For
                purposes of the REMIC Provisions, Class P shall represent a regular
                interest in the Upper Tier REMIC.

            

    

    

    
      	
              (20)

            	
              The
                Class P Certificates will have an initial Class P Principal Amount
                of
                $100.

            

    

    

    
      	
              (21)

            	
              The
                Class LT-R Certificate will be issued without a Class Principal Amount
                and
                will not bear interest at a stated rate. The Class LT-R Certificate
                represents ownership of the residual interest in REMIC 1. The Class
                LT-R
                Certificate will be issued as a single Certificate evidencing the
                entire
                Percentage Interest in such Class.

            

    

    

    As
      of the Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal
      Balance of $2,230,267,403.63.

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

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

    

    ARTICLE
      I

    

    DEFINITIONS

    

    Section
      1.01. Definitions.
      The
      following words and phrases, unless the context otherwise requires, shall have
      the following meanings:

    

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

    

    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.

    

    Accrual
      Period:
      With respect to each Class of LIBOR Certificates and any Distribution Date,
      the
      period beginning on the Distribution Date in the calendar month immediately
      preceding the month in which the related Distribution Date occurs (or, in the
      case of the first Distribution Date, beginning on October 25, 2006) and
      ending on the day immediately preceding the related Distribution Date, as
      calculated in accordance with Section 1.03.

    

    Additional
      Collateral:
      None.

    

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

    

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

    

    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.

    

    Additional
      Termination Event:
      As defined in the Swap Agreement.

    

    Adjustable
      Rate Mortgage Loan:
      Any Mortgage Loan as to which the related Mortgage Note provides for the
      adjustment of the Mortgage Rate applicable thereto.

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Adjusted
      Lower Tier WAC:
      For any Distribution Date (and the related Accrual Period), an amount equal
      to
      (i) two, multiplied by (ii) the weighted average of the interest rates for
      such
      Distribution Date for the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class
      LT3-A4, Class LT3-A5, Class LT3-A6, Class LT3-M1, Class LT3-M2, Class LT3-M3,
      Class LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class
      LT3-M9, Class LT3-B and Class LT3-Q Interests, weighted in proportion to their
      Class Principal Amounts as of the beginning of the related Accrual Period and
      computed by subjecting the rate on the Class LT3-Q Interest to a cap of 0.00%,
      and by subjecting the rate on each of the Class LT3-A1, Class LT3-A2, Class
      LT3-A3, Class LT3-A4, Class LT3-A5, Class LT3-A6, Class LT3-M1, Class LT3-M2,
      Class LT3-M3, Class LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class
      LT3-M8, Class LT3-M9 and Class LT3-B Interests to a cap that corresponds to
      the
      Certificate Interest Rate (determined by substituting the REMIC 3 Net Funds
      Cap
      for the applicable Net Funds Cap) for the Corresponding Class of Certificates;
      provided,
      however,
      that for each Class of LIBOR Certificates, the Certificate Interest Rate shall
      be multiplied by an amount equal to (a) the actual number of days in the Accrual
      Period, divided by (b) 30.

    

    Advance:
      With respect to a Mortgage Loan other than a Simple Interest Mortgage Loan,
      an
      advance of the aggregate of payments (other than Balloon Payments) of principal
      and interest (net of the Servicing Fee) on one or more Mortgage Loans that
      were
      due on a Due Date in the related Collection Period and not received as of the
      close of business on the related Determination Date, required to be made by
      or
      on behalf of the Master Servicer and the Servicer (or by the Trustee as
      successor to the Master Servicer) pursuant to Section 5.04, but only to the
      extent that such amount is expected, in the reasonable judgment of the Master
      Servicer or Servicer (or by the Trustee as successor to the Master Servicer),
      to
      be recoverable from collections or recoveries in respect of such Mortgage Loans.
      With respect to a Simple Interest Mortgage Loan, an advance of an amount equal
      to the interest accrual on such Simple Interest Mortgage Loan through the
      related Due Date but not received as of the close of business on the related
      Distribution Date (net of the Servicing Fee) required to be made by or on behalf
      of the Master Servicer or the Servicer (or by the Trustee as successor to the
      Master Servicer) pursuant to Section 5.04, but only to the extent that such
      amount is expected, in the reasonable judgment of the Master Servicer or
      Servicer (or by the Trustee as successor to the Master Servicer), to be
      recoverable from collections or recoveries in respect of such Simple Interest
      Mortgage Loans.

    

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

    

    Affected
      Party:
      As defined in the Swap Agreement.

    

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

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

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

    

    Aggregate
      Pool Balance:
      As of any date of determination, the aggregate of the Pool Balances of Pool
      1,
      Pool 2 and Pool 3 on such 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.

    

    Anniversary
      Year:
      The one-year period beginning on the Closing Date and ending on the first
      anniversary thereof, and each subsequent one-year period beginning on the day
      after the end of the preceding Anniversary Year and ending on the next
      succeeding anniversary of the Closing Date.

    

    Applied
      Loss Amount:
      With respect to any Distribution Date, the amount, if any, by which (x) the
      aggregate Certificate Principal Amount of the LIBOR Certificates after giving
      effect to distributions of principal on such Distribution Date, but before
      giving effect to any application of the Applied Loss Amount with respect to
      such
      date, exceeds (y) the Aggregate Pool Balance for such Distribution
      Date.

    

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

    

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

    

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

    

    Authorized
      Officer:
      Any Person who may execute an Officer’s Certificate on behalf of the
      Depositor.

    

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

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    B
      Target Amount:
      With respect to any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (i) 97.50% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

    

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

    

    Balloon
      Mortgage Loan:
      Any Mortgage Loan having an original term to maturity that is shorter than
      its
      amortization schedule, and a final Scheduled Payment that is disproportionately
      large in comparison to other Scheduled Payments.

    

    Balloon
      Payment:
      The final Scheduled Payment in respect of a Balloon Mortgage Loan.

    

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

    

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

    

    Basis
      Risk Payment:
      With respect to any Distribution Date, the sum of (i) any Basis Risk Shortfall
      for such Distribution Date, (ii) any Unpaid Basis Risk Shortfall from previous
      Distribution Dates and (iii) any Required Reserve Fund Deposit for such
      Distribution Date. The amount of the Basis Risk Payment for any Distribution
      Date cannot exceed the amount of Monthly Excess Cashflow otherwise available
      for
      distribution pursuant to Section 5.02(g)(iv) of this Agreement. 

    

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

    

    Basis
      Risk Shortfall:
      With respect to any Distribution Date and any Class of LIBOR Certificates,
      the
      amount by which the amount of interest calculated at the Certificate Interest
      Rate applicable to such Class for such date, determined without regard to the
      Pool 1 Net Funds Cap, Pool 2 Net Funds Cap, Pool 3 Net Funds Cap or Subordinate
      Net Funds Cap, as applicable, for such date but subject to a cap equal to the
      applicable Maximum Interest Rate, exceeds the amount of interest calculated
      at
      the Pool 1 Net Funds Cap, Pool 2 Net Funds Cap, Pool 3 Net Funds Cap or
      Subordinate Net Funds Cap, as applicable.

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Benefit
      Plan Opinion:
      An Opinion of Counsel satisfactory to the Depositor and the Trustee to the
      effect that any proposed transfer of Certificates will not (i) cause the assets
      of the Trust Fund to be regarded as plan assets for purposes of the Plan Asset
      Regulations or (ii) give rise to any fiduciary duty on the part of the Depositor
      or the Trustee, respectively.

    

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

    

    Bulk
      PMI Policy:
      Not applicable.

    

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

    

    Cap
      Counterparty:
      The counterparty to the Supplemental Interest Trust under the Interest Rate
      Cap
      Agreement, and any successor in interest or assigns. Initially, the Cap
      Counterparty shall be IXIS Financial Products Inc.

    

    Cap
      Replacement Receipts:
      As defined in Section 5.09(b).

    

    Cap
      Replacement Receipts Account:
      As defined in Section 5.09(b).

    

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

    

    Cap
      Termination Receipts:
      As defined in Section 5.09(b).

    

    Cap
      Termination Receipts Account:
      As defined in Section 5.09(b).

    

    Carryforward
      Interest:
      With respect to any Class of LIBOR Certificates and any Distribution Date,
      the
      sum of (i) the amount, if any, by which (x) the sum of (A) Current Interest
      for
      such Class for the immediately preceding Distribution Date and (B) any unpaid
      Carryforward Interest for such Class from previous Distribution Dates exceeds
      (y) the amount distributed in respect of interest on such Class on such
      immediately preceding Distribution Date, and (ii) interest on such amount for
      the related Accrual Period at the applicable Certificate Interest
      Rate.

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

    Certificate
      Principal Amount:
      With respect to any LIBOR Certificate, the initial Certificate Principal Amount
      thereof on the Closing Date, less the amount of all principal distributions
      previously distributed with respect to such Certificate and, in the case of
      the
      Subordinate Certificates, any Applied Loss Amount previously allocated to such
      Certificate; provided,
      however,
      that on each Distribution Date on which a Subsequent Recovery is distributed,
      the Certificate Principal Amount of any Class of Subordinate Certificates whose
      Certificate Principal Amount has previously been reduced by application of
      Applied Loss Amounts will be increased, sequentially, in order of seniority,
      by
      an amount (to be applied pro
      rata
      to all Certificates of such Class) equal to the lesser of (1) any Deferred
      Amount for each such Class immediately prior to such Distribution Date and
      (2)
      the total amount of any Subsequent Recovery distributed on such Distribution
      Date to Certificateholders, after application for this purpose to any more
      senior Classes of Certificates. The Class X, Class R and Class LT-R Certificates
      are issued without Certificate Principal Amounts. The Class P Certificates
      are
      issued with an initial Class P Principal Amount of $100.

    

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

    

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

    

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

    

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

    

    Civil
      Relief Act:
      The Servicemembers Civil Relief Act, as amended, or any similar state or local
      statute.

    

    Class:
      All Certificates, in the case of REMIC 4, all interests bearing the same class
      designation, and, in the case of REMIC 1, REMIC 2 and REMIC 3, all Lower Tier
      Interests, bearing the same class designation.

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    Class
      I Shortfalls:
      As defined in Section 10.01(n) hereof. For purposes of clarity, the Class I
      Shortfall for any Distribution Date shall equal the amount payable to the Swap
      Counterparty on such Distribution Date in excess of the amount payable on the
      Class LT4-I interest in the Upper Tier REMIC on such Distribution Date, all
      as
      further provided in Section 10.01(n) hereof.

    

    Class
      LT-R Certificate:
      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 ownership of the residual interest in REMIC
      1.

    

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

    

    Class
      Notional Amount:
      Not applicable. 

    

    Class
      P Principal Amount:
      As of the Closing Date, $100.

    

    Class
      Principal Amount:
      With respect to any Class of LIBOR Certificates and any date of determination,
      the aggregate of the Certificate Principal Amounts of all Certificates of such
      Class on such date. With respect to the Class X, Class P, Class LT-R and Class
      R
      Certificates, zero. With respect to any Lower Tier Interest, the initial Class
      Principal Amount as shown or described in the table set forth in the Preliminary
      Statement to this Agreement for the issuing REMIC, as reduced by principal
      distributed with respect to such Lower Tier Interest and Realized Losses
      allocated to such Lower Tier Interest. 

    

    Class
      R Certificate:
      Each Class R Certificate executed by the Trustee, and authenticated and
      delivered by the Certificate Registrar, substantially in the form annexed hereto
      as Exhibit A and evidencing the ownership of the Class LT2-R Interest, Class
      LT3-R Interest and the residual interest in the Upper Tier REMIC.

    

    Class
      X Distributable Amount:
      With respect to any Distribution Date, the amount of interest that has accrued
      on the Class X Notional Balance, as described in the Preliminary Statement,
      but
      that has not been distributed prior to such date. In addition, such amount
      shall
      include the initial Overcollateralization Amount of $27,878,303.63
      ($27,878,403.63 less $100 of such amount allocated to the Class P Certificates)
      to the extent such amount has not been distributed on an earlier Distribution
      Date as part of the Aggregate Overcollateralization Release Amount.

    

    Class
      X Notional Balance:
      With respect to any Distribution Date (and the related Accrual Period) the
      aggregate principal balance of the regular interests in REMIC 3 as specified
      in
      the Preliminary Statement hereto.

    

    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.

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Clearstream:
      Clearstream Banking Luxembourg, and any successor thereto.

    

    Closing
      Date:
      October 30, 2006.

    

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

    

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

    

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

    

    Commission:
      The 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
      for making any Compensating Interest Payment.

    

    Controlling
      Person:
      With respect to any Person, any other Person who “controls” such Person within
      the meaning of the Securities Act.

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

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

    

    Cooperative
      Shares:
      Shares issued by a Cooperative Corporation.

    

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

    

    Corporate
      Trust Office:
      The principal corporate trust office of the Trustee at which, at any particular
      time, its corporate trust business shall be administered, which office at the
      date hereof for purposes of presentment and surrender of the Certificates for
      the final distribution therein, is located at Sixth Street and Marquette Avenue,
      Minneapolis, MN 55479, Attention: Client Manager—FFMLT 2006-FF15, and for all
      other purposes, 9062 Old Annapolis Road, Columbia, MD 21045, Attention: Client
      Manager—FFMLT 2006-FF15.

    

    Corresponding
      Class:
      The Class of Certificates that corresponds to a Class of interests in REMIC
      3 or
      REMIC 4, as provided in the Preliminary Statement.

    

    Credit
      Risk Manager:
      OfficeTiger Global Real Estate Services Inc., a Delaware corporation, and its
      successors and assigns. 

    

    Credit
      Risk Manager’s Fee:
      With respect to any Distribution Date and each Mortgage Loan, an amount equal
      to
      the product of (a) one twelfth, (b) the Credit Risk Manager’s Fee Rate and (c)
      the Scheduled Principal Balance of such Mortgage Loan as of the first day of
      the
      related Collection Period; provided, however, that such amount shall not be
      less
      than $1,500.00 on each Distribution Date.

    

    Credit
      Risk Manager’s Fee Rate:
      0.010% per annum.

    

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

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              November
                2008 through October 2009

            	 	
              1.25%
                for the first month, plus
                an additional 1/12th
                of 1.55% for each month thereafter

            
	
              November
                2009 through October 2010

            	 	
              2.80%
                for the first month, plus
                an additional 1/12th
                of 1.60% for each month thereafter

            
	
              November
                2010 through October 2011

            	 	
              4.40%
                for the first month, plus
                an additional 1/12th
                of 1.25% for each month thereafter

            
	
              November
                2011 through October 2012

            	 	
              5.65%
                for the first month, plus
                an additional 1/12th
                of 0.70% for each month thereafter

            
	
              November
                2012 and thereafter

            	 	
              6.35%

            

    

     

    Current
      Interest:
      With respect to any Class of LIBOR Certificates and any Distribution Date,
      the
      aggregate amount of interest accrued at the applicable Certificate Interest
      Rate
      during the related Accrual Period on the Class Principal Amount of such Class
      immediately prior to such Distribution Date.

    

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

    

    Custodial
      Agreement:
      The custodial agreement identified on Exhibit K hereto, and any custodial
      agreement subsequently executed by the Trustee and acknowledged by the
      Depositor, the Servicer and the Master Servicer, substantially in the form
      thereof.

    

    Custodian:
      The Custodian appointed by the Trustee pursuant to the Custodial Agreement,
      and
      any successor thereto. The initial Custodian is U.S. Bank National
      Association.

    

    Cut-off
      Date:
      October 1, 2006.

    

    Cut-off
      Date Balance:
      The Aggregate Pool Balance as of the Cut-off Date.

    

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

    

    Defaulting
      Party:
      As defined in the Swap Agreement.

    

    Deferred
      Amount:
      With respect to any Distribution Date and each Class of the Subordinate
      Certificates, the amount by which (x) the aggregate of Applied Loss Amounts
      previously applied in reduction of the Class Principal Amount thereof exceeds
      (y) the sum of (1) the aggregate of amounts previously reimbursed in respect
      thereof and (2) the amount by which the Class Principal Amount of such Class
      has
      been increased due to any Subsequent Recovery.

    

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

    

    
      
        
        

      

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

    

    Delinquency
      Event:
      A Delinquency Event will have occurred with respect to any Distribution Date
      if
      the Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding calendar month equals or exceeds 41.95% of the Senior Enhancement
      Percentage for such Distribution Date.

    

    Delinquency
      Rate:
      With respect to any calendar month, the fraction, expressed as a percentage,
      the
      numerator of which is the aggregate outstanding principal balance of (i) all
      Mortgage Loans 60 days Delinquent or more (including each Mortgage Loan 60
      days
      Delinquent or more for which the Mortgagor has filed for Bankruptcy after the
      Closing Date), and (ii) each Mortgage Loan in foreclosure and all REO Properties
      as of the close of business on the last day of such month, and the denominator
      of which is the Aggregate Pool Balance as of the close of business on the last
      day of such month.

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

    (iii) repurchase
      agreements collateralized by Direct Obligations or securities guaranteed by
      GNMA, FNMA or FHLMC with any registered broker/dealer subject to Securities
      Investor 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 (a)
      one
      of the two highest short-term credit rating categories of each Rating Agency
      and
      (b) the highest short-term rating category of Fitch; 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 Pool Balance and the aggregate
      principal amount of all Eligible Investments in the Certificate Account;
      provided, further, that such securities will not be Eligible Investments if
      they
      are published as being under review with negative implications from any Rating
      Agency;

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

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

    

    (vi) a
      Qualified GIC;

    

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

    

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

    

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

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    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 B, Class P, Class X, Class R or Class LT-R Certificate, and any
      Offered Certificate which does not have a rating of BBB- or above or Baa3 or
      above. 

    

    ERISA-Restricted
      Trust Certificate:
      Any Senior Certificate or Class M Certificate.

    

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

    

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

    

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

    

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

    

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

    

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

    

    Excluded
      Trust Assets:
      As described in the Preliminary Statement. 

    

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

    

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

    

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

    

    Final
      Scheduled Distribution Date:
      With respect to each Class of Certificates, the Distribution Date occurring
      in
      November 2036.

    

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

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    First
      Payment Default Loan:
      Any Mortgage Loans which do not make first payments due to the Seller within
      the
      time frame required under the PPTL.

    

    Fitch:
      Fitch Ratings, Inc., or any successor in interest.

    

    Fixed
      Rate Mortgage Loan:
      Any Mortgage Loan as to which the related Mortgage Note provides for a fixed
      rate of interest throughout the term of such Note.

    

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

    

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

    

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

    

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

    

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

    

    Group:
      The Group 1 Senior Certificates, the Group 2 Senior Certificates or the Group
      3
      Senior Certificates, as the context requires.

    

    Group
      1 Senior Certificates:
      The Class A1 Certificates.

    

    Group
      2 Senior Certificates:
      The Class A2 Certificates.

    

    Group
      3 Senior Certificates:
      Collectively, the Class A3, Class A4, Class A5 and Class A6
      Certificates.

    

    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 or
      the
      Credit Risk Manager 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 and any NIMS Insurer may request and conclusively
      rely
      on certifications by the Depositor, the Master Servicer, the Servicer or the
      Credit Risk Manager in determining whether any Certificates are registered
      to an
      Affiliate of the Depositor, the Master Servicer, the Servicer or the Credit
      Risk
      Manager. After a Section 7.01(c) Purchase Event, other than in Sections 5.02(b)
      through (g) and 11.03(a) and (b) and, except in the case of the Class LT-R
      Certificates, Sections 3.03, 3.04, 3.05, 3.06, 3.07 and 3.09 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 Uncertificated REMIC 1
      Regular Interests.

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    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, (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 and (d) is not a member
      of the immediate family of a Person defined in clause (b) or (c)
      above.

    

    Index:
      The index specified in the related Mortgage Note for calculation of the Mortgage
      Rate thereof.

    

    Initial
      LIBOR Rate:
      5.32%.

    

    Initial
      Optional Termination Date:
      The first Distribution Date following the date on which the Aggregate Pool
      Balance is less than 5.00% of the Cut-off Date Balance.

    

    Insurance
      Fee Rate:
      Not applicable.

    

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

    

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

    

    Interest
      Rate Cap Account:
      The account created pursuant to Section 5.07(b).

    

    Interest
      Rate Cap Agreement:
      The interest rate cap agreement dated October 30, 2006 entered into by the
      Supplemental Interest Trust, which agreement provides for the monthly payment
      specified therein to the Trustee (for the benefit of the Certificateholders)
      commencing with the Distribution Date in October 2007 and ending on the
      Distribution Date in October 2011, by the Cap Counterparty, but subject to
      the
      conditions set forth therein together with any schedules, confirmations or
      other
      agreements relating thereto, attached hereto as Exhibit N. 

    

    Interest
      Rate Cap Amount:
      With respect to each Distribution Date, the amount of any Interest Rate Cap
      Payment deposited into the Interest Rate Cap Account.

    

    
      
        
        

      

      
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    Interest
      Rate Cap Payment:
      With respect to each Distribution Date, any payment required to be made by
      the
      Cap Counterparty to the Supplemental Interest Trust pursuant to the terms of
      the
      Interest Rate Cap Agreement.

    

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

    

    Interest
      Remittance Amount:
      With respect to each Mortgage Pool and any Distribution Date, an amount equal
      to
      (a) the sum of (1) all interest collected (other than Payaheads and Prepayment
      Premiums) or advanced in respect of Scheduled Payments on the Mortgage Loans
      in
      such Mortgage Pool during the related Collection Period by the Servicer, the
      Master Servicer or the Trustee (solely in its capacity as successor master
      servicer), minus
      (x) the Servicing Fee with respect to such Mortgage Loans in such Mortgage
      Pool
      and (y) previously unreimbursed Advances due to the Servicer, the Master
      Servicer or the Trustee (solely in its capacity as successor master servicer)
      to
      the extent allocable to interest and the allocable portion of previously
      unreimbursed Servicing Advances with respect to such Mortgage Loans to the
      extent allocable to interest, (2) any amounts actually paid by the Servicer
      with
      respect to Prepayment Interest Shortfalls and any Compensating Interest Payments
      with respect to such Mortgage Loans and the related Prepayment Period, (3)
      the
      portion of any Purchase Price (or PPTL Purchase Price (excluding PPTL Premium)
      payable with respect to a First Payment Default Loan) or Substitution Amount
      paid with respect to such Mortgage Loans during the related Prepayment Period
      allocable to interest and (4) all Net Liquidation Proceeds, Subsequent
      Recoveries, Insurance Proceeds and any other recoveries collected with respect
      to such Mortgage Loans during the related Prepayment Period, to the extent
      allocable to interest, for each Mortgage Pool, as
      reduced by (b)
      the product of (i) the applicable Pool Percentage for such Distribution Date
      and
      (ii) any other costs, expenses or liabilities reimbursable to the Trustee,
      the Master Servicer, the Custodian and the Servicer to the extent provided
      in
      this Agreement, the Servicing Agreement and the Custodial Agreement;
provided,
      however,
      that in the case of the Trustee, such reimbursable amounts to the Trustee
      payable from the Interest Remittance Amount and Principal Remittance Amount
      may
      not exceed $200,000 during any Anniversary Year. In the event that the Trustee
      incurs reimbursable amounts in excess of $200,000, it may seek reimbursement
      for
      such amounts in subsequent Anniversary Years, but in no event shall more than
      $200,000 be reimbursed to the Trustee per Anniversary Year. Notwithstanding
      the
      foregoing, costs and expenses incurred by the Trustee pursuant to Section
      6.14(a) in connection with any transfer of servicing shall be excluded from
      the
      $200,000 per Anniversary Year limit on reimbursable amounts. For the avoidance
      of doubt, (i) the Interest Remittance Amount available on each Swap Payment
      Date
      for distributions to the Swap Account shall be equal to the Interest Remittance
      Amount on the related Distribution Date and (ii) the Interest Remittance Amount
      for each Distribution Date shall be calculated without regard to any
      distributions to the Swap Account on the related Swap Payment Date.

    

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

    

    Latest
      Possible Maturity Date:
      The Distribution Date occurring in November 2041.

    

    
      
        
        

      

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

    

    LIBOR:
      (a) 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.

    

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

    

    (c) 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 A1, Class A2, Class A3, Class A4, Class A5, Class A6, Class M1, Class
      M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9 or
      Class B Certificate.

    

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

    

    Liquidated
      Mortgage Loan:
      Any defaulted Mortgage Loan 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, including, without
      limitation, foreclosure and rehabilitation expenses, legal expenses and
      unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16 or
      9.22.

    

    
      
        
        

      

      
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    Liquidation
      Proceeds:
      Cash received in connection with the liquidation of a defaulted Mortgage Loan,
      whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
      foreclosure sale, payment in full, discounted payoff 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.

    

    Loan
      Performance Advisor Agreement:
      The agreement dated as of June 30, 2005, entered into by the Credit Risk Manager
      and LBH.

    

    Loan
      Performance Monitoring Agreement:
      The agreement dated as of October 30, 2006 entered into by the Credit Risk
      Manager and the Servicer.

    

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

    

    Lower
      Tier Interest:
      As described in the Preliminary Statement.

    

    Lower
      Tier REMIC 1 Uncertificated Regular Interests:
      Lower Tier Interests of REMIC 1 constituting regular interests held in
      uncertificated form pursuant to a Section 7.01(c) Purchase Event.

    

    LPMI
      Policy:
      Not applicable.

    

    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.

    

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

    

    M3
      Target Amount:
      With respect to any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (i) 81.90% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

    

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

    

    
      
        
        

      

      
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    M4
      Target Amount:
      With respect to any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (i) 84.90% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

    

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

    

    M5
      Target Amount:
      With respect to any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (i) 87.80% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

    

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

    

    M6
      Target Amount:
      With respect to any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (i) 90.50% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

    

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

    

    M7
      Target Amount:
      With respect to any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (i) 92.80% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

    

    
      
        
        

      

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

    

    M8
      Target Amount:
      With respect to any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (i) 94.20% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

    

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

    

    M9
      Target Amount:
      With respect to any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (i) 95.50% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (ii)
      the Overcollateralization Floor.

    

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

    

    Master
      Servicer Remittance Date:
      With respect to each Distribution Date, two Business Days immediately preceding
      such Distribution Date. 

    

    Master
      Servicing Fee:
      As to any Distribution Date, an amount equal to 1/12th
      the product of (a) the Master Servicing Fee Rate and (b) the outstanding
      principal balance of each Mortgage Loan.

    

    Master
      Servicing Fee Rate:
      0.00% per annum.

    

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

    

    Maximum
      Interest Rate:
      The Pool 1 Maximum Interest Rate, the Pool 2 Maximum Interest Rate, the Pool
      3
      Maximum Interest Rate or the Subordinate Maximum Interest Rate, as
      applicable.

    

    
      
        
        

      

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

    

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

    

    Monthly
      Excess Cashflow:
      For each Distribution Date, the aggregate of any remaining Interest Remittance
      Amount pursuant to Section 5.02(e)(v) for
      such date, any Principal Distribution Amount remaining after distribution
      pursuant to Section 5.02(f)(ii)(C) or 5.02(f)(iii)(L) for such date, and any
      Aggregate Overcollateralization Release Amount for such date.

    

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

    

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

    

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

    

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

    

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

    

    Mortgage
      Loan Schedule:
      The schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan, as such schedule may be amended from time to time to reflect the addition
      of Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such schedule shall set forth, among other things, the following information
      with respect to each Mortgage Loan: (i) the Mortgage Loan identifying number;
      (ii) the 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) whether such
      Mortgage Loan is subject to a Prepayment Premium for voluntary prepayments
      by
      the Mortgagor, the term during which such Prepayment Premiums are imposed and
      the methods of calculation of the Prepayment Premium; and (viii) whether such
      Mortgage Loan is a Simple Interest Mortgage Loan. The Depositor shall be
      responsible for providing the Trustee and the Master Servicer with all
      amendments to the Mortgage Loan Schedule.

    

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

    

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

    

    
      
        
        

      

      
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    Mortgage
      Rate:
      With respect 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.

    

    Net
      Excess Spread:
      With respect to any Distribution Date, (A) the fraction, expressed as a
      percentage, the numerator of which is equal to the product of (i) the amount,
      if
      any, by which (a) the aggregate of the Interest Remittance Amounts for each
      Mortgage Pool for such Distribution Date (as reduced by the aggregate Credit
      Risk Manager’s Fee) exceeds (b) the Current Interest payable with respect to the
      Certificates for such date and (ii) twelve, and the denominator of which is
      the
      Aggregate Pool Balance for such Distribution Date, multiplied
      by (B) a fraction, the numerator of which is thirty and the denominator of
      which
      is the greater of thirty and the actual number of days in the immediately
      preceding calendar month minus
      (C)
      the product, expressed as a percentage, of (i) the amount of any Net Swap
      Payment owed to the Swap Counterparty for such Distribution Date divided by
      the
      Aggregate Pool Balance as of the beginning of the related Collection Period
      and
      (ii) a fraction, the numerator of which is 360 and the denominator of which
      is
      the actual number of days in the Accrual Period related to such Distribution
      Date, plus
      (D)
      the product, expressed as a percentage, of (i) the sum of (a) the amount of
      any
      Net Swap Payment and (b) any Interest Rate Cap Payment received by the
      Supplemental Interest Trust for such Distribution Date divided by the Aggregate
      Pool Balance as of the beginning of the related Collection Period and (ii)
      a
      fraction, the numerator of which is 360 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution Date.
      

    

    Net
      Funds Cap:
      The Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap, the Pool 3 Net Funds Cap
      or
      the Subordinate Net Funds Cap, as the context requires.

    

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

    

    Net
      Mortgage Rate:
      With respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the
      Servicing Fee Rate for such Mortgage Loan.

    

    Net
      Prepayment Interest Shortfall:
      With respect to any Master Servicer Remittance Date, the excess, if any, of
      any
      Prepayment Interest Shortfalls with respect to the Mortgage Loans for such
      date
      over any amounts paid with respect to such shortfalls by the Servicer pursuant
      to the Servicing Agreement.

    

    
      
        
        

      

      
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    Net
      Simple Interest Excess:
      With respect to any Distribution Date, the excess, if any, of (a) the amount
      of
      the payments received by the Servicer and the Master Servicer in the related
      Collection Period allocable to interest in respect of Simple Interest Mortgage
      Loans, calculated in accordance with the Simple Interest Method, net of the
      Servicing Fees, over (b) 30 days’ interest at the weighted average (by principal
      balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as
      of
      the first day of the related Collection Period, as determined by the Servicer,
      on the aggregate principal balance of such Simple Interest Mortgage Loans for
      such Distribution Date, carried to six decimal places, rounded down, and
      calculated on the basis of a 360-day year consisting of twelve 30-day months.
      For this purpose, the amount of interest received in respect of the Simple
      Interest Mortgage Loans in any month shall be deemed (i) to include any Advances
      of interest made by the Servicer, the Master Servicer or the Trustee (solely
      in
      its capacity as successor servicer) in such month in respect of such Simple
      Interest Mortgage Loans and (ii) to be reduced by any amounts paid to the
      Servicer, the Master Servicer or the Trustee (solely in its capacity as
      successor servicer) in such month in reimbursement of Advances previously made
      by the Servicer, the Master Servicer or the Trustee (solely in its capacity
      as
      successor servicer) in respect of such Simple Interest Mortgage
      Loans.

    

    Net
      Simple Interest Shortfall:
      With respect to any Distribution Date, the excess, if any, of (a) 30 days’
interest at the weighted average (by principal balance) of the Net Mortgage
      Rates of the Simple Interest Mortgage Loans as of the first day of the related
      Collection Period, as determined by the Servicer, on the aggregate principal
      balance of such Simple Interest Mortgage Loans for such Distribution Date,
      carried to six decimal places, rounded down, and calculated on the basis of
      a
      360-day year consisting of twelve 30-day months, over (b) the amount of the
      payments received by the Servicer or the Master Servicer in the related
      Collection Period allocable to interest in respect of such Simple Interest
      Mortgage Loans, calculated in accordance with the Simple Interest Method, net
      of
      the Servicing Fees.

    

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

    

    Net
      WAC Rate:
      With respect to any Distribution Date (and the related Accrual Period), a per
      annum rate equal to the weighted average of the Net Mortgage Rates of the
      Mortgage Loans as of the first day of the related Collection Period (not
      including for this purpose Mortgage Loans for which prepayments in full have
      been received and distributed in the month prior to that Distribution
      Date).

    

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

    

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

    

    NIMS
      Agreement:
      Any agreement pursuant to which the NIM Securities are issued.

    

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

    

    
      
        
        

      

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

    

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

    

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

    

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

    

    Notional
      Amount:
      Not applicable. 

    

    Notional
      Certificate:
      Not applicable.

    

    Offered
      Certificates:
      The Class A1, Class A2, Class A3, Class A4, Class A5, Class A6, Class M1, Class
      M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9
      Certificates.

    

    Offering
      Document:
      Each of the Prospectus and the Private Placement Memorandum.

    

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

    

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

    

    Original
      Mortgage Loan:
      As described in the Preliminary Statement. 

    

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

    

    Overcollateralization
      Amount:
      With respect to any Distribution Date, the amount, if any, by which (x) the
      Aggregate Pool Balance for such Distribution Date exceeds (y) the aggregate
      Class Principal Amount of the LIBOR Certificates after giving effect to
      distributions on such Distribution Date.

    

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

    

    
      
        
        

      

      
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    Overcollateralization
      Floor:
      The amount equal to $11,151,337.02 or 0.50% of the Cut-off Date
      Balance.

    

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

    

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

    

    PCAOB:
      The Public Company Accounting Oversight Board.

    

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

    

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

    

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

    

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

    

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

    

    PMI
      Insurance Premium:
      Not applicable.

    

    PMI
      Insurer:
      Not applicable.

    

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

    

    
      
        
        

      

      
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    Pool
      1 Maximum Interest Rate:
      For the Group 1 Senior Certificates, for each Distribution Date on or before
      the
      Distribution Date on which the aggregate Class Principal Amounts of the Group
      2
      Senior Certificates and the Group 3 Senior Certificates have each been reduced
      to zero, an annual rate equal to (a) the product, expressed as a percentage,
      of
      (1) the amount, if any, by which the weighted average of the excess of the
      maximum “lifetime” Mortgage Rates, as specified in the related Mortgage Notes
      for the Pool 1 Mortgage Loans exceeds the Servicing Fee Rate and (2) a fraction,
      the numerator of which is 30 and the denominator of which is the actual number
      of days in the Accrual Period related to such Distribution Date; plus
      (b) the product, expressed as a percentage, of (1) the sum of (x) the amount
      of
      any Net Swap Payment owed by the Swap Counterparty on the related Swap Payment
      Date allocable to Pool 1 (based on the applicable Pool Percentage) and (y)
      any
      Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
      Rate Cap Payment Date allocable to Pool 1 (based on the applicable Pool
      Percentage) divided by the Pool Balance for Pool 1 as of the beginning of the
      related Collection Period and (2) a fraction, the numerator of which is 360
      and
      the denominator of which is the actual number of days in the Accrual Period
      related to such Distribution Date; minus
      (c) the product, expressed as a percentage, of (1) a fraction, expressed as
      a
      percentage, the numerator of which is the amount of any Net Swap Payment owed
      to
      the Swap Counterparty on the related Swap Payment Date allocable to Pool 1
      (based on the applicable Pool Percentage) and the denominator of which is the
      Pool Balance for Pool 1 as of the beginning of the related Collection Period
      and
      (2) a fraction, the numerator of which is 360 and the denominator of which
      is
      the actual number of days in the Accrual Period related to such Distribution
      Date.

    

    Pool
      1 Net Funds Cap:
      With respect to any Distribution Date and the Group 1 Senior Certificates,
      a per
      annum rate equal to (a) a fraction, expressed as a percentage, the numerator
      of
      which is the product of (1) the excess, if any, of (i) the Pool 1 Optimal
      Interest Remittance Amount for such date over (ii) any Net Swap Payment or
      Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date allocable to Pool 1 (based
      on
      the applicable Pool Percentage) and (2) 12, and the denominator of which is
      the
      Pool Balance for Pool 1 as of the first day of the related Collection Period
      (excluding for this purpose any Mortgage Loans in Pool 1 for which any Principal
      Prepayments in full have been deposited into the Collection Account and
      distributed therefrom in accordance with Section 5.02 during the month prior
      to
      such Distribution Date), multiplied by (b) a fraction, the numerator of which
      is
      30 and the denominator of which is the actual number of days in the Accrual
      Period related to such Distribution Date.

    

    Pool
      1 Optimal Interest Remittance Amount:
      With respect to each Distribution Date, an amount equal to the product of (a)
      the quotient of (i) the weighted average of the Net Mortgage Rates of the
      Mortgage Loans in Pool 1 as of the first day of the related Collection Period,
      and (ii) 12 and (b) the Pool Balance for Pool 1 as of the first day of the
      related Collection Period (excluding for purposes of clauses (a)(i) and (b)
      any
      Mortgage Loans in Pool 1 for which any Principal Prepayments in full have been
      deposited into the Collection Account and distributed therefrom in accordance
      with Section 5.02 during the month prior to such Distribution
      Date).

    

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

    

    
      
        
        

      

      
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    Pool
      2 Maximum Interest Rate:
      For the Group 2 Senior Certificates, and for each Distribution Date on or before
      the Distribution Date on which the aggregate Class Principal Amounts of the
      Group 1 Senior Certificates and the Group 3 Senior Certificates have each been
      reduced to zero, an annual rate equal to (a) the product, expressed as a
      percentage, of (1) the amount, if any, by which the weighted average of the
      excess of the maximum “lifetime” Mortgage Rates, as specified in the related
      Mortgage Notes for the Pool 2 Mortgage Loans exceeds the Servicing Fee Rate
      and
      (2) a fraction, the numerator of which is 30 and the denominator of which is
      the
      actual number of days in the Accrual Period related to such Distribution Date;
      plus
      (b) the product, expressed as a percentage, of (1) the sum of (x) the amount
      of
      any Net Swap Payment owed by the Swap Counterparty on the related Swap Payment
      Date allocable to Pool 2 (based on the applicable Pool Percentage) and (y)
      any
      Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
      Rate Cap Payment Date allocable to Pool 2 (based on the applicable Pool
      Percentage) divided by the Pool Balance for Pool 2 as of the beginning of the
      related Collection Period and (2) a fraction, the numerator of which is 360
      and
      the denominator of which is the actual number of days in the Accrual Period
      related to such Distribution Date; minus
      (c) the product, expressed as a percentage, of (1) a fraction, expressed as
      a
      percentage, the numerator of which is the amount of any Net Swap Payment owed
      to
      the Swap Counterparty on the related Swap Payment Date allocable to Pool 2
      (based on the applicable Pool Percentage) and the denominator of which is the
      Pool Balance for Pool 2 as of the beginning of the related Collection Period
      and
      (2) a fraction, the numerator of which is 360 and the denominator of which
      is
      the actual number of days in the Accrual Period related to such Distribution
      Date.

    

    Pool
      2 Net Funds Cap:
      With respect to any Distribution Date and the Group 2 Senior Certificates,
      a per
      annum rate equal to (a) a fraction, expressed as a percentage, the numerator
      of
      which is the product of (1) the excess, if any, of (i) the Pool 2 Optimal
      Interest Remittance Amount for such date over (ii) any Net Swap Payment or
      Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date allocable to Pool 2 (based
      on
      the applicable Pool Percentage) and (2) 12, and the denominator of which is
      the
      Pool Balance for Pool 2 as of the first day of the related Collection Period
      (excluding for this purpose any Mortgage Loans in Pool 2 for which any Principal
      Prepayments in full have been deposited into the Collection Account and
      distributed therefrom in accordance with Section 5.02 during the month prior
      to
      such Distribution Date), multiplied by (b) a fraction, the numerator of which
      is
      30 and the denominator of which is the actual number of days in the Accrual
      Period related to such Distribution Date.

    

    Pool
      2 Optimal Interest Remittance Amount:
      With respect to each Distribution Date, an amount equal to the product of (a)
      the quotient of (i) the weighted average of the Net Mortgage Rates of the
      Mortgage Loans in Pool 2 as of the first day of the related Collection Period,
      and (ii) 12 and (b) the Pool Balance for Pool 2 as of the first day of the
      related Collection Period (excluding for purposes of clauses (a)(i) and (b)
      any
      Mortgage Loans in Pool 2 for which any Principal Prepayments in full have been
      deposited into the Collection Account and distributed therefrom in accordance
      with Section 5.02 during the month prior to such Distribution
      Date).

    

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

    

    
      
        
        

      

      
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    Pool
      3 Maximum Interest Rate:
      For the Group 3 Senior Certificates, and for each Distribution Date on or before
      the Distribution Date on which the aggregate Class Principal Amounts of the
      Group 1 Senior Certificates and the Group 2 Senior Certificates have each been
      reduced to zero, an annual rate equal to (a) the product, expressed as a
      percentage, of (1) the amount, if any, by which the weighted average of the
      excess of the maximum “lifetime” Mortgage Rates, as specified in the related
      Mortgage Notes for the Pool 3 Mortgage Loans exceeds the Servicing Fee Rate
      and
      (2) a fraction, the numerator of which is 30 and the denominator of which is
      the
      actual number of days in the Accrual Period related to such Distribution Date;
      plus
      (b) the product, expressed as a percentage, of (1) the sum of (x) the amount
      of
      any Net Swap Payment owed by the Swap Counterparty on the related Swap Payment
      Date allocable to Pool 3 (based on the applicable Pool Percentage) and (y)
      any
      Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
      Rate Cap Payment Date allocable to Pool 3 (based on the applicable Pool
      Percentage) divided by the Pool Balance for Pool 3 as of the beginning of the
      related Collection Period and (2) a fraction, the numerator of which is 360
      and
      the denominator of which is the actual number of days in the Accrual Period
      related to such Distribution Date; minus
      (c) the product, expressed as a percentage, of (1) a fraction, expressed as
      a
      percentage, the numerator of which is the amount of any Net Swap Payment owed
      to
      the Swap Counterparty on the related Swap Payment Date allocable to Pool 3
      (based on the applicable Pool Percentage) and the denominator of which is the
      Pool Balance for Pool 3 as of the beginning of the related Collection Period
      and
      (2) a fraction, the numerator of which is 360 and the denominator of which
      is
      the actual number of days in the Accrual Period related to such Distribution
      Date.

    

    Pool
      3 Net Funds Cap:
      With respect to any Distribution Date and the Group 3 Senior Certificates,
      a per
      annum rate equal to (a) a fraction, expressed as a percentage, the numerator
      of
      which is the product of (1) the excess, if any, of (i) the Pool 3 Optimal
      Interest Remittance Amount for such date over (ii) any Net Swap Payment or
      Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date allocable to Pool 3 (based
      on
      the applicable Pool Percentage) and (2) 12, and the denominator of which is
      the
      Pool Balance for Pool 3 as of the first day of the related Collection Period
      (excluding for this purpose any Mortgage Loans in Pool 3 for which any Principal
      Prepayments in full have been deposited into the Collection Account and
      distributed therefrom in accordance with Section 5.02 during the month prior
      to
      such Distribution Date), multiplied by (b) a fraction, the numerator of which
      is
      30 and the denominator of which is the actual number of days in the Accrual
      Period related to such Distribution Date.

    

    Pool
      3 Optimal Interest Remittance Amount:
      With respect to each Distribution Date, an amount equal to the product of (a)
      the quotient of (i) the weighted average of the Net Mortgage Rates of the
      Mortgage Loans in Pool 3 as of the first day of the related Collection Period,
      and (ii) 12 and (b) the Pool Balance for Pool 3 as of the first day of the
      related Collection Period (excluding for purposes of clauses (a)(i) and (b)
      any
      Mortgage Loans in Pool 3 for which any Principal Prepayments in full have been
      deposited into the Collection Account and distributed therefrom in accordance
      with Section 5.02 during the month prior to such Distribution
      Date).

    

    Pool
      Balance:
      With respect to each Mortgage Pool, the aggregate of the Scheduled Principal
      Balances of all Mortgage Loans in such Mortgage Pool at the date of
      determination.

    

    Pool
      Percentage:
      With respect to each Mortgage Pool and any Distribution Date, the fraction,
      expressed as a percentage, the numerator of which is the Pool Balance for such
      Mortgage Pool for such date and the denominator of which is the Aggregate Pool
      Balance for such date.

    

    
      
        
        

      

      
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    Pool
      Subordinate Amount:
      As to each Mortgage Pool and any Distribution Date, the excess of the Pool
      Balance for such Mortgage Pool as of the first day of the immediately preceding
      Collection Period over (i) the aggregate Class Principal Amounts of the Group
      1
      Senior Certificates (in the case of Pool 1), (ii) the aggregate Class Principal
      Amounts of the Group 2 Senior Certificates (in the case of Pool 2) immediately
      prior to the related Distribution Date or (iii) the aggregate Class Principal
      Amounts of the Group 3 Senior Certificates (in the case of Pool 3) immediately
      prior to the related Distribution Date..

    

    PPTL
      Premium:
      With respect to any First Payment Default Loan, the excess, if any, of the
      PPTL
      Purchase Price over the Purchase Price.

    

    PPTL
      Purchase Price:
      The purchase price paid for a First Payment Default Loan which is required
      to be
      repurchased by a Transferor pursuant to the PPTL.

    

    PPTL:
      As to any First Payment Default Loan, the Purchase Price and Terms Letter,
      dated
      May 11, 2006 and revised as of July 31, 2006, among First Franklin Financial
      Corporation, Lehman Brothers Bank, FSB and National City Home Loan Services,
      Inc. (FF 2006-5/6/7).

    

    Prepayment
      Interest Shortfall:
      With respect to any full or partial Principal Prepayment of a Mortgage Loan,
      the
      excess, if any, of (i) one full month’s interest at the applicable Mortgage Rate
      (as reduced by the Servicing Fee, as applicable, in the case of Principal
      Prepayments in full) on the outstanding principal balance of such Mortgage
      Loan
      immediately prior to such prepayment over (ii) the amount of interest actually
      received with respect to such Mortgage Loan in connection with such Principal
      Prepayment.

    

    Prepayment
      Period:
      With respect to any Distribution Date and any Principal Prepayment, whether
      in
      part or in full (including any Principal Prepayment due to liquidation of a
      Mortgage Loan), the calendar month immediately preceding the month in which
      such
      Distribution Date occurs.

    

    Prepayment
      Premiums:
      Any prepayment fees and penalties to be paid by the Mortgagor on a Mortgage
      Loan.

    

    Primary
      Mortgage Insurance Policy:
      Not applicable.

    

    Prime
      Rate:
      The prime rate of the United States money center commercial banks as published
      in The
      Wall Street Journal.

    

    Principal
      Distribution Amount:
      With respect to each Mortgage Pool and any Distribution Date, an amount equal
      to
      the Principal Remittance Amount for such Mortgage Pool for such date
minus
      the Aggregate Overcollateralization Release Amount, if any, allocable to such
      Mortgage Pool, for such Distribution Date (based on the applicable Pool
      Percentage).

    

    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 related Servicing Agreement.

    

    
      
        
        

      

      
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    Principal
      Remittance Amount:
      With respect to each Mortgage Pool and any Distribution Date, (a) the sum of
      (i)
      all principal collected (other than Payaheads) or advanced in respect of
      Scheduled Payments on the Mortgage Loans in such Mortgage Pool during the
      related Collection Period whether by the Servicer, the Master Servicer or the
      Trustee (solely in its capacity as successor Master Servicer) (less unreimbursed
      Advances due to the Master Servicer, the Servicer or the Trustee (solely in
      its
      capacity as successor Master Servicer) with respect to the related Mortgage
      Loans, to the extent allocable to principal), (ii) all Principal Prepayments
      in
      full or in part received during the related Prepayment Period on the Mortgage
      Loans in such Mortgage Pool, (iii) the outstanding principal balance of each
      Mortgage Loan (excluding any PPTL Premium) in such Mortgage Pool that was
      purchased from the Trust Fund by the Seller or the related Transferor during
      the
      related Prepayment Period or the NIMS Insurer (in the case of certain Mortgage
      Loans 90 days or more delinquent) from such Mortgage Pool, (iv) the portion
      of
      any Substitution Amount paid with respect to any Deleted Mortgage Loan in such
      Mortgage Pool during the related Prepayment Period allocable to principal and
      (v) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent Recovery
      and other recoveries collected with respect to the Mortgage Loans in such
      Mortgage Pool during the related Prepayment Period, to the extent allocable
      to
      principal, as reduced by (b) to the extent not reimbursed from amounts otherwise
      allocable to interest, the related Pool Percentage for such date of any other
      costs, expenses or liabilities reimbursable to the Trustee, the Master Servicer,
      the Custodian and the Servicer to the extent provided in this Agreement, the
      Servicing Agreement and the Custodial Agreement and, with respect to the
      Trustee, to the extent the Interest Remittance Amount is less than amounts
      reimbursable to the Trustee pursuant to Section 4.04(b)(i), the product of
      (x)
      the applicable Pool Percentage for such Distribution Date and (y) any amounts
      reimbursable during the related Anniversary Year to the Trustee therefrom and
      not reimbursed from the Interest Remittance Amount, or otherwise; provided,
      however,
      that such reimbursable amounts from the Interest Remittance Amount and Principal
      Remittance Amount may not exceed $200,000 in the aggregate during any
      Anniversary Year. In the event that the Trustee incurs reimbursable amounts
      in
      excess of $200,000, it may seek reimbursement for such amounts in subsequent
      Anniversary Years, but in no event shall more than $200,000 be reimbursed to
      the
      Trustee per Anniversary Year. Notwithstanding the foregoing, costs and expenses
      incurred by the Trustee pursuant to Section 6.14(a) in connection with any
      transfer of servicing shall be excluded from the $200,000 per Anniversary Year
      limit on reimbursable amounts. For the avoidance of doubt, (i) the Principal
      Remittance Amount available on each Swap Payment Date for distributions to
      the
      Swap Account shall be equal to the Principal Remittance Amount on the related
      Distribution Date and (ii) the Principal Remittance Amount for each Distribution
      Date shall be calculated without regard to any distributions to the Swap Account
      on the related Swap Payment Date.

    

    Private
      Placement Memorandum:
      The private placement memorandum dated October 25, 2006, relating to the
      Class B Certificates.

    

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

    

    
      
        
        

      

      
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    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 October 25, 2006, together with the
      accompanying prospectus dated September 13, 2006, relating to the Offered
      Certificates.

    

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

    

    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:

    

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

    

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

    

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

    

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

    

    
      
        
        

      

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

    

    Qualified
      Insurer:
      An insurance company duly qualified as such under the laws of the states in
      which the related Mortgaged Properties are located, duly authorized and licensed
      in such states to transact the 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 ratings of the Certificates.

    

    Qualifying
      Substitute Mortgage Loan:
      In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant
      to the terms of this Agreement, a Mortgage Loan that, on the date of such
      substitution, (i) has an outstanding Scheduled Principal Balance (or in the
      case
      of a substitution of more than one mortgage loan for a Deleted Mortgage Loan,
      an
      aggregate Scheduled Principal Balance), after application of all Scheduled
      Payments due during or prior to the month of substitution, not in excess of,
      and
      not more than 5% less than, the outstanding Scheduled Principal Balance of
      the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage Rate
      on
      the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate
      not
      less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if
      applicable, has a minimum Mortgage Rate not less than the minimum Mortgage
      Rate
      of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to
      or
      greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a
      Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
      Loan, (vii) if applicable, has a next adjustment date not later than the next
      adjustment date on the Deleted Mortgage Loan, (viii) has the same Due Date
      as
      the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity not
      more
      than 18 months longer and not more than 18 months shorter than the remaining
      stated term to maturity of the related Deleted Mortgage Loan; provided,
      that
      in no case should such substitute Mortgage Loan have a maturity date later
      than
      the Final Scheduled Distribution Date; (x) is current as of the date of
      substitution, (xi) has a Loan-to-Value Ratio as of the date of substitution
      equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan
      as
      of such date, (xii) has been underwritten by the Transferor in accordance with
      the same underwriting criteria and guidelines as the Deleted Mortgage Loan,
      (xiii) has a risk grading determined by the Seller at least equal to the risk
      grading assigned on the Deleted Mortgage Loan, (xiv) is secured by the same
      property type as the Deleted Mortgage Loan, (xv) conforms to each representation
      and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan
      Sale Agreement, (xvi) has the same or higher lien position as the Deleted
      Mortgage Loan, (xvii) [Reserved], (xviii) contains provisions covering the
      payment of Prepayment Premium by the Mortgagor for early prepayment of the
      Mortgage Loan at least as favorable as the Deleted Mortgage Loan, (xix) for
      any
      Mortgage Loan to be substituted into Pool 1, has an original Scheduled Principal
      Balance within the maximum dollar amount limitations prescribed by Freddie
      Mac
      for conforming one-to-four family first lien residential mortgaged properties
      and (xx) for any Mortgage Loan to be substituted into Pool 2, has an original
      Scheduled Principal Balance within the maximum dollar amount limitations
      prescribed by Fannie Mae for conforming one-to-four family first and second
      lien
      residential mortgaged properties. In the event that one or more mortgage loans
      are substituted for one or more Deleted Mortgage Loans, the amounts described
      in
      clause (i) hereof shall be determined on the basis of aggregate Scheduled
      Principal Balances, the Mortgage Rates described in clause (ii) hereof shall
      be
      determined on the basis of weighted average Mortgage Rates, the risk gradings
      described in clause (xiii) hereof shall be satisfied as to each such mortgage
      loan, the terms described in clause (ix) hereof shall be determined on the
      basis
      of weighted average remaining term to maturity; provided,
      that
      the stated maturity date of any Qualifying Substitute Mortgage Loan shall not
      be
      later than the Final Scheduled Distribution Date, the Loan-to-Value Ratios
      described in clause (xi) hereof shall be satisfied as to each such mortgage
      loan
      and, except to the extent otherwise provided in this sentence, the
      representations and warranties described in clause (xv) hereof must be satisfied
      as to each Qualifying Substitute Mortgage Loan or in the aggregate, as the
      case
      may be.

    

    
      
        
        

      

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

    

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

    

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

    

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

    

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

    

    Regulation
      S:
      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(d).

    

    Related
      Senior Principal Distribution Amount:
      For each Mortgage Pool and any Distribution Date on or after the Stepdown Date
      and for as long as a Trigger Event is not in effect, an amount equal to the
      lesser of (x) the Class Principal Amount of the Group 1 Senior Certificates
      (with respect to Pool 1), the Class Principal Amount of the Group 2 Senior
      Certificates (with respect to Pool 2) or the sum of the Class Principal Amounts
      of the Group 3 Senior Certificates (with respect to Pool 3) immediately prior
      to
      such date and (y) the product of (a) the Senior Principal Distribution Amount
      and (b) the related Senior Proportionate Percentage, in each case for such
      date.

    

    
      
        
        

      

      
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    Related
      Senior Priority:
      With respect to each of the Group 1 Senior Certificates, Group 2 Senior
      Certificates and Group 3 Senior Certificates, the priority of distribution
      on
      the Senior Certificates relating to such Groups as described in
      5.02(f)(i)(A)(3), 5.02(f)(i)(B)(3) and 5.02(f)(i)(C)(3),
      respectively.

    

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

    

    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 Civil
      Relief Act or any similar state or local statute, any amount by which interest
      collectible on such Mortgage Loan for the Due Date in the related Collection
      Period is less than interest accrued thereon for the applicable one-month period
      at the Mortgage Rate without giving effect to such reduction.

    

    REMIC:
      Each pool of assets in the Trust Fund designated as a REMIC pursuant to the
      Preliminary Statement.

    

    REMIC
      1:
      As described in the Preliminary Statement.

    

    REMIC
      2:
      As described in the Preliminary Statement.

    

    REMIC
      3:
      As described in the Preliminary Statement.

    

    REMIC
      3 Net Funds Cap:
      For any Distribution Date (and the related Accrual Period) and any Class of
      Certificates, an amount equal to (i) the weighted average of the interest rates
      on the Lower Tier Interests in REMIC 3 (other than an interest-only regular
      interest), weighted in proportion to their Class Principal Amounts as of the
      beginning of the related Accrual Period, multiplied by (ii) an amount equal
      to
      (a) 30, divided by (b) the actual number of days in the Accrual
      Period.

    

    REMIC
      4:
      As described in the Preliminary Statement.

    

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

    

    
      
        
        

      

      
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    REMIC
      Swap Rate:
      For each Distribution Date (and the related Accrual Period), a per annum rate
      equal to the product of: (i) the “Rate of Payment (%)” under the Swap Agreement
      for such Distribution Date, as set forth in Annex C-1 to the Prospectus
      Supplement, (ii) 2, and (iii) the quotient of (a) the actual number of days
      in
      the related Accrual Period divided by (b) 30.

    

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

    

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

    

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

    

    Required
      Reserve Fund Deposit:
      With respect to any Distribution Date on which the Net Excess Spread is less
      than 0.25%, the amount, if any by which (a) the product of 1.00% and the
      Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the
      Basis Risk Reserve Fund immediately prior to such date. With respect to any
      Distribution Date on which the Net Excess Spread is equal to or greater than
      0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit
      in
      the Basis Risk Reserve Fund immediately prior to such date; provided,
      however,
      that on any Distribution Date on which the Class Principal Amount of each Class
      of Offered Certificates and the Class B Certificates has been reduced to zero,
      the Required Reserve Fund Deposit shall be zero.

    

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

    

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

    

    Restricted
      Certificate:
      Any Class B, Class P, Class X, Class R or Class LT-R Certificate.

    

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

    

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

    

    Rules:
      As defined in Section 6.20(c).

    

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

    

    
      
        
        

      

      
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    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
      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 equivalent to the Scheduled Payment that would have been due on the
      related Mortgage Loan if such Mortgage Loan had remained in
      existence.

    

    Scheduled
      Principal Balance:
      With respect to (i) any Mortgage Loan (other than a Simple Interest Mortgage
      Loan) as of any Distribution Date, the principal balance of such Mortgage Loan
      at the close of business on the Cut-off Date after giving effect to principal
      payments due on or before the Cut-off Date, whether or not received, less an
      amount equal to principal payments due after the Cut-off Date, and on or before
      the Due Date in the related Collection Period, whether or not received from
      the
      Mortgagor or advanced by the Servicer or the Master Servicer, and all amounts
      allocable to unscheduled principal payments (including Principal Prepayments,
      Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each
      case
      to the extent identified and applied prior to or during the related Prepayment
      Period) and (ii) any REO Property as of any Distribution Date, the Scheduled
      Principal Balance of the related Mortgage Loan on the Due Date immediately
      preceding the date of acquisition of such REO Property by or on behalf of the
      Trustee (reduced by any amount applied as a reduction of principal on the
      Mortgage Loan). With respect to any Mortgage Loan as of the Cut-off Date, the
      principal balance of such Mortgage Loan as specified in the Mortgage Loan
      Schedule. The Scheduled Principal Balance of any Liquidated Mortgage Loan shall
      be zero. In the case of a Simple Interest Mortgage Loan, references herein
      to
      such Mortgage Loan’s Scheduled Principal Balance shall mean its actual unpaid
      principal balance. The actual unpaid principal balance of a Simple Interest
      Mortgage Loan with respect to any Distribution Date shall be determined by
      subtracting from such Mortgage Loan’s unpaid principal balance as of the end of
      the preceding Collection Period the amount of the borrower’s fixed monthly
      payment for the related Collection Period that is not allocated to the payment
      of interest applying the Simple Interest Method.

    

    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.

    

    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.

    

    
      
        
        

      

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

    

    Senior
      Certificate:
      Any Class A1, Class A2, Class A3, Class A4, Class A5 or Class A6 Certificate.
      

    

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

    

    Senior
      Principal Distribution Amount:
      With respect to any Distribution Date on or after the Stepdown Date and as
      long
      as a Trigger Event is not in effect with respect to such Distribution Date,
      the
      lesser of (x) the aggregate Principal Distribution Amount for all three Mortgage
      Pools and (y) the amount, if any by which (A) the aggregate Class Principal
      Amount of the Senior Certificates immediately prior to such Distribution Date
      exceeds (B) the Senior Target Amount.

    

    Senior
      Proportionate Percentage:
      With respect to Pool 1 and any Distribution Date, the fraction, expressed as
      a
      percentage, the numerator of which is the Principal Remittance Amount for Pool
      1
      for such Distribution Date and the denominator of which is the aggregate of
      the
      Principal Remittance Amounts for Pool 1, Pool 2 and Pool 3 for such Distribution
      Date. With respect to Pool 2 and any Distribution Date, the fraction, expressed
      as a percentage, the numerator of which is the Principal Remittance Amount
      for
      Pool 2 for such Distribution Date and the denominator of which is the aggregate
      of the Principal Remittance Amounts for Pool 1, Pool 2 and Pool 3 for such
      Distribution Date. With respect to Pool 3 and any Distribution Date, the
      fraction, expressed as a percentage, the numerator of which is the Principal
      Remittance Amount for Pool 3 for such Distribution Date and the denominator
      of
      which is the aggregate of the Principal Remittance Amounts for Pool 1, Pool
      2
      and Pool 3 for such Distribution Date. 

    

    Senior
      Target Amount:
      With respect to any Distribution Date, an amount equal to the lesser of (a)
      the
      product of (i) 66.50% and (ii) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the related Collection Period and (b)
      the
      amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
      Date determined as of the last day of the Collection Period exceeds (ii) the
      Overcollateralization Floor.

    

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

    

    Servicer:
      National City Home Loan Services, Inc., or its successor 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.

    

    
      
        
        

      

      
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    Servicing
      Advances:
      All customary, reasonable and necessary “out of pocket” costs and expenses other
      than Advances (including reasonable attorneys’ fees and disbursements) incurred
      in the performance by the Servicer of its servicing obligations, including,
      but
      not limited to, the cost of (a) the preservation, inspection, restoration and
      protection of the Mortgaged Property, (b) any enforcement or administrative
      or
      judicial proceedings, including foreclosures, (c) the management and liquidation
      of the Mortgaged Property if the Mortgaged Property is acquired in satisfaction
      of the Mortgage, (d) taxes, assessments, water rates, sewer rents and other
      charges which are or may become a lien upon the Mortgaged Property, and fire
      and
      hazard insurance coverage and (e) any losses sustained by the Servicer with
      respect to the liquidation of the Mortgaged Property.

    

    Servicing
      Agreement:
      The securitization servicing agreement dated as of October 1, 2006, among
      the Seller, the Master Servicer and the Servicer, and any other servicing
      agreement entered into between a successor servicer and the Seller pursuant
      to
      the terms of this Agreement.

    

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

    

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

    

    Servicing
      Fee Rate:
      With respect to each Mortgage Loan, 0.50% per annum.

    

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

    

    Simple
      Interest Method:
      With respect to a Simple Interest Mortgage Loan, the method of allocating a
      payment to principal and interest, pursuant to which the portion of such payment
      that is allocated to interest is equal to the product of the applicable rate
      of
      interest multiplied by the unpaid principal balance multiplied by the period
      of
      time elapsed since the preceding payment of interest was made and divided by
      either 360 or 365, as specified in the related Mortgage Note and the remainder
      of such payment is allocated to principal.

    

    Simple
      Interest Mortgage Loan:
      Any Mortgage Loan specified as a “DSI Loan” in the Mortgage Loan Schedule
      attached hereto as Schedule A. As of the Closing Date, there are no Simple
      Interest Mortgage Loans included in the Trust Fund.

    

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

    

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

    

    
      
        
        

      

      
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    Stepdown
      Date:
      The earlier of (i) the first Distribution Date following the Distribution Date
      on which the Class Principal Amounts of the Senior Certificates have each been
      reduced to zero or (ii) the later to occur of (x) the Distribution Date in
      November 2009 and (y) the first Distribution Date on which the Senior
      Enhancement Percentage (calculated for this purpose after giving effect to
      payments or other recoveries in respect of the Mortgage Loans during the related
      Collection Period but before giving effect to distributions on the Certificates
      on such Distribution Date) is greater than or equal to 33.50%.

    

    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 functions 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, the Servicer or the Credit Risk
      Manager.

    

    Subordinate
      Certificate:
      Any Class M Certificate or Class B Certificate.

    

    Subordinate
      Maximum Interest Rate:
      For (i) the Subordinate Certificates; (ii) the Group 1 Senior Certificates,
      with
      respect to each Distribution Date after the Distribution Date on which the
      aggregate Class Principal Amounts of the Group 2 Senior Certificates and the
      Group 3 Senior Certificates have been reduced to zero; (iii) the Group 2 Senior
      Certificates, with respect to each Distribution Date after the Distribution
      Date
      on which the aggregate Class Principal Amounts of the Group 1 Senior
      Certificates and the Group 3 Senior Certificates have been reduced to zero;
      and
      (iv) the Group 3 Senior Certificates, with respect to each Distribution Date
      after the Distribution Date on which the aggregate Class Principal Amounts
      of
      the Group 1 Senior Certificates and the Group 2 Senior Certificates have been
      reduced to zero, the weighted average of the Pool 1 Maximum Interest Rate,
      the
      Pool 2 Maximum Interest Rate and the Pool 3 Maximum Interest Rate for such
      Distribution Date, weighted on the basis of (i) in the case of any Distribution
      Date on or before the date on which the aggregate Class Principal Amounts of
      the
      Senior Certificates relating to any two Mortgage Pools have been reduced to
      zero, the Pool Subordinate Amount and (ii) for any Distribution Date thereafter,
      such weighting shall be on the basis of the Pool Balance of each Mortgage Pool.
      

    

    Subordinate
      Net Funds Cap:
      With respect to any Distribution Date, an amount equal to the weighted average
      of the Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap and the Pool 3 Net Funds
      Cap, weighted on the basis of the Pool Subordinate Amount for each Mortgage
      Pool; provided,
      however,
      that on any Distribution Date after which the aggregate Class Principal Amount
      of the Senior Certificates relating to any two Mortgage Pools has been reduced
      to zero, such weighting shall be on the basis of the Pool Balance of each
      Mortgage Pool.

    

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

    

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

    

    
      
        
        

      

      
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    Subservicer:
      Any Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Mortgage Loans on behalf of the Servicer or Additional Servicer, and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of 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, 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.

    

    Supplemental
      Interest Trust:
      The corpus of a trust created pursuant to Section 5.07 of this Agreement and
      designated as the “Supplemental Interest Trust,” consisting of the Swap
      Agreement, the Swap Account, the Interest Rate Cap Agreement, the Interest
      Rate
      Cap Account, the right to receive the Class X Distributable Amount as provided
      in Section 5.02(g)(vi), the Class LT4-I interest in REMIC 4 and the right to
      receive Class I Shortfalls.

    

    Swap
      Account:
      The account created pursuant to Section 5.07(a) of this Agreement.

    

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

    

    Swap
      Amount:
      With respect to each Distribution Date and the related Swap Payment Date, the
      sum of any Net Swap Payment and any Swap Termination Payment deposited into
      the
      Swap Account.

    

    Swap
      Counterparty:
      The counterparty to the Supplemental Interest Trust under the Swap Agreement,
      and any successor in interest or assigns. Initially, the Swap Counterparty
      shall
      be IXIS Financial Products Inc.

    

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

    

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

    

    Swap
      LIBOR:
      With respect to any Distribution Date and the related Swap Payment Date (and
      the
      Accrual Period relating to such Distribution Date), the product of (i) the
      Floating Rate Option (as defined in the Swap Agreement) for the related Swap
      Payment Date, (ii) two, and (iii) the quotient of (a) the actual number of
      days
      in the Accrual Period for the LIBOR Certificates and (b) 30, as calculated
      by
      the Swap Counterparty and furnished to the Trustee.

    

    
      
        
        

      

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

    

    Swap
      Replacement Receipts:
      As defined in Section 5.09(a).

    

    Swap
      Replacement Receipts Account:
      As defined in Section 5.09(a).

    

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

    

    Swap
      Termination Receipts:
      As defined in Section 5.09(a).

    

    Swap
      Termination Receipts Account:
      As defined in Section 5.09(a).

    

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

    

    Targeted
      Overcollateralization Amount:
      With respect to any Distribution Date prior to the Stepdown Date, an amount
      equal to $27,878,403.63. For any Distribution Date on or after the Stepdown
      Date
      and provided a Trigger Event is not in effect, an amount equal to the greater
      of
      (i) the lesser of (a) $27,878,403.63 and (b) 2.50% of the Aggregate Pool Balance
      after giving effect to distributions on such Distribution Date and (ii)
      $11,151,337.02. With respect to any Distribution Date on or after the Stepdown
      Date or provided a Trigger Event is in effect, an amount equal to the Targeted
      Overcollateralization Amount for the immediately preceding Distribution
      Date.

    

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

    

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

    

    Termination
      Event:
      As defined in the Swap Agreement and the Interest Rate Cap Agreement, as
      applicable.

    

    Termination
      Price:
      As defined in Section 7.01.

    

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

    

    
      
        
        

      

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

    

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

    

    Transferor:
      The seller of Mortgage Loans to Lehman Brothers Bank FSB pursuant to the
      Transfer Agreement.

    

    Trigger
      Event:
      A Trigger Event shall have occurred with respect to any Distribution Date if
      either a Delinquency Event or a Cumulative Loss Trigger Event is in effect
      for
      such Distribution Date.

    

    Trust
      Fund:
      The corpus of the First Franklin Mortgage Loan Trust 2006-FF15 created pursuant
      to this Agreement, consisting of the Mortgage Loans, the assignment of the
      Depositor’s rights under the Transfer Agreement, the Mortgage Loan Sale
      Agreement and the Servicing Agreement, such amounts as shall from time to time
      be held in the Collection Account, Certificate Account, Securities
      Administration Account, any Custodial Account and any Escrow Account, the Swap
      Termination Receipts Account, the Swap Replacement Receipts Account, the Cap
      Termination Receipts Account, the Cap Replacement Receipts Account, the Basis
      Risk Reserve Fund, the Insurance Policies, any REO Property and the other items
      referred to in, and conveyed to the Trustee under, Section 2.01(a).

    

    Trust
      Fund Termination Event:
      As defined in Section 7.01(a).

    

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

    

    Trustee
      Fee:
      As to any Distribution Date, any investment earnings from amounts on deposit
      in
      the Certificate Account.

    

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

    

    Underwriter:
      Lehman Brothers Inc. 

    

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

    

    Unpaid
      Basis Risk Shortfall:
      With respect to any Distribution Date and any LIBOR Certificate, the aggregate
      of all Basis Risk Shortfalls with respect to such Certificate remaining unpaid
      from previous Distribution Dates, plus interest accrued thereon at the
      applicable Certificate Interest Rate (calculated without giving effect to the
      applicable Net Funds Cap) but limited to a rate no greater than the applicable
      Maximum Interest Rate.

    

    
      
        
        

      

      
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    Upper
      Tier REMIC:
      REMIC 4.

    

    Voting
      Interests:
      The portion of the voting rights of all the Certificates that is allocated
      to
      any Certificate for purposes of the voting provisions of this Agreement. At
      all
      times during the term of this Agreement, 97.00% of all Voting Interests shall
      be
      allocated to the LIBOR Certificates. Voting Interests shall be allocated among
      the Classes of LIBOR Certificates based on the product of (i) 97.00% and (ii)
      the fraction, expressed as a percentage, the numerator of which is the aggregate
      Class Principal Amount of all Certificates then outstanding and the denominator
      of which is the Aggregate Pool Balance then outstanding. At all times during
      the
      term of this Agreement, 1% of all Voting Interests shall be allocated to each
      of
      the Class P, Class R and Class X Certificates while they remain outstanding.
      Voting Interests shall be allocated among the other Classes of Certificates
      (and
      among the Certificates within each such Class) in proportion to their Class
      Principal Amounts (or Certificate Principal Amounts) or Percentage Interests.
      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 provision in this Agreement which requires a vote by, a direction
      or notice given by, an action taken by, a request in writing by or the consent
      of, any percentage of the Holders of the Certificates or any Class of
      Certificates may be exercised by the LTURI-holder.

    

    Wells
      Fargo:
      Wells Fargo Bank, N.A.

    

    Section
      1.02. Calculations
      Respecting Mortgage Loans. 

    

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

    

    Section
      1.03. Calculations
      Respecting Accrued Interest. 

    

    Accrued
      interest, if any, on any LIBOR Certificate shall be calculated based upon a
      360-day year and the actual number of days in each Accrual Period. 

    

    ARTICLE
      II

    

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

    

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

    

    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
      all
      the right, title and interest of the Depositor in and to the Mortgage Loans.
      Such conveyance includes, without limitation, the right to all payments of
      principal and interest received on or with respect to the Mortgage Loans on
      and
      after the Cut-off Date (other than payments of principal and interest due on
      or
      before such date), and all such payments due after such date but received prior
      to such date and intended by the related Mortgagors to be applied after such
      date together with all of the Depositor’s right, title and interest in and to
      the Collection Account 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 (exclusive
      of investment earnings thereon), the Custodial Accounts and all amounts from
      time to time credited to and the proceeds of the Custodial Accounts, any Escrow
      Account established pursuant to Section 9.06 and any Basis Risk Reserve Fund
      established pursuant to Section 5.06 and all amounts from time to time credited
      to and the proceeds of each such account, any REO Property and the proceeds
      thereof, the Depositor’s rights under any Insurance Policies related to the
      Mortgage Loans, the Depositor’s security interest in any collateral pledged to
      secure the Mortgage Loans, including the Mortgaged Properties and any 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 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 of this Agreement, the Swap Agreement and the Interest Rate
      Cap Agreement shall be delivered to the Trustee. In connection therewith, the
      Depositor hereby directs the Trustee (solely in its capacity as such) and the
      Trustee is hereby authorized to execute and deliver the Swap Agreement and
      the
      Interest Rate Cap Agreement (each on behalf of the Supplemental Interest Trust)
      for the benefit of, the Certificateholders. The Seller, the Master Servicer,
      the
      Depositor, the Servicer and the Certificateholders (by their acceptance of
      such
      Certificates) acknowledge and agree that the Trustee is executing and delivering
      the Swap Agreement and the Interest Rate Cap Agreement solely in its capacity
      as
      Trustee of the Supplemental Interest Trust and the Trust Fund and not in its
      individual capacity. The Trustee shall have no duty or responsibility to enter
      into any other swap agreement or interest rate cap agreement upon the expiration
      or termination of the Swap Agreement or the Interest Rate Cap
      Agreement.

    

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Sale Agreement, including all rights of the Seller under the Servicing Agreement
      and the Transfer Agreement (including the right to enforce the Transferor’s
      obligation to repurchase First Payment Default Loans pursuant to the related
      PPTL), but only to the extent assigned under the Mortgage Loan Sale Agreement.
      The Trustee hereby accepts such assignment, and shall be entitled to exercise
      all the rights of the Depositor under the Mortgage Loan Sale Agreement as if,
      for such purpose, it were the Depositor. 

    

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

    

    
      
        
        

      

      
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    The
      foregoing sale, transfer, assignment, set-over, deposit and conveyance does
      not
      and is not intended to result in the creation or assumption by the Trustee
      of
      any obligation of the Depositor, the Seller or any other Person in connection
      with the Mortgage Loans.

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
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    (v) with
      respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, an
      original Assignment of Mortgage, in form and substance acceptable for recording.
      The Mortgage shall be assigned either (A) in blank, without recourse or (B)
      to
“Wells Fargo Bank, N.A., as Trustee of the First Franklin Mortgage Loan Trust,
      2006-FF15,” without recourse;

    

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

    

    (vii) with
      respect to any Mortgage Loan other than a Cooperative Loan, the original
      mortgagee title insurance policy (or, in lieu thereof, a commitment to issue
      such title insurance policy with an original or certified copy of such title
      insurance policy to follow as soon after the Closing Date as reasonably
      practicable) or attorney’s opinion of title and abstract of title; 

    

    (viii) the
      original Primary Mortgage Insurance Policy or certificate or, an electronic
      certification evidencing the existence of the Primary Mortgage Insurance Policy
      or certificate, if private mortgage guaranty insurance is required;

    

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

    

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

    

    
      
        
        

      

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

    

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

    

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

    

    (d) In
      instances where a Title Insurance Policy is required to be delivered to the
      Trustee or the Custodian on behalf of the Trustee under clause (b)(vii) above
      and is not so delivered, the Depositor will provide a copy of such Title
      Insurance Policy to the Trustee, or to the 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 any NIMS Insurer and the Trustee, or to the
      Custodian on behalf of the Trustee, an Officer’s Certificate which shall include
      a statement to the effect that all amounts received in connection with such
      prepayment that are required to be deposited in the Collection Account pursuant
      to Section 4.01 have been so deposited. All original documents that are not
      delivered to the Trustee or the Custodian on behalf of the Trustee shall be
      held
      by the Master Servicer or the Servicer in trust for the benefit of the Trustee
      and the Certificateholders.

    

    (f) The
      Depositor shall have the right to receive any and all loan-level information
      regarding the characteristics and performance of the Mortgage Loans upon
      request, and to publish, disseminate or otherwise utilize such information
      in
      its discretion, subject to applicable laws and regulations.

    

    
      
        
        

      

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

    

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

    

    (b) Within
      45 days after the Closing Date, the Trustee or the Custodian on behalf of the
      Trustee, will, 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, the Master Servicer and any NIMS Insurer an Interim
      Certification in the form annexed hereto as Exhibit B-2 (or in the form annexed
      to the 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 Custodian on behalf of the Trustee, shall determine
      whether such documents are executed and endorsed, but shall be under no duty
      or
      obligation to inspect, review or examine any such documents, instruments,
      certificates or other papers to determine that the same are valid, binding,
      legally effective, properly endorsed, genuine, enforceable or appropriate for
      the represented purpose or that they have actually been recorded or are in
      recordable form or that they are other than what they purport to be on their
      face. Neither the Trustee nor the 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
      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 Custodian on behalf of the
      Trustee, discovering such Material Defect shall promptly identify the Mortgage
      Loan to which such Material Defect relates in the Interim Certification
      delivered to the Depositor and the Master Servicer. Within 90 days of its
      receipt of such notice, the Transferor, or, if the Transferor does not do so,
      the Depositor shall be required to cure such Material Defect (and, in such
      event, the Depositor shall provide the Trustee with an Officer’s Certificate
      confirming that such cure has been effected). If the Transferor or the
      Depositor, as applicable, does not so cure such Material Defect, the Transferor,
      or, if the Transferor does not do so, the Depositor, shall, if a loss has been
      incurred with respect to such Mortgage Loan that would, if such Mortgage Loan
      were not purchased from the Trust Fund, constitute a Realized Loss, and such
      loss is attributable to the failure of the Depositor to cure such Material
      Defect, repurchase the related Mortgage Loan from the Trust Fund at the Purchase
      Price. A loss shall be deemed to be attributable to the failure of the Depositor
      to cure a Material Defect if, as determined by the Depositor, upon mutual
      agreement with the Trustee each acting in good faith, absent such Material
      Defect, such loss would not have been incurred. Within the two-year period
      following the Closing Date, the Depositor may, in lieu of repurchasing a
      Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage Loan
      a
      Qualifying Substitute Mortgage Loan subject to the provisions of Section 2.05.
      The failure of the Trustee or the 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 Custodian, shall
      deliver to the Trustee, the Depositor, the Master Servicer and any NIMS Insurer
      a Final Certification substantially in the form attached as Exhibit B-3 (or
      in
      the form annexed to the 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, the Custodian or the Certificateholders of any unsatisfied
      duty, claim or other liability on any Mortgage Loan or to any
      Mortgagor.

    

    (f) Each
      of the parties hereto acknowledges that the Custodian shall perform the
      applicable review of the Mortgage Loans and respective certifications thereof
      as
      provided in this Section 2.02 and the Custodial Agreement. The Trustee is hereby
      authorized and directed by the Depositor to appoint the Custodian and to execute
      and deliver the Custodial Agreement.

    

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

    

    Section
      2.03. Representations
      and Warranties of the Depositor. 

    

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

    

    
      
        
        

      

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

    

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

    

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

    

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

    

    
      
        
        

      

      
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    (b) The
      representations and warranties of the Transferor with respect to the related
      Mortgage Loans in the Transfer Agreement, which have been assigned to the
      Trustee hereunder, were made as of the date specified in the 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 Transferor under the Transfer Agreement and
      (ii) a representation or warranty of the Seller under the Mortgage Loan Sale
      Agreement, the only right or remedy of the Trustee, any Certificateholder or
      any
      NIMS Insurer hereunder shall be their rights to enforce the obligations of
      the
      Transferor under any applicable representation or warranty made by it (except
      in
      the case of a breach by the Seller of the representations made by it with
      respect to predatory and abusive lending laws, which shall be a direct
      obligation of the Seller pursuant to the Mortgage Loan Sale Agreement and
      enforceable by the Trustee, any Certificateholder or any NIMS Insurer
      hereunder). The Trustee acknowledges that, except as otherwise provided in
      the
      Mortgage Loan Sale Agreement, the Seller shall not have any obligation or
      liability with respect to any breach of a representation or warranty made by
      it
      with respect to the Mortgage Loans sold by it if the fact, condition or event
      constituting such breach also constitutes a breach of a representation or
      warranty made by the Transferor in the 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. 

    

    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, (ii) of the Seller set forth in the
      Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller under
      the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder
      and (iii) of the Transferor and of the Servicer assigned by the Seller to the
      Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to the
      Trustee by the Depositor hereunder, shall each survive delivery of the Mortgage
      Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and
      shall continue throughout the term of this Agreement. Upon discovery by any
      of
      the Depositor, 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
      or given by the Transferor or the Seller and assigned to the Trustee, the
      Depositor, the Transferor or the Seller, as applicable, shall either (a) cure
      such breach in all material respects, (b) repurchase such Mortgage Loan or
      any
      property acquired in respect thereof from the Trustee at the Purchase Price
      (or
      in the case of a First Payment Default Loan, the PPTL Purchase Price (excluding
      any PPTL Premium)) or (c) within the two-year period following the Closing
      Date,
      substitute a Qualifying Substitute Mortgage Loan for the affected Mortgage
      Loan.
      In the event of discovery of a breach of any representation and warranty of
      the
      Transferor assigned to the Trustee, the Trustee shall enforce its rights under
      the Transfer Agreement and the Mortgage Loan Sale Agreement for the benefit
      of
      Certificateholders and any NIMS Insurer. As provided in the Mortgage Loan Sale
      Agreement, if the Transferor substitutes a mortgage loan for a Deleted Mortgage
      Loan pursuant to the Transfer Agreement and such substitute mortgage loan is
      not
      a Qualifying Substitute Mortgage Loan, then pursuant to the terms of the
      Mortgage Loan Sale Agreement the Seller will, in exchange for such substitute
      mortgage loan, (i) pay to the Trust Fund the applicable Purchase Price for
      the
      affected Mortgage Loan or (ii) within two years of the Closing Date,
      substitute a Qualifying Substitute Mortgage Loan. 

    

    
      
        
        

      

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

    

    (a) With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement, by the Seller pursuant to the Mortgage Loan Sale Agreement or by
      the
      Transferor pursuant to the Transfer Agreement, the principal portion of the
      funds (including the related PPTL Purchase Price (excluding any PPTL Premium)
      in
      the case of a First Payment Default Loan) received by the Trustee in respect
      of
      such repurchase of a Mortgage Loan will be considered a Principal Prepayment
      and
      the Purchase Price or PPTL Purchase Price (excluding any PPTL Premium) shall
      be
      deposited in the Collection Account or a Custodial Account, as applicable.
      The
      Trustee (i) upon receipt of the full amount of the Purchase Price for a Deleted
      Mortgage Loan, (ii) upon receipt of a written certification from the Master
      Servicer that it has received the full amount of the Purchase Price for a
      Deleted Mortgage Loan and has deposited such amount in the Collection Account
      or
      (iii) upon receipt of notification from the Custodian that it had received
      the
      Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a
      Deleted Mortgage Loan (and any applicable Substitution Amount), shall release
      or
      cause to be released and reassign to the Depositor, the Seller or the
      Transferor, as applicable, the related Mortgage File for the Deleted Mortgage
      Loan and shall execute and deliver such instruments of transfer or assignment,
      in each case without recourse, representation or warranty, as shall be necessary
      to vest in such party or its designee or assignee title to any Deleted Mortgage
      Loan released pursuant hereto, free and clear of all security interests, liens
      and other encumbrances created by this Agreement, which instruments shall be
      prepared by the Servicer and the Trustee shall have no further responsibility
      with respect to the Mortgage File relating to such Deleted Mortgage Loan. The
      Seller indemnifies and holds the Trust Fund, the Master Servicer, the Trustee,
      the Depositor, and NIMS Insurer and each Certificateholder harmless against
      any
      and all taxes, claims, losses, penalties, fines, forfeitures, reasonable legal
      fees and related costs, judgments, and any other costs, fees and expenses that
      the Trust Fund, the Trustee, the Master Servicer, the Depositor, any NIMS
      Insurer and any Certificateholder may sustain in connection with any actions
      of
      such Seller relating to a repurchase of a Mortgage Loan other than in compliance
      with the terms of this Section 2.05 and the Mortgage Loan Sale Agreement, to
      the
      extent that any such action causes an Adverse REMIC Event.

    

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

    

    
      
        
        

      

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

    

    Section
      2.06. Grant
      Clause. 

    

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

    

    
      
        
        

      

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

    

    
      ARTICLE
        III

       

      THE
        CERTIFICATES

      

      Section
        3.01. The
        Certificates. 

      

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

      

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

    

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

    

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

    

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

    

    
      
        
        

      

      
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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 is not a U.S. person within the meaning of Regulation S and was, at
      the
      time the buy order was originated, outside the United States and (ii) such
      Person understands that such Certificates have not been registered under the
      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, an
      affiliate (as defined in Rule 405 under the Securities Act) of the Depositor
      or
      the Placement Agent or (y) being made to a “qualified institutional buyer” (a
“QIB”) as defined in Rule 144A under the Securities Act by a transferor that has
      provided the Trustee with a certificate in the form of Exhibit F hereto;
      and

    

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

    

    (d) (i) No
      transfer of an ERISA-Restricted Certificate in the form of a Definitive
      Certificate shall be made to any Person 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 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, the Servicer, any NIMS Insurer 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, counsel satisfactory to the
      Trustee, has rendered an opinion 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, any NIMS Insurer or the Depositor.

    

    
      
        
        

      

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

    

    (ii) No
      transfer of an ERISA-Restricted Trust Certificate shall be made prior to the
      termination of the Swap Agreement and the Interest Rate Cap Agreement, 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, prior to the termination
      of the Swap Agreement and the Interest Rate Cap Agreement, 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, prior to the termination of the Swap Agreement and
      the
      Interest Rate Cap Agreement, the transferee will be deemed to have made a
      representation as provided in clause (i) or (ii) of this paragraph, as
      applicable.

    

    If
      any ERISA-Restricted 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, any NIMS
      Insurer and the Master Servicer from and against any and all liabilities,
      claims, costs or expenses incurred by such parties as a result of such
      acquisition or holding.

    

    
      
        
        

      

      
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    To
      the extent permitted under applicable law (including, but not limited to,
      ERISA), the Trustee shall be under no liability to any Person for any
      registration of transfer of any ERISA-Restricted 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 a Certificate.

    

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

    

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

    

    
      
        
        

      

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

    

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

    

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

    

    (A) Subject
      to clauses (B) and (C) of this Section 3.03(h), transfers of a Global Security
      representing any Class B Certificate shall be limited to transfers of such
      Global Security, in whole or in part, to nominees of DTC or to a successor
      of
      DTC or such successor’s nominee.

    

    
      
        
        

      

      
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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 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 M-1 hereto given by the holder of such
      beneficial interest stating that the exchange or transfer of such interest
      has
      been made in compliance with the transfer restrictions applicable to the Global
      Securities, including that the holder is not a U.S. person, and pursuant to
      and
      in accordance with Regulation S, the Trustee, as Certificate Registrar, shall
      reduce the principal amount of the Restricted Global Security and increase
      the
      principal amount of the Regulation S Global Security by the aggregate principal
      amount of the beneficial interest in the Restricted Global Security to be
      exchanged, and shall instruct Euroclear or Clearstream, as applicable,
      concurrently with such reduction, to credit or cause to be credited to the
      account of the Person specified in such instructions a beneficial interest
      in
      the Regulation S Global Security equal to the reduction in the principal amount
      of the Restricted Global Security.

    

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

    

    
      
        
        

      

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

    

    Section
      3.04. Cancellation
      of Certificates. 

    

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

    

    Section
      3.06. Persons
      Deemed Owners. 

    

    Subject
      to the provisions of Section 3.09 with respect to Book-Entry Certificates,
      the
      Depositor, the Master Servicer, the Trustee, the Certificate Registrar, any
      NIMS
      Insurer 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, any
      NIMS
      Insurer nor any agent of any of them shall be affected by notice to the
      contrary.

    

    
      
        
        

      

      
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    Section
      3.07. Temporary
      Certificates. 

    

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

    

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

    

    Section
      3.08. Appointment
      of Paying Agent. 

    

    (a) The
      Trustee, subject to the consent of the NIMS Insurer, may appoint a Paying Agent
      (which may be the Trustee) for the purpose of making distributions to
      Certificateholders hereunder. The Trustee shall cause such Paying Agent (if
      other than the Trustee) to execute and deliver to the Trustee an instrument
      in
      which such Paying Agent shall agree with the Trustee that such Paying Agent
      will
      hold all sums held by it for the payment to Certificateholders in an Eligible
      Account in trust for the benefit of the Certificateholders entitled thereto
      until such sums shall be paid to the Certificateholders. All funds remitted
      by
      the Trustee to any such Paying Agent for the purpose of making distributions
      shall be paid to Certificateholders on each Distribution Date and any amounts
      not so paid shall be returned on such Distribution Date to the Trustee. 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.

    

    (b) Any
      Paying Agent (if other than the Trustee) shall comply with its reporting
      obligations under Regulation AB with respect to the Trust Fund in form and
      substance similar to those of the Trustee pursuant to Section 6.20, and the
      related assessment of compliance shall cover, at a minimum, the elements of
      the
      servicing criteria applicable to the Paying Agent indicated in Exhibit S
      attached hereto. The Paying Agent (if other than the Trustee) shall give prior
      written notice to the Sponsor, the Master Servicer, the Trustee and the
      Depositor of the appointment of any Subcontractor by it and a written
      description (in form and substance reasonably satisfactory to the Sponsor and
      the Depositor) of the role and function of each Subcontractor utilized by the
      Paying Agent, as applicable, 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. In addition, the Paying Agent (including
      the Trustee to the extent not already required of the Trustee under this
      Agreement) shall notify the Sponsor, the Master Servicer, the Trustee and the
      Depositor within five (5) calendar days of knowledge thereof (i) of any legal
      proceedings pending against the Paying Agent of the type described in Item
      1117
      (§ 229.1117) of Regulation AB, (ii) any merger, consolidation or sale of
      substantially all of the assets of the Paying Agent and (iii) if the Paying
      Agent shall become (but only to the extent not previously disclosed) at any
      time
      an affiliate of any of the parties listed on Exhibit V hereto or any of their
      affiliates. On or before March 1st
      of each year, the Depositor shall distribute the information in Exhibit V to
      the
      Paying Agent.

    

    
      
        
        

      

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

    

    Section
      3.09. Book-Entry
      Certificates. 

    

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

    

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

    

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

    

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

    

    
      
        
        

      

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

    

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

    

    (c) If
      (i) (A) the Depositor advises the Trustee in writing that the Clearing Agency
      is
      no longer willing or able to discharge properly its responsibilities with
      respect to the Book-Entry Certificates, and (B) the Depositor is unable to
      locate a qualified successor or (ii) after the occurrence of an Event of
      Default, Certificate Owners representing beneficial interests aggregating not
      less than 50% of the Class Principal Amount of a Class of Book-Entry
      Certificates identified as such to the Trustee by an Officer’s Certificate from
      the Clearing Agency advise the Trustee and the Clearing Agency through the
      Clearing Agency Participants in writing that the continuation of a book-entry
      system through the Clearing Agency is no longer in the best interests of the
      Certificate Owners of a Class of Book-Entry Certificates, the Trustee shall
      notify any NIMS Insurer and 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. Notwithstanding the foregoing, the Trustee, upon the instruction
      of
      the Depositor, shall have the right to issue Definitive Certificates on the
      Closing Date in connection with credit enhancement programs.

    

    
      
        
        

      

      
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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
“Collection Account, Aurora Loan Services LLC, as Master Servicer, in trust
      for
      the benefit of the Holders of First Franklin Mortgage Loan Trust Mortgage
      Pass-Through Certificates, Series 2006-FF15.” The Collection Account shall
      relate solely to the Certificates and to the Lower Tier REMIC 1 Uncertificated
      Regular Interests 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 10 days and transfer
      all funds and investment property on deposit in such existing Collection Account
      into such new Collection Account.

    

    (c) The
      Master Servicer shall give to the Trustee prior written notice of the name
      and
      address of the depository institution at which the Collection Account is
      maintained and the account number of such Collection Account. The Master
      Servicer shall take such actions as are necessary to cause the depository
      institution holding the Collection Account to hold such account in the name
      of
      the Master Servicer under this Agreement. On each Master Servicer Remittance
      Date, the entire amount on deposit in the Collection Account (subject to
      permitted withdrawals set forth in Section 4.02), other than amounts not
      included in the Total Distribution Amount for such Distribution Date shall
      be
      remitted to the Trustee for deposit into the Certificate Account by wire
      transfer in immediately available funds. The Master Servicer, at its option,
      may
      choose to make daily remittances from the Collection Account to the Trustee
      for
      deposit into the Certificate Account.

    

    (d) The
      Master Servicer shall deposit or cause to be deposited into the Collection
      Account, no later than the second Business Day following the Closing Date,
      any
      amounts received with respect to the Mortgage Loans representing Scheduled
      Payments (or in the case of Simple Interest Mortgage Loans, representing
      scheduled interest payments, but actual principal payments) on the Mortgage
      Loans due after the Cut-off Date and unscheduled payments received on or after
      the Cut-off Date and on or before the Closing Date. Thereafter, the Master
      Servicer shall deposit or cause to be deposited in the Collection Account on
      the
      earlier of the applicable Master Servicer 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, any
      Subsequent Recovery and any Scheduled Payment attributable to principal received
      after its related Due Date, on the Mortgage Loans;

    

    
      
        
        

      

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

    

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

    

    (iv) all
      Insurance Proceeds;

    

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

    

    (vi) all
      amounts paid by the Servicer with respect to Net Simple Interest Shortfalls
      and
      Prepayment Interest Shortfalls; and 

    

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

    

    The
      Master Servicer shall also deposit from its own funds into the Collection
      Account (to the extent not already received from the Servicer), without right
      of
      reimbursement, except from Net Simple Interest Excess, an amount equal to any
      Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest
      Excess) for the related Collection Period.

    

    (e) Funds
      in the Collection Account may be invested in Eligible Investments selected
      by
      and at the written direction of the Master Servicer, which shall mature not
      later than one Business Day prior to the Master Servicer Remittance Date (except
      that if such Eligible Investment is an obligation of the Trustee, then such
      Eligible Investment shall mature not later than such applicable Master Servicer
      Remittance Date) and any such Eligible Investment shall not be sold or disposed
      of prior to its maturity. All such Eligible Investments shall be made in the
      name of the Master Servicer in trust for the benefit of the Trustee and Holders
      of the First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates,
      Series 2006-FF15. All income and gain realized from any Eligible Investment
      shall be for the benefit of the Master Servicer and shall be subject to its
      withdrawal or order from time to time, subject to Section 5.05 hereof, and
      shall
      not be part of the Trust Fund. The amount of any losses incurred in respect
      of
      any such investments shall be deposited in such Collection Account by the Master
      Servicer out of its own funds, without any right of reimbursement therefor,
      immediately as realized. The foregoing requirements for deposit in the
      Collection Account are exclusive, it being understood and agreed that, without
      limiting the generality of the foregoing, payments of interest on funds in
      the
      Collection Account and payments in the nature of late payment charges,
      assumption fees and other incidental fees and charges relating to the Mortgage
      Loans (other than Prepayment Premiums) need not be deposited by the Master
      Servicer in the Collection Account and may be retained by the Master Servicer
      or
      the Servicer as additional servicing compensation. If the Master Servicer
      deposits in the Collection Account any amount not required to be deposited
      therein, it may at any time withdraw such amount from such Collection Account.
      

    

    
      
        
        

      

      
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    Section
      4.02. Application
      of Funds in the Collection Account. 

    

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

    

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

    

    (iii) to
      reimburse itself or the Servicer from Liquidation Proceeds for Liquidation
      Expenses and for amounts expended by it pursuant to Section 9.22(c) 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 Rate for such Mortgage Loan to the Due Date next
      succeeding the date of its receipt of such Liquidation Proceeds, to pay to
      itself out of such excess the amount of any unpaid assumption fees, late payment
      charges or other Mortgagor charges on the related Mortgage Loan and to retain
      any excess remaining thereafter as additional servicing compensation, it being
      understood, in the case of any such reimbursement or payment, that such Master
      Servicer’s or Servicer’s right thereto shall be prior to the rights of the
      Certificateholders;

    

    
      
        
        

      

      
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    (iv) to
      the extent of any previous Advances made by the Master Servicer with respect
      to
      Simple Interest Mortgage Loans, to pay itself an amount equal to Net Simple
      Interest Excess for the related Collection Period to the extent not offset
      by
      Net Simple Interest Shortfalls;

    

    (v) to
      reimburse itself or the Servicer for expenses incurred by and recoverable by
      or
      reimbursable to it or the Servicer pursuant to this Agreement, including,
      without limitation, Sections 9.04, 9.05(b), 9.07(a), 9.30 or 11.15;

    

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

    

    (vii) [Reserved];

    

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

    

    (ix) to
      make payments to the Trustee for deposit into the Certificate Account in the
      amounts and in the manner provided herein;

    

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

    

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

    

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

    

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

    

    (xiv) to
      reimburse the 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 the Servicing Agreement.

    

    
      
        
        

      

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

    

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

    

    Section
      4.03. Reports
      to Certificateholders. 

    

    (a) On
      each Distribution Date, the Trustee shall have prepared (based solely on
      information provided by the Master Servicer or the Swap Counterparty) and shall
      make available to any NIMS Insurer, the Swap Counterparty, the Credit Risk
      Manager, the Seller and each Certificateholder a report (the “Distribution Date
      Statement”) setting forth the following information (on the basis of Mortgage
      Loan level information obtained from 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, to the extent applicable, allocable
      to
      principal on the Mortgage Loans, including Liquidation Proceeds and Insurance
      Proceeds, stating separately the amount attributable to scheduled principal
      payments and unscheduled payments in the nature of principal;

    

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

    

    (iii) the
      amount, if any, of any distribution to the Holders of the Class P Certificate,
      the Class X Certificates, the Class LT-R Certificates, and the Residual
      Certificate;

    

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

    

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

    

    
      
        
        

      

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

    

    (vii) the
      amount of any Prepayment Premiums distributed to the Class P Certificates;
      

    

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

    

    (ix) the
      amount of the Servicing Fees and Credit Risk Manager’s Fees paid during the
      Collection Period to which such distribution relates;

    

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

    

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

    

    (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 Carryforward Interest, Net Prepayment Interest Shortfalls,
      Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if any, for each Class
      of Certificates, after giving effect to the distributions made on such
      Distribution Date;

    

    (xiv) the
      Certificate Interest Rate applicable to such Distribution Date with respect
      to
      each Class of Certificates;

    

    (xv) with
      respect to each Mortgage Pool, the Interest Remittance Amount and the Principal
      Remittance Amount applicable to such Distribution Date;

    

    
      
        
        

      

      
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    (xvi) 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);

    

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

    

    (xviii) the
      Overcollateralization Amount after giving effect to the distributions made
      is
      such Distribution Date; 

    

    (xix) the
      level of LIBOR for such Distribution Date; 

    

    (xx) the
      amount of any payments made by the Cap Counterparty to the Supplemental Interest
      Trust made pursuant to Section 5.07(d); 

    

    (xxi) the
      amount of any Net Swap Payment to the Supplemental Interest Trust made pursuant
      to Section 5.07, any Net Swap Payment to the Swap Counterparty made pursuant
      to
      Section 5.07, any Swap Termination Payment to the Supplemental Interest Trust
      made pursuant to Section 5.07 and any Swap Termination Payment to the Swap
      Counterparty made pursuant to Section 5.07; and

    

    (xxii) the
      amount of any PPTL Premiums, if any, for such Distribution Date.

    

    In
      addition to the information listed above, such Distribution Date Statement
      shall
      also include such other information as is required by Item 1121 (§ 229.1121) of
      Regulation AB.

    

    In
      the case of information furnished pursuant to subclauses (i), (ii) and (vi)
      above, the amounts shall also (except in the case of the report delivered to
      the
      holder of the Class X Certificates) be expressed as a dollar amount per $1,000
      of original principal amount of Certificates.

    

    On
      any Distribution Date after the occurrence of a Section 7.01(c) Purchase Event,
      the information required by subclauses (i), (iii), (iv), (v), (vii), (viii),
      (ix), (x), (xi), (xii), (xv), (xvii), (xix), (xx) and (xxi) shall be provided
      to
      the NIMS Insurer, the Swap Counterparty, the Credit Risk Manager, the Seller,
      the Holder of the Class 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 shall make such report and any additional loan level information (and,
      at its option, any additional files containing the same information in an
      alternative format) provided to it by the Master Servicer available each month
      to any NIMS Insurer, Certificateholders, the Rating Agencies and any other
      parties entitled thereto via the Trustee’s internet website. The Trustee’s
      internet website shall initially be located at “www.ctslink.com.”
      Assistance in using the website can be obtained by calling the Trustee’s
      customer service desk at (301) 815-6600. Such parties that are unable to use
      the
      website are entitled to have a paper copy mailed to them via first class mail
      by
      calling the customer service desk and indicating such. The Trustee shall have
      the right to change the way such statements are distributed in order to make
      such distribution more convenient and/or more accessible to the above parties
      and the Trustee shall provide timely and adequate notification to all above
      parties regarding any such changes.

    

    
      
        
        

      

      
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    The
      foregoing information and reports shall be prepared and determined by the
      Trustee based solely on Mortgage Loan data provided to the Trustee by the Master
      Servicer (in a format attached hereto as Exhibit J or in such other format
      mutually agreed to by the Trustee and the Master Servicer no later than 2:00
      p.m. Eastern Time four Business Days prior to the Distribution Date (or such
      other time period set forth in Section 9.23(b)), and on the information provided
      to the Trustee by the Swap Counterparty and the Cap Counterparty. In preparing
      or furnishing the foregoing information to the Certificateholders and any NIMS
      Insurer, the Trustee shall be entitled to rely conclusively on the accuracy
      and
      completeness of the information or data (i) regarding the Mortgage Loans and
      the
      related REO Property, that has been provided to the Trustee by the Master
      Servicer based on information received by the Master Servicer from the Servicer,
      (ii) regarding the Swap Agreement, that has been provided to the Trustee by
      the
      Swap Counterparty and (iii) regarding the Interest Rate Cap Agreement, that
      has
      been provided to the Trustee by the Cap Counterparty, and the Trustee shall
      not
      be obligated to verify, recompute, reconcile or recalculate any such information
      or data. The Trustee shall be entitled to conclusively rely on the Mortgage
      Loan
      data provided by the Master Servicer and shall have no liability for any errors
      or omissions in such Mortgage Loan data. The Master Servicer shall be entitled
      to conclusively rely on the Mortgage Loan data provided by the Servicer and
      shall have no liability for any errors in such Mortgage Loan data. The
      information and reports described in the first paragraph of this Section 4.03(a)
      shall be provided to U.S. Bank National Association (as agreed upon between
      U.S.
      Bank National Association and the Trustee) by the Trustee no later than 12:00
      p.m. Eastern Time two Business Days prior to the Distribution Date.

    

    (b) Upon
      the reasonable advance written request of any NIMS Insurer or any
      Certificateholder that is a savings and loan, bank or insurance company, which
      request, if received by the Trustee, the Trustee shall provide, or cause to
      be
      provided, (or, to the extent that such information or documentation is not
      required to be provided by the Servicer under the Servicing Agreement, shall
      use
      reasonable efforts to obtain such information and documentation from the
      Servicer, and provide) to any NIMS Insurer and such Certificateholder such
      reports and access to information and documentation regarding the Mortgage
      Loans
      as any NIMS Insurer or 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 an investment in
      the
      Certificates; provided,
      however,
      that the Trustee shall be entitled to be reimbursed by such Certificateholder
      or
      the NIMS Insurer for the actual expenses incurred in providing such reports
      and
      access.

    

    (c) Upon
      request of a Certificateholder and prior to a Section 7.01(c) Purchase Event,
      the Trustee shall have prepared and the Trustee shall make available to any
      NIMS
      Insurer and each Person who at any time during the calendar year was a
      Certificateholder of record, and make available to Certificate Owners
      (identified as such by the Clearing Agency) in accordance with applicable
      regulations, a report summarizing the items provided to any NIMS Insurer and
      the
      Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an annual
      basis as may be required to enable any NIMS Insurer and such Holders to prepare
      their federal income tax returns; provided,
      however,
      that this Section 4.03(c) shall not be applicable where relevant reports or
      summaries are required elsewhere in this Agreement. Such information shall
      also
      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 (and the Trustee may rely solely upon such
      information).

    

    
      
        
        

      

      
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    (d) The
      Trustee shall furnish any other information that is required by the Code and
      regulations thereunder to be made available to Certificateholders. The Master
      Servicer shall provide the Trustee with such information as is necessary for
      the
      Trustee to prepare such reports (and the Trustee may rely solely upon such
      information) to the extent such information is readily available to the Master
      Servicer.

    

    (e) So
      long as not prohibited by applicable law, the Master Servicer shall provide
      to
      the Depositor or to any party designated by the Depositor, as promptly as
      practicable upon the Depositor's request, any and all loan-level information
      that the Depositor may request in any format reasonably requested by the
      Depositor.

    

    Section
      4.04. Certificate
      Account. 

    

    (a) The
      Trustee shall establish and maintain in its name, as trustee, a trust account
      (the “Certificate Account”) entitled “Certificate Account, Wells Fargo Bank,
      N.A., as Trustee, in trust for the benefit of the Holders of First Franklin
      Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2006-FF15” until
      disbursed pursuant to the terms of this Agreement. The Certificate Account
      shall
      be an Eligible Account and shall be for the benefit of the Certificateholders,
      subject to the rights of the Trustee set forth herein. 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 ten
      Business Days and transfer all funds and investment property on deposit in
      such
      existing Certificate Account into such new Certificate Account. The Certificate
      Account shall relate solely to the Certificates and the Lower Tier REMIC 1
      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.

    

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

    

    (i) to
      make payment to itself pursuant to any provision of this Agreement or to
      reimburse itself or its agents for any amounts reimbursable to it pursuant
      to
      Sections 6.11 or 6.12; provided, however, that any amounts in excess of the
      annual cap described in clause (b) of the definition of “Interest Remittance
      Amount” and clause (b) of the definition of “Principal Remittance Amount” in any
      Anniversary Year, other than costs and expenses incurred by the Trustee pursuant
      to Section 6.14, in connection with any transfer of servicing, shall not be
      withdrawn from the Certificate Account and paid to the Trustee and the Trustee’s
      reimbursement for such excess amounts shall be made pursuant to Section
      5.02(e)(iv) hereof;

    

    
      
        
        

      

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

    

    (iii) to
      pay itself any investment income earned with respect to funds in the Certificate
      Account invested in Eligible Investments as set forth below and to make payments
      to itself and others pursuant to any provision of this Agreement; 

    

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

    

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

    

    (c) Funds
      in the Certificate Account may be invested by the Trustee in Eligible
      Investments (which may be obligations of the Trustee or its affiliates). If
      invested, all such investments must be payable on demand or mature no later
      than
      one Business Day prior to 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 for each Distribution Date shall
      be
      compensation to the Trustee and be subject to withdrawal by the Trustee 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 may also be held uninvested.
      

    

    Section
      4.05. [Reserved]

    

    ARTICLE
      V

    

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

    

    Section
      5.01. Distributions
      Generally. 

    

    (a) Subject
      to Section 7.01 respecting the final distribution on the Certificates or Lower
      Tier REMIC 1 Uncertificated Regular Interests, on each Distribution Date the
      Trustee or the Paying Agent shall make distributions in accordance with this
      Article V and based solely on the reports for such Distribution Date provided
      to
      it by the Master Servicer pursuant to Section 4.03(a) and on the information
      provided to it by the Swap Counterparty and the Cap Counterparty. Such
      distributions shall be made by wire transfer in immediately available funds
      to
      an account specified in writing to the Trustee at least five (5) Business Days
      prior to the first Distribution Date to such Certificateholder and at the
      expense of such Certificateholder.

    

    (b) The
      final distribution in respect of any Certificate shall be made only upon
      presentation and surrender of such Certificate at the Corporate Trust Office;
      provided,
      however,
      that the foregoing provisions shall not apply to any Class of Certificates
      as
      long as such Certificate remains a Book-Entry Certificate in which case all
      payments made shall be made through the Clearing Agency and its Clearing Agency
      Participants. Notwithstanding such final payment of principal of any of the
      Certificates, each Residual Certificate will remain outstanding until the
      termination of each REMIC and the payment in full of all other amounts due
      with
      respect to the Residual Certificates and at such time such final payment in
      retirement of any Residual Certificate will be made only upon presentation
      and
      surrender of such Certificate at the Corporate Trust Office. If any payment
      required to be made on the Certificates or Lower Tier REMIC 1 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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    (c) 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
      Class Principal Amounts (or Percentage Interests).

    

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

    

    Section
      5.02. Distributions
      from the Certificate Account. 

    

    (a) On
      each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a
      Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of
      the
      Trustee) shall withdraw from the Certificate Account the Total Distribution
      Amount (to the extent such amount is on deposit in the Certificate Account),
      and
      amounts that are available for payment to the Swap Counterparty, and shall
      allocate such amount to the interests issued in respect of each REMIC created
      pursuant to this Agreement and shall distribute such amount as specified in
      subparagraphs (b) through (j) of this Section 5.02; provided,
      that amounts that are available for payment to the Swap Counterparty shall
      be
      paid on the related Swap Payment Date. On each Distribution Date 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 Total Distribution Amount (to the extent such amount
      is
      on deposit in the Certificate Account), and amounts that are available for
      payment to the Swap Counterparty, and shall allocate such amount to the
      interests issued in respect of REMIC 1 created pursuant to this Agreement and
      shall distribute such amount as specified in subparagraphs (k) through (m)
      of
      this Section; provided,
      that amounts that are available for payment to the Swap Counterparty shall
      be
      paid on the related Swap Payment Date.

    

    (b) On
      each Distribution Date (or, with respect to clauses (i) and (ii) below, on
      the
      related Swap Payment Date), the Trustee shall distribute the Interest Remittance
      Amount for Pool 1 and for such date in the following order of
      priority:

    

    
      
        
        

      

      
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    (i) for
      deposit into the Swap Account, an amount equal to the lesser of (x) the product
      of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
      due
      to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the
      related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such
      Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such
      Distribution Date;

    

    (ii) for
      deposit into the Swap Account, the amount of any Net Swap Payment or Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date (after giving effect to
      distributions made pursuant to subsection 5.02(b)(i) above and subsections
      5.02(c)(i) and 5.02(d)(i) below) for such Distribution Date, to be paid
      concurrently and in proportion to Principal Distribution Amounts available
      with
      respect to Pool 2 and Pool 3; 

    

    (iii) to
      the Class A1 Certificates, Current Interest and any Carryforward Interest for
      such Class for such Distribution Date; and

    

    (iv) for
      application pursuant to Section 5.02(e) below any Interest Remittance Amount
      for
      Pool 1 remaining undistributed after application pursuant to clause (i)
      through (iii) of this Section 5.02(b) for such Distribution Date.

    

    (c) On
      each Distribution Date (or with respect to clauses (i) and (ii) below on the
      related Swap Payment Date), the Trustee shall distribute the Interest Remittance
      Amount for Pool 2 for such date in the following order of priority:

    

    (i) for
      deposit into the Swap Account, an amount equal to the lesser of (x) the product
      of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
      due
      to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the
      related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such
      Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such
      Distribution Date;

    

    (ii) for
      deposit into the Swap Account, the amount of any Net Swap Payment or Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date (after giving effect to
      distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above
      and
      subsection 5.02(d)(i) below) for such Distribution Date, to be paid concurrently
      and in proportion to Principal Distribution Amounts available with respect
      to
      Pool 1 and Pool 3;

    

    (iii) to
      the Class A2 Certificates, Current Interest and any Carryforward Interest for
      such Class and such Distribution Date; and

    

    (iv) for
      application pursuant to Section 5.02(e) below, any Interest Remittance Amount
      for Pool 2 remaining undistributed after application pursuant to clauses
      (i) through (iii) of this Section 5.02(c) for such Distribution
      Date.

    

    (d) On
      each Distribution Date (or with respect to clauses (i) and (ii) below on the
      related Swap Payment Date), the Trustee shall distribute the Interest Remittance
      Amount for Pool 3 for such date in the following order of priority:

    

    
      
        
        

      

      
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    (i) for
      deposit into the Swap Account, an amount equal to the lesser of (x) the product
      of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
      due
      to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the
      related Swap Payment Date and (B) the Pool Percentage for Pool 3 for such
      Distribution Date and (y) the Interest Remittance Amount for Pool 3 for such
      Distribution Date;

    

    (ii) for
      deposit into the Swap Account, the amount of any Net Swap Payment or Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date (after giving effect to
      distributions made pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i)
      above) for such Distribution Date, to be paid concurrently and in proportion
      to
      Principal Distribution Amounts available with respect to Pool 1 and
      Pool 2;

    

    (iii) concurrently,
      on a pro rata basis, to each Class of the Group 3 Senior Certificates, Current
      Interest and any Carryforward Interest for such Classes and such Distribution
      Date; provided, however, that any shortfall in Current Interest and Carryforward
      Interest shall be allocated among such Classes in proportion to the amount
      of
      Current Interest and Carryforward Interest that would otherwise be distributable
      thereon; and

    

    (iv) for
      application pursuant to Section 5.02(e) below, any Interest Remittance Amount
      for Pool 3 remaining undistributed after application pursuant to clauses
      (i) through (iii) of this Section 5.02(d) for such Distribution
      Date.

    

    (e) On
      each Distribution Date, the Trustee shall distribute the aggregate of any
      remaining Interest Remittance Amounts from subsections 5.02(b)(iv), 5.02(c)(iv)
      and 5.02(d)(iv) above in the following order of priority: 

    

    (i) concurrently,
      on a pro rata basis, to each Class of Senior Certificates, Current Interest
      and
      any Carryforward Interest (taking into account distributions pursuant to
      subsections 5.02(b)(iii), 5.02(c)(iii) and 5.02(d)(iii) above) for each such
      Class and such Distribution Date; provided, however, that any shortfall in
      Current Interest and Carryforward Interest shall be allocated among such Classes
      in proportion to the amount of Current Interest and Carryforward Interest that
      would otherwise be distributable thereon;

    

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

    

    (iii) to
      the Credit Risk Manager, the Credit Risk Manager’s Fee;

    

    (iv) to
      the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not
      previously reimbursed to the Trustee; and

    

    (v) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (g) of this Section, any Interest Remittance Amount
      remaining undistributed for such Distribution Date.

    

    
      
        
        

      

      
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    (f) On
      each Distribution Date or related Swap Payment Date, as applicable, the Trustee
      shall distribute the Principal Distribution Amount with respect to each Mortgage
      Pool for such date as follows:

    

    (i) On
      each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1),
      (B)(2), (C)(1) and (C)(2) below, on the related Swap Payment Date) (a) prior
      to
      the Stepdown Date or (b) with respect to which a Trigger Event is in effect,
      until the aggregate Certificate Principal Amount of the LIBOR Certificates
      equals the Target Amount for such Distribution Date, the Trustee shall make
      the
      following distributions, concurrently: 

    

    (A) For
      Pool 1:
      The Principal Distribution Amount for Pool 1 will be distributed in the
      following order of priority:

    

    (1) for
      deposit into the Swap Account, an amount equal to the lesser of (x) the product
      of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
      due
      to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the
      related Swap Payment Date (to the extent not paid previously or from the
      Interest Remittance Amount for such Distribution Date) and (B) the Pool
      Percentage for Pool 1 for such Distribution Date and (y) the Principal
      Remittance Amount for Pool 1 for such Distribution Date;

    

    (2) for
      deposit into the Swap Account, the amount of any Net Swap Payment or Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date (after giving effect to
      distributions made pursuant to subsections 5.02(f)(i)(A)(1) above and
      5.02(f)(i)(B)(1) and 5.02(f)(i)(C)(1) below, and to the extent not paid
      previously or from the Interest Remittance Amount for such Distribution Date),
      to be paid concurrently and in proportion to the Principal Distribution Amounts
      available with respect to Pool 2 and Pool 3;

    

    (3) to
      the Class A1 Certificates, until the Class Principal Amount of such Class has
      been reduced to zero; and

    

    (4) for
      application pursuant to subsection 5.02(f)(ii) below, any such Principal
      Distribution Amount for Pool 1 remaining undistributed for such
      Distribution Date.

    

    (B) For
      Pool 2:
      The Principal Distribution Amount for Pool 2 will be distributed in the
      following order of priority:

    

    (1) for
      deposit into the Swap Account, an amount equal to the lesser of (x) the product
      of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
      due
      to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the
      related Swap Payment Date (to the extent not paid previously or from the
      Interest Remittance Amount for such Distribution Date) and (B) the Pool
      Percentage for Pool 2 for such Distribution Date and (y) the Principal
      Remittance Amount for Pool 2 for such Distribution Date;

    

    
      
        
        

      

      
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    (2) for
      deposit into the Swap Account, the amount of any Net Swap Payment or Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date (after giving effect to
      distributions made pursuant to subsections 5.02(f)(i)(A)(1) and 5.02(f)(i)(B)(1)
      above and 5.02(f)(i)(C)(1) below, and to the extent not paid previously or
      from
      the Interest Remittance Amount for such Distribution Date), to be paid
      concurrently and in proportion to the Principal Distribution Amounts available
      with respect to Pool 1 and Pool 3;

    

    (3) to
      the Class A2 Certificates, until the Class Principal Amount of such Class has
      been reduced to zero; and

    

    (4) for
      application pursuant to subsection 5.02(f)(ii) below, any such Principal
      Distribution Amount for Pool 2 remaining undistributed for such
      Distribution Date.

    

    (C) For
      Pool 3:
      The Principal Distribution Amount for Pool 3 will be distributed in the
      following order of priority: 

    

    (1) for
      deposit into the Swap Account, an amount equal to the lesser of (x) the product
      of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
      due
      to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the
      related Swap Payment Date (to the extent not paid previously or from the
      Interest Remittance Amount for such Distribution Date) and (B) the Pool
      Percentage for Pool 3 for such Distribution Date and (y) the Principal
      Remittance Amount for Pool 3 for such Distribution Date;

    

    (2) for
      deposit into the Swap Account, the amount of any Net Swap Payment or Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date (after giving effect to
      distributions made pursuant to subsections 5.02(f)(i)(A)(1), 5.02(f)(i)(B)(1)
      and 5.02(f)(i)(C)(1) above, and to the extent not paid previously or from the
      Interest Remittance Amount for such Distribution Date), to be paid concurrently
      and in proportion to the Principal Distribution Amounts available with respect
      to Pool 1 and Pool 2;

    

    (3) to
      the Class A3, Class A4, Class A5 and Class A6 Certificates, sequentially, in
      that order, until the Class Principal Amount of each such Class has been reduced
      to zero; and

    

    
      
        
        

      

      
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    (4) for
      application pursuant to subsection 5.02(f)(ii) below, any such Principal
      Distribution Amount for Pool 3 remaining undistributed for such
      Distribution Date. 

    

    (ii) On
      each Distribution Date, the Trustee shall distribute the aggregate of any
      remaining Principal Distribution Amounts from subsections 5.02(f)(i)(A)(4),
      5.02(f)(i)(B)(4) and 5.02(f)(i)(C)(4) above, in the following order of priority:
      

    

    (A) concurrently,
      on a pro rata basis, in proportion to the aggregate Class Principal Amount
      of
      the Group 1 Senior Certificates, the Group 2 Senior Certificates and the Group
      3
      Senior Certificates related to each Group, after giving effect to principal
      distributions on such Distribution Date pursuant to subsections
      5.02(f)(i)(A)(3), 5.02(f)(i)(B)(3) and 5.02(f)(i)(C)(3) above, to the Group
      1
      Senior Certificates, the Group 2 Senior Certificates and the Group 3 Senior
      Certificates, in each case in accordance with the Related Senior Priority,
      until
      the Class Principal Amount of each such Class has been reduced to zero;

    

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

    

    (C) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      provided in subsection (g) of
      this Section, any Principal Distribution Amount remaining after application
      pursuant to clauses (A) and (B) of this Section 5.02(f)(ii).

    

    Any
      Principal Distribution Amount remaining on any Distribution Date after the
      Target Amount is achieved will be applied as part of Monthly Excess Cashflow
      for
      such Distribution Date as provided in subsection (g) of this
      Section.

    

    (ii) On
      each Distribution Date (or, with respect to clauses (A) and (B) below, on the
      related Swap Payment Date) (a) on or after the Stepdown Date and (b) with
      respect to which a Trigger Event is not in effect, the Principal Distribution
      Amount for each Mortgage Pool for such date will be distributed in the following
      order of priority:

    

    (A)
      for
      deposit into the Swap Account, an amount equal to the lesser of (x) the product
      of (1) the amount of any Net Swap Payment or Swap Termination Payment (not
      due
      to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the
      related Swap Payment Date (to the extent not paid previously or from the
      Interest Remittance Amount for such Distribution Date) and (2) the Pool
      Percentage for the related Mortgage Pool for such Distribution Date and (y)
      the
      Principal Remittance Amount for such Mortgage Pool for such Distribution
      Date;

    

    (B)
      for
      deposit into the Swap Account, the amount of any Net Swap Payment or Swap
      Termination Payment (not due to a Swap Counterparty Trigger Event) owed to
      the
      Swap Counterparty on the related Swap Payment Date (after giving effect to
      distributions made pursuant to subsection 5.02(f)(iii)(A) above, and to the
      extent not paid previously or from the Interest Remittance Amount from all
      three
      Mortgage Pools for such Distribution Date), to be paid concurrently and in
      proportion to the Principal Distribution Amounts available with respect to
      each
      Mortgage Pool;

    

    
      
        
        

      

      
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    (C)
      (1)
      so long as any of the Subordinate Certificates are outstanding, to the Class
      A1
      Certificates (from amounts generated by Pool 1, except as provided below),
      to
      the Class A2 Certificates (from amounts generated by Pool 2, except as provided
      below) and to the Group 3 Senior Certificates in accordance with the Related
      Senior Priority (from amounts generated by Pool 3, except as provided below)
      in
      each case, an amount equal to the lesser of (x) the excess of (a) the Principal
      Distribution Amount for the related Mortgage Pool for such Distribution Date
      over (b) the amount paid to the Supplemental Interest Trust for deposit into
      the
      Swap Account on the related Swap Payment Date pursuant to clauses (A) and (B)
      above and (y) the Related Senior Principal Distribution Amount for such Mortgage
      Pool for such Distribution Date, in each case, until the Class Principal Amount
      of each such Class has been reduced to zero; provided,
      however,
      to the extent that the Principal Distribution Amount for a Mortgage Pool exceeds
      the Related Senior Principal Distribution Amount for such Mortgage Pool, such
      excess shall be applied to the Senior Certificates related to the other Mortgage
      Pools (in accordance with the Related Senior Priority), but in an amount not
      to
      exceed the Senior Principal Distribution Amount for such Distribution Date
      (as
      reduced by any distributions pursuant to subclauses (x) or (y) of this clause
      (1) on such Distribution Date); or (2) if none of the Subordinate Certificates
      are outstanding, to the Group 1 Senior Certificates, the Group 2 Senior
      Certificates and the Group 3 Senior Certificates (in each case in accordance
      with the Related Senior Priority), the excess of (A) the Principal Distribution
      Amount for the related Mortgage Pool for such Distribution Date over (B) the
      amount paid to the Supplemental Interest Trust for deposit into the Swap Account
      for the related Mortgage Pool on the related Swap Payment Date pursuant to
      clauses (A) and (B) above, in each case until the Class Principal Amount of
      each
      such Class has been reduced to zero;

    

    (D)
      to
      the Class M1, Class M2 and Class M3 Certificates, sequentially and in that
      order, an amount equal to the lesser of (x) the excess of (a) the aggregate
      of
      the Principal Distribution Amounts for Pool 1, Pool 2 and Pool 3 for such
      Distribution Date over (b) the amount paid to the Supplemental Interest Trust
      for deposit into the Swap Account or distributed to the Senior Certificates
      on
      such date pursuant to clauses (A) through (C) above, and (y) the M3 Principal
      Distribution Amount for such date, until the Class Principal Amount of each
      such
      Class has been reduced to zero;

    

    (E)
      to
      the Class M4 Certificates, an amount equal to the lesser of (x) the excess
      of (a) the aggregate of the Principal Distribution Amounts for Pool 1, Pool
      2
      and Pool 3 for such Distribution Date over (b) the amount paid to the
      Supplemental Interest Trust for deposit into the Swap Account or distributed
      to
      the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates
      on
      such date pursuant to clauses (A) through (D) above, and (y) the M4 Principal
      Distribution Amount for such date, until the Class Principal Amount of such
      Class has been reduced to zero;

    

    
      
        
        

      

      
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    (F)
      to
      the Class M5 Certificates, an amount equal to the lesser of (x) the excess
      of
      (a) the aggregate of the Principal Distribution Amounts for Pool 1, Pool 2
      and
      Pool 3 for such Distribution Date over (b) the amount paid to the Supplemental
      Interest Trust for deposit into the Swap Account or distributed to the Senior
      Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates
      on
      such date pursuant to clauses (A) through (E) above, and (y) the M5 Principal
      Distribution Amount for such date, until the Class Principal Amount of such
      Class has been reduced to zero; 

    

    (G)
      to
      the Class M6 Certificates, an amount equal to the lesser of (x) the excess
      of
      (a) the aggregate of the Principal Distribution Amounts for Pool 1, Pool 2
      and
      Pool 3 for such Distribution Date over (b) the amount paid to the Supplemental
      Interest Trust for deposit into the Swap Account or distributed to the Senior
      Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5
      Certificates on such date pursuant to clauses (A) through (F) above, and (y)
      the
      M6 Principal Distribution Amount for such date, until the Class Principal Amount
      of such Class has been reduced to zero;

    

    (H)
      to
      the Class M7 Certificates, an amount equal to the lesser of (x) the excess
      of
      (a) the aggregate of the Principal Distribution Amounts for Pool 1, Pool 2
      and
      Pool 3 for such Distribution Date over (b) the amount paid to the Supplemental
      Interest Trust for deposit into the Swap Account or distributed to the Senior
      Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class
      M6 Certificates on such date pursuant to clauses (A) through (G) above, and
      (y)
      the M7 Principal Distribution Amount for such date, until the Class Principal
      Amount of such Class has been reduced to zero; 

    

    (I)
      to
      the Class M8 Certificates, an amount equal to the lesser of (x) the excess
      of
      (a) the aggregate of the Principal Distribution Amounts for Pool 1, Pool 2
      and
      Pool 3 for such Distribution Date over (b) the amount paid to the Supplemental
      Interest Trust for deposit into the Swap Account or distributed to the Senior
      Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class
      M6
      and Class M7 Certificates on such date pursuant to clauses (A) through (H)
      above, and (y) the M8 Principal Distribution Amount for such date, until the
      Class Principal Amount of such Class has been reduced to zero;

    

    (J)
      to
      the Class M9 Certificates, an amount equal to the lesser of (x) the excess
      of
      (a) the aggregate of the Principal Distribution Amounts for Pool 1, Pool 2
      and
      Pool 3 for such Distribution Date over (b) the amount paid to the Supplemental
      Interest Trust for deposit into the Swap Account or distributed to the Senior
      Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class
      M6,
      Class M7 and Class M8 Certificates on such date pursuant to clauses (A) through
      (I) above, and (y) the M9 Principal Distribution Amount for such date, until
      the
      Class Principal Amount of such Class has been reduced to zero; 

    

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

    (K)
      to
      the Class B Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the aggregate of the Principal Distribution Amounts for Pool 1, Pool 2 and
      Pool
      3 for such Distribution Date over (b) the amount paid to the Supplemental
      Interest Trust for deposit into the Swap Account or distributed to the Senior
      Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class
      M6,
      Class M7, Class M8 and Class M9 Certificates on such date pursuant to clauses
      (A) through (J) above, and (y) the B Principal Distribution Amount for such
      date, until the Class Principal Amount of such Class has been reduced to zero;
      

    

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

    

    (g) On
      each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow
      for such date in the following order of priority:

    

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

    

    (A)
      concurrently,
      to the Group 1 Senior Certificates, the Group 2 Senior Certificates and the
      Group 3 Senior Certificates, in proportion to the aggregate Class Principal
      Amount of the Senior Certificates related to each Group, after giving effect
      to
      previous principal distributions on such Distribution Date pursuant to
      subsection 5.02(f)(ii)(A) above, to the Group 1 Senior Certificates, Group
      2
      Senior Certificates and Group 3 Senior Certificates, in each case in accordance
      with the Related Senior Priority, in reduction of their respective Class
      Principal Amounts, until the Class Principal Amount of each such Class has
      been
      reduced to zero; and

    

    (B)
      to
      each Class of Subordinate Certificates, in accordance with the Subordinate
      Priority, in reduction of their respective Class Principal Amounts, until the
      Class Principal Amount of each such Class has been reduced to zero.

    

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

    

    (A)
      concurrently,
      to the Group 1 Senior Certificates, Group 2 Senior Certificates and Group 3
      Senior Certificates, in proportion to the aggregate Class Principal Amount
      of
      the Senior Certificates related to each Group, after giving effect to previous
      principal distributions on such Distribution Date pursuant to subsection
      5.02(f)(iii)(C) above, to the Group 1 Senior Certificates, Group 2 Senior
      Certificates and Group 3 Senior Certificates, in each case in accordance with
      the Related Senior Priority, in reduction of their respective Class Principal
      Amounts, until the aggregate Class Principal Amount of each such Class, after
      giving effect to distributions on such Distribution Date, equals the Senior
      Target Amount;

    

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

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

    

    (iii) to
      each Class of Subordinate Certificates, in accordance with the Subordinate
      Priority, any Deferred Amount for each such Class and such Distribution
      Date;

    

    (iv) to
      the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for
      such
      Distribution Date, and then from the Basis Risk Reserve Fund, in the following
      order of priority:

    

    (A)
      concurrently,
      in proportion to their respective Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls, to each Class of Senior Certificates, any applicable Basis Risk
      Shortfall and Unpaid Basis Risk Shortfall for each such Class and such
      Distribution Date;

    

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

    

    (C)
      to
      the Swap Account, for application pursuant to Section 5.02(g)(vi), any amounts
      remaining in the Basis Risk Reserve Fund, after taking into account
      distributions pursuant to clauses (A) and (B) above, in excess of the
      Required Reserve Fund Deposit for such Distribution Date;

    

    (v) on
      the Distribution Date occurring in October 2009 (or the next succeeding
      Distribution Date on which sufficient funds are available in the Certificate
      Account to make such distributions to the Class P Certificates), $100 to the
      Class P Certificates in payment of its Class P Principal Amount; 

    

    (vi) to
      the Swap Account, the Class X Distributable Amount (less any Basis Risk Payment
      for such Distribution Date) for such Distribution Date, for application pursuant
      to Section 5.02(h)(x) and Section 5.02(h)(xi) below; and

    

    (vii) to
      the Class LT-R Certificate, any amount remaining on such date after application
      pursuant to clauses (i) through (vi) above to the extent attributable to REMIC
      1, and otherwise to the Class R Certificates.

    

    (h) On
      each Distribution Date (or, with respect to clauses (i), (ii), (ix) and (x)
      below, on the related Swap Payment Date), the Trustee shall distribute the
      Swap
      Amount for such date as follows:

    

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

    

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

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

    

    (iii) concurrently,
      to the Senior Certificates, Current Interest and any Carryforward Interest
      for
      each such Class and such Distribution Date, to the extent unpaid (any shortfall
      in Current Interest and Carryforward Interest to be allocated among such Classes
      in proportion to the amount of Current Interest and Carryforward Interest that
      would have otherwise been distributable thereon);

    

    (iv) to
      the Subordinate Certificates, in accordance with the Subordinate Priority,
      Current Interest and any Carryforward Interest for each such Class and such
      Distribution Date to the extent unpaid; 

    

    (v) to
      the LIBOR Certificates, any amount necessary to maintain the Targeted
      Overcollateralization Amount as specified in Sections 5.02(g)(i) and (ii) above
      for such Distribution Date, for application pursuant to the priorities set
      forth
      in such Sections, after giving effect to distributions pursuant to such
      Sections; provided, however, that the sum of all such amounts distributed
      pursuant to this Section 5.02(h)(v) and all amounts distributed pursuant to
      Section 5.02(h)(vi) and Sections 5.02(i)(iii) and (iv) shall not exceed the
      aggregate amount of cumulative Realized Losses incurred from the Cut-off Date
      through the last day of the related Collection Period less any amounts
      previously distributed pursuant to this Section 5.02(h)(v) and Section
      5.02(h)(vi) together with any amounts previously distributed pursuant to
      Sections 5.02(i)(iii) and (iv);

    

    (vi) to
      the Subordinate Certificates, in accordance with the Subordinate Priority,
      any
      Deferred Amount for each such Class and such Distribution Date, to the extent
      unpaid; provided, however, that the sum of all such amounts distributed pursuant
      to this Section 5.02(h)(vi) and all amounts distributed pursuant to Section
      5.02(h)(v) and Sections 5.02(i)(iii) and (iv) shall not exceed the aggregate
      amount of cumulative Realized Losses incurred from the Cut-off Date through
      the
      last day of the related Collection Period less any amounts previously
      distributed pursuant to this Section 5.02(h)(vi) and Section 5.02(h)(v) together
      with any amounts previously distributed pursuant to Sections 5.02(i)(iii) and
      (iv);

    

    (vii) to
      the Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such Class for such Distribution Date, for application
      pursuant to the priorities set forth in Section 5.02(g)(iv)(A), to the extent
      unpaid;

    

    (viii) to
      the Subordinate Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such class and for such Distribution Date, for application
      pursuant to the priorities set forth Section 5.02(g)(iv)(B), to the extent
      unpaid;

    

    (ix) if
      applicable, to the Swap Termination Receipts Account for application to the
      purchase of a replacement swap agreement pursuant to Section
      5.09(a);

    

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    (x) to
      the Swap Counterparty, any unpaid Swap Termination Payment due to a Swap
      Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap
      Agreement;

    

    (xi) to
      the Class X Certificates, any remaining amount deposited into the Swap Account
      pursuant to Section 5.02(g)(iv)(C) or Section 5.02(g)(vi) and any remaining
      Swap
      Amount; and

    

    (xii) on
      the first Distribution Date on which the Class Principal Amount of each Class
      of
      Certificates has been reduced to zero, to the Class X Certificates, all amounts
      remaining in the Swap Account.

    

    (i) On
      each Distribution Date, the Trustee shall distribute the Interest Rate Cap
      Amount for such date after making all distributions under Section 5.02(h) above
      as follows:

    

    (i) concurrently,
      to the Senior Certificates, Current Interest and any Carryforward Interest
      for
      each such class for such Distribution Date, to the extent unpaid pursuant to
      Section 5.02(h)(iii) above (any shortfall in Current Interest and Carryforward
      Interest to be allocated among such Classes in proportion to the amount of
      Current Interest and Carryforward Interest that would have otherwise been
      distributable thereon);

    

    (ii) to
      the Subordinate Certificates, in accordance with the Subordinate Priority,
      Current Interest and any Carryforward Interest for such class and such
      Distribution Date to the extent unpaid;

    

    (iii) to
      the LIBOR Certificates, any amount necessary to maintain the Targeted
      Overcollateralization Amount specified in Sections 5.02(g)(i) and (ii) above
      for
      such Distribution Date, for application pursuant to the priorities set forth
      in
      such Sections; provided, however, that the sum of all such amounts distributed
      pursuant to this Section 5.02(i)(iii) and all amounts distributed pursuant
      to
      Section 5.02(i)(iv) and Sections 5.02(h)(v) and (vi) shall not exceed the
      aggregate amount of cumulative Realized Losses incurred from the Cut-off Date
      through the last day of the related Collection Period less any amounts
      previously distributed pursuant to this Section 5.02(i)(iii) and Section
      5.02(i)(iv) together with any amounts previously distributed pursuant to
      Sections 5.02(h)(v) and (vi);

    

    (iv) to
      the Subordinate Certificates, in accordance with the Subordinate Priority,
      any
      Deferred Amount for each such class and such Distribution Date to the extent
      unpaid; provided, however, that the sum of all such amounts distributed pursuant
      to this Section 5.02(i)(iv) and all amounts distributed pursuant to Section
      5.02(i)(iii) and Sections 5.02(h)(v) and (vi) shall not exceed the aggregate
      amount of cumulative Realized Losses incurred from the Cut-off Date through
      the
      last day of the related Collection Period less any amounts previously
      distributed pursuant to this Section 5.02(i)(iv) and Section 5.02(i)(iii)
      together with any amounts previously distributed pursuant to Sections 5.02(h)(v)
      and (vi);

    

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

    (v) to
      the Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such class and for such Distribution Date, for application
      pursuant to the priorities set forth in Section 5.02(g)(iv)(A), to the extent
      unpaid;

    

    (vi) to
      the Subordinate Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such class and for such Distribution Date, for application
      pursuant to the priorities set forth in Section 5.02(g)(iv)(B), to the extent
      unpaid; 

    

    (vii) to
      the Cap Termination Receipts Account for application to the purchase of a
      replacement cap agreement pursuant to Section 5.09(b); and

    

    (viii) to
      the Class X Certificates, any remaining Interest Rate Cap Amount.

    

    (j) On
      each Distribution Date, an amount equal to the aggregate of all Prepayment
      Premiums collected during the preceding Prepayment Period shall be distributed
      to the Class P Certificates.

    

    (k) 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 Total
      Distribution Amount (to the extent such amount is on deposit in the Certificate
      Account), and shall allocate such amount to the interests issued in respect
      of
      the Lower Tier REMIC 1 Uncertificated Regular Interests created pursuant to
      this
      Agreement and shall distribute such amount first,
      for deposit into the Swap Account, an amount equal to any Net Swap Payment
      or
      Swap Termination Payment owed to the Swap Counterparty on the related Swap
      Payment Date, second,
      to the Credit Risk Manager, the Credit Risk Manager’s Fee, third,
      to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and
      not
      previously reimbursed to the Trustee and fourth,
      to the LTURI-holder, any remaining Total Distribution Amount to the extent
      payable on the Lower Tier REMIC 1 Uncertificated Regular Interests as provided
      in the Preliminary Statement, and fifth,
      to the Class LT-R Certificates.

    

    (l) On
      each Swap Payment Date occurring after a Section 7.01(c) Purchase Event but
      on
      or prior to a Trust Fund Termination Event, the Trustee shall distribute the
      Swap Amount for such date first,
      to the Swap Counterparty to pay any Net Swap Payment owed to the Swap
      Counterparty pursuant to the Swap Agreement for such Swap Payment Date;
second,
      to the Swap Counterparty, to pay any Swap Termination Payment owed to the Swap
      Counterparty pursuant to the Swap Agreement for such Swap Payment Date,
third,
      if applicable, to the Swap Termination Receipts Account, for application to
      the
      purchase of a replacement swap agreement pursuant to Section 5.09(a); and
fourth,
      any remaining amount of Swap Amount, to the LTURI-holder.

    

    (m) 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 shall distribute any
      amounts received from the Cap Counterparty under the Interest Rate Cap Agreement
      for such Distribution Date first,
      to the Cap Termination Receipts Account, for application to the purchase of
      a
      replacement cap agreement pursuant to Section 5.09(b); and second,
      any remaining amount from the Cap Counterparty under the Interest Rate Cap
      Agreement, to the LTURI-holder. 

    

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    (n) On
      each Distribution Date, an amount equal to the aggregate PPTL Premium collected
      during the preceding Prepayment Period shall be distributed to the Class X
      Certificates.

    

    Section
      5.03. Allocation
      of Losses. 

    

    On
      each Distribution Date, the Class Principal Amounts of the Subordinate
      Certificates will be reduced by the amount of any Applied Loss Amount for such
      date, in the following order of priority:

    

    (i) to
      the Class B Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    (x) to
      the Class M1 Certificates, until the Class Principal Amount thereof has been
      reduced to zero.

    

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

    

    (a) Subject
      to Section 9.07, Advances shall be made in respect of each Master Servicer
      Remittance Date as provided herein. If, on any Determination Date, the Servicer
      determines that any Scheduled Payments (or in the case of Simple Interest
      Mortgage Loans, the amount of any scheduled interest payments) due during the
      related Collection Period (other than Balloon Payments) have not been received,
      the Servicer shall advance such amount to the extent provided in the Servicing
      Agreement. If the Servicer fails to remit Advances required to be made under
      the
      Servicing Agreement, the Master Servicer shall itself make, or shall cause
      the
      successor servicer to make, such Advance on the Master Servicer Remittance
      Date
      immediately following such Determination Date. If the Master Servicer determines
      that an Advance is required, it shall on the Master Servicer Remittance Date
      immediately following such Determination Date either (i) remit to the Trustee
      from its own funds (or funds advanced by the Servicer) for deposit in the
      Certificate Account immediately available funds in an amount equal to such
      Advance, (ii) cause to be made an appropriate entry in the records of the
      Collection Account that funds in such account being held for future distribution
      or withdrawal have been, as permitted by this Section 5.04, used by the Master
      Servicer to make such Advance, and remit such immediately available funds to
      the
      Trustee for deposit in the Certificate Account or (iii) make Advances in the
      form of any combination of clauses (i) and (ii) aggregating the amount of such
      Advance. Any funds being held in the Collection Account for future distribution
      to Certificateholders and so used shall be replaced by the Master Servicer
      from
      its own funds by remittance to the Trustee for deposit in the Certificate
      Account on or before any future Master Servicer Remittance Date to the extent
      that funds in the Certificate Account on such Master Servicer Remittance Date
      shall be less than payments to Certificateholders required to be made on the
      related Distribution Date. The Master Servicer and the Servicer shall be
      entitled to be reimbursed from the Collection Account for all Advances made
      by
      it as provided in Section 4.02. Notwithstanding anything to the contrary herein,
      in the event the Master Servicer determines in its reasonable judgment that
      an
      Advance is non-recoverable, the Master Servicer shall be under no obligation
      to
      make such Advance.

    

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

    (b) In
      the event that the Master Servicer or the Servicer fails for any reason to
      make
      an Advance required to be made pursuant to this Section 5.04 on or before the
      Master Servicer Remittance Date, the Trustee, solely in its capacity as
      successor master servicer pursuant to Section 6.14, shall, on or before the
      related Distribution Date, deposit in the Certificate Account an amount equal
      to
      the excess of (a) Advances required to be made by the Master Servicer or the
      Servicer that would have been deposited in such Certificate Account over (b)
      the
      amount of any Advance made by the Master Servicer or 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 Interest Remittance
      Amount.

    

    Section
      5.06. Basis
      Risk Reserve Fund. 

    

    (a) On
      the Closing Date, the Trustee shall establish and maintain in its name, in
      trust
      for the benefit of the Certificateholders, a Basis Risk Reserve Fund, into
      which
      Lehman Brothers Holdings Inc. (“LBH”) shall initially deposit $1,000. The Basis
      Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein
      shall be held separate and apart from, and shall not be commingled with, any
      other monies, including, without limitation, other monies of the Trustee held
      pursuant to this Agreement.

    

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

    (b) The
      Trustee shall make withdrawals from the Basis Risk Reserve Fund to make
      distributions pursuant to Section 5.02(f)(iv) hereof in accordance with the
      Distribution Date statements.

    

    (c) Funds
      in the Basis Risk Reserve Fund shall be invested in Eligible Investments. The
      Class X Certificates shall evidence ownership of the Basis Risk Reserve Fund
      for
      federal income tax purposes and LBH on behalf of the Holder thereof shall direct
      the Trustee, in writing, as to investment of amounts on deposit therein. LBH
      shall be liable for any losses incurred on such investments. In the absence
      of
      written instructions from LBH as to investment of funds on deposit in the Basis
      Risk Reserve Fund, such funds shall be invested in the Wells Fargo Advantage
      Prime Money Market Fund. The Basis Risk Reserve Fund will be terminated after
      the earlier of (A) a Section 7.01(c) Purchase Event or (B) a Trust Fund
      Termination Event and any funds remaining in such fund upon such termination
      shall be released to Holders of the Class X Certificates.

    

    Section
      5.07. Supplemental
      Interest Trust. 

    

    (a) A
      separate trust is hereby established (the “Supplemental Interest Trust”), the
      corpus of which shall be held by the Trustee, in trust, for the benefit of
      the
      Certificateholders and the Swap Counterparty. The Trustee, as trustee of the
      Supplemental Interest Trust, shall establish an account (the “Swap Account”),
      into which LBH shall initially deposit $1,000. The Swap Account shall be an
      Eligible Account, and funds on deposit therein shall be held separate and apart
      from, and shall not be commingled with, any other monies, including, without
      limitation, other monies of the Trustee held pursuant to this Agreement.

    

    (b) In
      addition, the Trustee, as trustee of the Supplemental Interest Trust, shall
      establish an account (the “Interest Rate Cap Account”), into which LBH shall
      initially deposit $1,000. The Interest Rate Cap Account shall be an Eligible
      Account, and funds on deposit therein shall be held separate and apart from,
      and
      shall not be commingled with, any other monies, including, without limitation,
      other monies of the Trustee held pursuant to this Agreement.

    

    (c) The
      Trustee shall deposit into the Swap Account any Net Swap Payment required
      pursuant to Sections 5.02(b), (c), (d), (f) and (k), any Swap Termination
      Payment required pursuant to Sections 5.02(b), (c), (d), (f) and (k), any
      amounts received from the Swap Counterparty under the Swap Agreement and any
      amounts distributed from the Basis Risk Reserve Fund required pursuant to
      Sections 5.02(g)(iv)(C) and (g)(vi), and shall distribute from the Swap Account
      any Net Swap Payment required pursuant to Section 5.02(h)(i) or Section 5.02(l),
      as applicable, or Swap Termination Payment required pursuant to Sections
      5.02(h)(ii), Section 5.02(h)(x), or Section 5.02(l), as applicable. 

    

    (d) The
      Trustee shall deposit into the Interest Rate Cap Account any amounts received
      from the Cap Counterparty under the Interest Rate Cap Agreement and shall
      distribute from the Interest Rate Cap Account any Interest Rate Cap Amount
      pursuant to Section 5.02(i) or 5.02(m), as applicable.

    

    
      
        
        

      

      
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    (e) Funds
      in the Swap Account shall be invested in Eligible Investments. Any earnings
      on
      such amounts shall be distributed on each Distribution Date pursuant to Section
      5.02(h) or Section 5.02(l), as applicable. The Class X Certificates shall
      evidence ownership of the Swap Account for federal income tax purposes and
      the
      Holder 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 the Class X
      Certificateholders as to investment of funds on deposit in the Swap Account,
      such funds shall be invested in the Wells Fargo Advantage Prime Money Market
      Fund or comparable investment vehicle. Any amounts on deposit in the Swap
      Account in excess of the Swap Amount on any Distribution Date shall be held
      for
      distribution pursuant to Section 5.02(h) or Section 5.02(l), as applicable,
      on
      the following Distribution Date.

    

    (f) Funds
      in the Interest Rate Cap Account shall be invested in Eligible Investments.
      Any
      earnings on such amounts shall be distributed on each Distribution Date pursuant
      to Section 5.02(i) or Section 5.02(m), as applicable. The Class X Certificates
      shall evidence ownership of the Interest Rate Cap Account for federal income
      tax
      purposes and the Holder 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 the
      Class X Certificateholders as to investment of funds on deposit in the Interest
      Rate Cap Account, such funds shall be invested in the Wells Fargo Advantage
      Prime Money Market Fund or comparable investment vehicle. Any amounts on deposit
      in the Interest Rate Cap Account in excess of the Interest Rate Cap Amount
      on
      any Distribution Date shall be held for distribution pursuant to Section 5.02(i)
      or Section 5.02(m), as applicable, on the following Distribution
      Date.

    

    (g) Upon
      termination of the Trust Fund, any amounts remaining in the Swap Account shall
      be distributed pursuant to the priorities set forth in Sections 5.02(h) or
      5.02(l), as applicable.

    

    (h) Upon
      termination of the Trust Fund, any amounts remaining in the Interest Rate Cap
      Account shall be distributed pursuant to the priorities set forth in Section
      5.02(i) or Section 5.02(m), as applicable.

    

    (i) It
      is the intention of the parties hereto that, for federal and state income and
      state and local franchise tax purposes, the Supplemental Interest Trust be
      disregarded as an entity separate from the holder of the Class X Certificates
      unless and until the date when either (a) there is more than one Class X
      Certificateholder or (b) any Class of Certificates in addition to the Class
      X
      Certificates is recharacterized as an equity interest in the Supplemental
      Interest Trust for federal income tax purposes. The Trustee shall not be
      responsible for any entity level tax reporting for the Supplemental Interest
      Trust.

    

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

    

    
      
        
        

      

      
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    Section
      5.08. Rights
      of Swap Counterparty. 

    

    (a) The
      Swap Counterparty shall be deemed a third-party beneficiary of this Agreement
      to
      the same extent as if it were a party hereto and shall have the right, upon
      designation of an “Early Termination Date” (as defined in the Swap Agreement),
      to enforce its rights under this Agreement, which rights include but are not
      limited to the obligation of the Trustee (A) to deposit any Net Swap Payment
      required pursuant to Sections 5.02(b), (c), (d), (f) and (k), and any Swap
      Termination Payment required pursuant to Sections 5.02(b), (c), (d), (f) and
      (k), into the Swap Account, (B) to deposit any amounts from the Basis Risk
      Reserve Fund required pursuant to Sections 5.02(g)(iv)(C) and Section
      5.02(g)(vi) into the Swap Account, (C) to pay any Net Swap Payment required
      pursuant to Section 5.02(h)(i), or Section 5.02(l), as applicable, or Swap
      Termination Payment required pursuant to Sections 5.02(h)(ii), Section
      5.02(h)(x), or Section 5.02(l), as applicable to the Swap Counterparty and
      (D)
      to establish and maintain the Swap Account, to make such deposits thereto,
      investments therein and distributions therefrom as are required pursuant to
      Section 5.07. For the protection and enforcement of the provisions of this
      Section the Swap Counterparty shall be entitled to such relief as can be given
      either at law or in equity.

    

    Section
      5.09. Termination
      Receipts. 

    

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

    

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

    

    
      
        
        

      

      
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    Amounts
      on deposit in the Swap Replacement Receipts Account shall be held for the
      benefit of the related Swap Counterparty and paid to such Swap Counterparty
      if
      the Supplemental Interest Trust is required to make a payment to such Swap
      Counterparty following an event of default or termination event with respect
      to
      the Supplemental Interest Trust under the related Swap Agreement. Any amounts
      not so applied shall, following the termination or expiration of such Swap
      Agreement, be paid to the Class X Certificates.

    

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

    

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

    

    ARTICLE
      VI

    

    CONCERNING
      THE TRUSTEE; EVENTS OF DEFAULT

    

    Section
      6.01. Duties
      of Trustee. 

    

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

    

    
      
        
        

      

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

    

    (c) The
      Trustee shall not have any liability arising out of or in connection with this
      Agreement, except for its negligence or willful misconduct. 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 liable with respect to any action taken, suffered or
      omitted to be taken by it in good faith in accordance with the direction or
      with
      the consent of Holders as provided in Section 6.18 hereof;

    

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

    

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

    

    
      
        
        

      

      
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    (iv) The
      Trustee shall not be responsible for any act or omission of the Master Servicer,
      the Servicer, the Credit Risk Manager, the Depositor, the Seller, the Swap
      Counterparty, the Cap Counterparty or the Custodian.

    

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

    

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

    

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

    

    (g) The
      Trustee shall not be held liable by reason of any insufficiency in the
      Collection Account resulting from any investment loss on any Eligible Investment
      included therein (except to the extent that the Trustee is the obligor and
      has
      defaulted thereon).

    

    (h) The
      Trustee shall not have any duty (A) to see to any recording, filing, or
      depositing of this Agreement or any agreement referred to herein or any
      financing statement or continuation statement evidencing a security interest,
      or
      to see to the maintenance of any such recording or filing or depositing or
      to
      any rerecording, refiling or redepositing of any thereof, (B) to see to any
      insurance or claim under any Insurance Policy, and (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 or the Supplemental Interest Trust other than from funds
      available in the Collection Account or the Certificate Account, as applicable.
      Except as otherwise provided herein, the Trustee shall not have any duty to
      confirm or verify the contents of any reports or certificates of the Master
      Servicer, the Servicer, the Swap Counterparty, the Cap Counterparty or the
      Credit Risk Manager 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.

    

    
      
        
        

      

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

    

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

    

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

    

    (l) For
      so long as the Depositor is subject to Exchange Act reporting requirements
      for
      the First Franklin Mortgage Loan Trust 2006-FF15 transaction, the Trustee shall
      give prior written notice to the Sponsor, the Master Servicer and the Depositor
      of the appointment of any Subcontractor by it and a written description (in
      form
      and substance satisfactory to the Sponsor and the Depositor) of the role and
      function of each Subcontractor utilized by the Trustee, specifying (A) the
      identity of each such Subcontractor and (B) which elements of the servicing
      criteria set forth under Item 1122(d) of Regulation AB will be addressed in
      assessments of compliance provided by each such Subcontractor.

    

    Section
      6.02. Certain
      Matters Affecting the Trustee . 

    

    Except
      as otherwise provided in Section 6.01:

    

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

    

    (b) 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;

    

    (c) 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;

    

    
      
        
        

      

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

    

    (e) 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;

    

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

    

    (g) 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

    

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

    

    Section
      6.03. Trustee
      Not Liable for Certificates. 

    

    The
      Trustee makes no representations as to the validity or sufficiency of this
      Agreement, the Swap Agreement, or the Interest Rate Cap Agreement, the
      Certificates (other than the certificate of authentication on the Certificates)
      or the Lower Tier REMIC 1 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, the
      Swap Agreement or the Interest Rate Cap Agreement, or the validity, priority,
      perfection or sufficiency of the security for the Certificates or the Lower
      Tier
      REMIC 1 Uncertificated Regular Interests issued or intended to be issued
      hereunder. The Trustee shall not have any responsibility for filing any
      financing or continuation statement in any public office at any time or to
      otherwise perfect or maintain the perfection of any security interest or lien
      granted to it hereunder or to record this Agreement.

    

    
      
        
        

      

      
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    Section
      6.04. Trustee
      May Own Certificates. 

    

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

    

    Section
      6.05. Eligibility
      Requirements for Trustee. 

    

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

    

    Section
      6.06. Resignation
      and Removal of Trustee. 

    

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

    

    
      
        
        

      

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

    

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

    

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

    

    Section
      6.07. Successor
      Trustee. 

    

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

    

    
      
        
        

      

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

    

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

    

    (d) Upon
      the resignation or removal of the Trustee pursuant to this Section 6.07, the
      Trustee shall deliver the amounts held in its possession for the benefit of
      the
      Certificateholders to the successor trustee upon the appointment of such
      successor 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. Unless
      and until a Form 15 suspension notice shall have been filed, as a condition
      to
      the succession to the Trustee under this Agreement by any Person (i) into which
      the Trustee may be merged or consolidated, or (ii) which may be appointed as
      a
      successor to the Trustee, the Trustee shall notify the Sponsor, the Depositor
      and the Master Servicer, at least 15 calendar days prior to the effective date
      of such succession or appointment, of such succession or appointment and shall
      furnish to the Sponsor, the Depositor and the Master Servicer in writing and
      in
      form and substance reasonably satisfactory to the Sponsor, the Depositor and
      the
      Master Servicer, all information reasonably necessary for the Trustee to
      accurately and timely report, pursuant to Section 6.20, the event under Item
      6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the
      Exchange Act are required to be filed under the Exchange Act). 

    

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

    

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

    

    
      
        
        

      

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
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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. 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 requested
      by
      the Trustee to be so appointed (which compensation shall not reduce any
      compensation payable to the Trustee ) and, if paid by the Trustee, shall be
      a
      reimbursable expense pursuant to Section 6.12.

    

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

    

    Section
      6.10. Authenticating
      Agents. 

    

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

    

    
      
        
        

      

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

    

    (c) Any
      Authenticating Agent may at any time resign by giving at least 30 days’ advance
      written notice of resignation to the Trustee, any NIMS Insurer and the
      Depositor. The Trustee may at any time terminate the agency of any
      Authenticating Agent by giving written notice of termination to such
      Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving a
      notice of resignation or upon such a termination, or in case at any time any
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section 6.10, the Trustee may appoint a successor
      Authenticating Agent, shall give written notice of such appointment to the
      Depositor and any NIMS Insurer and shall mail notice of such appointment to
      all
      Holders of Certificates. Any successor Authenticating Agent upon acceptance
      of
      its appointment hereunder shall become vested with all the rights, powers,
      duties and responsibilities of its predecessor hereunder, with like effect
      as if
      originally named as Authenticating Agent. No successor Authenticating Agent
      shall be appointed unless eligible under the provisions of this Section 6.10.
      No
      Authenticating Agent shall have responsibility or liability for any action
      taken
      by it as such at the direction of the Trustee. Any Authenticating Agent shall
      be
      entitled to reasonable compensation for its services and, if paid by the
      Trustee, it shall be a reimbursable expense pursuant to Section
      6.12.

    

    Section
      6.11. Indemnification
      of Trustee. 

    

    The
      Trustee and its directors, officers, employees and agents shall be entitled
      to
      indemnification from the Trust Fund for any loss, liability or expense incurred
      in connection with any legal proceeding or incurred without negligence or
      willful misconduct on their part arising out of, or in connection with, the
      acceptance or administration of the trusts created hereunder or in connection
      with the performance of their duties hereunder or under the Swap Agreement,
      the
      Interest Rate Cap Agreement, the Mortgage Loan Sale Agreement, the Transfer
      Agreement, the Servicing Agreement or the 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, any NIMS Insurer and the Holders written notice thereof
      promptly after a Responsible Officer of the Trustee shall have knowledge thereof
      provided that the failure to provide such prompt written notice shall not affect
      the Trustee’s right to indemnification hereunder;

    

    
      
        
        

      

      
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    (ii) while
      maintaining control over its own defense, the Trustee shall cooperate and
      consult fully with the Depositor, the Master Servicer and any NIMS Insurer
      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, the Master Servicer and any NIMS Insurer, which
      consent shall not be unreasonably withheld.

    

    The
      Trustee shall be further indemnified by the Seller for and held harmless
      against, any loss, liability or expense arising out of, or in connection with,
      the provisions set forth in the fourth paragraph of Section 2.01(a) hereof,
      including, without limitation, all costs, liabilities and expenses (including
      reasonable legal fees and expenses) of investigating and defending itself
      against any claim, action or proceeding, pending or threatened, relating to
      the
      provisions of such paragraph.

    

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

    

    Section
      6.12. Fees
      and Expenses of Trustee and Custodian. 

    

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

    

    Section
      6.13. Collection
      of Monies. 

    

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

    

    
      
        
        

      

      
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    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) (other than
      with
      respect to the information referred to in clauses (xviii), (xix) and (xx) of
      such Section 4.03(a)) which continues unremedied for a period of two (2)
      Business Days after the date upon which written notice of such failure shall
      have been given to such Master Servicer by the Trustee, or to such Master
      Servicer and the Trustee by the Holders of not less than 25% of the Class
      Principal Amount of each Class of Certificates affected thereby; or

    

    (ii) Any
      failure by the Master Servicer to duly perform, within the required time period
      and without notice, its obligations to provide any certifications required
      pursuant to Sections 9.25 and 9.26; or

    

    (iii) Except
      with respect to those items listed in clause (ii) above, any failure by the
      Servicer to duly perform, within the required time period, without notice or
      grace period, its obligations to provide any information, data or materials
      required to be provided hereunder pursuant to Sections 9.23 and 9.29(b),
      including any items required to be included in any Exchange Act report;
      or

    

    (iv) Any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement which continues unremedied for
      a
      period of 30 days after the date on which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer
      by the Trustee, or to the Master Servicer and the Trustee by the Holders of
      more
      than 50% of the Aggregate Voting Interests of the Certificates or by any NIMS
      Insurer; or

    

    (v) 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

    

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

    

    
      
        
        

      

      
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    (vii) 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

    

    (viii) 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

    

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

    

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

    

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

    

    (xii) After
      receipt of notice from the Trustee or any NIMS Insurer, any failure of the
      Master Servicer to remit to the Trustee any payment required to be made to
      the
      Trustee for the benefit of Certificateholders under the terms of this Agreement,
      including any Advance, on any Master Servicer Remittance Date which such 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.

    

    
      
        
        

      

      
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    If
      an Event of Default described in clauses (i) through (xii) of this Section
      shall
      occur, then, in each and every case, subject to applicable law, so long as
      any
      such Event of Default shall not have been remedied within any period of time
      prescribed by this Section, the Trustee, by notice in writing to the Master
      Servicer may, and shall, if so directed by Certificateholders evidencing more
      than 50% of the Class Principal Amount 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 (xii) of this Section 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 (xii) 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, and only in its capacity as Master Servicer under this Agreement,
      whether with respect to the Mortgage Loans or otherwise, shall pass to and
      be
      vested in the Trustee; provided,
      however,
      the parties acknowledge that notwithstanding the preceding sentence there may
      be
      a transition period, not to exceed 90 days, in order to effect the transfer
      of
      the Master Servicing obligations to the Trustee; provided,
      further,
      the obligation to make Advances by the Trustee shall be effective upon the
      Trustee providing notice of termination to the Master Servicer pursuant to
      this
      Section 6.14. 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
      or its designee for administration by it of all amounts which shall at the
      time
      be or should have been deposited by the defaulting Master Servicer in the
      Collection Account maintained by such defaulting Master Servicer and any other
      account or fund maintained with respect to the Certificates or thereafter
      received with respect to the Mortgage Loans. The Master Servicer being
      terminated (or the Trust Fund, if the Master Servicer is unable to fulfill
      its
      obligations hereunder) as a result of an Event of Default shall bear all costs
      of a master servicing transfer, including but not limited to those of the
      Trustee reasonably allocable to specific employees and overhead, legal fees
      and
      expenses, accounting and financial consulting fees and expenses, and costs
      of
      amending the Agreement, if necessary.

    

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

    

    
      
        
        

      

      
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    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 4.02 to the extent such reimbursement relates to the period prior
      to
      such Master Servicer’s termination.

    

    If
      any Event of Default shall occur, the Trustee, upon a Responsible Officer of
      the
      Trustee becoming aware of the occurrence thereof, shall promptly notify any
      NIMS
      Insurer, the Swap Counterparty, the Cap Counterparty, and each Rating Agency
      of
      the nature and extent of such Event of Default. The Trustee shall immediately
      give written notice to the Master Servicer upon the Master Servicer’s failure to
      remit funds on the Master Servicer Remittance 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 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 or for
      any
      breach of representation or warranty by the Master Servicer. The Trustee shall
      have no liability relating to the representations and warranties of the Master
      Servicer set forth in Section 9.14. In the Trustee’s capacity as such successor,
      the Trustee shall have the same limitations on liability herein granted to
      the
      Master Servicer. As compensation therefor, the Trustee shall be entitled to
      receive all compensation payable to the Master Servicer under this Agreement,
      including the Master Servicing Fee.

    

    (c) Notwithstanding
      the above, the Trustee may, if it shall be unwilling to continue to so act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $15,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer in the assumption of all
      of
      the responsibilities, duties or liabilities of the Master Servicer hereunder.
      Any entity designated by the Trustee as a successor master servicer may be
      an
      Affiliate of the Trustee; provided,
      however,
      that, unless such Affiliate meets the net worth requirements and other standards
      set forth herein for a successor master servicer, 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 1 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. 

    

    
      
        
        

      

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

    

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

    

    Section
      6.16. Waiver
      of Defaults. 

    

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

    

    
      
        
        

      

      
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    Section
      6.17. Notification
      to Holders. 

    

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

    

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

    

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

    

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

    

    In
      the event that 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, any NIMS Insurer, the Trustee, the Swap
      Counterparty and the Cap Counterparty.

    

    Section
      6.20. Preparation
      of Tax Returns and Other Reports. 

    

    (a) The
      Trustee shall prepare or cause to be prepared on behalf of the Trust Fund,
      based
      upon information calculated in accordance with this Agreement pursuant to
      instructions given by the Depositor, and the Trustee shall file federal tax
      returns, all in accordance with Article X hereof. If the Trustee determines
      that
      a state tax return or other return is required, then, at its sole expense,
      the
      Trustee shall prepare and file such state income tax returns and such other
      returns as may be required by applicable law relating to the Trust Fund, and,
      if
      required by state law, and shall file any other documents to the extent required
      by applicable state tax law (to the extent such documents are in the Trustee’s
      possession). The Trustee shall forward copies to the Depositor of all such
      returns and supplemental tax information and such other information within
      the
      Trustee’s control as the Depositor may reasonably request in writing, and
      furnish to each Certificateholder, such forms and such information within the
      control of the Trustee as are required by the Code and the REMIC Provisions
      to
      be furnished to them (other than any Form 1099s). 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.

    

    
      
        
        

      

      
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    (b) The
      Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
      behalf of the Trust Fund and each of the REMICs specified in the Preliminary
      Statement, an application for an employer identification number on IRS Form
      SS-4
      or by any other acceptable method. The Trustee shall also file a Form 8811
      as
      required. The Trustee, upon receipt from the IRS of the Notice of Taxpayer
      Identification Number Assigned, shall upon request promptly forward a copy
      of
      such notice to the Trustee and the Depositor. The Trustee shall have no
      obligation to verify the information in any Form 8811 or Form SS-4
      filing.

    

    (c) The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter, the Trustee shall, in accordance with industry standards
      and the rules of the Commission as in effect from time to time (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.

    

    (d) Reports
      Filed on Form 10-D.

    

    (i) Within
      15 days after each Distribution Date (subject to permitted extensions under
      the
      Exchange Act), the Trustee shall prepare and file on behalf of the Trust Fund
      any Form 10-D required by the Exchange Act, in form and substance as required
      by
      the Exchange Act. The Trustee shall file each Form 10-D with a copy of the
      related Distribution Date Statement and a copy of each report made available
      by
      the Credit Risk Manager pursuant to Section 9.34 (provided each such report
      is
      made available to the Trustee in a format compatible with EDGAR filing
      requirements) attached thereto. Any disclosure in addition to the Distribution
      Date Statement that is required to be included on Form 10-D (“Additional Form
      10-D Disclosure”) shall be determined and prepared by and at the direction of
      the Depositor pursuant to the following paragraph and the Trustee will have
      no
      duty or liability for any failure hereunder to determine or prepare any
      Additional Form 10-D Disclosure, except as set forth in the next
      paragraph.

    

    (ii) As
      set forth on Exhibit P-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the First Franklin Mortgage Loan
      Trust
      2006-FF15 transaction shall be required to provide to the Depositor and the
      Trustee, to the extent known by a responsible officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Additional Form 10-D Disclosure,
      if applicable, and include with such Additional Form 10-D Disclosure, an
      Additional Disclosure Notification in the form attached hereto as Exhibit P-4
      and (B) the Depositor will approve, as to form and substance, or disapprove,
      as
      the case may be, the inclusion of the Additional Form 10-D Disclosure on Form
      10-D. The Sponsor will be responsible for any reasonable fees and expenses
      assessed or incurred by the Trustee in connection with including any Additional
      Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

    

    
      
        
        

      

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

    

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

    

    (e) Reports
      Filed on Form 10-K.

    

    
      
        
        

      

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

    

    (ii) As
      set forth on Exhibit P-2 hereto, no later than March 15 of each year that the
      Trust Fund is subject to the Exchange Act reporting requirements, commencing
      in
      2007, (A) certain parties to the First Franklin Mortgage Loan Trust 2006-FF15
      transaction shall be required to provide to the Depositor and the Trustee,
      to
      the extent known by a responsible officer thereof, in EDGAR-compatible form
      (which may be Word or Excel documents easily convertible to EDGAR format),
      or in
      such other form as otherwise agreed upon by the Trustee and such party, the
      form
      and substance of any Additional Form 10-K Disclosure, if applicable, and include
      with such Additional Form 10-K Disclosure, an Additional Disclosure Notification
      in the form attached hereto as Exhibit P-4 and (B) the Depositor will approve,
      as to form and substance, or disapprove, as the case may be, the inclusion
      of
      the Additional Form 10-K Disclosure on Form 10-K. The Trustee has no duty under
      this Agreement to monitor or enforce the performance by the parties listed
      on
      Exhibit P-2 of their duties under this paragraph or proactively solicit or
      procure from such parties any Form 10-K Disclosure Information. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Trustee in connection with including any Additional Form 10-K Disclosure on
      Form
      10-K pursuant to this paragraph. 

    

    
      
        
        

      

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

    

    (iv) Each
      Form 10-K shall include the Sarbanes-Oxley Certification. The Trustee, the
      Paying Agent and, if the Depositor is the Exchange Act Signing Party, the Master
      Servicer, shall, and the Trustee, the Paying Agent and the Master Servicer
      (if
      applicable) shall cause any Servicing Function Participant engaged by it to,
      provide to the Person who signs the Sarbanes-Oxley Certification (the
“Certifying Person”), by March 15 of each year in which the Trust Fund is
      subject to the reporting requirements of the Exchange Act (each, a “Back-Up
      Certification”), in the form attached hereto as Exhibit Q-1 (or, in the case of
      (x) the Paying Agent, such other form as agreed to between the Paying Agent
      and
      the Exchange Act Signing Party, and (y) the Trustee, the form attached hereto
      as
      Exhibit Q-2), upon which the Certifying Person, the entity for which the
      Certifying Person acts as an officer, and such entity’s officers, directors and
      Affiliates (collectively with the Certifying Person, “Certification Parties”)
      can reasonably rely. The senior officer of the Exchange Act Signing Party shall
      serve as the Certifying Person on behalf of the Trust Fund. In the event the
      Master Servicer, the Trustee, the Paying Agent or any Servicing Function
      Participant engaged by such parties is terminated or resigns pursuant to the
      terms of this Agreement, such party or Servicing Function Participant shall
      provide a Back-Up Certification to the Certifying Person pursuant to this
      Section 6.20(e)(iv) with respect to the period of time it was subject to this
      Agreement.

    

    
      
        
        

      

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

    

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

    

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

    

    (ii) As
      set forth on Exhibit P-3 hereto, for so long as the Trust Fund is subject to
      the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the second Business Day after the occurrence of a Reportable Event (A) certain
      parties to the First Franklin Mortgage Loan Trust 2006-FF15 transaction shall
      be
      required to provide to the Depositor and the Trustee, to the extent known by
      a
      responsible officer thereof, in EDGAR-compatible form (which may be Word or
      Excel documents easily convertible to EDGAR format), or in such other form
      as
      otherwise agreed upon by the Trustee and such party, the form and substance
      of
      any Form 8-K Disclosure Information, if applicable, and include with such Form
      8-K Disclosure Information, an Additional Disclosure Notification in the form
      attached hereto as Exhibit P-4 and (B) the Depositor will approve, as to form
      and substance, or disapprove, as the case may be, the inclusion of the Form
      8-K
      Disclosure Information. The Trustee has no duty under this Agreement to monitor
      or enforce the performance by the parties listed on Exhibit P-3 of their duties
      under this paragraph or proactively solicit or procure from such parties any
      Form 8-K Disclosure Information. The Sponsor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Trustee in connection
      with including any Form 8-K Disclosure Information on Form 8-K pursuant to
      this
      paragraph. 

    

    
      
        
        

      

      
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    (iii) After
      preparing the Form 8-K, the Trustee shall forward electronically, no later
      than
      Noon New York City time on the third Business Day after the Reportable Event,
      a
      draft copy of the Form 8-K to the Exchange Act Signing Party for review and
      approval. If the Master Servicer is the Exchange Act Signing Party, then the
      Form 8-K shall also be electronically distributed to the Depositor for review
      and approval. No later than Noon New York City time on the fourth Business
      Day
      after the Reportable Event, a senior officer of the Exchange Act Signing Party
      shall sign the Form 8-K and return an electronic or fax copy of such signed
      Form
      8-K (with an original executed hard copy to follow by overnight mail) to the
      Trustee. If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K
      needs to be amended, the Trustee will follow the procedures set forth in
      subsection (g) of this Section 6.20. Promptly (but no later than one Business
      Day) after filing with the Commission, the Trustee will, make available on
      its
      internet website a final executed copy of each Form 8-K filed by it pursuant
      to
      this Section 6.20(f). 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, arrange for execution
      or file such Form 8-K, not resulting from its own negligence, bad faith or
      willful misconduct. 

    

    (g) Suspension
      of Reporting Obligations; Amendments; Late Filings.

    

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

    

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

    

    
      
        
        

      

      
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    (h) 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.
      

    

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

    

    Section
      6.21. Reporting
      Requirements of the Commission.

    

    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 and the Depositor with the provisions of Regulation AB, as
      such
      may be amended or clarified from time to time. Therefore, each of the parties
      agrees that (a) the obligations of the parties hereunder shall be interpreted
      in
      such a manner as to accomplish compliance with Regulation AB, (b) the parties’
obligations hereunder will be supplemented and modified as necessary to be
      consistent with any such amendments, interpretive advice or guidance, convention
      or consensus among active participants in the asset-backed securities markets,
      advice of counsel, or otherwise in respect of the requirements of Regulation
      AB
      and (c) the parties shall comply with reasonable requests made by the Sponsor,
      the Master Servicer, the Depositor or the Trustee for delivery of additional
      or
      different information 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.

    

    
      
        
        

      

      
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    Section
      6.22. No
      Merger.

    

    The
      Trustee shall not cause or otherwise knowingly permit the assets of the Trust
      Fund to be merged or consolidated with any other entity, except as a result
      of a
      final judicial determination.

    

    Section
      6.23. Indemnification
      by the Trustee.

    

    The
      Trustee agrees to indemnify the Sponsor, the Depositor and the Master Servicer,
      and each of their respective directors, officers, employees and agents and
      the
      Trust Fund and hold each of them harmless from and against any losses, damages,
      penalties, fines, forfeitures, legal fees and expenses and related costs,
      judgments, and any other costs, fees and expenses that any of them may sustain
      arising out of or based upon the engagement of any Subcontractor in violation
      of
      Section 6.01(l) or any failure by the Trustee to deliver any assessment of
      compliance, report or certification when and as required under Section 6.20
      or
      Section 9.25(a). 

    

    ARTICLE
      VII

    

    PURCHASE
      OF MORTGAGE LOANS AND

    TERMINATION
      OF THE TRUST FUND

    

    Section
      7.01.  Purchase
      of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation of
      All
      Mortgage Loans; Purchase of Lower Tier REMIC 1 Uncertificated Regular Interests.
      

    

    (a) The
      respective obligations and responsibilities of the Trustee and the Master
      Servicer created hereby (other than the obligation of the Trustee to make
      payments to Certificateholders and the Swap Counterparty as set forth in Section
      7.02, the obligation of the Master Servicer to make a final remittance to the
      Trustee pursuant to Section 4.01, and the obligations of the Master Servicer
      to
      the Trustee pursuant to Sections 9.10, 9.14 and 9.31) shall terminate on the
      earliest of (i) the final payment or other liquidation of the last Mortgage
      Loan
      remaining in the Trust Fund and the disposition of all REO Property, (ii) the
      sale of the property held by the Trust Fund in accordance with Section 7.01(b)
      and (iii) the Latest Possible Maturity Date (each, a “Trust Fund Termination
      Event”); provided,
      however,
      that in no event shall the Trust Fund created hereby continue beyond the
      expiration of 21 years from the death of the last survivor of the descendants
      of
      Joseph P. Kennedy, the late Ambassador of the United States to the Court of
      St.
      James’s, living on the date hereof. Upon the occurrence of a Trust Fund
      Termination Event, each REMIC shall be terminated in a manner that shall qualify
      as a “qualified liquidation” under the REMIC Provisions.

    

    
      
        
        

      

      
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    (b) On
      any Distribution Date occurring on or after the Initial Optional Termination
      Date, the Master Servicer or LTURI-holder, as applicable, with the prior written
      consent of any NIMS Insurer and the Seller, which consent shall not be
      unreasonably withheld, has the option to cause the Trust Fund to adopt a plan
      of
      complete liquidation pursuant to Section 7.03(a)(i) hereof to sell all of its
      property. Upon exercise of such option, the property of the Trust Fund shall
      be
      sold to the Master Servicer 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 Collection 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, such fair market value to be determined by an
      independent appraiser or appraisers mutually agreed upon by the Master Servicer,
      any NIMS Insurer and the Trustee (reduced, in the case of REO Property, by
      (1)
      reasonably anticipated disposition costs and (2) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan plus interest accrued thereon at the applicable Net
      Mortgage Rate to the date of such purchase), (iii) any unreimbursed Servicing
      Advances and (iv) any Swap Termination Payment payable to the Swap Counterparty
      as a result of a termination pursuant to this Section 7.01; provided,
      however, if
      there are any NIM Securities outstanding, the Master Servicer may only exercise
      its option after receiving the prior written consent of the holders of such
      NIM
      Securities and, if such consent is given, the Termination Price shall also
      include an amount equal to the sum of (1) any accrued interest on the NIM
      Securities, (2) the unpaid principal balance of any such NIM Securities and
      (3)
      any other reimbursable expenses owed by the issuer of the NIM Securities (the
      “NIM Redemption Amount”). The Master Servicer, the Servicer, the Trustee and the
      Custodian shall be reimbursed from the Termination Price for any Mortgage Loan
      or related REO Property for any Advances made or other amounts advanced with
      respect to the Mortgage Loans that are reimbursable to any such entity under
      this Agreement, the Servicing Agreement or the Custodial Agreement, together
      with any accrued and unpaid compensation and any other amounts due to the Master
      Servicer or the Trustee hereunder or the Servicer or the Custodian. If the
      NIMS
      Insurer directs the Master Servicer to exercise its right to cause the Trust
      Fund to adopt a plan of complete liquidation as described above, then (i) the
      Master Servicer shall cause the Trust Fund to adopt a plan of complete
      liquidation as described above, (ii) the NIMS Insurer shall remit the
      Termination Price in immediately available funds to the Master Servicer at
      least
      three Business Days prior to the applicable Distribution Date and, upon receipt
      of such funds from the NIMS Insurer, the Master Servicer shall promptly deposit
      such funds in the Collection Account and (iii) upon termination of the Trust
      Fund, the Trustee will transfer the property of the Trust Fund to the NIMS
      Insurer. The NIMS Insurer shall be obligated to reimburse the Master Servicer
      and the Trustee for its reasonable out-of-pocket expenses incurred in connection
      with its termination of the Trust Fund at the direction of the NIMS Insurer
      and
      shall indemnify and hold harmless the Master Servicer and the Trustee for any
      losses, liabilities or expenses resulting from any claims arising out of or
      relating to the Master Servicer’s termination of the Trust Fund at the direction
      of the NIMS Insurer, except to the extent such losses, liabilities or expenses
      arise out of or result from the Master Servicer’s negligence, bad faith or
      willful misconduct.

    

    (c) On
      any Distribution Date occurring on or after the Initial Optional Termination
      Date and provided there are no NIM Securities outstanding, the Master Servicer,
      with the prior written consent of the Seller, which consent shall not be
      unreasonably withheld, has the option to purchase all of the 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, such fair market value to be determined
      by
      an independent appraiser or appraisers mutually agreed upon by the Master
      Servicer, any NIMS Insurer and the Trustee (reduced, in the case of REO
      Property, by (1) reasonably anticipated disposition costs and (2) any amount
      by
      which the fair market value as so reduced exceeds the outstanding principal
      balance of the related Mortgage Loan plus interest accrued thereon at the
      applicable Net Mortgage Rate to the date of such purchase). If the Master
      Servicer elects to exercise such option, each REMIC created pursuant to this
      Agreement (other than REMIC 1) shall be terminated in such a manner so that
      the
      termination of each such REMIC shall qualify as a “qualified liquidation” under
      the REMIC Provisions and the 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. Following a purchase of the Lower Tier REMIC
      1
      Uncertificated Regular Interests pursuant to this subsection, the Trust Fund
      (and REMIC 1) 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. 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 or Purchase of Lower Tier REMIC 1 Uncertificated
      Regular Interests. 

    

    (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 by the Trustee by first class
      mail to Certificateholders mailed promptly (and in no event later than five
      Business Days) (x) after the Trustee has received notice from the Master
      Servicer or the LTURI-holder, as applicable, of its election to cause (1) the
      sale of all of the property of the Trust Fund pursuant to Section 7.01(b) or
      (2)
      the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant
      to Section 7.01(c), or (y) upon the final payment or other liquidation of the
      last Mortgage Loan or REO Property in the Trust Fund. In the case of a Trust
      Fund Termination Event, the Trustee shall also give notice to the Master
      Servicer, the Swap Counterparty, the Cap Counterparty and the Certificate
      Registrar at the time notice is given to Holders.

    

    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) 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 1) will be made upon presentation and surrender of the Certificates (other
      than the Class LT-R Certificates) at the Corporate Trust Office, and (B) that
      the Record Date otherwise applicable to such Distribution Date is not
      applicable, distribution being made only upon presentation and surrender of
      the
      Certificates (other than the Class LT-R Certificates) at the office or agency
      of
      the Trustee therein specified. Upon any such purchase of the 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 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 exclusive of amounts payable from any fund held outside of
      REMIC
      1) absent such purchase shall be payable to the LTURI-holder.

    

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

    

    (c) Any
      reasonable expenses incurred by the Trustee in connection with any Trust Fund
      Termination Event or any purchase of the Lower Tier REMIC 1 Uncertificated
      Regular Interests shall be reimbursed from proceeds received from such
      termination or purchase.

    

    
      
        
        

      

      
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              Section
                7.03.

            	
              Additional
                Trust Fund Termination Event 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, 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 and any
      NIMS
      Insurer to the effect that the failure to comply with the requirements of this
      Section 7.03 will not result in an Adverse REMIC Event:

    

    (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, any NIMS Insurer or an Affiliate of the Seller that it intends to
      exercise its option to cause the termination of the Trust Fund or purchase
      the
      Lower Tier REMIC 1 Uncertificated Regular Interests, the Trustee shall adopt
      a
      plan of complete liquidation on behalf of each REMIC (other than REMIC 1, 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 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 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 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 and shall pay, in the case of a
      Trust Fund Termination Event, any Swap Termination Payment owed to the Swap
      Counterparty on the related Swap Payment Date (to the extent not paid on
      previous Swap Payment Dates) in accordance with Section 5.02. In the case of
      a
      Trust Fund Termination Event, and, after payment of, or provision for any
      outstanding expenses, the Trustee shall distribute or credit, or cause to be
      distributed or credited, to the Holders of the Residual Certificates all cash
      on
      hand after such final payment (other than cash retained to meet claims), and
      the
      Trust Fund (and each REMIC) shall terminate at that time; and

    

    (iv) In
      no event may the final payment on the Certificates or the final distribution
      or
      credit to the Holders of the Residual Certificates in respect of the residual
      interest in any liquidated REMIC be made after the 89th day from the date on
      which the plan of complete liquidation for such REMIC is adopted.

    

    
      
        
        

      

      
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    (b) By
      its acceptance of a Residual Certificate, each Holder thereof hereby agrees
      to
      accept the plan of complete liquidation prepared by the Depositor and adopted
      by
      the Trustee under this Section and to take such other action in connection
      therewith as may be reasonably requested by the Master Servicer or the
      Servicer.

    

    (c) In
      connection with the termination of the Trust Fund, or a Section 7.01(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 the requirements of
      a
      qualified liquidation under the REMIC Provisions have been met.

    

    Section
      7.04. Optional
      Repurchase Right.

    

    The
      NIMS Insurer, if any, may repurchase any Distressed Mortgage Loan for a purchase
      price equal to the outstanding principal balance of such Mortgage Loan, plus
      accrued interest thereon to the date of repurchase plus any unreimbursed
      Advances, Servicing Advances or Servicing Fees allocable to such Distressed
      Mortgage Loan. Any such repurchase shall be accomplished by the NIMS Insurer’s
      remittance of the purchase price for the Distressed Mortgage Loan to the Master
      Servicer for deposit into the Collection Account. The NIMS Insurer shall not
      use
      any procedure in selecting Distressed Mortgage Loans to be repurchased which
      would be materially adverse to Certificateholders.

    

    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 Percentage
      Interest) of Certificates of each Class affected thereby shall, with the prior
      written consent of any NIMS Insurer, 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 the Trustee during such sixty-day period by such
      Certificateholders or any NIMS Insurer; it being understood and intended, and
      being expressly covenanted by each Certificateholder with every other
      Certificateholder, any NIMS Insurer 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 the rights of any
      NIMS Insurer, or to obtain or seek to obtain priority over or preference to
      any
      other such Holder or any NIMS Insurer, 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, the NIMS Insurer 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 and any NIMS Insurer,
      within fifteen days after receipt by the Certificate Registrar of a request
      by
      the Trustee or any NIMS Insurer 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
      any NIMS Insurer or 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,
      any
      NIMS Insurer, the Certificate Registrar and the Trustee that neither the
      Depositor, the Master Servicer, any NIMS Insurer, 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 sometimes herein referred to as an “act” of
      the Holders signing such instrument or instruments. Proof of execution of any
      such instrument or of a writing appointing any such agents shall be sufficient
      for any purpose of this Agreement and conclusive in favor of the Trustee and
      the
      Master Servicer, if made in the manner provided in this Section. Each of the
      Trustee and the Master Servicer shall promptly notify the others of receipt
      of
      any such instrument by it, and shall promptly forward a copy of such instrument
      to the others.

    

    
      
        
        

      

      
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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 1 Uncertificated Regular Interests
      (whether or not such Certificates or Lower Tier REMIC 1 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 none of the Trustee, the Master Servicer, the
      NIMS
      Insurer, or the Depositor shall be affected by any notice to the
      contrary.

    

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Certificate or Lower Tier REMIC 1 Uncertificated
      Regular Interest shall bind every future Holder of the same Certificate or
      Lower
      Tier REMIC 1 Uncertificated Regular Interest and the Holder of every Certificate
      or Lower Tier REMIC 1 Uncertificated Regular Interest 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 1 Uncertificated Regular
      Interest.

    

    ARTICLE
      IX

    

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER; CREDIT RISK
      MANAGER

    

    Section
      9.01. Duties
      of the Master Servicer. 

    

    The
      Certificateholders, by their purchase and acceptance of the Certificates or
      Lower Tier REMIC 1 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. Notwithstanding anything in this
      Agreement, the Servicing Agreement or the Credit Risk Management Agreement
      to
      the contrary, the Master Servicer shall have no duty or obligation to enforce
      the Credit Risk Management Agreement or to supervise, monitor or oversee the
      activities of the Servicer under its Credit Risk Management Agreement with
      respect to any action taken or not taken by the Servicer at the direction of
      the
      Seller or pursuant to a recommendation of the Credit Risk Manager.

    

    
      
        
        

      

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

    

    (a) The
      Master Servicer, at its expense, shall maintain in effect a Master Servicer
      Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
      affording coverage with respect to all directors, officers, employees and other
      Persons acting on such Master Servicer’s behalf, and covering errors and
      omissions in the performance of the Master Servicer’s obligations hereunder. The
      Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
      Fidelity Bond shall be in such form and amount that would be consistent with
      coverage customarily maintained by master servicers of mortgage loans similar
      to
      the Mortgage Loans and the Master Servicer shall provide the Trustee and any
      NIMS Insurer upon request, with a copy of such policy and fidelity bond. The
      Master Servicer shall (i) require the Servicer to maintain an Errors and
      Omissions Insurance Policy and a Servicer 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 such policies and of
      the
      certificates and notices referred to in clause (ii) to the Trustee upon
      request.

    

    (b) The
      Master Servicer shall promptly report to the Trustee and any NIMS Insurer 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 and any NIMS Insurer, 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 and any NIMS Insurer 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 and any NIMS Insurer. Any amounts
      relating to the Mortgage Loans collected by the Master Servicer under any such
      bond or policy shall be promptly remitted by the Master Servicer to the Trustee
      for deposit into the Certificate Account. Any amounts relating to the Mortgage
      Loans collected by the 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, any NIMS Insurer, each Rating Agency and the Depositor a copy of its
      annual audited financial statements on or prior to March 31 of each year,
      commencing on March 31, 2007. Such financial statements shall include
      comparative balance sheets, income statements, statement of changes in
      shareholder’s equity, statements of cash flow, a consolidating schedule showing
      consolidated subsidiaries and any related notes required pursuant to generally
      accepted accounting principals, certified by a nationally recognized firm of
      Independent Accountants to the effect that such financial statements were
      examined and prepared in accordance with generally accepted accounting
      principles applied on a basis consistent with that of the preceding
      year.

    

    Section
      9.04. Power
      to Act; Procedures. 

    

    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and 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 the Servicing
      Agreement, as applicable; provided that the Master Servicer shall not take,
      or
      knowingly permit the Servicer to take, any action that is inconsistent with
      or
      prejudices the interests of the Trust Fund or the Certificateholders in any
      Mortgage Loan or the rights and interests of the Depositor, the Trustee, the
      Certificateholders under this Agreement. The Master Servicer 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
      the
      Servicer to make any modification, waiver or amendment of any term of any
      Mortgage Loan that would cause an Adverse REMIC Event. Without limiting the
      generality of the foregoing, the Master Servicer in its own name or in the
      name
      of the Servicer, and the Servicer, to the extent such authority is delegated
      to
      the Servicer under the Servicing Agreement, is hereby authorized and empowered
      by the Trustee when the Master Servicer or the 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 furnish
      to
      the Master Servicer, upon request, with any powers of attorney empowering the
      Master Servicer or the 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 

    

    
      
        
        

      

      
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    Agreement
      and this Agreement, and the Trustee shall execute and deliver such other
      documents, as the Master Servicer may request, necessary or appropriate to
      enable the Master Servicer to master service the Mortgage Loans and carry out
      its duties hereunder and to allow 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 the 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 no event shall the Master
      Servicer, without the Trustee’s written consent: (i) initiate any action, suit
      or proceeding solely under the Trustee’s name without indicating the Master
      Servicer in its applicable, representative capacity, so long as the
      jurisdictional and procedural rules will allow for this insertion to occur,
      (ii)
      initiate any action, suit or proceeding not directly relating to the servicing
      of a Mortgage Loan (including but not limited to actions, suits or proceedings
      against Certificateholders, or against the Depositor or the Transferor for
      breaches of representations and warranties) solely under the Trustee’s name,
      (iii) engage counsel to represent the Trustee in any action, suit or proceeding
      not directly relating to the servicing of a Mortgage Loan (including but not
      limited to actions, suits or proceedings against Certificateholders, or against
      the Depositor or the Transferor for breaches of representations and warranties),
      or (iv) prepare, execute or deliver any government filings, forms, permits,
      registrations or other documents or take any action with the intent to cause,
      and that actually causes, the Trustee to be registered to do business in any
      state. The Master Servicer shall indemnify the Trustee for any and all costs,
      liabilities and expenses incurred by the Trustee in connection with the
      negligent or willful misuse of such powers of attorney by the Master Servicer.
      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 on behalf of the Trust Fund, be deemed
      to be the agent of the Trustee.

    

    (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 the Servicer to, in its discretion (i) waive any
      late payment charge (but not any Prepayment Premium, except as set forth below)
      and (ii) extend the due dates for payments due on a Mortgage Note for a period
      not greater than 120 days; provided,
      however,
      that the maturity of any Mortgage Loan shall not be extended past the date
      on
      which the final payment is due on the latest maturing Mortgage Loan as of the
      Cut-off Date. In the event of any extension described in clause (ii) above,
      the
      Master Servicer shall make or cause the Servicer (if required by the Servicing
      Agreement) to make Advances on the related Mortgage Loan in accordance with
      the
      provisions of Section 5.04 on the basis of the amortization schedule of such
      Mortgage Loan without modification thereof by reason of such extension.
      Notwithstanding anything to the contrary in this Agreement, the Master Servicer
      shall not make or knowingly permit any modification, waiver or amendment of
      any
      material term of any Mortgage Loan, unless: (1) such Mortgage Loan is in default
      or default by the related Mortgagor is, in the reasonable judgment of the Master
      Servicer or the Servicer, reasonably foreseeable, (2) in the case of a waiver
      of
      a Prepayment Premium, (a) such Mortgage Loan is in default or default by the
      related Mortgagor is, in the reasonable judgment of the Master Servicer or
      the
      Servicer, reasonably foreseeable and such waiver would maximize recovery of
      total proceeds taking into account the value of such Prepayment Premium and
      the
      related Mortgage Loan or (b) if the prepayment is not the result of a 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 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 law or (iii) the
      collection of such Prepayment Premium would be considered “predatory” pursuant
      to written guidance published or issued by any applicable federal, state or
      local regulatory authority acting in its official capacity and having
      jurisdiction over such matters and (3) the Master Servicer shall have provided
      or caused to be provided to the Trustee an Opinion of Counsel addressed to
      the
      Trustee (which opinion shall, if provided by the Master Servicer, be an expense
      reimbursed from the Collection Account pursuant to Section 4.02(v)) to the
      effect that such modification, waiver or amendment would not result in 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.

    

    
      
        
        

      

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

    

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

    

    (c) The
      Master Servicer, for the benefit of the Trustee, any NIMS Insurer and the
      Certificateholders, shall enforce the obligations of the Servicer under the
      Servicing Agreement, and shall, in the event that the Servicer fails to perform
      its obligations in accordance therewith, terminate the rights and obligations
      of
      the Servicer thereunder and either act as servicer of the related Mortgage
      Loans
      or cause the other parties hereto to enter into a Servicing Agreement (and
      such
      parties hereby agree to execute and deliver any such successor Servicing
      Agreement), with a successor Servicer. Such enforcement, including, without
      limitation, the legal prosecution of claims, termination of 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 (i) from a general
      recovery resulting from such enforcement only to the extent, if any, that such
      recovery exceeds all amounts due in respect of the related Mortgage Loans,
      (ii)
      from a specific recovery of costs, expenses or attorneys’ fees against the party
      against whom such enforcement is directed, and then, (iii) to the extent that
      such amounts are insufficient to reimburse the Master Servicer for the costs
      of
      such enforcement, from the Collection Account.

    

    
      
        
        

      

      
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    (d) The
      Master Servicer shall be entitled to conclusively rely 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, 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 to deposit therein
      any collections of amounts received with respect to amounts due for taxes,
      assessments, water rates, standard hazard insurance policy premiums, Payaheads,
      if applicable, or any comparable items for the account of the Mortgagors.
      Withdrawals from any Escrow Account may be made (to the extent amounts have
      been
      escrowed for such purpose) only in accordance with the Servicing 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
      or the Servicer has determined that the funds so advanced are recoverable from
      escrow payments, reimbursement pursuant to Section 4.02 or
      otherwise.

    

    (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 as a Servicing Advance by the Master
      Servicer pursuant to Section 4.02.

    

    Section
      9.07. Termination
      of Servicing Agreement; Successor Servicer. 

    

    (a) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      the
      Servicer under the Servicing Agreement in accordance with the terms and
      conditions of the Servicing Agreement and without any limitation by virtue
      of
      this Agreement; provided,
      however,
      that in the event of termination of the Servicing Agreement by the Master
      Servicer, the Master Servicer shall provide for the servicing of the Mortgage
      Loans by a successor Servicer to be appointed as provided in the Servicing
      Agreement.

    

    
      
        
        

      

      
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    The
      parties acknowledge that notwithstanding the preceding sentence, there may
      be a
      transition period, not to exceed 90 days, in order to effect the transfer of
      servicing to a successor Servicer. The Master Servicer shall be entitled to
      be
      reimbursed from the Servicer (or by the Trust Fund, if the Servicer is unable
      to
      fulfill its obligations hereunder) for all costs associated with the transfer
      of
      servicing from the predecessor servicer, including without limitation, any
      costs
      or expenses associated with the complete transfer of all servicing data and
      the
      completion, correction or manipulation of such servicing data, as may be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

    

    (b) If
      the Master Servicer acts as a successor Servicer, it will not assume liability
      for the representations and warranties of the Servicer, if any. The Master
      Servicer shall use reasonable efforts to have the successor Servicer assume
      liability for the representations and warranties made by the terminated Servicer
      in the Servicing Agreement, and in the event of any such assumption by the
      successor Servicer, the Trustee or the Master Servicer, as applicable, may,
      in
      the exercise of its business judgment, release the terminated Servicer from
      liability for such representations and warranties.

    

    (c) If
      the Master Servicer acts as a successor Servicer, it will have the same
      obligations to make Advances as the Servicer under the Servicing Agreement
      and
      to reimburse the successor Servicer for unreimbursed Advances if required by
      the
      Servicing Agreement but will have no obligation to make an Advance if it
      determines in its reasonable judgment that such Advance is non-recoverable.
      To
      the extent that the Master Servicer is unable to find a successor Servicer
      that
      is willing to service the Mortgage Loans for the Servicing Fee because of the
      obligation of the Servicer to make Advances regardless of whether such Advance
      is recoverable, the Servicing Agreement may be amended to provide that the
      successor Servicer shall have no obligation to make an Advance if it determines
      in its reasonable judgment that such Advance is non-recoverable and provides
      an
      Officer’s Certificate to such effect to the Master Servicer, the Trustee and the
      NIMS Insurer.

    

    Section
      9.08. Master
      Servicer Liable for Enforcement. 

    

    Notwithstanding
      the Servicing Agreement, the Master Servicer shall remain obligated and liable
      to the Trustee, any NIMS Insurer and the Certificateholders in accordance with
      the provisions of this Agreement, to the extent of its obligations hereunder,
      without diminution of such obligation or liability by virtue of such Servicing
      Agreement. 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
      and any NIMS Insurer. 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
      Seller and the Master Servicer, and the Trustee, any NIMS Insurer and the
      Depositor shall not be deemed parties thereto and shall have no obligations,
      duties or liabilities with respect to the Servicer except as set forth in
      Section 9.10 hereof, but shall have rights thereunder as third party
      beneficiaries. It is furthermore understood and agreed by the parties hereto
      that the obligations of the Servicer are set forth in their entirety in the
      Servicing Agreement and the Servicer has no obligations under and is not
      otherwise bound by the terms of this Agreement.

    

    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 thereupon assume all of the rights and obligations of such Master Servicer
      hereunder and 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 the 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 the Servicing Agreement accruing prior to its replacement
      as Master Servicer, and shall be liable to the Trustee and any NIMS Insurer,
      and
      hereby agrees to indemnify and hold harmless the Trustee and any NIMS Insurer
      from and against all costs, damages, expenses and liabilities (including
      reasonable attorneys’ fees) incurred by the Trustee or any NIMS Insurer 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.

    

    (b) The
      Master Servicer that has been terminated shall, upon request of the Trustee
      but
      at the expense of such Master Servicer, deliver to the assuming party all
      documents and records relating to 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.

    

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

    

    To
      the extent provided in the Servicing Agreement, to the extent Mortgage Loans
      contain enforceable due-on-sale clauses, the Master Servicer shall 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.

    

    
      
        
        

      

      
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    Section
      9.12. Release
      of Mortgage Files. 

    

    (a) Upon
      (i) becoming aware of the payment in full of any Mortgage Loan or (ii) the
      receipt by the Master Servicer of a notification that payment in full has been
      or will be escrowed in a manner customary for such purposes, the Master Servicer
      will, or will cause the Servicer to, promptly notify the Trustee (or the
      Custodian) by a certification (which certification shall include a statement
      to
      the effect that all amounts received in connection with such payment that are
      required to be deposited in the Collection Account maintained by the Master
      Servicer pursuant to Section 4.01 have been or will be so deposited) of a
      Servicing Officer and shall request (on the form attached hereto as Exhibit
      C or
      on the form attached to the Custodial Agreement) the Trustee or the Custodian,
      to deliver to the Servicer the related Mortgage File. Upon receipt of such
      certification and request, the Trustee or the Custodian (with the consent,
      and
      at the direction of the Trustee), shall promptly release the related Mortgage
      File to the Servicer and neither the Trustee nor the Custodian shall have any
      further responsibility with regard to such Mortgage File. Upon any such payment
      in full, the Master Servicer is authorized, and the Servicer, to the extent
      such
      authority is provided for 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.

    

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

    

    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 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
      or of the Servicing Agreement to be delivered to the Trustee or the Custodian.
      Any funds received by the Master Servicer or by the Servicer in respect of
      any
      Mortgage Loan or which otherwise are collected by the Master Servicer or the
      Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
      Mortgage Loan shall be held for the benefit of the Trustee and the
      Certificateholders subject to the Master Servicer’s right to retain or withdraw
      from the Collection Account the Master Servicing Fee and other amounts provided
      in this Agreement and to the right of 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, any NIMS Insurer, their respective agents and
      accountants at any time upon reasonable request and during normal business
      hours, and to Certificateholders that are savings and loan associations, banks
      or insurance companies, the Office of Thrift Supervision, the FDIC and the
      supervisory agents and examiners of such Office and Corporation or examiners
      of
      any other federal or state banking or insurance regulatory authority if so
      required by applicable regulations of the Office of Thrift Supervision or other
      regulatory authority, such access to be afforded without charge but only upon
      reasonable request in writing and during normal business hours at the offices
      of
      the Master Servicer designated by it. In fulfilling such a request the Master
      Servicer shall not be responsible for determining the sufficiency of such
      information.

    

    
      
        
        

      

      
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    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, or the Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from Liquidation Proceeds
      or Insurance Proceeds, shall be held by the Master Servicer, or by 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 Seller
      to
      the Depositor not to constitute a sale, the Trustee shall have a security
      interest in the Mortgage Loans and in all Mortgage Files representing such
      Mortgage Loans and in all funds and investment property now or hereafter held
      by, or under the control of, the Servicer or the Master Servicer that are
      collected by the Servicer or the Master Servicer in connection with the Mortgage
      Loans, whether as scheduled installments of principal and interest or as full
      or
      partial prepayments of principal or interest or as Liquidation Proceeds or
      Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
      proceeds of proceeds (but excluding any fee or other amounts to which 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 or the
      Custodian, all documents or instruments constituting part of the Mortgage Files,
      and such funds relating to the Mortgage Loans which come into the possession
      or
      custody of, or which are subject to the control of, the Master Servicer or
      the
      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 applicable laws.

    

    
      
        
        

      

      
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    (d) The
      Master Servicer agrees that it shall not, and shall not authorize the Servicer
      to, create, incur or subject any Mortgage Loans, or any funds that are deposited
      in any Custodial Account, Escrow Account or the Collection Account, or any
      funds
      that otherwise are or may become due or payable to the Trustee, to any claim,
      lien, security interest, judgment, levy, writ of attachment or other
      encumbrance, nor assert by legal action or otherwise any claim or right of
      setoff against any Mortgage Loan or any funds collected on, or in connection
      with, a Mortgage Loan.

    

    Section
      9.14. Representations
      and Warranties of the Master Servicer. 

    

    (a) The
      Master Servicer hereby represents and warrants to the Depositor, any NIMS
      Insurer and the Trustee, for the benefit of the Certificateholders, as of the
      Closing Date that:

    

    (i) it
      is validly existing and in good standing under the laws of the state of its
      incorporation, and as Master Servicer has full power and authority to transact
      any and all business contemplated by this Agreement and to execute, deliver
      and
      comply with its obligations under the terms of this Agreement, the execution,
      delivery and performance of which have been duly authorized by all necessary
      corporate action on the part of the Master Servicer;

    

    (ii) the
      execution and delivery of this Agreement by the Master Servicer and its
      performance and compliance with the terms of this Agreement will not (A) violate
      the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
      any administrative decree or order to which it is subject or (C) constitute
      a
      default (or an event which, with notice or lapse of time, or both, would
      constitute a default) under, or result in the breach of, any material contract,
      agreement or other instrument to which the Master Servicer is a party or by
      which it is bound or to which any of its assets are subject, which violation,
      default or breach would materially and adversely affect the Master Servicer’s
      ability to perform its obligations under this Agreement;

    

    (iii) this
      Agreement constitutes, assuming due authorization, execution and delivery hereof
      by the other respective parties hereto, a legal, valid and binding obligation
      of
      the Master Servicer, enforceable against it in accordance with the terms hereof,
      except as such enforcement may be limited by bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors’ rights in general, and by general equity principles (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law);

    

    (iv) the
      Master Servicer is not in default with respect to any order or decree of any
      court or any order or regulation of any federal, state, municipal or
      governmental agency to the extent that any such default would materially and
      adversely affect its performance hereunder;

    

    (v) the
      Master Servicer is not a party to or bound by any agreement or instrument or
      subject to any charter provision, bylaw or any other corporate restriction
      or
      any judgment, order, writ, injunction, decree, law or regulation that may
      materially and adversely affect its ability as Master Servicer to perform its
      obligations under this Agreement or that requires the consent of any third
      person to the execution of this Agreement or the performance by the Master
      Servicer of its obligations under this Agreement; 

    

    
      
        
        

      

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

    

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

    

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

    

    (ix) the
      consummation of the transactions contemplated by this Agreement are in the
      ordinary course of business of the Master Servicer;

    

    (x) the
      Master Servicer has obtained an Errors and Omissions Insurance Policy and a
      Fidelity Bond in accordance with Section 9.02 each of which is in full force
      and
      effect, and each of which provides at least such coverage as is required
      hereunder; and

    

    (xi) the
      information about the Master Servicer under the heading “The Master Servicer” in
      the Offering Documents relating to the Master Servicer does not include an
      untrue statement of a material fact and does not omit to state a material fact,
      with respect to the statements made, necessary in order to make the statements
      in light of the circumstances under which they were made not
      misleading.

    

    (b) It
      is understood and agreed that the representations and warranties set forth
      in
      this Section 9.14 shall survive the execution and delivery of this Agreement.
      The Master Servicer shall indemnify the Depositor, the Trustee and any NIMS
      Insurer and hold them harmless against any loss, damages, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and other costs and
      expenses resulting from any claim, demand, defense or assertion based on or
      grounded upon, or resulting from, a breach of the Master Servicer’s
      representations and warranties contained in Section 9.14(a). It is understood
      and agreed that the enforcement of the obligation of the Master Servicer set
      forth in this Section to indemnify the Depositor, the Trustee and any NIMS
      Insurer as provided in this Section constitutes the sole remedy (other than
      as
      set forth in Section 6.14) of the Depositor, the Trustee and any NIMS Insurer,
      respecting a breach of the foregoing representations and warranties. Such
      indemnification shall survive any termination of the Master Servicer as Master
      Servicer hereunder, and any termination of this Agreement.

    

    Any
      cause of action against the Master Servicer relating to or arising out of the
      breach of any representations and warranties made in this Section shall accrue
      upon discovery of such breach by any of the Depositor, the Master Servicer,
      the
      Trustee or any NIMS Insurer or notice thereof by any one of such parties to
      the
      other parties. 

    

    
      
        
        

      

      
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    (c) It
      is understood and agreed that the representations and warranties of the
      Depositor set forth in Sections 2.03(a)(i) through (vi) shall survive the
      execution and delivery of this Agreement. The Depositor shall indemnify the
      Master Servicer and hold each harmless against any loss, damages, penalties,
      fines, forfeitures, legal fees and related costs, judgments, and other costs
      and
      expenses resulting from any claim, demand, defense or assertion based on or
      grounded upon, or resulting from, a breach of the Depositor’s representations
      and warranties contained in Sections 2.03(a)(i) through (vi) hereof. It is
      understood and agreed that the enforcement of the obligation of the Depositor
      set forth in this Section to indemnify the Master Servicer as provided in this
      Section constitutes the sole remedy hereunder of the Master Servicer respecting
      a breach by the Depositor of the representations and warranties in Sections
      2.03(a)(i) through (vi) hereof.

    

    (d) 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,
      the
      Trustee or any NIMS Insurer or notice thereof by any one of such parties to
      the
      other parties. Notwithstanding anything in this Agreement to the contrary,
      the
      Master Servicer shall not be liable for special, indirect or consequential
      losses or damages of any kind whatsoever (including, but not limited to, lost
      profits).

    

    Section
      9.15. Opinion.
      

    

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

    

    Section
      9.16. Standard
      Hazard and Flood Insurance Policies. 

    

    For
      each Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
      maintain, or cause to be maintained by 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 the
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      or the Servicing Agreement (other than amounts to be applied to the restoration
      or repair of the property subject to the related Mortgage or released to the
      Mortgagor in accordance with the Servicing Agreement) shall be deposited into
      the Collection Account, subject to withdrawal pursuant to Section 4.02. Any
      cost
      incurred by the Master Servicer or the 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.

    

    
      
        
        

      

      
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    Section
      9.17. Presentment
      of Claims and Collection of Proceeds. 

    

    The
      Master Servicer 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 or the Custodial Account upon receipt, except that any amounts realized
      that are to be applied to the repair or restoration of the related Mortgaged
      Property as a condition requisite to the presentation of claims on the related
      Mortgage Loan to the insurer under any applicable Insurance Policy need not
      be
      so deposited (or remitted).

    

    Section
      9.18. Maintenance
      of the Primary Mortgage Insurance Policies. 

    

    (a) The
      Master Servicer shall cause the Servicer to remit (with respect to any Primary
      Mortgage Insurance Policy) or shall remit on behalf of the Servicer to the
      PMI
      Insurer, the applicable PMI Insurance Premiums. The Master Servicer shall not
      take, or knowingly permit the Servicer (consistent with the Servicing Agreement)
      to take, any action that would result in noncoverage under any applicable
      Primary Mortgage Insurance Policy of any loss which, but for the actions of
      such
      Master Servicer or the Servicer, would have been covered thereunder. The Master
      Servicer shall not, and shall not knowingly permit the Servicer to, cancel
      or
      refuse to renew any such Primary Mortgage Insurance Policy that is in effect
      at
      the date of the initial issuance of the Certificates and is required to be
      kept
      in force hereunder except in accordance with the provisions of this Agreement
      and the Servicing Agreement, as applicable. 

    

    (b) The
      Master Servicer agrees, to the extent provided in the Servicing Agreement,
      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 the 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
      Master Servicer shall promptly deliver or cause the Servicer to deliver to
      the
      Custodian, upon the execution or receipt thereof the originals of the Primary
      Mortgage Insurance Policies or certificate of insurance, if applicable, and
      any
      certificates of renewal thereof, and such other documents or instruments that
      constitute portions of the Mortgage File that come into the possession of the
      Master Servicer or the Servicer from time to time. The Custodian on behalf
      of
      the Trustee shall retain possession and custody of the originals of such 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 and delivered to the Custodian by the Master
      Servicer. 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 Custodian shall also retain possession
      and
      custody of each Mortgage File in accordance with and subject to the terms and
      conditions of this Agreement. 

    

    
      
        
        

      

      
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    Section
      9.20. [Reserved]
      

    

    Section
      9.21. Compensation
      to the Master Servicer. 

    

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

    

    Section
      9.22. REO
      Property. 

    

    (a) In
      the event the Trust Fund acquires ownership of any REO Property in respect
      of
      any Mortgage Loan, the deed or certificate of sale shall be issued to the
      Trustee, or to its nominee, on behalf of the Certificateholders. The Master
      Servicer shall use its reasonable best efforts to sell, or cause the Servicer,
      to the extent provided in the Servicing Agreement 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 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 the Servicer, in connection with the operation
      of any REO Property in the Collection Account.

    

    
      
        
        

      

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

    

    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the 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 on the next succeeding Master Servicer Remittance Date to the
      Trustee for deposit into the Certificate Account.

    

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

    

    (a) The
      Master Servicer shall promptly notify the Trustee, the Sponsor and the Depositor
      (i) of any legal proceedings pending against the Master Servicer of the type
      described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Master
      Servicer shall become (but only to the extent not previously disclosed to the
      Master Servicer and the Depositor) at any time an affiliate of any of the
      parties listed on Exhibit V hereto. On or before March 1st
      of each year, the Depositor shall distribute the information in Exhibit V to
      the
      Master Servicer.

    

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

    

    Section
      9.24. Reports
      to the Trustee. 

    

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

    

    
      
        
        

      

      
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    (b) Not
      later than two Business Days following each Distribution Date, the Master
      Servicer shall deliver to one Person designated by the Depositor, in a format
      consistent with other electronic loan level reporting supplied by the Master
      Servicer in connection with similar transactions, “loan level” information with
      respect to the Mortgage Loans as of the related Determination Date, to the
      extent that such information has been provided to the Master Servicer by the
      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, the Credit
      Risk Manager, the Paying Agent (if other than the Trustee) and the Trustee,
      each
      at its own expense, shall furnish, and each such party shall cause any Servicing
      Function Participant engaged by it to furnish, each at its own expense, to
      the
      Sponsor, the Depositor, the Master Servicer and the Trustee, a report on an
      assessment of compliance with the Relevant Servicing Criteria that contains
      (A)
      a statement by such party of its responsibility for assessing compliance with
      the Relevant Servicing Criteria, (B) a statement that such party used the
      Servicing Criteria to assess compliance with the Relevant Servicing Criteria,
      (C) such party’s assessment of compliance with the Relevant Servicing Criteria
      as of and for the fiscal year covered by the Form 10-K required to be filed
      pursuant to Section 6.20(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. 

    

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

    

    
      
        
        

      

      
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    (iii) Promptly
      after receipt of each report on assessment of compliance, the Trustee shall
      confirm that the assessments, taken as a whole, address all applicable Servicing
      Criteria and taken individually address the Relevant Servicing Criteria (and
      disclose the inapplicability of the Servicing Criteria not determined to be
      Relevant Criteria) for each party as set forth on Exhibit S and on any similar
      exhibit set forth in the Servicing Agreement in respect of the Servicer, and
      the
      Custodial Agreement in respect of the Custodian, and shall notify the Depositor
      of any exceptions.

    

    (b) Attestation
      Reports

    

    (i) By
      March 15 of each year, commencing in March 2007, the Master Servicer, the Credit
      Risk Manager, the Paying Agent (if other than the Trustee) and the Trustee,
      each
      at its own expense, shall cause, and each such party shall cause any Servicing
      Function Participant engaged by it to cause, each at its own expense, a
      registered public accounting firm (which may also render other services to
      the
      Master Servicer, the Credit Risk Manager, the Paying Agent and the Trustee,
      as
      the case may be) that is a member of the American Institute of Certified Public
      Accountants to furnish a report to the Sponsor, the Depositor, the Master
      Servicer and the Trustee, to the effect that (A) it has obtained a
      representation regarding certain matters from the management of such party,
      which includes an assertion that such party has complied with the Relevant
      Servicing Criteria, and (B) on the basis of an examination conducted by such
      firm in accordance with standards for attestation engagements issued or adopted
      by the PCAOB, it is expressing an opinion as to whether such party’s compliance
      with the Relevant Servicing Criteria was fairly stated in all material respects,
      or it cannot express an overall opinion regarding such party’s assessment of
      compliance with the Relevant Servicing Criteria. In the event that an overall
      opinion cannot be expressed, such registered public accounting firm shall state
      in such report why it was unable to express such an opinion. Such report must
      be
      available for general use and not contain restricted use language.

    

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

    

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

    

    
      
        
        

      

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

    

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

    

    Section
      9.27. Merger
      or Consolidation. 

    

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided,
      however,
      that the successor or resulting Person to the Master Servicer shall be a Person
      that shall be qualified and approved to service mortgage loans for Fannie Mae
      or
      Freddie Mac and shall have a net worth of not less than
      $15,000,000.

    

    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 and any NIMS Insurer. No such resignation shall become
      effective until the Trustee shall have assumed, or a successor master servicer
      acceptable to any NIMS Insurer and the Trustee shall have been appointed by
      the
      Trustee and until such successor shall have assumed, the Master Servicer’s
      responsibilities and obligations under this Agreement. Notice of such
      resignation shall be given promptly by the Master Servicer and the Depositor
      to
      the Trustee and any NIMS Insurer.

    

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

    

    (a) 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 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, any NIMS Insurer or the Depositor to delegate or assign to
      or
      subcontract with or authorize or appoint an Affiliate of the Master Servicer
      to
      perform and carry out any duties, covenants or obligations to be performed
      and
      carried out by the Master Servicer hereunder. In no case, however, shall any
      such delegation, subcontracting or assignment to an Affiliate of the Master
      Servicer relieve the Master Servicer of any liability hereunder. Notice of
      such
      permitted assignment, and the name of any such affiliated Subcontractor or
      Subservicer shall be given promptly by the Master Servicer to the Depositor,
      the
      Trustee and any NIMS Insurer. 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.

    

    
      
        
        

      

      
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    (b) Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Master Servicer
      shall not utilize any Subcontractor for the performance of its duties hereunder
      if such Subcontractor would be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB without (a) giving notice to the
      Trustee and the Depositor and (b) requiring any such Subcontractor to provide
      to
      the Master Servicer an attestation report as provided for in Section 9.25 and
      an
      assessment report as provided in Section 9.26, which reports the Master Servicer
      shall include in its attestation and assessment reports. 

    

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

    

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

    

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

    

    (c) None
      of the Master Servicer, the Seller or the Depositor or any of the directors,
      officers, employees or agents of any of them shall be under any liability to
      the
      Trustee or the Certificateholders for any action taken or for refraining from
      the taking of any action in good faith pursuant to this Agreement, or for errors
      in judgment; provided,
      however,
      that this provision shall not protect the Master Servicer, the Seller or the
      Depositor or any such person against any liability that would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in its
      performance of its duties or by reason of reckless disregard for its obligations
      and duties under this Agreement. The Master Servicer 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 its duties
      hereunder or by reason of reckless disregard of his or its obligations and
      duties hereunder. The Master Servicer, the Seller and the Depositor and any
      director, officer, employee or agent of any of them may rely in good faith
      on
      any document of any kind prima facie properly executed and submitted by any
      Person respecting any matters arising hereunder. The Master Servicer, the Seller
      and the Depositor 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.

    

    
      
        
        

      

      
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    The
      Master Servicer shall not be liable for any acts or omissions of the Servicer.
      In particular, the Master Servicer shall not be liable for any course of action
      taken by the Servicer with respect to loss mitigation of defaulted Mortgage
      Loans at the direction of the Credit Risk Manager or the Seller pursuant to
      the
      Credit Risk Management Agreement. Further, the Master Servicer shall not be
      liable for performance by the Servicer under the Credit Risk Management
      Agreement.

    

    Section
      9.31. Indemnification;
      Third-Party Claims. 

    

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the Trustee
      and
      any NIMS Insurer and their respective officers, directors, agents, employees
      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, the Trustee or any NIMS Insurer may sustain arising out of or
      based
      upon (a) any material breach by the Master Servicer of any if its obligations
      hereunder, including particularly its obligations to provide any reports under
      Section 9.25(a), Section 9.25(b) or Section 9.26 or any information, data or
      materials required to be included in any Exchange Act report, (b) any material
      misstatement or omission in any information, data or materials provided by
      the
      Master Servicer, or (c) the negligence, bad faith or willful misconduct of
      the
      Master Servicer in connection with its performance hereunder. The Depositor,
      the
      Sponsor, the Trustee and any NIMS Insurer 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, the Trustee or any
      NIMS
      Insurer to indemnification hereunder, whereupon the Master Servicer shall assume
      the defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or them in respect of such claim. This
      indemnification shall survive the termination of this Agreement or the
      termination of the Master Servicer as a party to this Agreement.

    

    
      
        
        

      

      
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    Section
      9.32. Special
      Servicing of Delinquent Mortgage Loans. 

    

    If
      permitted under the terms of the Servicing Agreement, the Seller may appoint,
      pursuant to the terms of the Servicing Agreement and with the written consent
      of
      the Depositor, the Master Servicer, the Trustee and any NIMS Insurer, a special
      servicer to special service any Distressed Mortgage Loans. Any applicable
      termination fee related to the termination of the Servicer and the appointment
      of any special servicer shall be paid by the Seller from its own funds, without
      right of reimbursement from the Trust Fund. Any fees paid to any such special
      servicer shall not exceed the Servicing Fee Rate.

    

    Section
      9.33. Alternative
      Index. 

    

    In
      the event that the Index for any Mortgage Loan, as specified in the related
      Mortgage Note, becomes unavailable for any reason, the Master Servicer shall
      select an alternative index, which in all cases shall be an index that
      constitutes a qualified rate on a regular interest under the REMIC Provisions,
      in accordance with the terms of such Mortgage Note or, if such Mortgage Note
      does not make provision for the selection of an alternative index in such event,
      the Master Servicer shall, subject to applicable law, select an alternative
      index based on information comparable to that used in connection with the
      original Index and, in either case, such alternative index shall thereafter
      be
      the Index for such Mortgage Loan.

    

    Section
      9.34. Duties
      of the Credit Risk Manager. 

    

    (a) The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint OfficeTiger Global Real Estate Services Inc. (OfficeTiger) as Credit
      Risk Manager. For and on behalf of the Depositor, the Credit Risk Manager will
      provide reports and recommendations concerning certain delinquent and defaulted
      Mortgage Loans, and as to the collection of any Prepayment Premiums with respect
      to the Mortgage Loans. Such reports and recommendations will be based upon
      information provided pursuant to Loan Performance Monitoring Agreement to the
      Credit Risk Manager by the Servicer. The Credit Risk Manager shall look solely
      to the Servicer and/or the Master Servicer for all information and data
      (including loss and delinquency information and data) and loan level information
      and data relating to the servicing of the Mortgage Loans and the Trustee shall
      not have any obligation to provide any such information to the Credit Risk
      Manager and shall not otherwise have any responsibility under the Loan
      Performance Monitoring Agreement.

    

    (b) On
      or about the 15th
      calendar day of each month, beginning in December 2006, the Credit Risk Manager
      shall have prepared and shall make available to any NIMS Insurer, the Trustee,
      the Swap Counterparty and each Certificateholder, the following reports (each
      such report to be made in a format compatible with EDGAR filing
      requirements):

    

    (i) Executive
      Summary: The Executive Summary will consist of a brief high level summary of
      certain key performance metrics as well as a narrative summary of loans
      identified and reviewed for follow-up actions by the Servicer.

    

    (ii) General
      Pool Characteristics: This report will contain a listing of various
      characteristics of the mortgage loan pool (including history and stratification)
      such as documentation levels, occupancy status, weighted aging, CLTV, NOO rate,
      junior lien percentage, etc.

    

    
      
        
        

      

      
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    (iii) Performance
      Report: This report will graphically summarize the delinquency rates as well
      as
      the loss mitigation, foreclosure, REO, CPR and loss severity and related summary
      information.

    

    (iv) Prepayment
      Analysis: This report will consist of a compilation and summary of various
      loan
      characteristics for Mortgage Loans that have prepaid, along with prepayment
      premium analytics.

    

    (v) Servicer
      Remittance Report: This report will consist of an analysis of any discrepancy
      between the monthly servicer remittance file and the final monthly trust report
      including, without limitation, the collection of prepayment
      premiums.

    

    (vi) MortgageRamp
      Loan Review Report: This report will consist of a narrative summary with respect
      to the individual loans that have been flagged for manual review and follow-up
      consultation with the Servicer. This report may also include narrative summaries
      of the recommendation of the Credit Risk Manager. 

    

    The
      Credit Risk Manager shall make such reports and any additional information
      reasonably requested by the Depositor available each month to
      Certificateholders, the Trustee, any NIMS Insurer and the Rating Agencies via
      the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet
      website shall initially be located at https://rsrpt.mortgageramp.com.
      The user name for access to the website shall be the Certificateholder’s e-mail
      address and the password shall be “FFMLT 2006-FF15”. The Trustee shall not have
      any obligation to review such reports or otherwise monitor or supervise the
      activities of the Credit Risk Manager.

    

    (c) [Reserved].

    

    (d) The
      Credit Risk Manager shall reasonably cooperate with the Depositor and the
      Trustee in connection with the Trust Fund’s satisfying the reporting
      requirements under the Exchange Act with respect to reports prepared by the
      Credit Risk Manager.

    

    (e) The
      Credit Risk Manager has not and shall not engage any Subcontractor without
      (a)
      giving notice to the Sponsor, the Trustee, the Master Servicer and the Depositor
      and (b) requiring any such Subcontractor to provide to the Credit Risk Manager
      an assessment report as provided for in Section 9.25(a) above and an attestation
      report as provided in Section 9.25(b) above, which reports the Credit Risk
      Manager shall include in its assessment and attestation reports.

    

    (f) By
      March 10 of each year (or if such day is not a Business Day, the immediately
      preceding Business Day), the Credit Risk Manager shall deliver a signed
      certification, in the form attached hereto as Exhibit U (the “Credit Risk
      Manager Certification”), for the benefit of the Depositor, the Sponsor, the
      Master Servicer and the Trustee and for the benefit of the Person(s) signing
      the
      Form 10-K Certification; provided
      (i) that the Credit Risk Manager Certification shall be so provided by March
      10
      of such year only to the extent that the Depositor delivers a draft (without
      exhibits) of the applicable Annual Report on Form 10-K to the Credit Risk
      Manager by the fifth Business Day in March of such year and (ii) in the event
      that the Depositor delivers the draft Form 10-K referred to in clause (i) after
      the fifth Business Day in March of such year, the Credit Risk Manager shall
      deliver the Credit Risk Manager Certification as soon as practicable but no
      later than five calendar days of delivery to the Credit Risk Manager of such
      draft Form 10-K.

    

    
      
        
        

      

      
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    (g) In
      the event that prior to the filing date of the Form 10-K in March of each year,
      the Credit Risk Manager has knowledge or information material to the Credit
      Risk
      Manager Certification, the Credit Risk Manager shall promptly notify the
      Depositor and the Trustee, in writing. 

    

    Section
      9.35. Limitation
      Upon Liability of the Credit Risk Manager. 

    

    Except
      as provided pursuant to Section 9.36 of this Agreement, neither the Credit
      Risk
      Manager, nor any of the directors, officers, employees or agents of the Credit
      Risk Manager, shall be under any liability to the Trustee, the
      Certificateholders or the Depositor for any action taken or for refraining
      from
      the taking of any action in good faith pursuant to this Agreement, in reliance
      upon information provided by the Servicer under the Loan Performance Monitoring
      Agreement or for errors in judgment; provided, however,
      that this provision shall not protect the Credit Risk Manager or any such person
      against liability that would otherwise be imposed by reason of willful
      malfeasance, bad faith or gross negligence in its performance of its duties
      or
      by reason of reckless disregard for its obligations and duties under this
      Agreement or the Loan Performance Monitoring Agreement. The Credit Risk Manager
      and any director, officer, employee or agent of the Credit Risk Manager 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, and may rely
      in good faith upon the accuracy of information furnished by the Servicer
      pursuant to the Loan Performance Monitoring Agreement in the performance of
      its
      duties thereunder and hereunder.

    

    Section
      9.36. Indemnification
      by the Credit Risk Manager.

    

    The
      Credit Risk Manager agrees to indemnify the Depositor, the Master Servicer
      and
      the Trustee, and each of their respective directors, officers, employees and
      agents and the Trust Fund and hold each of them harmless from and against any
      losses, damages, penalties, fines, forfeitures, legal fees and expenses and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain arising out of or based upon the engagement of any
      Subcontractor in violation of Section 9.34(f) or any failure by the Credit
      Risk
      Manager to deliver any report required under Sections 9.25(a) or (b); provided,
      however, in no event shall the Credit Risk Manager be held liable for any
      indirect, consequential or special damagers hereunder.

    

    Section
      9.37. Removal
      of Credit Risk Manager.

    

    The
      Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
      holding not less than a 66-2/3% Voting Interests in the Trust, in the exercise
      of its or their sole discretion, at any time, without cause, upon ten (10)
      days
      prior written notice. The Certificateholders shall provide such written notice
      to the Trustee and upon receipt of such notice, the Trustee shall provide
      written notice to the Credit Risk Manager of its removal, effective upon receipt
      of such notice.

    

    
      
        
        

      

      
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    ARTICLE
      X

    

    REMIC
      ADMINISTRATION

    

    Section
      10.01. REMIC
      Administration.

    

    (a) REMIC
      elections as set forth in the Preliminary Statement shall be made on Forms
      1066
      or other appropriate federal tax or information return for the taxable year
      ending on the last day of the calendar year in which the Certificates are
      issued. The regular interests and residual interest in each REMIC shall be
      as
      designated in the Preliminary Statement. For purposes of such designations,
      the
      interest rate of any regular interest that is computed by taking into account
      the weighted average of the Net Mortgage Rates of the Mortgage Loans shall
      be
      reduced by the amount of any expense paid by the Trust to the extent that (i)
      such expense was not taken into account in computing the Net Mortgage Rate
      of
      any Mortgage Loan, (ii) such expense does not constitute an “unanticipated
      expense” of a REMIC within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii), (iii) such expense does not relate to an Excluded Trust
      Asset and (iv) the amount of such expense was not taken into account in
      computing the interest rate of a more junior Class of regular
      interests.

    

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

    

    (c) The
      Trustee shall represent the Trust Fund in any administrative or judicial
      proceeding relating to an examination or audit by any governmental taxing
      authority with respect thereto. The Trustee shall pay any and all tax related
      expenses (not including taxes) of each REMIC, including but not limited to
      any
      professional fees or expenses related to audits or any administrative or
      judicial proceedings with respect to such REMIC that involve the Internal
      Revenue Service or state tax authorities, but only to the extent that (i) such
      expenses are ordinary or routine expenses, including expenses of a routine
      audit
      but not expenses of litigation (except as described in (ii)); or (ii) such
      expenses or liabilities (including taxes and penalties) are attributable to
      the
      negligence or willful misconduct of the Trustee in fulfilling its duties
      hereunder (including its duties as tax return preparer). The Trustee shall
      be
      entitled to reimbursement of expenses to the extent provided in clause (i)
      above
      from the Certificate Account, provided,
      however,
      the Trustee shall not be entitled to reimbursement for expenses incurred in
      connection with the preparation of tax returns and other reports as required
      by
      Section 6.20 and this Section.

    

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

    

    
      
        
        

      

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

    

    The
      Trustee shall be entitled to receive reasonable compensation from the Trust
      for
      the performance of its duties under this subsection (e); provided,
      however,
      that such compensation shall not exceed $5,000 per year.

    

    (f) The
      Trustee, the Master Servicer and the Holders of Certificates shall take any
      action or cause any REMIC to take any action necessary to create or maintain
      the
      status of any REMIC as a REMIC under the REMIC Provisions and shall assist
      each
      other as necessary to create or maintain such status. Neither the Trustee,
      the
      Master Servicer nor the Holder of any Residual Certificate shall knowingly
      take
      any action, cause any REMIC to take any action or fail to take (or fail to
      cause
      to be taken) any action that, under the REMIC Provisions, if taken or not taken,
      as the case may be, could result in an Adverse REMIC Event unless the Trustee,
      any NIMS Insurer and the Master Servicer have received an Opinion of Counsel
      addressed to the Trustee (at the expense of the party seeking to take such
      action) to the effect that the contemplated action will not result in an Adverse
      REMIC Event. In addition, prior to taking any action with respect to any REMIC
      or the assets therein, or causing any REMIC to take any action, which is not
      expressly permitted under the terms of this Agreement, any Holder of a Residual
      Certificate will consult with the Trustee, the Master Servicer, any NIMS Insurer
      or their respective designees, in writing, with respect to whether such action
      could cause an Adverse REMIC Event to occur with respect to any REMIC, and
      no
      such Person shall take any such action or cause any REMIC to take any such
      action as to which the Trustee, the Master Servicer or any NIMS Insurer has
      advised it in writing that an Adverse REMIC Event could occur.

    

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

    

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

    

    (i) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement.

    

    (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.

    

    
      
        
        

      

      
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    (k) On
      or before October 15 of each calendar year beginning in 2007, the Trustee shall
      deliver to any NIMS Insurer an Officer’s Certificate stating, without regard to
      any actions taken by any party other than the Trustee, the Trustee’s compliance
      with provisions of this Section 10.01. 

    

    (l) The
      Trustee shall treat each of the Basis Risk Reserve Fund and the Supplemental
      Interest Trust as an outside reserve fund within the meaning of Treasury
      Regulation Section 1.860G-2(h) that is owned by the Holders of the Class X
      Certificates and that is not an asset of any REMIC and all amounts deposited
      into the Basis Risk Reserve Fund or the Supplemental Interest Trust shall be
      treated as amounts distributed to the Class X Certificateholders. 

    

    (m) For
      federal income tax purposes, upon any sale of the property held by the Trust
      Fund pursuant to Section 7.01(b), any NIM Redemption Amount paid by the Master
      Servicer shall not be treated as a portion of the purchase price paid for such
      property but shall instead be treated as an amount paid by the Master Servicer
      to the Holder of the Class X Certificates in exchange for an interest in the
      Class X Certificates immediately before the purchase of the property held by
      the
      Trust Fund.

    

    (n) The
      Trustee shall treat the beneficial owners of Certificates (other than the Class
      P, Class X, Class LT-R and Class R Certificates) as having entered into a
      notional principal contract with respect to the beneficial owners of the Class
      X
      Certificates. Pursuant to each such notional principal contract, all beneficial
      owners of LIBOR Certificates shall be treated as having agreed to pay, on each
      Distribution Date, to the beneficial owners of the Class X Certificates an
      aggregate amount equal to the excess, if any, of (i) the amount payable on
      such
      Distribution Date on the interest in the Upper Tier REMIC corresponding to
      such
      Class of Certificates over
      (ii)
      the amount payable on such Class of Certificates on such Distribution Date
      (such
      excess, a “Class I Shortfall”). A Class I Shortfall payable from interest
      collections shall be allocated to each Class of Certificates to the extent
      that
      interest accrued on such Class for the related Accrual Period at the Certificate
      Interest Rate for a Class, computed by substituting “REMIC 3 Net Funds Cap” for
      the applicable “Net Funds Cap” in the definition thereof, exceeds the amount of
      interest accrued for the related Accrual Period based on the applicable Net
      Funds Cap, and a Class I Shortfall payable from principal collections shall
      be
      allocated to the most subordinate Class of Certificates with an outstanding
      principal balance to the extent of such balance. In addition, pursuant to such
      notional principal contract, the beneficial owner of the Class X Certificates
      shall be treated as having agreed to pay Basis Risk Shortfalls and Unpaid Basis
      Risk Shortfalls to the Owners of the LIBOR Certificates in accordance with
      the
      terms of this Agreement. Any payments to the Certificates in light of the
      foregoing shall not be payments with respect to a “regular interest” in a REMIC
      within the meaning of Code Section 860G(a)(1). However, any payment from the
      Certificates of a Class I Shortfall shall be treated for tax purposes as having
      been received by the beneficial owners of such Certificates in respect of their
      Interests in the Upper Tier REMIC and as having been paid by such beneficial
      owners to the Supplemental Interest Trust pursuant to the notional principal
      contract. Thus,
      each Certificate (other than a Class P, Class R and Class LT-R Certificates)
      shall be treated as representing not only ownership of regular interests in
      the
      Upper Tier REMIC, but also ownership of an interest in (and obligations with
      respect to) a notional principal contract. For tax purposes, the notional
      principal contract shall be deemed to have a value in favor of the Certificates
      entitled to receive Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      of
      $111,513.37 as of the Closing Date.

    

    
      
        
        

      

      
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    (o) Notwithstanding
      the priority and sources of payments set forth in Article V hereof or otherwise,
      the Trustee shall account for all distributions on the Certificates as set
      forth
      in this Section 10.01. In no event shall any payments of Basis Risk Shortfalls
      or Unpaid Basis Risk Shortfalls provided for in this Section 10.01 be treated
      as
      payments with respect to a “regular interest” in a REMIC within the meaning of
      Code Section 860G(a)(1).

    

    Section
      10.02. Prohibited
      Transactions and Activities. 

    

    Neither
      the Depositor, the Master Servicer nor the Trustee shall sell, dispose of,
      or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of 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 the Trustee and any NIMS Insurer has received an Opinion of Counsel
      addressed to the Trustee (at the expense of the party causing such sale,
      disposition, or substitution) that such disposition, acquisition, substitution,
      or acceptance will not (a) result in an Adverse REMIC Event, (b) affect the
      distribution of interest or principal on the Certificates or (c) result in
      the
      encumbrance of the assets transferred or assigned to the Trust Fund (except
      pursuant to the provisions of this Agreement).

    

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

    

    Upon
      the occurrence of an Adverse REMIC Event due to the negligent performance by
      the
      Trustee of its duties and obligations set forth herein, the Trustee shall
      indemnify any NIMS Insurer, the Holder of the related Residual Certificate
      or
      the Trust Fund, as applicable, against any and all losses, claims, damages,
      liabilities or expenses (“Losses”) resulting from such negligence; provided,
      however,
      that the Trustee shall not be liable for any such Losses attributable to the
      action or inaction of the Master Servicer, the Depositor, the Class X
      Certificateholders 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 or the Servicing Agreement, (2) for any Losses other
      than arising out of a negligent performance by the Trustee of its duties and
      obligations set forth herein, and (3) for any special or consequential damages
      to Certificateholders (in addition to payment of principal and interest on
      the
      Certificates). In addition, the Trustee shall not have any liability for the
      actions or failure to act of any other party hereto. 

    

    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, knowingly permit the Servicer to, rent, lease, or otherwise earn
      income on behalf of any REMIC with respect to any REO Property which might
      cause
      an Adverse REMIC Event unless the Master Servicer has advised, or has caused
      the
      Servicer to advise, the Trustee and any NIMS Insurer in writing to the effect
      that, under the REMIC Provisions, such action would not result in an Adverse
      REMIC Event.

    

    
      
        
        

      

      
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    (b) The
      Master Servicer shall cause the Servicer (to the extent provided in its
      Servicing Agreement) to make reasonable efforts to sell any REO Property for
      its
      fair market value. In any event, however, the Master Servicer shall, or shall
      cause the Servicer (to the extent provided in its Servicing Agreement) to,
      dispose of any REO Property within three years of its acquisition by the Trust
      Fund unless the Master Servicer has received a grant of extension from the
      Internal Revenue Service to the effect that, under the REMIC Provisions, the
      REMIC may hold REO Property for a longer period without causing an Adverse
      REMIC
      Event. If the Master Servicer has received such an extension, then the Trustee,
      or the Master Servicer, acting on its behalf hereunder, shall, or shall cause
      the Servicer to, continue to attempt to sell the REO Property for its fair
      market value for such period longer than three years as such extension permits
      (the “Extended Period”). If the Trustee has not received such an extension and
      the Master Servicer or the Servicer, acting on behalf of the Trustee hereunder,
      is unable to sell the REO Property within 33 months after its acquisition by
      the
      Trust Fund or if the Master Servicer has received such an extension, and the
      Master Servicer or the Servicer is unable to sell the REO Property within the
      period ending three months before the close of the Extended Period, the Master
      Servicer shall cause the Servicer, before the end of the three year period
      or
      the Extended Period, as applicable, to (i) purchase such REO Property at a
      price
      equal to the REO Property’s fair market value or (ii) auction the REO Property
      to the highest bidder (which may be the 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.

    

    
      
        
        

      

      
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    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, with the
      consent of any NIMS Insurer, but without the consent of the Credit Risk Manager
      or the Swap Counterparty (except to the extent that the rights or obligations
      of
      (1) the Credit Risk Manager or the Swap Counterparty hereunder or (2) the Swap
      Counterparty under the Swap Agreement are affected thereby, and except to the
      extent the ability of the Trustee on behalf of the Supplemental Interest Trust
      and the Trust Fund to perform fully and timely its obligations under the Swap
      Agreement is adversely affected, in which case prior written consent of the
      Swap
      Counterparty is required) and without notice to or the consent of any of the
      Holders, (i) to cure any ambiguity, (ii) to cause the provisions herein to
      conform to or be consistent with or in furtherance of the statements made with
      respect to the Certificates, the Trust Fund or this Agreement in any Offering
      Document, or to correct or supplement any provision herein which may be
      inconsistent with any other provisions herein or with the provisions of the
      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 as evidenced by an Opinion of
      Counsel. No such amendment effected pursuant to the preceding sentence shall,
      as
      evidenced by an Opinion of Counsel, result in an Adverse REMIC Event, nor shall
      such amendment effected pursuant to clause (iii) of such sentence adversely
      affect in any material respect the interests of any Holder. Prior to entering
      into any amendment without the consent of Holders pursuant to this paragraph,
      the Trustee, any NIMS Insurer and the Swap Counterparty shall be provided with
      an Opinion of Counsel addressed to the Trustee, any NIMS Insurer and the Swap
      Counterparty (at the expense of the party requesting such amendment) to the
      effect that such amendment is permitted under this Section. Any such amendment
      shall be deemed not to adversely affect in any material respect any Holder,
      if
      the Trustee receives prior written confirmation from each Rating Agency that
      such amendment will not cause such Rating Agency to reduce then current rating
      assigned to the Certificates.

    

    (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 any NIMS Insurer, but without the consent of the Credit Risk
      Manager or the Swap Counterparty (except to the extent that the rights or
      obligations of (1) the Credit Risk Manager or the Swap Counterparty hereunder
      or
      (2) the Swap Counterparty under the Swap Agreement are affected thereby, or
      the
      ability of the Trustee on behalf of the Supplemental Interest Trust and the
      Trust Fund to perform fully and timely its obligations under the Swap Agreement
      is adversely affected, in which case prior written consent of the Swap
      Counterparty is required) and 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 and any NIMS Insurer
      receives an Opinion of Counsel addressed to the Trustee and the NIMS Insurer,
      at
      the expense of the party requesting the change, that such change will not cause
      an Adverse REMIC Event; and provided further, that no such amendment may (i)
      reduce in any manner the amount of, or delay the timing of, payments received
      on
      Mortgage Loans which are required to be distributed on any Certificate, without
      the consent of the Holder of such Certificate or (ii) reduce the aforesaid
      percentages of Class Principal Amount (or Percentage Interest) of Certificates
      of each Class, the Holders of which are required to consent to any such
      amendment without the consent of the Holders of 100% of the Class Principal
      Amount (or Percentage Interest) of each Class of Certificates affected thereby.
      For purposes of this paragraph, references to “Holder” or “Holders” shall be
      deemed to include, in the case of any Class of Book-Entry Certificates, the
      related Certificate Owners.

    

    
      
        
        

      

      
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    (c) After
      a Section 7.01(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, but without the consent
      of
      the Credit Risk Manager or the Swap Counterparty (except to the extent that
      the
      rights or obligations of (1) the Credit Risk Manager or the Swap Counterparty
      hereunder or (2) the Swap Counterparty under the Swap Agreement, or the ability
      of the Trustee on behalf of the Supplemental Interest Trust and the Trust Fund
      to perform fully and timely its obligations under the Swap Agreement is
      adversely affected, in which case prior written consent of the Credit Risk
      Manager or the Swap Counterparty, as applicable, is required). Prior to entering
      into any amendment without the consent of Holders pursuant to this paragraph,
      the Trustee and the Swap Counterparty shall be provided with an Opinion of
      Counsel addressed to the Trustee, any NIMS Insurer and the Swap Counterparty
      (at
      the expense of the party requesting such amendment) to the effect that such
      amendment is permitted under this Section and will not result in an Adverse
      REMIC Event.

    

    (d) Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the Depositor,
      the Swap Counterparty, any NIMS Insurer 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 the Servicing Agreement, the Trustee shall not
      consent to any amendment of the Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in Section 11.03(a) or 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 the Servicing Agreement.

    

    
      
        
        

      

      
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    (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 Percentage Interest),
      Certificates owned by the Depositor, the Master Servicer, the Trustee, the
      Servicer, the Credit Risk Manager or Affiliates thereof are not to be counted
      so
      long as such Certificates are owned by the Depositor, the Master Servicer,
      the
      Trustee, the Servicer, the Credit Risk Manager or any Affiliate
      thereof.

    

    Section
      11.05. Provision
      of Information. 

    

    (a) For
      so long as any of the Certificates of any Series or Class are “restricted
      securities” within the meaning of Rule 144(a)(3) under the Act, each of the
      Depositor, the Master Servicer and the Trustee agree to cooperate with each
      other to provide to any Certificateholders, any NIM Security holder and to
      any
      prospective purchaser of Certificates designated by such holder, upon the
      request of such holder or prospective purchaser, any information required to
      be
      provided to such holder or prospective purchaser to satisfy the condition set
      forth in Rule 144A(d)(4) under the Act. Any reasonable, out-of-pocket expenses
      incurred by the Master Servicer or the Trustee in providing such information
      shall be reimbursed by the Depositor.

    

    (b) The
      Trustee shall provide 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 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
      that the Trustee has such documents in its possession or such documents are
      reasonably obtained by the Trustee). Any reasonable out-of-pocket expenses
      incurred by the Trustee in providing copies of such documents shall be
      reimbursed by the Depositor.

    

    (c) On
      each Distribution Date, the Trustee shall 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.

    
      
        
        

      

      
        173

        
          

        

      

      
        
        

      

    

    

    Section
      11.07. Notices.
      

    

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given when received by (a) in the case of the
      Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 7th
      Floor, New York, NY 10019, Attention: Mortgage Finance FFMLT 2006-FF15,
      (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
      Avenue, 7th Floor, New York, NY 10019, Attention: Mortgage Finance FFMLT
      2006-FF15, (c) in the case of the Credit Risk Manager, OfficeTiger Global
      Real Estate Services Inc., 7000 Central Parkway, Suite 800, Atlanta, Georgia
      30328, Attention: Chief Executive Officer, (d) in the case of the Trustee,
      the
      Corporate Trust Office, (e) in the case of the Master Servicer, Aurora Loan
      Services LLC, 10350 Park Meadows Drive, Littleton, Colorado 80124; Attention:
      Master Servicing, FFMLT 2006-FF15, (f) in the case of the Swap Counterparty,
      at
      the address therefore set forth in the Swap Agreement and (g) in the case of
      the
      Cap Counterparty, at the address therefore set forth in the Interest Rate Cap
      Agreement or, as to each party, such other address as may hereafter be furnished
      by such party to the other parties in writing. All demands, notices and
      communications to a party hereunder shall be in writing and shall be deemed
      to
      have been duly given when delivered to such party at the relevant address,
      facsimile number or electronic mail address set forth above or at such other
      address, facsimile number or electronic mail address as such party may designate
      from time to time by written notice in accordance with this Section
      11.07.

    

    Section
      11.08. Severability
      of Provisions. 

    

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

    

    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.

    

    The
      Depositor shall promptly notify the Custodian and the Trustee in writing of
      the
      issuance of any Class of NIMS Securities issued by a NIMS Insurer and the
      identity of such NIMS Insurer. Thereafter, the NIMS Insurer shall be deemed
      a
      third-party beneficiary of this Agreement to the same extent as if it were
      a
      party hereto, and shall be subject to and have the right to enforce the
      provisions of this Agreement so long as the NIMS Securities remaining
      outstanding or the NIMS Insurer is owed amounts in respect of its guarantee
      of
      payment of such NIMS Securities. Nothing in this Agreement or in the
      Certificates, express or implied, shall give to any Person, other than the
      parties to this Agreement and their successors hereunder, the Swap Counterparty
      and its successors and assignees under the Swap Agreement, the Holders of the
      Certificates and the NIMS Insurer, any benefit or any legal or equitable right,
      power, remedy or claim under this Agreement, except to the extent specified
      in
      Sections 5.08 and Section 11.15, as applicable.

    

    
      
        
        

      

      
        174

        
          

        

      

      
        
        

      

    

    Section
      11.12. Special
      Notices to the Rating Agencies and any NIMS Insurer. 

    

    (a) The
      Depositor shall give prompt notice to the Rating Agencies and any NIMS Insurer
      of the occurrence of any of the following events of which it has
      notice:

    

    (i) any
      amendment to this Agreement pursuant to Section 11.03;

    

    (ii) any
      Assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

    

    (iii) the
      occurrence of any Event of Default described in Section 6.14;

    

    (iv) any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

    

    (v) the
      appointment of any successor to any Master Servicer pursuant to Section 6.14;
      

    

    (vi) the
      making of a final payment pursuant to Section 7.02; and

    

    (vii) any
      termination of the rights and obligations of the Servicer under the Servicing
      Agreement.

    

    (b) All
      notices to the Rating Agencies provided for this Section shall be in writing
      and
      sent by first class mail, telecopy or overnight courier, as
      follows:

    

    If
      to S&P, to:

    

    Standard
      & Poor’s Ratings Services

    55
      Water Street

    New
      York, New York 10041

    Attention:
      Residential Mortgages

    

    
      
        
        

      

      
        175

        
          

        

      

      
        
        

      

    

    If
      to Moody’s, to:

    

    Moody’s
      Investor Service, Inc.

    99
      Church Street

    New
      York, New York 10007

    Attention:
      Residential Mortgages

    

    If
      to Fitch, to:

    

    Fitch,
      Inc.

    One
      State Street Plaza

    New
      York, New York 10004

    Attention:
      Residential Mortgages

    

    (c) The
      Trustee shall provide or make available to the Rating Agencies reports prepared
      pursuant to Section 4.03. In addition, the Trustee shall, at the expense of
      the
      Trust Fund, make available to each Rating Agency such information as such Rating
      Agency may reasonably request regarding the Certificates or the Trust Fund,
      to
      the extent that such information is reasonably available to the
      Trustee.

    

    Section
      11.13. Conflicts.
      

    

    To
      the extent that the terms of this Agreement conflict with the terms of the
      Servicing Agreement, the Servicing Agreement shall govern, unless such
      provisions shall adversely affect the Trustee or the Trust Fund.

    

    Section
      11.14. Counterparts.
      

    

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

    

    Section
      11.15. Transfer
      of Servicing. 

    

    The
      Seller agrees that it shall provide written notice to the Master Servicer,
      the
      Swap Counterparty, any NIMS Insurer and the Trustee thirty days prior to any
      proposed transfer or assignment by such Seller of its rights under the Servicing
      Agreement or of the servicing thereunder or delegation of its rights or duties
      thereunder or any portion thereof to any other Person other than the initial
      Servicer under the Servicing Agreement. In addition, the ability of the Seller
      to transfer or assign its rights and delegate its duties under the Servicing
      Agreement or to transfer the servicing thereunder to a successor servicer shall
      be subject to the following conditions: 

    

    (i) Satisfaction
      of the conditions to such transfer as set forth in the Servicing Agreement
      including, without limitation, receipt of written consent of any NIMS Insurer
      and the Master Servicer to such transfer;

    

    (ii) Such
      successor servicer must be qualified to service loans for Fannie Mae or Freddie
      Mac, and must be a member in good standing of MERS;

    

    
      
        
        

      

      
        176

        
          

        

      

      
        
        

      

    

    (iii) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      Servicing Agreement, exclusive of any experience in mortgage loan
      origination;

    

    (iv) Such
      successor servicer must execute and deliver to the Trustee and the Master
      Servicer an agreement, in form and substance reasonably satisfactory to the
      Trustee and the Master Servicer, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the Servicer under the Servicing
      Agreement;

    

    (v) There
      must be delivered to the Trustee and the Master Servicer a letter from each
      Rating Agency to the effect that such transfer of servicing will not result
      in a
      qualification, withdrawal or downgrade of the then-current rating of any of
      the
      Certificates; and

    

    (vi) The
      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 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
      Seller shall cause the prior Servicer to transmit to any related insurer
      notification of such transfer of servicing; (C) on or prior to the effective
      date of such transfer of servicing, the Seller shall cause the prior Servicer
      to
      deliver to the successor servicer all Mortgage Loan Documents and any related
      records or materials; (D) on or prior to the effective date of such transfer
      of
      servicing, the Seller shall cause the prior Servicer to transfer to the
      successor servicer, all funds held by the prior Servicer in respect of the
      Mortgage Loans; (E) on or prior to the effective date of such transfer of
      servicing, the Seller shall cause the prior Servicer to, after the effective
      date of the transfer of servicing to the successor 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 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.
      Notwithstanding the foregoing, the prior Servicer shall be obligated to perform
      the items listed above to the extent provided in the Servicing
      Agreement.

    

    
      
        
        

      

      
        177

        
          

        

      

      
        
        

      

    

    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 

     

    WELLS
      FARGO BANK, N.A., 
as
      Trustee

     

    

    By:           /s/
      Michael Pinzon             

    Name:
      Michael Pinzon

    Title:
      Vice President

    

    

    AURORA
      LOAN SERVICES LLC, as Master 
Servicer

    

    

    By:           /s/
      Jerald W. Dreyer            
Name:
      Jerald W. Dreyer
Title:
      Vice President

    

    

    OFFICETIGER
      GLOBAL REAL ESTATE 
SERVICES INC., as Credit Risk Manager

    

    

    By:         
      /s/
      D. Keith Gettman            

    Name:
      D. Keith Gettman

    Title:
      Senior Vice President

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    Solely
      for purposes of Sections 5.07(c), 6.11 and 11.15, 

    accepted
      and agreed to by:

     

    LEHMAN
      BROTHERS HOLDINGS INC.

     

    By:    
      /s/
      Michael Hitzmann            

    Name:
      Michael Hitzmann

    Title:
      Authorized Signatory

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-1

     

    [FORM
      OF SENIOR CERTIFICATE]

    

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP
      OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
      TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND A RIGHT TO RECEIVE PAYMENTS
      FROM THE BASIS RISK RESERVE FUND. 

     

    THIS
      CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND IS NOT
      GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR ANY AFFILIATE
      OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
      OR
      PRIVATE INSURER. 

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY BE
      MADE
      IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE CERTIFICATE PRINCIPAL
      AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE
      PRINCIPAL AMOUNT OF THIS CERTIFICATE AS SET FORTH HEREIN. 

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO.
      OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
      DTC,
      ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
      PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
      AN INTEREST HEREIN. 

     

    
      
        
        

      

      
        A-1-1

        
          

        

      

      
        
        

      

    

    NO
      TRANSFER OF THIS CERTIFICATE PRIOR TO THE TERMINATION OF THE SWAP AGREEMENT
      AND
      THE INTEREST RATE CAP AGREEMENT SHALL BE MADE UNLESS THE TRUSTEE SHALL HAVE
      RECEIVED A REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE TO
      THE
      EFFECT THAT EITHER (I) SUCH TRANSFEREE IS NEITHER 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 (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
      THIS CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION
      FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(B)(17) OF ERISA AND SECTION
      4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14,
      PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE
      EXEMPTION. ANY PURPORTED TRANSFER OF THIS CERTIFICATE PRIOR TO THE TERMINATION
      OF THE SWAP AGREEMENT AND THE INTEREST RATE CAP AGREEMENT TO OR ON BEHALF OF
      A
      PLAN WITHOUT THE DELIVERY TO THE TRUSTEE OF A REPRESENTATION LETTER AS DESCRIBED
      ABOVE SHALL BE VOID AND OF NO EFFECT. IF THIS CERTIFICATE IS A BOOK-ENTRY
      CERTIFICATE PRIOR TO THE DATE OF THE TERMINATION OF THE SWAP AGREEMENT AND
      THE
      INTEREST RATE CAP AGREEMENT, THE TRANSFEREE WILL BE DEEMED TO HAVE MADE A
      REPRESENTATION AS PROVIDED IN CLAUSE (I) OR (II) OF THIS PARAGRAPH, AS
      APPLICABLE. 

     

    
      
        
        

      

      
        A-1-2

        
          

        

      

      
        
        

      

    

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF15

    MORTGAGE
      PASS-THROUGH CERTIFICATE, CLASS [___]

    

     

    Evidencing
      a beneficial interest in three pools consisting primarily of certain first
      lien,
      adjustable and fixed rate, fully amortizing and balloon, residential mortgage
      loans and other assets in a trust fund established by: 

     

    STRUCTURED
      ASSET SECURITIES CORPORATION

     

    
      	
              Initial
                Class Principal Amount of the Class [__] Certificates:

            	 	
              $[_____________]

            	 	
              Initial
                Certificate Principal Amount of this Certificate:

            	 	
              $[_____________]

            
	 	 	 	 	 	 	 
	
              Certificate
                

              Interest
                Rate:

            	 	
              Variable

            	 	
              Cut-off
                Date:

            	 	
              October
                1, 2006

            
	 	 	 	 	 	 	 
	
              NUMBER
                [__]

            	 	 	 	
              CUSIP:

            	 	
              [_____________]

            

    

    

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

    

    

     

    THIS
      CERTIFIES THAT CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Initial Certificate
      Principal Amount of this Certificate by the Initial Class Principal Amount
      of
      the Class [__] Certificates, both as specified above) evidencing beneficial
      ownership in a Trust Fund consisting primarily of (i) certain first lien,
      adjustable and fixed rate, fully amortizing and balloon, residential mortgage
      loans acquired by the Trust Fund on the Closing Date (the “Mortgage Loans”),
      together with all collections therefrom and proceeds thereof (excluding all
      scheduled payments of principal and interest due on the Mortgage Loans on or
      before the Cut-off Date), (ii) any REO Property, together with all collections
      thereon and proceeds thereof, (iii) the Depositor’s rights under the Mortgage
      Loan Sale Agreement, the Servicing Agreement and the Transfer Agreement
      (including any security interest created thereby), (iv) the Depositor’s rights
      under any Insurance Policies related to the Mortgage Loans, (v) amounts on
      deposit from time to time in the Collection Account, the Certificate Account
      and
      the Basis Risk Reserve Fund and (vi) the Supplemental Interest Trust, the
      primary assets of which are the Swap Agreement and the Interest Rate Cap
      Agreement and all proceeds thereof. 

     

    Distributions
      on this Certificate will be made on the 25th day of each month or, if such
      a day
      is not a Business Day, then on the next succeeding Business Day, commencing
      in
      November 2006 (each, a “Distribution Date”), to the Person in whose name this
      Certificate is registered at the close of business on the Business Day
      immediately preceding such Distribution Date, so long as such Certificate is
      in
      book entry form (the “Record Date”), in an amount equal to the product of the
      Percentage Interest evidenced by this Certificate and the amount, if any,
      required to be distributed to all the Certificates of the Class represented
      by
      this Certificate. All sums distributable on this Certificate are payable in
      the
      coin or currency of the United States of America which at the time of payment
      is
      legal tender for the payment of public and private debts. 

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which shall have the same effect as though fully set forth
      on
      the face of this Certificate. 

     

    Unless
      the certificate of authentication hereon has been executed by or on behalf
      of
      the Trustee, whose name appears below by manual signature, this Certificate
      shall not be entitled to any benefit under the Trust Agreement or be valid
      for
      any purpose. 

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    

    By:__________________________________________

    AUTHORIZED
      SIGNATORY

    

    

    Dated:
      October ___, 2006 

    

    

    

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION 

     

    This
      is one of the Certificates referred to in the within-mentioned Trust Agreement.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    

    By:_______________________________________

    AUTHORIZED
      SIGNATORY

    

    

    Dated:
      October ___, 2006 

    

    
      
        
        

      

      
        A-1-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-2

    

    [FORM
      OF CLASS M CERTIFICATE]

    

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP
      OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
      TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND A RIGHT TO RECEIVE PAYMENTS
      FROM THE BASIS RISK RESERVE FUND. 

     

    THIS
      CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND IS NOT
      GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR ANY AFFILIATE
      OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
      OR
      PRIVATE INSURER. 

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY BE
      MADE
      IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE CERTIFICATE PRINCIPAL
      AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE
      PRINCIPAL AMOUNT OF THIS CERTIFICATE AS SET FORTH HEREIN. 

     

    THIS
      CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE TRUST
      AGREEMENT REFERRED TO HEREIN. 

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO.
      OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
      DTC,
      ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
      PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
      AN INTEREST HEREIN. 

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED IF ITS RATING IS BELOW
      INVESTMENT GRADE UPON ACQUISITION UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES
      THE
      TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT THAT SUCH TRANSFEREE (1) IS
      NEITHER 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”), NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN
      NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN OR (2) IF SUCH TRANSFEREE IS
      AN
      INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING SUCH CERTIFICATES WITH FUNDS
      CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN
      SECTION V(e) OF THE PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”))
      AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATES ARE COVERED UNDER SECTIONS
      I
      AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE,
      AND UPON WHICH THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE DEPOSITOR
      AND
      ANY NIMS INSURER SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE PURCHASE
      OR
      HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL NOT RESULT IN
      ANY
      NON-EXEMPT PROHIBITED TRANSACTIONS UNDER TITLE I OF ERISA OR SECTION 4975 OF
      THE
      CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE
      DEPOSITOR OR ANY NIMS INSURER 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, THE TRUSTEE, THE MASTER SERVICER, THE SERVICER,
      THE DEPOSITOR OR ANY NIMS INSURER. A TRANSFEREE OF A BOOKENTRY CERTIFICATE
      SHALL
      BE DEEMED TO HAVE MADE A REPRESENTATION AS REQUIRED HEREIN. 

     

    
      
        
        

      

      
        A-2-1

        
          

        

      

      
        
        

      

    

    NO
      TRANSFER OF THIS CERTIFICATE PRIOR TO THE TERMINATION OF THE SWAP AGREEMENT
      AND
      THE INTEREST RATE CAP AGREEMENT SHALL BE MADE UNLESS THE TRUSTEE SHALL HAVE
      RECEIVED A REPRESENTATION LETTER FROM THE TRANSFEREE OF THIS CERTIFICATE TO
      THE
      EFFECT THAT EITHER (I) SUCH TRANSFEREE IS NOT 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 THIS CERTIFICATE ARE ELIGIBLE
      FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE
      PROVIDERS UNDER SECTION 408(B)(17) OF ERISA AND SECTION 4975(D)(20) OF THE
      CODE,
      PROHIBITED TRANSACTION CLASS EXEMPTION PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE
      95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION. ANY PURPORTED TRANSFER
      OF THIS CERTIFICATE PRIOR TO THE TERMINATION OF THE SWAP AGREEMENT AND THE
      INTEREST RATE CAP AGREEMENT TO OR ON BEHALF OF A PLAN WITHOUT THE DELIVERY
      TO
      THE TRUSTEE OF A REPRESENTATION LETTER AS DESCRIBED ABOVE SHALL BE VOID AND
      OF
      NO EFFECT. IF THIS CERTIFICATE IS A BOOKENTRY CERTIFICATE PRIOR TO THE
      TERMINATION OF THE SWAP AGREEMENT AND THE INTEREST RATE CAP AGREEMENT, THE
      TRANSFEREE WILL BE DEEMED TO HAVE MADE A REPRESENTATION AS PROVIDED IN CLAUSE
      (I) OR (II) OF THIS PARAGRAPH, AS APPLICABLE. 

     

    
      
        
        

      

      
        A-2-2

        
          

        

      

      
        
        

      

    

    

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF15

    MORTGAGE
      PASS-THROUGH CERTIFICATE, CLASS [__]

    

     

    Evidencing
      a beneficial interest in three pools consisting primarily of certain first
      lien,
      adjustable and fixed rate, fully amortizing and balloon, residential mortgage
      loans and other assets in a trust fund established by: 

     

    STRUCTURED
      ASSET SECURITIES CORPORATION

     

    
      	
              Initial
                Class Principal Amount of the Class [__] Certificates:

            	 	
              $[_____________]

            	 	
              Initial
                Certificate Principal Amount of this Certificate:

            	 	
              $[_____________]

            
	 	 	 	 	 	 	 
	
              Certificate
                

              Interest
                Rate:

            	 	
              Variable

            	 	
              Cut-off
                Date:

            	 	
              October
                1, 2006

            
	 	 	 	 	 	 	 
	
              NUMBER
                [__]

            	 	 	 	
              CUSIP:

            	 	
              [_____________]

            

    

    

    
      
        
        

      

      
        A-2-3

        
          

        

      

      
        
        

      

    

    

    THIS
      CERTIFIES THAT CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Initial Certificate
      Principal Amount of this Certificate by the Initial Class Principal Amount
      of
      the Class [__] Certificates, both as specified above) evidencing beneficial
      ownership in a Trust Fund consisting primarily of (i) certain first lien,
      adjustable and fixed rate, fully amortizing and balloon, residential mortgage
      loans acquired by the Trust Fund on the Closing Date (the “Mortgage Loans”),
      together with all collections therefrom and proceeds thereof (excluding all
      scheduled payments of principal and interest due on the Mortgage Loans on or
      before the Cut-off Date), (ii) any REO Property, together with all collections
      thereon and proceeds thereof, (iii) the Depositor’s rights under the Mortgage
      Loan Sale Agreement, the Servicing Agreement and the Transfer Agreement
      (including any security interest created thereby), (iv) the Depositor’s rights
      under any Insurance Policies related to the Mortgage Loans, (v) amounts on
      deposit from time to time in the Collection Account, the Certificate Account
      and
      the Basis Risk Reserve Fund and (vi) the Supplemental Interest Trust, the
      primary assets of which are the Swap Agreement and the Interest Rate Cap
      Agreement and all proceeds thereof. 

     

    Distributions
      on this Certificate will be made on the 25th day of each month or, if such
      a day
      is not a Business Day, then on the next succeeding Business Day, commencing
      in
      November 2006 (each, a “Distribution Date”), to the Person in whose name this
      Certificate is registered at the close of business on the Business Day
      immediately preceding such Distribution Date, so long as such Certificate is
      in
      book entry form (the “Record Date”), in an amount equal to the product of the
      Percentage Interest evidenced by this Certificate and the amount, if any,
      required to be distributed to all the Certificates of the Class represented
      by
      this Certificate. All sums distributable on this Certificate are payable in
      the
      coin or currency of the United States of America which at the time of payment
      is
      legal tender for the payment of public and private debts. 

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which shall have the same effect as though fully set forth
      on
      the face of this Certificate. 

     

    Unless
      the certificate of authentication hereon has been executed by or on behalf
      of
      the Trustee, whose name appears below by manual signature, this Certificate
      shall not be entitled to any benefit under the Trust Agreement or be valid
      for
      any purpose. 

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    

    By:__________________________________________

    AUTHORIZED
      SIGNATORY

    

    

    Dated:
      October ___, 2006 

    

    

    

    
      
        
        

      

      
        A-2-4

        
          

        

      

      
        
        

      

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION 

     

    This
      is one of the Certificates referred to in the within-mentioned Trust Agreement.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    

    By:_________________________________________

    AUTHORIZED
      SIGNATORY

    

    

    Dated:
      October ___, 2006 

    

    
      
        
        

      

      
        A-2-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-3

    

    [FORM
      OF CLASS B CERTIFICATE]

    

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP
      OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
      TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND A RIGHT TO RECEIVE PAYMENTS
      FROM THE BASIS RISK RESERVE FUND. 

     

    THIS
      CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND IS NOT
      GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR ANY AFFILIATE
      OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
      OR
      PRIVATE INSURER. 

     

    DISTRIBUTIONS
      IN REDUCTION OF THE CERTIFICATE PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY BE
      MADE
      IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE CERTIFICATE PRINCIPAL
      AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE
      PRINCIPAL AMOUNT OF THIS CERTIFICATE AS SET FORTH HEREIN. 

     

    THIS
      CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE TRUST
      AGREEMENT REFERRED TO HEREIN. 

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE & CO.
      OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
      DTC,
      ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
      PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
      AN INTEREST HEREIN. 

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF [With
      respect to the Class B Regulation S Certificate Only: WITHIN THE UNITED STATES
      (AS DEFINED IN RULES 901 THROUGH 905 OF THE 1933 ACT (“REGULATION S”)) OR TO, OR
      FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S),
      IN
      THE ABSENCE OF SUCH REGISTRATION]
      IN THE ABSENCE OF SUCH REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM,
      OR
      NOT SUBJECT TO, REGISTRATION. 

     

    
      
        
        

      

      
        A-3-1

        
          

        

      

      
        
        

      

    

    [With
      respect to the Class B Rule 144A Certificate Only:] THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT IT ACQUIRED SUCH CERTIFICATE (A) PURSUANT TO
      A
      REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT
      OR
      (B) AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933
      ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
      INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
      IN
      RELIANCE ON RULE 144A. 

     

    [With
      respect to the Class B Regulation S Certificate Only:] THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT (A) UNTIL THE EXPIRATION OF THE APPLICABLE
“DISTRIBUTION COMPLIANCE PERIOD” WITHIN THE MEANING OF REGULATION S, ANY OFFER,
      SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE SHALL NOT BE MADE IN THE
      UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON (EACH
      AS
      DEFINED IN REGULATION S) AND (B) IF THIS CERTIFICATE IS HELD WITHIN THE UNITED
      STATES OR SUCH HOLDER IS A U.S. PERSON OR THIS CERTIFICATES IS HELD FOR THE
      ACCOUNT OR BENEFIT OF, A U.S. PERSON (EACH AS DEFINED IN REGULATION S) SUCH
      CERTIFICATE WAS ACQUIRED ONLY (1) PURSUANT TO A REGISTRATION STATEMENT WHICH
      HAS
      BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT OR (2) BY SUCH HOLDER AS A “QUALIFIED
      INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT THAT PURCHASES
      FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO
      WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A.
      

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED IF ITS RATING IS BELOW
      INVESTMENT GRADE UPON ACQUISITION UNLESS THE PROSPECTIVE TRANSFEREE PROVIDES
      THE
      TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT THAT SUCH TRANSFEREE (1) IS
      NEITHER 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”), NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN
      NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN OR (2) IF THE CERTIFICATE HAS
      BEEN THE SUBJECT OF AN ERISAQUALIFYING UNDERWRITING AND TRANSFEREE IS AN
      INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING SUCH CERTIFICATES WITH FUNDS
      CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN
      SECTION V(e) OF THE PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”))
      AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATES ARE COVERED UNDER SECTIONS
      I
      AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE,
      AND UPON WHICH THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE DEPOSITOR
      AND
      ANY NIMS INSURER SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE PURCHASE
      OR
      HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL NOT RESULT IN
      ANY
      NON-EXEMPT PROHIBITED TRANSACTIONS UNDER TITLE I OF ERISA OR SECTION 4975 OF
      THE
      CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE
      DEPOSITOR OR ANY NIMS INSURER 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, THE TRUSTEE, THE MASTER SERVICER, THE SERVICER,
      THE DEPOSITOR OR ANY NIMS INSURER. A TRANSFEREE OF A BOOK-ENTRY CERTIFICATE
      SHALL BE DEEMED TO HAVE MADE A REPRESENTATION AS REQUIRED HEREIN. 

     

    
      
        
        

      

      
        A-3-2

        
          

        

      

      
        
        

      

    

    

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF15

    MORTGAGE
      PASS-THROUGH CERTIFICATE, CLASS B

     

    ([RULE
      144A/REGULATION S])

     

    Evidencing
      a beneficial interest in three pools consisting primarily of certain first
      lien,
      adjustable and fixed rate, fully amortizing and balloon, residential mortgage
      loans and other assets in a trust fund established by: 

    

    STRUCTURED
      ASSET SECURITIES CORPORATION

    

    
      	
              Initial
                Class Principal Amount of the Class B Certificates:

            	 	
              $[____________]

            	 	
              Initial
                Certificate Principal Amount of this Certificate:

            	 	
              $[____________]

            
	 	 	 	 	 	 	 
	
              Certificate
                

              Interest
                Rate:

            	 	
              Variable

            	 	
              Cut-off
                Date:

            	 	
              October
                1, 2006

            
	 	 	 	 	 	 	 
	
              NUMBER
                [__]

            	 	 	 	
              CUSIP:

              [ISIN:]

            	 	
              [____________]

              [____________]

            

    

    

    
      
        
        

      

      
        A-3-3

        
          

        

      

      
        
        

      

    

    

    THIS
      CERTIFIES THAT CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Initial Certificate
      Principal Amount of this Certificate by the Initial Class Principal Amount
      of
      the Class B Certificates, both as specified above) evidencing beneficial
      ownership in a Trust Fund consisting primarily of (i) certain first lien,
      adjustable and fixed rate, fully amortizing and balloon, residential mortgage
      loans acquired by the Trust Fund on the Closing Date (the “Mortgage Loans”),
      together with all collections therefrom and proceeds thereof (excluding all
      scheduled payments of principal and interest due on the Mortgage Loans on or
      before the Cut-off Date), (ii) any REO Property, together with all collections
      thereon and proceeds thereof, (iii) the Depositor’s rights under the Mortgage
      Loan Sale Agreement, the Servicing Agreement and the Transfer Agreement
      (including any security interest created thereby), (iv) the Depositor’s rights
      under any Insurance Policies related to the Mortgage Loans, (v) amounts on
      deposit from time to time in the Collection Account, the Certificate Account
      and
      the Basis Risk Reserve Fund and (vi) the Supplemental Interest Trust, the
      primary assets of which are the Swap Agreement and the Interest Rate Cap
      Agreement and all proceeds thereof. 

     

    Distributions
      on this Certificate will be made on the 25th day of each month or, if such
      a day
      is not a Business Day, then on the next succeeding Business Day, commencing
      in
      November 2006 (each, a “Distribution Date”), to the Person in whose name this
      Certificate is registered at the close of business on the Business Day
      immediately preceding such Distribution Date, so long as such Certificate is
      in
      book entry form (the “Record Date”), in an amount equal to the product of the
      Percentage Interest evidenced by this Certificate and the amount, if any,
      required to be distributed to all the Certificates of the Class represented
      by
      this Certificate. All sums distributable on this Certificate are payable in
      the
      coin or currency of the United States of America which at the time of payment
      is
      legal tender for the payment of public and private debts. 

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which shall have the same effect as though fully set forth
      on
      the face of this Certificate. 

     

    Unless
      the certificate of authentication hereon has been executed by or on behalf
      of
      the Trustee, whose name appears below by manual signature, this Certificate
      shall not be entitled to any benefit under the Trust Agreement or be valid
      for
      any purpose. 

     

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    

    By:_______________________________________

    AUTHORIZED
      SIGNATORY

    

    

    Dated:
      October ___, 2006

    

    

    

    
      
        
        

      

      
        A-3-4

        
          

        

      

      
        
        

      

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION 

     

    This
      is one of the Certificates referred to in the within-mentioned Trust Agreement.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    

    By:_________________________________________

    AUTHORIZED
      SIGNATORY

    

    

    Dated:
      October ___, 2006 

    

    
      
        
        

      

      
        A-3-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-4

    

    [FORM
      OF CLASS P CERTIFICATE]

    

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP
      OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
      TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). 

     

    THIS
      CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND IS NOT
      GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR ANY AFFILIATE
      OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
      OR
      PRIVATE INSURER. 

     

    THIS
      CERTIFICATE IS NOT ENTITLED TO SCHEDULED DISTRIBUTIONS OF PRINCIPAL AND WILL
      NOT
      ACCRUE INTEREST. THE HOLDER OF THIS CERTIFICATE WILL BE ENTITLED TO CERTAIN
      DISTRIBUTIONS AS PROVIDED IN THE TRUST AGREEMENT. 

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION. 

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
      OTHERWISE TRANSFER SUCH CERTIFICATE ONLY (A) PURSUANT TO A REGISTRATION
      STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT OR (B) TO A
      PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
      RULE 144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
      ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
      TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, SUBJECT TO THE TRUSTEE’S RIGHT
      PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF A
      CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE TRUST AGREEMENT.

     

    
      
        
        

      

      
        A-4-1

        
          

        

      

      
        
        

      

    

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
      TRANSFEREE PROVIDES THE TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT THAT
      SUCH
      TRANSFEREE (1) IS NEITHER 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”) NOR A PERSON ACTING
      ON BEHALF OF ANY SUCH PLAN NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN OR
      (2)
      IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISAQUALIFYING UNDERWRITING
      AND
      THE TRANSFEREE IS AN INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING SUCH
      CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS
      SUCH TERM IS DEFINED IN SECTION V(e) OF THE PROHIBITED TRANSACTION CLASS
      EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE
      ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL
      SATISFACTORY TO THE TRUSTEE, AND UPON WHICH THE TRUSTEE, THE MASTER SERVICER,
      THE SERVICER, THE DEPOSITOR AND ANY NIMS INSURER SHALL BE ENTITLED TO RELY,
      TO
      THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE
      TRANSFEREE WILL NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER
      TITLE
      I OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
      MASTER SERVICER, THE SERVICER, THE DEPOSITOR OR ANY NIMS INSURER 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,
      THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE DEPOSITOR OR ANY NIMS
      INSURER. 

     

    
      
        
        

      

      
        A-4-2

        
          

        

      

      
        
        

      

    

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF15

    MORTGAGE
      PASS-THROUGH CERTIFICATE, CLASS P

    

    Evidencing
      a beneficial interest in three pools consisting primarily of certain first
      lien,
      adjustable and fixed rate, fully amortizing and balloon, residential mortgage
      loans and other assets in a trust fund established by: 

     

    STRUCTURED
      ASSET SECURITIES CORPORATION

     

    
      	
              Percentage
                Interest: 100%

            	
              Cut-off
                Date: October 1, 2006 

            

    

     

    NUMBER
      [__] 

     

    THIS
      CERTIFIES THAT TFINN & CO. (on behalf of Lehman Pass-Through Securities
      Inc.) is the registered owner of the Percentage Interest evidenced by this
      Certificate evidencing a beneficial ownership in certain distributions of
      Prepayment Premiums (as defined in the Trust Agreement) made in respect of
      certain first lien, adjustable and fixed rate, fully amortizing and balloon,
      residential mortgage loans (the “Mortgage Loans”) acquired from Structured Asset
      Securities Corporation (the “Depositor”), a Delaware corporation, on the Closing
      Date (the “Mortgage Loans”) which from time to time may be held in the Trust
      Fund established pursuant to the Trust Agreement (as defined on the reverse
      hereof). 

     

    Distributions
      on this Certificate will be made on the 25th day of each month or, if such
      a day
      is not a Business Day, then on the next succeeding Business Day, commencing
      in
      November 2006 (each, a “Distribution Date”), to the Person in whose name this
      Certificate is registered at the close of business on the last Business Day
      of
      the calendar month immediately preceding the month in which such Distribution
      Date occurs (or, in the case of the first Distribution Date, the Closing Date)
      (the “Record Date”), in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount, if any, required to
      be
      distributed to all the Certificates of the Class represented by this
      Certificate. All sums distributable on this Certificate are payable in the
      coin
      or currency of the United States of America which at the time of payment is
      legal tender for the payment of public and private debts. 

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which shall have the same effect as though fully set forth
      on
      the face of this Certificate. 

     

    Unless
      the certificate of authentication hereon has been executed by or on behalf
      of
      the Trustee, whose name appears below by manual signature, this Certificate
      shall not be entitled to any benefit under the Trust Agreement or be valid
      for
      any purpose. 

     

    
      
        
        

      

      
        A-4-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    

    By:___________________________________________

    AUTHORIZED
      SIGNATORY

    

    

    Dated:
      October ___, 2006 

    

    

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION 

     

    This
      is one of the Certificates referred to in the within-mentioned Trust Agreement.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    

    By:____________________________________________

    AUTHORIZED
      SIGNATORY

    

    

    Dated:
      October ___, 2006 

    

    
      
        
        

      

      
        A-4-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-5

    

    [FORM
      OF CLASS X CERTIFICATE]

    

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP
      OF A
“REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
      TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND A RIGHT TO RECEIVE PAYMENTS
      FROM THE BASIS RISK RESERVE FUND. 

     

    THIS
      CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND IS NOT
      GUARANTEED BY, THE DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR ANY AFFILIATE
      OF ANY OF THEM AND IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
      OR
      PRIVATE INSURER. 

     

    THIS
      CERTIFICATE IS NOT ENTITLED TO SCHEDULED DISTRIBUTIONS OF PRINCIPAL AND WILL
      NOT
      ACCRUE INTEREST. THE HOLDER OF THIS CERTIFICATE WILL BE ENTITLED TO CERTAIN
      DISTRIBUTIONS AS PROVIDED IN THE TRUST AGREEMENT. 

     

    THIS
      CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE TRUST
      AGREEMENT REFERRED TO HEREIN. 

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION. 

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
      OTHERWISE TRANSFER SUCH CERTIFICATE ONLY (A) PURSUANT TO A REGISTRATION
      STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) TO A PERSON
      IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
      144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
      OF
      A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
      BEING MADE IN RELIANCE ON RULE 144A, OR (C) TO AN INSTITUTIONAL “ACCREDITED
      INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE 501
      UNDER THE 1933 ACT THAT IS ACQUIRING THE CERTIFICATE FOR ITS OWN ACCOUNT, OR
      FOR
      THE ACCOUNT OF SUCH AN INSTITUTIONAL “ACCREDITED INVESTOR,” FOR INVESTMENT
      PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
      DISTRIBUTION IN VIOLATION OF THE 1933 ACT, SUBJECT TO THE TRUSTEE’S RIGHT PRIOR
      TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF A CERTIFICATE
      OF
      TRANSFER IN THE FORM APPEARING IN THE TRUST AGREEMENT. 

     

    
      
        
        

      

      
        A-5-1

        
          

        

      

      
        
        

      

    

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
      TRANSFEREE PROVIDES THE TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT THAT
      SUCH
      TRANSFEREE (1) IS NEITHER 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”) NOR A PERSON ACTING
      ON BEHALF OF ANY SUCH PLAN NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN OR
      (2)
      IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISAQUALIFYING UNDERWRITING
      AND
      THE TRANSFEREE IS AN INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING SUCH
      CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS
      SUCH TERM IS DEFINED IN SECTION V(e) OF THE PROHIBITED TRANSACTION CLASS
      EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE
      ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL
      SATISFACTORY TO THE TRUSTEE, AND UPON WHICH THE TRUSTEE, THE MASTER SERVICER,
      THE SERVICER, THE DEPOSITOR AND ANY NIMS INSURER SHALL BE ENTITLED TO RELY,
      TO
      THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE
      TRANSFEREE WILL NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER
      TITLE
      I OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
      MASTER SERVICER, THE SERVICER, THE DEPOSITOR OR ANY NIMS INSURER 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,
      THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE DEPOSITOR OR ANY NIMS
      INSURER. 

     

    
      
        
        

      

      
        A-5-2

        
          

        

      

      
        
        

      

    

    

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF15

    MORTGAGE
      PASS-THROUGH CERTIFICATE, CLASS X

    

     

    Evidencing
      a beneficial interest in three pools consisting primarily of certain first
      lien,
      adjustable and fixed rate, fully amortizing and balloon, residential mortgage
      loans and other assets in a trust fund established by: 

     

    STRUCTURED
      ASSET SECURITIES CORPORATION

     

    
      	
              Percentage
                Interest: 100%

            	
              Cut-off
                Date: October 1, 2006 

            

    

    

    NUMBER
      [__] 

     

    THIS
      CERTIFIES THAT TFINN & CO. (on behalf of Lehman Pass-Through Securities
      Inc.) is the registered owner of the Percentage Interest evidenced by this
      Certificate in evidencing beneficial ownership in a Trust Fund consisting
      primarily of (i) certain first lien, adjustable and fixed rate, fully amortizing
      and balloon, residential mortgage loans acquired by the Trust Fund (the
“Mortgage Loans”) on the Closing Date (the “Mortgage Loans”), together with all
      collections therefrom and proceeds thereof (excluding all scheduled payments
      of
      principal and interest due on the Mortgage Loans on or before the Cut-off Date),
      (ii) any REO Property, together with all collections thereon and proceeds
      thereof, (iii) the Depositor’s rights under the Mortgage Loan Sale Agreement,
      the Servicing Agreement and the Transfer Agreement (including any security
      interest created thereby), (iv) the Depositor’s rights under any Insurance
      Policies related to the Mortgage Loans, (v) amounts on deposit from time to
      time
      in the Collection Account, the Certificate Account and the Basis Risk Reserve
      Fund and (vi) the Supplemental Interest Trust, the primary assets of which
      are
      the Swap Agreement and the Interest Rate Cap Agreement and all proceeds thereof.
      

     

    Distributions
      on this Certificate will be made on the 25th day of each month or, if such
      a day
      is not a Business Day, then on the next succeeding Business Day, commencing
      in
      November 2006 (each, a “Distribution Date”), to the Person in whose name this
      Certificate is registered at the close of business on the last Business Day
      of
      the calendar month immediately preceding the month in which such Distribution
      Date occurs (or, in the case of the first Distribution Date, the Closing Date)
      (the “Record Date”), in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount, if any, required to
      be
      distributed to all the Certificates of the Class represented by this
      Certificate. All sums distributable on this Certificate are payable in the
      coin
      or currency of the United States of America which at the time of payment is
      legal tender for the payment of public and private debts. 

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which shall have the same effect as though fully set forth
      on
      the face of this Certificate. 

     

    Unless
      the certificate of authentication hereon has been executed by or on behalf
      of
      the Trustee, whose name appears below by manual signature, this Certificate
      shall not be entitled to any benefit under the Trust Agreement or be valid
      for
      any purpose. 

     

    
      
        
        

      

      
        A-5-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    

    By:___________________________________________

    AUTHORIZED
      SIGNATORY

    

    

    Dated:
      October ___, 2006 

    

    

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION 

     

    This
      is one of the Certificates referred to in the within-mentioned Trust Agreement.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

    

    
      

      By:___________________________________________

      AUTHORIZED
        SIGNATORY

       

    

    

    Dated:
      October ___, 2006 

    

    
      
        
        

      

      
        A-5-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-6

    

    [FORM
      OF RESIDUAL CERTIFICATE]

    

     

    THIS
      CERTIFICATE IS A REMIC RESIDUAL INTEREST CERTIFICATE. THIS CERTIFICATE DOES
      NOT
      EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, AND IS NOT GUARANTEED BY, THE
      DEPOSITOR, THE TRUSTEE, THE MASTER SERVICER OR ANY AFFILIATE OF ANY OF THEM
      AND
      IS NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY. 

     

    THIS
      CERTIFICATE IS NOT ENTITLED TO DISTRIBUTIONS OF PRINCIPAL AND WILL NOT ACCRUE
      INTEREST. THE HOLDER OF THIS CERTIFICATE WILL BE ENTITLED ONLY TO CERTAIN
      LIMITED DISTRIBUTIONS AS PROVIDED IN THE TRUST AGREEMENT. 

     

    THIS
      CERTIFICATE IS SUBORDINATE IN RIGHT OF PAYMENT AS DESCRIBED IN THE TRUST
      AGREEMENT REFERRED TO HEREIN. 

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “1933 ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE NOR ANY
      INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
      PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
      REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION. 

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
      OTHERWISE TRANSFER SUCH CERTIFICATE ONLY (A) PURSUANT TO A REGISTRATION
      STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) TO A PERSON
      IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
      144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
      OF
      A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
      BEING MADE IN RELIANCE ON RULE 144A, OR (C) PURSUANT TO ANOTHER AVAILABLE
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, SUBJECT TO THE
      TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE
      DELIVERY OF A CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE TRUST
      AGREEMENT. 

     

    NEITHER
      THIS CERTIFICATE, NOR ANY BENEFICIAL INTEREST IN THIS CERTIFICATE, MAY BE
      TRANSFERRED, SOLD, PLEDGED, OR OTHERWISE DISPOSED OF UNLESS PRIOR TO SUCH
      DISPOSITION, THE PROPOSED TRANSFEREE DELIVERS TO THE TRUSTEE (I) AN AFFIDAVIT
      STATING (A) THAT THE PROPOSED TRANSFEREE 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 IS NOT PURCHASING THE CERTIFICATE ON BEHALF OF A
      DISQUALIFIED ORGANIZATION, (B) THAT NO PURPOSE OF SUCH TRANSFER IS TO AVOID
      OR
      IMPEDE THE ASSESSMENT OR COLLECTION OF TAX, (C) IN THE CASE OF A NON-U.S.
      PERSON, THAT THE PROPOSED TRANSFEREE 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 4224 OR SUCCESSOR FORM AT THE TIME AND IN THE
      MANNER REQUIRED BY THE CODE. 

     

    
      
        
        

      

      
        A-6-1

        
          

        

      

      
        
        

      

    

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
      TRANSFEREE PROVIDES THE TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT THAT
      SUCH
      TRANSFEREE (1) IS NEITHER 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”) NOR A PERSON ACTING
      ON BEHALF OF ANY SUCH PLAN NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN OR
      (2)
      IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISAQUALIFYING UNDERWRITING
      AND
      THE TRANSFEREE IS AN INSURANCE COMPANY, SUCH TRANSFEREE IS PURCHASING SUCH
      CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS
      SUCH TERM IS DEFINED IN SECTION V(e) OF THE PROHIBITED TRANSACTION CLASS
      EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE
      ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL
      SATISFACTORY TO THE TRUSTEE, AND UPON WHICH THE TRUSTEE, THE MASTER SERVICER,
      THE SERVICER, THE DEPOSITOR AND ANY NIMS INSURER SHALL BE ENTITLED TO RELY,
      TO
      THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE
      TRANSFEREE WILL NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER
      TITLE
      I OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE
      MASTER SERVICER, THE SERVICER, THE DEPOSITOR OR ANY NIMS INSURER 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,
      THE TRUSTEE, THE MASTER SERVICER, THE SERVICER, THE DEPOSITOR OR ANY NIMS
      INSURER. 

     

    
      
        
        

      

      
        A-6-2

        
          

        

      

      
        
        

      

    

    

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST, SERIES 2006-FF15

    MORTGAGE
      PASS-THROUGH CERTIFICATE, CLASS [____]

    

     

    Evidencing
      a beneficial interest in three pools consisting primarily of certain first
      lien,
      adjustable and fixed rate, fully amortizing and balloon, residential mortgage
      loans and other assets in a trust fund established by: 

     

    STRUCTURED
      ASSET SECURITIES CORPORATION

     

    
      	
              Percentage
                Interest: 100%

            	
              Cut-off
                Date: October 1, 2006

            

    

    

    NUMBER
      [__]

    

    THIS
      CERTIFIES THAT TFINN & CO. is the registered owner of the Percentage
      Interest evidenced by this Certificate evidencing beneficial ownership in a
      Trust Fund consisting primarily of (i) certain first lien, adjustable and fixed
      rate, fully amortizing and balloon, residential mortgage loans acquired by
      the
      Trust Fund on the Closing Date (the “Mortgage Loans”), together with all
      collections therefrom and proceeds thereof (excluding all scheduled payments
      of
      principal and interest due on the Mortgage Loans on or before the Cut-off Date),
      (ii) any REO Property, together with all collections thereon and proceeds
      thereof, (iii) the Depositor’s rights under the Mortgage Loan Sale Agreement,
      the Servicing Agreement and the Transfer Agreement (including any security
      interest created thereby), (iv) the Depositor’s rights under any Insurance
      Policies related to the Mortgage Loans, (v) amounts on deposit from time to
      time
      in the Collection Account, the Certificate Account and the Basis Risk Reserve
      Fund and (vi) the Supplemental Interest Trust, the primary assets of which
      are
      the Swap Agreement and the Interest Rate Cap Agreement and all proceeds thereof.
      

     

    Distributions
      on this Certificate will be made on the 25th day of each month or, if such
      a day
      is not a Business Day, then on the next succeeding Business Day, commencing
      in
      November 2006 (each, a “Distribution Date”), to the Person in whose name this
      Certificate is registered at the close of business on the last Business Day
      of
      the calendar immediately preceding the month in which such Distribution Date
      occurs (or, in the case of the first Distribution Date, the Closing Date) (the
      “Record Date”), in an amount equal to the product of the Percentage Interest
      evidenced by this Certificate and the amount, if any, required to be distributed
      to all the Certificates of the Class represented by this Certificate. All sums
      distributable on this Certificate are payable in the coin or currency of the
      United States of America which at the time of payment is legal tender for the
      payment of public and private debts. 

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which shall have the same effect as though fully set forth
      on
      the face of this Certificate. 

     

    Unless
      the certificate of authentication hereon has been executed by or on behalf
      of
      the Trustee, whose name appears below by manual signature, this Certificate
      shall not be entitled to any benefit under the Trust Agreement or be valid
      for
      any purpose. 

     

    
      
        
        

      

      
        A-6-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly executed.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

     

    
      

      By:___________________________________________

      AUTHORIZED
        SIGNATORY

       

    

    

    Dated:
      October ___, 2006 

    

    

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION 

     

    This
      is one of the Certificates referred to in the within-mentioned Trust Agreement.
      

     

    WELLS
      FARGO BANK, N.A., as Trustee

     

    
      

      By:___________________________________________

      AUTHORIZED
        SIGNATORY

      
 

    

    Dated:
      October ___, 2006 

    

    
      
        
        

      

      
        A-6-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-7

    

    [FORM
      OF REVERSE OF CERTIFICATE]

    

     

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST 

    MORTGAGE
      PASS-THROUGH CERTIFICATE, SERIES 2006-FF15

     

    This
      Certificate is one of a duly authorized issue of certificates designated as
      First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates, Series
      2006-FF15 (the “Certificates”), representing all or part of a beneficial
      ownership interest in a Trust Fund established pursuant to a Trust Agreement
      dated as of October 1, 2006 (the “Trust Agreement”), among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Wells Fargo Bank, N.A., as Trustee and OfficeTiger Global Real Estate
      Services Inc., as Credit Risk Manager, to which terms, provisions and conditions
      thereof the Holder of this Certificate by virtue of the acceptance hereof
      assents, and by which such Holder is bound. The Certificates consist of the
      following Classes: the Class A1, Class A2, Class A3, Class A4, Class A5, Class
      A6, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8, Class M9, Class B, Class P, Class X, Class LT-R and Class R Certificates.
      

     

    On
      each Distribution Date, the Total Distribution Amount for such date will be
      distributed from the Certificate Account to Holders of the Certificates
      according to the terms of the Trust Agreement. All distributions or allocations
      made with respect to each Class of Certificates on each Distribution Date shall
      be allocated among the outstanding Certificates of such Class based on the
      Certificate Principal Amount (or Percentage Interest) of each such Certificate.
      

     

    Distributions
      on this Certificate will be made by wire transfer in immediately available
      funds
      to the Holder of record of this Certificate on the immediately preceding Record
      Date to an account specified in writing by such Holder to the Trustee at least
      five (5) Business Date prior to the first Distribution Date to such Holder.
      Wire
      transfers will be made at the expense of the Holder requesting the same by
      deducting a wire transfer fee from the related distribution. The final
      distribution on this Certificate will be made, after due notice to the Holder
      of
      the pendency of such distribution, only upon presentation and surrender of
      this
      Certificate at the Corporate Trust Office (as defined below). 

     

    The
      Corporate Trust Office with respect to the presentment and surrender of
      Certificates for the final distribution thereon and the presentment and
      surrender of the Certificates for any other purpose is the corporate trust
      office of the Trustee at Wells Fargo Bank, N.A., 9062 Old Annapolis Road,
      Columbia, MD 21045, Attention: Client Manager—FFMLT 2006-FF15. The Trustee may
      designate another address from time to time by notice to the Holders of the
      Certificates and the Depositor. 

     

    The
      Trust Agreement permits the amendment thereof 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 and with the consent of any
      NIMS
      Insurer, for the purpose of adding, changing or eliminating any provisions
      of
      the Trust Agreement or modifying the rights of the Holders of the Certificates
      thereunder, as provided in the Trust Agreement. Any consent by the Holder of
      this Certificate will be conclusive and binding on such Holder and upon all
      future Holders of this Certificate and of any Certificate issued upon the
      transfer hereof or in exchange herefor or in lieu hereof whether or not notation
      of such consent is made upon this Certificate. The Trust Agreement also permits
      the amendment thereof, in certain limited circumstances, with the prior written
      consent of any NIMS Insurer but without the consent of the Holders of any of
      the
      Certificates. 

     

    
      
        
        

      

      
        A-7-1

        
          

        

      

      
        
        

      

    

    As
      provided in the Trust Agreement and subject to certain limitations therein
      set
      forth, the transfer of this Certificate is registerable in the Certificate
      Register upon surrender of this Certificate for registration of transfer at
      the
      Corporate Trust Office, duly endorsed by, or accompanied by a written instrument
      of transfer in form satisfactory to the Certificate Registrar, duly executed
      by
      the Holder hereof or such Holder’s attorney duly authorized in writing, and
      thereupon one or more new Certificates of the same Class of authorized
      denominations evidencing the same initial Certificate Principal Amount (or
      Percentage Interest) will be issued to the designated transferee or transferees.
      As provided in the Trust Agreement and subject to certain limitations therein
      set forth, this Certificate is exchangeable for new Certificates of the same
      Class evidencing the same aggregate initial Certificate Principal Amount (or
      Percentage Interest) as requested by the Holder surrendering the same. No
      service charge will be made for any such registration of transfer or exchange,
      but the Certificate Registrar may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith.

     

    The
      Class A1, Class A2, Class A3, Class A4, Class A5 and Class A6 Certificates
      are
      issuable only in registered form, in minimum denominations of $25,000 in initial
      Certificate Principal Amount and in integral multiples of $1 in excess thereof
      registered in the name of the nominee of the Clearing Agency, which shall
      maintain such Certificates through its book-entry facilities. The Class M1,
      Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class
      M9
      and Class B Certificates are issuable only in registered form, in denominations
      of $100,000 and in integral multiples of $1 in excess thereof registered in
      the
      name of the nominee of the Clearing Agency, which shall maintain such
      Certificates through its book-entry facilities. Each of the Class P and Class
      X
      Certificates are issuable in minimum denominations of 10% Percentage Interest
      and will be maintained in physical form. The Class LT-R and Class R Certificates
      will each be issued as a single Certificate and maintained in physical form.
      The
      Class R Certificates shall remain outstanding until the latest final
      Distribution Date for the Certificates (other than the Class LT-R Certificates),
      and the Class LT-R Certificates shall remain outstanding until the termination
      of the Trust Fund. 

     

    The
      Certificates are subject to optional prepayment in full in accordance with
      the
      Trust Agreement on any Distribution Date after the date on which the Aggregate
      Pool Balance is less than 10% of the sum of the Cut-off Date Balance, for an
      amount as specified in the Trust Agreement. In no event will the trust created
      by the Trust Agreement continue beyond the expiration of 21 years from the
      death
      of the last survivor of the descendants living at the date of the Trust
      Agreement of a certain person named in the Trust Agreement. 

     

    The
      Depositor, the Trustee and the Certificate Registrar and any agent of any of
      them may treat the Person in whose name this Certificate is registered as the
      owner hereof for all purposes, and neither the Depositor, the Trustee, nor
      the
      Certificate Registrar nor any such agent shall be affected by any notice to
      the
      contrary. 

     

    
      
        
        

      

      
        A-7-2

        
          

        

      

      
        
        

      

    

    As
      provided in the Trust Agreement, this Certificate and the Trust Agreement shall
      be construed in accordance with and governed by the laws of the State of New
      York, without regard to the conflict of laws principles applied in the State
      of
      New York. In the event of any conflict between the provisions of this
      Certificate and the Trust Agreement, the Trust Agreement shall be controlling.
      Any term used herein and not otherwise defined shall be as defined in the Trust
      Agreement. 

     

    
      
        
        

      

      
        A-7-3

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

    

    FOR
      VALUE RECEIVED, the undersigned hereby sell(s) and assign(s) and transfer(s)
      unto 

     

    

    
      

    

     

     

      
        
(Please
        print or type name and address, including postal zip code, of assignee
        and

    

    social
      security number or employer identification number)

    

    the
      within Certificate stating in the names of the undersigned in the Certificate
      Register and does hereby irrevocably constitute and appoint 

    

    
      
        

      

       

    

    to
      transfer such Certificate in such Certificate Register of the Trust.

     

    I
      [we] further direct the Certificate Registrar to issue a new Certificate of
      the
      same Class of like principal to the above-named assignee and deliver such
      Certificate to the following address: 

     

    
      
        

      

       

        
          

        

      

    

     

    

    
      	
              Dated:

            	
               

            	 	 
	 	
            	 	
              Signature
                by or on behalf of Assignor

            
	 	 	 	 
	Authorized
              Officer	 	 
	 	 	 	 
	 	 	 	
              Signature
                Guaranteed 

            
	 	 	 	 
	Name
              of Institution 	 	 
	 	 	 	
              NOTICE:
                The signature(s) of this assignment must correspond with the name(s)
                on
                the face of this Certificate without alteration or any change whatsoever.
                The signature must be guaranteed by a participant in the Securities
                Transfer Agents Medallion Program, the New York Stock Exchange Medallion
                Signature Program or the Stock Exchanges Medallion Program. Notarized
                or
                witnessed signatures are not acceptable as guaranteed signatures.
                

            

    

    
      
        
        

      

      
        A-7-4

        
          

        

      

      
        
        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

    

    The
      assignee should include the following for the information of the Certificate
      Registrar. 

    

    Distributions
      shall be made by wire transfer in immediately available funds to 

    _________________________________________________________________________________________________________

     

    for
      the account of
      _____________________________________________________________________________________________________,

    account
      number ______________________ or,
      if mailed by check, to
      _________________________________________________________________

     

    ________________________________________________________________________________________________________________________.

     

    Applicable
      reports and statements should be mailed to
      ________________________________________________________________________

     

    _________________________________________________________________________________________________________________________.

    

    This
      information is provided by
      ___________________________________________________________________________,
      the 

    

    assignee
      named above, or
      _____________________________________________________________________________________ as
      its agent. 

    

    

    

    

    
      
        
        

      

      
        A-7-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

     

    FORM
      OF INITIAL CERTIFICATION

     

                                               

    Date

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York, New York 10019

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of October 1, 2006 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Wells
                Fargo
                Bank, N.A., as Trustee, Aurora Loan Services LLC, as Master Servicer,
                and
                OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
                with
                respect to First Franklin Mortgage Loan Trust Mortgage Pass-Through
                Certificates, Series 2006-FF15

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian, hereby certifies that it has
      received the documents listed in Section 2.01(b) of the Trust Agreement for
      each
      Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
      Trust Agreement, subject to any exceptions noted on Schedule I
      hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

     

    [Custodian]

    

    By:_____________________________________

    Name:
      

    Title:

    

    
      
        
        

      

      
        Exhibit
          B-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

     

     

    FORM
      OF INTERIM CERTIFICATION

     

                   
                                          

    Date

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York, New York 10019

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of October 1, 2006 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Wells
                Fargo
                Bank, N.A., as Trustee, Aurora Loan Services LLC, as Master Servicer,
                and
                OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
                with
                respect to First Franklin Mortgage Loan Trust Mortgage Pass-Through
                Certificates, Series 2006-FF15

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
      I
      hereto) it (or its custodian) has received the applicable documents listed
      in
      Section 2.01(b) of the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears regular on its
      face
      and appears to relate to the Mortgage Loan identified in such
      document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement including, but not limited to, Section
      2.02(b).

     

    [Custodian]

    

    By:_____________________________________

    Name:
      

    Title:

    
      
        
        

      

      
        Exhibit
          B-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-3

     

    FORM
      OF FINAL CERTIFICATION

     

                                              
             

    Date

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York, New York 10019

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of October 1, 2006 (the “Trust Agreement”), by and
                among Structured Asset Securities Corporation, as Depositor, Wells
                Fargo
                Bank, N.A., as Trustee, Aurora Loan Services LLC, as Master Servicer,
                and
                OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
                with
                respect to First Franklin Mortgage Loan Trust Mortgage Pass-Through
                Certificates, Series 2006-FF15

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears to be complete
      and,
      based on an examination of such documents, the information set forth in items
      (i) through (vi) of the 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]

    

    By:_____________________________________

    Name:

    Title:
      

    
      
        
        

      

      
        Exhibit
          B-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-4

     

    FORM
      OF ENDORSEMENT

     

    Pay
      to the order of Wells Fargo Bank, N.A., as trustee (the “Trustee”) under the
      Trust Agreement dated as of October 1, 2006 by and among Structured Asset
      Securities Corporation, as Depositor, the Trustee, Aurora Loan Services LLC,
      as
      Master Servicer, and OfficeTiger Global Real Estate Services Inc., as Credit
      Risk Manager relating to First Franklin Mortgage Loan Trust Mortgage
      Pass-Through Certificates, Series 2006-FF15, without recourse.

     

     

     

    __________________________________

    [current
      signatory on note]

     

    By:_______________________________

    Name:

    Title:

    
      
        
        

      

      
        Exhibit
          B-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

                                                    
      

    Date

     

    [Addressed
      to Trustee

    or,
      if applicable, the Custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of October 1, 2006 by and among Structured
      Asset Securities Corporation, as Depositor, you, as Trustee, Aurora Loan
      Services LLC, as Master Servicer, and OfficeTiger Global Real Estate Services
      Inc., as Credit Risk Manager, (the “Trust Agreement”), the undersigned Servicer
      hereby requests a release of the Mortgage File held by you as Trustee with
      respect to the following described Mortgage Loan for the reason indicated
      below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    1. Mortgage
      Loan paid in full. (The Servicer hereby certifies that all amounts received
      in
      connection with the loan have been or will be credited to the Certificate
      Account pursuant to the Trust Agreement.)

     

    2. The
      Mortgage Loan is being foreclosed.

     

    3. Mortgage
      Loan substituted. (The Servicer hereby certifies that a Qualifying Substitute
      Mortgage Loan has been assigned and delivered to you along with the related
      Mortgage File pursuant to the Trust Agreement.)

     

    4. Mortgage
      Loan repurchased. (The Servicer hereby certifies that the Purchase Price or
      PPTL
      Purchase Price (in the case of a First Payment Default Loan) has been credited
      to the Certificate Account pursuant to the Trust Agreement.)

     

    5. Other.
      (Describe)

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

     

    _____________________________________

    [Name
      of Servicer]

     

    By: 
      __________________________________

    Name:
Title:
      Servicing Officer

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-1

     

    FORM
      OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

     

    [NAME
      OF OFFICER], _________________ being first duly sworn, deposes and
      says:

     

    
      	 	
              1.

            	
              That
                he [she] is [title of officer] ________________________ of [name
                of
                Purchaser] _________________________________________ (the “Purchaser”), a
                _______________________ [description of type of entity] duly organized
                and
                existing under the laws of the [State of __________] [United States],
                on
                behalf of which he [she] makes this
                affidavit.

            

    

     

    
      	 	
              2.

            	
              That
                the Purchaser’s Taxpayer Identification Number is
                           .

            

    

     

    
      	 	
              3.

            	
              That
                the Purchaser is not a “disqualified organization” within the meaning of
                Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                (the
                “Code”) and will not be a “disqualified organization” as of [date of
                transfer], and that the Purchaser is not acquiring a Residual Certificate
                (as defined in the Agreement) for the account of, or as agent (including
                a
                broker, nominee, or other middleman) for, any person or entity from
                which
                it has not received an affidavit substantially in the form of this
                affidavit. For these purposes, a “disqualified organization” means the
                United States, any state or political subdivision thereof, any foreign
                government, any international organization, any agency or instrumentality
                of any of the foregoing (other than an instrumentality if all of
                its
                activities are subject to tax and a majority of its board of directors
                is
                not selected by such governmental entity), any cooperative organization
                furnishing electric energy or providing telephone service to persons
                in
                rural areas as described in Code Section 1381(a)(2)(C), any “electing
                large partnership” within the meaning of Section 775 of the Code, or any
                organization (other than a farmers’ cooperative described in Code Section
                521) that is exempt from federal income tax unless such organization
                is
                subject to the tax on unrelated business income imposed by Code Section
                511.

            

    

     

    
      	 	
              4.

            	
              That
                the Purchaser either (x) is not, and on __________________ [date
                of
                transfer] will not be, an employee benefit plan or other retirement
                arrangement subject to Section 406 of the Employee Retirement Income
                Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code
                (“Code”), (collectively, a “Plan”) or a person acting on behalf of any
                such Plan or investing the assets of any such Plan to acquire a Residual
                Certificate; (y) if the Residual Certificate has been the subject
                of an
                ERISA-Qualifying Underwriting, is an insurance company that is purchasing
                the Residual 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
                Residual Certificate are covered under Sections I and III of PTCE
                95-60;
                or (z) herewith delivers to the Trustee an opinion of counsel (a
“Benefit
                Plan Opinion”) satisfactory to the Trustee, and upon which the Trustee,
                the Master Servicer, the Servicer, the Depositor and any NIMS Insurer
                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, the
                Master
                Servicer, the Servicer or any NIMS Insurer to any obligation in addition
                to those undertaken by such entities in the Trust Agreement, which
                opinion
                of counsel shall not be an expense of the Trust Fund or any of the
                above
                parties.

            

    

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

    
      	 	
              5.

            	
              That
                the Purchaser hereby acknowledges that under the terms of the Trust
                Agreement (the “Agreement”) by and among Structured Asset Securities
                Corporation, as Depositor, Wells Fargo Bank, N.A., as Trustee, Aurora
                Loan
                Services LLC, as Master Servicer, and OfficeTiger Global Real Estate
                Services Inc., as Credit Risk Manager, dated as of October 1, 2006,
                no
                transfer of the Residual Certificate shall be permitted to be made
                to any
                person unless the Depositor and Trustee have received a certificate
                from
                such transferee containing the representations in paragraphs 3 and
                4
                hereof.

            

    

     

    
      	 	
              6.

            	
              That
                the Purchaser does not hold REMIC residual securities as nominee
                to
                facilitate the clearance and settlement of such securities through
                electronic book-entry changes in accounts of participating organizations
                (such entity, a “Book-Entry
                Nominee”).

            

    

     

    
      	 	
              7.

            	
              That
                the Purchaser does not have the intention to impede the assessment
                or
                collection of any federal, state or local taxes legally required
                to be
                paid with respect to such Residual
                Certificate.

            

    

     

    
      	 	
              8.

            	
              That
                the Purchaser will not transfer a Residual Certificate to any person
                or
                entity (i) as to which the Purchaser has actual knowledge that the
                requirements set forth in paragraph 3, paragraph 6 or paragraph 10
                hereof
                are not satisfied or that the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Trustee a written statement substantially
                in the form of Exhibit D-2 to the
                Agreement.

            

    

     

    
      	 	
              9.

            	
              That
                the Purchaser understands that, as the holder of a Residual Certificate,
                the Purchaser may incur tax liabilities in excess of any cash flows
                generated by the interest and that it intends to pay taxes associated
                with
                holding such Residual Certificate as they become
                due.

            

    

     

    
      	 	
              10.

            	
              That
                the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                Person
                that holds a Residual Certificate in connection with the conduct
                of a
                trade or business within the United States and has furnished the
                transferor and the Trustee with an effective Internal Revenue Service
                Form
                W-8ECI (Certificate of Foreign Person’s Claim for Exemption From
                Withholding on Income Effectively Connected With the Conduct of a
                Trade or
                Business in the United States) or successor form at the time and
                in the
                manner required by the Code or (iii) is a Non-U.S. Person that has
                delivered to both the transferor and the Trustee an opinion of a
                nationally recognized tax counsel to the effect that the transfer
                of such
                Residual Certificate to it is in accordance with the requirements
                of the
                Code and the regulations promulgated thereunder and that such transfer
                of
                a Residual Certificate will not be disregarded for federal income
                tax
                purposes. “Non-U.S. Person” means an individual, corporation, partnership
                or other person other than (i) a citizen or resident of the United
                States;
                (ii) a corporation, partnership or other entity created or organized
                in or
                under the laws of the United States or any state thereof, including
                for
                this purpose, the District of Columbia; (iii) an estate that is subject
                to
                U.S. federal income tax regardless of the source of its income; (iv)
                a
                trust if a court within the United States is able to exercise primary
                supervision over the administration of the trust and one or more
                United
                States trustees have authority to control all substantial decisions
                of the
                trust; and, (v) to the extent provided in Treasury regulations, certain
                trusts in existence on August 20, 1996 that are treated as United
                States
                persons prior to such date and elect to continue to be treated as
                United
                States persons.

            

    

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

    
      	 	
              11.

            	
              That
                the Purchaser agrees to such amendments of the Trust Agreement as
                may be
                required to further effectuate the restrictions on transfer of any
                Residual Certificate to such a “disqualified organization,” an agent
                thereof, a Book-Entry Nominee, or a person that does not satisfy
                the
                requirements of paragraph 7 and paragraph 10
                hereof.

            

    

     

    
      	 	
              12.

            	
              That
                the Purchaser consents to the designation of the Trustee as its agent
                to
                act as “tax matters person” of the Trust Fund pursuant to the Trust
                Agreement.

            

    

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

     

    _________________________________

    [Name
      of Purchaser]

     

    By: 
      ______________________________

    Name:
      

    Title:
      

     

    Personally
      appeared before me the above-named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

     

    ______________________________

     

    COUNTY
      OF_____________________

     

    STATE
      OF______________________

     

    My
      commission expires the _____ day of __________, 20__.

     

    

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

     

    FORM
      OF RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    ____________________________

    Date

     

    
      	 	
              Re:

            	
              First
                Franklin Mortgage Loan Trust 

              Mortgage
                Pass-Through Certificates, Series
                2006-FF15

            

    

     

     

    _______________________
      (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:

    
      
        
        

      

      
        Exhibit
          D-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    LIST
      OF SERVICING AGREEMENTS

    

    

    

    
      	 	
              1.

            	
              Securitization
                Subservicing Agreement dated as of October 1, 2006, by and among
                LBH, as
                seller, National City Home Loan Services, Inc., as servicer, and
                Aurora
                Loan Services LLC, as master servicer.

            

    

     

    

    

    
      
        
        

      

      
        Exhibit E

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF RULE 144A TRANSFER CERTIFICATE

     

    
      	 	
              Re:

            	
              First
                Franklin Mortgage Loan Trust 

              Mortgage
                Pass-Through Certificates, Series
                2006-FF15

            

    

    

    Reference
      is hereby made to the Trust Agreement dated as of October 1, 2006 (the “Trust
      Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Wells Fargo Bank, N.A., as Trustee, Aurora Loan Services LLC, as Master
      Servicer, and OfficeTiger Global Real Estate Services Inc., as Credit Risk
      Manager. Capitalized terms used but not defined herein shall have the meanings
      given to them in the Trust Agreement.

     

    This
      letter relates to $__________ initial Certificate Balance of Class     
      Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
                                
      (the “Transferor”). The Transferor has requested a transfer of such Definitive
      Certificates for Definitive Certificates of such Class registered in the name
      of
      [insert name of transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
      that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
      account of a “qualified institutional buyer,” which purchaser is aware that the
      sale to it is being made in reliance upon Rule 144A, in a transaction meeting
      the requirements of Rule 144A and in accordance with any applicable securities
      laws of any state of the United States or any other applicable
      jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Placement Agent and the Depositor.

     

    _____________________________________

    [Name
      of Transferor]

     

    By: 
      __________________________________

    Name:

    Title:

     

    Dated:
      ___________, ____

    
      
        
        

      

      
        Exhibit
          F

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTORS

     

                                 
             

    Date

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th
      Floor

    New
      York, NY 10019

     

    
      	
              Re:

            	
              First
                Franklin Mortgage Loan Trust Mortgage Pass-Through 

              Certificates,
                Series 2006-FF15

            

    

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates, Series
      2006-FF15, [Class
      B]
      Certificates (the “Privately Offered Certificates”) of the Structured Asset
      Securities Corporation (the “Depositor”), we confirm that:

     

    
      	
              (1)

            	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities Act”), and may not be sold except as permitted in the
                following sentence. We agree, on our own behalf and on behalf of
                any
                accounts for which we are acting as hereinafter stated, that if we
                should
                sell any Privately Offered Certificates within two years of the later
                of
                the date of original issuance of the Privately Offered Certificates
                or the
                last day on which such Privately Offered Certificates are owned by
                the
                Depositor or any affiliate of the Depositor (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 October 1, 2006 (the
“Trust
                Agreement”) by and among the Depositor, Aurora Loan Services LLC, as
                Master Servicer, Wells Fargo Bank, N.A., as Trustee (the “Trustee”), and
                OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
                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.

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

    
      	
              (2)

            	
              We
                understand that, in connection with any proposed resale of any Privately
                Offered Certificates to an Institutional Accredited Investor, we
                will be
                required to furnish to the Trustee and the Depositor a certification
                from
                such transferee in the form hereof to confirm that the proposed sale
                is
                being made pursuant to an exemption from, or in a transaction not
                subject
                to, the registration requirements of the Securities Act. We further
                understand that the Privately Offered Certificates purchased by us
                will
                bear a legend to the foregoing
                effect.

            

    

     

    
      	
              (3)

            	
              We
                are acquiring the Privately Offered Certificates for investment purposes
                and not with a view to, or for offer or sale in connection with,
                any
                distribution in violation of the Securities Act. We have such knowledge
                and experience in financial and business matters as to be capable
                of
                evaluating the merits and risks of our investment in the Privately
                Offered
                Certificates, and we and any account for which we are acting are
                each able
                to bear the economic risk of such
                investment.

            

    

     

    
      	
              (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. In
      the case of an ERISA-Restricted Certificate, the Investor either (x) is not,
      and
      on __________________ [date of transfer] will not be, an employee benefit plan
      or other retirement arrangement subject to Section 406 of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of
      the Internal Revenue Code of 1986, as amended (the “Code”), (collectively, a
“Plan”) or a person acting on behalf of any such Plan or investing the assets of
      any such Plan to acquire a Certificate; (y) if the Certificate has been the
      subject of an ERISA-Qualifying Underwriting, is an insurance company that is
      purchasing the Certificate with funds contained in an “insurance company general
      account” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
      Sections I and III of PTCE 95-60; or (z) herewith delivers to the Trustee an
      opinion of counsel (a “Benefit Plan Opinion”) satisfactory to the Trustee, and
      upon which the Trustee, the Master Servicer, the Servicer, the Depositor and
      any
      NIMS Insurer 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, the Master Servicer, the Servicer
      or any NIMS Insurer 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, prior to the termination
      of
      the Swap Agreement and the Interest Rate Cap Agreement, 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.

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    4. The
      Investor hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Wells Fargo Bank, N.A., as Trustee, Aurora Loan Services LLC, as Master
      Servicer, and OfficeTiger Global Real Estate Services Inc., as Credit Risk
      Manager, dated as of October 1, 2006, no transfer of the ERISA-Restricted
      Certificates or the ERISA-Restricted Trust Certificates shall be permitted
      to be
      made to any person unless the Trustee have received a certificate from such
      transferee in the form hereof.

     

     

     

     

     

    
 

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    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-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    MONTHLY
      REMITTANCE ADVICE

     

    [Attached
      as Exhibit D-1 to the Security
      Agreement]

     

    
      
        
        

      

      
        Exhibit I

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    MONTHLY
      ELECTRONIC DATA TRANSMISSION

     

    

     

    
      
        
        

      

      
        Exhibit
          J

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    LIST
      OF CUSTODIAL AGREEMENTS

     

    
      	 	
              1.

            	
              Custodial
                Agreement dated as of October 1, 2006 between Wells Fargo Bank, N.A.,
                as
                Custodian, and U.S. Bank National Association, as
                Trustee.

            

    

    

    

    
      
        
        

      

      
        Exhibit K

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    LIST
      OF LOAN PERFORMANCE MONITORING AGREEMENTS

     

    
      	 	
              1)

            	
              Loan
                Performance Monitoring Agreement dated as of October 30, 2006 between
                OfficeTiger Global Real Estate Services Inc., as credit risk manager
                and
                National City Home Loan Services, Inc., as
                servicer.

            

    

     

    

     

    
      
        
        

      

      
        Exhibit L

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M-1

     

    FORM
      OF TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(B)

                          
      of the
      Agreement)                            

     

    
      	 	
              Re:

            	
              First
                Franklin Mortgage Loan Trust 

              Mortgage
                Pass-Through Certificates Series
                2006-FF15

            

    

     

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
      and Wells Fargo Bank, N.A., as Trustee, dated as of October 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).

    
      
        
        

      

      
        M-1-1

        
          

        

      

      
        
        

      

    

    You
      are entitled to rely upon this letter and are irrevocably authorized to produce
      this letter or a copy hereof to any interested party in any administrative
      or
      legal proceedings or official inquiry with respect to the matters covered
      hereby. Terms used in this certificate have the meanings set forth in Regulation
      S.

     

    

    

    

                                                                
      

    [Name
      of Transferor]

    

    

    By:
                                                              

    Name:

    Title:

     

    Date:             
                          
 ,            

    

    

    

    
      
        
        

      

      
        M-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M-2

    

    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(C)

                              of
      the
      Agreement)                          

     

    
      	 	
              Re:

            	
              First
                Franklin Mortgage Loan Trust 

              Mortgage
                Pass-Through Certificates Series
                2006-FF15

            

    

     

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager,
      and Wells Fargo Bank, N.A., as Trustee, dated as of October 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:             
                           
 ,             
      

     

    

    

     

    
      
        
        

      

      
        Exhibit
          M-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

    

    [INTEREST
      RATE CAP AGREEMENT]

     

    [See
      closing book or exhibit to Form 8-K filed with
      the SEC under 

    First
      Frankllin Mortgage Loan Trust
      2006-FF15]

    

    
      
        
        

      

      
        Exhibit N

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

    

    SWAP
      AGREEMENT

    

    
      [See
        closing book or exhibit to Form 8-K filed with
        the SEC under 

      First
        Frankllin Mortgage Loan Trust
        2006-FF15]

    
      
        
        

      

      
        Exhibit O

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-1

    

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible

            
	
              Item
                1: Distribution and Pool Performance Information

               

            	 
	
              Information
                included in the Distribution Date Statement

            	
              Servicer(1)

              Master
                Servicer

               

            
	
              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	
              Depositor

            
	
              Item
                2: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceedings known to be contemplated by governmental
                authorities:

            	 
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Trust Agreement) or Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian(2)

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer)

            	
              Servicer(1)

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Item
                3: Sale of Securities and Use of Proceeds

              Information
                from Item 2(a) of Part II of Form 10-Q:

               

              With
                respect to any sale of securities by the sponsor, depositor or issuing
                entity, that are backed by the same asset pool or are otherwise issued
                by
                the issuing entity, whether or not registered, provide the sales
                and use
                of proceeds information in Item 701 of Regulation S-K. Pricing information
                can be omitted if securities were not registered.

            	
              Depositor

            
	
              Item
                4: Defaults Upon Senior Securities

               

              Information
                from Item 3 of Part II of Form 10-Q:

               

              Report
                the occurrence of any Event of Default (after expiration of any grace
                period and provision of any required notice)

            	
              Trustee

            

    

     

    
      
        
        

      

      
        P-1-1

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible

            
	
              Item
                5: Submission of Matters to a Vote of Security
                Holders

               

              Information
                from Item 4 of Part II of Form 10-Q

            	
              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets

               

              Item
                1112(b) - Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Item
                7: Significant Enhancement Provider Information

               

              Item
                1114(b)(2) - Credit Enhancement Provider Financial
                Information*

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              Item
                1115(b) - Derivative Counterparty Financial
                Information*

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Item
                8: Other Information

               

              Disclose
                any information required to be reported on Form 8-K during the period
                covered by the Form 10-D but not reported

            	
              Any
                party responsible for the applicable Form 8-K Disclosure
                item

            

    

     

    
      
        
        

      

      
        P-1-2

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-D DISCLOSURE

            
	
              Item
                on Form 10-D

            	
              Party
                Responsible

            
	
              Item
                9: Exhibits

            	 
	
              Monthly
                Statement to Certificateholders

            	
              Trustee

            
	
              Exhibits
                required by Item 601 of Regulation S-K, such as material
                agreements

            	
              Depositor

            

    

    _______________________

     

    
      	
              (1)

            	
              This
                information to be provided pursuant to the Servicing
                Agreement.

            

    

     

    
      
        	
                (2)

              	
                This
                  information to be provided pursuant to the Custodial
                  Agreement.

              

      

    
      
        
        

      

      
        P-1-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-2

    

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              Item
                1B: Unresolved Staff Comments

               

            	
              Depositor

            
	
              Item
                9B: Other Information

              Disclose
                any information required to be reported on Form 8-K during the fourth
                quarter covered by the Form 10-K but not reported

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Trustee

              Depositor

            
	
              Reg
                AB Item 1112(b): Significant Obligors of Pool
                Assets

            	 
	
              Significant
                Obligor Financial Information*

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Item.

            	 
	
              Reg
                AB Item 1114(b)(2): Credit Enhancement Provider Financial
                Information

            	 
	
              ▪
                Determining applicable disclosure threshold

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                AB Item 1115(b): Derivative Counterparty Financial
                Information

            	 
	
              ▪
                Determining current maximum probable exposure

            	
              Depositor

            
	
              ▪
                Determining current significance percentage

            	
              Depositor

            
	
              ▪
                Requesting required financial information (including any required
                accountants’ consent to the use thereof) or effecting incorporation by
                reference

            	
              Depositor

            
	
              *This
                information need only be reported on the Form 10-D for the distribution
                period in which updated information is required pursuant to the
                Items.

            	 
	
              Reg
                AB Item 1117: Legal Proceedings

               

              Any
                legal proceeding pending against the following entities or their
                respective property, that is material to Certificateholders, including
                any
                proceedings known to be contemplated by governmental
                authorities:

            	 

    

     

    
      
        
        

      

      
        P-2-1

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              ▪
                Issuing Entity (Trust Fund)

            	
              Trustee,
                Master Servicer and Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Seller
                (if a party to the Trust Agreement) or Depositor

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Custodian

            	
              Custodian(1)

            
	
              ▪
                1110(b) Originator

            	
              Depositor

            
	
              ▪
                Any 1108(a)(2) Servicer (other than the Master Servicer)

            	
              Servicer(2)

            
	
              ▪
                Any other party contemplated by 1100(d)(1)

            	
              Depositor

            
	
              Reg
                AB Item 1119: Affiliations and Relationships

            	 
	
              Whether
                (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                of
                the following parties, and (b) to the extent known and material,
                any of
                the following parties are affiliated with one another:

            	
              Depositor
                as to (a) 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer(2)

            
	
              ▪
                Any 1110 Originator

            	
              Depositor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor

            
	
              Whether
                there are any “outside the ordinary course business arrangements” other
                than would be obtained in an arm’s length transaction between (a) the
                Sponsor (Seller), Depositor or Issuing Entity on the one hand, and
                (b) any
                of the following parties (or their affiliates) on the other hand,
                that
                exist currently or within the past two years and that are material
                to a
                Certificateholder’s understanding of the Certificates:

            	
              Depositor
                as to (a) 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer(2)

            
	
              ▪
                Any 1110 Originator

            	
              Depositor

            

    

     

    
      
        
        

      

      
        P-2-2

        
          

        

      

      
        
        

      

    

     

    
      	
              ADDITIONAL
                FORM 10-K DISCLOSURE

            
	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor

            
	
              Whether
                there are any specific relationships involving the transaction or
                the pool
                assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                on
                the one hand, and (b) any of the following parties (or their affiliates)
                on the other hand, that exist currently or within the past two years
                and
                that are material:

            	
              Depositor
                as to (a) 

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer 

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Any other 1108(a)(3) servicer

            	
              Servicer(2)

            
	
              ▪
                Any 1110 Originator

            	
              Depositor

            
	
              ▪
                Any 1112(b) Significant Obligor

            	
              Depositor

            
	
              ▪
                Any 1114 Credit Enhancement Provider

            	
              Depositor

            
	
              ▪
                Any 1115 Derivate Counterparty Provider

            	
              Depositor

            
	
              ▪
                Any other 1101(d)(1) material party

            	
              Depositor

            

    

     

    
      	
              (1)

            	
              This
                information to be provided pursuant to the Custodial
                Agreement.

            

    

    
      	
              (2)

            	
              This
                information to be provided pursuant to the Servicing
                Agreement.

            

    

    

    
      
        
        

      

      
        P-2-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-3

    

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

               

              Disclosure
                is required regarding entry into or amendment of any definitive agreement
                that is material to the securitization, even if depositor is not
                a party.
                

               

              Examples:
                servicing agreement, custodial agreement.

               

              Note:
                disclosure not required as to definitive agreements that are fully
                disclosed in the prospectus

            	
              All
                parties (with respect to any agreement entered into by such
                party)

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

               

              Disclosure
                is required regarding termination of any definitive agreement that
                is
                material to the securitization (other than expiration in accordance
                with
                its terms), even if depositor is not a party. 

               

              Examples:
                servicing agreement, custodial agreement.

            	
              All
                parties (with respect to any agreement entered into by such
                party)

            
	
              Item
                1.03- Bankruptcy or Receivership

               

              Disclosure
                is required regarding the bankruptcy or receivership, with respect
                to any
                of the following: 

            	
              Depositor

            
	
              ▪
                Sponsor (Seller)

            	
              Depositor/Sponsor
                (Seller)

            
	
              ▪
                Depositor

            	
              Depositor

            
	
              ▪
                Master Servicer

            	
              Master
                Servicer

            
	
              ▪
                Affiliated Servicer

            	
              Servicer(1)

            
	
              ▪
                Other Servicer servicing 20% or more of the pool assets at the time
                of the
                report

            	
              Servicer(1)

            
	
              ▪
                Other material servicers

            	
              Servicer(1)

            
	
              ▪
                Trustee

            	
              Trustee

            
	
              ▪
                Significant Obligor

            	
              Depositor

            
	
              ▪
                Credit Enhancer (10% or more)

            	
              Depositor

            
	
              ▪
                Derivative Counterparty

            	
              Depositor

            
	
              ▪
                Custodian

            	
              Custodian(2)

            

    

     

    
      
        
        

      

      
        P-3-1

        
          

        

      

      
        
        

      

    

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

               

              Includes
                an early amortization, performance trigger or other event, including
                event
                of default, that would materially alter the payment priority/distribution
                of cash flows/amortization schedule.

               

              Disclosure
                will be made of events other than waterfall triggers which are disclosed
                in the monthly statements to the Certificateholders.

            	
              Depositor

              Master
                Servicer

              Trustee

            
	
              Item
                3.03- Material Modification to Rights of Security
                Holders

               

              Disclosure
                is required of any material modification to documents defining the
                rights
                of Certificateholders, including the Trust Agreement.

            	
              Trustee
                (only to the extent it is a party to any such documents)

              Depositor

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

              Disclosure
                is required of any amendment “to the governing documents of the issuing
                entity”.

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational
                Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer

               

              Requires
                disclosure of any removal, replacement, substitution or addition
                of any
                master servicer, affiliated servicer, other servicer servicing 10%
                or more
                of pool assets at time of report, other material servicers or
                trustee.

            	
              Master
                Servicer/ Depositor/

              Servicer(1)/Trustee
                (as to itself and the Master Servicer)

            
	
              Reg
                AB disclosure about any new servicer or master servicer is also
                required.

            	
              Servicer(1)/Master
                Servicer/Depositor

            
	
              Reg
                AB disclosure about any new Trustee is also required.

            	
              New
                Trustee

            
	
              Item
                6.03- Change in Credit Enhancement or External
                Support

              Covers
                termination of any enhancement in manner other than by its terms,
                the
                addition of an enhancement, or a material change in the enhancement
                provided. Applies to external credit enhancements as well as derivatives.
                

            	
              Depositor/Trustee

            
	
              Reg
                AB disclosure about any new enhancement provider is also
                required.

            	
              Depositor

            

    

     

    
      
        
        

      

      
        P-3-2

        
          

        

      

      
        
        

      

    

     

    
      	
              FORM
                8-K DISCLOSURE INFORMATION

            
	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Trustee
                (so long as the Trustee is the Paying Agent)

            
	
              Item
                6.05- Securities Act Updating Disclosure

               

              If
                any material pool characteristic differs by 5% or more at the time
                of
                issuance of the securities from the description in the final prospectus,
                provide updated Reg AB disclosure about the actual asset
                pool.

            	
              Depositor

            
	
              If
                there are any new servicers or originators required to be disclosed
                under
                Regulation AB as a result of the foregoing, provide the information
                called
                for in Items 1108 and 1110 respectively.

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              All
                parties

            
	
              Item
                8.01- Other Events

               

              Any
                event, with respect to which information is not otherwise called
                for in
                Form 8-K, that the registrant deems of importance to
                Certificateholders.

            	
              Depositor

            
	
              Item
                9.01- Financial Statements and Exhibits

            	
              Responsible
                party for reporting/disclosing the financial statement or
                exhibit

            

    

     

    
      	
              (1)

            	
              This
                information to be provided pursuant to the Servicing
                Agreement.

            

    

    
      	
              (2)

            	
              This
                information to be provided pursuant to the Custodial
                Agreement.

            

    

    

    
      
        
        

      

      
        P-3-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    Wells
      Fargo Bank, N.A.

    as
      Trustee to First Franklin Mortgage Loan Trust 2006-FF15

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Trust Agreement, dated as of October 1,
      2006,
      by and among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan
      Services LLC, as Master Servicer, OfficeTiger Global Real Estate Services Inc.,
      as Credit Risk Manager, and Wells Fargo Bank, N.A., as Trustee, the undersigned,
      as [ ], hereby notifies you that certain events have come to our attention
      that
      [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

     

    

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

    

     

    Any inquiries related to this notification should be directed to [                       ], phone number:  [         ]; 
email address:  [                   ].  

     

    [NAME OF PARTY],

    as
      [role]

     

    By: 
      _____________________________________
Name:
Title:

    
      
        
        

      

      
        P-4-1

        
          

        

      

      
        
        

      

    

    
      	
              cc:

            	
              Structured
                Asset Securities Corporation

            

    

    745
      Seventh Avenue, 7th Floor

    New
      York, New York 10019

     

     

     

     

     

     

    
      
        
        

      

      
        P-4-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-1

    

    FORM
      OF BACK-UP SARBANES-OXLEY CERTIFICATION

    

    [                         ]

    [                         ]

    [                         ]

    

     

    
      	 	
              Re:

            	
              FFMLT
                2006-FF15

            

    

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Trustee, and each of their officers, directors
      and
      affiliates that:

     

    (1) I
      have reviewed [the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
      report on assessment of the Company’s compliance with the Servicing Criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of
      1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
      servicing reports, officer’s certificates and other information relating to the
      servicing of the Mortgage Loans by the Company during 200[ ] that were delivered
      by the Company to any of the Depositor, the Master Servicer and the Trustee
      pursuant to the Agreement (collectively, the “Company Servicing
      Information”);

     

    (2) Based
      on my knowledge, the Company Servicing Information, taken as a whole, does
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on my knowledge, all of the Company Servicing Information required to be
      provided by the Company under the Agreement has been provided to the Depositor,
      the Master Servicer and the Trustee;

     

    (4) I
      am responsible for reviewing the activities performed by [_______] as [_______]
      under the [_______] (the “Agreement”), and based on my knowledge [and the
      compliance review conducted in preparing the Compliance Statement] and except
      as
      disclosed in [the Compliance Statement,] the Servicing Assessment or the
      Attestation Report, the Company has fulfilled its obligations under the
      Agreement in all material respects; and

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

     

    (5) [The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
      to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
      to the Agreement, have been provided to the Depositor, the Master Servicer
      and
      the Trustee. Any material instances of noncompliance described in such reports
      have been disclosed to the Depositor, the Master Servicer and the Trustee.
      Any
      material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Trust Agreement, dated as of October 1, 2006 (the “Trust Agreement”) by and
      among Structured Asset Securities Corporation, as Depositor, Wells Fargo Bank,
      N.A., as Trustee, Aurora Loan Services LLC, as Master Servicer, and OfficeTiger
      Global Real Estate Services Inc., as Credit Risk Manager. Capitalized terms
      used
      but not defined herein shall have the meanings given to them in the Trust
      Agreement.

     

    

     

    [_______]
      

    as
      [_______]

    By:  

    Name:

    Title:

    Date:

    

     

    
      
        
        

      

      
        Q-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-2

    

    FORM
      OF BACK-UP SARBANES-OXLEY CERTIFICATION TO BE PROVIDED BY THE
      TRUSTEE

     

    
      	
              Re:

            	
              First
                Franklin Mortgage Loan Trust 2006-FF15 (the “Trust”),
                Mortgage Pass-Through Certificates, Series 2006-FF15, issued pursuant
                to
                the Trust Agreement, dated as of October 1, 2006, among Structured
                Asset
                Securities Corporation, as Depositor, Aurora Loan Services, LLC,
                as Master
                Servicer, and OfficeTiger Global Real Estate Services Inc., as Credit
                Risk
                Manager, and Wells Fargo Bank, N.A., as
                Trustee

            

    

     

    The
      Trustee hereby certifies to the Depositor and the Master Servicer, and their
      respective officers, directors and affiliates, and with the knowledge and intent
      that they will rely upon this certification, that:

     

    (1) I
      have reviewed the annual report on Form 10-K for the fiscal year [____] (the
      “Annual Report”), and all reports on Form 10-D required to be filed in respect
      of period covered by the Annual Report (collectively with the Annual Report,
      the
“Reports”), of the Trust;

     

    (2) To
      my knowledge, (a) the Reports, taken as a whole, do not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make
      the statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by the Annual
      Report, and (b) the Trustee’s assessment of compliance and related attestation
      report referred to below, taken as a whole, do not contain any untrue statement
      of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were
      made, not misleading with respect to the period covered by such assessment
      of
      compliance and attestation report;

     

    (3) To
      my knowledge, the distribution information required to be provided by the
      Trustee under the Trust Agreement for inclusion in the Reports is included
      in
      the Reports;

     

    (4) I
      am responsible for reviewing the activities performed by the Trustee under
      the
      Trust Agreement, and based on my knowledge and the compliance review conducted
      in preparing the assessment of compliance of the Trustee required by the Trust
      Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
      its
      obligations under the Trust Agreement in all material respects; and

     

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
      Any material instances of non-compliance are described in such report and have
      been disclosed in the Annual Report.

     

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

    In
      giving the certifications above, the Trustee has reasonably relied on
      information provided to it by the following unaffiliated parties: [names of
      servicer(s), master servicer, subservicer(s), depositor, trustee,
      custodian(s)]

     

    

    Date:_____________________________________

    

    ____________________________________

    [Signature]

    [Title]

    

    
      
        
        

      

      
        Q-2-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

    

    FORM
      OF CREDIT RISK MANAGEMENT REPORT

     

    [Reserved]

     

     

     

    
 

    
      
        
        

      

      
        
          Exhibit
            R

        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      S

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN

    REPORT
      ON ASSESSMENT OF COMPLIANCE

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Trust Agreement dated as of October 1, 2006
      (the “Agreement”), by and among Structured Asset Securities Corporation, as
      Depositor, Wells Fargo Bank, N.A., as Trustee, Aurora Loan Services LLC, as
      Master Servicer, and OfficeTiger Global Real Estate Services Inc., as Credit
      Risk Manager. 

    

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Trustee
                if acting 

              as
                Paying Agent)

            	
              Credit
                Risk 

              Manager

            	
              Trustee

            	
              Master
                

              Servicer

            
	 	
              General Servicing
                 Considerations

            	 	 	 	 
	
              1122(d)(1)(i)

            	
              Policies
                and procedures are instituted to monitor any performance or other
                triggers
                and events of default in accordance with the transaction
                agreements.

            	 	 	 	
              X

            
	
              1122(d)(1)(ii)

            	
              If
                any material servicing activities are outsourced to third parties,
                policies and procedures are instituted to monitor the third party’s
                performance and compliance with such servicing activities.

            	 	 	 	 
	
              1122(d)(1)(iii)

            	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained. 

            	
               

            	 	
               

            	
              X

            
	
              1122(d)(1)(iv)

            	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	 	 	 	
              X

            
	 	
              Cash Collection and Administration

            	 	 	 	 
	
              1122(d)(2)(i)

            	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	 	 	
              X

            
	
              1122(d)(2)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	 	 	
              X

            

    

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Trustee
                if acting 

              as
                Paying Agent)

            	
              Credit
                Risk 

              Manager

            	
              Trustee

            	
              Master
                

              Servicer

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	 	 	 	
              X

            
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	 	
              X

            	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	 	 	 	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              X

            	 	 	
              X

            
	
              1122(d)(2)(vii)
                

            	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	
              X

            	 	 	
              X

            
	 	
              Investor
                Remittances and Reporting

            	 	 	 	 
	
              1122(d)(3)(i)

            	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of pool assets serviced by the Servicer.
                

            	 	
              X

            	
              X

            	
              X

            

    

     

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Trustee
                if acting 

              as
                Paying Agent)

            	
              Credit
                Risk 

              Manager

            	
              Trustee

            	
              Master
                

              Servicer

            
	
              1122(d)(3)(ii)

            	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements. 

            	 	 	
              X

            	
              X

            
	
              1122(d)(3)(iii)

            	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements. 

            	
              X

            	 	 	
               X

            
	
              1122(d)(3)(iv)

            	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank statements.
                

            	
              X

            	 	 	
              X

            
	 	
              Pool
                Asset Administration

            	 	 	 	 
	
              1122(d)(4)(i)
                

            	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents. 

            	
               

            	 	 	 
	
              1122(d)(4)(ii)

            	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements 

            	
               

            	 	 	 
	
              1122(d)(4)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
               

            	 	 	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	 	 	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	 	 	 	 

    

     

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Trustee
                if acting 

              as
                Paying Agent)

            	
              Credit
                Risk 

              Manager

            	
              Trustee

            	
              Master
                

              Servicer

            
	
              1122(d)(4)(vi)

            	
              Changes
                with respect to the terms or status of an obligor's pool assets (e.g.,
                loan modifications or re-agings) are made, reviewed and approved
                by
                authorized personnel in accordance with the transaction agreements
                and
                related pool asset documents. 

            	 	 	 	
              X

            
	
              1122(d)(4)(vii)

            	
              Loss
                mitigation or recovery actions (e.g., forbearance plans, modifications
                and
                deeds in lieu of foreclosure, foreclosures and repossessions, as
                applicable) are initiated, conducted and concluded in accordance
                with the
                timeframes or other requirements established by the transaction
                agreements. 

            	 	 	 	
              X

            
	
              1122(d)(4)(viii)

            	
              Records
                documenting collection efforts are maintained during the period a
pool
                asset is delinquent in accordance with the transaction agreements.
                Such
                records are maintained on at least a monthly basis, or such other
                period
                specified in the transaction agreements, and describe the entity’s
                activities in monitoring delinquent pool assets including, for example,
                phone calls, letters and payment rescheduling plans in cases where
                delinquency is deemed temporary (e.g., illness or unemployment).
                

            	 	 	 	 
	
              1122(d)(4)(ix)

            	
              Adjustments
                to interest rates or rates of return for pool assets with variable
                rates
                are computed based on the related pool asset documents. 

            	 	 	 	 
	
              1122(d)(4)(x)

            	
              Regarding
                any funds held in trust for an obligor (such as escrow accounts):
                (A) such
                funds are analyzed, in accordance with the obligor’s pool asset documents,
                on at least an annual basis, or such other period specified in the
                transaction agreements; (B) interest on such funds is paid, or credited,
                to obligors in accordance with applicable pool asset documents and
                state
                laws; and (C) such funds are returned to the obligor within 30 calendar
                days of full repayment of the related pool assets, or such other
                number of
                days specified in the transaction agreements. 

            	 	 	 	 

    

     

    
      
        
        

      

      
        S-4

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB 

              Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent

              (including
                the 

              Trustee
                if acting 

              as
                Paying Agent)

            	
              Credit
                Risk 

              Manager

            	
              Trustee

            	
              Master
                

              Servicer

            
	
              1122(d)(4)(xi)

            	
              Payments
                made on behalf of an obligor (such as tax or insurance payments)
                are made
                on or before the related penalty or expiration dates, as indicated
                on the
                appropriate bills or notices for such payments, provided that such
                support
                has been received by the servicer at least 30 calendar days prior
                to these
                dates, or such other number of days specified in the transaction
                agreements. 

            	 	 	 	
               

            
	
              1122(d)(4)(xii)

            	
              Any
                late payment penalties in connection with any payment to be made
                on behalf
                of an obligor are paid from the Servicer’s funds and not charged to the
                obligor, unless the late payment was due to the obligor’s error or
                omission. 

            	 	 	 	
               

            
	
              1122(d)(4)(xiii)

            	
              Disbursements
                made on behalf of an obligor are posted within two business days
                to the
                obligor’s records maintained by the servicer, or such other number of days
                specified in the transaction agreements. 

            	 	 	 	
               

            
	
              1122(d)(4)(xiv)
                

            	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements. 

            	 	 	 	
              X

            
	
              1122(d)(4)(xv)

            	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements. 

            	 	 	
              X

            	 

    

    

    
      
        
        

      

      
        S-5

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

     

    

    [RESERVED]

    

    
      
        
        

      

      
        
          Exhibit
            T

        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

    

    FORM
      OF CERTIFICATION

    TO
      BE PROVIDED BY THE CREDIT RISK MANAGER

    

     

    FORM
      OF CERTIFICATION

     

    Re:
      First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Series
      2006-FF15 issued pursuant to the Trust Agreement dated as of October 1, 2006,
      among Structured Asset Securities Corporation, as Depositor (the “Depositor”),
      Aurora Loan Services LLC, as Master Servicer, OfficeTiger Global Real Estate
      Services Inc., as Credit Risk Manager, and Wells Fargo Bank, N.A., as Trustee
      (the “Trustee”).

     

    OFFICETIGER
      GLOBAL REAL ESTATE SERVICES INC. (the “Credit Risk Manager”) certifies to the
      Depositor, the Sponsor, the Master Servicer, the Trustee, and [10-K Signatory
      Entity] its officers, directors and affiliates, and with the knowledge and
      intent that they will rely upon this certification, that:

     

    
      	 	
              1.

            	
              Based
                on the knowledge of the Credit Risk Manager, taken as a whole, the
                information in the reports provided during the calendar year immediately
                preceding the date of this certificate (the “Relevant Year”) by the Credit
                Risk Manager pursuant to the Loan Performance Monitoring Agreement
                dated
                as of October 30, 2006 (the “Loan Performance Monitoring Agreement”),
                by and between the Credit Risk Manager and National City Home Loan
                Services, Inc., does not contain any untrue statement of a material
                fact
                or omit to state a material fact necessary to make the statements
                made, in
                light of the circumstances under which such statements were made,
                not
                misleading as of the date that each of such reports was provided;
                and

            

    

     

    
      	 	
              2.

            	
              The
                Credit Risk Manager has fulfilled its obligations under the Loan
                Performance Monitoring Agreement throughout the Relevant
                Year.

            

    

     

     

    OFFICETIGER
      GLOBAL REAL ESTATE SERVICES INC.

    

     

     

    By:____________________________________

     

     

    Name:_________________________________

     

    Title:
      _________________________________

     

    
      
        
        

      

      
        
          Exhibit
            U

        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V

    

    TRANSACTION
      PARTIES

    

    Sponsor
      and Seller: Lehman Brothers Holdings Inc.

    

    Depositor:
      Structured Asset Securities Corporation

    

    Trustee:
      Wells Fargo Bank, N.A.

    

    Master
      Servicer: Aurora Loan Services LLC

    

    Credit
      Risk Manager: OfficeTiger Global Real Estate Services Inc.

    

    Swap
      Counterparty: IXIS Financial Products Inc.

    

    Cap
      Counterparty: IXIS Financial Products Inc.

    

    Servicer(s):
      National City Home Loan Services, Inc. 

    

    Originator(s):
      First Franklin, a division of the National City Bank 

    

    Custodian(s):
      U.S. Bank National Association

    

    

    
      
        
        

      

      
        
          Exhibit
            V

        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    [To
      be retained in a separate closing binder entitled “FFMLT 2006-FF15 Mortgage Loan
      Schedules” at Heller Ehrman LLP] 

     

    

    
      
        
        

      

      
        
          Schedule
            A

        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

     

    FIRST
      PAYMENT DEFAULT LOANS

     

    [To
      be maintained in a separate closing binder entitled “FFMLT 2006-FF15 First
      Payment 

    Default
      Loans” at the Seattle WA offices of Heller Ehrman LLP]

     

     

     

     

    
 

    
      
        
        

      

      
        
          Schedule
            BUnassociated Document

    WARRANT
      CLARIFICATION AGREEMENT

    

     

    This
      Warrant Clarification Agreement (this “Agreement”), dated August 11, 2006, is to
      the Warrant Agreement, dated as of January 24, 2006 (the “Warrant Agreement”),
      by and between Argyle Security Acquisition Corporation, a Delaware corporation,
      with offices at 200 Concord Plaza, Suite 700, San Antonio, Texas 78216
      (“Company”), and American Stock Transfer & Trust Company, a New York
      corporation, with offices at 6201 15th
      Avenue,
      Brooklyn, New York 11219 (“Warrant Agent”).

     

    WHEREAS,
      Section
      9.8 of the Warrant Agreement provides that the parties to the Warrant Agreement
      may amend the Warrant Agreement without the consent of any registered holder
      for
      the purpose of curing any ambiguity, or of curing, correcting or supplementing
      any defective provision contained therein or adding or changing any other
      provisions with respect to matters or questions arising under the Warrant
      Agreement as the parties may deem necessary or desirable and that the parties
      deem shall not adversely affect the interest of the registered
      holders;

     

    WHEREAS,
      as
      a
      result of certain questions that have arisen regarding the accounting treatment
      applicable to the Warrants, the parties hereto deem it necessary and desirable
      to amend the Warrant Agreement to clarify that the registered holders do not
      have the right to receive a net cash settlement in the event the Company does
      not maintain a current prospectus relating to the common stock issuable upon
      exercise of the warrants at the time such warrants are exercisable.

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual agreements contained herein and other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, and intending to be legally bound hereby, the parties hereto
      agree
      to amend the Warrant Agreement as set forth herein. 

     

    1.  Warrant
      Agreements.
      The
      undersigned hereby agree that the Warrant Agreement is hereby amended by adding
      the following last sentence to Section 3.3.2:

     

    “In
      no
      event will the registered holder of a Warrant be entitled to receive a net-cash
      settlement or other consideration in lieu of physical settlement in shares
      of
      Common Stock if the Common Stock underlying the Warrants is not covered by
      an
      effective registration statement.”

     

    2.  Miscellaneous.
      

     

    a.  Governing
      Law; Jurisdiction.
      The
      validity, interpretation, and performance of this Agreement shall be governed
      in
      all respects by the laws of the State of New York, without giving effect to
      conflict of laws. The Company hereby agrees that any action, proceeding or
      claim
      against it arising out of or relating in any way to this Agreement shall be
      brought and enforced in the courts of the State of New York or the United States
      District Court for the Southern District of New York, and irrevocably submits
      to
      such jurisdiction, which jurisdiction shall be exclusive. The Company hereby
      waives any objection to such exclusive jurisdiction and that such courts
      represent an inconvenience forum. Any such process or summons to be served
      upon
      the Company may be served by transmitting a copy thereof by registered or
      certified mail, return receipt requested, postage prepaid, addressed to it
      in
      care of the address set forth above or such other address as the undersigned
      shall furnish in writing to the other. Such mailing shall be deemed personal
      service and shall be legal and binding upon the Company in any action,
      proceeding or claim. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    b.  Responsibility
      of the Warrant Agent.
      The
      Warrant Agent has no responsibility for the correctness of the recitals above
      which shall be taken as statements of the Company, and makes no representations
      as to the validity, sufficiency or enforceability of this
      Agreement.

     

    c.  Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and to their respective heirs, legal representatives, successors and assigns.
      

     

    d.  Entire
      Agreement.
      This
      Agreement sets forth the entire agreement and understanding between the parties
      as to the subject matter thereof and merges and supersedes all prior
      discussions, agreements and understandings of any and every nature among them.
      Except as set forth in this Agreement, provisions of the original Warrant
      Agreement which are not inconsistent with this Agreement shall remain in full
      force and effect. This Agreement may be executed in counterparts.

     

    e.  Severability.
      This
      Agreement shall be deemed severable, and the invalidity or unenforceability
      of
      any term or provision hereof shall not affect the validity or enforceability
      of
      this Agreement or of any other term or provision hereof. Furthermore, in lieu
      of
      any such invalid or unenforceable term or provision, the parties hereto intend
      that there shall be added as a part of this Agreement a provision as similar
      in
      terms to such invalid or unenforceable provision as may be possible and be
      valid
      and enforceable

    
      
        NY504891.2

        207873-10002

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Warrant Clarification
      Agreement as of the date first written above.

     

    
      	 	 	 
	 	
              ARGYLE
                SECURITY ACQUISTION CORPORATION

            
	 
 	 
 	 
 
	 	By:  
              	/s/ Ron
              Chaimovaki
	
               

            	Name:	
              
Ron
              Chaimovski
	
                

            	Title:	Co-CEO
              and Vice
              Chairman

    

     

    
      	 	 	 
	 	
              AMERICAN
                STOCK TRANSFER & TRUST COMPANY

            
	 
 	 
 	 
 
	 	By:  
              	/s/ Herb
              Lemmer
	
               

            	Name:	
              
Herb
              Lemmer
	
                

            	Title:	Vice
              President

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