Document:

EXECUTION

     

    
 

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

     

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

     

    CLAYTON
      FIXED INCOME SERVICES INC., as Credit Risk Manager

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Trustee

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of February 1, 2006

    ___________________________

     

    STRUCTURED
      ASSET SECURITIES CORPORATION

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2006-S1

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              TABLE
                OF CONTENTS

            
	 
	 	
              Page

            
	
              ARTICLE
                I DEFINITIONS

            	
              12

            
	 	 
	
              Section
                1.01

            	
              Definitions.

            	
              12

            
	
              Section
                1.02

            	
              Calculations
                Respecting Mortgage Loans.

            	
              50

            
	
              Section
                1.03

            	
              Calculations
                Respecting Accrued Interest.

            	
              50

            
	 	 	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            	
              50

            
	 	 
	
              Section
                2.01

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

            	
              50

            
	
              Section
                2.02

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

            	
              54

            
	
              Section
                2.03

            	
              Representations
                and Warranties of the Depositor.

            	
              56

            
	
              Section
                2.04

            	
              Discovery
                of Breach.

            	
              58

            
	
              Section
                2.05

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans.

            	
              58

            
	
              Section
                2.06

            	
              Grant
                Clause.

            	
              60

            
	 	 
	
              ARTICLE
                III THE CERTIFICATES

            	
              61

            
	 	 
	
              Section
                3.01

            	
              The
                Certificates.

            	
              61

            
	
              Section
                3.02

            	
              Registration.

            	
              62

            
	
              Section
                3.03

            	
              Transfer
                and Exchange of Certificates.

            	
              63

            
	
              Section
                3.04

            	
              Cancellation
                of Certificates.

            	
              69

            
	
              Section
                3.05

            	
              Replacement
                of Certificates.

            	
              69

            
	
              Section
                3.06

            	
              Persons
                Deemed Owners.

            	
              69

            
	
              Section
                3.07

            	
              Temporary
                Certificates.

            	
              70

            
	
              Section
                3.08

            	
              Appointment
                of Paying Agent.

            	
              70

            
	
              Section
                3.09

            	
              Book-Entry
                Certificates.

            	
              71

            
	 	 	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            	
              72

            
	 	 
	
              Section
                4.01

            	
              Collection
                Account.

            	
              72

            
	
              Section
                4.02

            	
              Application
                of Funds in the Collection Account.

            	
              74

            
	
              Section
                4.03

            	
              Reports
                to Certificateholders.

            	
              76

            
	
              Section
                4.04

            	
              Certificate
                Account.

            	
              80

            
	 	 	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            	
              81

            
	 	 
	
              Section
                5.01

            	
              Distributions
                Generally.

            	
              81

            
	
              Section
                5.02

            	
              Distributions
                from the Certificate Account.

            	
              82

            
	
              Section
                5.03

            	
              Allocation
                of Losses.

            	
              92

            
	
              Section
                5.04

            	
              Advances
                by Master Servicer, Servicers and Trustee.

            	
              92

            
	
              Section
                5.05

            	
              Compensating
                Interest Payments.

            	
              93

            
	
              Section
                5.06

            	
              Basis
                Risk Reserve Fund.

            	
              93

            
	
              Section
                5.07

            	
              Supplemental
                Interest Trust.

            	
              94

            
	
              Section
                5.08

            	
              Rights
                of Swap Counterparty.

            	
              96

            
	
              Section
                5.09

            	
              Swap
                Termination Receipts.

            	
              96

            

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
              ARTICLE
                VI CONCERNING THE TRUSTEE EVENTS OF DEFAULT

            	
              97

            
	 	 
	
              Section
                6.01

            	
              Duties
                of Trustee.

            	
              97

            
	
              Section
                6.02

            	
              Certain
                Matters Affecting the Trustee .

            	
              100

            
	
              Section
                6.03

            	
              Trustee
                Not Liable for Certificates.

            	
              102

            
	
              Section
                6.04

            	
              Trustee
                May Own Certificates.

            	
              102

            
	
              Section
                6.05

            	
              Eligibility
                Requirements for Trustee.

            	
              102

            
	
              Section
                6.06

            	
              Resignation
                and Removal of Trustee.

            	
              102

            
	
              Section
                6.07

            	
              Successor
                Trustee.

            	
              103

            
	
              Section
                6.08

            	
              Merger
                or Consolidation of Trustee.

            	
              104

            
	
              Section
                6.09

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian.

            	
              104

            
	
              Section
                6.10

            	
              Authenticating
                Agents.

            	
              107

            
	
              Section
                6.11

            	
              Indemnification
                of Trustee.

            	
              107

            
	
              Section
                6.12

            	
              Fees
                and Expenses of Trustee and Custodian.

            	
              108

            
	
              Section
                6.13

            	
              Collection
                of Monies.

            	
              109

            
	
              Section
                6.14

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

            	
              109

            
	
              Section
                6.15

            	
              Additional
                Remedies of Trustee Upon Event of Default.

            	
              113

            
	
              Section
                6.16

            	
              Waiver
                of Defaults.

            	
              113

            
	
              Section
                6.17

            	
              Notification
                to Holders.

            	
              114

            
	
              Section
                6.18

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

            	
              114

            
	
              Section
                6.19

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

            	
              114

            
	
              Section
                6.20

            	
              Preparation
                of Tax Returns and Other Reports.

            	
              115

            
	
              Section
                6.21

            	
              Reporting
                Requirements of the Commission.

            	
              121

            
	
              Section
                6.22

            	
              No
                Merger.

            	
              121

            
	
              Section
                6.23

            	
              Indemnification
                by the Trustee.

            	
              121

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

            	
              122

            
	 	 
	
              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.

            	
              122

            
	
              Section
                7.02

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

            	
              124

            
	
              Section
                7.03

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

            	
              125

            
	
              Section
                7.04

            	
              Optional
                Repurchase Right.

            	
              126

            
	 	 
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            	
              127

            
	 	 
	
              Section
                8.01

            	
              Limitation
                on Rights of Holders.

            	
              127

            
	
              Section
                8.02

            	
              Access
                to List of Holders.

            	
              127

            
	
              Section
                8.03

            	
              Acts
                of Holders of Certificates.

            	
              128

            

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

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

            	
              129

            
	 	 
	
              Section
                9.01

            	
              Duties
                of the Master Servicer.

            	
              129

            
	
              Section
                9.02

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

            	
              129

            
	
              Section
                9.03

            	
              Master
                Servicer’s Financial Statements and Related Information.

            	
              130

            
	
              Section
                9.04

            	
              Power
                to Act; Procedures.

            	
              130

            
	
              Section
                9.05

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

            	
              132

            
	
              Section
                9.06

            	
              Collection
                of Taxes, Assessments and Similar Items.

            	
              133

            
	
              Section
                9.07

            	
              Termination
                of Servicing Agreements; Successor Servicers.

            	
              134

            
	
              Section
                9.08

            	
              Master
                Servicer Liable for Enforcement.

            	
              135

            
	
              Section
                9.09

            	
              No
                Contractual Relationship Between Any Servicer and Trustee or
                Depositor.

            	
              135

            
	
              Section
                9.10

            	
              Assumption
                of Servicing Agreement by Trustee.

            	
              135

            
	
              Section
                9.11

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	
              136

            
	
              Section
                9.12

            	
              Release
                of Mortgage Files.

            	
              136

            
	
              Section
                9.13

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

            	
              137

            
	
              Section
                9.14

            	
              Representations
                and Warranties of the Master Servicer.

            	
              138

            
	
              Section
                9.15

            	
              Opinion.

            	
              141

            
	
              Section
                9.16

            	
              Standard
                Hazard and Flood Insurance Policies.

            	
              141

            
	
              Section
                9.17

            	
              Presentment
                of Claims and Collection of Proceeds.

            	
              141

            
	
              Section
                9.18

            	
              [Reserved]

            	
              142

            
	
              Section
                9.19

            	
              [Reserved]

            	
              142

            
	
              Section
                9.20

            	
              [Reserved]

            	
              142

            
	
              Section
                9.21

            	
              Compensation
                to the Master Servicer.

            	
              142

            
	
              Section
                9.22

            	
              REO
                Property.

            	
              142

            
	
              Section
                9.23

            	
              Notice
                to the Sponsor, the Depositor and the Trustee.

            	
              143

            
	
              Section
                9.24

            	
              Reports
                to the Trustee.

            	
              144

            
	
              Section
                9.25

            	
              Assessment
                of Compliance and Attestation Reports.

            	
              144

            
	
              Section
                9.26

            	
              Annual
                Statement of Compliance with Applicable Servicing
                Criteria.

            	
              146

            
	
              Section
                9.27

            	
              Merger
                or Consolidation.

            	
              146

            
	
              Section
                9.28

            	
              Resignation
                of Master Servicer.

            	
              146

            
	
              Section
                9.29

            	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	
              147

            
	
              Section
                9.30

            	
              Limitation
                on Liability of the Master Servicer and Others.

            	
              147

            
	
              Section
                9.31

            	
              Indemnification;
                Third-Party Claims.

            	
              148

            
	
              Section
                9.32

            	
              Special
                Servicing of Delinquent Mortgage Loans.

            	
              149

            
	
              Section
                9.33

            	
              Alternative
                Index.

            	
              149

            
	
              Section
                9.34

            	
              Duties
                of the Credit Risk Manager.

            	
              149

            
	
              Section
                9.35

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	
              151

            
	
              Section
                9.36

            	
              Indemnification
                by the Credit Risk Manager.

            	
              151

            
	
              Section
                9.37

            	
              Removal
                of Credit Risk Manager.

            	
              152

            
	 	 	 

    

     

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                X REMIC ADMINISTRATION

            	
              152

            
	 	 
	
              Section
                10.01

            	
              REMIC
                Administration.

            	
              152

            
	
              Section
                10.02

            	
              Prohibited
                Transactions and Activities.

            	
              155

            
	
              Section
                10.03

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

            	
              155

            
	
              Section
                10.04

            	
              REO
                Property.

            	
              156

            
	 	 	 
	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            	
              157

            
	 	 
	
              Section
                11.01

            	
              Binding
                Nature of Agreement; Assignment.

            	
              157

            
	
              Section
                11.02

            	
              Entire
                Agreement.

            	
              157

            
	
              Section
                11.03

            	
              Amendment.

            	
              157

            
	
              Section
                11.04

            	
              Voting
                Rights.

            	
              159

            
	
              Section
                11.05

            	
              Provision
                of Information.

            	
              159

            
	
              Section
                11.06

            	
              Governing
                Law.

            	
              160

            
	
              Section
                11.07

            	
              Notices.

            	
              160

            
	
              Section
                11.08

            	
              Severability
                of Provisions.

            	
              160

            
	
              Section
                11.09

            	
              Indulgences;
                No Waivers.

            	
              160

            
	
              Section
                11.10

            	
              Headings
                Not To Affect Interpretation.

            	
              161

            
	
              Section
                11.11

            	
              [Reserved].

            	
              161

            
	
              Section
                11.12

            	
              Special
                Notices to the Rating Agencies.

            	
              161

            
	
              Section
                11.13

            	
              Conflicts.

            	
              162

            
	
              Section
                11.14

            	
              Counterparts.

            	
              162

            
	
              Section
                11.15

            	
              Transfer
                of Servicing.

            	
              162

            

    

    

    

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    ATTACHMENTS

     

    
      	
              Exhibit
                A

            	
              Forms
                of Certificates

            
	
              Exhibit
                B-1

            	
              Form
                of Initial Certification

            
	
              Exhibit
                B-2

            	
              Form
                of Interim Certification

            
	
              Exhibit
                B-3

            	
              Form
                of Final Certification

            
	
              Exhibit
                B-4

            	
              Form
                of Endorsement

            
	
              Exhibit
                C

            	
              Request
                for Release of Documents and Receipt

            
	
              Exhibit
                D-l

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferee)

            
	
              Exhibit
                D-2

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferor)

            
	
              Exhibit
                E

            	
              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

            	
              [Reserved]

            
	
              Exhibit
                N-1

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

            
	
              Exhibit
                N-2 

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

            
	
              Exhibit
                O

            	
              Interest
                Rate Cap Agreement

            
	
              Exhibit
                P

            	
              Swap
                Agreement

            
	
              Exhibit
                Q-1

            	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                Q-2

            	
              Additional
                Form 10-K Disclosure

            
	
              Exhibit
                Q-3

            	
              Additional
                Form 8-K Disclosure

            
	
              Exhibit
                Q-4

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                R

            	
              Form
                of Back-Up Sarbanes-Oxley Certification 

            
	
              Exhibit
                S-1

            	
              Form
                of Watch List Report

            
	
              Exhibit
                S-2

            	
              Form
                of Loss Severity Report

            
	
              Exhibit
                S-3

            	
              Form
                of Prepayment Premiums Report

            
	
              Exhibit
                S-4

            	
              Form
                of Analytics Report

            
	
              Exhibit
                T

            	
              Servicing
                Criteria to be Addressed in Report on Assessment of
                Compliance

            
	
              Exhibit
                U

            	
              Form
                of Certification to be Provided by the Credit Risk
                Manager

            
	
              Exhibit
                V

            	
              Transaction
                Parties 

            
	 	 
	
              Schedule
                A

            	
              Mortgage
                Loan Schedule 

            
	
              Schedule
                B

            	
              First
                Payment Default Mortgage Loans

            

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    This
      TRUST AGREEMENT (“Trust Agreement”) dated as of February 1, 2006 (the
“Agreement”), is by and among STRUCTURED ASSET SECURITIES CORPORATION, a
      Delaware corporation, as depositor (the “Depositor”), AURORA LOAN SERVICES LLC,
      as master servicer (the “Master Servicer”), U.S. BANK NATIONAL ASSOCIATION,
      N.A., a national banking association, as trustee (the “Trustee”), and CLAYTON
      FIXED INCOME SERVICES INC., a Colorado 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 and the Swap 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 and (vi)
      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. 

     

    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

            	 	
              $

            	
              15,573,561.46

            	 	 	
              (1)

            	 
	
              LT2-F1

            	 	
              $

            	
              7,512,000.00

            	 	 	
              (2)

            	 
	
              LT2-V1

            	 	
              $

            	
              7,512,000.00

            	 	 	
              (3)

            	 
	
              LT2-F2

            	 	
              $

            	
              7,247,000.00

            	 	 	
              (2)

            	 
	
              LT2-V2

            	 	
              $

            	
              7,247,000.00

            	 	 	
              (3)

            	 
	
              LT2-F3

            	 	
              $

            	
              6,991,500.00

            	 	 	
              (2)

            	 
	
              LT2-V3

            	 	
              $

            	
              6,991,500.00

            	 	 	
              (3)

            	 
	
              LT2-F4

            	 	
              $

            	
              6,745,000.00

            	 	 	
              (2)

            	 
	
              LT2-V4

            	 	
              $

            	
              6,745,000.00

            	 	 	
              (3)

            	 
	
              LT2-F5

            	 	
              $

            	
              6,507,000.00

            	 	 	
              (2)

            	 
	
              LT2-V5

            	 	
              $

            	
              6,507,000.00

            	 	 	
              (3)

            	 
	
              LT2-F6

            	 	
              $

            	
              6,278,000.00

            	 	 	
              (2)

            	 
	
              LT2-V6

            	 	
              $

            	
              6,278,000.00

            	 	 	
              (3)

            	 
	
              LT2-F7

            	 	
              $

            	
              6,056,500.00

            	 	 	
              (2)

            	 
	
              LT2-V7

            	 	
              $

            	
              6,056,500.00

            	 	 	
              (3)

            	 
	
              LT2-F8

            	 	
              $

            	
              5,842,500.00

            	 	 	
              (2)

            	 
	
              LT2-V8

            	 	
              $

            	
              5,842,500.00

            	 	 	
              (3)

            	 
	
              LT2-F9

            	 	
              $

            	
              5,637,000.00

            	 	 	
              (2)

            	 
	
              LT2-V9

            	 	
              $

            	
              5,637,000.00

            	 	 	
              (3)

            	 
	
              LT2-F10

            	 	
              $

            	
              5,438,000.00

            	 	 	
              (2)

            	 
	
              LT2-V10

            	 	
              $

            	
              5,438,000.00

            	 	 	
              (3)

            	 
	
              LT2-F11

            	 	
              $

            	
              6,772,500.00

            	 	 	
              (2)

            	 
	
              LT2-V11

            	 	
              $

            	
              6,772,500.00

            	 	 	
              (3)

            	 
	
              LT2-F12

            	 	
              $

            	
              7,970,500.00

            	 	 	
              (2)

            	 
	
              LT2-V12

            	 	
              $

            	
              7,970,500.00

            	 	 	
              (3)

            	 
	
              LT2-F13

            	 	
              $

            	
              7,523,000.00

            	 	 	
              (2)

            	 
	
              LT2-V13

            	 	
              $

            	
              7,523,000.00

            	 	 	
              (3)

            	 
	
              LT2-F14

            	 	
              $

            	
              7,100,500.00

            	 	 	
              (2)

            	 
	
              LT2-V14

            	 	
              $

            	
              7,100,500.00

            	 	 	
              (3)

            	 
	
              LT2-F15

            	 	
              $

            	
              6,702,000.00

            	 	 	
              (2)

            	 
	
              LT2-V15

            	 	
              $

            	
              6,702,000.00

            	 	 	
              (3)

            	 
	
              LT2-F16

            	 	
              $

            	
              6,326,000.00

            	 	 	
              (2)

            	 
	
              LT2-V16

            	 	
              $

            	
              6,326,000.00

            	 	 	
              (3)

            	 
	
              LT2-F17

            	 	
              $

            	
              5,971,000.00

            	 	 	
              (2)

            	 
	
              LT2-V17

            	 	
              $

            	
              5,971,000.00

            	 	 	
              (3)

            	 
	
              LT2-F18

            	 	
              $

            	
              5,636,000.00

            	 	 	
              (2)

            	 
	
              LT2-V18

            	 	
              $

            	
              5,636,000.00

            	 	 	
              (3)

            	 
	
              LT2-F19

            	 	
              $

            	
              5,319,500.00

            	 	 	
              (2)

            	 
	
              LT2-V19

            	 	 	
              5,319,500.00

            	 	 	
              (3)

            	 

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
               

              Interest
                Rate

            	 
	
              LT2-F20

            	 	
              $

            	
              5,021,000.00

            	 	 	
              (2)

            	 
	
              LT2-V20

            	 	
              $

            	
              5,021,000.00

            	 	 	
              (3)

            	 
	
              LT2-F21

            	 	
              $

            	
              14,742,500.00

            	 	 	
              (2)

            	 
	
              LT2-V21

            	 	
              $

            	
              14,742,500.00

            	 	 	
              (3)

            	 
	
              LT2-F22

            	 	
              $

            	
              10,191,500.00

            	 	 	
              (2)

            	 
	
              LT2-V22

            	 	
              $

            	
              10,191,500.00

            	 	 	
              (3)

            	 
	
              LT2-F23

            	 	
              $

            	
              7,468,500.00

            	 	 	
              (2)

            	 
	
              LT2-V23

            	 	
              $

            	
              7,468,500.00

            	 	 	
              (3)

            	 
	
              LT2-F24

            	 	
              $

            	
              5,677,500.00

            	 	 	
              (2)

            	 
	
              LT2-V24

            	 	
              $

            	
              5,677,500.00

            	 	 	
              (3)

            	 
	
              LT2-F25

            	 	
              $

            	
              4,425,000.00

            	 	 	
              (2)

            	 
	
              LT2-V25

            	 	
              $

            	
              4,425,000.00

            	 	 	
              (3)

            	 
	
              LT2-F26

            	 	
              $

            	
              3,513,000.00

            	 	 	
              (2)

            	 
	
              LT2-V26

            	 	
              $

            	
              3,513,000.00

            	 	 	
              (3)

            	 
	
              LT2-F27

            	 	
              $

            	
              2,824,500.00

            	 	 	
              (2)

            	 
	
              LT2-V27

            	 	
              $

            	
              2,824,500.00

            	 	 	
              (3)

            	 
	
              LT2-F28

            	 	
              $

            	
              2,291,500.00

            	 	 	
              (2)

            	 
	
              LT2-V28

            	 	
              $

            	
              2,291,500.00

            	 	 	
              (3)

            	 
	
              LT2-F29

            	 	
              $

            	
              2,144,000.00

            	 	 	
              (2)

            	 
	
              LT2-V29

            	 	
              $

            	
              2,144,000.00

            	 	 	
              (3)

            	 
	
              LT2-F30

            	 	
              $

            	
              2,006,000.00

            	 	 	
              (2)

            	 
	
              LT2-V30

            	 	
              $

            	
              2,006,000.00

            	 	 	
              (3)

            	 
	
              LT2-F31

            	 	
              $

            	
              1,876,500.00

            	 	 	
              (2)

            	 
	
              LT2-V31

            	 	
              $

            	
              1,876,500.00

            	 	 	
              (3)

            	 
	
              LT2-F32

            	 	
              $

            	
              1,756,000.00

            	 	 	
              (2)

            	 
	
              LT2-V32

            	 	
              $

            	
              1,756,000.00

            	 	 	
              (3)

            	 
	
              LT2-F33

            	 	
              $

            	
              1,643,000.00

            	 	 	
              (2)

            	 
	
              LT2-V33

            	 	
              $

            	
              1,643,000.00

            	 	 	
              (3)

            	 
	
              LT2-F34

            	 	
              $

            	
              1,537,500.00

            	 	 	
              (2)

            	 
	
              LT2-V34

            	 	
              $

            	
              1,537,500.00

            	 	 	
              (3)

            	 
	
              LT2-F35

            	 	
              $

            	
              1,438,000.00

            	 	 	
              (2)

            	 
	
              LT2-V35

            	 	
              $

            	
              1,438,000.00

            	 	 	
              (3)

            	 
	
              LT2-F36

            	 	
              $

            	
              1,346,000.00

            	 	 	
              (2)

            	 
	
              LT2-V36

            	 	
              $

            	
              1,346,000.00

            	 	 	
              (3)

            	 
	
              LT2-F37

            	 	
              $

            	
              1,259,000.00

            	 	 	
              (2)

            	 
	
              LT2-V37

            	 	
              $

            	
              1,259,000.00

            	 	 	
              (3)

            	 
	
              LT2-F38

            	 	
              $

            	
              1,178,000.00

            	 	 	
              (2)

            	 
	
              LT2-V38

            	 	
              $

            	
              1,178,000.00

            	 	 	
              (3)

            	 
	
              LT2-F39

            	 	
              $

            	
              1,102,000.00

            	 	 	
              (2)

            	 
	
              LT2-V39

            	 	
              $

            	
              1,102,000.00

            	 	 	
              (3)

            	 
	
              LT2-F40

            	 	
              $

            	
              1,031,000.00

            	 	 	
              (2)

            	 
	
              LT2-V40

            	 	
              $

            	
              1,031,000.00

            	 	 	
              (3)

            	 
	
              LT2-F41

            	 	
              $

            	
              965,000.00

            	 	 	
              (2)

            	 
	
              LT2-V41

            	 	
              $

            	
              965,000.00

            	 	 	
              (3)

            	 

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
               

              Interest
                Rate

            	 
	
              LT2-F42

            	 	
              $

            	
              902,500.00

            	 	 	
              (2)

            	 
	
              LT2-V42

            	 	
              $

            	
              902,500.00

            	 	 	
              (3)

            	 
	
              LT2-F43

            	 	
              $

            	
              844,500.00

            	 	 	
              (2)

            	 
	
              LT2-V43

            	 	
              $

            	
              844,500.00

            	 	 	
              (3)

            	 
	
              LT2-F44

            	 	
              $

            	
              790,500.00

            	 	 	
              (2)

            	 
	
              LT2-V44

            	 	
              $

            	
              790,500.00

            	 	 	
              (3)

            	 
	
              LT2-F45

            	 	
              $

            	
              739,500.00

            	 	 	
              (2)

            	 
	
              LT2-V45

            	 	
              $

            	
              739,500.00

            	 	 	
              (3)

            	 
	
              LT2-F46

            	 	
              $

            	
              691,500.00

            	 	 	
              (2)

            	 
	
              LT2-V46

            	 	
              $

            	
              691,500.00

            	 	 	
              (3)

            	 
	
              LT2-F47

            	 	
              $

            	
              647,000.00

            	 	 	
              (2)

            	 
	
              LT2-V47

            	 	
              $

            	
              647,000.00

            	 	 	
              (3)

            	 
	
              LT2-F48

            	 	
              $

            	
              606,000.00

            	 	 	
              (2)

            	 
	
              LT2-V48

            	 	
              $

            	
              606,000.00

            	 	 	
              (3)

            	 
	
              LT2-F49

            	 	
              $

            	
              566,500.00

            	 	 	
              (2)

            	 
	
              LT2-V49

            	 	
              $

            	
              566,500.00

            	 	 	
              (3)

            	 
	
              LT2-F50

            	 	
              $

            	
              530,000.00

            	 	 	
              (2)

            	 
	
              LT2-V50

            	 	
              $

            	
              530,000.00

            	 	 	
              (3)

            	 
	
              LT2-F51

            	 	
              $

            	
              496,000.00

            	 	 	
              (2)

            	 
	
              LT2-V51

            	 	
              $

            	
              496,000.00

            	 	 	
              (3)

            	 
	
              LT2-F52

            	 	
              $

            	
              464,000.00

            	 	 	
              (2)

            	 
	
              LT2-V52

            	 	
              $

            	
              464,000.00

            	 	 	
              (3)

            	 
	
              LT2-F53

            	 	
              $

            	
              434,000.00

            	 	 	
              (2)

            	 
	
              LT2-V53

            	 	
              $

            	
              434,000.00

            	 	 	
              (3)

            	 
	
              LT2-F54

            	 	
              $

            	
              406,500.00

            	 	 	
              (2)

            	 
	
              LT2-V54

            	 	
              $

            	
              406,500.00

            	 	 	
              (3)

            	 
	
              LT2-F55

            	 	
              $

            	
              380,000.00

            	 	 	
              (2)

            	 
	
              LT2-V55

            	 	
              $

            	
              380,000.00

            	 	 	
              (3)

            	 
	
              LT2-F56

            	 	
              $

            	
              355,500.00

            	 	 	
              (2)

            	 
	
              LT2-V56

            	 	
              $

            	
              355,500.00

            	 	 	
              (3)

            	 
	
              LT2-F57

            	 	
              $

            	
              332,500.00

            	 	 	
              (2)

            	 
	
              LT2-V57

            	 	
              $

            	
              332,500.00

            	 	 	
              (3)

            	 
	
              LT2-F58

            	 	
              $

            	
              311,500.00

            	 	 	
              (2)

            	 
	
              LT2-V58

            	 	
              $

            	
              311,500.00

            	 	 	
              (3)

            	 
	
              LT2-F59

            	 	
              $

            	
              4,524,000.00

            	 	 	
              (2)

            	 
	
              LT2-V59

            	 	
              $

            	
              4,524,000.00

            	 	 	
              (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.
                

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (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.

            

    

     

    
      	 	
              (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.

            

    

     

    On
      each
      Distribution Date, the Trustee shall distribute the aggregate Interest
      Remittance Amount for the Mortgage Pool (net of expenses described in the
      preceding paragraph) 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 two 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 calendar month, to the Class LT2-F59 and Class
      LT2-V59 Lower Tier Interests, respectively.

     

    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-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-B1

            	 	
              (1)

            	 	
              (3)

            	 	
              B1

            
	
              Class
                LT3-B2

            	 	
              (1)

            	 	
              (3)

            	 	
              B2

            
	
              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

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    
      	
              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

            
	
              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.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

     

    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-M1, Class LT3-M2, Class LT3-M3, Class
      LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-B1
      and
      Class LT3-B2 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 Interests, 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 and Class
      LT2-V59 Lower Tier Interests in REMIC 2 on such Distribution Date to the Class
      LT3-Q Interest.

     

    REMIC
      4

     

    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.
      Each Certificate, other than the Class R and Class LT-R Certificates represents
      ownership of regular interests in the Upper Tier REMIC.

    
    

    
      
        	
                Class
                  Designation

              	 	
                Interest
                  Rate

              	 	
                 

                Initial
                  Class

                Principal
                  Amount ($)

              	 	
                Minimum
                  Denomination

              	 
	
                Class
                  A1

              	 	 	
                (1)(18)

              	 	 	
                $301,642,000

              	 	 	
                $25,000.00

              	 
	
                Class
                  A2

              	 	 	
                (2)(18)

              	 	 	
                $44,164,000

              	 	 	
                $25,000.00

              	 
	
                Class
                  M1

              	 	 	
                (3)(18)

              	 	 	
                $21,199,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  M2

              	 	 	
                (4)(18)

              	 	 	
                $9,937,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  M3

              	 	 	
                (5)(18)

              	 	 	
                $11,040,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  M4

              	 	 	
                (6)(18)

              	 	 	
                $10,158,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  M5

              	 	 	
                (7)(18)

              	 	 	
                $7,508,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  M6

              	 	 	
                (8)(18)

              	 	 	
                $6,183,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  M7

              	 	 	
                (9)(18)

              	 	 	
                $5,741,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  M8

              	 	 	
                (10)(18)

              	 	 	
                $5,962,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  B1

              	 	 	
                (11)

              	 	 	
                $7,287,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  B2

              	 	 	
                (12)

              	 	 	
                $5,521,000

              	 	 	
                $100,000.00

              	 
	
                Class
                  P

              	 	 	
                (13)

              	 	 	
                (15)

              	 	 	
                (16)

              	 
	
                Class
                  X

              	 	 	
                (14)

              	 	 	
                (16)

              	 	 	
                (16)

              	 
	
                Class
                  R

              	 	 	
                (15)

              	 	 	
                (17)

              	 	 	
                (16)

              	 
	
                Class
                  LT-R

              	 	 	
                (16)

              	 	 	
                (17)

              	 	 	
                (17)

              	 
	 	 	 	 	 	 	 	 	 	 	 

      

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

      
        

      

    

    
      	
              (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
                0.140%
                and (ii) the Net Funds Cap for such Distribution Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A1 Certificates
                will be LIBOR plus
                0.280%. 

            

    

     

    
      	
              (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
                0.300%
                and (ii) the Net Funds Cap for such Distribution Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A2 Certificates
                will be LIBOR plus
                0.600%.

            

    

     

    
      	
              (3)

            	
              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
                0.400% and (ii) the Net Funds Cap for such Distribution Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M1 Certificates
                will be LIBOR plus
                0.600%.

            

    

     

    
      	
              (4)

            	
              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
                0.430% and (ii) the Net Funds Cap for such Distribution Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M2 Certificates
                will be LIBOR plus
                0.645%.

            

    

     

    
      	
              (5)

            	
              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
                0.570% and (ii) the Net Funds Cap for such Distribution Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M3 Certificates
                will be LIBOR plus
                0.855%.

            

    

     

    
      	
              (6)

            	
              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
                0.600% and (ii) the Net Funds Cap for such Distribution Date;
                provided
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M4 Certificates
                will be LIBOR plus
                0.900%.

            

    

     

    
      	
              (7)

            	
              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
                0.650% and (ii) the Net Funds Cap for such Distribution Date;
                provided that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M5 Certificates
                will be LIBOR plus
                0.975%.

            

    

     

    
      	
              (8)

            	
              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
                1.250% and (ii) the Net Funds Cap for such Distribution Date;
                provided that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M6 Certificates
                will be LIBOR plus
                1.875%.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (9)

            	
              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
                1.500% and (ii) the Net Funds Cap for such Distribution Date;
                provided that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M7 Certificates
                will be LIBOR plus
                2.250%.

            

    

     

    
      	
              (10)

            	
              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
                2.500% and (ii) the Net Funds Cap for such Distribution Date;
                provided that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M8 Certificates
                will be LIBOR plus
                3.750%.

            

    

     

    
      	
              (11)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class B1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus
                2.500% and (ii) the Net Funds Cap for such Distribution Date;
                provided that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class B1 Certificates
                will be LIBOR plus
                3.750%.

            

    

     

    
      	
              (12)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class B2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus
                2.500% and (ii) the Net Funds Cap for such Distribution Date;
                provided that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class B2 Certificates
                will be LIBOR plus
                3.750%. 

            

    

     

    
      	
              (13)

            	
              The
                Class P Certificates will not bear interest at a stated rate. The
                Class P
                Certificates shall have a Class P Principal Amount equal to $100
                and shall
                be entitled to receive all Prepayment Premiums paid with respect
                to the
                Mortgage Loans for which the Seller is entitled to such payment as
                provided in Section 5.02(e). 

            

    

     

    
      	
              (14)

            	
              The
                Class X Certificates shall have an initial principal balance of
                $5,300,461.46 (initial overcollateralization of $5,300,561.46 minus
                $100.00 allocated to the Class P Certificates to create the $100
                Class P
                Principal Amount), but shall not accrue interest on that balance.
                In
                addition to the right to receive ultimately the initial principal
                balance,
                which right represents a regular interest Upper-Tier REMIC, the Class
                X
                Certificate shall also comprise 2 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 principal balances of the regular interests in REMIC
                3
                (i.e.
                the Pool Balance), 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) the excess of (a) the weighted
                average of the interest rates on the regular interests in REMIC 3
                (other
                than any interest-only Interest) over (b) the Credit Risk Manager’s Fee,
                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 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
                Swap
                Agreement and Swap Account, (iii) the Interest Rate Cap Agreement
                and the
                Interest Rate Cap Account and (iv) an interest in the notional principal
                contracts described in Section 10.01(n)
                hereof.

            

    

     

    
      	
              (15)

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

            

    

     

    
      	
              (16)

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

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (17)

            	
              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.

            

    

     

    
      	
              (18)

            	
              For
                purposes of the REMIC Provisions, the reference to “Net Funds Cap” in
                clause (ii) of the preceding sentence shall be deemed to be a reference
                to
                the REMIC 3 Net Funds Cap. For any Distribution Date on which the
                Certificate Interest Rate for this Certificate is based on the Net
                Funds
                Cap, the amount of interest that would have payable on such Certificates
                if the REMIC 3 Net Funds Cap were substituted for the Net Funds Cap
                over
                the amount actually payable thereon shall be treated as having been
                paid
                to the owners of this Class Certificates and then deposited by such
                owners
                into the Supplemental Interest Trust pursuant to Section 10.01(n)
                hereof.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $441,642,561.

     

    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 applicable Servicing Agreement, to the extent applicable to the related
      Servicer.

     

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

     

    Accrual
      Period:
      With
      respect to any Distribution Date and each Class of Certificates other than
      the
      Class X, Class P, Class LT-R and Class R Certificates, the period beginning
      on
      the Distribution Date in the calendar month immediately preceding the month
      in
      which the related Distribution Date occurs (or on February 25, 2006, in the
      case
      of the first Accrual Period) and ending on the day immediately preceding the
      related Distribution Date. With respect to any Lower Tier Interest, the calendar
      month immediately preceding the month in which such Distribution Date
      occurs.

     

    Additional
      Collateral:
      None.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    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).

     

    Adjusted
      Lower Tier WAC:
      For any
      Distribution Date (and the related Accrual Period) the product of (i) 2, and
      (ii) the weighted average of the interest rates on the Lower Tier Interests
      in
      REMIC 3 (other than any interest-only interest), determined for this purpose
      by
      first subjecting the rate at which interest accrues on the Class LT3-Q Interest
      to a cap of zero, and subjecting the rate at which interest accrues on each
      remaining regular interest to a cap that corresponds to the Certificate Interest
      Rate for its Corresponding Class of Certificates for such Distribution Date
      (adjusted to reflect the day count convention used to compute the amount of
      interest accruals for such Corresponding Class).

     

    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.

     

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

     

    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) of the Code on prohibited transactions, and the tax
      imposed under Section 860G(d) of the Code 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.

     

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

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

     

    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 Certificates after giving effect to all
      Realized Losses incurred with respect to the Mortgage Loans during the related
      Collection Period and distributions of principal on such Distribution Date,
      but
      before giving effect to any application of the Applied Loss Amount with respect
      to such date, exceeds (y) the Pool Balance for such Distribution
      Date.

     

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

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument, in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the sale of the Mortgage to
      the
      Trustee, 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
      none of the Custodians nor the Trustee shall be responsible for determining
      whether any such assignment is in recordable form.

     

    Aurora:
      Aurora
      Loan Services LLC.

     

    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.

     

    B1
      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 of the Class Principal
      Amounts 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 B1 Certificates immediately prior to such
      Distribution Date exceeds (y) the B1 Target Amount for such Distribution
      Date.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

     

    B1
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 88.80% and (2) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period and (b) the
      amount, if any, by which (1) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period exceeds (2)
      the
      Overcollateralization Floor.

     

    B2
      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 of the Class Principal
      Amounts of the Senior Certificates and the Class M1, Class M2, Class M3, Class
      M4, Class M5, Class M6, Class M7, Class M8 and Class B1 Certificates, in each
      case after giving effect to distributions on such Distribution Date, and (ii)
      the Class Principal Amount of the Class B2 Certificates immediately prior to
      such Distribution Date exceeds (y) the B2 Target Amount for such Distribution
      Date.

     

    B2
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (1) 91.30% and (2) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period and (b) the
      amount, if any, by which (1) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period exceeds (2)
      the
      Overcollateralization Floor.

     

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

     

    Balloon
      Mortgage Loan:
      Any
      Mortgage Loan that provides for (i) equal monthly Scheduled Payments that will
      not reduce the principal balance of such Mortgage Loan to zero at its maturity
      date and (ii) a larger monthly payment due at its maturity date equal to the
      unpaid principal balance of such Mortgage Loan, with interest
      thereon.

     

    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
      United States Bankruptcy Code of 1986, as amended, 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(d)(iv) of this Agreement. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

     

    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 Net
      Funds Cap for such date but subject to a cap equal to the Maximum Interest
      Rate,
      exceeds the amount of interest calculated at the Net Funds Cap.

     

    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.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions
      in New York City, New York or, if other than New York City, the city in which
      the Corporate Trust Office of the Trustee is located or the States of Maryland,
      Minnesota or Colorado are closed, or (iii) with respect to any Servicer
      Remittance Date or any Servicer reporting date, the States specified in the
      definition of “Business Day” in the related 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 HSBC Bank USA, National Association.

     

    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
      and the Securities Administrator.

     

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

     

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

    
 

    
      
        
        

      

      
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    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.

     

    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, 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).

     

    
      Charged-off
        Loan:
        As of
        any date of determination, any Mortgage Loan other than a Covered Mortgage
        Loan
        that was delinquent in payment for a period of 180 days or more as of the
        last
        calendar day of the month immediately preceding the month in which such date
        of
        determination occurs, without giving effect to any grace period permitted
        by the
        related Mortgage Note, and for which foreclosure proceedings have not been
        initiated.

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Class
      B Certificates:
      Collectively, the Class B1 and Class B2 Certificates.

     

    Class
      I Shortfalls:
      As defined in Section 10.01(l) 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 I interest in the Upper Tier REMIC 1 on such Distribution Date, all as
      further provided in Section 10.01(l) hereof.

     

    Class
      LT-R Certificate:
      The
      Class LT-R Certificate executed by the Trustee, and authenticated and delivered
      by the Certificate Registrar, substantially in the form annexed hereto as
      Exhibit A and evidencing the residual interest in REMIC 1.

     

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

     

    Class
      P Interest:
      An
      interest in the Upper-Tier REMIC, as described in the Preliminary Statement,
      which interest shall be evidenced by the rights of the Class P Certificates
      to
      receive Prepayment Premiums.

     

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

     

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than the Class X, Class P, Class
      LT-R and Class R Certificates, the aggregate of the Certificate Principal
      Amounts of all Certificates of such Class at the date of determination. 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:
      The
      Class R Certificate executed by the Trustee, and authenticated and delivered
      by
      the Certificate Registrar, substantially in the form annexed hereto as Exhibit
      A
      and evidencing the ownership of the Class LT2-R Interest, the 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 $5,300,561.46 (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.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

     

    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.

     

    Clearstream:
      Clearstream Banking, S.A., Luxembourg, and any successor thereto.

     

    Closing
      Date:
      February 28, 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
      calendar month immediately preceding the month in which such Distribution Date
      occurs and ending on the first day of the calendar month in which such
      Distribution Date occurs. 

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

    Combined
      Loan-to-Value Ratio or CLTV:
      With
      respect to any Mortgage Loan at any date of determination, the ratio of the
      principal balance of such Mortgage Loan at the date of determination, plus
      the
      principal balance of each mortgage loan senior thereto based upon the most
      recent information available to the Seller, to (a) in the case of a purchase,
      the lesser of the sale price of the Mortgaged Property and its appraised value
      at the time of sale, or (b) in the case of a refinancing or modification, the
      appraised value of the Mortgaged Property at the time of such refinancing or
      modification.

     

    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 Servicers with respect
      to such Distribution Date. The Master Servicer shall not be responsible for
      making any Compensating Interest Payment.

    
       

      Component:
        Not
        applicable.

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

    
    

    Component
      Interest Rate:
      Not
      applicable.

     

    Component
      Notional Amount:
      Not
      applicable.

     

    Cooperative
      Corporation:
      Not
      applicable.

     

    Cooperative
      Loan:
      Not
      applicable.

     

    Cooperative
      Loan Documents:
      Not
      applicable.

     

    Cooperative
      Property:
      Not
      applicable.

     

    Cooperative
      Shares:
      Not
      applicable.

     

    Cooperative
      Unit:
      Not
      applicable.

     

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

     

    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 is located at One Federal Street, 3rd Floor, Boston, MA 02110,
      Attention: Structured Finance—SASCO 2006-S1.

     

    Corresponding
      Class:
      The
      Class of Certificates that corresponds with a class of Lower Tier Interests
      in
      REMIC 3 as described
      in the
      Preliminary Statement.

     

    Covered
      Mortgage Loan:
      Any
      mortgage loan that is covered by a Primary Mortgage Insurance
      Policy.

     

    Credit
      Risk Management Agreement:
      Each
      credit risk management agreement dated as of the Closing Date, entered into
      by a
      Servicer and the Credit Risk Manager, identified on Exhibit M attached
      hereto.

     

    Credit
      Risk Manager:
      Clayton
      Fixed Income Services Inc. (formerly known as The Murrayhill Company), a
      Colorado 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.

     

    Credit
      Risk Manager’s Fee Rate:
      0.009%
      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:

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    

     

    
      	
              Distribution
                Date

            	
              Loss
                Percentage

            
	
              March
                2008 through February 2009

            	
              2.00%
                for the first month, plus an additional 1/12th
                of 2.45% for each month thereafter

            
	
              March
                2009 through February 2010

            	
              4.45%
                for the first month, plus an additional 1/12th
                of 2.45% for each month thereafter

            
	
              March
                2010 through February 2011

            	
              6.90%
                for the first month, plus an additional 1/12th
                of 1.90% for each month thereafter

            
	
              March
                2011 through February 2012

            	
              8.80%
                for the first month, plus an additional 1/12th
                of 0.50% for each month thereafter

            
	
              March
                2012 and thereafter

            	
              9.30%

            
	 	 

    

    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 a
      Servicer pursuant to the related Servicing Agreement.

     

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

     

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

     

    Cut-off
      Date:
      February 1, 2006.

     

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

     

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

     

    Defaulting
      Party:
      As
      defined in the Swap Agreement.

     

    Deferred
      Amount:
      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.

    
 

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Delinquency
      Event:
      A
      Delinquency Event shall 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 11.45% 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 all
      Mortgage Loans 60 days Delinquent or more (including all foreclosures,
      bankruptcies and REO Properties) as of the close of business on the last day
      of
      such month, and the denominator of which is the Pool Balance as of the close
      of
      business on the last day of such month.

     

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “delinquent” when any payment
      contractually due thereon has not been made by the close of business on the
      Due
      Date therefor. 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 applicable Servicer or the Trustee
      has accepted a deed in lieu of foreclosure.

     

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

     

    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 March 2006.

     

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

     

    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;

     

    
      
        
        

      

      
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    (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;

     

    (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 U.S. Bank National Association (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 authorized hereby to charge and collect from the Trustee
      such fees as are collected from all investors in such funds for services
      rendered to such funds (but not to exceed investment earnings
      thereon);

     

    
      
        
        

      

      
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    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.

     

    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 X, Class R or Class LT-R Certificate, and any Offered
      Certificate which does not have below the lowest applicable rating permitted
      under the Underwriter’s Exemption.

     

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

     

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

     

    Escrow
      Account:
      Any
      account established and maintained by each Servicer pursuant to the related
      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 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 each Servicer satisfying the
      requirements of the related Servicing Agreement.

     

     

    
      
        
        

      

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

     

    First
      Payment Default Loan:
      Any
      Mortgage Loan which does not make the first payment due to the Seller within
      the
      time frame required under the PPTLS and which are identified on Schedule B
      hereof.

     

    Fitch:
      Fitch
      Ratings, 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.

     

    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, any Servicer, 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 may request and conclusively rely on certifications by the
      Depositor, the Master Servicer, the Credit Risk Manager or the applicable
      Servicer, in determining whether any Certificates are registered to an Affiliate
      of the Depositor, the Master Servicer, the Credit Risk Manager or any Servicer.
      After a Section 7.01(c) Purchase Event, other than in Sections 5.02(b) through
      (e) 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.

     

    
      
        
        

      

      
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    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 Securities and Exchange 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:
      4.58063% per annum.

     

    Initial
      Optional Termination Date:
      The
      first Distribution Date following the date on which the Pool Balance is less
      than 10.00% of the Cut-off Date Balance.

     

    Insurance
      Fee Rate:
      With
      respect to each Mortgage Loan insured by an Insurance Policy paid for by the
      lender, the per annum rate specified in the Mortgage Loan Schedule.

     

    Insurance
      Policy:
      Any
      Primary Mortgage 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 any 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 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 entered into by the Supplemental Interest Trust,
      which agreement provides for the monthly payment specified therein to the
      Trustee (for the benefit of the Certifcateholders) commencing with the
      Distribution Date in March 2007 and ending on the Distribution Date in February
      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 any Distribution Date, an amount equal to (a) the sum of (1) all
      interest collected (other than Payaheads) or advanced in respect of Scheduled
      Payments on the Mortgage Loans during the related Collection Period by the
      Servicers, 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 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, (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 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, Insurance Proceeds, any
      Subsequent Recovery and any other recoveries collected with respect to such
      Mortgage Loans during the related Prepayment Period, as reduced by (ii) any
      other costs, expenses or liabilities reimbursable to the Trustee, the Master
      Servicer, each Custodian and each Servicer to the extent provided in this
      Agreement, each Servicing Agreement and each 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 March 2036.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    LIBOR
      Certificate:
      Any
      Class A1, Class A2, Class M1, Class M2, Class M3, Class M4, Class M5, Class
      M6,
      Class M7, Class M8, Class B1 or Class B2 Certificates.

     

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

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period for any Class of Certificates other than the Class P, Class X, Class
      LT-R
      and Class R Certificates.

     

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

     

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

     

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

     

    
      
        
        

      

      
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    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.

     

    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, including any trustee in its capacity as trustee of any privately
      placed securitization.

     

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

     

    M1
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 59.90% and (ii) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period and (b) the
      amount, if any, by which (1) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period exceeds (2)
      the
      Overcollateralization Floor. 

     

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

     

    M2
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 64.40% and (ii) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period immediately
      prior
      to such Distribution Date and (b) the amount, if any, by which (1) the Pool
      Balance for such Distribution Date determined as of the last day of the related
      Collection Period exceeds (2) the Overcollateralization Floor. 

     

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

     

    
      
        
        

      

      
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    M3
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 69.40% and (ii) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period immediately
      prior
      to such Distribution Date and (b) the amount, if any, by which (1) the Pool
      Balance for such Distribution Date determined as of the last day of the
      Collection Period exceeds (2) the Overcollateralization Floor.

     

    M4
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal
      Amounts of the Senior Certificates, 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 for such Distribution Date.

     

    M4
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 74.00% and (ii) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period immediately
      prior
      to such Distribution Date and (b) the amount, if any, by which (1) the Pool
      Balance for such Distribution Date determined as of the last day of the
      Collection Period exceeds (2) the Overcollateralization Floor.

     

    M5
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal
      Amounts of the Senior Certificates, 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 for such Distribution Date.

     

    M5
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 77.40% and (ii) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period immediately
      prior
      to such Distribution Date and (b) the amount, if any, by which (1) the Pool
      Balance for such Distribution Date determined as of the last day of the
      Collection Period exceeds (2) the Overcollateralization Floor.

     

    M6
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Stepdown Date and as long
      as a
      Trigger Event is not in effect with respect to such Distribution Date, the
      amount, if any, by which (x) the sum of (i) the aggregate Class Principal
      Amounts of the Senior Certificates, 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 for such Distribution Date.

     

    M6
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 80.20% and (ii) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period immediately
      prior
      to such Distribution Date and (b) the amount, if any, by which (1) the Pool
      Balance for such Distribution Date determined as of the last day of the
      Collection Period exceeds (2) the Overcollateralization Floor.

     

    
      
        
        

      

      
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    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
      Amounts of the Senior Certificates, 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 for such Distribution Date.

     

    M7
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 82.80% and (ii) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period immediately
      prior
      to such Distribution Date and (b) the amount, if any, by which (1) the Pool
      Balance for such Distribution Date determined as of the last day of the
      Collection Period exceeds (2) the Overcollateralization Floor.

     

    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
      Amounts of the Senior Certificates, 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 for such Distribution Date.

     

    M8
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 85.50% and (ii) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period immediately
      prior
      to such Distribution Date and (b) the amount, if any, by which (1) the Pool
      Balance for such Distribution Date determined as of the last day of the
      Collection Period exceeds (2) the Overcollateralization Floor.

     

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

     

    Master
      Servicer Remittance Date:
      With
      respect to each Distribution Date, two (2) Business Days immediately preceding
      such Distribution Date.

     

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

     

    Master
      Servicing Fee Rate:
      0.00%
      per annum.

     

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

     

    
      
        
        

      

      
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    Maximum
      Interest Rate:
      For
      each Distribution Date, 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
      Net
“lifetime” Mortgage Rates, as specified in the related Mortgage Notes 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
      divided
      by the Pool Balance as of the beginning of the related Collection Period and
      (y)
      any Interest Rate Cap Amount owed by the Cap Counterparty on the related
      Interest Rate Cap Payment Date divided by the Pool Balance 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 sum of the amount of any Net Swap
      Payment owed to the Swap Counterparty on the related Swap Payment Date for
      such
      Distribution Date and the denominator of which is the Pool Balance 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.

     

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

     

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

     

    Monthly
      Excess Cashflow:
      With
      respect to any Distribution Date, the sum of (x) the Monthly Excess Interest
      for
      such Distribution Date, (y) the Aggregate Overcollateralization Release Amount
      for such Distribution Date and (z) the Monthly Excess Principal for such
      Distribution Date. 

     

    Monthly
      Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      remaining after application pursuant to clauses (i) through (xv) of Section
      5.02(b) on such Distribution Date.

     

    Monthly
      Excess Principal:
      With
      respect to any Distribution Date, the amount of any Principal Distribution
      Amount remaining after application pursuant to clauses (A) through (N) of
      Section 5.02(c)(i) or clauses (A) through (L) of Section 5.02(c)(ii) on such
      Distribution 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. Any Released Mortgage Loan shall not be considered a Mortgage
      Loan subject to this Agreement.

     

    
      
        
        

      

      
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    Mortgage
      Loan Sale Agreement:
      The
      mortgage loan sale and assignment agreement dated as of February 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; (v) the monthly
      payment of principal and interest at origination; (vi) the applicable
      Servicer servicing such Mortgage Loan and the applicable Servicing Fee Rate;
      (vii) the Custodian with respect to the Mortgage File related to such Mortgage
      Loan; and (viii) 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 method(s) of calculation of the
      Prepayment Premium. 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
      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
      the application of the Civil Relief Act.

     

    Mortgaged
      Property:
      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.

     

    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 Interest Remittance Amount 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 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 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 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. 

     

    
      
        
        

      

      
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    Net
      Funds Cap:
      With
      respect to any Distribution Date, a per annum rate equal to (a) the excess,
      if
      any, of (i) the weighted average of the Net Mortgage Rates of the Mortgage
      Loans
      as of the first day of the related Collection Period for such date over (ii)
      a
      fraction, expressed as a percentage, the numerator of which is any Net Swap
      Payment or Swap Termination Payment owed to the Swap Counterparty on the related
      Swap Payment Date and denominator of which is the Pool Balance as of the first
      day of the related Collection Period multiplied by (b) a fraction, the numerator
      of which is 30 and the denominator of which is the actual number of days in
      the
      Accrual Period related to such Distribution Date.

     

    Net
      “lifetime” Mortgage Rate:
      With
      respect to any Mortgage Loan the “lifetime” Mortgage Rate as specified in the
      related Mortgage Note reduced by the Servicing Fee for such Mortgage
      Loan.

     

    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 a Servicer pursuant
      to
      the related Servicing Agreement.

     

    Net
      Swap Payment:
      With
      respect to each Swap Payment Date, the sum of (i) 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.

     

    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.

     

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

     

    
      
        
        

      

      
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    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.

     

    Offered
      Certificates:
      The
      Class A1, Class A2, Class M1, Class M2, Class M3, Class M4, Class M5, Class
      M6,
      Class M7 and Class M8 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 who 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 ERISA, or the
      taxation, or the federal income tax status, of each REMIC.

     

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

     

    Overcollateralization
      Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      Balance for such Distribution Date 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 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.

     

    Overcollateralization
      Floor:
      An
      amount equal to approximately 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 applicable 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.

     

    
      
        
        

      

      
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    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.

     

    Pool
      Balance:
      As of
      any date of determination, the aggregate of the Scheduled Principal Balances
      of
      all Mortgage Loans.

     

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

     

    PPTLS:
      As to
      any First Payment Default Mortgage Loan, (i)
      the
      Purchase Price and Terms Letter between National City Mortgage Co. and Lehman
      Brothers Bank, FSB, dated November 3, 2005 and (ii) the Purchase Price and
      Terms
      Letter between Mortgage Access Corp. d/b/a Weichert Financial Services and
      Lehman Brothers Bank, FSB, dated December 1, 2005.

     

    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 each Distribution Date, the calendar month immediately preceding
      the
      month in which such Distribution Date occurs.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Principal
      Remittance Amount:
      With
      respect to 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 during the related Collection Period whether by the applicable
      Servicers or the Master Servicer or the Trustee (less unreimbursed Advances
      due
      to the Master Servicer, any Servicer or the Trustee with respect to the Mortgage
      Loans, to the extent allocable to principal, and any unreimbursed Servicing
      Advances not reimbursed by a reduction from the Interest Remittance Amount),
      (ii) all Principal Prepayments in full or in part received during the related
      Prepayment Period, (iii) the outstanding principal balance of the Mortgage
      Loans
      that were purchased from the Trust Fund by the Seller or the related Transferor
      during the related Prepayment Period or by NIMS Insurer (in the case of certain
      Mortgage Loans 90 days or more delinquent) during the related Prepayment Period,
      (iv) the portion of any Substitution Amount paid with respect to any Deleted
      Mortgage Loan 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 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,
      any other costs, expenses or liabilities reimbursable to the Trustee, the Master
      Servicer, each Custodian and each Servicer to the extent provided in this
      Agreement, each Servicing Agreement and each 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), 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 distribution 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.

     

    
      
        
        

      

      
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    Private
      Placement Memorandum:
      The
      confidential Private Placement Memorandum dated February 23, 2006, relating
      to
      the Class B1 and Class B2 Certificates.

     

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

     

    Proprietary
      Lease:
      Not
      applicable.

     

    Prospectus:
      The
      prospectus supplement dated February 23, 2006, together with the accompanying
      prospectus dated September 26, 2005, relating to the Publicly Offered
      Certificates.

     

    Publicly
      Offered Certificates:
      The
      Certificates offered under the Prospectus which include the Senior Certificates
      and Class M 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; (d) any unreimbursed Servicing Advances
      with
      respect to such Mortgage Loan; and (e) any Swap Termination Payment payable
      to
      the Swap Counterparty due to the exercise of the Master Servicer’s option to
      purchase the Mortgage Loans.

     

    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;

     

    
      
        
        

      

      
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    (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, 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

     

    (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) if applicable,
      has a next adjustment date not later than the next adjustment date on the
      Deleted Mortgage Loan, (vii) has the same Due Date as the Deleted Mortgage
      Loan,
      (viii) has a remaining stated term to maturity not longer than 18 months and
      not
      more than 18 months shorter than the remaining stated term to maturity of the
      related Deleted Mortgage Loan; provided,
      that
      in
      no case should such substitute Mortgage Loan have a maturity date later than
      the
      Final Scheduled Distribution Date, (ix) is current as of the date of
      substitution, (x) 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, (xi) has been underwritten by the Transferor in accordance with the same
      underwriting criteria and guidelines as the Deleted Mortgage Loan, (xii) has
      a
      risk grading determined by the Seller at least equal to the risk grading
      assigned on the Deleted Mortgage Loan, (xiii) is secured by the same
      property type as the Deleted Mortgage Loan, (xiv) conforms to each
      representation and warranty applicable to the Deleted Mortgage Loan made in
      the
      Mortgage Loan Sale Agreement, (xv) has the same or higher lien position as
      the
      Deleted Mortgage Loan, (xvi) 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 and has an original Scheduled
      Principal Balance within the maximum dollar amount limitations prescribed by
      Freddie Mac for conforming one-to-four-family mortgage loans. 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 a 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 any 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:
      Not
      applicable.

     

    Record
      Date:
      With
      respect to any Class of Certificates other than the Class X, Class P, Class
      LT-R
      and Class R 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.

     

    
      
        
        

      

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

     

    Released
      Mortgage Loan:
      As of
      any transfer date as set forth in the related Servicing Agreement, any Mortgage
      Loan other than a Covered Mortgage Loan that was delinquent in payment for
      a
      period of 210 days or more as of the last calendar day of the month immediately
      proceeding the month in which such transfer date occurs, without giving effect
      to any grace period permitted by the related Mortgage Note, and for which
      foreclosure proceedings have not been initiated.

     

    Released
      Mortgage Transferee:
      Initially, Aurora Loan Services LLC, and its successors and
      assigns.

     

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit T 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, any amount by which interest collectible on such Mortgage Loan
      for
      the Due Date in the related Due Period is less than interest accrued thereon
      for
      the applicable one-month period at the Mortgage Rate without giving effect
      to
      such reduction.

     

    REMIC:
      Each
      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 regular interests in REMIC 3 (other than the Class LT3-IO Interests),
      weighted in proportion to their Class Principal Amounts as of the beginning
      of
      the related Accrual Period, multiplied by (ii) the quotient of (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 D 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.

     

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

     

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

     

    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.

     

    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 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, the Class B1 Certificates and the Class B2 Certificates
      has been reduced to zero, the Required Reserve Fund Deposit shall be
      zero.

     

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

     

    Responsible
      Officer:
      When
      used with respect to the Trustee, any vice president, assistant vice president,
      the secretary, any assistant secretary, or any officer, working in its Corporate
      Trust Office and having 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 B1, Class B2, Class P, Class X, Class R or Class LT-R
      Certificate.

     

    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.

     

    Rule
      144A:
      Rule
      144A under the Securities Act.

     

    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 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 any 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.

     

    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:
      Not
      applicable.

     

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

     

    Senior
      Certificate:
      Any
      Class A1 or Class A2 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 Pool Balance for such Distribution Date, in each
      case after giving effect to distributions on such Distribution
      Date.

     

    
      
        
        

      

      
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    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 Principal Distribution Amount 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
      Priority:
      To the
      Class A1 and Class A2 Certificates, sequentially, in that order.

     

    Senior
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 50.30% and (ii) the Pool Balance for such Distribution Date
      determined as of the last day of the related Collection Period and (b) the
      amount, if any, by which (i) the Pool Balance for such Distribution Date
      determined as of the last day of the Collection Period exceeds (ii) the
      Overcollateralization Floor.

     

    Servicer:
      Each of
      Aurora Loan Services LLC and GMAC Mortgage Corporation or any of their
      respective successors in interest.

     

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

     

    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.

     

    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 a Servicer of its servicing obligations, including, but
      not limited to, the cost of (a) satisfying the outstanding amount of a senior
      mortgage lien on the Mortgaged Property in order to prevent a foreclosure,
      (b)
      the preservation, inspection, restoration and protection of the Mortgaged
      Property, (c) any enforcement or administrative or judicial proceedings,
      including foreclosures, (d) the management and liquidation of the Mortgaged
      Property if the Mortgaged Property is acquired in satisfaction of the Mortgage,
      (e) taxes, assessments, water rates, sewer rents and other charges which are
      or
      may become a lien upon the Mortgaged Property, any insurance premiums related
      to
      insurance on the Mortgaged Property and (f) any losses sustained by a Servicer
      with respect to the liquidation of the Mortgaged Property.

     

    
      
        
        

      

      
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    Servicing
      Agreement:
      Each
      servicing agreement or securitization subservicing agreement identified in
      Exhibit E hereto, each dated as of February 1, 2006, among the Seller, the
      Master Servicer and one of the above-named Servicers, and any other servicing
      agreement entered into between a successor servicer and the Seller pursuant
      to
      the terms of this Agreement.

     

    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. No Servicing Fee will accrue with respect to any Charged-off Loan.
      

     

    Servicing
      Fee Rate:
      With
      respect to each Mortgage Loan, the rate specified in the related Servicing
      Agreement.

     

    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.

     

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

     

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

     

    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
      March
      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 49.70%.

     

    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, a Servicer or the Credit Risk
      Manager.

     

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

     

    Subordinate
      Priority:
      To the
      Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
      M8,
      Class B1 and Class B2 Certificates, sequentially, in that order.

     

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

     

    Subservicer:
      Any
      Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Mortgage Loans on behalf of 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.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    

     

    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(d)(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
      P.

     

    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
      HSBC Bank USA, National Association.

     

    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 Offered Certificates and the Class B1 and Class
      B2
      Certificates and (b) 30, as calculated by the Swap Counterparty and furnished
      to
      the Securities Administrator.

     

    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.

     

    
      
        
        

      

      
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    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 and the Securities Administrator.

     

    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 Pool Balance as of
      such
      Distribution Date minus
      the
      Targeted Overcollateralization Amount for such Distribution Date.

     

    Targeted
      Overcollateralization Amount:
      With
      respect to any Distribution Date on or prior to the Distribution Date in August
      2006, $5,300,561.46. For any Distribution Date after August 2006 and prior
      to
      the Stepdown Date, an amount equal to approximately $19,211,451 (approximately
      4.35% of the Cut-off Date Balance). For any Distribution Date on or after the
      Stepdown Date and for which a Trigger Event is not in effect, an amount equal
      to
      the greater of (i) the lesser of (a) an amount equal to approximately
      $19,211,451 (approximately 4.35% of the Cut-off Date Balance) and (b)
      approximately 8.70% of the Pool Balance, after giving effect to distributions
      on
      that Distribution Date, and (ii) approximately $2,208,212 (approximately 0.50%
      of the Cut-off Date Balance). For any Distribution Date on or after the Stepdown
      Date and for which a Trigger Event is in effect, 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
      Price:
      As
      defined in Section 7.01.

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Transferor:
      Each
      seller of Mortgage Loans to the Seller pursuant to the Transfer
      Agreements.

     

    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 trust 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, the
      Certificate Account, the 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:
      U.S.
      Bank National Association, 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.

     

    UCC:
      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.

     

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

     

    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.

     

    Upper
      Tier REMIC:
      As
      described in the Preliminary Statement.

     

    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 (and among the Certificates within each such
      Class) in proportion to their Class Principal Amounts (or Certificate Principal
      Amounts). 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.

     

    
      
        
        

      

      
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    Section
      1.02  Calculations
      Respecting Mortgage Loans. 

     

    Calculations
      required to be made pursuant to this Agreement with respect to any Mortgage
      Loan
      in the Trust Fund 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,
      any
      Servicer or the Credit Risk Manager.

     

    Section
      1.03  Calculations
      Respecting Accrued Interest. 

     

    Accrued
      interest, if any, on any Certificate other than a Class X, Class P, Class LT-R
      or Class R Certificate shall be calculated based upon a 360-day year and the
      actual number of days in each Accrual Period. Accrued interest, if any, on
      any
      Lower Tier Interest shall be calculated based upon a 360-day year consisting
      of
      twelve 30-day months, and each Accrual Period shall be deemed to have 30
      days.

     

     

    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 shall be delivered
      to
      the Trustee. In connection therewith, the Depositor hereby directs the Trustee
      (solely in its capacity as such) and the Trustee is hereby authorized to execute
      and deliver the Swap Agreement on behalf of the Supplemental Interest Trust
      and
      for the benefit of the Certificateholders. The Seller, the Master Servicer,
      the
      Trustee, 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 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 upon the expiration or termination of the Swap
      Agreement.

     

    Concurrently
      with the execution and delivery 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 Servicers 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 not in its individual capacity.
      The Trustee shall have no duty or responsibility to enter into any other swap
      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 each Servicing
      Agreement and each Transfer Agreement (including the right to enforce the
      Transferor’s obligation pursuant to the PPTLS) 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 applicable Custodian acting on the Trustee’s behalf, the
      following documents or instruments with respect to each Mortgage Loan (each
      a
“Mortgage File”) so transferred and assigned:

     

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

     

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

     

    (iii) with
      respect to any Mortgage Loan, the original recorded Mortgage with evidence
      of
      recording indicated thereon and the original recorded power of attorney, with
      evidence of recording thereon. If, in connection with any Mortgage Loan, the
      Depositor cannot deliver the Mortgage or power of attorney with evidence of
      recording thereon on or prior to the Closing Date because of a delay caused
      by
      the public recording office where such Mortgage has been delivered for
      recordation or because such Mortgage or power of attorney has been lost, the
      Depositor shall deliver or cause to be delivered to the Trustee (or the
      applicable Custodian), in the case of a delay due to recording, a true copy
      of
      such Mortgage or power of attorney, pending delivery of the original thereof,
      together with an Officer’s Certificate of the Depositor certifying that the copy
      of such Mortgage or power of attorney delivered to the Trustee (or the
      applicable 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, an original Assignment of Mortgage,
      in
      form and substance acceptable for recording. The related Mortgage shall be
      assigned either (A) in blank, without recourse or (B) to “U.S. Bank National
      Association, as Trustee of the Structured Asset Securities Corporation Mortgage
      Pass Through Certificates, Series 2006-S1, 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, 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 of any security agreement, chattel mortgage or equivalent instrument
      executed in connection with the Mortgage or as to any security agreement,
      chattel mortgage or their equivalent instrument that cannot be delivered on
      or
      prior to the Closing Date because of a delay caused by the public recording
      office where such document has been delivered for recordation, a photocopy
      of
      such document, pending delivery of the original thereof, together with an
      Officer’s Certificate of the Depositor certifying that the copy of such security
      agreement, chattel mortgage or their equivalent instrument delivered to the
      Trustee (or the applicable Custodian) is a true copy and that the original
      of
      such document has been forwarded to the public recording office;

     

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

     

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

     

    (c)    (i)
       Assignments of Mortgage with respect to each Non-MERS Mortgage 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 cause the applicable Servicer to submit each Assignment of Mortgage for
      recording upon the occurrence of a bankruptcy, insolvency or foreclosure
      relating to the Mortgagor under the related Mortgage. Subject to the preceding
      sentence, as soon as practicable after the Closing Date (but in no event more
      than three months thereafter except to the extent delays are caused by the
      applicable recording office), the Master Servicer, at the expense of the
      Depositor and with the cooperation of the applicable Servicer, shall cause
      to be
      properly recorded by each 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.

    
      
        
          
          

        

        
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    (ii)
       With
      respect to each MERS Mortgage Loan, the Master Servicer shall cause the
      applicable 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.

     

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

     

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

     

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

     

    (a)
      The
      Trustee, by execution and delivery hereof, acknowledges receipt by it or by
      the
      applicable Custodian on its behalf of the Mortgage Files pertaining to the
      Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof
      by the Trustee, or by the applicable Custodian on behalf of the Trustee, under
      this Section 2.02. The Trustee, or the applicable Custodian on behalf of the
      Trustee, will execute and deliver to the 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 applicable
      Custodial Agreement as Exhibit B-1, as applicable).

     

    
       

      
        
          
          

        

        
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    (b) Within
      45
      days after the Closing Date, the Trustee or the applicable Custodian on behalf
      of the Trustee, will, for the benefit of Holders of the Certificates, review
      each Mortgage File to ascertain that all required documents set forth in Section
      2.01 have been received and appear on their face to contain the requisite
      signatures by or on behalf of the respective parties thereto, and shall deliver
      to the Trustee, the Depositor, the Master Servicer and any NIMS Insurer an
      Interim Certification in the form annexed hereto as Exhibit B-2 (or in the
      form
      annexed to the applicable Custodial Agreement as Exhibit B-2, as applicable)
      to
      the effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
      (other than any Mortgage Loan prepaid in full or any Mortgage Loan specifically
      identified in such certification as not covered by such certification), (i)
      all
      of the applicable documents specified in Section 2.01(b) are in its possession
      and (ii) such documents have been reviewed by it and appear to relate to such
      Mortgage Loan. The Trustee, or the applicable Custodian on behalf of the
      Trustee, shall 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 any applicable Custodian shall
      have
      any responsibility for verifying the genuineness or the legal effectiveness
      of
      or authority for any signatures of or on behalf of any party or
      endorser.

     

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

    
       

      
        
          
          

        

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

     

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

     

    (f) Each
      of
      the parties hereto acknowledges that the applicable Custodian shall perform
      the
      applicable review of the Mortgage Loans and respective certifications thereof
      as
      provided in this Section 2.02 and the applicable Custodial Agreement. The
      Trustee is hereby authorized and directed by the Depositor to appoint each
      such
      Custodian and to execute and deliver each of the Custodial Agreements and to
      execute and deliver Transaction Addendum No. 58 to the Master Consulting
      Agreement with the Credit Risk Manager.

     

    (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
      each
      Servicing Agreement. The Depositor hereby directs the Trustee, solely in its
      capacity as Trustee hereunder, to execute and deliver, concurrently with the
      execution and delivery of this Agreement, each 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;

     

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

    

      
        
          
          

        

        
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    (iv)
       this
      Agreement has been duly executed and delivered by the Depositor and, assuming
      due authorization, execution and delivery by the Trustee, 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.

     

    (b) The
      representations and warranties of each Transferor with respect to the related
      Mortgage Loans in the applicable Transfer Agreement, which have been assigned
      to
      the Trustee hereunder, were made as of the date specified in the applicable
      Transfer Agreement (or underlying agreement, if such Transfer Agreement is
      in
      the form of an assignment of a prior agreement). To the extent that any fact,
      condition or event with respect to a Mortgage Loan constitutes a breach of
      both
      (i) a representation or warranty of the applicable Transferor under the
      applicable Transfer Agreement and (ii) a representation or warranty of 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 applicable Transferor under any
      applicable representation or warranty made by it. The Trustee acknowledges
      that,
      except as otherwise provided in the Mortgage Loan Sale Agreement, the Seller
      shall not have any other obligation or liability with respect to any breach
      of a
      representation or warranty made by it with respect to the Mortgage Loans sold
      by
      it if the fact, condition or event constituting such breach also constitutes
      a
      breach of a representation or warranty made by the applicable Transferor in
      the
      applicable Transfer Agreement, without regard to whether such Transferor
      fulfills its contractual obligations in respect of such representation or
      warranty. The Trustee further acknowledges that the Depositor shall have no
      obligation or liability with respect to any breach of any representation or
      warranty with respect to the Mortgage Loans (except as set forth in Section
      2.03(a)(vi)) under any circumstances. 

    
       

      
        
          
          

        

        
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    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 each Transferor and of each 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 any Transferor or the Seller and assigned to the Trustee, the
      Depositor, such Transferor or the Seller, as applicable, shall either (a) cure
      such breach in all material respects, (b) repurchase such Mortgage Loan or
      any
      property acquired in respect thereof from the Trustee at the Purchase Price,
      or
      (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 any Transferor
      assigned to the Trustee, the Trustee shall enforce its rights under the
      applicable Transfer Agreement and the Mortgage Loan Sale Agreement for the
      benefit of 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 related Transfer Agreement and such substitute
      mortgage loan is not a Qualifying Substitute Mortgage Loan, then pursuant to
      the
      terms of each Mortgage Loan Sale Agreement the Seller will, in exchange for
      such
      substitute mortgage loan, (i) pay to the Trust Fund the applicable Purchase
      Price for the affected Mortgage Loan or (ii) within two years of the
      Closing Date, substitute a Qualifying Substitute Mortgage Loan.

     

    Section
      2.05  Repurchase,
      Purchase or Substitution of Mortgage Loans.  

    
 

    
      
        
          
          

        

        
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    (a)
      With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement, by the Seller pursuant to the Mortgage Loan Sale Agreement or by
      the
      Transferor pursuant to the applicable Transfer Agreement, the principal portion
      of the funds (including the related PPTL Purchase Price in the case of a First
      Payment Default Mortgage 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 shall be deposited in the Collection
      Account or a Custodial Account, as applicable. 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. 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 related 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 related 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 applicable Custodian) pursuant to the terms of this Article
      II
      in exchange for a Deleted Mortgage Loan: (i) the Depositor, the Transferor
      or
      the Seller, as applicable, must deliver to the Trustee (or the applicable
      Custodian) the Mortgage File for the Qualifying Substitute Mortgage Loan
      containing the documents set forth in Section 2.01(b) along with a written
      certification certifying as to the delivery of such Mortgage File and containing
      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 applicable
      Servicer, shall (i) with respect to a Qualifying Substitute Mortgage Loan
      that is a Non-MERS Mortgage Loan, cause the Assignment of Mortgage to be
      recorded by the applicable Servicer if required pursuant to Section 2.01(c),
      or
      (ii) with respect to a Qualifying Substitute Mortgage Loan that is a MERS
      Mortgage Loan, cause to be taken such actions as are necessary to cause the
      Trustee to be clearly identified as the owner of each such Mortgage Loan on
      the
      records of MERS if required pursuant to Section 2.01(c).

    

      
        
          
          

        

        
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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 and the Supplemental Interest Trust and all proceeds
      of
      any and all property constituting the Trust Fund and the Supplemental Interest
      Trust to secure payment of the Certificates 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.

     

    (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).

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    THE
      CERTIFICATES

     

    Section
      3.01  The
      Certificates.  

     

    (a)  The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the 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 LT-R and Class
      R
      Certificate shall each be issued as a single Certificate and maintained in
      definitive, fully registered form in a minimum denomination equal to 100% of
      the
      Percentage Interest of each such Class. The 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 its applicable 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, any 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 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 Swap Certificate prior to the termination of
      the
      Swap Agreement shall be made unless the Trustee shall have received a
      representation letter from the transferee of such Certificate, substantially
      in
      the form set forth in Exhibit H, to the effect that either (i) such transferee
      is neither a Plan nor a Person acting on behalf of any such Plan or using the
      assets of any such Plan to effect such transfer or (ii) the acquisition and
      holding of the ERISA-Restricted Swap Certificate are eligible for exemptive
      relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1,
      PTCE 91-38, PTCE 95-60 or PTCE 96-23. Notwithstanding anything else to the
      contrary herein, any purported transfer of an ERISA-Restricted Swap Certificate
      prior to the termination of the Swap 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 the ERISA-Restricted Swap Certificate is a
      Book-Entry Certificate, prior to the termination of the Swap 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 Swap 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 Swap 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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    (e) 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 Swap 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.

     

    (f) 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.

     

    (a) 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 N-1 hereto given by the holder of such
        beneficial interest stating that the exchange or transfer of such interest
        has
        been made in compliance with the transfer restrictions applicable to the
        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 N-2 hereto given by the holder
      of
      such beneficial interest and stating, among other things, that the Person
      transferring such interest in such Regulation S Global Security reasonably
      believes that the Person acquiring such interest in a Restricted Global Security
      is a QIB, is obtaining such beneficial interest in a transaction meeting the
      requirements of Rule 144A 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(l)(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 (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 6.21, 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 T
        attached hereto. In addition, the Paying Agent (other than the Trustee) shall
        notify the Sponsor, the Master Servicer and the Depositor with five (5) calendar
        days of knowledge therefo (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.

       

      
        
          
          

        

        
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      (c) Any
        Paying Agent (other than the Trustee) agrees to indemnify the Depositor,
        the
        Sponsor, the Trustee (if other than the Trustee) 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 in connection with the failure by the Paying
        Agent
        to comply with the provisions of Section 6.20 and Section 9.25(a) if the
        Trustee
        is the Paying Agent. 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

       

      (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.

       

      
        
          
          

        

        
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      (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.

       

       

      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 Structured Asset Securities Corporation Mortgage
        Pass-Through Certificates, Series 2006-S1. 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.

       

      
        
          
          

        

        
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      (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 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;

       

      (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 a Servicer with respect to such Mortgage Loan under the
        applicable Servicing Agreement and retained by such Servicer;

       

      (iv) all
        Insurance Proceeds;

       

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

       

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

       

      
        
          
          

        

        
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      (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.

       

      (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 Structured Asset Securities Corporation Mortgage Pass-Through
        Certificates, Series 2006-S1. 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 applicable Servicer as additional servicing compensation. If the Master
        Servicer deposits in the Collection Account any amount not required to be
        deposited therein, it may at any time withdraw such amount from such Collection
        Account. 

       

      Section
        4.02  Application
        of Funds in the Collection Account. 

       

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

       

      (i) to
        reimburse itself or any Servicer for Advances or Servicing Advances made
        by it
        or by such Servicer pursuant to Section 5.04 or the applicable 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 any Servicer, following a final liquidation of a Mortgage
        Loan (except as otherwise provided in the related Servicing Agreement) for
        any
        previously unreimbursed Advances made by it or by such 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 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 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;

       

      
        
          
          

        

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

       

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

       

      (v) to
        pay to
        the Depositor, the Seller or any 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 (in
        the
        case of a First Payment Default Loan));

       

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

       

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

       

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

       

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

       

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

       

      (xi) to
        reimburse 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

       

      
        
          
          

        

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

       

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

       

      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;

       

      
        
          
          

        

        
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      (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 by or on behalf of the Servicer
        (or
        the Master Servicer) with respect to the related Collection Period, (B) the aggregate
        amount of such Advances actually made, and (C) the amount, if any, by which
        (A) above exceeds (B) above;

       

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

       

      (vi) the
        Class
        Principal Amount 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) 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) 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, each 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, (h) that are Charged-off Loans and (i) that are Released
        Mortgage Loans;

       

      (xi) the
        aggregate Scheduled Principal Balance of any Mortgage Loans with respect
        to
        which the related Mortgaged Property became a REO Property, each 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;

       

      
        
          
          

        

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

       

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

       

      (xv) the
        Interest Remittance Amount and the Principal Remittance Amount applicable
        to
        such Distribution Date;

       

      (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
        level
        of LIBOR for such Distribution Date;

       

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

       

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

       

      (xxi) whether
        a
        Trigger Event is in effect for that Distribution Date.

       

      In
        addition to the information listed above, such Distribution Date Statement
        shall
        also include such other information as is required by Form 10-D, including,
        but
        not limited to, the information required by Item 1121 (§ 229.1121) of Regulation
        AB.

      

      In
        the
        case of information furnished pursuant to subclauses (i), (ii) and (vi) above,
        the amounts shall (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) and (xv) provided to any 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 “https://trustinvestorreporting.usbank.com.”
Such
        parties that are unable to use the website are entitled to have a paper copy
        mailed to them via first class mail by calling the customer service desk
        and
        indicating such. The Trustee shall have the right to change the way such
        statements are distributed in order to make such distribution more convenient
        and/or more accessible to the above parties and the Trustee shall provide
        timely
        and adequate notification to all above parties regarding any such
        changes.

       

      
        
          
          

        

        
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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 agreed to by the Trustee and the Master Servicer) and
        information provided by the Swap Counterparty no later than 2:00 p.m. Eastern
        Time four Business Days prior to the Distribution Date. 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
        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 by the Swap Counterparty, and (iii)
        regarding the Interest Rate Cap Agreement, that has been provided 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 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. 

       

      (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, shall be promptly forwarded to the Master Servicer,
        the
        Master Servicer shall provide, or cause to be provided, (or, to the extent
        that
        such information or documentation is not required to be provided by 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 Master Servicer 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).

       

      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, U.S. Bank National
        Association, as Trustee, in trust for the benefit of the Holders of Structured
        Asset Securities Corporation Mortgage Pass-Through Certificates, Series 2006-S1”
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
        10
        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(d)(iv) hereof;

       

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

       

      
        
          
          

        

        
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      (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.

       

      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.

       

       

      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. 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. 

       

      (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).

       

      
        
          
          

        

        
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      (d) 
        The
        Trustee shall make payments to Certificateholders and to the Swap Counterparty
        and any person pursuant to this Article V and make deposits to the Supplemental
        Interest Trust in accordance with the monthly report prepared in accordance
        with
        Section 4.03(a), based on the information provided by the Master Servicer
        and
        the Swap Counterparty, and shall be entitled to conclusively rely on such
        information, 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 (g) of this Section; 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 (h) and (j) 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) below, on the related
        Swap
        Payment Date) the Trustee shall distribute the Interest Remittance Amount
        in the
        following order of priority:

       

      (i) for
        deposit into the Swap Account, an amount equal to the lesser of (x) the amount
        of any Net Swap Payment or Swap Termination Payment owed to the Swap
        Counterparty on the related Swap Payment Date and (y) the Interest Remittance
        Amount for such Distribution Date;

       

      (ii) concurrently,
        to each Class of Senior Certificates, Current Interest and any Carryforward
        Interest 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;

       

      
        
          
          

        

        
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      (iii) 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; 

       

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

       

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

       

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

       

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

       

      (i) On
        each
        Distribution Date (or, with respect to clause (A) 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 distribute the Principal Distribution Amount in the following
        order of priority:

       

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

       

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

       

      (C)  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

       

      (D)  for
        application as part of Monthly Excess Cashflow for such Distribution Date,
        as
        provided in subsection (d) of
        this
        Section, any Principal Distribution Amount remaining after application pursuant
        to clauses (A) through (C) of this Section 5.02(c)(i).

       

      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 (d) of this
        Section.

       

      (ii) On
        each
        Distribution Date (or, with respect to clause (A) 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 such
        date
        will be distributed in the following order of priority:

       

      
        
          
          

        

        
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      (A)  for
        deposit into the Swap Account, an amount equal to the lesser of (x) the amount
        of any Net Swap Payment or Swap Termination Payment 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 (y)
        the
        Principal Remittance Amount for such Distribution Date;

       

      (B)  (1)
        so
        long as any of the Subordinate Certificates are outstanding, to the Senior
        Certificates in accordance with the Senior Priority, an amount equal to the
        lesser of (x) the excess of (a) the Principal Distribution Amount 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
        clause (A) above and (y) the Senior Principal Distribution Amount for such
        Distribution Date, until the Class Principal Amount of each such Class has
        been
        reduced to zero; or (2) if none of the Subordinate Certificates are outstanding,
        to the Senior Certificates, in accordance with the Senior Priority, the excess
        of (i) the Principal Distribution Amount for such Distribution Date over
        (ii)
        the amount paid to the Supplemental Interest Trust for deposit into the Swap
        Account on the related Swap Payment Date pursuant to clause (A) above, until
        the
        Class Principal Amount of each such Class has been reduced to zero;

       

      (C)  to
        the
        Class M1 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        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 (B) above, and (y) the M1 Principal Distribution Amount for such
        date,
        until the Class Principal Amount of such Class has been reduced to
        zero;

       

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

       

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

       

      (G)  to
        the
        Class M5 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        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 (F) above,
        and (y) the M5 Principal Distribution Amount for such date, until the Class
        Principal Amount of such Class has been reduced to zero; 

       

      (H)  to
        the
        Class M6 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        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
        (G) above, and (y) the M6 Principal Distribution Amount for such date, until
        the
        Class Principal Amount of such Class has been reduced to zero;

       

      (I)  to
        the
        Class M7 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        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 (H) above, and (y) the M7 Principal Distribution Amount for such
        date, until the Class Principal Amount of such Class has been reduced to
        zero;

       

      (J)  to
        the
        Class M8 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        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 (I) above, and (y) the M8 Principal Distribution Amount
        for
        such date, until the Class Principal Amount of such Class has been reduced
        to
        zero; 

       

      (K)  to
        the
        Class B1 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        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 (J) above, and (y) the B1 Principal Distribution
        Amount for such date, until the Class Principal Amount of such Class has
        been
        reduced to zero; 

       

      
        
          
          

        

        
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      (L)  to
        the
        Class B2 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the Principal Distribution Amount for such Distribution Date over (b) the
        amount
        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 and Class B1 Certificates
        on
        such date pursuant to clauses (A) through (K) above, and (y) the B2 Principal
        Distribution Amount for such date, until the Class Principal Amount of such
        Class has been reduced to zero; and

       

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

       

      (d) On
        each
        Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow
        for
        such date in the following order of priority; provided,
        however,
        that for
        each Distribution Date occurring on and prior to the Distribution Date in
        August
        2006,
        first
        any
        Monthly Excess Cashflow shall be applied for distribution in the priorities
        set
        forth in Section 5.02(d)(i) or 5.02(d)(ii), as applicable, until the
        Overcollateralization Amount for such Distribution Date is equal to the
        Overcollateralization Amount on the Closing Date and second
        the
        remaining Monthly Excess Cashflow for such Distribution Date shall be
        distributed pursuant to Section 5.02(d)(vi) below: 

       

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

       

      (A)  to
        the
        Senior Certificates, after giving effect to principal distributions on such
        Distribution Date, in accordance with the 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, after giving effect to principal
        distributions on such Distribution Date, 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)  to
        the
        Senior Certificates, in accordance with the 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;

       

      
        
          
          

        

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

       

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

       

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

       

      (E)  to
        the
        Class M4 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate 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;

       

      (F)  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;
        

       

      (G)  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; 

       

      (H)  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; 

       

      (I)  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; 

       

      
        
          
          

        

        
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      (J)  to
        the
        Class B1 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 B1 Target Amount; and

       

      (K)  to
        the
        Class B2 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 B1 Certificates, after giving effect to distributions
        on such
        Distribution Date, equals the B2 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(d)(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 January 2011 (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(e)(xi) below; and

       

      (vii) to
        the
        Class R Certificate, any amount remaining on such date after application
        pursuant to clauses (i) through (vi) above.

       

      
        
          
          

        

        
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      (e) 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 after making all distributions under Section 5.02(d) above 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;

       

      (ii) to
        the
        Swap Counterparty, any 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
        Dates to the extent unpaid; 

       

      (v) to
        the
        LIBOR Certificates, any amount necessary to maintain the Targeted
        Overcollateralization Amount as specified in Sections 5.02(d)(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(e)(v) and
        all
        amounts distributed pursuant to Section 5.02(e)(vi) and Sections 5.02(f)(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(e)(v) and Section 5.02(e)(vi) together with any amounts previously
        distributed pursuant to Sections 5.02(f)(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(e)(vi)
        and all
        amounts distributed pursuant to Section 5.02(e)(v) and Sections 5.02(f)(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(e)(vi) and Section 5.02(e)(v) together with any amounts previously
        distributed pursuant to Sections 5.02(f)(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(d)(iv)(A), to the extent
        unpaid;

       

      
        
          
          

        

        
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      (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(d)(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);

       

      (x) to
        the
        Swap Counterparty, any 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 amount deposited into the Swap Account pursuant
        to
        Section 5.02(d)(iv)(C) or Section 5.02(d)(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.

       

      (f) On
        each
        Distribution Date, the Trustee shall distribute the Interest Rate Cap Amount
        for
        such date after making all distributions under Section 5.02(e) 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(e)(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(d)(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(f)(iii)
        and all amounts distributed pursuant to Section 5.02(f)(iv) and Sections
        5.02(e)(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(f)(iii) and Section 5.02(f)(iv) together with any amounts
        previously distributed pursuant to Sections 5.02(e)(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(f)(iv)
        and all
        amounts distributed pursuant to Section 5.02(f)(iii) and Sections 5.02(e)(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(f)(iv) and Section 5.02(f)(iii) together with any amounts previously
        distributed pursuant to Sections 5.02(e)(v) and (vi);

       

      
        
          
          

        

        
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      (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(d)(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(d)(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.

       

      (g) 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.

       

      (h) 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 I Uncertificated Regular Interests as provided in the
        Preliminary Statement, and fifth,
        to the
        Class LT-R Certificates.

       

      (i) 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.

       

      (j) 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.

       

      
        
          
          

        

        
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      Section
        5.03  Allocation
        of Losses. 

       

      (a) 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 B2 Certificates, until the Class Principal Amount thereof has been
        reduced
        to zero;

       

      (ii) to
        the
        Class B1 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, Servicers and Trustee. 

       

      
        
          
          

        

        
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      (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, any Servicer
        determines that any Scheduled Payments due during the related Collection
        Period
        (other than Balloon Payments) have not been received, such Servicer shall
        advance such amount to the extent provided in the applicable Servicing
        Agreement. If any Servicer fails to remit Advances required to be made under
        the
        applicable 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 applicable Servicer)
        for deposit in the Certificate Account immediately available funds in an
        amount
        equal to such Advance, (ii) cause to be made an appropriate entry in the
        records
        of the Collection Account that funds in such account being held for future
        distribution or withdrawal have been, as permitted by this Section 5.04,
        used by
        the Master Servicer to make such Advance, and remit such immediately available
        funds to the Trustee for deposit in the Certificate Account or (iii) make
        Advances in the form of any combination of clauses (i) and (ii) aggregating
        the
        amount of such Advance. Any funds being held in the Collection Account for
        future distribution to Certificateholders and so used shall be replaced by
        the
        Master Servicer from its own funds by remittance to the Trustee for deposit
        in
        the Certificate Account on or before any future 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 each 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.

       

      (b) In
        the
        event that the Master Servicer or any Servicer fails for any reason to make
        an
        Advance required to be made pursuant to this Section 5.04 on or before the
        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
        Servicers that would have been deposited in such Certificate Account over
        (b)
        the amount of any Advance made by the Master Servicer or any 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 Servicers. Any Compensating Interest Payments made
        by
        the Servicers shall be a component of the Interest Remittance
        Amount.

       

      Section
        5.06  Basis
        Risk Reserve Fund.

       

      (a) 
        On the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the 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.

       

      
        
          
          

        

        
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      (b) On
        each
        Distribution Date, the Trustee shall distribute in the order of priorty and
        to
        the extent specified in Section 5.02(d)(iv) of this Agreement the Basis Risk
        Payment, if any, for such Distribution Date.

       

      (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 (Class A), such funds shall be invested in the U.S. Bank
        First
        American Prime Obligation 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) and (e), any Swap Termination Payment required
        pursuant to Sections 5.02(b), (c) and (e), 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(d)(iv)(C) and (d)(vi),
        and
        shall distribute from the Swap Account any Net Swap Payment required pursuant
        to
        Section 5.02(e)(i) or Section 5.02(i), applicable, or Swap Termination
        Payment required pursuant to Sections 5.02(e)(ii) and 5.02(e)(x) or
        Section 5.02(i), 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.

       

      
        
          
          

        

        
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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(e) or Section 5.02 (i), 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 First American Government Obligations
        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(e) or Section 5.02(i), 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(f) or Section 5.02(j), 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 First American Government
        Obligations 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(f)
        or
        Section 5.02(j), 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 Section 5.02(e) or
        Section 5.02(i), 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(f) or Section 5.02(j), 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. 

       

      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) and (e) and any Swap Termination
        Payment required pursuant to Sections 5.02(b), (c) and (e) into the Swap
        Account, (B) to deposit any amounts from the Basis Risk Reserve Fund required
        pursuant to Sections 5.02(d)(iv)(C) and Section 5.02(d)(vi) into the Swap
        Account, (C) to pay any Net Swap Payment required pursuant to Section 5.02(e)(i)
        and Section 5.02(i), as applicable, or Swap Termination Payment required
        pursuant to Section 5.02(e)(ii) and Section 5.02(e)(x) or
        Section 5.02(i), 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 Supplemental
        Interest Trust paid pursuant to Section 5.02(e)(ix), Section 5.02(h) or
        Section 5.02(i), as applicable, (“Swap 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 promptly, 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(f)(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 arrange for replacement Interest Rate Cap
        Agreement(s) and the Trustee shall promptly, with the assistance and cooperation
        of the Depositor, use amounts on deposit in the Cap Termination Receipts
        Account, if necessary, 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
        Reponsible 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 Reponsible 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, any 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;

       

      
        
          
          

        

        
          98

          
            

          

        

        
          
          

        

      

      

       

      (iv)  The
        Trustee shall not be responsible for any act or omission of the Master Servicer,
        any Servicer, the Credit Risk Manager, the Depositor, the Seller, the Swap
        Counterparty, the Cap Counterparty or any 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 any Servicer under this Agreement or
        any
        Servicing Agreement except during such time, if any, as the Trustee shall
        be the
        successor to, and be vested with the rights, duties, powers and privileges
        of,
        the Master Servicer in accordance with the terms of this Agreement.

       

      (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, any 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.

       

      
        
          
          

        

        
          99

          
            

          

        

        
          
          

        

      

      

       

      (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 any Servicer.

       

      (l)  For
        so
        long as the Depositor is subject to Exchange Act reporting requirements for
        the
        Structured Asset Securities Corporation Mortgage Pass Through Certificates,
        Series 2006-S1 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.

       

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

       

      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;

       

      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

      

       

      (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;

       

      (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.

       

      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

      

       

      Section
        6.03  Trustee
        Not Liable for Certificates. 

       

      The
        Trustee makes no representations as to the validity or sufficiency of this
        Agreement, the Swap Agreement, the 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 or the Swap 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.

       

      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 any 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. 

       

      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

      

       

      (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, 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.

       

      (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 and (m) hereof 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. 

       

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

      

       

      (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 each Custodial Agreement, to the extent permitted
        thereunder), all Mortgage Files and documents and statements related to each
        Mortgage File held by it hereunder, and shall duly assign, transfer, deliver
        and
        pay over to the successor trustee the entire Trust Fund, together with all
        necessary instruments of transfer and assignment or other documents properly
        executed necessary to effect such transfer and such of the records or copies
        thereof maintained by the predecessor trustee in the administration hereof
        as
        may be requested by the successor trustee and shall thereupon be discharged
        from
        all duties and responsibilities under this Agreement. In addition, the Master
        Servicer and the predecessor trustee shall execute and deliver such other
        instruments and do such other things as may reasonably be required to more
        fully
        and certainly vest and confirm in the successor trustee all such rights,
        powers,
        duties and obligations. 

       

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

       

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

       

      (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 Master Servicer and the Depositor,
        at
        least 15 calendar days prior to the effective date of such succession or
        appointment, of such succession or appointment and shall furnish to the Sponsor,
        the Master Servicer and the Depositor in writing and in form and substance
        reasonably satisfactory to the Sponsor, the Master Servicer and the Depositor,
        all information reasonably necessary for the Trustee to accurately and timely
        report, pursuant to Section 6.20, the event under Item 6.02 of Form 8-K pursuant
        to the Exchange Act (if such reports under the Exchange Act are required
        to be
        filed under the Exchange Act). 

       

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

       

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

      

       

      (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 each Custodial Agreement,
        as
        applicable.

       

      (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.

       

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

      

       

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

       

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

       

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

       

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

       

      (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.

       

      
        
          
          

        

        
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      Section
        6.10  Authenticating
        Agents. 

       

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

       

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

       

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

       

      
        
          
          

        

        
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      (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;

       

      (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. Each Custodian shall receive compensation and
        reimbursement or payment of its expenses under the related Custodial Agreement
        as provided therein; provided that, to the extent required under Section
        6 or
        Section 20 of the Custodial Agreement, the Trustee is hereby authorized to
        pay
        such compensation or reimbursement from amounts on deposit in the Certificate
        Account prior to any distributions to Certificateholders pursuant to Section
        5.02 hereof. 

       

      
        
          
          

        

        
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      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.

       

      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 clause (xvii) 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 perfom, within the required time period
        and without notice, its obligations to provide any certifications required
        pursuant to Sections 9.25 and 9.26, which failure continues unremedied for
        a
        period of five (5) days from the date of delivery required with respect to
        such
        certification; 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

       

      
        
          
          

        

        
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      (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

       

      (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. 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 or the Trustee’s failure to provide information required by this
        Agreement shall not be considered a default by the Trustee hereunder. In
        addition, the Trustee shall have no responsibility for any act or omission
        of
        the Master Servicer 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.

       

      
        
          
          

        

        
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      (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, request the Trustee to appoint, petition
        a
        court of competent jurisdiction to appoint, or appoint on its own behalf
        any
        established housing and home finance institution servicer, master servicer,
        servicing or mortgage servicing institution 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. 

       

      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.

       

      
        
          
          

        

        
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      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.

       

      (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 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.

       

      
        
          
          

        

        
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      (ii)  As
        set
        forth on Exhibit Q-1 hereto, within five calendar days after the related
        Distribution Date, (A) certain parties to the Structured Asset Securities
        Corporation Mortgage Pass-Through Certificates Series 2006-S1 transaction
        shall
        be required to provide to the Trustee, to the extent known by a responsible
        officer thereof, in EDGAR-compatible form (which may be Word or Excel documents
        easily convertible to EDGAR format), or in such other form as otherwise agreed
        upon by the Trustee and such party, the form and substance of any Additional
        Form 10-D Disclosure, if applicable, and included with such Additional Form
        10-D
        Disclosure, an Additional Disclosure Notification in the form attached hereto
        as
        Exhibit Q-4, (B) the Trustee shall forward to the Depositor, the form and
        substance of the Additional Form 10-D Disclosure, and (C) the Depositor will
        approve, as to form and substance, or disapprove, as the case may be, the
        inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Sponsor
        will
        be responsible for any reasonable fees and expenses assessed or incurred
        by the
        Trustee in connection with including any Additional Form 10-D Disclosure
        on Form
        10-D pursuant to this paragraph.

       

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

       

      (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 Q-2 hereto, no later than March 15 of each year that the
        Trust
        Fund is subject to the Exchange Act reporting requirements, commencing in
        2007,
        (A) certain parties to the Structured Asset Securities Corporation Mortgage
        Pass-Through Certificates, Series 2006-S1 transaction shall be required to
        provide to the Trustee, to the extent known by a responsible officer thereof,
        in
        EDGAR-compatible form (which may be Word or Excel documents easily convertible
        to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
        and such party, the form and substance of any Additional Form 10-K Disclosure,
        if applicable, and include with such Additional Form 10-K Disclosure, an
        Additional Disclosure Notification in the form attached hereto as Exhibit
        Q-4,
        (B) the Trustee shall forward to the Depositor, the form and substance of
        the
        Additional Form 10-K Disclosure, and (C) the Depositor will approve, as to
        form
        and substance, or disapprove, as the case may be, the inclusion of the
        Additional Form 10-K Disclosure on Form 10-K. The Trustee has no duty under
        this
        Agreement to monitor or enforce the performance by the parties listed on
        Exhibit
        Q-2 of their duties under this paragraph or proactively solicit or procure
        from
        such parties any Form 10-K Disclosure Information. The Sponsor will be
        responsible for any reasonable fees and expenses assessed or incurred by
        the
        Trustee in connection with including any Additional Form 10-K Disclosure
        on Form
        10-K pursuant to this paragraph. 

       

      
        
          
          

        

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

       

      (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 R (or, in the case of
        the Trustee and the Paying Agent, such other form as agreed to between the
        Trustee, the Paying Agent and the Exchange Act Signing Party), 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.

       

      (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 paragraphs and the Trustee will have
        no duty
        or liability for any failure hereunder to determine or prepare any Form 8-K
        Disclosure Information or any Form 8-K, except as set forth in the next
        paragraph. 

       

      (ii)  As
        set
        forth on Exhibit Q-3 hereto, for so long as the Trust Fund is subject to
        the
        Exchange Act reporting requirements, no later than Noon New York City time
        on
        the 2nd Business Day after the occurrence of a Reportable Event (A) certain
        parties to the Structured Asset Securities Corporation Mortgage Pass-Through
        Certificates, Series 2006-S1 transaction shall be required to provide to
        the
        Trustee, to the extent known by a responsible officer thereof, in
        EDGAR-compatible form (which may be Word or Excel documents easily convertible
        to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
        and such party, the form and substance of any Form 8-K Disclosure Information,
        if applicable, and include with such Form 8-K Disclosure Information, an
        Additional Disclosure Notification in the form attached hereto as Exhibit
        Q-4,
        (B) the Trustee shall forward to the Depositor, the form and substance of
        the
        Form 8-K Disclosure Information, and (C) the Depositor will approve, as to
        form
        and substance, or disapprove, as the case may be, the inclusion of the Form
        8-K
        Disclosure Information. The Trustee has no duty under this Agreement to monitor
        or enforce the performance by the parties listed on Exhibit Q-3 of their
        duties
        under this paragraph or proactively solicit or procure from such parties
        any
        Form 8-K Disclosure Information. The Sponsor will be responsible for any
        reasonable fees and expenses assessed or incurred by the Trustee in connection
        with including any Form 8-K Disclosure Information on Form 8-K pursuant to
        this
        paragraph. 

       

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

       

      
        
          
          

        

        
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      (g) Delisting;
        Amendments; Late Filings.

       

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

       

      (ii)  In
        the
        event that the Trustee becomes aware that it will be unable to timely file
        with
        the Commission all or any required portion of any Form 8-K, 10-D or 10-K
        required to be filed by this Agreement because required disclosure information
        was either not delivered to it or delivered to it after the delivery deadlines
        set forth in this Agreement or for any other reason, the Trustee will
        immediately notify the Depositor. In the case of Form 10-D and 10-K, the
        parties
        to this Agreement and the Servicer will cooperate to prepare and file a Form
        12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of
        the
        Exchange Act. In the case of Form 8-K, the Trustee will, upon receipt of
        all
        required Form 8-K Disclosure Information and upon the approval and direction
        of
        the Depositor, include such disclosure information on the next Form 10-D.
        In the
        event that any previously filed Form 8-K, 10-D or 10-K needs to be amended,
        the
        Trustee will notify the Depositor and the Servicer and such parties will
        cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A. Any Form 15,
        Form
        12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a senior
        officer of the Exchange Act Signing Party. The parties to this Agreement
        acknowledge that the performance by the Trustee of its duties under this
        Section
        6.20(g) related to the timely preparation and filing of Form 15, a Form 12b-25
        or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
        performing its duties under this Section. The Trustee shall have no liability
        for any loss, expense, damage, claim arising out of or with respect to any
        failure to properly prepare and/or timely file any such Form 15, Form 12b-25
        or
        any amendments to Forms 8-K, 10-D or 10-K, where such failure results from
        the
        Trustee’s inability or failure to obtain or receive, on a timely basis, any
        information from any other party hereto needed to prepare, arrange for execution
        or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or
        10-K,
        not resulting from its own negligence, bad faith or willful
        misconduct.

       

      
        
          
          

        

        
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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 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 Depositor
        or the
        Trustee for delivery of additional or different information as the Sponsor,
        the
        Depositor or the Trustee may determine in good faith is necessary to comply
        with
        the provisions of Regulation AB.

       

      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 pursuant to Section 9.25(a).

       

      
        
          
          

        

        
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      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.

       

      (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 related Servicing Agreement or the related Custodial
        Agreement, together with any accrued and unpaid compensation and any other
        amounts due to the Master Servicer or the Trustee hereunder or the Servicers
        or
        the Custodians. 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
        directly resulting from or relating to the 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 or Trustee’s, as
        applicable, negligence, bad faith or willful misconduct.

       

      
        
          
          

        

        
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      (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. 

      

      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.

      
        
          
          

        

        
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      (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.

       

      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 or purchase the Lower
        Tier REMIC 1 Uncertificated Regular Interests, the Trustee shall adopt a
        plan of complete liquidation of the Trust Fund 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;

       

      
        
          
          

        

        
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      (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.

       

      (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.

       

      
        
          
          

        

        
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      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.

       

      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.

       

      
        
          
          

        

        
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      (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 herein sometimes referred to as an “Act” of
        the Holders signing such instrument or instruments. Proof of execution of
        any
        such instrument or of a writing appointing any such agents shall be sufficient
        for any purpose of this Agreement and conclusive in favor of the Trustee
        and the
        Master Servicer, if made in the manner provided in this Section. Each of
        the
        Trustee and the Master Servicer shall promptly notify the others of receipt
        of
        any such instrument by it, and shall promptly forward a copy of such instrument
        to the others.

       

      (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.

       

      
        
          
          

        

        
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      (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, any
        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 each Servicing Agreement. Notwithstanding anything in this
        Agreement, any Servicing Agreement or any Credit Risk Management Agreement
        to
        the contrary, the Master Servicer shall have no duty or obligation to enforce
        any Credit Risk Management Agreement or to supervise, monitor or oversee
        the
        activities of any Servicer under its Credit Risk Management Agreement with
        respect to any action taken or not taken by a Servicer at the direction of
        the
        Seller or pursuant to a recommendation of the Credit Risk Manager.

       

      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 each Servicer to maintain an Errors and
        Omissions Insurance Policy and a Servicer Fidelity Bond in accordance with
        the
        provisions of the applicable Servicing Agreement, (ii) cause each Servicer
        to
        provide to the Master Servicer certificates evidencing that such policy and
        bond
        is in effect and to furnish to the Master Servicer any notice of cancellation,
        non-renewal or modification of the policy or bond received by it, as and
        to the
        extent provided in the applicable Servicing Agreement, and (iii) furnish
        copies
        of such policies and of the certificates and notices referred to in clause
        (ii)
        to the Trustee upon request.

       

      
        
          
          

        

        
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      (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.

       

      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 unaudited financial statements on or prior to March 15 of each year,
        beginning March 15, 2007. Such financial statements shall include a balance
        sheet, income statement, statement of retained earnings, statement of additional
        paid-in capital, statement of changes in financial position and all related
        notes and schedules and shall be in comparative form, certified by a nationally
        recognized firm of Independent Accountants to the effect that such statements
        were examined and prepared in accordance with generally accepted accounting
        principles applied on a basis consistent with that of the preceding
        year.

       

      Section
        9.04  Power
        to Act; Procedures. 

       

      
        
          
          

        

        
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      (a) The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article X hereof, and each Servicer shall have full power and authority (to
        the
        extent provided in the applicable Servicing Agreement) to do any and all
        things
        that it may deem necessary or desirable in connection with the servicing
        and
        administration of the Mortgage Loans, including but not limited to the power
        and
        authority (i) to execute and deliver, on behalf of the Certificateholders
        and
        the Trustee, customary consents or waivers and other instruments and documents,
        (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 applicable
        Servicing Agreement, as applicable; provided that the Master Servicer shall
        not
        take, or knowingly permit any Servicer to take, any action that is inconsistent
        with or prejudices the interests of the Trust Fund or the Certificateholders
        in
        any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
        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
        any
        Servicer to make any modification, waiver or amendment of any term of any
        Mortgage Loan that would cause an Adverse REMIC Event. Without limiting the
        generality of the foregoing, the Master Servicer in its own name or in the
        name
        of a Servicer, and each Servicer, to the extent such authority is delegated
        to
        such Servicer under the applicable Servicing Agreement, is hereby authorized
        and
        empowered by the Trustee when the Master Servicer or such Servicer, as the
        case
        may be, believes it appropriate in its best judgment and in accordance with
        Accepted Servicing Practices and the applicable Servicing Agreement, to execute
        and deliver, on behalf of itself and the Certificateholders, the Trustee
        or any
        of them, any and all instruments of satisfaction or cancellation, or of partial
        or full release or discharge and all other comparable instruments, with respect
        to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
        shall 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 applicable Servicing
        Agreement and this Agreement, and the Trustee shall execute and deliver such
        other documents, as the Master Servicer may request, necessary or appropriate
        to
        enable the Master Servicer to master service the Mortgage Loans and carry
        out
        its duties hereunder and to allow such Servicer to service the Mortgage Loans,
        in each case in accordance with Accepted Servicing Practices (and the Trustee
        shall have no liability for misuse of any such powers of attorney by the
        Master
        Servicer or any Servicer). If the Master Servicer or the Trustee has been
        advised that it is likely that the laws of the state in which action is to
        be
        taken prohibit such action if taken in the name of the Trustee or that the
        Trustee would be adversely affected under the “doing business” or tax laws of
        such state if such action is taken in its name, then upon request of the
        Trustee
        the Master Servicer shall join with the Trustee in the appointment of a
        co-trustee pursuant to Section 6.09 hereof. In 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, the Seller 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, the Seller 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.

       

      
        
          
          

        

        
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      (b) In
        master
        servicing and administering the Mortgage Loans, the Master Servicer shall
        employ
        procedures and exercise the same care that it customarily employs and exercises
        in master servicing and administering loans for its own account, giving due
        consideration to Accepted Servicing Practices where such practices do not
        conflict with this Agreement. Consistent with the foregoing, the Master Servicer
        may, and may permit any Servicer to, in its discretion (i) waive any late
        payment charge (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 such Servicer (if required by the applicable 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 applicable 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
        applicable Servicer, reasonably foreseeable and such waiver would maximize
        recovery of total proceeds taking into account the value of such Prepayment
        Premium and the related Mortgage Loan or (b) if the prepayment is not the
        result
        of a refinance by the Servicer or any of its affiliates and (i) such Mortgage
        Loan is in default or default by the related Mortgagor is, in the reasonable
        judgment of the Master Servicer or the applicable Servicer, reasonably
        foreseeable and such waiver would maximize recovery of total proceeds taking
        into account the value of such Prepayment Premium and the related Mortgage
        Loan
        or (ii) the collection of the Prepayment Premium would be in violation of
        applicable 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.

       

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

       

      
        
          
          

        

        
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      (a) Each
        Servicing Agreement requires the applicable Servicer, respectively, to service
        the Mortgage Loans in accordance with the provisions thereof. References
        in this
        Agreement to actions taken or to be taken by the Master Servicer include
        actions
        taken or to be taken by a Servicer on behalf of the Master Servicer. Any
        fees
        and other amounts payable to a Servicer shall be deducted from amounts remitted
        to the Master Servicer by such Servicer (to the extent permitted by the
        applicable Servicing Agreement) and shall not be an obligation of the Trust
        Fund, the Trustee or the Master Servicer.

       

      (b) The
        Master Servicer shall not be required to (i) take any action with respect
        to the
        servicing of any Mortgage Loan that the related Servicer is not required
        to take
        under the related Servicing Agreement and (ii) cause a Servicer to take any
        action or refrain from taking any action if the related Servicing Agreement
        does
        not require 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 each Servicer under
        the
        related Servicing Agreement, and shall, in the event that a Servicer fails
        to
        perform its obligations in accordance therewith, terminate the rights and
        obligations of such Servicer thereunder and either act as servicer of the
        related Mortgage Loans or cause the other parties hereto to enter into a
        Servicing Agreement (and such parties hereby agree to execute and deliver
        any
        such successor Servicing Agreement), with a successor Servicer. Such
        enforcement, including, without limitation, the legal prosecution of claims,
        termination of the Servicing Agreements and the pursuit of other appropriate
        remedies, shall be in such form and carried out to such an extent and at
        such
        time as the Master Servicer, in its good faith business judgment, would require
        were it the owner of the related Mortgage Loans. The Master Servicer shall
        pay
        the costs of such enforcement at its own expense, and shall be reimbursed
        therefor initially (i) from a general recovery resulting from such enforcement
        only to the extent, if any, that such recovery exceeds all amounts due in
        respect of the related Mortgage Loans, (ii) from a specific recovery of costs,
        expenses or attorneys’ fees against the party against whom such enforcement is
        directed, and then, (iii) to the extent that such amounts are insufficient
        to
        reimburse the Master Servicer for the costs of such enforcement, from the
        Collection Account.

       

      (d) The
        Master Servicer shall be entitled to conclusively rely on any certifications
        or
        other information provided by the Servicers under the terms of the applicable
        Servicing Agreement, in its preparation of any certifications, filings or
        reports, in accordance with the terms hereof or as may be required by applicable
        law or regulation.

       

      Section
        9.06  Collection
        of Taxes, Assessments and Similar Items. 

       

      (a) To
        the
        extent provided in the applicable Servicing Agreement, the Master Servicer
        shall
        cause each Servicer to establish and maintain one or more custodial accounts
        at
        a depository institution (which may be a depository institution with which
        the
        Master Servicer or any 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 applicable Servicing
        Agreement. Each Servicer shall be entitled to all investment income not required
        to be paid to Mortgagors on any Escrow Account maintained by such Servicer.
        The
        Master Servicer shall make (or cause to be made) to the extent provided in
        the
        applicable Servicing Agreement advances to the extent necessary in order
        to
        effect timely payment of taxes, water rates, assessments, standard hazard
        insurance policy premiums or comparable items in connection with the related
        Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
        pay
        such items), provided that it or the applicable Servicer has determined that
        the
        funds so advanced are recoverable from escrow payments, reimbursement pursuant
        to Section 4.02 or otherwise.

       

      
        
          
          

        

        
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      (b) Costs
        incurred by the Master Servicer or by any 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 Agreements; Successor Servicers. 

       

      (a) The
        Master Servicer shall be entitled to terminate the rights and obligations
        of any
        Servicer under the applicable Servicing Agreement in accordance with the
        terms
        and conditions of such Servicing Agreement and without any limitation by
        virtue
        of this Agreement; provided,
        however,
        that in
        the event of termination of any Servicing Agreement by the Master Servicer,
        the
        Master Servicer shall provide for the servicing of the Mortgage Loans by
        a
        successor Servicer to be appointed as provided in the applicable Servicing
        Agreement.

       

      The
        parties acknowledge that notwithstanding the preceding sentence, there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of
        servicing to a successor Servicer. The Master Servicer shall be entitled
        to be
        reimbursed from each Servicer (or by the Trust Fund, if 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, that it replaces.
        The Master Servicer shall use reasonable efforts to have the successor Servicer
        assume liability for the representations and warranties made by the terminated
        Servicer in the related Servicing Agreement, and in the event of any such
        assumption by the successor Servicer, the Trustee or the Master Servicer,
        as
        applicable, may, in the exercise of its business judgment, release the
        terminated Servicer from liability for such representations and
        warranties.

       

      
        
          
          

        

        
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      (c) If
        the
        Master Servicer acts as a successor Servicer, it will have the same obligations
        to make Advances as the Servicer under the applicable 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 applicable Servicing Agreement may be amended to provide
        that the successor Servicer shall have no obligation to make an Advance if
        it
        determines in its reasonable judgment that such Advance is non-recoverable
        and
        provides an Officer’s Certificate to such effect to the Master Servicer, the
        Trustee and the NIMS Insurer.

       

      Section
        9.08  Master
        Servicer Liable for Enforcement. 

       

      Notwithstanding
        any 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 the Servicing
        Agreements. The Master Servicer shall use commercially reasonable efforts
        to
        ensure that the Mortgage Loans are serviced in accordance with the provisions
        of
        this Agreement and shall use commercially reasonable efforts to enforce the
        provisions of eahc 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 any Servicer in the performance
        by such Servicer of its obligations under the related Servicing
        Agreement.

       

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

       

      Any
        Servicing Agreement that may be entered into and any other transactions or
        services relating to the Mortgage Loans involving any Servicer in its capacity
        as such and not as an originator shall be deemed to be between such Servicer,
        the Seller and the Master Servicer, and the Trustee, any NIMS Insurer and
        the
        Depositor shall not be deemed parties thereto and shall have no obligations,
        duties or liabilities with respect to such Servicer except as set forth in
        Section 9.10 hereof, but shall have rights thereunder as third party
        beneficiaries. It is furthermore understood and agreed by the parties hereto
        that the obligations of any Servicer are set forth in their entirety in such
        Servicer’s related Servicing Agreement and such 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 each Servicing Agreement entered into with respect to
        the
        Mortgage Loans. The Trustee, its designee or any successor master servicer
        appointed by the Trustee shall be deemed to have assumed all of the Master
        Servicer’s interest herein and therein to the same extent as if such Servicing
        Agreement had been assigned to the assuming party, except that the Master
        Servicer shall not thereby be relieved of any liability or obligations of
        the
        Master Servicer under such Servicing Agreement accruing prior to its replacement
        as Master Servicer, and shall be liable to the Trustee and 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.

       

      
        
          
          

        

        
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      (b) The
        Master Servicer that has been terminated shall, upon request of the Trustee
        but
        at the expense of such Master Servicer, deliver to the assuming party all
        documents and records relating to each Servicing Agreement and the related
        Mortgage Loans and an accounting of amounts collected and held by it and
        otherwise use its best efforts to effect the orderly and efficient transfer
        of
        each Servicing Agreement to the assuming party.

       

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

       

      To
        the
        extent provided in the applicable 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 applicable Servicing
        Agreement. If applicable law prohibits the enforcement of a due-on-sale clause
        or such clause is otherwise not enforced in accordance with the applicable
        Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the
        original Mortgagor may be released from liability in accordance with the
        applicable Servicing Agreement.

       

      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 applicable Servicer to, promptly notify the Trustee (or
        the
        applicable Custodian) by a certification (which certification shall include
        a
        statement to the effect that all amounts received in connection with such
        payment that are required to be deposited in the Collection Account maintained
        by the Master Servicer pursuant to Section 4.01 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 related Custodial Agreement)
        the
        Trustee or the applicable Custodian, to deliver to the applicable Servicer
        the
        related Mortgage File. Upon receipt of such certification and request, the
        Trustee or the applicable Custodian (with the consent, and at the direction
        of
        the Trustee), shall promptly release the related Mortgage File to the applicable
        Servicer and neither the Trustee nor the applicable Custodian shall have
        any
        further responsibility with regard to such Mortgage File. Upon any such payment
        in full, the Master Servicer is authorized, and each Servicer, to the extent
        such authority is provided for under the applicable Servicing Agreement,
        is
        authorized, to give, as agent for the Trustee, as the mortgagee under the
        Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
        assignment of mortgage without recourse) regarding the Mortgaged Property
        subject to the Mortgage, which instrument of satisfaction or assignment,
        as the
        case may be, shall be delivered to the Person or Persons entitled thereto
        against receipt therefor of such payment, it being understood and agreed
        that no
        expenses incurred in connection with such instrument of satisfaction or
        assignment, as the case may be, shall be chargeable to the Collection
        Account.

       

      
        
          
          

        

        
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      (b) From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan
        and in accordance with Accepted Servicing Practices and the applicable Servicing
        Agreement, the Trustee shall execute such documents as shall be prepared
        and
        furnished to the Trustee by the Master Servicer, or by a 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 a Servicer, and delivery to the Trustee or the applicable
        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
        applicable Servicer). Such receipt shall obligate the Master Servicer or
        Servicer to return the Mortgage File to the Trustee or the applicable 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 applicable
        Custodian, as applicable, to the Master Servicer (or the applicable
        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 applicable Servicer to transmit,
        to
        the Trustee such documents and instruments coming into the possession of
        the
        Master Servicer or such Servicer from time to time as are required by the
        terms
        hereof or of the applicable Servicing Agreement to be delivered to the Trustee
        or the applicable Custodian. Any funds received by the Master Servicer or
        by a
        Servicer in respect of any Mortgage Loan or which otherwise are collected
        by the
        Master Servicer or a Servicer as Liquidation Proceeds or Insurance Proceeds
        in
        respect of any Mortgage Loan shall be held for the benefit of the Trustee
        and
        the Certificateholders subject to the Master Servicer’s right to retain or
        withdraw from the Collection Account the Master Servicing Fee and other amounts
        provided in this Agreement and to the right of each Servicer to retain its
        Servicing Fee and other amounts as provided in the related Servicing Agreement.
        The Master Servicer shall, and shall (to the extent provided in the applicable
        Servicing Agreement) cause each Servicer to, provide access to information
        and
        documentation regarding the Mortgage Loans to the Trustee, 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 any 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 any Servicer,
        for and on behalf of the Trustee and the Certificateholders and shall be
        and
        remain the sole and exclusive property of the Trustee; provided,
        however,
        that
        the Master Servicer and each Servicer shall be entitled to setoff against,
        and
        deduct from, any such funds any amounts that are properly due and payable
        to the
        Master Servicer or such Servicer under this Agreement or the applicable
        Servicing Agreement and shall be authorized to remit such funds to the Trustee
        in accordance with this Agreement.

       

      (c) The
        Master Servicer hereby acknowledges that concurrently with the execution
        of this
        Agreement, the Trustee shall own or, to the extent that a court of competent
        jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
        to
        the Depositor not to constitute a sale, the Trustee shall have a security
        interest in the Mortgage Loans and in all Mortgage Files representing such
        Mortgage Loans and in all funds and investment property now or hereafter
        held
        by, or under the control of, a Servicer or the Master Servicer that are
        collected by any 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 a Servicer
        is entitled under the applicable Servicing Agreement, or the Master Servicer
        or
        the Depositor is entitled to hereunder); and the Master Servicer agrees that
        so
        long as the Mortgage Loans are assigned to and held by the Trustee or any
        Custodian, all documents or instruments constituting part of the Mortgage
        Files,
        and such funds relating to the Mortgage Loans which come into the possession
        or
        custody of, or which are subject to the control of, the Master Servicer or
        any
        Servicer shall be held by the Master Servicer or such Servicer for and on
        behalf
        of the Trustee as the Trustee’s agent and bailee for purposes of perfecting the
        Trustee’s security interest therein as provided by the applicable Uniform
        Commercial Code or other applicable laws.

       

      (d)  The
        Master Servicer agrees that it shall not, and shall not authorize any Servicer
        to, create, incur or subject any Mortgage Loans, or any funds that are deposited
        in any Custodial Account, Escrow Account or the Collection Account, or any
        funds
        that otherwise are or may 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:

       

      
        
          
          

        

        
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      (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;

       

      (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;

       

      
        
          
          

        

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

       

      (ix)  the
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Master Servicer;

       

      (x)  the
        Master Servicer has obtained an Errors and Omissions Insurance Policy and
        a
        Fidelity Bond in accordance with Section 9.02 each of which is in full force
        and
        effect, and each of which provides at least such coverage as is required
        hereunder; and

       

      (xi)  the
        information about the Master Servicer under the heading “The Master Servicer” in
        the Prospectus relating to the Master Servicer does not include an untrue
        statement of a material fact and does not omit to state a material fact,
        with
        respect to the statements made, necessary in order to make the statements
        in
        light of the circumstances under which they were made not
        misleading.

       

      (b)  It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 9.14 shall survive the execution and delivery of this Agreement.
        The
        Master Servicer shall indemnify the Depositor, 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. 

       

      (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.

       

      
        
          
          

        

        
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      (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); provided,
        however,
        that
        this Subsection 9.14(d) shall not apply in connection with any failure by
        the
        Master Servicer to comply with the provisions of Sections 9.25 and 9.26
        hereof.

       

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

       

      Pursuant
        to Section 4.01, any amounts collected by the Master Servicer, or by any
        Servicer, under any insurance policies maintained pursuant to this Section
        9.16
        or any 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 applicable Servicing Agreement) shall be
        deposited into the Collection Account, subject to withdrawal pursuant to
        Section
        4.02. Any cost incurred by the Master Servicer or any Servicer in maintaining
        any such insurance if the Mortgagor defaults in its obligation to do so shall
        be
        added to the amount owing under the Mortgage Loan where the terms of the
        Mortgage Loan so permit; provided,
        however,
        that the
        addition of any such cost shall not be taken into account for purposes of
        calculating the distributions to be made to Certificateholders and shall
        be
        recoverable by the Master Servicer or such Servicer pursuant to Section
        4.02.

       

      Section
        9.17  Presentment
        of Claims and Collection of Proceeds. 

       

      
        
          
          

        

        
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      The
        Master Servicer shall cause each Servicer (to the extent provided in the
        applicable Servicing Agreement) to, prepare and present on behalf of the
        Trustee
        and the Certificateholders all claims under the Insurance Policies with respect
        to the Mortgage Loans, and take such actions (including the negotiation,
        settlement, compromise or enforcement of the insured’s claim) as shall be
        necessary to realize recovery under such policies. Any proceeds disbursed
        to the
        Master Servicer (or disbursed to a 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  [Reserved] 

       

      Section
        9.19  [Reserved] 

       

      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 applicable Servicer,
        to the extent provided in the applicable Servicing Agreement any REO Property
        as
        expeditiously as possible and in accordance with the provisions of this
        Agreement and the related Servicing Agreement, as applicable, but in all
        events
        within the time period, and subject to the conditions set forth in Article
        X
        hereof. Pursuant to its efforts to sell such REO Property, the Master Servicer
        shall protect and conserve, or cause the applicable Servicer to protect and
        conserve, such REO Property in the manner and to such extent required by
        the
        applicable Servicing Agreement, subject to Article X hereof.

       

      
        
          
          

        

        
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      (b)  The
        Master Servicer shall deposit or cause to be deposited all funds collected
        and
        received by it, or recovered from any Servicer, in connection with the operation
        of any REO Property in the Collection Account.

       

      (c)  The
        Master Servicer and each Servicer, upon the final disposition of any REO
        Property, shall be entitled to reimbursement for any related unreimbursed
        Advances and other unreimbursed advances as well as any unpaid Master Servicing
        Fees or Servicing Fees from Liquidation Proceeds received in connection with
        the
        final disposition of such REO Property; provided, that (without limitation
        of
        any other right of reimbursement that the Master Servicer or any Servicer
        shall
        have hereunder) any such unreimbursed Advances as well as any unpaid Net
        Master
        Servicing Fees or Servicing Fees may be reimbursed or paid, as the case may
        be,
        prior to final disposition, out of any net rental income or other net amounts
        derived from such REO Property.

       

      (d)  The
        Liquidation Proceeds from the final disposition of the REO Property, net
        of any
        payment to the Master Servicer and the applicable Servicer as provided above,
        shall be deposited in the Collection Account on or prior to the Determination
        Date in the month following receipt thereof and be remitted by wire transfer
        in
        immediately available funds 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 or any of their affiliates. 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 each applicable Servicer strictly observing all requirements and deadlines
        in the performance of their duties under their related Servicing Agreements.
        The
        Master Servicer shall have no liability for any loss, expense, damage or
        claim
        arising out of or with respect to any failure to properly prepare and/or
        timely
        deliver all such information where such failure results from the Master
        Servicer’s inability or failure to obtain or receive, on a timely basis, any
        information from any Servicer needed to prepare or deliver such information,
        which failure does not result from the Master Servicer’s own negligence, bad
        faith or willful misconduct.

       

      
        
          
          

        

        
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      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)).

       

      (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 Servicesr 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. 

       

      
        
          
          

        

        
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      (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 and the Master Servicer, such parties
        will also at such time include the assessment (and attestation pursuant to
        subsection (b) of this Section 9.25) of each Servicing Function Participant
        engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria
        will be addressed in any such reports prepared by any such Servicing Function
        Participant.

       

      (iii)  Promptly
        after receipt of each report on assessment of compliance, the Trustee shall
        confirm that the assessments, taken as a whole, address all applicable Servicing
        Criteria and taken individually address the Relevant Servicing Criteria (and
        disclose the inapplicability of the Servicing Criteria not determined to
        be
        Relevant Criteria) for each party as set forth on Exhibit T and on any similar
        exhibit set forth in the applicable Servicing Agreement in respect of any
        Servicer, and the applicable Custodial Agreement in respect of any Custodian,
        and shall notify the Depositor of any exceptions.

       

      (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.

       

      
        
          
          

        

        
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      (c)  The
        Trustee’s and the 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. After the occurrence
        of
        such event, and provided the Depositor is not otherwise provided with such
        reports or copies of such reports, the Trustee and the Paying Agent shall
        be
        obligated to provide a copy of such reports, by March 15 of each year, to
        the
        Depositor.

       

      Section
        9.26  Annual
        Statement of Compliance with Applicable Servicing Criteria. 

       

      The
        Master Servicer shall deliver (and the Master Servicer shall cause any
        Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
        and
        the Trustee on or before March 15 of each year, commencing in March 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.

       

      
        
          
          

        

        
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      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.

       

      (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.

       

      
        
          
          

        

        
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      (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.

       

      The
        Master Servicer shall not be liable for any acts or omissions of any Servicer.
        In particular, the Master Servicer shall not be liable for any course of
        action
        taken by the Servicers with respect to loss mitigation of defaulted Mortgage
        Loans at the direction of the Credit Risk Manager or the Seller pursuant
        to any
        Credit Risk Management Agreement. Further, the Master Servicer shall not
        be
        liable for performance by any Servicer under any 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 as a result of (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 Clayton Fixed Income Services Inc. 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 the Credit Risk Management Agreements to the Credit Risk Manager
        by
        the Servicers. The Credit Risk Manager shall look solely to the Servicers
        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 Credit Risk Management
        Agreements.

       

      (b)  On
        or
        about the 15th
        calendar
        day of each month, 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):

       

      
        
          
          

        

        
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      (i)  Watch
        List Report:
        A
        listing of individual Mortgage Loans that are of concern to the Credit Risk
        Manager. Each Watchlist Report shall contain a listing of Mortgga eloans
        in any
        delinquency status, including current and paid-off loans, and may contain
        the
        comments of the Credit Risk Manager in its sole discretion. The Watch List
        Report shall be presented in substantially the same format attached hereto
        as
        Exhibit S-1;

       

      (ii)  Loss
        Severity Report:
        A
        compliation and summary of all losses, indicating the loan loss severity
        for the
        Mortgage Loans. Each Loss Severity Report shall include detail of all losses
        reported by a Servicer or the Master Servicer as Realized Losses, except
        those
        for which a Servicer or the Master Servicer has not provided detail adequate
        for
        reporting purposes. The Loss Severity Report shall be presented in substantially
        the same format attached hereto as Exhibit S-2;

       

      (iii)  Prepayment
        Premiums Report:
        A
        summary of Prepayment Premiums assessed or waived by each Servicer. The
        Prepayment Premiums Report shall be presented in substantially the same format
        attached hereto as Exhibit S-3; and

       

      (iv)     
Analytics
        Report:
        Analytics Reports shall include statistical and/or graphical portrayals
        of:

       

      (1)
        Delinquency
        Trend:
        The
        delinquency trend, over time, of the Mortgage Loans;

       

      (2)
        Prepayment
        Analysis:
        The
        constant prepayment rate “CPR” experience of the Mortgage Loans;
        and

       

      (3)
         Standard
        Default Assumption:
        The
        Standard Default Assumption experience of the Mortgage Loans.

       

      The
        Analytics Report shall be presented in substantially the same format attached
        hereto as Exhibit S-4.

       

      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 http://reports.clayton.com.
        The
        user name for access to the website shall be the Certificateholder’s email
        address and the password shall be “20602”. 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.

       

      
        
          
          

        

        
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      (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
        15 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 15 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
        5th 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 5th 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.

       

      (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 Servicers under the Credit Risk Management
        Agreements 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 Credit Risk Management Agreements. 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 Servicers
        pursuant to the Credit Risk Management Agreements 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 information, report, certification, accountants’ letter
        or other material when and as required under this Agreement, including any
        report under Sections 9.25(a) or (b).

       

      
        
          
          

        

        
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      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.

       

       

      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 in any
        Pool
        shall be reduced by the amount of any expense paid by the Trust and allocable
        to
        such Pool 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) and (iii) the amount of such expense
        was
        not taken into account in computing the interest rate of a more junior class
        of
        regular interests.

       

      (b)  The
        Closing Date is hereby designated as the “Startup Day” of each REMIC within the
        meaning of section 860G(a)(9) of the Code. The latest possible maturity date
        for
        purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
        Maturity Date.

       

      (c)  The
        Trustee shall represent the Trust Fund in any administrative or judicial
        proceeding relating to an examination or audit by any governmental taxing
        authority with respect thereto. The Trustee shall pay any and all tax related
        expenses (not including taxes) of each REMIC, 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.

       

      
        
          
          

        

        
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      (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.

       

      (e)  The
        Trustee or its designee shall perform on behalf of each REMIC all reporting
        and
        other tax compliance duties that are the responsibility of such REMIC under
        the
        Code, the REMIC Provisions, or other compliance guidance issued by the Internal
        Revenue Service or any state or local taxing authority. Among its other duties,
        if required by the Code, the REMIC Provisions, or other such guidance, the
        Trustee shall provide (i) to the Treasury or other governmental authority
        such
        information as is necessary for the application of any tax relating to the
        transfer of a Residual Certificate to any disqualified person or organization
        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.

       

      
        
          
          

        

        
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      (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.

       

      (k)  On
        or
        before September 15 of each calendar year beginning in 2005, 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 Swap Account
        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 Swap Account 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 Offered Certificates and the Class M8 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 “Net Funds Cap” in
        the definition thereof, exceeds the amount of interest accrued for the related
        Accrual Period based on the 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 Offered Certificates and the Class M8 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 Certificate) 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 $22,082.13 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, nor for any such
        Losses resulting from misinformation provided by the Holder of such Residual
        Certificate on which the Trustee has relied. The foregoing shall not be deemed
        to limit or restrict the rights and remedies of the Holder of such Residual
        Certificate now or hereafter existing at law or in equity. Notwithstanding
        the
        foregoing, 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.

       

      
        
          
          

        

        
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      Section
        10.04  REO
        Property. 

       

      (a)  Notwithstanding
        any other provision of this Agreement, the Master Servicer, acting on behalf
        of
        the Trustee hereunder, shall not, except to the extent provided in the
        applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease,
        or otherwise earn income on behalf of any REMIC with respect to any REO Property
        which might cause an Adverse REMIC Event unless the Master Servicer has advised,
        or has caused the applicable 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.

       

      (b)  The
        Master Servicer shall cause the applicable 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 applicable 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 applicable Servicer to, continue to attempt to sell the
        REO
        Property for its fair market value for such period longer than three years
        as
        such extension permits (the “Extended Period”). If the Trustee has not received
        such an extension and the Master Servicer or the applicable Servicer, acting
        on
        behalf of the Trustee hereunder, is unable to sell the REO Property within
        33
        months after its acquisition by the Trust Fund or if the Master Servicer
        has
        received such an extension, and the Master Servicer or the applicable 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 applicable
        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 applicable 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.

       

      
        
          
          

        

        
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      ARTICLE
        XI

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        11.01  Binding
        Nature of Agreement; Assignment. 

       

      This
        Agreement shall be binding upon and inure to the benefit of the parties hereto
        and their respective successors and permitted assigns.

       

      Section
        11.02  Entire
        Agreement. 

       

      This
        Agreement contains the entire agreement and understanding among the parties
        hereto with respect to the subject matter hereof, and supersedes all prior
        and
        contemporaneous agreements, understandings, inducements and conditions, express
        or implied, oral or written, of any nature whatsoever with respect to the
        subject matter hereof. The express terms hereof control and supersede any
        course
        of performance and/or usage of the trade inconsistent with any of the terms
        hereof.

       

      Section
        11.03  Amendment.  

       

      (a)  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 any
        Servicing Agreement, (iii) to make any other provisions with respect to matters
        or questions arising under this Agreement or (iv) to add, delete, or amend
        any
        provisions to the extent necessary or desirable to comply with any requirements
        imposed by the Code and the REMIC Provisions 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 the then current
        rating assigned to the Certificates.

       

      
        
          
          

        

        
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      (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.

       

      (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.

       

      
        
          
          

        

        
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      (f)  Notwithstanding
        anything to the contrary in any Servicing Agreement, the Trustee shall not
        consent to any amendment of any Servicing Agreement unless (i) such amendment
        is
        effected pursuant to the standards provided in Section 11.03(a) or Section
        11.03(b) with respect to amendment of this Agreement and (ii) except for
        a
        Permitted Servicing Amendment, any such amendment pursuant to Section
        11.03(a)(iii) shall not be materially inconsistent with the provisions of
        such
        Servicing Agreement.

       

      (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, any
        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, any 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 obtainable by the Trustee). Any reasonable out-of-pocket expenses
        incurred by the Trustee in providing copies of such documents shall be
        reimbursed by the Depositor.

       

      (c)  On
        each
        Distribution Date, the Trustee shall 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.

       

      
        
          
          

        

        
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      Section
        11.06  Governing
        Law. 

       

      THIS
        AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
        OF THE
        STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
        THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
        RIGHTS
        AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH LAWS.

       

      Section
        11.07  Notices. 

       

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given when received by (a) in the case of the
        Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 7th
        Floor, New York, New York 10019, Attention: Mortgage Finance SASCO 2006-S1,
        (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
        Avenue, 7th Floor, New York, New York 10019, Attention: Mortgage Finance
        SASCO
        2006-S1, (c) in the case of the Trustee, U.S. Bank National Association, to
        the Corporate Trust Office, (d) in the case of the Master Servicer, Aurora
        Loan Services LLC, 327 Inverness Drive South, Mail Stop 3195, Englewood,
        CO
        80112; Attention: Master Servicing, SASCO 2006-S1, (e) in the case of the
        Credit
        Risk Manager, Clayton Fixed Income Services Inc., 1700 Lincoln Street, Suite
        1600, Denver, Colorado 80203, Attention: General Counsel, and (f) in the
        case of
        the Swap Counterparty, HSBC Bank USA, National Association, 452 Fifth Avenue,
        New York, NY 10018, Attn: Legal Department, Facsimile No.: (212) 525-6509,
        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.

       

      
        
          
          

        

        
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      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  [Reserved].

       

      Section
        11.12  Special
        Notices to the Rating Agencies.  

       

      (a)  The
        Depositor shall give prompt notice to the Rating Agencies of the occurrence
        of
        any of the following events of which it has notice:

       

      (i) any
        amendment to this Agreement pursuant to Section 11.03;

       

      (ii) any
        Assignment by the Master Servicer of its rights hereunder or delegation of
        its
        duties hereunder;

       

      (iii) the
        occurrence of any Event of Default described in Section 6.14;

       

      (iv) any
        notice of termination given to the Master Servicer pursuant to Section 6.14
        and
        any resignation of the Master Servicer hereunder;

       

      (v) the
        appointment of any successor to any Master Servicer pursuant to Section 6.14;
        

       

      (vi) the
        making of a final payment pursuant to Section 7.02; and

       

      (vii) any
        termination of the rights and obligations of any Servicer under the applicable
        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,

      a
        division of The McGraw-Hill Companies, Inc. 

      55
        Water
        Street

      New
        York,
        New York 10041

      Attention:
        Residential Mortgages

      

      If
        to
        Moody’s, to:

      

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street 

      New
        York,
        New York 10007

      Attention:
        Residential Mortgages

      
        
          
          

        

        
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      If
        to
        Fitch, to:

      

      Fitch
        Ratings

      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 any Servicing
        Agreement, the related 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,
        any
        NIMS Insurer, the Swap Counterparty and the Trustee thirty days prior to
        any
        proposed transfer or assignment by such Seller of its rights under any Servicing
        Agreement or of the servicing thereunder or delegation of its rights or duties
        thereunder or any portion thereof to any other Person other than the initial
        Servicer under such Servicing Agreement; provided
        that the
        Seller shall not be required to provide prior notice of (i) any transfer of
        servicing that occurs within three months following the Closing Date to an
        entity that is a Servicer on the Closing Date or (ii) any assignment of any
        Servicing rights from one Seller to the other Seller. In addition, the ability
        of the Seller to transfer or assign its rights and delegate its duties under
        the
        applicable 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 applicable 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 Freddie Mac, and
        must
        be a member in good standing of MERS;

       

      (iii)
        Such
        successor servicer must satisfy the seller/servicer eligibility standards
        in the
        applicable Servicing Agreement, exclusive of any experience in mortgage loan
        origination;

       

      
        
          
          

        

        
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      (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 applicable Servicer under the
        applicable Servicing Agreement;

       

      (v)
        Delivery
        to the Trustee and the Master Servicer of 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, or, if such transfer occurs after the Servicer Remittance
        Date but before the next succeeding Master Servicer Remittance Date, to the
        Trustee, all funds held by the prior Servicer in respect of the Mortgage
        Loans;
        (E) on or prior to the effective date of such transfer of servicing, the
        Seller
        shall cause the prior Servicer to, after the effective date of the transfer
        of
        servicing to the 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 applicable Servicing Agreement.

       

      

      
        
          
          

        

        
          163

          
            

          

        

        
          
          

        

      

    

    [Signature
      page to follow]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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

            
	 	 

    

     

    
      	 	 	 
	 	
              AURORA
                LOAN
                SERVICES LLC, 
as Master Servicer

            
	 
 	 
 	 
 
	 	By:  	/s/ Jerald
              W.
              Dreyer
	 	
              

              Name:
                Jerald W. Dreyer

              Title:
                Executive Vice President

            
	 	 

    

     

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL
                ASSOCIATION, 
as Trustee

            
	 
 	 
 	 
 
	 	By:  	/s/ David
              Duclos
	 	
              

              Name:
                David Duclos

              Title:
                Vice President

            
	 	 

    

    
       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              CLAYTON
                FIXED INCOME SERVICES INC.,

              as
                Credit Risk Manager

            
	 
 	 
 	 
 
	 	By:  	/s/ Kevin
              J. Kanouff
	 	
              

              Name:
                Kevin J. Kanouff

              Title:
                President and General Counsel

            
	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Solely
      for purposes of Sections 6.11 and 11.15, 

    accepted
      and agreed to by:

     

    
      	LEHMAN BROTHERS HOLDINGS
              INC. 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/
              Joseph J. Kelly	 	 	
            
	
              Name:
                Joseph J. Kelly

              Title:
                Authorized Signatory

            	 	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

    

    [
      See Tab
      No. 17 ]

     

    

    

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    
      	 	 
	 	
              Date

            

    

    

     

    U.S.
      Bank
      National Association

    One
      Federal Street 

    Boston,
      MA 02110

    Attention:
      Corporate Trust Group – SASCO
      2006-S1

    

    Aurora
      Loan Services, as Master Servicer

    327
      Inverness Drive South, Mail Stop 3195

    Englewood,
      CO 80112

    

    Structured
      Asset Securities Corporation,

    as
      Depositor

    745
      Seventh Avenue

    7th
      Floor

    New
      York,
      New York 10019

    

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of February 1, 2006 (the “Trust Agreement”),
                

            
	 	 	
              by
                and among Structured Asset Securities Corporation, as Depositor,
                

            
	 	 	
              Aurora
                Loan Services LLC, as Master Servicer, U.S. Bank National Association,
                

            
	 	 	
              as
                Trustee and Clayton Fixed Income Services Inc., as Credit Risk
                Manager

            
	 	 	
              with
                respect to Structured Asset Securities Corporation

            
	 	 	
              Mortgage
                Pass-Through Certificates, Series
                2006-S1

            

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian, hereby certifies that it has
      received the documents listed in Section 2.01(b) of the Trust Agreement for
      each
      Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
      Trust Agreement, subject to any exceptions noted on Schedule I
      hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

     

    
      	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:
                

              Title:

            
	 	 

    

     

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

     

    FORM
      OF
      INTERIM CERTIFICATION

     

    
      	 	 
	 	
              Date

            

    

    

    U.S.
      Bank
      National Association

    One
      Federal Street 

    Boston,
      MA 02110

    Attention:
      Corporate Trust Group – SASCO 2006-S1

    

    Aurora
      Loan Services, as Master Servicer

    327
      Inverness Drive South, Mail Stop 3195

    Englewood,
      CO 80112

     

    Structured
      Asset Securities Corporation,

    as
      Depositor

    745
      Seventh Avenue

    7th
      Floor

    New
      York,
      New York 10019

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of February 1, 2006 (the “Trust Agreement”),
                

            
	 	 	
              by
                and among Structured Asset Securities Corporation, as Depositor,
                

            
	 	 	
              Aurora
                Loan Services LLC, as Master Servicer, U.S. Bank National Association,
                

            
	 	 	
              as
                Trustee and Clayton Fixed Income Services Inc., as Credit Risk
                Manager

            
	 	 	
              with
                respect to Structured Asset Securities Corporation

            
	 	 	
              Mortgage
                Pass-Through Certificates, Series
                2006-S1

            

    

    

    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).

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

     

    
       

      
        	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:
                  

                Title:

              
	 	 

      

       

    

     

    
      
        
        

      

      
        B-2-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION

     

    
      	 	 
	 	
              Date

            

    

    

    U.S.
      Bank
      National Association 

    One
      Federal Street 

    Boston,
      MA 02110

    Attention:
      Corporate Trust Group - SASCO 2006-S1

    

    Aurora
      Loan Services, as Master Servicer

    327
      Inverness Drive South, Mail Stop 3195

    Englewood,
      CO 80112

     

    Structured
      Asset Securities Corporation,

    as
      Depositor

    745
      Seventh Avenue

    7th
      Floor

    New
      York,
      New York 10019

    

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of February 1, 2006 (the “Trust Agreement”),
                  

              
	 	 	
                by
                  and among Structured Asset Securities Corporation, as Depositor,
                  

              
	 	 	
                Aurora
                  Loan Services LLC, as Master Servicer, U.S. Bank National Association,
                  

              
	 	 	
                as
                  Trustee and Clayton Fixed Income Services Inc., as Credit Risk
                  Manager

              
	 	 	
                with
                  respect to Structured Asset Securities Corporation

              
	 	 	
                Mortgage
                  Pass-Through Certificates, Series
                  2006-S1

              

      

       

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears to be complete
      and,
      based on an examination of such documents, the information set forth in items
      (i) through (vi) of the Mortgage Loan Schedule is correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement.

     

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

     

    
       

      
        	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:
                  

                Title:

              
	 	 

      

       

    

    
      
        
        

      

      
        B-3-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of U.S. Bank National Association, as Trustee (the “Trustee”), under a
      Trust Agreement dated as of February 1, 2006, among Structured Asset Securities
      Corporation, as depositor, Aurora Loan Services LLC, as master servicer, Clayton
      Fixed Income Services Inc., as credit risk manager, and the Trustee, relating
      to
      Structured Asset Securities Corporation Mortgage Pass-Through Certificates,
      Series 2006-S1, without recourse. 

     

     

      	 	 	 
	 	 
              
	 	[current signatory on note]
	 
 	 
 	 
 
	 	By:  	 
	 	
              Name:

              Title:

            
	 	 

    

     

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    
      	 	 
	 	
              Date

            

    

    

     

    [Addressed
      to Trustee

    or,
      if
      applicable, Custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of February 1, 2006, by and among Structured
      Asset Securities Corporation, as Depositor, U.S. Bank National Association,
      as
      Trustee, Aurora Loan Services LLC, as Master Servicer and Clayton Fixed Income
      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 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 (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 (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
                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 and the Depositor shall be
                entitled
                to rely, to the effect that the purchase or holding of such Residual
                Certificate by the Investor will not result in any non-exempt prohibited
                transactions under Title I of ERISA or Section 4975 of the Code and
                will
                not subject the Trustee, the Master Servicer or the Depositor to
                any
                obligation in addition to those undertaken by such entities in the
                Trust
                Agreement, which opinion of counsel shall not be an expense of the
                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, Aurora Loan Services LLC, as Master Servicer,
                Clayton Fixed Income Services Inc., as Credit Risk Manager, and U.S.
                Bank
                National Association, as Trustee, dated as of February 1, 2006, relating
                to Structured Asset Securities Corporation Mortgage Pass-Through
                Certificates, Series 2006-S1, no transfer of the Residual Certificates
                shall be permitted to be made to any person unless the Depositor
                and
                Trustee have received a certificate from such transferee containing
                the
                representations in paragraphs 3 and 4
                hereof.

            

    

     

    
      	 	
              6.

            	
              That
                the Purchaser does not hold REMIC residual securities as nominee
                to
                facilitate the clearance and settlement of such securities through
                electronic book-entry changes in accounts of participating organizations
                (such entity, a “Book-Entry
                Nominee”).

            

    

     

    
      	 	
              7.

            	
              That
                the Purchaser does not have the intention to impede the assessment
                or
                collection of any federal, state or local taxes legally required
                to be
                paid with respect to such Residual
                Certificate.

            

    

     

    
      	 	
              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.

            

    

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              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.

            

    

     

    
      	 	
              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.

            

    

     

    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.

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

     

    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:

            	
              Structured
                Asset Securities Corporation

            
	 	 	
              Mortgage
                Pass-Through Certificates, Series
                2006-S1

            

    

    

     

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 7 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

    
      
         

         

          	 	 	 	 
	 	 	 	Very
                  truly
                  yours,
	 	 	 	 
	 	 	 	 
	
                	 	 	
                  
Name:
Title:
	 	 	 	 

        

      

    

     

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    SERVICING
      AGREEMENTS

    

    LIST
      OF
      SERVICING AGREEMENTS

    

    

    

    
      	 	
              1.

            	
              Servicing
                Agreement dated as of February 1, 2006, among Aurora Loan Services
                LLC, as
                servicer and as master servicer (in such capacity, the “Master Servicer”)
                and Lehman Brothers Holdings Inc., as seller (the
                “Seller”).

            

    

    

    
      	 	
              2.

            	
              Securitization
                Subservicing Agreement dated
                as of February 1, 2006, among GMAC Mortgage Corporation, as servicer,
                the
                Seller and the Master Servicer.

            

    

    

    

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    
      	 	
              Re:

            	
              Structured
                Asset Securities Corporation

            
	 	 	
              Mortgage
                Pass-Through Certificates

            
	 	 	
              Series
                2006-S1

            

    

    

     

    Reference
      is hereby made to the Trust Agreement dated as of February 1, 2006 (the “Trust
      Agreement”), by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, Clayton Fixed Income Services
      Inc., as Credit Risk Manager, and U.S. Bank National Association, as Trustee.
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Trust Agreement.

     

    This
      letter relates to $__________ initial Certificate Balance of Class     
      Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
                                
      (the
“Transferor”). The Transferor has requested a transfer of such Definitive
      Certificates for Definitive Certificates of such Class registered in the name
      of
      [insert name of transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the 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 Depositor.

    
      
         

        
          
            	 	 	 
	 	 
                    
	 	[Name of Transferor]
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:

                    Title: 
                      

                  
	 	 

          

           

        

      

    

    Dated:
      ___________, ____

    

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

     

    
      	 	 
	 	
              Date

            

    

    

    U.S.
      Bank
      National Association

    One
      Federal Street 

    Boston,
      MA 02110

    Attention:
      Corporate Trust Group - SASCO 2006-S1

    

    Structured
      Asset Securities Corporation,

    as
      Depositor

    745
      Seventh Avenue

    7th
      Floor

    New
      York,
      New York 10019

     

    Re:
      Structured Asset Securities Corporation Mortgage Pass-Through Certificates,
      Series 2006-S1

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Structured Asset Securities Corporation Mortgage Pass-Through Certificates,
      Series 2006-S1 (the “Privately Offered Certificates”) of the Structured Asset
      Securities Corporation (the “Depositor”), we confirm that:

     

    
      	
              (1)

            	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities Act”), and may not be sold except as permitted in the
                following sentence. We agree, on our own behalf and on behalf of
                any
                accounts for which we are acting as hereinafter stated, that if we
                should
                sell any Privately Offered Certificates within two years of the later
                of
                the date of original issuance of the Privately Offered Certificates
                or the
                last day on which such Privately Offered Certificates are owned by
                the
                Depositor or any affiliate of the Depositor we will do so only (A)
                to the
                Depositor, (B) to “qualified institutional buyers” (within the meaning of
                Rule 144A under the Securities Act) in accordance with Rule 144A
                under the
                Securities Act (“QIBs”), (C) pursuant to the exemption from registration
                provided by Rule 144 under the Securities Act, or (D) to an institutional
                “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
                (7) of Regulation D under the Securities Act that is not a QIB (an
                “Institutional Accredited Investor”) which, prior to such transfer,
                delivers to the Trustee under the Trust Agreement dated as of February
                1,
                2006, by and among the Depositor, Aurora Loan Services LLC, as Master
                Servicer, Clayton Fixed Income Services Inc., as Credit Risk Manager,
                and
                U.S. Bank National Association, as Trustee (the “Trustee”), a signed
                letter in the form of this letter; and we further agree, in the capacities
                stated above, to provide to any person purchasing any of the Privately
                Offered Certificates from us a notice advising such purchaser that
                resales
                of the Privately Offered Certificates are restricted as stated
                herein.

            

    

     

    
      
        
        

      

      
        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. The
      Investor (x) is not, and on ___________ [date of transfer] will not be, an
      employee benefit plan or other retirement arrangement subject to Section 406
      of
      the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”)
      (collectively, a “Plan”) or a person acting on behalf of any such Plan or
      investing the assets of any such Plan; (y) if the Certificate has been the
      subject of an ERISA-Qualifying Underwriting, is an insurance company that is
      purchasing the Certificate with funds contained in an “insurance company general
      account” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60 and the purchase and holding of the Certificate are covered under
      Sections I and III of PTCE 95-60; or (z) herewith delivers to the Trustee an
      opinion of counsel (a “Benefit Plan Opinion”) satisfactory to the Trustee, and
      upon which the Trustee, the Master Servicer and the Depositor shall be entitled
      to rely, to the effect that the purchase or holding of such Certificate by
      the
      Investor will not result in any non-exempt prohibited transactions under Title
      I
      of ERISA or Section 4975 of the Code and will not subject the Trustee, the
      Master Servicer or the Depositor to any obligation in addition to those
      undertaken by such entities in the Trust Agreement, which opinion of counsel
      shall not be an expense of the Trust Fund or the above parties.

     

    3. The
      Investor hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, Clayton Fixed Income Services
      Inc., as Credit Risk Manager, and U.S. Bank National Association, as Trustee,
      dated as of February 1, 2006, regarding Structured Asset Securities Corporation
      Mortgage Pass-Through Certificates, Series 2006-S1, no transfer of the
      ERISA-Restricted Certificates shall be permitted to be made to any person unless
      the Depositor and Trustee have received a certificate from such transferee
      in
      the form hereof.

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20___.

    
       

      
        	 	 	 
	 	   
	 	[Investor]
	 
 	 
 	 
 
	 	By:  	  
                
	 	
                Name:
                  

                Title:

              
	 	 

      

    

     

    ATTEST:

     

     

     

      
        

      

    

     

    
      	
              STATE
                OF 

            	
              )

            
	 	
              )
                ss:

            
	
              COUNTY
                OF

            	
              )

            

    

    

     

    Personally
      appeared before me the above-named ________________, known or proved to me
      to be
      the same person who executed the foregoing instrument and to be the
      ____________________ of the Investor, and acknowledged that he executed the
      same
      as his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of _________ 20___.

     
      
         

        
          
            	 	 	 
	 	 
                    
	 	NOTARY PUBLIC
	 	 
	 	 
	 	My
                    commission expires the
                    _____
                      day of __________, 20___.

                  
	 	 	 
	 	  	 
	 	
                     

                  
	 	 

          

           

        

      

    

     

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    MONTHLY
      REMITTANCE ADVICE

     

    

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    MONTHLY
      ELECTRONIC DATA TRANSMISSION

     

    

     

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    LIST
      OF
      CUSTODIAL AGREEMENTS

     

    
      	 	
              1.

            	
              Custodial
                Agreement dated as of February 1, 2006, between LaSalle Bank National
                Association, as Custodian and the
                Trustee.

            

    

     

    
      	 	
              2.

            	
              Custodial
                Agreement dated as of February 1, 2006, between U.S. Bank National
                Association, as Custodian and the
                Trustee.

            

    

     

     

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    LIST
      OF
      CREDIT RISK MANAGEMENT AGREEMENTS

     

    

     

    
      	 	
              1.

            	
              Credit
                Risk Management Agreement dated February 28, 2006, between Clayton
                Fixed
                Income Services Inc., as credit risk manager (the “Credit Risk Manager”)
                and Aurora Loan Services LLC, as
                servicer.

            

    

     

    
      	
            	2.	
              Credit
                Risk Management Agreement dated February 28, 2006, between the Credit
                Risk
                Manager and GMAC Mortgage Corporation, as servicer.
                

            

    

     

    

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    [Reserved]

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      N-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:

              	
                Structured
                  Asset Securities Corporation

              
	 	 	
                Mortgage
                  Pass-Through Certificates Series
                  2006-S1

              

      

    

    
    

     

    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, Clayton Fixed Income Services Inc., as Credit Risk Manager and U.S.
      Bank National Association, as Trustee, dated as of February 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).

      

    

     

    
      
        
        

      

      
        N-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:             
          ,              

    

     

    
 

    

    

    

    

    
      
        
        

      

      
        N-1-2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      N-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:

              	
                Structured
                  Asset Securities Corporation

              
	 	 	
                Mortgage
                  Pass-Through Certificates Series
                  2006-S1

              

      

    

    
    

     

    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, Clayton Fixed Income Services Inc., as Credit Risk Manager, U.S.
      Bank
      National Association, as Trustee, dated as of February 1, 2006. Capitalized
      terms used but not defined herein shall have the meanings given to them in
      the
      Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                       
      (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

    
      
        
           

          
            	 	 	 
	 	  

	 	[Name of Transferor]
	 
 	 
 	 
 
	 	By:  	  
                    
	 	
                    Name:
                      

                    Title:

                  
	 	 

          

        

        Date:             
            ,              

      

       

    

    
 

    
      
        
        

      

      
        N-2-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      O

     

    Interest
      Rate Cap Agreement

     

    

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      P

     

    SWAP
      AGREEMENT

     

    

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-1

    

    ADDITIONAL
      FORM 10-D DISCLOSURE

    

    
      	
              Item
                on Form 10-D

            	
              Party
                Responsible 

            
	
              Item
                1: Distribution and Pool Performance Information

               

              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	
              Master
                Servicer (as to any Servicer, to the extent provided by such
                Servicer),

              Trustee
                (if Paying Agent) and Paying Agent

            
	
              Item
                2: Legal Proceedings

               

              per
                Item 1117 of Reg AB

            	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                as
                to the issuing entity, (iii) the Depositor as to the sponsor, any
                1110(b)
                originator, any 1100(d)(1) party and (iv) the Master Servicer, as
                to any
                Servicer, to the extent provided by such Servicer

            
	
              Item
                3: Sale of Securities and Use of Proceeds

            	
              Depositor

            
	
              Item
                4: Defaults Upon Senior Securities

            	
              Trustee

            
	
              Item
                5: Submission of Matters to a Vote of Security Holders

            	
              Trustee

            
	
              Item
                6: Significant Obligors of Pool Assets

            	
              Depositor

            
	
              Item
                7: Significant Enhancement Provider Information

            	
              Depositor

            
	
              Item
                8: Other Information

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                9: Exhibits

            	
              Depositor
                and Master Servicer (on behalf of any Servicer or on its own behalf
                if
                acting as a Servicer)

            
	 	 

    

    

    

    

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-2

    

    ADDITIONAL
      FORM 10-K DISCLOSURE

    

    
      	
              Item
                on Form 10-K

            	
              Party
                Responsible 

            
	
              Item
                1B: Unresolved Staff Comments

               

            	
              Depositor

            
	
              Item
                9B: Other Information

            	
              Any
                party responsible for disclosure items on Form 8-K

            
	
              Item
                15: Exhibits, Financial Statement Schedules

            	
              Depositor,
                Servicer, Master Servicer, Subservicer

            
	
              Additional
                Item:

               

              Disclosure
                per Item 1117 of Reg AB

            	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                as
                to the issuing entity, (iii) the Depositor as to the sponsor, any
                1110(b)
                originator, any 1100(d)(1) party and (iv) the Master Servicer, as
                to any
                Servicer, to the extent provided by such Servicer

            
	
              Additional
                Item:

              Disclosure
                per Item 1119 of Reg AB

            	
              (i)
                All parties to the Trust Agreement as to themselves, (ii) the Depositor
                as
                to he sponsor, originator, significant obligor, enhancement or support
                provider and (iii) the Master Servicer, as to any Servicer, to the
                extent
                provided by such Servicer

            
	
              Additional
                Item:

              Disclosure
                per Item 1112(b) of Reg AB

            	
              Depositor

            
	
              Additional
                Item:

              Disclosure
                per Items 1114(b) and 1115(b) of Reg AB

            	
              Depositor

            
	 	 

    

    

    

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-3

    

    ADDITIONAL
      FORM 8-K DISCLOSURE

    

    
      	
              Item
                on Form 8-K

            	
              Party
                Responsible 

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

            	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	
              Item
                1.02- Termination of a Material Definitive Agreement

            	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	
              Item
                1.03- Bankruptcy or Receivership

            	
              Depositor

            
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

            	
              Depositor

            
	
              Item
                3.03- Material Modification to Rights of Security Holders

            	
              Trustee
                and Depositor

            
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

            	
              Depositor

            
	
              Item
                6.01- ABS Informational and Computational Material

            	
              Depositor

            
	
              Item
                6.02- Change of Servicer or Trustee

            	
              Master
                Servicer (as to itself and as to any Servicer, to the extent provided
                by
                such Servicer), Trustee, Seller 

            
	
              Item
                6.03- Change in Credit Enhancement or External Support

            	
              Depositor

            
	
              Item
                6.04- Failure to Make a Required Distribution

            	
              Trustee

            
	
              Item
                6.05- Securities Act Updating Disclosure

            	
              Depositor

            
	
              Item
                7.01- Reg FD Disclosure

            	
              Depositor

            
	
              Item
                8.01

            	
              Depositor

            
	
              Item
                9.01

            	
              Depositor

            
	 	 

    

    

    

    
      
        
        

      

      
        Q-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-4

    

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    U.S.
      Bank
      National Association, 

    as
      Trustee to Structured Asset Securities Corporation 

    Mortgage
      Pass-Through Certificates 2006-S1

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [       ] of the Trust
      Agreement, dated as of February 1, 2006, by and among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, Clayton Fixed Income Services Inc., as Credit Risk Manager, and U.S.
      Bank National Association, as Trustee, the undersigned, as
      [     ], hereby notifies you that certain events have come
      to our attention that [will] [may] need to be disclosed on Form
      [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

    

     

    

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

     

     

    

     

    Any
      inquiries related to this notification should be directed to
      [             ], phone
      number:
      [             
 ]; email address:
      [             
]. 

    
      
        
           

          
            	 	 	 
	 	  
                    
	 	
                    [NAME
                      OF PARTY],

                    as
                      [role]

                  
	 
 	 
 	 
 
	 	By:  	  
                    
	 	
                    Name:
                      

                    Title:

                  
	 	 

          

        

        
 

      

    

    
      
        
        

      

      
        Q-4-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      R

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

    

    [                ]

    [                ]

    [                ]

    

    Re: Structured
      Asset Securities Corporation Mortgage Pass-Through Certificates
      2006-S1

     

    [_______],
      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

    
      
        
        

      

      
        R-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 February 1, 2006 (the “Trust Agreement”) by and
      among Structured Asset Securities Corporation, as Depositor, Aurora Loan
      Services LLC, as Master Servicer, Clayton Fixed Income Services Inc., as Credit
      Risk Manager, and U.S. Bank National Association, as Trustee. Capitalized terms
      used but not defined herein shall have the meanings given to them in the Trust
      Agreement.

     

    
      
        	 	 	 
	 	
                [_______]

                as
                  [_______]

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:

                Title:

                Date:

              
	 	 

      

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-1

    

    FORM
      OF
      WATCHLIST REPORT

    

    

    
      
        
        

      

      
        S-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-2

    

    FORM
      OF
      LOSS SEVERITY REPORT

    

    

    
      
        
        

      

      
        S-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-3

    

    FORM
      OF
      PREPAYMENT PREMIUMS REPORT

    

    

    
      
        
        

      

      
        S-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S-4

    

    FORM
      OF
      ANALYTICS REPORT

    

    
      
        
        

      

      
        S-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

    

    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 February 1, 2006
      (the “Trust Agreement”), by and among Structured Asset Securities Corporation,
      as depositor (the “Depositor”), U.S. Bank National Association, (the “Trustee”),
      Aurora Loan Services LLC, as master servicer (the “Master Servicer”), and
      Clayton Fixed Income Services Inc., as credit risk manager (the “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

            

    

     

     

    
      
        
        

      

      
        T-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)(ii)

            	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	
              X

            	 	 	
              X

            
	
              1122(d)(2)(iii)

            	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	 	 	 	
              X

            
	
              1122(d)(2)(iv)

            	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	
              X

            	 	
              X

            	
              X

            
	
              1122(d)(2)(v)

            	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	 	 	 	
              X

            
	
              1122(d)(2)(vi)

            	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	
              X

            	 	 	
              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

            

    

     

     

     

    
      
        
        

      

      
        T-2

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent (including the Trustee if acting as Paying
                Agent)

            	
              Credit
                Risk Manager

            	
              Trustee

            	
              Master
                Servicer

            
	 	
              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

            
	
              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 

            	
               

            	 	 	 

    

     

     

    
      
        
        

      

      
        T-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)(iii)

            	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements. 

            	
               

            	 	
              X

            	 
	
              1122(d)(4)(iv)

            	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents. 

            	 	 	 	 
	
              1122(d)(4)(v)

            	
              The
                Servicer’s records regarding the pool assets agree with the Servicer’s
                records with respect to an obligor’s unpaid principal balance.
                

            	 	 	 	 
	
              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

            

    

     

     

    
      
        
        

      

      
        T-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)(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. 

            	 	 	 	 
	
              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. 

            	 	 	 	
               

            

    

     

     

    
      
        
        

      

      
        T-5

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB Reference

            	
              Servicing
                Criteria

            	
              Paying
                Agent (including the Trustee if acting as Paying
                Agent)

            	
              Credit
                Risk Manager

            	
              Trustee

            	
              Master
                Servicer

            
	
              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

            	 

    

    

    
      
        
        

      

      
        T-6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

     

    FORM
      OF
      CERTIFICATION TO BE PROVIDED 

     

    BY
      THE
      CREDIT RISK MANAGER

     

    

    

    Re:
      Structured Asset Securities Corporation Mortgage Pass-Through Certificates,
      Series 2006-S1 issued pursuant to the Trust Agreement dated as of February
      1,
      2006, among Structured Asset Securities Corporation as the Depositor (the
“Depositor”) Aurora Loan Services LLC as Master Servicer, Clayton Fixed Income
      Services Inc. as Credit Risk Manager, and U.S. Bank National Association, as
      Trustee (the “Trustee”).

    

    CLAYTON
      FIXED INCOME SERVICES INC. (the “Credit Risk Manager”) certifies to the
      Depositor, 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 Master Consulting Agreement dated as
                of
                January 28, 2004 (the “Master Consulting Agreement”), by and between the
                Credit Risk Manager and Lehman Brothers Holdings, Inc. and pursuant
                to
                Transaction Addendum #58 (the “Transaction Addendum Number 58”), 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 Master
                Consulting Agreement and the Transaction Addendum Number 58 throughout
                the
                Relevant Year. 

            

    

     

    
      
        	CLAYTON FIXED INCOME SERVICES
                INC. 	 	 	 
	 	 	 	 	 
	By:	
              	 	 	
              
	Name:	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 

      

    

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V

     

    

    TRANSACTION
      PARTIES

    

    Sponsor
      and Seller: Lehman Brothers Holdings Inc.

    

    Depositor:
      Structured Asset Securities Corporation

    

    Trustee:
      U.S. Bank National Association

    

    Master
      Servicer: Aurora Loan Services LLC

    

    Credit
      Risk Manager: Clayton Fixed Income Services Inc.

    

    Swap
      Counterparty: HSBC Bank USA, National Association

    

    Cap
      Counterparty: HSBC Bank USA, National Association

    

    Servicer(s):
      Aurora Loan Services LLC and GMAC Mortgage Corporation.

    

    Originator(s):
      Lehman Brothers Bank FSB.

    

    Custodian(s):
      LaSalle Bank National Association and U.S. Bank National
      Association.

    
      
        
        

      

      
        V-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    MORTGAGE
      LOAN SCHEDULE

    

    [To
      be
      retained in a separate closing binder entitled “SASCO 2006-S1 Mortgage Loan
      Schedules” at the Washington DC offices of McKee Nelson LLP]

     

    
      
        
        

      

      
        Sch.
          A-1

        
          

        

      

      
        
        

      

    

    

     

    SCHEDULE
      B

     

     

    FIRST
      PAYMENT DEFAULT LOANS

     

    [To
      be
      maintained in a separate closing binder entitled “SASCO 2006-S1 First Payment
      Default Loans” at the Washington DC offices of McKee Nelson LLP]

     

    
      
        
        

      

      
        Sch.
          B-1EXECUTION COPY

                          AGREEMENT AND PLAN OF MERGER

                                  BY AND AMONG

                               BPK RESOURCES, INC.

                         BPK RESOURCES ACQUISITION CORP.

                         GRAPHITE TECHNOLOGY GROUP, INC.

                                  DEREK HIRSCH

                                       AND

                                 JAMES E. OLIVE

                               Dated March 9, 2006
<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

ARTICLE I   THE MERGER......................................................   1
      1.1   The Merger......................................................   1
      1.2   Conversion of Graphite Shares...................................   2
      1.3   Dissenters' Rights..............................................   5
      1.4   Board and Shareholder Approval..................................   5
      1.5   Subsequent Actions..............................................   6

ARTICLE II  THE CLOSING.....................................................   6
      2.1   Closing Date....................................................   6
      2.2   Closing Merger..................................................   6

ARTICLE III REPRESENTATIONS AND WARRANTIES OF GRAPHITE AND THE
            PRINCIPAL SHAREHOLDERS..........................................   8
      3.1   Organization and Qualification..................................   8
      3.2   Authorization; Validity and Effect of Agreement.................   9
      3.3   Company Subsidiaries............................................   9
      3.4   No Conflict; Required Filings and Consents......................  10
      3.5   Capitalization; Ownership of Graphite Shares....................  10
      3.6   Financial Statements............................................  11
      3.7   Properties and Assets...........................................  11
      3.8   Intellectual Property...........................................  12
      3.9   No Undisclosed Liabilities......................................  13
      3.10  Related Party Transactions......................................  13
      3.11  Litigation......................................................  14
      3.12  Taxes...........................................................  14
      3.13  Insurance.......................................................  14
      3.14  Compliance......................................................  15
      3.15  Material Contracts..............................................  15
      3.16  Labor Relations.................................................  15
      3.17  Environmental Matters...........................................  16
      3.18  Absence of Certain Changes or Events............................  16
      3.19  Investment Intent...............................................  17
      3.20  Employee Benefit Matters........................................  17
      3.21  Brokers and Finders Fees........................................  18
      3.22  Company Information.............................................  18

ARTICLE IV  REPRESENTATIONS AND WARRANTIES OF BPK AND MERGER SUB............  19
      4.1   Organization and Qualification..................................  19
      4.2   Authorization; Validity and Effect of Agreement.................  19
      4.3   No Conflict; Required Filings and Consents......................  20
      4.4   Capitalization..................................................  20

                                       i
<PAGE>

      4.5   SEC Reports and Financial Statements............................  21
      4.6   Transaction Fees................................................  21
      4.7   No Undisclosed Liabilities......................................  21

ARTICLE V   CERTAIN COVENANTS...............................................  21
      5.1   Conduct of Business by Graphite and the Subsidiaries............  21
      5.2   Access to Information...........................................  23
      5.3   Confidentiality; No Solicitation................................  23
      5.4   Best Efforts; Consents..........................................  24
      5.5   Further Assurances..............................................  24
      5.6   Public Announcements............................................  25
      5.7   Notification of Certain Matters.................................  25
      5.8   Prohibition on Trading in Company Securities....................  25
      5.9   [Intentionally Omitted].........................................  25
      5.10  Investment Letters..............................................  25
      5.11  Audited Financial Statements....................................  26
      5.12  Additional  Company Information.................................  26
      5.13  Graphite Options and Warrants...................................  26
      5.14  BPK and Graphite Capitalization.................................  26
      5.15  Registration Rights.............................................  27
      5.16  Board of Directors..............................................  27
      5.17  [Intentionally Omitted].........................................  27
      5.18  Lock-Up.........................................................  27

ARTICLE VI  CONDITIONS TO CONSUMMATION OF THE MERGER........................  27
      6.1   Conditions to Obligations of Graphite and the Principal
            Shareholders....................................................  27
      6.2   Conditions to Obligations of BPK and Merger Sub.................  28
      6.3   Other Conditions to Obligations of Graphite, the Principal
            Shareholders, BPK and Merger Sub................................  29

ARTICLE VII.................................................................  30

ARTICLE VIII................................................................  32

TERMINATION.................................................................  32
      8.1   Termination.....................................................  32
      8.2   Procedure and Effect of Termination.............................  33

ARTICLE IX  MISCELLANEOUS...................................................  34
      9.1   Entire Agreement................................................  34
      9.2   Amendment and Modifications.....................................  34
      9.3   Extensions and Waivers..........................................  34
      9.4   Successors and Assigns..........................................  34
      9.5   Survival of Representations, Warranties and Covenants...........  34
      9.6   Headings; Definitions...........................................  35
      9.7   Severability....................................................  35
      9.8   Specific Performance............................................  35

                                       ii
<PAGE>

      9.9   Expenses........................................................  35
      9.10  Notices.........................................................  35
      9.11  Governing Law...................................................  36
      9.12  Arbitration.....................................................  36
      9.13  Counterparts....................................................  36
      9.14  Certain Definitions.............................................  36

                                    Exhibits
                                    --------

Appendix A        Series D Convertible Preferred Stock Certificate of
                  Designation

Appendix B        Series E Convertible Preferred Stock Certificate of
                  Designation

Exhibit 3.1       Articles of Incorporation and Bylaws of Graphite

Exhibit 3.3       Articles of Incorporation and Bylaws of Subsidiaries

Exhibit 3.6       GAAP Financial Statements

Exhibit 3.22      Business Plan

Exhibit 5.10      Form of Investment Letter

Exhibit 5.15      Registration Rights Provisions

                                      iii
<PAGE>

                                    Schedules
                                    ---------

Schedule I        Allocation of Merger Consideration to Graphite Shareholders

Schedule 3.3      Subsidiaries of Graphite

Schedule 3.5(a)   Graphite Shareholders and Capitalization of Graphite

Schedule 3.5(b)   Subsidiaries and Capitalization of Subsidiaries

Schedule 3.7      Instruments Related to Real Property

Schedule 3.8      Exceptions to Ownership of Intellectual Property

Schedule 3.9      Undisclosed Liabilities

Schedule 3.10     Related Party Transactions

Schedule 3.11     Litigation

Schedule 3.13     Insurance

Schedule 3.14     Exceptions to Compliance With Governmental Authorities

Schedule 3.15     Material Contracts

Schedule 3.16     Labor Relations

Schedule 3.18     Certain Changes or Events

Schedule 3.23     Real Property

Schedule 5.1      Exceptions to Conduct of Business in Ordinary Course

Schedule 5.18     Exceptions to the Lock-Up Restrictions

                                       iv
<PAGE>

                          AGREEMENT AND PLAN OF MERGER

      THIS AGREEMENT AND PLAN OF MERGER (the "Agreement"), is made and entered
into this 9th day of March, 2006, by and among BPK RESOURCES, INC., a Nevada
corporation ("BPK"), BPK RESOURCES ACQUISITION CORP., a Delaware corporation
("Merger Sub"), GRAPHITE TECHNOLOGY GROUP, INC., a Delaware corporation
("Graphite"), DEREK HIRSCH and JAMES E. OLIVE, the principal shareholders of
Graphite (collectively, the "Principal Shareholders").

                                    Recitals

      WHEREAS, the Boards of Directors of BPK, Merger Sub and Graphite have
approved, and deem it advisable and in the best interests of their respective
companies and stockholders to consummate a merger of Merger Sub with and into
Graphite (the "Merger"), with Graphite as the surviving company in the Merger
upon the terms and subject to the conditions set forth in this Agreement; and

      WHEREAS, pursuant to the terms of this Agreement, upon consummation of the
Merger, (i) each issued and outstanding share (individually, a "Graphite Common
Share"; and collectively, the "Graphite Common Shares") of common stock, $.001
par value per share, of Graphite ("Graphite Common Stock"), shall represent the
right to receive shares of common stock, $.001 par value per share, of BPK (the
"BPK Common Stock") and shares of Series D Convertible Preferred Stock, $.001
par value per share, of BPK (the "Series D Convertible Preferred Stock") and
(ii) each issued and outstanding share of (A) Series A Preferred Stock, $.001
par value per share, of Graphite (individually, a "Series A Preferred Share";
and collectively, the "Series A Preferred Shares"), and (B) Series B Preferred
Stock, $.001 par value per share, of Graphite (individually, a "Series B
Preferred Share"; and collectively, the "Series B Preferred Shares"), shall
represent the right to receive shares of Series E Convertible Preferred Stock,
$.001 par value per share, of BPK (the "Series E Convertible Preferred Stock").
The Series A Preferred Shares and the Series B Preferred Shares shall be
referred to herein collectively, as the "Graphite Preferred Shares". Each
Graphite Common Share and Graphite Preferred Share shall be referred herein
individually as a "Graphite Share"; and collectively, as the "Graphite Shares".

      NOW, THEREFORE, in consideration of the foregoing premises and
representations, warranties, covenants and agreements contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and intending to be legally bound hereby, the parties
hereto hereby agree as follows:

                                   ARTICLE I

                                   THE MERGER

      1.1   The Merger.

            (a) The Merger. At the Effective Time (as defined in Section
1.1(b)), the Merger shall be effected and Merger Sub shall be merged with and
into Graphite, upon the terms and subject to the conditions set forth in this
Agreement and in accordance with the Delaware General Corporation Law ("DGCL"),
whereupon the separate corporate existence of Merger Sub shall cease and
Graphite shall continue as the surviving company in the Merger (the "Surviving
Company").
<PAGE>

            (b) Effective Time. On the Closing Date (as defined in Section 2.1),
the parties shall file certificates of merger ("Certificates of Merger") with
the Secretary of State of the State of Delaware and make all other filings or
recordings required by the DGCL in connection with the Merger. The Merger shall
become effective at such time as the Certificates of Merger are duly filed and
accepted with the Secretary of State of the State of Delaware, or at such later
time as BPK, Merger Sub and Graphite shall agree and specify in the Certificates
of Merger (the time the Merger becomes effective being the "Effective Time").

            (c) Effects of the Merger. At the Effective Time, the Merger shall
have the effects set forth in this Agreement and the DGCL. Without limiting the
foregoing, and subject thereto, at the Effective Time, all of the property,
rights, powers, privileges and franchises of Graphite and Merger Sub shall be
vested in the Surviving Company, and all of the debts, liabilities and duties of
Graphite and Merger Sub shall become the debts, liabilities and duties of the
Surviving Company.

            (d) Certificate of Incorporation and Bylaws.

                  (i) The certificate of incorporation of Graphite as in effect
immediately prior to the Effective Time shall be the certificate of
incorporation of the Surviving Company until thereafter amended as provided
therein or by applicable law.

                  (ii) The bylaws of Graphite as in effect immediately prior to
the Effective Time shall be the bylaws of the Surviving Company until thereafter
amended as provided therein or by applicable law.

            (e) Officers and Directors. The officers and directors of Graphite
immediately prior to the Effective Time shall be the officers and directors of
the Surviving Company, and shall hold office in accordance with the certificate
of incorporation and bylaws of the Surviving Company until the earlier of the
applicable officer's or director's resignation or removal or until his or her
respective successor is duly elected and qualified, as the case may be.

      1.2   Conversion of Graphite Shares.

            (a) Conversion of Graphite Shares. At the Effective Time, by virtue
of the Merger and without any action on the part of the shareholders of Graphite
("Graphite Shareholders"):

                  (i) Merger Sub Common Stock. Each issued and outstanding share
of common stock, $.001 par value per share, of Merger Sub shall be converted
into and become one (1) validly issued, fully paid and non-assessable share of
common stock, $.001 par value per share, in the Surviving Company;

                                       2
<PAGE>

                  (ii) Cancellation of Treasury Securities and BPK-Owned
Securities. All Graphite Shares that are owned by Graphite as treasury
securities, all Graphite Shares owned by any subsidiary of Graphite, and any
Graphite Shares owned by BPK, Merger Sub or any other wholly-owned subsidiary of
BPK, shall be canceled and retired and shall cease to exist and no consideration
shall be delivered in exchange therefor; and

                  (iii) Conversion of Graphite Common Shares. All of the
Graphite Common Shares issued and outstanding at the Effective Time shall be
converted into the right to receive: (A) an aggregate of Forty Million
(40,000,000) newly issued shares of BPK Common Stock (the "BPK Common Shares");
and (B) an aggregate of Five Hundred Eighty-Five Thousand (585,000) newly issued
shares of Series D Convertible Preferred Stock (the "BPK Series D Preferred
Shares"), which shares shall initially be convertible into an aggregate of
Fifty-Eight Million Five Hundred Thousand (58,500,000) shares of BPK Common
Stock. All such Graphite Common Shares, when so converted, shall no longer be
outstanding and shall automatically be canceled and retired and shall cease to
exist, and each holder of a certificate representing any such Graphite Common
Share shall cease to have any rights with respect thereto, except the right to
receive BPK Common Shares and BPK Series D Preferred Shares therefor upon the
surrender of such certificate in accordance with Section 1.2(b) hereof, without
interest or dividends.

                  (iv) Conversion of Graphite Preferred Shares. Each Graphite
Preferred Share issued and outstanding at the Effective Time shall be converted
into the right to receive one (1) share of Series E Convertible Preferred Stock
for an aggregate of Fourteen Thousand Five Hundred Forty-Six (14,546) newly
issued shares of Series E Convertible Preferred Stock (the "BPK Series E
Preferred Shares"; and collectively, with the BPK Series D Preferred Shares, the
"BPK Preferred Shares"), which shares shall initially be convertible into an
aggregate of Three Million Five Hundred (3,500,000) shares of BPK Common Stock.
All such Graphite Preferred Shares, when so converted, shall no longer be
outstanding and shall automatically be cancelled and retired and shall cease to
exist, and each holder of a certificate representing any such Graphite Preferred
Share shall cease to have any rights with respect thereto, except the right to
receive BPK Series E Preferred Shares therefor upon the surrender of such
certificate in accordance with Section 1.2(b) hereof, without interest or
dividends.

                  (v) Terms of BPK Preferred Stock. The Series D Convertible
Preferred Stock shall have the terms and designations set forth in the
Certificate of Designation attached hereto as Appendix A. The Series E
Convertible Preferred Stock shall have the terms and designations set forth in
the Certificate of Designation attached hereto as Appendix B.

            (b) Exchange of Certificates. Each Graphite Shareholder shall
deliver to BPK any certificate evidencing a Graphite Common Share and receive in
exchange therefor: (i) that number of BPK Common Shares equal to the product of
Forty Million (40,000,000) and a fraction, the numerator of which is the number
of Graphite Shares held by such Graphite Shareholder at the Effective Time and
the denominator of which is the total number of Graphite Shares issued and
outstanding at the Effective Time (such fraction, the "Graphite Ownership
Percentage"); and (ii) that number of BPK Series D Preferred Shares equal to the
product of Five Hundred Eighty-Five Thousand (585,000) and the Graphite
Ownership Percentage. Each Graphite Shareholder holding shares of Graphite
Preferred Stock shall deliver to BPK any certificate evidencing a Graphite
Preferred Share and receive in exchange therefor one (1) share of Series E
Convertible Preferred Stock for each Graphite Preferred Share. If, after the
Effective Time, certificates for the Graphite Shares that were outstanding
immediately prior to the Effective Time shall be delivered to Graphite or BPK,
such Graphite Shares shall be exchanged for (x) BPK Common Shares and BPK Series
D Preferred Shares to be received in connection with the Merger as provided in
Section 1.2(a)(iii) or (y) BPK Series E Preferred Shares to be received in
connection with the Merger as provided in Section 1.2(a)(iv).

                                       3
<PAGE>

            (c) Distributions With Respect to Unexchanged Shares. No interest or
dividends or other distributions with respect to BPK Common Shares or BPK
Preferred Shares with a record date after the Effective Time shall be paid to
the holder of any unsurrendered certificate with respect to the Graphite Shares
represented thereby, and no cash payment in lieu of fractional Graphite Shares
shall be paid to any such holder.

            (d) No Further Ownership Rights in Graphite Shares. From and after
the Effective Time, the holders of certificates evidencing ownership of Graphite
Shares outstanding immediately prior to the Effective Time shall cease to have
any rights with respect to such Graphite Shares, except as otherwise provided
for herein or by applicable law.

            (e) No Fractional Shares. No certificates or scrip representing
fractional BPK Common Shares or BPK Preferred Shares shall be issued upon the
surrender for exchange of certificates representing Graphite Shares, no dividend
or distribution of BPK shall relate to such fractional interests and such
fractional interests will not entitle the owner thereof to vote or to any rights
of a shareholder of BPK. Each Graphite Shareholder who would otherwise have been
entitled to receive a fraction of a BPK Common Share or BPK Preferred Share
(after taking into account all certificates delivered by such Graphite
Shareholder) shall receive that number of BPK Common Shares or BPK Preferred
Shares that such holder would have received if such fractional share was rounded
up to the nearest whole number.

            (f) Lost, Stolen or Destroyed Certificates. In the event any
certificate shall have been lost, stolen or destroyed, upon the making of an
affidavit of that fact by the Person claiming such certificate to be lost,
stolen or destroyed and, if required by BPK, the posting by such Person of a
bond in such reasonable amount as BPK may direct as indemnity against any claim
that may be made against it with respect to such certificate, BPK will issue in
exchange for such lost, stolen or destroyed certificate BPK Common Shares or BPK
Preferred Shares to which such Person is entitled pursuant to this Agreement.

            (g) Transfer Books. The Graphite Share transfer books of Graphite
shall be closed immediately at the Effective Time and thereafter there shall be
no further registration of transfers of Graphite Shares on the records of
Graphite. If, after the Effective Time, certificates are presented to the
Surviving Company for any reason, they shall be cancelled and exchanged as
provided in this Section 1.2.

            (h) Adjustments. If at any time during the period between the date
of this Agreement and the Effective Time, any change in the number of issued and
outstanding shares of BPK Common Stock shall occur, by reason of any
reclassification, recapitalization, stock split or combination, exchange or
readjustment of shares, or any stock dividend thereon with a record date during
such period, the number of BPK Common Shares and BPK Preferred Shares shall be
adjusted appropriately.

                                       4
<PAGE>

      1.3   Dissenters' Rights.

            Notwithstanding any provision of this Agreement to the contrary, any
Graphite Shares that are issued and outstanding immediately prior to the
Effective Time and that are held by a Graphite Shareholder that has not voted in
favor of the Merger or consented thereto in writing and who has properly
delivered a written notice of demand for appraisal of such Graphite Shares in
accordance with Section 262 of the DGCL, if Section 262 of the DGCL provides for
appraisal rights for such Graphite Shares in the Merger (the "Dissenting
Graphite Shares"), shall not be converted into the right to receive BPK Common
Shares and BPK Preferred Shares unless and until such Graphite Shareholder fails
to perfect or effectively withdraws or loses its right to appraisal and payment
under Section 262 of the DGCL. Graphite shall give BPK: (i) prompt notice of any
notice or demands for appraisal or payment for Graphite Shares received by
Graphite, and (ii) the opportunity to participate in and direct all negotiations
and proceedings with respect to any such demands or notices. Graphite shall not,
without the prior written consent of BPK, make any payment with respect to, or
settle, offer to settle or otherwise negotiate, any such demands.

      1.4   Board and Shareholder Approval

            (a) Graphite's Board of Directors shall approve this Agreement and
the Merger, recommend that the Graphite Shareholders approve this Agreement and
the Merger, and submit this Agreement and the Merger to the Graphite
Shareholders for approval. Promptly after executing this Agreement, Graphite,
acting through its Board of Directors, shall duly call, give notice of, convene,
and hold a special meeting of Graphite Shareholders for the purpose of
considering and approving this Agreement and the Merger in accordance with all
applicable requirements of the DGCL. At such meeting, each Principal Shareholder
shall vote all shares of Graphite Common Stock, Graphite Preferred Stock and any
other shares of capital stock of Graphite entitled to vote at such meeting, to
approve this Agreement and the Merger in accordance with all applicable
requirements of the DGCL. Graphite shall provide a copy of this Agreement to all
Graphite Shareholders together with the form of Investment Letter attached
hereto as Exhibit 5.10 informing each that this Agreement and the Merger has
been approved by the Board of Directors of Graphite.

            (b) Graphite and Merger Sub shall cause to occur all corporate
action necessary on behalf of either of them to approve and effect the Merger
and the other transactions contemplated hereby and shall approve the Merger and
this Agreement in accordance with all applicable revisions of the DGCL. The
Board of Directors of the Merger Sub shall approve the Merger and this
Agreement, declare its advisability and submit it for approval to the Sole
Shareholder of Merger Sub by written consent in accordance with all applicable
provisions of the DGCL. The Board of Directors of BPK shall approve the Merger
and the Agreement in accordance with all applicable provisions of the Nevada
General Corporation Law ("NGCL") and as the sole shareholder of Merger Sub,
shall consent in writing to approve the Merger and this Agreement in accordance
with all applicable revisions of the DGCL.

                                       5
<PAGE>

      1.5   Subsequent Actions.

            If, at any time after the Effective Time, the Surviving Company
shall determine, in its sole discretion, or shall be advised, that any deeds,
bills of sale, assignments, assurances or any other actions or things are
necessary or desirable to vest, perfect or confirm of record or otherwise in the
Surviving Company its right, title or interest in, to or under any of the
property, rights, powers, privileges, franchises or other assets of either of
Graphite or Merger Sub acquired or to be acquired by the Surviving Company as a
result of, or in connection with, the Merger or otherwise to carry out this
Agreement, then the officers of the Surviving Company shall be authorized to
execute and deliver, and shall execute and deliver, in the name and on behalf of
either Graphite or Merger Sub, all such deeds, bills of sale, assignments,
assurances, and to take and do, in the name and on behalf of each such
corporation or otherwise, all such other actions and things as may be necessary
or desirable, to vest, perfect or confirm any and all right, title or interest
in, to and under such property, rights, powers, privileges, franchises or other
assets in the Surviving Company or otherwise to carry out the transactions
contemplated by this Agreement.

                                   ARTICLE II

                                   THE CLOSING

      2.1   Closing Date.

            Subject to satisfaction or waiver of all conditions precedent set
forth in Article VI of this Agreement, the closing of the Merger (the "Closing")
shall take place at the offices of Graphite at 10:00 a.m., local time on (a) the
later of: (i) the first Business Day following the day upon which all
appropriate BPK and Merger Sub corporate action and Graphite action has been
taken in accordance with Articles I and V, respectively, of this Agreement; or
(ii) the day on which the last of the conditions precedent set forth in Article
VI of this Agreement is fulfilled or waived; or (b) at such other time, date and
place as the parties may agree, but in no event shall such date be later than
March 31, 2006 (the "Outside Date"), unless such date is extended by the
requirements of law or the mutual agreement of the parties.

      2.2   Closing Merger.

            At the Closing, the following transactions shall occur, all of such
transactions being deemed to occur simultaneously:

            (a) Graphite shall deliver or cause to be delivered to BPK and
Merger Sub the following documents and/or shall take the following actions:

                  (i) A true and complete list of all holders of record of
Graphite Shares issued and outstanding on and as of the Closing setting forth
the name, address, and number of Graphite Shares held by each and the number of
BPK Common Shares and BPK Preferred Shares to be issued or issuable, as
applicable, to each holder at Closing;

                  (ii) Certificates evidencing all of the Graphite Shares;

                                       6
<PAGE>

                  (iii) Any agreements between the Graphite Shareholders and
Graphite relating to the Graphite Shares;

                  (iv) The officer's certificate described in Section 6.2(c);

                  (v) An incumbency certificate signed by all of the executive
officers of Graphite dated at or about the Closing Date;

                  (vi) A certificate of good standing from the Secretary of
State of the State of Delaware, dated at or about the Closing Date, to the
effect that Graphite is in good standing under the laws of the State of
Delaware;

                  (vii) Certificate of incorporation of Graphite certified by
the Secretary of State of the State of Delaware at or about the Closing Date and
bylaws of Graphite certified by the Secretary of Graphite at or about the
Closing Date;

                  (viii) Resolutions of the board of directors and shareholders
of Graphite dated at or about the Closing Date authorizing the Merger, certified
by the Secretary of Graphite;

                  (ix) The investment letters described in Section 5.10;

                  (x) The Audited Financial Statements (as defined in Section
5.11);

                  (xi) The Additional Company Information (as defined in Section
5.12);

                  (xii) The Registration Rights Agreement executed by the
Principal Shareholders described in Section 5.15;

                  (xiii) All consents, authorizations, orders or approvals
required in order to execute and deliver this Agreement and to effectuate the
transactions contemplated hereby in form, scope and substance reasonably
satisfactory to BPK; and

                  (xiv) All approvals, consents, permits and waivers of
Governmental Authorities and any Person necessary for the consummation of the
transactions contemplated by this Agreement and no such approval, consent,
permit or waiver of any Governmental Authority or such other third party shall
contain any term or condition that BPK in its reasonable discretions determines
to be unduly burdensome.

            (b) BPK and Merger Sub shall deliver or cause to be delivered to
Graphite the following documents and shall take the following actions:

                  (i) Certificates evidencing all of BPK Common Shares and BPK
Preferred Shares;

                  (ii) The officer's certificates described in Section 6.1(c);

                  (iii) the executed irrevocable proxies referenced in Section
6.1(e);

                                       7
<PAGE>

                  (iv) An incumbency certificate signed by all of the executive
officers of BPK dated at or about the Closing Date;

                  (v) An incumbency certificate signed by all of the executive
officers of Merger Sub dated at or about the Closing Date;

                  (vi) A certificate of good standing from the Secretary of
State of the State of Nevada, dated at or about the Closing Date, to the effect
that BPK is in good standing under the laws of said state;

                  (vii) A certificate of good standing from the Secretary of
State of the State of Delaware, dated at or about the Closing Date, to the
effect that Merger Sub is in good standing under the laws of said state;

                  (viii) Articles of incorporation of BPK certified by the
Secretary of State of the State of Nevada at or about the Closing Date and the
bylaws of BPK certified by the Secretary of BPK at or about the Closing Date;

                  (ix) Certificate of incorporation of Merger Sub certified by
the Secretary of State of the State of Delaware at or about the Closing Date and
bylaws of Merger Sub certified by the Secretary of Merger Sub at or about the
Closing Date;

                  (x) Resolutions of the board of directors of BPK dated at or
about the Closing Date authorizing the Merger, certified by the Secretary of
BPK;

                  (xi) Resolutions of the board of directors and shareholders of
Merger Sub dated at or about the Closing Date authorizing the Merger, certified
by the Secretary of Merger Sub; and

            (c) Each of the parties to this Agreement shall have otherwise
executed whatever documents and agreements, provided whatever consents or
approvals and shall have taken all such other actions as are required under this
Agreement.

                                  ARTICLE III

                        REPRESENTATIONS AND WARRANTIES OF
                     GRAPHITE AND THE PRINCIPAL SHAREHOLDERS

            Graphite and the Principal Shareholders, jointly and severally,
hereby make the following representations and warranties to BPK and Merger Sub.

      3.1   Organization and Qualification.

            Graphite is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, with the corporate power
and authority to own and operate its businesses as presently conducted, except
where the failure to be or have any of the foregoing would not have a Material
Adverse Effect. Graphite is duly qualified as a foreign company or other entity
to do business and is in good standing in each jurisdiction where the character
of its properties owned or held under lease or the nature of its activities
makes such qualification necessary, except for such failures to be so qualified
or in good standing as would not, individually or in the aggregate, have a
Material Adverse Effect. True, correct and complete copies of the articles of
incorporation and bylaws of Graphite, as amended the date, are attached hereto
as Exhibit 3.1.

                                       8
<PAGE>

      3.2   Authorization; Validity and Effect of Agreement.

            (a) Graphite has the requisite corporate power and authority to
execute, deliver and perform its obligations under this Agreement and to
consummate the Merger. The execution and delivery of this Agreement by Graphite
and the performance by Graphite of its obligations hereunder and the
consummation of the Merger have been duly authorized by its board of directors
and shareholders and all other necessary company action on the part of Graphite
and no other company proceedings on the part of Graphite are necessary to
authorize this Agreement and the Merger. This Agreement has been duly and
validly executed and delivered by Graphite and, assuming that it has been duly
authorized, executed and delivered by the other parties hereto, constitutes a
legal, valid and binding obligation of Graphite, enforceable against it in
accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting creditors' rights generally, general equitable
principles (whether considered in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing.

            (b) Each Principal Shareholder has the full capacity, power and
authority to enter into this Agreement and the other agreements contemplated
hereby to which such Principal Shareholder is a party and to consummate the
transactions contemplated hereby and thereby and to comply with the terms,
conditions and provisions hereof and hereof. This Agreement and the other
agreements contemplated hereby to which a Principal Shareholder is a party has
been duly authorized, executed and delivered by such Principal Shareholder and
are the legal, valid and binding obligations of such Principal Shareholder,
enforceable against such Principal Shareholder in accordance with its terms. No
notices to, declaration, filing or registration with, approvals or consents of,
or assignments by, any Persons (including Governmental Authorities) are
necessary to be made or obtained by Graphite or the Principal Shareholders in
connection with the execution, delivery or performance by Graphite or any of the
Principal Shareholders of this Agreement.

      3.3   Company Subsidiaries.

            Attached hereto as Schedule 3.3 is a complete and accurate list of
Graphite's subsidiaries (the "Subsidiaries"). The Subsidiaries are duly
organized, validly existing and in good standing under the laws of their
respective jurisdictions of organization, with the requisite corporate power and
authority to own and operate their respective businesses as presently conducted,
except where the failure to be or have any of the foregoing would not have a
Material Adverse Effect. The Subsidiaries are duly qualified as foreign
companies or other entities to do business and are in good standing in each
jurisdiction where the character of their respective properties owned or held
under lease or the nature of their respective activities makes such
qualification necessary, except for such failures to be so qualified or in good
standing as would not, individually or in the aggregate, have a Material Adverse
Effect. True, correct and complete copies of the articles of incorporation and
bylaws of each of the Subsidiaries, as amended to date, are attached hereto as
Exhibit 3.3.

                                       9
<PAGE>

      3.4   No Conflict; Required Filings and Consents.

            Neither the execution and delivery of this Agreement by Graphite nor
the performance by Graphite of its obligations hereunder, nor the consummation
of the Merger, shall: (i) conflict with Graphite's certificate of incorporation
or bylaws; (ii) conflict with any Subsidiary's articles of incorporation or
bylaws; (iii) violate any statute, law, ordinance, rule or regulation applicable
to Graphite, any of its Subsidiaries or any of their respective assets or
properties; or (iv) violate, breach, be in conflict with or constitute a default
(or an event which, with notice or lapse of time or both, would constitute a
default) under, or permit the termination of any provision of, or result in the
termination of, the acceleration of the maturity of, or the acceleration of the
performance of any obligation of Graphite or its Subsidiaries under, or result
in the creation or imposition of any Liens upon any properties, assets or
business of Graphite or its Subsidiaries under, any Material Contract or any
order, judgment or decree to which Graphite or any of its Subsidiaries is a
party or by which Graphite, any of its Subsidiaries or any of their respective
assets or properties is bound or encumbered except, in the case of clauses (ii),
(iii) & (iv), for such violations, breaches, conflicts, defaults or other
occurrences which, individually or in the aggregate, would not have a Material
Adverse Effect.

      3.5   Capitalization; Ownership of Graphite Shares.

            (a) Attached hereto as Schedule 3.5(a) is a complete and accurate
list of (i) the Graphite Shareholders and (ii) the number and class of issued
and outstanding Graphite Shares. The authorized capital stock of Graphite
consists of 25 million shares of Graphite Common Stock and one million shares of
preferred stock ("Graphite Preferred Stock"). There are currently issued and
outstanding (x) 14,789,790 shares of Graphite Common Stock, (y) 4,546 shares of
Series A Preferred Stock, and (z) 10,000 shares of Series B Preferred Stock. The
Graphite Shares represent all of the outstanding equity interests in Graphite.
All of the Graphite Shares have been validly authorized and issued and are fully
paid and non-assessable, and Graphite has reserved on its books and records, for
future issuance, the shares of Common Stock issuable upon the conversion of the
Graphite Preferred Shares. Except for this Agreement or as set forth on Schedule
3.5(a), there are no outstanding options, warrants, agreements, conversion
rights, preemptive rights, or other rights to subscribe for, purchase or
otherwise acquire any Graphite Common Stock or Graphite Preferred Stock. There
are no voting trusts or other agreements or understandings to which Graphite is
a party with respect to the voting of Graphite Common Stock or Graphite
Preferred Stock, and there is no indebtedness of Graphite having general voting
rights issued and outstanding. Except for this Agreement or as set forth on
Schedule 3.5(a), there are no outstanding obligations of any Person to
repurchase, redeem or otherwise acquire outstanding Graphite Common Stock or
Graphite Preferred Stock. Except as set forth in this Agreement or as set forth
on Schedule 3.5(a), Graphite has no Graphite Common Stock or Graphite Preferred
Stock reserved for issuance.

            (b) Attached hereto as Schedule 3.5(b) is a complete and accurate
list of the authorized and outstanding equity interests of the Subsidiaries. All
equity interests of the Subsidiaries outstanding as of the date of this
Agreement have been duly authorized and validly issued, are fully paid and
non-assessable, and are free of preemptive rights.

                                       10
<PAGE>

            (c) The Principal Shareholders own and hold, beneficially and of
record, the entire right, title, and interest in and to the Graphite Shares set
forth opposite such Principal Shareholder's name on Schedule I, free and clear
of all Rights and Encumbrances. Each Principal Shareholder has full power and
authority to vote the Shares owned by him or her and to approve the transactions
contemplated by this Agreement. Except as set forth in the Shareholders'
Schedules, each Shareholder has the full power and authority to vote, transfer
and dispose of the Shares owned by him or her, free and clear of any Right or
Encumbrance of any kind or nature whatsoever other than restrictions under the
Securities Act and applicable state securities laws. At the Closing, the
Purchaser will acquire good title to the Shares, free and clear of all Rights
and Encumbrances. Other than the transactions contemplated by this Agreement,
there is no outstanding vote, plan, pending proposal, or other right of any
Person to acquire, or to cause the redemption of, the Shares or to effect the
merger or consolidation of the Company with or into any other Person.

      3.6   Financial Statements.

            True and complete copies of Graphite's consolidated balance sheet at
March 31, 2005 and at December 31, 2005, and consolidated income statements and
statements of cash flows for the fiscal year ended March 31, 2005 and for the
nine-month period ended December 31, 2005, are attached hereto as Exhibit 3.6
(collectively, the "GAAP Financial Statements"). The GAAP Financial Statements
(including the notes thereto) present fairly in all material respects the
financial position and results of operations and cash flows of Graphite and its
Subsidiaries at the dates or for the periods set forth therein, in each case in
accordance with GAAP applied on a consistent basis throughout the periods
involved (except as otherwise indicated therein). The GAAP Financial Statements
were prepared from and in accordance with the books and records of Graphite and
its Subsidiaries, as applicable.

      3.7   Properties and Assets.

            Graphite and its Subsidiaries have good and marketable title to,
valid leasehold interests in, or the legal right to use, and hold free and clear
of all Liens and Encumbrances, all of the assets, properties and leasehold
interests reflected in the Financial Statements (the "Assets"), except for those
sold or otherwise disposed of since the date of the Financial Statements in the
ordinary course of business consistent with past practice and not in violation
of this Agreement. All Assets of Graphite and its Subsidiaries that are used in
the operations of their respective businesses are in good operating condition
and repair, subject to normal wear and tear. Graphite and its Subsidiaries have
delivered to BPK or otherwise made available, correct and complete copies of all
leases, subleases and other material agreements or other material instruments
relating to all real property used in conducting the businesses of Graphite and
the Subsidiaries to which Graphite or the Subsidiaries is a party (collectively,
the "Real Property"), all of which are identified on Schedule 3.7. There are no
pending or, to Graphite's or any of the Subsidiaries' knowledge, threatened
condemnation proceedings relating to any of the Real Property. Except as set
forth on Schedule 3.7, none of the real property improvements (including
leasehold improvements), equipment and other Assets owned or used by Graphite or
its Subsidiaries is subject to any commitment or other arrangement for their
sale or use by any Affiliate of Graphite or its Subsidiaries, or by third
parties. To the Knowledge of each Principal Shareholder, the leased real estate
is free and clear of any zoning or use or building restriction or any pending,
proposed or threatened zoning or use or building restriction which would
interfere with the present or any intended use by Graphite of any of such leased
real estate. Said leases are valid and binding and in full force and effect, and
Graphite is not in default thereunder as to the payment of rent or otherwise.
The consummation of the transactions contemplated by this Agreement will not
constitute an event of default under any of said leases and the continuation,
validity and effectiveness of such leases will not be adversely affected by the
transactions contemplated by this Agreement.

                                       11
<PAGE>

      3.8   Intellectual Property.

            (a) Schedule 3.8 lists all Intellectual Property used in or relied
upon and directly or indirectly in the conduct of Graphite's or any of
Subsidiaries' business or operations in the ordinary course consistent with past
practice (the "Company Intellectual Property"). Except as disclosed in Schedule
3.8: (i) Graphite or its Subsidiaries are the owners of all of the Company
Intellectual Property free and clear of any royalty or other payment obligation,
lien or charge, or have sufficient rights to use such Company Intellectual
Property under a valid and enforceable license agreement, (ii) there are no
agreements that restrict or limit the use of the Company Intellectual Property
by Graphite or its Subsidiaries, and (iii) to the extent that the Company
Intellectual Property owned or held by Graphite or its Subsidiaries are
registered with the applicable authorities, record title to such Company
Intellectual Property is registered or applied for in the name of Graphite or of
its Subsidiaries.

            (b) Graphite's and Subsidiaries' rights to the Company Intellectual
Property are valid and enforceable, and the Intellectual Property and the
products and services of Graphite and its Subsidiaries do not infringe upon
intellectual property rights of any person or entity in any country. Except
where reasonable business decisions to allow rights to lapse have been made, all
maintenance taxes, annuities and renewal fees have been paid and all other
necessary actions to maintain the Company Intellectual Property rights have been
taken through the date hereof. There exists no impediment that would impair
Graphite's rights to conduct its business or the business of its Subsidiaries
after the Effective Time as it relates to the Company Intellectual Property.

            (c) Graphite and its Subsidiaries have taken all reasonable and
appropriate steps to protect the Company Intellectual Property and, were
applicable, to preserve the confidentiality of the Company Intellectual
Property.

            (d) Neither Graphite nor any of its Subsidiaries has received any
notice of claim that any of such Company Intellectual Property has expired, is
not valid or enforceable in any country or that it infringes upon or conflicts
with the intellectual property rights of any third party, and no such claim or
infringement or conflict, whenever filed or threatened, currently exists.

            (e) Neither Graphite nor any of the Subsidiaries has given any
notice of infringement to any third party with respect to any of the Company
Intellectual Property or has become aware of facts or circumstances evidencing
the infringement by any third party of any of the Company Intellectual Property,
and no claim or controversy with respect to any such alleged infringement
currently exists.

                                       12
<PAGE>

            (f) The execution, delivery and performance of this Agreement by
Graphite and the consummation by Graphite of the Merger will not: (i) constitute
a breach by Graphite or the Subsidiaries of any instrument or agreement
governing any Company Intellectual Property owned by or licensed to Graphite or
any of the Subsidiaries, (ii) pursuant to the terms of any license or agreement
relating to any Company Intellectual Property, cause the modification of any
terms of any such license or agreement, including but not limited to the
modification of the effective rate of any royalties or other payments provided
for in any such license or agreement, (iii) cause the forfeiture or termination
of any Company Intellectual Property under the terms thereof, (iv) give rise to
a right of forfeiture or termination of any Company Intellectual Property under
the terms thereof, or (v) impair the right of Graphite, the Subsidiaries, the
Surviving Company or BPK to make, have made, offer for sale, use, sell, export
or license any Company Intellectual Property or portion thereof pursuant to the
terms thereof.

      3.9   No Undisclosed Liabilities.

            Except as disclosed in the Financial Statements or Schedule 3.9,
neither Graphite nor any of its subsidiaries has no material liabilities,
indebtedness or obligations, except those that have been incurred in the
ordinary course of business, whether known or unknown, absolute, accrued,
contingent or otherwise, and whether due or to become due, and to the Knowledge
of Graphite, there is no existing condition, situation or set of circumstances
that could reasonably be expected to result in such a liability, indebtedness or
obligation.

      3.10  Related Party Transactions.

            Except as provided on Schedule 3.10:

            (a) There is no indebtedness between Graphite or any of its
Subsidiaries, on the one hand, and any officer, director or Affiliate (other
than Graphite or any of its Subsidiaries) of Graphite or the Subsidiaries, on
the other hand, other than usual and customary advances made in the ordinary
course of business;

            (b) No officer, director or Affiliate of Graphite or any of its
Subsidiaries provides or causes to be provided any assets, services (other than
services as an, officer, manager, director or employee) or facilities to
Graphite or any of its Subsidiaries;

            (c) Neither Graphite nor any of its Subsidiaries provides or causes
to be provided any assets, services or facilities to any officer, director or
Affiliate of Graphite or any of its Subsidiaries (other than as reasonably
necessary for them to perform their duties as officers, directors or employees);

            (d) Neither Graphite nor any of its Subsidiaries beneficially owns,
directly or indirectly, any investment in or issued by any such officer,
director or Affiliate of Graphite or any of its Subsidiaries; and

                                       13
<PAGE>

            (e) No officer, director or Affiliate of Graphite or any of its
Subsidiaries has any direct or indirect ownership interest in any Person with
which Graphite or any of its Subsidiaries competes or has a business
relationship other than an ownership interest that represents less than five
percent (5%) of the outstanding equity interests in a publicly traded company.

      3.11  Litigation.

            Except for the matters set forth in Schedule 3.11, there is no
action, claim, suit, litigation, proceeding, or governmental investigation
("Action") instituted, pending or threatened against Graphite or any of its
Subsidiaries that, individually or in the aggregate, directly or indirectly,
would be reasonably likely to have a Material Adverse Effect, nor is there any
outstanding judgment, decree or injunction, in each case against Graphite or its
Subsidiaries, that, individually or in the aggregate, has or would be reasonably
likely to have a Material Adverse Effect.

      3.12  Taxes.

            Graphite and its Subsidiaries have timely filed (or have had timely
filed on their behalf) with the appropriate tax authorities all tax returns
required to be filed by them or on behalf of them, and each such tax return was
complete and accurate in all material respects, and Graphite and its
Subsidiaries have timely paid (or have had paid on their behalf) all material
Taxes due and owing by it, regardless of whether required to be shown or
reported on a tax return, including Taxes required to be withheld by it. No
deficiency for a material Tax has been asserted in writing or otherwise, to
Graphite's Knowledge, against Graphite or any Subsidiary or with respect to any
Assets, except for asserted deficiencies that either (i) have been resolved and
paid in full or (ii) are being contested in good faith. There are no material
Liens for Taxes upon the Assets.

      3.13  Insurance.

            Schedule 3.13 sets forth a list of all of Graphite's key-man life
insurance policies and other insurance policies material to the current and
proposed business of Graphite. Graphite maintains insurance covering its assets,
business, equipment, properties, operations, employees, officers, directors and
managers with such coverage, in such amounts, and with such deductibles and
premiums as are consistent with insurance coverage provided for other companies
of comparable size and in comparable industries. All of such policies are in
full force and effect and all premiums payable have been paid in full and
Graphite is in full compliance with the terms and conditions of such policies.
Graphite has not received any notice from any issuer of such policies of its
intention to cancel or refusal to renew any policy issued by it or of its
intention to renew any such policy based on a material increase in premium rates
other than in the ordinary course of business. None of such policies are subject
to cancellation by virtue of the consummation of the Merger. There is no claim
by Graphite pending under any of such policies as to which coverage has been
questioned or denied.

                                       14
<PAGE>

      3.14  Compliance.

            Except as disclosed on Schedule 3.14, Graphite and its Subsidiaries
are in compliance with all foreign, federal, state and local laws and
regulations of any Governmental Authority applicable to its operations or with
respect to which compliance is a condition of engaging in the business thereof,
except to the extent that failure to comply would not, individually or in the
aggregate, have a Material Adverse Effect. Neither Graphite nor any of its
Subsidiaries have received any notice asserting a failure, or possible failure,
to comply with any such law or regulation, the subject of which notice has not
been resolved as required thereby or otherwise to the satisfaction of the party
sending the notice, except for such failure as would not, individually or in the
aggregate, have a Material Adverse Effect. Graphite and its Subsidiaries hold
all permits, licenses and franchises from Governmental Authorities required to
conduct its business as it is now being conducted, except for such failures to
have such permits, licenses and franchises that would not, individually or in
the aggregate, have a Material Adverse Effect.

      3.15  Material Contracts.

            Except as set forth in Schedule 3.15, neither Graphite nor any of
its Subsidiaries is a party to or bound by any Material Contract. The Material
Contracts constitute all of the material agreements and instruments that are
necessary and desirable to operate the business as currently conducted by
Graphite and its Subsidiaries and as contemplated to be conducted. True, correct
and complete copies of each Material Contract described and listed on Schedule
3.15 will be made available to BPK within ten (10) Business Days prior to the
Closing. All of the Material Contracts are valid, binding and enforceable
against the respective parties thereto in accordance with their respective
terms. All parties to all of the Material Contracts have performed all
obligations required to be performed to date under such Material Contracts, and
neither Graphite, its Subsidiaries, nor, to the best of its Knowledge, any other
party, is in default or in arrears under the terms thereof, and no condition
exists or event has occurred which, with the giving of notice or lapse of time
or both, would constitute a default thereunder. The consummation of this
Agreement and the Merger will not result in an impairment or termination of any
of the rights of Graphite or any of its Subsidiaries under any Material
Contract. None of the terms or provisions of any Material Contract materially
and adversely affects the business, prospects, financial condition or results of
operations of Graphite.

      3.16  Labor Relations.

            Except as described on Schedule 3.16, as of the date of this
Agreement (i) there are no activities or proceedings of any labor union to
organize any non-unionized employees of Graphite or any of its Subsidiaries;
(ii) there are no unfair labor practice charges and/or complaints pending
against Graphite or any of its Subsidiaries before the National Labor
Regulations Board, or any similar foreign labor relations governmental bodies,
or any current union representation questions involving employees of Graphite or
any of its Subsidiaries; and (iii) there is no strike, slowdown, work stoppage
or lockout, or threat thereof, by or with respect to any employees of Graphite
or any of its Subsidiaries. As of the date of this Agreement, neither Graphite
nor any of its Subsidiaries is a party to any collective bargaining agreements.
There are no controversies pending or threatened between Graphite and its
Subsidiaries and any of their respective employees, except for such
controversies that would not be reasonably likely to have a Material Adverse
Effect.

                                       15
<PAGE>

      3.17  Environmental Matters.

            Except for such matters that, individually or in the aggregate, are
not reasonably likely to have a Material Adverse Effect, Graphite and its
Subsidiaries (i) have obtained all applicable permits, licenses and other
authorizations that are required to be obtained under all applicable
Environmental Laws by Graphite and its Subsidiaries in connection with their
respective businesses; (ii) are in compliance with all terms and conditions of
such required permits, licenses and authorizations, and with all other
limitations, restrictions, conditions, standards, prohibitions, requirements,
obligations, schedules and timetables contained in or arising from applicable
Environmental Laws in connection with their respective businesses; (iii) have
not received notice of any part or present violations of Environmental Laws in
connection with their respective businesses, or of any spill, release, event,
incident, condition or action or failure to act in connection with their
respective businesses that is reasonably likely to prevent continued compliance
with such Environmental Laws, or which would give rise to any common law
environmental liability or liability under Environmental Laws, or which would
otherwise form the basis of any Action against Graphite or its Subsidiaries
based on or resulting from the manufacture, processing, use, treatment, storage,
disposal, transport, or handling, or the emission, discharge or release into the
environment, of any hazardous material by any Person in connection with
Graphite's or its Subsidiaries' respective businesses; and (iv) have taken all
actions required under applicable Environmental Laws to register any products or
materials required to be registered by Graphite or its Subsidiaries thereunder
in connection with their respective businesses.

      3.18  Absence of Certain Changes or Events.

            Except as set forth on Schedule 3.18 or as otherwise contemplated by
this Agreement, since December 31, 2005, (i) there has been no change or
development in, or effect on, Graphite or any of its Subsidiaries that has or
could reasonably be expected to have a Material Adverse Effect, (ii) neither
Graphite nor any of its Subsidiaries has sold, transferred, disposed of, or
agreed to sell, transfer or dispose of, any material amount of Assets other than
in the ordinary course of business, (iii) neither Graphite nor any of its
Subsidiaries any has paid any dividends or distributed any Assets to any
officer, director or shareholder of Graphite, (iv) neither Graphite nor any of
its Subsidiaries has acquired any material amount of Assets except in the
ordinary course of business, nor acquired or merged with any other business, (v)
neither Graphite nor any of its Subsidiaries has waived or amended any of their
respective material contractual rights except in the ordinary course of
business, and (vi) neither Graphite nor any of its Subsidiaries has entered into
any agreement to take any action described in clauses (i) through (v) above.

                                       16
<PAGE>

      3.19  Investment Intent.

            BPK Common Shares and BPK Preferred Shares being acquired by the
Principal Shareholders in connection with the Merger are being acquired for the
respective Principal Shareholders' own account for investment purposes only and
not with a view to, or with any present intention of, distributing or reselling
any of such shares. Each Principal Shareholder acknowledges and agrees that the
BPK Common Shares and BPK Preferred Shares have not been registered under the
Securities Act or under any state securities laws, and that BPK Common Shares or
BPK Preferred Shares may not be, directly or indirectly, sold, transferred,
offered for sale, pledged, hypothecated or otherwise disposed of without
registration under the Securities Act and applicable state securities laws,
except pursuant to an available exemption from such registration. The Principal
Shareholders also acknowledge and agree that neither the SEC nor any state
securities commission nor other Governmental Authority has (a) approved the
issuance of the BPK Common Shares or BPK Preferred Shares or passed upon or
endorsed the merits of the BPK Common Shares or BPK Preferred Shares, this
Agreement or the Merger; or (b) confirmed the accuracy of, determined the
adequacy of, or reviewed this Agreement. The Principal Shareholders have such
Knowledge, sophistication and experience in financial, tax and business matters
in general, and investments in securities in particular, that they are capable
of evaluating the merits and risks of this investment in BPK Common Shares and
BPK Preferred Shares, and each Principal Shareholder has made such
investigations in connection herewith as be deemed necessary or desirable so as
to make an informed investment decision without relying upon BPK for legal or
tax advice related to this investment.

      3.20  Employee Benefit Matters.

            Neither Graphite nor any Subsidiaries are a party to, or since their
respective inceptions have been a party to, any Employee Benefit Plans,
programs, arrangements or agreements, whether formal or informal, whether in
writing or otherwise, with respect to which Graphite or a Subsidiary has or may
have any obligation or that are maintained, contributed to or sponsored by
Graphite or the Subsidiary for the benefit of any current or former director,
officer or employee of Graphite or the Subsidiary. Neither Graphite nor any
Subsidiary has a current or projected liability in respect of post-employment or
post-retirement health, medical or life insurance benefits for any of its
retired, former or current employees. There is no contract, plan or arrangement,
written or otherwise, covering any employee or former employee of Graphite or
any Subsidiary that, individually or collectively, could give rise to the
payment of any amount that would not be deductible pursuant to the terms of
Section 280G of the Code and, except as contemplated by this Agreement, no
employee or former employee of Graphite or any Subsidiary will become entitled
to any bonus, retirement, severance, job security or similar benefit or
enhancement of such benefit (including acceleration of vesting or exercise of an
incentive award) as a result of the Merger. Neither Graphite nor any Subsidiary
has any express or implied commitment to: (i) create, incur liability with
respect to or cause to exist, any Employee Benefit Plan, program, arrangement or
agreement; or (ii) enter into any contract or agreement to provide compensation
or benefits to any individual.

                                       17
<PAGE>

      3.21  Brokers and Finders Fees.

            Neither Graphite or any of its Subsidiaries nor any of their
respective officers, directors, employees or managers has employed any broker or
finder or incurred any liability for any investment banking fees, brokerage
fees, commissions or finders fees in connection with the Merger for which
Graphite or any of its Subsidiaries has or could have any liability.

      3.22  Company Information

            (a) Graphite and the Principal Shareholders have provided BPK with a
business plan (the "Business Plan") describing Graphite's assets, liabilities,
operations, financial condition, current and proposed business, principal
customers, the identity, business experience, education, and certain other
information regarding its directors and officers (including involvement in any
legal proceedings, or being the subject of any investigation by, or proceeding
of, any governmental authority or self regulatory organization such as the
NASD), capitalization, principal shareholders, any and all transactions or
relationships between Graphite and any of its directors, officers or principal
shareholders, any pending or threatened legal proceedings and any proposed
acquisitions. A true and correct copy of the Business Plan is attached hereto as
Exhibit 3.22. Graphite and the Principal Shareholders understand that the
Business Plan will be used by BPK in connection with the offer and sale of
securities of BPK, that BPK will rely upon the Business Plan without independent
investigation or verification thereof, that BPK will assume no responsibility
for the accuracy or completeness of the Business Plan, and that Graphite and the
Principal Shareholders will be solely responsible for the contents of the
Business Plan.

            (b) Graphite and the Principals Shareholders represent and warrant
that the Business Plan is true and complete and is not misleading and does not
and will not, as of the date of the Closing hereunder, contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading. If at any time
prior to the Closing an event occurs as a result of which the Business Plan (as
then amended or supplemented) would or might include any untrue statement of a
material fact or omit to state any material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading, Graphite will notify BPK promptly. Graphite and the Principal
Shareholders authorize BPK to provide the Business Plan to potential investors
and agree that they will not distribute or otherwise transmit the Business Plan
to any potential investors without the prior approval of BPK.

      3.23  Real Property.

            Graphite has the right to use all real property necessary for the
conduct of its business as presently conducted. Schedule 3.23 identifies all
such real property. Except as set forth in the Schedule 3.23, Graphite is not a
party to any leases of real property. The Company is the lessee under the real
estate leases described on Schedule 3.23. True, correct and complete copies of
said leases and any amendments, extensions and renewals thereof have heretofore
been delivered by the Company to the Purchaser. The Company enjoys quiet and
undisturbed possession under each of said leases. The Company's interest in each
of such leases is free and clear of any Encumbrances, is not subject to any
deeds of trust, assignments, subleases or rights of any third parties created by
the Company, other than the lessor thereof. To the Knowledge of the
Shareholders' Agent, the leased real estate is free and clear of any zoning or
use or building restriction or any pending, proposed or Threatened zoning or use
or building restriction which would interfere with the present or any intended
use by the Company of any of such leased real estate. Said leases are valid and
binding and in full force and effect, and the Company is not in default
thereunder as to the payment of rent or otherwise. The consummation of the
transactions contemplated by this Agreement will not constitute an event of
default under any of said leases and the continuation, validity and
effectiveness of such leases will not be adversely affected by the transactions
contemplated by this Agreement.

                                       18
<PAGE>

      3.24  Termination of Business Relationships.

            No supplier of Graphite which cannot be replaced on commercially
reasonable terms has evidenced to Graphite or the Principal Shareholders any
intention to cancel or terminate its business relationship with Graphite. No key
employee of Graphite has notified Graphite or the Principal Shareholders of his
or her intent or desire to terminate employment with Graphite.

                                   ARTICLE IV

              REPRESENTATIONS AND WARRANTIES OF BPK AND MERGER SUB

      BPK and Merger Sub hereby make the following representations and
warranties to Graphite and the Principal Shareholders:

      4.1   Organization and Qualification.

            BPK and Merger Sub are duly organized, validly existing and in good
standing under the laws of their respective jurisdiction of organization, with
the corporate power and authority to own and operate their respective business
as presently conducted, except where the failure to be or have any of the
foregoing would not have a Material Adverse Effect. BPK and Merger Sub are duly
qualified as foreign corporations or other entities to do business and are in
good standing in each jurisdiction where the character of their properties owned
or held under lease or the nature of their activities makes such qualification
necessary, except for such failures to be so qualified or in good standing as
would not have a Material Adverse Effect.

      4.2   Authorization; Validity and Effect of Agreement.

            BPK and Merger Sub have the requisite corporate power and authority
to execute, deliver and perform their respective obligations under this
Agreement and to consummate the Merger. The execution and delivery of this
Agreement by BPK and Merger Sub and the performance by BPK and Merger Sub of
their respective obligations hereunder and the consummation of the Merger have
been duly authorized by their respective boards of directors and all other
necessary corporate action on the part of BPK and Merger Sub and no other
corporate proceedings on the part of BPK or Merger Sub are necessary to
authorize this Agreement and the Merger. This Agreement has been duly and
validly executed and delivered by BPK and Merger Sub and, assuming that it has
been duly authorized, executed and delivered by the other parties hereto,
constitutes a legal, valid and binding obligation of BPK and Merger Sub, in
accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting creditors' rights generally, general equitable
principles (whether considered in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing.

                                       19
<PAGE>

      4.3   No Conflict; Required Filings and Consents.

            Neither the execution and delivery of this Agreement by BPK or
Merger Sub nor the performance by BPK or Merger Sub of their respective
obligations hereunder, nor the consummation of the Merger, will: (i) conflict
with BPK's articles of incorporation or bylaws; (ii) conflict with Merger Sub's
articles of incorporation or bylaws; (iii) violate any statute, law, ordinance,
rule or regulation, applicable to BPK or any of the properties or assets of BPK;
or (iv) violate, breach, be in conflict with or constitute a default (or an
event which, with notice or lapse of time or both, would constitute a default)
under, or permit the termination of any provision of, or result in the
termination of, the acceleration of the maturity of, or the acceleration of the
performance of any obligation of BPK or Merger Sub, or result in the creation or
imposition of any Lien upon any properties, assets or business of BPK or Merger
Sub under, any Material Contract or any order, judgment or decree to which BPK
is a party or by which it or any of its assets or properties is bound or
encumbered except, in the case of clauses (ii), (iii) and (iv), for such
violations, breaches, conflicts, defaults or other occurrences which,
individually or in the aggregate, would not have a material adverse effect on
its obligation to perform its covenants under this Agreement.

      4.4   Capitalization.

            (a) The authorized capital stock of BPK consists of 100,000,000
shares of common stock, $.001 par value per share, and 10,000,000 shares of
preferred stock, $.001 par value per share. There are issued and outstanding (i)
54,259,503 shares of BPK Common Stock, (ii) options to acquire 600,000 shares of
BPK Common Stock, with a weighted average exercise price of $0.1367 per share,
(iii) shares reserved to be issued in connection with convertible loans to
acquire 9,615,385 shares of BPK Common Stock, (iv) warrants to acquire
10,994,995 shares of BPK Common Stock, with a weighted average exercise price of
$0.2472 per share, and (iv) 829,755 shares of Series B Convertible Preferred
Stock. All shares of capital stock of BPK outstanding as of the date of this
Agreement have been duly authorized and validly issued, are fully paid and
non-assessable, and are free of preemptive rights. After issuing the BPK Common
Shares, the number of authorized and unissued shares of BPK Common Stock will be
insufficient to cover the full amount issuable upon conversion of the BPK
Preferred Shares issuable hereunder.

            (b) The authorized capital stock of Merger Sub consists solely of
1,000 shares of common stock, $.001 par value per share, of which 100 shares are
issued and outstanding and owned of record and beneficially by BPK. All shares
of capital stock of Merger Sub outstanding as of the date of this Agreement have
been duly authorized and validly issued, are fully paid and non-assessable, and
are free of preemptive rights.

                                       20
<PAGE>

      4.5   SEC Reports and Financial Statements.

            BPK has filed with the SEC, and has heretofore made available to
Graphite true and complete copies of, all forms, reports, schedules, statements
and other documents required to be filed by it under the Exchange Act or the
Securities Act (as such documents have been amended since the time of their
filing, collectively, the "BPK SEC Documents"). As of their respective dates or,
if amended, as of the date of the last such amendment, BPK SEC Documents,
including any financial statements or schedules included therein: (a) did not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements made
therein, in light of the circumstances under which they were made, not
misleading, and (b) complied in all material respects with the applicable
requirements of the Exchange Act and the Securities Act, as the case may be, and
the applicable rules and regulations of the SEC thereunder. Each of the
financial statements included in BPK SEC Documents have been prepared from, and
are in accordance with, the books and records of BPK, comply in all material
respects with applicable accounting requirements and with the published rules
and regulations of the SEC with respect thereto, have been prepared in
accordance with GAAP applied on a consistent basis during the periods involved
(except as may be indicated in the notes thereto) and fairly present the
financial positions and the results of operations and cash flows of BPK as of
the dates thereof or for the periods presented therein (subject, in the case of
unaudited statements, to normal year-end audit adjustments not material in
amount).

      4.6   Transaction Fees.

            Neither BPK or Merger Sub, nor any of their respective officers,
directors, employees or managers, has employed any broker, finder, advisor or
consultant, or incurred any liability for any investment banking fees, brokerage
fees, commissions or finders' fees, advisory fees or consulting fees in
connection with the Merger for which BPK or Merger Sub has or could have any
liability.

      4.7   No Undisclosed Liabilities.

            Except as disclosed in the BPK SEC Documents, neither BPK nor Merger
Sub has any material liabilities, indebtedness or obligations, except those that
have been incurred in the ordinary course of business, whether known or unknown,
absolute, accrued, contingent or otherwise, and whether due or to become due,
and to the Knowledge of BPK, there is no existing condition, situation or set of
circumstances that could reasonably be expected to result in such a liability,
indebtedness or obligation.

                                   ARTICLE V

                                CERTAIN COVENANTS

      5.1   Conduct of Business by Graphite and the Subsidiaries.

            (a) Except (i) as expressly permitted by this Agreement, (ii) as
required by applicable law or any Material Contract to which Graphite or any of
its Subsidiaries is a party or by which any Asset is bound, (iii) with the
consent of BPK or (iv) as set forth on Schedule 5.1, during the period
commencing with the date of this Agreement and continuing until the Closing
Date, Graphite and its Subsidiaries shall conduct their business in all material
respects in the ordinary and usual course consistent with past practice and use
their commercially reasonable efforts to preserve intact their respective
business organizations and relationships with third parties and keep available
the services of their respective present officers and employees.

                                       21
<PAGE>

            (b) Without limiting the generality of Section 5.1(a), during the
period commencing with the date of this Agreement and continuing until the
Closing Date, neither Graphite nor any of its Subsidiaries shall:

                  (i) adopt or propose any change in their respective articles
of incorporation, bylaws or other constitutional documents, except for changes
which would not have Material Adverse Effect;

                  (ii) (A) issue, authorize or sell any equity or debt
securities, (B) issue, authorize or sell any securities convertible into, or
options with respect to, or warrants to purchase or rights to subscribe for, any
equity or debt securities, (C) split, combine, reclassify or make any other
change in their respective issued and outstanding equity or debt securities, (D)
redeem, purchase or otherwise acquire any of their respective equity or debt
securities, or (E) declare any dividend or make any distribution with respect to
their equity or debt securities;

                  (iii) (A) increase in any manner the compensation of, or enter
into any new bonus or incentive agreement or arrangement with, any of their
respective directors, officers, employees or managers other than increases in
compensation in the ordinary course of business and consistent with past
practice and that are not material in the aggregate, (B) pay or agree to pay any
pension, retirement allowance or other employee benefit to any director,
officer, employee or manager, whether past or present, other than as required by
applicable law, contracts or plan documents in effect on the date of this
Agreement, (C) enter into any new employment, severance, consulting, or other
compensation agreement with any director, officer, employee or manager or other
person other than in connection with any new hires or promotions in the ordinary
course and consistent with past practice, or (D) commit themselves to any
additional pension, profit-sharing, deferred compensation, group insurance,
severance pay, retirement or other employee benefit plan, fund or similar
arrangement, or adopt or amend or commit themselves to adopt or amend any of
such plans, funds or similar arrangements in existence on the date hereof;

                  (iv) (A) enter into, extend, renew or terminate any Material
Contract, or make any change in any Material Contracts, (B) reclassify any
assets or liabilities, or (C) do any other act that (x) would cause any
representation or warranty of Graphite in this Agreement to be or become untrue
in any material respect, or (y) could reasonably be expected to have a Material
Adverse Effect;

                  (v) (A) sell, transfer, lease or otherwise dispose of any
Assets other than in the ordinary course of business consistent with prior
practice, (B) create or permit to exist any new Lien or Encumbrance on any
Assets (iii) assume, incur or guarantee any obligation for borrowed money other
than in the ordinary course of business consistent with past practices, (iv)
enter into any joint venture, partnership or other similar arrangement, (v) make
any investment in or purchase any securities of any Person, (vi) incur any
indebtedness, issue or sell any new debt securities, enter into any new credit
facility or make any capital expenditures, or (vii) merge or consolidate with
any other Person or acquire any other Person or a business, division or product
line of any other Person (except as provided for in this Agreement);

                                       22
<PAGE>

                  (vi) make any change in any method of accounting or accounting
practice except as required (a) by reason of a concurrent change in law, SEC
guidelines or GAAP, or (b) by reason of a change in Graphite's or any of its
Subsidiaries' method of accounting practices that, due to law, SEC guidelines or
requirements, or GAAP, requires a change in any method of accounting or
accounting practice; or

                  (vii) settle or compromise any material Tax liability, make or
change any material Tax election, or file any tax return other than a tax return
filed in the ordinary course of business and prepared in a manner consistent
with past practice;

      5.2   Access to Information.

            At all times prior to the Closing or the earlier termination of this
Agreement in accordance with the provisions of Article VIII, and in each case
subject to Section 5.3 below, each party hereto shall provide to the other party
(and the other party's authorized representatives) reasonable access during
normal business hours and upon reasonable prior notice to the premises,
properties, books, records, assets, liabilities, operations, contracts,
personnel, financial information and other data and information of or relating
to such party (including without limitation all written proprietary and trade
secret information and documents, and other written information and documents
relating to intellectual property rights and matters), and will cooperate with
the other party in conducting its due diligence investigation of such party,
provided that the party granted such access shall not interfere unreasonably
with the operation of the business conducted by the party granting access, and
provided that no such access need be granted to privileged information or any
agreements or documents subject to confidentiality agreements.

      5.3   Confidentiality; No Solicitation.

            (a) Confidentiality. Each party shall hold, and shall cause its
respective Affiliates and representatives to hold, all Confidential Information
made available to it in connection with the Merger in strict confidence, shall
not use such information except for the sole purpose of evaluating the Merger
and shall not disseminate or disclose any of such information other than to its
directors, officers, managers, employees, shareholders, interest holders,
Affiliates, agents and representatives, as applicable, who need to know such
information for the sole purpose of evaluating the Merger (each of whom shall be
informed in writing by the disclosing party of the confidential nature of such
information and directed by such party in writing to treat such information
confidentially). If this Agreement is terminated pursuant to the provisions of
Article VIII, each party shall immediately return to the other party all such
information, all copies thereof and all information prepared by the receiving
party based upon the same. The above limitations on use, dissemination and
disclosure shall not apply to Confidential Information that (i) is learned by
the disclosing party from a third party entitled to disclose it; (ii) becomes
known publicly other than through the disclosing party or any third party who

                                       23
<PAGE>

received the same from the disclosing party, provided that the disclosing party
had no Knowledge that the disclosing party was subject to an obligation of
confidentiality; (iii) is required by law or court order to be disclosed by the
parties; or (iv) is disclosed with the express prior written consent thereto of
the other party. The parties shall undertake all necessary steps to ensure that
the secrecy and confidentiality of such information will be maintained in
accordance with the provisions of this subsection (a). Notwithstanding anything
contained herein to the contrary, in the event a party is required by court
order or subpoena to disclose information which is otherwise deemed to be
confidential or subject to the confidentiality obligations hereunder, prior to
such disclosure, the disclosing party shall: (i) promptly notify the
non-disclosing party and, if having received a court order or subpoena, deliver
a copy of the same to the non-disclosing party; (ii) cooperate with the
non-disclosing party, at the expense of the non-disclosing party, in obtaining a
protective or similar order with respect to such information; and (iii) provide
only that amount of information as the disclosing party is advised by its
counsel is necessary to strictly comply with such court order or subpoena.

            (b) No Solicitation. Except as otherwise contemplated in this
Agreement, neither Graphite nor any Subsidiary shall, directly or indirectly,
solicit any inquiries or proposals for, or enter into or continue or resume any
discussions with respect to or enter into any negotiations or agreements
relating to, the sale or exchange of all or a substantial part of the Assets.
Graphite shall promptly notify BPK if any such proposal or offer, or any inquiry
or contact with any Person or entity with respect thereto, is made.

      5.4   Best Efforts; Consents.

            Subject to the terms and conditions herein provided, each of BPK,
Merger Sub and Graphite agrees to use all reasonable efforts to take, or cause
to be taken, all actions and to do, or cause to be done, all things necessary,
proper or advisable to consummate and make effective as promptly as practicable
the Merger and to cooperate with the others in connection with the foregoing,
including using its reasonable efforts to (i) obtain all waivers, consents and
approvals from other parties to loan agreements, leases, mortgages and other
contracts necessary for the consummation of the Merger, (ii) make all filings
with, and obtain all consents, approvals and authorizations that are required to
be obtained from, Governmental Authorities, (iii) lift or rescind any
injunction, restraining order, decree or other order adversely affecting the
ability of the parties hereto to consummate the Merger, (iv) effect all
necessary registrations and filings and submissions of information requested by
Governmental Authorities, and (v) fulfill all conditions to this Agreement. Each
of BPK, Merger Sub and Graphite shall use all reasonable efforts to prevent the
entry, enactment or promulgation of any threatened or pending preliminary or
permanent injunction or other order, decree or ruling or statute, rule,
regulation or executive order that would adversely affect the ability of the
parties hereto to consummate the Merger.

      5.5   Further Assurances.

            Subject to Section 5.4, each of the parties hereto agrees to use its
reasonable best efforts before and after the Closing Date to take or cause to be
taken all action, to do or cause to be done, and to assist and cooperate with
the other party hereto in doing, all things necessary, proper or advisable under
applicable laws to consummate and make effective, in the most expeditious manner
practicable, the Merger, including, but not limited to: (i) the satisfaction of
the conditions precedent to the obligations of any of the parties hereto; (ii)
to the extent consistent with the obligations of the parties set forth in
Section 5.4, the defending of any lawsuits or other legal proceedings, whether
judicial or administrative, challenging this Agreement or the performance of the
obligations hereunder; and (iii) the execution and delivery of such instruments,
and the taking of such other actions, as the other party hereto may reasonably
require in order to carry out the intent of this Agreement.

                                       24
<PAGE>

      5.6   Public Announcements.

            BPK, Merger Sub and Graphite shall consult with each other before
issuing any press release or otherwise making any public statements with respect
to the Merger or this Agreement, and shall not issue any other press release or
make any other public statement without the prior written consent of the other
parties, except as may be required by law or, with respect to BPK, by
obligations pursuant to rule or regulation of the Exchange Act, the Securities
Act, any rule or regulation promulgated thereunder or any rule or regulation of
the National Association of Securities Dealers.

      5.7   Notification of Certain Matters.

            Each party hereto shall promptly notify the other party in writing
of any events, facts or occurrences that would result in any breach of any
representation or warranty or breach of any covenant by such party contained in
this Agreement.

      5.8   Prohibition on Trading in Company Securities.

            Graphite and the Principal Shareholders acknowledge that information
concerning the matters that are the subject matter of this Agreement may
constitute material non-public information under United States federal
securities laws, and that United States federal securities laws prohibit any
Person who has received material non-public information relating to BPK from
purchasing or selling securities of BPK, or from communicating such information
to any Person under circumstances in which it is reasonably foreseeable that
such Person is likely to purchase or sell securities of BPK. Accordingly, until
such time as any such non-public information has been adequately disseminated to
the public, neither Graphite nor any of the Principal Shareholders shall
purchase or sell any securities of BPK, or communicate such information to any
other Person.

      5.9   [Intentionally Omitted].

      5.10  Investment Letters.

            At or prior to Closing, Graphite shall deliver to BPK investment
letters in the form attached hereto as Exhibit 5.10 executed by each Graphite
Shareholder listed on Schedule 3.5(a).

                                       25
<PAGE>

      5.11  Audited Financial Statements.

            At the Closing, Graphite shall deliver to BPK a consolidated balance
sheet at March 31, 2005 and consolidated income statements and statements of
cash flows for the fiscal years ended March 31, 2005 audited by an
SEC-registered independent accountant, and shall have its consolidated balance
sheets, income statements and statements of cash flows for each interim period
subsequent to March 31, 2005, reviewed by an SEC-registered independent
accountant (collectively, the "Audited Financial Statements"). The Audited
Financial Statements (including the notes thereto) shall present fairly in all
material respects the financial position and results of operations and cash
flows of Graphite at the dates or for the periods set forth therein, in each
case in accordance with GAAP applied on a consistent basis throughout the
periods involved and in accordance with all applicable SEC rules and regulations
(except as otherwise indicated therein). The Audited Financial Statements shall
be prepared from and in accordance with the books and records of Graphite.
Graphite shall cause its independent accountant to consent to BPK's use of and
reliance on the Audited Financial Statements as may be required in connection
with any filings made by BPK under the United States federal securities laws.

      5.12  Additional Company Information.

            At the Closing, Graphite shall deliver to BPK, written information
regarding Graphite, its business, properties, liquidity and capital resources,
officers, directors, principal shareholders, material pending litigation and any
and all such other matters as BPK shall request (collectively, the "Additional
Company Information") and that BPK is required to file with the SEC under
applicable United States federal securities laws including, but not limited to,
Items 2.01(f) and 5.01(a)(8) of SEC Form 8-K.

      5.13  Graphite Options and Warrants.

            Graphite covenants and agrees that:

            (a) At and immediately prior to the Closing, with the exception of
this Agreement, there shall be no outstanding (i) options, warrants, agreements,
conversion rights, preemptive rights, or other rights to purchase or otherwise
acquire any Graphite Common Stock or Graphite Preferred Stock, or (ii)
obligations of any Person to repurchase, redeem or otherwise acquire any
Graphite Common Stock or Graphite Preferred Stock; and

            (b) At and immediately prior to the Closing, there shall be no (i)
voting trusts or other agreements or understandings to which any Graphite
Shareholder shall be a party with respect to the voting of the Graphite Common
Stock or Graphite Preferred Stock, or (ii) issued and outstanding indebtedness
of Graphite having general voting rights.

      5.14  BPK and Graphite Capitalization.

            (a) Immediately prior to the Closing, Graphite shall provide BPK
with a revised capitalization table substantially in the form of Schedule 3.5(a)
and shall update Section 3.5(a) to reflect any changes in the capitalization of
Graphite occurring after the date hereof and prior to the Closing.

                                       26
<PAGE>

            (b) Immediately prior to the Closing, BPK shall update Section 4.4
to reflect any changes in the capitalization of BPK occurring after the date
hereof and prior to the Closing.

      5.15  Registration Rights.

            BPK Common Shares and shares of BPK Common Stock issuable upon
exercise of the BPK Preferred Shares to be issued to the Graphite Shareholders
shall have the registration rights set forth in Exhibit 5.15.

      5.16  Board of Directors.

            On or before the Closing, BPK shall take all necessary action to (i)
increase the size of its Board of Directors to seven and to appoint Thomas
Dugan, Derek Hirsch, James Olive, Alvin Marshall, Edward Ryan, Buddy Johns, and
Bertil Akesson (the "Company Designees") to serve as directors of BPK, effective
as of the Closing; and (ii) obtain the resignation of all of its directors and
officers, effective as of the Closing. BPK shall comply with and immediately
take all actions required pursuant to Section 14(f) of the Exchange Act and Rule
14f-1 promulgated thereunder in order to fulfill its obligations under this
Section 5.16, including mailing to its shareholders, the information required by
such Section 14(f) and Rule 14f-1 as is necessary to enable Graphite Designees
to be appointed to BPK's Board of Directors (the "Information Statement").
Graphite shall supply BPK with all information with respect to, and be solely
responsible for all information with respect to, Graphite, Graphite Designees
and its officers, directors and affiliates required by such Section 14(f) and
Rule 14f-1.

      5.17  [Intentionally Omitted].

      5.18  Lock-Up.

            In addition to any prohibition on transfers or sales under
applicable federal or state securities laws, all founders, directors, officers
and consultants who are holders of capital stock of Graphite, including the
Principal Shareholders, shall not sell, transfer, encumber or otherwise dispose
of any of the BPK Common Shares or any shares of BPK Common Stock issued upon
conversion of the BPK Preferred Shares for a period of twelve (12) months
following the Closing. Schedule 5.18 attached hereto lists those Graphite
Shareholders not subject to the lock-up restrictions set forth in this Section
5.18, together with the number of BPK Common Shares, BPK Series D Preferred
Shares and BPK Series E Preferred Shares to be issued to such Graphite
Shareholders pursuant to this Agreement.

                                   ARTICLE VI

                    CONDITIONS TO CONSUMMATION OF THE MERGER

      6.1   Conditions to Obligations of Graphite and the Principal
            Shareholders.

            The obligations of Graphite and the Principal Shareholders to
consummate the Merger shall be subject to the fulfillment, or written waiver by
Graphite or the Principal Shareholders, at or prior to the Closing, of each of
the following conditions:

                                       27
<PAGE>

            (a) The representations and warranties of BPK and Merger Sub set out
in this Agreement shall be true and correct in all material respects at and as
of the time of the Closing as though such representations and warranties were
made at and as of such time, except that the representations and warranties set
forth in Section 4.4 shall be updated as provided in Section 5.15(b);

            (b) BPK and Merger Sub shall have performed and complied in all
material respects with all covenants, conditions, obligations and agreements
required by this Agreement to be performed or complied with by BPK and Merger
Sub, respectively, on or prior to the Closing Date;

            (c) BPK shall have delivered to Graphite an officer's certificate of
each of BPK and Merger Sub to the effect that the conditions set forth in
Section 6.1(a) and (b) have been satisfied;

            (d) BPK shall have delivered to Graphite any certificates evidencing
BPK Common Shares or BPK Preferred Shares in accordance with Section 2.2(b)(i).

            (e) BPK shall have delivered to Graphite at the Closing a fully
executed irrevocable proxy from BP Investment Group LLC ("BPIG"), who currently
holds 27,692,305 shares of BPK Common Stock, in form and substance acceptable to
Graphite and its counsel, constituting and appointing Harold T. King proxy, with
full power of substitution in order to vote all shares of BPK's common stock
registered in BPIG's name on BPK's books and records as of the date hereof in
favor of either a reverse stock split of the issued and outstanding shares of
BPK Common Stock or increase in the number of shares of BPK Common Stock BPK is
authorized to issue and in favor of establishing options for management,
advisors, consultants and persons management may designate (the "Management
Options"), which in the aggregate shall represent the right to purchase the
number of shares of BPK Common Stock that, when and if all are exercised, would
result in the issuance of the number of shares of BPK Common Shares equivalent
to 20,000,000 shares of BPK Common Stock (the "Management Shares"), or that
number of Management Shares resulting from a reverse split of the issued and
outstanding shares of BPK Common Stock as and if the Management Shares were
issued prior to the reverse split of BPK Common Stock at any meeting of the
stockholders of BPK to consider such actions.

      6.2   Conditions to Obligations of BPK and Merger Sub.

            The obligations of BPK and Merger Sub to consummate the Merger shall
be subject to the fulfillment or written waiver by BPK or Merger Sub, at or
prior to the Closing, of each of the following conditions:

            (a) The representations and warranties of Graphite and the Principal
Shareholders set out in this Agreement shall be true and correct in all material
respects at and as of the time of the Closing as though such representations and
warranties were made at and as of such time, except that the representations and
warranties set forth in Section 3.5 shall be updated as provided in Section
5.18(a);

                                       28
<PAGE>

            (b) Graphite and the Principal Shareholders shall have performed and
complied in all material respects with all covenants, conditions, obligations
and agreements required by this Agreement to be performed or complied with by
Graphite or the Principal Shareholders on or prior to the Closing Date;

            (c) Graphite shall have delivered to BPK and Merger Sub a
certificate of the Secretary of Graphite and the Principal Shareholders to the
effect that the conditions set forth in Section 6.2(a) and (b) hereof have been
satisfied;

            (d) Graphite shall have delivered to BPK and Merger Sub any
certificates evidencing the Graphite Shares and any agreement relating to the
Graphite Shares in accordance with 2.2(a)(i) & (ii);

            (e) Graphite shall have delivered to BPK and Merger Sub the Audited
Financial Statements described in Section 5.11;

            (f) Graphite shall have delivered to BPK and Merger Sub the
Additional Company Information described in Section 5.12;

            (g) BPK and Merger Sub shall have completed a due diligence review
of the business, operations, financial condition and prospects of Graphite and
shall have been satisfied with the results of their due diligence review in
their sole and absolute discretion;

            (h) The Graphite Shareholders shall have approved the Merger in
accordance with the DGCL; and

            (i) No Graphite Shareholder shall assert any dissenters' rights
under the DGCL.

      6.3   Other Conditions to Obligations of Graphite, the Principal
            Shareholders, BPK and Merger Sub.

            The obligations of BPK, Merger Sub and Graphite to consummate the
Merger shall be subject to the fulfillment, or written waiver by each of BPK,
Merger Sub and Graphite, at or prior to the Closing, of each of the following
conditions:

            (a) All director, shareholder, lender, lessor and other parties'
consents and approvals, as well as all filings with, and all necessary consents
or approvals of, all federal, state and local governmental authorities and
agencies, as are required under this Agreement, applicable law or any applicable
contract or agreement (other than as contemplated by this Agreement) to complete
the Merger shall have been secured; and

            (b) No statute, rule, regulation, executive order, decree,
preliminary or permanent injunction, or restraining order shall have been
enacted, entered, promulgated or enforced by any Governmental Authority that
prohibits or restricts the consummation of the Merger.

                                       29
<PAGE>

                                  ARTICLE VII

                                 INDEMNIFICATION

      7.1   Indemnification by the Principal Shareholders.

            During the period commencing on the Closing Date and ending on the
date that is 12 months after the Closing Date, the Principal Shareholders shall
indemnify and hold harmless Parent and Merger Sub and their respective officers,
directors and shareholders (each an "Indemnified Party"), from and against any
and all demands, claims, actions or causes of action, judgments, assessments,
losses, liabilities, damages or penalties and reasonable attorneys' fees and
related disbursements (collectively, "Claims") suffered by such Indemnified
Party resulting from or arising out of any knowing (i) inaccuracy in or breach
of any of the representations or warranties made by Graphite or the Principal
Shareholders at the time they were made, and, except for representations and
warranties that speak as of a specific date or time (which need only be true and
correct as of such date or time), on and as of the Closing Date, (ii) breach or
nonfulfillment of any covenants or agreements made by Graphite or the Principal
Shareholders, and (iii) misrepresentation made by Graphite or the Principal
Shareholders, in each case as made herein or in the Schedules or Exhibits
annexed hereto or in any closing certificate, schedule or any ancillary
certificates or other documents or instruments furnished by Graphite or the
Principal Shareholders pursuant hereto or in connection with the Merger.

      7.2   Indemnification Procedures for Third-Party Claim.

            (a) Upon obtaining knowledge of any Claim by a third party that has
given rise to, or is expected to give rise to, a claim for indemnification
hereunder, BPK shall give written notice ("Notice of Claim") of such claim or
demand to the Principal Shareholders, specifying in reasonable detail such
information as the Indemnified Party may have with respect to such
indemnification claim (including copies of any summons, complaint or other
pleading that may have been served on it and any written claim, demand, invoice,
billing or other document evidencing or asserting the same). Subject to the
limitations set forth in Section 7.2(b) hereof, no failure or delay by BPK in
the performance of the foregoing shall reduce or otherwise affect the obligation
of the Principal Shareholders to indemnify and hold the Indemnified Party
harmless, except to the extent that such failure or delay shall have actually
adversely affected the Principal Shareholders' ability to defend against, settle
or satisfy any Claims for which the Indemnified Party is entitled to
indemnification hereunder.

            (b) If the claim or demand set forth in the Notice of Claim given by
BPK pursuant to Section 7.2(a) hereof is a claim or demand asserted by a third
party, the Principal Shareholders shall have fifteen (15) days after the date on
which the Notice of Claim is delivered to notify Parent in writing of its
election to defend such third party claim or demand on behalf of the Indemnified
Party. If the Principal Shareholders elect to defend such third party claim or
demand, Parent shall make available to the Principal Shareholders and its agents
and representatives all records and other materials that are reasonably required
in the defense of such third party claim or demand and shall otherwise cooperate
with, and assist the Principal Shareholders in the defense of, such third party
claim or demand, and so long as the Principal Shareholders is defending such
third party claim in good faith, the Indemnified Party shall not pay, settle or
compromise such third party claim or demand. If the Principal Shareholders elect
to defend such third party claim or demand, the Indemnified Party shall have the
right to participate in the defense of such third party claim or demand at the
Principal Shareholders' expense. In the event, however, that such Indemnified

                                       30
<PAGE>

Party reasonably determines that representation by counsel to the Principal
Shareholders of both the Principal Shareholders and such Indemnified Party could
reasonably be expected to present counsel with a conflict of interest, then the
Indemnified Party may employ separate counsel to represent or defend it in any
such action or proceeding and the Principal Shareholders will pay the fees and
expenses of such counsel. If the Principal Shareholders does not elect to defend
such third party claim or demand or does not defend such third party claim or
demand in good faith, the Indemnified Party shall have the right, in addition to
any other right or remedy it may have hereunder, at the Principal Shareholders'
expense, to defend such third party claim or demand; provided, however, that (i)
such Indemnified Party shall not have any obligation to participate in the
defense of or defend any such third party claim or demand; (ii) such Indemnified
Party's defense of or its participation in the defense of any such third party
claim or demand shall not in any way diminish or lessen the obligations of the
Principal Shareholders under the agreements of indemnification set forth in this
Article VII; and (iii) such Indemnified Party may not settle any claim without
the consent of the Principal Shareholders, which consent shall not be
unreasonably withheld or delayed.

            (c) The Company and the Principal Shareholders, and Parent, Merger
Sub and the other Indemnified Parties, if any, shall cooperate fully in all
aspects of any investigation, defense, pre-trial activities, trial, compromise,
settlement or discharge of any claim in respect of which indemnity is sought
pursuant to this Article VII, including, but not limited to, by providing the
other party with reasonable access to employees and officers (including as
witnesses) and other information.

            (d) Except for third party claims being defended in good faith, the
Principal Shareholders shall satisfy its obligations under this Article VII in
respect of a valid claim for indemnification hereunder that is not contested by
the Company in good faith in cash within thirty (30) days after the date on
which Notice of Claim is delivered.

      7.3   Indemnification Procedures for Non-Third Party Claims.

            In the event any Indemnified Party should have an indemnification
claim against the Principal Shareholders under this Agreement that does not
involve a claim by a third party, the Indemnified Party shall promptly deliver
notice of such claim to the Principal Shareholders in writing and in reasonable
detail. The failure by any Indemnified Party to so notify the Principal
Shareholders shall not relieve the Principal Shareholders from any liability
that it may have to such Indemnified Party, except to the extent that Principal
Shareholders have been actually prejudiced by such failure. If the Principal
Shareholders do not notify the Indemnified Party within fifteen (15) Business
Days following its receipt of such notice that the Principal Shareholders
disputes such claim, such claim specified by the Principal Shareholders in such
notice shall be conclusively deemed a liability of the Principal Shareholders
under this Article VII and the Principal Shareholders shall pay the amount of
such liability to the Indemnified Party on demand, or in the case of any notice
in which the amount of the claim is estimated, on such later date when the
amount of such claim is finally determined. If the Principal Shareholders
dispute their liability with respect to such claim in a timely manner, the
Principal Shareholders and the Indemnified Party shall proceed in good faith to
negotiate a resolution of such dispute and, if not resolved through
negotiations, such dispute shall be submitted to arbitration pursuant to Section
9.12.

                                       31
<PAGE>

      7.4   Limitations on Indemnification.

            (a) No claim for indemnification under this Article VII shall be
asserted by an Indemnified Party, and no liability for such indemnify shall be
enforced against the Principal Shareholders, to the extent the Indemnified Party
has theretofore received indemnification or otherwise been compensated for such
Claim. In the event that an Indemnified Party shall later collect any such
amounts recovered under insurance policies with respect to any Claim for which
it has previously received payments under this Article VII from the Principal
Shareholders, such Indemnified Party shall promptly repay to the Principal
Shareholders such amount recovered; provided, however, that in no event shall
the amount repaid to the Principal Shareholders exceed the amount paid by the
Principal Shareholders under this Article VII.

            (b) The liability of the Principal Shareholders under this Article
VII shall be limited to the BPK Common Shares issued to the Principal
Shareholders hereunder. The payment of any amounts due under this Article VII
shall be made by delivery of BPK Common Shares to BPK valued at 75% of the
average closing sales price of shares of BPK Common Stock during the thirty (30)
day period preceding delivery of such shares.

      7.5   Exclusive Remedy.

            The indemnification provisions of this Article VII (i) shall, in the
case of the representatives and warranties, be the exclusive remedy following
the Closing with respect to breaches thereof, (ii) shall apply without regard
to, and shall not be subject to, any limitation by reason of set-off, limitation
or otherwise, and (iii) are intended to be comprehensive and not to be limited
by any requirements of law concerning prominence of language or waiver of any
legal right under any law (including, without limitation, rights under any
workers compensation statute or similar statute conferring immunity from suit).
The obligations of the parties set forth in this Article VII shall be
conditioned upon the Closing having occurred.

                                  ARTICLE VIII

                                   TERMINATION

      8.1   Termination.

            This Agreement may be terminated at any time prior to the Closing:

            (a) by mutual consent of BPK, Merger Sub, Graphite and the Principal
Shareholders;

            (b) by any of BPK, Merger Sub, Graphite or the Principal
Shareholders if the Closing shall not have occurred on or before the Outside
Date;

                                       32
<PAGE>

            (c) by BPK, Merger Sub, Graphite or the Principal Shareholders if
any Governmental Authority shall have issued an injunction, order, decree or
ruling or taken any other action restraining, enjoining or otherwise prohibiting
any material portion of the Merger and such injunction, order, decree, ruling or
other action shall have become final and nonappealable;

            (d) by BPK, Merger Sub, Graphite or the Principal Shareholders upon
written notice to the other party if any of the conditions to the Closing set
forth in Section 6.3 shall have become incapable of fulfillment by the Outside
Date and shall not have been waived in writing by BPK, Merger Sub, Graphite, or
the Principal Shareholders, respectively.

            (e) by BPK or Merger Sub upon written notice to Graphite if any of
the conditions to the Closing set forth in Section 6.2 shall have become
incapable of fulfillment by the Outside Date and shall not have been waived in
writing by BPK; or

            (f) by Graphite or the Principal Shareholders upon written notice to
BPK if any of the conditions to the Closing set forth in Section 6.1 shall have
become incapable of fulfillment by the Outside Date and shall not have been
waived in writing by Graphite or the Principal Shareholders.

      8.2   Procedure and Effect of Termination.

            In the event of termination of this Agreement pursuant to Section
8.1 hereof, written notice thereof shall forthwith be given by the terminating
party to the other party, and, except as set forth below, this Agreement shall
terminate and be void and have no effect and the Merger shall be abandoned
without any further action by the parties hereto; provided, however, that if
such termination shall result from the failure of a party to perform a covenant,
obligation or agreement in this Agreement or from the breach by BPK, Merger Sub,
Graphite or the Principal Shareholders of any representation or warranty
contained herein, such party shall be fully liable for any and all damages
incurred or suffered by the other party as a result of such failure or breach.
If this Agreement is terminated as provided herein:

            (a) each party hereto shall redeliver, and shall cause its agents
(including, without limitation, attorneys and accountants) to redeliver, all
documents, work papers and other material of each party hereto relating to the
Merger, whether obtained before or after the date hereof; and

            (b) each party agrees that all Confidential Information received by
BPK and Merger Sub, on the one hand, or Graphite and the Principal Shareholders,
on the other hand, with respect to the other party, this Agreement or the Merger
shall be kept confidential notwithstanding the termination of this Agreement.

                                       33
<PAGE>

                                   ARTICLE IX

                                  MISCELLANEOUS

      9.1   Entire Agreement.

            This Agreement and the Schedules and Exhibits hereto contain the
entire agreement between the parties and supersede all prior agreements and
understandings, both written and oral, between the parties with respect to the
subject matter hereof.

      9.2   Amendment and Modifications.

            This Agreement may not be amended, modified or supplemented except
by an instrument or instruments in writing signed by the party against whom
enforcement of any such amendment, modification or supplement is sought.

      9.3   Extensions and Waivers.

            At any time prior to the Closing, the parties hereto entitled to the
benefits of a term or provision may (a) extend the time for the performance of
any of the obligations or other acts of the parties hereto, (b) waive any
inaccuracies in the representations and warranties contained herein or in any
document, certificate or writing delivered pursuant hereto, or (c) waive
compliance with any obligation, covenant, agreement or condition contained
herein. Any agreement on the part of a party to any such extension or waiver
shall be valid only if set forth in an instrument or instruments in writing
signed by the party against whom enforcement of any such extension or waiver is
sought. No failure or delay on the part of any party hereto in the exercise of
any right hereunder shall impair such right or be construed to be a waiver of,
or acquiescence in, any breach of any representation, warranty, covenant or
agreement.

      9.4   Successors and Assigns.

            This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns, provided, however,
that no party hereto may assign its rights or delegate its obligations under
this Agreement without the express prior written consent of the other party
hereto. Except as provided in Article VII, nothing in this Agreement is intended
to confer upon any person not a party hereto (and their successors and assigns)
any rights, remedies, obligations or liabilities under or by reason of this
Agreement.

      9.5   Survival of Representations, Warranties and Covenants.

            The representations and warranties contained herein shall survive
the Closing and shall thereupon terminate twelve (12) months after the Closing,
except that (i) the representations contained in Sections 3.1, 3.2, 3.5, 3.9,
3.12, 3.17, 4.1, 4.2, and 4.4 shall survive indefinitely. All covenants and
agreements contained herein which by their terms contemplate actions following
the Closing shall survive the Closing and remain in full force and effect in
accordance with their terms. All other covenants and agreements contained herein
shall not survive the Closing and shall thereupon terminate.

                                       34
<PAGE>

      9.6   Headings; Definitions.

            The section and article headings contained in this Agreement are
inserted for convenience of reference only and will not affect the meaning or
interpretation of this Agreement. All references to sections or articles
contained herein mean sections or articles of this Agreement unless otherwise
stated. All capitalized terms defined herein are equally applicable to both the
singular and plural forms of such terms.

      9.7   Severability.

            If any provision of this Agreement or the application thereof to any
Person or circumstance is held to be invalid or unenforceable to any extent, the
remainder of this Agreement shall remain in full force and effect and shall be
reformed to render the Agreement valid and enforceable while reflecting to the
greatest extent permissible the intent of the parties.

      9.8   Specific Performance.

            The parties hereto agree that in the event Graphite fails to
consummate the Merger in accordance with the terms of this Agreement,
irreparable damage would occur, no adequate remedy at law would exist and
damages would be difficult to determine. It is accordingly agreed that BPK and
Merger Sub shall be entitled to specific performance in such event, without the
necessity of proving the inadequacy of money damages as a remedy, in addition to
any other remedy at law or in equity.

      9.9   Expenses.

            Whether or not the Merger is consummated, and except as otherwise
expressly set forth herein, all legal and other costs and expenses incurred in
connection with the Merger, including any legal and other costs and expenses
incurred in compliance with the terms of this Agreement, shall be paid by the
party incurring such expenses.

      9.10  Notices.

            All notices hereunder shall be sufficiently given for all purposes
hereunder if in writing and delivered personally, sent by documented overnight
delivery service or, to the extent receipt is confirmed, telecopy, telefax or
other electronic transmission service to the appropriate address or number as
set forth below.

If to Graphite or Merger Sub:                      with a copy to:

BPK Resources, Inc.                                Fox Rothschild LLP
264 Union Boulevard, First Floor                   997 Lenox Drive, Building 3
Totowa, NJ 07512                                   Lawrenceville, NJ  08648
Attention: Chief Executive Officer                 Attention: Vincent A. Vietti,
                                                              Esquire

                                       35
<PAGE>

If to Graphite or the Principal Shareholders:      with a copy to:

Graphite Technology Group, Inc.                    Lehman & Eilen LLP
106 Lakeside Avenue                                Mission Bay Office Plaza
Delano, PA 18220                                   Suite 300
Attention: James E. Olive                          20283 State Road
                                                   Boca Raton, FL 33498
                                                   Attention: Hank Gracin, Esq.

      9.11  Governing Law.

            This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to the laws that might
otherwise govern under applicable principles of conflicts of laws thereof,
except to the extent that the DGCL shall apply to the internal corporate
governance of Graphite, the NGCL shall apply to the internal corporate
governance of BPK and to the extent that the DGCL shall apply to the internal
corporate governance of Merger Sub.

      9.12  Arbitration.

            If a dispute arises as to the interpretation of this Agreement, it
shall be decided in an arbitration proceeding conforming to the Rules of the
American Arbitration Association applicable to commercial arbitration then in
effect at the time of the dispute. The arbitration shall take place in the State
of New Jersey. The decision of the Arbitrators shall be conclusively binding
upon the parties and final, and such decision shall be enforceable as a judgment
in any court of competent jurisdiction. The parties shall share equally the
costs of the arbitration.

      9.13  Counterparts.

            This Agreement may be executed in two or more counterparts and
delivered via facsimile, each of which shall be deemed to be an original, but
all of which together shall constitute one and the same agreement.

      9.14  Certain Definitions.

            As used herein:

            (a) "Affiliate" shall have the meanings ascribed to such term in
Rule 12b 2 of the Exchange Act;

            (b) "Business Day" shall mean any day other than a Saturday, Sunday
or a day on which federally chartered financial institutions are not open for
business in New York City;

            (c) "Confidential Information" shall mean the existence and contents
of this Agreement and the schedules and exhibits hereto, and all proprietary
technical, economic, environmental, operational, financial and/or business
information or material of one party that, prior to or following the Closing
Date, has been disclosed by Graphite or any Subsidiary, on the one hand, or BPK
or Merger Sub, on the other hand, in written, oral (including by recording),
electronic, or visual form to, or otherwise has come into the possession of, the
other;

                                       36
<PAGE>

            (d) "Employee Benefit Plan" shall mean: (i) each bonus, stock
option, stock purchase, incentive compensation, deferred compensation and other
equity compensation plan, program, agreement or arrangement; (ii) each severance
or termination pay, medical, surgical, hospitalization, life insurance and other
"welfare" plan, fund or program within the meaning of Section 3(1) of ERISA
(whether or not subject to ERISA); (iii) each profit-sharing, stock bonus or
other "pension" plan, fund or program (within the meaning of Section 3(2) of
ERISA); (iv) each "employee benefit plan" within the meaning of Section 3(3) of
ERISA (whether or not subject to ERISA); (v) each employment, retention,
termination, severance, change of control or compensation agreement; and (vi)
each other employee benefit plan, fund, program, agreement or arrangement that
is, in each case, sponsored, maintained or contributed to or required to be
contributed to by Graphite, any Subsidiary or any third party, or to which
Graphite, any Subsidiary or any third party is party, whether written or
otherwise, for the benefit of any director, employee or former employee of
Graphite or any Subsidiary;

            (e) "Encumbrances" shall mean any security or other property
interest or right, claim, lien, pledge, option, charge, security interest,
contingent or conditional sale, or other title claim or retention agreement,
interest or other right or claim of third parties, whether perfected or not
perfected, voluntarily incurred or arising by operation of law, and including
any agreement (other than this Agreement) to grant or submit to any of the
foregoing in the future;

            (f) "Environmental Law" shall mean any applicable statute, rule,
regulation, law, bylaw, ordinance or directive of any Governmental Authority
dealing with the pollution or protection of natural resources, the indoor or
ambient environment, or the protection of human health or safety;

            (g) "ERISA" shall mean the Employee Retirement Income Security Act
of 1974, as amended.

            (h) "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder;

            (i) "GAAP" shall mean United States generally accepted accounting
principles as in effect on the date or for the period with respect to which such
principles are applied;

            (j) "Governmental Authority" shall mean any nation or government,
any state, municipality or other political subdivision thereof and any entity,
body, agency, commission or court, whether domestic, foreign or multinational,
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government and any executive official thereof;

            (k) "Intellectual Property" shall mean all of the following: (i)
inventions (whether patentable or unpatentable and whether or not reduced to
practice), all improvements thereto and all patents, patent applications and
patent disclosures, together with all reissuances, continuations,
continuations-in-part, revisions, extensions and reexaminations thereof, (ii)
trademarks, service marks, trade dress, domain names, maskworks, logos, trade
names and corporate names, including all goodwill associated therewith and all
applications, registrations and renewals in connection therewith, (iii)
copyrightable works, copyrights and all applications, registrations and renewals
in connection therewith, (iv) trade secrets and confidential business
information (including ideas, research and development, know-how, formulas,
compositions, manufacturing and production processes and techniques, technical
data, designs, drawings, specifications, customer and supplier lists, pricing
and cost information and business and marketing plans and proposals), (v)
computer software, together with all translations, adaptations, derivations and
combinations thereof (including data and related documentation), (vi) all other
proprietary rights, and (vii) all copies and tangible embodiments thereof (in
whatever form or medium);

                                       37
<PAGE>

            (l) "Knowledge" shall mean (i) with respect to an individual,
knowledge of a particular fact or other matter, if such individual is aware of
such fact or other matter, and (ii) with respect to a Person that is not an
individual, knowledge of a particular fact or other matter if any individual who
is serving, or who has at any time served, as a director, officer, partner,
executor, or trustee of such Person (or in any similar capacity) has, or at any
time had, knowledge of such fact or other matter;

            (m) "Liens" shall mean liens, pledges, charges, claims, security
interests, purchase agreements, options, title defects, restrictions on transfer
or other encumbrances, or any agreements (other than this Agreement) to do any
of the foregoing, of any nature whatsoever, whether consensual, statutory or
otherwise;

            (n) "Material Adverse Effect" shall mean any adverse effect on the
business, condition (financial or otherwise) or results of operation of the
applicable entity and its subsidiaries, if any, which is material to the
applicable entity and its subsidiaries, if any, taken as a whole;

            (o) "Material Contract" shall mean any oral, written or implied
contracts, agreements, leases, powers of attorney, guaranties, surety
arrangements, employment agreements, consulting agreements or other commitments,
the liabilities or commitments associated therewith exceed, in the case of
Graphite and its Subsidiaries collectively, $10,000 individually or $25,000 in
the aggregate;

            (p) "Person" shall mean any individual, corporation, partnership,
association, trust or other entity or organization, including a governmental or
political subdivision or any agency or institution thereof;

            (q) "SEC" shall mean the Securities and Exchange Commission;

            (r) "Securities Act" shall mean the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder; and

                                       38
<PAGE>

            (s) "Taxes" shall mean all taxes (whether U.S. federal, state, local
or non-U.S.) based upon or measured by income and any other tax whatsoever,
including, without limitation, gross receipts, profits, sales, levies, imposts,
deductions, charges, rates, duties, use, occupation, value added, ad valorem,
transfer, franchise, withholding, payroll and social security, employment,
excise, stamp duty or property taxes, together with any interest, penalties,
charges or fees imposed with respect thereto.

                  [Remainder of page intentionally left blank]

                                       39
<PAGE>

      IN WITNESS WHEREOF, BPK, Merger Sub, Graphite and the Principal
Shareholders have caused this Agreement to be signed by their respective
officers hereunto duly authorized, all as of the date first written above.

                                       BPK RESOURCES, INC.

                                       By: /s/ Christopher H. Giordano
                                          --------------------------------------
                                          Christopher H. Giordano
                                          President

                                       BPK RESOURCES ACQUISITION CORP.

                                       By: /s/ Christopher H. Giordano
                                          --------------------------------------
                                          Christopher H. Giordano
                                          President

                                       GRAPHITE TECHNOLOGY GROUP, INC.

                                       By: /s/ James E. Olive
                                          --------------------------------------
                                          James E. Olive
                                          Chief Executive Officer and Director

                                          /s/ Derek Hirsch
                                          --------------------------------------
                                          Derek Hirsch

                                          /s/ James E. Olive
                                          --------------------------------------
                                          James E. Olive

                                       40
<PAGE>

                                   SCHEDULE I

                     GRAPHITE SHAREHOLDERS AND ALLOCATION OF
                   BPK COMMON SHARES AND BPK PREFERRED SHARES

<TABLE>
<CAPTION>
Common Shares Issued                               Graphite                                                Series D
(Graphite Technology Group, Inc.)              Technology Shares          %          Share Exchange        Preferred
--------------------------------------------------------------------------------------------------------------------
<S>                                                <C>                  <C>            <C>                 <C>
                                                                                       40,000,000            585,000

                                                                                           40.61%             59.39%

James Olive                                        1,350,000            9.13%           3,651,167             53,398
Cathy Olive                                          450,000            3.04%           1,217,056             17,799
Westervelt Capital, L.P.                             850,000            5.75%           2,298,883             33,621

Opal Partners, L.P.                                  856,413            5.79%           2,316,228             33,875

Derek Hirsch                                       1,155,221            7.81%           3,124,374             45,694
Robert Hirsch                                      1,155,221            7.81%           3,124,374             45,694
Kenneth Hirsch                                     1,155,221            7.81%           3,124,374             45,694
Beach Lane Capital                                   893,661            6.04%           2,416,967             35,348
9102 Quebec Inc.                                   1,874,449           12.67%           5,069,576             74,143
Harold King                                          500,000            3.38%           1,352,284             19,777

Hyo-Sook Sullivan                                    371,250            2.51%           1,004,071             14,685
Industry Capital Partners L.P.                       340,932            2.31%             922,074             13,485

Gary McLendon                                         25,000            0.17%              67,614                989

Bob Johnson                                          133,000            0.90%             359,708              5,261

Edward L. Ryan                                        57,500            0.39%             155,513              2,274

Edward O'Donnell                                      28,571            0.19%              77,272              1,130
Dianne Ward                                            5,714            0.04%              15,454                226
R&N Mandaro                                          150,000            1.01%             405,685              5,933

Awsum Corporation                                     69,500            0.47%             187,968              2,749

Kevin Ryan                                            60,000            0.41%             162,274              2,373
Albert Lawther                                        50,000            0.34%             135,228              1,978
Stuart Duncan                                         53,846            0.36%             145,630              2,130

Bertil Akesson Jr.                                    40,000            0.27%             108,183              1,582

Edward Johns                                          40,000            0.27%             108,183              1,582
T.G. Dugan                                            40,000            0.27%             108,183              1,582
E.L. Ryan                                             40,000            0.27%             108,183              1,582

Alvin B. Marshall                                     40,000            0.27%             108,183              1,582
</TABLE>

<PAGE>

                               Schedule I (cont.)

<TABLE>
<CAPTION>
Common Shares Issued                               Graphite                                                Series D
(Graphite Technology Group, Inc.)              Technology Shares          %          Share Exchange        Preferred
--------------------------------------------------------------------------------------------------------------------
<S>                                                <C>                  <C>            <C>                 <C>
Gunther Thase                                         15,000            0.10%              40,569                593

John Healy                                            15,000            0.10%              40,569                593

Gilbert Rocthford                                     15,000            0.10%              40,569                593
Kevin Ryan                                            15,000            0.10%              40,569                593
Don Baxter                                            75,000            0.51%             202,843              2,967

Ryan Walker                                           75,000            0.51%             202,843              2,967
Dave Laudeman                                         75,000            0.51%             202,843              2,967

Thomas Dugan                                          75,000            0.51%             202,843              2,967
Beach Lane Capital                                   120,000            0.81%             324,548              4,747

Twinbro Capital LLC                                   43,610            0.29%             117,946              1,725
Industry Capital Partners L.P.                       165,466            1.12%             447,514              6,545
Merchant Capital                                     450,000            3.04%           1,217,056             17,799
Range Corp                                            45,673            0.31%             123,526              1,807

Max Christian                                         75,000            0.51%             202,843              2,967

Petra Preisinger                                      20,000            0.14%              54,091                791
M Dugan Revocable Trust                               71,429            0.48%             193,185              2,825
Larry Belcamino                                       10,000            0.07%              27,046                396
Theodore Twardzik                                     66,667            0.45%             180,305              2,637
Timothy Twardzik                                      66,667            0.45%             180,305              2,637
Ted Twardzik                                          15,000            0.10%              40,569                593
Tim Twardzik                                          15,000            0.10%              40,569                593
Merchant Capital                                     144,796            0.98%             391,611              5,727

Merchant Capital                                     452,489            3.06%           1,223,787             17,898

Shu Wei Tang                                          75,000            0.51%             202,843              2,967

Sullivan Living Trust                                  5,714            0.04%              15,454                226
Chenzhou Global Graphite, Inc.                       600,795            4.06%           1,624,891             23,764

Derek Hirsch                                          11,337            0.08%              30,662                448
Quebec Inc.                                           67,626            0.46%             182,899              2,675
Beach Lane Capital                                    54,485            0.37%             147,358              2,155
E.L. Ryan                                              2,019            0.01%               5,461                 80
T.G.Dugan                                              3,989            0.03%              10,789                158
Knox Insurance Brokers                                 5,481            0.04%              14,824                217
</TABLE>

<PAGE>

                               Schedule I (cont.)

<TABLE>
<CAPTION>
Common Shares Issued                               Graphite                                                Series D
(Graphite Technology Group, Inc.)              Technology Shares          %          Share Exchange        Preferred
--------------------------------------------------------------------------------------------------------------------
<S>                                                <C>                  <C>            <C>                 <C>
Carlant Holdings                                       4,615            0.03%              12,482                183
Beach Lane Capital                                    12,766            0.09%              34,527                505
E. L. Ryan                                             3,333            0.02%               9,014                132
T. G. Dugan                                           16,000            0.11%              43,273                633
Knox Insurance Brokers                                12,667            0.09%              34,259                501
Carlant Holdings                                       6,667            0.05%              18,031                264
Total Shares                                      14,789,790             100%          40,000,000            585,000

<CAPTION>
                                              Graphite Series A                                            Series E
Series A & B Preferred Shares                   & B Preferred                                              Preferred
--------------------------------------------------------------------------------------------------------------------
<S>                                               <C>                                                      <C>
Series A Preferred Shares
Derek Hirsch                                           4,546

Series B Preferred Shares
Derek Hirsch                                          10,000

Series E Convertible Preferred
Derek Hirsch                                                                                                  14,546
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]