Document:

Exhibit
      10.1

    

    STERLING
      BANK

    2550
      NORTH LOOP WEST, SUITE 100

    HOUSTON,
      TEXAS 77092

    

    November
      10, 2006

     

    Via
      Facsimile 

    Lothian
      Oil Inc.

    500
      Fifth
      Ave., Suite 2600

    New
      York,
      NY 10110

    Attention:
      Scott Wilson

    

    
      	 	
              RE:

            	
              Waiver,
                Consent and Forbearance Agreement (“Agreement”)
                relating to Amended and Restated Credit Agreement executed June 16,
                2006 but dated effective March 31, 2006 (“Credit
                Agreement”),
                by and among Sterling Bank and Lothian Oil Inc., et al. (collectively
                “Borrower”)
                (collectively, with Sterling Bank, the “Parties”
                and, individually, a “Party”)

            

    

     

    Dear
      Mr.
      Wilson:

     

    By
      execution of this Agreement, Borrower acknowledges that certain Events of
      Default have occurred as a result of Borrower’s failure to timely deliver its
      Financial Statements for the periods ending March 31, 2006 and
      June 30, 2006 (“Financial
      Statement Defaults”).
      Additionally, Borrower acknowledges that an Event of Default has occurred as
      a
      result of Borrower’s failure to comply with the financial covenant under
Section
      6.14
      of the
      Credit Agreement regarding its Current Ratio (the “Current Ratio
      Default”).
      Finally, Borrower has informed Sterling Bank that it will be unable to deliver
      the Financial Statements to Sterling Bank for the quarter ending
      September 30, 2006 as required under Section
      5.2
      of the
      Credit Agreement.

    

    Borrower
      hereby requests that Sterling Bank (i) waive the Events of Default with
      regard to the Financial Statement Defaults, (ii) forbear from exercising
      any remedies under the Credit Agreement with regard to the Current Ratio Default
      and (iii) consent to late delivery of the September 30, 2006 Financial
      Statements.

    

    Sterling
      Bank hereby (i) waives the Events of Default solely with regard to the
      Financial Statement Defaults, (ii) agrees to forbear from exercising any of
      its rights or remedies under the Credit Agreement or the other Loan Documents,
      solely as of the result of the Current Ratio Default but only until the fiscal
      quarter ending September 30, 2006 (the “Forbearance
      Period”)
      and
      (iii) consents to the late delivery date of the September 30, 2006
      quarter-ending Financial Statements but only until December 1, 2006 (the
“Consent
      Period”).
      

    

    Notwithstanding
      the foregoing, the waivers, the forbearance and the consent (collectively,
      the
“Accommodations”)
      granted by Sterling Bank under this Agreement do not indicate an intent to
      establish any course of dealing between Sterling Bank and Borrower or any other
      obligor under the Loan Documents with regard to future waivers, consents,
      agreements to forbear or any other modifications that may be requested. Sterling
      Bank’s granting of Accommodations herein should not be construed as an
      indication that Sterling Bank would be willing to agree to any further or future
      consents, waivers, agreements to forbear or any modifications to any of the
      terms of the Credit Agreement or other Loan Documents, or any Events of Default
      or Defaults that may exist or occur thereunder. After the expiration of the
      Forbearance Period, or the Consent Period or such earlier date on which Sterling
      Bank becomes aware of another Event of Default, Sterling Bank’s Accommodations
      hereunder shall terminate automatically without further act or action by
      Sterling Bank.

    

    Except
      for the Accommodations contained herein, neither the Credit Agreement nor any
      other Loan Documents are changed and such documents shall continue in full
      force
      and effect. Borrower acknowledges and agrees that all liens created and
      evidenced by the Security Instruments and any other Loan Documents are valid
      and
      subsisting liens on the assets of Borrower or any other party pledged under
      such
      documents. Borrower hereby agrees to promptly execute, acknowledge, and deliver
      such documents, instruments, certificates or other assurances as shall, in
      the
      opinion of Sterling Bank, be necessary to fulfill the terms of the Loan
      Documents.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    This
      Agreement may be executed in any number of counterparts and by the different
      Parties on separate counterparts, and each such counterpart shall be deemed
      to
      be an original, but all such counterparts shall together constitute one and
      the
      same Agreement. Each signatory Party agrees that it will accept delivery by
      electronic facsimile of counterparts of this Agreement executed by the other
      Party, and each Party also agrees that a counterpart of this Agreement executed
      by it may be effectively delivered by transmission of an electronic facsimile
      of
      that executed document to any other Party.

     

    Capitalized
      terms use, but not defined in this Agreement, shall have the meanings set forth
      in the Credit Agreement.

     

    If
      Borrower understands and accepts the limited waiver granted herein, please
      execute and return one counterpart copy of this Agreement by facsimile to
      Sterling Bank, to the attention of Dan Steele, telefax number 713-507-7948,
      on
      or before 5:00 p.m. on November 10, 2006, and a copy to Ephraim del Pozo,
      telefax number 713-226-6260. 

    

    This
      Agreement shall be effective upon execution and delivery and payment by Borrower
      to Sterling Bank of Accommodation Fee of $2,500.

    
      	 	 	 
	 	
              Sincerely,

              

              STERLING
                BANK

            
	 
 	 
 	 
 
	 	By:  	/s/ Daniel
              G.
              Steele
	 	
              

              Daniel
                G. Steele

              Senior
                Vice President

            

    

     

    
      	
              Accepted
                and agreed to this 10th day of November, 2006.

              
BORROWER:

              
UNITED
                HERITAGE CORPORATION

            	 	 
	 	 
 	 
 	 
 
	 By:	/s/
              C. Scott
              Wilson	 	 
	 	
              C.
                Scott Wilson

              Chief
                Executive Officer and President

            	
            
	 	 	 
	LOTHIAN OIL
              INC.	 
	 	 	 
	 By:
              	/s/
              C.
              Scott Wilson    	 
	 	
              C.
                Scott Wilson

              Chief
                Financial Officer

            	 
	 	 	 
	LOTHIAN OIL (USA)
              INC.	 
	 	 	 
	 By:	/s/
              C.
              Scott Wilson 	 
	 	
              C.
                Scott Wilson

              Chief
                Financial Officer

            	 
	 	 	 
	LOTHIAN OIL TEXAS I,
              INC.	 
	 	 	 
	 By:	/s/
              C. Scott Wilson	 
	 	
              C.
                Scott Wilson

              Chief
                Financial Officer

            	 
	 	 	 
	UHC NEW MEXICO
              CORPORATION	 
	 	 	 
	 By:	/s/
              C.
              Scott Wilson    	 
	 	
              C.
                Scott Wilson

              Chief
                Executive Officer and PresidentUnassociated Document

    

    EXECUTION
      COPY

    

    

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

    

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

    

    and

    

    CITIBANK,
      N.A.,

    as
      Trustee

    

    ___________________________

    

    TRUST
      AGREEMENT

    

    

    Dated
      as
      of October 1, 2006

    ___________________________

    

    LEHMAN
      XS
      TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2006-17

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    
      

        
          	 	
                  Page

                
	
                  ARTICLE
                    I DEFINITIONS

                	
                  21

                
	
                  Section
                    1.01. Definitions.

                	
                  21

                
	
                  Section
                    1.02. Calculations Respecting Mortgage Loans.

                	
                  75

                
	
                  Section
                    1.03. Calculations Respecting Accrued Interest.

                	
                  75

                
	
                  ARTICLE
                    II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

                	
                  75

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

                	
                  75

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

                	
                  79

                
	
                  Section
                    2.03. Representations and Warranties of the Depositor.

                	
                  81

                
	
                  Section
                    2.04. Discovery of Breach.

                	
                  83

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

                	
                  83

                
	
                  Section
                    2.06. Grant Clause.

                	
                  85

                
	
                  ARTICLE
                    III THE CERTIFICATES

                	
                  86

                
	
                  Section
                    3.01. The Certificates.

                	
                  86

                
	
                  Section
                    3.02. Registration.

                	
                  87

                
	
                  Section
                    3.03. Transfer and Exchange of Certificates.

                	
                  87

                
	
                  Section
                    3.04. Cancellation of Certificates.

                	
                  91

                
	
                  Section
                    3.05. Replacement of Certificates.

                	
                  91

                
	
                  Section
                    3.06. Persons Deemed Owners.

                	
                  92

                
	
                  Section
                    3.07. Temporary Certificates.

                	
                  92

                
	
                  Section
                    3.08. Appointment of Paying Agent.

                	
                  92

                
	
                  Section
                    3.09. Book-Entry Certificates.

                	
                  93

                
	
                  ARTICLE
                    IV ADMINISTRATION OF THE TRUST FUND

                	
                  94

                
	
                  Section
                    4.01. Collection Account.

                	
                  94

                
	
                  Section
                    4.02. Application of Funds in the Collection Account.

                	
                  96

                
	
                  Section
                    4.03. Reports to Certificateholders.

                	
                  98

                
	
                  Section
                    4.04. Certificate Account.

                	
                  103

                
	
                  ARTICLE
                    V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

                	
                  104

                
	
                  Section
                    5.01. Distributions Generally.

                	
                  104

                
	
                  Section
                    5.02. Distributions from the Certificate Account.

                	
                  105

                
	
                  Section
                    5.03. Allocation of Losses.

                	
                  123

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

                	
                  125

                
	
                  Section
                    5.05. Compensating Interest Payments.

                	
                  126

                
	
                  Section
                    5.06. Basis Risk Reserve Funds.

                	
                  126

                
	
                  Section
                    5.07. The Certificate Insurance Policy.

                	
                  127

                
	
                  Section
                    5.08. Supplemental Interest Trust.

                	
                  130

                
	
                  Section
                    5.09. Rights of Swap Counterparty.

                	
                  131

                
	
                  Section
                    5.10. Termination Receipts.

                	
                  131

                
	
                  Section
                    5.11. Class X Account.

                	
                  132

                

        

         

         

        
          
            
            

          

          
            i

            
              

            

          

          
            
            

          

        

         

        
          	
                  ARTICLE
                    VI CONCERNING THE TRUSTEE EVENTS OF DEFAULT

                	
                  133

                
	
                  Section
                    6.01. Duties of Trustee.

                	
                  133

                
	
                  Section
                    6.02. Certain Matters Affecting the Trustee.

                	
                  136

                
	
                  Section
                    6.03. Trustee Not Liable for Certificates.

                	
                  138

                
	
                  Section
                    6.04. Trustee May Own Certificates.

                	
                  138

                
	
                  Section
                    6.05. Eligibility Requirements for Trustee.

                	
                  138

                
	
                  Section
                    6.06. Resignation and Removal of Trustee.

                	
                  139

                
	
                  Section
                    6.07. Successor Trustee.

                	
                  140

                
	
                  Section
                    6.08. Merger or Consolidation of Trustee.

                	
                  140

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

                	
                  141

                
	
                  Section
                    6.10. Authenticating Agents.

                	
                  142

                
	
                  Section
                    6.11. Indemnification of Trustee.

                	
                  143

                
	
                  Section
                    6.12. Fees and Expenses of Trustee and Custodians.

                	
                  144

                
	
                  Section
                    6.13. Collection of Monies.

                	
                  144

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

                	
                  145

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

                	
                  149

                
	
                  Section
                    6.16. Waiver of Defaults.

                	
                  149

                
	
                  Section
                    6.17. Notification to Holders.

                	
                  150

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

                	
                  150

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

                	
                  150

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

                	
                  150

                
	
                  Section
                    6.21. Compliance with Regulation AB.

                	
                  158

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

                	
                  158

                
	
                  Section
                    7.01. Purchase of Mortgage Loans; Termination of a Mortgage Pool
                    or the
                    Trust Fund Upon Purchase or Liquidation of Mortgage Loans; Purchase
                    of the
                    Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
                    Interests.

                	
                  158

                
	
                  Section
                    7.02. Procedure Upon Termination of Trust Fund or Purchase of
                    Pooling
                    REMIC 1 Regular Interests or Pooling REMIC 2 Regular
                    Interests.

                	
                  162

                
	
                  Section
                    7.03. Additional Requirements for any Trust Fund Termination
                    Event or
                    Purchase of the Pooling REMIC 1 Regular Interests or the Pooling
                    REMIC 2
                    Regular Interests.

                	
                  164

                
	
                  Section
                    7.04. Optional Purchase Right of NIMS Insurer.

                	
                  165

                
	
                  ARTICLE
                    VIII RIGHTS OF CERTIFICATEHOLDERS

                	
                  165

                
	
                  Section
                    8.01. Limitation on Rights of Holders.

                	
                  165

                
	
                  Section
                    8.02. Access to List of Holders.

                	
                  166

                
	
                  Section
                    8.03. Acts of Holders of Certificates.

                	
                  166

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

                	
                  167

                
	
                  Section
                    9.01. Duties of the Master Servicer.

                	
                  167

                

        

         

         

         

        
          
            
            

          

          
            ii

            
              

            

          

          
            
            

          

        

         

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

                	
                  168

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

                	
                  168

                
	
                  Section
                    9.04. Power to Act; Procedures.

                	
                  169

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

                	
                  171

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

                	
                  172

                
	
                  Section
                    9.07. Termination of Servicing Agreements; Successor
                    Servicers.

                	
                  172

                
	
                  Section
                    9.08. Master Servicer Liable for Enforcement.

                	
                  173

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

                	
                  174

                
	
                  Section
                    9.10. Assumption of Servicing Agreement by Trustee.

                	
                  174

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

                	
                  174

                
	
                  Section
                    9.12. Release of Mortgage Files.

                	
                  175

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

                	
                  176

                
	
                  Section
                    9.14. Representations and Warranties of the Master
                    Servicer.

                	
                  177

                
	
                  Section
                    9.15. Opinion.

                	
                  180

                
	
                  Section
                    9.16. Standard Hazard and Flood Insurance Policies.

                	
                  180

                
	
                  Section
                    9.17. Presentment of Claims and Collection of Proceeds.

                	
                  180

                
	
                  Section
                    9.18. Maintenance of the Primary Mortgage Insurance
                    Policies.

                	
                  181

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

                	
                  181

                
	
                  Section
                    9.20. Realization Upon Defaulted Mortgage Loans.

                	
                  182

                
	
                  Section
                    9.21. Compensation to the Master Servicer.

                	
                  182

                
	
                  Section
                    9.22. REO Property.

                	
                  183

                
	
                  Section
                    9.23. [Reserved]

                	
                  183

                
	
                  Section
                    9.24. Reports to the Trustee.

                	
                  183

                
	
                  Section
                    9.25. Assessment of Compliance and Attestation Reports.

                	
                  184

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

                	
                  185

                
	
                  Section
                    9.27. Merger or Consolidation.

                	
                  186

                
	
                  Section
                    9.28. Resignation of Master Servicer.

                	
                  186

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

                	
                  187

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

                	
                  187

                
	
                  Section
                    9.31. Indemnification; Third-Party Claims.

                	
                  188

                
	
                  ARTICLE
                    X REMIC ADMINISTRATION

                	
                  189

                
	
                  Section
                    10.01. REMIC Administration. 
                    [TO BE REVIEWED BY MN TAX COUNSEL]

                	
                  189

                
	
                  Section
                    10.02. Prohibited Transactions and Activities.

                	
                  192

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

                	
                  193

                
	
                  Section
                    10.04. REO Property.

                	
                  193

                
	
                  ARTICLE
                    XI MISCELLANEOUS PROVISIONS

                	
                  194

                
	
                  Section
                    11.01. Binding Nature of Agreement; Assignment.

                	
                  194

                
	
                  Section
                    11.02. Entire Agreement.

                	
                  194

                
	
                  Section
                    11.03. Amendment.

                	
                  194

                

        

         

         

        
          
            
            

          

          
            iii

            
              

            

          

          
            
            

          

        

         

        
          	
                  Section
                    11.04. Voting Rights.

                	
                  196

                
	
                  Section
                    11.05. Provision of Information.

                	
                  196

                
	
                  Section
                    11.06. Governing Law.

                	
                  197

                
	
                  Section
                    11.07. Notices.

                	
                  197

                
	
                  Section
                    11.08. Severability of Provisions.

                	
                  197

                
	
                  Section
                    11.09. Indulgences; No Waivers.

                	
                  198

                
	
                  Section
                    11.10. Headings Not To Affect Interpretation.

                	
                  198

                
	
                  Section
                    11.11. Benefits of Agreement.

                	
                  198

                
	
                  Section
                    11.12. Special Notices to the Rating Agencies and the Certificate
                    Insurer.

                	
                  198

                
	
                  Section
                    11.13. Conflicts.

                	
                  199

                
	
                  Section
                    11.14. Counterparts.

                	
                  199

                
	
                  Section
                    11.15. Transfer of Servicing.

                	
                  199

                
	
                  Section
                    11.16. Matters Relating to the Certificate Insurance
                    Policy.

                	
                  201

                

        

      

    

     

     

    
      
        
        

      

      
        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

            	 	
              Servicing
                Agreement for Aurora Loan Services LLC 

            
	
              Exhibit
                F

            	 	
              Form
                of Rule 144A Transfer Certificate

            
	
              Exhibit
                G

            	 	
              Form
                of Purchaser’s Letter for Institutional Accredited
                Investors

            
	
              Exhibit
                H

            	 	
              Form
                of ERISA Transfer Affidavit

            
	
              Exhibit
                I

            	 	
              [Reserved]

            
	
              Exhibit
                J

            	 	
              [Reserved]

            
	
              Exhibit
                K

            	 	
              Custodial
                Agreements for LaSalle Bank National Association, U.S. Bank National
                Association, Wells Fargo Bank, N.A. and Deutsche Bank National Trust
                Company

            
	
              Exhibit
                L

            	 	
              [Reserved]

            
	
              Exhibit
                M

            	 	
              Form
                of Back-up Certification to be Provided by the Trustee to the Depositor
                

            
	
              Exhibit
                N-1

            	 	
              Swap
                Agreement

            
	
              Exhibit
                N-2

            	 	
              Group
                1 Cap Agreement

            
	
              Exhibit
                O

            	 	
              Servicing
                Criteria to be Addressed in Report on Assessment of
                Compliance

            
	
              Exhibit
                P

            	 	
              Transaction
                Parties

            
	
              Exhibit
                Q

            	 	
              Form
                of Insurance Agreement

            
	
              Exhibit
                R

            	 	
              Form
                of Certificate Guaranty Insurance Policy relating to the Class WF-3-1,
                Class WF-4-1 and Class WF-6-1 Certificates

            
	 	 	 
	
              Schedule
                A

            	 	
              Mortgage
                Loan Schedule (by Mortgage Pool)

            

    

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

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

     

    PRELIMINARY
      STATEMENT 

     

    The
      Depositor has acquired the Mortgage 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
      the
      Certificate Insurer, and to the extent provided herein, the Swap Counterparty.
      The Depositor, the Trustee and the Master Servicer are entering into this
      Agreement, and the Trustee is accepting the Trust Fund created hereby, for
      good
      and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged.

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (exclusive of
      (i)
      the Pool 1 Basis Risk Reserve Fund, (ii) the Pool 2 Basis Risk Reserve Fund,
      (iii) the Swap Agreement, (iv) the Supplemental Interest Trust, (v) the Group
      1
      Cap Agreement, (vi) the obligation to pay Class I Shortfalls, (vii) the rights
      to receive (and the obligation to pay) Basis Risk Shortfalls and Unpaid Basis
      Risk Shortfalls, and (viii) the Class X Account (collectively, the “Excluded
      Trust Assets”) be treated for federal income tax purposes as comprising seven
      real estate mortgage investment conduits (each, a “REMIC”) in two tiered
      structures. Specifically, Pooling REMIC 1, Lower-Tier REMIC 1, Middle-Tier
      REMIC
      1, and Upper-Tier REMIC 1 shall relate to Pool 1 and Pooling REMIC 2, Lower-Tier
      REMIC 2, and Upper-Tier REMIC 2 shall relate to Pool 2. 

     

    Pooling
      REMIC 1 shall hold the assets of the Trust Fund related to Pool 1, other than
      any Excluded Trust Assets, and shall issue several uncertificated interests
      and
      shall also issue the Class LT-R-1 Certificate, which is hereby designated as
      the
      sole residual interest in Pooling REMIC 1. Each uncertificated interest in
      Pooling REMIC 1 is hereby designated as a REMIC regular interest. 

     

    Lower-Tier
      REMIC 1 shall hold the uncertificated interests issued by Pooling REMIC 1 and
      shall issue several uncertificated interests. Each such interest, other than
      the
      LT1-R Interest, is hereby designated as a REMIC regular interest. The LT1-R
      Interest is hereby designated as the sole residual interest in Lower-Tier REMIC
      1.

     

    Middle-Tier
      REMIC 1 shall hold the uncertificated interests issued by Lower-Tier REMIC
      1,
      other than the LT1-R Interest, and shall issue several uncertificated interests.
      Each such interest, other than the Class MT1-R Interest, is hereby designated
      as
      a REMIC regular interest. The Class MT1-R Interest is hereby designated as
      the
      sole residual interest in Middle-Tier REMIC 1.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    Upper-Tier
      REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC
      1,
      other than the Class MT1-R Interest. Each of the Offered Certificates related
      to
      Pool 1 represent ownership of regular interests in Upper-Tier REMIC 1. Each
      of
      the Offered Certificates related to Pool 1 (other than the Class 1-AIO
      Certificate) also represents (i) the right to receive Basis Risk Shortfalls
      or
      Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls.
      For federal income tax purposes, the Class 1-X Certificates represent ownership
      of regular interests in Upper-Tier REMIC 1 and also represent the obligation
      to
      make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk
      Shortfalls to the Offered Certificates related to Pool 1 to the extent payable
      from Pool 1 Monthly Excess Cashflow. The Class C-X and Class S-X Certificates
      shall not represent an interest in any REMIC formed hereby. The Class 1-P
      Certificates represent ownership of regular interests in Upper-Tier REMIC 1.
      The
      Class R-1 Certificate represents ownership of the sole class of residual
      interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class
      MT1-R
      Interests.

     

    Pooling
      REMIC 2 shall hold the assets of the Trust Fund related to Pool 2, other than
      any Excluded Trust Assets, and shall issue several uncertificated interests
      and
      shall also issue the Class LT-R-2 Certificate, which is hereby designated as
      the
      sole residual interest in Pooling REMIC 2. Each uncertificated interest in
      Pooling REMIC 2 is hereby designated as a REMIC regular interest. 

     

    Lower-Tier
      REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and
      shall issue several uncertificated interests. Each such interest, other than
      the
      LT2-R Interest, is hereby designated as a REMIC regular interest. The LT2-R
      Interest is hereby designated as the sole residual interest in Lower-Tier REMIC
      2.

     

    Upper-Tier
      REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC
      2,
      other than the Class LT2-R Interest. Each of the Offered Certificates related
      to
      Pool 2 represent ownership of regular interests in Upper-Tier REMIC 2. Each
      of
      the Offered Certificates related to Pool 2 also represent the right to receive
      Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax
      purposes, the Class 2-X Certificates represent ownership of regular interests
      in
      Upper-Tier REMIC 2 and also represent the obligation to make payments in respect
      of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered
      Certificates related to Pool 2 to the extent payable from Pool 2 Monthly Excess
      Cashflow. The Class 2-P Certificates represent ownership of regular interests
      in
      Upper-Tier REMIC 2. The Class R-2 Certificate represents ownership of the sole
      class of residual interest in Upper-Tier REMIC 2 as well as ownership of the
      LT1-R Interest.

     

    Pooling
      REMIC 1

     

    Pooling
      REMIC 1 shall issue one uncertificated interest in respect of each Pool 1
      Mortgage Loan held by the Trust on the Closing Date, each of which is hereby
      designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1
      Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R-1
      Certificate, which shall represent the sole class of residual interest in
      Pooling REMIC 1. Each Pooling 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 Mortgage Loan shall be
      distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of
      the
      Net Mortgage Rate of the Original Mortgage Loan.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    On
      each
      Distribution Date, the Trustee shall first pay or charge as an expense of
      Pooling REMIC 1 all expenses of the Trust Fund related to Pool 1 (other than
      any
      expenses with respect to the Swap Agreement) that are deducted in computing
      the
      Interest Remittance Amount for such Distribution Date.

     

    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 Pooling REMIC 1 based on the above-described
      interest rates.

     

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

     

    On
      each
      Distribution Date, the Trustee shall distribute the Prepayment Premiums related
      to Pool 1 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 Pooling REMIC 1 Regular Interest
      corresponding to the Mortgage Loan with respect to which such amounts were
      received.

     

    Lower-Tier
      REMIC 1

     

    The
      following table sets forth (or describes) the designation, interest rate, and
      initial principal balance for each interest in Lower-Tier REMIC 1, each of
      which, other than the LT1-R Lower-Tier Interest) is hereby designated as a
      regular interest in Lower-Tier REMIC 1 (the “Lower-Tier REMIC 1 Regular
      Interests):

     

    

    
      	
              Designation

            	 	
              Initial
                Principal Balance

            	 	
               

              Interest
                Rate

            	 
	
              LT1-A

            	 	
              $

            	
              34,404,465.96

            	 	 	
              (1)

            	 
	
              LT1-F1

            	 	
              $

            	
              16,588,664.00

            	 	 	
              (2)

            	 
	
              LT1-V1

            	 	
              $

            	
              16,588,664.00

            	 	 	
              (3)

            	 
	
              LT1-F2

            	 	
              $

            	
              16,001,277.00

            	 	 	
              (2)

            	 
	
              LT1-V2

            	 	
              $

            	
              16,001,277.00

            	 	 	
              (3)

            	 
	
              LT1-F3

            	 	
              $

            	
              15,434,674.00

            	 	 	
              (2)

            	 
	
              LT1-V3

            	 	
              $

            	
              15,434,674.00

            	 	 	
              (3)

            	 
	
              LT1-F4

            	 	
              $

            	
              15,013,471.50

            	 	 	
              (2)

            	 

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	
              Designation

            	 	
              Initial
                Principal Balance

            	 	
               

              Interest
                Rate

            	 
	
              LT1-V4

            	 	
              $

            	
              15,013,471.50

            	 	 	
              (3)

            	 
	
              LT1-F5

            	 	
              $

            	
              14,356,481.00

            	 	 	
              (2)

            	 
	
              LT1-V5

            	 	
              $

            	
              14,356,481.00

            	 	 	
              (3)

            	 
	
              LT1-F6

            	 	
              $

            	
              14,079,624.50

            	 	 	
              (2)

            	 
	
              LT1-V6

            	 	
              $

            	
              14,079,624.50

            	 	 	
              (3)

            	 
	
              LT1-F7

            	 	
              $

            	
              13,349,495.00

            	 	 	
              (2)

            	 
	
              LT1-V7

            	 	
              $

            	
              13,349,495.00

            	 	 	
              (3)

            	 
	
              LT1-F8

            	 	
              $

            	
              12,949,306.00

            	 	 	
              (2)

            	 
	
              LT1-V8

            	 	
              $

            	
              12,949,306.00

            	 	 	
              (3)

            	 
	
              LT1-F9

            	 	
              $

            	
              12,418,063.00

            	 	 	
              (2)

            	 
	
              LT1-V9

            	 	
              $

            	
              12,418,063.00

            	 	 	
              (3)

            	 
	
              LT1-F10

            	 	
              $

            	
              12,046,974.50

            	 	 	
              (2)

            	 
	
              LT1-V10

            	 	
              $

            	
              12,046,974.50

            	 	 	
              (3)

            	 
	
              LT1-F11

            	 	
              $

            	
              35,725,324.50

            	 	 	
              (2)

            	 
	
              LT1-V11

            	 	
              $

            	
              35,725,324.50

            	 	 	
              (3)

            	 
	
              LT1-F12

            	 	
              $

            	
              12,448,243.50

            	 	 	
              (2)

            	 
	
              LT1-V12

            	 	
              $

            	
              12,448,243.50

            	 	 	
              (3)

            	 
	
              LT1-F13

            	 	
              $

            	
              11,835,946.00

            	 	 	
              (2)

            	 
	
              LT1-V13

            	 	
              $

            	
              11,835,946.00

            	 	 	
              (3)

            	 
	
              LT1-F14

            	 	
              $

            	
              11,129,462.50

            	 	 	
              (2)

            	 
	
              LT1-V14

            	 	
              $

            	
              11,129,462.50

            	 	 	
              (3)

            	 
	
              LT1-F15

            	 	
              $

            	
              10,721,146.00

            	 	 	
              (2)

            	 
	
              LT1-V15

            	 	
              $

            	
              10,721,146.00

            	 	 	
              (3)

            	 
	
              LT1-F16

            	 	
              $

            	
              10,215,131.50

            	 	 	
              (2)

            	 
	
              LT1-V16

            	 	
              $

            	
              10,215,131.50

            	 	 	
              (3)

            	 
	
              LT1-F17

            	 	
              $

            	
              9,787,700.00

            	 	 	
              (2)

            	 
	
              LT1-V17

            	 	
              $

            	
              9,787,700.00

            	 	 	
              (3)

            	 
	
              LT1-F18

            	 	
              $

            	
              9,378,142.50

            	 	 	
              (2)

            	 
	
              LT1-V18

            	 	
              $

            	
              9,378,142.50

            	 	 	
              (3)

            	 
	
              LT1-F19

            	 	
              $

            	
              8,985,712.00

            	 	 	
              (2)

            	 
	
              LT1-V19

            	 	
              $

            	
              8,985,712.00

            	 	 	
              (3)

            	 
	
              LT1-F20

            	 	
              $

            	
              8,609,693.00

            	 	 	
              (2)

            	 
	
              LT1-V20

            	 	
              $

            	
              8,609,693.00

            	 	 	
              (3)

            	 
	
              LT1-F21

            	 	
              $

            	
              8,249,398.50

            	 	 	
              (2)

            	 
	
              LT1-V21

            	 	
              $

            	
              8,249,398.50

            	 	 	
              (3)

            	 
	
              LT1-F22

            	 	
              $

            	
              9,935,138.50

            	 	 	
              (2)

            	 
	
              LT1-V22

            	 	
              $

            	
              9,935,138.50

            	 	 	
              (3)

            	 
	
              LT1-F23

            	 	
              $

            	
              34,929,496.00

            	 	 	
              (2)

            	 
	
              LT1-V23

            	 	
              $

            	
              34,929,496.00

            	 	 	
              (3)

            	 
	
              LT1-F24

            	 	
              $

            	
              7,021,245.50

            	 	 	
              (2)

            	 
	
              LT1-V24

            	 	
              $

            	
              7,021,245.50

            	 	 	
              (3)

            	 
	
              LT1-F25

            	 	
              $

            	
              6,678,758.50

            	 	 	
              (2)

            	 
	
              LT1-V25

            	 	
              $

            	
              6,678,758.50

            	 	 	
              (3)

            	 
	
              LT1-F26

            	 	
              $

            	
              6,352,969.50

            	 	 	
              (2)

            	 

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	
              Designation

            	 	
              Initial
                Principal Balance

            	 	
               

              Interest
                Rate

            	 
	
              LT1-V26

            	 	
              $

            	
              6,352,969.50

            	 	 	
              (3)

            	 
	
              LT1-F27

            	 	
              $

            	
              6,043,065.00

            	 	 	
              (2)

            	 
	
              LT1-V27

            	 	
              $

            	
              6,043,065.00

            	 	 	
              (3)

            	 
	
              LT1-F28

            	 	
              $

            	
              5,748,269.50

            	 	 	
              (2)

            	 
	
              LT1-V28

            	 	
              $

            	
              5,748,269.50

            	 	 	
              (3)

            	 
	
              LT1-F29

            	 	
              $

            	
              5,467,848.50

            	 	 	
              (2)

            	 
	
              LT1-V29

            	 	
              $

            	
              5,467,848.50

            	 	 	
              (3)

            	 
	
              LT1-F30

            	 	
              $

            	
              5,201,100.50

            	 	 	
              (2)

            	 
	
              LT1-V30

            	 	
              $

            	
              5,201,100.50

            	 	 	
              (3)

            	 
	
              LT1-F31

            	 	
              $

            	
              5,357,465.00

            	 	 	
              (2)

            	 
	
              LT1-V31

            	 	
              $

            	
              5,357,465.00

            	 	 	
              (3)

            	 
	
              LT1-F32

            	 	
              $

            	
              4,931,514.50

            	 	 	
              (2)

            	 
	
              LT1-V32

            	 	
              $

            	
              4,931,514.50

            	 	 	
              (3)

            	 
	
              LT1-F33

            	 	
              $

            	
              4,546,977.00

            	 	 	
              (2)

            	 
	
              LT1-V33

            	 	
              $

            	
              4,546,977.00

            	 	 	
              (3)

            	 
	
              LT1-F34

            	 	
              $

            	
              21,370,747.00

            	 	 	
              (2)

            	 
	
              LT1-V34

            	 	
              $

            	
              21,370,747.00

            	 	 	
              (3)

            	 
	
              LT1-F35

            	 	
              $

            	
              4,222,382.00

            	 	 	
              (2)

            	 
	
              LT1-V35

            	 	
              $

            	
              4,222,382.00

            	 	 	
              (3)

            	 
	
              LT1-F36

            	 	
              $

            	
              2,975,477.50

            	 	 	
              (2)

            	 
	
              LT1-V36

            	 	
              $

            	
              2,975,477.50

            	 	 	
              (3)

            	 
	
              LT1-F37

            	 	
              $

            	
              2,830,240.50

            	 	 	
              (2)

            	 
	
              LT1-V37

            	 	
              $

            	
              2,830,240.50

            	 	 	
              (3)

            	 
	
              LT1-F38

            	 	
              $

            	
              2,692,088.00

            	 	 	
              (2)

            	 
	
              LT1-V38

            	 	
              $

            	
              2,692,088.00

            	 	 	
              (3)

            	 
	
              LT1-F39

            	 	
              $

            	
              2,560,676.00

            	 	 	
              (2)

            	 
	
              LT1-V39

            	 	
              $

            	
              2,560,676.00

            	 	 	
              (3)

            	 
	
              LT1-F40

            	 	
              $

            	
              2,435,674.50

            	 	 	
              (2)

            	 
	
              LT1-V40

            	 	
              $

            	
              2,435,674.50

            	 	 	
              (3)

            	 
	
              LT1-F41

            	 	
              $

            	
              2,316,771.50

            	 	 	
              (2)

            	 
	
              LT1-V41

            	 	
              $

            	
              2,316,771.50

            	 	 	
              (3)

            	 
	
              LT1-F42

            	 	
              $

            	
              2,203,669.50

            	 	 	
              (2)

            	 
	
              LT1-V42

            	 	
              $

            	
              2,203,669.50

            	 	 	
              (3)

            	 
	
              LT1-F43

            	 	
              $

            	
              2,096,085.50

            	 	 	
              (2)

            	 
	
              LT1-V43

            	 	
              $

            	
              2,096,085.50

            	 	 	
              (3)

            	 
	
              LT1-F44

            	 	
              $

            	
              2,014,865.50

            	 	 	
              (2)

            	 
	
              LT1-V44

            	 	
              $

            	
              2,014,865.50

            	 	 	
              (3)

            	 
	
              LT1-F45

            	 	
              $

            	
              1,895,351.50

            	 	 	
              (2)

            	 
	
              LT1-V45

            	 	
              $

            	
              1,895,351.50

            	 	 	
              (3)

            	 
	
              LT1-F46

            	 	
              $

            	
              1,802,812.00

            	 	 	
              (2)

            	 
	
              LT1-V46

            	 	
              $

            	
              1,802,812.00

            	 	 	
              (3)

            	 
	
              LT1-F47

            	 	
              $

            	
              1,714,788.00

            	 	 	
              (2)

            	 
	
              LT1-V47

            	 	
              $

            	
              1,714,788.00

            	 	 	
              (3)

            	 
	
              LT1-F48

            	 	
              $

            	
              1,631,059.50

            	 	 	
              (2)

            	 

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
              Designation

            	 	
              Initial
                Principal Balance

            	 	
               

              Interest
                Rate

            	 
	
              LT1-V48

            	 	
              $

            	
              1,631,059.50

            	 	 	
              (3)

            	 
	
              LT1-F49

            	 	
              $

            	
              1,551,416.50

            	 	 	
              (2)

            	 
	
              LT1-V49

            	 	
              $

            	
              1,551,416.50

            	 	 	
              (3)

            	 
	
              LT1-F50

            	 	
              $

            	
              1,475,659.50

            	 	 	
              (2)

            	 
	
              LT1-V50

            	 	
              $

            	
              1,475,659.50

            	 	 	
              (3)

            	 
	
              LT1-F51

            	 	
              $

            	
              1,403,600.50

            	 	 	
              (2)

            	 
	
              LT1-V51

            	 	
              $

            	
              1,403,600.50

            	 	 	
              (3)

            	 
	
              LT1-F52

            	 	
              $

            	
              1,335,057.00

            	 	 	
              (2)

            	 
	
              LT1-V52

            	 	
              $

            	
              1,335,057.00

            	 	 	
              (3)

            	 
	
              LT1-F53

            	 	
              $

            	
              1,269,858.50

            	 	 	
              (2)

            	 
	
              LT1-V53

            	 	
              $

            	
              1,269,858.50

            	 	 	
              (3)

            	 
	
              LT1-F54

            	 	
              $

            	
              1,422,879.00

            	 	 	
              (2)

            	 
	
              LT1-V54

            	 	
              $

            	
              1,422,879.00

            	 	 	
              (3)

            	 
	
              LT1-F55

            	 	
              $

            	
              1,241,675.00

            	 	 	
              (2)

            	 
	
              LT1-V55

            	 	
              $

            	
              1,241,675.00

            	 	 	
              (3)

            	 
	
              LT1-F56

            	 	
              $

            	
              2,777,745.50

            	 	 	
              (2)

            	 
	
              LT1-V56

            	 	
              $

            	
              2,777,745.50

            	 	 	
              (3)

            	 
	
              LT1-F57

            	 	
              $

            	
              2,487,670.50

            	 	 	
              (2)

            	 
	
              LT1-V57

            	 	
              $

            	
              2,487,670.50

            	 	 	
              (3)

            	 
	
              LT1-F58

            	 	
              $

            	
              8,568,564.00

            	 	 	
              (2)

            	 
	
              LT1-V58

            	 	
              $

            	
              8,568,564.00

            	 	 	
              (3)

            	 
	
              LT1-F59

            	 	
              $

            	
              8,213,690.50

            	 	 	
              (2)

            	 
	
              LT1-V59

            	 	
              $

            	
              8,213,690.50

            	 	 	
              (3)

            	 
	
              LT1-AIO

            	 	 	
              (4)

            	 	 	
              (4)

            	 
	
              LT1-R

            	 	 	
              (5)

            	 	 	
              (5)

            	 

    

     

     

    
      	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for the LT1-A Interest shall be the Net WAC Rate for Pool 1, computed
                by
                reducing the Net Mortgage Rate on each Fixed Rate Mortgage Loan in
                Pool 1
                by 0.60% (the “Pool 1 REMIC Net WAC Rate”).

            

    

     

    
      	
              (2)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower-Tier Interests shall be the lesser of (i)
                the
                REMIC Swap Rate for such Distribution Date, and (ii) the product
                of (a)
                the Pool 1 REMIC 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 Pool 1 REMIC Net WAC Rate and (b) 2, over
                (ii) the
                REMIC Swap Rate for such Distribution
                Date.

            

    

     

    
      	
              (4)

            	
              The
                LT1-AIO interest is an interest-only class and does not have a principal
                balance. On each Distribution Date, the LT1-AIO interest shall accrue
                interest at a per annum rate of 0.60% on a notional amount equal
                to the
                Class Notional Amount of the Class 1-AIO
                Certificates.

            

    

     

    
      	
              (5)

            	
              The
                LT1-R interest shall not have a principal amount and shall not bear
                interest. The LT1-R interest is hereby designated as the sole class
                of
                residual interest in Lower-Tier REMIC
                1.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

     

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

     

    On
      each
      Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount with respect to the Lower-Tier REMIC 1 Interests, first to
      the
      LT1-A Interest until its principal balance is reduced to zero, and then
      sequentially, to the other Lower-Tier Interests in Lower-Tier REMIC 1 in
      ascending order of their numerical designation, and, with respect to each pair
      of Lower-Tier Interests having the same numerical designation, in equal amounts
      to each such Lower-Tier Interest, until the principal balance of each is reduced
      to zero. All losses on the Pool 1 Mortgage Loans shall be allocated among the
      Lower-Tier Interests in Lower-Tier REMIC 1 in the same manner that principal
      distributions are allocated.

     

    On
      each
      Distribution Date, the Trustee shall distribute the Prepayment Premiums related
      to Pool 1 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 LT1-F59 and LT1-V59 Lower-Tier
      Interests, respectively.

     

    Middle-Tier
      REMIC 1:

     

    The
      following table sets forth the designations, principal balances and interest
      rates for each interest in Middle-Tier REMIC 1, each of which (other than the
      Class MT1-R Interest) is hereby designated as a regular interest in Middle-Tier
      REMIC 1 (the “Middle-Tier REMIC 1 Regular Interests”):

     

    
      	
              Middle-Tier
                

              REMIC
                1

              Designation

            	 	
              Middle-Tier
                REMIC 1

              Interest
                Rate

            	 	
              Initial
                Class 

              Principal
                Amount

            	 	
              Corresponding
                Class of Certificate(s) or Components

            	 
	
              MT1-1A1

            	 	 	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-A1

            	
               

            
	
              MT1-1A2

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-A2

            	
               

            
	
              MT1-1A3

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-A3

            	
               

            
	
              MT1-1A4A

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-A4A

            	
               

            
	
              MT1-1A4B

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-A4B

            	
               

            
	
              MT1-1A5

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-A5

            	
               

            
	
              MT1-1M1

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-M1

            	
               

            
	
              MT1-1M2

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-M2

            	
               

            
	
              MT1-1M3

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-M3

            	
               

            
	
              MT1-1M4

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-M4

            	
               

            
	
              MT1-1M5

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-M5

            	
               

            
	
              MT1-1M6

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-M6

            	
               

            
	
              MT1-1M7

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-M7

            	
               

            
	
              MT1-1M8

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-M8

            	
               

            
	
              MT1-1M9

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              1-M9

            	
               

            
	
              MT1-Q

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (4)

            	
               

            	
               

            	
              N/A

            	
               

            
	
              MT1-IO

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              N/A

            	
               

            
	
              MT1-AIO

            	
               

            	
               

            	
              (5)

            	
               

            	
               

            	
              (5)

            	
               

            	
               

            	
               

            	
               

            
	
              MT1-R

            	
               

            	
               

            	
              (6)

            	
               

            	
               

            	
              (6)

            	
               

            	
               

            	
              R

            	 

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    ___________________________

    
      	
              (1)

            	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Interests in Middle-Tier REMIC 1 is a per annum
                rate
                equal to the weighted average of the interest rates on the Lower-Tier
                Interests in Lower-Tier REMIC 1 for such Distribution Date other
                than any
                interest-only Lower-Tier Interest, provided,
                however, that
                for any Distribution Date on which the Class MT1-IO Interest is entitled
                to a portion of the interest accruals on a Lower-Tier Interest in
                Lower-Tier REMIC 1 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 1 to a cap
                equal
                to Swap LIBOR for such Distribution Date.

            

    

     

    
      	
              (2)

            	
              The
                Class MT1-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 MT1-IO shall be entitled to interest accrued
                on
                the Lower-Tier Interest in Lower-Tier REMIC 1 listed in 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 Lower-Tier REMIC
                1 for
                such Distribution Date over (ii) Swap LIBOR for such Distribution
                Date.

            

    

     

    
      	
              Distribution
                Dates

            	 	
              Lower-Tier
                REMIC 

              1
                Designation

            
	
              2

            	 	
              LT1-F1

            
	
              2-3

            	 	
              LT1-F2

            
	
              2-4

            	 	
              LT1-F3

            
	
              2-5

            	 	
              LT1-F4

            
	
              2-6

            	 	
              LT1-F5

            
	
              2-7

            	 	
              LT1-F6

            
	
              2-8

            	 	
              LT1-F7

            
	
              2-9

            	 	
              LT1-F8

            
	
              2-10

            	 	
              LT1-F9

            
	
              2-11

            	 	
              LT1-F10

            
	
              2-12

            	 	
              LT1-F11

            
	
              2-13

            	 	
              LT1-F12

            
	
              2-14

            	 	
              LT1-F13

            
	
              2-15

            	 	
              LT1-F14

            
	
              2-16

            	 	
              LT1-F15

            
	
              2-17

            	 	
              LT1-F16

            
	
              2-18

            	 	
              LT1-F17

            
	
              2-19

            	 	
              LT1-F18

            
	
              2-20

            	 	
              LT1-F19

            
	
              2-21

            	 	
              LT1-F20

            
	
              2-22

            	 	
              LT1-F21

            
	
              2-23

            	 	
              LT1-F22

            
	
              2-24

            	 	
              LT1-F23

            
	
              2-25

            	 	
              LT1-F24

            
	
              2-26

            	 	
              LT1-F25

            
	
              2-27

            	 	
              LT1-F26

            
	
              2-28

            	 	
              LT1-F27

            
	
              2-29

            	 	
              LT1-F28

            
	
              2-30

            	 	
              LT1-F29

            
	
              2-31

            	 	
              LT1-F30

            
	
              2-32

            	 	
              LT1-F31

            
	
              2-33

            	 	
              LT1-F32

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                Dates

            	 	
              Lower-Tier
                REMIC 

              1
                Designation

            
	
              2-34

            	 	
              LT1-F33

            
	
              2-35

            	 	
              LT1-F34

            
	
              2-36

            	 	
              LT1-F35

            
	
              2-37

            	 	
              LT1-F36

            
	
              2-38

            	 	
              LT1-F37

            
	
              2-39

            	 	
              LT1-F38

            
	
              2-40

            	 	
              LT1-F39

            
	
              2-41

            	 	
              LT1-F40

            
	
              2-42

            	 	
              LT1-F41

            
	
              2-43

            	 	
              LT1-F42

            
	
              2-44

            	 	
              LT1-F43

            
	
              2-45

            	 	
              LT1-F44

            
	
              2-46

            	 	
              LT1-F45

            
	
              2-47

            	 	
              LT1-F46

            
	
              2-48

            	 	
              LT1-F47

            
	
              2-49

            	 	
              LT1-F48

            
	
              2-50

            	 	
              LT1-F49

            
	
              2-51

            	 	
              LT1-F50

            
	
              2-52

            	 	
              LT1-F51

            
	
              2-53

            	 	
              LT1-F52

            
	
              2-54

            	 	
              LT1-F53

            
	
              2-55

            	 	
              LT1-F54

            
	
              2-56

            	 	
              LT1-F55

            
	
              2-57

            	 	
              LT1-F56

            
	
              2-58

            	 	
              LT1-F57

            
	
              2-59

            	 	
              LT1-F58

            
	
              2-60

            	 	
              LT1-F59

            

    

    

    
      	
              (3)

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

            

    

     

    
      	
              (4)

            	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (i) the aggregate Pool Balance for Pool 1 as of the Cut-off Date,
                over
                (ii) the aggregate initial class principal amount of each other regular
                interest in Middle-Tier REMIC 1.

            

    

     

    
      	
              (5)

            	
              On
                each Distribution Date, the Class MT1-AIO interest shall be entitled
                to
                all distributions made with respect to the Class LT1-AIO
                interest.

            

    

     

    
      	
              (6)

            	
              The
                Class MT1-R interest is the sole class of residual interests in
                Middle-Tier REMIC 1. 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
      Middle-Tier REMIC 1 based on the above-described interest rates,
      provided,
      however,
      that
      interest that accrues on the Class MT1-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 MT1-Q Interest. An amount equal to the
      interest so deferred shall be distributed as additional principal on the other
      interests in Middle-Tier REMIC 1 having a principal balance in the manner
      described under priority (a) below.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

     

    On
      each
      Distribution Date principal shall be distributed, and Realized Losses shall
      be
      allocated, among the interests in Middle-Tier REMIC 1 in the following order
      of
      priority:

     

    (a) First,
      to
      the Class MT1-1A1, Class MT-1A2, Class MT-1A3, Class MT-1A4A, Class MT-1A4B,
      Class MT1-1A5, Class MT1-M1, Class MT1-M2, Class MT1-M3, Class MT1-M4,
      Class MT1-M5, Class MT1-M6, Class MT1-M7, Class MT1-M8 and Class MT1-M9
      Interests until the principal balance of each such 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 MT1-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 LT1-F59 and LT1-V59
      Lower-Tier Interests in Lower-Tier REMIC 1 on such Distribution Date to the
      Class MT1-Q Interest.

     

    Pooling
      REMIC 2

     

    Pooling
      REMIC 2 shall issue one uncertificated interest in respect of each Pool 2
      Mortgage Loan held by the Trust on the Closing Date, each of which is hereby
      designated as a regular interest in Pooling REMIC 2 (the “Pooling REMIC 2
      Regular Interests”). Pooling REMIC 2 shall also issue the Class LT-R-2
      Certificate, which shall represent the sole class of residual interest in
      Pooling REMIC 2. Each Pooling REMIC 2 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 Mortgage Loan shall be
      distributed on such Pooling REMIC 2 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
      Pooling REMIC 2 all expenses of the Trust Fund that are deducted in computing
      the Interest Remittance Amount for Pool 2 for such Distribution
      Date.

     

    On
      each
      Distribution Date the Trustee shall distribute the Interest Remittance Amount
      for Pool 2 with respect to each of the Lower-Tier Interests in Pooling REMIC
      2
      based on the above-described interest rates.

     

    On
      each
      Distribution Date, the Trustee shall distribute the Principal Remittance Amount
      for Pool 2 among the Pooling REMIC 2 Regular Interests in accordance with the
      amount of the Principal Remittance Amount attributable to the Mortgage Loan
      corresponding to each such Pooling REMIC 2 Regular Interest. All losses on
      the
      Mortgage Loans shall be allocated among the Pooling REMIC 2 Regular Interest
      in
      the same manner that principal distributions are allocated.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

     

    On
      each
      Distribution Date, the Trustee shall distribute the Prepayment Premiums with
      respect to Pool 2 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 Pooling REMIC 2 Regular
      Interest corresponding to the Mortgage Loan with respect to which such amounts
      were received.

     

    Lower-Tier
      REMIC 2

     

    The
      following table sets forth (or describes) the designation, interest rate, and
      initial principal balance of each Lower-Tier Interest in Lower-Tier REMIC 2,
      each of which, other than the LT2-R Lower Tier Interest) is hereby designated
      as
      a regular interest in Lower-Tier REMIC 2 (the “Lower-Tier REMIC 2 Regular
      Interests”).

     

    
      	
               

              Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                

              Principal
                Amount

            	 	
              Corresponding
                Class of Certificates 

            	 
	
              LT-WF-1-1

            	 	 	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-1-1

            	
               

            
	
              LT-WF-1-2

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-1-2

            	
               

            
	
              LT-WF-2

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-2

            	
               

            
	
              LT-WF-3-1

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-3-1

            	
               

            
	
              LT-WF-3-2

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-3-2

            	
               

            
	
              LT-WF-3-3

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-3-3

            	
               

            
	
              LT-WF-4-1

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-4-1

            	
               

            
	
              LT-WF-4-2

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-4-2

            	
               

            
	
              LT-WF-5

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-5

            	
               

            
	
              LT-WF-6-1

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-6-1

            	
               

            
	
              LT-WF-6-2

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-6-2

            	
               

            
	
              LT-WF-M1

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M1

            	
               

            
	
              LT-WF-M2

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M2

            	
               

            
	
              LT-WF-M3

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M3

            	
               

            
	
              LT-WF-M4

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M4

            	
               

            
	
              LT-WF-M5

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M5

            	
               

            
	
              LT-WF-M6

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M6

            	
               

            
	
              LT-WF-M7

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M7

            	
               

            
	
              LT-WF-M8

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M8

            	
               

            
	
              LT-WF-M9

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M9

            	
               

            
	
              LT-WF-M10

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (2)

            	
               

            	
               

            	
              WF-M10

            	
               

            
	
              LT2-Q

            	
               

            	
               

            	
              (1)

            	
               

            	
               

            	
              (3)

            	
               

            	
               

            	
              N/A

            	
               

            
	
              LT2-R

            	
               

            	
               

            	
              (4)

            	
               

            	
               

            	
              (4)

            	
               

            	
               

            	
              N/A

            	 

    

     

    
      	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Lower-Tier Interests in Lower-Tier
                REMIC
                2 is a per annum rate equal to the weighted average of the Net Mortgage
                Rates on the Mortgage Loans in Pool 2 as of the first day of the
                related
                Collection Period (not including for this purpose Mortgage Loans
                in Pool 2
                for which payments in full have been received and distributed in
                the month
                prior to that Distribution Date).

            

    

    

    
      	
              (2)

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

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (3)

            	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (i) the aggregate Pool Balance for Pool 2 as of the Cut-off Date,
                over
                (ii) the aggregate initial class principal amount of each other regular
                interest in Lower-Tier REMIC 2.

            

    

     

    
      	
              (4)

            	
              The
                LT2-R Interest
                is
                the sole Class of residual interest in Lower-Tier REMIC 2. It does
                not
                have an interest rate or a principal balance.

            

    

    

    On
      each
      Distribution Date, the Trustee shall distribute the interest received from
      Pooling REMIC 2 in respect of the Lower-Tier Interests in Lower-Tier REMIC
      2
      based on the above-described interest rates; provided,
      however,
      that
      interest that accrues on the LT2-Q Interest shall be deferred to the extent
      necessary to make the principal distributions described in paragraph (i) below
      for such Distribution Date on the other classes of Lower-Tier Interests. Any
      interest so deferred shall itself bear interest at the interest rate for the
      LT2-Q Interest. 

     

    On
      each
      Distribution Date, the Trustee shall distribute the principal received from
      Pooling REMIC 2 (together with an amount equal to the interest deferred on
      the
      LT2-Q Interest for such Distribution Date) in the following order of
      priority:

     

    
      	 	
              (1)

            	
              First,
                to the LT-WF-1-1, LT-WF-1-2, LT-WF-2, LT-WF-3-1, LT-WF-3-2, LT-WF-3-3,
                LT-WF-4-1, LT-WF-4-2, LT-WF-5, LT-WF-6-1, LT-WF-6-2, LT-WF-M1, LT-WF-M2,
                LT-WF-M3, LT-WF-M4, LT-WF-M5, LT-WF-M6, LT-WF-M7, LT-WF-M8, LT-WF-M9
                and
                LT-WF-M10 Interests until the principal balance of each such interest
                equals 50% of the Class Principal Amount of the Corresponding Class
                of
                Certificates immediately after such Distribution
                Date;

            

    

     

    
      	 	
              (2)

            	
              Second,
                to the LT2-Q Interest, any remaining
                amounts.

            

    

     

    For
      any
      Distribution Date, after all distributions have been made, Realized Losses
      for
      Pool 2 shall be allocated among the interests in Lower-Tier REMIC 2 in the
      order
      of priority in which principal is distributed to such interests. Any Prepayment
      Premiums with respect to Pool 2 received from Pooling REMIC 2 shall be
      distributed in respect of the LT2-Q Interest. 

     

    The
      Certificates

     

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

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

     

    
      	
               

              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Class

              Principal
                Amount

              or
                Class Notional Amount ($)

            	 	
              Minimum
                Denominations

            	 
	
               

            	 	
               

            	 	
               

            	 	
               

            	 
	
              Class
                1-AIO

            	 	 	
              (1)

            	 	 	
              (1)

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-A1

            	 	 	
              (2)

            	 	
              $

            	
              269,465,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-A2

            	 	 	
              (3)

            	 	
              $

            	
              127,702,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-A3

            	 	 	
              (4)

            	 	
              $

            	
              50,000,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-A4A

            	 	 	
              (5)

            	 	
              $

            	
              346,214,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-A4B

            	 	 	
              (6)

            	 	
              $

            	
              12,452,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-A5

            	 	 	
              (7)

            	 	
              $

            	
              89,549,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-1-1

            	 	 	
              (17)

            	 	
              $

            	
              117,043,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-1-2

            	 	 	
              (18)

            	 	
              $

            	
              13,004,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-2

            	 	 	
              (19)

            	 	
              $

            	
              36,508,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-3-1

            	 	 	
              (20)

            	 	
              $

            	
              14,000,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-3-2

            	 	 	
              (21)

            	 	
              $

            	
              22,699,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-3-3

            	 	 	
              (22)

            	 	
              $

            	
              2,837,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-4-1

            	 	 	
              (23)

            	 	
              $

            	
              20,943,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-4-2

            	 	 	
              (24)

            	 	
              $

            	
              29,918,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-5

            	 	 	
              (25)

            	 	
              $

            	
              21,884,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-6-1

            	 	 	
              (26)

            	 	
              $

            	
              16,000,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                WF-6-2

            	 	 	
              (27)

            	 	
              $

            	
              15,900,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-M1

            	 	 	
              (8)

            	 	
              $

            	
              15,916,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-M2

            	 	 	
              (9)

            	 	
              $

            	
              12,616,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-M3

            	 	 	
              (10)

            	 	
              $

            	
              7,764,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-M4

            	 	 	
              (11)

            	 	
              $

            	
              4,852,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-M5

            	 	 	
              (12)

            	 	
              $

            	
              4,852,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-M6

            	 	 	
              (13)

            	 	
              $

            	
              4,852,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-M7

            	 	 	
              (14)

            	 	
              $

            	
              6,793,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-M8

            	 	 	
              (15)

            	 	
              $

            	
              4,852,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-M9

            	 	 	
              (16)

            	 	
              $

            	
              7,278,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M1

            	 	 	
              (28)

            	 	
              $

            	
              6,387,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M2

            	 	 	
              (29)

            	 	
              $

            	
              5,869,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M3

            	 	 	
              (30)

            	 	
              $

            	
              3,452,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M4

            	 	 	
              (31)

            	 	
              $

            	
              3,107,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M5 

            	 	 	
              (32)

            	 	
              $

            	
              2,589,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M6

            	 	 	
              (33)

            	 	
              $

            	
              2,244,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M7

            	 	 	
              (34)

            	 	
              $

            	
              2,071,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M8

            	 	 	
              (35)

            	 	
              $

            	
              1,726,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M9

            	 	 	
              (36)

            	 	
              $

            	
              1,726,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                WF-M10

            	 	 	
              (37)

            	 	
              $

            	
              2,762,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                1-P

            	 	 	
              (38)

            	 	 	
              (38)

            	 	 	
              (45)

            	 
	
              Class
                2-P

            	 	 	
              (39)

            	 	 	
              (39)

            	 	 	
              (45)

            	 
	
              Class
                1-X

            	 	 	
              (40)

            	 	 	
              (40)

            	 	 	
              (45)

            	 
	
              Class
                2-X

            	 	 	
              (41)

            	 	 	
              (41)

            	 	 	
              (45)

            	 
	
              Class
                C-X

            	 	 	
              (42)

            	 	 	
              (42)

            	 	 	
              (45)

            	 
	
              Class
                S-X

            	 	 	
              (43)

            	 	 	
              (43)

            	 	 	
              (45)

            	 
	
              Class
                R-1

            	 	 	
              (44)

            	 	 	
              (44)

            	 	 	
              (45)

            	 
	
              Class
                R-2

            	 	 	
              (45)

            	 	 	
              (45)

            	 	 	
              (45)

            	 
	
              Class
                LT-R-1

            	 	 	
              (46)

            	 	 	
              (46)

            	 	 	
              (45)

            	 
	
              Class
                LT-R-2

            	 	 	
              (47)

            	 	 	
              (47)

            	 	 	
              (45)

            	 
	
              Class
                C

            	 	 	
              (48)

            	 	 	
              (48)

            	 	 	
              (45)

            	 

    

     

    
      
        
          	(1)	
                  The
                    Certificate Interest Rate with respect to any Distribution Date
                    (and the
                    related Accrual Period) for the Class 1-AIO Certificates is the
                    per annum
                    rate equal to 0.600%.
                    The Class 1-AIO Certificates will be issued without a Certificate
                    Principal Amount and will accrue interest on the Class Notional
                    Amount of
                    the Class 1-AIO
                    Certificates.

                

        

      

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (2)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.080% (the “1-A1 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A1 Certificates will be LIBOR plus 0.160%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-A1 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-A1 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (3)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.170% (the “1-A2 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A2 Certificates will be LIBOR plus 0.340%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-A2 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-A2 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (4)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.250% (the “1-A3 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A3 Certificates will be LIBOR plus 0.500%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-A3 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-A3 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (5)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A4A Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.170% (the “1-A4A Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A4A Certificates will be LIBOR plus 0.340%. For purposes
                of
                the REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause
                (ii) of the preceding sentence shall be deemed to be a reference
                to the
                REMIC 1 Net Funds Cap. For any Distribution Date on which the Certificate
                Interest Rate for the Cass 1-A4A Certificates is based on the Pool
                1 Net
                Funds Cap, the amount of interest that would have been payable on
                such
                Certificates if the REMIC 1 Net Funds Cap were substituted for the
                Pool 1
                Net Funds Cap over the amount actually payable thereon shall be treated
                as
                having been paid to the owners of the Class 1-A4A Certificates and
                then
                deposited by such owners into the Supplemental Interest Trust pursuant
                to
                Section 10.01(n) hereof. 

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (6)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A4B Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.200% (the “1-A4B Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A4B Certificates will be LIBOR plus 0.400%. For purposes
                of
                the REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause
                (ii) of the preceding sentence shall be deemed to be a reference
                to the
                REMIC 1 Net Funds Cap. For any Distribution Date on which the Certificate
                Interest Rate for the Cass 1-A4B Certificates is based on the Pool
                1 Net
                Funds Cap, the amount of interest that would have been payable on
                such
                Certificates if the REMIC 1 Net Funds Cap were substituted for the
                Pool 1
                Net Funds Cap over the amount actually payable thereon shall be treated
                as
                having been paid to the owners of the Class 1-A4B Certificates and
                then
                deposited by such owners into the Supplemental Interest Trust pursuant
                to
                Section 10.01(n) hereof.

            

    

     

    
      	
              (7)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.270% (the “1-A5 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-A5 Certificates will be LIBOR plus 0.540%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-A5 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-A5 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (8)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-M1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.300% (the “1-M1 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-M1 Certificates will be LIBOR plus 0.450%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M1 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-M1 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (9)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-M2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.320% (the “1-M2 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-M2 Certificates will be LIBOR plus 0.480%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M2 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-M2 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (10)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-M3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.340% (the “1-M3 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-M3 Certificates will be LIBOR plus 0.510%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M3 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-M3 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (11)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-M4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% (the “1-M4 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 1 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 1 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 1-M4 Certificates will be LIBOR plus 0.600%. For purposes
                of the
                REMIC Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii)
                of the preceding sentence shall be deemed to be a reference to the
                REMIC 1
                Net Funds Cap. For any Distribution Date on which the Certificate
                Interest
                Rate for the Cass 1-M4 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-M4 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (12)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-M5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.420% (the “1-M5 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans in Pool 1 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1 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
                1-M5 Certificates will be LIBOR plus 0.630%. For purposes of the
                REMIC
                Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii) of the
                preceding sentence shall be deemed to be a reference to the REMIC
                1 Net
                Funds Cap. For any Distribution Date on which the Certificate Interest
                Rate for the Cass 1-M5 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-M5 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (13)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-M6 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.500% (the “1-M6 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans in Pool 1 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1 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
                1-M6 Certificates will be LIBOR plus 0.750%. For purposes of the
                REMIC
                Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii) of the
                preceding sentence shall be deemed to be a reference to the REMIC
                1 Net
                Funds Cap. For any Distribution Date on which the Certificate Interest
                Rate for the Cass 1-M6 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-M6 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (14)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-M7 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.150% (the “1-M7 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans in Pool 1 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1 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
                1-M7 Certificates will be LIBOR plus 1.725%. For purposes of the
                REMIC
                Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii) of the
                preceding sentence shall be deemed to be a reference to the REMIC
                1 Net
                Funds Cap. For any Distribution Date on which the Certificate Interest
                Rate for the Cass 1-M7 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-M7 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (15)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-M8 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.900% (the “1-M8 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans in Pool 1 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1 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
                1-M8 Certificates will be LIBOR plus 2.850%. For purposes of the
                REMIC
                Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii) of the
                preceding sentence shall be deemed to be a reference to the REMIC
                1 Net
                Funds Cap. For any Distribution Date on which the Certificate Interest
                Rate for the Cass 1-M8 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-M8 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof. 

            

    

     

    
      	
              (16)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-M9 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.900% (the “1-M9 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans in Pool 1 and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1 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
                1-M9 Certificates will be LIBOR plus 2.850%. For purposes of the
                REMIC
                Provisions, the reference to “Pool 1 Net Funds Cap” in clause (ii) of the
                preceding sentence shall be deemed to be a reference to the REMIC
                1 Net
                Funds Cap. For any Distribution Date on which the Certificate Interest
                Rate for the Cass 1-M9 Certificates is based on the Pool 1 Net Funds
                Cap,
                the amount of interest that would have been payable on such Certificates
                if the REMIC 1 Net Funds Cap were substituted for the Pool 1 Net
                Funds Cap
                over the amount actually payable thereon shall be treated as having
                been
                paid to the owners of the Class 1-M9 Certificates and then deposited
                by
                such owners into the Supplemental Interest Trust pursuant to Section
                10.01(n) hereof.

            

    

     

    
      	
              (17)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-1-1 Certificates is the
                per annum
                rate equal to the lesser of (i) LIBOR plus 0.120% (the “WF-1-1 Margin”)
                and (ii) the Pool 2 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-1-1 Certificates will be LIBOR plus
                0.240%.

            

    

     

    
      	
              (18)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-1-2 Certificates is the
                per annum
                rate equal to the lesser of (i) LIBOR plus 0.140% (the “WF-1-2 Margin”)
                and (ii) the Pool 2 Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-1-2 Certificates will be LIBOR plus 0.280%.

            

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (19)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-2 Certificates is the per
                annum
                rate equal to the lesser of (i) 5.510% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-1-2 Certificates will be
                6.010%.

            

    

     

    
      	
              (20)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-3-1 Certificates is the
                per annum
                rate equal to the lesser of (i) 5.440% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-3-1 Certificates will be 5.940%.

            

    

     

    
      	
              (21)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-3-2 Certificates is the
                per annum
                rate equal to the lesser of (i) 5.550% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-3-2 Certificates will be
                6.050%.

            

    

     

    
      	
              (22)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-3-3 Certificates is the
                per annum
                rate equal to the lesser of (i) 5.850% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-3-3 Certificates will be
                6.350%.

            

    

     

    
      	
              (23)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-4-1 Certificates is the
                per annum
                rate equal to the lesser of (i) 5.730% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-4-1 Certificates will be
                6.230%.

            

    

     

    
      	
              (24)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-4-2 Certificates is the
                per annum
                rate equal to the lesser of (i) 5.790% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-4-2 Certificates will be
                6.290%.

            

    

     

    
      	
              (25)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-5 Certificates is the per
                annum
                rate equal to the lesser of (i) 5.950% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-5 Certificates will be
                6.450%.

            

    

     

    
      	
              (26)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-6-1 Certificates is the
                per annum
                rate equal to the lesser of (i) 5.520% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-6-1 Certificates will be
                6.020%.

            

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (27)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-6-2 Certificates is the
                per annum
                rate equal to the lesser of (i) 5.580% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date;
                provided,
                that if the Mortgage Loans in Pool 2 and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2 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 WF-6-2 Certificates will be 6.080%.

            

    

     

    
      	
              (28)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M1 Certificates is the per
                annum
                rate equal to the lesser of (i) 6.090% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date. 

            

    

     

    
      	
              (29)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M2 Certificates is the per
                annum
                rate equal to the lesser of (i) 6.140% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date. 

            

    

     

    
      	
              (30)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M3 Certificates is the per
                annum
                rate equal to the lesser of (i) 6.190% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date. 

            

    

     

    
      	
              (31)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M4 Certificates is the per
                annum
                rate equal to the lesser of (i) 6.240% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date. 

            

    

     

    
      	
              (32)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M5 Certificates is the per
                annum
                rate equal to the lesser of (i) 6.290% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date. 

            

    

     

    
      	
              (33)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M6 Certificates is the per
                annum
                rate equal to the lesser of (i) 6.340% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date. 

            

    

     

    
      	
              (34)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M7 Certificates is the per
                annum
                rate equal to the lesser of (i) 6.750% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

     

    
      	
              (35)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M8 Certificates is the per
                annum
                rate equal to the lesser of (i) 6.750% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

     

    
      	
              (36)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M9 Certificates is the per
                annum
                rate equal to the lesser of (i) 6.750% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

     

    
      	
              (37)

            	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class WF-M10 Certificates is the
                per annum
                rate equal to the lesser of (i) 6.750% and (ii) the Pool 2 Net Funds
                Cap
                for such Distribution Date.

            

    

     

    
      	
              (38)

            	
              The
                Class 1-P Certificates will not bear interest at a stated rate. The
                Class
                1-P Certificates shall have a Class 1-P Principal Amount equal to
                $100 and
                shall be entitled to receive all Prepayment Premiums paid with respect
                to
                the Mortgage Loans in Pool 1 for which the Seller has retained the
                servicing rights as provided in Section
                5.02(f)(viii).

            

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (39)

            	
              The
                Class 2-P Certificates will not bear interest at a stated rate. The
                Class
                2-P Certificates shall have a Class 2-P Principal Amount equal to
                $100 and
                shall be entitled to receive all Prepayment Premiums paid with respect
                to
                the Mortgage Loans in Pool 2 for which the Seller has retained the
                servicing rights as provided in Section
                5.02(g)(viii).

            

    

     

    
      	
              (40)

            	
              The
                Class 1-X Certificates shall have an initial principal balance of
                $5,343,932.96 (initial overcollateralization of $5,344,032.96 minus
                $100.00 allocated to the Class 1-P Certificates to create the $100
                Class
                1-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 1, the
                Class
                1-X Certificate shall also comprise a notional component, which represents
                a regular interest in the Upper Tier REMIC 1. Such component has
                a
                notional balance that will at all times equal the aggregate of the
                principal balances of the regular interests in Middle-Tier REMIC
                1, 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 difference between (a) the weighted average of the
                interest rates on the regular interests in Middle-Tier REMIC 1 (other
                than
                any interest-only Interest) over (ii) the Adjusted Middle-Tier 1
                WAC.
                

            

    

     

    
      	
              (41)

            	
              The
                Class 2-X Certificates shall have an initial principal balance of
                $2,600,716 (initial overcollateralization of $2,600,816 minus $100.00
                allocated to the Class 2-P Certificates to create the $100 Class
                2-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 2, the
                Class
                2-X Certificate shall also comprise a notional component, which represents
                a regular interest in the Upper Tier REMIC 2. Such component has
                a
                notional balance that will at all times equal the aggregate of the
                principal balances of the regular interests in Lower-Tier REMIC 2,
                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 difference between (a) the weighted average of the
                interest rates on the regular interests in Lower-Tier REMIC 2 over
                (ii)
                the Adjusted Lower-Tier 2 WAC. 

            

    

     

    
      	
              (42)

            	
              For
                purposes of the REMIC Provisions, the Class C-X Certificate shall
                represent beneficial ownership of the Group 1 Cap
                Agreement.

            

    

     

    
      	
              (43)

            	
              The
                Class S-X Certificates shall represent an interest-only regular interest
                in Upper-Tier REMIC I, which shall be entitled to receive all
                distributions in respect of the Class MT1-IO Interest in Middle-Tier
                REMIC
                1 (the “Class I” interest). In addition, for purposes of the REMIC
                Provisions, the Class S-X Certificate shall represent beneficial
                ownership
                of the Supplemental Interest Trust Account, including the Swap
                Agreement.

            

    

     

    
      	
              (44)

            	
              The
                Class R-1 Certificate will be issued without a Certificate Principal
                Amount and will not bear interest at a stated rate. The Class R-1
                Certificate represents ownership of the residual interest in Upper-Tier
                REMIC 1, as well as ownership of the LT1-R Interest and the MT1-R
                Interest.

            

    

     

    
      	
              (45)

            	
              The
                Class R-2 Certificate will be issued without a Certificate Principal
                Amount and will not bear interest at a stated rate. The Class R-2
                Certificate represents ownership of the residual interest in Upper-Tier
                REMIC 2, as well as ownership of the LT2-R
                Interest.

            

    

     

    
      	
              (46)

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

            

    

     

    
      	
              (47)

            	
              The
                Class LT-R-2 Certificate will be issued without a Class Principal
                Amount
                and will not bear interest at a stated rate. The Class LT-R-2 Certificate
                represents ownership of the residual interest in Pooling REMIC 2.
                The
                Class LT-R-2 Certificate will be issued as a single Certificate evidencing
                the entire Percentage Interest in such
                Class.

            

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    

     

    
      	
              (48)

            	
              The
                Class C Certificates will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class C Certificates
                shall be entitled to receive the Class C Distributable
                Amount.

            

    

     

    
      	
              (49)

            	
              The
                Class 1-X, Class 2-X, Class C-X, Class S-X, Class 1-P and Class 2-P
                Certificates will each be issued in minimum Percentage Interests
                of
                10.00%. The Class C, Class LT-R-1, Class LT-R-2, Class R-1 and Class
                R-2
                Certificate will each be issued as a single Certificate evidencing
                the
                entire Percentage Interest in each such
                Class.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $1,315,770,849.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Seller, 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:

     

    1-A1
      Margin:
      As
      defined in footnote (2) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-A2
      Margin:
      As
      defined in footnote (3) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-A3
      Margin:
      As
      defined in footnote (4) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-A4A
      Margin:
      As
      defined in footnote (5) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-A4B
      Margin:
      As
      defined in footnote (6) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-A5
      Margin:
      As
      defined in footnote (7) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-M1
      Margin:
      As
      defined in footnote (8) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-M1
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, after giving effect
      to distributions on such Distribution Date and (ii) the Class Principal Amount
      of the Class 1-M1 Certificates immediately prior to such Distribution Date
      exceeds (y) the 1-M1 Target Amount.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    

     

    1-M1
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 87.40% and (ii) the Pool Balance of Pool 1 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor. 

     

    1-M2
      Margin:
      As
      defined in footnote (9) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-M2
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group 1 Senior Certificates and the Class 1-M1
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class 1-M2
      Certificates immediately prior to such Distribution Date exceeds (y) the 1-M2
      Target Amount.

     

    1-M2
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 90.00% and (ii) the Pool Balance of Pool 1 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 Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    1-M3
      Margin:
      As
      defined in footnote (10) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-M3
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, Class 1-M1
      Certificates and Class 1-M2 Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and (ii) the Class Principal Amount
      of
      the Class 1-M3 Certificates immediately prior to such Distribution Date exceeds
      (y) the 1-M3 Target Amount.

     

    1-M3
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 91.60% and (ii) the Pool Balance of Pool 1 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    1-M4
      Margin:
      As
      defined in footnote (11) of the Preliminary Statement under the caption “The
      Certificates.”

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

     

    1-M4
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, Class 1-M1
      Certificates, Class 1-M2 Certificates and Class 1-M3 Certificates, in each
      case
      after giving effect to distributions on such Distribution Date and (ii) the
      Class Principal Amount of the Class 1-M4 Certificates immediately prior to
      such
      Distribution Date exceeds (y) the 1-M4 Target Amount.

     

    1-M4
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 92.60% and (ii) the Pool Balance of Pool 1 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    1-M5
      Margin:
      As
      defined in footnote (12) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-M5
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, Class 1-M1
      Certificates, Class 1-M2 Certificates, Class 1-M3 Certificates and Class 1-M4
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class 1-M5
      Certificates immediately prior to such Distribution Date exceeds (y) the 1-M5
      Target Amount.

     

    1-M5
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 93.60% and (ii) the Pool Balance of Pool 1 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    1-M6
      Margin:
      As
      defined in footnote (13) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-M6
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, Class 1-M1
      Certificates, Class 1-M2 Certificates, Class 1-M3 Certificates, Class 1-M4
      Certificates and Class 1-M5 Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and (ii) the Class Principal Amount
      of
      the Class 1-M6 Certificates immediately prior to such Distribution Date exceeds
      (y) the 1-M6 Target Amount.

     

    1-M6
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 94.60% and (ii) the Pool Balance of Pool 1 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

     

    1-M7
      Margin:
      As
      defined in footnote (14) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-M7
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, Class 1-M1
      Certificates, Class 1-M2 Certificates, Class 1-M3 Certificates, Class 1-M4
      Certificates, Class 1-M5 Certificates and Class 1-M6 Certificates, in each
      case
      after giving effect to distributions on such Distribution Date and (ii) the
      Class Principal Amount of the Class 1-M7 Certificates immediately prior to
      such
      Distribution Date exceeds (y) the 1-M7 Target Amount.

     

    1-M7
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 96.00% and (ii) the Pool Balance of Pool 1 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    1-M8
      Margin:
      As
      defined in footnote (15) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-M8
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, Class 1-M1
      Certificates, Class 1-M2 Certificates, Class 1-M3 Certificates, Class 1-M4
      Certificates, Class 1-M5 Certificates, Class 1-M6 Certificates and Class 1-M7
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class 1-M8
      Certificates immediately prior to such Distribution Date exceeds (y) the 1-M8
      Target Amount.

     

    1-M8
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 97.00% and (ii) the Pool Balance of Pool 1 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    1-M9
      Margin:
      As
      defined in footnote (16) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-M9
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 1 Senior Certificates, Class 1-M1
      Certificates, Class 1-M2 Certificates, Class 1-M3 Certificates, Class 1-M4
      Certificates, Class 1-M5 Certificates, Class 1-M6 Certificates, Class 1-M7
      Certificates and Class 1-M8 Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and (ii) the Class Principal Amount
      of
      the Class 1-M9 Certificates immediately prior to such Distribution Date exceeds
      (y) the 1-M9 Target Amount.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

     

    1-M9
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 98.50% and (ii) the Pool Balance of Pool 1 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    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 (as successor Master Servicer) or the Master
      Servicer or (y) as provided in the applicable Servicing Agreement, to the extent
      applicable to the related Servicer.

     

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

     

    Accrual
      Period:
      With
      respect to any Distribution Date and the Group 1 Certificates, the Class WF-1-1
      and Class WF-1-2 Certificates, the period beginning on the immediately preceding
      Distribution Date (or on October 25, 2006 in the case of the first Accrual
      Period in the case of the Group 1 Certificates, and October 31, 2006 in the
      case
      of the first Accrual Period in the case of the Class WF-1-1 and Class WF-1-2
      Certificates) and ending on the day immediately preceding the related
      Distribution Date. With respect to any Distribution Date and the Class 1-AIO
      Certificates, Group 2 Certificates (other than the Class WF-1-1 and Class WF-1-2
      Certificates), Class 1-X Certificates and Class 2-X Certificates and each
      Lower-Tier Interest, the calendar month preceding the month of such Distribution
      Date. The Class C-X and Class S-X Certificates will not be entitled to payments
      of interest.

     

    Act:
      As
      defined in Section 3.03(c).

     

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

     

    Additional
      Termination Event:
      As
      defined in the Swap Agreement.

     

    Adjustable
      Rate Mortgage Loans:
      Mortgage
      Loans
      included in Pool 1 for which the related mortgage note provides for
      adjustment of the applicable Mortgage Rate.

     

    Adjusted
      Lower-Tier 2 WAC:
      For any
      Distribution Date (and the related Accrual Period), an amount equal to (i)
      two,
      multiplied by (ii) the weighted average of the interest rates for such
      Distribution Date for each regular interest in Lower-Tier REMIC 2 (other than
      any interest-only regular interest), weighted in proportion to their Class
      Principal Amounts as of the beginning of the related Accrual Period and computed
      by subjecting the rate on the Class LT2-Q Interest to a cap of 0.00% and by
      subjecting the rate on each remaining regular interest to a cap that corresponds
      to the Certificate Interest Rate for the Corresponding Class of Certificates,
      provided,
      however,
      that
      for each Class of Certificates for which interest is accrued on the basis of
      a
      360-day year and the actual number of days in the related Accrual Period, the
      Certificate Interest Rate shall be multiplied by an amount equal to (a) the
      actual number of days in the Accrual Period, divided by (b) 30.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

     

    Adjusted
      Middle-Tier 1 WAC:
      For any
      Distribution Date (and the related Accrual Period), an amount equal to (i)
      two,
      multiplied by (ii) the weighted average of the interest rates for such
      Distribution Date for each regular interest in Middle-Tier REMIC 1 (other than
      any interest-only regular interest), weighted in proportion to their Class
      Principal Amounts as of the beginning of the related Accrual Period and computed
      by subjecting the rate on the Class MT1-Q Interest to a cap of 0.00% and by
      subjecting the rate on each remaining regular interest to a cap that corresponds
      to the Certificate Interest Rate for the Corresponding Class of Certificates
      (determined by substituting the REMIC 1 Net Funds Cap for the applicable Net
      Funds Cap), provided,
      however,
      that
      for each Class of Certificates for which interest is accrued on the basis of
      a
      360-day year and the actual number of days in the related Accrual Period, the
      Certificate Interest Rate shall be multiplied by an amount equal to (a) the
      actual number of days in the Accrual Period, divided by (b) 30.

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      applicable Servicing Fee) on one or more Mortgage Loans that were due on the
      Due
      Date in the related Collection Period and not received as of the close of
      business on the related Determination Date, required to be made by 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) loss of status as a REMIC, within the meaning of Section 860D of the Code,
      for any group of assets identified as a REMIC in the Preliminary Statement
      to
      this Agreement, or (ii) imposition of any tax, including the tax imposed under
      Section 860F(a)(1) on prohibited transactions, and the tax imposed under Section
      860G(d) on certain contributions to a REMIC, on any REMIC created hereunder
      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
      Certificate Insurance Premium:
      As to
      any Distribution Date, the sum of (a) the Certificate Insurance Premium for
      such
      Distribution Date and (b) the amount of any Certificate Insurance Premium that
      was not distributed to the Certificate Insurer on any prior Distribution
      Date.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

     

    Aggregate
      Loan Balance:
      As of
      any date of determination, the aggregate of the Scheduled Principal Balances
      of
      all Mortgage Loans in Pool 1 and Pool 2.

     

    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 Amounts:
      A Pool
      1 Applied Loss Amount or Pool 2 Applied Loss Amount, as applicable.

     

    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 or its successors in interest.

     

    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.

     

    Available
      Basis Risk Amount:
      For any
      Distribution Date and the Group 1 Certificates, the lesser of:

     

    (i) the
      product of:

     

    
      	 	
              (a)

            	
              the
                excess, if any of (1) the weighted average of the Interest Rates
                on the
                Group 1 Certificates computed without regard to the Pool 1 Net Funds
                Cap,
                weighted based on the relative Class Principal Amounts for each class
                of
                Group 1 Certificates, over (2) the Pool 1 Net Funds Cap;
                and

            

    

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (b)

            	
              the
                Scheduled Notional Amount for such Distribution Date,
                and

            

    

     

    
      	 	
              (c)

            	
              a
                fraction, the numerator of which is the actual number of days in
                the
                Accrual Period and the denominator of which is 360,
                and

            

    

     

    (ii) the
      amount on deposit in the Supplemental Interest Trust after all required
      distributions have been made on such Distribution Date pursuant to Sections
      5.02(h)(i) through (iv).

     

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

     

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

     

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

     

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

     

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

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and any Class of Offered Certificates (other
      than the 1-AIO 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 applicable Net Funds Cap for such date,
      exceeds the amount of interest calculated at the applicable Net Funds
      Cap.

     

    Benefit
      Plan Opinion:
      An
      Opinion of Counsel satisfactory to the Trustee to the effect that any proposed
      transfer 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.

     

    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
      Offered Certificates constitutes Book-Entry Certificates.

     

    Bulk
      PMI Policy:
      Any of
      the (A)(i) the MGIC Mortgage Guaranty Select Master Policy for Multiple Loan
      Transactions No. 05-02-04-4681 and the MGIC Letter Agreement dated October
      31,
      2006 and (ii) Commitment Certificates covering $110,237,717.20 aggregate
      principal balance of insurable Mortgage Loans and (B) PMI Mortgage Master Policy
      No. 21046-0032-0, Bulk No. 2006-0908, subject to the terms and conditions of
      PMI
      Mortgage’s Bulk Primary First Lien Master Policy UW 2510.00 (09/00) and the PMI
      Letter Agreement dated October 31, 2006, covering $84,816,036.00 aggregate
      principal balance of insurable Mortgage Loans.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions
      in the States of Colorado, Illinois or New York or the city in which either
      the
      Corporate Trust Office of the Trustee or the principal executive office of
      the
      Certificate Insurer is located are closed, or (iii) with respect to any Servicer
      Remittance Date or any Servicer reporting date, a day on which banking
      institutions in 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:
      In the
      case of the Group 1 Cap Agreement, Lehman Brothers Special Financing
      Inc.

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and any Class of Certificates (other than
      the
      Class C, Class 1-X, Class 2-X, Class C-X, Class S-X, Class 1-P, Class 2-P,
      Class
      R-1, Class R-2, Class LT-R-1 and Class LT-R-2 Certificates), the sum of (i)
      the
      amount, if any, by which (x) the sum of (A) Current Interest for such Class
      for
      the immediately preceding Distribution Date and (B) any unpaid Carryforward
      Interest for such Class from previous Distribution Dates exceeds (y) the amount
      distributed in respect of interest on such Class on such immediately preceding
      Distribution Date, and (ii) interest on such amount 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
      Insurance Policy:
      The
      certificate guaranty insurance policy to be issued by the Certificate Insurer
      including any endorsements thereto, with respect to Class WF-3-1, Class WF-4-1
      and Class WF-6-1 Certificates.

     

    Certificate
      Insurance Premium:
      With
      respect to any Distribution Date and with respect to the Certificate Insurance
      Policy, an amount equal to 1/12th the product of (a) the Class Principal Amount
      of each of the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates as
      of
      such Distribution Date (prior to giving effect to any distribution thereon
      on
      such Distribution Date) and (b) the applicable Premium Percentage.

     

    Certificate
      Insurer:
      MBIA
      Insurance Corporation, or any successors in interest thereto, as issuer of
      the
      Certificate Insurance Policy.

     

    Certificate
      Insurer Default:
      The
      occurrence and continuance of any of the following events:

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              (a)

            	
              the
                Certificate Insurer shall have failed to make a payment required
                to be
                made under the Certificate Insurance Policy in accordance with its
                terms;

            

    

     

    
      	 	
              (b)

            	
              the
                Certificate Insurer shall have (i) filed a petition or commenced
                a case or
                proceeding under any provision or chapter of the United States Bankruptcy
                Code or any other similar federal or state law relating to insolvency,
                bankruptcy, rehabilitation, liquidation or reorganization, (ii) made
                a
                general assignment for the benefit of its creditors, or (iii) had
                an order
                for relief entered against it under the United States Bankruptcy
                Code or
                any other similar federal or state law relating to insolvency, bankruptcy,
                rehabilitation, liquidation or reorganization that is final and
                nonappealable; or

            

    

     

    
      	 	
              (c)

            	
              a
                court of competent jurisdiction, the Office of the Commissioner of
                Insurance of the State of New York or other competent regulatory
                authority
                shall have entered a final and nonappealable order, judgment or decree
                (i)
                appointing a custodian, trustee, agent or receiver for the Certificate
                Insurer or for all or any material portion of its property or (ii)
                authorizing the taking of possession by a custodian, trustee, agent
                or
                receiver of the Certificate Insurer (or the taking of possession
                of all or
                any material portion of the property of the Certificate
                Insurer).

            

    

     

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

     

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

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than the Class 1-AIO, Class C, Class 1-X,
      Class 2-X, Class C-X, Class S-X, Class R-1, Class R-2, Class LT-R-1 and Class
      LT-R-2 Certificates) and any Distribution Date, the initial Certificate
      Principal Amount thereof on the Closing Date, less the amount of all principal
      distributions previously distributed with respect to such Certificate prior
      to
      such Distribution Date, and, (i) in the case of the Group 1 Certificates, as
      reduced by any Pool 1 Applied Loss Amount previously allocated thereto and
      (ii)
      in the case of the Group 2 Certificates, as reduced by any Pool 2 Applied Loss
      Amount previously allocated thereto; provided,
      however,
      that on
      each Distribution Date on which a related Subsequent Recovery is distributed,
      the Certificate Principal Amount of any Group 1 Certificate whose Certificate
      Principal Amount has previously been reduced by application of Pool 1 Applied
      Loss Amounts and the Certificate Principal Amount of any Group 2 Certificate
      whose Certificate Principal Amount has previously been reduced by application
      of
      Pool 2 Applied Loss Amounts, as applicable, will be increased, in order of
      seniority, by an amount (to be applied pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (1) any Deferred Amount
      for
      each such Class immediately prior to such date and (2) in the case of holders
      of
      the Group 1 Certificates and Group 2 Certificates, the total amount of any
      Subsequent Recovery from the related Mortgage Pool distributed on such
      Distribution Date after application (for this purpose) to any more senior
      Classes of such Certificates. The Class C, Class 1-X, Class 2-X, Class C-X,
      Class S-X, Class R-1 and Class R-2 Certificates are issued without Certificate
      Principal Amounts. The Class 1-P Certificates are issued with an initial Class
      1-P Principal Amount of $100.00 and the Class 2-P Certificates are issued with
      an initial Class 2-P Principal Amount of $100.00. 

     

    
      
        
        

      

      
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    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.”

     

    Certifying
      Party:
      As
      defined in Section 6.20(e)(iii).

     

    Class:
      All
      Certificates and, in the case of each of Lower-Tier REMIC 1, Middle-Tier REMIC
      1
      and Lower-Tier REMIC 2, all Lower Tier Interests bearing the same Class
designation.

     

    Class
      1-P Certificate:
      An
      interest in Upper-Tier REMIC 1, as described in footnote (38) to the table
      entitled “The Certificates” in the Preliminary Statement, which interest shall
      be evidenced by the rights of the holders of the Class 1-P Certificates to
      receive Prepayment Premiums with respect to Pool 1 Mortgage Loans.

     

    Class
      1-P Principal Amount:
      As of
      the Closing Date, $100.00.

     

    Class
      1-X Distributable Amount:
      On any
      Distribution Date, the amount of interest that has accrued on the notional
      balance of the Class 1-X Certificates (as described in the Preliminary Statement
      in footnote (40) under the caption “The Certificates,” but that has not been
      distributed prior to such date. In addition, such amount shall include the
      Class
      1-X Principal Amount to the extent such amount has not been distributed on
      an
      earlier Distribution Date as part of the Pool 1 Overcollateralization Release
      Amount.

     

    Class
      1-X Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period) the aggregate
      of the Class Principal Amount of the interests in Middle-Tier REMIC 1, as
      described in the Preliminary Statement.

     

    Class
      1-X Principal Amount:
      As of
      the Closing Date, $5,343,932.96.

     

    Class
      2-P Certificate:
      An
      interest in Upper-Tier REMIC 2, as described in footnote (39) to the table
      entitled “The Certificates” in the Preliminary Statement, which interest shall
      be evidenced by the rights of the holders of the Class 2-P Certificates to
      receive Prepayment Premiums with respect to Pool 2 Mortgage Loans.

     

    Class
      2-P Principal Amount:
      As of
      the Closing Date, $100.00.

     

    Class
      2-X Distributable Amount:
      On any
      Distribution Date, the amount of interest that has accrued on the notional
      balance of the Class 2-X Certificates (as described in the Preliminary Statement
      in footnote (41) under the caption “The Certificates,” but that has not been
      distributed prior to such date. In addition, such amount shall include the
      Class
      2-X Principal Amount to the extent such amount has not been distributed on
      an
      earlier Distribution Date as part of the Pool 2 Overcollateralization Release
      Amount.

     

    
      
        
        

      

      
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    Class
      2-X Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period) the aggregate
      of the Class Principal Amount of the interests in Lower-Tier REMIC 2, as
      described in the Preliminary Statement.

     

    Class
      2-X Principal Amount:
      As of
      the Closing Date, $2,600,716. 

     

    Class
      C Distributable Amount:
      For
      each Distribution Date (1) on and prior to the Class X Account Termination
      Date,
      an amount equal to the lesser of (a) aggregate
      investment earnings on the Class X Account for the related Collection Period
      and
      (b) the amount on deposit in the Class X Account on such Distribution Date,
      and
      (2) on the Class X Account Termination Date, an amount equal to the entire
      amount remaining on deposit in the Class X Account, after making the payments
      set forth in clause (1) hereto.

     

    Class
      C Mortgage Loan:
      Any
      Mortgage Loan which has become a Liquidated Mortgage Loan on or prior to the
      Collection Period ending in November 2009.

     

    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-1 Certificates:
      Each
      Class LT-R-1 Certificate execution 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 Pooling REMIC
      1.

     

    Class
      LT-R-2 Certificates:
      Each
      Class LT-R-2 Certificate execution 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 Pooling REMIC
      2.

     

    Class
      Notional Amount:
      For the
      Class 1-AIO Certificates and any Distribution Date, the Class Notional Amount
      of
      the Class 1-AIO Certificates will be equal to aggregate Scheduled Principal
      Balance of the Fixed Rate Mortgage Loans in Pool 1 as of the first day of the
      related Collection Period.

     

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than the Class 1-AIO, Class C,
      Class
      1-P, Class 2-P, Class R-1, Class R-2, Class LT-R-1, Class LT-R-2, Class 1-X,
      Class 2-X, Class C-X and Class S-X Certificates, the aggregate of the
      Certificate Principal Amounts (or related Percentage Interest therein
      aggregating to 100%) of all Certificates of such Class at the date of
      determination. With respect to the Class 1-P Certificates and Class 2-P
      Certificates, the Class 1-P Principal Amount and Class 2-P Principal Amount,
      respectively. With respect to the Class C, Class R-1, Class R-2, Class LT-R-1,
      Class LT-R-2, Class 1-X, Class 2-X, Class C-X and Class S-X Certificates,
      zero.

     

    
      
        
        

      

      
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    Class
      R-1 Certificate:
      The
      Class R-1 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 sole class of residual interest
      in
      Upper-Tier REMIC 1 as well as ownership of the Class LT1-R Interest in
      Lower-Tier REMIC 1 and the Class MT1-R Interest in Middle-Tier REMIC
      1.

     

    Class
      R-2 Certificate:
      The
      Class R-2 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 sole class of residual interest
      in
      Upper-Tier REMIC 2 as well as ownership of the Class LT2-R Interest in
      Lower-Tier REMIC 2.

     

    Class
      WF-6 Percentage:
      For
      any
      Distribution Date will be equal to the lesser of (i) 100% and (ii) the
      percentage obtained by dividing (x) the aggregate Class Principal Amounts of
      the
      Class WF-6-1 and Class WF-6-2 Certificates immediately prior to such date by
      (y)
      the aggregate Class Principal Amount of the Group 2 Senior Certificates
      immediately prior to such date.

     

    Class
      WF-6 Priority Amount:
      For any
      Distribution Date an amount equal to the least of (i) the aggregate Class
      Principal Amounts of the Class WF-6-1 and Class WF-6-2 Certificates immediately
      prior to such Distribution Date, (ii) the product of (x) the Pool 2 Senior
      Principal Distribution Amount and (y) the Class WF-6 Percentage and (z) the
      Class WF-6 Shift Percentage and (iii) the Pool 2 Senior Principal Distribution
      Amount; provided, however, that if prior to such Distribution Date the aggregate
      Class Principal Amount of the Group 2 Senior Certificates (other than the Class
      WF-6-1 and Class WF-6-2 Certificates) has been reduced to zero, the Class WF-6
      Priority Amount will equal 100% of the Pool 2 Senior Principal Distribution
      Amount.

     

    Class
      WF-6 Shift Percentage:
      For any
      Distribution Date occurring prior to the 37th Distribution Date (i.e., November
      2009) will be 0%; for the 37th through 60th Distribution Dates, 45%; for the
      61st through 72nd Distribution Dates, 80%; for the 73rd through 84th
      Distribution Dates, 100%; and thereafter, 300%.

     

    Class
      X
      Account:
      An
      account established as part of the Trust
      Fund
      pursuant to Section 5.11 of this Agreement but which is not an asset of any
      of
      the REMICs for the benefit of the Class 1-X, Class 2-X and Class C
      Certificates.

     

    Class
      X Account Termination Date:
      The
      Distribution Date in November 2009.

     

    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.

     

    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.

     

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

     

    Closing
      Date:
      October
      31, 2006.

     

    
      
        
        

      

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

     

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

     

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

     

    Commission:
      The
      United States Securities and Exchange Commission.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date and prepayments in full or in part, an amount
      equal 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 to make any Compensating Interest
      Payment.

     

    Component:
      Not
      applicable.

     

    Component
      Interest Rate:
      Not
      applicable.

     

    Component
      Principal Amount:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      The
      principal corporate trust office of the Trustee (a) at which Certificates may
      be
      presented for transfer and exchange and for presentment and surrender for the
      final distributions thereon is located at Citibank, N.A., 111 Wall Street,
      15th
      floor,
      New York, New York 10005, Attention: 15th
      Floor
      Window and (b) for all other purposes, Citibank, N.A., 388 Greenwich Street,
      14th
      floor,
      New York, New York 10013, Attention: Agency and Trust Lehman XS Trust Series
      2006-17, or such other address that the Trustee may designate from time to
      time
      by notice to the Certificateholders, the Depositor, the Certificate Insurer
      and
      the Master Servicer.

     

    Corresponding
      Class:
      The
      Class of Certificates that corresponds to a class of interests in Middle-Tier
      REMIC 1 or Lower-Tier REMIC 2, as applicable, and as described in the
      Preliminary Statement.

     

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

     

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

     

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

     

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

     

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

     

    Cut-off
      Date:
      With
      respect to all Mortgage Loans, October 1, 2006.

     

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

     

    
      
        
        

      

      
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    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 Group 1 Certificate, the aggregate
      Pool 1 Applied Loss Amounts previously applied in reduction of the Certificate
      Principal Amount thereof, less (i) any amounts previously reimbursed in respect
      thereof and (ii) the amount by which the Certificate Principal Amount of such
      Group 1 Certificate has been increased due to Subsequent Recoveries. With
      respect to any Distribution Date and each Group 2 Certificate, the aggregate
      Pool 2 Applied Loss Amounts previously applied in reduction of the Certificate
      Principal Amount thereof, less (i) any amounts previously reimbursed in respect
      thereof and (ii) the amount by which the Certificate Principal Amount of such
      Group 2 Certificate has been increased due to Subsequent Recoveries
      ;
      provided,
      further, that any Pool 2 Applied Loss Amounts allocated to the Class WF-3-1,
      Class WF-4-1 or Class WF-6-1 Certificates will not be Deferred Amounts to the
      extent they are paid by the Certificate Insurer as part of Guaranteed
      Distributions.

     

    Deficiency
      Amount:
      With
      respect to the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates and
      any
      Distribution Date, the excess, if any, of Guaranteed Distributions over the
      aggregate amount available to be distributed to the Class WF-3-1, Class WF-4-1
      and Class WF-6-1 Certificateholders on such Distribution Date in accordance
      with
      the provisions of Section 5.02 hereof.

     

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

     

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

     

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

     

    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.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    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;

     

    
      
        
        

      

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

     

    (iv) securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof which have
      a
      credit rating from each Rating Agency, at the time of investment or the
      contractual commitment providing for such investment, at least equal to one
      of
      the two highest long-term credit rating categories of each Rating Agency;
provided,
      however,
      that
      securities issued by any particular corporation will not be Eligible Investments
      to the extent that investment therein will cause the then outstanding principal
      amount of securities issued by such corporation and held as part of the Trust
      Fund to exceed 20% of the sum of the 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 or (B) that would not adversely affect
      the
      then current rating assigned by each Rating Agency of any of the Certificates
      (in the case of the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates,
      determined without regard to the Certificate Insurance Policy) or the NIM
      Securities. Such investments in this subsection (viii) may include money market
      mutual funds or common trust funds, including any fund for which Citibank,
      N.A.,
      in its capacity other than as Trustee, the Master Servicer or an Affiliate
      thereof serves as an investment advisor, administrator, shareholder, servicing
      agent, and/or custodian or subcustodian, notwithstanding that (x) Citibank,
      N.A., the Trustee, the Master Servicer or any Affiliate thereof charges and
      collects fees and expenses from such funds for services rendered,
      (y) Citibank, N.A., the Trustee, the Master Servicer, or any Affiliate
      thereof charges and collects fees and expenses for services rendered pursuant
      to
      this Agreement, and (z) services performed for such funds and pursuant to
      this Agreement may converge at any time. Citibank, N.A. or an Affiliate thereof
      is hereby authorized to charge and collect from the Trustee such fees as are
      collected from all investors in such funds for services rendered to such funds
      (but not to exceed investment earnings thereon);

     

    
      
        
        

      

      
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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 C, Class 1-P, Class 2-P, Class R-1, Class R-2, Class LT-R-1, Class LT-R-2,
      Class 1-X, Class 2-X, Class C-X and Class S-X Certificate and any Certificate
      with a rating below the lowest applicable rating permitted under the
      Underwriter’s Exemption.

     

    ERISA-Restricted
      Swap Certificate:
      Any
      Group 1 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).

     

    
      
        
        

      

      
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    Exchange
      Act:
      The
      Securities and Exchange Act of 1934, as amended, and the rules and regulations
      thereunder.

     

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

     

    Excluded
      Trust Assets:
      As
      defined in the Preliminary Statement. 

     

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

     

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

     

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

     

    Final
      Scheduled Distribution Date:
      With
      respect to each Class of Group 1 Certificates, the Distribution Date in August
      2046. With respect to each Class of Group 2 Certificates, the Distribution
      Date
      in November 2036.

     

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

     

    Fixed
      Rate Mortgage Loans:
      Mortgage Loans bearing a fixed rate of interest.

     

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

     

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

     

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

     

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

     

    Group
      1 Cap Agreement:
      The Cap
      Agreement dated as of October 31, 2006, entered into between the Trustee on
      behalf of the Trust Fund (for the benefit of the Group 1 Certificateholders)
      and the Cap Counterparty, which agreement provides for the monthly payment
      specified therein, to the Trustee (for the benefit of the Group 1 Certificateholders)
      commencing with the Distribution Date in November 2007 and terminating in (but
      including the Distribution Date in) October 2011, by the Cap Counterparty,
      but
      subject to the conditions set forth therein, including the 1992 ISDA Master
      Swap
      Agreement (Multi-Currency Cross Border), together with the confirmation and
      schedules relating thereto, in the form of Exhibit N-2 hereto.

     

    
      
        
        

      

      
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    Group
      1 Certificates:
      Collectively, the Group 1 Senior Certificates and the Group 1 Subordinate
      Certificates.

     

    Group
      1 Senior Certificates:
      Collectively, the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A4A, Class 1-A4B
      and Class 1-A5 Certificates.

     

    Group
      1 Senior Priority:
      The
      priority of distributions on the Group 1 Senior Certificates described in
      Section 5.02(d)(i)(B).

     

    Group
      1 Subordinate Certificates:
      Collectively, the Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5,
      Class 1-M6, Class 1-M7, Class 1-M8 and Class 1-M9 Certificates.

     

    Group
      1 Subordinate Priority:
      To the
      Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class
      1-M7, Class 1-M8 and Class 1-M9 Certificates, sequentially, in that
      order.

     

    Group
      2 Certificates:
      Collectively, the Group 2 Senior Certificates and the Group 2 Subordinate
      Certificates.

     

    Group
      2 Senior Certificates:
      The
      Class WF-1-1, WF-1-2, WF-2, WF-3-1, WF-3-2, WF-3-3, WF-4-1, WF-4-2, WF-5, WF-6-1
      and WF-6-2 Certificates.

     

    Group
      2 Senior Priority:
      The
      priority of distributions on the Group 2 Senior Certificates described in
      Section 5.02(e)(i)(A).

     

    Group
      2 Subordinate Certificates:
      Collectively, the Class WF-M1, Class WF-M2, Class WF-M3, Class WF-M4, Class
      WF-M5, Class WF-M6, Class WF-M7, Class WF-M8, Class WF-M9 and Class WF-M10
      Certificates.

     

    Group
      2 Subordinate Priority:
      To the
      Class WF-M1, Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5 and Class WF-M6,
      Class WF-M7, Class WF-M8, Class WF-M9 and Class WF-M10 Certificates,
      sequentially, in that order.

     

    Guaranteed
      Distributions:
      With
      respect to the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates,
      (a) for any Distribution Date, the sum of (i) the related Current Interest
      for the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates for such
      Distribution Date, but excluding therefrom any Net Prepayment Interest
      Shortfalls and any Relief Act Reductions allocable to the Class Class WF-3-1,
      Class WF-4-1 or Class WF-6-1 Certificates on such Distribution Date, and (ii)
      the amount of any Pool 2 Applied Loss Amounts allocated to the Class WF-3-1,
      Class WF-4-1 and Class WF-6-1 Certificates on such Distribution Date, and (b)
      for the Final Scheduled Distribution Date, the respective Class Principal
      Amounts of the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates to
      the
      extent unpaid on the Final Scheduled Distribution Date (after giving effect
      to
      all distributions to be made on such date).

     

    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 Cap
      Counterparty or any Affiliate thereof shall be deemed not to be outstanding
      in
      determining whether the requisite percentage necessary to effect any such
      consent has been obtained, except that, in determining whether the Trustee
      shall
      be protected in relying upon any such consent, only Certificates which a
      Responsible Officer of the Trustee knows to be so owned shall be disregarded.
      The Trustee may request and conclusively rely on certifications by the
      Depositor, the Master Servicer, the Cap Counterparty or the applicable Servicer,
      in determining whether any Certificates are registered to an Affiliate of the
      Depositor, the Master Servicer, the Cap Counterparty or any Servicer,
      respectively. After a Section 7.01(d) Purchase Event, except in the case of
      the
      Class LT-R-1 and Class LT-R-2 Certificates, Sections 3.03, 3.04, 3.05, 3.06,
      3.07, 3.09, 5.02(b) through (h) and 11.03 (a) and (b) 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 Pooling REMIC 1 Regular Interests (in the case
      of a
      Section 7.01(d) Purchase Event with respect to the Pooling REMIC 1 Regular
      Interests) and the Pooling REMIC 2 Regular Interests (in the case of a Section
      7.01(d) Purchase Event with respect to the Pooling REMIC 2 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 Commission’s Regulation S-X. When used with
      respect to any other Person, a Person who (a) is in fact independent of another
      specified Person and any Affiliate of such other Person, (b) does not have
      any
      material direct financial interest in such other Person or any Affiliate of
      such
      other Person, and (c) is not connected with such other Person or any Affiliate
      of such other Person as an officer, employee, promoter, underwriter, trustee,
      partner, director or Person performing similar functions.

     

    Initial
      LIBOR Rate:
      5.32%
      per annum.

     

    Insurance
      Agreement:
      The
      insurance agreement dated as of October 1, 2006 among the Depositor, the Seller,
      the Trustee and the Certificate Insurer.

     

    Insurance
      Fee Rate:
      With
      respect to each Mortgage Loan insured by an Insurance Policy paid for by the
      lender or a Bulk PMI Policy, 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.

     

    
      
        
        

      

      
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    Insured
      Payments:
      (i)
      With respect to any Distribution Date, any Deficiency Amount and (ii) any
      Preference Amount.

     

    Interest-Only
      Certificates:
      The
      Class 1-AIO Certificates.

     

    Interest
      Remittance Amount:
      With
      respect to any Mortgage Pool and Distribution Date, (a) the sum of (1) all
      interest collected (other than in connection with Payaheads and Prepayment
      Premiums) or advanced in respect of Scheduled Payments in such Mortgage Pool
      during the related Collection Period by the Servicers, the Master Servicer,
      or
      the Trustee (solely acting in its capacity as successor Master Servicer),
minus
      (x) the
      Servicing Fee with respect to the Mortgage Loans, (y) previously unreimbursed
      Advances and other amounts due to the Servicers, the Master Servicer or the
      Trustee (solely acting in its capacity as successor Master Servicer) to the
      extent allocable to interest and the allocable portion of previously
      unreimbursed Servicing Advances with respect to the Mortgage Loans and (z)
      in
      the case of Pool 2, any insurance premiums on any Bulk PMI Policy, (2) any
      Compensating Interest Payments with respect to the Mortgage Loans in such
      Mortgage Pool with respect to the related Prepayment Period (or in the case
      of
      Mortgage Loans serviced by Aurora, the relevant Collection Period), (3) the
      portion of any Purchase Price, as applicable, or Substitution Amount paid with
      respect the Mortgage Loans in such Mortgage Pool during the related Prepayment
      Period (or in the case of Mortgage Loans serviced by Aurora, the relevant
      Collection Period) allocable to interest, and (4) all Net Liquidation
      Proceeds, Insurance Proceeds and any other recoveries collected with respect
      to
      the Mortgage Loans during the related Prepayment Period (or in the case of
      Mortgage Loans serviced by Aurora, the relevant Collection Period), to the
      extent allocable to interest, as reduced by (b) other costs, expenses or
      liabilities reimbursable to the Trustee, the Master Servicer, each Servicer
      the
      extent provided in this Agreement and each Servicing Agreement, and the
      Custodian pursuant to the Custodial Agreement; provided,
      however,
      that in
      the case of the Trustee, such reimbursable amounts may not exceed $500,000
      during any Anniversary Year up to and including the Anniversary Year in which
      the Stepdown Date occurs and $200,000 during any Anniversary Year thereafter
      (the “Applicable Maximum Reimbursement Amount”). In the event that the Trustee
      incurs reimbursable amounts in excess of the Applicable Maximum Reimbursement
      Amount in any Anniversary Year, it may obtain reimbursement for such amounts
      in
      subsequent Anniversary Years, but in no event shall more than the Applicable
      Maximum Reimbursement Amount in aggregate 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 in determining the Applicable Maximum Reimbursement
      Amount limitation on reimbursable amounts per Anniversary Year. For
      the
      avoidance of doubt, in the case of Pool 1, (i) the Interest Remittance Amount
      available on each Swap Payment Date for distributions to the Supplemental
      Interest Trust 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
      Supplemental Interest Trust Account on the related Swap Payment Date.

     

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

     

    
      
        
        

      

      
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    Item
      1122 Responsible Party:
      With
      respect to the criteria to be addressed under Item 1122 of Regulation AB, the
      attesting party as indicated in the table attached hereto at Exhibit
      O.

     

    Latest
      Possible Maturity Date:
      With
      regard to the Group 1 Certificates, the Distribution Date occurring in August
      2046. With regard to the Group 2 Certificates, the Distribution Date in November
      2036.

     

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

     

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

     

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

     

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

     

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

     

    LIBOR
      Certificate:
      Any
      Group 1 Certificate and, the Class WF-1-1 and Class WF-1-2
      Certificates.

     

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

     

    Liquidated
      Mortgage Loan:
      Any
      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.

     

    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 the applicable Primary Mortgage Insurance Policy, if any, including,
      without limitation, foreclosure and rehabilitation expenses, legal expenses
      and
      unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16 or
      9.22.

     

    
      
        
        

      

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

     

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

     

    Lower-Tier
      Interest:
      As
      described in the Preliminary Statement.

     

    Lower-Tier
      REMIC:
      Any of
      Pooling REMIC 1, Pooling REMIC 2, Lower-Tier REMIC 1 or Lower-Tier REMIC
      2.

     

    Lower-Tier
      REMIC 1:
      As
      described in the Preliminary Statement.

     

    Lower-Tier
      REMIC 2:
      As
      described in the Preliminary Statement.

     

    LTURI-holder:
      The
      holder of the Pooling REMIC 1 Regular Interests and/or the Pooling REMIC 2
      Regular Interests, as the case may be, which upon the occurrence of a Section
      7.01(d) Purchase Event, shall be the Master Servicer or its designee, including
      any trustee in its capacity as a trustee in any privately placed
      securitization.

     

    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, the Business Day 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.

     

    MGIC:
      Mortgage Guaranty Insurance Corporation, or any successor in
      interest.

     

    MGIC
      Letter Agreement:
      With
      respect to the Bulk PMI Policy with MGIC, the Terms Letter for MGIC Mortgage
      Insurance Coverage covering approximately $110,237,717.20 in principal balance
      of insurance mortgage loans dated as of October 31, 2006, among Lehman Brothers
      Inc., MGIC, the Trustee and the Master Servicer.

     

    
      
        
        

      

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

     

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

     

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

     

    Middle-Tier
      REMIC 1:
      As
      described in the Preliminary Statement.

     

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

     

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

     

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

     

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

     

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

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such
      schedule shall set forth, among other things, the following information with
      respect to each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii)
      the Mortgagor’s name; (iii) the street address of the Mortgaged Property
      including the city, state and zip code; (iv) the original principal amount
      of
      the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the monthly
      payment of principal and interest at origination; (vii) the Seller of such
      Mortgage Loan to the Depositor; (viii) the Servicer servicing such Mortgage
      Loan
      and the applicable Servicing Fee Rate; (ix) whether such Mortgage Loan is
      covered by a Bulk PMI Policy and the provider thereof; (x) with respect to
      any
      Mortgage Loan with a lender paid Insurance Policy or Bulk PMI Policy, the
      related Insurance Fee Rate; (xi) the applicable Prepayment Premium, if any,
      and
      the method of calculation, (xii) the Custodian with respect to the Mortgage
      File
      related to such Mortgage Loan and (xiii) the Mortgage Pool into which the
      Mortgage Loan has been deposited. 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.

     

    
      
        
        

      

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

     

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

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

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

     

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

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by (i) the
      Servicing Fee Rate for such Mortgage Loan, and (ii) the Insurance Fee Rate,
      if
      applicable.

     

    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 (i) any Prepayment Interest Excess with respect to the Mortgage Loans
      for such date and (ii) any amounts paid with respect to such shortfalls by
      the Servicers pursuant to the Servicing Agreements.

     

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

     

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

     

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

     

    NIM
      Securities:
      Any net
      interest margin securities issued subsequent to the Closing Date by an owner
      trust or other special purpose entity, the principal assets of such trust or
      other entity including the Class 1-X, Class 2-X, Class C-X, Class S-X, Class
      1-P
      and Class 2-P Certificates and the payments received thereon, as provided
      herein, which principal assets back such securities.

     

    
      
        
        

      

      
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    NIMS
      Agreement:
      Any
      agreement pursuant to which any 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.

     

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

     

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

     

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

     

    Notice
      of Nonpayment.
      The
      notice to be delivered to the Certificate Insurer with respect to any
      Distribution Date pursuant to Section 5.07(a), which shall be in the form
      attached to the Certificate Insurance Policy.

     

    Notional
      Amount:
      For
      each Notional Certificate as of any Distribution Date, the Certificate’s
      Percentage Interest of the applicable Class Notional Amount for the
      date.

     

    Notional
      Certificate:
      The
      Class 1-AIO Certificates.

     

    Offered
      Certificates:
      Collectively, the Group 1 Certificates, the Group 2 Certificates and the Class
      1-AIO Certificates. 

     

    Offered
      Subordinate Certificates:
      The
      Group 1 Subordinate Certificates and the Group 2 Subordinate
      Certificates.

     

    Offering
      Document:
      The
      Prospectus.

     

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

     

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

     

    Original
      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 Mortgage Property.

     

    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.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

    

     

    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.

     

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

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Percentage
      Interest:
      With
      respect to any Certificate, its percentage interest in the undivided beneficial
      ownership interest in the Trust Fund evidenced by all Certificates of the same
      Class as such Certificate. With respect to any Certificate other than the Class
      C, Class 1-X, Class 2-X, Class C-X, Class S-X, Class 1-P, Class 2-P, Class
      R-1,
      Class R-2, Class LT-R-1 and Class LT-R-2 Certificates, the Percentage Interest
      evidenced thereby shall equal the initial Certificate Principal Amount thereof
      divided by the initial Class Principal Amount of all Certificates of the same
      Class. With respect to the Class 1-AIO Certificates, the Percentage Interest
      evidenced thereby shall equal the initial Notional Amount thereof divided by
      the
      initial Class Notional Amount thereof. With respect to the Class C, Class 1-X,
      Class 2-X, Class C-X, Class S-X, Class 1-P, Class 2-P, Class R-1, Class R-2,
      Class LT-R-1 and Class LT-R-2 Certificates, the Percentage Interest evidenced
      thereby shall be as specified on the face thereof, or otherwise be equal to
      100%.

     

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

     

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

     

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

     

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

     

    PMI:
      PMI
      Mortgage Insurance Co. and its successors in interest.

     

    PMI
      Insurance Premium:
      With
      respect to each Distribution Date and each Pool 2 Mortgage Loan covered by
      a
      Bulk PMI Policy or other lender-paid Primary Mortgage Insurance Policy, the
      product of (a) one-twelfth of the applicable Insurance Fee Rate and (b) the
      Scheduled Principal Balance of such Mortgage Loan as of the first day of the
      related Collection Period.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    

     

    PMI
      Letter Agreement:
      With
      respect to the Bulk PMI Policy with PMI Mortgage, the Terms Letter for PMI
      Mortgage Insurance Coverage dated as of October 31, 2006, among LBH, PMI
      Mortgage and the Trustee.

     

    Policy
      Payments Account:
      The
      separate Eligible Account created and maintained by the Trustee pursuant to
      Section 5.07(b) in the name of the Trustee for the benefit of the Class WF-3-1,
      Class WF-4-1 and Class WF-6-1 Certificateholders and designated, “Citibank,
      N.A., as trustee for the holders of Lehman XS Trust 2006-17 Mortgage
      Pass-Through Certificates, Series 2006-17.”
      Funds
      in
      the Policy Payments Account shall be held in trust for the benefit of the Class
      WF-3-1, Class WF-4-1 and Class WF-6-1 Certificateholders for the uses and
      purposes set forth in this Agreement.

     

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

     

    Pool
      1
      Applied Loss Amounts:
      With
      respect to any Distribution Date, after giving effect to all Realized Losses
      incurred with respect to the Mortgage Loans in Pool 1 during the related
      Collection Period and distributions of principal on such Distribution Date,
      the
      amount by which the aggregate Class Principal Amount of the Group 1 Certificates
      and Class 1-P Certificates exceeds the Pool Balance of Pool 1 for such
      Distribution Date.

     

    Pool
      1
      Basis Risk Payment:
      With
      respect to any Distribution Date, an amount equal to (A) the sum of (i) any
      Basis Risk Shortfall for the Group 1 Certificates for such Distribution Date,
      (ii) any Unpaid Basis Risk Shortfall for the Group 1 Certificates from previous
      Distribution Dates and (iii) any Pool 1 Required Reserve Fund Amount for such
      Distribution Date less (B) (i) the amount of Available Basis Risk Amounts paid
      pursuant to Section 5.02(h)(v) on such Distribution Date, (ii) the amount of
      any
      Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls paid pursuant to Section
      5.02(h)(vii), and (iii) any amounts received under the Group 1 Cap Agreement
      and
      paid to the Group 1 Certificates pursuant to Section 5.02(f)(iv)(A).

     

    Pool
      1
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 for the benefit of the Group 1 Certificates.

     

    Pool
      1
      Cumulative Loss Trigger Event:
      With
      respect to any Distribution Date, a Pool 1 Cumulative Loss Trigger Event shall
      occur if the fraction, expressed as a percentage, obtained by dividing (x)
      the
      aggregate amount of cumulative Realized Losses incurred on the Pool 1 Mortgage
      Loans from the Cut-off Date through the last day of the related Collection
      Period by (y) the Cut-off Date Balance of the Pool 1 Mortgage Loans, exceeds
      the
      applicable percentages described below with respect to such Distribution
      Date:

     

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Distribution
                  Date

              	 	
                Loss
                  Percentage

              
	
                November
                  2008 through October 2009 

              	 	
                0.30%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.40% for each month thereafter

              
	
                November
                  2009 through October 2010 

              	 	
                0.70%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.55% for each month thereafter

              
	
                November
                  2010 through October 2011 

              	 	
                1.25%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.50% for each month thereafter

              
	
                November
                  2011 through October 2012 

              	 	
                1.75%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.30% for each month thereafter

              
	
                November
                  2012 through October 2013 

              	 	
                2.05%
                  for the first month plus
                  an
                  additional 1/12th
                  of
                  0.05% for each month thereafter

              
	
                November
                  2013 and thereafter 

              	 	
                2.10%

              

      

       

    

    Pool
      1
      Cut-off Date Balance:
      With
      respect to the Pool 1 Mortgage Loans in the Trust Fund on the Closing Date,
      the
      aggregate Scheduled Principal Balance of such Pool 1 Mortgage Loans as of the
      Cut-off Date.

     

    Pool
      1
      Delinquency Event:
      With
      respect to any Distribution Date, a Pool 1 Delinquency Event shall occur if
      the
      Pool 1 Rolling Three Month Delinquency Rate as of the last day of the
      immediately preceding month equals or exceeds 43.00% of the Pool 1 Senior
      Enhancement Percentage for such Distribution Date.

     

    Pool
      1
      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 Pool
      1
      Mortgage Loans which are 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 of Pool 1 as of
      the
      close of business on the last day of such month.

     

    Pool
      1
      Initial Optional Termination Date:
      The
      Distribution Date occurring in the month following the month in which the Pool
      Balance of Pool 1 initially declines to less than 10.00% of the Pool 1 Cut-off
      Date Balance.

     

    Pool
      1
      Monthly Excess Cashflow:
      For any
      Distribution Date, an amount equal to the sum of (i) the Pool 1 Monthly Excess
      Interest for such Distribution Date, (ii) the Pool 1 Overcollateralization
      Release Amount for such Distribution Date and (iii) any remaining Principal
      Distribution Amount for Pool 1 for such Distribution Date, after applying the
      principal payment priority set forth in Sections 5.02(d)(i)(A) through (C)
      or
      Section 5.02(d)(ii).

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    

     

    Pool
      1
      Monthly Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      for Pool 1 remaining after application pursuant to clauses (i) through (iii)
      of
      Section 5.02(b) on such date.

     

    Pool
      1
      Net Excess Spread:
      With
      respect to any Distribution Date, 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 Pool 1 for such Distribution Date exceeds
      (b) the Current Interest payable with respect to the Group 1 Certificates and
      the Class 1-AIO Certificatesfor such Distribution Date and (ii) twelve, and
      the
      denominator of which is the Pool Balance of Pool 1 for such Distribution
      Date.

     

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

     

    Pool
      1
      Optimal Interest Remittance Amount:
      For
      each Distribution Date, the product of (A) (x) the weighted average of the
      Net
      Mortgage Rates for the Pool 1 Mortgage Loans as of the first day of the related
      Collection Period divided by (y) 12 and (B) the Pool Balance of Pool 1 as of
      the
      first day of the related Collection Period (not including for this purpose
      Mortgage Loans in Pool 1 for which prepayments in full have been received and
      distributed in the month prior to that Distribution Date).

     

    Pool
      1
      Overcollateralization Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      Balance of Pool 1 for such Distribution Date determined as of the last day
      of
      the related Collection Period exceeds (y) the aggregate Class Principal Amount
      of the Group 1 Certificates, in each case after giving effect to distributions
      on such Distribution Date.

     

    Pool
      1
      Overcollateralization Deficiency:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      1
      Targeted Overcollateralization Amount for such Distribution Date exceeds (y)
      the
      Pool 1 Overcollateralization Amount for such Distribution Date, calculated
      for
      this purpose after giving effect to the reduction on such Distribution Date
      of
      the aggregate Certificate Principal Amount of the Group 1 Certificates resulting
      from the distribution of the Principal Distribution Amount for Pool 1 on such
      Distribution Date, but prior to allocation of any Pool 1 Applied Loss Amount
      on
      such Distribution Date to the Group 1 Certificates.

     

    Pool
      1
      Overcollateralization Floor:
      An
      amount equal to 0.35% of the Pool 1 Cut-off Date Balance.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    

     

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

     

    Pool
      1
      Purchase Price:
      A price
      equal to the sum of (i) 100% of the unpaid principal balance of each Mortgage
      Loan in Pool 1 on the day of such purchase plus
      interest
      accrued thereon at the applicable Mortgage Rate to the Due Date in the Due
      Period immediately preceding the related Distribution Date, (ii) 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 in Pool 1,
      (iii) the amount of any unreimbursed Servicing Advances and amounts owed to
      the
      Trustee hereunder with respect to such Mortgage Loans in Pool 1, (iv) the fair
      market value of any REO Property and any other property held by the Trust Fund
      with respect to such Mortgage Loans in Pool 1, such fair market value to be
      determined by an appraiser or appraisers mutually agreed upon by the Master
      Servicer and the Trustee (reduced, in the case of REO Property, by (1)
      reasonably anticipated disposition costs and (2) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan) plus interest accrued thereon at the applicable Net
      Mortgage Rate to the date of such purchase and (v) any Swap Termination Payment
      payable to the Swap Counterparty as a result of a termination pursuant to
      Section 7.01.

     

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

     

    Pool
      1
      Rolling Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the Rolling Three Month Deliquency Rate for
      Pool 1.

     

    Pool
      1
      Senior Enhancement Percentage:
      With
      respect to any Distribution Date and Pool 1, the fraction, expressed as a
      percentage, the numerator of which is the sum of (x) the aggregate Class
      Principal Amount of the Group 1 Subordinate Certificates and (y) the Pool 1
      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 for Pool 1 has been distributed on such
      Distribution Date and no Pool 1 Trigger Event has occurred) and the denominator
      of which is the Pool Balance of Pool 1 for such Distribution Date, in each
      case
      after giving effect to distributions on such Distribution Date.

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    

     

    Pool
      1
      Senior Principal Distribution Amount:
      With
      respect to any Distribution Date and Pool 1 (a) prior to the Pool 1
      Stepdown Date or if a Pool 1 Trigger Event is
      in
      effect with
      respect to such Distribution Date, an amount equal to 100% of the Principal
      Distribution Amount for Pool 1 and (b) on or after the Pool 1 Stepdown Date
      and as long as a Pool 1 Trigger Event is
      not in
      effect with
      respect to such Distribution Date, the amount, if any, by which (x) the
      aggregate Class Principal Amount of the Group 1 Senior Certificates immediately
      prior to such Distribution Date exceeds (y) the Pool 1 Senior Target
      Amount.

     

    Pool
      1
      Senior Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 84.12% and (ii) the Pool Balance of Pool 1 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 of Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    Pool
      1
      Stepdown Date:
      The
      earlier of (x) the first Distribution Date following the Distribution Date
      on
      which the Class Principal Amounts of the Group 1 Senior Certificates have each
      been reduced to zero or (y) the later to occur of (1) the Distribution Date
      in
      November 2009 and (2) the first Distribution Date on which the Pool 1 Senior
      Enhancement Percentage (calculated for this purpose after giving effect to
      payments or other recoveries in respect of the Pool 1 Mortgage Loans during
      the
      related Collection Period, but before giving effect to distributions on any
      related Certificate on such Distribution Date) is greater than or equal to
      15.88%.

     

    Pool
      1
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the Pool Balance for Pool
      1
      for such Distribution Date minus
      the Pool
      1 Targeted Overcollateralization Amount for such Distribution Date.

     

    Pool
      1
      Targeted Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Pool 1 Stepdown Date an amount
      equal to approximately $7,278,758
      (i.e.,
0.75%
      of the
      Pool 1 Cut-Off Date Balance) and (y) for any Distribution Date on or after
      the
      Pool 1 Stepdown Date, the greater of (1) the lesser of (a) $7,278,758
      and
      (b)
      the product of 1.50%
      of the
      Pool Balance of Pool 1 as of the last day of the Collection Period and (2)
      the
      Pool 1 Overcollateralization Floor; provided, however, for any Distribution
      Date
      on or after the Pool 1 Stepdown Date and for which a Pool 1 Trigger Event is
      in
      effect, the Pool 1 Targeted Overcollateralization Amount will be equal to the
      Pool 1 Targeted Overcollateralization Amount in effect for the immediately
      preceding Distribution Date.

     

    Pool
      1
      Termination Event:
      As
      defined in Section 7.01(a).

     

    Pool
      1
      Trigger Event:
      With
      respect to any Distribution Date, means that either a Pool 1 Delinquency Event
      or a Pool 1 Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

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

     

    Pool
      2
      Applied Loss Amounts:
      With
      respect to any Distribution Date, after giving effect to all Realized Losses
      incurred with respect to the Mortgage Loans in Pool 2 during the related
      Collection Period and distributions of principal on such Distribution Date,
      the
      amount by which the aggregate Class Principal Amount of the Group 2 Certificates
      and Class 2-P Certificates exceeds the Pool Balance of Pool 2 for such
      Distribution Date.

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

    

     

    Pool
      2
      Basis Risk Payment:
      With
      respect to any Distribution Date, an amount equal to (A) the sum of (i) any
      Basis Risk Shortfall for the Group 2 Certificates for such Distribution Date,
      (ii) any Unpaid Basis Risk Shortfall for the Group 2 Certificates from previous
      Distribution Dates and (iii) any Pool 2 Required Reserve Fund Amount for such
      Distribution Date. 

     

    Pool
      2
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 for the benefit of the Group 2 Certificates.

     

    Pool
      2
      Cumulative Loss Trigger Event:
      With
      respect to any Distribution Date, a Pool 2 Cumulative Loss Trigger Event shall
      occur if the fraction, expressed as a percentage, obtained by dividing (x)
      the
      aggregate amount of cumulative Realized Losses incurred on the Pool 2 Mortgage
      Loans from the Cut-off Date through the last day of the related Collection
      Period by (y) the Cut-off Date Balance of the Pool 2 Mortgage Loans, exceeds
      the
      applicable percentages described below with respect to such Distribution
      Date:

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              November
                2008 through October 2009

            	 	
              0.35%
                for the first month plus
                an
                additional 1/12th
                of
                0.55%
                for each month thereafter

            
	
              November
                2009 through October 2010

            	 	
              0.90%
                for the first month plus
                an
                additional 1/12th
                of
                0.70%
                for each month thereafter

            
	
              November
                2010 through October 2011

            	 	
              1.60%
                for the first month plus
                an
                additional 1/12th
                of
                0.70%
                for each month thereafter

            
	
              November
                2011 through October 2012

            	 	
              2.30%
                for the first month plus
                an
                additional 1/12th
                of
                0.40%
                for each month thereafter

            
	
              November
                2012 through October 2013

            	 	
              2.70%
                for the first month plus
                an
                additional 1/12th
                of
                0.05%
                for each month thereafter

            
	
              November
                2013 and thereafter

            	 	
              2.75%

            

    

    

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

    

     

    Pool
      2
      Cut-off Date Balance:
      With
      respect to the Pool 2 Mortgage Loans in the Trust Fund on the Closing Date,
      the
      aggregate Scheduled Principal Balance of such Pool 2 Mortgage Loans as of the
      Cut-off Date.

     

    Pool
      2
      Delinquency Event:
      With
      respect to any Distribution Date, a Pool 2 Delinquency Event shall occur if
      the
      Pool 2 Rolling Three Month Delinquency Rate as of the last day of the
      immediately preceding month equals or exceeds 34.83%
      of the
      Pool 2 Senior Enhancement Percentage for such Distribution Date.

     

    Pool
      2
      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 Pool
      2
      Mortgage Loans which are 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 of Pool 2 as of
      the
      close of business on the last day of such month.

     

    Pool
      2
      Initial Optional Termination Date:
      The
      Distribution Date occurring in the month following the month in which the Pool
      Balance of Pool 2 initially declines to less than 10.00% of the Pool 2 Cut-off
      Date Balance.

     

    Pool
      2
      Monthly Excess Cashflow:
      For any
      Distribution Date, an amount equal to the sum of (i) the Pool 2 Monthly Excess
      Interest for such Distribution Date, (ii) the Pool 2 Overcollateralization
      Release Amount for such Distribution Date and (iii) any remaining Principal
      Distribution Amount for Pool 2 for such Distribution Date, after applying the
      principal payment priority set forth in Sections 5.02(e)(i)(A) through (C)
      or
      Section 5.02(e)(ii), as applicable.

     

    Pool
      2
      Monthly Excess Interest:
      With
      respect to any Distribution Date, the amount of any Interest Remittance Amount
      for Pool 2 remaining after application pursuant to clauses (i) through (iv)
      of
      Section 5.02(c) on such date.

     

    Pool
      2
      Net Excess Spread:
      With
      respect to any Distribution Date, 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 Pool 2 for such Distribution Date exceeds
      (b) the Current Interest payable with respect to the Group 2 Certificates for
      such Distribution Date and (ii) twelve, and the denominator of which is the
      Pool
      Balance of Pool 2 for such Distribution Date.

     

    Pool
      2
      Net Funds Cap:
      For
      each Distribution Date and the Group 2 Certificates, an annual rate equal
      to a fraction, expressed as a percentage, (a) the numerator of which is the
      product of (1) the excess of (x) the Pool 2 Optimal Interest
      Remittance Amount for such Distribution Date over (y) the Certificate Insurance
      Premium due to the Certificate Insurer for such date and (2) 12, and (b)
      the denominator of which is the Pool Balance for Pool 2 as of the first day
      of the related Collection Period (not including for this purpose Mortgage Loans
      for which prepayments in full have been received and distributed in the month
      prior to that Distribution Date) , multiplied, in the case of the Class WF-1-1
      and Class WF-1-2 Certificates, by 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.

     

    
      
        
        

      

      
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    Pool
      2
      Optimal Interest Remittance Amount:
      For
      each Distribution Date, the product of (A) (x) the weighted average of the
      Net
      Mortgage Rates for the Pool 2 Mortgage Loans as of the first day of the related
      Collection Period divided by (y) 12 and (B) the Pool Balance of Pool 2 as of
      the
      first day of the related Collection Period (not including for this purpose
      Mortgage Loans in Pool 2 for which prepayments in full have been received and
      distributed in the month prior to that Distribution Date).

     

    Pool
      2
      Overcollateralization Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      Balance of Pool 2 for such Distribution Date determined as of the last day
      of
      the related Collection Period exceeds (y) the aggregate Class Principal Amount
      of the Group 2 Certificates, in each case after giving effect to distributions
      on such Distribution Date.

     

    Pool
      2
      Overcollateralization Deficiency:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      2
      Targeted Overcollateralization Amount for such Distribution Date exceeds (y)
      the
      Pool 2 Overcollateralization Amount for such Distribution Date, calculated
      for
      this purpose after giving effect to the reduction on such Distribution Date
      of
      the aggregate Certificate Principal Amount of the Group 2 Certificates resulting
      from the distribution of the Principal Distribution Amount for Pool 2 on such
      Distribution Date, but prior to allocation of any Pool 2 Applied Loss Amount
      on
      such Distribution Date to the Group 2 Certificates.

     

    Pool
      2
      Overcollateralization Floor:
      An
      amount equal to 0.35% of the Pool 2 Cut-off Date Balance.

     

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

     

    Pool
      2
      Purchase Price:
      A price
      equal to the sum of (i) 100% of the unpaid principal balance of each Mortgage
      Loan in Pool 2 on the day of such purchase plus
      interest
      accrued thereon at the applicable Mortgage Rate to the Due Date in the Due
      Period immediately preceding the related Distribution Date, (ii) 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 originiation of such Mortgage Loan in Pool 2,
      (iii) the amount of any unreimbursed Servicing Advances and amounts owed to
      the
      Trustee hereunder with respect to such Mortgage Loans in Pool 2, (iv) the fair
      market value of any REO Property and any other property held by the Trust Fund
      with respect to such Mortgage Loans in Pool 2, such fair market value to be
      determined by an appraiser or appraisers mutually agreed upon by the Master
      Servicer and the Trustee (reduced, in the case of REO Property, by (1)
      reasonably anticipated disposition costs and (2) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan) plus interest accrued thereon at the applicable Net
      Mortgage Rate to the date of such purchase and (v) any Reimbursement Amount
      due
      to the Certificate Insurer under the Insurance Agreement.

     

    
      
        
        

      

      
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    Pool
      2
      Required Reserve Fund Amount:
      With
      respect to any Distribution Date on which the Pool 2 Net Excess Spread is less
      than 0.25%, the amount, if any by which (a) the product of 1.00% and the
      aggregate Class
      Principal Amount of the Group 2 Certificates immediately prior to such
      Distribution Date
      exceeds
      (b) the amount on deposit in the Pool 2 Basis Risk Reserve Fund immediately
      prior to such date. With respect to any Distribution Date on which the Pool
      2
      Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by
      which $1,000 exceeds the amount on deposit in the Pool 2 Basis Risk Reserve
      Fund
      immediately prior to such date; provided,
      however,
      that on
      any Distribution Date on which the Class Principal Amounts of each Class of
      Group 2 Certificates
      has
      been
      reduced to zero, the Pool 2 Required Reserve Fund Amount shall be
      zero.

     

    Pool
      2
      Rolling Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the Rolling Three Month Deliquency Rate for
      Pool 2.

     

    Pool
      2
      Senior Enhancement Percentage:
      With
      respect to any Distribution Date and Pool 2, the fraction, expressed as a
      percentage, the numerator of which is the sum of (x) the aggregate Class
      Principal Amount of the Group 2 Subordinate Certificates and (y) the Pool 2
      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 for Pool 2 has been distributed on such
      Distribution Date and no Pool 2 Trigger Event has occurred) and the denominator
      of which is the Pool Balance of Pool 2 for such Distribution Date, in each
      case
      after giving effect to distributions on such Distribution Date.

     

    Pool
      2
      Senior Principal Distribution Amount:
      With
      respect to any Distribution Date and Pool 2 (a) prior to the Pool 2
      Stepdown Date or if a Pool 2 Trigger Event is
      in
      effect with
      respect to such Distribution Date, an amount equal to 100% of the Principal
      Distribution Amount for Pool 2 and (b) on or after the Pool 2 Stepdown Date
      and as long as a Pool 2 Trigger Event is
      not in
      effect with
      respect to such Distribution Date, the amount, if any, by which (x) the
      aggregate Class Principal Amount of the Group 2 Senior Certificates immediately
      prior to such Distribution Date exceeds (y) the Pool 2 Senior Target
      Amount.

     

    Pool
      2
      Senior Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 79.90% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    Pool
      2
      Stepdown Date:
      The
      earlier of (x) the first Distribution Date following the Distribution Date
      on
      which the Class Principal Amounts of the Group 2 Senior Certificates have each
      been reduced to zero and all amounts due to the Cerficiate Insurer have been
      paid in full or (y) the later to occur of (1) the Distribution Date in November
      2009 and (2) the first Distribution Date on which the Pool 2 Senior Enhancement
      Percentage (calculated for this purpose after giving effect to payments or
      other
      recoveries in respect of the Pool 2 Mortgage Loans during the related Collection
      Period, but before giving effect to distributions on any related Certificate
      on
      such Distribution Date) is greater than or equal to 20.10%.

     

    
      
        
        

      

      
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    Pool
      2
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the Pool Balance for Pool
      2
      for such Distribution Date minus
      the Pool
      2 Targeted Overcollateralization Amount for such Distribution Date.

     

    Pool
      2
      Targeted Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Pool 2 Stepdown Date an amount
      equal to approximately $2,762,159
      (i.e.,
0.80%
      of the
      Pool 2 Cut-Off Date Balance) and (y) for any Distribution Date on or after
      the
      Pool 2 Stepdown Date, the greater of (1) the lesser of (a) $2,762,159
      and (b)
      the product of 1.60%
      of the
      Pool Balance of Pool 2 as of the last day of the Collection Period and (2)
      the
      Pool 2 Overcollateralization Floor; provided, however, for any Distribution
      Date
      on or after the Pool 2 Stepdown Date and for which a Pool 2 Trigger Event is
      in
      effect, the Pool 2 Targeted Overcollateralization Amount will be equal to the
      Pool 2 Targeted Overcollateralization Amount in effect for the immediately
      preceding Distribution Date.

     

    Pool
      2
      Termination Event:
      As
      defined in Section 7.01(a).

     

    Pool
      2
      Trigger Event:
      With
      respect to any Distribution Date, means that either a Pool 2 Delinquency Event
      or a Pool 2 Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

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

     

    Pooling
      REMIC 1 Regular Interests:
      Lower-Tier Interests in Pooling REMIC 1, as described in the Preliminary
      statement.

     

    Pooling
      REMIC 2 Regular Interests:
      Lower-Tier Interests in Pooling REMIC 2, as described in the Preliminary
      statement.

     

    Pooling
      REMIC Regular Interests:
      Either
      the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests,
      as applicable.

     

    Preference
      Amount:
      With
      respect to any amount previously distributed to a holder of a Class WF-3-1,
      Class WF-4-1 or Class WF-6-1 Certificate, any amount on such Certificate that
      is
      recoverable and sought to be recovered as a voidable preference by a trustee
      in
      bankruptcy pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended
      from time to time, in accordance with a final nonappealable order of a court
      having competent jurisdiction.

     

    Premium
      Percentage:
      The
      applicable premium rate applicable under the Certificate Insurance Policy with
      respect to any Distribution Date, will equal (x) 0.06% per annum for the Class
      WF-3-1 and Class WF-4-1 Certificates and (y) 0.065% per annum for the Class
      WF-6-1 Certificates, as further defined in the Insurance Agreement.

     

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

     

    
      
        
        

      

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

     

    Prepayment
      Period:
      With
      respect to those Mortgage Loans serviced by Servicers other than Aurora and
      any
      Distribution Date and any Principal Prepayment, whether in part or in full
      (including any liquidation), the calendar month immediately preceding the month
      in which such Distribution Date occurs. With respect to any Distribution Date
      and a Principal Prepayment in full (including any liquidation) with respect
      to
      those Mortgage Loans serviced by Aurora, the period from the seventeenth day
      of
      the month immediately preceding the month of such Distribution Date to the
      sixteenth day of the month of such Distribution Date (except in the case of
      the
      November 2006 Distribution Date, for which the related Prepayment Period will
      be
      the period from October 1, 2006 through November 16, 2006). With respect to
      those Mortgage Loans serviced by Aurora, any Distribution Date and any Principal
      Prepayment in part, the calendar month immediately preceding the month in which
      such Distribution Date occurs.

     

    Prepayment
      Premiums:
      Any
      prepayment fees and penalties to be paid by the Mortgagor on a Mortgage Loan
      with respect to which the Seller owns the servicing rights, as indicated in
      the
      Mortgage Loan Schedule. Prepayment Premiums shall not be included in the
      Principal Remittance Amount or the Interest Remittance Amount with respect
      to
      any Pool.

     

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

     

    Principal
      Distribution Amount:
      With
      respect to any Distribution Date and Pool 1, an amount equal to the Principal
      Remittance Amount for such date for such Mortgage Pool minus
      the
      Pool
      1 Overcollateralization Release Amount, if any, for such Distribution Date.
      With
      respect to any Distribution Date and Pool 2, an amount equal to the Principal
      Remittance Amount for such date for such Mortgage Pool minus
      the
      Pool
      2 Overcollateralization Release Amount, if any, for such Distribution Date.
      

     

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

     

    
      
        
        

      

      
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    Principal
      Remittance Amount:
      With
      respect to any Distribution Date and each Mortgage Pool, (a) the sum of (i)
      all
      principal collected (other than in connection with Payaheads) or advanced in
      respect of Scheduled Payments on the Mortgage Loans during the related
      Collection Period whether by a Servicer, the Master Servicer or the Trustee,
      solely in its capacity as successor Master Servicer (less unreimbursed Advances
      due to the Master Servicer, any Servicer, or the Trustee, in its capacity as
      successor master servicer, with respect to the related Mortgage Loans, to the
      extent allocable to principal and any unreimbursed Servicing Advances), (ii)
      all
      Principal Prepayments in full or in part received during the related Prepayment
      Period with respect to the Mortgage Loans in such Mortgage Pool (or in the
      case
      of Mortgage Loans serviced by Aurora, the related Collection Period), (iii)
      the
      outstanding principal balance of each Mortgage Loan in such Mortgage Pool that
      was repurchased by the Seller or the related Transferor during the related
      Prepayment Period (or in the case of Mortgage Loans serviced by Aurora, the
      related Collection Period), or the NIMS Insurer (in the case of certain Mortgage
      Loans 90 days or more delinquent), (iv) the portion of any Substitution Amount
      paid with respect to any Deleted Mortgage Loan in such Mortgage Pool during
      the
      related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora,
      the related Collection Period) allocable to principal, and (v) all Net
      Liquidation Proceeds, Insurance Proceeds, any Subsequent Recovery and other
      recoveries collected with respect to the Mortgage Loans in such Mortgage Pool
      during the related Prepayment Period (or in the case of Mortgage Loans serviced
      by Aurora, the related Collection Period), to the extent allocable to principal,
      as reduced by (b) to the extent not reimbursed from the Interest Remittance
      Amount, other
      costs, expenses or liabilities reimbursable to the Trustee, the Master Servicer
      and each Servicer to the extent provided in this Agreement and each Servicing
      Agreement, and to the Custodian pursuant to the Custodial Agreement;
provided,
      however,
      in the
      case of the Trustee such reimbursement may not exceed the Applicable Maximum
      Reimbursement Amount. In the event the Trustee incurs reimbursable amounts
      in
      excess of the Applicable Maximum Reimbursement Amount, it may seek reimbursement
      for such amounts in subsequent Anniversary Years, but in no event shall more
      than the Applicable Maximum Reimbursement Amount 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 in determining the Applicable Maximum Reimbursement
      Amount limitation on reimbursable amounts per Anniversary Year. For the
      avoidance of doubt, in the case of Pool 1, (i) the Principal Remittance Amount
      available on each Swap Payment Date for distributions to the Supplemental
      Interest Trust 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
      Supplemental Interest Trust Account on the related Swap Payment
      Date.

     

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

     

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

     

    
      
        
        

      

      
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    Prospectus:
      The
      prospectus supplement dated October 30, 2006 together with the accompanying
      prospectus dated September 13, 2006, relating to the Offered
      Certificates.

     

    Purchase
      Price:
      With
      respect to the purchase of a Mortgage Loan or related REO Property pursuant
      to
      Section 2.05 of this Agreement, an amount equal to the sum of (a) 100% of the
      unpaid principal balance of such Mortgage Loan, (b) accrued interest thereon
      at
      the applicable Mortgage Rate, from the date as to which interest was last paid
      to (but not including) the Due Date in the Collection Period immediately
      preceding the related Distribution Date; (c) any unreimbursed Servicing Advances
      with respect to such Mortgage Loan; (d) any costs and damages incurred by the
      Trust Fund with respect to such Mortgage Loan in connection with any violation
      of any federal, state or local predatory or abusive lending laws or other
      similar laws; (e) the fair market value of all other property being purchased
      (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); and (f) any
      unpaid Reimbursement Amounts due to the Certificate Insurer with respect to
      such
      Mortgage Loan. The
      Master Servicer, each Servicer (or the Trustee, in its capacity as successor
      Master Servicer, if applicable) shall be reimbursed from the Purchase Price
      for
      any Mortgage Loan or related REO Property for any Advances made or other amounts
      advanced with respect to such Mortgage Loan or related REO Property that are
      reimbursable to the Master Servicer or such Servicer under this Agreement or
      the
      Servicing Agreement (or to the Trustee hereunder in its capacity as successor
      Master Servicer), together with any accrued and unpaid compensation due to
      the
      Master Servicer, any Servicer or the Trustee hereunder or
      thereunder.

     

    QIB:
      As
      defined in Section 3.03(c).

     

    QIB-Restricted
      Certificate:
      Any
      Class C Certificate.

     

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

     

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

     

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

     

    (iii) provide
      that if at any time the then current credit standing of the obligor under such
      guaranteed investment contract is such that continued investment pursuant to
      such contract of funds would result in a downgrading of any rating of the
      Certificates (which in the case of the Class WF-3-1, Class WF-4-1 and Clss
      WF-6-1 Certificates shall be determined without regard to the Certificate
      Insurance Policy) or the NIM Securities, the Trustee shall terminate such
      contract without penalty and be entitled to the return of all funds previously
      invested thereunder, together with accrued interest thereon at the interest
      rate
      provided under such contract to the date of delivery of such funds to the
      Trustee;

     

    
      
        
        

      

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

     

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

     

    Qualified
      Insurer:
      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 insurance business related to this transaction
      and
      to write the insurance provided in connection therewith and whose claims paying
      ability is rated by each Rating Agency in its highest rating category or whose
      selection as an insurer will not adversely affect the rating of the Certificates
      (which in the case of the Class WF-3-1, Class WF-4-1 and Clss WF-6-1
      Certificates shall be determined without regard to the Certificate Insurance
      Policy).

     

    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) in the case of any Adjustable Rate Mortgage
      Loans, has a maximum Mortgage Rate not less than the maximum Mortgage Rate
      on
      the Deleted Mortgage Loan, (iv) in the case of any Adjustable Rate Mortgage
      Loans, has a minimum Mortgage Rate not less than the minimum Mortgage Rate
      of
      the Deleted Mortgage Loan, (v) in the case of any Adjustable Rate Mortgage
      Loans, has a gross margin equal to or greater than the gross margin of the
      Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted
      Mortgage Loan was a Cooperative Loan, (vii) in the case of any Adjustable Rate
      Mortgage Loans, has a next adjustment date not later than the next adjustment
      date on the Deleted Mortgage Loan, (viii) has the same Due Date as the Deleted
      Mortgage Loan, (ix) has a remaining stated term to maturity not greater than
      (and not more than one year less than) that of the Deleted Mortgage Loan,
provided,
      that in
      no case shall such substitute Mortgage Loan have a maturity date later than
      the
      Final Scheduled Maturity Date, (x) is current as of the date of substitution,
      (xi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower
      than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date,
      (xii)
      has been underwritten by any Transferor in accordance with the same underwriting
      criteria and guidelines as the Deleted Mortgage Loan, (xiii) has a risk grading
      determined by the Seller at least equal to the risk grading assigned on the
      Deleted Mortgage Loan, (xiv) is secured by the same property type as the Deleted
      Mortgage Loan, (xv) conforms to each representation and warranty applicable
      to
      the Deleted Mortgage Loan made in the related Mortgage Loan Sale and Assignment
      Agreement, (xvi) has the same or higher lien position as the Deleted Mortgage
      Loan, (xvii) is covered by a Primary Mortgage Insurance Policy if the Deleted
      Mortgage Loan was so covered and (xviii) contains provisions covering the
      payment of Prepayment Premium by the Mortgagor for early prepayment of the
      Mortgage Loan at least as favorable as the Deleted Mortgage Loan. In the event
      that one or more mortgage loans are substituted for one or more Deleted Mortgage
      Loans, the amounts described in clause (i) hereof shall be determined on the
      basis of aggregate Scheduled Principal Balances, the Mortgage Rates described
      in
      clause (ii) hereof shall be determined on the basis of weighted average Mortgage
      Rates, the risk gradings described in clause (xiii) hereof shall be satisfied
      as
      to each such mortgage loan, the terms described in clause (ix) hereof shall
      be
      determined on the basis of weighted average remaining term to maturity
      (provided,
      that the
      stated maturity date of any Qualified 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 Qualified Substitute Mortgage Loan or in the aggregate, as the case
      may be.

     

    
      
        
        

      

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

     

    Record
      Date:
      With
      respect to the LIBOR Certificates, and any Distribution Date, the close of
      business on the Business Day immediately preceding such Distribution Date.
      With
      respect to the Group 2 Certificates and the Class 1-AIO, Class C, Class 1-P,
      Class 2-P, Class 1-X, Class 2-X, Class C-X, Class S-X, Class LT-R-1, Class
      LT-R-2, Class R-1 and Class R-2 Certificates and any Class of Definitive
      Certificates and any Distribution Date, the last Business Day of the month
      immediately preceding the month in which the Distribution Date occurs (or,
      in
      the case of the first Distribution Date, the Closing Date).

     

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

     

    Regulation
      S Global Security:
      Not
      applicable.

     

    
      
        
        

      

      
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    Regulation
      S:
      Not
      applicable.

     

    Reimbursement
      Amounts:
      Any
      unreimbursed Insured Payments made by the Certificate Insurer, plus
      all
      other amounts due to the Certificate Insurer under the Insurance Agreement
      except, however, for any amounts the Seller or the Depositor have reimbursed
      to
      the Certificate Insurer pursuant to section 3.05 of the Insurance Agreement,
      together with interest thereon at the rate specified in the Insurance Agreement;
      provided,
      however,
      if
      written notice of any Reimbursement Amount is received after four Business
      Days
      prior to the related Distribution Date, then such Reimbursement Amount shall
      be
      payable on the next succeeding Distribution Date.

     

    Relevant
      Servicing Criteria:
      The
      Servicing Criteria applicable to each party, as set forth on Exhibit O attached
      hereto. Multiple parties can have responsibility for the same Relevant Servicing
      Criteria. With respect to a Servicing Function Participant engaged by the Master
      Servicer, the Trustee, each Custodian or each 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 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.

     

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

     

    REMIC:
      Each
      pool of assets in the Trust Fund designated as a REMIC pursuant to Section
      10.01(a) hereof.

     

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

     

    REMIC
      Swap Rate:
      For
      each Distribution Date (and the related Accrual Period), a per annum rate equal
      to the 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.

     

    
      
        
        

      

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

     

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

     

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

     

    Residual
      Certificates:
      The
      Class LT-R-1, Class LT-R-2, Class R-1 and Class R-2 Certificates.

     

    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 1-P, Class 2-P, Class 1-X, Class 2-X, Class C-X, Class S-X, Class LT-R-1,
      Class LT-R-2, Class R-1 or Class R-2 Certificate.

     

    Restricted
      Global Security:
      Not
      Applicable.

     

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

     

    Rules:
      As
      defined in Section 6.20(c).

     

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

     

    Scheduled
      Notional Amount:
      For
      each Distribution Date and the Swap Agreement, the amount set forth in Exhibit
      N-1. The initial Scheduled Notional Amount will be approximately $936,096,567.

     

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

     

    Scheduled
      Principal Balance:
      With
      respect to (i) any Mortgage Loan as of any Distribution Date, the principal
      balance of such Mortgage Loan at the close of business on the 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 received thereon which are allocable to
      unscheduled principal payments (including Principal Prepayments, Liquidation
      Proceeds, Insurance Proceeds and condemnation proceeds, in each case to the
      extent identified and applied prior to or during the related Prepayment Period)
      and (ii) any REO Property as of any Distribution Date, the Scheduled Principal
      Balance of the related Mortgage Loan on the Due Date immediately preceding
      the
      date of acquisition of such REO Property by or on behalf of the Trustee (reduced
      by any amount applied as a reduction of principal on the Mortgage Loan). With
      respect to any Mortgage Loan and the Cut-off Date, as specified in the Mortgage
      Loan Schedule. The Scheduled Principal Balance of a Liquidated Mortgage Loan
      shall be zero.

     

    
      
        
        

      

      
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    Section
      7.01(d) Purchase Event:
      Any of
      (i) the purchase of all the Pooling REMIC 1 Regular Interests, (ii) the purchase
      of all of the Pooling REMIC 2 Regular Interests or (iii) the purchase of the
      Pooling REMIC 1 Regular Interests and the Pooling REMIC 2 Regular
      Interests.

     

    Securities
      Act:
      The
Securities
      Act of 1933, as amended

     

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

     

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

     

    Servicer:
      Any
      Servicer that has entered into any of the Servicing Agreements attached as
      Exhibit E hereto, or any successor 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, the next succeeding Business Day).

     

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

     

    Servicing
      Agreement:
      Each
      servicing agreement or reconstituted servicing agreement entered into between
      a
      Servicer and the Seller dated as of October 1, 2006, attached hereto in Exhibit
      E, and any other servicing agreement entered into between a successor servicer
      and the Seller or the Trustee pursuant to the terms hereof.

     

    
      
        
        

      

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

     

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

     

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

     

    Sponsor:
      Lehman
      Brothers Holdings Inc.

     

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

     

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

     

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

     

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

     

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

     

    Supplemental
      Interest Trust:
      The
      corpus of a trust created pursuant to Section 5.08 of this Agreement and
      designated as the “Supplemental Interest Trust,” consisting of the Swap
      Agreement, the Supplemental Interest Trust Account and the Class I interest
      in
      Upper-Tier REMIC 1 and the right to receive Class I Shortfalls.

     

    
      
        
        

      

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

     

    Supplemental
      Interest Trust 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
      Supplemental Interest Trust Account.

     

    Swap
      Agreement:
      The
      interest rate swap agreement entered into by the Supplemental Interest Trust,
      which agreement provides for, among other things, a Net Swap Payment to be
      paid
      pursuant to the conditions provided therein, together with any schedules,
      confirmations or other agreements relating thereto, attached hereto as Exhibit
      N-1.

     

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

     

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

     

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

     

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

     

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

     

    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.

     

    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 Moneyline Telerate Service
      (or such other page selected by the Trustee as may replace Page 3750 on that
      service for the purpose of displaying daily comparable rates on
      prices).

     

    Termination
      Event:
      As
      defined in the Swap Agreement.

     

    
      
        
        

      

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

     

    Total
      Distribution Amount:
      With
      respect to any Distribution Date and Pool 1, the sum of (i) the Interest
      Remittance Amount for Pool 1 for such date; (ii) the Principal Remittance Amount
      for Pool 1 for such date; and (iii) the Prepayment Premiums with respect to
      Pool
      1. With respect to any Distribution Date and Pool 2, the sum of (i) the Interest
      Remittance Amount for Pool 2 for such date; (ii) the Principal Remittance Amount
      for Pool 2 for such date; and (iii) the Prepayment Premiums with respect to
      Pool
      2.

     

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

     

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

     

    Trust
      Fund:
      The
      corpus of the Lehman XS Trust 2006-17 created pursuant to this Agreement,
      consisting of the Mortgage Loans, the assignment of the Depositor’s rights under
      the Transfer Agreements, the Mortgage Loan Sale Agreement and each Servicing
      Agreement, the Group 1 Cap Agreement and all amounts received from the Cap
      Counterparty thereunder, such amounts as shall from time to time be held in
      the
      Pool 1 Basis Risk Reserve Fund and the Pool 2 Basis Risk Reserve Fund, the
      Collection Account, Certificate Account, any Custodial Account and any Escrow
      Account, the Insurance Policies, any REO Property and the other items referred
      to in, and conveyed to the Trustee under, Section 2.01(a), including without
      limitation, for the benefit of the Class WF-3-1, Class WF-4-1 and Class WF-6-1
      Certificates only, the Certificate Insurance Policy and the Policy Payments
      Account.

     

    Trust
      Fund Termination Event:
      The
      later to occur of the Pool 1 Termination Event or Pool 2 Termination
      Event.

     

    Trustee:
      Citibank, N.A., a national banking association, not in its individual capacity,
      but solely in its capacity as trustee for the benefit of the Certificateholders
      under this Agreement or solely in its capacity as trustee of the Supplemental
      Interest Trust, as applicable, and any successor thereto, and any corporation
      or
      national banking association resulting from or surviving any consolidation
      or
      merger to which it or its successors may be a party and any successor trustee
      as
      may from time to time be serving as successor trustee hereunder.

     

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

     

    Underwriter:
      Lehman
      Brothers Inc.

     

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

     

    Unpaid
      Basis Risk Shortfall:
      With
      respect to any Distribution Date and any Class of Offered Certificates, other
      than the Class 1-AIO Certificates, the aggregate of all Basis Risk Shortfalls
      with respect to such Class remaining unpaid from previous Distribution Dates,
      plus interest accrued thereon at the applicable Certificate Interest Rate
      computed without regard to the applicable Net Funds Cap.

     

    
      
        
        

      

      
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    Upper-Tier
      REMIC 1:
      As
      described in the Preliminary Statement.

     

    Upper-Tier
      REMIC 2:
      As
      described in the Preliminary Statement.

     

    WF-M1
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, after giving effect
      to distributions on such Distribution Date and (ii) the Class Principal Amount
      of the Class WF-M1 Certificates immediately prior to such Distribution Date
      exceeds (y) the WF-M1 Target Amount.

     

    WF-M1
      Target Amount:
      With
      respect to any Distribution Date, an amount equal to the lesser of (a) the
      product of (i) 83.60% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor. 

     

    WF-M2
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group 2 Senior Certificates and Class WF-M1
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class WF-M2
      Certificates immediately prior to such Distribution Date exceeds (y) the WF-M2
      Target Amount.

     

    WF-M2
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 87.00% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    WF-M3
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, Class WF-M1
      Certificates and Class WF-M2 Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and (ii) the Class Principal Amount
      of
      the Class WF-M3 Certificates immediately prior to such Distribution Date exceeds
      (y) the WF-M3 Target Amount.

     

    WF-M3
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 89.00% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    
      
        
        

      

      
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    WF-M4
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, Class WF-M1
      Certificates, Class WF-M2 Certificates and Class WF-M3 Certificates, in each
      case after giving effect to distributions on such Distribution Date and (ii) the
      Class Principal Amount of the Class WF-M4 Certificates immediately prior to
      such
      Distribution Date exceeds (y) the WF-M4 Target Amount.

     

    WF-M4
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 90.80% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    WF-M5
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, Class WF-M1
      Certificates, Class WF-M2 Certificates, Class WF-M3 Certificates and Class
      WF-M4
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class WF-M5
      Certificates immediately prior to such Distribution Date exceeds (y) the WF-M5
      Target Amount.

     

    WF-M5
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 92.30% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    WF-M6
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, Class WF-M1
      Certificates, Class WF-M2 Certificates, Class WF-M3 Certificates, Class WF-M4
      Certificates and Class WF-M5 Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and (ii) the Class Principal Amount
      of
      the Class WF-M6 Certificates immediately prior to such Distribution Date exceeds
      (y) the WF-M6 Target Amount.

     

    WF-M6
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 93.60% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    WF-M7
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, Class WF-M1
      Certificates, Class WF-M2 Certificates, Class WF-M3 Certificates, Class WF-M4
      Certificates, Class WF-M5 and Class WF-M6 Certificates, in each case after
      giving effect to distributions on such Distribution Date and (ii) the Class
      Principal Amount of the Class WF-M7 Certificates immediately prior to such
      Distribution Date exceeds (y) the WF-M7 Target Amount.

     

    
      
        
        

      

      
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    WF-M7
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 94.80% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    WF-M8
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, Class WF-M1
      Certificates, Class WF-M2 Certificates, Class WF-M3 Certificates, Class WF-M4
      Certificates, Class WF-M5, Class WF-M6 and Class WF-M7 Certificates, in each
      case after giving effect to distributions on such Distribution Date and (ii)
      the
      Class Principal Amount of the Class WF-M8 Certificates immediately prior to
      such
      Distribution Date exceeds (y) the WF-M8 Target Amount.

     

    WF-M8
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 95.80% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    WF-M9
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, Class WF-M1
      Certificates, Class WF-M2 Certificates, Class WF-M3 Certificates, Class WF-M4
      Certificates, Class WF-M5, Class WF-M6, Class WF-M7 and Class WF-M8
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class WF-M9
      Certificates immediately prior to such Distribution Date exceeds (y) the WF-M9
      Target Amount.

     

    WF-M9
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 96.80% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    WF-M10
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2 Stepdown Date and as
      long as a Pool 2 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of the aggregate
      Class Principal Amount of the Group 2 Senior Certificates, Class WF-M1
      Certificates, Class WF-M2 Certificates, Class WF-M3 Certificates, Class WF-M4
      Certificates, Class WF-M5, Class WF-M6, Class WF-M7, Class WF-M8 and Class
      WF-M9
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and (ii) the Class Principal Amount of the Class WF-M10
      Certificates immediately prior to such Distribution Date exceeds (y) the WF-M10
      Target Amount.

     

    
      
        
        

      

      
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    WF-M10
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) 98.40% and (ii) the Pool Balance of Pool 2 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 of Pool 2 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 2 Overcollateralization Floor.

     

    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, 93.00% of all Voting Interests shall
      be
      allocated to the Offered Certificates. Such Voting Interests shall be allocated
      among the Offered 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 1-AIO, Class 1-P, Class 2-P,
      Class R-1 and Class R-2 Certificates, while they remain outstanding. At all
      times during the term of this Agreement, 0.33% of all Voting Interests shall
      be
      allocated to each of the Class 1-X, Class C-X and Class S-X Certificates, while
      they remain outstanding. At all times during the term of this Agreement, 1%
      of
      all Voting Interests shall be allocated to the Class 2-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. The Class C Certificates will not have any Voting
      Interests. In the case of the purchase by the Master Servicer of the Pooling
      REMIC 1 Regular Interests pursuant to a Section 7.01(d) Purchase Event, the
      LTURI-holder shall be allocated 100% of the Voting Interests of the Group 1
      Certificates, Class 1-P Certificates, Class 1-X Certificates, Class C-X
      Certificates, Class S-X Certificates and Class R-1 Certificates 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 any Class of such Certificates may be
      exercised by the LTURI-holder. In the case of the purchase by the Master
      Servicer of the Pooling REMIC 2 Regular Interests pursuant to a Section 7.01(d)
      Purchase Event, the LTURI-holder shall be allocated 100% of the Voting Interests
      of the Group 2 Certificates, Class 2-P Certificates, Class 2-X Certificates
      and
      Class R-2 Certificates 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 any
      Class of such Certificates may be exercised by the LTURI-holder. In the case
      of
      the purchase by the Master Servicer of the Pooling REMIC 1 Regular Interests
      and
      the Pooling REMIC 2 Regular Interests pursuant to a Section 7.01(d) 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 any Class of Certificates may be
      exercised by the LTURI-holder. In the absence of a default by the Certificate
      Insurer in the performance of its duties under the Certificate Insurance Policy,
      the Certificate Insurer will be entitled to exercise all consent, voting or
      related rights of the holders of the Class WF-3-1, Class WF-4-1 and Class WF-6-1
      Certificates.

     

    
      
        
        

      

      
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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
      or
      any Servicer.

     

    Section
      1.03. Calculations Respecting Accrued Interest.  

     

    Accrued
      interest, if any, on the LIBOR Certificates, shall be calculated based upon
      a
      360-day year and the actual number of days in each Accrual Period. Accrued
      interest on the Group 2 Certificates (except the Class WF-1-1 and Class WF-1-2
      Certificates), Class 1-AIO Certificates, Class 1-X Certificates, Class 2-X
      Certificates and each Lower-Tier Interest shall be calculated based upon a
      360-day year and twelve 30-day months.

     

    ARTICLE
      II

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

     

    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
      all
      the right, title and interest of the Depositor in and to the Mortgage Loans.
      Such conveyance includes, without limitation, the right to all payments of
      principal and interest received on or with respect to the Mortgage Loans on
      and
      after the Cut-off Date (other than payments of principal and interest due on
      or
      before such date), and all such payments due after such date but received prior
      to such date and intended by the related Mortgagors to be applied after such
      date together with all of the Depositor’s right, title and interest in and to
      the Collection Account, the Certificate Account and all amounts from time to
      time credited to and the proceeds of the Certificate Account, any Custodial
      Accounts, any Escrow Account established pursuant to Section 9.06, the Pool
      1
      Basis Risk Reserve Fund and the Pool 2 Basis Risk Reserve Fund established
      pursuant to Section 5.06, the Class X Account established pursuant to Section
      5.11 and all amounts from time to time credited to and the proceeds of each
      such
      account, any REO Property and the proceeds thereof, the Depositor’s rights under
      any Insurance Policies related to the Mortgage Loans, the Depositor’s security
      interest in any collateral pledged to secure the Mortgage Loans, including
      the
      Mortgaged Properties, and any proceeds of the foregoing, to have and to hold
      (or
      a Custodian on its behalf), 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 (except
      that the Certificate Insurance Policy and the Policy Payments Account shall
      be
      held in trust for the benefit of the Class WF-3-1, Class WF-4-1 and Class WF-6-1
      Certificateholders) 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 MGIC Letter Agreement and the PMI
      Letter Agreement shall be delivered to the Trustee on behalf of the Issuing
      Entity. 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 MGIC Letter Agreement and the PMI Letter Agreement 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 MGIC Letter Agreement and the PMI Letter Agreement solely in its capacity
      as
      Trustee of the Trust Fund, and not in its individual capacity.

     

    Concurrently
      with the execution of this Agreement, the Swap Agreement shall be delivered
      to
      the Trustee. In connection therewith, the Depositor hereby authorizes and
      directs the Trustee (solely in its capacity as trustee of the Supplemental
      Interest Trust) to execute and deliver the Swap Agreement (on behalf of the
      Supplemental Interest Trust), in trust for the benefit of the Group 1
      Certificateholders. The Seller, the Master Servicer, the Depositor, the Servicer
      and the Group 1 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 not in its individual capacity. The Depositor hereby authorizes and directs
      the Trustee, in its capacity as trustee of the Supplemental Interest Trust,
      to
      represent in the Swap Agreement that it is not required by any applicable law
      of
      any relevant jurisdiction to make any deduction or withholding for or on account
      of any tax from Net Swap Payment. The Trustee shall have no duty or
      responsibility to enter into any other interest rate swap agreement upon the
      expiration or termination of the Swap Agreement. 

     

    Concurrently
      with the execution and delivery of this Agreement and the Group 1 Cap 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 related Servicing Agreement and each related Transfer Agreement (other
      than
      first payment date default or early payment date default rights against the
      related Transferor) but, in each case, only to the extent assigned under the
      Mortgage Loan Sale Agreement. The Trustee hereby accepts such assignment and
      delegation, and shall be entitled to exercise all the rights of the Depositor
      under the Mortgage Loan Sale Agreement as if, for such purpose, it were the
      Depositor. The foregoing sale, transfer, assignment, set-over, deposit,
      delegation and conveyance does not and is not intended to result in the creation
      or assumption by the Trustee of any obligation of the Depositor, the Seller
      or
      any other Person in connection with the Mortgage Loans or any other agreement
      or
      instrument relating thereto except as specifically set forth therein. The
      Depositor hereby confirms it directs the Trustee, solely in its capacity as
      Trustee hereunder, to execute and deliver the Group 1 Cap Agreement, the Bulk
      PMI Policies and the Insurance Agreement. The Trustee shall have no duty or
      responsibility to enter into any other interest rate cap agreement upon the
      expiration or termination of any such Group 1 Cap Agreement.

     

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

     

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

     

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

     

    
      
        
        

      

      
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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 “Citibank, N.A., as
      Trustee of the Lehman
      XS
      Trust
      Mortgage
      Pass-Through Certificates, Series 2006-17,” without recourse;

     

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

     

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

     

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

     

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

     

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

     

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

     

    (c) (i) Assignments
      of Mortgage with respect to each Non-MERS Mortgage Loan other than a Cooperative
      Loan shall be recorded; provided,
      however,
      that
      such Assignments need not be recorded if, on or prior to the Closing Date,
      the
      Depositor delivers, at its own expense, an Opinion of Counsel addressed to
      the
      Trustee (which must be Independent counsel) acceptable to the Trustee 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. With
      respect to each Cooperative Loan, the Master Servicer, at the expense of the
      Depositor and with the cooperation of applicable Servicer, shall cause such
      Servicer to take such actions as are necessary under applicable law in order
      to
      perfect the interest of the Trustee in the related Mortgaged
      Property.

     

    
      
        
        

      

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

     

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

     

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

     

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

    

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

       

      
        
          
          

        

        
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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 the Holders, 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 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 Trustee, 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 applicable Custodian to give the notice
        contemplated herein within 45 days after the Closing Date shall not affect
        or
        relieve the Depositor of its obligation to repurchase any Mortgage Loan pursuant
        to this Section 2.02 or any other Section of this Agreement requiring the
        repurchase of Mortgage Loans from the Trust Fund.

       

      
        
          
          

        

        
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      (d) Within
        180 days following the Closing Date, the Trustee, or the applicable Custodian,
        shall deliver to the Trustee, the Depositor, 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, the Certificate Insurer, 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 Custodial Agreement.

       

      (g) Upon
        execution of this Agreement, the Depositor hereby delivers to the Trustee
        and
        the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement and
        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, to the Certificate Insurer, to the Master Servicer as
        of the
        Closing Date or such other date as is specified, that:

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      (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 or any Certificateholder hereunder (other than a breach by the Seller
        of
        the representations made pursuant to Sections 1.04(b)(xii), 1.04(b)(xiii),
        1.04(b)(xiv), 1.04(b)(xv) and 1.04(b)(xvi) of the Mortgage Loan Sale Agreement)
        shall be their rights to enforce the obligations of the applicable Transferor
        under any applicable representation or warranty made by it. Pursuant to the
        terms of the Mortgage Loan Sale Agreement, the representations and warranties
        made by the Seller pursuant to Sections 1.04(b)(xii), 1.04(b)(xiii),
        1.04(b)(xiv), 1.04(b)(xv) and 1.04(b)(xvi) of the Mortgage Loan Sale Agreement
        shall be the direct obligations of the Seller. With the exception of the
        immediately proceeding sentence, the Seller shall not have any other obligation
        or liability with respect to any breach of a representation or warranty made
        by
        it with respect to the Mortgage Loans sold by it if the fact, condition or
        event
        constituting such breach also constitutes a breach of a representation or
        warranty made by the applicable Transferor in the applicable Transfer Agreement,
        without regard to whether such Transferor fulfills its contractual obligations
        in respect of such representation or warranty. The Depositor shall have no
        obligation or liability with respect to any breach of any representation
        or
        warranty with respect to the Mortgage Loans (except as set forth in Section
        2.03(a)(vi)) under any circumstances. 

       

      
        
          
          

        

        
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      Section
        2.04. Discovery
        of Breach. 

       

      It
        is
        understood and agreed that the representations and warranties (i) set forth
        in
        Section 2.03, (ii) of the Seller set forth in the Mortgage Loan Sale Agreement
        and assigned to the Depositor by the Seller under the Mortgage Loan Sale
        Agreement and to the Trustee by the Depositor hereunder and (iii) of 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
        Certificate Insurer, the Master Servicer or the Trustee of a breach of any
        of
        such representations and warranties that materially and adversely affects
        the
        value of the related Mortgage Loan, the party discovering such breach shall
        give
        prompt written notice to the other parties. Within 90 days of the discovery
        of a
        breach of any representation or warranty given to the Trustee and the
        Certificate Insurer 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, with respect to Mortgage Loans as
        to
        which there is a breach of a representation or warranty set forth in Section
        1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor
        paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within
        the
        two-year period following the Closing Date, substitute a Qualifying Substitute
        Mortgage Loan for the affected Mortgage Loan. In the event of discovery of
        a
        breach of any representation and warranty of 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. As provided in the Mortgage Loan Sale Agreements, if
        any
        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 the Mortgage
        Loan Sale Agreement the Seller will, in exchange for such substitute mortgage
        loan, (i) pay to the Trust Fund the applicable Purchase Price for the affected
        Mortgage Loan or (ii) within two years of the Closing Date, substitute a
        Qualifying Substitute Mortgage Loan.

       

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

       

      
        
          
          

        

        
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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 received by the Master Servicer in respect of such repurchase
        of a
        Mortgage Loan will be considered a Principal Prepayment and the Purchase
        Price
        shall be deposited in the Collection Account or a Custodial Account, as
        applicable. With
        respect to any Pool 2 Mortgage Loan, the Certificate Insurer shall be reimbursed
        from the Purchase Price for any unpaid Reimbursement Amounts due to the
        Certificate Insurer with respect to such repurchased Mortgage Loan. The
        Trustee (i) upon receipt of the full amount of the Purchase Price for a Deleted
        Mortgage Loan, (ii) upon receipt of a written certification from the Master
        Servicer that it has received the full amount of the Purchase Price for a
        Deleted Mortgage Loan and has deposited such amount in the Collection Account
        or
        (iii) upon receipt of notification from the Custodian that it had received
        the
        Mortgage File for a Qualifying Substitute Mortgage Loan substituted for a
        Deleted Mortgage Loan (and any applicable Substitution Amount), shall release
        or
        cause to be released and reassign to the Depositor, the Seller or the
        Transferor, as applicable, the related Mortgage File for the Deleted Mortgage
        Loan and shall execute and deliver such instruments of transfer or assignment,
        in each case without recourse, representation or warranty, as shall be necessary
        to vest in such party or its designee or assignee title to any Deleted Mortgage
        Loan released pursuant hereto, free and clear of all security interests,
        liens
        and other encumbrances created by this Agreement, which instruments shall
        be
        prepared by the 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 Certificate Insurer, the Trustee, the Depositor and each
        Certificateholder harmless against any and all taxes, claims, losses, penalties,
        fines, forfeitures, reasonable legal fees and related costs, judgments, and
        any
        other costs, fees and expenses that the Trust Fund, the Trustee, the Certificate
        Insurer,the Master Servicer, the Depositor and any Certificateholder may
        sustain
        in connection with any actions of the Seller relating to a repurchase of
        a
        Mortgage Loan other than in compliance with the terms of this Section 2.05
        and
        the Mortgage Loan Sale Agreement, to the extent that any such action causes
        an
        Adverse REMIC Event.

       

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

       

      
        
          
          

        

        
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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 has received an Opinion of Counsel
        (at the
        expense of the party seeking to make the substitution) that, under current
        law,
        such substitution will not result in an Adverse REMIC Event.

       

      Section
        2.06. Grant
        Clause.

       

      (a) It
        is
        intended that the conveyance of the Depositor’s right, title and interest in and
        to property constituting the Trust Fund pursuant to this Agreement shall
        constitute, and shall be 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
        and
        the Certificate Insurer 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 Pooling REMIC
        1
        Regular Interests or Pooling REMIC 2 Regular Interests, as 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, with respect to the Group 1
        Certificateholders, 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 Pooling REMIC 1 Regular Interests)
        (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
        Pooling REMIC 1 Regular Interests or Pooling REMIC 2 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 mediate transferees,
        including the Trustee, in the Mortgage Loans. In connection with the
        transactions contemplated by this Agreement, the Seller and the Depositor
        authorizes its immediate or mediate transferee to 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 Notional Amount) or in the Percentage Interests, specified herein.
        Each Class of Offered Certificates will be issued in the minimum denominations
        in the Certificate Principal Amount (or Notional Amount) specified in the
        Preliminary Statement hereto and in integral multiples of $1 in excess thereof.
        The Class C, Class 1-P, Class 2-P, Class 1-X, Class 2-X, Class C-X and Class
        S-X
        Certificates shall each be maintained in definitive, fully registered form
        in a
        minimum denomination equal to 10.00% of the Percentage Interest of each such
        Class and integral multiples of 1.00% in excess thereof. Each of the Class
        LT-R-1, Class LT-R-2, Class R-1 and Class R-2 Certificates shall be issued
        as a
        single Certificate and maintained in definitive, fully registered form in
        a
        minimum denomination equal to 100% of the Percentage Interest of such Class.
        The
        Certificates may be issued in the form of typewritten certificates.

       

      (b) The
        Certificates shall be executed by manual or facsimile signature on behalf
        of the
        Trustee by an authorized officer. Each Certificate shall, on original issue,
        be
        authenticated by the Trustee upon the order of the Depositor upon receipt
        by the
        Trustee of the Mortgage Files described in Section 2.01. No Certificate shall
        be
        entitled to any benefit under this Agreement, or be valid for any purpose,
        unless there appears on such Certificate a certificate of authentication
        substantially in the form provided for herein, executed by an authorized
        officer
        of the Trustee or the Authenticating Agent, if any, by manual signature,
        and
        such certification upon any Certificate shall be conclusive evidence, and
        the
        only evidence, that such Certificate has been duly authenticated and delivered
        hereunder. All Certificates shall be dated the date of their authentication.
        

       

      
        
          
          

        

        
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      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(d) Purchase
        Event, the applicable Pooling REMIC Regular Interests) and shall maintain
        books
        for the registration and for the transfer of Certificates (and, after a Section
        7.01(d) Purchase Event, the applicable Pooling REMIC 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, after a Section 7.01(d) Purchase Event, the applicable
        Pooling REMIC Regular Interests) 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 written instrument delivered to the Holders and the Master Servicer,
        any bank or trust company to act as co-registrar under such conditions as
        the
        Certificate Registrar may prescribe; provided,
        however,
        that the
        Certificate Registrar shall not be relieved of any of its duties or
        responsibilities hereunder by reason of such appointment.

       

      Upon
        the
        occurrence of a Section 7.01(d) 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 Pooling REMIC 1 Regular Interests or the
        Pooling REMIC 2 Regular Interests, as applicable, which notice shall contain
        a
        certification that such transferee is a permitted LTURI holder hereunder.
        The
        Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests, as
        applicable, 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 Pooling REMIC 1 Regular
        Interests or the Pooling REMIC 2 Regular Interests are registered on the
        books
        of the Certificate Registrar as the LTURI-holder for all purposes
        hereunder.

       

      Section
        3.03. Transfer
        and Exchange of Certificates.

       

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

       

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

       

      
        
          
          

        

        
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      (c) By
        acceptance of a Restricted Certificate or QIB-Restricted Certificate, 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. 

       

      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 an affiliate (as defined
        in
        Rule 405 under the Securities Act) of the Depositor 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 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.

       

      The
        following restrictions shall apply with respect to the transfer and registration
        of transfer of a QIB Restricted Certificate to a transferee that takes delivery
        in the form of a Definitive Certificate: the Certificate Registrar shall
        register the transfer of a Restricted Certificate if the requested transfer
        is
        (x) to the Depositor or an affiliate (as defined in Rule 405 under the
        Securities Act) of the Depositor or (y) being made to 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.

       

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

       

      (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 the statutory exemption for nonfiduciary service providers under
        Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code, Prohibited
        Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or
        PTCE 96-23 or some other applicable exemption. Notwithstanding anything else
        to
        the contrary herein, any purported transfer of an ERISA-Restricted Swap
        Certificate prior to the termination of the Swap Agreement 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, 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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      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.

       

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

       

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

       

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

       

      Section
        3.04. Cancellation
        of Certificates.

       

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

       

      Section
        3.05. Replacement
        of Certificates.

       

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

       

      
        
          
          

        

        
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      Section
        3.06. Persons
        Deemed Owners.

       

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

       

      Section
        3.07. Temporary
        Certificates.

       

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

       

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

       

      Section
        3.08. Appointment
        of Paying Agent.

       

      The
        Trustee may appoint a Paying Agent (which may be the Trustee) for the purpose
        of
        making distributions to Certificateholders hereunder. The Trustee shall cause
        such Paying Agent (if other than the Trustee) to execute and deliver to the
        Trustee an instrument in which such Paying Agent shall agree with the Trustee
        that such Paying Agent will hold all sums held by it for the payment to
        Certificateholders in an Eligible Account 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. 

       

      
        
          
          

        

        
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      If
        the
        Paying Agent is not the Trustee, the Trustee shall cause to be remitted to
        the
        Paying Agent on or before the Business Day prior to each Distribution Date,
        by
        wire transfer in immediately available funds, the funds to be distributed
        on
        such Distribution Date. Any Paying Agent shall be either a bank or trust
        company
        or otherwise authorized under law to exercise corporate trust powers. As
        of
        the
        Closing Date the Trustee is the Paying Agent.

       

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

       

      Section
        3.09. Book-Entry
        Certificates.

       

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

       

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

       

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

       

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

       

      (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.

       

      
        
          
          

        

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

       

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

       

      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 Lehman XS Trust Mortgage Pass-Through
        Certificates, Series 2006-17.” The Collection Account shall relate solely to the
        Certificates and to the Pooling REMIC 1 Regular Interests and the Pooling
        REMIC
        2 Regular Interests issued by the Trust Fund hereunder, and funds in such
        Collection Account shall not be commingled with any other monies.

       

      
        
          
          

        

        
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      (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 15 days and transfer
        all funds and investment property on deposit in such existing Collection
        Account
        into such new Collection Account.

       

      (c) The
        Master Servicer shall give to the Trustee prior written notice of the name
        and
        address of the depository institution at which the Collection Account is
        maintained and the account number of such Collection Account. The Master
        Servicer shall take such actions as are necessary to cause the depository
        institution holding the Collection Account to hold such account in the name
        of
        the Master Servicer under this Agreement. No later than 2:00 p.m. New York
        City
        time 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 (but with prior notice to the Trustee), may choose
        to
        make daily remittances from the Collection Account to the Trustee for deposit
        into the Certificate Account.

       

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

       

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

       

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

       

      (iii) any
        unscheduled payment or other recovery with respect to a Mortgage Loan not
        otherwise specified in this paragraph (d), including 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;

       

      
        
          
          

        

        
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      (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

       

      (vii) the
        Purchase Price of any Mortgage Loan repurchased by the Depositor, the Seller,
        the Master Servicer or any other Person, and any Substitution Amount related
        to
        any Qualifying Substitute Mortgage Loan and any purchase price paid by the
        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 the
        Holders of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-17.
        All income and gain realized from any Eligible Investment shall be for the
        benefit of the Master Servicer and shall be subject to its withdrawal or
        order
        from time to time and shall not be part of the Trust Fund. The amount of
        any
        losses incurred in respect of any such investments shall be deposited in
        such
        Collection Account by the Master Servicer out of its own funds, without any
        right of reimbursement therefor, immediately as realized. The foregoing
        requirements for deposit in the Collection Account are exclusive, it being
        understood and agreed that, without limiting the generality of the foregoing,
        payments of interest on funds in the Collection Account and payments in the
        nature of late payment charges, assumption fees, prepayment penalties with
        respect to mortgages for which the Seller does not own the servicing rights,
        and
        other incidental fees and charges relating to the Mortgage Loans (other than
        Prepayment Premiums) need not be deposited by the Master Servicer in the
        Collection Account and may be retained by the Master Servicer or the applicable
        Servicer as additional servicing compensation. If the Master Servicer deposits
        in the Collection Account any amount not required to be deposited therein,
        it
        may at any time withdraw such amount from such Collection Account. 

       

      Section
        4.02. Application
        of Funds in the Collection Account.

       

      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 sub-clause (i) is
        limited to amounts received on or in respect of a particular Mortgage Loan
        (including, for this purpose, Liquidation Proceeds and amounts representing
        Insurance Proceeds with respect to the property subject 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;

       

      
        
          
          

        

        
          96

          
            

          

        

        
          
          

        

      

      

       

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

       

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

       

      (iv) to
        pay
        the PMI Insurance Premium with respect to each Bulk PMI Policy;

       

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

       

      (vi) 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;

       

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

       

      
        
          
          

        

        
          97

          
            

          

        

        
          
          

        

      

      

       

      (viii) 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;

       

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

       

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

       

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

       

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

       

      (xiii) 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.

       

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

       

      In
        the
        event that the Master Servicer fails on any Master Servicer Remittance Date
        to
        remit to the Trustee any amounts required to be so remitted to the Trustee
        pursuant to sub-clause (viii) by such date, the Master Servicer shall pay
        the Trustee, for the account of the Trustee, interest calculated at the “prime
        rate” (as published in the “Money Rates” section of The Wall Street Journal) on
        such amounts not timely remitted for the period from and including that 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 pursuant to sub-clauses (i), (iii), and (vi)
        above,
        the Master Servicer’s, any Servicer’s or such other Person’s entitlement thereto
        is limited to collections or other recoveries on the related Mortgage Loan.
        The
        Master Servicer shall therefore keep and maintain a separate accounting for
        each
        Mortgage Loan it master services for the purpose of justifying any withdrawal
        from the Collection Account it maintains pursuant to such sub-clause (i),
        (iii)
        and (vi).

       

      Section
        4.03. Reports
        to Certificateholders.  

       

      
        
          
          

        

        
          98

          
            

          

        

        
          
          

        

      

      

       

      (a) On
        each
        Distribution Date, the Trustee shall prepare (based solely on information
        provided by the Master Servicer, the Cap Counterparty or the Swap Counterparty)
        and shall make available to the Certificateholders, the Certificate Insurer
        and
        the Swap Counterparty a written report (the “Distribution Date Statement”)
        setting forth the following information (on the basis of Mortgage Loan level
        information obtained from the Servicers).

       

      (i) the
        aggregate amount of the distribution to be made on such Distribution Date
        to the
        Holders of each Class of Offered Certificates, other than any Class of Notional
        Certificates, 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 Offered Certificates allocable to interest and the
        calculation thereof;

       

      (iii) the
        amount, if any, of any distributions to the Holders of the Class C, Class
        1-P,
        Class 2-P, Class 1-X, Class 2-X, Class C-X, Class S-X, Class LT-R-1, Class
        LT-R-2, Class R-1 and Class R-2 Certificates on such Distribution Date, stated
        separately, and the aggregate amounts, if any, of distributions to the Holders
        of the Class C, Class 1-P, Class 2-P, Class 1-X, Class 2-X, Class C-X, Class
        S-X, Class LT-R-1, Class LT-R-2, Class R-1 and Class R-2 Certificates on all
        Distribution Dates, stated separately;

       

      (iv) (A) by
        Mortgage Pool and in the aggregate, the aggregate amount of any Advances
        required to be made by or on behalf of the Servicers (or the Master Servicer)
        with respect to such Distribution Date, (B) the aggregate amount of such
        Advances actually made, and (C) the amount, if any, by which (A) above
        exceeds (B) above;

       

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

       

      (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 Pool 1 Applied Loss Amounts
        and/or Pool 2 Applied Loss Amounts, as applicable;

       

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

       

      (viii) by
        Mortgage Pool and in the aggregate, the amount of the Servicing Fees and
        PMI
        Insurance Premiums, if applicable to such Mortgage Pool, paid during the
        Collection Period to which such distribution relates;

       

      
        
          
          

        

        
          99

          
            

          

        

        
          
          

        

      

      

       

      (ix) by
        Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal
        Balance of Mortgage Loans, as reported to the Trustee by the Master Servicer,
        (a) remaining outstanding (b) Delinquent 30 to 59 days on a contractual basis,
        (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or
        more
        days on a contractual basis, (e) as to which foreclosure proceedings have
        been
        commenced 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;

       

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

       

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

       

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

       

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

       

      (xiv) the
        Interest Remittance Amount and the Principal Remittance Amount with respect
        to
        each Mortgage Pool and the Pool 1 Senior Principal Distribution Amount, Pool
        2
        Senior Principal Distribution Amount, Pool 1 Overcollateralization Release
        Amount and Pool 2 Overcollateralization Release Amount applicable to such
        Distribution Date;

       

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

       

      (xvi) the
        Pool
        1 Overcollateralization Amount and Pool 2 Overcollateralization Amount after
        giving effect to the distributions made on such Distribution Date;

       

      (xvii) the
        amount of any Pool 1 Overcollateralization Deficiency and Pool 2
        Overcollateralization Deficiency after giving effect to the distributions
        made
        in such Distribution Date; 

       

      (xviii) the
        level
        of LIBOR and the Certificate Interest Rate of each of the LIBOR
        Certificates;

       

      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

      

       

      (xix) the
        amount of any payments made by the Cap Counterparty to the Trust Fund under
        the
        Class Group 1 Cap Agreement;

       

      (xx) each
        of
        (1) the aggregate amount of any insurance claim payments received with respect
        to any Bulk PMI Policy during the related Collection Period, (2) the amount
        of
        any insurance premium and other amounts paid to MGIC and PMI under the related
        Bulk PMI Policy and the related purpose of such payments, (3) the amount
        of
        claims denied under each Bulk PMI Policy; and (4) the remaining amount of
        coverage under each Bulk PMI Policy;

       

      (xxi) the
        amount of the monthly Certificate Insurance Premium (and the Aggregate
        Certificate Insurance Premium, if different) due to the Certificate Insurer
        on
        the related Distribution Date and the amount of any Insured Payments paid
        in
        respect of the Guaranteed Distributions to the Class WF-3-1, Class WF-4-1
        and
        Class WF-6-1 Certificates paid out of the Policy Payments Accounts under
        the
        Certificate Insurance Policy.

       

      (xxii) 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.

       

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

       

      In
        the
        case of information furnished pursuant to sub-clauses (i), (ii) and (vi)
        above,
        the amounts shall (except with respect to the Class 1-X, Class 2-X, Class
        C-X
        and Class S-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(d) Purchase Event
        with
        respect to the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
        Interests, the information required by subclauses (i), (ii), (iv), (v), (vii),
        (viii), (ix), (x), (xi), (xii), (xv) (and in the case of the Class LT-R-1
        and
        Class LT-R-2 Certificates, subclause (iii) shall be provided to the Holder
        of
        the Class LT-R-1 and/or Class LT-R-2 Certificates and the LTURI-holder of
        the
        applicable Pooling REMIC Regular Interests.

       

      The
        Trustee will make such report and additional loan level information (and,
        at its
        option, any additional files containing the same information in an alternative
        format) provided to it by the Master Servicer available each month to
        Certificateholders, the Certificate Insurer and the Rating Agencies via the
        Trustee’s internet website. The Trustee’s internet website shall initially be
        located at “www.sf.citidirect.com”. Assistance in using the website can be
        obtained by calling the Trustee’s customer service desk at (800) 422-2066. 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 or notifying the Trustee at Citibank, N.A., 388 Greenwich
        Street, 14th
        Floor,
        New York, New York 10013, Attention: Agency and Trust—Lehman XS Trust Service
        2006-17. 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.

       

      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

      

       

      The
        foregoing information and reports shall be prepared and determined by the
        Trustee based solely on Mortgage Loan data provided to the Trustee by the
        Master
        Servicer (in a format agreed to by the Trustee and the Master Servicer) no
        later
        than 2:00 p.m. Eastern Time four Business Days prior to the Distribution
        Date.
        In preparing or furnishing the foregoing information, 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 Master Servicer by each Servicer and to the Trustee by the Master
        Servicer and (ii) regarding the Swap Agreement, that has been provided to
        the
        Trustee by the Swap Counterparty, and the Trustee shall not be obligated
        to
        verify, recompute, reconcile or recalculate any such information or data.
        The
        Trustee shall be entitled to conclusively rely on the Mortgage Loan data
        provided by the Master Servicer and shall have no liability for any errors
        in
        such Mortgage Loan data.

       

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

       

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

       

      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

      

       

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

       

      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, Citibank, N.A., as
        Trustee, in trust for the benefit of the Holders of Lehman XS Trust Mortgage
        Pass-Through Certificates, Series 2006-17” 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 and the Certificate Insurer.
        If the existing Certificate Account ceases to be an Eligible Account, the
        Trustee shall establish a new Certificate Account that is an Eligible Account
        within 20 Business Days and transfer all funds and investment property on
        deposit in such existing Certificate Account into such new Certificate Account.
        The Certificate Account shall relate solely to the Certificates and to the
        Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests, as
        applicable, 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 so remitted. 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, 6.12 or 7.01; 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 Sections 6.11, 6.14 and 7.01
        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(b)(vi) and 5.02(c)(v) hereof;

       

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

       

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

       

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

      

       

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

       

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

       

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

       

      ARTICLE
        V

       

      DISTRIBUTIONS
        TO HOLDERS OF CERTIFICATES

       

      Section
        5.01. Distributions
        Generally.

       

      (a) On
        each
        Distribution Date, so long as the Group 1 Senior Certificates and the Group
        2
        Senior Certificates are outstanding, the Trustee or the Paying Agent shall
        make
        distributions to the Holders in accordance with this Article V; provided,
        however, that if a Section 7.01(d) Purchase Event has occurred with respect
        to
        either the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
        Interests, the distributions related to such Pooling REMIC Regular Interests
        shall be made in accordance with Section 5.02(j). Such distributions shall
        be
        made by wire transfer if the Certificateholder has provided the Trustee with
        wire instructions or by check mailed to the address of such Certificateholder
        as
        it appears in the books of the Trustee if the Certificateholder has not provided
        the Trustee with wire instructions in immediately available funds to an account
        specified in the request and at the expense of such Certificateholder;
provided,
        however,
        that the
        final distribution in respect of any Certificate shall be made only upon
        presentation and surrender of such Certificate at the Corporate Trust Office;
        provided,
        further,
        that the
        foregoing provisions shall not apply to any Class of Certificates as long
        as
        such Certificate remains a Book-Entry Certificate in which case all payments
        made shall be made through the Clearing Agency and its Clearing Agency
        Participants. Notwithstanding such final payment of principal of any of the
        Certificates, each Residual Certificate will remain outstanding until the
        termination of each REMIC and the payment in full of all other amounts due
        with
        respect to the Residual Certificates and at such time such final payment
        in
        retirement of any Residual Certificate will be made only upon presentation
        and
        surrender of such Certificate at the applicable Corporate Trust Office. If
        any
        payment required to be made on the Certificates, the Certificate Insurer
        or the
        Pooling REMIC 1 Regular Interests or Pooling REMIC 2 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. Payments to the Certificate Insurer shall in
        all
        cases be made by wire transfer in immediately available funds to the account
        designated by the Certificate Insurer.

       

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

      

       

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

       

      Section
        5.02. Distributions
        from the Certificate Account. 

       

      (a) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event, a Pool
        1
        Termination Event or a Pool 2 Termination Event, as applicable, the Trustee
        (or
        the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate
        Account (i) the sum of the Interest Remittance Amount for Pool 1 and the
        Principal Remittance Amount for Pool 1 and amounts that are available for
        payment to the Swap Counterparty and shall allocate such amounts to the
        interests issued in respect of each REMIC and shall distribute such amounts
        as
        specified in subparagraphs (b), (d), (f), (h) and (i) of this Section;
provided,
        that
        amounts that are available for payment to the Swap Counterparty shall be
        paid on
        the related Swap Payment Date, and (ii) the sum of the Interest Remittance
        Amount for Pool 2 and the Principal Remittance Amount for Pool 2 and shall
        allocate such amounts to the interests issued in respect of each REMIC and
        shall
        distribute such amounts as specified in subparagraphs (c), (e), (g) and (i)
        of
        this Section. All allocations and distributions made with respect to Pool
        1 and
        Pool 2 in subparagraphs (b) other than clause (i) thereof, (c), (d) other
        than
        clause (i) and (ii)(A) thereof, (e), (f) and (g) of this Section shall be
        made
        concurrently.

       

      (b) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event related
        to the
        Pooling REMIC 1 Regular Interests (or, with respect to clause (i) below,
        on the
        related Swap Payment Date), the Trustee shall distribute the Interest Remittance
        Amount for Pool 1 for such date in the following order of priority:

       

      (i) for
        deposit into the Supplemental Interest Trust 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 Pool 1 for such Distribution Date less the
        aggregate amount of Current Interest and any Carryforward Interest owed to
        the
        Class 1-AIO Certificates for such Distribution Date;

       

      (ii) concurrently,
        pro
        rata, to
        the
        Group 1 Senior Certificates and the Class 1-AIO Certificates, Current Interest
        and any Carryforward Interest for such Classes for 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;

       

      (iii) sequentially,
        to the Group 1 Subordinate Certificates, in accordance with the Group 1
        Subordinate Priority, any Current Interest and Carryforward Interest for
        such
        Classes for such Distribution Date; and

       

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

      

       

      (iv) for
        application pursuant as part of Pool 1 Monthly Excess Cashflow for such
        Distribution Date, as provided in Section 5.02(f), any Pool 1 Monthly Excess
        Interest for such Distribution Date.

       

      (c) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event related
        to the
        Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Interest
        Remittance Amount for Pool 2 for such date in the following order of
        priority:

       

      (i) to
        the
        Certificate Insurer, the Aggregate Certificate Insurance Premium, together
        with
        interest thereon at the rate set forth in the Insurance Agreement, for the
        Class
        WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates for such Distribution
        Date;

       

      (ii) concurrently,
        pro
        rata,
        to the
        Group 2 Senior Certificates, Current Interest and any Carryforward Interest
        (and
        in the case of the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates,
        calculated without regard to payments received under the Certificate Insurance
        Policy,) for such Classes for 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;

       

      (iii) concurrently,
        pro
        rata,
        based
        on the amounts due, (a) to the Certificate Insurer, any due and owing
        Reimbursement Amounts and (b) in the priority provided below, to the Group
        2
        Senior Certificates, accrued and unpaid interest at the related Certificate
        Interest Rate on any Deferred Amounts previously allocated and not previously
        paid to such Classes and any Deferred Amounts previously allocated to such
        Classes not previously reimbursed; 

       

      (iv) to
        the
        Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
        Priority, Current Interest and any Carryforward Interest for such classes
        for
        such Distribution Date; and

       

      (v) for
        application pursuant as part of Pool 2 Monthly Excess Cashflow for such
        Distribution Date, as provided in Section 5.02(g), any Pool 2 Monthly Excess
        Interest for such Distribution Date.

       

      Any
        Distributions made pursuant to subclause (iii)(b) above on a Distribution
        Date
        shall be made in the following order of priority:

       

      
        	 	
                (1)

              	
                to
                  the Group 2 Senior Certificates, all accrued and unpaid interest
                  at the
                  related Interest Rate for each applicable Class on any Deferred
                  Amounts
                  previously allocated to such Class, pro
                  rata
                  based on amounts of such accrued and unpaid interest owed to each
                  such
                  Class, for such date; and

              

      

       

      
        	 	
                (2)

              	
                to
                  the Group 2 Senior Certificates, any Deferred Amounts previously
                  allocated
                  to each such Class, pro
                  rata
                  based on the Deferred Amounts owed to each such Class, for such
                  date.

              

      

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

      

       

      (d) On
        each
        Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d)
        Purchase Event related to the Pooling REMIC 1 Regular Interests, the Trustee
        shall distribute the Principal Distribution Amount for Pool 1 for such date,
        as
        follows:

       

      (i) (a)
        Prior
        to the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date and
        with
        respect to which a Pool 1 Trigger Event is in effect, until the aggregate
        Certificate Principal Amount of the Group 1 Certificates equals the Pool
        1
        Target Amount for such Distribution Date, the Trustee shall distribute the
        Principal Distribution Amount for Pool 1 in the following order of
        priority:

       

      (A) for
        deposit into the Supplemental Interest Trust Account, the amount of any Net
        Swap
        Payment or Swap Termination Payment owed to the Swap Counterparty (to the
        extent
        not deposited previously from the Interest Remittance Amount in accordance
        with
        clause (b)(i) above);

       

      (B) concurrently,
        pro
        rata,
        based
        on (i) the aggregate Class Principal Amount of the Class 1-A1, Class 1-A2
        and
        Class 1-A3 Certificates, (ii) the Class Principal Amount of the Class 1-A4A
        Certificates, (iii) the Class Principal Amount of the Class 1-A4B Certificates
        and (iv) the Class Principal Amount of the Class 1-A5 Certificates, as
        follows:

       

      (1) sequentially,
        to the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates, in that order,
        until
        the Class Principal Amount of each such Class has been reduced to zero;

       

      (2) to
        the
        Class 1-A4A Certificates, until the Class Principal Amount of such Class
        has
        been reduced to zero; 

       

      (3) to
        the
        Class 1-A4B Certificates, until the Class Principal Amount of such Class
        has
        been reduced to zero; and

       

      (4) to
        the
        Class 1-A5 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (C) to
        the
        Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
        Priority, until the Class Principal Amount of each such Class has been reduced
        to zero; and

       

      (D) for
        application as part of Pool 1 Monthly Excess Cashflow for such Distribution
        Date, as provided in Section 5.02(f), any such Principal Distribution Amount
        remaining undistributed after application pursuant to clauses (A) through
        (C)
        above.

       

      (ii) (a)
        On or
        after the Pool 1 Stepdown Date and (b) with respect to which a Pool 1 Trigger
        Event is not in effect, the Trustee shall distribute the Principal Distribution
        Amount for Pool 1 for such date, in the following order of
        priority:

       

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

      

       

      (A) for
        deposit into the Supplemental Interest Trust Account, any Net Swap Payment
        or
        Swap Termination Payment owed to the Swap Counterparty (to the extent not
        deposited previously from the Interest Remittance Amount in accordance with
        clause (b)(i) above);

       

      (B) (1)
        so
        long as any of the Group 1 Subordinate Certificates are outstanding, to the
        Group 1 Senior Certificates, in accordance with the Group 1 Senior Priority,
        in
        an amount equal to the lesser of (x) the excess, if any, of (a) the Principal
        Distribution Amount for Pool 1 for such Distribution Date over (b) the amount
        distributed to the Supplemental Interest Trust on such Distribution Date
        pursuant to clause (A) above and (y) the Pool 1 Senior Principal Distribution
        Amount for such Distribution Date until the Class Principal Amount of each
        such
        class has been reduced to zero; or (2) otherwise to the Group 1 Senior
        Certificates (in accordance with the Group 1 Senior Priority), the excess
        of (A)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (B)
        the amount distributed to the Supplemental Interest Trust with respect to
        such
        Distribution Date pursuant to clause (A) above, in each case until the Class
        Principal Amount of each such class has been reduced to zero;

       

      (C) to
        the
        Class 1-M1 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (b)
        the amount distributed to the Group 1 Senior Certificates and the Supplemental
        Interest Trust on such Distribution Date pursuant to clauses (A) through
        (B)
        above, and (y) the 1-M1 Principal Distribution Amount for such Distribution
        Date, until the Class Principal Amount of such Class has been reduced to
        zero;

       

      (D) to
        the
        Class 1-M2 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (b)
        the amount distributed to the Group 1 Senior Certificates, the Class 1-M1
        Certificates and the Supplemental Interest Trust on such Distribution Date
        pursuant to clauses (A) through (C) above, and (y) the 1-M2 Principal
        Distribution Amount for such Distribution Date, until the Class Principal
        Amount
        of such Class has been reduced to zero; 

       

      (E) to
        the
        Class 1-M3 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (b)
        the amount distributed to the Group 1 Senior Certificates, the Class 1-M1
        and
        Class 1-M2 Certificates and the Supplemental Interest Trust on such Distribution
        Date pursuant to clauses (A) through (D) above, and (y) the 1-M3 Principal
        Distribution Amount for such Distribution Date, until the Class Principal
        Amount
        of such Class has been reduced to zero; 

       

      (F) to
        the
        Class 1-M4 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (b)
        the amount distributed to the Group 1 Senior Certificates, the Class 1-M1,
        Class
        1-M2 and Class 1-M3 Certificates and the Supplemental Interest Trust on such
        Distribution Date pursuant to clauses (A) through (E) above, and (y) the
        1-M4
        Principal Distribution Amount for such Distribution Date, until the Class
        Principal Amount of such Class has been reduced to zero;

       

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

      

       

      (G) to
        the
        Class 1-M5 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (b)
        the amount distributed to the Group 1 Senior Certificates, the Class 1-M1,
        Class
        1-M2, Class 1-M3 and Class 1-M4 Certificates and the Supplemental Interest
        Trust
        on such Distribution Date pursuant to clauses (A) through (F) above, and
        (y) the
        1-M5 Principal Distribution Amount for such Distribution Date, until the
        Class
        Principal Amount of such Class has been reduced to zero;

       

      (H) to
        the
        Class 1-M6 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (b)
        the amount distributed to the Group 1 Senior Certificates, the Class 1-M1,
        Class
        1-M2, Class 1-M3, Class 1-M4 and Class 1-M5 Certificates and the Supplemental
        Interest Trust on such Distribution Date pursuant to clauses (A) through
        (G)
        above, and (y) the 1-M6 Principal Distribution Amount for such Distribution
        Date, until the Class Principal Amount of such Class has been reduced to
        zero;

       

      (I) to
        the
        Class 1-M7 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (b)
        the amount distributed to the Group 1 Senior Certificates, the Class 1-M1,
        Class
        1-M2, Class 1-M3, Class 1-M4, Class 1-M5 and Class 1-M6 Certificates and
        the
        Supplemental Interest Trust on such Distribution Date pursuant to clauses
        (A)
        through (H) above, and (y) the 1-M7 Principal Distribution Amount for such
        Distribution Date, until the Class Principal Amount of such Class has been
        reduced to zero; 

       

      (J) to
        the
        Class 1-M8 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (b)
        the amount distributed to the Group 1 Senior Certificates, the Class 1-M1,
        Class
        1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6 and Class 1-M7 Certificates
        and the Supplemental Interest Trust on such Distribution Date pursuant to
        clauses (A) through (I) above, and (y) the 1-M8 Principal Distribution Amount
        for such Distribution Date, until the Class Principal Amount of such Class
        has
        been reduced to zero; 

       

      (K) to
        the
        Class 1-M9 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 1 for such Distribution Date over
        (b)
        the amount distributed to the Group 1 Senior Certificates, the Class 1-M1,
        Class
        1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class 1-M7 and Class
        1-M8
        Certificates and the Supplemental Interest Trust on such Distribution Date
        pursuant to clauses (A) through (J) above, and (y) the 1-M9 Principal
        Distribution Amount for such Distribution Date, until the Class Principal
        Amount
        of such Class has been reduced to zero; and

       

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

      

       

      (L) for
        application as part of Pool 1 Monthly Excess Cashflow for such Distribution
        Date, as provided in subsection (f) of
        this
        Section, any Principal Distribution Amount remaining after application pursuant
        to subclauses (A) through (K) above. 

       

      (e) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event related
        to the
        Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Principal
        Distribution Amount for Pool 2 for such date, as follows, provided,
        however,
        that any
        payment of the Principal Distribution Amount for Pool 2 that constitutes
        a
        Subsequent Recovery that would otherwise be payable to the Class WF-3-1,
        Class
        WF-4-1 and Class WF-6-1 Certificates, will instead be payable to the Certificate
        Insurer to the extent that the proceeds under the Certificate Insurance Policy
        were previously applied to reimburse the Class WF-3-1, Class WF-4-1 and Class
        WF-6-1 Certificates with respect to any Pool 2 Applied Loss Amount previously
        allocated to the Class WF-3-1, Class WF-4-1 and Class WF-6-1
        Certificates:

       

      (i) (a)
        Prior
        to the Pool 2 Stepdown Date or (b) on or after the Pool 2 Stepdown Date and
        with
        respect to which a Pool 2 Trigger Event is in effect, until the aggregate
        Certificate Principal Amount of the Group 2 Certificates equals the Pool
        2
        Target Amount for such Distribution Date, the Trustee shall distribute the
        Principal Distribution Amount for Pool 2 in the following order of
        priority:

       

      (A) to
        the
        Group 2 Senior Certificates, in the following order of priority:

       

      (i) concurrently,
        to the Class WF-6-1 and Class WF-6-2 Certificates, pro
        rata,
        in
        accordance with the Class WF-6-1 Priority Amount, until the Class Principal
        Amount of each such Class has been reduced to zero;

       

      (ii) sequentially,
        as follows:

       

      
        	 	
                (a)

              	
                concurrently,
                  to the Class WF-1-1 and Class WF-1-2 Certificates, pro
                  rata,
                  based on Class Principal amounts, until the Class Principal Amount
                  of each
                  such Class has been reduced to
                  zero;

              

      

       

      
        	 	
                (b)

              	
                to
                  the Class WF-2 Certificates, until the Class Principal Amount of
                  such
                  class has been reduced to zero;

              

      

       

      
        	 	
                (c)

              	
                concurrently,
                  to the Class WF-3-1, Class WF-3-2 and Class WF-3-3 Certificates,
                  pro
                  rata,
                  based on Class Principal Amounts, until the Class Principal Amount
                  of each
                  such class has been reduced to
                  zero;

              

      

       

      
        	 	
                (d)

              	
                concurrently,
                  to the Class WF-4-1 and Class WF-4-2 Certificates, pro
                  rata,
                  based on Class Principal Amounts, until the Class Principal Amount
                  of each
                  such class has been reduced to zero;
                  and

              

      

       

      
        	 	
                (e)

              	
                to
                  the Class WF-5 Certificates, until the Class Principal Amount of
                  such
                  class has been reduced to zero.

              

      

       

      (iii) concurrently,
        to the Class WF-6-1 and Class WF-6-2 Certificates, pro
        rata,
        based
        on Class Principal Amount, without regard to the Class WF-6 Priority Amount,
        until the Class Principal Amount of each such class has been reduced to
        zero.

       

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

      

       

      (B) to
        the
        Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
        Priority, until the Class Principal Amount of each such Class has been reduced
        to zero; 

       

      (C) to
        the
        Certificate Insurer, any unreimbursed Insured Payments plus all amounts due
        to
        the Certificate Insurer under the Insurance Agreement, together with interest
        thereon at the rate specified in the Insurance Agreement to the extent not
        distributed on such Distribution Date from the Interest Remittance Amount
        for
        Pool 2, as provided in Section 5.02(c) above; and

       

      (D) for
        application as part of Pool 2 Monthly Excess Cashflow for such Distribution
        Date, as provided in Section 5.02(g), any such Principal Distribution Amount
        for
        Pool 2 remaining undistributed after application pursuant to clauses (A)
        through
        (C) above.

       

      (ii) (a)
        On or
        after the Pool 2 Stepdown Date and (b) with respect to which a Pool 2 Trigger
        Event is not in effect, the Trustee shall distribute the Principal Distribution
        Amount for Pool 2 for such date, in the following order of priority,
        provided, however,
        that any
        payment of the Principal Distribution Amount for Pool 2 that constitutes
        a
        Subsequent Recovery that would otherwise be payable to the Class WF-3-1,
        Class
        WF-4-1 and Class WF-6-1 Certificates, will instead be payable to the Certificate
        Insurer to the extent that the proceeds under the Certificate Insurance Policy
        were previously applied to reimburse the Class WF-3-1, Class WF-4-1 and Class
        WF-6-1 Certificates with respect to any Pool 2 Applied Loss Amount previously
        allocated to the Class WF-3-1, Class WF-4-1 and Class WF-6-1
        Certificates:

       

      (A) (1)
        so
        long as any of the Group 2 Subordinate Certificates are outstanding, to the
        Group 2 Senior Certificates, in accordance with the Group 2 Senior Priority,
        in
        an amount equal to the lesser of (x) the Principal Distribution Amount for
        Pool
        2 for such Distribution Date and (y) the Pool 2 Senior Principal Distribution
        Amount for such Distribution Date until the Class Principal Amount of each
        such
        class has been reduced to zero; or (2) otherwise to the Group 2 Senior
        Certificates, in accordance with the Group 2 Senior Priority, the Principal
        Distribution Amount for Pool 2, until the Class Principal Amount of each
        such
        class has been reduced to zero;

       

      (B) to
        the
        Class WF-M1 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 2 for such Distribution Date over
        (b)
        the amount distributed to the Group 2 Senior Certificates on such Distribution
        Date pursuant to clause (A) above, and (y) the WF-M1 Principal Distribution
        Amount for such Distribution Date, until the Class Principal Amount of such
        Class has been reduced to zero; 

       

      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

      

       

      (C) to
        the
        Class WF-M2 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 2 for such Distribution Date over
        (b)
        the amount distributed to the Group 2 Senior Certificates and the Class WF-M1
        Certificates on such Distribution Date pursuant to clauses (A) through (B)
        above, and (y) the WF-M2 Principal Distribution Amount for such Distribution
        Date, until the Class Principal Amount of such Class has been reduced to
        zero;

       

      (D) to
        the
        Class WF-M3 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 2 for such Distribution Date over
        (b)
        the amount distributed to the Group 2 Senior Certificates and the Class WF-M1
        and Class WF-M2 Certificates on such Distribution Date pursuant to clauses
        (A)
        through (C) above, and (y) the WF-M3 Principal Distribution Amount for such
        Distribution Date, until the Class Principal Amount of such Class has been
        reduced to zero; 

       

      (E) to
        the
        Class WF-M4 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 2 for such Distribution Date over
        (b)
        the amount distributed to the Group 2 Senior Certificates and the Class WF-M1,
        Class WF-M2 and Class WF-M3 Certificates on such Distribution Date pursuant
        to
        clauses (A) through (D) above, and (y) the WF-M4 Principal Distribution Amount
        for such Distribution Date, until the Class Principal Amount of such Class
        has
        been reduced to zero;

       

      (F) to
        the
        Class WF-M5 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 2 for such Distribution Date over
        (b)
        the amount distributed to the Group 2 Senior Certificates and the Class WF-M1,
        Class WF-M2, Class WF-M3 and Class WF-M4 Certificates on such Distribution
        Date
        pursuant to clauses (A) through (E) above, and (y) the WF-M5 Principal
        Distribution Amount for such Distribution Date, until the Class Principal
        Amount
        of such Class has been reduced to zero;

       

      (G) to
        the
        Class WF-M6 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 2 for such Distribution Date over
        (b)
        the amount distributed to the Group 2 Senior Certificates and the Class WF-M1,
        Class WF-M2, Class WF-M3, Class WF-M4 and Class WF-M5 Certificates on such
        Distribution Date pursuant to clauses (A) through (F) above, and (y) the
        WF-M6
        Principal Distribution Amount for such Distribution Date, until the Class
        Principal Amount of such Class has been reduced to zero; 

       

      (H) to
        the
        Class WF-M7 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 2 for such Distribution Date over
        (b)
        the amount distributed to the Group 2 Senior Certificates and the Class WF-M1,
        Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5 and Class WF-M6 Certificates
        on such Distribution Date pursuant to clauses (A) through (G) above, and
        (y) the
        WF-M7 Principal Distribution Amount for such Distribution Date, until the
        Class
        Principal Amount of such Class has been reduced to zero;

       

      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

      

       

      (I) to
        the
        Class WF-M8 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 2 for such Distribution Date over
        (b)
        the amount distributed to the Group 2 Senior Certificates and the Class WF-M1,
        Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5, Class WF-M6 and Class
        WF-M7
        Certificates on such Distribution Date pursuant to clauses (A) through (H)
        above, and (y) the WF-M8 Principal Distribution Amount for such Distribution
        Date, until the Class Principal Amount of such Class has been reduced to
        zero;

       

      (J) to
        the
        Class WF-M9 Certificates, an amount equal to the lesser of (x) the excess
        of (a)
        the Principal Distribution Amount for Pool 2 for such Distribution Date over
        (b)
        the amount distributed to the Group 2 Senior Certificates and the Class WF-M1,
        Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5, Class WF-M6, Class WF-M7
        and
        Class WF-M8 Certificates on such Distribution Date pursuant to clauses (A)
        through (I) above, and (y) the WF-M9 Principal Distribution Amount for such
        Distribution Date, until the Class Principal Amount of such Class has been
        reduced to zero;

       

      (K) to
        the
        Class WF-M10 Certificates, an amount equal to the lesser of (x) the excess
        of
        (a) the Principal Distribution Amount for Pool 2 for such Distribution Date
        over
        (b) the amount distributed to the Group 2 Senior Certificates and the Class
        WF-M1, Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5, Class WF-M6, Class
        WF-M7, Class WF-M8 and Class WF-M9 Certificates on such Distribution Date
        pursuant to clauses (A) through (J) above, and (y) the WF-M10 Principal
        Distribution Amount for such Distribution Date, until the Class Principal
        Amount
        of such Class has been reduced to zero;

       

      (L) to
        the
        Certificate Insurer, any unreimbursed Insured Payments plus all amounts due
        to
        the Certificate Insurer under the Insurance Agreement, together with interest
        thereon at the rate specified in the Insurance Agreement to the extent not
        distributed on such Distribution Date from the Interest Remittance Amount
        for
        Pool 2, as provided in Section 5.02(c) above; and

       

      (M) for
        application as part of Pool 2 Monthly Excess Cashflow for such Distribution
        Date, as provided in subsection (g) of
        this
        Section, any Principal Distribution Amount for Pool 2 remaining undistributed
        after application pursuant to subclauses (A) through (L) above. 

       

      (f) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event related
        to the
        Pooling REMIC 1 Regular Interests, the Trustee shall distribute any Pool
        1
        Monthly Excess Cashflow for such Distribution Date, together with any payments
        received under the Group 1 Cap Agreement in the case of distributions made
        pursuant to subclause (iv) below,
        in
        the following order of priority:

       

      
        
          
          

        

        
          113

          
            

          

        

        
          
          

        

      

      

       

      (i) For
        each
        Distribution Date, Pool 1 Monthly Excess Cashflow will be paid to the Group
        1
        Certificates and the Class 1-AIO Certificates in the following order of
        priority:

       

      (A) concurrently, on
        a pro
        rata basis, based on amounts due, to the Group 1 Senior Certificates and
        the
        Class 1-AIO Certificates, Current
        Interest and any Carryforward Interest for such Classes for such Distribution
        Date, to the extent unpaid pursuant to clauses 5.02(b)(ii);
        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;

       

      (B) to
        the
        Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
        Priority, any Current Interest and Carryforward Interest for such Classes
        for
        such Distribution Date, to the extent unpaid pursuant to clause 5.02(b)(iii);
        and;

       

      (C) to
        the
        Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and allocable
        to Pool 1 and not previously reimbursed to the Trustee.

       

      (ii) for
        each
        Distribution Date occurring (a) before the Pool 1 Stepdown Date or (b) on
        or
        after the Pool 1 Stepdown Date but for which a Pool 1 Trigger Event is in
        effect, then until the aggregate Class Principal Amount of the Group 1
        Certificates equals the Pool 1 Target Amount, in reduction of the Class
        Principal Amounts of the Group 1 Certificates in the following order of
        priority:

       

      (A) to
        each
        Class of Group 1 Senior Certificates, in accordance with the Group 1 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
        the
        Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
        Priority, in reduction of their Class Principal Amounts, until the Class
        Principal Amount of each such Class has been reduced to zero; 

       

      (iii) for
        each
        Distribution Date occurring on or after the Pool 1 Stepdown Date and for
        which a
        Pool 1 Trigger Event is
        not in
        effect,
        in the
        following order of priority:

       

      (A) to
        each
        Class of Group 1 Senior Certificates, in accordance with the Group 1 Senior
        Priority, in reduction of their respective Class Principal Amounts, until
        the
        aggregate Class Principal Amount of such Group 1 Senior Certificates, after
        giving effect to distributions on such Distribution Date, equals the Group
        1
        Senior Target Amount;

       

      (B) to
        the
        Class 1-M1 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Group 1 Senior Certificates and the
        Class 1-M1 Certificates, after giving effect to distributions on such
        Distribution Date, equals the 1-M1 Target Amount;

       

      
        
          
          

        

        
          114

          
            

          

        

        
          
          

        

      

      

       

      (C) to
        the
        Class 1-M2 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Group 1 Senior Certificates and the
        Class 1-M1 and Class 1-M2 Certificates, after giving effect to distributions
        on
        such Distribution Date, equals the 1-M2 Target Amount; 

       

      (D) to
        the
        Class 1-M3 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Group 1 Senior Certificates and the
        Class 1-M1, Class 1-M2 and Class 1-M3 Certificates, after giving effect to
        distributions on such Distribution Date, equals the 1-M3 Target
        Amount;

       

      (E) to
        the
        Class 1-M4 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Group 1 Senior Certificates and the
        Class 1-M1, Class 1-M2, Class 1-M3 and Class 1-M4 Certificates, after giving
        effect to distributions on such Distribution Date, equals the 1-M4 Target
        Amount;

       

      (F) to
        the
        Class 1-M5 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Group 1 Senior Certificates and the
        Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4 and Class 1-M5 Certificates,
        after giving effect to distributions on such Distribution Date, equals the
        1-M5
        Target Amount;

       

      (G) to
        the
        Class 1-M6 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Group 1 Senior Certificates and the
        Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5 and Class 1-M6
        Certificates, after giving effect to distributions on such Distribution Date,
        equals the 1-M6 Target Amount; 

       

      (H) to
        the
        Class 1-M7 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Group 1 Senior Certificates and the
        Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6 and
        Class
        1-M7 Certificates, after giving effect to distributions on such Distribution
        Date, equals the 1-M7 Target Amount;

       

      (I) to
        the
        Class 1-M8 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Group 1 Senior Certificates and the
        Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class
        1-M7 and Class 1-M8 Certificates, after giving effect to distributions on
        such
        Distribution Date, equals the 1-M8 Target Amount; and

       

      (J) to
        the
        Class 1-M9 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate Class Principal Amount of the Group 1 Senior Certificates and the
        Class 1-M1, Class 1-M2, Class 1-M3, Class 1-M4, Class 1-M5, Class 1-M6, Class
        1-M7, Class 1-M8 and Class 1-M9 Certificates, after giving effect to
        distributions on such Distribution Date, equals the 1-M9 Target
        Amount;

       

      
        
          
          

        

        
          115

          
            

          

        

        
          
          

        

      

      

       

      (iv) to
        the
        Pool 1 Basis Risk Reserve Fund, an amount equal to the Pool 1 Basis Risk
        Payment
        and any payment received in respect of the Group 1 Cap Agreement, and then
        from
        the Pool 1 Basis Risk Reserve Fund, in the following order of
        priority:

       

      (A) from
        any
        proceeds received under the Group 1 Cap Agreement, first,
        to the
        Group 1 Senior Certificates, the amount of any Basis Risk Shortfalls and
        Unpaid
        Basis Risk Shortfalls for each such class and such Distribution Date,
pro
        rata
        in
        proportion to the amount of such shortfalls, and second,
        to the
        Group 1 Subordinate Certificates, the amount of any Basis Risk Shortfalls
        and
        Unpaid Basis Risk Shortfalls for each such class and Distribution Date, in
        accordance with the Subordinate Priority (provided that any payments received
        from the Group 1 Cap Agreement which are in excess of those required to pay
        Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Group 1
        Certificates shall be distributed to the Class C-X Certificates);

       

      (B) to
        the
        Group 1 Senior Certificates, the amount of any Basis Risk Shortfalls and
        Unpaid
        Basis Risk Shortfalls for each such class and such Distribution Date,
pro
        rata in
        proportion to the amount of such shortfalls, to the extent unpaid pursuant
        to
        clause 5.02(h)(v) and (vii) below and clause (A) above;

       

      (C) to
        the
        Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
        Priority, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall
        for each such Class and such Distribution Date, to the extent unpaid pursuant
        to
        Section 5.02(h)(v) and (vii) below and clause (A) above;

       

      (D) to
        the
        Class 1-X Certificates, any amounts remaining in the Pool 1 Basis Risk Reserve
        Fund, after taking into account distributions pursuant to clauses
        (A) through (C) above, in excess of the Pool 1 Required Reserve Fund Amount
        for such Distribution Date;

       

      provided,
        that, the
        amount of the Pool 1 Basis Risk Payment for any Distribution Date payable
        solely
        pursuant to this clause 5.02(f)(iv) of this Agreement cannot exceed the amount
        of Pool 1 Monthly Excess Cashflow otherwise available for distribution pursuant
        to Section 5.02(f)(iv) of
        this
        Agreement.

       

      (v) pro
        rata,
        in
        proportion to their respective Deferred Amounts (and any interest accrued
        on
        such Deferred Amounts), after giving effect to distributions described above
        on
        such Distribution Date, to the Group 1 Senior Certificates, any applicable
        Deferred Amount and any interest accrued on such Deferred Amount for each
        such
        Class and such Distribution Date;

       

      (vi) to
        the
        Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
        Priority, any Deferred Amounts for each such Class and such Distribution
        Date;

       

      (vii) 
        [reserved];

       

      
        
          
          

        

        
          116

          
            

          

        

        
          
          

        

      

      

       

      (viii) to
        the
        Class 1-X Certificates, the Class 1-X Distributable Amount (less any Pool
        1
        Basis Risk Payment for such Distribution Date) for such Distribution
        Date;

       

      (ix) on
        the
        earlier of (a) the Distribution Date occurring in November 2009 (or the next
        occurring Distribution Date on which sufficient funds are available in the
        Certificate Account) and (b) the final Distribution Date, to the Class 1-P
        Certificates, $100 in payment of the Class 1-P Principal Amount; 

       

      (x) to
        the
        Supplemental Interest Trust, for distribution pursuant to clause 5.02(h)(x),
        any
        Swap Termination Payment due to a Swap Counterparty Trigger Event owed to
        the
        Swap Counterparty pursuant to the Swap Agreement; and

       

      (xi) to
        the
        Class LT-R-1 Certificate, any amount remaining on such date after application
        pursuant to clauses (i) through (ix) above to the extent attributable to
        Pooling
        REMIC 1, and otherwise to the Class R-1 Certificate; 

       

      (g) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event related
        to the
        Pooling REMIC 2 Regular Interests, the Trustee shall distribute any Pool
        2
        Monthly Excess Cashflow for such Distribution Date in the following order
        of
        priority:

       

      (i) For
        each
        Distribution Date, Pool 2 Monthly Excess Cashflow will be paid to the Group
        2
        Certificates in the following order of priority:

       

      (A) concurrently,
        on a pro rata basis, based on amount due, to the Group 2 Senior Certificates,
        Current Interest and any Carryforward Interest for such Classes for such
        Distribution Date, to the extent unpaid pursuant to clauses 5.02(c)(ii);
        

       

      (B) to
        the
        Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
        Priority, any Current Interest and Carryforward Interest for such Classes
        for
        such Distribution Date, to the extent unpaid pursuant to clause 5.02(c)(iii);
        and

       

      (C) to
        the
        Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) allocable
        to
        Pool 2 and not previously reimbursed to the Trustee.

       

      (ii) for
        each
        Distribution Date occurring (a) before the Pool 2 Stepdown Date or (b) on
        or
        after the Pool 2 Stepdown Date but for which a Pool 2 Trigger Event is in
        effect, then until the aggregate Class Principal Amount of the Group 2
        Certificates equals the Pool 2 Target Amount, in reduction of the Class
        Principal Amounts of the Group 2 Certificates in the following order of
        priority:

       

      (A) to
        each
        such class of Group 2 Senior Certificates, in accordance with Group 2 Senior
        Priority, in reduction of their respective Class Principal Amounts, until
        the
        Class Principal Amount of each such class has been reduced to zero;

       

      
        
          
          

        

        
          117

          
            

          

        

        
          
          

        

      

      

       

      (B) to
        the
        Certificate Insurer, any unreimbursed Insured Payments plus all payments
        due to
        the Certificate Insurer under the Insurance Agreement, together with interest
        thereon at the rate specified in the Insurance Agreement; and

       

      (C) to
        the
        Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
        Priority, in reduction of their Class Principal Amounts, until the Class
        Principal Amount of each such Class has been reduced to zero; 

       

      (iii) for
        each
        Distribution Date occurring on or after the Pool 2 Stepdown Date and for
        which a
        Pool 2 Trigger Event is
        not in
        effect,
        in the
        following order of priority:

       

      (A) to
        each
        class of Group 2 Senior Certificates, in accordance with the Group 2 Senior
        Priority, in reduction of their respective Class Principal Amounts, until
        the
        aggregate Class Principal Amount of such Group 2 Senior Certificates, after
        giving effect to distributions on such Distribution Date, equals the Pool
        2
        Senior Target Amount;

       

      (B) to
        the
        Certificate Insurer, any unreimbursed Insured Payments plus all amounts due
        to
        the Certificate Insurer under the Insurance Agreement, together with interest
        thereon at the rate specified in the Insurance Agreement;

       

      (C) to
        the
        Class WF-M1 Certificates, in reduction of their Class Principal Amount, until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1 Certificates, after giving effect to distributions on such
        Distribution Date, equals the WF-M1 Target Amount;

       

      (D) to
        the
        Class WF-M2 Certificates, in reduction of their Class Principal Amount, until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1 and Class WF-M2 Certificates, after giving effect to distributions
        on such Distribution Date, equals the WF-M2 Target Amount; 

       

      (E) to
        the
        Class WF-M3 Certificates, in reduction of their Class Principal Amount, until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1, Class WF-M2 and Class WF-M3 Certificates, after giving effect
        to
        distributions on such Distribution Date, equals the WF-M3 Target
        Amount;

       

      (F) to
        the
        Class WF-M4 Certificates, in reduction of their Class Principal Amount, until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1, Class WF-M2, Class WF-M3 and Class WF-M4 Certificates, after
        giving
        effect to distributions on such Distribution Date, equals the WF-M4 Target
        Amount;

       

      (G) to
        the
        Class WF-M5 Certificates, in reduction of their Class Principal Amount, until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1, Class WF-M2, Class WF-M3, Class WF-M4 and Class WF-M5 Certificates,
        after giving effect to distributions on such Distribution Date, equals the
        WF-M5
        Target Amount;

       

      
        
          
          

        

        
          118

          
            

          

        

        
          
          

        

      

      

       

      (H) to
        the
        Class WF-M6 Certificates, in reduction of their Class Principal Amount, until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1, Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5 and Class
        WF-M6
        Certificates, after giving effect to distributions on such Distribution Date,
        equals the WF-M6 Target Amount;

       

      (I) to
        the
        Class WF-M7 Certificates, in reduction of their Class Principal Amount, until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1, Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5, Class WF-M6
        and
        Class WF-M7 Certificates, after giving effect to distributions on such
        Distribution Date, equals the WF-M7 Target Amount;

       

      (J) to
        the
        Class WF-M8 Certificates, in reduction of their Class Principal Amount, until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1, Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5, Class WF-M6,
        Class WF-M7 and Class WF-M8 Certificates, after giving effect to distributions
        on such Distribution Date, equals the WF-M8 Target Amount;

       

      (K) to
        the
        Class WF-M9 Certificates, in reduction of their Class Principal Amount, until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1, Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5, Class WF-M6,
        Class WF-M7, Class WF-M8 and Class WF-M9 Certificates, after giving effect
        to
        distributions on such Distribution Date, equals the WF-M9 Target
        Amount;

       

      (L) to
        the
        Class WF-M10 Certificates, in reduction of their Class Principal Amount,
        until
        the aggregate Class Principal Amount of the Group 2 Senior Certificates and
        the
        Class WF-M1, Class WF-M2, Class WF-M3, Class WF-M4, Class WF-M5, Class WF-M6,
        Class WF-M7, Class WF-M8, Class WF-M9 and Class WF-M10 Certificates, after
        giving effect to distributions on such Distribution Date, equals the WF-M10
        Target Amount; 

       

      (iv) to
        the
        Pool 2 Basis Risk Reserve Fund, an amount equal to the Pool 2 Basis Risk
        Payment, and then from the Pool 2 Basis Risk Reserve Fund, in the following
        order of priority:

       

      (A) to
        the
        Group 2 Senior Certificates, the amount of any Basis Risk Shortfalls and
        Unpaid
        Basis Risk Shortfalls for such class and such Distribution Date, pro
        rata,
        in
        proportion to the amount of such shortfalls;

       

      (B) to
        the
        Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
        Priority, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall
        for each such Class and such Distribution Date; and

       

      
        
          
          

        

        
          119

          
            

          

        

        
          
          

        

      

      

       

      (C) to
        the
        Class 2-X Certificates, any amounts remaining in the Pool 2 Basis Risk Reserve
        Fund, after taking into account distributions pursuant to clauses (A) and
        (B) above, in excess of the Pool 2 Required Reserve Fund Amount for such
        Distribution Date;

       

      provided,
        that, the
        amount of the Pool 2 Basis Risk Payment for any Distribution Date payable
        solely
        pursuant to this clause 5.02(g)(iv) of this Agreement cannot exceed the amount
        of Pool 2 Monthly Excess Cashflow otherwise available for distribution pursuant
        to Section 5.02(g)(iv) of
        this
        Agreement.

       

      (v) after
        giving effect to distributions described above on such Distribution Date,
        pro
        rata,
        in
        proportion to their Deferred Amounts (and any interest accrued on such Deferred
        Amounts), to the Group 2 Senior Certificates, any applicable Deferred Amount
        and
        any interest accrued on such Deferred Amount for each such Class and such
        Distribution Date, to the extent unpaid pursuant to section
        5.02(c)(iii);

       

      (vi) to
        the
        Group 2 Subordinate Certificates, in accordance with the Group 2 Subordinate
        Priority, any Deferred Amounts for each such Class and such Distribution
        Date;

       

      (vii) [reserved];

       

      (viii) to
        the
        Class 2-X Certificates, the Class 2-X Distributable Amount (less any Pool
        2
        Basis Risk Payment for such Distribution Date) for such Distribution
        Date;

       

      (ix) on
        the
        earlier of (a) the Distribution Date occurring in November 2009 (or the next
        occurring Distribution Date on which sufficient funds are available in the
        Certificate Account) and (b) the final Distribution Date, to the Class 2-P
        Certificates, $100 in payment of the Class 2-P Principal Amount;
        and

       

      (x) to
        the
        Class LT-R-2 Certificate, any amount remaining on such date after application
        pursuant to clauses (i) through (ix) above to the extent attributable to
        the
        Pooling REMIC 2, and otherwise to the Class R-2 Certificate; 

       

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

       

      (i) to
        the
        Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty pursuant
        to the Swap Agreement for such Distribution Date to the extent unpaid from
        the
        Interest Remittance Amount for Pool 1 and from the Principal Distribution
        Amount
        for Pool 1;

       

      (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
        to
        the extent unpaid from the Interest Remittance Amount for Pool 1 and from
        the
        Principal Distribution Amount for Pool 1;

       

      
        
          
          

        

        
          120

          
            

          

        

        
          
          

        

      

      

       

      (iii) to
        the
        Group 1 Senior Certificates, pro
        rata, Current
        Interest and any Carryforward Interest for each such Class and such Distribution
        Date, to the extent unpaid and in the priorities set forth in Section 5.02(b)
        above (as applicable);

       

      (iv) to
        the
        Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate
        Priority, Current Interest and any Carryforward Interest for such class for
        such
        Distribution Date, to the extent unpaid pursuant to Section 5.02(b)
        above;

       

      (v) the
        Available Basis Risk Amount, in the following order of priority:

       

      (A) first,
        to the
        Group 1 Senior Certificates and the Group 1 Subordinate Certificates, in
        the
        following order of priority:

       

      (i) concurrently,
        pro
        rata,
        to the
        Group 1 Senior Certificates, the amount of any Basis Risk Shortfalls and
        Unpaid
        Basis Risk Shortfalls for each such Class and such Distribution Date, to
        the
        extent unpaid pursuant to Section 5.02(f)(iv)(A) above;

       

      (ii) to
        the
        Group 1 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, to the extent unpaid pursuant to Section
        5.02(f)(iv)(A) above;

       

      (B) second,
        if
        applicable, to the Termination Receipts Account for application to the purchase
        of a replacement swap agreement pursuant to Section 5.10; and

       

      (C) third,
        to the
        Class S-X Certificates, any amounts remaining;

       

      (vi) to
        the
        Group 1 Senior Certificates and Group 1 Subordinate Certificates, any amount
        necessary to create and maintain the Targeted Overcollateralization Amount
        specified in Sections 5.02(f)(i) and (ii) for such Distribution Date, for
        application pursuant to the priorities set forth in such Sections, after
        giving
        effect to distributions pursuant to such Sections; provided,
        however,
        that the
        sum of all such amounts distributed pursuant to this Section 5.02(h)(vi)
        and all
        amounts distributed pursuant to Section 5.02(h)(viii) shall not exceed the
        aggregate amount of cumulative Realized Losses on the Pool 1 Mortgage Loans
        incurred from the Cut-off Date through the last day of the related Collection
        Period;

       

      (vii) to
        the
        Group 1 Senior Certificates and Group 1 Subordinate Certificates, any remaining
        Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls (less the amount of
        any
        Available Basis Risk Amount paid to each such Class pursuant to clause (v)
        above) for each such class and for such Distribution Date, for application
        pursuant to the priorities set forth in Sections 5.02(f)(iv)(B) and (C),
        to the
        extent unpaid pursuant to Section 5.02(f)(iv)(A) above and clause (v)
        above;

       

      (viii) 
        first,
        concurrently, to the Group 1 Senior Certificates, in accordance with the
        Group 1
        Senior Priority, any Deferred Amount for each such Class (and any interest
        accrued on such Deferred Amounts) and second, to the Group 1 Subordinate
        Certificates, in accordance with the Group 1 Subordinate Priority, any Deferred
        Amount for each such Class and such Distribution Date for application pursuant
        to the priority set forth in Sections 5.02(f)(v) and (vi), respectively,
        to the
        extent unpaid pursuant to such Sections; provided,
        however,
        that the
        sum of all such amounts distributed pursuant to this Section 5.02(h)(viii)
        and
        all amounts distributed pursuant to Section 5.02(h)(vii) shall not exceed
        the
        aggregate amount of cumulative Realized Losses on the Pool 1 Mortgage Loans
        incurred from the Cut-off Date through the last day of the related Collection
        Period;

       

      
        
          
          

        

        
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      (ix) if
        applicable, to the Termination Receipts Account for application to the purchase
        of a replacement swap agreement pursuant to Section 5.10;

       

      (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
        S-X Certificates, any remaining Supplemental Interest Trust 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 S-X Certificates, all
        amounts remaining in the Supplemental Interest Trust Account.

       

      (i) On
        each
        Distribution Date on and prior to the Class X Account Termination Date, the
        Trustee shall withdraw the Class C Distributable Amount for such Distribution
        Date from the Class X Account, pursuant to Section 5.11 herein, and shall
        distribute such amount to the Class C Certificates.

       

      (i) On
        each
        Distribution Date on and prior to the Class X Account Termination Date, the
        Trustee shall withdraw the Class C Distributable Amount for such Distribution
        Date from the Class X Account, pursuant to Section 5.11 herein, and shall
        distribute such amount to the Class C Certificates. 

       

      (ii) 
        On each
        Distribution Date on and prior to the Class X Account Termination Date, the
        Trustee shall withdraw amounts on deposit in the Class X Account after providing
        for the Class C Distributable Amount for such Distribution Date and distribute
        to the Class 1-X and Class 2-X Certificates an amount equal to the excess,
        if
        any, of the sum of Realized Losses attributable to the Class C Mortgage Loans
        in
        the related Pool over the sum of all amounts distributed pursuant to this
        Section 5.02(i)(ii) on prior Distribution Dates to the Class 1-X or Class
        2-X
        Certificates, as applicable. If, on any Distribution Date, the amount required
        to be distributed pursuant to the immediately preceding sentence exceeds
        the
        amount then on deposit in the Class X Account, the entire amount then on
        deposit
        shall be allocated between the Class 1-X Certificates and the Class 2-X
        Certificates in proportion to the amounts such Classes would have otherwise
        received on such Distribution Date pursuant to the immediately preceding
        sentence. 

       

      
        
          
          

        

        
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      (j) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event relating
        to
        the Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests,
        an
        amount equal to the aggregate of all Prepayment Premiums collected with respect
        to Pool 1 during the preceding Prepayment Period shall be distributed to
        the
        Holders of the Class 1-P Certificates and the aggregate of all Prepayment
        Premiums collected with respect to Pool 2 during the preceding Prepayment
        Period
        shall be distributed to the Holders of the Class 2-P Certificates.

       

      (k) On
        each
        Distribution Date occurring after a Section 7.01(d) 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 related
        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 Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
        Interests, as applicable, created pursuant to this Agreement and shall
        distribute such Total Distribution Amount first,
        to the
        Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not
        previously reimbursed to the Trustee, second,
        to the
        LTURI-holder, any remaining related Total Distribution Amount to the extent
        payable on the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular
        Interests as provided in the Preliminary Statement, and third,
        to the
        Class LT-R-1 and Class LT-R-2 Certificates any remaining amounts.

       

      Section
        5.03. Allocation
        of Losses.  

       

      (a) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event relating
        to
        the Pooling REMIC 1 Regular Interests, the Class Principal Amounts of the
        Group
        1 Certificates shall be reduced by the amount of any Pool 1 Applied Loss
        Amount
        for such date, in the following order of priority:

       

      (i) to
        the
        Class 1-M9 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (ii) to
        the
        Class 1-M8 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (iii) to
        the
        Class 1-M7 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (iv) to
        the
        Class 1-M6 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (v) to
        the
        Class 1-M5 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (vi) to
        the
        Class 1-M4 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      (vii) to
        the
        Class 1-M3 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero;

       

      
        
          
          

        

        
          123

          
            

          

        

        
          
          

        

      

      

       

      (viii) to
        the
        Class 1-M2 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero; 

       

      (ix) to
        the
        Class 1-M1 Certificates, until the Class Principal Amount of such Class has
        been
        reduced to zero; and

       

      (x) to
        the
        Group 1 Senior Certificates, pro
        rata,
        based on
        their respective Class Principal Amounts, until their respective Class Principal
        Amounts are reduced to zero; provided,
        however,
        (1)
        that any Pool 1 Applied Loss Amounts otherwise allocable to the Class 1-A1,
        Class 1-A2, Class 1-A3, Class 1-A4A and Class 1-A4B Certificates will be
        applied
        in reduction of the Class Principal Amount of the Class 1-A5 Certificates,
        until
        the Class Principal Amount of the Class 1-A5 Certificates has been reduced
        to
        zero, and (2) that, after the Class 1-A5 Certificates have been reduced to
        zero,
        losses that would otherwise reduce the principal amount of the Class 1-A4A
        Certificates will first reduce the principal amount of the Class 1-A4B
        Certificates until the principal amount of the Class 1-A4B Certificates has
        been
        reduced to zero.

       

      (b) On
        each
        Distribution Date on or prior to a Section 7.01(d) Purchase Event relating
        to
        the Pooling REMIC 2 Regular Interests, the Class Principal Amounts of the
        Group
        2 Certificates shall be reduced by the amount of any Pool 2 Applied Loss
        Amount
        for such date, in the following order of priority:

       

      (i) to
        the
        Class WF-M10 Certificates, until the Class Principal Amount of such Class
        has
        been reduced to zero;

       

      (ii) to
        the
        Class WF-M9 Certificates, until the Class Principal Amount of such Class
        has
        been reduced to zero;

       

      (iii) to
        the
        Class WF-M8 Certificates, until the Class Principal Amount of such Class
        has
        been reduced to zero;

       

      (iv) to
        the
        Class WF-M7 Certificates, until the Class Principal Amount of such Class
        has
        been reduced to zero;

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      (x) to
        the
        Class WF-M1 Certificates, until the Class Principal Amount of such Class
        has
        been reduced to zero; and

       

      (xi) to
        the
        Group 2 Senior Certificates, pro
        rata,
        based on
        their respective Class Principal Amounts, until their respective Class Principal
        Amounts are reduced to zero; provided,
        however,
        (1)
        that any Pool 2 Applied Loss Amounts otherwise allocable to the Class WF-1-1
        Certificates will be applied in reduction of the Class Principal Amount of
        the
        Class WF-1-2 Certificates, until the Class Principal Amount of the Class
        WF-1-2
        Certificates has been reduced to zero and (2) that, any Pool 2 Applied Loss
        Amounts otherwise allocable to the Class WF-3-2 Certificates will be applied
        in
        reduction of the Class Principal Amount of the Class WF-3-3 Certificates,
        until
        the Class Principal Amount of the Class WF-3-3 Certificates has been reduced
        to
        zero.

       

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

       

      (a) Subject
        to Section 9.07, Advances shall be made in respect of each Determination
        Date as
        provided herein. If, on any Determination Date, any Servicer determines that
        any
        Scheduled Payments due during the related Collection Period (other than Balloon
        Payments) have not been received, such Servicer shall advance such amount
        on the
        Deposit Date immediately following such Determination Date 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; provided,
        however,
        that
        required Advances remitted by the Servicer or the Master Servicer may be
        reduced
        by an amount, if any, to be set forth in an Officer’s Certificate to be
        delivered to the Trustee on such Determination Date, which if advanced the
        Master Servicer or the applicable Servicer has determined would not be
        recoverable from amounts received with respect to such Mortgage Loan, including
        late payments, Liquidation Proceeds, Insurance Proceeds or otherwise. If
        the
        Master Servicer determines that an Advance is required, it shall on the 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. The Trustee shall be entitled to conclusively
        rely upon any determination by the Master Servicer that an Advance, if made,
        would constitute a non-recoverable Advance.

       

      
        
          
          

        

        
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      (b) Notwithstanding
        anything herein to the contrary, in the event that the Master Servicer or
        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,
        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.
        Notwithstanding anything herein to the contrary, in no event shall the Trustee
        be required for any reason to make an Advance with regards to any Balloon
        Payment.

       

      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.
        Notwithstanding anything herein to the contrary, in no event shall the Trustee
        (in its capacity as successor Master Servicer) be required to make an Advance
        with regard to any Balloon Payment. 

       

      Section
        5.06. Basis
        Risk Reserve Funds.

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the holders of the Group 1 Certificates, the Pool 1 Basis
        Risk
        Reserve Fund, into which LBH shall deposit $1,000. In addition, the Trustee
        shall hold the Group 1 Cap Agreement as an asset in the Pool 1 Basis Risk
        Reserve Fund. The Pool 1 Basis Risk Reserve Fund shall be an Eligible Account,
        and funds on deposit therein shall be held separate and apart from, and shall
        not be commingled with, any other moneys, including, without limitation,
        other
        moneys of the Trustee held pursuant to this Agreement.

       

      (b) On
        each
        Distribution Date on which there is a payment received under the Group 1
        Cap
        Agreement that is based on a notional amount in excess of the aggregate Class
        Principal Amount of the Group 1 Certificates (such amount, the “Class C-X Excess
        Cap Amount”), the Trustee shall distribute such Class C-X Excess Cap Amount to
        the Class C-X Certificateholders pursuant to Section 5.02(f)(iv). On
        each
        Distribution Date the Trustee shall distribute in the order of priority and
        to
        the extent specified in Section 5.02(f)(iv) of this Agreement the sum of
        (without duplication) (a) any payments made by the Cap Counterparty to the
        Trust
        Fund for such Distribution Date with respect to the Group 1 Cap Agreement
        and
        (b) any amounts then on deposit in the Pool 1 Basis Risk Reserve Fund, including
        any earnings thereon. On any Distribution Date, any amounts that the Trustee
        is
        not required to distribute from the Pool 1 Basis Risk Reserve Fund pursuant
        to
        Section 5.02(f)(iv) of this Agreement shall remain on deposit in the Pool
        1
        Basis Risk Reserve Fund.

       

      
        
          
          

        

        
          126

          
            

          

        

        
          
          

        

      

      

       

      (c) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the holders of the Group 2 Certificates, the Pool 2 Basis
        Risk
        Reserve Fund, into which LBH shall deposit $1,000. The Pool 2 Basis Risk
        Reserve
        Fund shall be an Eligible Account, and funds on deposit therein shall be
        held
        separate and apart from, and shall not be commingled with, any other moneys,
        including, without limitation, other moneys of the Trustee held pursuant
        to this
        Agreement.

       

      (d) On
        each
        Distribution Date the Trustee shall distribute in the order of priority and
        to
        the extent specified in Section 5.02(g)(iv) of this Agreement any amounts
        then
        on deposit in the Pool 2 Basis Risk Reserve Fund, including any earnings
        thereon. On any Distribution Date, any amounts that the Trustee is not required
        to distribute from the Pool 2 Basis Risk Reserve Fund pursuant to Section
        5.02(g)(iv) of this Agreement shall remain on deposit in the Pool 2 Basis
        Risk
        Reserve Fund.

       

      (e) Funds
        in
        the Pool 1 Basis Risk Reserve Fund and Pool 2 Basis Risk Reserve Fund shall
        be
        invested in Eligible Investments. The Class C-X Certificates and the Class
        2-X
        Certificates shall evidence ownership of the Pool 1 Basis Risk Reserve Fund
        and
        the Pool 2 Basis Risk Reserve Fund, respectively, for federal income tax
        purposes and LBH on behalf of the Holders thereof shall direct the Trustee,
        in
        writing, as to investment of amounts on deposit therein. LBH shall be liable
        for
        any losses incurred on such investments. In the absence of written instructions
        from LBH as to investment of funds on deposit in the Pool 1 Basis Risk Reserve
        Fund and Pool 2 Basis Risk Reserve Fund, such funds shall remain uninvested.
        The
        Pool 1 Basis Risk Reserve Fund will be terminated after a Pool 1 Termination
        Event. The Pool 2 Basis Risk Reserve Fund will be terminated after a Pool
        2
        Termination Event.

       

      Section
        5.07. The
        Certificate Insurance Policy.
        

       

      (a) If,
        on
        the second Business Day before any Distribution Date, the Trustee determines
        that an Insured Payment is required to be made by the Certificate Insurer
        on
        such Distribution Date, the Trustee shall
        determine the amount of any such Insured Payment and shall give written notice
        to the Certificate Insurer by completing a Notice of Nonpayment in the form
        of
        Exhibit A to the Certificate Insurance Policy and submitting such Notice
        of
        Nonpayment by 12:00 noon, New York City time on such second Business Day
        as a
        claim for an Insured Payment. The Trustee’s responsibility for delivering a
        Notice of Nonpayment to the Certificate Insurer, as provided in the preceding
        sentence, is limited to the availability, timeliness and accuracy of the
        information provided to it by the Master Servicer.

       

      In
        the
        event the Trustee receives a certified copy of an order of the appropriate
        court
        that any scheduled payment of principal or interest on the Class WF-3-1,
        Class
        WF-4-1 and Class WF-6-1 Certificates has been voided in whole or in part
        as a
        preference payment under applicable bankruptcy law, the Trustee shall promptly
        notify the Certificate Insurer in writing and the fiscal agent, if any, and
        the
        Trustee shall, on behalf of the Trust and the Class WF-3-1, Class WF-4-1
        and
        Class WF-6-1 Certificateholders, make a claim on the Certificate Insurance
        Policy in accordance with the provisions thereof to obtain payment by the
        Certificate Insurer of such voided scheduled payment. In addition, the Trustee
        shall mail notice to all Holders of the Class WF-3-1, Class WF-4-1 and Class
        WF-6-1 Certificates so affected that, in the event that any such Holder’s
        scheduled payment is so recovered, such Holder will be entitled to payment
        pursuant to the terms of the Certificate Insurance Policy, a copy of which
        shall
        be made available to such Holders by the Trustee. The Trustee shall furnish
        to
        the Certificate Insurer and the appropriate fiscal agent, if any, its records
        listing the payments on the affected Class WF-3-1, Class WF-4-1 and Class
        WF-6-1
        Certificates, if any, that have been made by the Trustee and subsequently
        recovered from the affected Holders, and the dates on which such payments
        were
        made by the Trustee.

       

      
        
          
          

        

        
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      (b) At
        the
        time of the execution hereof, and for the purposes hereof, the Trustee shall
        establish the Policy Payments Account over which the Trustee shall have
        exclusive control and sole right of withdrawal. The Policy Payments Account
        shall be an Eligible Account. The Trustee shall deposit any amount paid under
        the Certificate Insurance Policy into the Policy Payments Account and distribute
        such amount only for the purposes of making payments to Holders of the Class
        WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates in respect of the Guaranteed
        Distributions (or other amounts payable pursuant to the second paragraph
        of
        subsection (a) above on such Class WF-3-1, Class WF-4-1 and Class WF-6-1
        Certificates by the Certificate Insurer pursuant to the Certificate Insurance
        Policy) for which the related claim was made under the Certificate Insurance
        Policy. Such amounts shall be allocated by the Trustee to Holders of Class
        WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates entitled to such payments
        in
        the same manner as principal and interest distributions are to be allocated
        with
        respect to such Certificates pursuant to Section 5.02. It shall not be necessary
        for such payments to be made by checks or wire transfers separate from the
        checks or wire transfers used to make regular payments hereunder with funds
        withdrawn from the Certificate Account. However, any payments made on the
        Class
        WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates from funds in the Policy
        Payments Account shall be noted as provided in subsection (e) below. Funds
        held
        in the Policy Payments Account shall not be invested by the
        Trustee.

       

      (c) Any
        funds
        received from the Certificate Insurer for deposit into the Policy Payments
        Account pursuant to this Agreement and the Certificate Insurance Policy in
        respect of a Distribution Date or otherwise as a result of any claim under
        such
        Certificate Insurance Policy shall be applied by the Trustee directly to
        the
        payment in full (i) of the Insured Payments due on such Distribution Date
        on the
        Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates, or (ii) of other
        amounts to which payments under the Certificate Insurance Policy are to be
        applied. Funds received by the Trustee as a result of any claim under the
        Certificate Insurance Policy shall be used solely for payment to the Holders
        of
        the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates and may not
        be
        applied for any other purpose, including, without limitation, satisfaction
        of
        any costs, expenses or liabilities of the Trust, the Trustee or the Trust
        Fund.
        Any funds remaining in the Policy Payments Account on the first Business
        Day
        after each Distribution Date (other than the final Distribution Date to the
        extent of funds remaining in the Policy Payments Account required to be paid
        to
        Holders of the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates)
        shall
        be remitted promptly to the Certificate Insurer pursuant to the written
        instruction of the Certificate Insurer.

       

      
        
          
          

        

        
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      (d) The
        Trustee shall keep complete and accurate records in respect of (i) all funds
        remitted to the Trustee by the Certificate Insurer and deposited into the
        Policy
        Payments Account and (ii) the allocation of such funds to (A) payments of
        interest on and principal in respect of any Class WF-3-1, Class WF-4-1 and
        Class
        WF-6-1 Certificates, (B) Pool 2 Applied Loss Amounts allocated to the Class
        WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates, and (C) payments in respect
        of Preference Amounts. The Certificate Insurer shall have the right to inspect
        such records at reasonable times during normal business hours upon three
        Business Days’ prior notice to the Trustee. Any Insured Payments disbursed by
        the Trustee from proceeds of the Certificate Insurance Policy shall be
        considered payment by the Certificate Insurer and not by the Trust Fund with
        respect to the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates,
        and the
        Certificate Insurer will be entitled to receive the related Reimbursement
        Amount
        pursuant to Section 5.02.

       

      (e) The
        Trustee acknowledges, and each Holder of a Class WF-3-1, Class WF-4-1 and
        Class
        WF-6-1 Certificates by their acceptance of such Certificates agrees, that
        without the need for any further action on the part of the Certificate Insurer
        or the Trustee, to the extent the Certificate Insurer pays Insured Payments,
        directly or indirectly, on account of principal of or interest on any such
        Class
        of Certificates, the Certificate Insurer will be fully subrogated to the
        rights
        of the Holders of such Class to receive the related Reimbursement Amount
        pursuant to Section 5.02 and the Certificate Insurer shall also have the
        rights
        conferred upon the Certificate Insurer pursuant to Sections 4.06 and 5.02
        of the
        Insurance Agreement, as if fully set forth herein. The Class WF-3-1, Class
        WF-4-1 and Class WF-6-1 Certificateholders, by acceptance of their Certificates
        assign their rights as Holders of such Class of Certificates to the extent
        of
        the Certificate Insurer’s interest with respect to amounts paid under the
        Certificate Insurance Policy. Each of the Depositor and the Trustee agrees
        to
        such subrogation and further agrees to execute such instruments and to take
        such
        actions as, in the sole judgment of the Certificate Insurer, are necessary
        to
        evidence such subrogation and, subject to the priority of payment provisions
        of
        this Agreement, to perfect the rights of the Certificate Insurer to receive
        any
        moneys paid or payable in respect of the Class WF-3-1, Class WF-4-1 and Class
        WF-6-1 Certificates under this Agreement or otherwise. Anything herein to
        the
        contrary notwithstanding, solely for purposes of determining the Certificate
        Insurer’s rights as subrogee for payments distributable pursuant to Section
        5.02, any payment with respect to distributions to the Class WF-3-1, Class
        WF-4-1 and Class WF-6-1 Certificates that is made with funds received pursuant
        to the terms of the Certificate Insurance Policy shall not be considered
        payment
        of such Class of Certificates from the Trust Fund and shall not result in
        the
        distribution or the provision for the distribution in reduction of the Class
        Principal Amount of such Class of Certificates or Current Interest thereon,
        within the meaning of Article V.

       

      (f) The
        Trustee shall promptly notify the Certificate Insurer of either of the following
        as to which a Responsible Officer has actual knowledge: (A) the commencement
        of
        any proceeding by or against the Depositor commenced under the Bankruptcy
        Code
        or any other applicable bankruptcy, insolvency, receivership, rehabilitation
        or
        similar law (an “Insolvency Proceeding”) and (B) the making of any claim in
        connection with any Insolvency Proceeding seeking the avoidance as a
        preferential transfer (a “Preference Claim”) of any distribution made with
        respect to the Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates.
        Each
        Holder of a Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates, by
        its
        purchase of its respective Class of Certificate, and the Trustee hereby agree
        that the Certificate Insurer (so long as no Certificate Insurer Default exists)
        may at any time during the continuation of any proceeding relating to a
        Preference Claim direct all matters relating to such Preference Claim,
        including, without limitation, (i) the direction of any appeal of any order
        relating to any Preference Claim and (ii) the posting of any surety, supersedeas
        or performance bond pending any such appeal. In addition and without limitation
        of the foregoing, the Certificate Insurer shall be subrogated to the rights
        of
        the Trustee and each Holder of a Class WF-3-1, Class WF-4-1 and Class WF-6-1
        Certificates in the conduct of any Preference Claim, including, without
        limitation, all rights of any party to an adversary proceeding action with
        respect to any court order issued in connection with any such Preference
        Claim.

       

      
        
          
          

        

        
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      (g) The
        Trustee shall surrender the Certificate Insurance Policy to the Certificate
        Insurer for cancellation upon the termination of the Trust Fund pursuant
        to
        Article VII hereof.

       

      Section
        5.08. Supplemental
        Interest Trust.

       

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

       

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

       

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

       

      (d) Upon
        a
        Pool 1 Termination Event or termination of the Trust Fund, any amounts remaining
        in the Supplemental Interest Trust Account shall be distributed pursuant
        to the
        priorities set forth in Section 5.02(h).

       

      
        
          
          

        

        
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      (e) 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 S-X Certificates unless and
        until the date when either (i) there is more than one Class S-X
        Certificateholder or (ii) any Class of Certificates in addition to the Class
        S-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.

       

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

       

      Section
        5.09. Rights
        of Swap Counterparty.

       

      The
        Swap
        Counterparty shall be deemed a third-party beneficiary of this Agreement
        to the
        same extent as if it were a party hereto and shall have the right, upon
        designation of an “Early Termination Date” (as defined in the Swap Agreement),
        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), (d) and (f), and any Swap Termination
        Payment required pursuant to Sections 5.02(b), (d) and (f), into the
        Supplemental Interest Trust Account, (B) to pay any Net Swap Payment required
        pursuant to Section 5.02(h)(i) or Swap Termination Payment required pursuant
        to
        Sections 5.02(h)(ii) and (x) to the Swap Counterparty and (C) to establish
        and
        maintain the Supplemental Interest Trust Account, to make such deposits thereto,
        investments therein and distributions therefrom as are required pursuant
        to
        Section 5.08. For the protection and enforcement of the provisions of this
        Section the Swap Counterparty shall be entitled to such relief as can be
        given
        either at law or in equity.

       

      Section
        5.10. Termination
        Receipts.

       

      In
        the
        event of an “Early Termination Event” as defined under the Swap Agreement, (i)
        any Swap Termination Payment made by the Swap Counterparty to the Supplemental
        Interest Trust and paid pursuant to Section 5.02(h)(ix) (“Termination Receipts”)
        will be deposited in a segregated non-interest bearing account which shall
        be an
        Eligible Account established by the Trustee (the “Termination Receipts Account”)
        and (ii) any amounts received from a replacement Swap Counterparty (“Replacement
        Receipts”) will be deposited in a segregated non-interest bearing account which
        shall be an Eligible Account established by the Trustee (the “Replacement
        Receipts Account”). Solely upon written direction of the Depositor, the Trustee
        shall invest, or cause to be invested, funds held in the Termination Receipts
        Account and the Replacement Receipts Account in time deposits of the Trustee
        as
        permitted by clause (ii) of the definition of Eligible Investments or as
        otherwise directed in writing by a majority of the Certificateholders. All
        such
        investments must be payable on demand or mature on a Distribution Date or
        such
        other date as directed by the Certificateholders. If no such direction is
        given
        by the Depositor, such funds shall remain uninvested. All such Eligible
        Investments will be made in the name of the Trustee, as trustee of the
        Supplemental Interest Trust (in its capacity as such) or its nominee. All
        income
        and gain realized from any such investment shall be deposited in the Termination
        Receipts Account or the Replacement Receipts Account, as applicable, and
        all
        losses, if any, shall be borne by the related account.

       

      
        
          
          

        

        
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      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, at the written direction of the Depositor, use
        amounts on deposit in the Termination Receipts Account, if necessary, to
        enter
        into replacement Swap Agreement(s) which shall be executed and delivered
        by the
        Trustee upon receipt of written confirmation from each Rating Agency that
        such
        replacement Swap Agreement(s) will not result in the reduction or withdrawal
        of
        the rating of any outstanding Class of Certificates with respect to which
        it is
        a Rating Agency. 

       

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

       

      Section
        5.11. Class
        X Account.

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the holders of the Class 1-X, Class 2-X and Class C Certificates,
        the Class X Account. No later than the first date on which any NIMS Securities
        are issued, the Depositor shall deposit a dollar amount into the Class X
        Account. The Class X Account shall be an Eligible Account, and funds on deposit
        therein shall be held separate and apart from, and shall not be commingled
        with,
        any other moneys, including, without limitation, other moneys of the Trustee
        held pursuant to this Agreement.

       

      (b) Funds
        in
        the Class X Account may be invested in Eligible Investments having fixed
        maturities described in clauses (i), (iv), (v) or (vii) of the definition
        thereof by the Trustee at the direction of the holders of the Class C
        Certificates maturing on or prior to the next succeeding Distribution Date.
        No
        Eligible Investments shall be acquired or disposed of for the primary purpose
        of
        recognizing gains or decreasing losses from market value changes. Any funds
        held
        in the Class X Account that are not invested shall be held in cash. In the
        absence of such written direction, all funds in the Class X Account shall
        remain
        uninvested. Any investment earnings on such amounts shall be payable to the
        holders of the Class C Certificates. The Trustee shall account for the
        Class X Account as an outside reserve fund within the meaning of Treasury
        regulation 1.860G-2(h) and not an asset of any REMIC created pursuant to
        this
        Agreement. The Class C Certificates shall evidence ownership of the Class X
        Account for federal tax purposes and the Holders thereof shall direct the
        Trustee in writing as to the investment of amounts therein. The Trustee shall
        have no liability for losses on investments in Eligible Investments made
        pursuant to this Section 5.11(b) (other than as obligor on any such
        investments). Upon termination of the Class X Account, any amounts remaining
        in
        the Class X Account shall be distributed to the Holders of the Class C
        Certificates in the same manner as if distributed pursuant to Section 5.02(i)(i)
        hereof.

       

      (c) On
        each
        Distribution Date on and prior to the Class X Account Termination Date, amounts
        on deposit in the Class X Account will be withdrawn and applied to make payments
        to the Class 1-X, Class 2-X and Class C Certificates as provided in Section
        5.02(i) of this Agreement. Any
        amounts that the Trustee is not required to distribute from the Class X Account
        pursuant to Section 5.02(i) of this Agreement shall remain on deposit in
        the
        Class X Account. 

       

      
        
          
          

        

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

       

      ARTICLE
        VI

       

      CONCERNING
        THE TRUSTEE EVENTS OF DEFAULT

       

      Section
        6.01. Duties
        of Trustee.

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      (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 Depositor or the Master Servicer under
        this
        Agreement or the Certificate Insurer under the Certificate Insurance Policy;
        and

       

      (iv) The
        Trustee shall not be responsible for the act or omission of the Master Servicer,
        any Servicer, the the Certificate Insurer, the Depositor, the Seller 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
        applicable Corporate Trust Office of the Trustee, (ii) of which a Responsible
        Officer has actual knowledge, and (iii) which contains information sufficient
        to
        permit the Trustee to make a determination that the real property to which
        such
        document relates is a Mortgaged Property.

       

      (e) The
        Trustee shall not be personally liable with respect to any action taken,
        suffered or omitted to be taken by it in good faith in accordance with the
        direction of 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.

       

      
        
          
          

        

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

       

      (h) Except
        as
        otherwise provided herein, the Trustee shall not have any duty (A) to undertake
        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 ensure the maintenance of any such recording or
        filing
        or depositing or to undertake any rerecording, refiling or redepositing of
        any
        such statement or agreement, (B) to establish or maintain any insurance,
        (C) to
        see to the payment or discharge of any tax, assessment, or other governmental
        charge or any lien or encumbrance of any kind owing with respect to, assessed
        or
        levied against, any part of the Trust Fund other than from funds available
        in
        the Collection Account or the Certificate Account, (D) to confirm or verify
        the
        contents of any reports or certificates of the Master Servicer, any Servicer,
        the Swap Counterparty or the Depositor delivered to the Trustee pursuant
        to this
        Agreement believed by the Trustee to be genuine and to have been signed or
        presented by the proper party or parties or (E) to pay any premiums or file
        any
        claims under any Bulk PMI Policy (other than in its role as successor Master
        Servicer).

       

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

       

      
        
          
          

        

        
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      (l) On
        or
        before March 15th of each calendar year for so long as the Depositor is subject
        to Exchange Act reporting requirements for the Lehman XS Trust 2006-17,
        beginning with March 15, 2007, the Trustee shall, at its own expense, cause
        a
        firm of independent public accountants (who may also render other services
        to
        Trustee), which is a member of the American Institute of Certified Public
        Accountants, to furnish to the Sponsor, the Master Servicer and the Depositor
        a
        report to the effect that such firm attests to, and reports on, the assessment
        made by such asserting party pursuant to Section 6.01(l) above, which report
        shall be made in accordance with standards for attestation engagements issued
        or
        adopted by the PCAOB. In addition, on or before March 15th of each calendar
        year
        in which the Depositor is required to file reports with respect to the Trust
        Fund in accordance with the Exchange Act and the rules and regulations of
        the
        Commission, beginning with March 15, 2007, the Trustee shall, at its own
        expense, furnish to the Sponsor and the Depositor an accountant’s attestation of
        any Subservicer or Subcontractor with respect to the Trustee.

       

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

       

      (n) For
        as
        long as the Depositor is subject to Exchange Act reporting with respect to
        the
        Trust Fund, the Trustee shall notify the Depositor, the Master Servicer and
        the
        Sponsor within three (3) Business Days of the related Distribution Date (i)
        of
        any legal proceedings pending against the Trustee of the type described in
        Item
        1117 (§ 229.1117) of Regulation AB and (ii) if the Trustee shall become (but
        only to the extent not previously disclosed) at any time an affiliate of
        any of
        the parties listed on Exhibit P hereto, together with a description thereof.
        On
        or before March 1st
        of each
        year, the Depositor shall distribute the information in Exhibit P to the
        Trustee.

       

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

       

      Section
        6.02. Certain
        Matters Affecting the Trustee.

       

      Except
        as
        otherwise provided in Section 6.01:

       

      (i) The
        Trustee may request and may rely upon, and shall be protected in acting or
        refraining from acting upon any resolution, Officer’s Certificate, certificate
        of auditors 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;

       

      
        
          
          

        

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

       

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

       

      (iv) Unless
        an
        Event of Default shall have occurred and be continuing, the Trustee shall
        not be
        bound to make any investigation into the facts or matters stated in any
        resolution, certificate, statement, instrument, opinion, report, notice,
        request, consent, order, approval, bond or other paper or document (provided
        the
        same appears regular on its face), unless requested in writing to do so by
        any
        NIMS Insurer or the Holders of at least a majority in Class Principal Amount
        (or
        Percentage Interest) of each Class of Certificates or, if such Classes have
        been
        retired pursuant to a Section 7.01(d) Purchase Event, the LTURI-holder;
provided,
        however,
        that, if
        the payment within a reasonable time to the Trustee of the costs, expenses
        or
        liabilities likely to be incurred by it in the making of such investigation
        is,
        in the opinion of the Trustee not reasonably assured to the Trustee by the
        security afforded to it by the terms of this Agreement, the Trustee may require
        reasonable indemnity against such expense or liability or payment of such
        estimated expenses from any NIMS Insurer or the Certificateholders, as
        applicable, as a condition to proceeding. The reasonable expense thereof
        shall
        be paid by the party requesting such investigation and if not reimbursed
        by the
        requesting party shall be reimbursed to the Trustee by the Trust
        Fund;

       

      (v) The
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents, custodians or attorneys,
        which agents, custodians or attorneys shall have any and all of the rights,
        powers, duties and obligations of the Trustee conferred on them by such
        appointment, provided that the Trustee shall continue to be responsible for
        its
        duties and obligations hereunder to the extent provided herein, and provided
        further that the Trustee shall not be responsible for any misconduct or
        negligence on the part of any such agent or attorney appointed with due care
        by
        the Trustee;

       

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

       

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

       

      
        
          
          

        

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

       

      Section
        6.03. Trustee
        Not Liable for Certificates.

       

      The
        Trustee makes no representations as to the validity or sufficiency of this
        Agreement, the Group 1 Cap Agreement, the Certificate Insurance Policy, the
        Swap
        Agreement or of the Certificates (other than the certificate of authentication
        on the Certificates), the Pooling REMIC 1 Regular Interests or the Pooling
        REMIC
        2 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,
        the
        Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests
        issued or intended to be issued hereunder. Except as otherwise provided herein,
        the Trustee shall have no responsibility for filing any financing or
        continuation statement in any public office at any time or to otherwise perfect
        or maintain the perfection of any security interest or lien granted to it
        hereunder or to record this Agreement.

       

      Section
        6.04. Trustee
        May Own Certificates.

       

      The
        Trustee and any Affiliate or agent of the Trustee in its individual or any
        other
        capacity may become the owner or pledgee of Certificates, the Pooling REMIC
        1
        Regular Interests or the Pooling REMIC 2 Regular Interests 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. 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.

       

      
        
          
          

        

        
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      Section
        6.06. Resignation
        and Removal of Trustee.

       

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

       

      (b) If
        at any
        time (i) the Trustee shall cease to be eligible in accordance with the
        provisions of Section 6.05 and shall fail to resign after written request
        therefor by the Depositor or any NIMS Insurer, (ii) the Trustee shall become
        incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
        of the Trustee 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 (in the case of the Class WF-3-1, Class
        WF-4-1 and Class WF-6-1 Certificates, determined without regard to the
        Certificate Insurance Policy) or (v)
        the
        Trustee shall fail to deliver the information or reports required pursuant
        to
        Section 6.01(k) through (n) hereto,
        then
        the Depositor, any NIMS Insurer or the Master Servicer shall remove the Trustee
        and the Depositor shall appoint a successor trustee acceptable to any NIMS
        Insurer and the Master Servicer by written instrument, one copy of which
        instrument shall be delivered to the Trustee so removed, one copy each to
        the
        successor trustee and one copy to the Master Servicer, the Swap Counterparty,
        the Certificate Insurer and any NIMS Insurer; provided,
        however, that
        if
        the Trustee is removed for the failure to provide the accountant’s attestation
        pursuant to Section 6.01(l) of this Agreement, the Trustee shall reimburse
        the
        Depositor for reasonable out-of pocket costs incurred by the Depositor in
        providing for a successor Trustee.

       

      (c) The
        Holders of more than 50% of the Class Principal Amount (or 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, the Certificate Insurer and the Depositor
        remove
        the Trustee by such written instrument, signed by such Holders or their
        attorney-in-fact duly authorized (or by any NIMS Insurer), one copy of which
        instrument shall be delivered to the Depositor, one copy to the the Certificate
        Insurer, one copy to the Trustee and one copy to the Master Servicer, the Swap
        Counterparty and any NIMS Insurer; the Depositor shall thereupon appoint
        a
        successor trustee in accordance with this Section mutually acceptable to
        the
        Depositor and the Master Servicer and any NIMS Insurer.

       

      
        
          
          

        

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

       

      Section
        6.07. Successor
        Trustee.

       

      (a) Any
        successor trustee appointed as provided in Section 6.06 shall execute,
        acknowledge and deliver to the Depositor, the Swap Counterparty, the Master
        Servicer and any NIMS Insurer and to its predecessor trustee (i) an instrument
        accepting such appointment hereunder and (ii) if such successor trustee is
        appointed at any time during the period that a Form 10-K is being filed with
        respect to the Trust in accordance with the Exchange Act and the rules and
        regulations of the Commission, the certification required pursuant to the
        first
        sentence of Section 6.01(k) indicating which Servicing Criteria are applicable
        to such successor trustee, and thereupon the resignation or removal of the
        predecessor trustee shall become effective and such successor trustee without
        any further act, deed or conveyance, shall become fully vested with all the
        rights, powers, duties and obligations of its predecessor hereunder, with
        like
        effect as if originally named as trustee herein. The predecessor trustee
        (or its
        custodian) shall deliver to the successor trustee (or assign to the Trustee
        its
        interest under each Custodial Agreement, to the extent permitted thereunder)
        all
        Mortgage Files and documents and statements related to each Mortgage File
        held
        by it hereunder, and shall duly assign, transfer, deliver and pay over to
        the
        successor trustee the entire Trust Fund, together with all necessary instruments
        of transfer and assignment or other documents properly executed necessary
        to
        effect such transfer and such of the records or copies thereof maintained
        by the
        predecessor trustee in the administration hereof as may be requested by the
        successor trustee and shall thereupon be discharged from all duties and
        responsibilities under this Agreement. In addition, the Master Servicer and
        the
        predecessor trustee shall execute and deliver such other instruments and
        do such
        other things as may reasonably be required to more fully and certainly vest
        and
        confirm in the successor trustee all such rights, powers, duties and
        obligations. 

       

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

       

      (c) Upon
        acceptance of appointment by a successor trustee as provided in this Section,
        the predecessor trustee shall mail notice of the succession of such trustee
        hereunder to the Certificate Insurer and 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.

       

      Section
        6.08. Merger
        or Consolidation of Trustee.

       

      
        
          
          

        

        
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      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 business of the Trustee shall be the successor to the Trustee hereunder,
        without the execution or filing of any paper or any further act on the part
        of
        any of the parties hereto, anything herein to the contrary notwithstanding,
        provided that such Person shall be eligible under the provisions of Section
        6.05. As
        a
        condition to the succession to the Trustee under this Agreement by any Person
        (i) into which the Trustee may be merged or consolidated, or (ii) which may
        be
        appointed as a successor to the Trustee, the Trustee shall notify the 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.

       

      (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 Trustee shall not be responsible for any action or omission
        of any separate trustee, co-trustee or custodian. Notwithstanding
        the foregoing,
        at any
        time during the period that a Form 10-K is being filed with respect to the
        Trust
        in accordance with the Exchange Act and the rules and regulations of the
        Commission, no
        such
        co-custodian or co-trustee shall be vested with any powers, rights and remedies
        under this Agreement unless such party has agreed to comply with all Regulation
        AB requirements set forth under this Agreement or the related Custodial
        Agreement, as applicable.

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (g) The
        Trustee shall pay the reasonable compensation of the co-trustees (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.

       

      Section
        6.10. Authenticating
        Agents.

       

      
        
          
          

        

        
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      (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, including in its individual capacity, and its respective directors,
        officers, employees and agents shall be entitled to indemnification from
        the
        Trust Fund for any loss, liability or expense incurred in connection with
        any
        legal proceeding or incurred without negligence or willful misconduct on
        their
        part, 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 Certificate Insurance Policy, the MGIC Letter
        Agreement, the PMI Letter Agreement, the Swap Agreement, the Group 1 Cap
        Agreement, the Mortgage Loan Sale Agreement, any Transfer Agreement, any
        Servicing Agreement or any Custodial Agreement, including any applicable
        fees
        and expenses payable pursuant to Section 6.12 and the costs and expenses
        of
        defending themselves against any claim in connection with the exercise or
        performance of any of their powers or duties hereunder, provided
        that:

       

      
        
          
          

        

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

       

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

       

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

       

      The
        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 Custodians.

       

      The
        Trustee shall be entitled to (i) receive, and is authorized to pay itself,
        the
        amount of income or gain earned from investment of or other earnings on funds
        in
        the Certificate Account and (ii) reimbursement of all reasonable expenses,
        disbursements and advances incurred or made by the Trustee in accordance
        with
        this Agreement (including fees and expenses of its counsel and all persons
        not
        regularly in its employment and any amounts described in Section 10.01 to
        which
        the Trustee is entitled as provided therein), except for expenses, disbursements
        and advances that either (i) do not constitute “unanticipated expenses” within
        the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) or (ii) arise
        from its negligence, bad faith or willful misconduct. The Trustee shall be
        entitled to reimbursement of its reasonable expenses and disbursements incurred
        or made in connection with a Section 7.01(d) Purchase Event in accordance
        with
        Section 4.04(b). Each Custodian shall receive compensation and indemnification
        amounts 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 indemnification amounts from amounts on deposit in the
        Certificate Account prior to any distributions to Certificateholders pursuant
        to
        Section 5.02 hereof.

       

      Section
        6.13. Collection
        of Monies.

       

      
        
          
          

        

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

       

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

       

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

       

      (i) Any
        failure by the Master Servicer to furnish to the Trustee the Mortgage Loan
        data
        sufficient to prepare the reports described in Section 4.03(a) which continues
        unremedied for a period of one (1) Business Day after the date upon which
        written notice of such failure shall have been given to such Master Servicer
        by
        the Trustee or to such Master Servicer and the Trustee by the Holders of
        not
        less than 25% of the Class Principal Amount or Class Notional Amount of each
        Class of Certificates affected thereby; or

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      (vi) The
        Master Servicer shall be dissolved, or shall dispose of all or substantially
        all
        of its assets, or consolidate with or merge into another entity or shall
        permit
        another entity to consolidate or merge into it, such that the resulting entity
        does not meet the criteria for a successor servicer as specified in Section
        9.28
        hereof; or

       

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

       

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

       

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

       

      (x) Any
        failure of the Master Servicer to remit to the Trustee any payment required
        to
        be made to the Trustee for the benefit of Certificateholders under the terms
        of
        this Agreement, including any Advance, on any Master Servicer Remittance
        Date,
        which failure continues unremedied for a period of one Business Day (but
        in no
        event later than 12:00 p.m. New York time on the related Distribution Date)
        after the date upon which such written 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 (ix) of this Section 6.14
        shall occur, then, in each and every case, subject to applicable law, so
        long as
        any such Event of Default shall not have been remedied within any period
        of time
        prescribed by this Section, the Trustee, by notice in writing to the Master
        Servicer may, and shall, if so directed by Certificateholders evidencing
        more
        than 50% of the Class Principal Amount (or Class Notional Amount) of each
        Class
        of Certificates (subject to the prior written consent of the Certificate
        Insurer), terminate all of the rights and obligations of the Master Servicer
        hereunder and in and to the Mortgage Loans and the proceeds thereof. If an
        Event
        of Default described in clause (x) of this Section 6.14 shall occur, then,
        in
        each and every case, subject to applicable law, so long as such Event of
        Default
        shall not have been remedied within the time period prescribed by clause
        (x) of
        this Section 6.14, the Trustee, by notice in writing to the Master Servicer,
        shall promptly terminate all the rights and obligations of the Master Servicer
        hereunder and in and to the Mortgage Loans and the proceeds thereof. On or
        after
        the receipt by the Master Servicer of such written notice, all authority
        and
        power of the Master Servicer, and only in its capacity as Master Servicer
        under
        this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall
        pass to and be vested in the Trustee and pursuant to and under the terms
        of this
        Agreement; provided,
        however,
        the
        parties acknowledge that notwithstanding the preceding sentence, there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of the
        Master Servicer’s obligations to the Trustee; provided,
        further,
        the
        obligation to make Advances by the Trustee, as successor master servicer,
        shall
        be effective upon the Trustee providing notice of termination to the Master
        Servicer pursuant to this Section 6.14. The Trustee is hereby authorized
        and
        empowered to execute and deliver, on behalf of the defaulting Master Servicer
        as
        attorney-in-fact or otherwise, any and all documents and other instruments,
        and
        to do or accomplish all other acts or things necessary or appropriate to
        effect
        the purposes of such notice of termination, whether to complete the transfer
        and
        endorsement or assignment of the Mortgage Loans and related documents or
        otherwise. The defaulting Master Servicer agrees to cooperate with the Trustee
        in effecting the termination of the defaulting Master Servicer’s
        responsibilities and rights hereunder as Master Servicer including, without
        limitation, notifying Servicers of the assignment of the master servicing
        function and providing the Trustee or its designee all documents and records
        in
        electronic or other form reasonably requested by it to enable the Trustee
        or its
        designee to assume the defaulting Master Servicer’s functions hereunder and the
        transfer to the Trustee for administration by it of all amounts which shall
        at
        the time be or should have been deposited by the defaulting Master Servicer
        in
        the Collection Account maintained by such defaulting Master Servicer and
        any
        other account or fund maintained with respect to the Certificates or thereafter
        received with respect to the Mortgage Loans. The Master Servicer being
        terminated 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 servicing from the
        predecessor Master 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 Trustee to correct any errors or insufficiencies in the servicing
        data or
        otherwise to enable the Trustee to master service the Mortgage Loans properly
        and effectively. If the terminated Master Servicer does not pay such
        reimbursement within thirty (30) days of its receipt of an invoice therefor,
        such reimbursement shall be an expense of the Trust Fund and the Trustee
        shall
        be entitled to withdraw such reimbursement from amounts on deposit in the
        Certificate Account pursuant to Section 4.04(b); provided that the terminated
        Master Servicer shall reimburse the Trust Fund for any such expense incurred
        by
        the Trust Fund; 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(i), (ii), (iii), (v), (vii) and (ix) to the extent such
        reimbursement relates to the period prior to such Master Servicer’s
        termination.

       

      If
        any
        Event of Default shall occur of which a Responsible Officer of the Trustee
        has
        actual knowledge, the Trustee, shall promptly notify the Certificate Insurer,
        the Swap Counterparty, any NIMS Insurer 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) Within
        90
        days of the time the Master Servicer receives a notice of termination from
        the
        Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
        of
        the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
        9.28,
        the Trustee, unless another master servicer shall have been appointed, shall
        be
        the successor in all respects to the Master Servicer in its capacity as such
        under this Agreement and the transactions set forth or provided for herein
        and
        shall have all the rights and powers and be subject to all the responsibilities,
        duties and liabilities relating thereto and arising thereafter placed on
        the
        Master Servicer hereunder, including the obligation to make Advances;
provided,
        however,
        that any
        failure to perform such duties or responsibilities caused by the Master
        Servicer’s failure to provide information required by this Agreement shall not
        be considered a default by the Trustee hereunder. In addition, the Trustee
        shall
        have no responsibility for any act or omission of the Master Servicer prior
        to
        the issuance of any notice of termination and within a period of time not
        to
        exceed 90 days after the issuance of written notice of termination pursuant
        to
        Section 6.14(a) or Section 9.28 or for any breach of representation or warranty
        by such predecessor Master Servicer. The Trustee shall have no liability
        relating to the representations and warranties of the Master Servicer set
        forth
        in Section 9.14. In the Trustee’s capacity as such successor, the Trustee shall
        have the same limitations on liability herein granted to the Master Servicer.
        As
        compensation therefor, the Trustee shall be entitled to receive all compensation
        payable to the Master Servicer under this Agreement, including the Master
        Servicing Fee. 

       

      (c) Notwithstanding
        the above, the Trustee may, if it shall be unwilling to continue to so act,
        or
        shall, if it is unable to so act, petition a court of competent jurisdiction
        to
        appoint, or appoint on its own behalf any established housing and home finance
        institution servicer, master servicer, servicing or mortgage servicing
        institution having a net worth of not less than $15,000,000 and meeting such
        other standards for a successor master servicer as are set forth in this
        Agreement, as the successor to such Master Servicer in the assumption of
        all of
        the responsibilities, duties or liabilities of the Master Servicer hereunder.
        Any entity designated by the Trustee as a successor master servicer may be
        an
        Affiliate of the Trustee; provided,
        however,
        that,
        unless such Affiliate meets the net worth requirements and other standards
        set
        forth herein for a successor master servicer, 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, the Pooling
        REMIC 1
        Regular Interests or the Pooling REMIC 2 Regular Interests or thereafter
        be
        received with respect to the Mortgage Loans. Neither the Trustee nor any
        other
        successor master servicer shall be deemed to be in default hereunder by reason
        of any failure to make, or any delay in making, any distribution hereunder
        or
        any portion thereof caused by (i) the failure of the Master Servicer to deliver,
        or any delay in delivering, cash, documents or records to it, (ii) the failure
        of the Master Servicer to cooperate as required by this Agreement, (iii)
        the
        failure of the Master Servicer to deliver the Mortgage Loan data to the Trustee
        as required by this Agreement or (iv) restrictions imposed by any regulatory
        authority having jurisdiction over the Master Servicer. 

       

      
        
          
          

        

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

       

      During
        the continuance of any Event of Default, so long as such Event of Default
        shall
        not have been remedied, the Trustee, in addition to the rights specified
        in
        Section 6.14, shall have the right, in its own name and as trustee of an
        express
        trust, to take all actions now or hereafter existing at law, in equity or
        by
        statute to enforce its rights and remedies and to protect the interests,
        and
        enforce the rights and remedies, of any NIMS Insurer, the Certificateholders
        and
        the Certificate Insurer (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 the Certificate Insurer, the
        Certificateholders at their respective addresses appearing on the Certificate
        Register, any NIMS Insurer and the Swap 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, determines that the action
        or
        proceeding so directed may not lawfully be taken or if the Trustee in good
        faith
        determines that the action or proceeding so directed would involve it in
        personal liability for which it is not indemnified to its satisfaction or
        be
        unjustly prejudicial to the non-assenting Certificateholders.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      (b) The
        Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
        behalf of each REMIC created hereby, an application on IRS Form SS-4. The
        Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification
        Number Assigned for each REMIC, shall promptly forward copies of such notices
        to
        the Master Servicer, the Trustee and the Depositor. The Trustee will file
        an IRS
        Form 8811. The Trustee shall have no obligation to verify the information
        in any
        form 8811 or form SS-4 filings.

       

      (c) The
        Depositor shall prepare or cause to be prepared the initial current report
        on
        Form 8-K. Thereafter, within 10 days (or, if applicable, within such shorter
        period of time as is required under the rules of the Commission) as in effect
        from time to time (the “Rules”)) following each Distribution Date, the Trustee
        shall, in accordance with industry standards and the Rules, prepare and file
        with the Commission via the Electronic Data Gathering and Retrieval System
        (“EDGAR”) the reports listed in subsections (d) through (f) of this Section 6.20
        in respect of the Trust Fund as and to the extent required under the Exchange
        Act each of which reports and any amendment thereof shall be signed by the
        Exchange Act Signing Party. 

       

      (d) Reports
        Filed on Form 10-D.

       

      (i) Within
        15
        days following each Distribution Date (or such later date as may be permissible
        due to an extension of the filing deadline under the Exchange Act), the Trustee
        will prepare and file a distribution report on Form 10-D (the “Distribution
        Report”) with respect to the Trust Fund, which Distribution Report shall include
        a copy of the Distribution Date Statement prepared by the Trustee in respect
        of
        the related Distribution Date detailing all applicable data elements specified
        in Item 1121(a) of Regulation AB, other than those data elements specified
        in
        Item 1121(a)(11), (12) and (14); provided, that, the Trustee shall have received
        from the Depositor, the Sponsor, the Master Servicer, any Servicer, any
        Custodian, any Cap Counterparty, any Swap Counterparty or any Subservicer
        or
        Subcontractor therefor, no later than three Business Days after the related
        Distribution Date, the following additional information, data, and materials,
        in
        a form suitable for conversion to the format required for filing with the
        Commission via EDGAR, required to be included in the Distribution Report
        on Form
        10-D for such Distribution Date:

       

      
        
          
          

        

        
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      (A) Item
        1 -
        Distribution and Pool Performance Information (each of the data elements
        specified in Item 1121(a)(11), (12) and (14) of Regulation AB);

       

      (B) Item
        2 -
        Legal Proceedings (information required by Item 1117 of Regulation
        AB);

       

      (C) Item
        3 -
        Sale of Securities and Use of Proceeds (information required by Item 2 of
        Part
        II of Form 10-Q);

       

      (D) Item
        4 -
        Defaults Upon Senior Securities (information required by Item 3 of Part II
        of
        Form 10-Q);

       

      (E) Item
        5 -
        Submission of Matters to a Vote of Security Holders (information required
        by
        Item 4 of Part II of Form 10-Q);

       

      (F) Item
        6 -
        Significant Obligors of Pool Assets (information required by Item 1112(b)
        of
        Regulation AB);

       

      (G) Item
        7 -
        Significant Enhancement Provider Information (information required by Items
        1114(b)(2) and 1115(b) of Regulation AB);

       

      (H) Item
        8 -
        Other Information (all other information required to be disclosed on Form
        8-K
        during the period covered by the report and not yet reported); and 

       

      (I) Item
        9 -
        Exhibits (all exhibits required to be filed by Form 10-D and Item 601 of
        Regulation S-K other than the Distribution Date Statement to be provided
        by the
        Trustee).

       

      (ii) After
        preparing the Form 10-D, the Trustee shall forward electronically a draft
        copy
        of the Form 10-D to the Exchange Act Signing Party for review and approval.
        If
        the Master Servicer is the Exchange Act Signing Party and the Form 10-D includes
        Additional Form 10-D Disclosure, then the Form 10-D shall also be electronically
        distributed to the Depositor for review and approval. No later than two Business
        Days prior to the 15th
        calendar
        day after the related Distribution Date, a duly authorized 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 filed by the Trustee. Each party to this Agreement acknowledges that
        the
        performance by the Trustee of its duties under this Section 6.20(d) related
        to
        the timely preparation and filing of Form 10-D is contingent upon such parties
        strictly observing all applicable deadlines in the performance of their duties
        under this Section 6.20(d). The Trustee shall have no liability for any loss,
        expense, damage, claim arising out of or with respect to any failure to properly
        prepare and/or timely file such Form 10-D, where such failure results from
        the
        Trustee’s inability or failure to obtain or receive, on a timely basis, any
        information from any other party hereto needed to prepare or file such Form
        10-D, not resulting from its own negligence, bad faith or willful misconduct.
        The Trustee shall not be responsible (1) for the content of any of the
        information provided pursuant to clauses (d)(i)(A) - (I) above (unless such
        item
        is provided by and specific to the Trustee, in which case the Trustee will
        be
        responsible for the content of such information; provided
        that
        such
        information is not revised without the prior consent of the Trustee),
        (2)
        for determining whether any such information is required to be included in
        any
        Form 10-D, (3) for reformatting any information that is not in a form suitable
        for conversion to the format required for filing with the Commission via
        EDGAR
        so that it is able to be filed on EDGAR or (4) for the failure to include
        any
        information if it is not provided to the Trustee on a timely basis (unless
        such
        item is specific to the Trustee, in which case the Trustee will be responsible
        for the failure to include such information, unless
        such information is not included in the final Form 10-D without the consent
        of
        the Trustee).

       

      
        
          
          

        

        
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      (e) Reports
        Filed on Form 10-K.

       

      (i) On
        or
        prior to the 90th
        day
        after the end of each fiscal year of the Trust Fund or such earlier date
        as may
        be required by the Exchange Act (the “10-K Filing Deadline”) (it being
        understood that the fiscal year for the Trust Fund ends on December
        31st
        of each
        year), commencing in March 2007, and, unless and until a Form 15 Suspension
        Notification shall have been filed, the Trustee shall prepare and file (but
        will
        not execute) a Form 10-K in respect of the Trust Fund, which shall include
        the
        certification required pursuant to Rule 13a-14 under the Exchange Act (the
“Form
        10-K Certification”) signed by an appropriate party or parties (which Form 10-K
        Certification the Trustee shall not be required to prepare or sign) and such
        other information as is required by the Rules; provided,
        that,
        the Trustee shall have received from the Depositor, each Servicer, each
        Custodian, each Additional Servicer, any Servicing Function Participant and
        the
        Master Servicer (each, a “Reporting Servicer”), no later than March 15th of each
        calendar year prior to the filing deadline for such Annual Report, all
        information, data, assessments of compliance, accountant’s attestations and
        exhibits required to be provided or filed with such Annual Report including
        information, data, assessments of compliance, accountant’s attestations and
        exhibits required to be provided in connection with the following Items and
        other filing requirements of Form 10-K: 

      

      (A) Item
        9B -
        Other Information (information required to be reported on Form 8-K in the
        fourth
        quarter but not reported);

       

      (B) Item
        15 -
        Exhibits and Financial Statement Schedules (including all exhibits required
        to
        be filed pursuant to Item 601 of Regulation S-K under the Exchange Act other
        than the certification specified in Item 601(b)(31)(ii) of Regulation S-K
        and
        the Assessment of Compliance, Attestation Report, and Compliance Statement
        specified in Item 601(b)(33), (34) and (35) of Regulation S-K with respect
        to
        those Servicing Criteria as to which the Trustee is the Item 1122 Responsible
        Party); 

       

      
        
          
          

        

        
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      (C) Significant
        Obligor Financial Information (Item 1112(b) of Regulation AB);

       

      (D) Significant
        Enhancement Provider Financial Information (Items 1114(b)(2) and 1115(b)
        of
        Regulation AB);

       

      (E) Legal
        Proceedings (Item 1117 of Regulation AB);

       

      (F) Affiliations
        and Certain Relationships and Related; Transactions (Item 1119 of Regulation
        AB);

       

      (G) Compliance
        with Applicable Servicing Criteria (Item 1122 of Regulation AB);
        and

       

      (H) Servicer
        Compliance Statement (Item 1123 of Regulation AB).

       

      

      (ii) After
        preparing the Form 10-K, the Trustee shall forward electronically a draft
        copy
        of the Form 10-K to the Exchange
        Act Signing Party for review and approval. If the Master
        Servicer is
        the
        Exchange Act Signing Party and the Form 10-K includes Additional Form 10-K
        Disclosure, then the Form 10-K shall also be electronically distributed to
        the
        Depositor for review and approval. No later than the close of business New
        York
        City time on the 4th Business Day prior to the 10-K Filing Deadline, a senior
        officer of the Exchange
        Act Signing Party
        shall
        sign the Form 10-K and return an electronic or fax copy of such signed Form
        10-K
        (with an original executed hard copy to follow by overnight mail) to the
        Trustee.
        If a
        Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
        to be
        amended, the Trustee will follow the procedures set forth in subsection (g)
        of
        this Section 6.20. Promptly (but no later than one Business Day) after filing
        with the Commission, the Trustee will make available on its internet website
        a
        final executed copy of each Form 10-K filed by the Trustee. The parties to
        this
        Agreement acknowledge that the performance by the Trustee of its duties under
        this Section 6.20(e) related to the timely preparation and filing of Form
        10-K
        is contingent upon such parties (and any Additional Servicer or Servicing
        Function Participant) strictly observing all applicable deadlines in the
        performance of their duties under this Section 6.20(e), Section 9.25(a),
        Section
        9.25(b) and Section 9.26. The Trustee shall have no liability for any loss,
        expense, damage or claim arising out of or with respect to any failure to
        properly prepare and/or timely file such Form 10-K, where such failure results
        from the Trustee’s inability or failure to obtain or receive, on a timely basis,
        any information from any other party hereto needed to prepare, arrange for
        execution or file such Form 10-K, not resulting from its own negligence,
        bad
        faith or willful misconduct. The Trustee shall not be responsible (1) for
        the
        content of any of the information provided pursuant to clauses (e)(i)(A)
        - (H)
        above (unless such item is provided by and specific to the Trustee, in which
        case the Trustee will be responsible for the content of such information;
        provided
        that
        such
        information is not revised without the prior consent of the Trustee),
        (2)
        for determining whether any such information is required to be included in
        any
        Form 10-K, (3) for reformatting any information that is not in a form suitable
        for conversion to the format required for filing with the Commission via
        EDGAR
        so that it is able to be filed on EDGAR or (4) for the failure to include
        any
        information if it is not provided to the Trustee on a timely basis (unless
        such
        item is specific to the Trustee, in which case the Trustee will be responsible
        for the failure to include such information, unless
        such information is not included in the final Form 10-K without the consent
        of
        the Trustee).
        

      
        
          
          

        

        
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      (iii) Unless
        a
        Form 15 Suspension Notification with respect to the Trust Fund has been filed,
        if so requested, on or prior to March 15th
        of each
        year, beginning in March 2007, the Trustee shall sign a certification in
        the
        form attached hereto as Exhibit M (the “Back-up Certification”) for the benefit
        of the Exchange Act Signing Party and the Person who signs the Form 10-K
        Certification (the “Certifying Party”) regarding certain aspects of such Form
        10-K Certification, upon which the Exchange Act Signing Party and the Certifying
        Party can reasonably rely (provided,
        however,
        that the
        Trustee shall not be required to undertake an analysis of, and shall have
        no
        responsibility for, any financial information, the accountant’s report,
        certification or other materials contained therein, except for those
        computations prepared by the Trustee and reflected in the distribution report).
        Nothing in this Section 6.20(i) shall relieve the Trustee of its responsibility
        for the matters as to which it is certifying in the form attached hereto
        as
        Exhibit M. 

      

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

      

      (f) Reports
        Filed on Form 8-K.

       

      (i) Within
        four Business Days after the occurrence of an event requiring disclosure
        on Form
        8-K (each such event, a “Reportable Event”), at the written direction and
        expense of the Depositor, the Trustee shall prepare and file Current Reports
        on
        Form 8-K in respect of the Trust Fund, as required by the Exchange Act;
provided,
        that,
        the Depositor shall have timely notified the Trustee of an item reportable
        on a
        Current Report on Form 8-K and shall have delivered to the Trustee no later
        than
        two Business Days prior to the filing deadline for such Current Report, all
        information, data, and exhibits required to be provided or filed with such
        Current Report, including, particularly, information, data and exhibits,
        in a
        form suitable for conversion to the format required for filing with the
        Commission via EDGAR, required to be provided in connection with the following
        Items of Form 8-K:

      

      (A) Item
        1.01
        - Entry into a Material Definitive Agreement;

       

      (B) Item
        1.02
        - Termination of a Material Definitive Agreement;

       

      (C) Item
        1.03
        - Bankruptcy or Receivership;

       

      
        
          
          

        

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

       

      (E) Item
        3.03
        - Material Modification to Rights of Security Holders;

       

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

       

      (G) Item
        6.02
        - Change in Servicer or Trustee;

       

      (H) Item
        6.03
        - Change in Credit Enhancement or Other External Support;

       

      (I) Item
        6.04
        - Failure to Make a Required Distribution; and

       

      (J) Item
        6.05
        - Securities Act Updating Disclosure.

       

      

       

      (ii) After
        preparing the Form 8-K, the Trustee shall forward electronically, no later
        than
        Noon New York City time on the 3rd
        Business
        Day after the Reportable Event, a draft copy of the Form 8-K to the Exchange
        Act
        Signing Party for review and approval. If the Master Servicer is the Exchange
        Act Signing Party, then the Form 8-K shall also be electronically distributed
        to
        the Depositor for review and approval. No later than 1 p.m. New York City
        time
        on the 4th
        Business
        Day after the Reportable Event, a duly authorized officer of the Exchange
        Act
        Signing Party shall sign the Form 8-K and return an electronic or fax copy
        of
        such signed Form 8-K (with an original executed hard copy to follow by overnight
        mail) to the Trustee. If a Form 8-K cannot be filed on time or if a previously
        filed Form 8-K needs to be amended, the Trustee will follow the procedures
        set
        forth in subsection (g) of this Section 6.20. Promptly (but no later than
        one
        Business Day) after filing with the Commission, the Trustee will make available
        on its internet website a final executed copy of each Form 8-K filed by the
        Trustee. The parties to this Agreement acknowledge that the performance by
        the
        Trustee of its duties under this Section 6.20(f) related to the timely
        preparation and filing of Form 8-K is contingent upon such parties strictly
        observing all applicable deadlines in the performance of their duties under
        this
        Section 6.20(f). The Trustee shall have no liability for any loss, expense,
        damage, claim arising out of or with respect to any failure to properly prepare
        and/or timely file such Form 8-K, where such failure results from the Trustee’s
        inability or failure to obtain or receive, on a timely basis, any information
        from any other party hereto needed to prepare or file such Form 8-K, not
        resulting from its own negligence, bad faith or willful misconduct. The
        Trustee shall not be responsible (1) for the content of any of the information
        provided pursuant to clauses (f)(i)(A) - (J) above (unless such item is provided
        by and specific to the Trustee, in which case the Trustee will be responsible
        for the content of such information; provided
        that
        such
        information is not revised without the prior consent of the Trustee),
        (2)
        for determining what information is required to be filed on a Form 8-K in
        connection with the transactions contemplated by this Agreement (unless such
        information is specific to the Trustee, in which case the Trustee will be
        responsible for making such a determination, unless
        such information is not included in the final Form 8-K without the consent
        of
        the Trustee),
        (3)
        for reformatting any information that is not in a form suitable for conversion
        to the format required for filing with the Commission via EDGAR so that it
        is
        able to be filed on EDGAR or (4) for any late filing of a Form 8-K in the
        event
        that it does not receive all information, data, signatures and exhibits required
        to be provided or filed on or prior to the second Business Day prior to the
        applicable filing deadline. 

      
        
          
          

        

        
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      (g) Delisting;
        Amendments; Late Filings.

       

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

       

      (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 Forms 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 Forms 10-D and 10-K, the
        parties to this Agreement and each Servicer will cooperate to prepare and
        file a
        Form 12b-25 and Forms 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 Forms 8-K, 10-D or 10-K needs to be amended,
        the Trustee will notify the Depositor and each Servicer and such parties
        will
        cooperate to prepare any necessary Forms 8-K/A, 10-D/A or 10-K/A. Any Form
        15,
        Form 12b-25 or any amendment to Forms 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 or claim arising out of or with respect to
        any
        failure to properly prepare and/or timely file any such Form 15, Form 12b-25
        or
        any amendments to Forms 8-K, 10-D or 10-K, where such failure results from
        the
        Trustee’s inability or failure to obtain or receive, on a timely basis, any
        information from any other party hereto needed to prepare, arrange for execution
        or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or
        10-K,
        not resulting from its own negligence, bad faith or willful
        misconduct.

      

      (h) The
        Trustee, with the prior consent of the Depositor, may include in any Exchange
        Act report all relevant information, data, and exhibits as the Trustee may
        receive in connection with such report irrespective of any provision that
        may
        permit the exclusion of such material. For example, the Trustee, with the
        prior
        consent of the Depositor, may file all Assessments of Compliance, Attestation
        Reports and Compliance Statements timely received from any Item 1122 Responsible
        Party irrespective of any applicable minimum pool asset percentage requirement
        for disclosure related to such Item 1122 Responsible Party.

      
        
          
          

        

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

       

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

      

      Section
        6.21. Compliance
        with Regulation AB.

       

      Each
        of
        the parties hereto acknowledges and agrees that the purpose of Sections 6.01
        and
        6.20 of this Agreement is to facilitate compliance by the Sponsor, the Master
        Servicer, the Depositor and the Trustee with the provisions of Regulation
        AB, as
        such may be amended or clarified from time to time. Therefore, each of the
        parties agrees that (a) the obligations of the parties hereunder shall be
        interpreted in such a manner as to accomplish compliance with Regulation
        AB, (b)
        the parties’ obligations hereunder will be supplemented and modified as
        necessary to be consistent with any such amendments, interpretive advice
        or
        guidance from the Commission, convention or consensus among active participants
        in the asset-backed securities markets, or otherwise in respect of the
        requirements of Regulation AB and (c) the parties shall comply with reasonable
        requests made by the Sponsor, the Master Servicer, the Depositor or the Trustee
        for delivery of additional or different information, to the extent such
        information is available or reasonably attainable, as the Sponsor, the Master
        Servicer, the Depositor or the Trustee may determine in good faith is necessary
        to comply with the provisions of Regulation AB.

       

      ARTICLE
        VII

       

      

       

      PURCHASE
        OF MORTGAGE LOANS AND

       

      TERMINATION
        OF THE TRUST FUND

       

      
        	Section
                7.01.	
                Purchase
                  of Mortgage Loans; Termination of a Mortgage Pool or the Trust
                  Fund Upon
                  Purchase or Liquidation of Mortgage Loans; Purchase of the Pooling
                  REMIC 1
                  Regular Interests or the Pooling REMIC 2 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 and 9.14) with respect to Pool 1 shall
        terminate on the earliest of (i) the final payment or other liquidation of
        the
        last Mortgage Loan remaining in Pool 1 and the disposition of all related
        REO
        Property, (ii) the latest to occur of the sale of the property held by the
        Trust
        Fund in accordance with Section 7.01(b) and (iii) the applicable Latest Possible
        Maturity Date (each, a “Pool 1 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 Pool 1 Termination Event,
        each REMIC related to Pool 1 shall be terminated in a manner that shall qualify
        as a “qualified liquidation” under the REMIC Provisions as evidenced by an
        Opinion of Counsel provided to the Trustee and the Certificate Insurer at
        the
        expense of the Trust Fund.

      
        
          
          

        

        
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      The
        respective obligations and responsibilities of the Trustee and the Master
        Servicer created hereby (other than the obligation of the Trustee to make
        payments to Certificateholders as set forth in Section 7.02, the obligation
        of
        the Master Servicer to make a final remittance to the Trustee pursuant to
        Section 4.01, and the obligations of the Master Servicer to the Trustee pursuant
        to Sections 9.10 and 9.14) with respect to Pool 2 shall terminate on the
        earliest of (i) the final payment or other liquidation of the last Mortgage
        Loan
        remaining in Pool 2 and the disposition of all related REO Property, (ii)
        the
        latest to occur of the sale of the property held by the Trust Fund in accordance
        with Section 7.01(c) and (iii) the applicable Latest Possible Maturity Date
        (each a “Pool 2 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 Pool 2 Termination Event,
        each REMIC related to Pool 2 shall be terminated in a manner that shall qualify
        as a “qualified liquidation” under the REMIC Provisions as evidenced by an
        Opinion of Counsel provided to the Trustee and the Certificate Insurer at
        the
        expense of the Trust Fund.

      

      Upon
        the
        occurrence of a Pool 1 Termination Event and a Pool 2 Termination Event (a
        “Trust Fund Termination Event”), each REMIC shall be terminated in a manner that
        shall qualify as a “qualified liquidation” under the REMIC Provisions as
        evidenced by an Opinion of Counsel provided to the Trustee and the Certificate
        Insurer at the expense of the Trust Fund.

      

      (b) On
        any
        Distribution Date occurring on or after the Pool 1 Initial Optional Termination
        Date, the Master Servicer or the 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 purchase the Mortgage Loans in Pool
        1
        and any REO Property related to Pool 1 for the Pool 1 Purchase Price upon
        written direction to the Trustee (delivered no later than 30 days prior to
        the
        anticipated sale date); 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 Pool 1 Purchase 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”). Upon exercise of such option, the property of the
        Trust Fund in Pool 1 shall be sold to the Master Servicer for the Pool 1
        Purchase Price. The Master Servicer, each Servicer (or the Trustee, if
        applicable) shall be reimbursed from the Pool 1 Purchase Price for any Mortgage
        Loan in Pool 1 or related REO Property for any Advances made or other amounts
        advanced with respect to the Mortgage Loans in Pool 1 that are reimbursable
        to
        the Master Servicer or the Trustee under this Agreement or the related Servicing
        Agreement, together with any accrued and unpaid compensation and any other
        amounts due to the Master Servicer hereunder or the Servicers thereunder,
        and
        the Trustee shall be entitled to be reimbursed from the Pool 1 Purchase Price
        for any related amounts owed to the Trustee under Section 6.11 and Section
        6.12
        hereof. If the NIMS Insurer directs the Master Servicer to exercise its right
        to
        cause the Trust Fund to sell its property in Pool 1 as described above, then
        (i)
        the Master Servicer shall cause the Trust Fund to sell its property in Pool
        1 as
        described above, (ii) the NIMS Insurer shall remit the Pool 1 Purchase 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) the Trustee shall transfer the property of the
        Trust Fund in Pool 1 to the NIMS Insurer. The NIMS Insurer shall be obligated
        to
        reimburse the Master Servicer and the Trustee for their reasonable out-of-pocket
        expenses incurred in connection with its sale of the property in Pool 1 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 Master Servicer’s or
        Trustee’s sale of the property in Pool 1 at the direction of the NIMS Insurer,
        except to the extent such losses, liabilities or expenses arise out of or
        result
        from the Master Servicer’s or Trustee’s, as the case may be, negligence, bad
        faith or willful misconduct.

      
        
          
          

        

        
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      (c) On
        any
        Distribution Date occurring on or after the Pool 2 Initial Optional Termination
        Date, the Master Servicer or the LTURI-holder, as applicable, with the prior
        written consent of the Certificate Insurer, any NIMS Insurer and the Seller
        (which consent shall not be unreasonably withheld) has the option to purchase
        the Mortgage Loans in Pool 2 and any REO Property related to Pool 2 for the
        Pool
        2 Purchase Price upon written direction to the Trustee (delivered no later
        than
        30 days prior to the anticipated sale date); 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 the NIM
        Securities and, if such consent is given, the Pool 2 Purchase Price shall
        include the NIM Redemption Amount. Upon exercise of such option, the property
        of
        the Trust Fund in Pool 2 shall be sold to the Master Servicer for the Pool
        2
        Purchase Price. The Master Servicer, each Servicer (or the Trustee, if
        applicable) shall be reimbursed from the Pool 2 Purchase Price for any Mortgage
        Loan in Pool 2 or related REO Property for any Advances made or other amounts
        advanced with respect to the Mortgage Loans in Pool 2 that are reimbursable
        to
        the Master Servicer or the Trustee under this Agreement or the related Servicing
        Agreement, together with any accrued and unpaid compensation and any other
        amounts due to the Master Servicer hereunder or the Servicers thereunder,
        and
        the Trustee shall be entitled to be reimbursed from the Pool 2 Purchase Price
        for any related amounts owed to the Trustee under Section 6.11 and Section
        6.12
        hereof and the Certificate Insurer shall be entitled to be reimbursed for
        all
        unpaid Reimbursement Amounts. If the NIMS Insurer directs the Master Servicer
        to
        exercise its right to cause the Trust Fund to sell its property in Pool 2
        as
        described above, then (i) the Master Servicer shall cause the Trust Fund
        to sell
        its property in Pool 2 as described above, (ii) the NIMS Insurer shall remit
        the
        Pool 2 Purchase 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) the Trustee shall
        transfer the property of the Trust Fund in Pool 2 to the NIMS Insurer. The
        NIMS
        Insurer shall be obligated to reimburse the Master Servicer and the Trustee
        for
        their reasonable out-of-pocket expenses incurred in connection with its sale
        of
        the property in Pool 2 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 Master Servicer’s or Trustee’s sale of the property in Pool 2 at
        the direction of the NIMS Insurer, except to the extent such losses, liabilities
        or expenses arise out of or result from the Master Servicer’s or Trustee’s, as
        the case may be, negligence, bad faith or willful misconduct.

      
        
          
          

        

        
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      (d) On
        any
        Distribution Date occurring on or after the Pool 1 Initial Optional Termination
        Date or the Pool 2 Initial Optional Termination Date, as applicable, 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 Pooling REMIC 1 Regular
        Interests or the Pooling REMIC 2 Regular Interests, respectively. 

      

      Upon
        exercise of such option with respect to Pool 1, the Pooling REMIC 1 Regular
        Interests shall be sold to the Master Servicer at a price (the “Pooling REMIC 1
        Regular Interests Purchase Price”) equal to the sum of (i) 100% of the unpaid
        principal balance of each Pool 1 Mortgage Loan on the day of such purchase
        plus
        interest accrued thereon at the applicable Mortgage Rate with respect to
        any
        such 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
        Pool 1 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 Pool 1 REMIC created pursuant to this Agreement (other than Pooling
        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 Pooling REMIC 1 Regular Interests and the Class LT-R-1 Certificates will
        evidence the entire beneficial interest in the property of the Trust Fund
        relating to Pool 1. Following a purchase of the Pooling REMIC 1 Regular
        Interests pursuant to this subsection, the Trust Fund (and Pooling REMIC
        1) will
        remain outstanding and final payment on the Group 1 Certificates (other than
        the
        Class LT-R-1 Certificates) will be made in accordance with Section 7.03(a)(iii)
        and 5.02. The Trust Fund, as it relates Pool 1, will terminate upon the
        occurrence of a Trust Fund Termination Event, in accordance with Section
        7.01(a).

       

      In
        addition, upon exercise of such option with respect to Pool 2, the Pooling
        REMIC
        2 Regular Interests shall be sold to the Master Servicer at a price (the
        “Pooling REMIC 2 Regular Interests Purchase Price”) equal to the sum of (i) 100%
        of the unpaid principal balance of each Pool 2 Mortgage Loan on the day of
        such
        purchase plus interest accrued thereon at the applicable Mortgage Rate with
        respect to any such 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 Pool 2 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 Pool 2 REMIC created pursuant to this Agreement
        (other than Pooling REMIC 2) 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 Pooling REMIC 2 Regular Interests and the Class
        LT-R-2 Certificates will evidence the entire beneficial interest in the property
        of the Trust Fund. Following a purchase of the Pooling REMIC 2 Regular Interests
        pursuant to this subsection, the Trust Fund (and Pooling REMIC 2) will remain
        outstanding and final payment on the Group 2 Certificates (other than the
        Class
        LT-R-2 Certificates) will be made in accordance with Section 7.03(a)(iii)
        and
        5.02. The Trust Fund, as it relates to Pool 2, 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 Pooling REMIC 1 Regular
                  Interests or Pooling REMIC 2 Regular Interests.    

              

      

       

      (a)  Notice
        of
        any Trust Fund Termination Event and notice of the purchase of the Pooling
        REMIC
        1 Regular Interests or the Pooling REMIC 2 Regular Interests, specifying
        the
        Distribution Date upon which the final distribution to the Certificates (other
        than the Class LT-R-1 or Class LT-R-2 Certificates, in the case of a purchase
        of
        the Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests,
        respectively) shall be made, shall be given promptly by the Trustee by first
        class mail to Certificateholders mailed no later than 5 Business Days after
        the
        Trustee has received notice from the Master Servicer of its election to cause
        (x) sale of all of the property of the Trust Fund related to Pool 1 or related
        to Pool 2, pursuant to Section 7.01(b) or Section 7.01(c) respectively, (y)
        the
        purchase of the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2
        Regular
        Interests pursuant to Section 7.01(d), or (z) upon the final payment or other
        liquidation of the last Mortgage Loan or REO Property in the applicable Pool
        in
        the Trust Fund. In the case of a Trust Fund Termination Event, the Trustee
        shall
        also give notice to the Master Servicer and the Certificate Registrar at
        the
        time notice is given to the Holders.

       

      In
        the
        case of a Pool 1 Termination Event or Pool 2 Termination Event, such notice
        shall specify (A) the Distribution Date upon which final distribution on
        the
        related Certificates, Pooling REMIC 1 Regular Interests or Pooling REMIC
        2
        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, Pooling REMIC 1 Regular Interests or Pooling REMIC 2 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, Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular
        Interests, subject to the Trustee’s obligation hereunder to hold all amounts
        payable to Certificateholders in trust without interest pending such payment.
        

      
        
          
          

        

        
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      In
        the
        case of a purchase of the Pooling REMIC 1 Regular Interests or the Pooling
        REMIC
        2 Regular Interests, such notice shall specify (A) the Distribution Date
        upon
        which final distribution on the Certificates (other than the Class LT-R-1
        Certificates and Class LT-R-2 Certificates) of all amounts required to be
        distributed to Certificateholders pursuant to Section 5.02 (other than any
        distributions to the Class LT-R-1 Certificates in respect of Pooling REMIC
        1, or
        the Class LT-R-2 Certificate in the case of Pooling REMIC 2) will be made
        upon
        presentation and surrender of the Certificates (other than the Class LT-R-1
        Certificates or Class LT-R-2 Certificates, as applicable) 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-1 Certificates or
        Class
        LT-R-2 Certificates, as applicable) at the office or agency of the Trustee
        therein specified. Upon any such purchase of the Pooling REMIC 1 Regular
        Interests or the Pooling REMIC 2 Regular Interests, the duties of the
        Certificate Registrar with respect to the related Certificates shall terminate
        but the Trustee shall not terminate or request the Master Servicer to terminate,
        the Collection Account it maintains, the Certificate Account and any other
        account or fund maintained with respect to the related 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 either the Pooling REMIC 1 Regular Interests or the Pooling REMIC
        2
        Regular Interests, all amounts that would be distributed on the related
        Certificates (other than the Class LT-R-1 Certificate or the Class LT-R-2
        Certificate, as applicable, and exclusive of amounts payable from any fund
        that
        is treated as an Excluded Trust Asset) absent such purchase shall be payable
        to
        the applicable LTURI-holder.

      

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

      

      (c)  Any
        reasonable expenses incurred by the Trustee in connection with any Trust
        Fund
        Termination Event or any purchase of the Pooling REMIC 1 Regular Interests
        or
        Pooling REMIC 2 Regular Interests shall be reimbursed from proceeds received
        from such termination or purchase.

       

      
        
          
          

        

        
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        	Section
                7.03.	
                Additional
                  Requirements for any Trust Fund Termination Event or Purchase of
                  the
                  Pooling REMIC 1 Regular Interests or the Pooling REMIC 2 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(d) 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
        Pooling
        REMIC 1 Regular Interests or the Pooling REMIC 2 Regular Interests,
        respectively, pursuant to Section 7.01(b) or Section 7.01(c) or Section 7.01(d),
        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-1 and Class LT-R-2 Certificates, in the case of
        a
        purchase of the Pooling REMIC 1 Regular Interests or the Pooling REMIC 2
        Regular
        Interests, respectively, upon notification by the Master Servicer, any NIMS
        Insurer or an Affiliate of the Seller that it intends to exercise its option
        to
        cause the termination of the Trust Fund or purchase the Pooling REMIC 1 Regular
        Interests or the Pooling REMIC 2 Regular Interests, the Trustee shall adopt
        a
        plan of complete liquidation on behalf of each REMIC (other than Pooling
        REMIC
        1, in the case of a purchase of the Pooling REMIC 1 Regular Interests and
        other
        than Pooling REMIC 2, in the case of a purchase of the Pooling REMIC 2 Regular
        Interests), meeting the requirements of a qualified liquidation under the
        REMIC
        Provisions;

       

      (ii) Any
        sale
        of the assets of the Trust Fund, the Pooling REMIC 1 Regular Interests or
        Pooling REMIC 2 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-1 and Class LT-R-2 Certificates,
        in the
        case of a purchase of the Pooling REMIC 1 Regular Interests or Pooling REMIC
        2
        Regular Interests);

       

      (iii) On
        the
        date specified for final payment of the Certificates (other than the Class
        LT-R-1 and Class LT-R-2 Certificates, in the case of a purchase of the Pooling
        REMIC 1 Regular Interests or Pooling REMIC 2 Regular Interests, the Trustee
        shall make final distributions of principal and interest on such Certificates
        in
        accordance with Section 5.02. In the case of a Trust Fund Termination Event,
        and, after payment of, or provision for any outstanding expenses, the Trustee
        shall distribute or credit, or cause to be distributed or credited, to the
        Holders of the Residual Certificates all cash on hand after such final payment
        (other than cash retained to meet claims), and the Trust Fund (and each REMIC)
        shall terminate at that time; and

       

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

       

      
        
          
          

        

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

       

      (c)
        In
        connection with the termination of the Trust Fund or a Section 7.01(d) Purchase
        Event, the Trustee and the Certificate Insurer may request and Opinion of
        Counsel addressed to the Trustee and the Certificate Insurer (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
        Purchase Right of NIMS Insurer.

       

      The
        NIMS
        Insurer may purchase any Distressed Mortgage Loan for a purchase price equal
        to
        the outstanding principal balance of such Mortgage Loan, plus accrued interest
        thereon to the date of repurchase plus any unreimbursed Advances, Servicing
        Advances, Servicing Fees or Trustee Fees and any unreimbursed expenses of
        the
        Trustee allocable to such Distressed Mortgage Loan. Any such purchase shall
        be
        accomplished by the NIM Insurer’s remittance of the purchase price for the
        Distressed Mortgage Loan to the Master Servicer for deposit into the Collection
        Account.

      

      

      ARTICLE
        VIII

       

      RIGHTS
        OF
        CERTIFICATEHOLDERS

       

      

      Section
        8.01. Limitation
        on Rights of Holders.

       

      (a) The
        death
        or incapacity of any Certificateholder shall not operate to terminate this
        Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
        representatives or heirs to claim an accounting or take any action or proceeding
        in any court for a partition or winding up of this Trust Fund, nor otherwise
        affect the rights, obligations and liabilities of the parties hereto or any
        of
        them. Except as otherwise expressly provided herein, no Certificateholder,
        solely by virtue of its status as a Certificateholder, shall have any right
        to
        vote or in any manner otherwise control the Master Servicer or the operation
        and
        management of the Trust Fund, or the obligations of the parties hereto, nor
        shall anything herein set forth, or contained in the terms of the Certificates,
        be construed so as to constitute the Certificateholders from time to time
        as
        partners or members of an association, nor shall any Certificateholder be
        under
        any liability to any third person by reason of any action taken by the parties
        to this Agreement pursuant to any provision hereof.

      

      (b) No
        Certificateholder, solely by virtue of its status as Certificateholder, shall
        have any right by virtue or by availing of any provision of this Agreement
        to
        institute any suit, action or proceeding in equity or at law upon or under
        or
        with respect to this Agreement, unless such Holder previously shall have
        given
        to the Trustee a written notice of an Event of Default and of the continuance
        thereof, as hereinbefore provided, and unless also the Holders of Certificates
        evidencing not less than 25% of the Class Principal Amount or Class Notional
        Amount, as applicable, (or Percentage Interest) of Certificates of each Class
        affected thereby shall have made written request upon the Trustee to institute
        such action, suit or proceeding in its own name as Trustee hereunder and
        shall
        have offered to the Trustee such reasonable indemnity as it may require against
        the cost, expenses and liabilities to be incurred therein or thereby, and
        the
        Trustee, for sixty days after its receipt of such notice, request and offer
        of
        indemnity, shall have neglected or refused to institute any such action,
        suit or
        proceeding and no direction inconsistent with such written request has been
        given such Trustee during such sixty-day period by such Certificateholders;
        it
        being understood and intended, and being expressly covenanted by each
        Certificateholder with every other Certificateholder and the Trustee, that
        no
        one or more Holders of Certificates shall have any right in any manner whatever
        by virtue or by availing of any provision of this Agreement to affect, disturb
        or prejudice the rights of the Holders of any other of such Certificates,
        or to
        obtain or seek to obtain priority over or preference to any other such Holder,
        or to enforce any right under this Agreement, except in the manner herein
        provided and for the benefit of all Certificateholders. For the protection
        and
        enforcement of the provisions of this Section, each and every Certificateholder
        and the Trustee shall be entitled to such relief as can be given either at
        law
        or in equity.

      
        
          
          

        

        
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      Section
        8.02. Access
        to List of Holders.

       

      (a) If
        the
        Trustee is not acting as Certificate Registrar, the Certificate Registrar
        will
        furnish or cause to be furnished to the Trustee, within fifteen days after
        receipt by the Certificate Registrar of a request by the Trustee in writing,
        a
        list, in such form as the Trustee may reasonably require, of the names and
        addresses of the Certificateholders of each Class as of the most recent Record
        Date.

      

      (b) If
        three
        or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
        apply in writing to the Trustee, and such application states that the Applicants
        desire to communicate with other Holders with respect to their rights under
        this
        Agreement or under the Certificates and is accompanied by a copy of the
        communication which such Applicants propose to transmit, then the Trustee
        shall,
        within five Business Days after the receipt of such application, afford such
        Applicants reasonable access during the normal business hours of the Trustee
        to
        the most recent list of Certificateholders held by the Trustee or shall,
        as an
        alternative, send, at the Applicants’ expense, the written communication
        proffered by the Applicants to all Certificateholders at their addresses
        as they
        appear in the Certificate Register.

      

      (c) Every
        Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
        and holding a Certificate, agrees with the Depositor, the Master Servicer,
        the
        Certificate Registrar and the Trustee, that none of the Depositor, the Master
        Servicer, the Certificate Registrar, the Paying Agent or the Trustee shall
        be
        held accountable by reason of the disclosure of any such information as to
        the
        names and addresses of the Certificateholders hereunder, regardless of the
        source from which such information was derived.

      

      Section
        8.03. Acts
        of Holders of Certificates.

       

      (a) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action provided by this Agreement to be given or taken by Holders or Certificate
        Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
        by
        one or more instruments of substantially similar tenor signed by such Holders
        in
        person or by agent duly appointed in writing; and, except as herein otherwise
        expressly provided, such action shall become effective when such instrument
        or
        instruments are delivered to the Trustee, the Certificate Registrar and the
        Paying Agent and, where expressly required herein, to the Master Servicer.
        Such
        instrument or instruments (as the action embodies therein and evidenced thereby)
        are herein sometimes referred to as an “Act” of the Holders signing such
        instrument or instruments. Proof of execution of any such instrument or of
        a
        writing appointing any such agents shall be sufficient for any purpose of
        this
        Agreement and conclusive in favor of the Trustee and the Master Servicer,
        if
        made in the manner provided in this Section. Each of the Trustee and the
        Master
        Servicer shall promptly notify the others of receipt of any such instrument
        by
        it, and shall promptly forward a copy of such instrument to the
        others.

      
        
          
          

        

        
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      (b) The
        fact
        and date of the execution by any Person of any such instrument or writing
        may be
        proved by the affidavit of a witness of such execution or by the certificate
        of
        any notary public or other officer authorized by law to take acknowledgments
        or
        deeds, certifying that the individual signing such instrument or writing
        acknowledged to him the execution thereof. Whenever such execution is by
        an
        officer of a corporation or a member of a partnership on behalf of such
        corporation or partnership, such certificate or affidavit shall also constitute
        sufficient proof of his authority. The fact and date of the execution of
        any
        such instrument or writing, or the authority of the individual executing
        the
        same, may also be proved in any other manner which the Trustee deems
        sufficient.

      

      (c) The
        ownership of Certificates, Pooling REMIC 1 Regular Interests or Pooling REMIC
        2
        Regular Interests (whether or not such Certificates, Pooling REMIC 1 Regular
        Interests or Pooling REMIC 2 Regular Interests shall be overdue and
        notwithstanding any notation of ownership or other writing thereon made by
        anyone other than the Trustee) shall be proved by the Certificate Register,
        and
        none of the Trustee, the Master Servicer, the Paying Agent or the Depositor
        shall be affected by any notice to the contrary.

      

      (d) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action by the Holder of any Certificate, Pooling REMIC 1 Regular Interests
        or
        Pooling REMIC 2 Regular Interests shall bind every future Holder of the same
        Certificate, Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular
        Interests and the Holder of every Certificate, Pooling REMIC 1 Regular Interests
        or Pooling REMIC 2 Regular Interests issued upon the registration of transfer
        thereof or in exchange therefor or in lieu thereof, in respect of anything
        done,
        omitted or suffered to be done by the Trustee or the Master Servicer in reliance
        thereon, whether or not notation of such action is made upon such Certificate,
        Pooling REMIC 1 Regular Interests or Pooling REMIC 2 Regular
        Interests.

      

      ARTICLE
        IX

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      BY
        THE
        MASTER SERVICER

       

      Section
        9.01. Duties
        of the Master Servicer.

       

      
        
          
          

        

        
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      The
        Certificateholders, by their purchase and acceptance of the Certificates,
        Pooling REMIC 1 Regular Interests or Pooling REMIC 2 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. 

      

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

       

      (a) The
        Master Servicer, at its expense, shall maintain in effect a Master Servicer
        Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
        affording coverage with respect to all directors, officers, employees and
        other
        Persons acting on such Master Servicer’s behalf, and covering errors and
        omissions in the performance of the Master Servicer’s obligations hereunder. The
        Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
        Fidelity Bond shall be in such form and amount that would meet the requirements
        of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans.
        The
        Master Servicer shall provide the Trustee 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.

      

      (b) The
        Master Servicer shall promptly report to the Trustee any material changes
        that
        may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors
        and
        Omissions Insurance Policy and shall furnish to the Trustee, on request,
        certificates evidencing that such bond and insurance policy are in full force
        and effect. The Master Servicer shall promptly report to the Trustee all
        cases
        of embezzlement or fraud, if such events involve funds relating to the Mortgage
        Loans. The total losses, regardless of whether claims are filed with the
        applicable insurer or surety, shall be disclosed in such reports together
        with
        the amount of such losses covered by insurance. If a bond or insurance claim
        report is filed with any of such bonding companies or insurers, the Master
        Servicer shall promptly furnish a copy of such report to the Trustee. Any
        amounts relating to the Mortgage Loans collected by the Master Servicer under
        any such bond or policy shall be promptly remitted by the Master Servicer
        to the
        Trustee for deposit into the Certificate Account. Any amounts relating to
        the
        Mortgage Loans collected by the applicable Servicer under any such bond or
        policy shall be remitted to the Master Servicer to the extent provided in
        the
        applicable Servicing Agreement.

      

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

       

      For
        each
        year this Agreement is in effect, the Master Servicer shall submit to the
        Trustee, each Rating Agency, the Certificate Insurer and the Depositor a
        copy of
        the annual audited financial statements on or prior to March 31st of each
        year
        commencing on March 31, 2007. Such financial statements shall include
        comparative balance sheets, income statements, statement of changes in
        shareholder's equity, statements of cash flows, a consolidating schedule
        showing
        consolidated subsidiaries and any related notes required pursuant to generally
        accepted accounting principles, certified by a nationally recognized firm
        of
        Independent Accountants to the effect that such financial statements were
        examined and prepared in accordance with generally accepted accounting
        principles applied on a basis consistent with that of the preceding
        year.

      
        
          
          

        

        
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      Section
        9.04. Power
        to Act; Procedures.

       

      (a) The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article X hereof, and each Servicer shall have full power and authority (to
        the
        extent provided in the applicable Servicing Agreement) to do any and all
        things
        that it may deem necessary or desirable in connection with the servicing
        and
        administration of the Mortgage Loans, including but not limited to the power
        and
        authority (i) to execute and deliver, on behalf of the Certificateholders
        and
        the Trustee, customary consents or waivers and other instruments and documents,
        (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 further is
        authorized and empowered by the Trustee, on behalf of the Certificateholders
        and
        the Trustee, in its own name or in the name of any Servicer (to the extent
        permitted in the related Servicing Agreement), when the Master Servicer or
        a
        Servicer, as the case may be, believes it is appropriate in its best judgment
        to
        register any Mortgage Loan with MERS, or cause the removal from the registration
        of any Mortgage Loan on the MERS system, to execute and deliver, on behalf
        of
        the Trustee and the Certificateholders or any of them, any and all instruments
        of assignment and other comparable instruments with respect to such assignment
        or re-recording of a Mortgage in the name of MERS, solely as nominee for
        the
        Trustee and its successor and assigns. The Master Servicer shall represent
        and
        protect the interests of the Trust Fund in the same manner as it protects
        its
        own interests in mortgage loans in its own portfolio in any claim, proceeding
        or
        litigation regarding a Mortgage Loan and shall not make or knowingly permit
        any
        Servicer to make any modification, waiver or amendment of any term of any
        Mortgage Loan that would cause an Adverse REMIC Event. Without limiting the
        generality of the foregoing, the Master Servicer in its own name or in the
        name
        of a Servicer, and each Servicer, to the extent such authority is delegated
        to
        such Servicer under the applicable Servicing Agreement, is hereby authorized
        and
        empowered by the Trustee when the Master Servicer or 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 execute, upon request, any powers of attorney furnished to it by the
        Master Servicer empowering the Master Servicer or any Servicer to execute
        and
        deliver instruments of satisfaction or cancellation, or of partial or full
        release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
        Property, and to appeal, prosecute or defend in 

      
        
          
          

        

        
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      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 the
        performance of its duties hereunder, the Master Servicer shall be an independent
        contractor and shall not, except in those instances where it is taking action
        in
        the name of the Trustee, be deemed to be the agent of the Trustee.
        Notwithstanding anything to the contrary, the Master Servicer shall not without
        the Trustee’s written consent: (i) initiate any action, suit or proceeding
        solely under the Trustee’s name without indicating the Master Servicer’s
        representative capacity or (ii) take any action with the intent to cause,
        and
        which actually does cause, the Trustee to be registered to do business in
        any
        state.

        

      (b) In
        master
        servicing and administering the Mortgage Loans, the Master Servicer shall
        employ
        procedures, and shall exercise the same care that it customarily employs
        and
        exercises master servicing and administering loans for its own account, giving
        due consideration to Accepted Servicing Practices where such practices do
        not
        conflict with this Agreement. Consistent with the foregoing, the Master Servicer
        may, and may permit any Servicer to, in its discretion (i) waive any late
        payment charge (but not any Prepayment Premium, except as set forth below)
        and,
        except as set forth below (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 if (a) such Mortgage Loan is in default
        or
        default by the related Mortgagor is, in the reasonable judgment of the Master
        Servicer or 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
        a result of a refinancing by the Servicer or any of its affiliates and (i)
        such
        Mortgage Loan is in default or default by the related Mortgagor is, in the
        reasonable judgment of the Master Servicer or the applicable Servicer,
        reasonably foreseeable, and such waiver would maximize recovery of total
        proceeds taking into account the value of such Prepayment Premium and the
        related Mortgage Loan, or (ii) the collection of the Prepayment Premium would
        be
        in violation of applicable laws or (iii) the collection of such Prepayment
        Premium would be considered “predatory” pursuant to written guidance published
        or issued by any applicable federal, state or local regulatory authority
        acting
        in its official capacity and having jurisdiction over such matters, and (3)
        the
        Master Servicer shall have provided or caused to be provided to the Trustee
        an
        Opinion of Counsel (if required by the applicable Servicing Agreement) (which
        opinion shall, if provided by the Master Servicer, be an expense reimbursed
        from
        the Collection Account pursuant to Section 4.02(v)) in writing to the effect
        that such modification, waiver or amendment would not cause an Adverse REMIC
        Event; provided, in no event shall an Opinion of Counsel be required for
        the
        waiver of a Prepayment Premium under clause (2) above.

      
        
          
          

        

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

       

      (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 and the Certificateholders,
        shall use its reasonable best efforts to enforce the obligations of each
        Servicer under the related Servicing Agreement, and shall, upon obtaining
        actual
        knowledge of the failure of a Servicer to perform its obligations in accordance
        therewith, to the extent that such non-performance of such obligations would
        have a material adverse effect on a Mortgage Loan, the Trust Fund or the
        Certificateholders (determined in the case of the Class WF-3-1, Class WF-4-1
        and
        Class WF-6-1 Certificates without regard to the Certificate Insurance Policy),
        terminate the rights and obligations of such Servicer thereunder and either
        act
        as servicer of the related Mortgage Loans or cause the other parties hereto
        to
        enter into a Servicing Agreement (and such parties hereby agree to execute
        and
        deliver any such successor Servicing Agreement), with a successor Servicer.
        Such
        enforcement, including, without limitation, the legal prosecution of claims,
        termination of Servicing Agreements and the pursuit of other appropriate
        remedies, shall be in such form and carried out to such an extent and at
        such
        time as the Master Servicer, in its good faith business judgment, would require
        were it the owner of the related Mortgage Loans. The Master Servicer shall
        pay
        the costs of such enforcement at its own expense, and shall be reimbursed
        therefor initially (i) from a general recovery resulting from such enforcement
        only to the extent, if any, that such recovery exceeds all amounts due in
        respect of the related Mortgage Loans, (ii) from a specific recovery of costs,
        expenses or attorneys’ fees against the party against whom such enforcement is
        directed, and then, (iii) to the extent that such amounts are insufficient
        to
        reimburse the Master Servicer for the costs of such enforcement, from the
        Collection Account.

      
        
          
          

        

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

      

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

       

      (a) To
        the
        extent provided in the applicable Servicing Agreement, the Master Servicer
        shall
        cause each Servicer to establish and maintain one or more custodial accounts
        at
        a depository institution (which may be a depository institution with which
        the
        Master Servicer or 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.

      

      (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.

      

      (c) The
        Master Servicer shall (i) cause all premium and any related premium taxes
        and
        assessments payable to PMI and MGIC under the applicable Bulk PMI Policy
        to be
        paid in a timely manner; (ii) comply or direct the applicable Servicer to
        comply
        with all reporting requirements under each Bulk PMI Policy; and (iii) cause
        all
        amounts received under each Bulk PMI Policy to be promptly deposited into
        the
        Collection Account.

      

      Section
        9.07. Termination
        of Servicing Agreements; Successor Servicers.

       

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

      
        
          
          

        

        
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      The
        parties acknowledge that notwithstanding the preceding sentence, there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of
        servicing to a successor Servicer. The Master Servicer shall be entitled
        to be
        reimbursed from 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 or all servicing
        data
        and the completion, correction or manipulation of such servicing data, as
        may be
        required by the Master Servicer to correct any errors or insufficiencies
        in the
        servicing data or otherwise to enable the Master Servicer to service the
        Mortgage Loans properly and effectively.

      

      (b) If
        the
        Master Servicer acts as a successor Servicer, it will not assume liability
        for
        the representations and warranties of the Servicer, if any, that it replaces.
        The Master Servicer shall use reasonable efforts to have the successor Servicer
        assume liability for the representations and warranties made by the terminated
        Servicer in the related Servicing Agreement, and in the event of any such
        assumption by the successor Servicer, the Trustee or the Master Servicer,
        as
        applicable, may, in the exercise of its business judgment, release the
        terminated Servicer from liability for such representations and
        warranties.

      

      (c) If
        the
        Master Servicer acts as a successor Servicer, it will have no obligation
        to make
        an Advance if it determines in its reasonable judgment that such Advance
        is
        non-recoverable. To the extent that the Master Servicer is unable to find
        a
        successor Servicer that is willing to service the Mortgage Loans for the
        Servicing Fee because of the obligation of the Servicer to make Advances
        regardless of whether such Advance is recoverable, the applicable Servicing
        Agreement may be amended to provide that the successor Servicer shall have
        no
        obligation to make an Advance if it determines in its reasonable judgment
        that
        such Advance is non-recoverable and provides an Officer’s Certificate to such
        effect to the Master Servicer and the Trustee.

      

      Section
        9.08. Master
        Servicer Liable for Enforcement.

       

      Notwithstanding
        any Servicing Agreement, the Master Servicer shall remain obligated and liable
        to the Trustee and the Certificateholders in accordance with the provisions
        of
        this Agreement, to the extent of its obligations hereunder, without diminution
        of such obligation or liability by virtue of such Servicing Agreements. The
        Master Servicer shall use commercially reasonable efforts to ensure that
        the
        Mortgage Loans are serviced in accordance with the provisions of this Agreement
        and shall use commercially reasonable efforts to enforce the provisions of
        each
        Servicing Agreement for the benefit of the Certificateholders. The Master
        Servicer shall be entitled to enter into any agreement with any 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.

      
        
          
          

        

        
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      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 and the Depositor shall
        not
        be deemed parties thereto and shall have no obligations, duties or liabilities
        with respect to such Servicer except as set forth in Section 9.10 hereof,
        but
        shall have rights thereunder as third party beneficiaries.

      

      Section
        9.10. Assumption
        of Servicing Agreement by Trustee.

       

      (a) In
        the
        event the Master Servicer shall for any reason no longer be the Master Servicer
        (including by reason of any Event of Default under this Agreement), after
        a
        period not to exceed ninety days after the issuance of any notice of termination
        pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee shall,
        in
        accordance with Section 6.14, thereupon assume all of the rights and obligations
        of such Master Servicer hereunder and under each Servicing Agreement entered
        into with respect to the Mortgage Loans. The Trustee, its designee or any
        successor master servicer appointed by the Trustee shall be deemed to have
        assumed all of the Master Servicer’s interest herein and therein to the same
        extent as if such Servicing Agreement had been assigned to the assuming party,
        except that the Master Servicer shall not thereby be relieved of any liability
        or obligations of the Master Servicer under such Servicing Agreement accruing
        prior to its replacement as Master Servicer, and shall be liable to the Trustee,
        and hereby agrees to indemnify and hold harmless the Trustee from and against
        all costs, damages, expenses and liabilities (including reasonable attorneys’
fees) incurred by the Trustee as a result of such liability or obligations
        of
        the Master Servicer and in connection with the Trustee’s assumption (but not its
        performance, except to the extent that costs or liability of the Trustee
        are
        created or increased as a result of negligent or wrongful acts or omissions
        of
        the Master Servicer prior to its replacement as Master Servicer) of the Master
        Servicer’s obligations, duties or responsibilities thereunder; provided that the
        Master Servicer shall not indemnify or hold harmless the Trustee against
        negligent or willful misconduct of the Trustee.

      

      (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.

      

      (c) Any
        replacement of the Master Servicer will require the prior approval of PMI
        and
        MGIC.

      

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

       

      (a) To
        the
        extent provided in the applicable Servicing Agreement, to the extent Mortgage
        Loans contain enforceable due-on-sale clauses, and to the extent that the
        Master
        Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
        Servicer shall cause the related 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.

      
        
          
          

        

        
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      (b) The
        Master Servicer or the related Servicer, as the case may be, shall be entitled
        to approve a request from a Mortgagor for the granting of an easement thereon
        in
        favor of another Person or any alteration or demolition of the related Mortgaged
        Property if it has determined, exercising its good faith business judgment
        in
        the same manner as it would if it were the owner of the related Mortgage
        Loan,
        that the security for, and the timely and full collectability of, such Mortgage
        Loan would not be materially adversely affected thereby. Any fee collected
        by
        the Master Servicer or the related Servicer for processing such a request
        will
        be retained by the Master Servicer or such Servicer as additional servicing
        compensation.

      

      Section
        9.12. Release
        of Mortgage Files.

       

      (a) Upon
        (i)
        becoming aware of the payment in full of any Mortgage Loan or (ii) the receipt
        by the Master Servicer of a notification that payment in full has been or
        will
        be escrowed in a manner customary for such purposes, the Master Servicer
        shall,
        or shall cause the applicable Servicer to, promptly notify the Trustee (or
        the
        applicable Custodian) by a certification (which certification shall include
        a
        statement to the effect that all amounts received in connection with such
        payment that are required to be deposited in the Collection Account maintained
        by the Master Servicer pursuant to Section 4.01 hereof have been or will
        be so
        deposited) of a Servicing Officer and shall request (on the form attached
        hereto
        as Exhibit C or on the form attached to the related Custodial Agreement)
        the
        Trustee or the applicable Custodian, to deliver to the applicable Servicer
        the
        related Mortgage File; provided,
        however,
        that in
        lieu of sending a hard copy certification of a Servicing Officer, the Master
        Servicer may, or may cause, the Servicer to, deliver the request for release
        in
        a mutually agreeable electronic format, and to the extent that such a request,
        on its face, originates from a Servicing Officer, no original signature shall
        be
        required. Upon receipt of such certification and request, the Trustee or
        the
        applicable Custodian (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 applicable Custodian, shall, upon
        request of the Master Servicer, or of a Servicer, and delivery to the Trustee
        or
        the applicable Custodian, of a trust receipt signed by a Servicing Officer
        substantially in the form of Exhibit C, release the related Mortgage File
        held
        in its possession or control to the Master Servicer (or the applicable
        Servicer). Such trust receipt shall obligate the Master Servicer or 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 (i) the Mortgage Loan shall be liquidated, in which case, upon
        receipt of a certificate of a Servicing Officer similar to that hereinabove
        specified, the trust receipt shall be released by the Trustee or the applicable
        Custodian, as applicable, to the Master Servicer (or the applicable Servicer)
        or
        (ii) the Mortgage File has been delivered directly or through a Servicer
        to an
        attorney, or to a public trustee or other public official as required by
        law,
        for purposes of initiating or pursuing legal action or other proceedings
        for the
        foreclosure of the Mortgaged Property either judicially or non-judicially,
        and
        the Master Servicer has delivered directly or through a Servicer to the Trustee
        a certificate of a Servicing Officer certifying as to the name and address
        of
        the Person to which such Mortgage File or such document was delivered and
        the
        purpose of such delivery.

      

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

       

      (a) The
        Master Servicer shall transmit, or shall cause the applicable Servicer to
        transmit, to the Trustee such documents and instruments coming into the
        possession of the Master Servicer or such Servicer from time to time as are
        required by the terms hereof or of the 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, its 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.

      

      (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.

      
        
          
          

        

        
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      (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, the Certificate
        Insurer and the Trustee, for the benefit of the Certificateholders, as of
        the
        Closing Date that:

      

      (i) it
        is
        validly existing and in good standing as a limited liability company under
        the
        laws of the State of Delaware, and as Master Servicer has full power and
        authority to transact any and all business contemplated by this Agreement
        and to
        execute, deliver and comply with its obligations under the terms of this
        Agreement, the execution, delivery and performance of which have been duly
        authorized by all necessary corporate action on the part of the Master
        Servicer;

      
        
          
          

        

        
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      (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;

      

      (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;

      
        
          
          

        

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

      

      (xi) the
        information about the Master Servicer under the heading “The Master Servicer” in
        the Offering Document 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 Certificate Insurer and
        the
        Trustee and hold them harmless against any loss, damages, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and other costs and
        expenses resulting from any claim, demand, defense or assertion based on
        or
        grounded upon, or resulting from, a breach of the Master Servicer’s
        representations and warranties contained in Section 9.14(a). 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 Certificate Insurer
        and
        the Trustee as provided in this Section constitutes the sole remedy (other
        than
        as set forth in Section 6.14) of the Depositor, the Certificate Insurer and
        the
        Trustee, respecting a breach of the foregoing representations and warranties.
        Such indemnification shall survive any termination of the Master Servicer
        as
        Master Servicer hereunder, and any termination of this Agreement.

      

      Any
        cause
        of action against the Master Servicer relating to or arising out of the breach
        of any representations and warranties made in this Section shall accrue upon
        discovery of such breach by any of the Depositor, the Master Servicer, the
        Certificate Insurer or the Trustee or notice thereof by any one of such parties
        to the other parties. Notwithstanding
        anything in this Agreement to the contrary, the Master Servicer shall not
        be
        liable for special, indirect or consequential losses
        or
        damages of any kind whatsoever (including, but not limited to, lost
        profits).

      

      (c) It
        is
        understood and agreed that the representations and warranties of the Depositor
        set forth in Sections 2.03(a)(i) through (vi) shall survive the execution
        and
        delivery of this Agreement. The Depositor shall indemnify the Master Servicer
        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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      Any
        cause
        of action against the Depositor relating to or arising out of the breach
        of the
        representations and warranties made in Sections 2.03(a)(i) through (vi) hereof
        shall accrue upon discovery of such breach by either the Depositor or the
        Master
        Servicer or notice thereof by any one of such parties to the other
        parties.

      

      Section
        9.15. Opinion.  

       

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

      

      Section
        9.16. Standard
        Hazard and Flood Insurance Policies.

       

      For
        each
        Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
        maintain, or cause to be maintained by each Servicer, standard fire and casualty
        insurance and, where applicable, flood insurance, all in accordance with
        the
        provisions of this Agreement and the 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.

       

      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 or related to the related Mortgagor in accordance
        with the Master Servicer’s or related Servicer’s normal servicing procedures
        need not be so deposited (or remitted).

      
        
          
          

        

        
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      Section
        9.18. Maintenance
        of the Primary Mortgage Insurance Policies.

       

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

      

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

      

      (c) The
        Master Servicer shall not cause either of the Bulk PMI Policies to be terminated
        without the prior written consent of the Certificate Insurer. Any replacement
        Bulk PMI Policy must be in the form and substance acceptable to the Certificate
        Insurer and issued by a provider that has been approved by the Certificate
        Insurer.

      

      (d) The
        Master Servicer shall notify the Certificate Insurer in writing of any notice
        of
        rescission or reduction of coverage under each Bulk PMI Policy after the
        Servicer for Pool 2 has provided such information to the Master
        Servicer.

      

        (e) The
          Master Servicer shall not cause the Mortgage Loans cover by the Bulk PMI
          Policies to become subject to a commitment for any PMI risk-sharing structure,
          risk-restucturing agreement, or special rate plan.

      

      

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

       

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

      
        
          
          

        

        
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      Section
        9.20. Realization
        Upon Defaulted Mortgage Loans.

       

      The
        Master Servicer shall use its reasonable best efforts to, or to cause each
        Servicer to, foreclose upon, repossess or otherwise comparably convert the
        ownership of Mortgaged Properties securing such of the Mortgage Loans as
        come
        into and continue in default and as to which no satisfactory arrangements
        can be
        made for collection of delinquent payments, all in accordance with the
        applicable Servicing Agreement. Alternatively, the Master Servicer may take,
        or
        authorize any Servicer to take, other actions in respect of a defaulted Mortgage
        Loan, which may include (i) accepting a short sale (a payoff of the
        Mortgage Loan for an amount less than the total amount contractually owed
        in
        order to facilitate a sale of the Mortgaged Property by the Mortgagor) or
        permitting a short refinancing (a payoff of the Mortgage Loan for an amount
        less
        than the total amount contractually owed in order to facilitate refinancing
        transactions by the Mortgagor not involving a sale of the Mortgaged Property),
        (ii) arranging for a repayment plan or (iii) agreeing to a
        modification in accordance with Section 9.04. In connection with such
        foreclosure or other conversion or action, the Master Servicer shall, consistent
        with Section 9.18, follow such practices and procedures as it shall reasonably
        determine to be in the best interests of the Trust Fund and the
        Certificateholders and which shall be consistent with its customary practices
        in
        performing its general mortgage servicing activities; provided that the Master
        Servicer shall not be liable in any respect hereunder if the Master Servicer
        is
        acting in connection with any such foreclosure or other conversion or action
        in
        a manner that is consistent with the provisions of this Agreement. Neither
        the
        Master Servicer, nor any Servicer, shall be required to expend its own funds
        or
        incur other reimbursable charges in connection with any foreclosure, or
        attempted foreclosure which is not completed, or toward the correction of
        any
        default on a related senior mortgage loan, or towards the restoration of
        any
        property unless it shall determine (i) that such restoration and/or
        foreclosure will increase the proceeds of liquidation of the Mortgage Loan
        to
        the Certificateholders after reimbursement to itself for such expenses or
        charges and (ii) that such expenses and charges will be recoverable to it
        through Liquidation Proceeds or Insurance Proceeds (as provided in Section
        4.02).

      

      Section
        9.21. Compensation
        to the Master Servicer.

       

      The
        Master Servicer shall be entitled to withdraw from the Collection Account,
        subject to Section 5.05, the Master Servicing Fee to the extent permitted
        by
        Section 4.02. Servicing compensation in the form of assumption fees, if any,
        late payment charges, as collected, if any, or otherwise (but not including
        any
        Prepayment Premium) shall be retained by the Master Servicer (or the applicable
        Servicer) and shall not be deposited in the Collection Account. If the Master
        Servicer does not retain or withdraw the Master Servicing Fee from the
        Collection Account as provided herein, the Master Servicer shall be entitled
        to
        direct the Trustee to pay the Master Servicing Fee to such Master Servicer
        by
        withdrawal from the Certificate Account to the extent that payments have
        been
        received with respect to the applicable Mortgage Loan. The Master Servicer
        shall
        be required to pay all expenses incurred by it in connection with its activities
        hereunder and shall not be entitled to reimbursement therefor except as provided
        in this Agreement. Pursuant to Section 4.01(e), all income and gain realized
        from any investment of funds in the Collection Account shall be for the benefit
        of the Master Servicer as compensation. The provisions of this Section 9.21
        are
        subject to the provisions of Section 6.14.

      
        
          
          

        

        
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      Section
        9.22. REO
        Property.

       

      (a) In
        the
        event the Trust Fund acquires ownership of any REO Property in respect of
        any
        Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
        or to its nominee, on behalf of the Certificateholders. The Master Servicer
        shall use its reasonable best efforts to sell, or 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.

      

      (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 to the Trustee for deposit into the Certificate
        Account on the next succeeding Master Servicer Remittance Date.

      

      Section
        9.23. [Reserved]

       

      Section
        9.24. Reports
        to the Trustee.

       

      (a) Not
        later
        than 30 days after each Distribution Date, the Master Servicer shall, 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, the Certificate
        Insurer and to any Certificateholders (or by the Trustee at the Master
        Servicer’s expense if the Master Servicer shall fail to provide such copies to
        the Certificateholders (unless (i) the Master Servicer shall have failed
        to
        provide the Trustee with such statement or (ii) the Trustee shall be unaware
        of
        the Master Servicer’s failure to provide such statement)).

      
        
          
          

        

        
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      (b) Not
        later
        than two Business Days following each Distribution Date, the Master Servicer
        shall deliver to one Person designated by the Depositor, in a format consistent
        with other electronic loan level reporting supplied by the Master Servicer
        in
        connection with similar transactions, “loan level” information with respect to
        the Mortgage Loans as of the related Determination Date, to the extent that
        such
        information has been provided to the Master Servicer by the Servicers or
        by the
        Depositor.

      

      (c) All
        information, reports and statements prepared by the Master Servicer under
        this
        Agreement shall be based upon information supplied to the Master Servicer
        by the
        Servicer without independent verification thereof and the Master Servicer
        shall
        be entitled to rely on such information.

      

      Section
        9.25. Assessment
        of Compliance and Attestation Reports. 

       

      (a) Assessment
        of Compliance

       

      (i) By
        March
        15 of each year, commencing in March 2007, the Master Servicer, at its own
        expense, shall furnish, and shall cause any Servicing Function Participant
        engaged by it to furnish, at its own expense, to the Sponsor, the Depositor,
        the
        Master Servicer, the Certificate Insurer and the Trustee, a report on an
        assessment of compliance with the Relevant Servicing Criteria (as identified
        on
        Exhibit O) that contains (A) a statement by such party of its responsibility
        for
        assessing compliance with the Relevant Servicing Criteria, (B) a statement
        that
        such party used the Servicing Criteria to assess compliance with the Relevant
        Servicing Criteria, (C) such party’s assessment of compliance with the Relevant
        Servicing Criteria as of and for the fiscal year covered by the Form 10-K
        required to be filed pursuant to Section 6.20(e), including, if there has
        been
        any material instance of noncompliance with the Relevant Servicing Criteria,
        a
        discussion of each such failure and the nature and status thereof, and (D)
        a
        statement that a registered public accounting firm has issued an attestation
        report on such party’s assessment of compliance with the Relevant Servicing
        Criteria as of and for such period. 

      

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

      
        
          
          

        

        
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      (iii) Promptly
        after receipt of each such report on assessment of compliance, the Exchange
        Act
        Signing Party shall confirm that the assessments, taken as a whole, address
        all
        of the Servicing Criteria and taken individually address the Relevant Servicing
        Criteria (and disclose the inapplicability of the Servicing Criteria not
        determined to be

      Relevant
        Criteria) for
        each
        party as set forth on Exhibit O and on any similar exhibit set forth in each
        Servicing Agreement in respect of each Servicer, and each Custodial Agreement
        in
        respect of each Custodian, and, where the Master Servicer is the Exchange
        Act
        Signing Party, shall notify the Depositor of any exceptions. 

      

      (b) Attestation
        Reports

       

      (i) By
        March
        15 of each year in which the Depositor is required to file reports with respect
        to the Trust Fund in accordance with the Exchange Act and the rules and
        regulations of the Commission, commencing in March 2007, the Master Servicer,
        at
        its own expense, shall cause, and shall cause any Servicing Function Participant
        engaged by it to cause, at its own expense, a registered public accounting
        firm
        (which may also render other services to the Master Servicer) that is a member
        of the American Institute of Certified Public Accountants to furnish a report
        to
        the Sponsor, the Depositor, the Certificate Insurer, 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 or any Servicing Function
        Participant engaged by such party, the Exchange Act Signing Party shall confirm
        that each assessment submitted pursuant subsection (a) of this Section 9.25
        is
        coupled with an attestation meeting the requirements of this Section and
        notify
        the Depositor of any exceptions. 

       

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

       

      (a) The
        Master Servicer shall deliver (and the Master Servicer shall cause any
        Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor,
        the
        Certificate Insurer 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. 

       

      
        
          
          

        

        
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      (b) Copies
        of
        such statements shall be provided to any Certificateholder upon request,
        by the
        Master Servicer or by the Trustee at the Master Servicer’s expense if the Master
        Servicer failed to provide such copies (unless (i) the Master Servicer shall
        have failed to provide the Trustee with such statement or (ii) the Trustee
        shall
        be unaware of the Master Servicer’s failure to provide such
        statement).

      

      (c) The
        Master Servicer shall give prompt written notice to the Trustee, the Sponsor,
        the Certificate Insurer and the Depositor of the appointment of any
        Subcontractor by it and a written description (in form and substance
        satisfactory to the Trustee, the Sponsor and the Depositor) of the role and
        function of each Subcontractor utilized by the Master Servicer, specifying
        (A)
        the identity of each such Subcontractor and (B) which elements of the Servicing
        Criteria set forth under Item 1122(d) of Regulation AB will be addressed
        in
        assessments of compliance provided by each such Subcontractor.

       

      (d) The
        Master Servicer shall notify the Trustee, the Depositor and the Sponsor within
        five (5) days of knowledge thereof (i) of any legal proceedings pending against
        the Master Servicer of the type described in Item 1117 (§ 229.1117) of
        Regulation AB and (ii) if the Master Servicer shall become (but only to the
        extent not previously disclosed) at any time an affiliate of any of the parties
        listed on Exhibit P to this Agreement. On or before March 1st
        of each
        year, the Depositor shall distribute the information in Exhibit P to the
        Master
        Servicer.

       

      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, 9.28 and 9.29 hereof, the Master Servicer
        shall not resign from the obligations and duties hereby imposed on it unless
        it
        or the Trustee determines that the Master Servicer’s duties hereunder are no
        longer permissible under applicable law or are in material conflict by reason
        of
        applicable law with any other activities carried on by it and cannot be cured.
        Any such determination permitting the resignation of the Master Servicer
        shall
        be evidenced by an Opinion of Counsel that shall be Independent to such effect
        delivered to the Trustee. No such resignation shall become effective until
        a
        period of time not to exceed 90 days after the Trustee receives written notice
        thereof from the Master Servicer and until the Trustee shall have assumed,
        or a
        successor master servicer shall have been appointed by the Trustee 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. Any
        replacement of the Master Servicer will require the prior approval of PMI
        and
        MGIC.
         

      

      
        
          
          

        

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

       

      Except
        as
        expressly provided herein, the Master Servicer shall not assign or transfer
        any
        of its rights, benefits or privileges hereunder to any other Person, or delegate
        to or subcontract with, or authorize or appoint any Subservicer, any
        Subcontractor or any other Person to perform any of the duties, covenants
        or
        obligations to be performed by the Master Servicer hereunder; provided,
        however,
        that the
        Master Servicer shall have the right without the prior written consent of
        the
        Trustee or the Depositor to delegate or assign to or subcontract with or
        authorize or appoint an Affiliate of the Master Servicer to perform and carry
        out any duties, covenants or obligations to be performed and carried out
        by the
        Master Servicer hereunder. In no case, however, shall any such delegation,
        subcontracting or assignment to an Affiliate of the Master Servicer relieve
        the
        Master Servicer of any liability hereunder. Notice of such permitted assignment
        shall be given promptly by the Master Servicer to the Depositor and the Trustee.
        If, pursuant to any provision hereof, the duties of the Master Servicer are
        transferred to a successor master servicer, the entire amount of the Master
        Servicing Fees and other compensation payable to the Master Servicer pursuant
        hereto, including 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.

      

      At
        any
        time during the period that a Form 10-K is being filed with respect to the
        Trust
        in accordance with the Exchange Act and the rules and regulations of the
        Commission, the Master Servicer shall not permit a Subservicer to perform
        any
        master servicing responsibilities hereunder with respect to the Mortgage
        Loans
        unless that Subservicer first agrees in writing with such Master Servicer
        to
        deliver an assessment of compliance and an accountant’s attestation in such
        manner and at such times in compliance with Sections 9.25(a)(ii) and (b)(ii)
        of
        this Agreement.

       

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

       

      (a) The
        Master Servicer undertakes to perform such duties and only such duties as
        are
        specifically set forth in this Agreement.

      

      (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, the Seller and the
        Depositor and any director, officer, employee or agent of any of them shall
        be
        entitled to indemnification by the Trust Fund and will be held harmless against
        any loss, liability or expense incurred in connection with any legal action
        relating to this Agreement or the Certificates other than any loss, liability
        or
        expense incurred by reason of willful misfeasance, bad faith or negligence
        in
        the performance of his or its duties hereunder or by reason of reckless
        disregard of his or its obligations and duties hereunder. The Master Servicer,
        the Seller and the Depositor and any director, officer, employee or agent
        of any
        of them may rely in good faith on any document of any kind prima facie properly
        executed and submitted by any Person respecting any matters arising hereunder.
        The Master Servicer shall be under no obligation to appear in, prosecute
        or
        defend any legal action that is not incidental to its duties to master service
        the Mortgage Loans in accordance with this Agreement and that in its opinion
        may
        involve it in any expenses or liability; provided,
        however,
        that the
        Master Servicer may in its sole discretion undertake any such action that
        it may
        deem necessary or desirable in respect to this Agreement and the rights and
        duties of the parties hereto and the interests of the Certificateholders
        hereunder. In such event, the legal expenses and costs of such action and
        any
        liability resulting therefrom shall be expenses, costs and liabilities of
        the
        Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
        out of the Collection Account it maintains as provided by Section
        4.02.

      

      Section
        9.31. Indemnification;
        Third-Party Claims.

       

      The
        Master Servicer agrees to indemnify the Depositor, the Sponsor, the
        Certificate Insurer
        and the
        Trustee, and their respective officers, directors, agents and affiliates,
        and
        hold each of them harmless against any and all claims, losses, penalties,
        fines,
        forfeitures, reasonable legal fees and related costs, judgments, and any
        other
        costs, liability, fees and expenses that the Depositor, the Sponsor,
the
        Certificate Insurer
        or the
        Trustee 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 ,
        provided,
        however,
        that in
        no event shall the Master Servicer be liable for any special, consequential,
        indirect or punitive damages pursuant to this Section 9.31, even if advised
        of
        the possibility of such damages,
        (b) any
        material misstatement or omission 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
        Certificate Insurer
        and the
        Trustee shall immediately notify the Master Servicer if a claim is made by
        a
        third party with respect to this Agreement or the Mortgage Loans entitling
        the
        Depositor, the Sponsor, the
        Certificate Insurer
        or the
        Trustee to indemnification hereunder, whereupon the Master Servicer shall
        assume
        the defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against it or them in respect of such
        claim.
        

       

      
        
          
          

        

        
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      ARTICLE
        X

       

      REMIC
        ADMINISTRATION

       

      

      Section
        10.01. REMIC
        Administration.

       

      (a) REMIC
        elections as set forth in the Preliminary Statement shall be made on Forms
        1066
        or other appropriate federal tax or information return for the taxable year
        ending on the last day of the calendar year in which the Certificates are
        issued. The regular interests and residual interest in each REMIC shall be
        as
        designated in the Preliminary Statement. For
        purposes of such designations, the interest rate of any regular interest
        that is
        computed by taking into account the weighted average of the Net Mortgage
        Rates
        of the Mortgage Loans shall be reduced by the amount of any expense paid
        by the
        Trust to the extent that (i) such expense was not taken into account in
        computing the Net Mortgage Rate of any Mortgage Loan, (ii) such expense does
        not
        constitute an “unanticipated expense” of a REMIC within the meaning of Treasury
        Regulation Section 1.860G-1(b)(3)(ii) 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 86OG(a)(9) of the Code. The latest possible maturity date
        for
        purposes of Treasury Regulation 1.86OG-1(a)(4) will be the latest date provided
        in the definition of the Latest Possible Maturity Date.

      

      (c) The
        Trustee shall represent the Trust Fund in any administrative or judicial
        proceeding relating to an examination or audit by any governmental taxing
        authority with respect thereto. The Trustee shall pay any and all tax related
        expenses (not including taxes) of each REMIC, including but not limited to
        any
        professional fees or expenses related to audits or any administrative or
        judicial proceedings with respect to such REMIC that involve the Internal
        Revenue Service or state tax authorities, but only to the extent that (i)
        such
        expenses are ordinary or routine expenses, including expenses of a routine
        audit
        but not expenses of litigation (except as described in (ii)); or (ii) such
        expenses or liabilities (including taxes and penalties) are attributable
        to the
        negligence or willful misconduct of the Trustee in fulfilling its duties
        hereunder (including its duties as tax return preparer). The Trustee shall
        be
        entitled to reimbursement of expenses to the extent provided in clause (i)
        above
        from the Certificate Account; provided,
        however,
        the
        Trustee shall not be entitled to reimbursement for expenses incurred in
        connection with the preparation of tax returns and other reports as required
        by
        Section 6.20 and this Section.

      

      (d) The
        Trustee shall prepare, the Trustee shall sign, and the Trustee will file,
        all of
        each REMIC’s federal and applicable state tax and information returns as such
        REMIC’s direct representative. As used herein, applicable state tax and
        information returns shall mean returns as may be required by the laws of
        any
        state the applicability of which to the Trust Fund shall have been confirmed
        to
        the Trustee in writing either by the delivery to the Trustee of an Opinion
        of
        Counsel to such effect, or by delivery to the Trustee of a written notification
        to such effect by the taxing authority of such state. The expenses of preparing
        and filing such returns shall be borne by the Trustee.

      
        
          
          

        

        
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      (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 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
        Fund
        for the performance of its duties under this subsection (e); provided,
        however,
        that
        such compensation shall not exceed $5,000 per year; provided, further, that,
        after a Section 7.01(d) Purchase Event, any expenses incurred by the Trustee
        in
        connection with such Section 7.01(d) Purchase Event shall be reimbursed to
        the
        Trustee, regardless of the limitation set forth above, in accordance with
        Section 4.04(b).

      

      (f) The
        Trustee, the Master Servicer and the Holders of Certificates shall take any
        action, within their respective control and scope of their duties, or cause
        any
        REMIC to take any 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, within
        their respective control, cause any REMIC to take any action or fail to take
        (or
        fail to cause to be taken) any action, within their respective control and
        scope
        of their duties, that, under the REMIC Provisions, if taken or not taken,
        as the
        case may be, could result in an Adverse REMIC Event unless the Trustee and
        the
        Master Servicer have received an Opinion of Counsel (at the expense of the
        party
        seeking to take such action) to the effect that the contemplated action will
        not
        result in an Adverse REMIC Event. In addition, prior to taking any action
        with
        respect to any REMIC or the assets therein, or causing any REMIC to take
        any
        action, which is not expressly permitted under the terms of this Agreement,
        any
        Holder of a Residual Certificate will consult with the Trustee, the Master
        Servicer or their respective designees, in writing, with respect to whether
        such
        action could cause an Adverse REMIC Event to occur with respect to any REMIC,
        and no such Person shall take any such action or cause any REMIC to take
        any
        such action as to which the Trustee or the Master Servicer has advised it
        in
        writing that an Adverse REMIC Event could occur.

      

      (g) Each
        Holder of a Residual Certificate shall pay when due any and all taxes imposed
        on
        the related REMIC by federal or state governmental authorities. To the extent
        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) Upon
        the
        request of any Rating Agency, the Trustee shall deliver 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 Pool 1 Basis Risk Reserve Fund and the
        Supplemental Interest Trust as an outside reserve fund within the meaning
        of
        Treasury Regulation 1.860G-2(h) that is owned by the Holder of the Class
        1-X
        Certificates and the Class S-X Certificates, respectively, and that is not
        an
        asset of any REMIC. The Trustee shall treat the Pool 2 Basis Risk Reserve
        Fund
        as an outside reserve fund within the meaning of Treasury Regulation 1.860G-2(h)
        that is owned by the Holder of the Class 2-X Certificates and that is not
        an
        asset of any REMIC. The Trustee shall treat the Class X Account as an outside
        reserve fund within the meaning of Treasury Regulation 1.860G-2(h) that is
        owned
        by the Holder of the Class C Certificates and that is not an asset of any
        REMIC.
        The Trustee shall treat the rights of the Certificateholders (other than
        the
        Holders of the Class 1-AIO, Class C, Class 1-X, Class 2-X, Class C-X, Class
        S-X,
        Class LT-R-1, Class LT-R-2, Class R-1, Class R-2, Class 1-P and Class 2-P
        Certificates) to receive Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
        as rights in interest rate cap contracts, one of which is written by the
        Class
        1-X Certificateholders in favor of the Group 1 Certificateholders (other
        than
        the Class 1-AIO Certificates) with respect to the right to receive such amounts
        from Pool 1 Monthly Excess Cashflow, one of which is written by the Class
        C-X
        Certificateholders in favor of the Group 1 Certificateholders (other than
        the
        Class 1-AIO Certificates) with respect to the right to receive such amounts
        from
        the Group 1 Cap Agreement, one of which is written by the Class S-X
        Certificateholders in favor of the Group 1 Certificateholders (other than
        the
        Class 1-AIO Certificates) with respect to the right to receive such amounts
        from
        the Swap Agreement and one of which is written by the Class 2-X
        Certificateholders in favor of the Group 2 Certificateholders with respect
        to
        the right to receive such amounts from Pool 2 Monthly Excess Cashflow. Thus,
        each Certificateholder (other than the Holders of the Class 1-AIO, Class
        C,
        Class 1-X, Class 2-X, Class C-X, Class S-X, Class LT-R-1, Class LT-R-2, Class
        R-1, Class R-2, Class 1-P and Class 2-P Certificates) shall be treated as
        representing not only ownership of regular interests in a REMIC, but also
        ownership of an interest in an interest rate cap contract. Pursuant
        to each such notional principal contract in the case of the Class S-X
        Certificates, all beneficial owners of the Group 1 Certificates (other
        than the Class 1-AIO Certificates) shall
        be
        treated as having agreed to pay, on each Distribution Date, to the beneficial
        owners of the Class S-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 1 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 1 Net Funds Cap” for
“the applicable Net Funds Cap” in the definition thereof, exceeds the amount of
        interest accrued for the related Accrual Period based on the applicable Net
        Funds Cap, and a Class I Shortfall payable from principal collections shall
        be
        allocated to the most subordinate Class of Certificates with an outstanding
        principal balance to the extent of such balance. However, any payment from
        the
        Group 1 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 1 and as having been paid by such
        beneficial owners to the Supplemental Interest Trust pursuant to the notional
        principal contract. For
        tax
        purposes, the notional principal contract shall be deemed to have a value
        in
        favor of the Group 1 and Group 2 Certificates entitled to receive Basis Risk
        Shortfalls and Unpaid Basis Risk Shortfalls of $48,000 with respect to the
        Group
        1 Certificates (other
        than the Class 1-AIO Certificates) as
        of the
        Closing Date and $17,000 with respect to the Group 2 Certificates as of the
        Closing Date.

      
        
          
          

        

        
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      (m)
         [Reserved]

      

      (n) Notwithstanding
        the priority and sources of payments set forth in Article 5 hereof or otherwise,
        the Trustee shall account for all distributions with respect to a Class of
        Certificates in amounts that differ from those payable pursuant to the REMIC
        regular interest corresponding to such Class as amounts paid or received
        (as
        appropriate) pursuant to the interest rate cap contracts provided for in
        this
        Section. In no event shall any such amounts be treated as payments with respect
        to a “regular interest” in a REMIC within the meaning of Code Section
        860G(a)(1).

      

      Section
        10.02. Prohibited
        Transactions and Activities.

       

      None
        of
        the Depositor, the Master Servicer or the Trustee shall sell, dispose of,
        or
        substitute for any of the Mortgage Loans, except in a disposition pursuant
        to
        (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust
        Fund,
        (iii) the termination of each REMIC pursuant to Article VII of this Agreement,
        (iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase
        of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any
        assets for any REMIC, nor sell or dispose of any investments in the Certificate
        Account for gain, nor accept any contributions to any REMIC after the Closing
        Date, unless it has received an Opinion of Counsel (at the expense of the
        party
        causing such sale, disposition, or substitution) that such disposition,
        acquisition, substitution, or acceptance will not (a) 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.  

       

      
        
          
          

        

        
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      Upon
        the
        occurrence of an Adverse REMIC Event due to the negligent performance by
        the
        Trustee of its duties and obligations set forth herein, the Trustee shall
        indemnify the 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 1-X or Class 2-X
        Certificateholder or the Holder of a 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 any Servicing Agreement, (2) for any Losses other
        than arising out of a negligent performance by the Trustee of its duties
        and
        obligations set forth herein, and (3) for any special or consequential damages
        to Certificateholders (in addition to payment of principal and interest on
        the
        Certificates) even if the Trustee has been advised of the likelihood of such
        loss or damage and regardless of the form of action.

      

      Section
        10.04. REO
        Property.  

       

      (a) Notwithstanding
        any other provision of this Agreement, the Master Servicer, acting on behalf
        of
        the Trustee hereunder, shall not, except to the extent provided in the
        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 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, dispose of any REO Property within
        three
        years of its acquisition by the Trust Fund unless the Master Servicer has
        received a grant of extension from the Internal Revenue Service to the effect
        that, under the REMIC Provisions, the REMIC may hold REO Property for a longer
        period without causing an Adverse REMIC Event. If the Master Servicer has
        received such an extension, then the Master Servicer, acting on the Trustee’s
        behalf hereunder, shall, or shall cause the 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 Master Servicer has not received such an extension and the Master Servicer
        or the applicable Servicer, acting on behalf of the Trustee hereunder, is
        unable
        to sell the REO Property within 33 months after its acquisition by the Trust
        Fund or if the Master Servicer has received such an extension, and the Master
        Servicer or 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(d) Purchase Event, this Agreement may be amended
        from
        time to time by the Depositor, the Master Servicer and the Trustee, but without
        consent of the Swap Counterparty (except to the extent that the rights or
        obligations of the Swap Counterparty hereunder or under the Swap Agreement,
        respectively, are affected thereby or the ability of the Trustee on behalf
        of
        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. 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 (without regard to the Certificate Insurance Policy).
        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 (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 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 (determined in the case of the Class
        WF-3-1,
        Class WF-4-1 and Class WF-6-1 Certificates without regard to the Certificate
        Insurance Policy).

      
        
          
          

        

        
          194

          
            

          

        

        
          
          

        

      

      

      

      (b) On
        or
        prior to a Section 7.01(d) Purchase Event, this Agreement may also be amended
        from time to time by the Depositor, the Master Servicer, and the Trustee,
        but
        without consent of the Swap Counterparty (except to the extent that the rights
        or obligations of the Swap Counterparty hereunder or under the Swap Agreement,
        respectively, are affected thereby or the ability of the Trustee on behalf
        of
        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) with the consent of the Holders of not less than
        66-2/3% of the Class Principal Amount (or Percentage Interest) of each Class
        of
        Certificates affected thereby for the purpose of adding any provisions to
        or
        changing in any manner or eliminating any of the provisions of this Agreement
        or
        of modifying in any manner the rights of the Holders; provided,
        however,
        that no
        such amendment shall be made unless the Trustee receives an Opinion of Counsel,
        at the expense of the party requesting the change, that such change will
        not
        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 Class Notional
        Amount, as applicable (or Percentage Interest) of Certificates of each Class,
        the Holders of which are required to consent to any such amendment without
        the
        consent of the Holders of 100% of the Class Principal Amount or Class Notional
        Amount, as applicable (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(d) Purchase Event, this Agreement may be amended from time to
        time
        by the Depositor, the Master Servicer, the LTURI-holder and the Trustee but
        without consent of the Swap Counterparty (except to the extent that the rights
        or obligations of the Swap Counterparty hereunder or under the Swap Agreement,
        respectively, are affected thereby or the ability of the Trustee on behalf
        of
        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). Prior to entering into any amendment without the
        consent of Holders pursuant to this paragraph, the Trustee shall be provided
        with an Opinion of Counsel addressed to the Trustee and any NIMS Insurer
        (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 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.

      
        
          
          

        

        
          195

          
            

          

        

        
          
          

        

      

      

      

      (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 this Section with respect
        to
        amendment of this Agreement and (ii) except for a Permitted Servicing Amendment,
        any such amendment pursuant to Section 11.03(a)(iii) shall not be materially
        inconsistent with the provisions of such Servicing Agreement.

      

      (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.

      

      (h) Nothwithstanding
        the foregoing, the Certificate Insurer shall only be required to consent
        (such
        consent not to be unreasonably withheld) to any amendment that has a material
        adverse effect in any respect on the rights and interests of the Certificate
        Insurer hereunder.

      

      Section
        11.04. Voting
        Rights.

       

      Except
        to
        the extent that the consent of all affected Certificateholders is required
        pursuant to this Agreement, with respect to any provision of this Agreement
        requiring the consent of Certificateholders representing specified percentages
        of aggregate outstanding Certificate Principal Amount or Class Notional Amount,
        as applicable (or Percentage Interest), Certificates owned by the Depositor,
        the
        Master Servicer, the Trustee, any Servicer or Affiliates thereof are not
        to be
        counted so long as such Certificates are owned by the Depositor, the Master
        Servicer, the Trustee, any Servicer or any Affiliate thereof. In the absence
        of
        a default by the Certificate Insurer in the performance of its duties under
        the
        Certificate Insurance Policy, the Certificate Insurer will be entitled to
        exercise all consent, voting or related rights of the holders of the Class
        WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates.

      

      Section
        11.05. Provision
        of Information.

       

      (a) For
        so
        long as any of the Certificates of any Series or Class are “restricted
        securities” within the meaning of Rule 144(a)(3) under the Act, each of the
        Depositor, the Master Servicer and the Trustee agree to cooperate with each
        other to provide to any Certificateholders, and to any prospective purchaser
        of
        Certificates designated by such holder, upon the request of such holder or
        prospective purchaser, any information required to be provided to such holder
        or
        prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
        under the Act. Any reasonable, out-of-pocket expenses incurred by the Trustee
        in
        providing such information shall be reimbursed by the Depositor.

      

      (b) The
        Trustee shall make available to any person to whom a Prospectus was delivered,
        upon the request of such person specifying the document or documents requested,
        (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
        10-K filed with the Commission pursuant to Section 6.20(c) 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.

      
        
          
          

        

        
          196

          
            

          

        

        
          
          

        

      

      

      

      (c) On
        each
        Distribution Date, the Trustee shall make available on its website or otherwise
        deliver to the Depositor a copy of the report delivered to Certificateholders
        pursuant to Section 4.03.

      

      Section
        11.06. Governing
        Law.

       

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

      

      Section
        11.07. Notices.

       

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given when received by (a) in the case of the
        Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 7th
        Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2006-17,
        (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
        Avenue, 7th Floor, New York, New York 10019, Attention: Mortgage Finance,
        LXS
        2006-17, (c) in the case of the Trustee, the applicable Corporate Trust
        Office (d) in the case of the Master Servicer, Aurora Loan Services LLC,
        10350 Park Meadows Drive, Littleton, Colorado  80124; Attention: Master
        Servicing, LXS 2006-17, (e) in the case of Mortgage Guaranty Insurance
        Corporation, 250 E. Kilbourn Avenue, P.O. Box 488, Milwaukee, Wisconsin 53201,
        Attention: Risk Management, (f) in the case of PMI Mortgage Insurance Co.,
        3003
        Oak Road, Walnut Creek, California 94597, Attention: Structured Transactions
        and
        (g) in the case of the Certificate Insurer, MBIA Insurance Corporation, 113
        King
        Street, Armonk, New York 10504, Attention: Insured Portfolio Management —
Structured Finance, Lehman XS Trust Mortgage Pass-Through Certificates, Series
        2006-17, Class WF-3-1, Class WF-4-1 and Class WF-6-1 Certificates, 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.

      
        
          
          

        

        
          197

          
            

          

        

        
          
          

        

      

      

      

      Section
        11.09. Indulgences;
        No Waivers.

       

      Neither
        the failure nor any delay on the part of a party to exercise any right, remedy,
        power or privilege under this Agreement shall operate as a waiver thereof,
        nor
        shall any single or partial exercise of any right, remedy, power or privilege
        preclude any other or further exercise of the same or of any other right,
        remedy, power or privilege, nor shall any waiver of any right, remedy, power
        or
        privilege with respect to any occurrence be construed as a waiver of such
        right,
        remedy, power or privilege with respect to any other occurrence. No waiver
        shall
        be effective unless it is in writing and is signed by the party asserted
        to have
        granted such waiver.

      

      Section
        11.10. Headings
        Not To Affect Interpretation.

       

      The
        headings contained in this Agreement are for convenience of reference only,
        and
        they shall not be used in the interpretation hereof.

      

      Section
        11.11. Benefits
        of Agreement.

       

      Nothing
        in this Agreement or in the Certificates, express or implied, shall give
        to any
        Person, other than the parties to this Agreement and their successors hereunder,
        the Holders, any benefit or any legal or equitable right, power, remedy or
        claim
        under this Agreement, except to the extent specified in Section
        11.15.

      

      Section
        11.12. Special
        Notices to the Rating Agencies and the Certificate Insurer.

       

      (a) The
        Depositor shall give prompt notice to the Rating Agencies, the Certificate
        Insurer and the Swap Counterparty 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.

      
        
          
          

        

        
          198

          
            

          

        

        
          
          

        

      

      

      

      (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
        Moody’s, to:

      

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street 

      New
        York,
        New York 10007

      Attention:
        Residential Mortgages

      

      If
        to
        S&P, to:

      

      Standard
        & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
        Inc.

      55
        Water
        Street

      New
        York,
        New York 10014

      Attention:
        Residential Mortgages

      

      (c) The
        Trustee shall provide or make available to the Rating Agencies 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, the Trust Fund or the Certificate
        Insurer.

      

      Section
        11.14. Counterparts.

       

      This
        Agreement may be executed in one or more counterparts, each of which shall
        be
        deemed to be an original, and all of which together shall constitute one
        and the
        same instrument.

      

      Section
        11.15. Transfer
        of Servicing.

       

      The
        Seller agrees that it shall provide written notice to the Master Servicer,
        the
        Certificate Insurer and the Trustee thirty days prior to any proposed transfer
        or assignment by the Seller of its rights under the Servicing Agreement or
        of
        the servicing thereunder from time to time with respect to any Mortgage Loan
        or
        group of Mortgage Loans, or delegation of its rights or duties thereunder
        or any
        portion thereof to any other Person other than the initial Servicer under
        such
        Servicing Agreement; provided,
        however,
        that the
        Seller shall not be required to provide prior notice of any transfer of
        servicing that occurs within three months following the Closing Date to an
        entity that is a Servicer on the Closing Date. In addition, the ability of
        the
        Seller to transfer or assign its rights and delegate its duties under the
        Servicing Agreement or to transfer the servicing thereunder, from time to
        time
        with respect to any Mortgage Loan or group of Mortgage Loans, to a successor
        servicer shall be subject to the following conditions:

      
        
          
          

        

        
          199

          
            

          

        

        
          
          

        

      

      

      

      (i) satisfaction
        of the conditions to such transfer as set forth in the Servicing Agreement
        including, without limitation, receipt of written consent of the Master Servicer
        to such transfer;

      

      (ii) Such
        successor servicer must be qualified to service loans for Fannie Mae or Freddie
        Mac, and must be a member in good standing of MERS;

      

      (iii) Such
        successor servicer must satisfy the seller/servicer eligibility standards
        in the
        Servicing Agreement, exclusive of any experience in mortgage loan origination
        and must be reasonably acceptable to the Master Servicer, whose approval
        shall
        not be unreasonably withheld;

      

      (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 or, in the case of a transfer of servicing
        to a
        party that is already a Servicer pursuant to this Agreement, an agreement
        to add
        the related Mortgage Loans to the Servicing Agreement already in effect with
        such Servicer;

      

      (v) If
        the
        successor servicer is not a Servicer of Mortgage Loans at the time of the
        transfer, there must be delivered to the Trustee and the Master Servicer
        a
        letter from each Rating Agency to the effect that such transfer of servicing
        will not result in a qualification, withdrawal or downgrade of the then-current
        rating of any of the Certificates (determined in the case of the Class WF-3-1,
        Class WF-4-1 and Class WF-6-1 Certificates without regard to the Certificate
        Insurance Policy); and

      

      (vi) The
        Seller shall, at its cost and expense, take such steps, or cause the
        transferring Servicer to take such steps, as may be necessary or appropriate
        to
        effectuate and evidence the transfer of the servicing of the specified Mortgage
        Loans to such successor or replacement servicer, including, but not limited
        to,
        the following: (A) to the extent required by the terms of the Mortgage Loans
        and
        by applicable federal and state laws and regulations, the Seller shall cause
        the
        prior Servicer to timely mail to each obligor under a Mortgage Loan any required
        notices or disclosures describing the transfer of servicing of the Mortgage
        Loans to the successor or replacement servicer; (B) prior to the effective
        date
        of such transfer of servicing, the Seller shall cause the prior Servicer
        to
        transmit to any related insurer notification of such transfer of servicing;
        (C)
        on or prior to the effective date of such transfer of servicing, the Seller
        shall cause the prior Servicer to deliver to the successor or replacement
        servicer all Mortgage Loan Documents and any related records or materials;
        (D)
        on or prior to the effective date of such transfer of servicing, the Seller
        shall cause the prior Servicer to transfer to the successor or replacement
        servicer, or, if such transfer occurs after a Servicer Remittance Date but
        before the next succeeding 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 or replacement servicer, continue to forward to
        such
        successor or replacement servicer, within one Business Day of receipt, the
        amount of any payments or other recoveries received by the prior Servicer,
        and
        to notify the successor or replacement servicer of the source and proper
        application of each such payment or recovery; and (F) the Seller shall cause
        the
        prior Servicer to, after the effective date of transfer of servicing to the
        successor or replacement servicer, continue to cooperate with the successor
        or
        replacement servicer to facilitate such transfer in such manner and to such
        extent as the successor or replacement servicer may reasonably request.
        Notwithstanding the foregoing, the prior Servicer shall be obligated to perform
        the items listed above to the extent provided in the Servicing
        Agreement.

      
        
          
          

        

        
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      Section
        11.16. Matters
        Relating to the Certificate Insurance Policy.
        

       

      (a)  All
        notices, statements, reports, certificates or opinions required by this
        Agreement to be sent to any other party hereto or to the Class WF-3-1, Class
        WF-4-1 and Class WF-6-1 Certificateholders, shall also be sent, and any report
        or statement sent by the Master Servicer to the Trustee, as applicable shall
        be
        sent to the Certificate Insurer at the following address:

       

      MBIA
        Insurance Corporation

      113
        King
        Street

      Armonk,
        New York 10504

      Attention:
        Insured Portfolio Management-Structured Finance

      
        	 	
                Re:

              	
                Lehman
                  XS Trust Mortgage Pass-Through Certificates, 
Series 2006-17, Class
                  WF-3-1, Class WF-4-1 and 
Class WF-6-1
                  Certificates

              

      

       

      or
        such
        other address as the Certificate Insurer may hereafter furnish to the
        Depositor.

       

      (b)  Notwithstanding
        any provision to the contrary, the parties to this Agreement agree that it
        is
        appropriate, in furtherance of the interest of such parties as set forth
        herein,
        the Certificate Insurer receive the benefit of Sections 2.05, 3.09, 4.03,
        5.02,
        5.03, 5.07, 6.01, 6.14, 7.01, 7.03, 9.14, 9.18, 9.26, 9.31, 11.03, 11.04,
        11.12
        and this Section 11.16 as an intended third party beneficiary of this Agreement
        to the extent of such provisions.

       

      (c)  No
        purchase of the property of Pool 2 pursuant to Section 7.01(c) shall occur
        if
        such purchase would result in a draw on the Certificate Insurance Policy,
        unless
        the Certificate Insurer has consented to such purchase.

       

      (d) All
        references herein to the rating of the Certificates shall be without regard
        to
        the Certificate Insurance Policy.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      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:
                  Vice President

              
	 	 

        	 	 	 
	 	
                CITIBANK,
                  N.A.,

                as
                  Trustee

              
	 
 	 
 	 
 
	 	By:  	/s/ Valerie
                Delgado
	 	
                

                Name:
                  Valerie Delgado

                Title:
                  Vice President

              
	 	 

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Solely
        for purposes of Section 11.15,

      accepted
        and agreed to by:

      

      LEHMAN
        BROTHERS HOLDINGS INC.

      

      By:
        /s/
        Michael Hitzmann

      
        
          

        

      

      Name:
        Michael Hitzmann 

      Title:
        Authorized Signatory

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        A

      

      FORMS
        OF
        CERTIFICATES

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      

      

      

      

      EXHIBIT
        B-1

      

      FORM
        OF
        INITIAL CERTIFICATION

      

                                      

      Date           
        

      

      Citibank,
        N.A.

      388
        Greenwich Street, 14th
        Floor

      New
        York,
        New York 10013

      Attention:
        Citibank Agency & Trust (LXS 2006-17)

      

      Aurora
        Loan Services LLC, as Master Servicer

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      

      Structured
        Asset Securities Corporation,

      as
        Depositor

      745
        Seventh Avenue

      7th
        Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LXS 2006-17

      

      
        	 	
                Re:

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

                by
                  and among Structured Asset Securities Corporation, as
                  Depositor,

                Aurora
                  Loan Services LLC, as Master Servicer and Citibank, N.A., as Trustee
                  with
                  respect to Lehman XS Trust Mortgage Pass-Through Certificates,
                  

                Series
                  2006-17

              
	 	 	 

      

      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           
        

       

      Citibank,
        N.A.

      388
        Greenwich Street, 14th
        Floor

      New
        York,
        New York 10013

      Attention:
        Citibank Agency & Trust (LXS 2006-17)

      

      Aurora
        Loan Services LLC, as Master Servicer

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      

      Structured
        Asset Securities Corporation,

      as
        Depositor

      745
        Seventh Avenue, 7th
        Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LXS 2006-17

      

      
        	 	
                Re:

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

                by
                  and among Structured Asset Securities Corporation, as
                  Depositor,

                Aurora
                  Loan Services LLC, as Master Servicer and Citibank, N.A., as Trustee
                  with
                  respect to Lehman XS Trust Mortgage Pass-Through Certificates,
                  Series
                  2006-17

              

      

      

      Ladies
        and Gentlemen:

      

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

      

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
        Agreement and has determined that each such document appears regular on its
        face
        and appears to relate to the Mortgage Loan identified in such
        document.

      

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Trust Agreement. This Certificate is qualified in all respects
        by
        the terms of said Trust Agreement including, but not limited to, Section
        2.02(b).

      

      [Custodian]

      

      By:______________________________

      Name:
        

      Title:

      
        
          
          

        

        
          B-2-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        B-3

      

      FORM
        OF
        FINAL CERTIFICATION

      

                                     

      Date          
        

      Citibank,
        N.A.

      388
        Greenwich Street, 14th
        Floor

      New
        York,
        New York 10013

      Attention:
        Citibank Agency & Trust (LXS 2006-17)

      

      Aurora
        Loan Services LLC, as Master Servicer

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      

      Structured
        Asset Securities Corporation,

      as
        Depositor

      745
        Seventh Avenue, 7th
        Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LXS 2006-17

      

      
        	 	
                Re:

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

                by
                  and among Structured Asset Securities Corporation, as
                  Depositor,

                Aurora
                  Loan Services LLC, as Master Servicer and Citibank, N.A., as Trustee
                  with
                  respect to Lehman XS Trust Mortgage Pass-Through Certificates,
                  Series
                  2006-17

              

      

      Ladies
        and Gentlemen:

      

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

      

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

      

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

      [Custodian]

      

      By:_____________________________________

      Name:

      Title:
        

      
        
          
          

        

        
          B-3-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        B-4

      

      FORM
        OF
        ENDORSEMENT

      

      Pay
        to
        the order of
        Citibank, N.A., as trustee (the “Trustee”), under a Trust Agreement dated as of
        October 1, 2006, among Structured Asset Securities Corporation, as depositor,
        Aurora Loan Services LLC, as master servicer, and the Trustee, relating to
        Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-17,
        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 October 1, 2006 by and among Structured
        Asset Securities Corporation, as Depositor, Citibank, N.A., as Trustee, and
        Aurora Loan Services LLC, as Master Servicer (the “Trust Agreement”), the
        undersigned Servicer hereby requests a release of the Mortgage File held
        by you
        as Trustee with respect to the following described Mortgage Loan for the
        reason
        indicated below.

      

      Mortgagor’s
        Name:

      

      Address:

      

      Loan
        No.:

      

      Reason
        for requesting file:

      

      1. Mortgage
        Loan paid in full. (The Servicer hereby certifies that all amounts received
        in
        connection with the loan have been or will be credited to the Certificate
        Account pursuant to the Trust Agreement.)

      

      2. The
        Mortgage Loan is being foreclosed.

      

      3. Mortgage
        Loan substituted. (The Servicer hereby certifies that a Qualifying Substitute
        Mortgage Loan has been assigned and delivered to you along with the related
        Mortgage File pursuant to the Trust Agreement.)

      

      4. Mortgage
        Loan repurchased. (The Servicer hereby certifies that the 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 either (x) is not, and on __________________ [date
                  of
                  transfer] will not be, an employee benefit plan or other retirement
                  arrangement subject to Section 406 of the Employee Retirement Income
                  Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code
                  (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, any NIMS Insurer
                  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,
                  any NIMS Insurer 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

          
            

          

        

        
          
          

        

      

      

      

      
        	 	
                5.

              	
                That
                  the Purchaser hereby acknowledges that under the terms of the Trust
                  Agreement (the “Agreement”) by and among Structured Asset Securities
                  Corporation, as Depositor, Aurora Loan Services LLC, as Master
                  Servicer,
                  and Citibank,
                  N.A.,
                  as Trustee, dated as of October 1, 2006, relating to Lehman XS
                  Trust
                  Mortgage Pass-Through Certificates, Series 2006-17, 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.

              

      

      

      
        	 	
                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 September 20, 1996 that are treated as United States
                  persons
                  prior to such date and elect to continue to be treated as United
                  States
                  persons.

              

      

      
        
          
          

        

        
          D-2

          
            

          

        

        
          
          

        

      

      

      
        	 	
                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:
        

      

       

      
        
          
          

        

        
          D-3

          
            

          

        

        
          
          

        

      

      

      Personally
        appeared before me the above-named [name of officer] ________________, known
        or
        proved to me to be the same person who executed the foregoing instrument
        and to
        be the [title of officer] _________________ of the Purchaser, and acknowledged
        to me that he [she] executed the same as his [her] free act and deed and
        the
        free act and deed of the Purchaser.

      

      Subscribed
        and sworn before me this _____ day of __________, 20__.

      

      NOTARY
        PUBLIC

      

       

      

      

      

      COUNTY
        OF_____________________

      

      STATE
        OF______________________

      

      My
        commission expires the _____ day of __________, 20__.

      
        
          
          

        

        
          D-4

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        D-2

      

      RESIDUAL
        CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

      

      ____________________________

      Date

      

      
        	 	
                Re:

              	
                Lehman
                  XS Trust

                Mortgage
                  Pass-Through Certificates, Series
                  2006-17

              

      

      

      _______________________
        (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

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

      

      

      

      

      EXHIBIT
        F

      

      FORM
        OF
        RULE 144A TRANSFER CERTIFICATE

      

      
        	 	
                Re:

              	
                Lehman
                  XS Trust

                Mortgage
                  Pass-Through Certificates

                Series
                  2006-17

              

      

      

      Reference
        is hereby made to the Trust Agreement dated as of October 1, 2006 (the “Trust
        Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
        Aurora Loan Services LLC, as Master Servicer, and Citibank, N.A., 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          

      

      Dear
        Sirs:

      

      In
        connection with our proposed purchase of $______________ principal amount
        of
        Lehman XS Trust Mortgage Pass-Through Certificates, Series 2006-17 (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 October
                  1,
                  2006 by and among the Depositor, Aurora Loan Services LLC, as Master
                  Servicer, and Citibank, N.A., as Trustee (the “Trustee”), a signed letter
                  in the form of this letter; and we further agree, in the capacities
                  stated
                  above, to provide to any person purchasing any of the Privately
                  Offered
                  Certificates from us a notice advising such purchaser that resales
                  of the
                  Privately Offered Certificates are restricted as stated
                  herein.

              

      

      

      
        	
                (2)

              	
                We
                  understand that, in connection with any proposed resale of any
                  Privately
                  Offered Certificates to an Institutional Accredited Investor, we
                  will be
                  required to furnish to the Trustee and the Depositor a certification
                  from
                  such transferee in the form hereof to confirm that the proposed
                  sale is
                  being made pursuant to an exemption from, or in a transaction not
                  subject
                  to, the registration requirements of the Securities Act. We further
                  understand that the Privately Offered Certificates purchased by
                  us will
                  bear a legend to the foregoing
                  effect.

              

      

      

      
        	
                (3)

              	
                We
                  are acquiring the Privately Offered Certificates for investment
                  purposes
                  and not with a view to, or for offer or sale in connection with,
                  any
                  distribution in 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.

              

      

      
        
          
          

        

        
          G-1

          
            

          

        

        
          
          

        

      

      

      

      
        	
                (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.

      

      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-2

          
            

          

        

        
          
          

        

      

      

      

      

      EXHIBIT
        H

      

      FORM
        OF
        ERISA TRANSFER AFFIDAVIT

      

      
        	
                STATE
                  OF NEW YORK 

              	
                )

              
	 	
                )
                  ss.: 

              
	
                COUNTY
                  OF NEW YORK 

              	
                )

              

      

      

      The
        undersigned, being first duly sworn, deposes and says as follows:

      

      1. The
        undersigned is the ______________________ of (the “Investor”), a [corporation
        duly organized] and existing under the laws of __________, on behalf of which
        he
        makes this affidavit.

      

      2. In
        the
        case of an ERISA-Restricted Certificate, the
        Investor either (x) is not, and on ___________ [date of transfer] will not
        be,
        an employee benefit plan or other retirement arrangement subject to Section
        406
        of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
        Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”)
        (collectively, a “Plan”) or a person acting on behalf of any such Plan or
        investing the assets of any such Plan; (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, any NIMS Insurer 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, any NIMS Insurer 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. In
        the
        case of an ERISA-Restricted Swap Certificate, either (i) the Investor is
        neither
        a Plan nor a person acting on behalf of any such Plan or using the assets
        of any
        such Plan to effect such transfer or (ii) the acquisition and holding of
        the
        ERISA-Restricted Swap Certificate are eligible for exemptive relief under
        the
        statutory exemption for nonfiduciary service providers under Section 408(b)(17)
        of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1, PTCE
        91-38,
        PTCE 95-60 or PTCE 96-23 or some other applicable exemption.

      

      4. 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, and Citibank, N.A., as Trustee,
        dated as of October 1, 2006, regarding Lehman XS Trust Mortgage Pass-Through
        Certificates, Series 2006-17, no transfer of the ERISA-Restricted Certificates
        or the ERISA-Restricted Swap Certificates shall be permitted to be made to
        any
        person unless the Trustee has 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

              	
                )

              

      

      

      

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

      

      ______________________________

      NOTARY
        PUBLIC

      

      My
        commission expires the

      _____
        day
        of __________, 20___.

      
        
          
          

        

        
          H-2

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        I

      

      [RESERVED]

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        J

      

      [RESERVED]

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        K

      

      CUSTODIAL
        AGREEMENTS

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        L

      

      [Reserved]

      
        
          
          

        

        
          L-1

          
            

          

        

        
          
          

        

      

      

      

      

      EXHIBIT
        M

      FORM
        OF
        BACK-UP CERTIFICATION TO BE PROVIDED TO

      THE
        DEPOSITOR AND/OR THE MASTER SERVICER BY THE TRUSTEE

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, LXS 2006-17

      

      Aurora
        Loan Services LLC, as Master Servicer

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

      

      
        	 	
                Re:

              	
                Lehman
                  XS Trust

                Mortgage
                  Pass-Through Certificates, Series
                  2006-17

              

      

      

      Reference
        is made to the Trust
        Agreement dated as of October 1, 2006 (the “Trust Agreement”), by and among
        Citibank, N.A., (the “Trustee”), Aurora Loan Services LLC, as master servicer
        (the “Master Servicer”), and Structured Asset Securities Corporation, as
        depositor (the “Depositor”). The Trustee
        hereby certifies to the Depositor and the Master Servicer, and its officers,
        directors and affiliates, and with the knowledge and intent that they will
        rely
        upon this certification, that:

      

      
        	 	
                (i)
                  

              	
                The
                  Trustee has reviewed the annual report on Form 10-K for the fiscal
                  year [
                  ], and all reports on Form 10-D containing distribution reports
                  filed in
                  respect of periods included in the year covered by that annual
                  report,
                  relating to the above-referenced
                  trust;

              

      

      

      
        	 	
                (ii)
                  

              	
                Based
                  solely upon the information provided to us pursuant to Sections
                  6.20(d)
                  and 6.20(e) and the information provided by us pursuant to Sections
                  6.20(d) and 6.20(e), the information set forth in the reports referenced
                  in (i) above does not contain any untrue statement of material
                  fact;
                  and

              

      

      

      
        	 	
                (iii)
                  

              	
                Based
                  on my knowledge, the distribution information required to be provided
                  by
                  the Trustee under the Trust Agreement, together with the information
                  specific to and required to be provided by the Trustee pursuant
                  to
                  Sections 6.20(d) and 6.20(e) is included in these
                  reports.

              

      

      

      Date:

      

      Citibank,
        N.A., as Trustee

      

      By: ____________________________

      Name: __________________________

      Title: ___________________________

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        N-1

      FORM
        OF
        SWAP AGREEMENT

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N-2

      FORM
        OF
        CLASS GROUP 1 CAP AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

      

      FORM
        OF
        CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN REPORT ON
        ASSESSMENT OF COMPLIANCE

       

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements. Capitalized terms used herein but not defined herein shall have
        the
        meanings assigned to them in the Trust Agreement dated as of October 1, 2006
        (the “Agreement”), by and among Citibank, N.A. (the “Trustee”), Aurora Loan
        Services LLC, as master servicer (the “Master Servicer”), and Structured Asset
        Securities Corporation, as depositor (the “Depositor”) with respect to Lehman XS
        Trust Mortgage Pass-Through Certificates, Series 2006-17. 

      

      
        	
                Servicing
                  Criteria 

              	
                 

                Trustee 

              	
                Master
                  Servicer 

              
	
                Reference

              	
                Criteria

              	 	 
	
                 

              	
                General
                  Servicing Considerations

              	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	
                X

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans 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 mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              	
                X

              
	
                1122(d)(2)(ii)

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

              	
                X

              	
                X

              
	
                1122(d)(2)(iii)

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

              	 	
                X

              
	
                1122(d)(2)(iv)

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

              	
                X

              	
                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

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              	
                X

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Servicing
                  Criteria 

              	
                 

                Trustee 

              	
                Master
                  Servicer 

              
	
                Reference

              	
                Criteria

              	 	 
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              	
                X

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                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 mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	 	 
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	 	 
	
                1122(d)(4)(iii)

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

              	
                X

              	 
	
                1122(d)(4)(iv)

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

              	 	 
	
                1122(d)(4)(v)

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

              	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 	
                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

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Servicing
                  Criteria 

              	
                 

                Trustee 

              	
                Master
                  Servicer 

              
	
                Reference

              	
                Criteria

              	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 	
                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*

              	 
	
                 

              	
                 

              	 	 

      

      *
        Only
        with respect to the Certificate Insurance Policy

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P

      

      TRANSACTION
        PARTIES

       

      Sponsor
        and Seller: Lehman Brothers Holdings Inc.

      

      Depositor:
        Structured Asset Securities Corporation

      

      Trustee:
        Citibank, N.A. 

      

      Master
        Servicer: Aurora Loan Services LLC

      

      Cap
        Counterparty: Lehman Brothers Special Financing Inc.

      

      Swap
        Counterparty: IXIS Financial Products Inc.

      

      Servicer(s):
        Aurora Loan Services LLC, Countrywide Home Loans Servicing LP, IndyMac Bank,
        F.S.B. and Wells Fargo Bank, N.A.

      

      Originator(s):
        Lehman Brothers Bank FSB and Wells Fargo Bank, N.A.

      

      Custodian(s):
        Deutsche Bank National Trust Company, LaSalle Bank National Association,
        U.S.
        Bank National Association and Wells Fargo Bank, N.A.

      

      Primary
        Mortgage Insurance Providers: Mortgage Guaranty Insurance Corporation and
        PMI
        Mortgage Insurance Co.

      

      Certificate
        Insurer: MBIA Insurance Corporation

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q

      

      FORM
        OF
        INSURANCE AGREEMENT

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        R

      

      FORM
        OF
        CERTIFICATE GUARANTY INSURANCE POLICY

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        A

      

      MORTGAGE
        LOAN SCHEDULE

      

      [On
        file
        with McKee Nelson LLP]

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