Document:

ADVISORY
      AGREEMENT

     

    This
      Advisory Agreement (“Agreement”),
      dated
      as of October 9, 2006 (the “Effective
      Date”)
      is
      made between a21, Inc., a Delaware corporation (the “Company”)
      and
      Albert H. Pleus (“Advisor”) (collectively,
      the “Parties,”
and,
      each, a “Party”).

     

    WHEREAS,
      the
      Company desires to retain the services of Advisor to perform certain consulting
      services for the Company and Advisor is willing to render such services to
      the
      Company, on the terms and subject to the conditions hereinafter set
      forth.

     

    NOW,
      THEREFORE, In consideration of the terms and conditions set forth below, the
      Parties agree as follows:

     

    1. TITLE;
      STATEMENT OF SERVICES; PERFORMANCE OF SERVICES.
      Advisor
      shall have the title of “Executive Advisor”, and shall advise the Company’s
      Board of Directors (the “Board”) and its executive officers relating to
      acquisitions, finance, strategy and transition matters on which they wish to
      obtain Advisor’s advice (“Services”). Advisor shall report directly to the
      Company’s Board of Directors and the Chairman of the Board. Advisor will provide
      the Services for no more than three business days per month upon reasonable
      notice by the Company, subject to Advisor’s reasonable availability, taking into
      account Advisor’s other professional, business and personal
      activities.

     

    2. RESIGNATION.
      Advisor
      hereby resigns as Chairman of the Board and Chief Executive Officer of the
      Company and from each and every other position he may hold with the Company
      and
      any of its subsidiaries as of the Effective Date, other than as a director
      of
      the Company. The Parties agree that the Employment Agreement dated May 1, 2005
      between the Parties (the “Employment Agreement”) is hereby terminated and of no
      further force and effect.

     

    3. TERM.
      The
      term of this Agreement shall commence on the Effective Date and shall continue
      for a period of one (1) year, unless earlier terminated by Company or Advisor
      as
      provided herein (the “Term”).

     

    4. FEES
      FOR SERVICES.
      As full
      consideration for rendering the Services, the Company will pay Advisor a fee
      at
      the annual gross rate of One Hundred Fifty Thousand Dollars ($150,000) (the
      “Fee”) in monthly installments payable on the 1st
      day of
      each month during the Term, other than the first installment which is due and
      payable on the Effective Date. In addition, Advisor shall be entitled to receive
      all other compensation received by non-employee directors of the
      Company.

     

    5. EXPENSES.
      Company
      shall reimburse Advisor for reasonable out-of-pocket expenses necessarily and
      actually incurred by Advisor in rendering its Services. The Company shall
      promptly reimburse Advisor for all such documented expenses in accordance with
      its expense reimbursement policy in effect from time to time.

     

    6. INDEPENDENT
      CONTRACTOR.
      The
      Parties acknowledge that:

     

    (a) Advisor
      shall perform its duties hereunder as an independent contractor, and not as
      the
      agent, employee, or servant of the Company. Advisor is not entitled to
      participate in any Company benefit plans, including but not limited to any
      retirement, pension, profit sharing, group insurance, health insurance, salary,
      bonus, incentive compensation, vacation pay, sick pay or similar programs,
      policies, or plans that have been or may be instituted by Company for the
      benefit of its employees. During the Term, Advisor represents and warrants
      that
      Advisor will not represent to others that Advisor is an employee of
      Company.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (b) Advisor
      shall be fully responsible for withholding any and all federal, state or local
      income and employment taxes in connection with compensation hereunder. The
      Company shall issue a Form 1099 with respect to the payments made pursuant
      to
      Paragraph 4 hereunder if required by applicable law.

     

    (c) In
      the
      event that performance of Advisor’s services requires travel, Advisor will be
      solely responsible for injuries, emergencies and/or death to Advisor that may
      occur while Advisor is traveling.

     

    (d) This
      Agreement shall not be construed as creating a partnership between the Parties
      or as creating any other form of legal association that would impose liability
      upon one party for the act or failure to act of the other party. Further,
      Advisor shall have no authority to bind the Company in any respect.

     

    7. NON-SOLICITATION.

     

    (a) Non-Solicitation
      of Employees and Consultants.
      Advisor
      hereby agrees that during the Term and for a period equal to ninety (90) days
      after the Term (the “Survival
      Period”),
      Advisor shall not, directly or indirectly through any other individual, person
      or entity, employ, solicit or induce any individual, who is or was at any time
      during the last twelve (12) months of Advisor’s employment by or consultancy
      with the Company, an employee or consultant of the Company, to terminate or
      refrain from renewing or extending his or her employment or relationship with
      the Company, or to become employed by or enter into a contractual relationship
      with Advisor or any other individual, person or entity which causes them to
      terminate, reduce or refrain from renewing or extending his, her or its
      contractual or other relationship with the Company. For the purposes of
      Paragraphs 7, 8 and 9 of this Agreement the term “Company”
shall
      be deemed to include the Company and each of its Affiliates. For the purposes
      of
      this Agreement, the term “Affiliate”
shall
      mean, with respect to any person, any person directly or indirectly controlling,
      controlled by, or under common control with, such other person at any time
      during the period for which the determination of affiliation is being made.
      The
      foregoing provision shall not preclude an enterprise of which Advisor is an
      employee or consultant from hiring any of the foregoing employees or
      consultants; provided,
      however,
      that
      Advisor has not otherwise breached the foregoing provisions of this Section
      7(a).

     

    (b) Non-Solicitation
      of Suppliers or Vendors.
      Advisor
      hereby agrees that during the Term and the Survival Period he may not, directly
      or indirectly through any other individual, person or entity, solicit, persuade
      or induce any individual, person or entity which is, or at any time during
      the
      Term or during Advisor’s prior employment by the Company was, a supplier of any
      product or service to the Company, or vendor of the Company (whether as a
      distributor, agent, commission agent, employee or otherwise), to terminate,
      reduce or refrain from renewing or extending his, her or its contractual or
      other relationship with the Company. The foregoing provision does not preclude
      any enterprise of which Advisor is an employee or consultant from doing business
      with the foregoing individuals, persons or entities, provided,
      however,
      that
      Advisor has not otherwise breached the foregoing provisions of this Section
      7(b).

     

    (c) Non-Solicitation
      of Customers.
      Advisor
      hereby agrees that during the Term and the Survival Period he may not, directly
      or indirectly through any other individual, person or entity, solicit, persuade
      or induce any individual, person or entity which is, or at any time during
      the
      Term or Advisor’s prior employment by the Company was, a customer of the Company
      to terminate, reduce or refrain from renewing or extending its contractual
      or
      other relationship with the Company in regard to the purchase of products or
      services manufactured, marketed or sold by the Company, or to become a customer
      of or enter into any contractual or other relationship with Advisor or any
      other
      individual, person or entity in regard to the purchase of products or services
      similar or identical to those manufactured, marketed or sold by the Company.
      The
      foregoing provision does not preclude any enterprise of which Advisor is an
      employee or consultant from doing business with the foregoing persons or
      entities, provided however that Advisor has not otherwise breached the foregoing
      provisions of this Section 7(c).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    8. CONFIDENTIALITY.
      Advisor
      agrees that, during the Term and thereafter, Advisor shall not divulge to
      anyone, other than as necessary in the performance of his duties hereunder
      or as
      required by law or legal process, confidential information of the Company,
      its
      Affiliates or its customers, including, without limitation, know-how, trade
      secrets, customer lists, costs, profits or margin information, markets, sales,
      pricing policies, operational methods, plans for future development, data,
      drawings, samples, processes or products and other information disclosed to
      Advisor or known by him as a result of or through his prior employment by or
      consultancy with the Company, which is not generally known in the businesses
      in
      which the Company is engaged and which relates directly or indirectly to the
      Company’s products or services or which is directly or indirectly useful in any
      aspect of the Company’s business. In the event the Company is bound by a
      confidentiality agreement with a customer, supplier or other party regarding
      the
      confidential information of such customer, supplier or other party, which
      provides greater protection than specified above in this Paragraph 8, the
      provisions of such other confidentiality agreement shall be binding upon Advisor
      and shall not be superseded by this Paragraph 9. Upon the termination of this
      Agreement or at any other time upon the Company’s request, Advisor shall deliver
      forthwith to the Company all memoranda, notes, records, reports, computer disks
      and other documents (including all copies thereof) containing such confidential
      information.

     

    9. NON-COMPETITION.
      Advisor
      acknowledges that he has substantial experience and expertise, that in the
      course of providing services to the Company he has and will become familiar
      with
      the Company’s trade secrets and with other confidential information concerning
      the Company and that Advisor’s services have been and will be of special, unique
      and extraordinary value to the Company. Advisor hereby agrees that during the
      Term and the Survival Period, Advisor shall not, directly or indirectly,
      anywhere in the entire United States and Europe, own, manage, operate, control
      or participate in the ownership, management, operation or control of, or be
      connected as an officer, employee, partner, director, independent contractor
      or
      in any other capacity with, or have any financial interest in, or aid or assist
      anyone else in the manufacture, sale or representation of products or the
      provision of services identical or similar to the products and services
      manufactured, sold, represented or provided by the Company, and which products
      or services are marketed to the same customer base as the products or services
      offered by the Company, at any time during the Term or Advisor’s prior
      employment by the Company, or which are included in any business plans of the
      Company in existence and under consideration during the Term or Advisor’s prior
      employment by the Company and of which Advisor was aware. The foregoing shall
      not preclude Advisor from being a passive owner of not more than 2.0% of the
      outstanding stock of any class of stock of any corporation which is publicly
      traded and competes with the Company, so long as Advisor has no active
      participation in the business of such corporation.

     

    10. REASONABLE
      RESTRICTIONS.
      The
      Parties acknowledge that (i) the type and periods of restriction imposed in
      this
      Agreement are fair and reasonable and are reasonably required in order to
      protect and maintain the proprietary interests of the Company described above,
      other legitimate business interests of Company and the goodwill associated
      with
      the business of the Company, and (ii) that the time, scope, geographic area
      and
      other provisions of this Agreement have been specifically negotiated by
      sophisticated commercial parties, represented by legal counsel, and are given
      as
      an integral part of the transactions contemplated by this Agreement.
      Accordingly, Advisor agrees not to contest the validity or enforceability of
      any
      provision of this Agreement and agrees that if any court should hold any
      provision of this Agreement to be unenforceable, the remaining provisions will
      nonetheless be enforceable according to their terms.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    11. REMEDIES.
      Advisor
      acknowledges and agrees that the Company’s remedy at law for a breach or
      threatened breach of any of the provisions of Paragraphs 7, 8 and 9 of this
      Agreement would be inadequate and, in recognition of that fact, in the event
      of
      a breach or threatened breach by Advisor of any of the provisions of Paragraphs
      7, 8 and 9 of this Agreement, it is agreed that in addition to its remedy at
      law, the Company shall be entitled to appropriate equitable relief in the form
      of specific performance, preliminary or permanent injunction, temporary
      restraining order or any other appropriate equitable remedy which may then
      be
      available. Notwithstanding any provision of this Agreement to the contrary,
      it
      is expressly understood and agreed that, although Advisor and the Company
      consider the restrictions contained in Paragraphs 7, 8 and 9 to be reasonable
      for the purpose of preserving the Company’s goodwill and other proprietary
      rights, if a final judicial determination is made by a court having jurisdiction
      that the time and scope of the restrictions in such Paragraphs is an
      unreasonable or otherwise unenforceable restriction against Advisor, the
      provisions of such Paragraphs shall not be rendered void but shall be deemed
      amended to apply as to the maximum time and scope permitted and to such other
      extent as the court may determine to be reasonable. Notwithstanding the
      foregoing, in the event the Company breaches any of its payment obligations
      under Section 4 of this Agreement (provided
      Advisor has given the Company written notice specifying the nature of such
      breach and a period of at least thirty (30) days to cure such
      breach),
      Advisor’s obligations under Sections 7 and 8 of this Agreement shall terminate
      and be of no further force and effect after the expiration of such thirty (30)
      day period if the Company has not cured such breach.

     

    12. STOCK
      OPTIONS.
      As of
      the Effective Date, the options to purchase the Company’s common stock granted
      to Advisor pursuant to the Employment Agreement shall be deemed vested with
      respect to all 800,000 shares. As of the Effective Date, the options to purchase
      the Company’s common stock granted to Advisor on July 20, 2006 shall be deemed
      vested with respect to 325,000 shares and options to purchase 325,000 shares
      of
      the Company’s common stock shall be deemed to have lapsed unexercised. Any
      options to purchase the Company’s common stock owned by Advisor that have not
      lapsed may be exercised through January 31, 2008 (the “Option Expiration Date”).
      After the Option Expiration Date, all of Advisor’s unexercised stock options
      shall expire and be cancelled. During the period commencing on the Effective
      Date and through and including the Option Expiration Date, Advisor may exercise
      his vested stock options either for cash or on a cashless basis. Except as
      set
      forth in this Paragraph 12, any of the Advisor’s unvested stock options shall be
      immediately cancelled as of the Effective Date. Cashless
      means the Advisor may exercise stock options without first paying to the Company
      the aggregate strike price, which is defined as the strike price times the
      number of option-shares being exercised. For purposes of this Agreement, a
      “cashless” basis exercise means that Advisor as part of an option exercise is
      permitted to trade option-shares of Company common stock in exchange for actual
      shares of Company common stock using the Advisor stock option exercise by using
      the “spread” between the strike price and market price to cover the aggregate
      strike price that is required to be paid with regard to such option exercise.
      This is represented with the following formula: the difference between the
      strike price and market price, divided by the market price. For example, if
      the
      Advisor exercises an option on one share of Company common stock, having a
      strike price of $0.25, when the then-market price of Company common stock is
      $1.00, the Advisor would receive 3⁄4 of one share of Company common stock in
      return (i.e.
      [($1.00-$.25)/$1.00)]). The Company shall include (i) the foregoing shares,
      and
      (ii) the shares into which the foregoing options, and all other options held
      by
      Advisor which are vested, may be exercised, on the next Form S-8 registration
      statement which the Company files with the Securities and Exchange Commission
      (or equivalent to register shares and options held by employees, executives
      and
      other agents of the Company).

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    13. TERMINATION.

     

    (a) The
      Company may terminate this Agreement immediately upon giving notice to Advisor
      if any of the following events occur:

     

    
      	 	
              (i)

            	
              Advisor
                is convicted of or pleads guilty, nolo contendere, or no contest
                to a
                misdemeanor involving moral turpitude (which is likely to have an
                adverse
                effect on the Company or the Advisor’s ability to perform his duties
                hereunder) or a felony which may result in a term of
                imprisonment;

            

    

     

    
      	 	
              (ii)

            	
              Advisor’s
                material breach of this Agreement or willful failure to carry out
                the
                lawful directives of the Board of Directors, other than as a result
                of the
                Advisor’s death or disability, consistent with Paragraph 1 hereof
                (provided the Company has given Advisor advance written notice specifying
                the nature of such material breach or failure to carry out the lawful
                directives of the Board and a period of at least thirty (30) days
                to cure
                such breach or failure); or

            

    

     

    
      	 	
              (iii)

            	
              the
                Advisor’s (A) willful gross misconduct, including, without limitation,
                dishonesty, fraud or theft, or (B) willful bad faith act or failure
                to act
                that is injurious to the business or reputation of the
                Company.

            

    

     

    In
      the
      event of termination pursuant to this Paragraph 13(a), the Company shall pay
      to
      Advisor any unpaid Fee accrued as of the date of termination, and Advisor shall
      not be entitled to any further payments or benefits except as required by any
      federal or state law.

     

    (b) Advisor
      may terminate this Agreement for any reason at any time during the Term,
      effective upon thirty (30) days written notice to the Company.

     

    14. NOTICES.
      Any
      notices or other communications required to be given pursuant to this Agreement
      shall be in writing and shall be deemed given: (i) upon delivery, if by hand;
      (ii) after two (2) business days if sent by express mail or air courier; (iii)
      four (4) business days after being mailed (seven (7) business days for
      international mailings), if sent by registered or certified mail, postage
      prepaid, return receipt requested; or (iv) upon transmission, if sent by
      facsimile (provided that a confirmation copy is sent in the manner provided
      in
      clause (ii) or clause (iii) of this Paragraph 14 within thirty-six (36) hours
      after such transmission), except that if notice is received by facsimile after
      5:00 p.m. on a business day at the place of receipt, it shall be effective
      as of
      the following business day. All communications hereunder shall be delivered
      to
      the respective parties at the following addresses:

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

      
        
          	 	
                  If
                    to the Company:

                   

                
	 	 	
                  a21,
                    Inc.

                
	 	 	
                  7660
                    Centurion Parkway

                
	 	 	
                  Jacksonville,
                    Florida 32256

                
	 	 	
                  Attention:
                    Chairman of Compensation Committee, Board of Directors

                   

                
	 	 	
                  with
                    a copy to:

                   

                
	 	 	
                  Loeb
                    & Loeb LLP

                
	 	 	
                  345
                    Park Avenue

                
	 	 	
                  New
                    York, New York 10154

                
	 	 	
                  Attention:
                    Lloyd L. Rothenberg, Esq.

                   

                
	 	
                  If
                    to Advisor:

                   

                
	 	 	
                  Albert
                    H. Pleus

                
	 	 	
                  At
                    his residential address on

                
	 	 	
                  file
                    at the corporate office of a21,
                    Inc.

                

        

      

    

    
    

    or
      to
      such other address as the person to whom notice is given may have previously
      furnished to the others in writing in the manner set forth above.

     

    15. GOVERNING
      LAW/JURISDICTION.
      This
      Agreement shall be governed by and construed in accordance with the law of
      the
      State of Florida, regardless of the law that might otherwise govern under
      applicable principles of conflicts of laws thereof. The parties hereto hereby
      irrevocably consent to the exclusive jurisdiction of the state or federal courts
      sitting in Jacksonville, Florida in connection with any controversy or claim
      arising out of or relating to this Agreement, or the negotiation or breach
      thereof, and hereby waive any claim or defense that such forum is inconvenient
      or otherwise improper. Each party hereby agrees that any such court shall have
      in personam jurisdiction over it and consents to service of process in any
      matter authorized by Florida law.

     

    16. SEVERABILITY.
      Whenever possible, each provision or portion of any provision of this Agreement
      shall be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision or portion of any provision of this
      Agreement is found to be invalid or unenforceable in any respect under any
      applicable law or rule in any jurisdiction, such finding or construction shall
      not affect the remainder of the provisions of this Agreement, which shall be
      given full force and effect without regard to the invalid or unenforceable
      provision, and such invalid or unenforceable provision shall be modified
      automatically to the least extent possible in order to render such provision
      valid and enforceable, but only if the provision as so modified remains
      consistent with the parties’ original intent.

     

    17. WAIVER
      OF BREACH.
      The
      waiver by either party hereto of a breach of any provision of this Agreement
      by
      the other party shall not operate or be construed as a waiver of any subsequent
      breach.

     

    18. SUCCESSORS
      AND ASSIGNS.
      This
      Agreement shall be binding upon and shall inure to the benefit of the parties
      hereto and their respective heirs, successors, representatives and assigns.
      This
      Agreement is assignable to any legal successor of the Company. This Agreement
      may not be assigned by Advisor, except that the Advisor may assign his rights
      under this Agreement to an entity controlled by Advisor.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    19. ENTIRE
      AGREEMENT.
      This
      Agreement constitutes the entire understanding and agreement between the Company
      and Advisor with regard to all matters contained herein and incorporates and
      supersedes all prior agreements between the parties concerning the subject
      matter hereof. There are no other agreements, conditions or representations,
      oral or written, express or implied, with regard thereto. This Agreement may
      be
      amended only in writing, signed by both parties.

     

    IN
      WITNESS WHEREOF,
      the
      parties have executed this Agreement as of the date set forth
      above.

     

    
      	
              a21,
                INC.

            	 	 	ADVISOR
	 	 	 	 	 
	 	 	 	 	 
	By:	
              /s/
                Thomas Costanza

            	 	 	/s/
              Albert H. Pleus
	 	
              
Name:
              Thomas Costanza	 	 	
              
Albert
              H. Pleus
	 	Title:
              Chief Financial Officer	 	 	 

    

     

    
      
        
        

      

      
        7EXECUTION

    

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    AURORA
      LOAN SERVICES LLC, as
      Master
      Servicer,

     

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

     

    and
      

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee

     

    
      
        

      

       

    

    TRUST
      AGREEMENT

     

    Dated
      as
      of September 1, 2006

     

    
      
 

    FIRST
      FRANKLIN MORTGAGE LOAN TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-FF14

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

    

    
      	 	 	 	 	 Page
	 	 	
            	 	 
	
               ARTICLE
                I DEFINITIONS

            	 	 
	 	 	 	 	 
	
              Section
                1.01

            	 	
              Definitions.

            	 	
              15

            
	
              Section
                1.02

            	 	
              Calculations
                Respecting Mortgage Loans.

            	 	
              57

            
	
              Section
                1.03

            	 	
              Calculations
                Respecting Accrued Interest.

            	 	
              57

            
	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            
	 
	
              Section
                2.01

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

            	 	
              57

            
	
              Section
                2.02

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

            	 	
              61

            
	
              Section
                2.03

            	 	
              Representations
                and Warranties of the Depositor.

            	 	
              63

            
	
              Section
                2.04

            	 	
              Discovery
                of Breach.

            	 	
              65

            
	
              Section
                2.05

            	 	
              Repurchase,
                Purchase or Substitution of Mortgage Loans.

            	 	
              65

            
	
              Section
                2.06

            	 	
              Grant
                Clause.

            	 	
              67

            
	 
	
              ARTICLE
                III THE CERTIFICATES

            
	 
	
              Section
                3.01

            	 	
              The
                Certificates.

            	 	
              68

            
	
              Section
                3.02

            	 	
              Registration.

            	 	
              69

            
	
              Section
                3.03

            	 	
              Transfer
                and Exchange of Certificates.

            	 	
              70

            
	
              Section
                3.04

            	 	
              Cancellation
                of Certificates.

            	 	
              76

            
	
              Section
                3.05

            	 	
              Replacement
                of Certificates.

            	 	
              76

            
	
              Section
                3.06

            	 	
              Persons
                Deemed Owners.

            	 	
              76

            
	
              Section
                3.07

            	 	
              Temporary
                Certificates.

            	 	
              76

            
	
              Section
                3.08

            	 	
              Appointment
                of Paying Agent.

            	 	
              77

            
	
              Section
                3.09

            	 	
              Book-Entry
                Certificates.

            	 	
              78

            
	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            
	 
	
              Section
                4.01

            	 	
              Collection
                Account.

            	 	
              79

            
	
              Section
                4.02

            	 	
              Application
                of Funds in the Collection Account.

            	 	
              81

            
	
              Section
                4.03

            	 	
              Reports
                to Certificateholders.

            	 	
              84

            
	
              Section
                4.04

            	 	
              Certificate
                Account.

            	 	
              88

            
	
              Section
                4.05

            	 	
              [Reserved]

            	 	
              89

            
	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            
	 
	
              Section
                5.01

            	 	
              Distributions
                Generally.

            	 	
              89

            
	
              Section
                5.02

            	 	
              Distributions
                from the Certificate Account.

            	 	
              90

            
	
              Section
                5.03

            	 	
              Allocation
                of Losses.

            	 	
              102

            
	
              Section
                5.04

            	 	
              Advances
                by Master Servicer, Servicer and Trustee.

            	 	
              103

            
	
              Section
                5.05

            	 	
              Compensating
                Interest Payments.

            	 	
              104

            
	
              Section
                5.06

            	 	
              Basis
                Risk Reserve Fund.

            	 	
              104

            
	
              Section
                5.07

            	 	
              Supplemental
                Interest Trust.

            	 	
              104

            
	
              Section
                5.08

            	 	
              Rights
                of Swap Counterparty.

            	 	
              106

            
	
              Section
                5.09

            	 	
              Termination
                Receipts.

            	 	
              106

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                VI CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

            
	 
	
              Section
                6.01

            	 	
              Duties
                of Trustee.

            	 	
              108

            
	
              Section
                6.02

            	 	
              Certain
                Matters Affecting the Trustee .

            	 	
              111

            
	
              Section
                6.03

            	 	
              Trustee
                Not Liable for Certificates.

            	 	
              112

            
	
              Section
                6.04

            	 	
              Trustee
                May Own Certificates.

            	 	
              112

            
	
              Section
                6.05

            	 	
              Eligibility
                Requirements for Trustee.

            	 	
              112

            
	
              Section
                6.06

            	 	
              Resignation
                and Removal of Trustee.

            	 	
              113

            
	
              Section
                6.07

            	 	
              Successor
                Trustee.

            	 	
              114

            
	
              Section
                6.08

            	 	
              Merger
                or Consolidation of Trustee.

            	 	
              114

            
	
              Section
                6.09

            	 	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian.

            	 	
              115

            
	
              Section
                6.10

            	 	
              Authenticating
                Agents.

            	 	
              117

            
	
              Section
                6.11

            	 	
              Indemnification
                of Trustee.

            	 	
              118

            
	
              Section
                6.12

            	 	
              Fees
                and Expenses of Trustee and Custodian.

            	 	
              118

            
	
              Section
                6.13

            	 	
              Collection
                of Monies.

            	 	
              119

            
	
              Section
                6.14

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

            	 	
              119

            
	
              Section
                6.15

            	 	
              Additional
                Remedies of Trustee Upon Event of Default.

            	 	
              123

            
	
              Section
                6.16

            	 	
              Waiver
                of Defaults.

            	 	
              124

            
	
              Section
                6.17

            	 	
              Notification
                to Holders.

            	 	
              124

            
	
              Section
                6.18

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

            	 	
              124

            
	
              Section
                6.19

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

            	 	
              125

            
	
              Section
                6.20

            	 	
              Preparation
                of Tax Returns and Other Reports.

            	 	
              125

            
	
              Section
                6.21

            	 	
              Reporting
                Requirements of the Commission.

            	 	
              132

            
	
              Section
                6.22

            	 	
              No
                Merger.

            	 	
              132

            
	
              Section
                6.23

            	 	
              Indemnification
                by the Trustee.

            	 	
              132

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

            
	 
	
              Section
                7.01

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

            	 	
              133

            
	
              Section
                7.02

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

            	 	
              135

            
	
              Section
                7.03

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

            	 	
              136

            
	
              Section
                7.04

            	 	
              Optional
                Repurchase Right.

            	 	
              137

            
	 
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            
	 
	
              Section
                8.01

            	 	
              Limitation
                on Rights of Holders.

            	 	
              138

            
	
              Section
                8.02

            	 	
              Access
                to List of Holders.

            	 	
              138

            
	
              Section
                8.03

            	 	
              Acts
                of Holders of Certificates.

            	 	
              139

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE 

              MASTER
                SERVICER; CREDIT RISK MANAGER

            
	 
	
              Section
                9.01

            	 	
              Duties
                of the Master Servicer.

            	 	
              140

            
	
              Section
                9.02

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

            	 	
              140

            
	
              Section
                9.03

            	 	
              Master
                Servicer’s Financial Statements and Related Information.

            	 	
              141

            
	
              Section
                9.04

            	 	
              Power
                to Act; Procedures.

            	 	
              141

            
	
              Section
                9.05

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

            	 	
              143

            
	
              Section
                9.06

            	 	
              Collection
                of Taxes, Assessments and Similar Items.

            	 	
              144

            
	
              Section
                9.07

            	 	
              Termination
                of Servicing Agreement; Successor Servicer.

            	 	
              145

            
	
              Section
                9.08

            	 	
              Master
                Servicer Liable for Enforcement.

            	 	
              146

            
	
              Section
                9.09

            	 	
              No
                Contractual Relationship Between the Servicer and Trustee or
                Depositor.

            	 	
              146

            
	
              Section
                9.10

            	 	
              Assumption
                of Servicing Agreement by Trustee.

            	 	
              146

            
	
              Section
                9.11

            	 	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	 	
              147

            
	
              Section
                9.12

            	 	
              Release
                of Mortgage Files.

            	 	
              147

            
	
              Section
                9.13

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

            	 	
              148

            
	
              Section
                9.14

            	 	
              Representations
                and Warranties of the Master Servicer.

            	 	
              149

            
	
              Section
                9.15

            	 	
              Opinion.

            	 	
              151

            
	
              Section
                9.16

            	 	
              Standard
                Hazard and Flood Insurance Policies.

            	 	
              152

            
	
              Section
                9.17

            	 	
              Presentment
                of Claims and Collection of Proceeds.

            	 	
              152

            
	
              Section
                9.18

            	 	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            	 	
              152

            
	
              Section
                9.19

            	 	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents.

            	 	
              153

            
	
              Section
                9.20

            	 	
              [Reserved]

            	 	
              153

            
	
              Section
                9.21

            	 	
              Compensation
                to the Master Servicer.

            	 	
              153

            
	
              Section
                9.22

            	 	
              REO
                Property.

            	 	
              154

            
	
              Section
                9.23

            	 	
              Notice
                to the Sponsor, the Depositor and the Trustee.

            	 	
              154

            
	
              Section
                9.24

            	 	
              Reports
                to the Trustee.

            	 	
              155

            
	
              Section
                9.25

            	 	
              Assessment
                of Compliance and Attestation Reports.

            	 	
              155

            
	
              Section
                9.26

            	 	
              Annual
                Statement of Compliance with Applicable Servicing
                Criteria.

            	 	
              157

            
	
              Section
                9.27

            	 	
              Merger
                or Consolidation.

            	 	
              157

            
	
              Section
                9.28

            	 	
              Resignation
                of Master Servicer.

            	 	
              158

            
	
              Section
                9.29

            	 	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	 	
              158

            
	
              Section
                9.30

            	 	
              Limitation
                on Liability of the Master Servicer and Others.

            	 	
              159

            
	
              Section
                9.31

            	 	
              Indemnification;
                Third-Party Claims.

            	 	
              160

            
	
              Section
                9.32

            	 	
              Special
                Servicing of Delinquent Mortgage Loans.

            	 	
              160

            
	
              Section
                9.33

            	 	
              Alternative
                Index.

            	 	
              160

            
	
              Section
                9.34

            	 	
              Duties
                of the Credit Risk Manager.

            	 	
              161

            
	
              Section
                9.35

            	 	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	 	
              162

            
	
              Section
                9.36

            	 	
              Indemnification
                by the Credit Risk Manager.

            	 	
              163

            
	
              Section
                9.37

            	 	
              Removal
                of Credit Risk Manager.

            	 	
              163

            
	 
	
              ARTICLE
                X REMIC ADMINISTRATION

            
	 
	
              Section
                10.01

            	 	
              REMIC
                Administration.

            	 	
              163

            
	
              Section
                10.02

            	 	
              Prohibited
                Transactions and Activities.

            	 	
              166

            
	
              Section
                10.03

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

            	 	
              167

            
	
              Section
                10.04

            	 	
              REO
                Property.

            	 	
              167

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            
	 
	
              Section
                11.01

            	 	
              Binding
                Nature of Agreement; Assignment.

            	 	
              168

            
	
              Section
                11.02

            	 	
              Entire
                Agreement.

            	 	
              168

            
	
              Section
                11.03

            	 	
              Amendment.

            	 	
              168

            
	
              Section
                11.04

            	 	
              Voting
                Rights.

            	 	
              170

            
	
              Section
                11.05

            	 	
              Provision
                of Information.

            	 	
              170

            
	
              Section
                11.06

            	 	
              Governing
                Law.

            	 	
              171

            
	
              Section
                11.07

            	 	
              Notices.

            	 	
              171

            
	
              Section
                11.08

            	 	
              Severability
                of Provisions.

            	 	
              171

            
	
              Section
                11.09

            	 	
              Indulgences;
                No Waivers.

            	 	
              172

            
	
              Section
                11.10

            	 	
              Headings
                Not To Affect Interpretation.

            	 	
              172

            
	
              Section
                11.11

            	 	
              Benefits
                of Agreement.

            	 	
              172

            
	
              Section
                11.12

            	 	
              Special
                Notices to the Rating Agencies and any NIMS Insurer.

            	 	
              172

            
	
              Section
                11.13

            	 	
              Conflicts.

            	 	
              173

            
	
              Section
                11.14

            	 	
              Counterparts.

            	 	
              173

            
	
              Section
                11.15

            	 	
              Transfer
                of Servicing.

            	 	
              174

            

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    ATTACHMENTS

     

    
      	
              Exhibit
                A

            	
               

            	
              Forms
                of Certificates

            
	
              Exhibit
                B-1

            	
               

            	
              Form
                of Initial Certification

            
	
              Exhibit
                B-2

            	
               

            	
              Form
                of Interim Certification

            
	
              Exhibit
                B-3

            	
               

            	
              Form
                of Final Certification

            
	
              Exhibit
                B-4

            	
               

            	
              Form
                of Endorsement

            
	
              Exhibit
                C

            	
               

            	
              Request
                for Release of Documents and Receipt

            
	
              Exhibit
                D-l

            	
               

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferee)

            
	
              Exhibit
                D-2

            	
               

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferor)

            
	
              Exhibit
                E

            	
               

            	
              List
                of Servicing Agreements

            
	
              Exhibit
                F

            	
               

            	
              Form
                of Rule 144A Transfer Certificate

            
	
              Exhibit
                G

            	
               

            	
              Form
                of Purchaser’s Letter for Institutional Accredited Investors
                

            
	
              Exhibit
                H

            	
               

            	
              Form
                of ERISA Transfer Affidavit

            
	
              Exhibit
                I

            	
               

            	
              Monthly
                Remittance Advice

            
	
              Exhibit
                J

            	
               

            	
              Monthly
                Electronic Data Transmission

            
	
              Exhibit
                K

            	
               

            	
              List
                of Custodial Agreements

            
	
              Exhibit
                L

            	
               

            	
              List
                of Credit Risk Management Agreements 

            
	
              Exhibit
                M-1

            	
               

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

            
	
              Exhibit
                M-2

            	
               

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

            
	
              Exhibit
                N

            	
               

            	
              Interest
                Rate Cap Agreement

            
	
              Exhibit
                O

            	
               

            	
              Swap
                Agreement

            
	
              Exhibit
                P-1

            	
               

            	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                P-2

            	
               

            	
              Additional
                Form 10-K Disclosure 

            
	
              Exhibit
                P-3

            	
               

            	
              Additional
                Form 8-K Disclosure

            
	
              Exhibit
                P-4

            	
               

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                Q-1

            	
               

            	
              Form
                of Back-Up Sarbanes-Oxley Certification

            
	
              Exhibit
                Q-2

            	
               

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

            
	
              Exhibit
                R

            	
               

            	
              Form
                of Credit Risk Management Report

            
	
              Exhibit
                S

            	
               

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

            
	
              Exhibit
                T

            	
               

            	
              [Reserved]

            
	
              Exhibit
                U

            	
               

            	
              Form
                of Certification to be Provided by the Credit Risk
                Manager

            
	
              Exhibit
                V

            	
               

            	
              Transaction
                Parties

            
	
              Schedule
                A

            	
               

            	
              Mortgage
                Loan Schedule (by Mortgage Pool)

            

    

    

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

    

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

       

      PRELIMINARY
        STATEMENT

       

      The
        Depositor has acquired the Mortgage Loans from the Seller, and at the Closing
        Date is the owner of the Mortgage Loans and the other property being conveyed
        by
        it to the Trustee hereunder for inclusion in the Trust Fund. On the Closing
        Date, the Depositor will acquire the Certificates from the Trust Fund, as
        consideration for its transfer to the Trust Fund of the Mortgage Loans and
        the
        other property constituting the Trust Fund. The Depositor has duly authorized
        the execution and delivery of this Agreement to provide for the conveyance
        to
        the Trustee of the Mortgage Loans and the other property constituting the
        Trust
        Fund. All covenants and agreements made by the Seller in the Mortgage Loan
        Sale
        Agreement and by the Depositor, the Master Servicer and the Trustee herein
        with
        respect to the Mortgage Loans and the other property constituting the Trust
        Fund
        are for the benefit of the Holders from time to time of the Certificates
        and, to
        the extent provided herein, any NIMS Insurer, the Swap Counterparty and the
        Cap
        Counterparty. The Depositor, the Trustee, the Master Servicer and the Credit
        Risk Manager are entering into this Agreement, and the Trustee is accepting
        the
        Trust Fund created hereby, for good and valuable consideration, the receipt
        and
        sufficiency of which are hereby acknowledged. 

       

      As
        provided herein, an election shall be made that the Trust Fund (exclusive
        of (i)
        the Swap Agreement, (ii) the Swap Account, (iii) the right to receive and
        the
        obligation to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls,
        (iv)
        the Basis Risk Reserve Fund, (v) the Supplemental Interest Trust, (vi) the
        Interest Rate Cap Agreement, (vii) the Interest Rate Cap Account, (viii)
        any
        PPTL Premium and (ix) the obligation to pay Class I Shortfalls (collectively,
        the “Excluded Trust Assets”)) be treated for federal income tax purposes as
        comprising four real estate mortgage investment conduits under Section 860D
        of
        the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3,”
and “REMIC 4” (REMIC 4 also being referred to as the “Upper Tier REMIC”)). Any
        inconsistencies or ambiguities in this Agreement or in the administration
        of
        this Agreement shall be resolved in a manner that preserves the validity
        of such
        REMIC elections.

       

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

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

       

      REMIC
        1:  

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      REMIC
        2:   

       

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

       

      

        
          	
                  Class Designation

                	 	
                  Initial Principal

                  Balance

                	 	
                   

                  Interest Rate

                
	
                  LT2-A

                	 	
                  $     48,367,245.54

                	 	
                  (1)

                
	
                  LT2-F1

                	 	
                  $     16,688,500.00

                	 	
                  (2)

                
	
                  LT2-V1

                	 	
                  $     16,688,500.00

                	 	
                  (3)

                
	
                  LT2-F2

                	 	
                  $     16,196,500.00

                	 	
                  (2)

                
	
                  LT2-V2

                	 	
                  $     16,196,500.00

                	 	
                  (3)

                
	
                  LT2-F3

                	 	
                  $     15,718,000.00

                	 	
                  (2)

                
	
                  LT2-V3

                	 	
                  $     15,718,000.00

                	 	
                  (3)

                
	
                  LT2-F4

                	 	
                  $     15,254,500.00

                	 	
                  (2)

                
	
                  LT2-V4

                	 	
                  $     15,254,500.00

                	 	
                  (3)

                
	
                  LT2-F5

                	 	
                  $     14,804,000.00

                	 	
                  (2)

                
	
                  LT2-V5

                	 	
                  $     14,804,000.00

                	 	
                  (3)

                
	
                  LT2-F6

                	 	
                  $     14,367,500.00

                	 	
                  (2)

                
	
                  LT2-V6

                	 	
                  $     14,367,500.00

                	 	
                  (3)

                
	
                  LT2-F7

                	 	
                  $     13,943,000.00

                	 	
                  (2)

                
	
                  LT2-V7

                	 	
                  $     13,943,000.00

                	 	
                  (3)

                
	
                  LT2-F8

                	 	
                  $     13,531,500.00

                	 	
                  (2)

                
	
                  LT2-V8

                	 	
                  $     13,531,500.00

                	 	
                  (3)

                
	
                  LT2-F9

                	 	
                  $     13,132,500.00

                	 	
                  (2)

                
	
                  LT2-V9

                	 	
                  $     13,132,500.00

                	 	
                  (3)

                
	
                  LT2-F10

                	 	
                  $     13,415,000.00

                	 	
                  (2)

                
	
                  LT2-V10

                	 	
                  $     13,415,000.00

                	 	
                  (3)

                
	
                  LT2-F11

                	 	
                  $     14,828,500.00

                	 	
                  (2)

                
	
                  LT2-V11

                	 	
                  $     14,828,500.00

                	 	
                  (3)

                
	
                  LT2-F12

                	 	
                  $     15,412,500.00

                	 	
                  (2)

                
	
                  LT2-V12

                	 	
                  $     15,412,500.00

                	 	
                  (3)

                
	
                  LT2-F13

                	 	
                  $     15,288,500.00

                	 	
                  (2)

                
	
                  LT2-V13

                	 	
                  $     15,288,500.00

                	 	
                  (3)

                
	
                  LT2-F14

                	 	
                  $     15,135,500.00

                	 	
                  (2)

                
	
                  LT2-V14

                	 	
                  $     15,135,500.00

                	 	
                  (3)

                
	
                  LT2-F15

                	 	
                  $     14,956,000.00

                	 	
                  (2)

                
	
                  LT2-V15

                	 	
                  $     14,956,000.00

                	 	
                  (3)

                
	
                  LT2-F16

                	 	
                  $     14,751,000.00

                	 	
                  (2)

                
	
                  LT2-V16

                	 	
                  $     14,751,000.00

                	 	
                  (3)

                
	
                  LT2-F17

                	 	
                  $     14,520,500.00

                	 	
                  (2)

                
	
                  LT2-V17

                	 	
                  $     14,520,500.00

                	 	
                  (3)

                
	
                  LT2-F18

                	 	
                  $     14,266,500.00

                	 	
                  (2)

                
	
                  LT2-V18

                	 	
                  $     14,266,500.00

                	 	
                  (3)

                
	
                  LT2-F19

                	 	
                  $     13,992,500.00

                	 	
                  (2)

                
	
                  LT2-V19

                	 	
                  $     13,992,500.00

                	 	
                  (3)

                

        

         

         

         

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                Class Designation

              	 	
                Initial Principal

                Balance

              	 	
                 

                Interest Rate

              

      

      
        
          	
                  LT2-F20

                	 	
                  $     13,697,000.00

                	 	
                  (2)

                
	
                  LT2-V20

                	 	
                  $     13,697,000.00

                	 	
                  (3)

                
	
                  LT2-F21

                	 	
                  $     13,383,500.00

                	 	
                  (2)

                
	
                  LT2-V21

                	 	
                  $     13,383,500.00

                	 	
                  (3)

                
	
                  LT2-F22

                	 	
                  $     13,053,000.00

                	 	
                  (2)

                
	
                  LT2-V22

                	 	
                  $     13,053,000.00

                	 	
                  (3)

                
	
                  LT2-F23

                	 	
                  $     44,980,500.00

                	 	
                  (2)

                
	
                  LT2-V23

                	 	
                  $     44,980,500.00

                	 	
                  (3)

                
	
                  LT2-F24

                	 	
                  $     24,174,000.00

                	 	
                  (2)

                
	
                  LT2-V24

                	 	
                  $     24,174,000.00

                	 	
                  (3)

                
	
                  LT2-F25

                	 	
                  $     21,130,500.00

                	 	
                  (2)

                
	
                  LT2-V25

                	 	
                  $     21,130,500.00

                	 	
                  (3)

                
	
                  LT2-F26

                	 	
                  $     16,063,500.00

                	 	
                  (2)

                
	
                  LT2-V26

                	 	
                  $     16,063,500.00

                	 	
                  (3)

                
	
                  LT2-F27

                	 	
                  $     12,524,500.00

                	 	
                  (2)

                
	
                  LT2-V27

                	 	
                  $     12,524,500.00

                	 	
                  (3)

                
	
                  LT2-F28

                	 	
                  $       9,943,500.00

                	 	
                  (2)

                
	
                  LT2-V28

                	 	
                  $       9,943,500.00

                	 	
                  (3)

                
	
                  LT2-F29

                	 	
                  $       7,999,000.00

                	 	
                  (2)

                
	
                  LT2-V29

                	 	
                  $       7,999,000.00

                	 	
                  (3)

                
	
                  LT2-F30

                	 	
                  $       6,493,000.00

                	 	
                  (2)

                
	
                  LT2-V30

                	 	
                  $       6,493,000.00

                	 	
                  (3)

                
	
                  LT2-F31

                	 	
                  $       5,300,000.00

                	 	
                  (2)

                
	
                  LT2-V31

                	 	
                  $       5,300,000.00

                	 	
                  (3)

                
	
                  LT2-F32

                	 	
                  $       4,336,000.00

                	 	
                  (2)

                
	
                  LT2-V32

                	 	
                  $       4,336,000.00

                	 	
                  (3)

                
	
                  LT2-F33

                	 	
                  $       4,122,500.00

                	 	
                  (2)

                
	
                  LT2-V33

                	 	
                  $       4,122,500.00

                	 	
                  (3)

                
	
                  LT2-F34

                	 	
                  $       3,919,500.00

                	 	
                  (2)

                
	
                  LT2-V34

                	 	
                  $       3,919,500.00

                	 	
                  (3)

                
	
                  LT2-F35

                	 	
                  $       3,727,000.00

                	 	
                  (2)

                
	
                  LT2-V35

                	 	
                  $       3,727,000.00

                	 	
                  (3)

                
	
                  LT2-F36

                	 	
                  $       3,544,500.00

                	 	
                  (2)

                
	
                  LT2-V36

                	 	
                  $       3,544,500.00

                	 	
                  (3)

                
	
                  LT2-F37

                	 	
                  $       3,371,000.00

                	 	
                  (2)

                
	
                  LT2-V37

                	 	
                  $       3,371,000.00

                	 	
                  (3)

                
	
                  LT2-F38

                	 	
                  $       3,205,500.00

                	 	
                  (2)

                
	
                  LT2-V38

                	 	
                  $       3,205,500.00

                	 	
                  (3)

                
	
                  LT2-F39

                	 	
                  $       3,048,500.00

                	 	
                  (2)

                
	
                  LT2-V39

                	 	
                  $       3,048,500.00

                	 	
                  (3)

                
	
                  LT2-F40

                	 	
                  $       2,899,500.00

                	 	
                  (2)

                
	
                  LT2-V40

                	 	
                  $       2,899,500.00

                	 	
                  (3)

                
	
                  LT2-F41

                	 	
                  $       2,756,000.00

                	 	
                  (2)

                
	
                  LT2-V41

                	 	
                  $       2,756,000.00

                	 	
                  (3)

                

        

         

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                Class Designation

              	 	
                Initial Principal

                Balance

              	 	
                 

                Interest Rate

              

      

      
        
          	
                  LT2-F42

                	 	
                  $       2,622,500.00

                	 	
                  (2)

                
	
                  LT2-V42

                	 	
                  $       2,622,500.00

                	 	
                  (3)

                
	
                  LT2-F43

                	 	
                  $       2,493,000.00

                	 	
                  (2)

                
	
                  LT2-V43

                	 	
                  $       2,493,000.00

                	 	
                  (3)

                
	
                  LT2-F44

                	 	
                  $       2,370,500.00

                	 	
                  (2)

                
	
                  LT2-V44

                	 	
                  $       2,370,500.00

                	 	
                  (3)

                
	
                  LT2-F45

                	 	
                  $       2,255,000.00

                	 	
                  (2)

                
	
                  LT2-V45

                	 	
                  $       2,255,000.00

                	 	
                  (3)

                
	
                  LT2-F46

                	 	
                  $       2,144,000.00

                	 	
                  (2)

                
	
                  LT2-V46

                	 	
                  $       2,144,000.00

                	 	
                  (3)

                
	
                  LT2-F47

                	 	
                  $       2,038,500.00

                	 	
                  (2)

                
	
                  LT2-V47

                	 	
                  $       2,038,500.00

                	 	
                  (3)

                
	
                  LT2-F48

                	 	
                  $       1,940,000.00

                	 	
                  (2)

                
	
                  LT2-V48

                	 	
                  $       1,940,000.00

                	 	
                  (3)

                
	
                  LT2-F49

                	 	
                  $       1,843,500.00

                	 	
                  (2)

                
	
                  LT2-V49

                	 	
                  $       1,843,500.00

                	 	
                  (3)

                
	
                  LT2-F50

                	 	
                  $       1,753,500.00

                	 	
                  (2)

                
	
                  LT2-V50

                	 	
                  $       1,753,500.00

                	 	
                  (3)

                
	
                  LT2-F51

                	 	
                  $       1,667,500.00

                	 	
                  (2)

                
	
                  LT2-V51

                	 	
                  $       1,667,500.00

                	 	
                  (3)

                
	
                  LT2-F52

                	 	
                  $       1,585,500.00

                	 	
                  (2)

                
	
                  LT2-V52

                	 	
                  $       1,585,500.00

                	 	
                  (3)

                
	
                  LT2-F53

                	 	
                  $       1,507,500.00

                	 	
                  (2)

                
	
                  LT2-V53

                	 	
                  $       1,507,500.00

                	 	
                  (3)

                
	
                  LT2-F54

                	 	
                  $       1,434,000.00

                	 	
                  (2)

                
	
                  LT2-V54

                	 	
                  $       1,434,000.00

                	 	
                  (3)

                
	
                  LT2-F55

                	 	
                  $       1,363,500.00

                	 	
                  (2)

                
	
                  LT2-V55

                	 	
                  $       1,363,500.00

                	 	
                  (3)

                
	
                  LT2-F56

                	 	
                  $       1,297,000.00

                	 	
                  (2)

                
	
                  LT2-V56

                	 	
                  $       1,297,000.00

                	 	
                  (3)

                
	
                  LT2-F57

                	 	
                  $       1,234,000.00

                	 	
                  (2)

                
	
                  LT2-V57

                	 	
                  $       1,234,000.00

                	 	
                  (3)

                
	
                  LT2-F58

                	 	
                  $       1,177,500.00

                	 	
                  (2)

                
	
                  LT2-V58

                	 	
                  $       1,177,500.00

                	 	
                  (3)

                
	
                  LT2-F59

                	 	
                  $     22,663,000.00

                	 	
                  (2)

                
	
                  LT2-V59

                	 	
                  $     22,663,000.00

                	 	
                  (3)

                
	
                  LT2-R

                	 	
                  (4)

                	 	
                  (4)

                

 

      

      	(1)  	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for the Class LT2-A Interest shall be the Net WAC Rate.
                

            

       

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

            

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      	(3)  	
              For
                any Distribution Date (and the related Accrual Period) the interest
                rate
                for each of these Lower Tier Interests shall be the excess, if any,
                of (i)
                the product of (a) the Net WAC Rate and (b) 2, over (ii) the REMIC
                Swap
                Rate for such Distribution Date.

            

       

      	(4)  	
              The
                Class LT2-R interest shall not have a principal amount and shall
                not bear
                interest. The Class LT2-R interest is hereby designated as the sole
                class
                of residual interest in REMIC 2.

            

       

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

       

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

       

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

       

      
        REMIC
          3:   

         

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

         

        
          	
                  REMIC
                    3

                  Lower
                    Tier 

                  Class
                    Designation

                	 	
                  REMIC
                    3

                  Lower
                    Tier

                  Interest
                    Rate

                	 	
                  Initial
                    Class 

                  Principal
                    Amount

                	 	
                  Corresponding
                    Class of Certificate(s)

                
	
                  Class
                    LT3-A1

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A1

                
	
                  Class
                    LT3-A2

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A2

                
	
                  Class
                    LT3-A3

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A3

                
	
                  Class
                    LT3-A4

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A4

                
	
                  Class
                    LT3-A5

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A5

                
	
                  Class
                    LT3-A6

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  A6

                
	
                  Class
                    LT3-M1

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M1

                
	
                  Class
                    LT3-M2

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M2

                
	
                  Class
                    LT3-M3

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M3

                
	
                  Class
                    LT3-M4

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M4

                
	
                  Class
                    LT3-M5

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M5

                
	
                  Class
                    LT3-M6

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M6

                
	
                  Class
                    LT3-M7

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M7

                
	
                  Class
                    LT3-M8

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M8

                
	
                  Class
                    LT3-M9

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  M9

                
	
                  Class
                    LT3-B

                	 	
                  (1)

                	 	
                  (3)

                	 	
                  B

                
	
                  Class
                    LT3-Q

                	 	
                  (1)

                	 	
                  (4)

                	 	
                  N/A

                
	
                  Class
                    LT3-IO

                	 	
                  (2)

                	 	
                  (2)

                	 	
                  N/A

                
	
                  Class
                    LT3-R

                	 	
                  (5)

                	 	
                  (5)

                	 	
                  R

                

        

        
           

          
            

          

        

        	(1)  	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Lower Tier Interests in REMIC 3 is a per annum
                  rate
                  equal to the weighted average of the interest rates on the Lower
                  Tier
                  Interests in REMIC 2 for such Distribution Date, provided,
                  however, that
                  for any Distribution Date on which the Class LT3-IO Interest is
                  entitled
                  to a portion of the interest accruals on a Lower Tier Interest
                  in REMIC 2
                  having an “F” in its class designation, as described in footnote two
                  below, such weighted average shall be computed by first subjecting
                  the
                  rate on such Lower Tier Interest in REMIC 2 to a cap equal to Swap
                  LIBOR
                  for such Distribution Date.

              

         

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

              

         

        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

         

        
          	
                  Distribution
                    Dates

                	 	
                  REMIC
                    

                  2
                    Class Designation

                
	
                  2

                	 	
                  Class
                    LT2-F1

                
	
                  2-3

                	 	
                  Class
                    LT2-F2

                
	
                  2-4

                	 	
                  Class
                    LT2-F3

                
	
                  2-5

                	 	
                  Class
                    LT2-F4

                
	
                  2-6

                	 	
                  Class
                    LT2-F5

                
	
                  2-7

                	 	
                  Class
                    LT2-F6

                
	
                  2-8

                	 	
                  Class
                    LT2-F7

                
	
                  2-9

                	 	
                  Class
                    LT2-F8

                
	
                  2-10

                	 	
                  Class
                    LT2-F9

                
	
                  2-11

                	 	
                  Class
                    LT2-F10

                
	
                  2-12

                	 	
                  Class
                    LT2-F11

                
	
                  2-13

                	 	
                  Class
                    LT2-F12

                
	
                  2-14

                	 	
                  Class
                    LT2-F13

                
	
                  2-15

                	 	
                  Class
                    LT2-F14

                
	
                  2-16

                	 	
                  Class
                    LT2-F15

                
	
                  2-17

                	 	
                  Class
                    LT2-F16

                
	
                  2-18

                	 	
                  Class
                    LT2-F17

                
	
                  2-19

                	 	
                  Class
                    LT2-F18

                
	
                  2-20

                	 	
                  Class
                    LT2-F19

                
	
                  2-21

                	 	
                  Class
                    LT2-F20

                
	
                  2-22

                	 	
                  Class
                    LT2-F21

                
	
                  2-23

                	 	
                  Class
                    LT2-F22

                
	
                  2-24

                	 	
                  Class
                    LT2-F23

                
	
                  2-25

                	 	
                  Class
                    LT2-F24

                
	
                  2-26

                	 	
                  Class
                    LT2-F25

                
	
                  2-27

                	 	
                  Class
                    LT2-F26

                
	
                  2-28

                	 	
                  Class
                    LT2-F27

                
	
                  2-29

                	 	
                  Class
                    LT2-F28

                
	
                  2-30

                	 	
                  Class
                    LT2-F29

                
	
                  2-31

                	 	
                  Class
                    LT2-F30

                
	
                  2-32

                	 	
                  Class
                    LT2-F31

                
	
                  2-33

                	 	
                  Class
                    LT2-F32

                
	
                  2-34

                	 	
                  Class
                    LT2-F33

                
	
                  2-35

                	 	
                  Class
                    LT2-F34

                
	
                  2-36

                	 	
                  Class
                    LT2-F35

                
	
                  2-37

                	 	
                  Class
                    LT2-F36

                
	
                  2-38

                	 	
                  Class
                    LT2-F37

                
	
                  2-39

                	 	
                  Class
                    LT2-F38

                
	
                  2-40

                	 	
                  Class
                    LT2-F39

                
	
                  2-41

                	 	
                  Class
                    LT2-F40

                
	
                  2-42

                	 	
                  Class
                    LT2-F41

                
	
                  2-43

                	 	
                  Class
                    LT2-F42

                
	
                  2-44

                	 	
                  Class
                    LT2-F43

                
	
                  2-45

                	 	
                  Class
                    LT2-F44

                
	
                  2-46

                	 	
                  Class
                    LT2-F45

                
	
                  2-47

                	 	
                  Class
                    LT2-F46

                
	
                  2-48

                	 	
                  Class
                    LT2-F47

                
	
                  2-49

                	 	
                  Class
                    LT2-F48

                
	
                  2-50

                	 	
                  Class
                    LT2-F49

                
	
                  2-51

                	 	
                  Class
                    LT2-F50

                
	
                  2-52

                	 	
                  Class
                    LT2-F51

                
	
                  2-53

                	 	
                  Class
                    LT2-F52

                
	
                  2-54

                	 	
                  Class
                    LT2-F53

                
	
                  2-55

                	 	
                  Class
                    LT2-F54

                
	
                  2-56

                	 	
                  Class
                    LT2-F55

                
	
                  2-57

                	 	
                  Class
                    LT2-F56

                
	
                  2-58

                	 	
                  Class
                    LT2-F57

                
	
                  2-59

                	 	
                  Class
                    LT2-F58

                
	
                  2-60

                	 	
                  Class
                    LT2-F59

                

        

         

        
          

        

        	(3)  	
                This
                  interest shall have an initial class principal amount equal to
                  one-half of
                  the initial Class Principal Amount of its Corresponding Class of
                  Certificates.

              

         

        	(4)  	
                This
                  interest shall have an initial class principal amount equal to
                  the excess
                  of (i) the Aggregate Pool Balance as of the Cut-off Date, over
                  (ii) the
                  aggregate initial class principal amount of each other regular
                  interest in
                  REMIC 3.

              

         

        	(5)  	
                The
                  Class LT3-R interest is the sole class of residual interests in
                  REMIC 3.
                  It does not have an interest rate or a principal
                  balance.

              

         

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

         

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

         

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

      

      The
        Certificates:

       

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

      

        
          	
                  Class

                  Designation

                	 	
                  Certificate

                  Interest
                    Rate

                	 	
                  Initial

                  Class
                    Principal Amount 

                	 	
                  Minimum

                  Denomination

                
	
                  Class
                    A1

                	 	
                  (1)

                	 	
                  $

                	
                  129,258,000

                	 	
                  $
                    25,000

                
	
                  Class
                    A2

                	 	
                  (2)

                	 	
                  $

                	
                  340,869,000

                	 	
                  $
                    25,000

                
	
                  Class
                    A3

                	 	
                  (3)

                	 	
                  $

                	
                  177,785,000

                	 	
                  $
                    25,000

                
	
                  Class
                    A4

                	 	
                  (4)

                	 	
                  $
                    

                	
                  28,746,000

                	 	
                  $
                    25,000

                
	
                  Class
                    A5

                	 	
                  (5)

                	 	
                  $

                	
                  205,997,000

                	 	
                  $
                    25,000

                
	
                  Class
                    A6

                	 	
                  (6)

                	 	
                  $
                    

                	
                  83,712,000

                	 	
                  $
                    25,000

                
	
                  Class
                    M1

                	 	
                  (7)

                	 	
                  $
                    

                	
                  37,794,000

                	 	
                  $100,000

                
	
                  Class
                    M2

                	 	
                  (8)

                	 	
                  $
                    

                	
                  32,561,000

                	 	
                  $100,000

                
	
                  Class
                    M3

                	 	
                  (9)

                	 	
                  $
                    

                	
                  19,769,000

                	 	
                  $100,000

                
	
                  Class
                    M4

                	 	
                  (10)

                	 	
                  $
                    

                	
                  18,025,000

                	 	
                  $100,000

                
	
                  Class
                    M5

                	 	
                  (11)

                	 	
                  $
                    

                	
                  16,862,000

                	 	
                  $100,000

                
	
                  Class
                    M6

                	 	
                  (12)

                	 	
                  $
                    

                	
                  15,699,000

                	 	
                  $100,000

                
	
                  Class
                    M7

                	 	
                  (13)

                	 	
                  $
                    

                	
                  14,536,000

                	 	
                  $100,000

                
	
                  Class
                    M8

                	 	
                  (14)

                	 	
                  $
                    

                	
                  7,559,000

                	 	
                  $100,000

                
	
                  Class
                    M9

                	 	
                  (15)

                	 	
                  $
                    

                	
                  8,140,000

                	 	
                  $100,000

                
	
                  Class
                    B

                	 	
                  (16)

                	 	
                  $
                    

                	
                  11,629,000

                	 	
                  $100,000

                
	
                  Class
                    X

                	 	
                  (17)

                	 	 	
                  (17)

                	 	
                  10%

                
	
                  Class
                    R

                	 	
                  (18)

                	 	 	
                  (18)

                	 	
                  100%

                
	
                  Class
                    P

                	 	
                  (19)

                	 	
                  $

                	
                  100
                    (20)

                	 	
                  10%

                
	
                  Class
                    LT-R

                	 	
                  (21)

                	 	 	
                  (21)

                	 	
                  100%

                

        

      

      
         

        
          

        

      

      	(1)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.105% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amounts of the
                Group 2
                Senior Certificates are outstanding, the Pool 1 Net Funds Cap for
                such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amounts of the Group 2 Senior Certificates have been reduced
                to
                zero, the Subordinate Net Funds Cap for such Distribution
                Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A1 Certificates
                will be LIBOR plus 0.210%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A1 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A1 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A1 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A1 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      	(2)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.060% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amount of the
                Class A1
                Certificates is outstanding, the Pool 2 Net Funds Cap for such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amount of the Class A1 Certificates has been reduced to
                zero,
                the Subordinate Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A2 Certificates
                will be LIBOR plus 0.120%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A2 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A2 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A2 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A2 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      	(3)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.050% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amount of the
                Class A1
                Certificates is outstanding, the Pool 2 Net Funds Cap for such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amount of the Class A1 Certificates has been reduced to
                zero,
                the Subordinate Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A3 Certificates
                will be LIBOR plus 0.100%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A3 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A3 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A3 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A3 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      	(4)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.100% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amount of the
                Class A1
                Certificates is outstanding, the Pool 2 Net Funds Cap for such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amount of the Class A1 Certificates has been reduced to
                zero,
                the Subordinate Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A4 Certificates
                will be LIBOR plus 0.200%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A4 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A4 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A4 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A4 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      	(5)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.160% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amount of the
                Class A1
                Certificates is outstanding, the Pool 2 Net Funds Cap for such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amount of the Class A1 Certificates has been reduced to
                zero,
                the Subordinate Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A5 Certificates
                will be LIBOR plus 0.320%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A5 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A5 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A5 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A5 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      	(6)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class A6 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.310% and (ii) with respect
                to
                any Distribution Date on which the Class Principal Amount of the
                Class A1
                Certificates is outstanding, the Pool 2 Net Funds Cap for such
                Distribution Date or, after the Distribution Date on which the Class
                Principal Amount of the Class A1 Certificates has been reduced to
                zero,
                the Subordinate Net Funds Cap for such Distribution Date;
                provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class A6 Certificates
                will be LIBOR plus 0.620%. For purposes of the REMIC Provisions,
                the
                reference to a “Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class A6 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                A6 Certificates is based on a Net Funds Cap, the amount of interest
                that
                would have accrued on the Class A6 Certificates if the REMIC 3 Net
                Funds
                Cap were substituted for the Net Funds Cap shall be treated as having
                been
                paid by the Class A5 Certificateholders to the Supplemental Interest
                Trust, all pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      	(7)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.260% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M1 Certificates
                will be LIBOR plus 0.390%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M1 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M1 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M1
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M1 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n) hereof.
                

            

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      	(8)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.290% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M2 Certificates
                will be LIBOR plus 0.435%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M2 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M2 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M2
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M2 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      	(9)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.340% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M3 Certificates
                will be LIBOR plus 0.510%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M3 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M3 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M3
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M3 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      	(10)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.360% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M4 Certificates
                will be LIBOR plus 0.540%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M4 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M4 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M4
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M4 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n) hereof.
                

            

       

      	(11)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M5 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.380% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M5 Certificates
                will be LIBOR plus 0.570%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M5 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M5 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M5
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M5 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n) hereof.
                

            

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      	(12)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M6 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.450% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M6 Certificates
                will be LIBOR plus 0.675%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M6 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M6 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M6
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M6 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n) hereof.
                

            

       

      	(13)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M7 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.800% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M7 Certificates
                will be LIBOR plus 1.200%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M7 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M7 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M7
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M7 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n) hereof.
                

            

       

      	(14)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M8 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.050% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M8 Certificates
                will be LIBOR plus 1.575%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M8 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M8 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M8
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M8 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      	(15)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M9 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 1.950% and (ii) the Subordinate
                Net Funds Cap for such Distribution Date; provided,
                that
                if the Mortgage Loans and related property are not purchased pursuant
                to
                Section 7.01(b) on the Initial Optional Termination Date, then with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class M9 Certificates
                will be LIBOR plus 2.925%. For purposes of the REMIC Provisions,
                the
                reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                Cap;
                therefore, on any Distribution Date on which the Certificate Interest
                Rate
                for the Class M9 Certificates exceeds the REMIC 3 Net Funds Cap,
                interest
                accruals based on such excess shall be treated as having been paid
                from
                the Basis Risk Reserve Fund or the Supplemental Interest Trust, as
                applicable; on any Distribution Date on which the Certificate Interest
                Rate on the Class M9 Certificates is based on the Subordinate Net
                Funds
                Cap, the amount of interest that would have accrued on the Class
                M9
                Certificates if the REMIC 3 Net Funds Cap were substituted for the
                Subordinate Net Funds Cap shall be treated as having been paid by
                the
                Class M9 Certificateholders to the Supplemental Interest Trust, all
                pursuant to and as further provided in Section 10.01(n)
                hereof.

            

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      	(16)  	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class B Certificates is the per annum
                rate
                equal to the lesser of (i) LIBOR plus 2.500% and (ii) the Subordinate
                Net
                Funds Cap for such Distribution Date; provided,
                that if the Mortgage Loans and related property are not purchased
                pursuant
                to Section 7.01(b) on the Initial Optional Termination Date, then
                with
                respect to each subsequent Distribution Date the per annum rate calculated
                pursuant to clause (i) above with respect to the Class B Certificates
                will
                be LIBOR plus 3.750%. For purposes of the REMIC Provisions, the reference
                to “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence
                shall be deemed to be a reference to the REMIC 3 Net Funds Cap; therefore,
                on any Distribution Date on which the Certificate Interest Rate for
                the
                Class B Certificates exceeds the REMIC 3 Net Funds Cap, interest
                accruals
                based on such excess shall be treated as having been paid from the
                Basis
                Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                on
                any Distribution Date on which the Certificate Interest Rate on the
                Class
                B Certificates is based on the Subordinate Net Funds Cap, the amount
                of
                interest that would have accrued on the Class B Certificates if the
                REMIC
                3 Net Funds Cap were substituted for the Subordinate Net Funds Cap
                shall
                be treated as having been paid by the Class B Certificateholders
                to the
                Supplemental Interest Trust, all pursuant to and as further provided
                in
                Section 10.01(n) hereof.

            

       

      	(17)  	
              For
                purposes of the REMIC Provisions, Class X shall have an initial principal
                balance of $13,955,245.54, and the right to receive distributions
                of such
                amount represents a regular interest in the Upper Tier REMIC. The
                Class X
                Certificate shall also comprise two notional components, each of
                which
                represents a regular interest in the Upper Tier REMIC. The first
                such
                component has a notional balance that will at all times equal the
                aggregate of the Class Principal Amounts of the Lower Tier Interests
                in
                REMIC 3, and, for each Distribution Date (and the related Accrual
                Period)
                this notional component shall bear interest at a per annum rate equal
                to
                the excess, if any, of (i) (a) the weighted average of the interest
                rates
                on the Lower Tier Interests in REMIC 3 (other than any interest-only
                regular interest) minus (b) the Credit Risk Manager’s Fee Rate, over (ii)
                the Adjusted Lower Tier WAC. The second notional component represents
                the
                right to receive all distributions in respect of the Class LT3-IO
                Interest
                in REMIC 3 (the “Class LT4-I” interest). In addition, for purposes of the
                REMIC Provisions, the Class X Certificate shall represent beneficial
                ownership of (i) the Basis Risk Reserve Fund; (ii) the Supplemental
                Interest Trust, including the Swap Agreement, the Swap Account, the
                Interest Rate Cap Agreement and the Interest Rate Cap Account, (iii)
                any
                PPTL Premiums and (iv) an interest in the notional principal contracts
                described in Section 10.01(n) hereof.

            

       

      	(18)  	
              The
                Class R Certificate will be issued without a Class Principal Amount
                and
                will not bear interest at a stated rate. The Class R Certificate
                represents ownership of the residual interest in the Upper Tier REMIC,
                as
                well as ownership of the Class LT2-R Interest and Class LT3-R Interest.
                The Class R Certificate will be issued as a single Certificate evidencing
                the entire Percentage Interest in such
                Class.

            

       

      	(19)  	
              The
                Class P Certificates shall not bear interest at a stated rate. Prepayment
                Premiums paid with respect to the Mortgage Loans shall be paid to
                the
                Holders of the Class P Certificates as provided in Section 5.02(i).
                For
                purposes of the REMIC Provisions, Class P shall represent a regular
                interest in the Upper Tier REMIC.

            

       

      	(20)  	
              The
                Class P Certificates will have an initial Class P Principal Amount
                of
                $100.

            

       

      	(21)  	
              The
                Class LT-R Certificate will be issued without a Class Principal Amount
                and
                will not bear interest at a stated rate. The Class LT-R Certificate
                represents ownership of the residual interest in REMIC 1. The Class
                LT-R
                Certificate will be issued as a single Certificate evidencing the
                entire
                Percentage Interest in such Class.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      As
        of the
        Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
        of
        $1,162,896,245.54.

       

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

       

      ARTICLE
        I

       

      DEFINITIONS

       

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

       

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

       

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

       

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

       

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

       

      Act:
        As
        defined in Section 3.03(c).

       

      Additional
        Collateral:
        None.

       

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

       

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

       

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

       

      Additional
        Termination Event:
        As
        defined in the Swap Agreement.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

      Affected
        Party:
        As
        defined in the Swap Agreement.

       

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

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      B
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 97.60% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      

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

      

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

      

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      
        Bulk
          PMI Policy:
          Not
          applicable.

         

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

         

        Cap
          Counterparty:
          The
          counterparty to the Supplemental Interest Trust under the Interest Rate
          Cap
          Agreement, and any successor in interest or assigns. Initially, the Cap
          Counterparty shall be Wachovia Bank, National Association.

         

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

         

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

         

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

         

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

         

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

        
           

          
            
              
              

            

            
              19

              
                

              

            

            
              
              

            

             

          

        

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

         

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

         

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

         

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

         

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

         

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

        

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            20

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

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

         

        Class
          M1 Enhancement Percentage:
          With
          respect to any Distribution Date, the fraction, expressed as a percentage,
          the
          numerator of which is the sum of the aggregate Class Principal Amount of
          the
          Offered Subordinate Certificates (other than the Class M1 Certificates)
          and the
          Class B Certificates and the Overcollateralization Amount for such Distribution
          Date (which, for purposes of this definition only, will not be less than
          zero)
          and the denominator of which is the Aggregate Pool Balance for such Distribution
          Date, in each case after giving effect to distributions on such Distribution
          Date.

         

        Class
          Notional Amount:
          Not
          applicable. 

         

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

         

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

         

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

         

        Class
          X Distributable Amount:
          With
          respect to any Distribution Date, the amount of interest that has accrued
          on the
          Class X Notional Balance, as described in the Preliminary Statement, but
          that
          has not been distributed prior to such date. In addition, such amount shall
          include the initial Overcollateralization Amount of $13,955,145.54
          ($13,955,245.54 less $100 of such amount allocated to the Class P Certificates)
          to the extent such amount has not been distributed on an earlier Distribution
          Date as part of the Aggregate Overcollateralization Release Amount.

         

        
          
            
            

          

          
            21

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

        Clearstream:
          Clearstream Banking Luxembourg, and any successor thereto.

         

      

    

    
      Closing
        Date:
        September 25, 2006.

       

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

       

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

       

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

       

      Commission:
        The
        United States Securities and Exchange Commission.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

      Cooperative
        Shares:
        Shares
        issued by a Cooperative Corporation.

       

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

       

      Corporate
        Trust Office:
        The
        principal corporate trust office of the Trustee at which, at any particular
        time, its corporate trust business shall be administered, which office at
        the
        date hereof is located at One Federal Street, 3rd Floor, Boston, MA 02110,
        Attention: Structured Finance—FFMLT 2006-FF14.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

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

       

      
        
          	
                  Distribution
                    Date

                	 	
                  Loss
                    Percentage

                
	
                  October
                    2008 to September 2009

                	 	
                  1.20%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    1.55% for each month thereafter

                
	 	 	 
	
                  October
                    2009 to September 2010

                	 	
                  2.75%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    1.55% for each month thereafter

                
	 	 	 
	
                  October
                    2010 to September 2011

                	 	
                  4.30%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    1.25% for each month thereafter

                
	 	 	 
	
                  October
                    2011 to September 2012

                	 	
                  5.55%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    0.65% for each month thereafter

                
	 	 	 
	
                  October
                    2012 and thereafter

                	 	
                  6.20%

                

        

         

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

         

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

         

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

         

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

         

        Cut-off
          Date:
          September 1, 2006.

         

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

         

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

         

        Defaulting
          Party:
          As
          defined in the Swap Agreement.

         

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

         

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

         

        
          
            
            

          

          
            24

            
              

            

          

          
            
            

          

        

         

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

         

        Delinquency
          Event:
          A
          Delinquency Event will have occurred if with respect to any Distribution
          Date
          prior to the Distribution Date on which the aggregate Class Principal Amount
          of
          the Senior Certificates has been reduced to zero, the Rolling Three Month
          Delinquency Rate as of the last day of the immediately preceding calendar
          month
          equals or exceeds (1) 41.75% of the Senior Enhancement Percentage for such
          Distribution Date or (2) with respect to any Distribution Date on which
          the
          aggregate Class Principal Amount of the Senior Certificates has been reduced
          to
          zero, 58.50% of the Class M1 Enhancement Percentage.

         

        Delinquency
          Rate:
          With
          respect to any calendar month, the fraction, expressed as a percentage,
          the
          numerator of which is the aggregate outstanding principal balance of all
          Mortgage Loans 60 days Delinquent or more (including all foreclosures,
          bankruptcies and REO Properties) as of the close of business on the last
          day of
          such month, and the denominator of which is the Aggregate Pool Balance
          as of the
          close of business on the last day of such month.

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            25

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            26

            
              

            

          

          
            
            

          

        

         

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

         

        
          (vi)
              a
            Qualified GIC;

           

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

           

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

           

          
            
              
              

            

            
              27

              
                

              

            

            
              
              

            

          

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          Excluded
            Trust Assets:
            As
            described in the Preliminary Statement. 

           

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

           

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

           

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

           

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

           

          
            
              
              

            

            
              28

              
                

              

            

            
              
              

            

          

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

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

           

          Group
            1 Senior Certificates:
            The
            Class A1 Certificates.

           

          Group
            2 Senior Certificates:
            Collectively, the Class A2, Class A3, Class A4, Class A5 and Class A6
            Certificates.

           

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

           

          
            
              
              

            

            
              29

              
                

              

            

            
              
              

            

          

           

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

           

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

           

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

           

          
            Initial
              LIBOR Rate:
              5.33%.

             

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

             

            Insurance
              Fee Rate:
              Not
              applicable.

             

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

             

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

             

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

             

            Interest
              Rate Cap Agreement:
              The
              interest rate cap agreement dated September 25, 2006 entered into by
              the
              Supplemental Interest Trust, which agreement provides for the monthly
              payment
              specified therein to the Trustee (for the benefit of the Certificateholders)
              commencing with the Distribution Date in September 2007 and ending
              on the
              Distribution Date in September 2011, by the Cap Counterparty, but subject
              to the
              conditions set forth therein together with any schedules, confirmations
              or other
              agreements relating thereto, attached hereto as Exhibit N. 

             

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

             

            
              
                
                

              

              
                30

                
                  

                

              

              
                
                

              

            

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

              
                31

                
                  

                

              

              
                
                

              

            

             

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

             

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

               

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

               

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

               

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

               

              LIBOR
                Certificate:
                Any
                Class A1, Class A2, Class A3, Class A4, Class A5, Class A6, Class
                M1, Class M2,
                Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class
                M9 or Class B
                Certificate.

               

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

               

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

               

              Liquidation
                Expenses:
                Expenses that are incurred by the Master Servicer or a Servicer in
                connection
                with the liquidation of any defaulted Mortgage Loan, including, without
                limitation, foreclosure and rehabilitation expenses, legal expenses
                and
                unreimbursed amounts, if any, expended pursuant to Sections 9.06,
                9.16 or
                9.22.

               

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

               

              
                
                  
                  

                

                
                  32

                  
                    

                  

                

                
                  
                  

                

              

               

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

               

              Loan
                Performance Monitoring Agreement:
                The
                agreement dated as of September 25, 2006 entered into by the Credit
                Risk Manager
                and the Servicer.

               

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

               

              Lower
                Tier Interest:
                As
                described in the Preliminary Statement.

               

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

               

              LPMI
                Policy:
                Not
                applicable.

               

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

               

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

               

              M3
                Target Amount:
                With
                respect to any Distribution Date, an amount equal to the lesser of
                (a) the
                product of (i) 81.70% and (ii) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                and (b) the
                amount, if any, by which (i) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                exceeds (ii)
                the Overcollateralization Floor.

               

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

               

               

              
                
                  
                  

                

                
                  33

                  
                    

                  

                

                
                  
                  

                

              

               

              M4
                Target Amount:
                With
                respect to any Distribution Date, an amount equal to the lesser of
                (a) the
                product of (i) 84.80% and (ii) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                and (b) the
                amount, if any, by which (i) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                exceeds (ii)
                the Overcollateralization Floor.

               

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

               

              M5
                Target Amount:
                With
                respect to any Distribution Date, an amount equal to the lesser of
                (a) the
                product of (i) 87.70% and (ii) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                and (b) the
                amount, if any, by which (i) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                exceeds (ii)
                the Overcollateralization Floor.

               

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

               

              M6
                Target Amount:
                With
                respect to any Distribution Date, an amount equal to the lesser of
                (a) the
                product of (i) 90.40% and (ii) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                and (b) the
                amount, if any, by which (i) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                exceeds (ii)
                the Overcollateralization Floor.

               

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

               

              M7
                Target Amount:
                With
                respect to any Distribution Date, an amount equal to the lesser of
                (a) the
                product of (i) 92.90% and (ii) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                and (b) the
                amount, if any, by which (i) the Aggregate Pool Balance for such
                Distribution
                Date determined as of the last day of the related Collection Period
                exceeds (ii)
                the Overcollateralization Floor.

               

              
                
                  
                  

                

                
                  34

                  
                    

                  

                

                
                  
                  

                

              

               

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

                 

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

                 

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

                 

                M9
                  Target Amount:
                  With
                  respect to any Distribution Date, an amount equal to the lesser
                  of (a) the
                  product of (i) 95.60% and (ii) the Aggregate Pool Balance for such
                  Distribution
                  Date determined as of the last day of the related Collection Period
                  and (b) the
                  amount, if any, by which (i) the Aggregate Pool Balance for such
                  Distribution
                  Date determined as of the last day of the related Collection Period
                  exceeds (ii)
                  the Overcollateralization Floor.

                 

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

                 

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

                 

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

                 

                Master
                  Servicing Fee Rate:
                  0.00%
                  per annum.

                 

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

                 

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

                 

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

                 

                
                  
                    
                    

                  

                  
                    35

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

                Mortgage
                  Loan Schedule:
                  The
                  schedule attached hereto as Schedule A, which shall identify each
                  Mortgage Loan,
                  as such schedule may be amended from time to time to reflect the
                  addition of
                  Mortgage Loans to, or the deletion of Mortgage Loans from, the
                  Trust Fund. Such
                  schedule shall set forth, among other things, the following information
                  with
                  respect to each Mortgage Loan: (i) the Mortgage Loan identifying
                  number; (ii)
                  the city, state and zip code of the Mortgaged Property; (iii) the
                  original
                  principal amount of the Mortgage Loan; (iv) the Mortgage Rate at
                  origination;
                  (v) the monthly payment of principal and interest at origination;
                  (vi) the
                  Mortgage Pool in which such Mortgage Loan is included; (vii) whether
                  such
                  Mortgage Loan is subject to a Prepayment Premium for voluntary
                  prepayments by
                  the Mortgagor, the term during which such Prepayment Premiums are
                  imposed and
                  the methods of calculation of the Prepayment Premium; and (viii)
                  whether such
                  Mortgage Loan is a Simple Interest Mortgage Loan. The Depositor
                  shall be
                  responsible for providing the Trustee and the Master Servicer with
                  all
                  amendments to the Mortgage Loan Schedule.

                 

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

                 

                Mortgage
                  Pool:
                  Any of
                  Pool 1 or Pool 2.

                 

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

                 

                
                  
                    
                    

                  

                  
                    36

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

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

                 

                Mortgagor:
                  The
                  obligor on a Mortgage Note.

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

                
                  
                    
                    

                  

                  
                    37

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

                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.

                 

                
                  
                    
                    

                  

                  
                    38

                    
                      

                    

                  

                  
                    
                    

                  

                

                 

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

                 

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

                   

                  Notional
                    Amount:
                    Not
                    applicable. 

                   

                  Notional
                    Certificate:
                    Not
                    applicable.

                   

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

                   

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

                   

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

                   

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

                   

                  Original
                    Mortgage Loan:
                    As
                    described in the Preliminary Statement. 

                   

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

                   

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

                   

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

                   

                  Overcollateralization
                    Floor:
                    The
                    amount equal to $5,814,481.23 (approximately 0.50% of the Cut-off
                    Date
                    Balance).

                   

                  
                    
                      
                      

                    

                    
                      39

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

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

                   

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

                   

                  PCAOB:
                    The
                    Public Company Accounting Oversight Board.

                   

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

                   

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

                   

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

                   

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

                   

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

                   

                  PMI
                    Insurance Premium:
                    Not
                    applicable.

                   

                  PMI
                    Insurer:
                    Not
                    applicable.

                   

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

                   

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

                   

                  
                    
                      
                      

                    

                    
                      40

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

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

                   

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

                   

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

                   

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

                   

                  
                    
                      
                      

                    

                    
                      41

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

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

                   

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

                   

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

                   

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

                   

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

                   

                  
                    
                      
                      

                    

                    
                      42

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

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

                     

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

                     

                    PPTLS:
                      As to
                      any First Payment Default Mortgage Loan, (i)
                      the
                      Purchase Price and Terms Letter between First Franklin Financial
                      Corporation and
                      Lehman Brothers Bank, FSB, dated as of May 11, 2006, as revised
                      on July 31, 2006
                      (FF 2006-5, FF 2006-6).

                     

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

                     

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

                     

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

                     

                    Primary
                      Mortgage Insurance Policy:
                      Not
                      applicable.

                     

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

                     

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

                     

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

                     

                    
                      
                        
                        

                      

                      
                        43

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

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

                     

                    Private
                      Placement Memorandum:
                      The
                      private placement memorandum dated September 21, 2006, relating
                      to the Class B
                      Certificates.

                     

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

                     

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

                     

                    Prospectus:
                      The
                      prospectus supplement dated September 21, 2006, together with
                      the accompanying
                      prospectus dated September 13, 2006, relating to the Offered
                      Certificates.

                     

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

                     

                    
                      
                        
                        

                      

                      
                        44

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      QIB:
        As
        defined in Section 3.03(c).

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

    

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

     

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

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    

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

       

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

       

      REMIC
        1:
        As
        described in the Preliminary Statement.

       

      REMIC
        2:
        As
        described in the Preliminary Statement.

       

      REMIC
        3:
        As
        described in the Preliminary Statement.

       

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

       

      REMIC
        4:
        As
        described in the Preliminary Statement.

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

      Rules:
        As
        defined in Section 6.20(c).

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

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

       

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

       

      Senior
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 66.20% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the Collection Period exceeds (ii)
        the
        Overcollateralization Floor.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Stepdown
        Date:
        The
        earlier of (i) the first Distribution Date following the Distribution Date
        on
        which the Class Principal Amounts of the Senior Certificates have each been
        reduced to zero or (ii) the later to occur of (x) the Distribution Date in
        October 2009 and (y) the first Distribution Date on which the Senior Enhancement
        Percentage (calculated for this purpose after giving effect to payments or
        other
        recoveries in respect of the Mortgage Loans during the related Collection
        Period
        but before giving effect to distributions on the Certificates on such
        Distribution Date) is greater than or equal to 33.80%.

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      Swap
        Counterparty:
        The
        counterparty to the Supplemental Interest Trust under the Swap Agreement,
        and
        any successor in interest or assigns. Initially, the Swap Counterparty shall
        be
        Wachovia Bank, National Association.

       

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

       

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

       

      Swap
        LIBOR:
        With
        respect to any Distribution Date and the related Swap Payment Date (and the
        Accrual Period relating to such Distribution Date), the product of (i) the
        Floating Rate Option (as defined in the Swap Agreement) for the related Swap
        Payment Date, (ii) two, and (iii) the quotient of (a) the actual number of
        days
        in the Accrual Period for the 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 immediately preceding each Distribution Date.

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      Targeted
        Overcollateralization Amount:
        With
        respect to any Distribution Date prior to the Stepdown Date, an amount equal
        to
        $13,955,245.54. For any Distribution Date on or after the Stepdown Date and
        provided a Trigger Event is not in effect, an amount equal to the greater
        of (i)
        the lesser of (a) $13,955,245.54 and (b) 2.40% of the Aggregate Pool Balance
        after giving effect to distributions on such Distribution Date and (ii)
        $5,814,481.23. With respect to any Distribution Date on or after the Stepdown
        Date or provided a Trigger Event is in effect, an amount equal to the Targeted
        Overcollateralization Amount for the immediately preceding Distribution
        Date.

       

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

       

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

       

      Termination
        Event:
        As
        defined in the Swap Agreement.

       

      Termination
        Price:
        As
        defined in Section 7.01.

       

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

       

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

       

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

       

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

       

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

       

      Trust
        Fund:
        The
        corpus of the First Franklin Mortgage Loan Trust 2006-FF14 created pursuant
        to
        this Agreement, consisting of the Mortgage Loans, the assignment of the
        Depositor’s rights under the Transfer Agreement, the Mortgage Loan Sale
        Agreement and the Servicing Agreement, such amounts as shall from time to
        time
        be held in the Collection Account, Certificate Account, Securities
        Administration Account, any Custodial Account and any Escrow Account, the
        Swap
        Termination Receipts Account, the Swap Replacement Receipts Account, the
        Cap
        Termination Receipts Account, the Cap Replacement Receipts Account, the Basis
        Risk Reserve Fund, the Insurance Policies, any REO Property and the other
        items
        referred to in, and conveyed to the Trustee under, Section 2.01(a).

       

      
        
          
          

        

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

       

      Trustee:
        U.S.
        Bank National Association, not in its individual capacity but solely as Trustee,
        or any successor in interest, or if any successor trustee shall be appointed
        as
        herein provided, then such successor in interest or successor trustee, as
        the
        case may be.

       

      Trustee
        Fee:
        As to
        any Distribution Date, any investment earnings from amounts on deposit in
        the
        Certificate Account for the one-day period from and including two Business
        Days
        immediately preceding the related Distribution Date to and including the
        related
        Distribution Date.

       

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

       

      Underwriter:
        Lehman
        Brothers Inc. 

       

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

       

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

       

      Upper
        Tier REMIC:
        REMIC
        4.

       

      Voting
        Interests:
        The
        portion of the voting rights of all the Certificates that is allocated to
        any
        Certificate for purposes of the voting provisions of this Agreement. At all
        times during the term of this Agreement, 97.00% of all Voting Interests shall
        be
        allocated to the LIBOR Certificates. Voting Interests shall be allocated
        among
        the Classes of LIBOR Certificates based on the product of (i) 97.00% and
        (ii)
        the fraction, expressed as a percentage, the numerator of which is the aggregate
        Class Principal Amount of all Certificates then outstanding and the denominator
        of which is the Aggregate Pool Balance then outstanding. At all times during
        the
        term of this Agreement, 1% of all Voting Interests shall be allocated to
        each of
        the Class P, Class R and Class X Certificates while they remain outstanding.
        Voting Interests shall be allocated among the other Classes of Certificates
        (and
        among the Certificates within each such Class) in proportion to their Class
        Principal Amounts (or Certificate Principal Amounts) or Percentage Interests.
        In
        the case of the purchase by the Master Servicer of the Lower Tier REMIC 1
        Uncertificated Regular Interests pursuant to a Section 7.01(c) Purchase Event,
        the LTURI-holder shall be allocated 100% of the Voting Interests and upon
        such
        purchase any provision in this Agreement which requires a vote by, a direction
        or notice given by, an action taken by, a request in writing by or the consent
        of, any percentage of the Holders of the Certificates or any Class of
        Certificates may be exercised by the LTURI-holder.

       

      
        
          
          

        

        
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      Section
        1.01. Calculations Respecting Mortgage Loans. 

       

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

       

      Section
        1.02. Calculations Respecting Accrued Interest. 

       

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

       

      ARTICLE
        II

       

      DECLARATION
        OF TRUST;

      ISSUANCE
        OF CERTIFICATES

       

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

       

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

       

      
        
          
          

        

        
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      Concurrently
        with the execution of this Agreement, the Swap Agreement and the Interest
        Rate
        Cap Agreement shall be delivered to the Trustee. In connection therewith,
        the
        Depositor hereby directs the Trustee (solely in its capacity as such) and
        the
        Trustee is hereby authorized to execute and deliver the Swap Agreement and
        the
        Interest Rate Cap Agreement (each on behalf of the Supplemental Interest
        Trust)
        for the benefit of, the Certificateholders. The Seller, the Master Servicer,
        the
        Depositor, the Servicer and the Certificateholders (by their acceptance of
        such
        Certificates) acknowledge and agree that the Trustee is executing and delivering
        the Swap Agreement and the Interest Rate Cap Agreement solely in its capacity
        as
        Trustee of the Supplemental Interest Trust and the Trust Fund and not in
        its
        individual capacity. The Trustee shall have no duty or responsibility to
        enter
        into any other swap agreement or interest rate cap agreement upon the expiration
        or termination of the Swap Agreement or the Interest Rate Cap
        Agreement.

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      (v)
        with
        respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, an
        original Assignment of Mortgage, in form and substance acceptable for recording.
        The Mortgage shall be assigned either (A) in blank, without recourse or (B)
        to
“U.S. Bank National Association, as Trustee of the First Franklin Mortgage
        Loan
        Trust, 2006-FF14,” without recourse;

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      
        
          
          

        

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

       

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

       

      (g)
        Upon
        execution of this Agreement, the Depositor hereby delivers to the Trustee
        and
        the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement and
        the
        Servicing Agreement. The Depositor hereby directs the Trustee, solely in
        its
        capacity as Trustee hereunder, to execute and deliver, concurrently with
        the
        execution and delivery of this Agreement, the Servicing Agreement to which
        the
        Trustee is a party.

       

      Section
        2.03. Representations and Warranties of the Depositor. 

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      
        
          
          

        

        
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        Section
          2.04. Discovery of Breach. 

         

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

         

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

         

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

         

        
          
            
            

          

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

         

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

         

        
          
            
            

          

          
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        Section
          2.06. Grant Clause.

         

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

         

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

         

        
          
            
            

          

          
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        ARTICLE
          III

         

        THE
          CERTIFICATES

         

        Section
          3.01. The
          Certificates.  

         

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

         

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

         

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

         

        
          
            
            

          

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

         

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

         

        Section
          3.02. Registration.

         

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

         

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

         

        
          
            
            

          

          
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        Section
          3.03. Transfer
          and Exchange of Certificates.  

         

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

         

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

         

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

         

        
          
            
            

          

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

         

        (i)
          The
          Certificate Registrar shall register the transfer of a Restricted Certificate
          if
          the requested transfer is (x) to the Depositor or the Placement Agent,
          an
          affiliate (as defined in Rule 405 under the Securities Act) of the Depositor
          or
          the Placement Agent or (y) being made to a “qualified institutional buyer” (a
“QIB”) as defined in Rule 144A under the Securities Act by a transferor that
          has
          provided the Trustee with a certificate in the form of Exhibit F hereto;
          and

         

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

         

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

         

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

         

        
          
            
            

          

          
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        (ii)
          No
          transfer of an ERISA-Restricted Trust Certificate shall be made prior to
          the
          termination of the Swap Agreement and the Interest Rate Cap Agreement,
          unless
          the Trustee shall have received a representation letter from the transferee
          of
          such Certificate, substantially in the form set forth in Exhibit H, to
          the
          effect that either (i) such transferee is neither a Plan nor a Person acting
          on
          behalf of any such Plan or using the assets of any such Plan to effect
          such
          transfer or (ii) the acquisition and holding of the ERISA-Restricted Trust
          Certificate are eligible for exemptive relief under 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, prior
          to the
          termination of the Swap Agreement and the Interest Rate Cap Agreement,
          any
          purported transfer of an ERISA-Restricted Trust Certificate on behalf of
          a Plan
          without the delivery to the Trustee of a representation letter as described
          above shall be void and of no effect. If the ERISA-Restricted Trust Certificate
          is a Book-Entry Certificate, prior to the termination of the Swap Agreement
          and
          the Interest Rate Cap Agreement, the transferee will be deemed to have
          made a
          representation as provided in clause (i) or (ii) of this paragraph, as
          applicable.

         

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

         

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

         

        
          
            
            

          

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

           

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

           

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

           

          
            
              
              

            

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

           

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

           

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

           

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

           

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

           

          
            
              
              

            

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

           

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

           

          
            
              
              

            

            
              75

              
                

              

            

            
              
              

            

          

          

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

             

            Section
              3.04. Cancellation of Certificates. 

             

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

             

            Section
              3.05. Replacement of Certificates. 

             

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

             

            Section
              3.06. Persons Deemed Owners. 

             

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

             

            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.

             

            
              
                
                

              

              
                76

                
                  

                

              

              
                
                

              

            

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

             

            Section
              3.08. Appointment of Paying Agent. 

             

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

             

            (b)
              Any
              Paying Agent shall comply with its reporting obligations under Regulation
              AB
              with respect to the Trust Fund in form and substance similar to those
              of the
              Trustee pursuant to Section 6.20, and the related assessment of compliance
              shall
              cover, at a minimum, the elements of the servicing criteria applicable
              to the
              Paying Agent indicated in Exhibit S attached hereto. The Paying Agent
              (if other
              than the Trustee) shall give prior written notice to the Sponsor, the
              Master
              Servicer, the Trustee and the Depositor of the appointment of any Subcontractor
              by it and a written description (in form and substance reasonably satisfactory
              to the Sponsor and the Depositor) of the role and function of each
              Subcontractor
              utilized by the Paying Agent, as applicable, specifying (A) the identity
              of each
              such Subcontractor and (B) which elements of the servicing criteria set forth
              under Item 1122(d) of Regulation AB will be addressed in assessments
              of
              compliance provided by each such Subcontractor. In addition, the Paying
              Agent
              (if other than the Trustee) shall notify the Sponsor, the Master Servicer,
              the
              Trustee and the Depositor within five (5) calendar days of knowledge
              thereof (i)
              of any legal proceedings pending against the Paying Agent of the type
              described
              in Item 1117 (§ 229.1117) of Regulation AB, (ii) any merger, consolidation or
              sale of substantially all of the assets of the Paying Agent and (iii)
              if the
              Paying Agent shall become (but only to the extent not previously disclosed)
              at
              any time an affiliate of any of the parties listed on Exhibit V hereto
              or any of
              their affiliates. On or before March 1st
              of each
              year, the Depositor shall distribute the information in Exhibit V to
              the Paying
              Agent.

             

            
              
                
                

              

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

             

            Section
              3.09. Book-Entry Certificates. 

             

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

              
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            (c)
              If
              (i) (A) the Depositor advises the Trustee in writing that the Clearing
              Agency is
              no longer willing or able to discharge properly its responsibilities
              with
              respect to the Book-Entry Certificates, and (B) the Depositor is unable
              to
              locate a qualified successor or (ii) after the occurrence of an Event
              of
              Default, Certificate Owners representing beneficial interests aggregating
              not
              less than 50% of the Class Principal Amount of a Class of Book-Entry
              Certificates identified as such to the Trustee by an Officer’s Certificate from
              the Clearing Agency advise the Trustee and the Clearing Agency through
              the
              Clearing Agency Participants in writing that the continuation of a
              book-entry
              system through the Clearing Agency is no longer in the best interests
              of the
              Certificate Owners of a Class of Book-Entry Certificates, the Trustee
              shall
              notify any NIMS Insurer and shall notify or cause the Certificate Registrar
              to
              notify the Clearing Agency to effect notification to all Certificate
              Owners,
              through the Clearing Agency, of the occurrence of any such event and
              of the
              availability of Definitive Certificates to Certificate Owners requesting
              the
              same. Upon surrender to the Trustee of the Book-Entry Certificates
              by the
              Clearing Agency, accompanied by registration instructions from the
              Clearing
              Agency for registration, the Trustee shall issue the Definitive Certificates.
              Neither the Depositor nor the Trustee shall be liable for any delay
              in delivery
              of such instructions and may conclusively rely on, and shall be protected
              in
              relying on, such instructions. Upon the issuance of Definitive Certificates
              all
              references herein to obligations imposed upon or to be performed by
              the Clearing
              Agency shall be deemed to be imposed upon and performed by the Trustee,
              to the
              extent applicable, with respect to such Definitive Certificates and
              the Trustee
              shall recognize the holders of the Definitive Certificates as Certificateholders
              hereunder. Notwithstanding the foregoing, the Trustee, upon the instruction
              of
              the Depositor, shall have the right to issue Definitive Certificates
              on the
              Closing Date in connection with credit enhancement programs.

             

            ARTICLE
              IV

             

            ADMINISTRATION
              OF THE TRUST FUND

             

            Section
              4.01. Collection Account. 

             

            (a)
              On
              the Closing Date, the Master Servicer shall open and shall thereafter
              maintain a
              segregated account held in trust (the “Collection Account”), entitled
“Collection Account, Aurora Loan Services LLC, as Master Servicer, in
              trust for
              the benefit of the Holders of First Franklin Mortgage Loan Trust Mortgage
              Pass-Through Certificates, Series 2006-FF14.” The Collection Account shall
              relate solely to the Certificates and to the Lower Tier REMIC 1 Uncertificated
              Regular Interests issued by the Trust Fund hereunder, and funds in
              such
              Collection Account shall not be commingled with any other monies.

             

            (b)
              The
              Collection Account shall be an Eligible Account. If an existing Collection
              Account ceases to be an Eligible Account, the Master Servicer shall
              establish a
              new Collection Account that is an Eligible Account within 10 days and
              transfer
              all funds and investment property on deposit in such existing Collection
              Account
              into such new Collection Account.

             

            
              
                
                

              

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

             

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

             

            (i)
              all
              payments on account of principal, including Principal Prepayments,
              any
              Subsequent Recovery and any Scheduled Payment attributable to principal
              received
              after its related Due Date, on the Mortgage Loans;

             

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

             

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

             

            (iv)
              all
              Insurance Proceeds;

             

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

            
              
                
                

              

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

             

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

             

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

             

            (e)
              Funds
              in the Collection Account may be invested in Eligible Investments selected
              by
              and at the written direction of the Master Servicer, which shall mature
              not
              later than one Business Day prior to the Master Servicer Remittance
              Date (except
              that if such Eligible Investment is an obligation of the Trustee, then
              such
              Eligible Investment shall mature not later than such applicable Master
              Servicer
              Remittance Date) and any such Eligible Investment shall not be sold
              or disposed
              of prior to its maturity. All such Eligible Investments shall be made
              in the
              name of the Master Servicer in trust for the benefit of the Trustee
              and Holders
              of the First Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates,
              Series 2006-FF14. All income and gain realized from any Eligible Investment
              shall be for the benefit of the Master Servicer and shall be subject
              to its
              withdrawal or order from time to time, subject to Section 5.05 hereof,
              and shall
              not be part of the Trust Fund. The amount of any losses incurred in
              respect of
              any such investments shall be deposited in such Collection Account
              by the Master
              Servicer out of its own funds, without any right of reimbursement therefor,
              immediately as realized. The foregoing requirements for deposit in
              the
              Collection Account are exclusive, it being understood and agreed that,
              without
              limiting the generality of the foregoing, payments of interest on funds
              in the
              Collection Account and payments in the nature of late payment charges,
              assumption fees and other incidental fees and charges relating to the
              Mortgage
              Loans (other than Prepayment Premiums) need not be deposited by the
              Master
              Servicer in the Collection Account and may be retained by the Master
              Servicer or
              the Servicer as additional servicing compensation. If the Master Servicer
              deposits in the Collection Account any amount not required to be deposited
              therein, it may at any time withdraw such amount from such Collection
              Account.

             

            Section
              4.02. Application of Funds in the Collection Account. 

             

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

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

              
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            (vii)
              [Reserved];

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            In
              the
              event that the Master Servicer fails on any Master Servicer Remittance
              Date to
              remit to the Trustee any amounts required to be so remitted to the
              Trustee
              pursuant to sub-clause (x) by such date, the Master Servicer shall
              pay the
              Trustee 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 through the date such funds are remitted to
              and
              received by the Trustee. The Master Servicer shall only be required
              to pay the
              Trustee interest for the actual number of days such amounts are not
              timely
              remitted (e.g.,
              one
              day’s interest, if such amounts are remitted one day after the Master Servicer
              Remittance Date).

             

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

             

            
              
                
                

              

              
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            Section
              4.03. Reports to Certificateholders. 

             

            (a)
              On
              each Distribution Date, the Trustee shall have prepared (based solely
              on
              information provided by the Master Servicer or the Swap Counterparty)
              and shall
              make available to the Trustee, any NIMS Insurer, the Swap Counterparty,
              the
              Credit Risk Manager, the Seller and each Certificateholder a report
              (the
“Distribution Date Statement”) setting forth the following information (on the
              basis of Mortgage Loan level information obtained from the Master
              Servicer):

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

            In
              addition to the information listed above for every year in which the
              Depositor
              is subject to Exchange Act reports with respect to the Certificates,
              such
              Distribution Date Statement shall also include such other information
              as is
              required by Item 1121 (§ 229.1121) of Regulation AB to the extent that the
              Trustee shall have received any such information from the Depositor,
              the
              Sponsor, the Master Servicer, the Servicer, any Custodian, any cap
              counterparty
              or any Subservicer or Subcontractor therefor, as applicable, no later
              than four
              Business Days prior to the Distribution Date.

             

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

             

            On
              any
              Distribution Date after the occurrence of a Section 7.01(c) Purchase
              Event, the
              information required by subclauses (i), (iii), (iv), (v), (vii), (viii),
              (ix),
              (x), (xi), (xii), (xv), (xvii), (xix), (xx) and (xxi) shall be provided
              to the
              NIMS Insurer, the Swap Counterparty, the Credit Risk Manager, the Seller,
              the
              Holder of the Class LT-R Certificate and the LTURI-holder with regard
              to the
              Lower Tier REMIC 1 Uncertificated Regular Interests in lieu of the
              Certificates.

             

            The
              Trustee shall make such report and any additional loan level information
              (and,
              at its option, any additional files containing the same information
              in an
              alternative format) provided to it by the Master Servicer available
              each month
              to any NIMS Insurer, Certificateholders and the Rating Agencies via
              the
              Trustee’s internet website. The Trustee’s internet website shall initially be
              located at “http://trustinvestorreporting.com.”
              Assistance in using the website can be obtained by emailing the Trustee
              at
“ct.information.delivery@usbank.com.” Such parties that are unable to use the
              website are entitled to have a paper copy mailed to them via first
              class mail by
              emailing the customer service desk and indicating such. The Trustee
              shall have
              the right to change the way such statements are distributed in order
              to make
              such distribution more convenient and/or more accessible to the above
              parties
              and the Trustee shall provide timely and adequate notification to all
              above
              parties regarding any such changes.

             

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

             

            
              
                
                

              

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

             

            (c)
              Upon
              request of a Certificateholder and prior to a Section 7.01(c) Purchase
              Event,
              the Trustee shall have prepared and the Trustee shall make available
              to any NIMS
              Insurer and each Person who at any time during the calendar year was
              a
              Certificateholder of record, and make available to Certificate Owners
              (identified as such by the Clearing Agency) in accordance with applicable
              regulations, a report summarizing the items provided to any NIMS Insurer
              and the
              Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii)
              on an annual
              basis as may be required to enable any NIMS Insurer and such Holders
              to prepare
              their federal income tax returns; provided,
              however,
              that
              this Section 4.03(c) shall not be applicable where relevant reports
              or summaries
              are required elsewhere in this Agreement. Such information shall also
              include
              the amount of original issue discount accrued on each Class of Certificates
              and
              information regarding the expenses of the Trust Fund. The Trustee shall
              be
              deemed to have satisfied this requirement if it forwards such information
              in any
              other format permitted by the Code. The Master Servicer shall provide
              the
              Trustee with such information as is necessary for the Trustee to prepare
              such
              reports (and the Trustee may rely solely upon such information).

             

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

             

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

             

            
              
                
                

              

              
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            Section
              4.04. Certificate Account.

             

            (a)
              The
              Trustee shall establish and maintain in its name, as trustee, a trust
              account
              (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National
              Association, as Trustee, in trust for the benefit of the Holders of
              First
              Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates, Series
              2006-FF14” until disbursed pursuant to the terms of this Agreement. The
              Certificate Account shall be an Eligible Account and shall be for the
              benefit of
              the Certificateholders, subject to the rights of the Trustee set forth
              herein.
              If the existing Certificate Account ceases to be an Eligible Account,
              the
              Trustee shall establish a new Certificate Account that is an Eligible
              Account
              within ten Business Days and transfer all funds and investment property
              on
              deposit in such existing Certificate Account into such new Certificate
              Account.
              The Certificate Account shall relate solely to the Certificates and
              the Lower
              Tier REMIC 1 Uncertificated Regular Interests issued hereunder and
              funds in the
              Certificate Account shall be held separate and apart from and shall
              not be
              commingled with any other monies including, without limitation, other
              monies of
              the Trustee held under this Agreement.

             

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

             

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

             

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

             

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

             

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

             

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

             

            (c)
              Funds
              in the Certificate Account may be invested by the Trustee in Eligible
              Investments (which may be obligations of the Trustee or its affiliates).
              If
              invested, all such investments must be payable on demand or mature
              no later than
              one Business Day prior to the next Distribution Date, and shall not
              be sold or
              disposed of prior to their maturity. All such Eligible Investments
              will be made
              in the name of the Trustee (in its capacity as such) or its nominee.
              All income
              and gain realized from any such investment for each Distribution Date
              shall be
              compensation to the Trustee and be subject to withdrawal by the Trustee
              from
              time to time. The amount of any losses incurred in respect of any such
              investments shall be paid by the Trustee for deposit in the Certificate
              Account
              out of its own funds, without any right of reimbursement therefor,
              immediately
              as realized. Funds held in the Certificate Account may also be held
              uninvested.

             

            
              
                
                

              

              
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            Section
              4.05. [Reserved]

             

            ARTICLE
              V

             

            DISTRIBUTIONS
              TO HOLDERS OF CERTIFICATES

             

            Section
              5.01. Distributions
              Generally.  

             

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

             

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

             

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

             

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

             

            
              
                
                

              

              
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            Section
              5.02. Distributions from the Certificate Account.

             

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

             

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

             

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

             

            (ii)
              for
              deposit into the Swap Account, the amount of any Net Swap Payment or
              Swap
              Termination Payment (not due to a Swap Counterparty Trigger Event)
              owed to the
              Swap Counterparty on the related Swap Payment Date (after giving effect
              to
              distributions made pursuant to clause (i) above and subsection 5.02(c)(i)
              below)
              for such Distribution Date; 

             

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

             

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

             

            
              
                
                

              

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

             

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

             

            (ii)
              for
              deposit into the Swap Account, the amount of any Net Swap Payment or
              Swap
              Termination Payment (not due to a Swap Counterparty Trigger Event)
              owed to the
              Swap Counterparty on the related Swap Payment Date (after giving effect
              to
              distributions made pursuant to subsections 5.02(b)(i) and
              5.02(c)(i) above)
              for such Distribution Date;

             

            (iii)
              concurrently, on a pro rata basis, to each Class of the Group 2 Senior
              Certificates, Current Interest and any Carryforward Interest for such
              Class and
              such Distribution Date; provided,
              however,
              that
              any shortfall in Current Interest and Carryforward Interest shall be
              allocated
              among such Classes in proportion to the amount of Current Interest
              and
              Carryforward Interest that would otherwise be distributable thereon;
              and

             

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

            (2) for
              deposit into the Swap Account, the amount of any Net Swap Payment or
              Swap
              Termination Payment (not due to a Swap Counterparty Trigger Event)
              owed to the
              Swap Counterparty on the related Swap Payment Date (after giving effect
              to
              distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and
              5.02(e)(i)(B)(1) below, and to the extent not paid previously or from
              the
              Interest Remittance Amount for such Distribution Date);

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

            (a)
              concurrently, in proportion to their respective aggregate Class Principal
              Amounts:

             

            (1)
              to
              the Class A2 Certificates, until the Class Principal Amount of such
              Class has
              been reduced to zero, and 

             

            (2)
              to
              the Class A3 and Class A4 Certificates, sequentially, in that order,
              until the
              Class Principal Amount of each such Class has been reduced to zero;

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

            (B)
               for
              deposit into the Swap Account, the amount of any Net Swap Payment or
              Swap
              Termination Payment (not due to a Swap Counterparty Trigger Event)
              owed to the
              Swap Counterparty on the related Swap Payment Date (after giving effect
              to
              distributions made pursuant to subsection 5.02(e)(iii)(A) above, and
              to the
              extent not paid previously or from the Interest Remittance Amount from
              both
              Mortgage Pools for such Distribution Date);

             

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

             

            
              
                
                

              

              
                94

                
                  

                

              

              
                
                

              

            

            

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

               

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

               

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

               

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

               

              
                
                  
                  

                

                
                  95

                  
                    

                  

                

                
                  
                  

                

              

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

               

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

               

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

               

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

               

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

               

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

               

              
                
                  
                  

                

                
                  96

                  
                    

                  

                

                
                  
                  

                

              

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

               

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

               

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

               

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

               

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

               

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

               

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

               

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

               

              
                
                  
                  

                

                
                  97

                  
                    

                  

                

                
                  
                  

                

              

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

               

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

               

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

               

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

               

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

               

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

               

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

               

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

               

              
                
                  
                  

                

                
                  98

                  
                    

                  

                

                
                  
                  

                

              

              

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

                
                  
                    
                    

                  

                  
                    99

                    
                      

                    

                  

                  
                    
                    

                  

                

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

                
                  
                    
                    

                  

                  
                    100

                    
                      

                    

                  

                  
                    
                    

                  

                

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

                
                  
                    
                    

                  

                  
                    101

                    
                      

                    

                  

                  
                    
                    

                  

                

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

                 

                (l)
                  On
                  each Distribution Date occurring after a Section 7.01(c) Purchase
                  Event but on
                  or prior to a Trust Fund Termination Event, the Trustee shall distribute
                  any
                  amounts received from the Cap Counterparty under the Interest Rate
                  Cap Agreement
                  for such Distribution Date first,
                  to the
                  Cap Termination Receipts Account, for application to the purchase
                  of a
                  replacement cap agreement pursuant to Section 5.09(b); and second,
                  any
                  remaining amount from the Cap Counterparty under the Interest Rate
                  Cap
                  Agreement, to the LTURI-holder. 

                 

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

                 

                Section
                  5.03. Allocation of Losses. 

                 

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

                 

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

                 

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

                 

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

                 

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

                 

                
                  
                    
                    

                  

                  
                    102

                    
                      

                    

                  

                  
                    
                    

                  

                

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

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

                 

                
                  
                    
                    

                  

                  
                    103

                    
                      

                    

                  

                  
                    
                    

                  

                

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

                 

                Section
                  5.05. Compensating Interest Payments. 

                 

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

                 

                Section
                  5.06. Basis Risk Reserve Fund.

                 

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

                 

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

                 

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

                 

                Section
                  5.07. Supplemental Interest Trust. 

                 

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

                 

                
                  
                    
                    

                  

                  
                    104

                    
                      

                    

                  

                  
                    
                    

                  

                

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

                 

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

                 

                (d)
                  The
                  Trustee shall deposit into the Interest Rate Cap Account any amounts
                  received
                  from the Cap Counterparty under the Interest Rate Cap Agreement.

                 

                (e)
                  Funds
                  in the Swap Account shall be invested in Eligible Investments.
                  Any earnings on
                  such amounts shall be distributed on each Distribution Date pursuant
                  to Section
                  5.02(g) or Section 5.02(k), as applicable. The Class X Certificates
                  shall
                  evidence ownership of the Swap Account for federal income tax purposes
                  and the
                  Holder thereof shall direct the Trustee, in writing, as to investment
                  of amounts
                  on deposit therein. LBH shall be liable for any losses incurred
                  on such
                  investments. In the absence of written instructions from the Class
                  X
                  Certificateholders as to investment of funds on deposit in the
                  Swap Account,
                  such funds shall be invested in the First American Government Obligations
                  Fund
                  or comparable investment vehicle. Any amounts on deposit in the
                  Swap Account in
                  excess of the Swap Amount on any Distribution Date shall be held
                  for
                  distribution pursuant to Section 5.02(g) or Section 5.02(k), as
                  applicable, on
                  the following Distribution Date.

                 

                (f)
                  Funds
                  in the Interest Rate Cap Account shall be invested in Eligible
                  Investments. Any
                  earnings on such amounts shall be distributed on each Distribution
                  Date pursuant
                  to Section 5.02(h) or Section 5.02(l), as applicable. The Class
                  X Certificates
                  shall evidence ownership of the Interest Rate Cap Account for federal
                  income tax
                  purposes and the Holder thereof shall direct the Trustee, in writing,
                  as to
                  investment of amounts on deposit therein. LBH shall be liable for
                  any losses
                  incurred on such investments. In the absence of written instructions
                  from the
                  Class X Certificateholders as to investment of funds on deposit
                  in the Interest
                  Rate Cap Account, such funds shall be invested in the U.S. Bank
                  First American
                  Government Obligations Fund or comparable investment vehicle. Any
                  amounts on
                  deposit in the Interest Rate Cap Account in excess of the Interest
                  Rate Cap
                  Amount on any Distribution Date shall be held for distribution
                  pursuant to
                  Section 5.02(h) or Section 5.02(l), as applicable, on the following
                  Distribution
                  Date.

                 

                
                  
                    
                    

                  

                  
                    105

                    
                      

                    

                  

                  
                    
                    

                  

                

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

                 

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

                 

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

                 

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

                 

                Section
                  5.08. Rights of Swap Counterparty. 

                 

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

                 

                Section
                  5.09. Termination Receipts. 

                 

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

                 

                
                  
                    
                    

                  

                  
                    106

                    
                      

                    

                  

                  
                    
                    

                  

                

                

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

                   

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

                   

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

                   

                  
                    
                      
                      

                    

                    
                      107

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                

              

            

          

        

      

    

    
       

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

       

      ARTICLE
        VI

       

      CONCERNING
        THE TRUSTEE; EVENTS OF DEFAULT

       

      Section
        6.01. Duties of Trustee. 

       

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

       

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

       

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

       

      (c)
        The
        Trustee shall not have any liability arising out of or in connection with
        this
        Agreement, except for its negligence or willful misconduct. No provision
        of this
        Agreement shall be construed to relieve the Trustee from liability for its
        own
        negligent action, its own negligent failure to act or its own willful
        misconduct; provided, however, that:

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

       

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

       

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

       

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

       

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

       

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

       

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

       

      (l)
         For
        so
        long as the Depositor is subject to Exchange Act reporting requirements for
        the
        First Franklin Mortgage Loan Trust 2006-FF14 transaction, the Trustee shall
        give
        prior written notice to the Sponsor, the Master Servicer and the Depositor
        of
        the appointment of any Subcontractor by it and a written description (in
        form
        and substance satisfactory to the Sponsor and the Depositor) of the role
        and
        function of each Subcontractor utilized by the Trustee, specifying (A) the
        identity of each such Subcontractor and (B) which elements of the servicing
        criteria set forth under Item 1122(d) of Regulation AB will be addressed
        in
        assessments of compliance provided by each such Subcontractor.

       

      
        
          
          

        

        
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      Section
        6.02. Certain Matters Affecting the Trustee . 

       

      Except
        as
        otherwise provided in Section 6.01:

       

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

       

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

       

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

       

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

       

      (e)
         The
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents, custodians or attorneys,
        which agents, custodians or attorneys shall have any and all of the rights,
        powers, duties and obligations of the Trustee conferred on them by such
        appointment, provided that the Trustee shall continue to be responsible for
        its
        duties and obligations hereunder to the extent provided herein, and provided
        further that the Trustee shall not be responsible for any misconduct or
        negligence on the part of any such agent or attorney appointed with due care
        by
        the Trustee;

       

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

       

      
        
          
          

        

        
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      (g)
         The
        right
        of the Trustee to perform any discretionary act enumerated in this Agreement
        shall not be construed as a duty, and the Trustee shall not be answerable
        for
        other than its negligence or willful misconduct in the performance of such
        act;
        and

       

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

       

      Section
        6.03. Trustee Not Liable for Certificates. 

       

      The
        Trustee makes no representations as to the validity or sufficiency of this
        Agreement, the Swap Agreement, or the Interest Rate Cap Agreement, the
        Certificates (other than the certificate of authentication on the Certificates)
        or the Lower Tier REMIC 1 Uncertificated Regular Interests or of any Mortgage
        Loan, or related document save that the Trustee represents that, assuming
        due
        execution and delivery by the other parties hereto, this Agreement has been
        duly
        authorized, executed and delivered by it and constitutes its valid and binding
        obligation, enforceable against it in accordance with its terms except that
        such
        enforceability may be subject to (A) applicable bankruptcy and insolvency
        laws
        and other similar laws affecting the enforcement of the rights of creditors
        generally, and (B) general principles of equity regardless of whether such
        enforcement is considered in a proceeding in equity or at law. The Trustee
        shall
        not be accountable for the use or application by the Depositor of funds paid
        to
        the Depositor in consideration of the assignment of the Mortgage Loans to
        the
        Trust Fund by the Depositor or for the use or application of any funds deposited
        into the Collection Account, the Certificate Account, any Escrow Account
        or any
        other fund or account maintained with respect to the Certificates. The Trustee
        shall not be responsible for the legality or validity of this Agreement,
        the
        Swap Agreement or the Interest Rate Cap Agreement, or the validity, priority,
        perfection or sufficiency of the security for the Certificates or the Lower
        Tier
        REMIC 1 Uncertificated Regular Interests issued or intended to be issued
        hereunder. The Trustee shall not have any responsibility for filing any
        financing or continuation statement in any public office at any time or to
        otherwise perfect or maintain the perfection of any security interest or
        lien
        granted to it hereunder or to record this Agreement.

       

      Section
        6.04. Trustee May Own Certificates. 

       

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

       

      Section
        6.05. Eligibility Requirements for Trustee. 

       

      The
        Trustee hereunder shall at all times be (i) an institution whose accounts
        are
        insured by the FDIC, (ii) a corporation or national banking association,
        organized and doing business under the laws of any State or the United States
        of
        America, authorized under such laws to exercise corporate trust powers, having
        a
        combined capital and surplus of not less than $50,000,000 and subject to
        supervision or examination by federal or state authority and (iii) not an
        Affiliate of the Master Servicer or the Servicer (except in the case of the
        Trustee). In addition, the Trustee shall have a minimum short-term debt rating
        of at least “A-1” from S&P. 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 Trustee, the Depositor, the Swap
        Counterparty, the Cap Counterparty, any NIMS Insurer and the Master Servicer.
        Upon receiving such notice of resignation, the Depositor will promptly appoint
        a
        successor trustee acceptable to any NIMS Insurer by written instrument, one
        copy
        of which instrument shall be delivered to the resigning Trustee, one copy
        to the
        successor trustee, and one copy to each of the Master Servicer and any NIMS
        Insurer. If no successor trustee shall have been so appointed and shall have
        accepted appointment within 30 days after the giving of such notice of
        resignation, the resigning Trustee may petition any court of competent
        jurisdiction for the appointment of a successor trustee.

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      (d)
        Upon
        the resignation or removal of the Trustee pursuant to this Section 6.07,
        the
        Trustee shall deliver the amounts held in its possession for the benefit
        of the
        Certificateholders to the successor trustee upon the appointment of such
        successor trustee.

       

      Section
        6.08. Merger or Consolidation of Trustee. 

       

      Any
        Person into which the Trustee may be merged or with which it may be
        consolidated, or any Person resulting from any merger, conversion or
        consolidation to which the Trustee shall be a party, or any Persons succeeding
        to the corporate trust business of the Trustee, shall be the successor to
        the
        Trustee hereunder, without the execution or filing of any paper or any further
        act on the part of any of the parties hereto, anything herein to the contrary
        notwithstanding; provided,
        that
        such Person shall be eligible under the provisions of Section 6.05. Unless
        and
        until a Form 15 suspension notice shall have been filed, as a condition to
        the
        succession to the Trustee under this Agreement by any Person (i) into which
        the
        Trustee may be merged or consolidated, or (ii) which may be appointed as
        a
        successor to the Trustee, the Trustee shall notify the Sponsor, the Depositor
        and the Master Servicer, at least 15 calendar days prior to the effective
        date
        of such succession or appointment, of such succession or appointment and
        shall
        furnish to the Sponsor, the Depositor and the Master Servicer in writing
        and in
        form and substance reasonably satisfactory to the Sponsor, the Depositor
        and the
        Master Servicer, all information reasonably necessary for the Trustee to
        accurately and timely report, pursuant to Section 6.20, the event under Item
        6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the
        Exchange Act are required to be filed under the Exchange Act). 

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      
        
          
          

        

        
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      Section
        6.10. Authenticating Agents. 

       

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

       

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

       

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

       

      
        
          
          

        

        
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        Section
          6.11. Indemnification of Trustee. 

         

        The
          Trustee and its directors, officers, employees and agents shall be entitled
          to
          indemnification from the Trust Fund for any loss, liability or expense
          incurred
          in connection with any legal proceeding or incurred without negligence
          or
          willful misconduct on their part arising out of, or in connection with,
          the
          acceptance or administration of the trusts created hereunder or in connection
          with the performance of their duties hereunder or under the Swap Agreement,
          the
          Interest Rate Cap Agreement, the Mortgage Loan Sale Agreement, the Transfer
          Agreement, the Servicing Agreement or the Custodial Agreement, including
          any
          applicable fees and expenses payable pursuant to Section 6.12 and the costs
          and
          expenses of defending themselves against any claim in connection with the
          exercise or performance of any of their powers or duties hereunder, provided
          that:

         

        (i)
           with
          respect to any such claim, the Trustee shall have given the Depositor,
          the
          Master Servicer, any NIMS Insurer and the Holders written notice thereof
          promptly after a Responsible Officer of the Trustee shall have knowledge
          thereof
          provided that the failure to provide such prompt written notice shall not
          affect
          the Trustee’s right to indemnification hereunder;

         

        (ii)
           while
          maintaining control over its own defense, the Trustee shall cooperate and
          consult fully with the Depositor, the Master Servicer and any NIMS Insurer
          in
          preparing such defense; and

         

        (iii)
           notwithstanding
          anything to the contrary in this Section 6.11, the Trust Fund shall not
          be
          liable for settlement of any such claim by the Trustee entered into without
          the
          prior consent of the Depositor, the Master Servicer and any NIMS Insurer,
          which
          consent shall not be unreasonably withheld.

         

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

         

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

         

        Section
          6.12. Fees and Expenses of Trustee and Custodian. 

         

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

         

        
          
            
            

          

          
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        Section
          6.13. Collection of Monies. 

         

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

         

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

         

        (a)
          The
          occurrence of any one or more of the following events shall constitute
          an “Event
          of Default”:

         

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

         

        (ii)
           Any
          failure by the Master Servicer to duly perform, within the required time
          period
          and without notice, its obligations to provide any certifications required
          pursuant to Sections 9.25 and 9.26, which failure continues unremedied
          for a
          period of five (5) days from the date of delivery required with respect
          to such
          certification; or

         

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

         

        
          
            
            

          

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

         

        (v)
           A
          decree
          or order of a court or agency or supervisory authority having jurisdiction
          for
          the appointment of a conservator or receiver or liquidator in any insolvency,
          readjustment of debt, marshalling of assets and liabilities or similar
          proceedings, or for the winding-up or liquidation of its affairs, shall
          have
          been entered against the Master Servicer, and such decree or order shall
          have
          remained in force undischarged or unstayed for a period of 60 days or any
          Rating
          Agency reduces or withdraws or threatens to reduce or withdraw the rating
          of the
          Certificates because of the financial condition or loan servicing capability
          of
          such Master Servicer; or

         

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

         

        (vii)
           The
          Master Servicer shall admit in writing its inability to pay its debts generally
          as they become due, file a petition to take advantage of any applicable
          insolvency or reorganization statute, make an assignment for the benefit
          of its
          creditors or voluntarily suspend payment of its obligations; or

         

        (viii)
          The Master Servicer shall be dissolved, or shall dispose of all or substantially
          all of its assets, or consolidate with or merge into another entity or
          shall
          permit another entity to consolidate or merge into it, such that the resulting
          entity does not meet the criteria for a successor servicer as specified
          in
          Section 9.27 hereof; or

         

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

         

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

         

        
          
            
            

          

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

         

        (xii)
           After
          receipt of notice from the Trustee or any NIMS Insurer, any failure of
          the
          Master Servicer to remit to the Trustee any payment required to be made
          to the
          Trustee for the benefit of Certificateholders under the terms of this Agreement,
          including any Advance, on any Master Servicer Remittance Date which such
          failure
          continues unremedied for a period of one Business Day after the date upon
          which
          notice of such failure shall have been given to the Master Servicer by
          the
          Trustee.

      

      

        If
          an
          Event of Default described in clauses (i) through (xii) of this Section
          shall
          occur, then, in each and every case, subject to applicable law, so long
          as any
          such Event of Default shall not have been remedied within any period of
          time
          prescribed by this Section, the Trustee, by notice in writing to the Master
          Servicer may, and shall, if so directed by Certificateholders evidencing
          more
          than 50% of the Class Principal Amount of each Class of Certificates, terminate
          all of the rights and obligations of the Master Servicer hereunder and
          in and to
          the Mortgage Loans and the proceeds thereof. If an Event of Default described
          in
          clause (xii) of this Section shall occur, then, in each and every case,
          subject
          to applicable law,
          so long
          as such Event of Default shall not have been remedied within the time period
          prescribed by clause (xii) of this Section 6.14, the
          Trustee, by notice in writing to the Master Servicer, shall promptly terminate
          all of the rights and obligations of the Master Servicer hereunder and
          in and to
          the Mortgage Loans and the proceeds thereof. On or after the receipt by
          the
          Master Servicer of such written notice, all authority and power of the
          Master
          Servicer, and only in its capacity as Master Servicer under this Agreement,
          whether with respect to the Mortgage Loans or otherwise, shall pass to
          and be
          vested in the Trustee; provided,
          however,
          the
          parties acknowledge that notwithstanding the preceding sentence there may
          be a
          transition period, not to exceed 90 days, in order to effect the transfer
          of the
          Master Servicing obligations to the Trustee; provided,
          further,
          the
          obligation to make Advances by the Trustee shall be effective upon the
          Trustee
          providing notice of termination to the Master Servicer pursuant to this
          Section
          6.14. The Trustee is hereby authorized and empowered to execute and deliver,
          on
          behalf of the defaulting Master Servicer as attorney-in-fact or otherwise,
          any
          and all documents and other instruments, and to do or accomplish all other
          acts
          or things necessary or appropriate to effect the purposes of such notice
          of
          termination, whether to complete the transfer and endorsement or assignment
          of
          the Mortgage Loans and related documents or otherwise. The defaulting Master
          Servicer agrees to cooperate with the Trustee in effecting the termination
          of
          the defaulting Master Servicer’s responsibilities and rights hereunder as Master
          Servicer including, without limitation, notifying the Servicer of the assignment
          of the master servicing function and providing the Trustee or its designee
          all
          documents and records in electronic or other form reasonably requested
          by it to
          enable the Trustee or its designee to assume the defaulting Master Servicer’s
          functions hereunder and the transfer to the Trustee or its designee for
          administration by it of all amounts which shall at the time be or should
          have
          been deposited by the defaulting Master Servicer in the Collection Account
          maintained by such defaulting Master Servicer and any other account or
          fund
          maintained with respect to the Certificates or thereafter received with
          respect
          to the Mortgage Loans. The Master Servicer being terminated (or the Trust
          Fund,
          if the Master Servicer is unable to fulfill its obligations hereunder)
          as a
          result of an Event of Default shall bear all costs of a master servicing
          transfer, including but not limited to those of the Trustee reasonably
          allocable
          to specific employees and overhead, legal fees and expenses, accounting
          and
          financial consulting fees and expenses, and costs of amending the Agreement,
          if
          necessary.

         

        
          
            
            

          

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

         

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

         

        If
          any
          Event of Default shall occur, the Trustee, upon a Responsible Officer of
          the
          Trustee becoming aware of the occurrence thereof, shall promptly notify
          any NIMS
          Insurer, the Swap Counterparty, the Cap Counterparty, and each Rating Agency
          of
          the nature and extent of such Event of Default. The Trustee shall immediately
          give written notice to the Master Servicer upon the Master Servicer’s failure to
          remit funds on the Master Servicer Remittance Date.

         

        (b)
          Upon
          termination of the Master Servicer pursuant to Section 6.14(a) or the Trustee
          receives the resignation of the Master Servicer evidenced by an Opinion
          of
          Counsel pursuant to Section 9.28, the Trustee, unless another master servicer
          shall have been appointed, shall be the successor in all respects to the
          Master
          Servicer in its capacity as such under this Agreement and the transactions
          set
          forth or provided for herein and shall have all the rights and powers and
          be
          subject to all the responsibilities, duties and liabilities relating thereto
          and
          arising thereafter placed on the Master Servicer hereunder, including the
          obligation to make Advances; provided,
          however,
          that any
          failure to perform such duties or responsibilities caused by the Master
          Servicer’s or the Trustee’s failure to provide information required by this
          Agreement shall not be considered a default by the Trustee hereunder. In
          addition, the Trustee shall have no responsibility for any act or omission
          of
          the Master Servicer or for any breach of representation or warranty by
          the
          Master Servicer. The Trustee shall have no liability relating to the
          representations and warranties of the Master Servicer set forth in Section
          9.14.
          In the Trustee’s capacity as such successor, the Trustee shall have the same
          limitations on liability herein granted to the Master Servicer. As compensation
          therefor, the Trustee shall be entitled to receive all compensation payable
          to
          the Master Servicer under this Agreement, including the Master Servicing
          Fee.

         

        
          
            
            

          

          
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        (c)
          Notwithstanding the above, the Trustee may, if it shall be unwilling to
          continue
          to so act, or shall, if it is unable to so act, request the Trustee to
          appoint,
          petition a court of competent jurisdiction to appoint, or appoint on its
          own
          behalf any established housing and home finance institution servicer, master
          servicer, servicing or mortgage servicing institution having a net worth
          of not
          less than $15,000,000 and meeting such other standards for a successor
          master
          servicer as are set forth in this Agreement, as the successor to such Master
          Servicer in the assumption of all of the responsibilities, duties or liabilities
          of the Master Servicer hereunder. Any entity designated by the Trustee
          as a
          successor master servicer may be an Affiliate of the Trustee; provided,
          however,
          that,
          unless such Affiliate meets the net worth requirements and other standards
          set
          forth herein for a successor master servicer, or the Trustee, in its individual
          capacity shall agree, at the time of such designation, to be and remain
          liable
          to the Trust Fund for such Affiliate’s actions and omissions in performing its
          duties hereunder. In connection with such appointment and assumption, the
          Trustee may make such arrangements for the compensation of such successor
          out of
          payments on Mortgage Loans as it and such successor shall agree; provided,
          however,
          that no
          such compensation shall be in excess of that permitted to the Master Servicer
          hereunder. The Trustee and such successor shall take such actions, consistent
          with this Agreement, as shall be necessary to effectuate any such succession
          and
          may make other arrangements with respect to the servicing to be conducted
          hereunder which are not inconsistent herewith. The Master Servicer shall
          cooperate with the Trustee and any successor master servicer in effecting
          the
          termination of the Master Servicer’s responsibilities and rights hereunder
          including, without limitation, notifying Mortgagors of the assignment of
          the
          master servicing functions and providing the Trustee and successor master
          servicer, as applicable, all documents and records in electronic or other
          form
          reasonably requested by it to enable it to assume the Master Servicer’s
          functions hereunder and the transfer to the Trustee or such successor master
          servicer, as applicable, all amounts which shall at the time be or should
          have
          been deposited by the Master Servicer in the Collection Account and any
          other
          account or fund maintained with respect to the Certificates or the Lower
          Tier
          REMIC 1 Uncertificated Regular Interests or thereafter be received with
          respect to the Mortgage Loans. Neither the Trustee nor any other successor
          master servicer shall be deemed to be in default hereunder by reason of
          any
          failure to make, or any delay in making, any distribution hereunder or
          any
          portion thereof caused by (i) the failure of the Master Servicer to deliver,
          or
          any delay in delivering, cash, documents or records to it, (ii) the failure
          of
          the Master Servicer to cooperate as required by this Agreement, (iii) the
          failure of the Master Servicer to deliver the Mortgage Loan data to the
          Trustee
          as required by this Agreement or (iv) restrictions imposed by any regulatory
          authority having jurisdiction over the Master Servicer. 

         

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

         

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

         

        
          
            
            

          

          
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        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.

           

          Section
            6.17. Notification to Holders. 

           

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

           

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

           

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

           

          
            
              
              

            

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

           

          In
            the
            event that the Trustee shall have actual knowledge of any action or inaction
            of
            the Master Servicer that would become an Event of Default upon the Master
            Servicer’s failure to remedy the same after notice, the Trustee shall give
            notice thereof to the Master Servicer, any NIMS Insurer, the Trustee,
            the Swap
            Counterparty and the Cap Counterparty.

           

          Section
            6.20. Preparation of Tax Returns and Other Reports. 

           

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

           

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

           

          (c)
            The
            Depositor shall prepare or cause to be prepared the initial current report
            on
            Form 8-K. Thereafter, the Trustee shall, in accordance with industry
            standards
            and the rules of the Commission as in effect from time to time (the “Rules”),
            prepare and file with the Commission via the Electronic Data Gathering
            and
            Retrieval System (“EDGAR”), the reports listed in subsections (d) through (f) of
            this Section 6.20 in respect of the Trust Fund as and to the extent required
            under the Exchange Act.

           

          (d)
            Reports Filed on Form 10-D. 

           

          
            
              
              

            

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

           

          (ii)
             As
            set
            forth on Exhibit P-1 hereto, within five calendar days after the related
            Distribution Date, (A) certain parties to the First Franklin Mortgage
            Loan Trust
            2006-FF14 transaction shall be required to provide to the Depositor and
            the
            Trustee, to the extent known by a responsible officer thereof, in
            EDGAR-compatible form (which may be Word or Excel documents easily convertible
            to EDGAR format), or in such other form as otherwise agreed upon by the
            Trustee
            and such party, the form and substance of any Additional Form 10-D Disclosure,
            if applicable, and include with such Additional Form 10-D Disclosure,
            an
            Additional Disclosure Notification in the form attached hereto as Exhibit
            P-4
            and (B) the Depositor will approve, as to form and substance, or disapprove,
            as
            the case may be, the inclusion of the Additional Form 10-D Disclosure
            on Form
            10-D. The Sponsor will be responsible for any reasonable fees and expenses
            assessed or incurred by the Trustee in connection with including any
            Additional
            Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

           

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

           

          
            
              
              

            

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

           

          (e)
            Reports Filed on Form 10-K.

           

          (i)
            Unless and until a Form 15 suspension notice shall have been filed, within
            90
            days after the end of each fiscal year of the Trust Fund or such earlier
            date as
            may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
            understood that the fiscal year for the Trust Fund ends on December
            31st
            of each
            year), commencing in March 2007, the Trustee shall prepare and file on
            behalf of
            the Trust Fund a Form 10-K, in form and substance as required by the
            Exchange
            Act. To facilitate the Trustee’s preparation of the Form 10-K, the Depositor
            shall provide to the Trustee, no later than 30 days prior to the 10-K
            Filing
            Deadline, a template of the Form 10-K in an Edgar-compatible format.
            Each such
            Form 10-K shall include the following items, in each case to the extent
            they
            have been delivered to the Trustee within the applicable time frames
            set forth
            in this Agreement and in the Servicing Agreement and the Custodial Agreement,
            (A) an annual compliance statement for the Servicer, each Additional
            Servicer
            and the Master Servicer, as described under Section 9.26 hereof and in
            the
            Servicing Agreement, (B)(I) the annual reports on assessment of compliance
            with
            servicing criteria for the Servicer, the Custodian, each Additional Servicer,
            the Master Servicer, the Credit Risk Manager, any Servicing Function
            Participant, the Paying Agent (if other than the Trustee) and the Trustee
            (each,
            a “Reporting Servicer”), as described under Section 9.25(a) hereof and in the
            Servicing Agreement and Custodial Agreement, and (II) if any Reporting
            Servicer’s report on assessment of compliance with servicing criteria described
            under Section 9.25(a) hereof or in the Servicing Agreement or Custodial
            Agreement identifies any material instance of noncompliance, disclosure
            identifying such instance of noncompliance, or if any Reporting Servicer’s
            report on assessment of compliance with servicing criteria described
            under
            Section 9.25(a) hereof or in the Servicing Agreement or Custodial Agreement
            is
            not included as an exhibit to such Form 10-K, disclosure that such report
            is not
            included and an explanation why such report is not included, (C)(I) the
            registered public accounting firm attestation report for each Reporting
            Servicer, as described under Section 9.25(b) hereof and in the Servicing
            Agreement and Custodial Agreement and (II) if any registered public accounting
            firm attestation report described under Section 9.25(b) hereof or in
            the
            Servicing Agreement or Custodial Agreement identifies any material instance
            of
            noncompliance, disclosure identifying such instance of noncompliance,
            or if any
            such registered public accounting firm attestation report is not included
            as an
            exhibit to such Form 10-K, disclosure that such report is not included
            and an
            explanation why such report is not included, and (D) a Sarbanes-Oxley
            Certification. Any disclosure or information in addition to (A) through
            (D)
            above that is required to be included on Form 10-K (“Additional Form 10-K
            Disclosure”) shall be determined and prepared by and at the direction of the
            Depositor pursuant to the following paragraph and the Trustee will have
            no duty
            or liability for any failure hereunder to determine or prepare any Additional
            Form 10-K Disclosure, except as set forth in the next paragraph. 

           

          
            
              
              

            

            
              127

              
                

              

            

            
              
              

            

          

           

          (ii)
             As
            set
            forth on Exhibit P-2 hereto, no later than March 15 of each year that
            the Trust
            Fund is subject to the Exchange Act reporting requirements, commencing
            in 2007,
            (A) certain parties to the First Franklin Mortgage Loan Trust 2006-FF14
            transaction shall be required to provide to the Depositor and the Trustee,
            to
            the extent known by a responsible officer thereof, in EDGAR-compatible
            form
            (which may be Word or Excel documents easily convertible to EDGAR format),
            or in
            such other form as otherwise agreed upon by the Trustee and such party,
            the form
            and substance of any Additional Form 10-K Disclosure, if applicable,
            and include
            with such Additional Form 10-K Disclosure, an Additional Disclosure Notification
            in the form attached hereto as Exhibit P-4 and (B) the Depositor will
            approve,
            as to form and substance, or disapprove, as the case may be, the inclusion
            of
            the Additional Form 10-K Disclosure on Form 10-K. The Trustee has no
            duty under
            this Agreement to monitor or enforce the performance by the parties listed
            on
            Exhibit P-2 of their duties under this paragraph or proactively solicit
            or
            procure from such parties any Form 10-K Disclosure Information. The Sponsor
            will
            be responsible for any reasonable fees and expenses assessed or incurred
            by the
            Trustee in connection with including any Additional Form 10-K Disclosure
            on Form
            10-K pursuant to this paragraph. 

           

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

           

          
            
              
              

            

            
              128

              
                

              

            

            
              
              

            

          

           

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

          

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

             

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

             

            
              
                
                

              

              
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            (f)
              Reports Filed on Form 8-K.

             

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

             

            (ii)
               As
              set
              forth on Exhibit P-3 hereto, for so long as the Trust Fund is subject
              to the
              Exchange Act reporting requirements, no later than Noon New York City
              time on
              the second Business Day after the occurrence of a Reportable Event
              (A) certain
              parties to the First Franklin Mortgage Loan Trust 2006-FF14 transaction
              shall be
              required to provide to the Depositor and the Trustee, to the extent
              known by a
              responsible officer thereof, in EDGAR-compatible form (which may be
              Word or
              Excel documents easily convertible to EDGAR format), or in such other
              form as
              otherwise agreed upon by the Trustee and such party, the form and substance
              of
              any Form 8-K Disclosure Information, if applicable, and include with
              such Form
              8-K Disclosure Information, an Additional Disclosure Notification in
              the form
              attached hereto as Exhibit P-4 and (B) the Depositor will approve,
              as to form
              and substance, or disapprove, as the case may be, the inclusion of
              the Form 8-K
              Disclosure Information. The Trustee has no duty under this Agreement
              to monitor
              or enforce the performance by the parties listed on Exhibit P-3 of
              their duties
              under this paragraph or proactively solicit or procure from such parties
              any
              Form 8-K Disclosure Information. The Sponsor will be responsible for
              any
              reasonable fees and expenses assessed or incurred by the Trustee in
              connection
              with including any Form 8-K Disclosure Information on Form 8-K pursuant
              to this
              paragraph. 

             

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

             

            
              
                
                

              

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

             

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

             

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

             

            
              
                
                

              

              
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            (h)
              Any
              party that signs any Exchange Act report that the Trustee is required
              to file
              shall provide to the Trustee prompt notice of the execution of such
              Exchange Act
              report along with the name and contact information for the person signing
              such
              report and shall promptly deliver to the Trustee the original executed
              signature
              page for such report. In addition, each of the parties agrees to provide
              to the
              Trustee such additional information related to such party as the Trustee
              may
              reasonably request, including evidence of the authorization of the
              person
              signing any certification or statement, financial information and reports,
              and
              such other information related to such party or its performance hereunder.
              

             

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

             

            Section
              6.21. Reporting Requirements of the Commission.

             

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

             

            Section
              6.22. No Merger.

             

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

             

            Section
              6.23. Indemnification by the Trustee.

             

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

             

            
              
                
                

              

              
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              ARTICLE
                VII

               

              PURCHASE
                OF MORTGAGE LOANS AND

              TERMINATION
                OF THE TRUST FUND

               

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

                      

              

               

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

               

              (b)
                On
                any Distribution Date occurring on or after the Initial Optional
                Termination
                Date, the Master Servicer or LTURI-holder, as applicable, with the
                prior written
                consent of any NIMS Insurer and the Seller, which consent shall not
                be
                unreasonably withheld, has the option to cause the Trust Fund to
                adopt a plan of
                complete liquidation pursuant to Section 7.03(a)(i) hereof to sell
                all of its
                property. Upon exercise of such option, the property of the Trust
                Fund shall be
                sold to the Master Servicer at a price (the “Termination Price”) equal to the
                sum of (i) 100% of the unpaid principal balance of each Mortgage
                Loan on the day
                of such purchase plus interest accrued thereon at the applicable
                Mortgage Rate
                with respect to any Mortgage Loan to the Due Date in the Collection
                Period
                immediately preceding the related Distribution Date to the date of
                such
                repurchase, (ii) the fair market value of any REO Property and any
                other
                property held by any REMIC, such fair market value to be determined
                by an
                independent appraiser or appraisers mutually agreed upon by the Master
                Servicer,
                any NIMS Insurer and the Trustee (reduced, in the case of REO Property,
                by (1)
                reasonably anticipated disposition costs and (2) any amount by which
                the fair
                market value as so reduced exceeds the outstanding principal balance
                of the
                related Mortgage Loan plus interest accrued thereon at the applicable
                Net
                Mortgage Rate to the date of such purchase), (iii) any unreimbursed
                Servicing
                Advances and (iv) any Swap Termination Payment payable to the Swap
                Counterparty
                as a result of a termination pursuant to this Section 7.01; provided,
                however, if
                there
                are any NIM Securities outstanding, the Master Servicer may only
                exercise its
                option after receiving the prior written consent of the holders of
                such NIM
                Securities and, if such consent is given, the Termination Price shall
                also
                include an amount equal to the sum of (1) any accrued interest on
                the NIM
                Securities, (2) the unpaid principal balance of any such NIM Securities
                and (3)
                any other reimbursable expenses owed by the issuer of the NIM Securities
                (the
“NIM Redemption Amount”). The Master Servicer, the Servicer, the Trustee and the
                Custodian shall be reimbursed from the Termination Price for any
                Mortgage Loan
                or related REO Property for any Advances made or other amounts advanced
                with
                respect to the Mortgage Loans that are reimbursable to any such entity
                under
                this Agreement, the Servicing Agreement or the Custodial Agreement,
                together
                with any accrued and unpaid compensation and any other amounts due
                to the Master
                Servicer or the Trustee hereunder or the Servicer or the Custodian.
                If the NIMS
                Insurer directs the Master Servicer to exercise its right to cause
                the Trust
                Fund to adopt a plan of complete liquidation as described above,
                then (i) the
                Master Servicer shall cause the Trust Fund to adopt a plan of complete
                liquidation as described above, (ii) the NIMS Insurer shall remit
                the
                Termination Price in immediately available funds to the Master Servicer
                at least
                three Business Days prior to the applicable Distribution Date and,
                upon receipt
                of such funds from the NIMS Insurer, the Master Servicer shall promptly
                deposit
                such funds in the Collection Account and (iii) upon termination of
                the Trust
                Fund, the Trustee will transfer the property of the Trust Fund to
                the NIMS
                Insurer. The NIMS Insurer shall be obligated to reimburse the Master
                Servicer
                and the Trustee for its reasonable out-of-pocket expenses incurred
                in connection
                with its termination of the Trust Fund at the direction of the NIMS
                Insurer and
                shall indemnify and hold harmless the Master Servicer and the Trustee
                for any
                losses, liabilities or expenses resulting from any claims arising
                out of or
                relating to the Master Servicer’s termination of the Trust Fund at the direction
                of the NIMS Insurer, except to the extent such losses, liabilities
                or expenses
                arise out of or result from the Master Servicer’s negligence, bad faith or
                willful misconduct.

               

              
                
                  
                  

                

                
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              (c)
                On
                any Distribution Date occurring on or after the Initial Optional
                Termination
                Date and provided there are no NIM Securities outstanding, the Master
                Servicer,
                with the prior written consent of the Seller, which consent shall
                not be
                unreasonably withheld, has the option to purchase all of the Lower
                Tier REMIC 1
                Uncertificated Regular Interests. Upon exercise of such option, the
                Lower Tier
                REMIC 1 Uncertificated Regular Interests shall be sold to the Master
                Servicer at
                a price (the “Lower Tier REMIC 1 Uncertificated Regular Interests Purchase
                Price”) equal to the sum of (i) 100% of the unpaid principal balance of
                each
                Mortgage Loan on the day of such purchase plus interest accrued thereon
                at the
                applicable Mortgage Rate with respect to any Mortgage Loan to the
                Due Date in
                the Collection Period immediately preceding the related Distribution
                Date to the
                date of such repurchase and (ii) the fair market value of any REO
                Property and
                any other property held by any REMIC, such fair market value to be
                determined by
                an independent appraiser or appraisers mutually agreed upon by the
                Master
                Servicer, any NIMS Insurer and the Trustee (reduced, in the case
                of REO
                Property, by (1) reasonably anticipated disposition costs and (2)
                any amount by
                which the fair market value as so reduced exceeds the outstanding
                principal
                balance of the related Mortgage Loan plus interest accrued thereon
                at the
                applicable Net Mortgage Rate to the date of such purchase). If the
                Master
                Servicer elects to exercise such option, each REMIC created pursuant
                to this
                Agreement (other than REMIC 1) shall be terminated in such a manner
                so that the
                termination of each such REMIC shall qualify as a “qualified liquidation” under
                the REMIC Provisions and the Lower Tier REMIC 1 Uncertificated Regular
                Interests
                and the Class LT-R Certificates will evidence the entire beneficial
                interest in
                the property of the Trust Fund. Following a purchase of the Lower
                Tier REMIC 1
                Uncertificated Regular Interests pursuant to this subsection, the
                Trust Fund
                (and REMIC 1) will remain outstanding and final payment on the Certificates
                (other than the Class LT-R Certificates) will be made in accordance
                with
                Sections 7.03(a)(iii) and 5.02. The Trust Fund will terminate upon
                the
                occurrence of a Trust Fund Termination Event, in accordance with
                Section
                7.01(a).

               

              
                
                  
                  

                

                
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                	Section
                        7.02.	
                        Procedure
                          Upon Termination of Trust Fund or Purchase of Lower Tier
                          REMIC 1
                          Uncertificated Regular Interests.  

                      

              

               

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

               

              In
                the
                case of a Trust Fund Termination Event, such notice shall specify
                (A) the
                Distribution
                Date
                upon which final distribution on the Certificates or Lower Tier REMIC
                1
                Uncertificated Regular Interests of all amounts required to be distributed
                to
                Certificateholders pursuant to Section 5.02 will be made upon presentation
                and
                surrender of the Certificates at the Corporate Trust Office, and
                (B) that the
                Record Date otherwise applicable to such Distribution Date is not
                applicable,
                distribution being made only upon presentation and surrender of the
                Certificates
                at the office or agency of the Trustee therein specified. Upon any
                such Trust
                Fund Termination Event, the duties of the Certificate Registrar with
                respect to
                the Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests
                shall
                terminate and the Trustee shall terminate or request the Master Servicer
                to
                terminate, the Collection Account it maintains, the Certificate Account
                and any
                other account or fund maintained with respect to the Certificates
                or Lower Tier
                REMIC 1 Uncertificated Regular Interests, subject to the Trustee’s obligation
                hereunder to hold all amounts payable to Certificateholders in trust
                without
                interest pending such payment. 

              

              In
                the
                case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular
                Interests,
                such notice shall specify (A) the Distribution Date upon which final
                distribution on the Certificates (other than the Class LT-R Certificates)
                of all
                amounts required to be distributed to Certificateholders pursuant
                to Section
                5.02 (other than any distributions to the Class LT-R Certificates
                in respect of
                REMIC 1) will be made upon presentation and surrender of the Certificates
                (other
                than the Class LT-R Certificates) at the Corporate Trust Office,
                and (B) that
                the Record Date otherwise applicable to such Distribution Date is
                not
                applicable, distribution being made only upon presentation and surrender
                of the
                Certificates (other than the Class LT-R Certificates) at the office
                or agency of
                the Trustee therein specified. Upon any such purchase of the Lower
                Tier REMIC 1
                Uncertificated Regular Interests, the duties of the Certificate Registrar
                with
                respect to the Certificates other than the Class LT-R Certificate
                shall
                terminate but the Trustee shall not terminate or request the Master
                Servicer to
                terminate, the Collection Account it maintains, the Certificate Account
                and any
                other account or fund maintained with respect to the Certificates,
                subject to
                the Trustee’s obligation hereunder to hold all amounts payable to
                Certificateholders in trust without interest pending such payment.
                For all
                Distribution Dates following the Distribution Date on which the Master
                Servicer
                purchases the Lower Tier REMIC 1 Uncertificated Regular Interests,
                all amounts
                that would be distributed on the Certificates (other than the Class
                LT-R
                Certificate and exclusive of amounts payable from any fund held outside
                of REMIC
                1) absent such purchase shall be payable to the LTURI-holder.

              
                 

                
                  
                    
                    

                  

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

                 

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

                 

                
                  	Section
                          7.03.	
                          Additional
                            Trust Fund Termination Event or Purchase of the Lower
                            Tier REMIC 1
                            Uncertificated Regular Interests.  

                        

                

                 

                (a)
                  Any
                  termination of the Trust Fund pursuant to Section 7.01(a) or any
                  termination of
                  a REMIC pursuant to Section 7.01(c) shall be effected in accordance
                  with the
                  following additional requirements, unless the Trustee seeks (at
                  the request of
                  the party exercising the option to purchase all of the Mortgage
                  Loans or Lower
                  Tier REMIC 1 Uncertificated Regular Interests pursuant to Section
                  7.01(b) or
                  Section 7.01(c), respectively), and subsequently receives, an Opinion
                  of Counsel
                  (at the expense of such requesting party), addressed to the Trustee
                  and any NIMS
                  Insurer to the effect that the failure to comply with the requirements
                  of this
                  Section 7.03 will not result in an Adverse REMIC Event:

                 

                (i)
                  Within 89 days prior to the time of the making of the final payment
                  on the
                  Certificates (other than the Class LT-R Certificates, in the case
                  of a purchase
                  of the Lower Tier REMIC 1 Uncertificated Regular Interests, upon
                  notification by
                  the Master Servicer, any NIMS Insurer or an Affiliate of the Seller
                  that it
                  intends to exercise its option to cause the termination of the
                  Trust Fund or
                  purchase the Lower Tier REMIC 1 Uncertificated Regular Interests,
                  the Trustee
                  shall adopt a plan of complete liquidation on behalf of each REMIC
                  (other than
                  REMIC 1, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
                  Regular Interests), meeting the requirements of a qualified liquidation
                  under
                  the REMIC Provisions;

                 

                
                  
                    
                    

                  

                  
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                (ii)
                  Any
                  sale of the assets of the Trust Fund or the Lower Tier REMIC 1
                  Uncertificated
                  Regular Interests pursuant to Section 7.02 shall be a sale for
                  cash and shall
                  occur at or after the time of adoption of such a plan of complete
                  liquidation
                  and prior to the time of making of the final payment on the Certificates
                  (other
                  than the Class LT-R Certificates, in the case of a purchase of
                  the Lower Tier
                  REMIC 1 Uncertificated Regular Interests);

                 

                (iii)
                  On
                  the date specified for final payment of the Certificates (other
                  than the Class
                  LT-R Certificates, in the case of a purchase of the Lower Tier
                  REMIC 1
                  Uncertificated Regular Interests), the Trustee shall make final
                  distributions of
                  principal and interest on such Certificates and shall pay, in the
                  case of a
                  Trust Fund Termination Event, any Swap Termination Payment owed
                  to the Swap
                  Counterparty on the related Swap Payment Date (to the extent not
                  paid on
                  previous Swap Payment Dates) in accordance with Section 5.02. In
                  the case of a
                  Trust Fund Termination Event, and, after payment of, or provision
                  for any
                  outstanding expenses, the Trustee shall distribute or credit, or
                  cause to be
                  distributed or credited, to the Holders of the Residual Certificates
                  all cash on
                  hand after such final payment (other than cash retained to meet
                  claims), and the
                  Trust Fund (and each REMIC) shall terminate at that time; and

                 

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

                 

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

                 

                (c)
                   In
                  connection with the termination of the Trust Fund, or a Section
                  7.01(c) Purchase
                  Event, the Trustee may request an Opinion of Counsel addressed
                  to the Trustee
                  (at the expense of the Depositor) to the effect that all the requirements
                  of a
                  qualified liquidation under the REMIC Provisions have been met.

                 

                Section
                  7.04. Optional
                  Repurchase Right.

                 

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

                 

                
                  
                    
                    

                  

                  
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                ARTICLE
                  VIII

                 

                RIGHTS
                  OF
                  CERTIFICATEHOLDERS

                 

                Section
                  8.01. Limitation
                  on Rights of Holders.  

                 

                (a)
                  The
                  death or incapacity of any Certificateholder shall not operate
                  to terminate this
                  Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
                  representatives or heirs to claim an accounting or take any action
                  or proceeding
                  in any court for a partition or winding up of this Trust Fund,
                  nor otherwise
                  affect the rights, obligations and liabilities of the parties hereto
                  or any of
                  them. Except as otherwise expressly provided herein, no Certificateholder,
                  solely by virtue of its status as a Certificateholder, shall have
                  any right to
                  vote or in any manner otherwise control the Master Servicer or
                  the operation and
                  management of the Trust Fund, or the obligations of the parties
                  hereto, nor
                  shall anything herein set forth, or contained in the terms of the
                  Certificates,
                  be construed so as to constitute the Certificateholders from time
                  to time as
                  partners or members of an association, nor shall any Certificateholder
                  be under
                  any liability to any third person by reason of any action taken
                  by the parties
                  to this Agreement pursuant to any provision hereof.

                 

                (b)
                  No
                  Certificateholder, solely by virtue of its status as Certificateholder,
                  shall
                  have any right by virtue or by availing of any provision of this
                  Agreement to
                  institute any suit, action or proceeding in equity or at law upon
                  or under or
                  with respect to this Agreement, unless such Holder previously shall
                  have given
                  to the Trustee a written notice of an Event of Default and of the
                  continuance
                  thereof, as hereinbefore provided, and unless also the Holders
                  of Certificates
                  evidencing not less than 25% of the Class Principal Amount (or
                  Percentage
                  Interest) of Certificates of each Class affected thereby shall,
                  with the prior
                  written consent of any NIMS Insurer, have made written request
                  upon the Trustee
                  to institute such action, suit or proceeding in its own name as
                  Trustee
                  hereunder and shall have offered to the Trustee such reasonable
                  indemnity as it
                  may require against the cost, expenses and liabilities to be incurred
                  therein or
                  thereby, and the Trustee, for sixty days after its receipt of such
                  notice,
                  request and offer of indemnity, shall have neglected or refused
                  to institute any
                  such action, suit or proceeding and no direction inconsistent with
                  such written
                  request has been given the Trustee during such sixty-day period
                  by such
                  Certificateholders or any NIMS Insurer; it being understood and
                  intended, and
                  being expressly covenanted by each Certificateholder with every
                  other
                  Certificateholder, any NIMS Insurer and the Trustee, that no one
                  or more Holders
                  of Certificates shall have any right in any manner whatever by
                  virtue or by
                  availing of any provision of this Agreement to affect, disturb
                  or prejudice the
                  rights of the Holders of any other of such Certificates or the
                  rights of any
                  NIMS Insurer, or to obtain or seek to obtain priority over or preference
                  to any
                  other such Holder or any NIMS Insurer, or to enforce any right
                  under this
                  Agreement, except in the manner herein provided and for the benefit
                  of all
                  Certificateholders. For the protection and enforcement of the provisions
                  of this
                  Section, each and every Certificateholder, the NIMS Insurer and
                  the Trustee
                  shall be entitled to such relief as can be given either at law
                  or in
                  equity.

                 

                Section
                  8.02. Access
                  to
                  List of Holders.  

                 

                (a)
                  If
                  the Trustee is not acting as Certificate Registrar, the Certificate
                  Registrar
                  will furnish or cause to be furnished to the Trustee and any NIMS
                  Insurer,
                  within fifteen days after receipt by the Certificate Registrar
                  of a request by
                  the Trustee or any NIMS Insurer in writing, a list, in such form
                  as the Trustee
                  may reasonably require, of the names and addresses of the Certificateholders
                  of
                  each Class as of the most recent Record Date.

                 

                
                  
                    
                    

                  

                  
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                (b)
                  If
                  any NIMS Insurer or three or more Holders or Certificate Owners
                  (hereinafter
                  referred to as “Applicants”) apply in writing to the Trustee, and such
                  application states that the Applicants desire to communicate with
                  other Holders
                  with respect to their rights under this Agreement or under the
                  Certificates and
                  is accompanied by a copy of the communication which such Applicants
                  propose to
                  transmit, then the Trustee shall, within five Business Days after
                  the receipt of
                  such application, afford such Applicants reasonable access during
                  the normal
                  business hours of the Trustee to the most recent list of Certificateholders
                  held
                  by the Trustee or shall, as an alternative, send, at the Applicants’ expense,
                  the written communication proffered by the Applicants to all Certificateholders
                  at their addresses as they appear in the Certificate Register.

                 

                (c)
                  Every
                  Holder or Certificate Owner, if the Holder is a Clearing Agency,
                  by receiving
                  and holding a Certificate, agrees with the Depositor, the Master
                  Servicer, any
                  NIMS Insurer, the Certificate Registrar and the Trustee that neither
                  the
                  Depositor, the Master Servicer, any NIMS Insurer, the Certificate
                  Registrar nor
                  the Trustee shall be held accountable by reason of the disclosure
                  of any such
                  information as to the names and addresses of the Certificateholders
                  hereunder,
                  regardless of the source from which such information was derived.

                 

                Section
                  8.03. Acts
                  of Holders of Certificates.  

                 

                (a)
                  Any
                  request, demand, authorization, direction, notice, consent, waiver
                  or other
                  action provided by this Agreement to be given or taken by Holders
                  or Certificate
                  Owner, if the Holder is a Clearing Agency, may be embodied in and
                  evidenced by
                  one or more instruments of substantially similar tenor signed by
                  such Holders in
                  person or by agent duly appointed in writing; and, except as herein
                  otherwise
                  expressly provided, such action shall become effective when such
                  instrument or
                  instruments are delivered to the Trustee and, where expressly required
                  herein,
                  to the Master Servicer. Such instrument or instruments (as the
                  action embodies
                  therein and evidenced thereby) are herein sometimes referred to
                  as an “Act” of
                  the Holders signing such instrument or instruments. Proof of execution
                  of any
                  such instrument or of a writing appointing any such agents shall
                  be sufficient
                  for any purpose of this Agreement and conclusive in favor of the
                  Trustee and the
                  Master Servicer, if made in the manner provided in this Section.
                  Each of the
                  Trustee and the Master Servicer shall promptly notify the others
                  of receipt of
                  any such instrument by it, and shall promptly forward a copy of
                  such instrument
                  to the others.

                 

                (b)
                  The
                  fact and date of the execution by any Person of any such instrument
                  or writing
                  may be proved by the affidavit of a witness of such execution or
                  by the
                  certificate of any notary public or other officer authorized by
                  law to take
                  acknowledgments or deeds, certifying that the individual signing
                  such instrument
                  or writing acknowledged to him the execution thereof. Whenever
                  such execution is
                  by an officer of a corporation or a member of a partnership on
                  behalf of such
                  corporation or partnership, such certificate or affidavit shall
                  also constitute
                  sufficient proof of his authority. The fact and date of the execution
                  of any
                  such instrument or writing, or the authority of the individual
                  executing the
                  same, may also be proved in any other manner which the Trustee
                  deems
                  sufficient.

                 

                
                  
                    
                    

                  

                  
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                (c)
                  The
                  ownership of Certificates or Lower Tier REMIC 1 Uncertificated
                  Regular Interests
                  (whether or not such Certificates or Lower Tier REMIC 1 Uncertificated
                  Regular
                  Interests shall be overdue and notwithstanding any notation of
                  ownership or
                  other writing thereon made by anyone other than the Trustee) shall
                  be proved by
                  the Certificate Register, and none of the Trustee, the Master Servicer,
                  the NIMS
                  Insurer, or the Depositor shall be affected by any notice to the
                  contrary.

                 

                (d)
                  Any
                  request, demand, authorization, direction, notice, consent, waiver
                  or other
                  action by the Holder of any Certificate or Lower Tier REMIC 1 Uncertificated
                  Regular Interest shall bind every future Holder of the same Certificate
                  or Lower
                  Tier REMIC 1 Uncertificated Regular Interest and the Holder of
                  every Certificate
                  or Lower Tier REMIC 1 Uncertificated Regular Interest issued upon
                  the
                  registration of transfer thereof or in exchange therefor or in
                  lieu thereof, in
                  respect of anything done, omitted or suffered to be done by the
                  Trustee or the
                  Master Servicer in reliance thereon, whether or not notation of
                  such action is
                  made upon such Certificate or Lower Tier REMIC 1 Uncertificated
                  Regular
                  Interest.

                 

                ARTICLE
                  IX

                 

                ADMINISTRATION
                  AND SERVICING OF MORTGAGE LOANS BY THE MASTER 

                SERVICER;
                  CREDIT RISK MANAGER

                 

                Section
                  9.01. Duties of the Master Servicer. 

                 

                The
                  Certificateholders, by their purchase and acceptance of the Certificates
                  or
                  Lower Tier REMIC 1 Uncertificated Regular Interests, appoint Aurora
                  Loan
                  Services LLC, as Master Servicer. For and on behalf of the Depositor,
                  the
                  Trustee and the Certificateholders, the Master Servicer shall master
                  service the
                  Mortgage Loans in accordance with the provisions of this Agreement
                  and the
                  provisions of the Servicing Agreement. Notwithstanding anything
                  in this
                  Agreement, the Servicing Agreement or the Credit Risk Management
                  Agreement to
                  the contrary, the Master Servicer shall have no duty or obligation
                  to enforce
                  the Credit Risk Management Agreement or to supervise, monitor or
                  oversee the
                  activities of the Servicer under its Credit Risk Management Agreement
                  with
                  respect to any action taken or not taken by the Servicer at the
                  direction of the
                  Seller or pursuant to a recommendation of the Credit Risk Manager.

                 

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

                 

                (a)
                  The
                  Master Servicer, at its expense, shall maintain in effect a Master
                  Servicer
                  Fidelity Bond and a Master Servicer Errors and Omissions Insurance
                  Policy,
                  affording coverage with respect to all directors, officers, employees
                  and other
                  Persons acting on such Master Servicer’s behalf, and covering errors and
                  omissions in the performance of the Master Servicer’s obligations hereunder. The
                  Master Servicer Errors and Omissions Insurance Policy and the Master
                  Servicer
                  Fidelity Bond shall be in such form and amount that would be consistent
                  with
                  coverage customarily maintained by master servicers of mortgage
                  loans similar to
                  the Mortgage Loans and the Master Servicer shall provide the Trustee
                  and any
                  NIMS Insurer upon request, with a copy of such policy and fidelity
                  bond. The
                  Master Servicer shall (i) require the Servicer to maintain an Errors
                  and
                  Omissions Insurance Policy and a Servicer Fidelity Bond in accordance
                  with the
                  provisions of the Servicing Agreement, (ii) cause the Servicer
                  to provide to the
                  Master Servicer certificates evidencing that such policy and bond
                  is in effect
                  and to furnish to the Master Servicer any notice of cancellation,
                  non-renewal or
                  modification of the policy or bond received by it, as and to the
                  extent provided
                  in the Servicing Agreement, and (iii) furnish copies of such policies
                  and of the
                  certificates and notices referred to in clause (ii) to the Trustee
                  upon
                  request.

                 

                
                  
                    
                    

                  

                  
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                  (b)
                    The
                    Master Servicer shall promptly report to the Trustee and any
                    NIMS Insurer any
                    material changes that may occur in the Master Servicer Fidelity
                    Bond or the
                    Master Servicer Errors and Omissions Insurance Policy and shall
                    furnish to the
                    Trustee and any NIMS Insurer, on request, certificates evidencing
                    that such bond
                    and insurance policy are in full force and effect. The Master
                    Servicer shall
                    promptly report to the Trustee and any NIMS Insurer all cases
                    of embezzlement or
                    fraud, if such events involve funds relating to the Mortgage
                    Loans. The total
                    losses, regardless of whether claims are filed with the applicable
                    insurer or
                    surety, shall be disclosed in such reports together with the
                    amount of such
                    losses covered by insurance. If a bond or insurance claim report
                    is filed with
                    any of such bonding companies or insurers, the Master Servicer
                    shall promptly
                    furnish a copy of such report to the Trustee and any NIMS Insurer.
                    Any amounts
                    relating to the Mortgage Loans collected by the Master Servicer
                    under any such
                    bond or policy shall be promptly remitted by the Master Servicer
                    to the Trustee
                    for deposit into the Certificate Account. Any amounts relating
                    to the Mortgage
                    Loans collected by the Servicer under any such bond or policy
                    shall be remitted
                    to the Master Servicer to the extent provided in the Servicing
                    Agreement.

                   

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

                   

                  For
                    each
                    year this Agreement is in effect, the Master Servicer shall submit
                    to the
                    Trustee, any NIMS Insurer, each Rating Agency and the Depositor
                    a copy of its
                    annual unaudited financial statements on or prior to March 15
                    of each year,
                    beginning March 15, 2007. Such financial statements shall include
                    a balance
                    sheet, income statement, statement of retained earnings, statement
                    of additional
                    paid-in capital, statement of changes in financial position and
                    all related
                    notes and schedules and shall be in comparative form, certified
                    by a nationally
                    recognized firm of Independent Accountants to the effect that
                    such statements
                    were examined and prepared in accordance with generally accepted
                    accounting
                    principles applied on a basis consistent with that of the preceding
                    year.

                   

                  
                    
                      
                      

                    

                    
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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 the Servicer shall have full power and
                    authority (to the
                    extent provided in the Servicing Agreement) to do any and all
                    things that it may
                    deem necessary or desirable in connection with the servicing
                    and administration
                    of the Mortgage Loans, including but not limited to the power
                    and authority (i)
                    to execute and deliver, on behalf of the Certificateholders and
                    the Trustee,
                    customary consents or waivers and other instruments and documents,
                    (ii) to
                    consent to transfers of any Mortgaged Property and assumptions
                    of the Mortgage
                    Notes and related Mortgages, (iii) to collect any Insurance Proceeds
                    and
                    Liquidation Proceeds, and (iv) to effectuate foreclosure or other
                    conversion of
                    the ownership of the Mortgaged Property securing any Mortgage
                    Loan, in each
                    case, in accordance with the provisions of this Agreement and
                    the Servicing
                    Agreement, as applicable; provided that the Master Servicer shall
                    not take, or
                    knowingly permit the Servicer to take, any action that is inconsistent
                    with or
                    prejudices the interests of the Trust Fund or the Certificateholders
                    in any
                    Mortgage Loan or the rights and interests of the Depositor, the
                    Trustee, the
                    Certificateholders under this Agreement. The Master Servicer
                    shall represent and
                    protect the interests of the Trust Fund in the same manner as
                    it protects its
                    own interests in mortgage loans in its own portfolio in any claim,
                    proceeding or
                    litigation regarding a Mortgage Loan and shall not make or knowingly
                    permit the
                    Servicer to make any modification, waiver or amendment of any
                    term of any
                    Mortgage Loan that would cause an Adverse REMIC Event. Without
                    limiting the
                    generality of the foregoing, the Master Servicer in its own name
                    or in the name
                    of the Servicer, and the Servicer, to the extent such authority
                    is delegated to
                    the Servicer under the Servicing Agreement, is hereby authorized
                    and empowered
                    by the Trustee when the Master Servicer or the Servicer, as the
                    case may be,
                    believes it appropriate in its best judgment and in accordance
                    with Accepted
                    Servicing Practices and the Servicing Agreement, to execute and
                    deliver, on
                    behalf of itself and the Certificateholders, the Trustee or any
                    of them, any and
                    all instruments of satisfaction or cancellation, or of partial
                    or full release
                    or discharge and all other comparable instruments, with respect
                    to the Mortgage
                    Loans and with respect to the Mortgaged Properties. The Trustee
                    shall furnish to
                    the Master Servicer, upon request, with any powers of attorney
                    empowering the
                    Master Servicer or the Servicer to execute and deliver instruments
                    of
                    satisfaction or cancellation, or of partial or full release or
                    discharge, and to
                    foreclose upon or otherwise liquidate Mortgaged Property, and
                    to appeal,
                    prosecute or defend in any court action relating to the Mortgage
                    Loans or the
                    Mortgaged Property, in accordance with the Servicing Agreement
                    and this
                    Agreement, and the Trustee shall execute and deliver such other
                    documents, as
                    the Master Servicer may request, necessary or appropriate to
                    enable the Master
                    Servicer to master service the Mortgage Loans and carry out its
                    duties hereunder
                    and to allow the Servicer to service the Mortgage Loans, in each
                    case in
                    accordance with Accepted Servicing Practices (and the Trustee
                    shall have no
                    liability for misuse of any such powers of attorney by the Master
                    Servicer or
                    the Servicer). If the Master Servicer or the Trustee has been
                    advised that it is
                    likely that the laws of the state in which action is to be taken
                    prohibit such
                    action if taken in the name of the Trustee or that the Trustee
                    would be
                    adversely affected under the “doing business” or tax laws of such state if such
                    action is taken in its name, then upon request of the Trustee
                    the Master
                    Servicer shall join with the Trustee in the appointment of a
                    co-trustee pursuant
                    to Section 6.09 hereof. In no event shall the Master Servicer,
                    without the
                    Trustee’s written consent: (i) initiate any action, suit or proceeding
                    solely
                    under the Trustee’s name without indicating the Master Servicer in its
                    applicable, representative capacity, so long as the jurisdictional
                    and
                    procedural rules will allow for this insertion to occur, (ii)
                    initiate any
                    action, suit or proceeding not directly relating to the servicing
                    of a Mortgage
                    Loan (including but not limited to actions, suits or proceedings
                    against
                    Certificateholders, or against the Depositor or the Transferor
                    for breaches of
                    representations and warranties) solely under the Trustee’s name, (iii) engage
                    counsel to represent the Trustee in any action, suit or proceeding
                    not directly
                    relating to the servicing of a Mortgage Loan (including but not
                    limited to
                    actions, suits or proceedings against Certificateholders, or
                    against the
                    Depositor or the Transferor for breaches of representations and
                    warranties), or
                    (iv) prepare, execute or deliver any government filings, forms,
                    permits,
                    registrations or other documents or take any action with the
                    intent to cause,
                    and that actually causes, the Trustee to be registered to do
                    business in any
                    state. The Master Servicer shall indemnify the Trustee for any
                    and all costs,
                    liabilities and expenses incurred by the Trustee in connection
                    with the
                    negligent or willful misuse of such powers of attorney by the
                    Master Servicer.
                    In the performance of its duties hereunder, the Master Servicer
                    shall be an
                    independent contractor and shall not, except in those instances
                    where it is
                    taking action in the name of the Trustee on behalf of the Trust
                    Fund, be deemed
                    to be the agent of the Trustee.

                   

                  
                    
                      
                      

                    

                    
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                  (b)
                    In
                    master servicing and administering the Mortgage Loans, the Master
                    Servicer shall
                    employ procedures and exercise the same care that it customarily
                    employs and
                    exercises in master servicing and administering loans for its
                    own account,
                    giving due consideration to Accepted Servicing Practices where
                    such practices do
                    not conflict with this Agreement. Consistent with the foregoing,
                    the Master
                    Servicer may, and may permit the Servicer to, in its discretion
                    (i) waive any
                    late payment charge (but not any Prepayment Premium, except as
                    set forth below)
                    and (ii) extend the due dates for payments due on a Mortgage
                    Note for a period
                    not greater than 120 days; provided,
                    however,
                    that the
                    maturity of any Mortgage Loan shall not be extended past the
                    date on which the
                    final payment is due on the latest maturing Mortgage Loan as
                    of the Cut-off
                    Date. In the event of any extension described in clause (ii)
                    above, the Master
                    Servicer shall make or cause the Servicer (if required by the
                    Servicing
                    Agreement) to make Advances on the related Mortgage Loan in accordance
                    with the
                    provisions of Section 5.04 on the basis of the amortization schedule
                    of such
                    Mortgage Loan without modification thereof by reason of such
                    extension.
                    Notwithstanding anything to the contrary in this Agreement, the
                    Master Servicer
                    shall not make or knowingly permit any modification, waiver or
                    amendment of any
                    material term of any Mortgage Loan, unless: (1) such Mortgage
                    Loan is in default
                    or default by the related Mortgagor is, in the reasonable judgment
                    of the Master
                    Servicer or the Servicer, reasonably foreseeable, (2) in the
                    case of a waiver of
                    a Prepayment Premium, (a) such Mortgage Loan is in default or
                    default by the
                    related Mortgagor is, in the reasonable judgment of the Master
                    Servicer or the
                    Servicer, reasonably foreseeable and such waiver would maximize
                    recovery of
                    total proceeds taking into account the value of such Prepayment
                    Premium and the
                    related Mortgage Loan or (b) if the prepayment is not the result
                    of a refinance
                    by the Servicer or any of its affiliates and (i) such Mortgage
                    Loan is in
                    default or default by the related Mortgagor is, in the reasonable
                    judgment of
                    the Master Servicer or the Servicer, reasonably foreseeable and
                    such waiver
                    would maximize recovery of total proceeds taking into account
                    the value of such
                    Prepayment Premium and the related Mortgage Loan or (ii) the
                    collection of the
                    Prepayment Premium would be in violation of applicable law or
                    (iii) the
                    collection of such Prepayment Premium would be considered “predatory” pursuant
                    to written guidance published or issued by any applicable federal,
                    state or
                    local regulatory authority acting in its official capacity and
                    having
                    jurisdiction over such matters and (3) the Master Servicer shall
                    have provided
                    or caused to be provided to the Trustee an Opinion of Counsel
                    addressed to the
                    Trustee (which opinion shall, if provided by the Master Servicer,
                    be an expense
                    reimbursed from the Collection Account pursuant to Section 4.02(v))
                    to the
                    effect that such modification, waiver or amendment would not
                    result in an
                    Adverse REMIC Event; provided, in no event shall an Opinion of
                    Counsel be
                    required for the waiver of a Prepayment Premium under clause
                    (2)
                    above.

                  
                     

                  

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

                   

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

                   

                  
                    
                      
                      

                    

                    
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                  (b)
                    The
                    Master Servicer shall not be required to (i) take any action
                    with respect to the
                    servicing of any Mortgage Loan that the Servicer is not required
                    to take under
                    the related Agreement and (ii) cause the Servicer to take any
                    action or refrain
                    from taking any action if the Servicing Agreement does not require
                    the Servicer
                    to take such action or refrain from taking such action; in both
                    cases
                    notwithstanding any provision of this Agreement that requires
                    the Master
                    Servicer to take such action or cause the Servicer to take such
                    action.

                   

                  (c)
                    The
                    Master Servicer, for the benefit of the Trustee, any NIMS Insurer
                    and the
                    Certificateholders, shall enforce the obligations of the Servicer
                    under the
                    Servicing Agreement, and shall, in the event that the Servicer
                    fails to perform
                    its obligations in accordance therewith, terminate the rights
                    and obligations of
                    the Servicer thereunder and either act as servicer of the related
                    Mortgage Loans
                    or cause the other parties hereto to enter into a Servicing Agreement
                    (and such
                    parties hereby agree to execute and deliver any such successor
                    Servicing
                    Agreement), with a successor Servicer. Such enforcement, including,
                    without
                    limitation, the legal prosecution of claims, termination of the
                    Servicing
                    Agreement and the pursuit of other appropriate remedies, shall
                    be in such form
                    and carried out to such an extent and at such time as the Master
                    Servicer, in
                    its good faith business judgment, would require were it the owner
                    of the related
                    Mortgage Loans. The Master Servicer shall pay the costs of such
                    enforcement at
                    its own expense, and shall be reimbursed therefor initially (i)
                    from a general
                    recovery resulting from such enforcement only to the extent,
                    if any, that such
                    recovery exceeds all amounts due in respect of the related Mortgage
                    Loans, (ii)
                    from a specific recovery of costs, expenses or attorneys’ fees against the party
                    against whom such enforcement is directed, and then, (iii) to
                    the extent that
                    such amounts are insufficient to reimburse the Master Servicer
                    for the costs of
                    such enforcement, from the Collection Account.

                   

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

                   

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

                   

                  (a)
                    To
                    the extent provided in the Servicing Agreement, the Master Servicer
                    shall cause
                    the Servicer to establish and maintain one or more custodial
                    accounts at a
                    depository institution (which may be a depository institution
                    with which the
                    Master Servicer or the Servicer establishes accounts in the ordinary
                    course of
                    its servicing activities), the accounts of which are insured
                    to the maximum
                    extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
                    any collections of amounts received with respect to amounts due
                    for taxes,
                    assessments, water rates, standard hazard insurance policy premiums,
                    Payaheads,
                    if applicable, or any comparable items for the account of the
                    Mortgagors.
                    Withdrawals from any Escrow Account may be made (to the extent
                    amounts have been
                    escrowed for such purpose) only in accordance with the Servicing
                    Agreement. The
                    Servicer shall be entitled to all investment income not required
                    to be paid to
                    Mortgagors on any Escrow Account maintained by the Servicer.
                    The Master Servicer
                    shall make (or cause to be made) to the extent provided in the
                    Servicing
                    Agreement advances to the extent necessary in order to effect
                    timely payment of
                    taxes, water rates, assessments, standard hazard insurance policy
                    premiums or
                    comparable items in connection with the related Mortgage Loan
                    (to the extent
                    that the Mortgagor is required, but fails, to pay such items),
                    provided that it
                    or the Servicer has determined that the funds so advanced are
                    recoverable from
                    escrow payments, reimbursement pursuant to Section 4.02 or
                    otherwise.

                   

                  
                    
                      
                      

                    

                    
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                  (b)
                    Costs
                    incurred by the Master Servicer or by the Servicer in effecting
                    the timely
                    payment of taxes and assessments on the properties subject to
                    the Mortgage Loans
                    may be added to the amount owing under the related Mortgage Note
                    where the terms
                    of the Mortgage Note so permit; provided,
                    however,
                    that the
                    addition of any such cost shall not be taken into account for
                    purposes of
                    calculating the distributions to be made to Certificateholders.
                    Such costs, to
                    the extent that they are unanticipated, extraordinary costs,
                    and not ordinary or
                    routine costs shall be recoverable as a Servicing Advance by
                    the Master Servicer
                    pursuant to Section 4.02.

                   

                  Section
                    9.07. Termination of Servicing Agreement; Successor Servicer. 

                   

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

                   

                  The
                    parties acknowledge that notwithstanding the preceding sentence,
                    there may be a
                    transition period, not to exceed 90 days, in order to effect
                    the transfer of
                    servicing to a successor Servicer. The Master Servicer shall
                    be entitled to be
                    reimbursed from the Servicer (or by the Trust Fund, if the Servicer
                    is unable to
                    fulfill its obligations hereunder) for all costs associated with the transfer of
                    servicing from the predecessor servicer, including without limitation,
                    any costs
                    or expenses associated with the complete transfer of all servicing
                    data and the
                    completion, correction or manipulation of such servicing data,
                    as may be
                    required by the Master Servicer to correct any errors or insufficiencies
                    in the
                    servicing data or otherwise to enable the Master Servicer to
                    service the
                    Mortgage Loans properly and effectively.

                   

                  (b)
                    If
                    the Master Servicer acts as a successor Servicer, it will not
                    assume liability
                    for the representations and warranties of the Servicer, if any.
                    The Master
                    Servicer shall use reasonable efforts to have the successor Servicer
                    assume
                    liability for the representations and warranties made by the
                    terminated Servicer
                    in the Servicing Agreement, and in the event of any such assumption
                    by the
                    successor Servicer, the Trustee or the Master Servicer, as applicable,
                    may, in
                    the exercise of its business judgment, release the terminated
                    Servicer from
                    liability for such representations and warranties.

                   

                  (c)
                    If
                    the Master Servicer acts as a successor Servicer, it will have
                    the same
                    obligations to make Advances as the Servicer under the Servicing
                    Agreement and
                    to reimburse the successor Servicer for unreimbursed Advances
                    if required by the
                    Servicing Agreement but will have no obligation to make an Advance
                    if it
                    determines in its reasonable judgment that such Advance is non-recoverable.
                    To
                    the extent that the Master Servicer is unable to find a successor
                    Servicer that
                    is willing to service the Mortgage Loans for the Servicing Fee
                    because of the
                    obligation of the Servicer to make Advances regardless of whether
                    such Advance
                    is recoverable, the Servicing Agreement may be amended to provide
                    that the
                    successor Servicer shall have no obligation to make an Advance
                    if it determines
                    in its reasonable judgment that such Advance is non-recoverable
                    and provides an
                    Officer’s Certificate to such effect to the Master Servicer, the Trustee
                    and the
                    NIMS Insurer.

                   

                  
                    
                      
                      

                    

                    
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                    Section
                      9.08. Master Servicer Liable for Enforcement. 

                     

                    Notwithstanding
                      the Servicing Agreement, the Master Servicer shall remain obligated
                      and liable
                      to the Trustee, any NIMS Insurer and the Certificateholders
                      in accordance with
                      the provisions of this Agreement, to the extent of its obligations
                      hereunder,
                      without diminution of such obligation or liability by virtue
                      of such Servicing
                      Agreement. The Master Servicer shall use commercially reasonable
                      efforts to
                      ensure that the Mortgage Loans are serviced in accordance with
                      the provisions of
                      this Agreement and shall use commercially reasonable efforts
                      to enforce the
                      provisions of the Servicing Agreement for the benefit of the
                      Certificateholders
                      and any NIMS Insurer. The Master Servicer shall be entitled
                      to enter into any
                      agreement with the Servicer for indemnification of the Master
                      Servicer and
                      nothing contained in this Agreement shall be deemed to limit
                      or modify such
                      indemnification. Except as expressly set forth herein, the
                      Master Servicer shall
                      have no liability for the acts or omissions of the Servicer
                      in the performance
                      by the Servicer of its obligations under the Servicing Agreement.

                     

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

                     

                    The
                      Servicing Agreement that may be entered into and any other
                      transactions or
                      services relating to the Mortgage Loans involving the Servicer
                      in its capacity
                      as such and not as an originator shall be deemed to be between
                      the Servicer, the
                      Seller and the Master Servicer, and the Trustee, any NIMS Insurer
                      and the
                      Depositor shall not be deemed parties thereto and shall have
                      no obligations,
                      duties or liabilities with respect to the Servicer except as
                      set forth in
                      Section 9.10 hereof, but shall have rights thereunder as third
                      party
                      beneficiaries. It is furthermore understood and agreed by the
                      parties hereto
                      that the obligations of the Servicer are set forth in their
                      entirety in the
                      Servicing Agreement and the Servicer has no obligations under
                      and is not
                      otherwise bound by the terms of this Agreement.

                     

                    Section
                      9.10. Assumption of Servicing Agreement by Trustee. 

                     

                    (a)
                      In
                      the event the Master Servicer shall for any reason no longer
                      be the Master
                      Servicer (including by reason of any Event of Default under
                      this Agreement),
                      after a period not to exceed ninety days after the issuance
                      of any notice of
                      termination pursuant to Section 6.14 or Section 9.28, as applicable,
                      the Trustee
                      shall thereupon assume all of the rights and obligations of
                      such Master Servicer
                      hereunder and under the Servicing Agreement entered into with
                      respect to the
                      Mortgage Loans. The Trustee, its designee or any successor
                      master servicer
                      appointed by the Trustee shall be deemed to have assumed all
                      of the Master
                      Servicer’s interest herein and therein to the same extent as if the
                      Servicing
                      Agreement had been assigned to the assuming party, except that
                      the Master
                      Servicer shall not thereby be relieved of any liability or
                      obligations of the
                      Master Servicer under the Servicing Agreement accruing prior
                      to its replacement
                      as Master Servicer, and shall be liable to the Trustee and
                      any NIMS Insurer, and
                      hereby agrees to indemnify and hold harmless the Trustee and
                      any NIMS Insurer
                      from and against all costs, damages, expenses and liabilities
                      (including
                      reasonable attorneys’ fees) incurred by the Trustee or any NIMS Insurer as a
                      result of such liability or obligations of the Master Servicer
                      and in connection
                      with the Trustee’s assumption (but not its performance, except to the extent
                      that costs or liability of the Trustee are created or increased
                      as a result of
                      negligent or wrongful acts or omissions of the Master Servicer
                      prior to its
                      replacement as Master Servicer) of the Master Servicer’s obligations, duties or
                      responsibilities thereunder.

                     

                    
                      
                        
                        

                      

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

                     

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

                     

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

                     

                    Section
                      9.12. Release of Mortgage Files. 

                     

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

                     

                    
                      
                        
                        

                      

                      
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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 Servicing
                      Agreement, the Trustee shall execute such documents as shall
                      be prepared and
                      furnished to the Trustee by the Master Servicer, or by the
                      Servicer (in form
                      reasonably acceptable to the Trustee) and as are necessary
                      to the prosecution of
                      any such proceedings. The Trustee or the Custodian, shall,
                      upon request of the
                      Master Servicer, or of the Servicer, and delivery to the Trustee
                      or the
                      Custodian, of a request for release of documents and a receipt
                      signed by a
                      Servicing Officer substantially in the form of Exhibit C, release
                      the related
                      Mortgage File held in its possession or control to the Master
                      Servicer (or the
                      Servicer). Such receipt shall obligate the Master Servicer
                      or Servicer to return
                      the Mortgage File to the Trustee or the Custodian, as applicable,
                      when the need
                      therefor by the Master Servicer or Servicer no longer exists
                      unless the Mortgage
                      Loan shall be liquidated, in which case, upon receipt of a
                      certificate of a
                      Servicing Officer similar to that hereinabove specified, the
                      receipt shall be
                      released by the Trustee or the Custodian, as applicable, to
                      the Master Servicer
                      (or the Servicer).

                     

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

                     

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

                     

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

                     

                    
                      
                        
                        

                      

                      
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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, the Servicer or the Master Servicer
                      that are
                      collected by the Servicer or the Master Servicer in connection
                      with the Mortgage
                      Loans, whether as scheduled installments of principal and interest
                      or as full or
                      partial prepayments of principal or interest or as Liquidation
                      Proceeds or
                      Insurance Proceeds or otherwise, and in all proceeds of the
                      foregoing and
                      proceeds of proceeds (but excluding any fee or other amounts
                      to which a Servicer
                      is entitled under the Servicing Agreement, or the Master Servicer
                      or the
                      Depositor is entitled to hereunder); and the Master Servicer
                      agrees that so long
                      as the Mortgage Loans are assigned to and held by the Trustee
                      or the Custodian,
                      all documents or instruments constituting part of the Mortgage
                      Files, and such
                      funds relating to the Mortgage Loans which come into the possession
                      or custody
                      of, or which are subject to the control of, the Master Servicer
                      or the Servicer
                      shall be held by the Master Servicer or the Servicer for and
                      on behalf of the
                      Trustee as the Trustee’s agent and bailee for purposes of perfecting the
                      Trustee’s security interest therein as provided by the applicable Uniform
                      Commercial Code or other applicable laws.

                     

                    (d)
                      The
                      Master Servicer agrees that it shall not, and shall not authorize
                      the Servicer
                      to, create, incur or subject any Mortgage Loans, or any funds
                      that are deposited
                      in any Custodial Account, Escrow Account or the Collection
                      Account, or any funds
                      that otherwise are or may become due or payable to the Trustee,
                      to any claim,
                      lien, security interest, judgment, levy, writ of attachment
                      or other
                      encumbrance, nor assert by legal action or otherwise any claim
                      or right of
                      setoff against any Mortgage Loan or any funds collected on,
                      or in connection
                      with, a Mortgage Loan.

                     

                    Section
                      9.14. Representations and Warranties of the Master Servicer. 

                    

                      (a)
                        The
                        Master Servicer hereby represents and warrants to the Depositor,
                        any NIMS
                        Insurer and the Trustee, for the benefit of the Certificateholders,
                        as of the
                        Closing Date that:

                       

                      (i)
                        it is
                        validly existing and in good standing under the laws of the
                        state of its
                        incorporation, and as Master Servicer has full power and
                        authority to transact
                        any and all business contemplated by this Agreement and to
                        execute, deliver and
                        comply with its obligations under the terms of this Agreement,
                        the execution,
                        delivery and performance of which have been duly authorized
                        by all necessary
                        corporate action on the part of the Master Servicer;

                       

                      (ii)
                        the
                        execution and delivery of this Agreement by the Master Servicer
                        and its
                        performance and compliance with the terms of this Agreement
                        will not (A) violate
                        the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
                        any administrative decree or order to which it is subject
                        or (C) constitute a
                        default (or an event which, with notice or lapse of time,
                        or both, would
                        constitute a default) under, or result in the breach of,
                        any material contract,
                        agreement or other instrument to which the Master Servicer
                        is a party or by
                        which it is bound or to which any of its assets are subject,
                        which violation,
                        default or breach would materially and adversely affect the
                        Master Servicer’s
                        ability to perform its obligations under this Agreement;

                       

                      
                        
                          
                          

                        

                        
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                      (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;

                       

                      (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

                       

                      
                        
                          
                          

                        

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

                       

                      (b)
                        It is
                        understood and agreed that the representations and warranties
                        set forth in this
                        Section 9.14 shall survive the execution and delivery of
                        this Agreement. The
                        Master Servicer shall indemnify the Depositor, the Trustee
                        and any NIMS Insurer
                        and hold them harmless against any loss, damages, penalties,
                        fines, forfeitures,
                        legal fees and related costs, judgments, and other costs
                        and expenses resulting
                        from any claim, demand, defense or assertion based on or
                        grounded upon, or
                        resulting from, a breach of the Master Servicer’s representations and warranties
                        contained in Section 9.14(a). It is understood and agreed
                        that the enforcement
                        of the obligation of the Master Servicer set forth in this
                        Section to indemnify
                        the Depositor, the Trustee and any NIMS Insurer as provided
                        in this Section
                        constitutes the sole remedy (other than as set forth in Section
                        6.14) of the
                        Depositor, the Trustee and any NIMS Insurer, respecting a
                        breach of the
                        foregoing representations and warranties. Such indemnification
                        shall survive any
                        termination of the Master Servicer as Master Servicer hereunder,
                        and any
                        termination of this Agreement.

                       

                      Any
                        cause
                        of action against the Master Servicer relating to or arising
                        out of the breach
                        of any representations and warranties made in this Section
                        shall accrue upon
                        discovery of such breach by any of the Depositor, the Master
                        Servicer, the
                        Trustee or any NIMS Insurer or notice thereof by any one
                        of such parties to the
                        other parties. 

                       

                      (c)
                        It is
                        understood and agreed that the representations and warranties
                        of the Depositor
                        set forth in Sections 2.03(a)(i) through (vi) shall survive
                        the execution and
                        delivery of this Agreement. The Depositor shall indemnify
                        the Master Servicer
                        and hold each harmless against any loss, damages, penalties,
                        fines, forfeitures,
                        legal fees and related costs, judgments, and other costs
                        and expenses resulting
                        from any claim, demand, defense or assertion based on or
                        grounded upon, or
                        resulting from, a breach of the Depositor’s representations and warranties
                        contained in Sections 2.03(a)(i) through (vi) hereof. It
                        is understood and
                        agreed that the enforcement of the obligation of the Depositor
                        set forth in this
                        Section to indemnify the Master Servicer as provided in this
                        Section constitutes
                        the sole remedy hereunder of the Master Servicer respecting
                        a breach by the
                        Depositor of the representations and warranties in Sections
                        2.03(a)(i) through
                        (vi) hereof.

                       

                      (d) Any
                        cause
                        of action against the Master Servicer relating to or arising
                        out of the breach
                        of any representations and warranties made in this Section
                        shall accrue upon
                        discovery of such breach by either the Depositor, the Master
                        Servicer, the
                        Trustee or any NIMS Insurer or notice thereof by any one
                        of such parties to the
                        other parties. Notwithstanding anything in this Agreement
                        to the contrary, the
                        Master Servicer shall not be liable for special, indirect
                        or consequential
                        losses or damages of any kind whatsoever (including, but
                        not limited to, lost
                        profits).

                       

                      Section
                        9.15. Opinion. 

                       

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

                       

                      
                        
                          
                          

                        

                        
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                      Section
                        9.16. Standard Hazard and Flood Insurance Policies. 

                       

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

                       

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

                       

                      Section
                        9.17. Presentment of Claims and Collection of Proceeds. 

                       

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

                       

                      Section
                        9.18. Maintenance of the Primary Mortgage Insurance Policies. 

                       

                      (a)
                        The
                        Master Servicer shall cause the Servicer to remit (with respect
                        to any Primary
                        Mortgage Insurance Policy) or shall remit on behalf of the
                        Servicer to the PMI
                        Insurer, the applicable PMI Insurance Premiums. The Master
                        Servicer shall not
                        take, or knowingly permit the Servicer (consistent with the
                        Servicing Agreement)
                        to take, any action that would result in noncoverage under
                        any applicable
                        Primary Mortgage Insurance Policy of any loss which, but
                        for the actions of such
                        Master Servicer or the Servicer, would have been covered
                        thereunder. The Master
                        Servicer shall not, and shall not knowingly permit the Servicer
                        to, cancel or
                        refuse to renew any such Primary Mortgage Insurance Policy
                        that is in effect at
                        the date of the initial issuance of the Certificates and
                        is required to be kept
                        in force hereunder except in accordance with the provisions
                        of this Agreement
                        and the Servicing Agreement, as applicable. 

                       

                      
                        
                          
                          

                        

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

                       

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

                       

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

                       

                      Section
                        9.20. [Reserved] 

                       

                      Section
                        9.21. Compensation to the Master Servicer. 

                       

                      The
                        Master Servicer shall be entitled to withdraw from the Collection
                        Account,
                        subject to Section 5.05, the Master Servicing Fee to the
                        extent permitted by
                        Section 4.02. Servicing compensation in the form of assumption
                        fees, if any,
                        late payment charges, as collected, if any, or otherwise
                        (but not including any
                        Prepayment Premium) shall be retained by the Master Servicer
                        (or the Servicer)
                        and shall not be deposited in the Collection Account. If
                        the Master Servicer
                        does not retain or withdraw the Master Servicing Fee from
                        the Collection Account
                        as provided herein, the Master Servicer shall be entitled
                        to direct the Trustee
                        to pay the Master Servicing Fee to such Master Servicer by
                        withdrawal from the
                        Certificate Account to the extent that payments have been
                        received with respect
                        to the applicable Mortgage Loan. The Master Servicer shall
                        be required to pay
                        all expenses incurred by it in connection with its activities
                        hereunder and
                        shall not be entitled to reimbursement therefor except as
                        provided in this
                        Agreement. Pursuant to Section 4.01(e), all income and gain
                        realized from any
                        investment of funds in the Collection Account shall be for
                        the benefit of the
                        Master Servicer as additional compensation. The provisions
                        of this Section 9.21
                        are subject to the provisions of Section 6.14.

                       

                      
                        
                          
                          

                        

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

                       

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

                       

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

                       

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

                       

                      Section
                        9.23. Notice to the Sponsor, the Depositor and the Trustee. 

                       

                      (a)
                         The
                        Master Servicer shall promptly notify the Trustee, the Sponsor
                        and the Depositor
                        (i) of any legal proceedings pending against the Master Servicer
                        of the type
                        described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Master
                        Servicer shall become (but only to the extent not previously
                        disclosed to the
                        Master Servicer and the Depositor) at any time an affiliate
                        of any of the
                        parties listed on Exhibit V hereto or any of their affiliates.
                        On or before
                        March 1st
                        of each
                        year, the Depositor shall distribute the information in Exhibit
                        V to the Master
                        Servicer.

                       

                      (b)
                         Not
                        later
                        than four Business Days prior to the Distribution Date of
                        each month, the Master
                        Servicer shall provide to the Trustee, the Sponsor and the
                        Depositor notice of
                        the occurrence of any material modifications, extensions
                        or waivers of terms,
                        fees, penalties or payments relating to the Mortgage Loans
                        during the related
                        Collection Period or that have cumulatively become material
                        over time (Item
                        1121(a)(11) of Regulation AB) along with all information,
                        data, and materials
                        related thereto as may be required to be included in the
                        related Distribution
                        Report on Form 10-D. The parties to this Agreement acknowledge
                        that the
                        performance by the Master Servicer of its duties under this
                        Section 9.23(b)
                        related to the timely preparation and delivery of such information
                        is contingent
                        upon the Servicer strictly observing all requirements and
                        deadlines in the
                        performance of its duties under the Servicing Agreement.
                        The Master Servicer
                        shall have no liability for any loss, expense, damage or
                        claim arising out of or
                        with respect to any failure to properly prepare and/or timely
                        deliver all such
                        information where such failure results from the Master Servicer’s inability or
                        failure to obtain or receive, on a timely basis, any information
                        from the
                        Servicer needed to prepare or deliver such information, which
                        failure does not
                        result from the Master Servicer’s own negligence, bad faith or willful
                        misconduct.

                       

                      
                        
                          
                          

                        

                        
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                      Section
                        9.24. Reports to the Trustee. 

                       

                      (a)
                         Not
                        later
                        than 30 days after each Distribution Date, the Master Servicer
                        shall, upon
                        request, forward to the Trustee a statement, deemed to have
                        been certified by a
                        Servicing Officer, setting forth the status of the Collection
                        Account maintained
                        by the Master Servicer as of the close of business on the
                        related Distribution
                        Date, indicating that all distributions required by this
                        Agreement to be made by
                        the Master Servicer have been made (or if any required distribution
                        has not been
                        made by the Master Servicer, specifying the nature and status
                        thereof) and
                        showing, for the period covered by such statement, the aggregate
                        of deposits
                        into and withdrawals from the Collection Account maintained
                        by the Master
                        Servicer. Copies of such statement shall be provided by the
                        Master Servicer,
                        upon request, to the Depositor, Attention: Contract Finance,
                        any NIMS Insurer
                        and any Certificateholders (or by the Trustee at the Master
                        Servicer’s expense
                        if the Master Servicer shall fail to provide such copies
                        to the
                        Certificateholders (unless (i) the Master Servicer shall
                        have failed to provide
                        the Trustee with such statement or (ii) the Trustee shall
                        be unaware of the
                        Master Servicer’s failure to provide such statement)).

                       

                      (b)
                         Not
                        later
                        than two Business Days following each Distribution Date,
                        the Master Servicer
                        shall deliver to one Person designated by the Depositor,
                        in a format consistent
                        with other electronic loan level reporting supplied by the
                        Master Servicer in
                        connection with similar transactions, “loan level” information with respect to
                        the Mortgage Loans as of the related Determination Date,
                        to the extent that such
                        information has been provided to the Master Servicer by the
                        Servicer or by the
                        Depositor.

                       

                      (c)
                         All
                        information, reports and statements prepared by the Master
                        Servicer under this
                        Agreement shall be based on information supplied to the Master
                        Servicer by the
                        Servicer without independent verification thereof and the
                        Master Servicer shall
                        be entitled to rely on such information.

                      

                        Section
                          9.25. Assessment of Compliance and Attestation Reports.

                         

                        (a)
                           Assessment
                          of Compliance

                         

                        
                          
                            
                            

                          

                          
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                        (i)
                           By
                          March
                          15 of each year, commencing in March 2007, the Master Servicer,
                          the Credit Risk
                          Manager, the Paying Agent (if other than the Trustee) and
                          the Trustee, each at
                          its own expense, shall furnish, and each such party shall
                          cause any Servicing
                          Function Participant engaged by it to furnish, each at
                          its own expense, to the
                          Sponsor, the Depositor, the Master Servicer and the Trustee,
                          a report on an
                          assessment of compliance with the Relevant Servicing Criteria
                          that contains (A)
                          a statement by such party of its responsibility for assessing
                          compliance with
                          the Relevant Servicing Criteria, (B) a statement that such
                          party used the
                          Servicing Criteria to assess compliance with the Relevant
                          Servicing Criteria,
                          (C) such party’s assessment of compliance with the Relevant Servicing
                          Criteria
                          as of and for the fiscal year covered by the Form 10-K
                          required to be filed
                          pursuant to Section 6.20(e), including, if there has been
                          any material instance
                          of noncompliance with the Relevant Servicing Criteria,
                          a discussion of each such
                          failure and the nature and status thereof, and (D) a statement
                          that a registered
                          public accounting firm has issued an attestation report
                          on such party’s
                          assessment of compliance with the Relevant Servicing Criteria
                          as of and for such
                          period. 

                         

                        (ii)
                           When
                          the
                          Master Servicer, the Credit Risk Manager, the Paying Agent
                          (if other than the
                          Trustee) and the Trustee (or any Servicing Function Participant
                          engaged by it)
                          submit their assessments to the Trustee, such parties will
                          also at such time
                          include the assessment (and attestation pursuant to subsection
                          (b) of this
                          Section 9.25) of each Servicing Function Participant engaged
                          by it and shall
                          indicate to the Trustee what Relevant Servicing Criteria
                          will be addressed in
                          any such reports prepared by any such Servicing Function
                          Participant.

                         

                        (iii)
                           Promptly
                          after receipt of each report on assessment of compliance,
                          the Trustee shall
                          confirm that the assessments, taken as a whole, address
                          all applicable Servicing
                          Criteria and taken individually address the Relevant Servicing
                          Criteria (and
                          disclose the inapplicability of the Servicing Criteria
                          not determined to be
                          Relevant Criteria) for each party as set forth on Exhibit
                          S and on any similar
                          exhibit set forth in the Servicing Agreement in respect
                          of the Servicer, and the
                          Custodial Agreement in respect of the Custodian, and shall
                          notify the Depositor
                          of any exceptions. By way of clarification and for the
                          avoidance of doubt, it is
                          acknowledged that the Trustee shall rely exclusively on
                          Exhibit S and on any
                          similar exhibit set forth in the Servicing Agreement and
                          the Custodial Agreement
                          to determine such applicable Servicing Criteria and Relevant
                          Servicing Criteria,
                          as the case may be, and shall not otherwise be reporting
                          on the content of or
                          sufficiency of such assessments. 

                         

                        (b)
                           Attestation
                          Reports

                         

                        (i)
                           By
                          March
                          15 of each year, commencing in March 2007, the Master Servicer,
                          the Credit Risk
                          Manager, the Paying Agent (if other than the Trustee) and
                          the Trustee, each at
                          its own expense, shall cause, and each such party shall
                          cause any Servicing
                          Function Participant engaged by it to cause, each at its
                          own expense, a
                          registered public accounting firm (which may also render
                          other services to the
                          Master Servicer, the Credit Risk Manager, the Paying Agent
                          and the Trustee, as
                          the case may be) that is a member of the American Institute
                          of Certified Public
                          Accountants to furnish a report to the Sponsor, the Depositor,
                          the Master
                          Servicer and the Trustee, to the effect that (A) it has
                          obtained a
                          representation regarding certain matters from the management
                          of such party,
                          which includes an assertion that such party has complied
                          with the Relevant
                          Servicing Criteria, and (B) on the basis of an examination
                          conducted by such
                          firm in accordance with standards for attestation engagements
                          issued or adopted
                          by the PCAOB, it is expressing an opinion as to whether
                          such party’s compliance
                          with the Relevant Servicing Criteria was fairly stated
                          in all material respects,
                          or it cannot express an overall opinion regarding such
                          party’s assessment of
                          compliance with the Relevant Servicing Criteria. In the
                          event that an overall
                          opinion cannot be expressed, such registered public accounting
                          firm shall state
                          in such report why it was unable to express such an opinion.
                          Such report must be
                          available for general use and not contain restricted use
                          language.

                         

                        
                          
                            
                            

                          

                          
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                        (ii)
                           Promptly
                          after receipt of such report from the Master Servicer,
                          the Credit Risk Manager,
                          the Paying Agent, the Trustee or any Servicing Function
                          Participant engaged by
                          such parties, the Trustee shall confirm that each assessment
                          submitted pursuant
                          subsection (a) of this Section 9.25 is coupled with an
                          attestation meeting the
                          requirements of this Section and notify the Depositor of
                          any
                          exceptions.

                         

                        (c)
                          The
                          Trustee’s, Master Servicer’s and Paying Agent’s obligation to provide
                          assessments of compliance and attestations under this Section
                          9.25 shall
                          terminate upon the filing of a Form 15 suspension notice
                          on behalf of the Trust
                          Fund. Notwithstanding the foregoing, after the occurrence
                          of such event, and
                          provided that the Depositor is not otherwise provided with
                          such reports or
                          copies of such reports, the Trustee, Master Servicer and
                          Paying Agent shall be
                          obligated to provide a copy of such reports, by March 15
                          of each year, to the
                          Depositor.

                         

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

                         

                        The
                          Master Servicer shall deliver (and the Master Servicer
                          shall cause any
                          Additional Servicer engaged by it to deliver) to the Sponsor,
                          the Depositor and
                          the Trustee on or before March 15 of each year, commencing
                          in March 2007, an
                          Officer’s Certificate stating, as to the signer thereof, that (A)
                          a review of
                          such party’s activities during the preceding calendar year or portion
                          thereof
                          and of such party’s performance under this Agreement, or such other applicable
                          agreement in the case of an Additional Servicer, has been
                          made under such
                          officer’s supervision and (B) to the best of such officer’s knowledge, based on
                          such review, such party has fulfilled all its obligations
                          under this Agreement,
                          or such other applicable agreement in the case of an Additional
                          Servicer, in all
                          material respects throughout such year or portion thereof,
                          or, if there has been
                          a failure to fulfill any such obligation in any material
                          respect, specifying
                          each such failure known to such officer and the nature
                          and status
                          thereof.

                         

                        Section
                          9.27. Merger or Consolidation. 

                         

                        Any
                          Person into which the Master Servicer may be merged or
                          consolidated, or any
                          Person resulting from any merger, conversion, other change
                          in form or
                          consolidation to which the Master Servicer shall be a party,
                          or any Person
                          succeeding to the business of the Master Servicer, shall
                          be the successor to the
                          Master Servicer hereunder, without the execution or filing
                          of any paper or any
                          further act on the part of any of the parties hereto, anything
                          herein to the
                          contrary notwithstanding; provided,
                          however,
                          that the
                          successor or resulting Person to the Master Servicer shall
                          be a Person that
                          shall be qualified and approved to service mortgage loans
                          for Fannie Mae or
                          Freddie Mac and shall have a net worth of not less than
                          $15,000,000.

                         

                        
                          
                            
                            

                          

                          
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                        Section
                          9.28. Resignation of Master Servicer. 

                         

                        Except
                          as
                          otherwise provided in Sections 9.27 and 9.29 hereof, the
                          Master Servicer shall
                          not resign from the obligations and duties hereby imposed
                          on it unless it
                          determines that the Master Servicer’s duties hereunder are no longer permissible
                          under applicable law or are in material conflict by reason
                          of applicable law
                          with any other activities carried on by it and cannot be
                          cured. Any such
                          determination permitting the resignation of the Master
                          Servicer shall be
                          evidenced by an Opinion of Counsel that shall be Independent
                          to such effect
                          delivered to the Trustee and any NIMS Insurer. No such
                          resignation shall become
                          effective until the Trustee shall have assumed, or a successor
                          master servicer
                          acceptable to any NIMS Insurer and the Trustee shall have
                          been appointed by the
                          Trustee and until such successor shall have assumed, the
                          Master Servicer’s
                          responsibilities and obligations under this Agreement.
                          Notice of such
                          resignation shall be given promptly by the Master Servicer
                          and the Depositor to
                          the Trustee and any NIMS Insurer.

                         

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

                         

                        (a)
                          Except as expressly provided herein, the Master Servicer
                          shall not assign or
                          transfer any of its rights, benefits or privileges hereunder
                          to any other
                          Person, or delegate to or subcontract with, or authorize
                          or appoint any
                          Subservicer, Subcontractor or other Person to perform any
                          of the duties,
                          covenants or obligations to be performed by the Master
                          Servicer hereunder;
provided,
                          however,
                          that the
                          Master Servicer shall have the right without the prior
                          written consent of the
                          Trustee, any NIMS Insurer or the Depositor to delegate
                          or assign to or
                          subcontract with or authorize or appoint an Affiliate of
                          the Master Servicer to
                          perform and carry out any duties, covenants or obligations
                          to be performed and
                          carried out by the Master Servicer hereunder. In no case,
                          however, shall any
                          such delegation, subcontracting or assignment to an Affiliate
                          of the Master
                          Servicer relieve the Master Servicer of any liability hereunder.
                          Notice of such
                          permitted assignment, and the name of any such affiliated
                          Subcontractor or
                          Subservicer shall be given promptly by the Master Servicer
                          to the Depositor, the
                          Trustee and any NIMS Insurer. If, pursuant to any provision
                          hereof, the duties
                          of the Master Servicer are transferred to a successor master
                          servicer, the
                          entire amount of the Master Servicing Fees and other compensation
                          payable to the
                          Master Servicer pursuant hereto, including amounts payable
                          to or permitted to be
                          retained or withdrawn by the Master Servicer pursuant to
                          Section 9.21 hereof,
                          shall thereafter be payable to such successor master servicer.

                         

                        (b)
                          Notwithstanding the foregoing, for so long as reports are
                          required to be filed
                          with the Commission under the Exchange Act with respect
                          to the Trust, the Master
                          Servicer shall not utilize any Subcontractor for the performance
                          of its duties
                          hereunder if such Subcontractor would be “participating in the servicing
                          function” within the meaning of Item 1122 of Regulation AB without
                          (a) giving
                          notice to the Trustee and the Depositor and (b) requiring
                          any such Subcontractor
                          to provide to the Master Servicer an attestation report
                          as provided for in
                          Section 9.25 and an assessment report as provided in Section
                          9.26, which reports
                          the Master Servicer shall include in its attestation and
                          assessment reports.

                         

                        
                          
                            
                            

                          

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

                 

                (a)
                   The
                  Master Servicer undertakes to perform such duties and only such
                  duties as are
                  specifically set forth in this Agreement. 

                 

                (b)
                   No
                  provision of this Agreement shall be construed to relieve the Master
                  Servicer
                  from liability for its own negligent action, its own negligent
                  failure to act or
                  its own willful misconduct; provided,
                  however,
                  that
                  the duties and obligations of the Master Servicer shall be determined
                  solely by
                  the express provisions of this Agreement, the Master Servicer shall
                  not be
                  liable except for the performance of such duties and obligations
                  as are
                  specifically set forth in this Agreement; no implied covenants
                  or obligations
                  shall be read into this Agreement against the Master Servicer and,
                  in absence of
                  bad faith on the part of the Master Servicer, the Master Servicer
                  may
                  conclusively rely, as to the truth of the statements and the correctness
                  of the
                  opinions expressed therein, upon any certificates or opinions furnished
                  to the
                  Master Servicer and conforming to the requirements of this
                  Agreement.

                 

                (c)
                   None
                  of
                  the Master Servicer, the Seller or the Depositor or any of the
                  directors,
                  officers, employees or agents of any of them shall be under any
                  liability to the
                  Trustee or the Certificateholders for any action taken or for refraining
                  from
                  the taking of any action in good faith pursuant to this Agreement,
                  or for errors
                  in judgment; provided,
                  however,
                  that
                  this provision shall not protect the Master Servicer, the Seller
                  or the
                  Depositor or any such person against any liability that would otherwise
                  be
                  imposed by reason of willful misfeasance, bad faith or negligence
                  in its
                  performance of its duties or by reason of reckless disregard for
                  its obligations
                  and duties under this Agreement. The Master Servicer and any director,
                  officer,
                  employee or agent of any of them shall be entitled to indemnification
                  by the
                  Trust Fund and will be held harmless against any loss, liability
                  or expense
                  incurred in connection with any legal action relating to this Agreement
                  or the
                  Certificates other than any loss, liability or expense incurred
                  by reason of
                  willful misfeasance, bad faith or negligence in the performance
                  of its duties
                  hereunder or by reason of reckless disregard of his or its obligations
                  and
                  duties hereunder. The Master Servicer, the Seller and the Depositor
                  and any
                  director, officer, employee or agent of any of them may rely in
                  good faith on
                  any document of any kind prima facie properly executed and submitted
                  by any
                  Person respecting any matters arising hereunder. The Master Servicer,
                  the Seller
                  and the Depositor shall be under no obligation to appear in, prosecute
                  or defend
                  any legal action that is not incidental to its duties to master
                  service the
                  Mortgage Loans in accordance with this Agreement and that in its
                  opinion may
                  involve it in any expenses or liability; provided,
                  however,
                  that
                  the Master Servicer may in its sole discretion undertake any such
                  action that it
                  may deem necessary or desirable in respect to this Agreement and
                  the rights and
                  duties of the parties hereto and the interests of the Certificateholders
                  hereunder. In such event, the legal expenses and costs of such
                  action and any
                  liability resulting therefrom shall be expenses, costs and liabilities
                  of the
                  Trust Fund and the Master Servicer shall be entitled to be reimbursed
                  therefor
                  out of the Collection Account it maintains as provided by Section
                  4.02.

                 

                The
                  Master Servicer shall not be liable for any acts or omissions of
                  the Servicer.
                  In particular, the Master Servicer shall not be liable for any
                  course of action
                  taken by the Servicer with respect to loss mitigation of defaulted
                  Mortgage
                  Loans at the direction of the Credit Risk Manager or the Seller
                  pursuant to the
                  Credit Risk Management Agreement. Further, the Master Servicer
                  shall not be
                  liable for performance by the Servicer under the Credit Risk Management
                  Agreement.

                 

                
                  
                    
                    

                  

                  
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                Section
                  9.31. Indemnification; Third-Party Claims. 

                 

                The
                  Master Servicer agrees to indemnify the Depositor, the Sponsor,
                  the Trustee and
                  any NIMS Insurer and their respective officers, directors, agents
                  and
                  affiliates, and hold each of them harmless against any and all
                  claims, losses,
                  penalties, fines, forfeitures, reasonable legal fees and related
                  costs,
                  judgments, and any other costs, liability, fees and expenses that
                  the Depositor,
                  the Sponsor, the Trustee or any NIMS Insurer may sustain arising
                  out of or based
                  upon (a) any material breach by the Master Servicer of any if its
                  obligations
                  hereunder, including particularly its obligations to provide any
                  reports under
                  Section 9.25(a), Section 9.25(b) or Section 9.26 or any information,
                  data or
                  materials required to be included in any Exchange Act report, (b)
                  any material
                  misstatement or omission in any information, data or materials
                  provided by the
                  Master Servicer, or (c) the negligence, bad faith or willful misconduct
                  of the
                  Master Servicer in connection with its performance hereunder. The
                  Depositor, the
                  Sponsor, the Trustee and any NIMS Insurer shall immediately notify
                  the Master
                  Servicer if a claim is made by a third party with respect to this
                  Agreement or
                  the Mortgage Loans entitling the Depositor, the Sponsor, the Trustee
                  or any NIMS
                  Insurer to indemnification hereunder, whereupon the Master Servicer
                  shall assume
                  the defense of any such claim and pay all expenses in connection
                  therewith,
                  including counsel fees, and promptly pay, discharge and satisfy
                  any judgment or
                  decree which may be entered against it or them in respect of such claim. This
                  indemnification shall survive the termination of this Agreement
                  or the
                  termination of the Master Servicer as a party to this Agreement.

                 

                Section
                  9.32. Special Servicing of Delinquent Mortgage Loans. 

                 

                If
                  permitted under the terms of the Servicing Agreement, the Seller
                  may appoint,
                  pursuant to the terms of the Servicing Agreement and with the written
                  consent of
                  the Depositor, the Master Servicer, the Trustee and any NIMS Insurer,
                  a special
                  servicer to special service any Distressed Mortgage Loans. Any
                  applicable
                  termination fee related to the termination of the Servicer and
                  the appointment
                  of any special servicer shall be paid by the Seller from its own
                  funds, without
                  right of reimbursement from the Trust Fund. Any fees paid to any
                  such special
                  servicer shall not exceed the Servicing Fee Rate.

                 

                Section
                  9.33. Alternative Index. 

                 

                In
                  the
                  event that the Index for any Mortgage Loan, as specified in the
                  related Mortgage
                  Note, becomes unavailable for any reason, the Master Servicer shall
                  select an
                  alternative index, which in all cases shall be an index that constitutes
                  a
                  qualified rate on a regular interest under the REMIC Provisions,
                  in accordance
                  with the terms of such Mortgage Note or, if such Mortgage Note
                  does not make
                  provision for the selection of an alternative index in such event,
                  the Master
                  Servicer shall, subject to applicable law, select an alternative
                  index based on
                  information comparable to that used in connection with the original
                  Index and,
                  in either case, such alternative index shall thereafter be the
                  Index for such
                  Mortgage Loan.

                 

                
                  
                    
                    

                  

                  
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                Section
                  9.34. Duties of the Credit Risk Manager.

                 

                (a)
                  The
                  Certificateholders, by their purchase and acceptance of the Certificates,
                  appoint OfficeTiger Global Real Estate Services Inc. (OfficeTiger)
                  as Credit
                  Risk Manager. For and on behalf of the Depositor, the Credit Risk
                  Manager will
                  provide reports and recommendations concerning certain delinquent
                  and defaulted
                  Mortgage Loans, and as to the collection of any Prepayment Premiums
                  with respect
                  to the Mortgage Loans. Such reports and recommendations will be
                  based upon
                  information provided pursuant to Loan Performance Monitoring Agreement
                  to the
                  Credit Risk Manager by the Servicer. The Credit Risk Manager shall
                  look solely
                  to the Servicer and/or the Master Servicer for all information
                  and data
                  (including loss and delinquency information and data) and loan
                  level information
                  and data relating to the servicing of the Mortgage Loans and the
                  Trustee shall
                  not have any obligation to provide any such information to the
                  Credit Risk
                  Manager and shall not otherwise have any responsibility under the
                  Loan
                  Performance Monitoring Agreement.

                 

                (b)
                   On
                  or
                  about the 15th
                  calendar
                  day of each month, beginning in November 2006, the Credit Risk
                  Manager shall
                  have prepared and shall make available to any NIMS Insurer, the
                  Trustee, the
                  Swap Counterparty and each Certificateholder, the following reports
                  (each such
                  report to be made in a format compatible with EDGAR filing
                  requirements):

                 

                (i)
                  Executive
                  Summary:
                  The
                  Executive Summary will consist of a brief high level summary of
                  certain key
                  performance metrics as well as a narrative summary of loans identified
                  and
                  reviewed for follow-up actions by the Servicer.

                 

                (ii)
                  General
                  Pool Characteristics:
                  This
                  report will contain a listing of various characteristics of the
                  mortgage loan
                  pool (including history and stratification) such as documentation
                  levels,
                  occupancy status, weighted aging, CLTV, NOO rate, junior lien percentage,
                  etc.

                 

                (iii)
                  Performance
                  Report:
                  This
                  report will graphically summarize the delinquency rates as well
                  as the loss
                  mitigation, foreclosure, REO, CPR and loss severity and related
                  summary
                  information.

                 

                (iv)
                  Prepayment
                  Analysis:
                  This
                  report will consist of a compilation and summary of various loan
                  characteristics
                  for Mortgage Loans that have prepaid, along with prepayment premium
                  analytics.

                 

                (v)
                  Servicer
                  Remittance Report:
                  This
                  report will consist of an analysis of any discrepancy between the
                  monthly
                  servicer remittance file and the final monthly trust report including,
                  without
                  limitation, the collection of prepayment premiums.

                 

                (vi)
                  MortgageRamp
                  Loan Review Report:
                  This
                  report will consist of a narrative summary with respect to the
                  individual loans
                  that have been flagged for manual review and follow-up consultation
                  with the
                  Servicer. This report may also include narrative summaries of the
                  recommendation
                  of the Credit Risk Manager. 

                

                  The
                    Credit Risk Manager shall make such reports and any additional
                    information
                    reasonably requested by the Depositor available each month to
                    Certificateholders, the Trustee, any NIMS Insurer and the Rating
                    Agencies via
                    the Credit Risk Manager’s internet website. The Credit Risk Manager’s internet
                    website shall initially be located at https://rsrpt.mortgageramp.com.
                    The
                    user name for access to the website shall be the Certificateholder’s e-mail
                    address and the password shall be “FFMLT 2006-FF14”. The Trustee shall not have
                    any obligation to review such reports or otherwise monitor or
                    supervise the
                    activities of the Credit Risk Manager.

                   

                  
                    
                      
                      

                    

                    
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                  (c)
                    [Reserved].

                   

                  (d)
                    The
                    Credit Risk Manager shall reasonably cooperate with the Depositor
                    and the
                    Trustee in connection with the Trust Fund’s satisfying the reporting
                    requirements under the Exchange Act with respect to reports prepared
                    by the
                    Credit Risk Manager.

                   

                  (e)
                    The
                    Credit Risk Manager has not and shall not engage any Subcontractor
                    without (a)
                    giving notice to the Sponsor, the Trustee, the Master Servicer
                    and the Depositor
                    and (b) requiring any such Subcontractor to provide to the Credit
                    Risk Manager
                    an assessment report as provided for in Section 9.25(a) above
                    and an attestation
                    report as provided in Section 9.25(b) above, which reports the
                    Credit Risk
                    Manager shall include in its assessment and attestation reports.

                   

                  (f)
                    By
                    March 10 of each year (or if such day is not a Business Day,
                    the immediately
                    preceding Business Day), the Credit Risk Manager shall deliver
                    a signed
                    certification, in the form attached hereto as Exhibit U (the
“Credit Risk
                    Manager Certification”), for the benefit of the Depositor, the Sponsor, the
                    Master Servicer and the Trustee and for the benefit of the Person(s)
                    signing the
                    Form 10-K Certification; provided
                    (i) that
                    the Credit Risk Manager Certification shall be so provided by
                    March 10 of such
                    year only to the extent that the Depositor delivers a draft (without
                    exhibits)
                    of the applicable Annual Report on Form 10-K to the Credit Risk
                    Manager by the
                    fifth Business Day in March of such year and (ii) in the event
                    that the
                    Depositor delivers the draft Form 10-K referred to in clause
                    (i) after the fifth
                    Business Day in March of such year, the Credit Risk Manager shall
                    deliver the
                    Credit Risk Manager Certification as soon as practicable but
                    no later than five
                    calendar days of delivery to the Credit Risk Manager of such
                    draft Form
                    10-K.

                   

                  (g)
                    In
                    the event that prior to the filing date of the Form 10-K in March
                    of each year,
                    the Credit Risk Manager has knowledge or information material
                    to the Credit Risk
                    Manager Certification, the Credit Risk Manager shall promptly
                    notify the
                    Depositor and the Trustee, in writing. 

                   

                  Section
                    9.35. Limitation Upon Liability of the Credit Risk Manager. 

                   

                  Except
                    as
                    provided pursuant to Section 9.36 of this Agreement, neither
                    the Credit Risk
                    Manager, nor any of the directors, officers, employees or agents
                    of the Credit
                    Risk Manager, shall be under any liability to the Trustee, the
                    Certificateholders or the Depositor for any action taken or for
                    refraining from
                    the taking of any action in good faith pursuant to this Agreement,
                    in reliance
                    upon information provided by the Servicer under the Loan Performance
                    Monitoring
                    Agreement or for errors in judgment; provided, however,
                    that
                    this provision shall not protect the Credit Risk Manager or any
                    such person
                    against liability that would otherwise be imposed by reason of
                    willful
                    malfeasance, bad faith or gross negligence in its performance
                    of its duties or
                    by reason of reckless disregard for its obligations and duties
                    under this
                    Agreement or the Loan Performance Monitoring Agreement. The Credit
                    Risk Manager
                    and any director, officer, employee or agent of the Credit Risk
                    Manager may rely
                    in good faith on any document of any kind prima facie properly
                    executed and
                    submitted by any Person respecting any matters arising hereunder,
                    and may rely
                    in good faith upon the accuracy of information furnished by the
                    Servicer
                    pursuant to the Loan Performance Monitoring Agreement in the
                    performance of its
                    duties thereunder and hereunder.

                   

                  
                    
                      
                      

                    

                    
                      162

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  Section
                    9.36. Indemnification by the Credit Risk Manager.

                   

                  The
                    Credit Risk Manager agrees to indemnify the Depositor, the Master
                    Servicer and
                    the Trustee, and each of their respective directors, officers,
                    employees and
                    agents and the Trust Fund and hold each of them harmless from
                    and against any
                    losses, damages, penalties, fines, forfeitures, legal fees and
                    expenses and
                    related costs, judgments, and any other costs, fees and expenses
                    that any of
                    them may sustain arising out of or based upon the engagement
                    of any
                    Subcontractor in violation of Section 9.34(f) or any failure
                    by the Credit Risk
                    Manager to deliver any report required under Sections 9.25(a)
                    or (b); provided,
                    however, in no event shall the Credit Risk Manager be held liable
                    for any
                    indirect, consequential or special damagers hereunder.

                   

                  Section
                    9.37. Removal of Credit Risk Manager.

                   

                  The
                    Credit Risk Manager may be removed as Credit Risk Manager by
                    Certificateholders
                    holding not less than a 66-2/3% Voting Interests in the Trust,
                    in the exercise
                    of its or their sole discretion, at any time, without cause,
                    upon ten (10) days
                    prior written notice. The Certificateholders shall provide such
                    written notice
                    to the Trustee and upon receipt of such notice, the Trustee shall
                    provide
                    written notice to the Credit Risk Manager of its removal, effective
                    upon receipt
                    of such notice.

                   

                  ARTICLE
                    X

                   

                  REMIC
                    ADMINISTRATION

                   

                  Section
                    10.01. REMIC
                    Administration.

                   

                  (a)
                    REMIC
                    elections as set forth in the Preliminary Statement shall be
                    made on Forms 1066
                    or other appropriate federal tax or information return for the
                    taxable year
                    ending on the last day of the calendar year in which the Certificates
                    are
                    issued. The regular interests and residual interest in each REMIC
                    shall be as
                    designated in the Preliminary Statement. For purposes of such
                    designations, the
                    interest rate of any regular interest that is computed by taking
                    into account
                    the weighted average of the Net Mortgage Rates of the Mortgage
                    Loans shall be
                    reduced by the amount of any expense paid by the Trust to the
                    extent that (i)
                    such expense was not taken into account in computing the Net
                    Mortgage Rate of
                    any Mortgage Loan, (ii) such expense does not constitute an “unanticipated
                    expense” of a REMIC within the meaning of Treasury Regulation Section
                    1.860G-1(b)(3)(ii), (iii) such expense does not relate to an
                    Excluded Trust
                    Asset and (iv) the amount of such expense was not taken into
                    account in
                    computing the interest rate of a more junior Class of regular
                    interests.

                   

                  
                    
                      
                      

                    

                    
                      163

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

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

                   

                  (c)
                    The
                    Trustee shall represent the Trust Fund in any administrative
                    or judicial
                    proceeding relating to an examination or audit by any governmental
                    taxing
                    authority with respect thereto. The Trustee shall pay any and
                    all tax related
                    expenses (not including taxes) of each REMIC, including but not
                    limited to any
                    professional fees or expenses related to audits or any administrative
                    or
                    judicial proceedings with respect to such REMIC that involve
                    the Internal
                    Revenue Service or state tax authorities, but only to the extent
                    that (i) such
                    expenses are ordinary or routine expenses, including expenses
                    of a routine audit
                    but not expenses of litigation (except as described in (ii));
                    or (ii) such
                    expenses or liabilities (including taxes and penalties) are attributable
                    to the
                    negligence or willful misconduct of the Trustee in fulfilling
                    its duties
                    hereunder (including its duties as tax return preparer). The
                    Trustee shall be
                    entitled to reimbursement of expenses to the extent provided
                    in clause (i) above
                    from the Certificate Account, provided,
                    however,
                    the
                    Trustee shall not be entitled to reimbursement for expenses incurred
                    in
                    connection with the preparation of tax returns and other reports
                    as required by
                    Section 6.20 and this Section.

                   

                  (d)
                    The
                    Trustee shall prepare, sign and file, all of each REMIC’s federal and
                    appropriate state tax and information returns as such REMIC’s direct
                    representative. The expenses of preparing and filing such returns
                    shall be borne
                    by the Trustee.

                   

                  (e)
                    The
                    Trustee or its designee shall perform on behalf of each REMIC
                    all reporting and
                    other tax compliance duties that are the responsibility of such
                    REMIC under the
                    Code, the REMIC Provisions, or other compliance guidance issued
                    by the Internal
                    Revenue Service or any state or local taxing authority. Among
                    its other duties,
                    if required by the Code, the REMIC Provisions, or other such
                    guidance, the
                    Trustee shall provide (i) to the Treasury or other governmental
                    authority such
                    information as is necessary for the application of any tax relating
                    to the
                    transfer of a Residual Certificate to any disqualified person
                    or organization
                    pursuant to Treasury Regulation 1.860E-2(a)(5) and any person
                    designated in
                    Section 860E(e)(3) of the Code and (ii) to the Trustee such information
                    as is
                    necessary for the Trustee to provide to the Certificateholders
                    such information
                    or reports as are required by the Code or REMIC Provisions.

                   

                  The
                    Trustee shall be entitled to receive reasonable compensation
                    from the Trust for
                    the performance of its duties under this subsection (e); provided,
                    however,
                    that
                    such compensation shall not exceed $5,000 per year.

                   

                  (f)
                    The
                    Trustee, the Master Servicer and the Holders of Certificates
                    shall take any
                    action or cause any REMIC to take any action necessary to create
                    or maintain the
                    status of any REMIC as a REMIC under the REMIC Provisions and
                    shall assist each
                    other as necessary to create or maintain such status. Neither
                    the Trustee, the
                    Master Servicer nor the Holder of any Residual Certificate shall
                    knowingly take
                    any action, cause any REMIC to take any action or fail to take
                    (or fail to cause
                    to be taken) any action that, under the REMIC Provisions, if
                    taken or not taken,
                    as the case may be, could result in an Adverse REMIC Event unless
                    the Trustee,
                    any NIMS Insurer and the Master Servicer have received an Opinion
                    of Counsel
                    addressed to the Trustee (at the expense of the party seeking
                    to take such
                    action) to the effect that the contemplated action will not result
                    in an Adverse
                    REMIC Event. In addition, prior to taking any action with respect
                    to any REMIC
                    or the assets therein, or causing any REMIC to take any action,
                    which is not
                    expressly permitted under the terms of this Agreement, any Holder
                    of a Residual
                    Certificate will consult with the Trustee, the Master Servicer,
                    any NIMS Insurer
                    or their respective designees, in writing, with respect to whether
                    such action
                    could cause an Adverse REMIC Event to occur with respect to any
                    REMIC, and no
                    such Person shall take any such action or cause any REMIC to
                    take any such
                    action as to which the Trustee, the Master Servicer or any NIMS
                    Insurer has
                    advised it in writing that an Adverse REMIC Event could occur.

                   

                  
                    
                      
                      

                    

                    
                      164

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  (g)
                    Each
                    Holder of a Residual Certificate shall pay when due any and all
                    taxes imposed on
                    the related REMIC by federal or state governmental authorities.
                    To the extent
                    that such taxes are not paid by a Residual Certificateholder,
                    the Trustee shall
                    pay any remaining REMIC taxes out of current or future amounts
                    otherwise
                    distributable to the Holder of the Residual Certificate in any
                    such REMIC or, if
                    no such amounts are available, out of other amounts held in the
                    Collection
                    Account, and shall reduce amounts otherwise payable to holders
                    of regular
                    interests in any such REMIC, as the case may be.

                   

                  (h)
                    The
                    Trustee shall, for federal income tax purposes, maintain books
                    and records with
                    respect to each REMIC on a calendar year and on an accrual basis.

                   

                  (i)
                    No
                    additional contributions of assets shall be made to any REMIC,
                    except as
                    expressly provided in this Agreement.

                   

                  (j)
                    Neither the Trustee nor the Master Servicer shall enter into
                    any arrangement by
                    which any REMIC will receive a fee or other compensation for
                    services.

                  

                    (k)
                      On or
                      before October 15 of each calendar year beginning in 2007,
                      the Trustee shall
                      deliver to any NIMS Insurer an Officer’s Certificate stating, without regard to
                      any actions taken by any party other than the Trustee, the
                      Trustee’s compliance
                      with provisions of this Section 10.01. 

                     

                    (l)
                      The
                      Trustee shall treat each of the Basis Risk Reserve Fund and
                      the Supplemental
                      Interest Trust as an outside reserve fund within the meaning
                      of Treasury
                      Regulation Section 1.860G-2(h) that is owned by the Holders
                      of the Class X
                      Certificates and that is not an asset of any REMIC and all
                      amounts deposited
                      into the Basis Risk Reserve Fund or the Supplemental Interest
                      Trust shall be
                      treated as amounts distributed to the Class X Certificateholders.

                     

                    (m)
                      For
                      federal income tax purposes, upon any sale of the property
                      held by the Trust
                      Fund pursuant to Section 7.01(b), any NIM Redemption Amount
                      paid by the Master
                      Servicer shall not be treated as a portion of the purchase
                      price paid for such
                      property but shall instead be treated as an amount paid by
                      the Master Servicer
                      to the Holder of the Class X Certificates in exchange for an
                      interest in the
                      Class X Certificates immediately before the purchase of the
                      property held by the
                      Trust Fund.

                     

                    (n)
                      The
                      Trustee shall treat the beneficial owners of Certificates (other
                      than the Class
                      P, Class X, Class LT-R and Class R Certificates) as having
                      entered into a
                      notional principal contract with respect to the beneficial
                      owners of the Class X
                      Certificates. Pursuant to each such notional principal contract,
                      all beneficial
                      owners of LIBOR Certificates shall be treated as having agreed
                      to pay, on each
                      Distribution Date, to the beneficial owners of the Class X
                      Certificates an
                      aggregate amount equal to the excess, if any, of (i) the amount
                      payable on such
                      Distribution Date on the interest in the Upper Tier REMIC corresponding
                      to such
                      Class of Certificates over
                      (ii)
                      the
                      amount payable on such Class of Certificates on such Distribution
                      Date (such
                      excess, a “Class I Shortfall”). A Class I Shortfall payable from interest
                      collections shall be allocated to each Class of Certificates
                      to the extent that
                      interest accrued on such Class for the related Accrual Period
                      at the Certificate
                      Interest Rate for a Class, computed by substituting “REMIC 3 Net Funds Cap” for
                      the applicable “Net Funds Cap” in the definition thereof, exceeds the amount of
                      interest accrued for the related Accrual Period based on the
                      applicable Net
                      Funds Cap, and a Class I Shortfall payable from principal collections
                      shall be
                      allocated to the most subordinate Class of Certificates with
                      an outstanding
                      principal balance to the extent of such balance. In addition,
                      pursuant to such
                      notional principal contract, the beneficial owner of the Class
                      X Certificates
                      shall be treated as having agreed to pay Basis Risk Shortfalls
                      and Unpaid Basis
                      Risk Shortfalls to the Owners of the LIBOR Certificates in
                      accordance with the
                      terms of this Agreement. Any
                      payments to the Certificates in light of the foregoing shall
                      not be payments
                      with respect to a “regular interest” in a REMIC within the meaning of Code
                      Section 860G(a)(1). However, any payment from the Certificates
                      of a Class I
                      Shortfall shall be treated for tax purposes as having been
                      received by the
beneficial
                      owners
                      of such
                      Certificates in respect of their Interests in the Upper Tier
                      REMIC and as having
                      been paid by such beneficial
                      owners
                      to the
                      Supplemental Interest Trust pursuant to the notional principal
                      contract. Thus,
                      each Certificate (other than a Class P, Class R and Class LT-R
                      Certificates)
                      shall be treated as representing not only ownership of regular
                      interests in the
                      Upper Tier REMIC, but also ownership of an interest in (and
                      obligations with
                      respect to) a notional principal contract. For tax purposes,
                      the notional
                      principal contract shall be deemed to have a value in favor
                      of the Certificates
                      entitled to receive Basis Risk Shortfalls and Unpaid Basis
                      Risk Shortfalls of
                      $58,144.81 as of the Closing Date.

                     

                    
                      
                        
                        

                      

                      
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                    (o)
                      Notwithstanding the priority and sources of payments set forth
                      in Article V
                      hereof or otherwise, the Trustee shall account for all distributions
                      on the
                      Certificates as set forth in this Section 10.01. In no event
                      shall any payments
                      of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls provided
                      for in this
                      Section 10.01 be treated as payments
                      with respect to a “regular interest” in a REMIC within the meaning of Code
                      Section 860G(a)(1).

                     

                    Section
                      10.02. Prohibited Transactions and Activities. 

                     

                    Neither
                      the Depositor, the Master Servicer nor the Trustee shall sell,
                      dispose of, or
                      substitute for any of the Mortgage Loans, except in a disposition
                      pursuant to
                      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy
                      of the Trust Fund,
                      (iii) the termination of each REMIC pursuant to Article VII
                      of this Agreement,
                      (iv) a substitution pursuant to Article II of this Agreement
                      or (v) a repurchase
                      of Mortgage Loans pursuant to Article II of this Agreement,
                      nor acquire any
                      assets for any REMIC, nor sell or dispose of any investments
                      in the Certificate
                      Account for gain, nor accept any contributions to any REMIC
                      after the Closing
                      Date, unless the Trustee and any NIMS Insurer has received
                      an Opinion of Counsel
                      addressed to the Trustee (at the expense of the party causing
                      such sale,
                      disposition, or substitution) that such disposition, acquisition,
                      substitution,
                      or acceptance will not (a) result in an Adverse REMIC Event,
                      (b) affect the
                      distribution of interest or principal on the Certificates or
                      (c) result in the
                      encumbrance of the assets transferred or assigned to the Trust
                      Fund (except
                      pursuant to the provisions of this Agreement).

                     

                    
                      
                        
                        

                      

                      
                        166

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

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

                     

                    Upon
                      the
                      occurrence of an Adverse REMIC Event due to the negligent performance
                      by the
                      Trustee of its duties and obligations set forth herein, the
                      Trustee shall
                      indemnify any NIMS Insurer, the Holder of the related Residual
                      Certificate or
                      the Trust Fund, as applicable, against any and all losses,
                      claims, damages,
                      liabilities or expenses (“Losses”) resulting from such negligence; provided,
                      however,
                      that the
                      Trustee shall not be liable for any such Losses attributable
                      to the action or
                      inaction of the Master Servicer, the Depositor, the Class X
                      Certificateholders
                      or the Holder of such Residual Certificate, as applicable,
                      or for any such
                      Losses resulting from misinformation provided by the Holder
                      of such Residual
                      Certificate on which the Trustee has relied. The foregoing
                      shall not be deemed
                      to limit or restrict the rights and remedies of the Holder
                      of such Residual
                      Certificate now or hereafter existing at law or in equity.
                      Notwithstanding the
                      foregoing, however, in no event shall the Trustee have any
                      liability (1) for any
                      action or omission that is taken in accordance with and in
                      compliance with the
                      express terms of, or which is expressly permitted by the terms
                      of, this
                      Agreement or the Servicing Agreement, (2) for any Losses other
                      than arising out
                      of a negligent performance by the Trustee of its duties and
                      obligations set
                      forth herein, and (3) for any special or consequential damages
                      to
                      Certificateholders (in addition to payment of principal and
                      interest on the
                      Certificates); provided,
                      however,
                      that
                      this sentence shall not apply in connection with any failure
                      by the Trustee to
                      comply with the provisions of Subsections 6.01(l) hereof and
                      Subsections 9.25(a)
                      or (b) hereof. In addition, the Trustee shall not have any
                      liability for the
                      actions or failure to act of any other party hereto. 

                     

                    Section
                      10.04. REO Property.

                     

                    (a)
                      Notwithstanding any other provision of this Agreement, the
                      Master Servicer,
                      acting on behalf of the Trustee hereunder, shall not, except
                      to the extent
                      provided in the Servicing Agreement, knowingly permit the Servicer
                      to, rent,
                      lease, or otherwise earn income on behalf of any REMIC with
                      respect to any REO
                      Property which might cause an Adverse REMIC Event unless the
                      Master Servicer has
                      advised, or has caused the Servicer to advise, the Trustee
                      and any NIMS Insurer
                      in writing to the effect that, under the REMIC Provisions,
                      such action would not
                      result in an Adverse REMIC Event.

                     

                    (b)
                      The
                      Master Servicer shall cause the Servicer (to the extent provided
                      in its
                      Servicing Agreement) to make reasonable efforts to sell any
                      REO Property for its
                      fair market value. In any event, however, the Master Servicer
                      shall, or shall
                      cause the Servicer (to the extent provided in its Servicing
                      Agreement) to,
                      dispose of any REO Property within three years of its acquisition
                      by the Trust
                      Fund unless the Master Servicer has received a grant of extension
                      from the
                      Internal Revenue Service to the effect that, under the REMIC
                      Provisions, the
                      REMIC may hold REO Property for a longer period without causing
                      an Adverse REMIC
                      Event. If the Master Servicer has received such an extension,
                      then the Trustee,
                      or the Master Servicer, acting on its behalf hereunder, shall,
                      or shall cause
                      the Servicer to, continue to attempt to sell the REO Property
                      for its fair
                      market value for such period longer than three years as such
                      extension permits
                      (the “Extended Period”). If the Trustee has not received such an extension and
                      the Master Servicer or the Servicer, acting on behalf of the
                      Trustee hereunder,
                      is unable to sell the REO Property within 33 months after its
                      acquisition by the
                      Trust Fund or if the Master Servicer has received such an extension,
                      and the
                      Master Servicer or the Servicer is unable to sell the REO Property
                      within the
                      period ending three months before the close of the Extended
                      Period, the Master
                      Servicer shall cause the Servicer, before the end of the three
                      year period or
                      the Extended Period, as applicable, to (i) purchase such REO
                      Property at a price
                      equal to the REO Property’s fair market value or (ii) auction the REO Property
                      to the highest bidder (which may be the Servicer) in an auction
                      reasonably
                      designed to produce a fair price prior to the expiration of
                      the three-year
                      period or the Extended Period, as the case may be.

                     

                    
                      
                        
                        

                      

                      
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                    ARTICLE
                      XI

                     

                    MISCELLANEOUS
                      PROVISIONS

                     

                    Section
                      11.01. Binding Nature of Agreement; Assignment. 

                     

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

                     

                    Section
                      11.02. Entire Agreement. 

                     

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

                     

                    Section
                      11.03. Amendment.  

                     

                    (a)
                      On or
                      prior to a Section 7.01(c) Purchase Event, this Agreement may
                      be amended from
                      time to time by the Depositor, the Master Servicer and the
                      Trustee, with the
                      consent of any NIMS Insurer, but without the consent of the
                      Credit Risk Manager
                      or the Swap Counterparty (except to the extent that the rights
                      or obligations of
                      (1) the Credit Risk Manager or the Swap Counterparty hereunder
                      or (2) the Swap
                      Counterparty under the Swap Agreement are affected thereby,
                      and except to the
                      extent the ability of the Trustee on behalf of the Supplemental
                      Interest Trust
                      and the Trust Fund to perform fully and timely its obligations
                      under the Swap
                      Agreement is adversely affected, in which case prior written
                      consent of the Swap
                      Counterparty is required) and without notice to or the consent
                      of any of the
                      Holders, (i) to cure any ambiguity, (ii) to cause the provisions
                      herein to
                      conform to or be consistent with or in furtherance of the statements
                      made with
                      respect to the Certificates, the Trust Fund or this Agreement
                      in any Offering
                      Document, or to correct or supplement any provision herein
                      which may be
                      inconsistent with any other provisions herein or with the provisions
                      of the
                      Servicing Agreement, (iii) to make any other provisions with
                      respect to matters
                      or questions arising under this Agreement or (iv) to add, delete,
                      or amend any
                      provisions to the extent necessary or desirable to comply with
                      any requirements
                      imposed by the Code and the REMIC Provisions as evidenced by
                      an Opinion of
                      Counsel. No such amendment effected pursuant to the preceding
                      sentence shall, as
                      evidenced by an Opinion of Counsel, result in an Adverse REMIC
                      Event, nor shall
                      such amendment effected pursuant to clause (iii) of such sentence
                      adversely
                      affect in any material respect the interests of any Holder.
                      Prior to entering
                      into any amendment without the consent of Holders pursuant
                      to this paragraph,
                      the Trustee, any NIMS Insurer and the Swap Counterparty shall
                      be provided with
                      an Opinion of Counsel addressed to the Trustee, any NIMS Insurer
                      and the Swap
                      Counterparty (at the expense of the party requesting such amendment)
                      to the
                      effect that such amendment is permitted under this Section.
                      Any such amendment
                      shall be deemed not to adversely affect in any material respect
                      any Holder, if
                      the Trustee receives written confirmation from each Rating
                      Agency that such
                      amendment will not cause such Rating Agency to reduce then
                      current rating
                      assigned to the Certificates.

                     

                    
                      
                        
                        

                      

                      
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                      (b)
                        On or
                        prior to a Section 7.01(c) Purchase Event, this Agreement
                        may also be amended
                        from time to time by the Depositor, the Master Servicer and
                        the Trustee, with
                        the consent of any NIMS Insurer, but without the consent
                        of the Credit Risk
                        Manager or the Swap Counterparty (except to the extent that
                        the rights or
                        obligations of (1) the Credit Risk Manager or the Swap Counterparty
                        hereunder or
                        (2) the Swap Counterparty under the Swap Agreement are affected
                        thereby, or the
                        ability of the Trustee on behalf of the Supplemental Interest
                        Trust and the
                        Trust Fund to perform fully and timely its obligations under
                        the Swap Agreement
                        is adversely affected, in which case prior written consent
                        of the Swap
                        Counterparty is required) and with the consent of the Holders
                        of not less than
                        66-2/3% of the Class Principal Amount (or Percentage Interest)
                        of each Class of
                        Certificates affected thereby for the purpose of adding any
                        provisions to or
                        changing in any manner or eliminating any of the provisions
                        of this Agreement or
                        of modifying in any manner the rights of the Holders; provided,
                        however,
                        that no
                        such amendment shall be made unless the Trustee and any NIMS
                        Insurer receives an
                        Opinion of Counsel addressed to the Trustee and the NIMS
                        Insurer, at the expense
                        of the party requesting the change, that such change will
                        not cause an Adverse
                        REMIC Event; and provided further, that no such amendment
                        may (i) reduce in any
                        manner the amount of, or delay the timing of, payments received
                        on Mortgage
                        Loans which are required to be distributed on any Certificate,
                        without the
                        consent of the Holder of such Certificate or (ii) reduce
                        the aforesaid
                        percentages of Class Principal Amount (or Percentage Interest)
                        of Certificates
                        of each Class, the Holders of which are required to consent
                        to any such
                        amendment without the consent of the Holders of 100% of the
                        Class Principal
                        Amount (or Percentage Interest) of each Class of Certificates
                        affected thereby.
                        For purposes of this paragraph, references to “Holder” or “Holders” shall be
                        deemed to include, in the case of any Class of Book-Entry
                        Certificates, the
                        related Certificate Owners.

                       

                      (c)
                        After
                        a Section 7.01(c) Purchase Event but on or prior to a Trust
                        Fund Termination
                        Event, this Agreement may be amended from time to time by
                        the Depositor, the
                        Master Servicer, the LTURI-holder and the Trustee, but without
                        the consent of
                        the Credit Risk Manager or the Swap Counterparty (except
                        to the extent that the
                        rights or obligations of (1) the Credit Risk Manager or the
                        Swap Counterparty
                        hereunder or (2) the Swap Counterparty under the Swap Agreement,
                        or the ability
                        of the Trustee on behalf of the Supplemental Interest Trust
                        and the Trust Fund
                        to perform fully and timely its obligations under the Swap
                        Agreement is
                        adversely affected, in which case prior written consent of
                        the Credit Risk
                        Manager or the Swap Counterparty, as applicable, is required).
                        Prior to entering
                        into any amendment without the consent of Holders pursuant
                        to this paragraph,
                        the Trustee and the Swap Counterparty shall be provided with
                        an Opinion of
                        Counsel addressed to the Trustee, any NIMS Insurer and the
                        Swap Counterparty (at
                        the expense of the party requesting such amendment) to the
                        effect that such
                        amendment is permitted under this Section and will not result
                        in an Adverse
                        REMIC Event.

                       

                      
                        
                          
                          

                        

                        
                          169

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                      (d)
                        Promptly after the execution of any such amendment, the Trustee
                        shall furnish
                        written notification of the substance of such amendment to
                        each Holder, the
                        Depositor, the Swap Counterparty, any NIMS Insurer and to
                        the Rating
                        Agencies.

                       

                      (e)
                        It
                        shall not be necessary for the consent of Holders under this
                        Section 11.03 to
                        approve the particular form of any proposed amendment, but
                        it shall be
                        sufficient if such consent shall approve the substance thereof.
                        The manner of
                        obtaining such consents and of evidencing the authorization
                        of the execution
                        thereof by Holders shall be subject to such reasonable regulations
                        as the
                        Trustee may prescribe.

                       

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

                       

                      (g)
                        Notwithstanding anything to the contrary in this Section
                        11.03, this Agreement
                        may be amended from time to time by the Depositor, the Master
                        Servicer and the
                        Trustee to the extent necessary, in the judgment of the Depositor
                        and its
                        counsel, to comply with the Rules.

                       

                      Section
                        11.04. Voting Rights. 

                       

                      Except
                        to
                        the extent that the consent of all affected Certificateholders
                        is required
                        pursuant to this Agreement, with respect to any provision
                        of this Agreement
                        requiring the consent of Certificateholders representing
                        specified percentages
                        of aggregate outstanding Certificate Principal Amount (or
                        Percentage Interest),
                        Certificates owned by the Depositor, the Master Servicer,
                        the Trustee, the
                        Servicer, the Credit Risk Manager or Affiliates thereof are
                        not to be counted so
                        long as such Certificates are owned by the Depositor, the
                        Master Servicer, the
                        Trustee, the Servicer, the Credit Risk Manager or any Affiliate
                        thereof.

                       

                      Section
                        11.05. Provision of Information. 

                       

                      (a)
                        For
                        so long as any of the Certificates of any Series or Class
                        are “restricted
                        securities” within the meaning of Rule 144(a)(3) under the Act, each
                        of the
                        Depositor, the Master Servicer and the Trustee agree to cooperate
                        with each
                        other to provide to any Certificateholders, any NIM Security
                        holder and to any
                        prospective purchaser of Certificates designated by such
                        holder, upon the
                        request of such holder or prospective purchaser, any information
                        required to be
                        provided to such holder or prospective purchaser to satisfy
                        the condition set
                        forth in Rule 144A(d)(4) under the Act. Any reasonable, out-of-pocket
                        expenses
                        incurred by the Master Servicer or the Trustee in providing
                        such information
                        shall be reimbursed by the Depositor.

                       

                      (b)
                        The
                        Trustee shall provide to any person to whom a Prospectus
                        was delivered, upon the
                        request of such person specifying the document or documents
                        requested, (i) a
                        copy (excluding exhibits) of any report on Form 8-K or Form
                        10-K filed with the
                        Securities and Exchange Commission pursuant to Section 6.20(c)
                        and (ii) a copy
                        of any other document incorporated by reference in the Prospectus
                        (to the extent
                        that the Trustee has such documents in its possession or
                        such documents are
                        reasonably obtained by the Trustee). Any reasonable out-of-pocket
                        expenses
                        incurred by the Trustee in providing copies of such documents
                        shall be
                        reimbursed by the Depositor.

                       

                      
                        
                          
                          

                        

                        
                          170

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                      (c)
                        On
                        each Distribution Date, the Trustee shall deliver or cause
                        to be delivered by
                        first class mail or make available on its website to the
                        Depositor, Attention:
                        Contract Finance, a copy of the report delivered to Certificateholders
                        pursuant
                        to Section 4.03.

                       

                      Section
                        11.06. Governing Law. 

                       

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

                       

                      Section
                        11.07. Notices. 

                       

                      All
                        demands, notices and communications hereunder shall be in
                        writing and shall be
                        deemed to have been duly given when received by (a) in the
                        case of the
                        Depositor, Structured Asset Securities Corporation, 745 Seventh
                        Avenue, 7th
                        Floor, New York, NY 10019, Attention: Mortgage Finance FFMLT
                        2006-FF14,
                        (b) in the case of the Seller, Lehman Brothers Holdings Inc.,
                        745 Seventh
                        Avenue, 7th Floor, New York, NY 10019, Attention: Mortgage
                        Finance FFMLT
                        2006-FF14, (c) in the case of the Credit Risk Manager, OfficeTiger Global
                        Real Estate Services Inc., 7000 Central Parkway, Suite 800,
                        Atlanta, Georgia
                        30328, Attention: Chief Executive Officer,, (d) in the case
                        of the Trustee, the
                        Corporate Trust Office, (e) in the case of the Master Servicer,
                        Aurora Loan
                        Services LLC, 327 Inverness Drive South, Englewood, Colorado
                        80112; Attention:
                        Master Servicing, FFMLT 2006-FF14, (f) in the case of the
                        Swap Counterparty, at
                        the address therefore set forth in the Swap Agreement and
                        (g) in the case of the
                        Cap Counterparty, at the address therefore set forth in the
                        Interest Rate Cap
                        Agreement or, as to each party, such other address as may
                        hereafter be furnished
                        by such party to the other parties in writing. All demands,
                        notices and
                        communications to a party hereunder shall be in writing and
                        shall be deemed to
                        have been duly given when delivered to such party at the
                        relevant address,
                        facsimile number or electronic mail address set forth above
                        or at such other
                        address, facsimile number or electronic mail address as such
                        party may designate
                        from time to time by written notice in accordance with this
                        Section
                        11.07.

                      

                      Section
                        11.08. Severability of Provisions. 

                       

                      If
                        any
                        one or more of the covenants, agreements, provisions or terms
                        of this Agreement
                        shall be for any reason whatsoever held invalid, then such
                        covenants,
                        agreements, provisions or terms shall be deemed severable
                        from the remaining
                        covenants, agreements, provisions or terms of this Agreement
                        and shall in no way
                        affect the validity or enforceability of the other provisions
                        of this Agreement
                        or of the Certificates or the rights of the Holders thereof.

                       

                      
                        
                          
                          

                        

                        
                          171

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                      Section
                        11.09. Indulgences; No Waivers. 

                       

                      Neither
                        the failure nor any delay on the part of a party to exercise
                        any right, remedy,
                        power or privilege under this Agreement shall operate as
                        a waiver thereof, nor
                        shall any single or partial exercise of any right, remedy,
                        power or privilege
                        preclude any other or further exercise of the same or of
                        any other right,
                        remedy, power or privilege, nor shall any waiver of any right,
                        remedy, power or
                        privilege with respect to any occurrence be construed as
                        a waiver of such right,
                        remedy, power or privilege with respect to any other occurrence.
                        No waiver shall
                        be effective unless it is in writing and is signed by the
                        party asserted to have
                        granted such waiver.

                       

                      Section
                        11.10. Headings Not To Affect Interpretation. 

                       

                      The
                        headings contained in this Agreement are for convenience
                        of reference only, and
                        they shall not be used in the interpretation hereof.

                       

                      Section
                        11.11. Benefits of Agreement.

                       

                      The
                        Depositor shall promptly notify the Custodian and the Trustee
                        in writing of the
                        issuance of any Class of NIMS Securities issued by a NIMS
                        Insurer and the
                        identity of such NIMS Insurer. Thereafter, the NIMS Insurer
                        shall be deemed a
                        third-party beneficiary of this Agreement to the same extent
                        as if it were a
                        party hereto, and shall be subject to and have the right
                        to enforce the
                        provisions of this Agreement so long as the NIMS Securities
                        remaining
                        outstanding or the NIMS Insurer is owed amounts in respect
                        of its guarantee of
                        payment of such NIMS Securities. Nothing in this Agreement
                        or in the
                        Certificates, express or implied, shall give to any Person,
                        other than the
                        parties to this Agreement and their successors hereunder,
                        the Swap Counterparty
                        and its successors and assignees under the Swap Agreement,
                        the Holders of the
                        Certificates and the NIMS Insurer, any benefit or any legal
                        or equitable right,
                        power, remedy or claim under this Agreement, except to the
                        extent specified in
                        Sections 5.08 and Section 11.15, as applicable.

                       

                      Section
                        11.12. Special
                        Notices to the Rating Agencies and any NIMS Insurer.  

                       

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

                       

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

                       

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

                       

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

                       

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

                       

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

                       

                      
                        
                          
                          

                        

                        
                          172

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      

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

                       

                      (vii)
                        any
                        termination of the rights and obligations of the Servicer
                        under the Servicing
                        Agreement.

                       

                      (b)
                        All
                        notices to the Rating Agencies provided for this Section
                        shall be in writing and
                        sent by first class mail, telecopy or overnight courier,
                        as
                        follows:

                       

                      If
                        to
                        S&P, to:

                      

                      Standard
                        & Poor’s Ratings Services

                      55
                        Water
                        Street

                      New
                        York,
                        New York 10041

                      Attention:
                        Residential Mortgages

                      

                      If
                        to
                        Moody’s, to:

                      

                      Moody’s
                        Investor Service, Inc.

                      99
                        Church
                        Street

                      New
                        York,
                        New York 10007

                      Attention:
                        Residential Mortgages

                       

                      If
                        to
                        Fitch, to:

                      

                      Fitch,
                        Inc.

                      One
                        State
                        Street Plaza

                      New
                        York,
                        New York 10004

                      Attention:
                        Residential Mortgages

                      

                      (c)
                        The
                        Trustee shall provide or make available to the Rating Agencies
                        reports prepared
                        pursuant to Section 4.03. In addition, the Trustee shall,
                        at the expense of the
                        Trust Fund, make available to each Rating Agency such information
                        as such Rating
                        Agency may reasonably request regarding the Certificates
                        or the Trust Fund, to
                        the extent that such information is reasonably available
                        to the
                        Trustee.

                       

                      Section
                        11.13. Conflicts. 

                       

                      To
                        the
                        extent that the terms of this Agreement conflict with the
                        terms of the Servicing
                        Agreement, the Servicing Agreement shall govern, unless such
                        provisions shall
                        adversely affect the Trustee or the Trust Fund.

                       

                      Section
                        11.14. Counterparts. 

                       

                      This
                        Agreement may be executed in one or more counterparts, each
                        of which shall be
                        deemed to be an original, and all of which together shall
                        constitute one and the
                        same instrument.

                       

                      
                        
                          
                          

                        

                        
                          173

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                      Section
                        11.15. Transfer of Servicing. 

                       

                      The
                        Seller agrees that it shall provide written notice to the
                        Master Servicer, the
                        Swap Counterparty, any NIMS Insurer and the Trustee thirty
                        days prior to any
                        proposed transfer or assignment by such Seller of its rights
                        under the Servicing
                        Agreement or of the servicing thereunder or delegation of
                        its rights or duties
                        thereunder or any portion thereof to any other Person other
                        than the initial
                        Servicer under the Servicing Agreement. In addition, the
                        ability of the Seller
                        to transfer or assign its rights and delegate its duties
                        under the Servicing
                        Agreement or to transfer the servicing thereunder to a successor
                        servicer shall
                        be subject to the following conditions: 

                       

                      (i)
                        Satisfaction of the conditions to such transfer as set forth
                        in the Servicing
                        Agreement including, without limitation, receipt of written
                        consent of any NIMS
                        Insurer and the Master Servicer to such transfer;

                       

                      (ii)
                        Such
                        successor servicer must be qualified to service loans for
                        Fannie Mae or Freddie
                        Mac, and must be a member in good standing of MERS;

                       

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

                       

                      (iv)
                        Such
                        successor servicer must execute and deliver to the Trustee
                        and the Master
                        Servicer an agreement, in form and substance reasonably satisfactory
                        to the
                        Trustee and the Master Servicer, that contains an assumption
                        by such successor
                        servicer of the due and punctual performance and observance
                        of each covenant and
                        condition to be performed and observed by the Servicer under
                        the Servicing
                        Agreement;

                       

                      (v)
                        There
                        must be delivered to the Trustee and the Master Servicer
                        a letter from each
                        Rating Agency to the effect that such transfer of servicing
                        will not result in a
                        qualification, withdrawal or downgrade of the then-current
                        rating of any of the
                        Certificates; and

                       

                      
                        
                          
                          

                        

                        
                          174

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                      (vi)
                        The
                        Seller shall, at its cost and expense, take such steps, or
                        cause the terminated
                        Servicer to take such steps, as may be necessary or appropriate
                        to effectuate
                        and evidence the transfer of the servicing of the Mortgage
                        Loans to such
                        successor servicer, including, but not limited to, the following:
                        (A) to the
                        extent required by the terms of the Mortgage Loans and by
                        applicable federal and
                        state laws and regulations, the Seller shall cause the prior
                        Servicer to timely
                        mail to each obligor under a Mortgage Loan any required notices
                        or disclosures
                        describing the transfer of servicing of the Mortgage Loans
                        to the successor
                        servicer; (B) prior to the effective date of such transfer
                        of servicing, the
                        Seller shall cause the prior Servicer to transmit to any
                        related insurer
                        notification of such transfer of servicing; (C) on or prior
                        to the effective
                        date of such transfer of servicing, the Seller shall cause
                        the prior Servicer to
                        deliver to the successor servicer all Mortgage Loan Documents
                        and any related
                        records or materials; (D) on or prior to the effective date
                        of such transfer of
                        servicing, the Seller shall cause the prior Servicer to transfer
                        to the
                        successor servicer, all funds held by the prior Servicer
                        in respect of the
                        Mortgage Loans; (E) on or prior to the effective date of
                        such transfer of
                        servicing, the Seller shall cause the prior Servicer to,
                        after the effective
                        date of the transfer of servicing to the successor servicer,
                        continue to forward
                        to such successor servicer, within one Business Day of receipt,
                        the amount of
                        any payments or other recoveries received by the prior Servicer,
                        and to notify
                        the successor servicer of the source and proper application
                        of each such payment
                        or recovery; and (F) the Seller shall cause the prior Servicer
                        to, after the
                        effective date of transfer of servicing to the successor
                        servicer, continue to
                        cooperate with the successor servicer to facilitate such
                        transfer in such manner
                        and to such extent as the successor servicer may reasonably
                        request.
                        Notwithstanding the foregoing, the prior Servicer shall be
                        obligated to perform
                        the items listed above to the extent provided in the Servicing
                        Agreement.

                       

                      
                        
                          
                          

                        

                        
                          175

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                      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 

                      

                      
                        
                          
                            	 	 	 
	 	
                                    
                                      U.S. BANK NATIONAL ASSOCIATION,

                                      as Trustee 

                                    

                                  
	 
 	 
 	
                                     

                                  
	 	By: 	/s/
                                    James H. Byrnes 
	 	
                                    
Name:
                                    James H. Byrnes
	 	Title:
                                    Vice President

                          

                        

                        
                          
                            
                              	 	 	 
	 	
                                      
                                        AURORA LOAN SERVICES
                                          LLC, as Master 

                                        Servicer

                                      

                                    
	 
 	 
	
                                       

                                    
	 	By: 	/s/
                                      Jerald W. Dreyer 
	 	
                                      
Name:
                                      Jerald W. Dreyer
	 	Title:
                                      Vice President

                            

                          

                        

                        
                          
                            
                              
                                	 	 	 
	 	
                                        
                                          
                                            OFFICETIGER GLOBAL
                                              REAL ESTATE 

                                            SERVICES INC.,
                                              as Credit Risk
                                              Manager

                                          

                                        

                                      
	 
 	 
	
                                         

                                      
	 	By: 	/s/
                                        Ken
                                        N. Beyer
	 	
                                        
Name:
                                        Ken N. Beyer
	 	Title:
                                        President

                              

                            

                          

                        

                      

                      
                         

                      

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      

                      Solely
                        for purposes of Sections 5.07(c), 6.11 and 11.15, 

                      accepted
                        and agreed to by:

                       

                      
                        	LEHMAN BROTHERS HOLDINGS
                                INC.	 	 	 
	
                                 

                                 

                              	 	 	 
	By:
 /s/
                                Michael Hitzmann 	 	 	 
	
                                
                                  
Name:
                                  Michael Hitzmann

                              	 	 	
                              
	
                                Title:
                                  Authorized
                                  Signatory

                              	 	 	

                      

                       

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      

                      EXHIBIT
                        A

                       

                      FORMS
                        OF
                        CERTIFICATES

                      

                      
                        
                          
                          

                        

                        
                          A-1

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      

                      EXHIBIT
                        B-1

                       

                      FORM
                        OF
                        INITIAL CERTIFICATION

                       

                                                      

                      Date          
                        

                       

                      U.S.
                        Bank
                        National Association

                      One
                        Federal Street

                      3rd
                        Floor

                      Boston,
                        Massachusetts 02110

                      

                      Structured
                        Asset Securities Corporation

                      745
                        Seventh Avenue, 7th Floor

                      New
                        York,
                        New York 10019

                       

                      
                        	
                              	Re:	
                                Trust
                                  Agreement dated as of September 1, 2006 (the “Trust Agreement”), by and
                                  among Structured Asset Securities Corporation,
                                  as Depositor, U.S. Bank
                                  National Association, as Trustee, Aurora Loan Services
                                  LLC, as Master
                                  Servicer, and OfficeTiger
                                  Global Real Estate Services Inc.,
                                  as Credit Risk Manager, with respect to First Franklin
                                  Mortgage Loan Trust
                                  Mortgage Pass-Through Certificates, Series 2006-FF14    

                              

                      

                       

                      Ladies
                        and Gentlemen:

                       

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

                       

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

                       

                      
                        	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:	 
	 	
                                
Name:
	 	Title:

                      

                    

                     

                    
                      

                      
                        
                          
                          

                        

                        
                          B-1-1

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                      EXHIBIT
                        B-2

                      

                        FORM
                          OF
                          INTERIM CERTIFICATION

                        
                          
                          

                        

                        
                           

                                                          

                          Date          
                            

                           

                        

                        U.S.
                          Bank
                          National Association

                        One
                          Federal Street

                        3rd
                          Floor

                        Boston,
                          Massachusetts 02110

                        

                        Structured
                          Asset Securities Corporation

                        745
                          Seventh Avenue, 7th Floor

                        New
                          York,
                          New York 10019

                         

                        
                          	
                                	Re:	
                                  Trust
                                    Agreement dated as of September 1, 2006 (the
“Trust Agreement”), by and
                                    among Structured Asset Securities Corporation,
                                    as Depositor, U.S. Bank
                                    National Association, as Trustee, Aurora Loan
                                    Services LLC, as Master
                                    Servicer, and OfficeTiger Global Real Estate
                                    Services Inc., as Credit Risk
                                    Manager, with respect to First Franklin Mortgage
                                    Loan Trust Mortgage
                                    Pass-Through Certificates, Series 2006-FF14    

                                

                        

                         

                        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 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          
                            

                           

                        

                        U.S.
                          Bank
                          National Association

                        One
                          Federal Street

                        3rd
                          Floor

                        Boston,
                          Massachusetts 02110

                        

                        Structured
                          Asset Securities Corporation

                        745
                          Seventh Avenue, 7th Floor

                        New
                          York,
                          New York 10019

                         

                        
                          	
                                	Re:	
                                  Trust
                                    Agreement dated as of September 1, 2006 (the
“Trust Agreement”), by and
                                    among Structured Asset Securities Corporation,
                                    as Depositor, U.S. Bank
                                    National Association, as Trustee, Aurora Loan
                                    Services LLC, as Master
                                    Servicer, and OfficeTiger Global Real Estate
                                    Services Inc., as Credit Risk
                                    Manager, with respect to First Franklin Mortgage
                                    Loan Trust Mortgage
                                    Pass-Through Certificates, Series 2006-FF14    

                                

                        

                         

                        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 has received the
                          applicable documents
                          listed in Section 2.01(b) of the Trust Agreement.

                         

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

                         

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

                        
                          
                             

                            
                              	 	 	 
	 	[Custodian]
	 
 	 
 	 
 
	 	By:	 
	 	
                                      
Name:
	 	Title:

                            

                             

                          

                          
                            
                              
                              

                            

                            
                              B-3-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                        

                        
                           

                        

                        EXHIBIT
                          B-4

                         

                        FORM
                          OF
                          ENDORSEMENT

                         

                        Pay
                          to
                          the order of U.S. Bank National Association, as trustee
                          (the “Trustee”) under
                          the Trust Agreement dated as of September 1, 2006 by and
                          among Structured Asset
                          Securities Corporation, as Depositor, the Trustee, Aurora
                          Loan Services LLC, as
                          Master Servicer, and OfficeTiger Global Real Estate Services
                          Inc., as Credit
                          Risk Manager relating to First Franklin Mortgage Loan Trust
                          Mortgage
                          Pass-Through Certificates, Series 2006-FF14, 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, the Custodian]

                         

                        In
                          connection with the administration of the mortgages held
                          by you as Trustee under
                          a certain Trust Agreement dated as of September 1, 2006
                          by and among Structured
                          Asset Securities Corporation, as Depositor, you, as Trustee,
                          Aurora Loan
                          Services LLC, as Master Servicer, and OfficeTiger Global
                          Real Estate Services
                          Inc., as Credit Risk Manager, (the “Trust Agreement”), the undersigned Servicer
                          hereby requests a release of the Mortgage File held by
                          you as Trustee with
                          respect to the following described Mortgage Loan for the
                          reason indicated
                          below.

                         

                        Mortgagor’s
                          Name:

                         

                        Address:

                         

                        Loan
                          No.:

                         

                        Reason
                          for requesting file:

                         

                        1. Mortgage
                          Loan paid in full. (The Servicer hereby certifies that
                          all amounts received in
                          connection with the loan have been or will be credited
                          to the Certificate
                          Account pursuant to the Trust Agreement.)

                         

                        2. The
                          Mortgage Loan is being foreclosed.

                         

                        3. Mortgage
                          Loan substituted. (The Servicer hereby certifies that a
                          Qualifying Substitute
                          Mortgage Loan has been assigned and delivered to you along
                          with the related
                          Mortgage File pursuant to the Trust Agreement.)

                         

                        4. Mortgage
                          Loan repurchased. (The Servicer hereby certifies that the
                          Purchase Price has
                          been credited to the Certificate Account pursuant to the
                          Trust
                          Agreement.)

                         

                        5. Other.
                          (Describe)

                         

                        The
                          undersigned acknowledges that the above Mortgage File will
                          be held by the
                          undersigned in accordance with the provisions of the Trust
                          Agreement and will be
                          returned to you within ten (10) days of our receipt of
                          the Mortgage File, except
                          if the Mortgage Loan has been paid in full, or repurchased
                          or substituted for a
                          Qualifying Substitute Mortgage Loan (in which case the
                          Mortgage File will be
                          retained by us permanently) and except if the Mortgage
                          Loan is being foreclosed
                          (in which case the Mortgage File will be returned when
                          no longer required by us
                          for such purpose).

                         

                        
                          
                            
                            

                          

                          
                            C-1

                            
                              

                            

                          

                          
                            
                            

                          

                        

                         

                        Capitalized
                          terms used herein shall have the meanings ascribed to them
                          in the Trust
                          Agreement.

                         

                        
                          	 	 	 
	 	
                                  
[Name
                                  of Servicer]
	 
 	 
 	 
 
	 	By:  	 
	 	
                                  
Name:
	 	Title:
                                  Servicing Officer

                        

                         

                        
                          
                            
                            

                          

                          
                            C-2

                            
                              

                            

                          

                          
                            
                            

                          

                        

                      

                      
                        

                        EXHIBIT
                          D-1

                         

                        FORM
                          OF
                          RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

                        
                           

                          
                            	STATE OF	)
	 	) ss.
	COUNTY OF 	)

                          

                           

                        

                                   [NAME
                          OF
                          OFFICER], _________________ being first duly sworn, deposes
                          and
                          says:

                         

                        
                          	 	
                                  1.

                                	
                                  That
                                    he [she] is [title of officer] ________________________
                                    of [name of
                                    Purchaser] _________________________________________
                                    (the “Purchaser”), a
                                    _______________________ [description of type
                                    of entity] duly organized and
                                    existing under the laws of the [State of __________]
                                    [United States], on
                                    behalf of which he [she] makes this
                                    affidavit.

                                

                        

                         

                        
                          	 	
                                  2.

                                	
                                  That
                                    the Purchaser’s Taxpayer Identification Number is
                                               .

                                

                        

                         

                        
                          	 	
                                  3.

                                	
                                  That
                                    the Purchaser is not a “disqualified organization” within the meaning of
                                    Section 860E(e)(5) of the Internal Revenue Code
                                    of 1986, as amended (the
                                    “Code”) and will not be a “disqualified organization” as of [date of
                                    transfer], and that the Purchaser is not acquiring
                                    a Residual Certificate
                                    (as defined in the Agreement) for the account
                                    of, or as agent (including a
                                    broker, nominee, or other middleman) for, any
                                    person or entity from which
                                    it has not received an affidavit substantially
                                    in the form of this
                                    affidavit. For these purposes, a “disqualified organization” means the
                                    United States, any state or political subdivision
                                    thereof, any foreign
                                    government, any international organization, any
                                    agency or instrumentality
                                    of any of the foregoing (other than an instrumentality
                                    if all of its
                                    activities are subject to tax and a majority
                                    of its board of directors is
                                    not selected by such governmental entity), any
                                    cooperative organization
                                    furnishing electric energy or providing telephone
                                    service to persons in
                                    rural areas as described in Code Section 1381(a)(2)(C),
                                    any “electing
                                    large partnership” within the meaning of Section 775 of the Code,
                                    or any
                                    organization (other than a farmers’ cooperative described in Code Section
                                    521) that is exempt from federal income tax unless
                                    such organization is
                                    subject to the tax on unrelated business income
                                    imposed by Code Section
                                    511.

                                

                        

                         

                        
                          	 	
                                  4.

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

                                

                        

                         

                        
                          
                            
                            

                          

                          
                            D-1-1

                            
                              

                            

                          

                          
                            
                            

                          

                        

                         

                        
                          	 	
                                  5.

                                	
                                  That
                                    the Purchaser hereby acknowledges that under
                                    the terms of the Trust
                                    Agreement (the “Agreement”) by and among Structured Asset Securities
                                    Corporation, as Depositor, U.S. Bank National
                                    Association, as Trustee,
                                    Aurora Loan Services LLC, as Master Servicer,
                                    and OfficeTiger Global Real
                                    Estate Services Inc., as Credit Risk Manager,
                                    dated as of September 1,
                                    2006, no transfer of the Residual Certificate
                                    shall be permitted to be
                                    made to any person unless the Depositor and Trustee
                                    have received a
                                    certificate from such transferee containing the
                                    representations in
                                    paragraphs 3 and 4 hereof.

                                

                        

                         

                        
                          	 	
                                  6.

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

                                

                        

                         

                        
                          	 	
                                  7.

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

                                

                        

                         

                        
                          	 	
                                  8.

                                	
                                  That
                                    the Purchaser will not transfer a Residual Certificate
                                    to any person or
                                    entity (i) as to which the Purchaser has actual
                                    knowledge that the
                                    requirements set forth in paragraph 3, paragraph
                                    6 or paragraph 10 hereof
                                    are not satisfied or that the Purchaser has reason
                                    to believe does not
                                    satisfy the requirements set forth in paragraph
                                    7 hereof, and (ii) without
                                    obtaining from the prospective Purchaser an affidavit
                                    substantially in
                                    this form and providing to the Trustee a written
                                    statement substantially
                                    in the form of Exhibit D-2 to the
                                    Agreement.

                                

                        

                         

                        
                          	 	
                                  9.

                                	
                                  That
                                    the Purchaser understands that, as the holder
                                    of a Residual Certificate,
                                    the Purchaser may incur tax liabilities in excess
                                    of any cash flows
                                    generated by the interest and that it intends
                                    to pay taxes associated with
                                    holding such Residual Certificate as they become
                                    due.

                                

                        

                         

                        
                          	 	
                                  10.

                                	
                                  That
                                    the Purchaser (i) is not a Non-U.S. Person or
                                    (ii) is a Non-U.S. Person
                                    that holds a Residual Certificate in connection
                                    with the conduct of a
                                    trade or business within the United States and
                                    has furnished the
                                    transferor and the Trustee with an effective
                                    Internal Revenue Service Form
                                    W-8ECI (Certificate of Foreign Person’s Claim for Exemption From
                                    Withholding on Income Effectively Connected With
                                    the Conduct of a Trade or
                                    Business in the United States) or successor form
                                    at the time and in the
                                    manner required by the Code or (iii) is a Non-U.S.
                                    Person that has
                                    delivered to both the transferor and the Trustee
                                    an opinion of a
                                    nationally recognized tax counsel to the effect
                                    that the transfer of such
                                    Residual Certificate to it is in accordance with
                                    the requirements of the
                                    Code and the regulations promulgated thereunder
                                    and that such transfer of
                                    a Residual Certificate will not be disregarded
                                    for federal income tax
                                    purposes. “Non-U.S. Person” means an individual, corporation, partnership
                                    or other person other than (i) a citizen or resident
                                    of the United States;
                                    (ii) a corporation, partnership or other entity
                                    created or organized in or
                                    under the laws of the United States or any state
                                    thereof, including for
                                    this purpose, the District of Columbia; (iii)
                                    an estate that is subject to
                                    U.S. federal income tax regardless of the source
                                    of its income; (iv) a
                                    trust if a court within the United States is
                                    able to exercise primary
                                    supervision over the administration of the trust
                                    and one or more United
                                    States trustees have authority to control all
                                    substantial decisions of the
                                    trust; and, (v) to the extent provided in Treasury
                                    regulations, certain
                                    trusts in existence on August 20, 1996 that are
                                    treated as United States
                                    persons prior to such date and elect to continue
                                    to be treated as United
                                    States persons.

                                

                        

                         

                        
                          
                            
                            

                          

                          
                            D-1-2

                            
                              

                            

                          

                          
                            
                            

                          

                        

                         

                        
                          	 	
                                  11.

                                	
                                  That
                                    the Purchaser agrees to such amendments of the
                                    Trust Agreement as may be
                                    required to further effectuate the restrictions
                                    on transfer of any
                                    Residual Certificate to such a “disqualified organization,” an agent
                                    thereof, a Book-Entry Nominee, or a person that
                                    does not satisfy the
                                    requirements of paragraph 7 and paragraph 10
                                    hereof.

                                

                        

                         

                        
                          	
                                	12.	
                                  That
                                    the Purchaser consents to the designation of
                                    the Trustee as its agent to
                                    act as “tax matters person” of the Trust Fund pursuant to the Trust
                                    Agreement.

                                

                        

                         

                        
                          
                            
                            

                          

                          
                            D-1-3

                            
                              

                            

                          

                          
                            
                            

                          

                        

                         

                        IN
                          WITNESS WHEREOF, the Purchaser has caused this instrument
                          to be executed on its
                          behalf, pursuant to authority of its Board of Directors,
                          by its [title of
                          officer] this _____ day of __________, 20__.

                        
                           

                          
                            	 	 	 
	 	
                                    
[Name
                                    of Purchaser]
	 
 	 
 	 
 
	 	By:  	 
	 	
                                    
Name:
	 	Title:
                                    

                          

                        

                         

                        Personally
                          appeared before me the above-named [name of officer] ________________,
                          known or
                          proved to me to be the same person who executed the foregoing
                          instrument and to
                          be the [title of officer] _________________ of the Purchaser,
                          and acknowledged
                          to me that he [she] executed the same as his [her] free
                          act and deed and the
                          free act and deed of the Purchaser.

                         

                        Subscribed
                          and sworn before me this _____ day of __________, 20__.

                         

                        
                          	 	 	 	 
	NOTARY PUBLIC	 	 	 
	 	 	 	 
	
                                  

                                	 	 	
                                
	 	 	 	 
	
                                  COUNTY
                                    OF

                                	 	 	 
	
                                  
                                    

                                  

                                	 	 	 
	STATE OF	 	 	 
	 	 	 	 
	
                                  
                                    

                                  

                                	 	 	 
	My commission expires
                                  the _____ day of
                                  __________, 20__.	 	 	 

                        

                        
                           

                          
                            
                              
                              

                            

                            
                              D-1-4

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            D-2

                           

                          FORM
                            OF
                            RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR) 

                          
                            
                              
                                 

                                
                                                                  

                                  Date          
                                    

                                

                              

                               

                            

                          

                          
                            
                              
                                	
                                      	Re:	
                                        First
                                          Franklin Mortgage Loan Trust 

                                        Mortgage
                                          Pass-Through Certificates, Series
                                          2006-FF14

                                      

                              

                            

                          

                           

                          _______________________
                            (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

                           

                          LIST
                            OF
                            SERVICING AGREEMENTS

                           

                          
                            	 	
                                    1.

                                  	
                                    Securitization
                                      Subservicing Agreement dated as of September
                                      1, 2006, by and among LBH, as
                                      seller, National City Home Loan Services, Inc.,
                                      as servicer, and Aurora
                                      Loan Services LLC, as master servicer.

                                  

                          

                           

                          
                            
                              
                              

                            

                            
                              E-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            F

                           

                          FORM
                            OF
                            RULE 144A TRANSFER CERTIFICATE

                           

                          
                            	
                                  	Re:	
                                    First
                                      Franklin Mortgage Loan Trust 

                                    Mortgage
                                      Pass-Through Certificates, Series
                                      2006-FF14

                                  

                          

                          

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

                           

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

                           

                          In
                            connection with such request, and in respect of such
                            Certificates, the
                            Transferor hereby certifies that such Certificates are
                            being transferred in
                            accordance with (i) the transfer restrictions set forth
                            in the Trust Agreement
                            and the Certificates and (ii) Rule 144A under the Securities
                            Act to a purchaser
                            that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own
                            account or for the
                            account of a “qualified institutional buyer,” which purchaser is aware that the
                            sale to it is being made in reliance upon Rule 144A,
                            in a transaction meeting
                            the requirements of Rule 144A and in accordance with
                            any applicable securities
                            laws of any state of the United States or any other applicable
                            jurisdiction.

                           

                          This
                            certificate and the statements contained herein are made
                            for your benefit and
                            the benefit of the Placement Agent and the Depositor.

                           

                          
                            	 	 	 
	 	
                                    
[Name
                                    of Transferor]
	 
 	 
 	 
 
	 	By:  	 
	 	
                                    
Name:
	 	Title:

                          

                           

                          Dated:
                            ___________, ____

                           

                          
                            
                              
                              

                            

                            
                              F-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            G

                           

                          FORM
                            OF
                            PURCHASER’S LETTER FOR

                          INSTITUTIONAL
                            ACCREDITED INVESTORS

                          
                            
                               
                                
                                
                                                                  

                                  Date          
                                    

                                

                              

                            

                          

                           

                          Dear
                            Sirs:

                           

                          In
                            connection with our proposed purchase of $______________
                            principal amount of
                            First Franklin Mortgage Loan Trust Mortgage Pass-Through
                            Certificates, Series
                            2006-FF14, [Class
                            B]
                            Certificates (the “Privately Offered Certificates”) of the Structured Asset
                            Securities Corporation (the “Depositor”), we confirm that:

                           

                          
                            	
                                    (1)

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

                                  

                          

                           

                          
                            	
                                    (2)

                                  	
                                    We
                                      understand that, in connection with any proposed
                                      resale of any Privately
                                      Offered Certificates to an Institutional Accredited
                                      Investor, we will be
                                      required to furnish to the Trustee and the
                                      Depositor a certification from
                                      such transferee in the form hereof to confirm
                                      that the proposed sale is
                                      being made pursuant to an exemption from, or
                                      in a transaction not subject
                                      to, the registration requirements of the Securities
                                      Act. We further
                                      understand that the Privately Offered Certificates
                                      purchased by us will
                                      bear a legend to the foregoing
                                      effect.

                                  

                          

                           

                          
                            
                              
                              

                            

                            
                              G-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          
                            	
                                    (3)

                                  	
                                    We
                                      are acquiring the Privately Offered Certificates
                                      for investment purposes
                                      and not with a view to, or for offer or sale
                                      in connection with, any
                                      distribution in violation of the Securities
                                      Act. We have such knowledge
                                      and experience in financial and business matters
                                      as to be capable of
                                      evaluating the merits and risks of our investment
                                      in the Privately Offered
                                      Certificates, and we and any account for which
                                      we are acting are each able
                                      to bear the economic risk of such
                                      investment.

                                  

                          

                           

                          
                            	
                                    (4)

                                  	
                                    We
                                      are an Institutional Accredited Investor and
                                      we are acquiring the
                                      Privately Offered Certificates purchased by
                                      us for our own account or for
                                      one or more accounts (each of which is an Institutional
                                      Accredited
                                      Investor) as to each of which we exercise sole
                                      investment
                                      discretion.

                                  

                          

                           

                          
                            	(5)	
                                    We
                                      have received such information as we deem necessary
                                      in order to make our
                                      investment decision.

                                  

                          

                           

                          
                            	(6)	
                                    If
                                      we are acquiring ERISA-Restricted Certificates,
                                      we understand that in
                                      accordance with ERISA, the Code and the Exemption,
                                      no Plan and no person
                                      acting on behalf of such a Plan may acquire
                                      such Certificate except in
                                      accordance with Section 3.03(d) of the Trust
                                      Agreement.

                                  

                          

                           

                          Terms
                            used in this letter which are not otherwise defined herein
                            have the respective
                            meanings assigned thereto in the Trust Agreement.

                           

                          
                            
                              
                              

                            

                            
                              G-2

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          You
                            and
                            the Depositor are entitled to rely upon this letter and
                            are irrevocably
                            authorized to produce this letter or a copy hereof to
                            any interested party in
                            any administrative or legal proceeding or official inquiry
                            with respect to the
                            matters covered hereby.

                           

                          
                            	 	 	 
	 	Very
                                    truly
                                    yours,
	 	
                                     

                                     

                                  
	 	
                                    
                                      

                                    

                                    [Purchaser]

                                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                                    
Name:

	 	Title:

                          

                           

                          
                            
                              
                              

                            

                            
                              G-3

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            H

                           

                          FORM
                            OF
                            ERISA TRANSFER AFFIDAVIT

                           

                          
                            	STATE OF NEW YORK	)
	 	) ss.
	COUNTY OF NEW
                                    YORK	)

                          

                           

                          The
                            undersigned, being first duly sworn, deposes and says
                            as follows:

                           

                          1. The
                            undersigned is the ______________________ of (the “Investor”), a [corporation
                            duly organized] and existing under the laws of __________,
                            on behalf of which he
                            makes this affidavit.

                           

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

                          
                             

                            3. In
                              the
                              case of an ERISA-Restricted Trust Certificate, prior
                              to the termination of the
                              Swap Agreement and the Interest Rate Cap Agreement,
                              either (i) the Investor is
                              neither a Plan nor a person acting on behalf of any
                              such Plan or using the
                              assets of any such Plan to effect such transfer or
                              (ii) the acquisition and
                              holding of the ERISA-Restricted Trust Certificate are
                              eligible for exemptive
                              relief under 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.

                          

                           

                          
                            
                              
                              

                            

                            
                              H-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          4. The
                            Investor hereby acknowledges that under the terms of
                            the Trust Agreement (the
“Agreement”) by and among Structured Asset Securities Corporation,
                            as Depositor,
                            U.S. Bank National Association, as Trustee, Aurora Loan
                            Services LLC, as Master
                            Servicer, and OfficeTiger Global Real Estate Services
                            Inc., as Credit Risk
                            Manager, dated as of September 1, 2006, no transfer of
                            the ERISA-Restricted
                            Certificates or the ERISA-Restricted Trust Certificates
                            shall be permitted to be
                            made to any person unless the Trustee have received a
                            certificate from such
                            transferee in the form hereof.

                           

                          
                            
                              
                              

                            

                            
                              H-2

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

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

                           

                          
                            	 	 	 
	 	
                                    
[Investor]
	 
 	 
 	 
 
	 	By:  	 
	 	
                                    
Name:
	 	Title:

                          

                           

                          
                            	ATTEST: 	 	 	 
	 	 	 	 
	 	 	 	 
	
                                    

                                  	 	 	
                                  
	 	 	 	 

                          

                           

                          
                             

                            
                              	STATE OF     	)
	 	) ss.
	COUNTY OF	)

                            

                             

                          

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

                           

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

                          
                             

                            
                              	 	 	 
	 	 
	 
 	 
 	
                                      

                                      NOTARY
                                        PUBLIC

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

                            

                          

                           

                          
                            
                              
                              

                            

                            
                              H-3

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            I

                           

                          MONTHLY
                            REMITTANCE ADVICE

                           

                          
                            
                              
                              

                            

                            
                              I-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            J

                           

                          MONTHLY
                            ELECTRONIC DATA TRANSMISSION

                           

                          
                            
                              
                              

                            

                            
                              J-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            K

                           

                          LIST
                            OF
                            CUSTODIAL AGREEMENTS

                           

                          
                            	 	
                                    1.

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

                                  

                          

                          

                          
                            
                              
                              

                            

                            
                              K-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            L

                           

                          LIST
                            OF
                            LOAN PERFORMANCE MONITORING AGREEMENTS

                           

                          
                            	 	
                                    1)

                                  	
                                    Loan
                                      Performance Monitoring Agreement dated as of
                                      September 25, 2006 between
                                      OfficeTiger Global Real Estate Services Inc.,
                                      as credit risk manager and
                                      National City Home Loan Services, Inc., as
                                      servicer.

                                  

                          

                           

                          
                            
                              
                              

                            

                            
                              L-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            M-1

                           

                          FORM
                            OF
                            TRANSFER CERTIFICATE

                          FOR
                            TRANSFER FROM RESTRICTED GLOBAL SECURITY

                          TO
                            REGULATION S GLOBAL SECURITY

                          (Transfers
                            pursuant to § 3.03(h)(B)

                                                
                            of the
                            Agreement)                            

                           

                          
                            	
                                  	Re:	
                                    First
                                      Franklin Mortgage Loan Trust Mortgage
                                      Pass-Through Certificates Series
                                      2006-FF14

                                  

                          

                           

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

                           

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

                           

                          In
                            connection with such request, the Transferor does hereby
                            certify that such
                            transfer has been effected in accordance with the transfer
                            restrictions set
                            forth in the Agreement and the Securities and in accordance
                            with Rule 904 of
                            Regulation S, and that:

                           

                          a. the
                            offer
                            of the Securities was not made to a person in the United
                            States; 

                           

                          b. at
                            the
                            time the buy order was originated, the transferee was
                            outside the United States
                            or the Transferor and any person acting on its behalf
                            reasonably believed that
                            the transferee was outside the United States;

                           

                          c. no
                            directed selling efforts have been made in contravention
                            of the requirements of
                            Rule 903 or 904 of Regulation S, as applicable;

                           

                          d. the
                            transaction is not part of a plan or scheme to evade
                            the registration
                            requirements of the United States Securities Act of 1933,
                            as amended;
                            and

                           

                          
                            
                              e.
                                the
                                transferee is not a U.S. person (as defined in Regulation
                                S).

                            

                          

                           

                          
                            
                              
                              

                            

                            
                              M-1-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          You
                            are
                            entitled to rely upon this letter and are irrevocably
                            authorized to produce this
                            letter or a copy hereof to any interested party in any
                            administrative or legal
                            proceedings or official inquiry with respect to the matters
                            covered hereby.
                            Terms used in this certificate have the meanings set
                            forth in Regulation
                            S.

                          
                             

                            
                              	 	 	 
	 	
                                      
[Name
                                      of Transferor]
	 
 	 
 	 
 
	 	By:  	 
	 	
                                      
Name:
	 	Title:

                            

                          

                           

                          Date:             
                              ,           

                          

                          
                            
                              
                              

                            

                            
                              M-1-2

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            M-2

                          

                          FORM
                            OF
                            TRANSFER CERTIFICATE FOR TRANSFER 

                          FROM
                            REGULATION S GLOBAL SECURITY

                          TO
                            RESTRICTED GLOBAL SECURITY

                          (Transfers
                            pursuant to § 3.03(h)(C)

                                                    of
                            the
                            Agreement)                          

                           

                          
                            	
                                  	Re:	
                                    First
                                      Franklin Mortgage Loan Trust Mortgage
                                      Pass-Through Certificates Series
                                      2006-FF14

                                  

                          

                           

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

                           

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

                           

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

                          
                            
                               

                              
                                	 	 	 
	 	
                                        
[Name
                                        of Transferor]
	 
 	 
 	 
 
	 	By:  	 
	 	
                                        
Name:
	 	Title:

                              

                            

                             

                            Date:               
                              ,            

                          

                           

                          
                            
                              
                              

                            

                            
                              M-2-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            N

                          

                          INTEREST
                            RATE CAP AGREEMENT

                          

                          
                            
                              
                              

                            

                            
                              N-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          EXHIBIT
                            O

                          

                          SWAP
                            AGREEMENT

                          

                          
                            
                              
                              

                            

                            
                              O-1

                              
                                

                              

                            

                            
                              
                              

                            

                          

                        

                      

                    

                  

                

              

               

              EXHIBIT
                P-1

              

              
                	
                        ADDITIONAL
                          FORM 10-D DISCLOSURE

                      
	 	 	 
	
                        Item
                          on Form 10-D

                      	 	
                        Party
                          Responsible 

                      
	 	 	 
	
                        Item
                          1: Distribution and Pool Performance Information

                      	 	 
	 	 	 
	
                        Information
                          included in the Distribution Date Statement

                      	 	
                        Servicer(1)

                        Master
                          Servicer

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

                      	 	
                        Depositor

                      
	 	 	 
	
                        Item
                          2: Legal Proceedings

                         

                        Any
                          legal proceeding pending against the following entities
                          or their
                          respective property, that is material to Certificateholders,
                          including any
                          proceedings known to be contemplated by governmental
                          authorities:

                      	 	 
	 	 	 
	
                        ·
Issuing
                          Entity (Trust
                          Fund)

                      	 	
                        Trustee,
                          Master Servicer and Depositor

                      
	 	 	 
	
                        · 
                          Sponsor
                          (Seller)

                      	 	
                        Seller
                          (if a party to the Trust Agreement) or Depositor

                      
	 	 	 
	
                        ·  Depositor

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Trustee

                      	 	
                        Trustee

                      
	 	 	 
	
                        · 
                          Master Servicer

                      	 	
                        Master
                          Servicer

                      
	 	 	 
	
                        · 
                          Custodian

                      	 	
                        Custodian(2)

                      
	 	 	 
	
                        · 
                          1110(b)
                          Originator

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any 1108(a)(2) Servicer (other
                          than the Master Servicer)

                      	 	
                        Servicer(1)

                      
	 	 	 
	
                        · 
                          Any other party contemplated by
                          1100(d)(1)

                      	 	
                        Depositor

                      
	 	 	 
	
                        Item
                          3: Sale of Securities and Use of Proceeds

                         

                        Information
                          from Item 2(a) of Part II of Form 10-Q:

                         

                        With
                          respect to any sale of securities by the sponsor, depositor
                          or issuing
                          entity, that are backed by the same asset pool or are otherwise
                          issued by
                          the issuing entity, whether or not registered, provide
                          the sales and use
                          of proceeds information in Item 701 of Regulation S-K.
                          Pricing information
                          can be omitted if securities were not registered.

                      	 	
                        Depositor

                      

              

               

              
                
                  
                  

                

                
                  P-1-1

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        ADDITIONAL
                          FORM 10-D DISCLOSURE

                      
	 	 	 
	
                        Item
                          on Form 10-D

                      	 	
                        Party
                          Responsible 

                      

              

              
                	 	 	 
	
                        Item
                          4: Defaults Upon Senior Securities

                         

                        Information
                          from Item 3 of Part II of Form 10-Q:

                         

                        Report
                          the occurrence of any Event of Default (after expiration
                          of any grace
                          period and provision of any required notice)

                      	 	
                        Trustee

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

                         

                        Information
                          from Item 4 of Part II of Form 10-Q

                      	 	
                        Trustee

                      
	 	 	 
	
                        Item
                          6: Significant Obligors of Pool Assets

                         

                        Item
                          1112(b) - Significant
                          Obligor Financial Information*

                      	 	
                        Depositor

                      
	 	 	 
	
                        *This
                          information need only be reported on the Form 10-D for
                          the distribution
                          period in which updated information is required pursuant
                          to the
                          Item.

                      	 	 
	 	 	 
	
                        Item
                          7: Significant Enhancement Provider Information

                         

                        Item
                          1114(b)(2) - Credit Enhancement Provider Financial
                          Information*

                      	 	 
	 	 	 
	
                        · 
                          Determining applicable
                          disclosure threshold

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Requesting required financial
                          information (including any required accountants’ consent to the use
                          thereof) or effecting incorporation by reference

                      	 	
                        Depositor

                      
	 	 	 
	
                        Item
                          1115(b) - Derivative Counterparty Financial
                          Information*

                      	 	 
	 	 	 
	
                        · 
                          Determining current maximum
                          probable exposure

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Determining current
                          significance percentage

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Requesting required financial
                          information (including any required accountants’ consent to the use
                          thereof) or effecting incorporation by reference

                      	 	
                        Depositor

                      
	 	 	 
	
                        *This
                          information need only be reported on the Form 10-D for
                          the distribution
                          period in which updated information is required pursuant
                          to the
                          Items.

                      	 	 
	 	 	 
	
                        Item
                          8: Other Information

                         

                        Disclose
                          any information required to be reported on Form 8-K during
                          the period
                          covered by the Form 10-D but not reported

                      	 	
                        Any
                          party responsible for the applicable Form 8-K Disclosure
                          item

                      
	 	 	 

              

               

              
                
                  
                  

                

                
                  P-1-2

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        ADDITIONAL
                          FORM 10-D DISCLOSURE

                      
	 	 	 
	
                        Item
                          on Form 10-D

                      	 	
                        Party
                          Responsible 

                      

              

              
                	 	 	 
	
                        Item
                          9: Exhibits

                      	 	 
	 	 	 
	
                        Monthly
                          Statement to Certificateholders

                      	 	
                        Trustee

                      
	 	 	 
	
                        Exhibits
                          required by Item 601 of Regulation S-K, such as material
                          agreements

                      	 	
                        Depositor

                      

              

              
              

              
                

              

              (1) This
                information to be provided pursuant to the Servicing Agreement.

               

              (2) This
                information to be provided pursuant to the Custodial Agreement.

               

              
                
                  
                  

                

                
                  P-1-3

                  
                    

                  

                

                
                  
                  

                

              

              EXHIBIT
                P-2

              

              
                	
                        ADDITIONAL
                          FORM 10-K DISCLOSURE

                      
	 	 	 
	
                        Item
                          on Form 10-K

                      	 	
                        Party
                          Responsible 

                      
	 	 	 
	
                        Item
                          1B: Unresolved Staff Comments

                      	 	
                        Depositor

                      
	 	 	 
	
                        Item
                          9B: Other Information

                         

                        Disclose
                          any information required to be reported on Form 8-K during
                          the fourth
                          quarter covered by the Form 10-K but not reported

                      	 	
                        Any
                          party responsible for disclosure items on Form 8-K

                      
	 	 	 
	
                        Item
                          15: Exhibits, Financial Statement Schedules

                      	 	
                         

                        Depositor

                      
	 	 	 
	
                        Reg
                          AB Item 1112(b): Significant Obligors of Pool
                          Assets

                      	 	 
	 	 	 
	
                        Significant
                          Obligor Financial Information*

                      	 	
                        Depositor

                      
	 	 	 
	
                        *This
                          information need only be reported on the Form 10-D for
                          the distribution
                          period in which updated information is required pursuant
                          to the
                          Item.

                      	 	 
	 	 	 
	
                        Reg
                          AB Item 1114(b)(2): Credit Enhancement Provider Financial
                          Information

                      	 	 
	 	 	 
	
                        · 
                          Determining applicable
                          disclosure threshold

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Requesting required financial
                          information (including any required accountants’ consent to the use
                          thereof) or effecting incorporation by reference

                      	 	
                        Depositor

                      
	 	 	 
	
                        *This
                          information need only be reported on the Form 10-D for
                          the distribution
                          period in which updated information is required pursuant
                          to the
                          Items.

                      	 	 
	 	 	 
	
                        Reg
                          AB Item 1115(b): Derivative Counterparty Financial
                          Information

                      	 	 
	 	 	 
	
                        · 
                          Determining current maximum
                          probable exposure

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Determining current
                          significance percentage

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Requesting required financial
                          information (including any required accountants’ consent to the use
                          thereof) or effecting incorporation by reference

                      	 	
                        Depositor

                      
	 	 	 
	
                        *This
                          information need only be reported on the Form 10-D for
                          the distribution
                          period in which updated information is required pursuant
                          to the
                          Items.

                      	 	 

              

               

              
                
                  
                  

                

                
                  P-2-1

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        ADDITIONAL
                          FORM 10-K DISCLOSURE

                      
	 	 	 
	
                        Item
                          on Form 10-K

                      	 	
                        Party
                          Responsible 

                      

              

              
                	 	 	 
	
                        Reg
                          AB Item 1117: Legal Proceedings

                         

                        Any
                          legal proceeding pending against the following entities
                          or their
                          respective property, that is material to Certificateholders,
                          including any
                          proceedings known to be contemplated by governmental
                          authorities:

                      	 	 
	 	 	 
	
                        · 
                          Issuing Entity (Trust
                          Fund)

                      	 	
                        Trustee,
                          Master Servicer and Depositor

                      
	 	 	 
	
                        · 
                          Sponsor
                          (Seller)

                      	 	
                        Seller
                          (if a party to the Trust Agreement) or Depositor

                      
	 	 	 
	
                        · 
                          Depositor

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Trustee

                      	 	
                        Trustee

                      
	 	 	 
	
                        · 
                          Master Servicer

                      	 	
                        Master
                          Servicer

                      
	 	 	 
	
                        · 
                          Custodian

                      	 	
                        Custodian(1)

                      
	 	 	 
	
                        · 
                          1110(b)
                          Originator

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any 1108(a)(2) Servicer (other
                          than the Master Servicer)

                      	 	
                        Servicer(2)

                      
	 	 	 
	
                        · 
                          Any other party contemplated by
                          1100(d)(1)

                      	 	
                        Depositor

                      
	 	 	 
	
                        Reg
                          AB Item 1119: Affiliations and Relationships

                      	 	 
	 	 	 
	
                        Whether
                          (a) the Sponsor (Seller), Depositor or Issuing Entity is
                          an affiliate of
                          the following parties, and (b) to the extent known and
                          material, any of
                          the following parties are affiliated with one another:

                      	 	
                        Depositor
                          as to (a) 

                      
	 	 	 
	
                        · 
                          Master Servicer

                      	 	
                        Master
                          Servicer 

                      
	 	 	 
	
                        · 
                          Trustee

                      	 	
                        Trustee

                      
	 	 	 
	
                        · 
                          Any other 1108(a)(3)
                          servicer

                      	 	
                        Servicer(2)

                      
	 	 	 
	
                        · 
                          Any 1110
                          Originator

                      	 	
                        Depositor

                      

              

               

              
                	
                        ADDITIONAL
                          FORM 10-K DISCLOSURE

                      
	 	 	 
	
                        Item
                          on Form 10-K

                      	 	
                        Party
                          Responsible 

                      

              

              
                	 	 	 
	
                        · 
                          Any 1112(b) Significant
                          Obligor

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any 1114 Credit Enhancement
                          Provider

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any 1115 Derivate Counterparty
                          Provider

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any other 1101(d)(1) material
                          party

                      	 	
                        Depositor

                      
	 	 	 
	
                        Whether
                          there are any “outside the ordinary course business arrangements” other
                          than would be obtained in an arm’s length transaction between (a) the
                          Sponsor (Seller), Depositor or Issuing Entity on the one
                          hand, and (b) any
                          of the following parties (or their affiliates) on the other
                          hand, that
                          exist currently or within the past two years and that are
                          material to a
                          Certificateholder’s understanding of the Certificates:

                      	 	
                        Depositor
                          as to (a) 

                      
	 	 	 
	
                        · 
                          Master Servicer

                      	 	
                        Master
                          Servicer 

                      
	 	 	 
	
                        · 
                          Trustee

                      	 	
                        Trustee

                      
	 	 	 
	
                        · 
                          Any other 1108(a)(3)
                          servicer

                      	 	
                        Servicer(2)

                      
	 	 	 
	
                        · 
                          Any 1110
                          Originator

                      	 	
                        Depositor

                      

              

              
                 

                
                  
                    
                    

                  

                  
                    P-2-2

                    
                      

                    

                  

                  
                    
                    
 

                

              

              
                	 	 	 
	
                        · 
                          Any 1112(b) Significant
                          Obligor

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any 1114 Credit Enhancement
                          Provider

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any 1115 Derivate Counterparty
                          Provider

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any other 1101(d)(1) material
                          party

                      	 	
                        Depositor

                      
	 	 	 
	
                        Whether
                          there are any specific relationships involving the transaction
                          or the pool
                          assets between (a) the Sponsor (Seller), Depositor or Issuing
                          Entity on
                          the one hand, and (b) any of the following parties (or
                          their affiliates)
                          on the other hand, that exist currently or within the past
                          two years and
                          that are material:

                      	 	
                        Depositor
                          as to (a) 

                      
	 	 	 
	
                        · 
                          Master Servicer

                      	 	
                        Master
                          Servicer 

                      
	 	 	 
	
                        · 
                          Trustee

                      	 	
                        Trustee

                      
	 	 	 
	
                        · 
                          Any other 1108(a)(3)
                          servicer

                      	 	
                        Servicer(2)

                      
	 	 	 
	
                        · 
                          Any 1110
                          Originator

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any 1112(b) Significant
                          Obligor

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any 1114 Credit Enhancement
                          Provider

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any 1115 Derivate Counterparty
                          Provider

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Any other 1101(d)(1) material
                          party

                      	 	
                        Depositor

                      

              

               

              (1) This
                information to be provided pursuant to the Custodial Agreement.

               

              (2) This
                information to be provided pursuant to the Servicing Agreement.

              

              
                
                  
                  

                

                
                  P-2-3

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                P-3

              

              
                	
                        FORM
                          8-K DISCLOSURE INFORMATION

                      
	 	 	 
	
                        Item
                          on Form 8-K

                      	 	
                        Party
                          Responsible 

                      
	 	 	 
	
                        Item
                          1.01- Entry into a Material Definitive Agreement

                         

                        Disclosure
                          is required regarding entry into or amendment of any definitive
                          agreement
                          that is material to the securitization, even if depositor
                          is not a party.
                          

                         

                        Examples:
                          servicing agreement, custodial agreement.

                         

                        Note:
                          disclosure not required as to definitive agreements that
                          are fully
                          disclosed in the prospectus

                      	 	
                        All
                          parties (with respect to any agreement entered into by
                          such
                          party)

                      
	 	 	 
	
                        Item
                          1.02- Termination of a Material Definitive Agreement

                         

                        Disclosure
                          is required regarding termination of any definitive agreement
                          that is
                          material to the securitization (other than expiration in
                          accordance with
                          its terms), even if depositor is not a party. 

                         

                        Examples:
                          servicing agreement, custodial agreement.

                      	 	
                        All
                          parties (with respect to any agreement entered into by
                          such
                          party)

                      
	 	 	 
	
                        Item
                          1.03- Bankruptcy or Receivership

                         

                        Disclosure
                          is required regarding the bankruptcy or receivership, with
                          respect to any
                          of the following: 

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Sponsor
                          (Seller)

                      	 	
                        Depositor/Sponsor
                          (Seller)

                      
	 	 	 
	
                        · 
                          Depositor

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Master Servicer

                      	 	
                        Master
                          Servicer

                      
	 	 	 
	
                        · 
                          Affiliated
                          Servicer

                      	 	
                        Servicer(1)

                      
	 	 	 
	
                        · 
                          Other Servicer servicing 20% or
                          more of the pool assets at the time of the report

                      	 	
                        Servicer(1)

                      
	 	 	 
	
                        · 
                          Other material
                          servicers

                      	 	
                        Servicer(1)

                      
	 	 	 
	
                        · 
                          Trustee

                      	 	
                        Trustee

                      
	 	 	 
	
                        · 
                          Significant
                          Obligor

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Credit Enhancer (10% or
                          more)

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Derivative
                          Counterparty

                      	 	
                        Depositor

                      
	 	 	 
	
                        · 
                          Custodian

                      	 	
                        Custodian(2)

                      

              

               

              
                
                  
                  

                

                
                  P-3-1

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        FORM
                          8-K DISCLOSURE INFORMATION

                      
	 	 
	
                        Item
                          on Form 8-K

                      	
                        Party
                          Responsible 

                      

              

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

                         

                        Includes
                          an early amortization, performance trigger or other event,
                          including event
                          of default, that would materially alter the payment priority/distribution
                          of cash flows/amortization schedule.

                         

                        Disclosure
                          will be made of events other than waterfall triggers which
                          are disclosed
                          in the monthly statements to the Certificateholders.

                      	 	
                        Depositor

                        Master
                          Servicer

                        Trustee

                      
	 	 	 
	
                        Item
                          3.03- Material Modification to Rights of Security
                          Holders

                         

                        Disclosure
                          is required of any material modification to documents defining
                          the rights
                          of Certificateholders, including the Trust Agreement.

                      	 	
                        Trustee
                          (only to the extent it is a party to any such documents)

                         

                        Depositor

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

                         

                        Disclosure
                          is required of any amendment “to the governing documents of the issuing
                          entity”.

                      	 	
                        Depositor

                      
	 	 	 
	
                        Item
                          6.01- ABS Informational and Computational
                          Material

                      	 	
                        Depositor

                      
	 	 	 
	
                        Item
                          6.02- Change of Servicer

                         

                        Requires
                          disclosure of any removal, replacement, substitution or
                          addition of any
                          master servicer, affiliated servicer, other servicer servicing
                          10% or more
                          of pool assets at time of report, other material servicers
                          or
                          trustee.

                      	 	
                        Master
                          Servicer/ Depositor/

                        Servicer(1)/Trustee
                          (as to itself and the Master Servicer)

                      
	 	 	 
	
                        Reg
                          AB disclosure about any new servicer or master servicer
                          is also
                          required.

                      	 	
                        Servicer(1)/Master
                          Servicer/Depositor

                      
	 	 	 
	
                        Reg
                          AB disclosure about any new Trustee is also required.

                      	 	
                        New
                          Trustee

                      
	 	 	 
	
                        Item
                          6.03- Change in Credit Enhancement or External
                          Support

                         

                        Covers
                          termination of any enhancement in manner other than by
                          its terms, the
                          addition of an enhancement, or a material change in the
                          enhancement
                          provided. Applies to external credit enhancements as well
                          as derivatives.
                          

                      	 	
                        Depositor

                      
	 	 	 
	
                        Reg
                          AB disclosure about any new enhancement provider is also
                          required.

                      	 	
                        Depositor

                      

              

               

              
                
                  
                  

                

                
                  P-3-2

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        FORM
                          8-K DISCLOSURE INFORMATION

                      
	 	 
	
                        Item
                          on Form 8-K

                      	
                        Party
                          Responsible 

                      

              

              
                	 	 	 
	
                        Item
                          6.04- Failure to Make a Required Distribution

                      	 	
                        Trustee
                          (so long as the Trustee is the Paying Agent)

                      
	 	 	 
	
                        Item
                          6.05- Securities Act Updating Disclosure

                         

                        If
                          any material pool characteristic differs by 5% or more
                          at the time of
                          issuance of the securities from the description in the
                          final prospectus,
                          provide updated Reg AB disclosure about the actual asset
                          pool.

                      	 	
                        Depositor

                      
	 	 	 
	
                        If
                          there are any new servicers or originators required to
                          be disclosed under
                          Regulation AB as a result of the foregoing, provide the
                          information called
                          for in Items 1108 and 1110 respectively.

                      	 	
                        Depositor

                      
	 	 	 
	
                        Item
                          7.01- Reg FD Disclosure

                      	 	
                        All
                          parties

                      
	 	 	 
	
                        Item
                          8.01- Other Events

                         

                        Any
                          event, with respect to which information is not otherwise
                          called for in
                          Form 8-K, that the registrant deems of importance to
                          Certificateholders.

                      	 	
                        Depositor

                      
	 	 	 
	
                        Item
                          9.01- Financial Statements and Exhibits

                      	 	
                        Responsible
                          party for reporting/disclosing the financial statement
                          or
                          exhibit

                      

              

               

              (1) This
                information to be provided pursuant to the Servicing Agreement.

               

              (2) This
                information to be provided pursuant to the Custodial Agreement.

              

              
                
                  
                  

                

                
                  P-3-3

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                P-4

               

              ADDITIONAL
                DISCLOSURE NOTIFICATION

              

              U.S.
                Bank
                National Association

              One
                Federal Street

              3rd
                Floor

              Boston,
                Massachusetts 02110

              Attn:
                Structured Finance - FFMLT 2006-FF14 - SEC Report Processing

              

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

               

              Ladies
                and Gentlemen:

               

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

               

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

               

               

               

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

               

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

              
                	 	 	 
	 	
                        [NAME
                          OF PARTY],

                        
                          as
                            [role]

                        

                      
	 
 	 
 	 
 
	
                      	By:  	
                      
	 	
                        

                        Name:

                      
	 	
                        Title:

                      

              

               

              
                	cc:	
                        Structured
                          Asset Securities Corporation

                        745
                          Seventh Avenue, 7th Floor

                        New York, New York
                          10019

                      

              

               

              
                
                  
                  

                

                
                  P-4-1

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                Q-1

              

              FORM
                OF
                BACK-UP SARBANES-OXLEY CERTIFICATION

              

              [   ]

              [   ]

              [   ]

              

               

              
                	 	
                        Re:

                      	
                        FFMLT
                          2006-FF14

                      

              

               

              [_______],
                the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
                the Master Servicer and the Trustee, and each of their officers,
                directors and
                affiliates that:

               

              (1) I
                have
                reviewed [the servicer compliance statement of the Company provided
                in
                accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
                report on assessment of the Company’s compliance with the Servicing Criteria set
                forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
                accordance with Rules 13a-18 and 15d-18 under the Securities Exchange
                Act of
                1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
                report provided in accordance with Rules 13a-18 and 15d-18 under
                the Exchange
                Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
                servicing reports, officer’s certificates and other information relating to the
                servicing of the Mortgage Loans by the Company during 200[ ] that
                were delivered
                by the Company to any of the Depositor, the Master Servicer and the
                Trustee
                pursuant to the Agreement (collectively, the “Company Servicing
                Information”);

               

              (2) Based
                on
                my knowledge, the Company Servicing Information, taken as a whole,
                does not
                contain any untrue statement of a material fact or omit to state
                a material fact
                necessary to make the statements made, in the light of the circumstances
                under
                which such statements were made, not misleading with respect to the
                period of
                time covered by the Company Servicing Information;

               

              (3) Based
                on
                my knowledge, all of the Company Servicing Information required to
                be provided
                by the Company under the Agreement has been provided to the Depositor,
                the
                Master Servicer and the Trustee;

               

              (4) I
                am
                responsible for reviewing the activities performed by [_______] as
                [_______]
                under the [_______] (the “Agreement”), and based on my knowledge [and the
                compliance review conducted in preparing the Compliance Statement]
                and except as
                disclosed in [the Compliance Statement,] the Servicing Assessment
                or the
                Attestation Report, the Company has fulfilled its obligations under
                the
                Agreement in all material respects; and

               

              
                
                  
                  

                

                
                  Q-1-1

                  
                    

                  

                

                
                  
                  

                

              

               

              (5) [The
                Compliance Statement required to be delivered by the Company pursuant
                to the
                Agreement, and] [The] [the] Servicing Assessment and Attestation
                Report required
                to be provided by the Company and [by any Subservicer or Subcontractor]
                pursuant
                to the Agreement, have been provided to the Depositor, the Master
                Servicer and
                the Trustee. Any material instances of noncompliance described in
                such reports
                have been disclosed to the Depositor, the Master Servicer and the
                Trustee. Any
                material instance of noncompliance with the Servicing Criteria has
                been
                disclosed in such reports.

               

              Capitalized
                terms used but not defined herein have the meanings ascribed to them
                in the
                Trust Agreement, dated as of September 1, 2006 (the “Trust Agreement”) by and
                among Structured Asset Securities Corporation, as Depositor, U.S.
                Bank National
                Association, as Trustee, Aurora Loan Services LLC, as Master Servicer,
                and
                OfficeTiger Global Real Estate Services Inc., as Credit Risk Manager.
                Capitalized terms used but not defined herein shall have the meanings
                given to
                them in the Trust Agreement.

               

              
                	 	 	 
	 	
                        [_______]

                         

                        as
                          [_______]

                      
	 
 	 
 	 
 
	
                      	By:  	
                      
	 	Name:
	 	
                        Title 

                        Date:

                      

              

               

              
                
                  
                  

                

                
                  Q-1-2

                  
                    

                  

                

                
                  
                  

                

              

              EXHIBIT
                Q-2

              

              FORM
                OF
                BACK-UP SARBANES-OXLEY CERTIFICATION TO BE PROVIDED BY THE TRUSTEE

               

              
                	
                        Re:

                      	
                        First
                          Franklin Mortgage Loan Trust 2006-FF14 (the “Trust”),
                          Mortgage Pass-Through Certificates, Series 2006-FF14, issued
                          pursuant to
                          the Trust Agreement, dated as of September 1, 2006, among
                          Structured Asset
                          Securities Corporation, as Depositor, Aurora Loan Services,
                          LLC, as Master
                          Servicer, and OfficeTiger Global Real Estate Services Inc.,
                          as
                          Credit
                          Risk Manager, and U.S. Bank National Association, as
                          Trustee

                      

              

               

              The
                Trustee hereby certifies to the Depositor and the Master Servicer,
                and their
                respective officers, directors and affiliates, and with the knowledge
                and intent
                that they will rely upon this certification, that:

               

              (1) I
                have
                reviewed the annual report on Form 10-K for the fiscal year [____]
                (the “Annual
                Report”), and all reports on Form 10-D required to be filed in respect of
                period
                covered by the Annual Report (collectively with the Annual Report,
                the
“Reports”), of the Trust;

               

              (2) To
                my
                knowledge, (a)
                the
                Reports, taken as a whole, do not contain any untrue statement of
                a material
                fact or omit to state a material fact necessary to make the statements
                made, in
                light of the circumstances under which such statements were made,
                not misleading
                with respect to the period covered by the Annual Report,
                and (b)
                the Trustee’s assessment of compliance and related attestation report referred
                to below, taken as a whole, do not contain any untrue statement of
                a material
                fact or omit to state a material fact necessary to make the statements
                made, in
                light of the circumstances under which such statements were made,
                not misleading
                with respect to the period covered by such assessment of compliance
                and
                attestation report;

               

              (3) To
                my
                knowledge, the distribution information required to be provided by
                the Trustee
                under the Trust Agreement for inclusion in the Reports is included
                in the
                Reports;

               

              (4) I
                am
                responsible for reviewing the activities performed by the Trustee
                under the
                Trust Agreement, and based on my knowledge and the compliance review
                conducted
                in preparing the assessment of compliance of the Trustee required
                by the Trust
                Agreement, and except as disclosed in the Reports, the Trustee has
                fulfilled its
                obligations under the Trust Agreement in all material respects; and

               

              (5) The
                report on assessment of compliance with servicing criteria applicable
                to the
                Trustee for asset-backed securities of the Trustee and each Subcontractor
                utilized by the Trustee and related attestation report on assessment
                of
                compliance with servicing criteria applicable to it required to be
                included in
                the Annual Report in accordance with Item 1122 of Regulation AB and
                Exchange Act
                Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual
                Report.
                Any material instances of non-compliance are described in such report
                and have
                been disclosed in the Annual Report.

               

              
                
                  
                  

                

                
                  Q-2-1

                  
                    

                  

                

                
                  
                  

                

              

               

              In
                giving
                the certifications above, the Trustee has reasonably relied on information
                provided to it by the following unaffiliated parties: [names of servicer(s),
                master servicer, subservicer(s), depositor, trustee, custodian(s)]

               

              

              Date: 
                _____________     

              

              U.S.
                Bank
                National Association, as Trustee

               

               

                
                  

                

              

              [Signature]

              [Title]

              

              
                
                  
                  

                

                
                  Q-2-2

                  
                    

                  

                

                
                  
                  

                

              

              EXHIBIT
                R

              

              FORM
                OF
                CREDIT RISK MANAGEMENT REPORT

              

              
                
                  
                  

                

                
                  R-1-1

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                S

              

              SERVICING
                CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

              

              Where
                there are multiple checks for criteria the attesting party will identify
                in
                their management assertion that they are attesting only to the portion
                of the
                distribution chain they are responsible for in the related transaction
                agreements. Capitalized terms used herein but not defined herein
                shall have the
                meanings assigned to them in the Trust Agreement dated as of September
                1, 2006
                (the “Agreement”), by and among Structured Asset Securities Corporation, as
                Depositor, U.S. Bank National Association, as Trustee, Aurora Loan
                Services LLC,
                as Master Servicer, and OfficeTiger Global Real Estate Services Inc.,
                as Credit
                Risk Manager. 

              

              
                	
                        Reg
                          AB Reference

                      	 	
                        Servicing
                          Criteria

                      	 	
                        Paying
                          Agent

                        (including
                          the Trustee if acting as Paying Agent)

                      	 	
                        Credit
                          Risk Manager

                      	 	
                        Trustee

                      	 	
                        Master
                          Servicer

                      
	 	 	
                        General Servicing
                           Considerations

                      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(1)(i)

                      	 	
                        Policies
                          and procedures are instituted to monitor any performance
                          or other triggers
                          and events of default in accordance with the transaction
                          agreements.

                      	 	 	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(1)(ii)

                      	 	
                        If
                          any material servicing activities are outsourced to third
                          parties,
                          policies and procedures are instituted to monitor the third
                          party’s
                          performance and compliance with such servicing activities.
                          

                      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(1)(iii)

                      	 	
                        Any
                          requirements in the transaction agreements to maintain
                          a back-up servicer
                          for the pool assets are maintained. 

                      	 	
                         

                      	 	 	 	
                         

                      	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(1)(iv)

                      	 	
                        A
                          fidelity bond and errors and omissions policy is in effect
                          on the party
                          participating in the servicing function throughout the
                          reporting period in
                          the amount of coverage required by and otherwise in accordance
                          with the
                          terms of the transaction agreements. 

                      	 	 	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                        Cash Collection and Administration

                      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(2)(i)

                      	 	
                        Payments
                          on pool assets are deposited into the appropriate custodial
                          bank accounts
                          and related bank clearing accounts no more than two business
                          days
                          following receipt, or such other number of days specified
                          in the
                          transaction agreements. 

                      	 	
                        X

                      	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(2)(ii)

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

                      	 	
                        X

                      	 	 	 	 	 	
                        X

                      

              

              
                 

                
                  
                    
                    

                  

                  
                    S-1

                    
                      

                    

                  

                  
                    
                    

                  

                

                
                   

                  
                    	
                            Reg
                              AB Reference

                          	 	
                            Servicing
                              Criteria

                          	 	
                            Paying
                              Agent

                            (including
                              the Trustee if acting as Paying Agent)

                          	 	
                            Credit
                              Risk Manager

                          	 	
                            Trustee

                          	 	
                            Master
                              Servicer

                          

                  

                

              

              
                	
                        1122(d)(2)(iii)

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

                      	 	 	 	 	 	 	 	
                        X

                      

              

              
                	
                        1122(d)(2)(iv)

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

                      	 	
                        X

                      	 	 	 	
                        X

                      	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(2)(v)

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

                      	 	 	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(2)(vi)

                      	 	
                        Unissued
                          checks are safeguarded so as to prevent unauthorized access.
                          

                      	 	
                        X

                      	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(2)(vii)
                          

                      	 	
                        Reconciliations
                          are prepared on a monthly basis for all asset-backed securities
                          related
                          bank accounts, including custodial accounts and related
                          bank clearing
                          accounts. These reconciliations are (A) mathematically
                          accurate; (B)
                          prepared within 30 calendar days after the bank statement
                          cutoff date, or
                          such other number of days specified in the transaction
                          agreements; (C)
                          reviewed and approved by someone other than the person
                          who prepared the
                          reconciliation; and (D) contain explanations for reconciling
                          items. These
                          reconciling items are resolved within 90 calendar days
                          of their original
                          identification, or such other number of days specified
                          in the transaction
                          agreements. 

                      	 	
                        X

                      	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                        Investor
                          Remittances and Reporting

                      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(3)(i)

                      	 	
                        Reports
                          to investors, including those to be filed with the Commission,
                          are
                          maintained in accordance with the transaction agreements
                          and applicable
                          Commission requirements. Specifically, such reports (A)
                          are prepared in
                          accordance with timeframes and other terms set forth in
                          the transaction
                          agreements; (B) provide information calculated in accordance
                          with the
                          terms specified in the transaction agreements; (C) are
                          filed with the
                          Commission as required by its rules and regulations; and
                          (D) agree with
                          investors’ or the trustee’s records as to the total unpaid principal
                          balance and number of pool assets serviced by the Servicer.
                          

                      	 	 	 	
                        X

                      	 	
                        X

                      	 	
                        X

                      

              

               

              
                
                  
                  

                

                
                  S-2

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        Reg
                          AB Reference

                      	 	
                        Servicing
                          Criteria

                      	 	
                        Paying
                          Agent

                        (including
                          the Trustee if acting as Paying Agent)

                      	 	
                        Credit
                          Risk Manager

                      	 	
                        Trustee

                      	 	
                        Master
                          Servicer

                      

              

              
                	
                        1122(d)(3)(ii)

                      	 	
                        Amounts
                          due to investors are allocated and remitted in accordance
                          with timeframes,
                          distribution priority and other terms set forth in the
                          transaction
                          agreements. 

                      	 	 	 	 	 	
                        X

                      	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(3)(iii)

                      	 	
                        Disbursements
                          made to an investor are posted within two business days
                          to the Servicer’s
                          investor records, or such other number of days specified
                          in the
                          transaction agreements. 

                      	 	
                        X

                      	 	 	 	 	 	
                         X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(3)(iv)

                      	 	
                        Amounts
                          remitted to investors per the investor reports agree with
                          cancelled
                          checks, or other form of payment, or custodial bank statements.
                          

                      	 	
                        X

                      	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	 	 	
                        Pool
                          Asset Administration

                      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(i)
                          

                      	 	
                        Collateral
                          or security on pool assets is maintained as required by
                          the transaction
                          agreements or related pool asset documents. 

                      	 	
                         

                      	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(ii)

                      	 	
                        Pool
                          assets and related documents are safeguarded as required
                          by the
                          transaction agreements 

                      	 	
                         

                      	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(iii)

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

                      	 	
                         

                      	 	 	 	
                        X

                      	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(iv)

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

                      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(v)

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

                      	 	 	 	 	 	 	 	 

              

               

              
                
                  
                  

                

                
                  S-3

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        Reg
                          AB Reference

                      	 	
                        Servicing
                          Criteria

                      	 	
                        Paying
                          Agent

                        (including
                          the Trustee if acting as Paying Agent)

                      	 	
                        Credit
                          Risk Manager

                      	 	
                        Trustee

                      	 	
                        Master
                          Servicer

                      

              

              
                	
                        1122(d)(4)(vi)

                      	 	
                        Changes
                          with respect to the terms or status of an obligor's pool
                          assets (e.g.,
                          loan modifications or re-agings) are made, reviewed and
                          approved by
                          authorized personnel in accordance with the transaction
                          agreements and
                          related pool asset documents. 

                      	 	 	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(vii)

                      	 	
                        Loss
                          mitigation or recovery actions (e.g., forbearance plans,
                          modifications and
                          deeds in lieu of foreclosure, foreclosures and repossessions,
                          as
                          applicable) are initiated, conducted and concluded in accordance
                          with the
                          timeframes or other requirements established by the transaction
                          agreements. 

                      	 	 	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(viii)

                      	 	
                        Records
                          documenting collection efforts are maintained during the
                          period a pool
                          asset is delinquent in accordance with the transaction
                          agreements. Such
                          records are maintained on at least a monthly basis, or
                          such other period
                          specified in the transaction agreements, and describe the
                          entity’s
                          activities in monitoring delinquent pool assets including,
                          for example,
                          phone calls, letters and payment rescheduling plans in
                          cases where
                          delinquency is deemed temporary (e.g., illness or unemployment).
                          

                      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(ix)

                      	 	
                        Adjustments
                          to interest rates or rates of return for pool assets with
                          variable rates
                          are computed based on the related pool asset documents.

                      	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(x)

                      	 	
                        Regarding
                          any funds held in trust for an obligor (such as escrow
                          accounts): (A) such
                          funds are analyzed, in accordance with the obligor’s pool asset documents,
                          on at least an annual basis, or such other period specified
                          in the
                          transaction agreements; (B) interest on such funds is paid,
                          or credited,
                          to obligors in accordance with applicable pool asset documents
                          and state
                          laws; and (C) such funds are returned to the obligor within
                          30 calendar
                          days of full repayment of the related pool assets, or such
                          other number of
                          days specified in the transaction agreements. 

                      	 	 	 	 	 	 	 	 

              

               

              
                
                  
                  

                

                
                  S-4

                  
                    

                  

                

                
                  
                  

                

              

               

              
                	
                        Reg
                          AB Reference

                      	 	
                        Servicing
                          Criteria

                      	 	
                        Paying
                          Agent

                        (including
                          the Trustee if acting as Paying Agent)

                      	 	
                        Credit
                          Risk Manager

                      	 	
                        Trustee

                      	 	
                        Master
                          Servicer

                      

              

              
                	
                        1122(d)(4)(xi)

                      	 	
                        Payments
                          made on behalf of an obligor (such as tax or insurance
                          payments) are made
                          on or before the related penalty or expiration dates, as
                          indicated on the
                          appropriate bills or notices for such payments, provided
                          that such support
                          has been received by the servicer at least 30 calendar
                          days prior to these
                          dates, or such other number of days specified in the transaction
                          agreements. 

                      	 	 	 	 	 	 	 	
                         

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(xii)

                      	 	
                        Any
                          late payment penalties in connection with any payment to
                          be made on behalf
                          of an obligor are paid from the Servicer’s funds and not charged to the
                          obligor, unless the late payment was due to the obligor’s error or
                          omission. 

                      	 	 	 	 	 	 	 	
                         

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(xiii)

                      	 	
                        Disbursements
                          made on behalf of an obligor are posted within two business
                          days to the
                          obligor’s records maintained by the servicer, or such other number
                          of days
                          specified in the transaction agreements. 

                      	 	 	 	 	 	 	 	
                         

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(xiv)
                          

                      	 	
                        Delinquencies,
                          charge-offs and uncollectible accounts are recognized and
                          recorded in
                          accordance with the transaction agreements. 

                      	 	 	 	 	 	 	 	
                        X

                      
	 	 	 	 	 	 	 	 	 	 	 
	
                        1122(d)(4)(xv)

                      	 	
                        Any
                          external enhancement or other support, identified in Item
                          1114(a)(1)
                          through (3) or Item 1115 of Regulation AB, is maintained
                          as set forth in
                          the transaction agreements. 

                      	 	 	 	 	 	
                        X

                      	 	 

              

               

              
                
                  
                  

                

                
                  S-5

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                T

               

              [RESERVED]

              

              
                
                  
                  

                

                
                  T-1

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                U

              

              FORM
                OF
                CERTIFICATION

              TO
                BE
                PROVIDED BY THE CREDIT RISK MANAGER

               

              FORM
                OF CERTIFICATION

               

              Re:
                First
                Franklin Mortgage Loan Trust Mortgage Pass-Through Certificates Series
                2006-FF14
                issued pursuant to the Trust Agreement dated as of September 1, 2006,
                among
                Structured Asset Securities Corporation, as Depositor (the “Depositor”), Aurora
                Loan Services LLC, as Master Servicer, OfficeTiger Global Real Estate
                Services
                Inc., as Credit Risk Manager, and U.S. Bank National Association,
                as Trustee
                (the “Trustee”). 

               

              OFFICETIGER
                GLOBAL REAL ESTATE SERVICES INC. (the “Credit Risk Manager”) certifies to the
                Depositor, the Sponsor, the Master Servicer, the Trustee, and [10-K
                Signatory
                Entity] its officers, directors and affiliates, and with the knowledge
                and
                intent that they will rely upon this certification, that:

               

              
                	 	
                        1.

                      	
                        Based
                          on the knowledge of the Credit Risk Manager, taken as a
                          whole, the
                          information in the reports provided during the calendar
                          year immediately
                          preceding the date of this certificate (the “Relevant Year”) by the Credit
                          Risk Manager pursuant to the Loan Performance Monitoring
                          Agreement dated
                          as of September 25, 2006 (the “Loan Performance Monitoring Agreement”), by
                          and between the Credit Risk Manager and National City Home
                          Loan Services,
                          Inc., does not contain any untrue statement of a material
                          fact or omit to
                          state a material fact necessary to make the statements
                          made, in light of
                          the circumstances under which such statements were made,
                          not misleading as
                          of the date that each of such reports was provided;
                          and

                      

              

               

              
                	 	
                        2.

                      	
                        The
                          Credit Risk Manager has fulfilled its obligations under
                          the Loan
                          Performance Monitoring Agreement throughout the Relevant
                          Year.

                      

              

               

              OFFICETIGER
                GLOBAL REAL ESTATE SERVICES INC.

               

              By:
                
                
                  

                

              

              Name:

              
                

              

              Title:
                

              
                
 

              
                
                  
                  

                

                
                  U-1

                  
                    

                  

                

                
                  
                  

                

              

               

              EXHIBIT
                V

               

              TRANSACTION
                PARTIES

              

              Sponsor
                and Seller: Lehman Brothers Holdings Inc.

              

              Depositor:
                Structured Asset Securities Corporation

              

              Trustee:
                U.S. Bank National Association

              

              Master
                Servicer: Aurora Loan Services LLC

              

              Credit
                Risk Manager: OfficeTiger Global Real Estate Services Inc.

              

              Swap
                Counterparty: Wachovia Bank, National Association

              

              Cap
                Counterparty: Wachovia Bank, National Association

              

              Servicer(s):
                National City Home Loan Services, Inc. 

              

              Originator(s):
                First Franklin, a division of the National City Bank 

              

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

              

              
                
                  
                  

                

                
                  V-1

                  
                    

                  

                

                
                  
                  

                

              

               

              SCHEDULE
                A

               

              MORTGAGE
                LOAN SCHEDULE

               

              [To
                be
                retained in a separate closing binder entitled “FFMLT 2006-FF14 Mortgage Loan

              Schedules”
                at McKee Nelson LLP] 

               

              
                
                  
                  

                

                
                  Schedule
                    A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]