Document:

Form
      of Mortgage Loan Purchase Agreement

     

    
      

       

      Thornburg
        Mortgage Securities Corporation,

       

      as
        Purchaser

       

      and

       

       

      [     ],

       

      

       

      as
        Seller

       

      

       

      

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      Dated
        as
        of [     ] [   ],
        [     ]

       

       

      [Adjustable
        Rate] and [Hybrid] Mortgage Loans

       

      Thornburg
        Mortgage Securities Trust [     ]

      Mortgage
        [Loan Pass-Through Certificates] [Backed Notes], Series
        [     ]

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Table
        of Contents

      Page

      

      
        	
                ARTICLE
                  I. DEFINITIONS AND SCHEDULES

              	
                1

              
	 	 	 
	
                Section
                  1.01.

              	
                Definitions

              	
                1

              
	 	 
	
                ARTICLE
                  II. SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

              	
                2

              
	 	 
	
                Section
                  2.01.

              	
                Sale
                  of Mortgage Loans

              	
                2

              
	
                Section
                  2.02.

              	
                Obligations
                  of the Seller Upon Sale

              	
                2

              
	
                Section
                  2.03.

              	
                Payment
                  of Purchase Price for the Mortgage Loans

              	
                3

              
	 	 
	
                ARTICLE
                  III. REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH

              	
                3

              
	 	 
	
                Section
                  3.01

              	
                Seller
                  Representations and Warranties Relating to the Mortgage
                  Loans

              	
                3

              
	
                Section
                  3.02.

              	
                Seller’s
                  Representations and Warranties

              	
                3

              
	
                Section
                  3.03

              	
                Remedies
                  for Breach of Representations and Warranties

              	
                5

              
	 	 
	
                ARTICLE
                  IV. SELLER’S COVENANTS

              	
                5

              
	 	 
	
                Section
                  4.01.

              	
                Covenants
                  of the Seller

              	
                5

              
	 	 
	
                ARTICLE
                  V. INDEMNIFICATION

              	
                5

              
	 	 
	
                Section
                  5.01.

              	
                Indemnification

              	
                5

              
	 	 
	
                ARTICLE
                  VI. TERMINATION

              	
                6

              
	 	 
	
                Section
                  6.01.

              	
                Termination

              	
                6

              
	 	 
	
                ARTICLE
                  VII. MISCELLANEOUS PROVISIONS

              	
                6

              
	 	 
	
                Section
                  7.01.

              	
                Amendment

              	
                6

              
	
                Section
                  7.02.

              	
                Governing
                  Law

              	
                6

              
	
                Section
                  7.03.

              	
                Notices

              	
                6

              
	
                Section
                  7.04.

              	
                Severability
                  of Provisions

              	
                6

              
	
                Section
                  7.05.

              	
                Counterparts

              	
                7

              
	
                Section
                  7.06.

              	
                Further
                  Agreements

              	
                7

              
	
                Section
                  7.07.

              	
                Intention
                  of the Parties

              	
                7

              
	
                Section
                  7.08.

              	
                Successors
                  and Assigns: Assignment of Purchase Agreement

              	
                7

              
	
                Section
                  7.09.

              	
                Survival

              	
                8

              
	 	 	 
	
                Schedule
                  I:

              	
                Mortgage
                  Loan Schedule.

              	
                I-1

              
	
                Schedule
                  II:

              	
                List
                  of Servicers and Servicing Agreements

              	
                II-1

              
	
                Schedule
                  III:

              	
                Seller’s
                  Representations and Warranties Relating to Mortgage Loans.

              	
                III-1

              

      

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

      This
        MORTGAGE LOAN PURCHASE AGREEMENT, dated as of [     ]
        [   ], [     ] (the “Agreement”),
        is
        made and entered into between [     ] (the
“Seller”)
        and
        Thornburg Mortgage Securities Corporation, a Delaware corporation (the
“Purchaser”).

       

      WITNESSETH

       

      WHEREAS,
        the Seller is the owner of the notes or other evidence of indebtedness (the
        “Mortgage
        Notes”)
        so
        indicated on Schedule I hereto referred to below, and the other documents
        or
        instruments constituting the Mortgage File (collectively, the “Mortgage
        Loans”);
        and

       

      WHEREAS,
        the Seller is a party to the servicing agreements identified on Schedule
        II
        (each a “Servicing
        Agreement,”
and
        together the “Servicing
        Agreements”),
        and
        certain of the Mortgage Loans are currently being serviced thereunder by
        the
        servicers identified therein; and

       

      WHEREAS,
        the Seller, as of the date hereof, owns the mortgages or deeds of trust (the
        “Mortgages”)
        on the
        properties (the “Mortgaged
        Properties”)
        securing such Mortgage Loans, including rights to (a) any property acquired
        by
        foreclosure or deed in lieu of foreclosure or otherwise, (b) the proceeds
        of any
        insurance policies covering the Mortgage Loans or the Mortgaged Properties
        or
        the obligors on the Mortgage Loans and (c) the Seller’s security interest in any
        Additional Collateral; and

       

      WHEREAS,
        the parties hereto desire that the Seller sell the Mortgage Loans, including
        the
        Mortgages, and assign the Seller’s rights under the Servicing Agreements to the
        Purchaser pursuant to the terms of this Agreement; and

       

      WHEREAS,
        pursuant to the terms of that certain [Pooling and Servicing Agreement dated
        as
        of [     ] [   ],
        [     ] (the “Pooling
        and Servicing Agreement”)
        among
        the Purchaser, as depositor, the Seller, as seller,
        [     ], as master servicer and securities
        administrator and [     ], as trustee (in such
        capacity, the “Trustee”)]
        [Sale
        and Servicing Agreement (the “Sale
        and Servicing Agreement”)
        dated as
        of [     ] [   ],
        [     ] by and among Thornburg Mortgage Securities
        Trust [     ] (the “Trust”),
        as
        issuer (the “Issuer”),
        the
        Purchaser, as depositor (in such capacity, the “Depositor”),
        the
        Seller [     ], as master servicer and securities
        administrator and [     ], as indenture trustee (the
“Indenture
        Trustee”)],
        the
        Purchaser will convey the Mortgage Loans to [Thornburg Mortgage Securities
        Trust
        [     ] (the “Trust”)]
        [the
        Trust].

       

      NOW,
        THEREFORE, in consideration of the mutual covenants herein contained, the
        parties hereto agree as follows:

       

      ARTICLE
        I.

       

      DEFINITIONS
        AND SCHEDULES

       

      Section
        1.01. Definitions. Any
        capitalized term used but not defined herein shall have the meaning assigned
        thereto in the [Pooling] [Sale] and Servicing Agreement or the related
        Prospectus Supplement dated [     ]
        [   ], [     ] (the “Prospectus
        Supplement”)
        to the
        Prospectus dated April [     ] [   ],
        [     ] (the “Prospectus”).

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      ARTICLE
        II.

       

      SALE
        OF
        MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

       

      Section
        2.01. Sale
        of Mortgage Loans; Assignment of the Servicing Agreements. The
        Seller, concurrently with the execution and delivery of this Agreement, does
        hereby sell, assign, set over, and otherwise convey to the Purchaser, without
        recourse, all of its right, title and interest in, to and under (i) each
        Mortgage Loan, including the related Cut-Off Date Principal Balance and all
        collections in respect of interest and principal due after the Cut-Off Date
        (and
        all principal received before the Cut-Off Date to the extent such principal
        relates to a Monthly Payment due after the Cut-Off Date); (ii) property which
        secured such Mortgage Loan and which has been acquired by foreclosure or
        deed in
        lieu of foreclosure; (iii) its interest in any insurance policies in respect
        of
        the Mortgage Loans; (iv) any Additional Collateral with respect to the Mortgage
        Loans; and (v) all proceeds of any of the foregoing.

       

      Concurrently
        with the execution and delivery of this Agreement, the Seller hereby assigns
        to
        the Purchaser all of its rights and interest (but none of its obligations)
        under
        each Servicing Agreement, other than any servicing rights retained pursuant
        to
        the provisions of such Servicing Agreements, to the extent relating to the
        Mortgage Loans. The Purchaser hereby accepts such assignment, and shall be
        entitled to exercise all such rights of the Seller under each Servicing
        Agreement as if the Purchaser had been a party to each such
        agreement.

       

      Section
        2.02. Obligations
        of the Seller Upon Sale and Assignment. In
        connection with the transfer pursuant to Section 2.01 hereof, the Seller
        further
        agrees, at its own expense, on or prior to the Closing Date, (a) to indicate
        in
        its books and records that the Mortgage Loans have been sold to the Purchaser
        pursuant to this Agreement and (b) to deliver to the Purchaser and the
        [Indenture] Trustee a computer file containing a true and complete list of
        all
        such Mortgage Loans specifying for each such Mortgage Loan, as of the Cut-Off
        Date, (i) its account number and (ii) the Cut-Off Date Principal Balance
        and
        such file, which forms a part of Schedule A to the [Pooling] [Sale] and
        Servicing Agreement, shall also be marked as Schedule I to this Agreement
        and is
        hereby incorporated into and made a part of this Agreement.

       

      In
        connection with such conveyance by the Seller, the Seller shall on behalf
        of the
        Purchaser deliver to, and deposit with the Trustee, as assignee of the
        Purchaser, on or before the Closing Date, the documents described in Section
        2.01 of the [Pooling] [Sale] and Servicing Agreement including, but not limited
        to, the Mortgage File and the Servicing Agreements. In the case of the Mortgage
        Loans (if any) that have been prepaid in full after the Cut-off Date and
        prior
        to execution of this Agreement, the Seller, in lieu of delivering the related
        Mortgage Files, shall deliver to the [Indenture] Trustee on behalf of the
        Purchaser an Officer’s Certificate which shall include a statement to the effect
        that all amounts received in connection with such prepayments that are required
        to be deposited in the Collection Account pursuant to Section 2.01 of the
        [Pooling] [Sale] and Servicing Agreement have been so deposited

       

      The
        Seller hereby confirms to the Purchaser [and the [Indenture] Trustee] that
        it
        has made the appropriate entries in its general accounting records, to indicate
        that the Mortgage Loans have been transferred [to the [Indenture] Trustee,
        or a
        custodian appointed pursuant to the [Pooling] [Sale] and Servicing Agreement
        to
        act on behalf of the [Indenture] Trustee, and that the Mortgage Loans constitute
        part of the Trust in accordance with the terms of the [Pooling] [Sale] and
        Servicing Agreement] [as directed by the Purchaser].

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      The
        Purchaser hereby acknowledges its acceptance of all right, title and interest
        in, to and under the Mortgage Loans and other property, and its rights under
        the
        Servicing Agreements, now existing or hereafter created, conveyed to it pursuant
        to Section 2.01 hereof.

       

      Section
        2.03. Payment
        of Purchase Price for the Mortgage Loans. In
        consideration of the sale of the Mortgage Loans from the Seller to the Purchaser
        on the Closing Date, the Purchaser agrees to (i) pay to the Seller on the
        Closing Date by transfer of immediately available funds, an amount equal
        to
        $[     ] (which amount includes accrued interest) (the
“Purchase
        Price”).
        The
        Seller shall pay, and be billed directly for all reasonable expenses incurred
        by
        the Purchaser in connection with the issuance of the [Certificates] [Notes],
        including, without limitation, printing fees incurred in connection with
        the
        Prospectus Supplement relating to the [Certificates] [Notes], fees and expenses
        of Purchaser’s counsel, fees of the rating agencies requested to rate the
        [Certificates] [Notes], accountant’s fees and expenses and the fees and expenses
        of the [Indenture] Trustee and other out-of-pocket costs, if any.

       

      ARTICLE
        III.

       

      REPRESENTATIONS
        AND WARRANTIES; REMEDIES FOR BREACH

       

      Section
        3.01. Seller
        Representations and Warranties Relating to the Mortgage Loans. The
        Seller hereby makes the representations and warranties set forth in Schedule
        III
        hereto applicable to the Mortgage Loans and by this reference incorporated
        herein, to the Purchaser [and the [Indenture] Trustee], as of the Closing
        Date
        or, if applicable, such other date as may be specified therein.

       

      Section
        3.02.  Seller’s
        Representations and Warranties. The
        Seller represents, warrants and covenants to the Purchaser as of the Closing
        Date or as of such other date specifically provided herein:

       

      (i) [the
        Seller is duly organized, validly existing and in good standing as a corporation
        under the laws of the State of [     ] and is and will
        remain in compliance with the laws of each state in which any Mortgaged Property
        is located to the extent necessary to fulfill its obligations
        hereunder;]

       

      (ii) the
        Seller has the power and authority to hold each Mortgage Loan, to sell each
        Mortgage Loan, to execute, deliver and perform, and to enter into and
        consummate, all transactions contemplated by this Agreement. The Seller has
        duly
        authorized the execution, delivery and performance of this Agreement, has
        duly
        executed and delivered this Agreement, and this Agreement, assuming due
        authorization, execution and delivery by the Purchaser, constitutes a legal,
        valid and binding obligation of the Seller, enforceable against it in accordance
        with its terms except as the enforceability thereof may be limited by
        bankruptcy, insolvency or reorganization or other similar laws in relation
        to
        the rights of creditors generally;

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      (iii) the
        execution and delivery of this Agreement by the Seller and the performance
        of
        and compliance with the terms of this Agreement will not violate the Seller’s
        certificate of incorporation or by-laws or constitute a material default
        under
        or result in a material breach or acceleration of, any material contract,
        agreement or other instrument to which the Seller is a party or which may
        be
        applicable to the Seller or its assets;

       

      (iv) the
        Seller is not in violation of, and the execution and delivery of this Agreement
        by the Seller and its performance and compliance with the terms of this
        Agreement will not constitute a violation with respect to, any order or decree
        of any court or any order or regulation of any federal, state, municipal
        or
        governmental agency having jurisdiction over the Seller or its assets, which
        violation might have consequences that would materially and adversely affect
        the
        condition (financial or otherwise) or the operation of the Seller or its
        assets
        or might have consequences that would materially and adversely affect the
        performance of its obligations and duties hereunder;

       

      (v) the
        Seller does not believe, nor does it have any reason or cause to believe,
        that
        it cannot perform each and every covenant contained in this
        Agreement;

       

      (vi) the
        Seller has good, marketable and indefeasible title to the Mortgage Loans,
        free
        and clear of any and all liens, pledges, charges or security interests of
        any
        nature encumbering the Mortgage Loans;

       

      (vii) the
        Mortgage Loans are not being transferred by the Seller with any intent to
        hinder, delay or defraud any creditors of the Seller;

       

      (viii) there
        are
        no actions or proceedings against, or investigations known to it of, the
        Seller
        before any court, administrative or other tribunal (A) that might prohibit
        its
        entering into this Agreement, (B) seeking to prevent the sale of the Mortgage
        Loans or the consummation of the transactions contemplated by this Agreement
        or
        (C) that might prohibit or materially and adversely affect the performance
        by
        the Seller of its obligations under, or validity or enforceability of, this
        Agreement;

       

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

       

      (x) the
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Seller, and the transfer, assignment and
        conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
        to
        this Agreement are not subject to the bulk transfer or any similar statutory
        provisions.

       

      (b) On
        the
        Closing Date, the Seller shall deliver to the Purchaser a certificate of
        an
        authorized officer of the Seller to the effect that, as of the Closing Date,
        the
        information set forth in the Prospectus Supplement, as it relates to the
        [Thornburg Information] does not contain an untrue statement of a material
        fact
        or omit to state a material fact necessary in order to make the statements
        contained therein, in light of the circumstances under which they were made,
        not
        misleading.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      Section
        3.03. Remedies
        for Breach of Representations and Warranties. 
        It is
        understood and agreed that (i) the representations and warranties set forth
        in
        Sections 3.01 and 3.02 hereof shall survive the sale of the Mortgage Loans
        to
        the Purchaser and shall inure to the benefit of the Purchaser and the Trust,
        notwithstanding any restrictive or qualified endorsement on any Mortgage
        Note or
        Assignment or the examination or lack of examination of any Mortgage File
        and
        (ii) the remedies for the breach of such representations and warranties and
        for
        the failure to deliver the documents referred to in Section 2.02 hereof shall
        be
        as set forth in Section 2.[03] [04] of the [Pooling] [Sale] and Servicing
        Agreement.

       

      It
        is
        understood and agreed that the representations and warranties set forth in
        Section 3.01 hereof shall survive delivery of the respective Mortgage Files
        [to
        the [Indenture] Trustee] on behalf of the Purchaser.

       

      ARTICLE
        IV.

       

      SELLER’S
        COVENANTS

       

      Section
        4.01. Covenants
        of the Seller. 
        The
        Seller hereby covenants that, except for the transfer hereunder, it will
        not
        sell, pledge, assign or transfer to any other Person, or grant, create, incur,
        assume or suffer to exist any Lien on any Mortgage Loan, or any interest
        therein; it will notify the Trust, as assignee of the Purchaser, of the
        existence of any Lien on any Mortgage Loan immediately upon discovery thereof;
        and it will defend the right, title and interest of the Trust, as assignee
        of
        the Purchaser, in, to and under the Mortgage Loans, against all claims of
        third
        parties claiming through or under the Seller; provided,
        however,
        that
        nothing in this Section 4.01 shall prevent or be deemed to prohibit the Seller
        from suffering to exist upon any of the Mortgage Loans any Liens for municipal
        or other local taxes and other governmental charges if such taxes or
        governmental charges shall not at the time be due and payable or if the Seller
        shall currently be contesting the validity thereof in good faith by appropriate
        proceedings and shall have set aside on its books adequate reserves with
        respect
        thereto.

       

      ARTICLE
        V.

       

      INDEMNIFICATION

       

      Section
        5.01. Indemnification. The
        Seller agrees to indemnify and to hold each of the Purchaser, the Trust,
        the
        [Indenture] Trustee, each of the officers and directors of each such entity
        and
        each person or entity who controls each such entity or person harmless against
        any and all claims, losses, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser, the Trust, the [Indenture] Trustee, or any such person or entity
        may
        sustain in any way related to the failure of the Seller to perform its duties
        in
        compliance with the terms of this Agreement. The Seller shall immediately
        notify
        the Purchaser and the [Indenture] Trustee if a claim is made under this
        provision. The Seller shall assume the defense of any such claim and pay
        all
        expenses in connection therewith, including reasonable counsel fees, and
        promptly pay, discharge and satisfy any judgment or decree which may be entered
        against the Purchaser, the Trust, the [Indenture] Trustee or any such person
        or
        entity in respect of such claim.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      ARTICLE
        VI.

       

      TERMINATION

       

      Section
        6.01. Termination. 
        The
        respective obligations and responsibilities of the Seller and the Purchaser
        created hereby shall terminate, except for the respective indemnity obligations
        as provided herein, upon the termination of the [Trust] [Sale and Servicing
        Agreement] as provided in Article X [of the Pooling and Servicing Agreement]
        [thereof].

       

      ARTICLE
        VII.

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        7.01. Amendment. This
        Agreement may be amended from time to time by the Seller and the Purchaser
        by
        written agreement signed by the parties hereto.

       

      Section
        7.02. 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
        7.03. Notices. 
        All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if personally delivered at or mailed by
        registered mail, postage prepaid, addressed as follows:

       

      if
        to the
        Seller:

       

      [     ]

      

      or
        such
        other address as may hereafter be furnished to the Purchaser in writing by
        the
        Seller.

       

      if
        to the
        Purchaser:

       

      Thornburg
        Mortgage Securities Corporation

      150
        Washington Avenue, Suite 302

      Santa
        Fe,
        New Mexico 87501

      Attention:
        Deborah J. Burns

      

       

      or
        such
        other address as may hereafter be furnished to the Seller in writing by the
        Purchaser.

       

      Section
        7.04. Severability
        of Provisions. 
        If any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be held invalid for any reason whatsoever, 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 of enforceability of the other provisions of this
        Agreement.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      Section
        7.05. Counterparts. 
        This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, which may be transmitted by telecopier
        each of which, when so executed, shall be deemed to be an original and such
        counterparts, together, shall constitute one and the same
        agreement.

       

      Section
        7.06. Further
        Agreements. 
        The
        parties hereto each agree to execute and deliver to the other such additional
        documents, instruments or agreements as may be necessary or reasonable and
        appropriate to effectuate the purposes of this Agreement or in connection
        with
        the issuance of the [Certificates representing interests in the Trust Fund,
        including the Mortgage Loans] [Notes under the Indenture].

       

      Without
        limiting the generality of the foregoing, as a further inducement for the
        Purchaser to purchase the Mortgage Loans from the Seller, the Seller will
        cooperate with the Purchaser in connection with the sale of the Class
        [     ] [Certificates] [Notes]. In that connection, the
        Seller will provide to the Purchaser any and all information and appropriate
        verification of information, whether through letters of its auditors and
        counsel
        or otherwise, as the Purchaser shall reasonably request and will provide
        to the
        Purchaser such additional representations and warranties, covenants, opinions
        of
        counsel, letters from auditors, and certificates of public officials or officers
        of the Seller as are reasonably required in connection with the offering
        of the
        [Certificates] [Notes].

       

      Section
        7.07. Intention
        of the Parties. The
        parties hereto intend that the transaction set forth herein be a non-recourse
        sale by the Seller to the Purchaser of all of the Seller’s right, title and
        interest in, to and under the Mortgage Loans and other property described
        in
        Section 2.01 hereof. Accordingly, the parties hereto each intend to treat
        the
        transaction as a sale by the Seller, and a purchase by the Purchaser, of
        the
        Mortgage Loans. Nonetheless, in the event the transaction set forth herein
        is
        deemed not to be a sale, the Seller hereby grants to the Purchaser a security
        interest in all of the Seller’s right, title and interest in, to and under the
        Mortgage Loans and other property described in Section 2.01 hereof, whether
        now
        existing or hereafter created, to secure all of the Seller’s obligations
        hereunder; and this Agreement shall constitute a security agreement under
        applicable law. The Seller and the Purchaser shall, to the extent consistent
        with this Agreement, take such actions as may be necessary to ensure that,
        if
        this Agreement were deemed to create a security interest in the Mortgage
        Loans,
        such security interest would be deemed to be a perfected security interest
        of
        first priority under applicable law and will be maintained as such throughout
        the term of the [Pooling] [Sale] and Servicing Agreement. The Purchaser will
        have the right to review the Mortgage Loans and the related Mortgage Files
        to
        determine the characteristics of the Mortgage Loans which will affect the
        Federal income tax consequences of owning the Mortgage Loans and the Seller
        will
        cooperate with all reasonable requests made by the Purchaser in the course
        of
        such review.

       

      Section
        7.08. Successors
        and Assigns: Assignment of Purchase Agreement. 
        This
        Agreement shall bind and inure to the benefit of and be enforceable by the
        Seller, the Purchaser and the [Indenture] Trustee. The obligations of the
        Seller
        under this Agreement cannot be assigned or delegated to a third party without
        the consent of the Purchaser which consent shall be at the Purchaser’s sole
        discretion, except that the Purchaser acknowledges and agrees that the Seller
        may assign its obligations hereunder to any Person into which the Seller
        is
        merged or any corporation resulting from any merger, conversion or consolidation
        to which the Seller is a party or any Person succeeding to the business of
        the
        Seller. The parties hereto acknowledge that the Purchaser is acquiring the
        Mortgage Loans and the rights of the Seller under the Servicing Agreements
        for
        the purpose of selling [them to the Trust that will issue the Certificates
        representing undivided interests in such Mortgage Loans] [and assigning them
        to
        the Issuer which will pledge them to the Indenture Trustee]. As an inducement
        to
        the Purchaser to purchase the Mortgage Loans, the Seller acknowledges and
        consents to the assignment by the Purchaser to [the Trust of all of the
        Purchaser’s rights against the Seller pursuant to this Agreement insofar as such
        rights relate to Mortgage Loans transferred to the Trust and to the enforcement
        or exercise of any right or remedy against the Seller pursuant to this Agreement
        by the Trustee. Such enforcement of a right or remedy by the Trustee shall
        have]
        [the Issuer which may be enforced or exercised with] the same force and effect
        as if the right or remedy had been enforced or exercised by the Purchaser
        directly.

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      Section
        7.09. Survival. 
        The
        representations and warranties set forth in Sections 3.01 and 3.02 and the
        provisions of Article V hereof shall survive the purchase of the Mortgage
        Loans
        hereunder.

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the Seller and the Purchaser have caused their names to
        be
        signed to this Mortgage Loan Purchase Agreement by their respective officers
        thereunto duly authorized as of the day and year first above
        written.

       

      Thornburg
        Mortgage Securities Corporation,

      as
        Purchaser

       

      By:            

      Name:

      Title:

       

      [     ],

      as
        Seller

       

      By:         

      Name:
        

      Title:
        

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                STATE
                  OF [     ]

              	 	
                )

              
	 	 	
                )ss.:

              
	
                COUNTY
                  OF __________

              	 	
                )

              

      

      

       

      On
        the
        ___ day of [     ], [     ]
        before me, a Notary Public in and for said State, personally appeared
________________________,
        known
        to me to be a _______________________ of Thornburg Mortgage Securities
        Corporation, the corporation that executed the within instrument, and also
        known
        to me to be the person who executed it on behalf of said corporation, and
        acknowledged to me that such corporation executed the within
        instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      _______________________

      Notary
        Public

       

      My
        Commission Expires on _______________

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                STATE
                  OF NEW MEXICO

              	 	
                )

              
	 	 	
                )ss.:

              
	
                COUNTY
                  OF SANTE FE

              	 	
                )

              

      

       

      On
        the
        ____ day of [     ], [     ]
        before me, a notary public in and for said State, personally appeared
        [     ], known to me to be a
        [     ] of [     ], a
        [     ] corporation that executed the within
        instrument, and also known to me to be the person who executed it on behalf
        of
        said corporation, and acknowledged to me that such corporation executed the
        within instrument.

       

      IN
        WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal
        the
        day and year in this certificate first above written.

       

      _______________________

      Notary
        Public

      

      My
        Commission Expires ______________________

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SCHEDULE
        I

       

      MORTGAGE
        LOAN SCHEDULE 

       

      [See
        Schedule I of [Pooling] [Sale] and Servicing Agreement]

      
        
           

        

        
          I-1

          
            

          

        

        
           

        

      

      SCHEDULE
        II

       

      LIST
        OF
        SERVICING AGREEMENTS

       

      

       

      [     ]

       

      
        
           

        

        
          II-1

          
            

          

        

        
           

        

      

      SCHEDULE
        III

       

      SELLER’S
        REPRESENTATIONS AND 

      WARRANTIES
        RELATING TO

      MORTGAGE
        LOANS

       

      The
        Seller hereby represents and warrants to, and covenants with, the Purchaser
        that, as to each Mortgage Loan, as of the Closing Date:

       

      [Insert
        representations and warranties. These will generally include representations
        and
        warranties regarding the mortgage loan schedule, outstanding charges,
        modification of the terms of the mortgage notes, defenses to enforceability
        of
        the mortgage notes, satisfaction of the mortgages, the validity of the
        documents, compliance with applicable laws, validity of the liens, ownership
        of
        the mortgage loans, insurance, transferability of the mortgage loans, whether
        the mortgage properties are undamaged, collection practices, due-on-sale
        clauses, prepayment premiums and foreclosure].

       

      
        
           

        

        
          III-1Unassociated Document

    

    

    

      Form
        of Administration Agreement

    
 

    

    ADMINISTRATION
      AGREEMENT

     

    among

     

    THORNBURG
      MORTGAGE SECURITIES TRUST [     ],

    as
      Issuer

     

    [     ],

    as
      Indenture Trustee,

     

    [     ],

    as
      Securities Administrator

     

    [     ],

    as
      Owner
      Trustee

     

    and

     

    Thornburg
      Mortgage Securities Corporation,

    as
      Depositor

     

    Dated
      as
      of [     ] [  ],
      [     ]

     

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      Administration Agreement (the “Agreement”) is entered into as of
      [     ] [  ],
      [     ] among THORNBURG MORTGAGE SECURITIES TRUST
      [     ], a Delaware statutory trust (the “Issuer”),
      [     ], a national banking association, not in its
      individual capacity but solely as indenture trustee (the “Indenture Trustee”),
      [     ], a national banking association, not in its
      individual capacity but solely as securities administrator (the “Securities
      Administrator”), [     ], not in its individual
      capacity but solely as owner trustee of the Issuer (the “Owner Trustee”), and
      Thornburg Mortgage Securities Corporation, as depositor (the
“Depositor”).

     

    Capitalized
      terms used but not defined herein shall have the meanings assigned to such
      terms
      in the Indenture, the Trust Agreement or the Sale and Servicing Agreement (each
      as defined herein).

     

    WITNESSETH:

     

    WHEREAS,
      the Issuer is a statutory trust under the Delaware Statutory Trust Act (12
      Del.C. § 3801 et seq.) created by an initial trust agreement, dated as of
      [     ] [  ],
      [     ], between the Depositor and the Owner Trustee,
      as amended and restated by an amended and restated trust agreement, dated as
      of
      [     ] [  ],
      [     ], among the Depositor, the Owner Trustee and the
      Securities Administrator (the “Trust Agreement”) and a certificate of trust
      filed with the Secretary of State of the State of Delaware on
      [     ] [  ],
      [     ];

     

    WHEREAS,
      the Issuer will issue under an indenture its Thornburg Mortgage Securities
      Trust
      [     ] Mortgage-Backed Notes, Series
      [     ] (the “Notes”) and, under the Trust Agreement,
      the Ownership Certificates (the “Ownership Certificates” and collectively with
      the Notes, the “Securities”);

     

    WHEREAS,
      the Notes will be secured by certain collateral, as more particularly set forth
      in the Indenture, dated as of [     ] [  ],
      [     ] (the “Indenture”), among the Issuer, the
      Securities Administrator and the Indenture Trustee;

     

    WHEREAS,
      the Ownership Certificates will be issued pursuant to the Trust Agreement and
      will represent undivided beneficial ownership interests in the
      Trust;

     

    WHEREAS,
      the Issuer has entered into certain agreements in connection with the issuance
      of the Securities, including (i) a sale and servicing agreement dated as of
      [     ] [  ],
      [     ] (the “Sale and Servicing Agreement”), among the
      Issuer, as issuer, the Depositor, as depositor, [Thornburg Mortgage Home Loans,
      Inc.], as initial seller (the “Initial Seller”), [Thornburg Mortgage Funding,
      Inc.], as seller (the “Seller”), [     ], as master
      servicer (in such capacity, the “Master Servicer”), the Securities
      Administrator, and the Indenture Trustee, (ii) the Letter of Representations
      dated [     ] [  ],
      [     ], between the Issuer and The Depository Trust
      Company relating to the Notes (the “Depository Agreement”), (iii) the
      [     ] Yield Maintenance Agreements, dated as of
      [     ] [  ],
      [     ], between the Issuer and the Cap Counterparty
      (the “Yield Maintenance Agreements”), and (iv) the Indenture (the Sale and
      Servicing Agreement, the Depository Agreement, the Indenture, the Yield
      Maintenance Agreements and the Trust Agreement being hereinafter referred to
      collectively as the “Related Agreements”);

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    WHEREAS,
      pursuant to the Related Agreements, the Issuer is required to perform certain
      duties in connection with (a) the Notes and the collateral therefor pledged
      pursuant to the Indenture (the “Collateral”) and (b) the undivided beneficial
      ownership interests in the Issuer represented by the Ownership Certificates
      (the
      registered holders of such interests being referred to herein as the
“Certificateholders”);

     

    WHEREAS,
      the Issuer desires to have the Securities Administrator and the Depositor,
      respectively, perform certain of the duties of the Issuer referred to in the
      preceding clause, and to provide such additional services consistent with the
      terms of this Agreement and the Related Agreements as the Issuer or the Owner
      Trustee may from time to time reasonably request; and

     

    WHEREAS,
      the Securities Administrator and the Depositor have the capacity to provide
      the
      respective services required hereby and are willing to perform such services
      for
      the Issuer or the Owner Trustee on the terms set forth herein.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein, and other
      good and valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the parties agree as follows:

     

    Section
      1. Duties
      of the Securities Administrator.

     

    (a) The
      Securities Administrator agrees to perform all of the duties of the Issuer
      under
      the Depository Agreement. In addition, the Securities Administrator shall take
      all appropriate actions that are the duties of the Issuer or the Owner Trustee
      to take with respect to the following matters under the Trust Agreement, the
      Sale and Servicing Agreement and the Indenture:

     

    (i) the
      duty
      to cause the Note Register to be kept if the Issuer assumes the duties of Note
      Registrar, and to give the Indenture Trustee notice of any appointment of a
      new
      Note Registrar and the location, or change in location, of the Note Register
      (Section 2.04 of the Indenture);

     

    (ii) the
      duty
      to cause the Certificate Register to be kept if the Issuer assumes the duties
      of
      the Certificate Registrar, and to give the Owner Trustee notice of any
      appointment of a new Certificate Registrar and the location, or change in
      location of the Certificate Register (Section 3.03 of the Trust
      Agreement);

     

    (iii) causing
      the preparation of Definitive Notes in accordance with the instructions of
      any
      Clearing Agency, the duty to attempt to locate a qualified successor to the
      Clearing Agency, if necessary, and the preparation of written notice to the
      Indenture Trustee of termination of the book-entry system through the Clearing
      Agency (Section 2.12 of the Indenture);

     

    (iv) the
      maintenance of an office for registration of transfer or exchange of the Notes
      (Section 3.02 of the Indenture);

     

    (v) the
      maintenance of an office for registration of transfer or exchange of the
      Ownership Certificates (Section 3.08 of the Trust Agreement);

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (vi) the
      preparation of an Issuer Order required to appoint a Paying Agent, the
      preparation of written notice to the Indenture Trustee and the duty to cause
      newly appointed Paying Agents, if any, to execute and deliver to the Indenture
      Trustee the instrument specified in the Indenture regarding funds held in trust
      (Section 3.03 of the Indenture);

     

    (vii) the
      preparation of an Issuer Order required to direct the Paying Agent to pay to
      the
      Securities Administrator all sums held in trust by the Paying Agent (Section
      3.03 of the Indenture); 

     

    (viii) the
      calculation of accrual of original issue discount, market discount, and the
      amortization of premium on the Notes (Section 3.03(v) of the
      Indenture);

     

    (ix) upon
      receipt of written notice or actual knowledge thereof by a Responsible Officer
      of the Owner Trustee, the notification to the Indenture Trustee and each Rating
      Agency of an Event of Default under the Sale and Servicing Agreement (Section
      3.07(d) of the Indenture);

     

    (x) upon
      receipt of written notice or actual knowledge thereof by a Responsible Officer
      of the Securities Administrator, the delivery of notice to the Indenture Trustee
      and each Rating Agency of each Event of Default under the Indenture and each
      default by the Securities Administrator, the Master Servicer, a Servicer or
      the
      Depositor, as applicable, under the Sale and Servicing Agreement (Section 3.17
      of the Indenture);

     

    (xi) the
      furnishing of the Indenture Trustee with the names and addresses of Holders
      of
      Notes during any period when the Indenture Trustee is not the Note Registrar
      (Section 7.01 of the Indenture); 

     

    (xii) the
      mailing to the Noteholders of notices with respect to their consent to any
      supplemental indentures (Sections 9.01 and 9.02 of the Indenture);

     

    (xiii) entering
      into the Yield Maintenance Agreements on behalf of the Issuer (Section 2.03(d)
      of the Trust Agreement); and

     

    (xiv) any
      other
      duties expressly required to be performed by the Securities Administrator under
      the Indenture, the Sale and Servicing Agreement or the Trust
      Agreement.

     

    (b) The
      Securities Administrator shall take all appropriate action with respect to
      the
      following matters under the Indenture:

     

    (i) the
      duties of an authenticating agent for authentication of the Notes (Sections
      2.01, 2.02, 2.04, 2.05 and 2.10 of the Indenture);

     

    (ii) the
      duties of Note Registrar (Sections 2.03, 2.04, 2.07 and 2.11 of the
      Indenture);

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (iii) the
      provision of notices and instructions to the Clearing Agency (Section 2.11
      of
      the Indenture); and

     

    (iv) the
      duties of Paying Agent (Sections 3.03 and 4.02 of the Indenture).

     

    (c) The
      Securities Administrator shall perform, or cause to be performed on behalf
      of
      the Issuer, any duties expressly required to be performed by it under the Trust
      Agreement, including its duties as Certificate Paying Agent and Certificate
      Registrar.

     

    (d) In
      carrying out the foregoing duties or any of its other obligations under this
      Agreement, the Securities Administrator may enter into transactions with or
      otherwise deal with any of its Affiliates; provided,
      however,
      that
      the terms of any such transactions or dealings shall be in accordance with
      any
      directions received from the Issuer and shall be, in the Securities
      Administrator’s opinion, no less favorable to the Issuer than would be available
      from unaffiliated parties.

     

    In
      carrying out the foregoing duties and its duties under any other Operative
      Document, the Securities Administrator shall be subject to the same standard
      of
      care and have the same rights, indemnifications and immunities as the Indenture
      Trustee under the Indenture, including, without limitation, the right to
      reimbursement and indemnification. The Securities Administrator shall not be
      required to take notice or be deemed to have notice or knowledge of (a) any
      Event of Default or Default under the Indenture or (b) any Event of Default
      under the Sale and Servicing Agreement, unless a Responsible Officer of the
      Securities Administrator assigned to and working in its corporate trust
      department obtains actual knowledge of any such event or default or shall have
      received written notice thereof. In the absence of such actual knowledge or
      written notice, the Securities Administrator is entitled to conclusively assume
      that no such event or default has occurred. The Securities Administrator shall
      have no responsibility to prepare or file any tax return with respect to the
      Issuer, but shall, pursuant to Section 6.06 of the Indenture and Section 4.04
      of
      the Trust Agreement, deliver to each Noteholder such information with respect
      to
      the Notes as may be required to enable such holder to prepare its federal and
      state income tax returns and shall file such information returns with the
      Internal Revenue Service with respect to payments or accruals of interest on
      the
      Notes as are required to be filed under the Code or applicable Treasury
      Regulations.

     

    The
      Securities Administrator in its capacity as the Certificate Registrar, and
      upon
      a request received from the Owner Trustee, shall promptly notify the
      Certificateholders of (i) any change in the Corporate Trust Office of the Owner
      Trustee, (ii) any amendment to the Trust Agreement requiring notice to be given
      to the Certificateholders and (iii) any other notice required to be given to
      the
      Certificateholders by the Owner Trustee under the Trust Agreement.

     

    Section
      2. Duties
      of the Depositor With Respect to the Sale and Servicing Agreement and the
      Indenture.

     

    (a) The
      Depositor shall take all appropriate action that is the duty of the Issuer
      to
      take with respect to the following matters under the Sale and Servicing
      Agreement and the Indenture (references are to sections of the
      Indenture):

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (i) The
      Depositor shall consult with the Owner Trustee regarding the duties of the
      Issuer under the Sale and Servicing Agreement and the Indenture. The Depositor
      shall monitor the performance of the Issuer and shall notify the Owner Trustee
      when action is necessary to comply with the Issuer’s duties under the Sale and
      Servicing Agreement and the Indenture;

     

    (ii) causing
      the preparation of the Notes for execution by the Owner Trustee upon their
      issuance and upon the registration of any transfer or exchange of the Notes
      (Sections 2.02, 2.04 and 2.05 of the Indenture);

     

    (iii) causing
      the preparation of an Issuer Order and related documents for authentication
      of
      the Notes, executing such Issuer Order on behalf of the Issuer and causing
      delivery thereof to the Indenture Trustee (Section 2.02 of the
      Indenture);

     

    (iv) causing
      the preparation of any financing statements, continuation statements,
      instruments of further assurance and other instruments necessary to protect
      the
      Collateral (Section 3.05 of the Indenture);

     

    (v) the
      delivery of the Opinions of Counsel as to Collateral (Section 3.06 of the
      Indenture);

     

    (vi) the
      monitoring of the Issuer’s compliance with its negative covenants (Section 3.08
      of the Indenture);

     

    (vii) the
      preparation and execution of the annual Officer’s Certificate regarding the
      Issuer’s compliance with the terms of the Indenture (Section 3.09 of the
      Indenture);

     

    (viii) the
      delivery of notice to the Indenture Trustee and each Rating Agency of each
      Event
      of Default under the Indenture (Sections 3.17 and 5.01(b) of the
      Indenture);

     

    (ix) causing
      the preparation of an Officer’s Certificate (and executing the same on behalf of
      the Issuer) and the obtaining of the Opinion of Counsel with respect to any
      request by the Issuer to the Indenture Trustee to take any action under the
      Indenture (Sections 4.01 and 11.01 of the Indenture);

     

    (x) the
      compliance with any directive of the Indenture Trustee with respect to the
      sale
      of the Collateral in a commercially reasonable manner if an Event of Default
      shall have occurred and be continuing under the Indenture (Section 5.04 of
      the
      Indenture);

     

    (xi) causing
      the preparation of an Issuer Request and Officer’s Certificate (and executing
      the same on behalf of the Issuer) and the obtaining of an Opinion of Counsel,
      if
      necessary, for the release of the Collateral, as defined in the Indenture
      (Section 8.04 of the Indenture);

     

    (xii) causing
      the preparation of Issuer Orders and Officer’s Certificates (and executing the
      same on behalf of the Issuer) and the obtaining of Opinions of Counsel with
      respect to the execution of supplemental indentures and, if necessary, the
      mailing to the Noteholders of notices with respect to their consent to such
      supplemental indentures (Sections 9.01, 9.02 and 9.03 of the Indenture);
      and

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (xiii) obtaining
      and preserving the Issuer’s qualification to do business in each jurisdiction in
      which such qualification is or shall be necessary to protect the validity and
      enforceability of the Indenture, the Notes, the Collateral and each other
      instrument and agreement included in the Trust Estate.

     

    (b) The
      Issuer shall indemnify the Owner Trustee, the Indenture Trustee and the
      Securities Administrator, and their respective agents for, and hold them
      harmless against, any losses, liability or expense incurred without gross
      negligence or bad faith on their part, arising out of or in connection with
      the
      acceptance or administration of the transactions contemplated by the Trust
      Agreement or this Agreement, including the reasonable costs and expenses of
      defending themselves against any claim or liability in connection with the
      exercise or performance of any of their powers or duties under the Trust
      Agreement, the Indenture or this Agreement.

     

    (c) In
      addition to the duties of the Depositor set forth above, the Depositor shall
      prepare for execution by the Issuer or shall cause the preparation by other
      appropriate persons of all such documents, reports, filings, instruments,
      certificates and opinions as it shall be the duty of the Issuer to prepare,
      file
      or deliver pursuant to the Related Agreements, and at the request of the Owner
      Trustee shall take all appropriate additional action that it is the duty of
      the
      Issuer to take pursuant to the Related Agreements. Subject to Section 6 of
      this
      Agreement, and in accordance with the directions of the Owner Trustee, the
      Depositor shall administer, perform or supervise the performance of such other
      activities in connection with the Collateral (including the Related Agreements)
      as are not covered by any of the foregoing provisions and as are expressly
      requested by the Owner Trustee and are reasonably within the capability of
      the
      Depositor.

     

    Section
      3. Duties
      of the Securities Administrator with Respect to the Collateral.
      The
      Issuer hereby authorizes the Securities Administrator to file in any filing
      office any financing statement, amendment to financing statement (to the extent
      a Responsible Officer of the Securities Administrator has actual knowledge
      or
      receives written notice that an amendment is required to be filed) or
      continuation statement required to be executed pursuant to Section 3.05 of
      the
      Indenture; and the Securities Administrator agrees that it shall file any
      continuation statement necessary to maintain the effectiveness of any financing
      statement filed with respect to the Collateral pursuant to the Indenture
      (provided that it has been furnished with a copy of the filed financing
      statement by the Issuer, Depositor or Indenture Trustee with the related filing
      information, including the date, location and filing number of the filed
      financing statement, on a timely basis), and the Securities Administrator agrees
      to file any amendment to any such filed financing statement to the extent a
      Responsible Officer of the Securities Administrator receives written notice
      and
      instruction (including necessary information) from the Issuer, the Depositor
      or
      the Indenture Trustee on a timely basis that such amendment is required to
      be
      filed (Section 3.05 of the Indenture).

     

    Section
      4. Records.
      The
      Securities Administrator shall maintain appropriate books of account and records
      relating to services performed hereunder, which books of account and records
      shall be accessible for inspection by the Issuer and the Depositor at any time
      during normal business hours.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Section
      5. Compensation.
      The
      Securities Administrator shall perform the duties and provide the services
      called for under Section 1 above for such compensation as shall be agreed upon
      between the Securities Administrator and the Master Servicer. The fees and
      disbursements of the attorneys delivering any Opinion of Counsel, and any other
      amounts of out-of-pocket expenses reasonably incurred by the Securities
      Administrator pursuant to this Agreement shall be paid or reimbursed by the
      Issuer.

     

    Section
      6. Additional
      Information to be Furnished to the Issuer.
      The
      Depositor shall furnish to the Issuer from time to time such additional
      information regarding the Collateral as the Issuer shall reasonably
      request.

     

    Section
      7. Independence
      of the Securities Administrator.
      For all
      purposes of this Agreement, the Securities Administrator shall be an independent
      contractor and shall not be subject to the supervision of the Issuer or the
      Owner Trustee with respect to the manner in which it accomplishes the
      performance of its obligations hereunder. Unless expressly authorized by the
      Issuer, the Securities Administrator shall have no authority to act for or
      represent the Issuer or the Owner Trustee in any way and shall not otherwise
      be
      deemed an agent of the Issuer or the Owner Trustee.

     

    Section
      8. No
      Joint Venture.
      Nothing
      contained in this Agreement (i) shall constitute the Securities Administrator
      or
      the Depositor, respectively, and either of the Issuer or the Owner Trustee,
      as
      members of any partnership, joint venture, association, syndicate,
      unincorporated business or other separate entity, (ii) shall be construed to
      impose any liability as such on any of them or (iii) shall be deemed to confer
      on any of them any express, implied or apparent authority to incur any
      obligation or liability on behalf of the others.

     

    Section
      9. Other
      Activities of Securities Administrator and the Depositor.
      Nothing
      herein shall prevent the Securities Administrator, the Depositor or their
      respective Affiliates from engaging in other businesses or, in its sole
      discretion, from acting in a similar capacity as a Securities Administrator
      for
      any other person or entity even though such person or entity may engage in
      business activities similar to those of the Issuer or the Owner
      Trustee.

     

    Section
      10. Term
      of Agreement; Resignation and Removal of Securities
      Administrator.

     

    (a) This
      Agreement shall continue in force until the termination of the Trust Agreement
      in accordance with its terms, upon which event this Agreement shall
      automatically terminate.

     

    (b) Subject
      to Section 10(e) hereof, the Securities Administrator may resign its duties
      hereunder by providing the Issuer with at least 60 days’ prior written
      notice.

     

    (c) Subject
      to Section 10(e) hereof, the Issuer may remove the Securities Administrator
      immediately upon written notice of termination from the Issuer to the Securities
      Administrator if any of the following events shall occur:

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (i) the
      Securities Administrator shall default in the performance of any of its duties
      under this Agreement and, after notice of such default, shall not cure such
      default within ten (10) days (or, if such default cannot be cured in such time,
      shall not give within ten (10) days such assurance of cure as shall be
      reasonably satisfactory to the Issuer); or

     

    (ii) a
      court
      having jurisdiction in the premises shall (x) enter a decree or order for
      relief, which decree or order shall not have been vacated within sixty (60)
      days, in respect of the Securities Administrator in any involuntary case under
      any applicable bankruptcy, insolvency or other similar law now or hereafter
      in
      effect, or (y) appoint a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official for the Securities Administrator or any
      substantial part of its property, or (z) order the winding-up or liquidation
      of
      the Securities Administrator’s affairs; or

     

    (iii) the
      Securities Administrator shall commence a voluntary case under any applicable
      bankruptcy, insolvency or other similar law now or hereafter in effect, shall
      consent to the entry of an order for relief in an involuntary case under any
      such law, or shall consent to the appointment of a receiver, liquidator,
      assignee, trustee, custodian, sequestrator or similar official for the
      Securities Administrator or any substantial part of its property, shall consent
      to the taking of possession by any such official of any substantial part of
      its
      property, shall make any general assignment for the benefit of creditors or
      shall fail generally to pay its debts as they become due.

     

    The
      Securities Administrator agrees that if any of the events specified in clauses
      (ii) or (iii) of this Section 10(d) shall occur, it shall give written notice
      thereof to the Issuer and the Indenture Trustee within seven days after the
      occurrence of such event.

     

    (d) No
      resignation or removal of the Securities Administrator pursuant to this
      Section 10 shall be effective until (i) a successor Securities
      Administrator shall have been appointed by the Issuer in accordance with the
      Sale and Servicing Agreement and (ii) such successor Securities Administrator
      shall have agreed in writing to be bound by the terms of this Agreement in
      the
      same manner as the Securities Administrator is bound hereunder.

     

    If
      a successor Securities Administrator does not take office within sixty (60)
      days
      after the retiring Securities Administrator resigns or is removed, the resigning
      or removed Securities Administrator or the Issuer may petition any court of
      competent jurisdiction for the appointment of a successor Securities
      Administrator.

     

    (e) The
      appointment of any successor Securities Administrator shall be effective only
      after receipt of a letter from each Rating Agency to the effect that such
      proposed appointment will not cause a reduction or withdrawal of the then
      current ratings of the Notes.

     

    (f) Subject
      to Sections 10(e) and 10(f), the Securities Administrator acknowledges that
      upon
      the appointment of a successor Master Servicer pursuant to the Sale and
      Servicing Agreement, the Securities Administrator shall immediately resign
      and
      such successor Master Servicer shall automatically become the Securities
      Administrator under this Agreement. Any such successor Master Servicer shall
      be
      required to agree to assume the duties of the Securities Administrator under
      the
      terms and conditions of this Agreement in its acceptance of appointment as
      successor Master Servicer.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    Section
      11. Action
      upon Termination, Resignation or Removal of the Securities
      Administrator.
      Promptly upon the effective date of termination of this Agreement or the
      resignation or removal of the Securities Administrator pursuant to Section
      10
      hereof, the Securities Administrator shall be entitled to be paid all fees
      and
      reimbursable expenses, including any reasonable out-of-pocket attorneys’ fees,
      accruing to it to the date of such termination, resignation or removal. The
      Securities Administrator shall forthwith upon such termination pursuant to
      Section 10 deliver to the successor Securities Administrator all property and
      documents of or relating to the Collateral then in the custody of the Securities
      Administrator, or if this Agreement has been terminated, to the Depositor.
      In
      the event of the resignation or removal of the Securities Administrator pursuant
      to Section 10, the Securities Administrator shall cooperate with the Issuer
      and
      take all reasonable steps requested to assist the Issuer in making an orderly
      transfer of the duties of the Securities Administrator.

     

    Section
      12. Reporting
      Requirements of the Commission.
      The
      Securities Administrator shall provide the required assessments, attestations
      and reports and otherwise comply with Sections 3.16, 3.17, 3.18 and 3.19 of
      the
      Sale and Servicing Agreement.

     

    Section
      13. Notices.
      Any
      notice, report or other communication given hereunder shall be in writing,
      delivered by mail, overnight courier or facsimile and addressed as
      follows:

     

    (a)    if
      to the
      Issuer, to:

     

    Thornburg
      Mortgage Securities Trust [     ]

    c/o
      [     ] 

    Attention:
      [     ]

    Fax:
      [     ]

     

    (b)    if
      to the
      Securities Administrator, to:

     

    [     ]

    Attention:
      [     ]

    Facsimile:
      [     ]

    

    (c)    if
      to the
      Owner Trustee, to:

     

    [     ]

    Fax:
      [     ]

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (d)    if
      to the
      Depositor, to:

     

    Thornburg
      Mortgage Securities Corporation

    c/o
      Thornburg Mortgage Home Loans, Inc.

    150
      Washington Avenue, Suite 302

    Santa
      Fe,
      New Mexico 87501

    Attention:
      Deborah Burns

    Fax:
      (505) 467-5215

    

     

    (e)    if
      to the
      Indenture Trustee, to:

     

    [     ]

    Attention:
      [     ]

     

    or
      to
      such other address as any party shall have provided to the other parties in
      writing. Any notice required to be in writing hereunder shall be deemed given
      if
      such notice is mailed by certified mail, postage prepaid, hand delivered or
      faxed to the address of such party as provided above.

     

    Section
      14. Amendments.

     

    (a) This
      Agreement may be amended from time to time by the parties hereto, 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 Securities, the Trust
      or
      this Agreement in any Offering Document, or to correct or supplement any
      provision herein which may be inconsistent with any other provisions herein,
      (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. No such amendment effected pursuant to clause (iii) of the preceding
      sentence may 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 Securities Administrator may require an Opinion
      of Counsel (at the expense of the party requesting such amendment) to the effect
      that such amendment is permitted under this paragraph. Any such amendment shall
      be deemed not to adversely affect in any material respect any Holder if the
      Securities Administrator receives (i) written confirmation from the Rating
      Agencies that such amendment will not cause the Rating Agencies to withdraw,
      qualify or reduce the then current rating assigned to the Notes or (ii) an
      Opinion of Counsel to such effect.

     

    (b) This
      Agreement may also be amended from time to time by the parties hereto with
      the
      consent of the Majority Securityholders 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 may (i) increase or reduce in any manner the amount of, or
      accelerate or delay the timing of, collections of payments on the Collateral
      or
      distributions that shall be required to be made for the benefit of the
      Noteholders or the Certificateholders or (ii) reduce the aforesaid
      percentage of the Class Principal Amount (or Class Notional Amount) of the
      Notes
      of any Class required to consent to any such amendment without the consent
      of
      the Holders of all the outstanding Securities.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (c) Promptly
      after the execution of any such amendment, the Securities Administrator shall
      furnish a copy of such amendment to each Holder, the Depositor and to each
      Rating Agency.

     

    (d) It
      shall
      not be necessary for the consent of Holders under this Section 14 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 Securities Administrator
      may prescribe.

     

    (e) The
      Owner
      Trustee and the Securities Administrator may, but shall not be obligated to,
      enter into any amendment which affects the Owner Trustee’s or the Securities
      Administrator’s respective rights, duties or immunities under this Agreement or
      otherwise.

     

    Section
      15. Successors
      and Assigns.
      This
      Agreement may not be assigned by the Securities Administrator unless such
      assignment is previously consented to in writing by the Owner Trustee and the
      Depositor, and the Rating Agency Condition in respect thereof has been
      satisfied. An assignment with such consent and satisfaction, if accepted by
      the
      assignee, shall bind the assignee hereunder in the same manner as the Securities
      Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement
      may be assigned by the Securities Administrator without the consent of the
      Owner
      Trustee or the Depositor to a corporation or other organization that is a
      successor (by merger, consolidation or purchase of assets) to the Securities
      Administrator, provided that such successor organization executes and delivers
      to the Issuer, the Owner Trustee and the Depositor an agreement in which such
      corporation or other organization agrees to be bound hereunder by the terms
      of
      said assignment in the same manner as the Securities Administrator is bound
      hereunder. Subject to the foregoing, this Agreement shall bind any successors
      or
      assigns of the parties hereto.

     

    Section
      16. 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
      17. Headings.
      The
      section headings hereof have been inserted for convenience of reference only
      and
      shall not be construed to affect the meaning, construction or effect of this
      Agreement.

     

    Section
      18. Counterparts.
      This
      Agreement may be executed in counterparts, each of which when so executed shall
      together constitute one and the same agreement.

     

    Section
      19. Severability.
      Any
      provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall be ineffective to the extent of such prohibition or
      unenforceability without invalidating the remaining provisions hereof and any
      such prohibition or unenforceability in any jurisdiction shall not invalidate
      or
      render unenforceable such provision in any other jurisdiction.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Section
      20. Not
      Applicable to [     ] in Other
      Capacities.
      Nothing
      in this Agreement shall affect any obligation [     ]
      may have in any other capacity.

     

    Section
      21. Limitation
      of Liability of Owner Trustee.
      Notwithstanding anything contained herein to the contrary, this Agreement has
      been executed by [     ] not in its individual capacity
      but solely in its capacity as Owner Trustee of the Issuer and in no event shall
      [     ] in its individual capacity or any beneficial
      owner of the Issuer have any liability for the representations, warranties,
      covenants, agreements or other obligations of the Issuer hereunder, as to all
      of
      which recourse shall be had solely to the assets of the Issuer. For all purposes
      of this Agreement, in the performance of any duties or obligations of the Issuer
      hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
      of, the terms and provisions of Articles VI, VII and VIII of the Trust
      Agreement.

     

    Section
      22. Limitation
      of Liability of the Securities Administrator; Indemnification.
      Notwithstanding anything herein to the contrary, this Agreement has been signed
      by [     ] not in its individual capacity but solely in
      its capacity as Securities Administrator and in no event shall the Securities
      Administrator in its individual capacity have any liability for the
      representations, warranties, covenants, agreements or other obligations of
      the
      Issuer hereunder, as to all of which recourse shall be had solely to the assets
      of the Issuer. The Securities Administrator shall not have any duties or
      obligations other than those expressly set forth in this Agreement, and no
      implied duties on its part shall be read into this Agreement. In acting as
      Securities Administrator, [     ] shall be entitled to
      the same benefits, rights, immunities, protections and rights to indemnification
      as are afforded to the Indenture Trustee under Article Six (including without
      limitation Section 6.07) of the Indenture.

     

    Section
      23. Benefit
      of Agreement.
      It is
      expressly agreed that in performing its duties under this Agreement, the
      Securities Administrator will act for the benefit of holders of the Securities
      as well as for the benefit of the Issuer, and that such obligations on the
      part
      of the Securities Administrator shall be enforceable at the instance of the
      Indenture Trustee and the Issuer.

     

    Section
      24. Bankruptcy
      Matters.
      No party
      to this Agreement shall take any action to cause the Depositor or the Issuer
      to
      dissolve in whole or in part or file a voluntary petition or otherwise initiate
      proceedings to have the Depositor or the Issuer adjudicated bankrupt or
      insolvent, or consent to the institution of bankruptcy or insolvency proceedings
      against the Depositor or the Issuer, or file a petition seeking or consenting
      to
      reorganization or relief of the Depositor or the Issuer as debtor under any
      applicable federal or state law relating to bankruptcy, insolvency, or other
      relief for debtors with respect to the Depositor or the Issuer; or seek or
      consent to the appointment of any trustee, receiver, conservator, assignee,
      sequestrator, custodian, liquidator (or other similar official) of the Depositor
      or the Issuer or of all or any substantial part of the properties and assets
      of
      the Depositor or the Issuer, or cause the Issuer to make any general assignment
      for the benefit of creditors of the Depositor or the Issuer, or take any action
      in furtherance of any of the above actions. 

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
      and
      delivered as of the day and year first above written.

     

    THORNBURG
      MORTGAGE SECURITIES TRUST [     ]

     

    By: [     ],

    not
      in its individual capacity

    but
      solely as Owner Trustee

     

    By:       

    Name: 

    Title:
       

    

    [     ],

    not
      in its individual capacity but solely as Securities Administrator

     

    By:       

    Name: 

    Title:
      

    

    [     ],

    not
      in
      its individual capacity but solely as
      Owner Trustee

     

    By:       

    Name: 

    Title:
      

    

    

    

    Thornburg
      Mortgage Securities Corporation,

    as
      Depositor

     

    By:           

    Name:
      

    Title:
      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [     ],

    not
      in its individual capacity but solely as Indenture Trustee

     

    By:       

    Name: 

    Title:

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