Document:

GREENWICH
      CAPITAL ACCEPTANCE, INC.,

    Depositor

    

    MAIA
      MORTGAGE FINANCE STATUTORY TRUST,

    Seller

    

    LUMINENT
      MORTGAGE CAPITAL, INC.,

    Sponsor

    

    WELLS
      FARGO BANK, N.A.,

    Master
      Servicer and

    Securities
      Administrator

    

    

    and

    

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION,

    Trustee

    

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of February 1, 2006

     

    __________________________________

     

    Luminent
      Mortgage Trust 2006-2

     

    Mortgage
      Loan Pass-Through Certificates, Series 2006-2

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Table
      of Contents

     

    
      
        	 	
                Page

              
	
                 

                ARTICLE
                  I DEFINITIONS; DECLARATION OF TRUST

                 

              	
                 

                4

                 

              
	
                SECTION
                  1.01. Defined Terms.

              	
                4

              
	
                SECTION
                  1.02. Accounting.

              	
                42

              
	
                 

                ARTICLE
                  II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                  CERTIFICATES

                 

              	
                 

                43

                 

              
	
                SECTION
                  2.01. Conveyance of Mortgage Loans.

              	
                43

              
	
                SECTION
                  2.02. Acceptance by Trustee.

              	
                47

              
	
                SECTION
                  2.03. Repurchase or Substitution of Mortgage Loans by the Originators
                  and
                  the Sponsor.

              	
                49

              
	
                SECTION
                  2.04. Representations and Warranties of the Sponsor with Respect
                  to the
                  Mortgage Loans.

              	
                54

              
	
                SECTION
                  2.05. [Reserved]

              	
                55

              
	
                SECTION
                  2.06. Representations and Warranties of the Depositor.

              	
                55

              
	
                SECTION
                  2.07. Issuance of Certificates.

              	
                56

              
	
                SECTION
                  2.08. Representations and Warranties of the Seller and the
                  Sponsor.

              	
                56

              
	
                SECTION
                  2.09. Covenants of the Seller and Sponsor.

              	
                58

              
	
                 

                ARTICLE
                  III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS

                 

              	
                 

                59

                 

              
	
                SECTION
                  3.01. Master Servicer to Service and Administer the Mortgage
                  Loans.

              	
                59

              
	
                SECTION
                  3.02. REMIC-Related Covenants.

              	
                60

              
	
                SECTION
                  3.03. Monitoring of Servicers.

              	
                60

              
	
                SECTION
                  3.04. Fidelity Bond.

              	
                61

              
	
                SECTION
                  3.05. Power to Act; Procedures.

              	
                61

              
	
                SECTION
                  3.06. Due-on-Sale Clauses; Assumption Agreements.

              	
                62

              
	
                SECTION
                  3.07. Release of Mortgage Files.

              	
                63

              
	
                SECTION
                  3.08. Documents, Records and Funds in Possession of Master Servicer
                  To Be
                  Held for Trust.

              	
                64

              
	
                SECTION
                  3.09. Standard Hazard Insurance and Flood Insurance
                  Policies.

              	
                64

              
	
                SECTION
                  3.10. Presentment of Claims and Collection of Proceeds.

              	
                65

              
	
                SECTION
                  3.11. Maintenance of the Primary Insurance Policies.

              	
                65

              
	
                SECTION
                  3.12. Trustee to Retain Possession of Certain Insurance Policies
                  and
                  Documents.

              	
                66

              
	
                SECTION
                  3.13. Realization Upon Defaulted Mortgage Loans.

              	
                66

              
	
                SECTION
                  3.14. Additional Compensation to the Master Servicer.

              	
                66

              
	
                SECTION
                  3.15. REO Property.

              	
                67

              
	
                SECTION
                  3.16. Assessments of Compliance and Attestation Reports.

              	
                67

              
	
                SECTION
                  3.17. Annual Compliance Statement.

              	
                69

              
	
                SECTION
                  3.18. Sarbanes-Oxley Certification.

              	
                70

              
	
                SECTION
                  3.19. Reports Filed with Securities and Exchange
                  Commission.

              	
                70

              
	
                SECTION
                  3.20. Additional Information.

              	
                75

              
	
                SECTION
                  3.21. Intention of the Parties and Interpretation.

              	
                75

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                SECTION
                  3.22. Indemnification.

              	
                75

              
	
                SECTION
                  3.23. [Reserved].

              	
                76

              
	
                SECTION
                  3.24. [Reserved].

              	
                76

              
	
                SECTION
                  3.25. [Reserved].

              	
                76

              
	
                SECTION
                  3.26. [Reserved].

              	
                76

              
	
                SECTION
                  3.27. Closing Certificate and Opinion.

              	
                76

              
	
                SECTION
                  3.28. Liabilities of the Master Servicer.

              	
                76

              
	
                SECTION
                  3.29. Merger or Consolidation of the Master Servicer.

              	
                76

              
	
                SECTION
                  3.30. Indemnification of the Trustee, the Master Servicer and the
                  Securities Administrator.

              	
                77

              
	
                SECTION
                  3.31. Limitations on Liability of the Master Servicer and Others;
                  Indemnification of Trustee and Others.

              	
                78

              
	
                SECTION
                  3.32. Master Servicer Not to Resign.

              	
                79

              
	
                SECTION
                  3.33. Successor Master Servicer.

              	
                79

              
	
                SECTION
                  3.34. Sale and Assignment of Master Servicing.

              	
                79

              
	
                SECTION
                  3.35. Reporting Requirements of the Commission.

              	
                80

              
	
                 

                ARTICLE
                  IV ACCOUNTS

                 

              	
                 

                80

                 

              
	
                SECTION
                  4.01. Servicing Accounts.

              	
                80

              
	
                SECTION
                  4.02. Distribution Account.

              	
                82

              
	
                SECTION
                  4.03. Permitted Withdrawals and Transfers from the Distribution
                  Account.

              	
                84

              
	
                SECTION
                  4.04. [Reserved].

              	
                86

              
	
                SECTION
                  4.05. Financial Guaranty Insurance Policy.

              	
                86

              
	
                 

                ARTICLE
                  V FLOW OF FUNDS

                 

              	
                 

                88

                 

              
	
                SECTION
                  5.01. Distributions.

              	
                88

              
	
                SECTION
                  5.02. Allocation of Net Deferred Interest.

              	
                91

              
	
                SECTION
                  5.03. Allocation of Realized Losses.

              	
                91

              
	
                SECTION
                  5.04. Statements.

              	
                92

              
	
                SECTION
                  5.05. Remittance Reports; Advances.

              	
                95

              
	
                SECTION
                  5.06. Compensating Interest Payments.

              	
                96

              
	
                SECTION
                  5.07. Basis Risk Reserve Fund.

              	
                96

              
	
                SECTION
                  5.08. Recoveries.

              	
                97

              
	
                SECTION
                  5.09. [Reserved].

              	
                98

              
	
                 

                ARTICLE
                  VI THE CERTIFICATES

                 

              	
                 

                98

                 

              
	
                SECTION
                  6.01. The Certificates.

              	
                98

              
	
                SECTION
                  6.02. Registration of Transfer and Exchange of
                  Certificates.

              	
                99

              
	
                SECTION
                  6.03. Mutilated, Destroyed, Lost or Stolen Certificates.

              	
                106

              
	
                SECTION
                  6.04. Persons Deemed Owners.

              	
                107

              
	
                SECTION
                  6.05. Appointment of Paying Agent.

              	
                107

              
	
                 

                ARTICLE
                  VII DEFAULT

                 

              	
                 

                108

                 

              
	
                SECTION
                  7.01. Event of Default.

              	
                108

              
	
                SECTION
                  7.02. Trustee to Act.

              	
                111

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

      
        	
                SECTION
                  7.03. Waiver of Event of Default.

              	
                111

              
	
                SECTION
                  7.04. Notification to Certificateholders.

              	
                112

              
	
                 

                ARTICLE
                  VIII THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

                 

              	
                 

                112

                 

              
	
                SECTION
                  8.01. Duties of Trustee and Securities Administrator.

              	
                112

              
	
                SECTION
                  8.02. Certain Matters Affecting the Trustee and the Securities
                  Administrator.

              	
                114

              
	
                SECTION
                  8.03. Trustee and the Securities Administrator Not Liable for Certificates
                  or Mortgage Loans.

              	
                115

              
	
                SECTION
                  8.04. Trustee, Custodian, Master Servicer and Securities Administrator
                  May
                  Own Certificates.

              	
                116

              
	
                SECTION
                  8.05. Trustee’s and Securities Administrator’s Fees and
                  Expenses.

              	
                116

              
	
                SECTION
                  8.06. Eligibility Requirements for Trustee and Securities
                  Administrator.

              	
                117

              
	
                SECTION
                  8.07. Resignation or Removal of Trustee and Securities
                  Administrator.

              	
                117

              
	
                SECTION
                  8.08. Successor Trustee and Successor Securities
                  Administrator.

              	
                118

              
	
                SECTION
                  8.09. Merger or Consolidation of Trustee or Securities
                  Administrator.

              	
                119

              
	
                SECTION
                  8.10. Appointment of Co-Trustee or Separate Trustee.

              	
                119

              
	
                SECTION
                  8.11. Limitation of Liability.

              	
                120

              
	
                SECTION
                  8.12. Trustee May Enforce Claims Without Possession of
                  Certificates.

              	
                121

              
	
                SECTION
                  8.13. Suits for Enforcement.

              	
                121

              
	
                SECTION
                  8.14. Waiver of Bond Requirement.

              	
                122

              
	
                SECTION
                  8.15. Waiver of Inventory, Accounting and Appraisal
                  Requirement.

              	
                122

              
	
                SECTION
                  8.16. Appointment of Custodians.

              	
                122

              
	
                 

                ARTICLE
                  IX REMIC ADMINISTRATION

                 

              	
                 

                122

                 

              
	
                SECTION
                  9.01. REMIC Administration.

              	
                122

              
	
                SECTION
                  9.02. Prohibited Transactions and Activities.

              	
                125

              
	
                 

                ARTICLE
                  X TERMINATION

                 

              	
                 

                125

                 

              
	
                SECTION
                  10.01. Termination.

              	
                125

              
	
                SECTION
                  10.02. Additional Termination Requirements.

              	
                128

              
	
                 

                ARTICLE
                  XI DISPOSITION OF TRUST ASSETS

                 

              	
                 

                128

                 

              
	
                SECTION
                  11.01. Disposition of Trust Assets.

              	
                128

              
	
                 

                ARTICLE
                  XII MISCELLANEOUS PROVISIONS

                 

              	
                 

                128

                 

              
	
                SECTION
                  12.01. Amendment.

              	
                128

              
	
                SECTION
                  12.02. Recordation of Agreement; Counterparts.

              	
                130

              
	
                SECTION
                  12.03. Limitation on Rights of Certificateholders.

              	
                130

              
	
                SECTION
                  12.04. Governing Law; Jurisdiction.

              	
                131

              
	
                SECTION
                  12.05. Notices.

              	
                132

              
	
                SECTION
                  12.06. Severability of Provisions.

              	
                132

              
	
                SECTION
                  12.07. Article and Section References.

              	
                133

              
	
                SECTION
                  12.08. Notice to the Rating Agencies.

              	
                133

              
	
                SECTION
                  12.09. Further Assurances.

              	
                134

              
	
                SECTION
                  12.10. Benefits of Agreement.

              	
                134

              

      

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      
        	
                SECTION
                  12.11. Acts of Certificateholders.

              	
                134

              
	
                SECTION
                  12.12. Successors and Assigns.

              	
                135

              
	
                SECTION
                  12.13. Provision of Information.

              	
                135

              
	
                SECTION
                  12.14. Indemnification.

              	
                135

              

      

       

    

    
      	
              EXHIBITS
                AND SCHEDULES:

            
	 	 	 
	
              Exhibit
                A

            	
              Form
                of Senior Certificate

            	
              A-1

            
	
              Exhibit
                B

            	
              Form
                of Class X Certificate

            	
              B-1

            
	
              Exhibit
                C

            	
              Form
                of Class A-R Certificate

            	
              C-1

            
	
              Exhibit
                D

            	
              Form
                of Subordinate Certificate

            	
              D-1

            
	
              Exhibit
                E

            	
              Form
                of Reverse of the Certificates

            	
              E-1

            
	
              Exhibit
                F

            	
              Request
                for Release

            	
              F-1

            
	
              Exhibit
                G-1

            	
              Form
                of Receipt of Mortgage Note

            	
              G-1-1

            
	
              Exhibit
                G-2

            	
              Form
                of Interim Certification of Trustee

            	
              G-2-1

            
	
              Exhibit
                G-3

            	
              Form
                of Final Certification of Trustee

            	
              G-3-1

            
	
              Exhibit
                H

            	
              [Reserved]

            	
              H-1

            
	
              Exhibit
                I

            	
              Form
                of ERISA Representation

            	
              I-1

            
	
              Exhibit
                J-1

            	
              Form
                of Investment Letter [Non-Rule 144A]

            	
              J-1-1

            
	
              Exhibit
                J-2

            	
              Form
                of Rule 144A Investment Letter

            	
              J-2-1

            
	
              Exhibit
                K

            	
              Form
                of Transferor Certificate

            	
              K-1

            
	
              Exhibit
                L

            	
              Transfer
                Affidavit for Class A-R Certificate Pursuant to Section
                6.02(e)

            	
              L-1

            
	
              Exhibit
                M

            	
              List
                of Servicing Agreements

            	
              M-1

            
	
              Exhibit
                N-1

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

            	
              N-1-1

            
	
              Exhibit
                N-2

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

            	
              N-2-1

            
	
              Exhibit
                O

            	
              Financial
                Guaranty Insurance Policy

            	
              O-1

            
	
              Exhibit
                P

            	
              [Reserved]

            	
              P-1

            
	
              Exhibit
                Q

            	
              Servicing
                Criteria

            	
              Q-1

            
	
              Exhibit
                R

            	
              Additional
                Form 10-D Disclosure

            	
              R-1

            
	
              Exhibit
                S

            	
              Additional
                Form 10-K Disclosure

            	
              S-1

            
	
              Exhibit
                T

            	
              Additional
                Form 8-K Disclosure

            	
              T-1

            
	
              Exhibit
                U

            	
              Form
                of Additional Disclosure Notification

            	
              U-1

            
	 	 	 
	
              Schedule
                I

            	
              Mortgage
                Loan Schedule

            	 

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    This
      Pooling and Servicing Agreement is dated as of February 1, 2006 (the
“Agreement”),
      among
      GREENWICH CAPITAL ACCEPTANCE, INC., a Delaware corporation, as depositor (the
      “Depositor”),
      MAIA
      MORTGAGE FINANCE STATUTORY TRUST, a Maryland business trust, as seller (the
      “Seller”),
      LUMINENT MORTGAGE CAPITAL, INC., a Maryland corporation, as sponsor (the
“Sponsor”),
      WELLS
      FARGO BANK, N.A., a national banking association, as master servicer (in such
      capacity, the “Master
      Servicer”)
      and as
      securities administrator (in such capacity, the “Securities
      Administrator”)
      and
      HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association, as trustee
      (the “Trustee”).

    
       

    

    PRELIMINARY
      STATEMENT:

     

    Through
      this Agreement, the Depositor intends to cause the issuance and sale of the
      Luminent Mortgage Trust 2006-2’s Mortgage Pass-Through Certificates, Series
      2006-2 (the “Certificates”)
      representing in the aggregate the entire beneficial ownership of the Trust,
      the
      primary assets of which are the Mortgage Loans (as defined below).

     

    The
      Depositor intends to sell the Certificates, to be issued hereunder in multiple
      classes, which in the aggregate will evidence the entire beneficial ownership
      interest in the Trust Fund created hereunder. The Certificates will consist
      of
      twelve classes of certificates, designated as (i) the Class A1A Certificates,
      (ii) the Class A1B Certificates, (iii) the Class A1C Certificates, (iv) the
      Class X Certificates, (v) the Class PO Certificates, (vi) the Class A-R
      Certificates, (vii) the Class B-1 Certificates, (viii) the Class B-2
      Certificates, (ix) the Class B-3 Certificates, (x) the Class B-4 Certificates,
      (xi) the Class B-5 Certificates and (xii) the Class B-6
      Certificates.

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (exclusive of
      the
      assets held in the Basis Risk Reserve Fund (the “Excluded
      Trust Property”))
      be
      treated for federal income tax purposes as comprising two real estate mortgage
      investment conduits (each, a “REMIC”
or,
      in
      the alternative, the “Lower-Tier
      REMIC”
and
      the
“Upper-Tier
      REMIC”).
      Each
      Certificate, other than the Class A-R Certificates, shall represent ownership
      of
      a regular interest in the Upper-Tier REMIC, as described herein. In addition,
      the LIBOR Certificates represent the right to receive payments in respect of
      Basis Risk Shortfalls from the Basis Risk Reserve Fund as provided in Section
      5.07. The owners of the Class X Certificates beneficially own the Basis Risk
      Reserve Fund. The Class A-R Certificate represents ownership of the sole class
      of residual interest in each of the Lower-Tier REMIC and the Upper-Tier
      REMIC.

     

    The
      Lower-Tier REMIC shall hold as assets all property of the Trust Fund, other
      than
      the Excluded Trust Property and the Lower-Tier REMIC Interests. The Upper-Tier
      REMIC shall hold as assets the uncertificated Lower-Tier Interests, other than
      the Class LT-R Interest. Each such Lower-Tier Interest is hereby designated
      as a
      REMIC regular interest. 

     

    Lower-Tier
      REMIC Interests

     

    The
      following table specifies the Class designation, interest rate, and initial
      principal amount for each Lower-Tier REMIC Interest:

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
              Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Principal 

              Balance

            	 	
              Corresponding
                

              Class
                of 

              Certificates

            	 
	 	 	 	 	 	 	 	 
	
              LT-A1A

            	 	 	
              (1

            	
              )

            	
              $

            	
              215,196,050.00

            	 	 	
              Class
                A1A, Class A-R

            	 
	
              LT-A1B

            	 	 	
              (1

            	
              )

            	
              $

            	
              89,665,000.00

            	 	 	
              Class
                A1B

            	 
	
              LT-A1C

            	 	 	
              (1

            	
              )

            	
              $

            	
              53,799,000.00

            	 	 	
              Class
                A1C

            	 
	
              LT-Q

            	 	 	
              (1

            	
              )

            	
              $

            	
              384,707,496.16

            	 	 	
              N/A

            	 
	
              LT-Z

            	 	 	
              (1

            	
              )

            	
              $

            	
              8,014,737.42

            	 	 	
              N/A

            	 
	
              LT-Y

            	 	 	
              (1

            	
              )

            	
              $

            	
              8,014,737.42

            	 	 	
              N/A

            	 
	
              LT-B1

            	 	 	
              (1

            	
              )

            	
              $

            	
              14,826,500.00

            	 	 	
              Class
                B-1

            	 
	
              LT-B2

            	 	 	
              (1

            	
              )

            	
              $

            	
              9,217,000.00

            	 	 	
              Class
                B-2

            	 
	
              LT-B3

            	 	 	
              (1

            	
              )

            	
              $

            	
              5,610,500.00

            	 	 	
              Class
                B-3

            	 
	
              LT-B4

            	 	 	
              (1

            	
              )

            	
              $

            	
              5,209,500.00

            	 	 	
              Class
                B-4

            	 
	
              LT-B5

            	 	 	
              (1

            	
              )

            	
              $

            	
              4,007,500.00

            	 	 	
              Class
                B-5

            	 
	
              LT-B6

            	 	 	
              (1

            	
              )

            	
              $

            	
              3,205,821.00

            	 	 	
              Class
                B-6

            	 
	
              LT-R

            	 	 	
              (2

            	
              )

            	 	
              (2

            	
              )

            	 	
              N/A

            	 

    

    

     

    
      	 	
              (1)

            	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these Middle-Tier Interests is a per
                annum
                rate equal to the Net WAC. 

            

    

     

    
      	 	
              (2)

            	
              The
                LT-R Interest is the sole class of residual interests in the Lower-Tier
                REMIC. It does not have an interest rate or a principal balance.
                Ownership
                of the LT-R Interest is represented by the Class A-R
                Certificates.

            

    

     

    On
      each
      Distribution Date, Available Funds shall be allocated among the Lower-Tier
      Interests in the following order of priority:

     

    

    
      	 	
              (i)

            	
              First,
                to the LT-Z and LT-Y Interests in reduction of their principal balances
                as
                follows - 

            

    

     

    
      	 	
              (a)

            	
              To
                the LT-Z Interests the amount, if any, required to reduce the principal
                balance of the LT-Z Interest to the LT-Z Target Balance for such
                Distribution Date,;

            

    

    

    
      	 	
              (b)

            	
              To
                the LT-Y Interests the amount, if any, required to reduce the principal
                balance of the LT-Y Interest to the LT-Y Target Balance for such
                Distribution Date; and 

            

    

    

    
      	 	
              (c)

            	
              Concurrently
                to the LT-Z and LT-Y Interests, in proportion to their principal
                balances,
                after taking into account distributions pursuant to priorities (a)
                and (b)
                above, until the sum of their principal balances equals 2% of the
                aggregate Class Principal Balance of the Certificates, other than
                the
                Class PO and Class X Certificates, immediately after such Distribution
                Date.

            

    

    

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (ii)

            	
              Second,
                concurrently to the LT-A1A, LT-A1B, LT-A1C, LT-B1, LT-B2, LT-B3,
                LT-B4,
                LT-B5, and LT-B6 Interests until the principal balance of each such
                Lower-Tier Interest equals 50% of the Class Principal Balance or
                Balances
                of the Corresponding Class or Classes of Certificates for such Lower-Tier
                Interest immediately after such Distribution
                Date;

            

    

     

    
      	 	
              (iii)

            	
              Third,
                to the LT-Q Interest until the principal balance of the LT-Q Interest
                equals the excess of (I) the aggregate Class Principal Balance of
                the
                Certificates, other then the Class X Certificates, immediately after
                such
                Distribution Date over (II) the aggregate of the principal balances
                of
                each Lower-Tier Interest, other than the LT-Q and LT-R Interests
                after
                taking into account the distributions made pursuant to priorities
                (i) and
                (ii) above on such Distribution
                Date;

            

    

     

    
      	 	
              (iv)

            	
              Fourth,
                remaining Available Funds shall be applied to interest distributions
                on
                the Lower-Tier Interests in the Lower-Tier REMIC at the interest
                rates
                described above, provided,
                however,
                that any Net Deferred Interest will be allocated among and increase
                the
                principal balances of the Lower-Tier Interests in the same order
                of
                priority in which principal is distributed among such Lower-Tier
                Interests
                pursuant to priorities (i)(c), (ii), and (iii)
                above.

            

    

     

    On
      any
      Distribution Date, after all distributions of Available Funds, Realized Losses
      shall be allocated among the Lower-Tier Interests in the same order of priority
      in which principal is distributed among such Lower-Tier Interests pursuant
      to
      priorities (i) through (iii) above.

     

    The
      Certificates

     

    The
      following table sets forth (or describes) the Class designation, Pass-Through
      Rate, and Original Class Principal Balance (or Original Class Notional Balance)
      for each Class of Certificates comprising interests in the Trust Fund created
      hereunder. Each Class of Certificates, other than the Class A-R Certificates,
      is
      hereby designated as representing ownership of regular interests in the
      Upper-Tier REMIC.

     

    
      	 	 	
              Original
                Class Principal

              Balance
                or Class Notional Balance

            	 	
              Pass-Through

              Rate

            	 
	
              Class
                A1A

            	 	
              $

            	
              430,392,000.00

            	 	 	
              (1

            	
              )

            
	
              Class
                A1B

            	 	
              $

            	
              179,330,000.00

            	 	 	
              (1

            	
              )

            
	
              Class
                A1C

            	 	
              $

            	
              107,598,000.00

            	 	 	
              (1

            	
              )

            
	
              Class
                X

            	 	 	
              Notional
                Amount(2

            	
              )

            	 	
              (1

            	
              )

            
	
              Class
                PO

            	 	
              $

            	
              100.00(3

            	
              )

            	 	
              (4

            	
              )

            
	
              Class
                A-R

            	 	
              $

            	
              100.00(10

            	
              )

            	 	
              (6

            	
              )

            
	
              Class
                B-1

            	 	
              $

            	
              29,653,000.00

            	 	 	
              (5

            	
              )

            
	
              Class
                B-2

            	 	
              $

            	
              18,434,000.00

            	 	 	
              (5

            	
              )

            
	
              Class
                B-3

            	 	
              $

            	
              11,221,000.00

            	 	 	
              (5

            	
              )

            
	
              Class
                B-4

            	 	
              $

            	
              10,419,000.00

            	 	 	
              (5

            	
              )

            
	
              Class
                B-5

            	 	
              $

            	
              8,015,000.00

            	 	 	
              (5

            	
              )

            
	
              Class
                B-6

            	 	
              $

            	
              6,411,642.00

            	 	 	
              (5

            	
              )

            

    

     

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

    

    ____________

    
      	 	
              (1)

            	
              Calculated
                pursuant to the definition of “Pass-Through
                Rate.”

            

    

     

    
      	 	
              (2)

            	
              For
                purposes of the REMIC provisions, the Class X Certificates shall
                accrue
                interest on a notional balance equal to the sum of the principal
                balances
                of each Lower-Tier REMIC Interest. For purposes of the REMIC Provisions,
                interest shall accrue on the Class X Certificate at a rate equal
                to the
                excess, if any, of (i) Adjusted Net WAC, over (ii) the Adjusted Lower-Tier
                WAC. The Class X Certificates are interest-only certificates and
                will not
                be entitled to distributions of principal.

            

    

     

    
      	 	
              (3)

            	
              For
                purposes of the REMIC Provisions, the Class PO Certificates shall
                accrue
                interest on a notional balance equal to the sum of the principal
                balances
                of each Lower-Tier REMIC Interest. For purposes of the REMIC Provisions,
                interest shall accrue on the Class PO Certificates at a rate equal
                to the
                excess of (i) the Net WAC for such Distribution Date, over (ii) the
                Adjusted Lower-Tier Pay Rate. Any interest accrued on the Class PO
                Certificates will not be paid currently but shall increase the Principal
                Balance of the Class PO Certificate. All amounts so accrued shall
                be
                deferred and distributed as principal in respect of the PO
                Certificate.

            

    

     

    
      	 	
              (4)

            	
              The
                Class PO Certificates are principal-only certificates and will not
                be
                entitled to distributions of
                interest.

            

    

     

    
      	 	
              (5)

            	
              Calculated
                pursuant to the definition of “Pass-Through Rate,” but adjusted, for
                purposes of the REMIC Provisions, to reflect the allocation, if any,
                of
                Subordinate Class Expense Share.

            

    

     

    
      	 	
              (6)

            	
              For
                purposes of the REMIC provisions, the Class A-R Certificate represents
                ownership of (i) the Class LT-R Interest, which is the sole residual
                interest in the Lower-Tier REMIC and (ii) the sole class of residual
                interest in the Upper-Tier REMIC.

            

    

     

    ARTICLE
      I

     

    DEFINITIONS;
      DECLARATION OF TRUST

     

    
      	 	
              SECTION
                1.01.

            	
              Defined
                Terms.

            

    

     

    Whenever
      used in this Agreement or in the Preliminary Statement, the following words
      and
      phrases, unless the context otherwise requires, shall have the meanings
      specified in this Article. All calculations of interest described herein shall
      be made, in the case of the Interest-Only Certificates and the Class A-R
      Certificates, and each of the Lower-Tier Interests and Middle-Tier Interests,
      on
      the basis of an assumed 360-day year consisting of twelve 30-day months, and
      in
      the case of LIBOR Certificates, on the basis of an assumed 360-day year and
      the
      actual number of days elapsed in the Accrual Period.

     

    “Accepted
      Master Servicing Practices”:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      servicing practices of prudent mortgage servicing institutions that master
      service mortgage loans of the same type and quality as such Mortgage Loan in
      the
      jurisdiction where the related Mortgaged Property is located, to the extent
      applicable to the Trustee (as successor Master Servicer) or the Master Servicer
      (except in its capacity as successor to a Servicer), or (y) as provided in
      the
      applicable Servicing Agreement, to the extent applicable to any Servicer, but
      in
      no event below the standard set forth in clause (x).

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    

    “Account”:
      The
      Distribution Account, the Policy Account or each Servicing Account, as the
      context requires.

     

    “Accrual
      Period”:
      With
      respect to each Distribution Date and the Interest-Only Certificates and Class
      A-R Certificates, and any Lower-Tier Interests and Middle-Tier Interests, the
      calendar month immediately preceding the month of that Distribution Date. With
      respect to each Distribution Date and the LIBOR Certificates, the period
      beginning on the immediately preceding Distribution Date (or Closing Date in
      the
      case of the first Distribution Date) and ending on the date immediately
      preceding such Distribution Date. Interest on the LIBOR Certificates shall
      be
      calculated on the basis of a 360-day year and the actual number of days elapsed
      in the related Accrual Period; in the case of the other Classes of Certificates
      (and the Pooling REMIC Interests, Lower-Tier Interests and Middle-Tier
      Interests), interest shall be calculated based on an assumption that each month
      has 30 days and each year has 360 days.

     

    “Additional
      Disclosure Notification”:
      As
      defined in Section 3.19(a).

     

    “Additional
      Form 10-D Disclosure”:
      As
      defined in Section 3.19(a).

     

    “Additional
      Form 10-K Disclosure”:
      As
      defined in Section 3.19(b).

     

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

     

    “Adjusted
      Cap Rate”:
      For any
      Distribution Date and the Certificates (other than the Class X and Class PO
      Certificates), the related Net WAC Cap for that Distribution Date, computed
      for
      this purpose by first reducing the Net WAC by a per annum rate equal to the
      quotient of (i) the product of (a) the Net Deferred Interest, if any, on the
      Mortgage Loans for that Distribution Date multiplied by (b) 12, divided by
      (ii)
      the Pool Balance as of the first day of the related Due Period (or in the case
      of the first Distribution Date, as of the Cut-off Date). For any Distribution
      Date and the Class X Certificates, the Class X Adjusted Cap Rate.

     

    “Adjusted
      Lower-Tier Pay Rate”:
      For
      any Distribution Date (and the related Accrual Period), the product of (i)
      2
      multiplied by (ii) the weighted average of the interest rates on the LT-A1A,
      LT-A1B, LT-A1C, LT-Z, LT-Y, and LT-Q Interests, weighted on the basis of their
      principal balances as of the first day of the related Accrual Period and
      computed for this purpose by (a) first subjecting the interest rate on each
      of
      the LT-Z, LT-Y, and LT-Q Interests to a cap of 0.00%, and (b) first subjecting
      the interest rate on each of the LT-A1A, LT-A1B, and LT-A1C Interests (I) to
      a
      cap equal to the Pass-Through Rate for the Corresponding Class of Certificates
      multiplied by the quotient of the actual number of days in the Accrual Period
      for the Corresponding Class of Certificates divided by 30 and (II) a floor
      equal
      to the Adjusted Net WAC for such Distribution Date.

     

    “Adjusted
      Lower-Tier WAC”:
      For
      any Distribution Date (and the related Accrual Period), the product of (i)
      2
      multiplied by (ii) the weighted average of the interest rates on the LT-A1A,
      LT-A1B, LT-A1C, LT-Z, LT-Y, and LT-Q Interests, weighted on the basis of their
      principal balances as of the first day of the related Accrual Period and
      computed for this purpose by (a) first subjecting the interest rate on each
      of
      the LT-Z, LT-Y, and LT-Q Interests to a cap of 0.00%, and (b) first subjecting
      the interest rate on each of the LT-A1A, LT-A1B, and LT-A1C Interests to a
      cap
      equal to the lesser of (I) the Pass-Through Rate for the Corresponding Class
      of
      Certificates multiplied by the quotient of the actual number of days in the
      Accrual Period for the Corresponding Class of Certificates divided by 30 and
      (II) the Adjusted Net WAC for such Distribution Date.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    “Adjusted
      Net WAC”:
      For
      any Distribution Date, the excess of (i) the Net WAC for such Distribution
      Date
      over (ii) the quotient of (a) the product of (I) the Net Deferred Interest
      for
      the Mortgage Loans for such Distribution Date multiplied by (II) 12, divided
      by
      (b) the Pool Balance for such Distribution Date.

     

    “Adjustment
      Date”:
      With
      respect to each Mortgage Loan, each adjustment date on which the related Loan
      Rate changes pursuant to the related Mortgage Note. The first Adjustment Date
      following the Cut-off Date as to each Mortgage Loan is set forth in the Mortgage
      Loan Schedule.

     

    “Advance”:
      With
      respect to any Distribution Date and as to any Mortgage Loan or REO Property,
      any advance made by each Servicer or the Master Servicer (including the Trustee
      in its capacity as successor Master Servicer) in respect of any Distribution
      Date pursuant to Section 5.05.

     

    “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. 

     

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

     

    “Aggregate
      Premium Amount”:
      As to
      any Distribution Date and the Insured Certificates, the product of one-twelfth
      of the Premium Rate and the aggregate Class Principal Balance of the Class
      A1C
      Certificates on the immediately preceding Distribution Date, or, in the case
      of
      the first Distribution Date, the Closing Date, in each case after giving effect
      to distributions of principal made on such Distribution Date.

     

    “Aggregate
      Subordinate Percentage”:
      As to
      any Distribution Date, the percentage equivalent of a fraction, the numerator
      of
      which is the aggregate of the Class Principal Balances of the Classes of
      Subordinate Certificates and the denominator of which is the Pool Balance for
      such Distribution Date.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    “Agreement”:
      This
      Pooling and Servicing Agreement, dated as of February 1, 2006, as amended,
      supplemented and otherwise modified from time to time.

     

    “Applicable
      Credit Support Percentage”:
      As
      defined in Section 5.01(d).

     

    “Assignment”:
      As to
      any Mortgage, an assignment of mortgage, notice of transfer or equivalent
      instrument, in recordable form, which is sufficient, under the laws of the
      jurisdiction in which the related Mortgaged Property is located, to reflect
      or
      record the sale of such Mortgage.

     

    “Available
      Funds”:
      As to
      any Distribution Date, an amount equal to (i) the sum of (a) the
      aggregate of the Monthly Payments received on or prior to the related
      Determination Date (excluding Monthly Payments due in future Due Periods but
      received by the related Determination Date) in respect of the Mortgage Loans,
      (b) Net Liquidation Proceeds, Insurance Proceeds, Principal Prepayments,
      Recoveries and other unscheduled recoveries of principal and interest in respect
      of the Mortgage Loans received during the related Prepayment Period, (c) the
      aggregate of any amounts received in respect of REO Properties for such
      Distribution Date in respect of the Mortgage Loans, (d) the aggregate of
      any amounts of Interest Shortfalls (excluding for such purpose all shortfalls
      as
      a result of Relief Act Reductions) paid by the Servicers pursuant to each
      related Servicing Agreement and Compensating Interest Payments deposited in
      the
      Distribution Account for that Distribution Date in respect of the Mortgage
      Loans, (e) the aggregate of the Purchase Prices and Substitution
      Adjustments deposited in the Distribution Account during the related Prepayment
      Period in respect of the Mortgage Loans, (f) the aggregate of any Advances
      made by the Servicers and the Master Servicer for that Distribution Date in
      respect of the Mortgage Loans, (g) the aggregate of any Advances made by
      the Trustee for that Distribution Date pursuant to Section 7.02 hereof in
      respect of the Mortgage Loans and (h) the Termination Price on the
      Distribution Date on which the Trust is terminated; minus
      (ii) the
      sum of (u) the related Premium Amount payable on such Distribution Date to
      the
      Certificate Insurer, (v) the Expense Fees for that Distribution Date in respect
      of the Mortgage Loans, (w) amounts in reimbursement for Advances previously
      made
      in respect of the Mortgage Loans and other amounts as to which the Servicers,
      the Trustee, the Securities Administrator, the Master Servicer and the Custodian
      are entitled to be reimbursed by the Trust Fund pursuant to Sections 3.30,
      3.31(c), 4.03, (x) the amount payable to the Trustee, pursuant to Section 8.05
      and the Custodian pursuant to Section 20 of the Wells Custodial Agreement,
      and
      (y) amounts deposited in the Distribution Account in error in respect of the
      Mortgage Loans.

     

    “Bankruptcy
      Code”:
      The
      Bankruptcy Reform Act of 1978 (Title 11 of the United States Code), as
      amended.

     

    “Basis
      Risk Reserve Fund”:
      A fund
      created as part of the Trust Fund pursuant to Section 5.07 of this Agreement
      but
      which is not an asset of any of the REMICs.

     

    “Basis
      Risk Shortfall”:
      With
      respect to any Distribution Date and the LIBOR Certificates, the “Basis Risk
      Shortfall” for such class, if any, will equal the sum of:

     

    (i) the
      excess, if any, of the Interest Distributable Amount that such Class would
      have
      been entitled to receive if the Pass-Through Rate for such Class were calculated
      without regard to clause (ii) in the definition thereof, over the actual
      Interest Distributable Amount such Class is entitled to receive for such
      Distribution Date;

     

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

    

    (ii) any
      excess described in clause (i) above remaining unpaid from prior Distribution
      Dates; and

     

    (iii)  interest
      for the applicable Accrual Period on the amount described in clause (ii) above
      based on the applicable Pass-Through Rate, determined without regard to clause
      (ii) in the definition thereof.

     

    “Book-Entry
      Certificates”:
      Any of
      the Certificates that shall be registered in the name of the Depository or
      its
      nominee, the ownership of which is reflected on the books of the Depository
      or
      on the books of a Person maintaining an account with the Depository (directly,
      as a “Depository Participant”, or indirectly, as an indirect participant in
      accordance with the rules of the Depository and as described in Section 6.02
      hereof). On the Closing Date, all Classes of the Certificates other than the
      Physical Certificates shall be Book-Entry Certificates.

     

    “Business
      Day”:
      Any
      day other than a Saturday, a Sunday or a day on which banking or savings
      institutions in the State of Minnesota, the State of Maryland, the State of
      California, the State of New York or in the city in which the Corporate Trust
      Office of the Trustee is located are authorized or obligated by law or executive
      order to be closed.

     

    “Call
      Option”:
      The
      right to terminate this Agreement and the Trust pursuant to the second paragraph
      of Section 10.01(a) hereof.

     

    “Certificate”:
      Any
      Regular Certificate or Residual Certificate.

     

    “Certificate
      Insurer”:
      Financial Security Assurance Inc., a New York financial guaranty insurance
      company.

     

    “Certificate
      Insurer Default”:
      The
      existence and continuance of any of the following: (a) a failure by the
      Certificate Insurer to make a payment required under the Financial Guaranty
      Insurance Policy in accordance with its terms (unless such failure was due
      to
      the failure of the Securities Administrator to provide a correct and timely
      notice of claim); (b) the entry of a final and non-appealable decree or order
      of
      a court or agency having jurisdiction in respect of the Certificate Insurer
      in
      an involuntary case under any present or future federal or state bankruptcy,
      insolvency or similar law appointing a conservator or receiver or liquidator
      or
      other similar official of the Certificate Insurer or of any substantial part
      of
      its property, or the entering of a final and non-appealable order for the
      winding up or liquidation of the affairs of the Certificate Insurer; (c) the
      Certificate Insurer shall consent to the appointment of a conservator or
      receiver or liquidator or other similar official in any insolvency, readjustment
      of debt, marshaling of assets and liabilities or similar proceedings of or
      relating to the Certificate Insurer or of or relating to all or substantially
      all of its property; or (d) the Certificate Insurer shall admit in writing
      its
      inability to pay its debts generally as they become due, file a petition to
      take
      advantage of or otherwise voluntarily commence a case or proceeding under any
      applicable bankruptcy, insolvency, reorganization or other similar statute,
      make
      an assignment for the benefit of its creditors, or voluntarily suspend payment
      of its obligations.

    

    
      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

    

    “Certificate
      Insurer Reimbursement Amount”:
      For
      any Distribution Date, the sum of (a) all amounts previously paid by the
      Certificate Insurer in respect of Insured Amounts for which the Certificate
      Insurer has not been reimbursed prior to such Distribution Date and (b) interest
      accrued on the foregoing at the Late Payment Rate from the date the Securities
      Administrator received such amounts paid by the Certificate Insurer to such
      Distribution Date.

     

    “Certificate
      Notional Balance”:
      With
      respect to the Interest-Only Certificates and any date of determination, the
      product of (i) the Class Notional Balance of such Class and (ii) the applicable
      Percentage Interest of such Certificate.

     

    “Certificate
      Owner”:
      With
      respect to each Book-Entry Certificate, any beneficial owner thereof and with
      respect to each Physical Certificate, the Certificateholder
      thereof.

     

    “Certificate
      Principal Balance”:
      With
      respect to each Certificate of a given Class (other than the Class X
      Certificates) and any date of determination, the product of (i) the Class
      Principal Balance of such Class and (ii) the applicable Percentage Interest
      of
      such Certificate.

     

    “Certificate
      Register”
and
      “Certificate
      Registrar”:
      The
      register maintained and registrar appointed pursuant to Section 6.02
      hereof.

     

    “Certificateholder”
or
      “Holder”:
      The
      Person in whose name a Certificate is registered in the Certificate Register,
      except that a Disqualified Organization or non-U.S. Person shall not be a Holder
      of a Residual Certificate for any purpose hereof.

     

    “Certification
      Parties”:
      As
      defined in Section 3.18.

     

    “Certifying
      Person”:
      As
      defined in Section 3.18.

     

    “Class”:
      Each
      of the classes of Certificates described under the heading “The Certificates” in
      the Preliminary Statement. Collectively, Certificates that have the same
      priority of payment and bear the same class designation and the form of which
      is
      identical except for variation in the Percentage Interest evidenced
      thereby.

     

    “Class
      Notional Balance”:
      With
      respect to the Class X Certificates and any Distribution Date, the aggregate
      Class Principal Balance of the Class A1A, Class A1B, Class A1C and Class PO
      Certificates, and Subordinate Certificates, at the end of the related Due
      Period.

     

    “Class
      Principal Balance”:
      With
      respect to any Class of Certificates (other than the Interest-Only Certificates
      and the Class PO Certificates) and any Distribution Date, the Original Class
      Principal Balance as reduced by the sum of (x) all amounts actually distributed
      in respect of principal of that Class on all prior Distribution Dates (provided,
      however, that the Certificate Insurer will be subrogated to the amount of any
      Realized Losses paid by it to the Insured Certificates), (y) all Realized
      Losses, if any, actually allocated to that Class on all prior Distribution
      Dates
      and (z) in the case of the Subordinate Certificates, any applicable Writedown
      Amount; provided,
      however,
      that
      (i) pursuant to Section 5.02, the Class Principal Balance of a Class of
      Certificates shall be increased up to the amount of Net Deferred Interest
      allocated to such Class of Certificates on such Distribution Date and (ii)
      pursuant to Section 5.08, the Class Principal Balance of a Class of Certificates
      may be increased up to the amount of Realized Losses previously allocated to
      such Class, in the event that there is a Recovery on a related Mortgage Loan,
      and the Certificate Principal Balance of any individual Certificate of such
      Class will be increased by its pro
      rata
      share of
      the increase to such Class. With respect to the Class PO Certificates and any
      Distribution Date, the Original Class Principal Balance of the Class PO
      Certificates as reduced by, the sum of (x) all amounts actually distributed
      in
      respect of principal of that Class on all prior Distribution Dates and (y)
      all
      Realized Losses, if any, actually allocated to that Class on all prior
      Distribution Dates; provided,
      however,
      that
      (i) pursuant to Section 5.02, the Class Principal Balance of the Class PO
      Certificates shall be increased up to the amount of Net Deferred Interest
      allocated to the Class X Certificates based on the Mortgage Loans on such
      Distribution Date and (ii) pursuant to Section 5.08, the Class Principal Balance
      of the Class PO Certificates may be increased up to the amount of Realized
      Losses previously allocated to such Class, in the event that there is a Recovery
      on a Mortgage Loan.

    

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

    

    “Class
      LT-R Interest”:
      As
      described in the Preliminary Statement.

     

    “Class
      Subordination Percentage”:
      With
      respect to each Class of Subordinate Certificates and any Distribution Date,
      the
      percentage equivalent of a fraction the numerator of which is the Class
      Principal Balance of such Class immediately before such Distribution Date and
      the denominator of which is the aggregate of the Class Principal Balances of
      all
      Classes of Certificates immediately before such Distribution Date.

     

    “Class
      X Adjusted Cap Rate”:
      With
      respect to the Class X Certificate for any Distribution Date, the Pass-Through
      Rate for the Class X Certificate, computed for this purpose by (i)
      reducing the amount of interest accrued on the Mortgage Loans for the related
      Due Period by the amount of any Net Deferred Interest for such Distribution
      Date
      and (ii) calculating the interest accrued on the Class A1A, Class A1B and Class
      A1C Certificates and the Subordinate Certificates by substituting the related
      “Adjusted Cap Rate” for the related “Net WAC Cap” in the definition of
      Pass-Through Rate for each such Certificate.

     

    “Close
      of Business”:
      As
      used herein, with respect to any Business Day and location, 5:00 p.m. at such
      location.

     

    “Closing
      Date”:
      February 23, 2006.

     

    “Code”:
      The
      Internal Revenue Code of 1986, as amended.

     

    “Commission”:
      U.S.
      Securities and Exchange Commission.

     

    “Compensating
      Interest Payment”:
      With
      respect to any Distribution Date, an
      amount
      equal to the amount, if any, by which (x) the aggregate
      amount
      of any Interest Shortfalls (excluding for such purpose all shortfalls as a
      result of Relief Act Reductions) required to be paid by the Servicers pursuant
      to the related Servicing Agreement with respect to such Distribution Date,
      exceeds (y) the aggregate amount actually paid by the Servicers in respect
      of
      such shortfalls; provided,
      that
      such
      amount, to the extent payable by the Master Servicer, shall not exceed the
      aggregate Master Servicing Fee that would be payable to the Master Servicer
      in
      respect of such Distribution Date without giving effect to any Compensating
      Interest Payment.
      

    

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

    

    “Corporate
      Trust Office”:
      With
      respect to the Trustee, the principal corporate trust office of the Trustee
      at
      which at any particular time its corporate trust business in connection with
      this Agreement shall be administered, which office at the date of the execution
      of this instrument is located at 452 Fifth Avenue, New York, NY 10019,
      Attention: Corporate Trust & Loan Agency/Luminent 2006-2, or at such other
      address as the Trustee may designate from time to time by notice to the
      Certificateholders, the Depositor, the Seller and the Sponsor. With respect
      to
      the Securities Administrator and the Certificate Registrar and (i) presentment
      of Certificates for registration of transfer, exchange or final payment, Wells
      Fargo Bank, National Association, Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: Corporate Trust, Luminent Mortgage
      Trust 2006-2, and (ii) for all other purposes, P.O. Box 98, Columbia, Maryland
      21046 (or for overnight deliveries, 9062 Old Annapolis Road, Columbia, Maryland
      21045), Attention: Corporate Trust, Luminent Mortgage Trust 2006-2.

     

    “Corresponding
      Class”:
      With
      respect to each Middle-Tier Interest, the Class or Classes of Certificates
      so
      designated in the Preliminary Statement. 

     

    “Countrywide”:
      Countrywide Home Loans, Inc., and its successors and assigns, in its capacity
      as
      an Originator of a portion of the Mortgage Loans.

     

    “Countrywide
      Servicing”:
      Countrywide Home Loans Servicing LP, as a servicer of the Mortgage Loans
      identified on the Mortgage Loan Schedule hereto, and any successors
      thereto.

     

    “Custodial
      Agreement”:
      The
      custodial agreement dated as of February 1, 2006, by and between Wells Fargo
      Bank, N.A., as custodian, and HSBC Bank USA, National Association, as
      trustee.

     

    “Custodian”:
      Wells
      Fargo Bank, N.A., and its successors acting as custodian of the Mortgage
      Files.

     

    “Cut-off
      Date”:
      With
      respect to any Mortgage Loan other than a Qualified Substitute Mortgage Loan,
      the Close of Business in New York City on February 1, 2006. With respect to
      any
      Qualified Substitute Mortgage Loan, the date designated as such on the Mortgage
      Loan Schedule (as amended).

     

    “Cut-off
      Date Collateral Balance”:
      As to
      any Distribution Date, the aggregate Stated Principal Balance of all Mortgage
      Loans as of February 1, 2006.

     

    “Cut-off
      Date Principal Balance”:
      With
      respect to any Mortgage Loan, the principal balance thereof remaining to be
      paid, after application of all scheduled principal payments due on or before
      the
      Cut-off Date whether or not received as of the Cut-off Date (or as of the
      applicable date of substitution with respect to a Qualified Substitute Mortgage
      Loan).

     

    “Debt
      Service Reduction”:
      With
      respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment
      for
      that Mortgage Loan by a court of competent jurisdiction in a proceeding under
      the Bankruptcy Code, unless the reduction results from a Deficient
      Valuation.

     

    “Deferred
      Interest”:
      With
      respect to each Mortgage Loan and each related Due Date, will be the excess,
      if
      any, of the amount of interest accrued on such Mortgage Loan from the preceding
      Due Date to such due date over the portion of the Monthly Payment allocated
      to
      interest for such Due Date.

    

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    

    “Deficiency
      Amount”:
      Means
      with respect to the Insured Certificates, (a) for any Distribution Date prior
      to
      the Final Distribution Date, the sum of (1) the excess, if any, of the Monthly
      Interest Distributable Amount on the Insured Certificates for such Distribution
      Date, net of any Net Interest Shortfalls, Basis Risk Shortfalls and Net Deferred
      Interest, over the amount of Available Funds to pay such net amount on the
      Insured Certificates on such Distribution Date and (2) the amount, if any,
      of
      any Realized Losses allocable to the Insured Certificates on such Distribution
      Date (after giving effect to all distributions to be made thereon on such
      Distribution Date, other than pursuant to a claim on the Policy) and (b) for
      the
      Final Distribution Date, the sum of (x) the amount set forth in clause (a)(1)
      above and (y) the aggregate outstanding Certificate Principal Balance of the
      Insured Certificates, after giving effect to all payments of principal on the
      Insured Certificates on such Final Distribution Date, other than pursuant to
      a
      claim on the Financial Guaranty Insurance Policy on that Distribution Date.
      Deficiency Amount shall not include (a) any portion of a Deficiency Amount
      due
      to holders of the Insured Certificates because a notice and certificate in
      proper form as required by the Financial Guaranty Insurance Policy was not
      timely received by the Certificate Insurer and (b) any portion of a Deficiency
      Amount due to holders of the Insured Certificates representing interest on
      any
      unpaid interest accrued from and including the date of payment by the
      Certificate Insurer of the amount of such unpaid interest. 

     

    “Deficient
      Valuation”:
      With
      respect to any Mortgage Loan, a valuation of the related Mortgaged Property
      by a
      court of competent jurisdiction in an amount less than the then outstanding
      principal balance of the Mortgage Loan, which valuation results from a
      proceeding initiated under the Bankruptcy Code.

     

    “Definitive
      Certificates”:
      Any
      Certificate evidenced by a Physical Certificate and any Certificate issued
      in
      lieu of a Book-Entry Certificate pursuant to Section 6.02(c) or (d)
      hereof.

     

    “Deleted
      Mortgage Loan”:
      A
      Mortgage Loan replaced or to be replaced by one or more Qualified Substitute
      Mortgage Loans.

     

    “Delinquent”:
      Any
      Mortgage Loan with respect to which the Monthly Payment due on a Due Date is
      not
      made.

     

    “Depositor”:
      Greenwich Capital Acceptance, Inc., a Delaware corporation, or any successor
      in
      interest.

     

    “Depository”:
      The
      initial Depository shall be The Depository Trust Company, whose nominee is
      Cede
& Co., or any other organization registered as a “clearing agency” pursuant
      to Section 17A of the Exchange Act. The Depository shall initially be the
      registered Holder of the Book-Entry Certificates. The Depository shall at all
      times be a “clearing corporation” as defined in Section 8-102(3) of the Uniform
      Commercial Code of the State of New York.

     

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

    

    
      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

    

    

    “Determination
      Date”:
      For
      any Distribution Date and each Mortgage Loan, the date each month, as set forth
      in the related Servicing Agreement, on which the related Servicer determines
      the
      amount of all funds required to be remitted to the Master Servicer on the
      Servicer Remittance Date with respect to the Mortgage Loans it is servicing.
      

     

    “Disqualified
      Organization”:
      A
“disqualified organization” defined in Section 860E(e)(5) of the Code, or any
      other Person so designated by the Securities Administrator based upon an Opinion
      of Counsel provided to the Securities Administrator by nationally recognized
      counsel acceptable to the Securities Administrator that the holding of an
      ownership interest in the Residual Certificate by such Person may cause the
      Trust Fund or any Person having an ownership interest in any Class of
      Certificates (other than such Person) to incur liability for any federal tax
      imposed under the Code that would not otherwise be imposed but for the transfer
      of an ownership interest in the Residual Certificate to such
      Person.

     

    “Distribution
      Account”:
      The
      trust account or accounts created and maintained by the Securities Administrator
      pursuant to Section 4.02 hereof for the benefit of the Certificate Insurer
      and
      the Certificateholders, which shall be entitled “Distribution Account, Wells
      Fargo Bank, N.A., as Securities Administrator for HSBC Bank USA, National
      Association, as Trustee, in trust for the registered Holders of Luminent
      Mortgage Trust 2006-2, Mortgage Pass-Through Certificates, Series 2006-2” and
      which must be an Eligible Account.

     

    “Distribution
      Account Income”:
      As to
      any Distribution Date, any interest or other investment income earned on funds
      deposited in the Distribution Account during the month of such Distribution
      Date.

     

    “Distribution
      Date”:
      Commencing in March 2006, the 25th day of the month, or, if such day is not
      a
      Business Day, the next Business Day.

     

    “Distribution
      Date Statement”:
      As
      defined in Section 5.04(a) hereof.

     

    “Due
      Date”:
      With
      respect to each Mortgage Loan and any Distribution Date, the first day of the
      calendar month in which such Distribution Date occurs on which the Monthly
      Payment for such Mortgage Loan was due, exclusive of any days of
      grace.

     

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

     

    

    
      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    

    

    “Eligible
      Account”:
      Any of

     

    (i) an
      account or accounts maintained with a federal or state chartered depository
      institution or trust company the short-term unsecured debt obligations of which
      (or, in the case of a depository institution or trust company that is the
      principal subsidiary of a holding company, the short-term unsecured debt
      obligations of such holding company) are rated in the highest short term rating
      category of each Rating Agency at the time any amounts are held on deposit
      therein;

     

    (ii) an
      account or accounts the deposits in which are fully insured by the FDIC (to
      the
      limits established by it), the uninsured deposits in which account are otherwise
      secured such that, as evidenced by an Opinion of Counsel delivered to the
      Securities Administrator and the Trustee and to each Rating Agency, the Trustee
      on behalf of the Certificateholders and the Certificate Insurer will have a
      claim with respect to the funds in the account or a perfected first priority
      security interest against the collateral (which shall be limited to Permitted
      Investments) securing those funds that is superior to claims of any other
      depositors or creditors of the depository institution with which such account
      is
      maintained;

     

    (iii) a
      trust
      account or accounts maintained with the trust department of a federal or state
      chartered depository institution, national banking association or trust company
      acting in its fiduciary capacity; or 

     

    (iv) an
      account otherwise acceptable to each Rating Agency without reduction or
      withdrawal of its then current ratings of the Certificates as evidenced by
      a
      letter from such Rating Agency to the Securities Administrator and the Trustee.
      Eligible Accounts may bear interest.

     

    “Endorsement”:
      As
      defined in the Financial Guaranty Insurance Policy.

     

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

     

    “ERISA-Restricted
      Certificates”:
      The
      Residual Certificate and any Certificate that does not satisfy the applicable
      rating requirement under the Underwriter’s Exemption.

     

    “Event
      of Default”:
      In
      respect of the Master Servicer, one or more of the events (howsoever described)
      set forth in Section 7.01 hereof as an event or events upon the occurrence
      and
      continuation of which the Master Servicer may be terminated.

     

    “Exchange
      Act”:
      The
      Securities Exchange Act of 1934, as amended.

     

    “Expense
      Fee”:
      With
      respect to any Mortgage Loan, the sum of (x) the Master Servicing Fee, (y)
      with
      respect to any Lender-Paid Mortgage Insurance Loan, the Lender-Paid Mortgage
      Insurance Fee and (z) the related Servicing Fee with respect to the related
      Servicer.

     

    “Expense
      Fee Rate”:
      With
      respect to any Mortgage Loan, the per annum rate at which the Expense Fee
      accrues for such Mortgage Loan as set forth in the Mortgage Loan
      Schedule.

     

    “Fannie
      Mae”:
      The
      Federal National Mortgage Association or any successor thereto.

    

    
      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

    

    

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

     

    “Final
      Distribution Date”:
      With
      respect to the Certificates other than the Insured Certificates, the
      Distribution Date occurring in February 2046. With respect to the Insured
      Certificates, the Distribution Date occurring in February 2047.

     

    “Final
      Recovery Determination”:
      With
      respect to any defaulted Mortgage Loan or any REO Property (other than a
      Mortgage Loan or REO Property purchased by the Sponsor pursuant to or as
      contemplated by Sections 2.03 and 10.01), a determination made by the related
      Servicer and reported to the Master Servicer that all Insurance Proceeds,
      Liquidation Proceeds and other payments or recoveries which it expects to be
      finally recoverable in respect thereof have been so recovered. 

     

    “Financial
      Guaranty Insurance Policy”:
      The
      Financial Guaranty Insurance Policy (No. 51717-N) with respect to the Insured
      Certificates, and all endorsements thereto dated the Closing Date, issued by
      the
      Certificate Insurer for the benefit of the Holders of the Insured Certificates,
      a copy of which is attached hereto as Exhibit O.

     

    “Form
      8-K Disclosure Information”:
      As
      defined in Section 3.19(c).

     

    “Freddie
      Mac”:
      The
      Federal Home Loan Mortgage Corporation or any successor thereto.

     

    “Gross
      Margin”:
      With
      respect to each Mortgage Loan, the fixed percentage set forth in the related
      Mortgage Note that is added to the applicable Index on each Adjustment Date
      in
      accordance with the terms of the related Mortgage Note used to determine the
      Loan Rate for such Mortgage Loan.

     

    “Indemnified
      Persons”:
      The
      Trustee (individually in its corporate capacity and in all capacities
      hereunder), the Custodian, the Master Servicer, the Seller, the Sponsor, the
      Depositor, the Certificate Insurer and the Securities Administrator and their
      officers, directors, agents and employees and, with respect to the Trustee,
      any
      separate co-trustee and its officers, directors, agents and
      employees.

     

    “Independent”:
      When
      used with respect to any specified Person, any such Person who (a) is in fact
      independent of the Depositor and its Affiliates, (b) does not have any direct
      financial interest in or any material indirect financial interest in the
      Depositor or any Affiliate thereof, and (c) is not connected with the Depositor
      or any Affiliate thereof as an officer, employee, promoter, underwriter,
      trustee, partner, director or Person performing similar functions; provided,
      however,
      that a
      Person shall not fail to be Independent of the Depositor or any Affiliate
      thereof merely because such Person is the beneficial owner of 1% or less of
      any
      class of securities issued by the Depositor or any Affiliate
      thereof.

     

    “Index”:
      With
      respect to each Mortgage Loan and each Adjustment Date, the index specified
      in
      the related Mortgage Note.

    

    
      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    

    

    “Initial
      Certificate Principal Balance”:
      With
      respect to any Certificate (other than the Interest-Only Certificates), the
      amount designated “Initial Certificate Principal Balance” on the face
      thereof.

     

    “Initial
      Certificate Notional Balance”:
      With
      respect to the Interest-Only Certificate, the amount designated “Initial
      Certificate Notional Balance” on the face thereof.

     

    “Insurance
      Proceeds”:
      With
      respect to any Mortgage Loan, proceeds of any title policy, hazard policy or
      other insurance policy covering a Mortgage Loan, to the extent such proceeds
      are
      not to be applied to the restoration of the related Mortgaged Property or
      released to the related Mortgagor in accordance with the related Servicing
      Agreement.

     

    “Insured
      Amount”:
      The
      meaning assigned to the term “Guaranteed Distributions” in the Financial
      Guaranty Insurance Policy.

     

    “Insured
      Certificate”:
      Any
      Class A1C Certificate.

     

    “Interest
      Distributable Amount”:
      With
      respect to any Distribution Date and each Class of Certificates (other than
      the
      Class PO Certificates), the sum of (i) the Monthly Interest Distributable
      Amount for that Class and (ii) the Unpaid Interest Shortfall Amount for
      that Class.

     

    “Interest-Only
      Certificate”:
      Any
      Class X Certificate.

     

    “Interest
      Shortfall”:
      With
      respect to any Distribution Date and each Mortgage Loan that during the related
      Prepayment Period was the subject of a Principal Prepayment or a reduction
      of
      its Monthly Payment under the Relief Act, an amount determined as
      follows:

     

    (a)       Principal
      Prepayments in part received during the relevant Prepayment
      Period:
      the
      difference between (i) one month’s interest at the applicable Net Loan Rate for
      such Mortgage Loan on the amount of such prepayment and (ii) the amount of
      interest for the calendar month of such prepayment (adjusted to the applicable
      Net Loan Rate) actually received with respect to such prepayment at the time
      of
      such prepayment; and

     

    (b)       Principal
      Prepayments in full received during the relevant Prepayment
      Period:
      the
      difference between (i) one month’s interest at the applicable Net Loan Rate on
      the Stated Principal Balance of such Mortgage Loan immediately prior to such
      prepayment and (ii) the amount of interest for the calendar month of such
      prepayment (adjusted to the applicable Net Loan Rate) actually received with
      respect to such prepayment at the time of such prepayment; and

     

    (c)       the
      amount of any Relief Act Reductions for such Distribution Date.

     

    “Item
      1122 Responsible Party”:
      As
      defined in Section 3.22.

     

    “Late
      Payment Rate”:
      For
      any
      Distribution Date, the lesser of (i) the greater of (a) the rate of interest,
      as
      it is publicly announced by Citibank, N.A. at its principal office in New York,
      New York as its prime rate (any change in such prime rate of interest to be
      effective on the date such change is announced by Citibank, N.A.) plus
      3% and
      (b) the then applicable highest rate of interest on the Insured Certificates
      and
      (ii) the maximum rate permissible under applicable usury or similar laws
      limiting interest rates.  The Late Payment Rate shall be computed on the
      basis of the actual number of days elapsed over a year of 360 days.

    

    
      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

    

    

    “Latest
      Possible Maturity Date”:
      As
      determined as of the Cut-off Date, the Distribution Date following the fifth
      anniversary of the scheduled maturity date of the Mortgage Loan having the
      latest scheduled maturity date as of the Cut-off Date.

     

    “Lender-Paid
      Mortgage Insurance Loan”:
      Each
      Mortgage Loan identified as such in the Mortgage Loan Schedule.

     

    “Lender-Paid
      Mortgage Insurance Fee”:
      As to
      any Distribution Date and each Lender Paid Mortgage Insurance Mortgage Loan,
      an
      amount equal to the product of the Lender-Paid Mortgage Insurance Fee Rate
      and
      the outstanding Principal Balance of such Mortgage Loan as of the first day
      of
      the related Due Period. 

     

    “Lender-Paid
      Mortgage Insurance Fee Rate”:
      For
      each Lender-Paid Mortgage Insurance Loan and any Distribution Date, the per
      annum rate required to be paid in connection with the related lender-paid
      mortgage insurance policy for such Mortgage Loan on such Distribution Date
      and
      as specified on the Mortgage Loan Schedule.

     

    “LIBOR”:
      With
      respect to each Accrual Period, a per annum rate determined on the LIBOR
      Determination Date in the following manner by the Securities Administrator
      on
      the basis of the “Interest Settlement Rate” set by 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.

     

    (a)       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 Securities Administrator
      will obtain such rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.”
If such rate is not published for such LIBOR Determination Date, LIBOR for
      such
      date will be the most recently published Interest Settlement Rate. In the event
      that the BBA no longer sets an Interest Settlement Rate, the rate for such
      date
      will be determined on the basis of the rates at which one-month U.S. dollar
      deposits are offered by the Reference Banks at approximately 11:00 am (London
      time) on such date to prime banks in the London interbank market. In such event,
      the Securities Administrator will request the principal London office of each
      of
      the Reference Banks to provide a quotation of its rate. If at least two such
      quotations are provided, the rate for that date will be the arithmetic mean
      of
      the quotations (rounded upwards if necessary to the nearest whole multiple
      of
      1/16%). If fewer than two quotations are provided as requested, the rate for
      that date will be the arithmetic mean of the rates quoted by major banks in
      New
      York City, selected by the Securities Administrator (after consultation with
      the
      Depositor), at approximately 11:00 a.m. (New York City time) on such date for
      one-month U.S. dollar loan to leading European banks.

     

    (b)       The
      establishment of LIBOR by the Securities Administrator and the Securities
      Administrator’s subsequent calculation of the Pass-Through Rate applicable to
      the LIBOR Certificates for the relevant Accrual Period, in the absence of
      manifest error, will be final and binding.

    

    
      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

    

    “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
      Certificates”:
      The
      Class A1A, Class A1B, Class A1C, Class B-1, Class B-2, Class B-3, Class B-4,
      Class B-5 and Class B-6 Certificates.

     

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

     

    “Liquidated
      Mortgage Loan”:
      As to
      any Distribution Date, any Mortgage Loan in respect of which the related
      Servicer has determined, in accordance with the servicing procedures specified
      herein, as of the end of the related Prepayment Period, that all Liquidation
      Proceeds that it expects to recover with respect to the liquidation of such
      Mortgage Loan or disposition of the related REO Property have been
      recovered.

     

    “Liquidation
      Event”:
      With
      respect to any Mortgage Loan, any of the following events: (i) such Mortgage
      Loan is paid in full; (ii) a Final Recovery Determination is made as to such
      Mortgage Loan; or (iii) such Mortgage Loan is removed from the Trust Fund by
      reason of its being purchased, sold or replaced pursuant to or as contemplated
      hereunder. With respect to any REO Property, either of the following events:
      (i)
      a Final Recovery Determination is made as to such REO Property; or (ii) such
      REO
      Property is removed from the Trust Fund by reason of its being sold or purchased
      pursuant to Section 10.01 hereof or the applicable provisions of the related
      Servicing Agreement.

     

    “Liquidation
      Expenses”:
      With
      respect to a Mortgage Loan in liquidation, unreimbursed expenses paid or
      incurred by or for the account of the Master Servicer or the related Servicers,
      such expenses including (a) property protection expenses, (b) property sales
      expenses, (c) foreclosure and sale costs, including court costs and reasonable
      attorneys’ fees, and (d) similar expenses reasonably paid or incurred in
      connection with liquidation. 

     

    “Liquidation
      Proceeds”:
      With
      respect to any Mortgage Loan, the amount (other than amounts received in respect
      of the rental of any REO Property prior to REO Disposition) received by the
      related Servicer as proceeds from the liquidation of such Mortgage Loan, as
      determined in accordance with the applicable provisions of the related Servicing
      Agreement, other than Recoveries; provided
      that
      with respect to any Mortgage Loan or REO Property repurchased, substituted
      or
      sold pursuant to or as contemplated hereunder, or pursuant to the applicable
      provisions of the related Servicing Agreement, “Liquidation Proceeds” shall also
      include amounts realized in connection with such repurchase, substitution or
      sale.

     

    “Loan
      Rate”:
      With
      respect to each Mortgage Loan, the annual rate at which interest accrues on
      such
      Mortgage Loan from time to time in accordance with the provisions of the related
      Mortgage Note.

     

    “Loan-to-Value
      Ratio”:
      With
      respect to each Mortgage Loan and any date of determination, a fraction,
      expressed as a percentage, the numerator of which is the Principal Balance
      of
      the Mortgage Loan at such date of determination and the denominator of which
      is
      the Value of the related Mortgaged Property.

    

    
      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    

    

    “Lower-Tier
      Interest”:
      Any
      one of the interests in the Lower-Tier REMIC, as described in the Preliminary
      Statement.

     

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

     

    “LT2-AZ
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the principal balance of the LT-Y Interest immediately preceding such
      Distribution Date divided by (b) the difference between (I) 100% minus (II)
      the
      quotient of (A) the Adjusted Net WAC for such Distribution Date divided by
      (B)
      the product of (1) two multiplied by (2) the Net WAC for such Distribution
      Date,
      over (ii) the principal balance of the LT-Y Interest immediately preceding
      such
      Distribution Date.

     

    “LT-Y
      Target Balance”:
      With
      respect to any Distribution Date, the excess, if any, of (i) the quotient of
      (a)
      the product of (I) the principal balance of the LT-Z Interest immediately
      preceding such Distribution Date multiplied by (II) the Net WAC for such
      Distribution Date multiplied by (III) two, divided by (b) the Adjusted Net
      WAC
      for such Distribution Date, over (ii) the principal balance of the LT-Z Interest
      immediately preceding such Distribution Date.

     

    “Majority
      Certificateholders”:
      The
      Holders of Certificates evidencing at least 51% of the Voting
      Rights.

     

    “Margin”:
      On
      each Distribution Date on or prior to the Call Option Date, (i) with respect
      to
      the Class A1A Certificates, 0.200% per annum, and on each Distribution Date
      after the Call Option Date, 0.400% per annum, (ii) with respect to the Class
      A1B
      Certificates, 0.280% per annum, and on each Distribution Date after the Call
      Option Date, 0.560% per annum, (iii) with respect to the Class A1C Certificates,
      0.210% per annum, and on each Distribution Date after the Call Option Date,
      0.420% per annum, (iv) with respect to the Class B-1 Certificates, 0.480% per
      annum, and on each Distribution Date after the Call Option Date, 0.720% per
      annum, (v) with respect to the Class B-2 Certificates, 0.900% per annum, and
      on
      each Distribution Date after the Call Option Date, 1.350% per annum and (vi)
      with respect to the Class B-3, Class B-4, Class B-5 and Class B-6 Certificates,
      1.750% per annum, and on each Distribution Date after the Call Option Date,
      2.625% per annum.

     

    “Master
      Servicer”:
      Wells
      Fargo Bank, N.A., or any successor Master Servicer appointed as herein
      provided.

     

    “Master
      Servicing Fee”:
      As to
      any Distribution Date and each related Mortgage Loan, an amount equal to the
      product of the applicable Master Servicing Fee Rate and the outstanding
      Principal Balance of such Mortgage Loan as of the first day of the related
      Due
      Period less the Trustee Fee, if any, payable to the Trustee for such
      Distribution Date. The Master Servicing Fee for any Mortgage Loan shall be
      payable in respect of any Distribution Date solely from the interest portion
      of
      the Monthly Payment or other payment or recovery with respect to such Mortgage
      Loan.

     

    “Master
      Servicing Fee Rate”:
      0.0125% per annum.

    

    
      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

    

    

    “Maximum
      Loan Rate”:
      With
      respect to each Mortgage Loan, the percentage set forth in the related Mortgage
      Note as the maximum Loan Rate thereunder.

     

    “MERS”:
      Mortgage Electronic Registration Systems, Inc., a corporation organized and
      existing under the laws of the State of Delaware, or any successor
      thereto.

     

    “MERS
      Mortgage Loan”:
      Any
      Mortgage Loan registered with MERS on the MERS System.

     

    “MERS® System”:
      The
      system of recording transfers of mortgages electronically maintained by
      MERS.

     

    “Middle-Tier
      Interest”:
      Any one
      of the interests in the Middle-Tier REMIC, as described in the Preliminary
      Statement.

     

    “Middle
      Tier REMIC”:
      As
      described in the Preliminary Statement.

     

    “MIN”:
      The
      Mortgage Identification Number for any MERS Mortgage Loan.

     

    “MOM
      Loan”:
      Any
      Mortgage Loan as to which MERS is acting as mortgagee, solely as nominee for
      the
      originator of such Mortgage Loan and its successors and assigns.

     

    “Monthly
      Interest Distributable Amount”:
      With
      respect to each Class of Certificates (other than the Class PO Certificates)
      and
      any Distribution Date, the amount of interest accrued during the related Accrual
      Period at the lesser of the related Adjusted Cap Rate and the related
      Pass-Through Rate on the Class Principal Balance or Class Notional Balance,
      as
      applicable, immediately prior to that Distribution Date; provided,
      however,
      that
      for purposes of compliance with the REMIC Provisions, (A) the Monthly Interest
      Distributable Amount for each Class of Subordinate Certificates shall be
      calculated by reducing the related Pass-Through Rate by a per annum rate equal
      to (i) 12 times the Subordinate Class Expense Share for such Class divided
      by
      (ii) the
      Class Principal Balance of such Class as of the beginning of the related Accrual
      Period and (B) such Class shall be deemed to bear interest at such Pass-Through
      Rate as so reduced for federal income tax purposes; provided,
      further,
      such
      Monthly Interest Distributable Amount shall be reduced if the Pass-Through
      Rate
      applicable to such Class for the related Accrual Period exceeds the Adjusted
      Cap
      Rate applicable to such Class for such Distribution Date, subject to the
      allocation priority set forth in Section 5.02 herein.

     

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal and/or
      interest on such Mortgage Loan that is payable by the related Mortgagor from
      time to time under the related Mortgage Note, determined, for the purposes
      of
      this Agreement: (a) after giving effect to any reduction in the amount of
      interest collectible from the related Mortgagor pursuant to the Relief Act;
      (b)
      without giving effect to any extension granted or agreed to by the related
      Servicer pursuant to the applicable provisions of the related Servicing
      Agreement; and (c) on the assumption that all other amounts, if any, due under
      such Mortgage Loan are paid when due.

     

    “Moody’s”:
      Moody’s Investors Service, Inc. or any successor thereto.

    

    
      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

    

    

    “Mortgage”:
      The
      mortgage, deed of trust or other instrument creating a first lien on, or first
      priority security interest in, a Mortgaged Property securing a Mortgage
      Note.

     

    “Mortgage
      File”:
      The
      mortgage documents listed in Section 2.01 hereof pertaining to a particular
      Mortgage Loan and any additional documents required to be added to the Mortgage
      File pursuant to this Agreement.

     

    “Mortgage
      Loan”:
      Each
      mortgage loan transferred and assigned to the Trustee pursuant to Section 2.01
      or Section 2.03(d) hereof as from time to time held as a part of the Trust
      Fund,
      the Mortgage Loans so held being identified in the Mortgage Loan
      Schedule.

     

    “Mortgage
      Loan Purchase Agreement”:
      The
      Mortgage Loan Purchase Agreement among the Seller, the Sponsor and the
      Depositor, dated as of February 1, 2006, regarding the transfer of the Mortgage
      Loans by the Seller (including the Seller’s rights and interests in the
      Servicing Agreements) to or at the direction of the Depositor.

     

    “Mortgage
      Loan Schedule”:
      As of
      any date, the list of Mortgage Loans included in the Trust Fund on such date,
      attached hereto as Schedule I. The Mortgage Loan Schedule shall be prepared
      by
      the Depositor and shall set forth the following information with respect to
      each
      Mortgage Loan:

     

    
      	 	
              (i)

            	
              the
                Mortgage Loan identifying number;

            

    

     

    
      	 	
              (ii)

            	
              a
                code indicating whether the Mortgaged Property was represented by
                the
                borrower, at the time of origination, as being
                owner-occupied;

            

    

     

    
      	 	
              (iii)

            	
              a
                code indicating whether the Residential Dwelling constituting the
                Mortgaged Property is (a) a detached single family dwelling, (b)
                a
                dwelling in a planned unit development, (c) a condominium unit, (d)
                a two-
                to four-unit residential property, (e) a townhouse or (f) other type
                of
                Residential Dwelling;

            

    

     

    
      	 	
              (iv)

            	
              if
                the related Mortgage Note permits the borrower to make Monthly Payments
                of
                interest only for a specified period of time, (a) the original number
                of
                such specified Monthly Payments and (b) the remaining number of such
                Monthly Payments as of the Cut-off
                Date;

            

    

     

    
      	 	
              (v)

            	
              the
                original months to maturity;

            

    

     

    
      	 	
              (vi)

            	
              the
                stated remaining months to maturity from the Cut-off Date based on
                the
                original amortization schedule;

            

    

     

    
      	 	
              (vii)

            	
              the
                Loan-to-Value Ratio at origination;

            

    

     

    
      	 	
              (viii)

            	
              the
                Loan Rate in effect immediately following the Cut-off
                Date;

            

    

     

    
      	 	
              (ix)

            	
              the
                date on which the first Monthly Payment is or was due on the Mortgage
                Loan;

            

    

     

    
      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (x)

            	
              the
                stated maturity date;

            

    

     

    
      	 	
              (xi)

            	
              the
                Master Servicing Fee Rate and the Servicing Fee
                Rate;

            

    

     

    
      	 	
              (xii)

            	
              the
                last Due Date on which a Monthly Payment was actually applied to
                the
                unpaid Stated Principal Balance;

            

    

     

    
      	 	
              (xiii)

            	
              the
                original principal balance of the Mortgage
                Loan;

            

    

     

    
      	 	
              (xiv)

            	
              the
                Stated Principal Balance of the Mortgage Loan on the Cut-off Date
                and a
                code indicating the purpose of the Mortgage Loan (i.e., purchase
                financing, rate/term refinancing, cash-out
                refinancing);

            

    

     

    
      	 	
              (xv)

            	
              the
                Index and Gross Margin specified in related Mortgage
                Note;

            

    

     

    
      	 	
              (xvi)

            	
              the
                next Adjustment Date, if
                applicable;

            

    

     

    
      	 	
              (xvii)

            	
              the
                Maximum Loan Rate, if applicable;

            

    

     

    
      	 	
              (xviii)

            	
              the
                Value of the Mortgaged Property;

            

    

     

    
      	 	
              (xix)

            	
              the
                sale price of the Mortgaged Property, if
                applicable;

            

    

     

    
      	 	
              (xx)

            	
              the
                product code;

            

    

     

    
      	 	
              (xxi)

            	
              whether
                the Mortgage Loan is a Lender Paid Mortgage Insurance Loan;
                and

            

    

     

    
      	 	
              (xxii)

            	
              the
                Servicer that is servicing each Mortgage Loan and the related Originator
                of the Mortgage Loan.

            

    

     

    The
      Mortgage Loan Schedule, as in effect from time to time, shall also set forth
      the
      following information with respect to the Mortgage Loans in the aggregate as
      of
      the Cut-off Date: (1) the number of Mortgage Loans; (2) the current
      Principal Balance of the Mortgage Loans; (3) the weighted average Loan Rate
      of the Mortgage Loans; and (4) the weighted average remaining months to
      maturity of the Mortgage Loans. The Mortgage Loan Schedule shall be amended
      from
      time to time by the Depositor in accordance with the provisions of this
      Agreement.

     

    “Mortgage
      Note”:
      The
      original executed note or other evidence of indebtedness evidencing the
      indebtedness of a Mortgagor under a Mortgage Loan.

     

    “Mortgaged
      Property”:
      The
      fee simple or leasehold interest in real property, together with improvements
      thereto including any exterior improvements to be completed within 120 days
      of
      disbursement of the related Mortgage Loan proceeds.

     

    “Mortgagor”:
      The
      obligor on a Mortgage Note.

    

    
      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

    

    

    “Net
      Deferred Interest”:
      With
      respect to any Distribution Date, the greater of (i) the excess, if any, of
      the
      Deferred Interest for the related Due Date over the aggregate amount of any
      principal prepayments in part or in full received during the related Prepayment
      Period and (ii) zero.

     

    “Net
      Interest Shortfall”:
      With
      respect to any Distribution Date, the excess of the Interest Shortfall, if
      any,
      for such Distribution Date over the sum of (i) Interest Shortfalls paid by
      the
      Servicers under the related Servicing Agreements with respect to such
      Distribution Date and (ii) Compensating Interest Payments made with respect
      to
      such Distribution Date.

     

    “Net
      Liquidation Proceeds”:
      With
      respect to any Liquidated Mortgage Loan or any other disposition of related
      Mortgaged Property (including REO Property) the related Liquidation Proceeds
      net
      of Advances, related Servicing Advances, Master Servicing Fee, related Servicing
      Fees and any other accrued and unpaid servicing fees received and retained
      in
      connection with the liquidation of such Mortgage Loan or Mortgaged
      Property.

     

    “Net
      Loan Rate”:
      With
      respect to any Mortgage Loan (or the related REO Property), as of any date
      of
      determination, a per annum rate of interest equal to the then applicable Loan
      Rate for such Mortgage Loan minus the related Servicing Fee Rate, Master
      Servicing Fee Rate and, if applicable, the Lender Paid Mortgage Insurance
      Rate.

     

    “Net
      Maximum Loan Rate”:
      With
      respect to any Mortgage Loan (or the related REO Property), as of any date
      of
      determination, a per annum rate of interest equal to the then applicable Maximum
      Loan Rate for such Mortgage Loan minus the related Servicing Fee Rate, Master
      Servicing Fee Rate and, if applicable, the Lender Paid Mortgage Insurance
      Rate.

     

     

    “Net
      Maximum Rate Cap”:
      For
      any Distribution Date and any Class of Certificates (other than the Class X
      and
      Class PO Certificates), the related Net WAC Cap, computed by assuming that
      each
      Mortgage Loan accrued interest at its Net Maximum Loan Rate.

     

    “Net
      Realized Losses”:
      For
      any Class of Certificates and any Distribution Date, the excess of (i) the
      amount of Realized Losses previously allocated to that Class or PO Component
      over (ii) the amount of any increases to the Class Principal Balance of that
      Class or Component Principal Balance pursuant to Section 5.08 due to
      Recoveries.

     

    “Net
      WAC”:
      With
      respect to any Distribution Date, the weighted average of the Net Loan Rates
      of
      the Mortgage Loans as of the first day of the related Due Period (or, in the
      case of the first Distribution Date, as of the Cut-off Date), weighted on the
      basis of the related Stated Principal Balances at the beginning of the related
      Due Period.

     

    “Net
      WAC Cap”:
      For
      any Distribution Date and the Class A1A and the Class A1B Certificates, and
      the
      Subordinate Certificates, the product of (i) the Net WAC multiplied by (ii)
      the
      quotient of 30 divided by the actual number of days in the Accrual Period.
      For
      any Distribution Date and the Class A1C Certificates, (a) the product of (i)
      the
      Net WAC multiplied by (ii) the quotient of 30 divided by the actual number
      of
      days in the Accrual Period less
      (b) the
      related insurance premium rate for such Distribution Date.

    

    
      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

    

    

    For
      the
      Class A1C Certificates and the related Net WAC Cap and Pass-Through Rate, the
      per annum “insurance premium rate” for any Distribution Date is the product of
      (i)(a) the Premium Amount for the Class A1C Certificates for such Distribution
      Date, divided by (b) the Class Principal Balance of such Class immediately
      prior
      to such Distribution Date, multiplied by (ii) the quotient obtained by dividing
      360 by the actual number of days in the related Accrual Period for such
      Class.

     

    “Nonrecoverable”:
      The
      determination by the Master Servicer or the related Servicer in respect of
      a
      delinquent Mortgage Loan that if it were to make an Advance in respect thereof,
      such amount would not be recoverable from any collections or other recoveries
      (including Liquidation Proceeds) on such Mortgage Loan.

     

    “Notice”:
      As
      defined in the Financial Guaranty Insurance Policy.

     

    “Officers’
      Certificate”:
      A
      certificate signed by the Chairman of the Board, the Vice Chairman of the Board,
      the President or a vice president (however denominated), or by the Treasurer,
      the Secretary, or one of the assistant treasurers or assistant secretaries
      of
      the Sponsor, the Master Servicer or the Depositor, as applicable.

     

    “One-Month
      COFI Index”:
      The
      weighted average cost of funds of depository institutions, headquartered in
      Arizona, California or Nevada and members of the Eleventh District of the
      Federal Home Loan Bank System, as computed from statistics tabulated and
      published by the FHLB of San Francisco

     

    “One-Month
      COFI Indexed Mortgage Loan”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the One-Month COFI index.

     

    “One-Month
      MTA Index”:
      The
      twelve-month average yields on United States Treasury securities adjusted to
      a
      constant maturity of one year as published by the Federal Reserve Board in
      Statistical Release H.15(519).

     

    “One-Month
      MTA Indexed Mortgage Loan”:
      Indicates a Mortgage Loan that has an adjustable Loan Rate calculated on the
      basis of the One-Month MTA index. 

     

    “Opinion
      of Counsel”:
      A
      written opinion of counsel, who may, without limitation, be a salaried counsel
      for the Depositor or the Sponsor, acceptable to the Trustee or the Securities
      Administrator, as applicable, except that any opinion of counsel relating to
      (a)
      the qualification of any REMIC created hereunder as a REMIC or (b) compliance
      with the REMIC Provisions must be an opinion of Independent
      counsel.

    

    
      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

    

    

    “Original
      Applicable Credit Support Percentage”:
      With
      respect to each Class of Subordinate Certificates, the corresponding percentage
      set forth below opposite its Class designation:

     

    
      	
              Class
                B-1

            	
              10.50%

            
	
              Class
                B-2

            	
               
                6.80%

            
	
              Class
                B-3

            	
               
                4.50%

            
	
              Class
                B-4

            	
               
                3.10%

            
	
              Class
                B-5

            	
               
                1.80%

            
	
              Class
                B-6

            	
               
                0.80%

            

    

    

     

    “Original
      Class Notional Balance”:
      With
      respect to the Class X Certificates, the corresponding aggregate notional amount
      set forth opposite the Class designation of such Class in the Preliminary
      Statement.

     

    “Original
      Class Principal Balance”:
      With
      respect to each Class of Certificates other than the Interest-Only Certificates,
      the corresponding aggregate amount set forth opposite the Class designation
      of
      such Class in the Preliminary Statement. 

     

    “Original
      Subordinated Principal Balance”:
      The
      aggregate of the Original Class Principal Balances of the Classes of Subordinate
      Certificates.

     

    “Originator”:
      Countrywide or Paul Financial.

     

    “OTS”:
      The
      Office of Thrift Supervision.

     

    “Outstanding
      Mortgage Loan”:
      As of
      any Due Date, a Mortgage Loan with a Stated Principal Balance greater than
      zero,
      that was not the subject of a prepayment in full prior to such Due Date and
      that
      did not become a Liquidated Mortgage Loan prior to such Due Date.

     

    “Ownership
      Interest”:
      As to
      any Certificate, any ownership or security interest in such Certificate,
      including any interest in such Certificate as the Holder thereof and any other
      interest therein, whether direct or indirect, legal or beneficial, as owner
      or
      as pledgee.

     

    “Pass-Through
      Rate”:
      With
      respect to each Class of Certificates and any Distribution Date, the rate set
      forth below:

     

    
      	 	
              (i)

            	
              The
                Pass-Through Rate for the Class A1A Certificates shall be equal to
                the
                least of (a) LIBOR plus the applicable Margin, (b) the applicable
                Net WAC
                Cap for that Distribution Date and (c) the Net Maximum Rate
                Cap;

            

    

     

    
      	 	
              (ii)

            	
              The
                Pass-Through Rate for the Class A1B Certificates shall be equal to
                the
                least of (a) LIBOR plus the applicable Margin, (b) the applicable
                Net WAC
                Cap for that Distribution Date and (c) the Net Maximum Rate
                Cap;

            

    

     

    
      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (iii)

            	
              The
                Pass-Through Rate for the Class A1C Certificates shall be equal to
                the
                least of (a) LIBOR plus the applicable Margin, (b) the applicable
                Net WAC
                Cap for that Distribution Date and (c) the Net Maximum Rate
                Cap;

            

    

     

    
      	 	
              (iv)

            	
              The
                Pass-Through Rate for the Class A-R Certificate shall be equal to
                the
                applicable Net WAC for that Distribution
                Date;

            

    

     

    
      	 	
              (v)

            	
              The
                Pass-Through Rate for the Class X Certificates on any Distribution
                Date
                shall be equal to the quotient of (a) the product of (1) the excess,
                if
                any, of (i) the interest accrued on the Mortgage Loans for the related
                Due
                Period minus (ii) the sum of (x) the interest accrued for the related
                Accrual Period on the Certificates (other than the Class X Certificates)
                and (y) the Premium Amount multiplied by (2) 12, divided by (b) the
                Class
                X Notional Balance for such Distribution Date;
                and

            

    

     

    
      	 	
              (vi)

            	
              The
                Pass-Through Rate for the Class B-1, Class B-2, Class B-3, Class
                B-4,
                Class B-5 and Class B-6 Certificates shall be equal to the least
                of (a)
                LIBOR plus the applicable Margin, (b) the applicable Net WAC Cap
                for that
                Distribution Date and (c) the Net Maximum Rate
                Cap.

            

    

     

    “Paul
      Financial”:
      Paul
      Financial LLC.

     

    “Paying
      Agent”:
      Any
      paying agent appointed pursuant to Section 6.05 hereof.

     

    “PCAOB”:
      The
      Public Company Accounting Oversight Board.

     

    “Percentage
      Interest”:
      With
      respect to any Certificate other than a Residual Certificate, a fraction,
      expressed as a percentage, the numerator of which is the Initial Certificate
      Principal Balance or Initial Certificate Notional Balance, as applicable,
      represented by such Certificate and the denominator of which is the Original
      Class Principal Balance or Original Class Certificate Notional Balance, as
      applicable, of the related Class. With respect to the Residual Certificate,
      100%.

     

    “Permitted
      Investments”:
      Any
      one or more of the following obligations or securities acquired at a purchase
      price of not greater than par, regardless of whether issued or managed by the
      Depositor, the Master Servicer, the Trustee or any of their respective
      Affiliates or for which an Affiliate of the Trustee serves as an
      advisor:

     

    (i) direct
      obligations of, or obligations fully guaranteed as to timely payment of
      principal and interest by, the United States or any agency or instrumentality
      thereof, provided such obligations are backed by the full faith and credit
      of
      the United States; 

     

    (ii) (A)
      demand and time deposits in, certificates of deposit of, bankers’ acceptances
      issued by or federal funds sold by any depository institution or trust company
      (including the Trustee or the Master Servicer or their agents acting in their
      respective commercial capacities) incorporated under the laws of the United
      States of America or any state thereof and subject to supervision and
      examination by federal and/or state authorities, so long as, at the time of
      such
      investment or contractual commitment providing for such investment, such
      depository institution or trust company or its ultimate parent has a short-term
      uninsured debt rating in one of the two highest available rating categories
      of
      each Rating Agency and (B) any other demand or time deposit or deposit which
      is
      fully insured by the FDIC; provided, however, that such investment shall not
      have a maturity longer than 365 days;

    

    
      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

    

    

    (iii) repurchase
      obligations with respect to any security described in clause (i) above and
      entered into with a depository institution or trust company (acting as
      principal) rated A-1+ (or its equivalent)  or higher by the Rating
      Agencies; provided however, that such investment shall not have a maturity
      longer than 365 days;

     

    (iv) securities
      bearing interest or sold at a discount that are issued by any corporation
      incorporated under the laws of the United States of America, the District of
      Columbia or any State thereof and that are rated by each Rating Agency in its
      highest long-term unsecured rating categories at the time of such investment
      or
      contractual commitment providing for such investment; provided, however, that
      such investment shall not have a maturity longer than 365 days;

     

    (v) commercial
      paper (including both non-interest-bearing discount obligations and
      interest-bearing obligations) that is rated by each Rating Agency in its highest
      short-term unsecured debt rating available at the time of such
      investment;

     

    (vi) units
      of
      money market funds (which may be 12b-1 funds, as contemplated by the Commission
      under the Investment Company Act of 1940) registered under the Investment
      Company Act of 1940 including funds managed or advised by the Trustee, the
      Master Servicer or an affiliate thereof having the highest applicable rating
      from each Rating Agency; and

     

    (vii) if
      previously confirmed in writing to the Trustee, any other demand, money market
      or time deposit, or any other obligation, security or investment, as may be
      acceptable to each Rating Agency in writing as a permitted investment of funds
      backing securities having ratings equivalent to its highest initial rating
      of
      the Senior Certificates;

     

    provided,
      however,
      that no
      instrument described hereunder shall evidence either the right to receive (a)
      only interest with respect to the obligations underlying such instrument or
      (b)
      both principal and interest payments derived from obligations underlying such
      instrument and the interest and principal payments with respect to such
      instrument provide a yield to maturity at par greater than 120% of the yield
      to
      maturity at par of the underlying obligations.

     

    The
      Securities Administrator or its Affiliates are permitted to receive additional
      compensation that could be deemed to be in the Securities Administrator’s
      economic self interest for (i) serving as investment advisor, administrator,
      shareholder servicing agent, custodian or sub-custodian with respect to certain
      Permitted Investments, (ii) using Affiliates to effect transactions in certain
      Permitted Investments and (iii) effecting transactions in certain Permitted
      Investments. The Securities Administrator does not guarantee the performance
      of
      any Permitted Investment.

     

    “Permitted
      Transferee”:
      Any
      Transferee of a Residual Certificate other than a Disqualified Organization
      or a
      non-U.S. Person.

    

    
      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

    

    

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

     

    “Physical
      Certificates”:
      The
      Residual Certificate and the Class B-4, Class B-5 and Class B-6
      Certificates.

     

    “Policy
      Account”:
      The
      trust account or accounts created and maintained by the Securities Administrator
      pursuant to Section 4.05 hereof in the name of the Trustee for the benefit
      of
      the Class A1C Certificateholders and designated “Policy Account, HSBC Bank USA,
      National Association, as Trustee, in trust for the registered Certificateholders
      of Luminent Mortgage Trust 2006-2, Mortgage Pass-Through Certificates, Series
      2006-2, Class A1C Certificates.”

     

    “Pool
      Balance”:
      As to
      any Distribution Date, the aggregate of the Stated Principal Balances, as of
      the
      Close of Business on the first day of the month preceding the month in which
      such Distribution Date occurs, of the Mortgage Loans that were Outstanding
      Mortgage Loans on that day.

     

    “Premium
      Amount”:
      With
      respect to any Distribution Date and the Class A1C Certificates, the product
      of
      one-twelfth of the Premium Rate and the Class A1C Certificate Principal Balance
      on the immediately preceding Distribution Date, or, in the case of the first
      Distribution Date, on the Closing Date, in each case after giving effect to
      distributions of principal made on such Distribution Date.

     

    “Premium
      Rate”:
      0.09%
      per annum.

     

    “Prepayment
      Penalty Amount”:
      Not
      Applicable.

     

    “Prepayment
      Period”:
      With
      respect to any Distribution Date, the calendar month preceding the month in
      which such Distribution Date occurs.

     

    “Primary
      Insurance Policy”:
      Mortgage guaranty insurance, if any, on an individual Mortgage Loan, as
      evidenced by a policy or certificate.

     

    “Principal
      Balance”:
      As to
      any Mortgage Loan, other than a Liquidated Mortgage Loan, and any day, the
      related Cut-off Date Principal Balance, minus
      all
      collections credited against the Principal Balance of such Mortgage Loan after
      the Cut-off Date, as increased by the amount of any Deferred Interest added
      to
      the outstanding Principal Balance of such Mortgage Loan pursuant to the terms
      of
      the related Mortgage Note. For purposes of this definition, a Liquidated
      Mortgage Loan shall be deemed to have a Principal Balance equal to the Principal
      Balance of the related Mortgage Loan as of the final recovery of related
      Liquidation Proceeds and a Principal Balance of zero thereafter. As to any
      REO
      Property and any day, the Principal Balance of the related Mortgage Loan
      immediately prior to such Mortgage Loan becoming REO Property.

    

    
      
        
          
          

        

        
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    “Principal
      Distribution Amount”:
      With
      respect to any Distribution Date, the sum of (a) each scheduled payment of
      principal collected or advanced on the related Mortgage Loans (before taking
      into account any Deficient Valuations or Debt Service Reductions) by the related
      Servicer or the Master Servicer in respect of the related Due Period,
      (b) that portion of the Purchase Price, representing principal of any
      repurchased or purchased Mortgage Loan, deposited to the Distribution Account
      during the related Prepayment Period, (c) the principal portion of any
      related Substitution Adjustments deposited in the Distribution Account during
      the related Prepayment Period, (d) the principal portion of all Insurance
      Proceeds received during the related Prepayment Period with respect to Mortgage
      Loans that are not yet Liquidated Mortgage Loans, (e) the principal portion
      of all Net Liquidation Proceeds received during the related Prepayment Period
      with respect to Liquidated Mortgage Loans (other than Recoveries), (f) all
      Principal Prepayments (net of Deferred Interest) in part or in full on Mortgage
      Loans applied by the Servicers or the Master Servicer during the related
      Prepayment Period, (g) all Recoveries received during the related Prepayment
      Period and (h) on the Distribution Date on which the Trust is to be
      terminated pursuant to Section 10.01 hereof, that portion of the Termination
      Price in respect of principal.

     

    “Principal
      Prepayment”:
      Any
      payment of principal made by the Mortgagor on a Mortgage Loan that is received
      in advance of its scheduled Due Date and that is not accompanied by an amount
      of
      interest representing the full amount of scheduled interest due on any Due
      Date
      in any month or months subsequent to the month of prepayment.

     

    “Private
      Certificates”:
      The
      Class B-4, Class B-5 and Class B-6 Certificates.

     

    “Private
      Placement Memorandum”:
      The
      Private Placement Memorandum dated February 14, 2006, relating to the initial
      sale of the Class B-4, Class B-5 and Class B-6 Certificates.

     

    “Pro
      Rata Share”:
      As to
      any Distribution Date and any Class of Subordinate Certificates, the portion
      of
      the Subordinate Principal Distribution Amount allocable to such Class, equal
      to
      the product of the (a) Subordinate Principal Distribution Amount on such date
      and (b) a fraction, the numerator of which is the related Class Principal
      Balance of that Class and the denominator of which is the aggregate of the
      Class
      Principal Balances of all the Classes of Subordinate Certificates.

     

    “Prospectus”:
      The
      Prospectus Supplement, together with the accompanying prospectus, dated
      September 26, 2005, relating to the Senior Certificates and the Class B-1,
      Class
      B-2 and Class B-3 Certificates.

     

    “Prospectus
      Supplement”:
      That
      certain Prospectus Supplement, dated February 14, 2006, relating to the initial
      sale of the Senior Certificates and the Class B-1, Class B-2 and Class B-3
      Certificates.

     

    “Purchase
      Agreement”:
      The
      purchase agreements relating to the underlying sale of the Mortgage Loans as
      set
      forth on Exhibit M hereto.

     

    “Purchase
      Price”:
      With
      respect to any Mortgage Loan or REO Property to be purchased pursuant to or
      as
      contemplated by Section 2.03 hereof, an amount equal to the sum of (i) 100%
      of the Stated Principal Balance thereof as of the date of purchase (or such
      other price as provided in Section 10.01), plus (ii) in the case of
      (x) a Mortgage Loan, accrued interest on such Stated Principal Balance at
      the applicable Loan Rate minus the Servicing Fee Rate from the Due Date as
      to
      which interest was last covered by a payment by the Mortgagor or an Advance
      by a
      Servicer or the Master Servicer through the end of the calendar month in which
      the purchase is to be effected, and (y) an REO Property, the sum of
      (1) accrued interest on such Stated Principal Balance at the applicable
      Loan Rate minus the Servicing Fee Rate from the Due Date as to which interest
      was last covered by a payment by the Mortgagor or an Advance by a Servicer
      or
      the Master Servicer plus (2) REO Imputed Interest for such REO Property for
      each
      calendar month commencing with the calendar month in which such REO Property
      was
      acquired and ending with the calendar month in which such purchase is to be
      effected, net of the total of all net rental income, Insurance Proceeds,
      Liquidation Proceeds and Advances that as of the date of purchase had been
      distributed as or to cover REO Imputed Interest, plus (iii) in the case of
      a Mortgage Loan required to be purchased pursuant to Section 2.03 hereof,
      expenses reasonably incurred or to be incurred by the Trustee in respect of
      the
      breach or defect giving rise to the purchase obligation and plus (iv) any costs
      and damages incurred by the Trust in connection with any violation by such
      Mortgage Loan of any predatory- or abusive-lending laws.

    

    
      
        
          
          

        

        
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    “Qualified
      Insurer”:
      A
      mortgage guaranty insurance company duly qualified as such under the laws of
      the
      state of its principal place of business and each state having jurisdiction
      over
      such insurer in connection with the insurance policy issued by such insurer,
      duly authorized and licensed in such states to transact a mortgage guaranty
      insurance business in such states and to write the insurance provided by the
      insurance policy issued by it, approved as a Fannie Mae-approved mortgage
      insurer and having a claims paying ability rating of at least “AA” or equivalent
      rating by a nationally recognized statistical rating organization. Any
      replacement insurer with respect to a Mortgage Loan must have at least as high
      a
      claims paying ability rating as the insurer it replaces had on the Closing
      Date.

     

    “Qualified
      Substitute Mortgage Loan”:
      A
      mortgage loan substituted for a Deleted Mortgage Loan pursuant to the terms
      of
      this Agreement which must, on the date of such substitution, (i) have an
      outstanding principal balance, after application of all scheduled payments
      of
      principal and interest due during or prior to the month of substitution, not
      in
      excess of, and not more than 5% less than, the Principal Balance of the Deleted
      Mortgage Loan as of the Due Date in the calendar month during which the
      substitution occurs, (ii) have a maximum loan rate not less than the
      Maximum Loan Rate of the Deleted Mortgage Loan, (iii)  have a gross margin
      equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (iv)
      have the same Index as the Deleted Mortgage Loan, (v) have its next adjustment
      date not more than two months after the next Adjustment Date of the Deleted
      Mortgage Loan, (vi) have a remaining term to maturity not greater than (and
      not
      more than one year less than) that of the Deleted Mortgage Loan, (vii) be
      current as of the date of substitution, (viii) have 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, (ix) have been underwritten or
      re-underwritten in accordance with the same or substantially similar
      underwriting criteria and guidelines as the Deleted Mortgage Loan, (x) is of
      the
      same or better credit quality as the Deleted Mortgage Loan and (xi) conform
      to each representation and warranty set forth in Section 2.04 hereof applicable
      to the Deleted Mortgage Loan. In the event that one or more mortgage loans
      are
      substituted for one or more Deleted Mortgage Loans, the amounts described in
      clause (i) hereof shall be determined on the basis of aggregate principal
      balances, the terms described in clause (vi) hereof shall be determined on
      the basis of weighted average remaining term to maturity and the Loan-to-Value
      Ratio described in clause (viii) 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 (x) hereof must be
      satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate,
      as
      the case may be.

    

    
      
        
          
          

        

        
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    “Rating
      Agency”:
      Each
      of S&P and Moody’s and any respective successors thereto. If Moody’s,
      S&P or their respective successors shall no longer be in existence, “Rating
      Agency” shall include such nationally recognized statistical rating agency or
      agencies, or other comparable Person or Persons, as shall have been designated
      by the Depositor, notice of which designation shall be given to the Trustee
      and
      the Master Servicer.

     

    “Realized
      Loss”:
      With
      respect to any Liquidated Mortgage Loan, the amount of loss realized equal
      to
      the portion of the Principal Balance remaining unpaid after application of
      all
      Net Liquidation Proceeds in respect of such Liquidated Mortgage
      Loan.

     

    “Record
      Date”:
      With
      respect to each Distribution Date (other than the initial Distribution Date)
      and
      the Interest-Only Certificates and the Class A-R Certificates, the last Business
      Day of the calendar month immediately preceding the month in which that
      Distribution Date occurs. With respect to each Distribution Date (other than
      the
      initial Distribution Date) and the LIBOR Certificates, the last Business Day
      immediately preceding that Distribution Date, unless any LIBOR Certificates
      are
      no longer Book-Entry Certificates, in which case the Record Date for the related
      Class of LIBOR Certificates shall be the last Business Day of the calendar
      month
      immediately preceding the month in which that Distribution Date occurs. With
      respect to the initial Distribution Date and all Classes of Certificates, the
      Closing Date.

     

    “Recovery”:
      With
      respect to any Distribution Date and a Mortgage Loan that became a Liquidated
      Mortgage Loan in a month preceding the related Prepayment Period to such
      Distribution Date and with respect to which the related Realized Loss was
      allocated to one or more Classes of Certificates, an amount received in respect
      of such Liquidated Mortgage Loan during the related Prepayment Period, net
      of
      any reimbursable expenses.

     

    “Reference
      Bank”
shall
      be a leading bank engaged in transactions in Eurodollar deposits in the
      international Eurocurrency market, which shall not control, be controlled by,
      or
      be under common control with, the Securities Administrator and shall have an
      established place of business in London. Until all of the LIBOR Certificates
      are
      paid in full, the Securities Administrator will at all times retain at least
      four Reference Banks for the purpose of determining LIBOR with respect to each
      LIBOR Determination Date. The Securities Administrator initially shall designate
      the Reference Banks (after consultation with the Depositor). If any such
      Reference Bank should be unwilling or unable to act as such or if the Trustee
      should terminate its appointment as Reference Bank, the Securities Administrator
      shall promptly appoint or cause to be appointed another Reference Bank (after
      consultation with the Depositor). The Securities Administrator shall have no
      liability or responsibility to any Person for (i) the selection of any
      Reference Bank for purposes of determining LIBOR or (ii) any inability to
      retain at least four Reference Banks which is caused by circumstances beyond
      its
      reasonable control.

    

    
      
        
          
          

        

        
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    “Refinancing
      Mortgage Loan”:
      Any
      Mortgage Loan originated in connection with the refinancing of an existing
      mortgage loan.

     

    “Regular
      Certificate”:
      Any
      Class A1A, Class A1B, Class A1C, Class X, Class B-1, Class B-2, Class B-3,
      Class
      B-4, Class B-5 or Class B-6 Certificate.

     

    “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 clarifications and interpretations 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 6.01.

     

    “Relevant
      Servicing Criteria”:
      The
      Servicing Criteria applicable to each party to this Agreement, as set forth
      on
      Exhibit Q 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 Securities Administrator or each Servicer,
      the term “Relevant Servicing Criteria” may refer to a portion of the Relevant
      Servicing Criteria applicable to such parties.

     

    “Relief
      Act”:
      The
      Servicemembers Civil Relief Act, as amended, or any similar state or local
      law.

     

    “Relief
      Act Reductions”:
      With
      respect to any Distribution Date and any Mortgage Loan as to which there has
      been a reduction in the amount of interest collectible thereon for the most
      recently ended Due Period as a result of the application of the Relief Act,
      the
      amount, if any, by which (i) interest collectible on that Mortgage Loan during
      such Due Period is less than (ii) one month’s interest on the Stated Principal
      Balance of such Mortgage Loan at the Loan Rate for such Mortgage Loan before
      giving effect to the application of the Relief Act.

     

    “REMIC”:
      A
“real estate mortgage investment conduit” within the meaning of Section 860D of
      the Code.

     

    “REMIC
      Opinion”:
      An
      Independent Opinion of Counsel, to the effect that the proposed action described
      therein would not cause an Adverse REMIC Event.

     

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

    

    
      
        
          
          

        

        
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    “Remittance
      Report”:
      The
      Master Servicer’s Remittance Report to the Securities Administrator providing
      information with respect to each Mortgage Loan which is provided no later than
      the second Business Day following each Determination Date and which shall
      contain such information as may be agreed upon by the Master Servicer and the
      Securities Administrator and which shall be sufficient to enable the Securities
      Administrator to prepare the related Distribution Date Statement.

     

    “Rents
      from Real Property”:
      With
      respect to any REO Property, gross income of the character described in Section
      856(d) of the Code.

     

    “REO
      Account”:
      The
      account or accounts maintained by a Servicer in respect of an REO Property
      pursuant to the related Servicing Agreement.

     

    “REO
      Disposition”:
      The
      sale or other disposition of an REO Property on behalf of the
      Trust.

     

    “REO
      Imputed Interest”:
      As to
      any REO Property, for any calendar month during which such REO Property was
      at
      any time part of the Trust Fund, one month’s interest at the applicable Net Loan
      Rate for such REO Property on the Principal Balance of such REO Property (or,
      in
      the case of the first such calendar month, of the related Mortgage Loan if
      appropriate) as of the Close of Business on the Due Date in such calendar
      month.

     

    “REO
      Principal Amortization”:
      With
      respect to any REO Property, for any calendar month, the excess, if any, of
      (a)
      the aggregate of all amounts received in respect of such REO Property during
      such calendar month, whether in the form of rental income, sale proceeds
      (including, without limitation, that portion of the Termination Price paid
      in
      connection with a purchase of all of the Mortgage Loans and REO Properties
      pursuant to Section 10.01 hereof that is allocable to such REO Property) or
      otherwise, net of any portion of such amounts (i) payable pursuant to the
      applicable provisions of the related Servicing Agreement in respect of the
      proper operation, management and maintenance of such REO Property or (ii)
      payable or reimbursable to the applicable Servicer pursuant to the applicable
      provisions of the related Servicing Agreement for unpaid Master Servicing Fees
      and Servicing Fees in respect of the related Mortgage Loan and unreimbursed
      Servicing Advances and Advances in respect of such REO Property or the related
      Mortgage Loan, over (b) the REO Imputed Interest in respect of such REO
      Property for such calendar month.

     

    “REO
      Property”:
      A
      Mortgaged Property acquired by the applicable Servicer on behalf of the Trust
      Fund through foreclosure or deed-in-lieu of foreclosure in accordance with
      the
      applicable provisions of the related Servicing Agreement.

     

    “Reportable
      Event”:
      As
      defined in Section 3.19(c).

     

    “Reporting
      Servicer”:
      As
      defined in Section 3.19(b).

     

    “Request
      for Release”:
      A
      release signed by a Servicing Officer, in the form of Exhibit F attached
      hereto.

    

    
      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

    

    

    “Required
      Reserve Fund Deposit”:
      With
      respect to the Class X Certificates and any Distribution Date, an amount equal
      to the lesser of (i) the Interest Distributable Amount for the Class X
      Certificates for such Distribution Date (after giving effect to such
      Certificate’s share of any Net Deferred Interest and after any reduction in the
      Interest Distributable Amount due to Net Interest Shortfalls on such
      Distribution Date) and (ii) the amount required to bring the balance on deposit
      in the Basis Risk Reserve Fund up to an amount equal to the Basis Risk
      Shortfalls for such Distribution Date with respect to the Class A1A, Class
      A1B
      and Class A1C Certificates and the Subordinate Certificates.

     

    “Residential
      Dwelling”:
      Any
      one of the following: (i) a detached one-family dwelling, (ii) a
      detached two- to four-family dwelling, (iii) a one-family dwelling unit in
      a condominium project, (iv) a manufactured home or (v) a detached one-family
      dwelling in a planned unit development, none of which is a mobile
      home.

     

    “Residual
      Certificate”:
      The
      Class A-R Certificate.

     

    “Responsible
      Officer”:
      When
      used with respect to the Trustee or the Securities Administrator, any director,
      the president, any vice president, any assistant vice president, any associate
      assigned to the Corporate Trust Office (or similar group) or any other officer
      of the Trustee customarily performing functions similar to those performed
      by
      any of the above designated officers and, with respect to a particular matter,
      to whom such matter is referred because of such officer’s knowledge of and
      familiarity with the particular subject.

     

    “Restricted
      Classes”:
      As
      defined in Section 5.01(d).

     

    “Restricted
      Global Security”:
      As
      defined in Section 6.01.

     

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

     

    “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 signed by an officer of the Master Servicer that complies
      with (i) the Sarbanes-Oxley Act of 2002, as amended from time to time, and
      (ii)
      Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect from time to time;
      provided that if, after the Closing Date (a) the Sarbanes-Oxley Act of 2002
      is
      amended, (b) the Rules referred to in clause (ii) are modified or superseded
      by
      any subsequent statement, rule or regulation of the Commission or any statement
      of a division thereof, or (c) any future releases, rules and regulations are
      published by the Securities and Exchange Commission from time to time pursuant
      to the Sarbanes-Oxley Act of 2002, which in any such case affects the form
      or
      substance of the required certification and results in the required
      certification being, in the reasonable judgment of the Master Servicer,
      materially more onerous than the form of the required certification as of the
      Closing Date, the Sarbanes-Oxley Certification shall be as agreed to by the
      Master Servicer and the Depositor following a negotiation in good faith to
      determine how to comply with any such new requirements.

    

    
      
        
          
          

        

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

     

    “Securities
      Administrator”:
      Wells
      Fargo Bank, N.A., or its successor in interest, or any successor securities
      administrator appointed as herein provided.

     

    “Seller”:
      Maia
      Mortgage Finance Statutory Trust.

     

    “Senior
      Certificate”:
      Any
      one of the Class A1A, Class A1B, Class A1C, Class X or Class A-R
      Certificates.

     

    “Senior
      Certificateholder”:
      Any
      Holder of a Senior Certificate.

     

    “Senior
      Credit Support Depletion Date”:
      The
      date on which the Class Principal Balance of each Class of Subordinate
      Certificates has been reduced to zero.

     

    “Senior
      Percentage”:
      With
      respect to any Distribution Date, the percentage equivalent of a fraction the
      numerator of which is the aggregate of the Class Principal Balances of the
      Class
      or Classes of Senior Certificates immediately prior to such Distribution Date
      and the denominator of which is the Pool Balance for such Distribution Date.
      

     

    “Senior
      Prepayment Percentage”:
      With
      respect to any Distribution Date before March 2016, 100%. Except as provided
      herein, the Senior Prepayment Percentage for any Distribution Date occurring
      on
      or after the eleventh anniversary of the first Distribution Date will be as
      follows: (i) from March 2016 through February 2017, the related Senior
      Percentage plus 70% of the related Subordinate Percentage for such Distribution
      Date; (ii) from March 2017 through February 2018, the related Senior
      Percentage plus 60% of the related Subordinate Percentage for such Distribution
      Date; (iii) from March 2018 through February 2019, the related Senior
      Percentage plus 40% of the related Subordinate Percentage for such Distribution
      Date; (iv) from March 2019 through
      February 2020, the related Senior Percentage plus 20% of the related Subordinate
      Percentage for such Distribution Date; and (v) from and after February
      2020, the related Senior Percentage for such Distribution Date; provided,
      however, that
      there shall be no reduction in the Senior Prepayment Percentage on a
      Distribution Date, unless the Step Down Conditions are satisfied with respect
      to
      such Distribution Date; and provided,
      further,
      that if
      on any Distribution Date occurring on or after the Distribution Date in March
      2016, the Senior Percentage exceeds the initial Senior Percentage, the related
      Senior Prepayment Percentage for such Distribution Date will again equal
      100%.

     

    Notwithstanding
      the above, (i) if on any Distribution Date prior to March 2009 the Two Times
      Test is satisfied, the Senior Prepayment Percentage will equal the related
      Senior Percentage for such Distribution Date plus 50% of an amount equal to
      100%
      minus the related Senior Percentage for such Distribution Date and
      (ii) if
      on any
      Distribution Date in or after March 2009 the Two Times Test is satisfied, the
      Senior Prepayment Percentage will equal the related Senior Percentage for such
      Distribution Date.

     

    “Senior
      Principal Distribution Amount”:
      With
      respect to any Distribution Date, the sum of: 

    

    
      
        
          
          

        

        
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    (1)           the
      related Senior Percentage of all amounts described in clauses (a) through (d)
      of
      the definition of “Principal Distribution Amount” for such Distribution Date;
plus

     

    (2)           with
      respect to each Mortgage Loan which became a Liquidated Mortgage Loan during
      the
      related Prepayment Period, the lesser of

     

    
      	 	
              (x)

            	
              the
                related Senior Percentage of the Stated Principal Balance of that
                Mortgage
                Loan; and

            

    

     

    
      	 	
              (y)

            	
              the
                related Senior Prepayment Percentage of the amount of the Net Liquidation
                Proceeds allocable to principal received with respect to that Mortgage
                Loan; plus

            

    

     

    (3) the
      related Senior Prepayment Percentage of the amounts described in clause (f)
      of
      the definition of “Principal Distribution Amount.”

     

    “Servicer”:
      Countrywide Servicing and Paul Financial and any successors thereto.

     

    “Servicer
      Remittance Date”:
      With
      respect to each Mortgage Loan, the 18th day of each month, or the next Business
      Day if such 18th day is not a Business Day or if provided in the related
      Servicing Agreement, the preceding Business Day if such 18th
      day is
      not a Business Day.

     

    “Service(s)(ing)”:
      In
      accordance with Regulation AB, the act of servicing and administering the
      Mortgage Loans or any other assets of the Trust by an entity that meets the
      definition of “servicer’ set forth in Item 1101 of Regulation AB and is subject
      to the disclosure requirements set forth in 1108 of Regulation AB. Any
      uncapitalized occurrence of this term shall have the meaning commonly understood
      by participants in the residential mortgage-backed securitization
      market.

     

    “Servicing
      Account”:
      Any
      account established and maintained for the benefit of the Master Servicer or
      the
      Trust Fund by a Servicer with respect to the related Mortgage Loans and any
      REO
      Property, pursuant to the terms of the respective Servicing
      Agreement.

     

    “Servicing
      Advances”:
      With
      respect to any Servicer or the Master Servicer (including the Trustee in its
      capacity as successor Master Servicer), all customary, reasonable and necessary
      “out of pocket” costs and expenses (including reasonable attorneys’ fees and
      expenses) incurred by any Servicer or the Master Servicer in the performance
      of
      its servicing obligations hereunder, including, but not limited to, the cost
      of
      (i) the preservation, restoration, inspection and protection of the Mortgaged
      Property, (ii) any enforcement or judicial proceedings, including foreclosures,
      (iii) the management and liquidation of the REO Property and (iv) compliance
      with the obligations under Article III hereof or the related Servicing
      Agreements.

     

    “Servicing
      Agreements”:
      The
      servicing agreements relating to the servicing of the Mortgage Loans as set
      forth in Exhibit M hereto.

     

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

    

    
      
        
          
          

        

        
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    “Servicing
      Fee”:
      With
      respect to each Servicer and each Mortgage Loan serviced by such Servicer and
      for any calendar month, the fee payable to such Servicer determined pursuant
      to
      the related Servicing Agreement.

     

    “Servicing
      Fee Rate”:
      With
      respect to each Mortgage Loan, the per annum servicing fee rate set forth on
      the
      Mortgage Loan Schedule.

     

    “Servicing
      Function Participant”:
      Any
      Sub-Servicer or Subcontractor, other than each Servicer, the Master Servicer,
      the Trustee, the Custodian and the Securities Administrator, 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.

     

    “Servicing
      Officer”: Any
      officer of a Master Servicer or Servicer involved in, or responsible for, the
      administration and servicing of Mortgage Loans, whose name and specimen
      signature appear on a list of servicing officers furnished by the Master
      Servicer to the Trustee and the Depositor on the Closing Date, as such list
      may
      from time to time be amended.

     

    “Sponsor”:
      Luminent Mortgage Capital, Inc. and any successors thereto.

     

    “Startup
      Day”:
      As
      defined in Section 9.01(b) hereof.

     

    “Stated
      Principal Balance”:
      With
      respect to any Mortgage Loan: (a) as of any date of determination up to and
      including the Distribution Date on which the proceeds, if any, of a Liquidation
      Event with respect to such Mortgage Loan would be distributed, the Cut-off
      Date
      Principal Balance of such Mortgage Loan minus,
      in the
      case of each Mortgage Loan, the sum of (i) the principal portion of each
      Monthly Payment due on a Due Date subsequent to the Cut-off Date and on or
      before the Due Date in the related Due Period, whether or not received,
      (ii) all Principal Prepayments received after the applicable Cut-off Date,
      to the extent distributed pursuant to Section 5.01 before such date of
      determination and (iii) all Liquidation Proceeds and Insurance Proceeds
      applied by the applicable Servicer as recoveries of principal in accordance
      with
      the applicable provisions of the Servicing Agreement, to the extent distributed
      pursuant to Section 5.01 before such date of determination and (b) as of
      any date of determination subsequent to the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such Mortgage Loan
      would be distributed, zero; provided
      that,
      such
      Stated Principal Balance shall be increased by the amount of any Deferred
      Interest added to the outstanding Principal Balance of such Mortgage Loan
      pursuant to the terms of the related Mortgage Note. With respect to any REO
      Property: (x) as of any date of determination up to and including the
      Distribution Date on which the proceeds, if any, of a Liquidation Event with
      respect to such REO Property would be distributed, an amount (not less than
      zero) equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the date on which such REO Property was acquired on behalf of the Trust, minus
      the aggregate amount of REO Principal Amortization in respect of such REO
      Property for all previously ended calendar months, to the extent distributed
      pursuant to Section 5.01 before such date of determination; and (y) as
      of any date of determination subsequent to the Distribution Date on which the
      proceeds, if any, of a Liquidation Event with respect to such REO Property
      would
      be distributed, zero.

    

    
      
        
          
          

        

        
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    “Step
      Down Conditions”:
      As of
      any Distribution Date on which any decrease in any Senior Prepayment Percentage
      may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days
      or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged
      over the preceding six month period, as a percentage of the aggregate of the
      Class Principal Balances of the Classes of Subordinate Certificates on such
      Distribution Date, does not equal or exceed 50% and (ii) cumulative
      Realized Losses with respect to all of the Mortgage Loans do not
      exceed:

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the tenth anniversary of the first
                Distribution Date, 30% of the aggregate Class Principal Balance of
                the
                Subordinate Certificates as of the Closing
                Date,

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the eleventh anniversary of the
                first
                Distribution Date, 35% of the aggregate Class Principal Balance of
                the
                Subordinate Certificates as of the Closing
                Date,

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the twelfth anniversary of the
                first
                Distribution Date, 40% of the aggregate Class Principal Balance of
                the
                Subordinate Certificates as of the Closing
                Date,

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the thirteenth anniversary of the
                first
                Distribution Date, 45% of the aggregate Class Principal Balance of
                the
                Subordinate Certificates as of the Closing Date,
                and

            

    

     

    
      	 	
              ·

            	
              for
                any Distribution Date on or after the fourteenth anniversary of the
                first
                Distribution Date, 50% of the aggregate Class Principal Balance of
                the
                Subordinate Certificates as of the Closing
                Date.

            

    

     

    “Subcontractor”:
      Any
      vendor, subcontractor or other Person that is not responsible for the overall
      servicing of Mortgage Loans but performs one or more discrete functions
      identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans
      under
      the direction or authority of any Servicer (or a Sub-Servicer of any Servicer),
      the Master Servicer, the Trustee or the Securities Administrator.

     

    “Subordinate
      Certificate”:
      Any
      one of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 or Class B-6
      Certificates.

     

    “Subordinate
      Class Expense Share”:
      For
      each Class of Subordinate Certificates and each Accrual Period, the Subordinate
      Class Expense Share shall be allocated in reverse order of their respective
      numerical Class designations (beginning with the Class of Subordinate
      Certificates with the highest numerical Class designation) and will be an amount
      equal to (i) the sum of, without duplication, (a) the amounts paid to the
      Trustee from the Trust Fund during such Accrual Period pursuant to Section
      8.05
      hereof to the extent such amounts were paid for ordinary or routine expenses
      and
      were not taken into account in computing the Net Loan Rate of any Mortgage
      Loan
      and (b) amounts described in clause (y) of the definition of Available Funds
      herein to the extent such amounts were paid for ordinary or routine expenses
      and
      were not taken into account in computing the Net Mortgage Rate of any Mortgage
      Loan minus
      (ii)
      amounts taken into account under clause (i) of this definition in determining
      the Subordinate Class Expense Share of any Class of Subordinate Certificates
      having a higher numeric designation. In no event, however, shall the Subordinate
      Class Expense Share for any Class of Subordinate Certificates and any Accrual
      Period exceed the product of (i) (a) the lesser of the Pass-Through Rate for
      such Class or the applicable Adjusted Cap Rate, divided by (b) 12 and (ii)
      the
      Class Certificate Principal Amount of such Class of Subordinate Certificates
      as
      of the beginning of the related Accrual Period.

    

    
      
        
          
          

        

        
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    “Subordinate
      Percentage”:
      With
      respect to any Distribution Date, the difference between 100% and the Senior
      Percentage for such Distribution Date.

     

    “Subordinate
      Prepayment Percentage”:
      With
      respect to any Distribution Date, the difference between 100% and the Senior
      Prepayment Percentage for such Distribution Date.

     

    “Subordinate
      Principal Distribution Amount”:
      With
      respect to any Distribution Date, an amount equal to the sum of:

     

    (1)       
      the Subordinate Percentage of all amounts described in clauses (a) through
      (d)
      of the definition of “Principal Distribution Amount” for such Distribution
      Date;

     

    (2)       with
      respect to each Mortgage Loan that became a Liquidated Mortgage Loan during
      the
      related Prepayment Period, the amount of the Net Liquidation Proceeds allocated
      to principal received with respect thereto remaining after application thereof
      pursuant to clause (2) of the definition of “Senior Principal Distribution
      Amount” for such Distribution Date, up to the related Subordinate Percentage of
      the Stated Principal Balance of such Mortgage Loan; and

     

    (3)       the
      related Subordinated Prepayment Percentage of all amounts described in clause
      (f) of the definition of “Principal Distribution Amount” for such Distribution
      Date;

     

    “Sub-Servicer”:
      Any
      Person that (i) services Mortgage Loans on behalf of any Servicer, the Master
      Servicer, the Securities Administrator, the Trustee or the Custodian and (ii)
      is
      responsible for the performance (whether directly or through sub-servicers
      or
      Subcontractors) of Servicing functions required to be performed under this
      Agreement, any related Servicing Agreement or any sub-servicing agreement that
      are identified in Item 1122(d) of Regulation AB.

     

    “Substitution
      Adjustment”:
      As
      defined in Section 2.03(d) hereof.

     

    “Tax
      Returns”:
      The
      federal income tax return on Internal Revenue Service Form 1066, U.S. Real
      Estate Mortgage Investment Conduit Income Tax Return, including Schedule Q
      thereto, Quarterly Notice to Residual Interest Holders of the REMIC Taxable
      Income or Net Loss Allocation, or any successor forms, to be filed on behalf
      of
      each of the REMICs created hereunder under the REMIC Provisions, together with
      any and all other information reports or returns that may be required to be
      furnished to the Certificateholders or filed with the Internal Revenue Service
      or any other governmental taxing authority under any applicable provisions
      of
      federal, state or local tax laws.

    

    
      
        
          
          

        

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

     

    “10-K
      Filing Deadline”:
      As
      defined in Section 3.19(b).

     

    “Termination
      Price”:
      As
      defined in Section 10.01(a) hereof. 

     

    “Transfer”:
      Any
      direct or indirect transfer or sale of any Ownership Interest in a Residual
      Certificate.

     

    “Transfer
      Affidavit”:
      As
      defined in Section 6.02(e)(ii) hereof.

     

    “Transferee”:
      Any
      Person who is acquiring by Transfer any Ownership Interest in a
      Certificate.

     

    “Trust”:
      Luminent Mortgage Trust 2006-2, the trust created hereunder. 

     

    “Trust
      Fund”:
      The
      segregated pool of assets subject hereto, constituting the primary trust created
      hereby and to be administered hereunder, with respect to which a REMIC election
      is to be made, such Trust Fund consisting of: (i) such Mortgage Loans as
      from time to time are subject to this Agreement, together with the Mortgage
      Files relating thereto, and together with all collections thereon and proceeds
      thereof, excluding Prepayment Penalty Amounts, (ii) any REO Property,
      together with all collections thereon and proceeds thereof, (iii) the
      Trustee’s rights with respect to the Mortgage Loans under all insurance policies
      required to be maintained pursuant to this Agreement and any proceeds thereof,
      (iv) the Depositor’s rights under the Mortgage Loan Purchase Agreement
      (including any security interest created thereby); (v) the Distribution
      Account (subject to the last sentence of this definition), any REO Account
      and
      such assets that are deposited therein from time to time and any investments
      thereof, together with any and all income, proceeds and payments with respect
      thereto; (vi) all right, title and interest of the Seller in and to the
      Servicing Agreements; (vii) the Basis Risk Reserve Fund; (viii) the
      Financial Guaranty Insurance Policy and (ix) all proceeds of the foregoing.
      Notwithstanding the foregoing, however, the Trust Fund specifically excludes
      (1) all payments and other collections of interest and principal due on the
      Mortgage Loans on or before the applicable Cut-off Date and principal received
      before the applicable Cut-off Date (except any principal collected as part
      of a
      payment due after the applicable Cut-off Date) and (2) all income and gain
      realized from Permitted Investments of funds on deposit in the Distribution
      Account.

     

    “Trustee”:
      HSBC
      Bank USA, National Association, a national banking association, not in its
      individual capacity but solely as trustee, its successors or assigns, or any
      successor trustee appointed as herein provided.

     

    “Trustee
      Fee”:
      The
      annual on-going fee payable by the Master Servicer on behalf of the Trust to
      the
      Trustee from the Master Servicer Fee and pursuant to the terms of the separate
      fee letter agreement between the Trustee and the Master Servicer relating to
      the
      Luminent Mortgage Trust 2006-2.

    

    
      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

    

    

    “Two
      Times Test”:
      As to
      any Distribution Date, a test that will be satisfied if all of the following
      conditions are satisfied: (i) the Aggregate Subordinate Percentage is at least
      two times the Aggregate Subordinate Percentage as of the Closing Date; (ii)
      the
      aggregate of the Principal Balances of all Mortgage Loans Delinquent 60 days
      or
      more (including Mortgage Loans in REO and foreclosure), averaged over the
      preceding six-month period, as a percentage of the aggregate of the Class
      Principal Balances of the Subordinate Certificates, does not equal or exceed
      50%; and (iii) on or after the Distribution Date in March 2009, cumulative
      Realized Losses do not exceed 30% of the Original Subordinated Principal
      Balance, or prior to the Distribution Date in March 2009, cumulative Realized
      Losses do not exceed 20% of the Original Subordinated Principal
      Balance.

     

    “Underwriter’s
      Exemption”:
      Prohibited Transaction Exemption 90-59 (Exemption Application No. D-8374),
      as
      amended by PTE 97-34 (Exemption Application No. D-10245 and D-10246) and by
      PTE
      2000-58 (Exemption Application No. D-10829) and PTE 2002-41 (Exemption
      Application No. D-11077), as amended (or any successor thereto), or any
      substantially similar administrative exemption granted by the U.S. Department
      of
      Labor. 

     

    “Uninsured
      Cause”:
      Any
      cause of damage to a Mortgaged Property such that the complete restoration
      of
      such property is not fully reimbursable by the hazard insurance policies
      required to be maintained on such Mortgaged Property.

     

    “United
      States Person”
or
      “U.S.
      Person”:
      A
      citizen or resident of the United States, a corporation, partnership or other
      entity treated as a corporation or partnership for federal income tax purposes
      (other than a partnership that is not treated as a U.S. Person pursuant to
      any
      applicable Treasury regulations) created or organized in, or under the laws
      of,
      the United States, any state thereof or the District of Columbia, or an estate
      the income of which from sources without the United States is includible in
      gross income for United States federal income tax purposes regardless of its
      connection with the conduct of a trade or business within the United States,
      or
      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
      persons have authority to control all substantial decisions of the trust. The
      term “United States” shall have the meaning set forth in Section 7701 of
      the Code or successor provisions.

     

    “Unpaid
      Interest Shortfall Amount”:
      With
      respect to each Class of Certificates (other than the Class PO Certificates)
      and
      (i) the first Distribution Date, zero, and (ii) any Distribution Date after
      the first Distribution Date, the amount, if any, by which (1)(a) the Monthly
      Interest Distributable Amount for that Class for the immediately preceding
      Distribution Date exceeds (b) the aggregate amount distributed on that Class
      in
      respect of such Monthly Interest Distributable Amount on the preceding
      Distribution Date plus (2) any such shortfalls remaining unpaid from prior
      Distribution Dates.

     

    “Upper
      Tier REMIC”:
      As
      described in the Preliminary Statement.

     

    “Value”:
      With
      respect to any Mortgage Loan and the related Mortgaged Property, the lesser
      of:

    

    
      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

    

    

    (i)       the
      value of such Mortgaged Property as determined by an appraisal made for the
      originator of the Mortgage Loan at the time of origination of the Mortgage
      Loan
      by an appraiser who met the minimum requirements of Fannie Mae and Freddie
      Mac;
      and 

     

    (ii)       the
      purchase price paid for the related Mortgaged Property by the Mortgagor with
      the
      proceeds of the Mortgage Loan; 

     

    provided,
      however,
      that in
      the case of a Refinancing Mortgage Loan, such value of the Mortgaged Property
      is
      based solely upon the value determined by an appraisal made for the originator
      of such Refinancing Mortgage Loan at the time of origination by an appraiser
      who
      met the minimum requirements of Fannie Mae and Freddie Mac.

     

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. 98% of the voting rights shall be allocated among the Classes
      of Regular Certificates (other than the Interest-Only Certificates and the
      Class
      A-R Certificate), pro
      rata,
      based
      on a fraction, expressed as a percentage, the numerator of which is the Class
      Principal Balance of such Class and the denominator of which is the aggregate
      of
      the Class Principal Balances then outstanding, 1% of the voting rights shall
      be
      allocated to the Class X Certificates and 1% of the voting rights shall be
      allocated to the Class A-R Certificate; provided,
      however,
      that
      when none of the Regular Certificates is outstanding, 100% of the voting rights
      shall be allocated to the Holder of the Class A-R Certificate. The voting rights
      allocated to a Class of Certificates shall be allocated among all Holders of
      such Class, pro
      rata,
      based
      on a fraction the numerator of which is the Certificate Principal Balance or
      Certificate Notional Balance, as applicable, of each Certificate of such Class
      and the denominator of which is the Class Principal Balance or Class Notional
      Balance, as applicable, of such Class; provided,
      however,
      that
      any Certificate registered in the name of the Trustee or any of its affiliates
      shall not be included in the calculation of Voting Rights.

     

    “Wells
      Custodial Agreement”:
      The
      Custodial Agreement dated as of February 1, 2006, between the Trustee and the
      Wells Fargo Bank, N.A., as custodian.

     

    “Writedown
      Amount”:
      The
      reduction described in Section 5.03(c).

    
       

      
        	 	
                SECTION
                  1.02.

              	
                Accounting.

              

      

       

    

    Unless
      otherwise specified herein, for the purpose of any definition or calculation,
      whenever amounts are required to be netted, subtracted or added or any
      distributions are taken into account such definition or calculation and any
      related definitions or calculations shall be determined without duplication
      of
      such functions.

    

    
      
        
          
          

        

        
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    ARTICLE
      II

     

    CONVEYANCE
      OF MORTGAGE LOANS;

    ORIGINAL
      ISSUANCE OF CERTIFICATES

     

    
      	 	
              SECTION
                2.01.

            	
              Conveyance
                of Mortgage Loans.

            

    

     

    (a) The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee without recourse
      for the benefit of the Certificateholders and the Certificate Insurer all the
      right, title and interest of the Depositor, including any security interest
      therein for the benefit of the Depositor, in and to (i) each Mortgage Loan
      (other than any Prepayment Penalty Amounts) identified on the Mortgage Loan
      Schedule, including the related Cut-off Date Principal Balance, all interest
      due
      thereon after the Cut-off Date and all collections in respect of interest and
      principal due after the Cut-off Date; (ii) all the Depositor’s right, title and
      interest in and to the Distribution Account and all amounts from time to time
      credited to and the proceeds of the Distribution Account; (iii) any real
      property that secured each such Mortgage Loan and that has been acquired by
      foreclosure or deed in lieu of foreclosure; (iv) the Depositor’s interest in any
      insurance policies in respect of the Mortgage Loans; (v) all proceeds of
      any of the foregoing and (vi) all other assets included or to be included in
      the
      Trust Fund. Such assignment includes all interest and principal due to the
      Depositor or the Master Servicer after the Cut-off Date with respect to the
      Mortgage Loans. In exchange for such transfer and assignment, the Depositor
      shall receive the Certificates.

     

    It
      is
      agreed and understood by the Depositor, the Sponsor and the Trustee that it
      is
      not intended that any Mortgage Loan be included in the Trust Fund that is a
      “High-Cost Home Loan” as defined in the New Jersey Home Ownership Act, effective
      as of November 27, 2003, or The Home Loan Protection Act of New Mexico,
      effective as of January 1, 2004, or that is a “High Cost Home Mortgage Loan” as
      defined in the Massachusetts Predatory Home Loan Practices Act, effective as
      of
      November 7, 2004, or that is an “Indiana High Cost Home Mortgage Loan” as
      defined in the Indiana High Cost Home Loan Act, effective as of January 1,
      2005.

     

    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
      Purchase Agreement, including all rights of the Seller and the Sponsor under
      the
      Servicing Agreements and Purchase Agreements to the extent assigned in the
      Mortgage Loan Purchase Agreement. The Trustee hereby accepts such assignment,
      and shall be entitled to exercise all rights of the Depositor under the Mortgage
      Loan Purchase Agreement and all rights of the Seller under the Servicing
      Agreements as if, for such purpose, it were the Depositor or the Seller, as
      applicable, including the Seller’s right to enforce remedies for breaches of
      representations and warranties and delivery of Mortgage Loan documents. The
      foregoing sale, transfer, assignment, set-over, deposit and conveyance does
      not
      and is not intended to result in creation or assumption by the Trustee of any
      obligation of the Depositor, the Seller or any other Person in connection with
      the Mortgage Loans or any other agreement or instrument relating thereto except
      as specifically set forth herein.

    

    
      
        
          
          

        

        
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    In
      connection with such transfer and assignment, (i) the Depositor directs the
      Trustee to appoint Wells Fargo Bank, N.A. as Custodian, and (ii) the Seller,
      on
      behalf of the Depositor, shall cause the custodian under each applicable
      Purchase Agreement to deliver and deposit with the Trustee, or the Custodian
      as
      its designated agent, on the Closing Date, unless otherwise specified in this
      Section 2.01 or the Wells Custodial Agreement, the following documents or
      instruments with respect to each Mortgage Loan (a “Mortgage
      File”)
      so
      transferred and assigned only to the extent that the Seller received such items
      from the applicable Originator:

     

    
      	 	
              (i)

            	
              the
                original Mortgage Note, endorsed either on its face or by allonge
                attached
                thereto in blank or in the following form: “Pay to the order of HSBC Bank
                USA, National Association, as Trustee for Luminent Mortgage Trust
                2006-2,
                Mortgage Loan Pass-Through Certificates, Series 2006-2, without recourse”
                and all intervening endorsements showing a complete chain of endorsements
                from the Originator to the Seller;

            

    

     

    
      	 	
              (ii)

            	
              except
                as provided below, for each Mortgage Loan that is not a MERS Mortgage
                Loan, the original recorded Mortgage, and in the case of each MERS
                Mortgage Loan, the original Mortgage, noting the presence of the
                MIN for
                that Mortgage Loan and either language indicating that the Mortgage
                Loan
                is a MOM Loan if the Mortgage Loan is a MOM Loan, or if such Mortgage
                Loan
                was not a MOM Loan at origination, the original Mortgage and the
                assignment to MERS, in each case with evidence of recording thereon,
                and
                the original recorded power of attorney, if the Mortgage was executed
                pursuant to a power of attorney, with evidence of recording thereon
                or, if
                such Mortgage or power of attorney has been submitted for recording
                but
                has not been returned from the applicable public recording office,
                has
                been lost or is not otherwise available, a copy of such Mortgage
                or power
                of attorney, as the case may be, together with an Officer’s Certificate of
                the applicable Originator certifying that the copy of such Mortgage
                delivered to the Trustee (or its Custodian) is a true copy and that
                the
                original of such Mortgage has been forwarded to the public recording
                office, or, in the case of a Mortgage that has been lost, a copy
                thereof
                (certified as provided for under the laws of the appropriate jurisdiction)
                and a written Opinion of Counsel (delivered at the applicable Originator’s
                expense) acceptable to the Trustee and the Depositor that an original
                recorded Mortgage is not required to enforce the Trustee’s interest in the
                Mortgage Loan;

            

    

     

    
      	 	
              (iii)

            	
              with
                respect to Mortgage Loans originated by Countrywide, originals of
                each
                assumption, modification, written assurance or substitution of liability
                agreement, if any, and with respect to Mortgage Loans originated
                by Paul
                Financial, the original or certified true copies of any document
                sent for
                recordation of all assumption, modification, consolidation or extension
                agreements, with evidence of recording thereon, or, if the original
                of any
                such agreement with evidence of recording thereon has not been returned
                by
                the public recording office where such agreement has been delivered
                for
                recordation or such agreement has been lost or such public recording
                office retains the original recorded agreement, a photocopy of such
                agreement, certified by Paul Financial or its agent to be a true
                and
                correct copy of the agreement delivered to the appropriate public
                recording office for recordation. The original recorded agreement
                or, in
                the case of an agreement where a public recording office retains
                the
                original recorded agreement or in the case where an agreement is
                lost
                after recordation in a public recording office, a copy of such agreement
                certified by such public recording office to be a true and complete
                copy
                of the original recorded agreement will be promptly delivered to
                the
                Custodian upon receipt thereof by Paul
                Financial;

            

    

     

    
      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (iv)

            	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original duly executed Assignment of Mortgage, in form and substance
                acceptable for recording. The Mortgage shall be assigned either (A)
                to
                “HSBC Bank USA, National Association, as Trustee for Luminent Mortgage
                Trust 2006-2, Mortgage Loan Pass-Through Certificates, Series 2006-2,
                without recourse” or (B) in blank, without
                recourse;

            

    

     

    
      	 	
              (v)

            	
              in
                the case of each Mortgage Loan that is not a MERS Mortgage Loan,
                an
                original or a certified true copy of any intervening Assignment of
                Mortgage showing a complete chain of title from the Originator to
                the
                Seller, and, in the case of a Mortgage Loan originated by Paul Financial,
                upon receipt of a required custodial certification from the Custodian
                indicating that any such intervening assignment has not been returned
                from
                the applicable recording office or has been lost or if such public
                recording office retains the original recorded assignments of mortgage,
                the Trustee shall cause Paul Financial to deliver or cause to be
                delivered
                to the Custodian, a photocopy of such intervening assignment, together
                with (i) in the case of a delay caused by the public recording office,
                an
                Officer’s Certificate of Paul Financial stating that such intervening
                Assignment of Mortgage has been dispatched to the appropriate public
                recording office for recordation and that such original recorded
                intervening Assignment of Mortgage or a copy of such intervening
                Assignment of Mortgage certified by the appropriate public recording
                office or by the title insurance company that issued the title policy
                to
                be a true and complete copy of the original recorded intervening
                Assignment of Mortgage will be promptly delivered to the Custodian
                upon
                receipt thereof by Paul Financial; or (ii) in the case of an intervening
                assignment where a public recording office retains the original recorded
                intervening Assignment of Mortgage or in the case where an intervening
                Assignment of Mortgage is lost after recordation in a public recording
                office, a copy of such intervening Assignment of Mortgage certified
                by
                such public recording office to be a true and complete copy of the
                original recorded intervening Assignment of Mortgage and, with respect
                to
                any Mortgage Loan that was originated by either Countrywide or Paul
                Financial and an intervening Assignment of Mortgage that has been
                lost, a
                written Opinion of Counsel (delivered at the applicable Originator’s
                expense) acceptable to the Trustee that such original intervening
                Assignment of Mortgage is not required to enforce the Trustee’s interest
                in the Mortgage Loans;

            

    

     

    
      	 	
              (vi)

            	
              with
                respect to any Mortgage Loan, the original Primary Insurance Policy,
                if any, or certificate, if any; and

            

    

     

    
      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

    

    

    
      	 	
              (vii)

            	
              the
                original lender’s title insurance
                policy.

            

    

    

    In
      connection with the assignment of any MERS Mortgage Loan, the Master Servicer
      shall cause the applicable Servicer to take, at the expense of the Sponsor
      (to
      the extent not paid by the applicable Originator under the related Purchase
      Agreement) (with the cooperation of the Depositor, the Sponsor and the Master
      Servicer), such actions as are necessary to cause the MERS®
      System
      to indicate that such Mortgage Loans have been assigned by the Seller to the
      Trustee in accordance with this Agreement for the benefit of the
      Certificateholders and the Certificate Insurer by including (or deleting, in
      the
      case of Mortgage Loans that are repurchased in accordance with this Agreement)
      in such computer files the information required by the MERS® System to identify
      the series of the Certificates issued in connection with the transfer of such
      Mortgage Loans to the Luminent Mortgage Trust 2006-2.

     

    Assignments
      of each Mortgage with respect to each Mortgage Loan that is not a MERS Mortgage
      Loan shall be recorded; provided,
      however,
      that
      such assignments need not be recorded if, in the Opinion of Counsel (which
      must
      be from Independent Counsel and not at the expense of the Trust Fund or the
      Trustee) acceptable to the Trustee, each Rating Agency and the Master Servicer,
      recording in such states is not required to protect the Trustee’s interest in
      the related Mortgage Loans; provided,
      further,
      notwithstanding the delivery of any Opinion of Counsel, the Master Servicer
      shall cause the Servicers to submit each Assignment of Mortgage for recording,
      in the manner described above, at no expense to the Trust or Trustee, upon
      the
      earliest to occur of (1) reasonable direction by the Majority
      Certificateholders, (2) the occurrence of a bankruptcy or insolvency relating
      to
      the Seller, the Sponsor or the Depositor, or (3) with respect to any one
      Assignment of Mortgage, 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 shall cause the
      applicable Servicer to properly record (with the cooperation of the Depositor,
      the Trustee (or the Custodian on behalf of the Trustee) and the Master
      Servicer), in each public recording office where the related Mortgages are
      recorded, each assignment referred to in Section 2.01(v) above with respect
      to a
      Mortgage Loan that is not a MERS Mortgage Loan. To the extent not paid by the
      applicable Originator under the related Purchase Agreement, (x) any expense
      relating to an Assignment of Mortgage shall be an expense of the Sponsor in
      connection with an event described in (1) above and, only to the extent relating
      to a bankruptcy or insolvency of the Seller or the Sponsor, in connection with
      an event described in (2) above, (y) any expense relating to an Assignment
      of
      Mortgage shall be an expense of the Depositor in connection with an event
      described in (2) above to the extent that it is related to the bankruptcy or
      insolvency of the Depositor, and (z) any expense relating to an Assignment
      of
      Mortgage in connection with an event described in (3) above shall be covered
      by
      a Servicing Advance from the applicable Servicer.

    

    
      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

    

    

    Upon
      receipt of a required custodial certification from the Custodian indicating
      that
      the original lender’s title insurance policy, or a certified copy thereof, was
      not delivered pursuant to Section 2.01(x) above, the Trustee shall cause the
      applicable Originator to deliver to it the original or a copy of a written
      commitment or interim binder or preliminary report of title issued by the title
      insurance or escrow company, with the original or a certified copy thereof
      to be
      delivered to the Trustee, promptly upon receipt thereof, but in any case within
      175 days of the Closing Date. The Sponsor shall deliver or cause to be delivered
      to the Trustee, promptly upon receipt thereof, any other documents constituting
      a part of a Mortgage File received by it or the Seller with respect to any
      Mortgage Loan sold to the Depositor by the Seller, including, but not limited
      to, any original documents evidencing an assumption or modification of any
      Mortgage Loan.

     

    For
      Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date
      and prior to the Closing Date, in lieu of the Seller delivering the above
      documents, the Sponsor shall cause the applicable Servicer to deliver to the
      Trustee, or to the Custodian on behalf of the Trustee, prior to the first
      Distribution Date, 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 Distribution Account have been so deposited.
      All
      original documents that are not delivered to the Trustee on behalf of the Trust
      will be held by the Servicer in trust for the Trustee, for the benefit of the
      Trust and the Certificateholders.

     

    All
      original documents that are not delivered to the Custodian on behalf of the
      Trust Fund shall be held by the Servicer in trust for the Trustee, for the
      benefit of the Trust Fund and the Certificateholders.

     

    The
      Depositor herewith delivers to the Trustee an executed copy of the Mortgage
      Loan
      Purchase Agreement.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of the Mortgage Files and preparation and delivery of the custodial
      certifications described in Section 2.02 shall be performed by the Custodian
      pursuant to the terms and conditions of the Custodial Agreement.

     

    
      	 	
              SECTION
                2.02.

            	
              Acceptance
                by Trustee.

            

    

     

    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 Custodian
      on behalf of the Trustee and declares that it holds or will hold all other
      assets included in the definition of “Trust Fund” in trust for the exclusive use
      and benefit of all present and future Certificateholders and the Certificate
      Insurer.

     

    The
      Trustee (or the Custodian, on behalf of the Trustee) shall execute and deliver
      to the Depositor on or prior to the Closing Date an acknowledgment of receipt
      of
      the original Mortgage Note (with any exceptions noted), substantially in the
      form attached as Exhibit G-1 hereto.

      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

    The
      Trustee (or the Custodian on behalf of the Trustee) shall, for the benefit
      of
      the Certificateholders and the Certificate Insurer, review each Mortgage File
      delivered to it and to certify and deliver to the Depositor, the Sponsor and
      each Rating Agency an interim certification in substantially the form attached
      hereto as Exhibit G-2, within 90 days after the Closing Date (or, with respect
      to any document delivered after the Startup Day, within 45 days of receipt
      and
      with respect to any Qualified Substitute Mortgage, within five Business Days
      after the assignment thereof) that, as to each Mortgage Loan listed in the
      Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
      Mortgage Loan specifically identified in the exception report annexed thereto
      as
      not being covered by such certification), (i) all documents required to be
      delivered to it pursuant to Section 2.01 of this Agreement are in its
      possession, (ii) such documents have been reviewed by it and have not been
      mutilated, damaged or torn and relate to such Mortgage Loan and (iii) based
      on its examination and only as to the foregoing, the information set forth
      in
      the Mortgage Loan Schedule that corresponds to items (i), (ii) and (iii) of
      the
      Mortgage Loan Schedule accurately reflects information set forth in the Mortgage
      File. It is herein acknowledged that, in conducting such review, the Trustee
      and
      the Custodian on its behalf are under no duty or obligation to inspect, review
      or examine any such documents, instruments, certificates or other papers to
      determine that they are genuine, enforceable, or appropriate for the represented
      purpose or that they have actually been recorded or that they are other than
      what they purport to be on their face.

     

    No
      later
      than 180 days after the Closing Date, the Trustee (or the Custodian on behalf
      of
      the Trustee) shall deliver to the Depositor and the Sponsor a final
      certification in the form annexed hereto as Exhibit G-3 evidencing the
      completeness of the Mortgage Files, with any applicable exceptions noted
      thereon.

     

    Upon
      the
      discovery by the Sponsor or the Depositor (or upon receipt by the Trustee of
      written notification of such breach) of a breach of any of the representations
      and warranties made by the Sponsor or the Seller in the Mortgage Loan Purchase
      Agreement in respect of any Mortgage Loan that materially adversely affects
      such
      Mortgage Loan or the interests of the related Certificateholders or the
      Certificate Insurer in such Mortgage Loan, the party discovering such breach
      shall give prompt written notice to the other parties to this
      Agreement.

     

    The
      Depositor and the Trustee intend that the assignment and transfer herein
      contemplated constitute a sale of the Mortgage Loans, the related Mortgage
      Notes
      and the related documents, conveying good title thereto free and clear of any
      liens and encumbrances, from the Depositor to the Trustee in trust for the
      benefit of the Certificateholders and the Certificate Insurer and that such
      property not be part of the Depositor’s estate or property of the Depositor in
      the event of any insolvency by the Depositor. In the event that such conveyance
      is deemed to be, or to be made as security for, a loan, the parties intend
      that
      the Depositor shall be deemed to have granted and does hereby grant to the
      Trustee a first priority perfected security interest in all of the Depositor’s
      right, title and interest in and to the Mortgage Loans, the related Mortgage
      Notes and the related documents, and that this Agreement shall constitute a
      security agreement under applicable law.

    

    
      
        
          
          

        

        
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              SECTION
                2.03.

            	
              Repurchase
                or Substitution of Mortgage Loans by the Originators and the
                Sponsor.

            

    

     

    (a) Upon
      its
      discovery or receipt of written notice of any materially defective document
      in,
      or that a document is missing from, a Mortgage File or of the breach by an
      Originator of any representation, warranty or covenant under the applicable
      Purchase Agreement in respect of any Mortgage Loan which materially adversely
      affects the value of that Mortgage Loan or the interest therein of the
      Certificateholders or the Certificate Insurer, the Trustee shall promptly notify
      such Originator of such defect, missing document or breach and request that
      such
      Originator deliver such missing document or cure such defect or breach within
      90
      days from the date that such Originator was notified of such missing document,
      defect or breach, and if such Originator does not deliver such missing document
      or cure such defect or breach in all material respects during such period,
      the
      Trustee shall enforce such Originator’s obligation under the applicable Purchase
      Agreement and cause such Originator to repurchase that Mortgage Loan from the
      Trust Fund at the Repurchase Price (as defined in the applicable Purchase
      Agreement) on or prior to the Determination Date following the expiration of
      such 90 day period. It is understood and agreed that the obligation of an
      Originator to cure or to repurchase or to substitute for (or, with respect
      to
      any costs and damages incurred by the Trust Fund in connection with any
      violation of any anti-predatory or anti-abusive lending laws, indemnify for)
      any
      Mortgage Loan as to which a document is missing, a material defect in a
      constituent document exists or as to which such a breach has occurred and is
      continuing shall constitute the sole remedy against such Originator respecting
      such omission, defect or breach available to the Trustee on behalf of the
      Certificateholders.

     

    (b) Upon
      discovery or receipt of written notice of the breach by an Originator of any
      representation, warranty or covenant under the related Purchase Agreement in
      respect of any Mortgage Loan which materially adversely affects the value of
      that Mortgage Loan or the interest therein of the Certificateholders or the
      Certificate Insurer, the Trustee shall promptly notify the related Originator
      of
      such breach and request that the Originator cure such breach within 90 days
      from
      the date that the related Originator was notified of such breach, and if the
      related Originator does not cure such breach in all material respects during
      such period, the Trustee shall enforce the Originator’s obligation under the
      related Purchase Agreement and cause the Originator to repurchase that Mortgage
      Loan from the Trust Fund at the Purchase Price (as defined in the related
      Purchase Agreement) on or prior to the Determination Date following the
      expiration of such 90 day period (subject to Section 2.03(e) below);
provided,
      however,
      that, in
      connection with any such breach that could not reasonably have been cured within
      such 90 day period, if the related Originator shall have commenced to cure
      such
      breach within such 90 day period, the related Originator shall be permitted
      to
      proceed thereafter diligently and expeditiously to cure the same within the
      additional period provided under the related Purchase Agreement.

     

    Upon
      discovery or receipt of written notice of the breach by the Seller or the
      Sponsor of any representation, warranty or covenant under the Mortgage Loan
      Purchase Agreement or in Section 2.04 or Section 2.08 hereof in respect of
      any Mortgage Loan which materially adversely affects the value of that Mortgage
      Loan or the interest therein of the Certificateholders or the Certificate
      Insurer, the Trustee shall promptly notify the Sponsor of such breach and
      request that the Sponsor cure such breach (including breaches by the Seller)
      within 90 days from the date that the Sponsor was notified of such breach,
      and
      if the Seller or the Sponsor does not cure such breach in all material respects
      during such period, the Sponsor shall repurchase that Mortgage Loan from the
      Trust Fund at the Purchase Price on or prior to the Determination Date following
      the expiration of such 90 day period (subject to Section 2.03(e) below);
provided,
      however,
      that, in
      connection with any such breach that could not reasonably have been cured within
      such 90 day period, if the Sponsor shall have commenced to cure such breach
      within such 90 day period, the Sponsor shall be permitted to proceed thereafter
      diligently and expeditiously to cure the same within the additional period
      provided under the Mortgage Loan Purchase Agreement; and, provided
      further,
      that,
      in the case of the breach of any representation, warranty or covenant made
      by
      the Seller in Section 2.04(iii) hereof, the Sponsor shall be obligated to cure
      such breach or purchase the affected Mortgage Loans for the Purchase Price
      or,
      if the Mortgage Loan or the related Mortgaged Property acquired with respect
      thereto has been sold, then the Sponsor shall pay, in lieu of the Purchase
      Price, any excess of the Purchase Price over the Net Liquidation Proceeds
      received upon such sale. 

    

    
      
        
          
          

        

        
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    (c) The
      Purchase Price or Repurchase Price (as defined in the applicable Purchase
      Agreement) for a Mortgage Loan purchased or repurchased under this Section
      2.03
      or such other amount due shall be deposited in the Distribution Account on
      or
      prior to the next Determination Date after the obligation of an Originator
      or
      the Sponsor to repurchase such Mortgage Loan arises. Upon receipt of a Request
      for Release confirming that the Purchase Price or Repurchase Price, as
      applicable, has been deposited to the Distribution Account, the Trustee shall
      cause the Custodian to release to the applicable Originator or the Sponsor,
      as
      applicable, the related Mortgage File and the Trustee shall execute and deliver
      such instruments of transfer or assignment, in each case without recourse,
      representation or warranty, as the related Originator or Sponsor, as applicable,
      shall furnish to it and as shall be necessary to vest in the related Originator
      or Sponsor, as applicable, any Mortgage Loan released pursuant hereto and the
      Trustee and the Custodian shall have no further responsibility with regard
      to
      such Mortgage File (it being understood that the Trustee and Custodian shall
      have no responsibility for determining the sufficiency of such assignment for
      its intended purpose). In lieu of repurchasing any such Mortgage Loan as
      provided above, the Sponsor or the related Originator may cause such Mortgage
      Loan to be removed from the Trust Fund (in which case it shall become a Deleted
      Mortgage Loan) and substitute one or more Qualified Substitute Mortgage Loans
      in
      the manner and subject to the limitations set forth in Section 2.03(d) below.
      It
      is understood and agreed that the obligation of the Sponsor or the related
      Originator to cure or to repurchase or to substitute for (or, with respect
      to
      any costs and damages incurred by the Trust Fund in connection with any
      violation of any anti-predatory or anti-abusive lending laws, indemnify for)
      any
      Mortgage Loan as to which a document is missing, a material defect in a
      constituent document exists or as to which such a breach has occurred and is
      continuing shall constitute the sole remedy against the Sponsor or related
      Originator, as applicable, respecting such omission, defect or breach available
      to the Trustee on behalf of the Certificateholders. Any Mortgage Loan released
      pursuant to this subsection, subsection (g) or subsection (h) shall be released
      on a servicing-retained basis.

     

    (d) Notwithstanding
      anything to the contrary set forth above, with respect to any breach by the
      Sponsor of a representation or warranty made by the Sponsor herein or in the
      Mortgage Loan Purchase Agreement that materially and adversely affects the
      value
      of a Mortgage Loan or the Mortgage Loans or the interest therein of the
      Certificateholders or the Certificate Insurer, if the Sponsor would not be
      in
      breach of such representation or warranty but for a breach by the applicable
      Originator of a representation and warranty made by such Originator in the
      related Purchase Agreement, then the Originator thereunder, in the manner and
      to
      the extent set forth therein, and not the Sponsor, shall be required to remedy
      such breach (other than a remedy provided for under subsection (i) relating
      to
      Paul Financial’s failure to remedy a breach of its representations and
      warranties). In addition to such repurchase or substitution obligation, the
      Sponsor shall indemnify the Trust Fund and hold it harmless against
      any losses, damages, penalties, fines, forfeitures, reasonable and necessary
      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 Sponsor’s representations and warranties
      contained in Section 2.04(i) (only to the extent that it relates to
      predatory and abusive lending laws) or Section 2.04(ii).

    

    
      
        
          
          

        

        
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    The
      Trustee shall enforce the obligations of the Seller and the Sponsor under the
      Mortgage Loan Purchase Agreement including, without limitation, any obligation
      of the Sponsor to purchase a Mortgage Loan on account of a breach of a
      representation, warranty or covenant as described in this Section 2.03(d) and
      its obligation to indemnify the Trust Fund with respect to any such breach.
      In
      addition, the Trustee shall enforce the obligations of the Originators under
      the
      Purchase Agreements including, without limitation, any obligation of the
      Originators to purchase a Mortgage Loan on account of a breach of a
      representation, warranty or covenant as described in this Section
      2.03(d).

     

    (e) If
      pursuant to the provisions of Section 2.03(b), the Sponsor or the applicable
      Originator (under the terms of the related Purchase Agreement) repurchases
      or
      otherwise removes from the Trust Fund a Mortgage Loan that is a MERS Mortgage
      Loan, the Master Servicer shall cause the applicable Servicer to take, at the
      expense of the Sponsor or the applicable Originator (under the terms of the
      related Purchase Agreement) (with the cooperation of the Depositor, the Master
      Servicer, the Sponsor and the applicable Originator), such actions as are
      necessary either (i) cause MERS to execute and deliver an Assignment of Mortgage
      in recordable form to transfer the Mortgage from MERS to the Sponsor or the
      applicable Originator and shall cause such Mortgage to be removed from
      registration on the MERS®
      System
      in accordance with MERS’ rules and regulations or (ii) cause MERS to designate
      on the MERS®
      System
      the Sponsor, the applicable Originator or its respective designee, as the case
      may be, as the beneficial holder of such Mortgage Loan.

     

    (f) [Reserved]

    

    
      
        
          
          

        

        
          51

          
            

          

        

        
          
          

        

      

    

    

    (g) Any
      substitution of Qualified Substitute Mortgage Loans for Deleted Mortgage Loans
      made pursuant to Section 2.03(a) above must be effected prior to the last
      Business Day that is within two years after the Closing Date. As to any Deleted
      Mortgage Loan for which the Sponsor substitutes a Qualified Substitute Mortgage
      Loan or Loans, such substitution shall be effected by the Sponsor or the related
      Originator, as applicable, delivering to the Custodian, on behalf of the
      Trustee, for such Qualified Substitute Mortgage Loan or Loans, the Mortgage
      Note, the Mortgage, the Assignment to the Trustee, and such other documents
      and
      agreements, with all necessary endorsements thereon, as are required by Section
      2.01 hereof, together with an Officers’ Certificate stating that each such
      Qualified Substitute Mortgage Loan satisfies the definition thereof and
      specifying the Substitution Adjustment (as described below), if any, in
      connection with such substitution; provided,
      however,
      that, in
      the case of any Qualified Substitute Mortgage Loan that is a MERS Mortgage
      Loan,
      the Sponsor or the applicable Originator shall provide such documents and take
      such other action with respect to such Qualified Substitute Mortgage Loans
      as
      are required pursuant to Section 2.01 hereof. The Custodian, on behalf of the
      Trustee, shall acknowledge receipt for such Qualified Substitute Mortgage Loan
      or Loans and, within five Business Days thereafter, shall review such documents
      as specified in Section 2.02 hereof and deliver to the Servicer, with respect
      to
      such Qualified Substitute Mortgage Loan or Loans, a certification substantially
      in the form attached hereto as Exhibit G-2, with any exceptions noted thereon.
      Within 180 days of the date of substitution, the Custodian, on behalf of the
      Trustee, shall deliver to the Sponsor and the Master Servicer a certification
      substantially in the form of Exhibit G-3 hereto with respect to such Qualified
      Substitute Mortgage Loan or Loans, with any exceptions noted thereon. Monthly
      Payments due with respect to Qualified Substitute Mortgage Loans in the month
      of
      substitution are not part of the Trust Fund and will be retained by the Sponsor
      or the applicable Originator, as the case may be. For the month of substitution,
      distributions to Certificateholders will reflect the collections and recoveries
      in respect of such Deleted Mortgage Loan in the Due Period preceding the month
      of substitution and the Depositor or the Sponsor, as the case may be, shall
      thereafter be entitled to retain all amounts subsequently received in respect
      of
      such Deleted Mortgage Loan. The Depositor shall give or cause to be given
      written notice to the Certificateholders that such substitution has taken place,
      shall amend the Mortgage Loan Schedule to reflect the removal of such Deleted
      Mortgage Loan from the terms of this Agreement and the substitution of the
      Qualified Substitute Mortgage Loan or Loans and shall deliver a copy of such
      amended Mortgage Loan Schedule to the Trustee. Upon such substitution, such
      Qualified Substitute Mortgage Loan or Loans shall constitute part of the Trust
      Fund and shall be subject in all respects to the terms of this Agreement and,
      in
      the case of a substitution effected by the Sponsor, the Mortgage Loan Purchase
      Agreement, including, in the case of a substitution effected by the Sponsor
      all
      representations and warranties thereof included in the Mortgage Loan Purchase
      Agreement and all representations and warranties thereof set forth in Section
      2.04 hereof, in each case as of the date of substitution, and, in the case
      of a
      substitution effected by an Originator, the date of the related Purchase
      Agreement, including, in the case of a substitution effected by such Originator
      all representations and warranties thereof included in the Mortgage Loan
      Purchase Agreement and all representations and warranties thereof set forth
      in
      Section 2.04 hereof, in each case as of the date of substitution.

     

    For
      any
      month in which the Sponsor substitutes one or more Qualified Substitute Mortgage
      Loans for one or more Deleted Mortgage Loans, the Sponsor shall determine,
      and
      provide written certification to the Trustee and the Sponsor as to the amount
      (each, a “Substitution
      Adjustment”),
      if
      any, by which the aggregate Purchase Price of all such Deleted Mortgage Loans
      exceeds the aggregate, as to each such Qualified Substitute Mortgage Loan,
      of
      the principal balance thereof as of the date of substitution, together with
      one
      month’s interest on such principal balance at the applicable Net Loan Rate. On
      or prior to the next Determination Date after the Sponsor’s obligation to
      repurchase the related Deleted Mortgage Loan arises, the Sponsor will deliver
      or
      cause to be delivered to the Securities Administrator for deposit in the
      Distribution Account an amount equal to the related Substitution Adjustment,
      if
      any, and the Custodian, on behalf of the Trustee, upon receipt of the related
      Qualified Substitute Mortgage Loan or Loans, shall release to the Sponsor or
      its
      designee the related Mortgage File or Files and the Trustee shall execute and
      deliver such instruments of transfer or assignment, in each case without
      recourse, as the Sponsor shall deliver to it and as shall be necessary to vest
      therein any Deleted Mortgage Loan released pursuant hereto.

    

    
      
        
          
          

        

        
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    In
      addition, the Sponsor shall obtain at its own expense and deliver to the Trustee
      an Opinion of Counsel to the effect that such substitution (either specifically
      or as a class of transactions) will not cause an Adverse REMIC Event. If such
      Opinion of Counsel cannot be delivered, then such substitution may only be
      effected at such time as the required Opinion of Counsel can be
      given.

     

    (h) Upon
      discovery by the Sponsor, the Depositor or the Trustee that any Mortgage Loan
      does not constitute a “qualified mortgage” within the meaning of Section
      860G(a)(3) of the Code, the party discovering such fact shall within two
      Business Days give written notice thereof to the other parties. In connection
      therewith, the Sponsor shall repurchase (to the extent that the failure to
      constitute a “qualified mortgage” as described in the preceding sentence results
      from a breach of a representation or warranty of the Sponsor hereunder or in
      the
      Mortgage Loan Purchase Agreement or, in the case of a Mortgage Loan originated
      by Paul Financial, results from a breach of a representation or warranty of
      Paul
      Financial under the related Purchase Agreement if Paul Financial fails to remedy
      such breach), or the Trustee shall cause the applicable Originator to
      repurchase, such Mortgage Loan, or, subject to the limitations set forth in
      Section 2.03(e), the Sponsor shall substitute (to the extent that the failure
      to
      constitute a “qualified mortgage” as described in the preceding sentence results
      from a breach of a representation or warranty of the Sponsor hereunder or in
      the
      Mortgage Loan Purchase Agreement or, in the case of a Mortgage Loan originated
      by Paul Financial, results from a breach of a representation or warranty of
      Paul
      Financial under the related Purchase Agreement if Paul Financial fails to remedy
      such breach), or the Trustee shall cause the applicable Originator to
      substitute, one or more Qualified Substitute Mortgage Loans for the affected
      Mortgage Loan within 90 days of the earlier of discovery or receipt of such
      notice with respect to such affected Mortgage Loan. Any such repurchase or
      substitution shall be made in the same manner as set forth in Section 2.03(b)
      above, if made by the Sponsor. The Trustee shall reconvey to the Sponsor or
      its
      designee the Mortgage Loan to be released pursuant hereto in the same manner,
      and on the same terms and conditions, as it would a Mortgage Loan repurchased
      for breach of a representation or warranty.

     

    (i) Notwithstanding
      the foregoing, (A) 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 Countrywide under the related Purchase Agreement and (ii) a representation
      or
      warranty of the Sponsor under Section 2.04(i) or Section 2.04(ii) of this
      Agreement or under Section 3.02(a)(vii) (only to the extent that this
      representation and warranty relates to the absence of notice or actual knowledge
      of any title impairment with respect to any Mortgage Loan) of the Mortgage
      Loan
      Purchase Agreement, in each case, which materially adversely affects the value
      of such Mortgage Loan or the interest therein of the Certificateholders or
      the
      Certificate Insurer, the Trustee shall request that Countrywide cure such breach
      or repurchase such Mortgage Loan and if Countrywide fails to cure such breach
      or
      repurchase such Mortgage Loan within 60 days of receipt of such request from
      the
      Trustee, the Trustee shall then request that the Sponsor cure such breach or
      repurchase such Mortgage Loan, and (B) to the extent that any fact, condition
      or
      event with respect to a Mortgage Loan constitutes a breach of a representation
      or warranty of Paul Financial under the related Purchase Agreement which
      materially adversely affects the value of such Mortgage Loan or the interest
      therein of the Certificateholders or the Certificate Insurer, the Trustee shall
      request that Paul Financial cure such breach or repurchase such Mortgage Loan
      and if Paul Financial fails to cure such breach or repurchase such Mortgage
      Loan
      within 60 days of receipt of such request from the Trustee, the Trustee shall
      then request that the Sponsor cure such breach or repurchase such Mortgage
      Loan.

     

    
      
        
          
          

        

        
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              SECTION
                2.04.

            	
              Representations
                and Warranties of the Sponsor with Respect to the Mortgage
                Loans.

            

    

     

    The
      Sponsor hereby makes the following representations and warranties to the Trustee
      on behalf of the Certificateholders and the Certificate Insurer as of the
      Closing Date with respect to the Mortgage Loans:

     

    (i) Each
      Mortgage Loan at the time it was made complied in all material respects with
      applicable local, state, and federal laws, including, but not limited to, all
      applicable predatory and abusive lending laws.

     

    (ii) No
      Mortgage Loan is a “High Cost Loan” or “Covered Loan,” as applicable, (as such
      terms are defined in the then current Standard & Poor’s LEVELS®
      Glossary, Appendix E, in effect as of the Closing Date) and
      no
      Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
      is
      governed by the Georgia Fair Lending Act;
      and

     

    (iii) With
      respect to each representation and warranty with respect to any Mortgage Loan
      made by the Originators in the Purchase Agreements that is made as of the
      related Closing Date (as defined in the applicable Purchase Agreement), no
      event
      has occurred since the related Closing Date (as defined in the applicable
      Purchase Agreement) that would render such representations and warranties to
      be
      untrue in any material respect as of the Closing Date.

     

    It
      is
      understood and agreed that the representations and warranties in this Section
      2.04 shall survive delivery of the Mortgage Files to the Trustee and shall
      inure
      to the benefit of the Certificateholders and the Certificate Insurer
      notwithstanding any restrictive or qualified endorsement or assignment. Upon
      discovery by any of the Depositor, the Seller, the Master Servicer, the
      Certificate Insurer or the Trustee of a breach of any of the foregoing
      representations and warranties which materially and adversely affects the value
      of any Mortgage Loan or the interests therein of the Certificateholders or
      the
      Certificate Insurer, the party discovering such breach shall give prompt written
      notice to the other parties, and in no event later than two Business Days from
      the date of such discovery. It is understood and agreed that the obligations
      of
      the Seller set forth in Section 2.03(b) hereof to cure, substitute for or
      repurchase (or, with respect to any costs and damages incurred by the Trust
      Fund
      in connection with any violation of any anti-predatory or anti-abusive lending
      laws, indemnify for) a related Mortgage Loan pursuant to the Mortgage Loan
      Purchase Agreement constitute the sole remedies available to the
      Certificateholders or to the Trustee on their behalf respecting a breach of
      the
      representations and warranties incorporated in this Section 2.04.

    

    
      
        
          
          

        

        
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              SECTION
                2.05.

            	
              [Reserved]

            

    

     

    
      	 	
              SECTION
                2.06.

            	
              Representations
                and Warranties of the
                Depositor.

            

    

     

    The
      Depositor represents and warrants to the Trustee on behalf of the
      Certificateholders and the Certificate Insurer as follows:

     

    (i) this
      agreement constitutes a legal, valid and binding obligation of the Depositor,
      enforceable against the Depositor in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      affecting the enforcement of creditors’ rights in general an except as such
      enforceability may be limited by general principles of equity (whether
      considered in a proceeding at law or in equity);

     

    (ii) immediately
      prior to the sale and assignment by the Depositor to the Trustee on behalf
      of
      the Trust of each Mortgage Loan, the Depositor had good and marketable title
      to
      each Mortgage Loan (insofar as such title was conveyed to it by the Seller)
      subject to no prior lien, claim, participation interest, mortgage, security
      interest, pledge, charge or other encumbrance or other interest of any
      nature;

     

    (iii) as
      of the
      Closing Date, the Depositor has transferred all right, title and interest in
      the
      Mortgage Loans to the Trustee on behalf of the Trust;

     

    (iv) the
      Depositor has not transferred the Mortgage Loans to the Trustee on behalf of
      the
      Trust with any intent to hinder, delay or defraud any of its creditors;

     

    (v) the
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of Delaware, with full corporate power and
      authority to own its assets and conduct its business as presently being
      conducted;

     

    (vi) the
      Depositor is not in violation of its certificate of incorporation or by-laws
      or
      in default in the performance or observance of any material obligation,
      agreement, covenant or condition contained in any contract, indenture, mortgage,
      loan agreement, note, lease or other instrument to which the Depositor is a
      party or by which it or its properties may be bound, which default might result
      in any material adverse changes in the financial condition, earnings, affairs
      or
      business of the Depositor or which might materially and adversely affect the
      properties or assets, taken as a whole, of the Depositor;

     

    (vii) the
      execution, delivery and performance of this Agreement by the Depositor, and
      the
      consummation of the transactions contemplated hereby, do not and will not result
      in a material breach or violation of any of the terms or provisions of, or,
      to
      the knowledge of the Depositor, constitute a default under, any indenture,
      mortgage, deed of trust, loan agreement or other agreement or instrument to
      which the Depositor is a party or by which the Depositor is bound or to which
      any of the property or assets of the Depositor is subject, nor will such actions
      result in any violation of the provisions of the certificate of incorporation
      or
      by-laws of the Depositor or, to the best of the Depositor’s knowledge without
      independent investigation, any statute or any order, rule or regulation of
      any
      court or governmental agency or body having jurisdiction over the Depositor
      or
      any of its properties or assets (except for such conflicts, breaches, violations
      and defaults as would not have a material adverse effect on the ability of
      the
      Depositor to perform its obligations under this Agreement);

    

    
      
        
          
          

        

        
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    (viii) to
      the
      best of the Depositor’s knowledge without any independent investigation, no
      consent, approval, authorization, order, registration or qualification of or
      with any court or governmental agency or body of the United States or any other
      jurisdiction is required for the issuance of the Certificates, or the
      consummation by the Depositor of the other transactions contemplated by this
      Agreement, except such consents, approvals, authorizations, registrations or
      qualifications as (a) may be required under State securities or “blue sky” laws,
      (b) have been previously obtained or (c) the failure of which to obtain would
      not have a material adverse effect on the performance by the Depositor of its
      obligations under, or the validity or enforceability of, this Agreement;
      and

     

    (ix) there
      are
      no actions, proceedings or investigations pending before or, to the Depositor’s
      knowledge, threatened by any court, administrative agency or other tribunal
      to
      which the Depositor is a party or of which any of its properties is the subject:
      (a) which if determined adversely to the Depositor would have a material adverse
      effect on the business, results of operations or financial condition of the
      Depositor; (b) asserting the invalidity of this Agreement or the Certificates;
      (c) seeking to prevent the issuance of the Certificates or the consummation
      by
      the Depositor of any of the transactions contemplated by this Agreement, as
      the
      case may be; or (d) which might materially and adversely affect the performance
      by the Depositor of its obligations under, or the validity or enforceability
      of,
      this Agreement.

     

    
      	 	
              SECTION
                2.07.

            	
              Issuance
                of Certificates.

            

    

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to it or to the Custodian of the Mortgage Files, subject to the provisions
      of
      Sections 2.01 and 2.02 hereof, together with the assignment to it of all
      other assets included in the Trust Fund, receipt of which is hereby
      acknowledged. Concurrently with such assignment and delivery and in exchange
      therefor, the Securities Administrator, pursuant to the written request of
      the
      Depositor executed by an officer of the Depositor, has caused to be executed,
      authenticated and delivered to or upon the order of the Depositor, the
      Certificates in authorized denominations. The interests evidenced by the
      Certificates constitute the entire beneficial ownership interest in the Trust
      Fund.

     

    
      	 	
              SECTION
                2.08.

            	
              Representations
                and Warranties of the Seller and the
                Sponsor.

            

    

     

    Each
      of
      the Seller and the Sponsor hereby represents and warrants to the Trustee on
      behalf of the Certificateholders and the Certificate Insurer that, as of the
      Closing Date or as of such date specifically provided herein:

     

    (i) Each
      of
      the Seller and the Sponsor is duly organized, validly existing and in good
      standing and has the power and authority to own its assets and to transact
      the
      business in which it is currently engaged. Each of the Seller and the Sponsor
      is
      duly qualified to do business and is in good standing in each jurisdiction
      in
      which the character of the business transacted by it or properties owned or
      leased by it requires such qualification and in which the failure to so qualify
      would have a material adverse effect on (a) its business, properties, assets
      or
      condition (financial or other), (b) the performance of its obligations under
      this Agreement, or (c) the value or marketability of the Mortgage
      Loans.

    

    
      
        
          
          

        

        
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    (ii) Each
      of
      the Seller and the Sponsor has the power and authority to make, execute, deliver
      and perform this Agreement and to consummate all of the transactions
      contemplated hereunder and has taken all necessary action to authorize the
      execution, delivery and performance of this Agreement which is part of its
      official records. When executed and delivered, this Agreement will constitute
      such party’s legal, valid and binding obligations enforceable in accordance with
      its terms, except as enforcement of such terms may be limited by (1) bankruptcy,
      insolvency, reorganization, receivership, moratorium or similar laws affecting
      the enforcement of creditors’ rights generally and the rights of creditors of
      federally insured financial institutions and by the availability of equitable
      remedies, (2) general equity principles (regardless of whether such enforcement
      is considered in a proceeding in equity or at law) or (3) public policy
      considerations underlying the securities laws, to the extent that such policy
      considerations limit the enforceability of the provisions of this Agreement
      which purport to provide indemnification from securities laws
      liabilities.

     

    (iii) Each
      of
      the Seller and the Sponsor holds all necessary licenses, certificates and
      permits from all governmental authorities necessary for conducting its business
      as it is currently conducted. It is not required to obtain the consent of any
      other party or any consent, license, approval or authorization from, or
      registration or declaration with, any governmental authority, bureau or agency
      in connection with the execution, delivery, performance, validity or
      enforceability of this Agreement, except for such consents, licenses, approvals
      or authorizations, or registrations or declarations as shall have been obtained
      or filed, as the case may be, prior to the Closing Date.

     

    (iv) The
      execution, delivery and performance of this Agreement by the Seller and the
      Sponsor will not conflict with or result in a breach of, or constitute a default
      under, any provision of any existing law or regulation or any order or decree
      of
      any court applicable to either the Seller or the Sponsor or any of their
      respective properties or any provision of its articles of incorporation,
      certificate of formation, trust agreement, charter or by-laws, as applicable,
      or
      constitute a material breach of, or result in the creation or imposition of
      any
      lien, charge or encumbrance upon any of their respective properties pursuant
      to
      any mortgage, indenture, contract or other agreement to which it is a party
      or
      by which it may be bound.

     

    (v) No
      certificate of an officer, written statement or written report delivered
      pursuant to the terms hereof of the Seller or the Sponsor contains any untrue
      statement of a material fact or omits to state any material fact necessary
      to
      make the certificate, statement or report not misleading.

    

    
      
        
          
          

        

        
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    (vi) Neither
      the Seller nor the Sponsor is insolvent, nor will the Seller be made insolvent
      by the transfer of the Mortgage Loans to the Depositor.

     

    (vii) Neither
      the Seller nor the Sponsor is aware of any pending insolvency of the Seller
      or
      the Sponsor.

     

    (viii) Neither
      the Seller nor the Sponsor is in violation of, and the execution and delivery
      of
      this Agreement by it 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, which violation would materially and
      adversely affect the Seller’s or the Sponsor’s, as applicable, financial
      condition (financial or otherwise) or operations, or materially and adversely
      affect the performance of any of its duties hereunder.

     

    (ix) There
      are
      no actions or proceedings against the Seller or the Sponsor, or pending or,
      to
      its knowledge, threatened, before any court, administrative agency or other
      tribunal; nor, to the Seller’s or Sponsor’s knowledge, are there any
      investigations (i) that, if determined adversely, would prohibit the Seller
      or
      the Sponsor from entering into this Agreement, (ii) seeking to prevent the
      consummation of any of the transactions contemplated by this Agreement or (iii)
      that, if determined adversely, would prohibit or materially and adversely affect
      the Seller’s or the Sponsor’s ability to perform any of its respective
      obligations under, or the validity or enforceability of, this
      Agreement.

     

    (x) The
      Seller did not transfer the Mortgage Loans to the Depositor with any intent
      to
      hinder, delay or defraud any of its creditors.

     

    (xi) The
      Seller acquired title to the Mortgage Loans in good faith, without notice of
      any
      adverse claims.

     

    (xii) The
      transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
      by
      the Seller to the Depositor are not subject to the bulk transfer laws or any
      similar statutory provisions in effect in any applicable
      jurisdiction.

     

    
      	 	
              SECTION
                2.09.

            	
              Covenants
                of the Seller and Sponsor.  

            

    

     

    The
      Seller hereby covenants that, except for the transfer hereunder, the Seller
      will
      not sell, pledge, assign or transfer to any other Person, or grant, create,
      incur or assume any lien on any Mortgage Loan, or any interest therein; the
      Sponsor will notify the Trustee, as assignee of the Depositor and the
      Certificate Insurer, of the existence of any lien on any Mortgage Loan
      immediately upon discovery thereof, and the Sponsor will defend the right,
      title
      and interest of the Trustee, as assignee of the Depositor, 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 2.09 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.

    

    
      
        
          
          

        

        
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    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING

    OF
      THE
      MORTGAGE LOANS

     

    
      	 	
              SECTION
                3.01.

            	
              Master
                Servicer to Service and Administer the Mortgage Loans. 

            

    

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicers to service and administer their respective Mortgage Loans in
      accordance with the terms of the applicable Servicing Agreement, and shall
      have
      full power and authority to do any and all things which it may deem necessary
      or
      desirable in connection with such master servicing and administration. In
      performing its obligations hereunder, the Master Servicer shall act in a manner
      consistent with Accepted Master Servicing Practices. Furthermore, the Master
      Servicer shall oversee and consult with each Servicer as necessary from
      time-to-time to carry out the Master Servicer’s obligations hereunder, shall
      receive, review and evaluate all reports, information and other data provided
      to
      the Master Servicer by each Servicer and shall cause each Servicer to perform
      and observe the covenants, obligations and conditions to be performed or
      observed by such Servicer under the applicable Servicing Agreement. The Master
      Servicer shall independently and separately monitor each Servicer’s servicing
      activities with respect to each related Mortgage Loan, reconcile the results
      of
      such monitoring with such information provided in the previous sentence on
      a
      monthly basis and coordinate corrective adjustments to the Servicers’ and Master
      Servicer’s records, and based on such reconciled and corrected information,
      prepare the statements specified in Section 5.04 and any other information
      and
      statements required hereunder. The Master Servicer shall reconcile the results
      of its Mortgage Loan monitoring with the actual remittances of the Servicers
      to
      the related Servicing Accounts pursuant to the applicable Servicing
      Agreements.

     

    The
      Trustee shall furnish the Servicers and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to the Trustee,
      necessary or appropriate to enable the Servicers and the Master Servicer to
      service and administer the related Mortgage Loans and REO Property, which
      limited powers of attorney shall provide that the Trustee will not be liable
      for
      the actions or omissions of the Servicers or Master Servicer in exercising
      such
      powers. 

     

    The
      Master Servicer shall not without the Trustee’s written consent (i) initiate any
      action, suit or proceeding solely under the Trustee’s name without indicating
      the Master Servicer’s representative capacity or (ii) take any action with the
      intent to cause, and which actually does cause, the Trustee to be registered
      to
      do business in any state. 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.

    

    
      
        
          
          

        

        
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    The
      Trustee shall provide access to the records and documentation in possession
      of
      the Trustee regarding the related Mortgage Loans and REO Property and the
      servicing thereof to the Certificateholders, the FDIC, and the supervisory
      agents and examiners of the FDIC, such access being afforded only upon
      reasonable prior written request and during normal business hours at the office
      of the Trustee; provided,
      however,
      that,
      unless otherwise required by law, the Trustee shall not be required to provide
      access to such records and documentation if the provision thereof would violate
      the legal right to privacy of any Mortgagor. The Trustee shall allow
      representatives of the above entities to photocopy any of the records and
      documentation and shall provide equipment for that purpose at a charge that
      covers the Trustee’s actual costs.

     

    The
      Trustee, upon the written request of the Master Servicer, shall execute and
      deliver to the related Servicer and the Master Servicer any court pleadings,
      requests for trustee’s sale or other documents necessary or desirable to (i) the
      foreclosure or trustee’s sale with respect to a Mortgaged Property; (ii) any
      legal action brought to obtain judgment against any Mortgagor on the Mortgage
      Note or Mortgage; (iii) obtain a deficiency judgment against the Mortgagor;
      or
      (iv) enforce any other rights or remedies provided by the Mortgage Note or
      Mortgage or otherwise available at law or equity.

     

    
      	 	
              SECTION
                3.02.

            	
              REMIC-Related
                Covenants.

            

    

     

    For
      as
      long as each REMIC created hereunder shall exist, the Trustee and the Securities
      Administrator shall act in accordance herewith to treat each such REMIC as
      a
      REMIC, and the Trustee and the Securities Administrator shall comply with any
      directions of the Depositor, the related Servicer or the Master Servicer to
      assure such continuing treatment. In particular, the Trustee, the Securities
      Administrator and the Master Servicer shall not (a) sell or knowingly permit
      the
      sale of all or any portion of the Mortgage Loans or of any investment of
      deposits in an Account unless such sale is as a result of a repurchase of the
      Mortgage Loans or is otherwise permitted pursuant to this Agreement or the
      Trustee has received a REMIC Opinion prepared at the expense of the Trust Fund;
      and (b) other than with respect to a substitution pursuant to the Mortgage
      Loan
      Purchase Agreement or Section 2.03 or 2.04 of this Agreement or as otherwise
      provided in this Agreement, as applicable, accept any contribution to any REMIC
      after the Startup Day without receipt of a REMIC Opinion.

     

    
      	 	
              SECTION
                3.03.

            	
              Monitoring
                of Servicers.

            

    

     

    (a) The
      Master Servicer shall be responsible for reporting to the Trustee (on behalf
      of
      the Trust Fund) and the Depositor the compliance by each Servicer with its
      duties under the related Servicing Agreement. In the review of each Servicer’s
      activities, the Master Servicer may rely upon an officer’s certificate of the
      Servicer with regard to such Servicer’s compliance with the terms of its
      Servicing Agreement. In the event that the Master Servicer, in its judgment,
      determines that a Servicer should be terminated in accordance with its Servicing
      Agreement, or that a notice should be sent pursuant to such Servicing Agreement
      with respect to the occurrence of an event that, unless cured, would constitute
      grounds for such termination, the Master Servicer shall notify the Depositor
      and
      the Trustee thereof and the Master Servicer shall issue such notice or take
      such
      other action as it deems appropriate.

     

    

    
      
        
          
          

        

        
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    (b) The
      Master Servicer, for the benefit of the Trust Fund, the Certificate Insurer
      and
      the Certificateholders, shall (acting as agent of the Trust Fund when enforcing
      the Trust Fund’s rights under each Servicing Agreement) (i) enforce the
      obligations of each Servicer under the related Servicing Agreement, and (ii)
      in
      the event that a Servicer fails to perform its obligations in accordance with
      the related Servicing Agreement, subject to the preceding paragraph, terminate
      the rights and obligations of such Servicer thereunder and act as servicer
      of
      the related Mortgage Loans thereunder or enter into a new Servicing Agreement
      having comparable terms with a successor Servicer selected by the Master
      Servicer which the Master Servicer shall cause the Trustee to acknowledge;
      provided,
      however,
      it is
      understood and acknowledged by the parties hereto that there will be a period
      of
      transition (not to exceed 90 days) before the actual servicing functions can
      be
      fully transferred to such successor Servicer. Such enforcement, including,
      without limitation, the legal prosecution of claims, termination of Servicing
      Agreements and the pursuit of other appropriate remedies, shall be in such
      form
      and carried out to such an extent and at such time as the Master Servicer,
      in
      its good faith business judgment, would require were it the owner of the related
      Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
      at
      its own expense, provided that the Master Servicer shall not be required to
      prosecute or defend any legal action except to the extent that the Master
      Servicer shall have received reasonable indemnity for its costs and expenses
      in
      pursuing such action.

     

    (c) To
      the
      extent that the costs and expenses of the Master Servicer related to any
      termination of a Servicer, appointment of a successor Servicer or the transfer
      and assumption of servicing by the Master Servicer with respect to any Servicing
      Agreement (including, without limitation, (i) all legal costs and expenses
      and
      all due diligence costs and expenses associated with an evaluation of the
      potential termination of the Servicer as a result of an event of default by
      such
      Servicer and (ii) all costs and expenses associated with the complete transfer
      of servicing, including all servicing files and all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the successor servicer to correct any errors or insufficiencies in the
      servicing data or otherwise to enable the successor servicer to service the
      Mortgage Loans in accordance with the related Servicing Agreement) are not
      fully
      and timely reimbursed by the terminated Servicer, the Master Servicer shall
      be
      entitled to reimbursement of such costs and expenses from the Distribution
      Account.

     

    (d) The
      Master Servicer shall require each Servicer to comply with the remittance
      requirements and other obligations set forth in the related Servicing
      Agreement.

     

    (e) If
      the
      Master Servicer acts as Servicer, it will not assume liability for the
      representations and warranties of the Servicer, if any, that it
      replaces.

     

    
      
        (f) 
          In
          the
          event that the Depositor becomes aware of any Event of Default (as defined
          in
the
          applicable Servicing Agreement) with respect to any Servicer, it shall
          promptly
          provide the Master Servicer with written notice of such Event of
          Default.

      

       

    

    
      	 	
              SECTION
                3.04.

            	
              Fidelity
                Bond.

            

    

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an 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 errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or
      trustees.

     

    
      
        
          
          

        

        
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              SECTION
                3.05.

            	
              Power
                to Act; Procedures.

            

    

     

    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, to do any and all things that it may deem necessary or
      desirable in connection with the master 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, the Certificate
      Insurer, the Trust Fund 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, Liquidation Proceeds and Recoveries and (iv)
      to
      effectuate, in its own name, on behalf the Trust Fund, or in the name of the
      Trust Fund, 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 related Servicing Agreement, as applicable;
      provided,
      however,
      that
      the Master Servicer shall not (and, consistent with its responsibilities under
      Section 3.03, shall not permit any Servicer to) knowingly or intentionally
      take
      any action, or fail to take (or fail to cause to be taken) any action reasonably
      within its control and the scope of duties more specifically set forth herein,
      that, under the REMIC Provisions, if taken or not taken, as the case may be,
      would result in an Adverse REMIC Event unless the Master Servicer has received
      an Opinion of Counsel (but not at the expense of the Master Servicer) to the
      effect that the contemplated action will not result in an Adverse REMIC Event.
      The Trustee shall furnish the Master Servicer, upon written request from a
      Servicing Officer, with any limited powers of attorney (in a form reasonably
      acceptable to the Trustee) empowering the Master Servicer or any Servicer to
      execute and deliver instruments of satisfaction or cancellation, or of partial
      or full release or discharge, and to foreclose upon or otherwise liquidate
      Mortgaged Property, and to appeal, prosecute or defend in any court action
      relating to the Mortgage Loans or the Mortgaged Property, in accordance with
      the
      applicable Servicing Agreement and this Agreement, and the Trustee shall execute
      and deliver such other documents, as the Master Servicer may request, to enable
      the Master Servicer to master service and administer the Mortgage Loans and
      carry out its duties hereunder, in each case in accordance with Accepted Master
      Servicing Practices (and the Trustee shall have no liability for misuse of
      any
      such powers of attorney by the Master Servicer or any Servicer). In instituting
      foreclosures or similar proceedings, the Master Servicer shall institute such
      proceedings either in its own name on behalf of the Trust Fund or in the name
      of
      the Trust Fund (or cause the related Servicer, pursuant to the related Servicing
      Agreement, to institute such proceedings either in the name of such Servicer
      on
      behalf of the Trust Fund or in the name of the Trust Fund), unless otherwise
      required by law or otherwise appropriate. 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 Trust Fund or
      the
      Trustee on its behalf or that the Trust Fund or the Trustee, as applicable,
      would be adversely affected under the “doing business” or tax laws of such state
      if such action is taken in its name, the Master Servicer shall join with the
      Trustee, on behalf of the Trust Fund, in the appointment of a co-trustee
      pursuant to Section 8.10 hereof. In the performance of its duties hereunder,
      the
      Master Servicer shall be an independent contractor and shall not, except in
      those instances where it is taking action in the name of the Trustee, be deemed
      to be the agent of the Trustee on behalf of the Trust Fund.

     

    
      
        
          
          

        

        
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              SECTION
                3.06.

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            

    

     

    To
      the
      extent provided in the applicable Servicing Agreement and to the extent Mortgage
      Loans contain enforceable due-on-sale clauses, the Master Servicer shall cause
      the Servicers to enforce such clauses in accordance with the applicable
      Servicing Agreement. If applicable law prohibits the enforcement of a
      due-on-sale clause or such clause is otherwise not enforced in accordance with
      the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
      is
      assumed, the original Mortgagor may be released from liability in accordance
      with the applicable Servicing Agreement.

     

    
      	 	
              SECTION
                3.07.

            	
              Release
                of Mortgage Files.

            

    

     

    (a) Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      any Servicer of a notification that payment in full has been escrowed in a
      manner customary for such purposes for payment to Certificateholders on the
      next
      Distribution Date, the Servicer will, if required under the applicable Servicing
      Agreement, promptly furnish to the Custodian, on behalf of the Trustee, two
      copies of a certification substantially in the form of Exhibit F hereto signed
      by a Servicing Officer or in a mutually agreeable electronic format which will,
      in lieu of a signature on its face, originate from a Servicing Officer (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 related
      Servicing Account maintained by the applicable Servicer pursuant to Section
      4.01
      or by the applicable Servicer pursuant to its Servicing Agreement have been
      or
      will be so deposited) and shall request that the Trustee (or the Custodian,
      on
      behalf of the Trustee) deliver to the applicable Servicer the related Mortgage
      File. Upon receipt of such certification and request, the Trustee (or the
      Custodian, on behalf of the Trustee), shall promptly release the related
      Mortgage File to the applicable Servicer and the Trustee (and the Custodian,
      if
      applicable) shall have no further responsibility with regard to such Mortgage
      File. Upon any such payment in full, each Servicer 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 related Servicing Account.

     

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with the applicable Servicing Agreement, the Trustee shall
      execute such documents as shall be prepared and furnished to the Trustee by
      a
      Servicer or the Master Servicer (in form reasonably acceptable to the Trustee)
      and as are necessary to the prosecution of any such proceedings. The Trustee
      (or
      the Custodian, on behalf of the Trustee), shall, upon the request of a Servicer
      or the Master Servicer, and delivery to the Trustee (the Custodian, on behalf
      of
      the Trustee), of two copies of a request for release signed by a Servicing
      Officer substantially in the form of Exhibit F (or in a mutually agreeable
      electronic format which will, in lieu of a signature on its face, originate
      from
      a Servicing Officer), release the related Mortgage File held in its possession
      or control to the Servicer or the Master Servicer, as applicable. Such trust
      receipt shall obligate the Servicer or the Master Servicer to return the
      Mortgage File to the Trustee (or the Custodian on behalf of the Trustee) when
      the need therefor by the Servicer or the Master 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
      Mortgage File shall be released by the Trustee (or the Custodian on behalf
      of
      the Trustee), to the Servicer or the Master Servicer.

     

    
      
        
          
          

        

        
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              SECTION
                3.08.

            	
              Documents,
                Records and Funds in Possession of Master Servicer To Be Held for
                Trust.

            

    

     

    (a) The
      Master Servicer shall transmit and each Servicer (to the extent required by
      the
      related Servicing Agreement) shall transmit to the Trustee (or Custodian) such
      documents and instruments coming into the possession of the Master Servicer
      or
      such Servicer from time to time as are required by the terms hereof, or in
      the
      case of the Servicers, the applicable Servicing Agreement, to be delivered
      to
      the Trustee (or Custodian). Any funds received by the Master Servicer or by
      a
      Servicer in respect of any Mortgage Loan or which otherwise are collected by
      the
      Master Servicer or by a Servicer as Liquidation Proceeds, Insurance Proceeds
      or
      Recoveries in respect of any Mortgage Loan shall be held for the benefit of
      the
      Trust Fund, the Certificate Insurer and the Certificateholders subject to the
      Master Servicer’s right to retain or withdraw from the Distribution Account the
      Master Servicing Fee, any additional compensation pursuant to Section 3.14
      and
      any other amounts provided in this Agreement, and to the right of each Servicer
      to retain its Servicing Fee and any other amounts as provided in the applicable
      Servicing Agreement. The Master Servicer shall, and (to the extent provided
      in
      the applicable Servicing Agreement) shall cause each Servicer to, provide access
      to information and documentation regarding the Mortgage Loans to the Trustee,
      its agents and accountants at any time upon reasonable request and during normal
      business hours, to the Certificate Insurer 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, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds, Insurance
      Proceeds or Recoveries, shall be held by the Master Servicer for and on behalf
      of the Trust Fund, the Certificate Insurer and the Certificateholders and shall
      be and remain the sole and exclusive property of the Trust Fund
      distributable in accordance with the provisions of this Agreement.

     

    
      	 	
              SECTION
                3.09.

            	
              Standard
                Hazard Insurance and Flood Insurance
                Policies.

            

    

     

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

     

    
      
        
          
          

        

        
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    (b) Pursuant
      to Section 4.01 and 4.02, any amounts collected by the Servicers or the Master
      Servicer, or by any Servicer, under any insurance policies (other than amounts
      to be applied to the restoration or repair of the property subject to the
      related Mortgage or released to the Mortgagor in accordance with the applicable
      Servicing Agreement) shall be deposited into the Distribution Account, subject
      to withdrawal pursuant to Section 4.02 and 4.03. Any cost incurred by the Master
      Servicer or any Servicer in maintaining any such insurance if the Mortgagor
      defaults in its obligation to do so shall be added to the amount owing under
      the
      Mortgage Loan where the terms of the Mortgage Loan so permit; provided,
      however,
      that
      the addition of any such cost shall not be taken into account for purposes
      of
      calculating the distributions to be made to Certificateholders and shall be
      recoverable by the Master Servicer or such Servicer pursuant to Section 4.02
      and
      4.03.

     

    
      	 	
              SECTION
                3.10.

            	
              Presentment
                of Claims and Collection of
                Proceeds.

            

    

     

    The
      Master Servicer shall (to the extent provided in the applicable Servicing
      Agreement) cause the related Servicer to, prepare and present on behalf of
      the
      Trustee, the Trust Fund, the Certificate Insurer and the Certificateholders
      all
      claims under the Insurance Policies and take such actions (including the
      negotiation, settlement, compromise or enforcement of the insured’s claim) as
      shall be necessary to realize recovery under such policies. Any proceeds
      disbursed to the Master Servicer (or disbursed to a Servicer and remitted to
      the
      Master Servicer) in respect of such policies, bonds or contracts shall be
      promptly deposited in the Distribution 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 precedent 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
                3.11.

            	
              Maintenance
                of the Primary Insurance
                Policies.

            

    

     

    (a) The
      Master Servicer shall not take, or permit any Servicer (to the extent such
      action is prohibited under the applicable Servicing Agreement) to take, any
      action that would result in noncoverage under any applicable Primary Insurance
      Policy of any loss which, but for the actions of such Master Servicer or
      Servicer, would have been covered thereunder. The Master Servicer shall use
      its
      best reasonable efforts to cause each Servicer (to the extent required under
      the
      related Servicing Agreement) to keep in force and effect (to the extent that
      the
      Mortgage Loan requires the Mortgagor to maintain such insurance), primary
      mortgage insurance applicable to each Mortgage Loan (including any lender-paid
      Primary Insurance Policy) in accordance with the provisions of this Agreement
      and the related Servicing Agreement, as applicable. The Master Servicer shall
      not, and shall not permit any Servicer (to the extent required under the related
      Servicing Agreement) to, cancel or refuse to renew any such Primary Insurance
      Policy that is in effect at the date of the initial issuance of the Mortgage
      Note and is required to be kept in force hereunder except in accordance with
      the
      provisions of this Agreement and the related Servicing Agreement, as
      applicable.

     

    
      
        
          
          

        

        
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    (b) The
      Master Servicer agrees to cause each Servicer (to the extent required under
      the
      related Servicing Agreement) to present, on behalf of the Trustee, the Trust
      Fund, the Certificate Insurer and the Certificateholders, claims to the insurer
      under any Primary Insurance Policies and, in this regard, to take such
      reasonable action as shall be necessary to permit recovery under any Primary
      Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section
      4.01
      and 4.02, any amounts collected by the Servicer under any Primary Insurance
      Policies shall be deposited in the Distribution Account, subject to withdrawal
      pursuant to Section 4.03.

     

    
      	 	
              SECTION
                3.12.

            	
              Trustee
                to Retain Possession of Certain Insurance Policies and
                Documents.

            

    

     

    The
      Trustee or its Custodian shall retain possession and custody of the originals
      (to the extent available and delivered) of any Primary Insurance Policies,
      or
      certificate of insurance if applicable and available, and any certificates
      of
      renewal as to the foregoing as may be issued from time to time as contemplated
      by this Agreement and which come into its possession. Until all amounts
      distributable in respect of the Certificates have been distributed in full
      and
      the Master Servicer otherwise has fulfilled its obligations under this
      Agreement, the Trustee (or its Custodian) shall also retain possession and
      custody of each Mortgage File in accordance with and subject to the terms and
      conditions of this Agreement. The Master Servicer shall promptly deliver or
      cause to be delivered to the Trustee (or its Custodian), upon the execution
      or
      receipt thereof the originals of any Primary Insurance Policies, any
      certificates of renewal, and such other documents or instruments that constitute
      portions of the Mortgage File that come into the possession of the Master
      Servicer from time to time.

     

    
      	 	
              SECTION
                3.13.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            

    

     

    The
      Master Servicer shall cause each Servicer (to the extent required under the
      related Servicing Agreement) to foreclose upon, repossess or otherwise
      comparably convert the ownership of Mortgaged Properties securing such of the
      Mortgage Loans as come into and continue in default and as to which no
      satisfactory arrangements can be made for collection of delinquent payments,
      all
      in accordance with the applicable Servicing Agreement.

     

    
      	 	
              SECTION
                3.14.

            	
              Additional
                Compensation to the Master Servicer. 

            

    

     

    On
      each
      Distribution Date, the Master Servicer shall be entitled to retain from funds
      in
      the Distribution Account the Master Servicing Fee for such Distribution Date.
      Servicing compensation in the form of assumption fees, if any, late payment
      charges, as collected, if any, or otherwise (but, unless otherwise specifically
      permitted in a Servicing Agreement, not including any Prepayment Penalty
      Amounts) shall be retained by the applicable Servicer, or the Master Servicer,
      and shall not be deposited in the related Servicing Account or Distribution
      Account. 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. The amount of
      the
      aggregate compensation payable as set forth in this Section 3.14 plus the Master
      Servicing Fee due to the Master Servicer in respect of any Distribution Date
      shall be reduced in accordance with Section 5.06.
      The
      Master Servicing Fee shall also be reduced by the amount of the Trustee Fee,
      if
      any, payable on any Distribution Date and the fee payable to the Securities
      Administrator, if any, payable on any Distribution Date.

     

    
      
        
          
          

        

        
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              SECTION
                3.15.

            	
              REO
                Property.

            

    

     

    (a) In
      the
      event the Trust Fund (or the Trustee on its behalf) acquires ownership of any
      REO Property in respect of any related Mortgage Loan, the deed or certificate
      of
      sale shall be issued to the Trust Fund, or if required under applicable law,
      to
      the Trustee, or to its nominee, on behalf of the Trust. The Master Servicer
      shall, to the extent provided in the applicable Servicing Agreement, cause
      the
      applicable Servicer to sell, any REO Property as expeditiously as possible
      (and
      in no event later than three years after acquisition) and in accordance with
      the
      provisions of this Agreement and the related Servicing Agreement, as applicable.
      Pursuant to its efforts to sell such REO Property, the Master Servicer shall
      cause the applicable Servicer to protect and conserve, such REO Property in
      the
      manner and to the extent required by the applicable Servicing Agreement, in
      accordance with the REMIC Provisions and in a manner that does not result in
      a
      tax on “net income from foreclosure property” or cause such REO Property to fail
      to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
      the Code.

     

    (b) The
      Master Servicer shall, to the extent required by the related Servicing
      Agreement, cause the applicable Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the related
      Servicing Account.

     

    (c) The
      Master Servicer and the applicable 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 Servicing Fees
      from Liquidation Proceeds received in connection with the final disposition
      of
      such REO Property; provided, that any such unreimbursed Advances as well as
      any
      unpaid 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) To
      the
      extent provided in the related Servicing Agreement, the Liquidation Proceeds
      from the final disposition of the REO Property, net of any payment to the Master
      Servicer and the applicable Servicer as provided above shall be deposited in
      the
      related Servicing Account on or prior to the applicable Determination Date
      in
      the month following receipt thereof and be remitted by wire transfer in
      immediately available funds to the Master Servicer for deposit into the related
      Distribution Account on the next succeeding Servicer Remittance
      Date.

     

    
      	 	
              SECTION
                3.16.

            	
              Assessments
                of Compliance and Attestation
                Reports.

            

    

     

    (a) Assessments
      ofCompliance.

     

    (i)       By
      March 10 (with a 5 calendar day cure period) of each year (subject to the later
      date referred to in Section 3.16(a)(iii)), commencing in March 2007, the Master
      Servicer, the Securities Administrator and the Custodian, 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 Securities
      Administrator and the Depositor (provided that the Master Servicer shall furnish
      copies of each such report received by it from the Servicers to the Depositor),
      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 3.19(b) and for each fiscal year thereafter, whether
      or not a Form 10-K is required to be filed, including, if there has been any
      material instance of noncompliance with the Relevant Servicing Criteria, a
      discussion of each such failure and the nature and status thereof, and (D)
      a
      statement that a registered public accounting firm has issued an attestation
      report on such party’s assessment of compliance with the Relevant Servicing
      Criteria as of and for such period. 

    

    
      
        
          
          

        

        
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    (ii)       No
      later than the end of each fiscal year for the Trust Fund for which a 10-K
      is
      required to be filed, the Master Servicer and the Custodian, shall each forward
      to the Securities Administrator the name of each Servicing Function Participant
      engaged by it and what Relevant Servicing Criteria will be addressed in the
      report on assessment of compliance prepared by such Servicing Function
      Participant. When the Master Servicer, the Custodian, and the Securities
      Administrator submit their assessments to the Securities Administrator, such
      parties will also at such time include the assessment (and attestation pursuant
      to subsection (b) of this Section 3.16) of each Servicing Function Participant
      engaged by it.

    

    (iii)       Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the Master
      Servicer, the Securities Administrator, the Custodian, and any Servicing
      Function Participant engaged by such parties as to the nature of any material
      instance of noncompliance with the Relevant Servicing Criteria by each such
      party, and (ii) the Securities Administrator shall confirm that the assessments,
      taken as a whole, address all of the Servicing Criteria and taken individually
      address the Relevant Servicing Criteria for each party as set forth on Exhibit
      Q
      and on any similar exhibit set forth in each Servicing Agreement in respect
      of
      each Servicer and notify the Depositor of any exceptions. None of such parties
      shall be required to deliver any such assessments until April 15 in any given
      year so long as it has received written confirmation from the Depositor that
      a
      Form 10-K is not required to be filed in respect of the Trust Fund for the
      preceding calendar year; provided that the Custodian shall only be required
      to
      deliver such an assessment of compliance with respect to any fiscal year for
      which a Form 10-K is required to be filed in respect of the Trust
      Fund.

    

    (b) Attestation
      Reports.

     

    (i)       By
      March 10 (with a 5 calendar day cure period) of each year (subject to the later
      date referred to in Section 3.16(b)(ii)), commencing in March 2007, the Master
      Servicer, the Securities Administrator, the Custodian, 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
      Securities Administrator, or such other Servicing Function Participants, as
      the
      case may be) and that is a member of the American Institute of Certified Public
      Accountants to furnish a report to the Securities Administrator and the
      Depositor, to the effect that (i) 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 (ii)
      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 Custodian, the
      Securities Administrator or any Servicing Function Participant engaged by such
      parties, (i) the Depositor shall review the report and, if applicable, consult
      with such parties as to the nature of any defaults by such parties, in the
      fulfillment of any of each such party’s obligations hereunder or under any other
      applicable agreement, and (ii) the Securities Administrator shall confirm that
      each assessment submitted pursuant to subsection (a) of this Section 3.16 is
      coupled with an attestation meeting the requirements of this Section and notify
      the Depositor of any exceptions. None of the Master Servicer, the Securities
      Administrator, the Custodian, or any Servicing Function Participant engaged
      by
      such parties shall be required to deliver or cause the delivery of such reports
      until April 15 in any given year so long as it has received written confirmation
      from the Depositor that a 10-K is not required to be filed in respect of the
      Trust Fund for the preceding fiscal year, provided that the Custodian shall
      only
      be required to deliver or cause to be delivered such report with respect to
      any
      fiscal year for which a Form 10-K is required to be filed in respect of the
      Trust Fund. 

     

    
      	 	
              SECTION
                3.17.

            	
              Annual
                Compliance Statement.

            

    

     

    The
      Master Servicer and the Securities Administrator shall deliver (and the Master
      Servicer and Securities Administrator shall cause any Additional Servicer or
      Servicing Function Participant engaged by it to deliver) to the Depositor and
      the Securities Administrator, and in the case of the Master Servicer, to the
      Trustee, on or before March 10 (with a 5 calendar day cure period) 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. Promptly after receipt of each such Officer’s
      Certificate, the Depositor shall review such Officer’s Certificate and, if
      applicable, consult with each such party, as applicable, as to the nature of
      any
      failures by such party, in the fulfillment of any of such party’s obligations
      hereunder or, in the case of an Additional Servicer, under such other applicable
      agreement.

     

    
      
        
          
          

        

        
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              SECTION
                3.18.

            	
              Sarbanes-Oxley
                Certification.

            

    

     

    Each
      Form
      10-K shall include the Sarbanes-Oxley Certification, which shall be signed
      by
      the senior officer of the Master Servicer in charge of the master servicing
      function on behalf of the Trust Fund.

     

    
      	 	
              SECTION
                3.19.

            	
              Reports
                Filed with Securities and Exchange
                Commission.

            

    

     

    (a) Reports
      Filed on Form 10-D. 

     

    (i)       Within
      15 days after each Distribution Date (subject to permitted extensions under
      the
      Exchange Act), the Securities Administrator 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 Securities Administrator shall file each
      Form 10-D with a copy of the related Distribution Date Statement attached
      thereto. Any disclosure in addition to the Distribution Date Statement that
      is
      required to be included on Form 10-D (“Additional
      Form 10-D Disclosure”)
      shall
      be determined and prepared by and at the direction of the Depositor pursuant
      to
      the following paragraph and the Securities Administrator 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 two paragraphs. 

    

    (ii)       As
      set forth on Exhibit R hereto, within 5 calendar days after the related
      Distribution Date, (i) the parties to the Luminent Mortgage Trust 2006-2
      transaction shall be required to provide to the Securities Administrator and
      the
      Depositor, 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
      Securities Administrator and such party, the form and substance of any
      Additional Form 10-D Disclosure, if applicable, together with an Additional
      Disclosure Notification in the form of Exhibit U hereto (an “Additional
      Disclosure Notification”),
      and
      (ii) 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 Securities Administrator in connection with including any
      Additional Form 10-D Disclosure in Form 10-D pursuant to this
      paragraph.

    

    (iii)       After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure) and the Master
      Servicer for review. No later than the Business Day prior to the date specified
      in the next sentence, the Depositor and the Master Servicer shall notify the
      Securities Administrator of any changes to or approval of such Form 10-D. No
      later than 2 Business Days prior to the 15th
      calendar
      day after the related Distribution Date, a senior officer of the Master Servicer
      in charge of the master servicing function 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 Securities Administrator. If
      a
      Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
      to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      subsection (d)(ii) of this Section 3.19. Promptly (but no later than 1 Business
      Day) after filing with the Commission, the Securities Administrator will make
      available on its internet website a final executed copy of each Form 10-D.
      Each
      party to this Agreement acknowledges that the performance by the Master Servicer
      and the Securities Administrator of their respective duties under this Section
      3.19(a) related to the timely preparation, execution 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 3.19(a). Neither the Master
      Servicer nor the Securities Administrator shall have any liability for any
      loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file such Form 10-D, where such failure results
      from the Securities Administrator’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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    (b) Reports
      Filed on Form 10-K.

     

    (i)       Within
      90 days (including the 90th day) after the end of each fiscal year of the Trust
      in which a Form 10-K is required to be filed 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 ends on December
      31st
      of each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Trust Fund a Form 10-K, in form and substance as required
      by the Exchange Act. Each such Form 10-K shall include the following items,
      in
      each case to the extent they have been delivered to the Securities Administrator
      within the applicable time frames set forth in this Agreement and the related
      Servicing Agreement, (i) an annual compliance statement for each Servicer,
      each
      Additional Servicer, the Master Servicer and the Securities Administrator and
      any Servicing Function Participant engaged by such parties (each, a
“Reporting
      Servicer”)
      as
      described under Section 3.17, (ii)(A) the annual reports on assessment of
      compliance with servicing criteria for each Reporting Servicer, as described
      under Section 3.16(a), and (B) if each Reporting Servicer’s report on assessment
      of compliance with servicing criteria described under Section 3.16(a) identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if each Reporting Servicer’s report on assessment of
      compliance with servicing criteria described under Section 3.16(a) 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, (iii)(A) the
      registered public accounting firm attestation report for each Reporting
      Servicer, as described under Section 3.16(b), and (B) if any registered public
      accounting firm attestation report described under Section 3.16(b) 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
      (iv) a Sarbanes-Oxley Certification as described in Section 3.18. Any disclosure
      or information in addition to (i) through (iv) 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 Securities Administrator 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 two paragraphs. 

    

    
      
        
          
          

        

        
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    (ii)       As
      set forth on Exhibit S hereto, no later than March 10 (with a 5 calendar day
      cure period) of each year that the Trust is subject to the Exchange Act
      reporting requirements, commencing in 2007, (i) the parties to the Luminent
      Mortgage Trust 2006-2 transaction shall be required to provide to the Securities
      Administrator and the Depositor, 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 Securities Administrator and such party, the form and substance of any
      Additional Form 10-K Disclosure, if applicable, together with an Additional
      Disclosure Notification, and (ii) 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 Sponsor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Securities
      Administrator in connection with including any Additional Form 10-K Disclosure
      in Form 10-K pursuant to this paragraph.

    

    (iii)       After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-K to the Master Servicer and
      Depositor for review. No later than the Business Day prior to the date specified
      in the next sentence, the Depositor and the Master Servicer shall notify the
      Securities Administrator of any changes to or approval of such Form 10-K. .No
      later than noon New York City time on the 4th Business Day prior to the 10-K
      Filing Deadline, a senior officer of the Master Servicer in charge of the master
      servicing function 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 Securities Administrator. If a Form 10-K cannot be filed
      on time or if a previously filed Form 10-K needs to be amended, the Securities
      Administrator will follow the procedures set forth in subsection (d) of this
      Section 3.19. Promptly (but no later than 1 Business Day) after filing with
      the
      Commission, the Securities Administrator will make available on its internet
      website a final executed copy of each Form 10-K. The parties to this Agreement
      acknowledge that the performance by the Master Servicer and the Securities
      Administrator of its duties under this Section 3.19(b) related to the timely
      preparation, execution 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 3.19(b), Section 3.18, Section 3.17, Section 3.16(a) and Section
      3.16(b). Neither the Master Servicer nor the Securities Administrator shall
      have
      any liability for any loss, expense, damage or claim arising out of or with
      respect to any failure to properly prepare, execute and/or timely file such
      Form
      10-K, where such failure results from the Securities Administrator’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.

    

    
      
        
          
          

        

        
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    (c) Reports
      Filed on Form 8-K.

     

    (i)       Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable
      Event”),
      and
      if requested by the Depositor, the Securities Administrator shall prepare and
      file on behalf of the Trust Fund a 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 in 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 Securities Administrator 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 two
      paragraphs. 

    

    (ii)       As
      set forth on Exhibit T hereto, for so long as the Trust is subject to the
      Exchange Act reporting requirements, no later than noon on the 2nd Business
      Day
      after the occurrence of a Reportable Event (i) the parties to the Luminent
      Mortgage Trust 2006-2 transaction shall be required to provide to the Securities
      Administrator and the Depositor, 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 Securities Administrator and such party, the form and substance of any
      Form
      8-K Disclosure Information, if applicable, together with an Additional
      Disclosure Notification, and (ii) 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 Sponsor will be responsible for any reasonable
      fees
      and expenses assessed or incurred by the Securities Administrator in connection
      with including any Form 8-K Disclosure Information in Form 8-K pursuant to
      this
      paragraph. 

    

    (iii)       After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 8-K to the Master Servicer and Depositor
      for review. No later than the Business Day prior to the date specified in the
      next sentence, the Depositor and the Master Servicer shall notify the Securities
      Administrator of any changes to or approval of such Form 8-K. No later than
      Noon
      New York City time on the 4th
      Business
      Day after the Reportable Event, a senior officer of the Master Servicer in
      charge of the master servicing function 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 Securities Administrator. If a Form
      8-K
      cannot be filed on time or if a previously filed Form 8-K needs to be amended,
      the Securities Administrator will follow the procedures set forth in subsection
      (d) of this Section 3.19. Promptly (but no later than 1 Business Day) after
      filing with the Commission, the Securities Administrator will, make available
      on
      its internet website a final executed copy of each Form 8-K. The parties to
      this
      Agreement acknowledge that the performance by the Master Servicer and the
      Securities Administrator of their respective duties under this Section 3.19(c)
      related to the timely preparation, execution 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 3.19(c). Neither the Securities
      Administrator nor the Master Servicer shall have any liability for any loss,
      expense, damage, claim arising out of or with respect to any failure to properly
      prepare, execute and/or timely file such Form 8-K, where such failure results
      from the Securities Administrator’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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    (d) Suspension
      of Reporting; Amendments; Late Filings.

     

    (i)       Prior
      to January 30 in of the first year in which the Securities Administrator is
      able
      to do so under applicable law, unless otherwise directed by the Depositor,
      the
      Securities Administrator 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 Securities Administrator 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 Securities
      Administrator will promptly notify the Depositor. In the case of Form 10-D
      and
      10-K, the parties to this Agreement and each 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 Securities
      Administrator 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, and such amendment includes any
      Additional Form 10-D Disclosure, any Additional Form 10-K Disclosure or any
      Form
      8-K Disclosure Information or any amendment to such disclosure, the Securities
      Administrator will notify the Depositor and the parties affected thereby and
      such parties will cooperate to prepare any necessary 8-KA, 10-D/A or 10-K/A.
      Any
      Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed
      by a senior officer of the Master Servicer in charge of the master servicing
      function. The parties to this Agreement acknowledge that the performance by
      the
      Master Servicer and the Securities Administrator of their respective duties
      under this Section 3.19(d) related to the timely preparation, execution 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.
      Neither the Master Servicer nor the Securities Administrator shall have any
      liability for any loss, expense, damage, claim arising out of or with respect
      to
      any failure to properly prepare, execute 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 Securities Administrator’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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              SECTION
                3.20.

            	
              Additional
                Information.

            

    

     

    Each
      of
      the parties agrees to provide to the Securities Administrator such additional
      information related to such party as the Securities Administrator 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. 

     

    
      	 	
              SECTION
                3.21.

            	
              Intention
                of the Parties and
                Interpretation.

            

    

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Section 3.16 through
      Section 3.22 of this Agreement is to facilitate compliance by the Securities
      Administrator and the Depositor with the provisions of Regulation AB promulgated
      by the Commission under the Exchange Act (17 C.F.R. §§ 229.1100 -
      229.1123), as such may be amended from time to time and subject to such
      clarification and interpretive advice as may be issued by the staff of the
      Commission 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 that purpose, (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, (c) the parties
      shall comply with the reasonable requests made by the Securities Administrator
      or the Depositor for delivery of such additional or different information as
      the
      Securities Administrator or the Depositor may determine in good faith is
      necessary to comply with the provisions of Regulation AB, which information
      is
      available to such party without unreasonable effort or expense and within such
      timeframe as may be reasonably requested, and (d) no amendment of this Agreement
      shall be required to effect any such changes in the parties’ obligations as are
      necessary to accommodate evolving interpretations of the provisions of
      Regulation AB.

     

    
      	 	
              SECTION
                3.22.

            	
              Indemnification. 

            

    

     

    Each
      party required to deliver an assessment of compliance and attestation report
      pursuant to Section 3.16 (each, an “Item
      1122 Responsible Party”)
      shall
      indemnify and hold harmless the Securities Administrator, the Master Servicer,
      the Seller, the Sponsor, the Trustee and the Depositor and each of their
      directors, officers, employees, agents, and affiliates from and against any
      and
      all claims, losses, damages, penalties, fines, forfeitures, reasonable legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon (a) any breach by such Item 1122 Responsible Party of any of its
      obligations hereunder relating to its obligations as an Item 1122 Responsible
      Party, including particularly its obligations to provide any assessment of
      compliance, attestation report or compliance statement required under Section
      3.16(a), 3.16(b) or 3.17, respectively, or any information, data or materials
      required to be included in any Exchange Act report, (b) any material
      misstatement or material omission in any information, data or materials provided
      by such Item 1122 Responsible Party (or,
      in
      the case of the Securities Administrator or Master Servicer, any material
      misstatement or material omission in (x) any compliance certificate delivered
      by
      it, or by any Servicing Function Participant engaged by it, pursuant to this
      Agreement, (y) any assessment or attestation delivered by or on behalf of it,
      or
      by any Servicing Function Participant engaged by it, pursuant to this Agreement,
      or (z) any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or
      Form 8-K Disclosure Information concerning the Securities Administrator or
      the
      Master Servicer and provided by either of them),
      or (c)
      the negligence, bad faith or willful misconduct of such Item 1122 Responsible
      Party in connection with its performance hereunder relating to its obligations
      as an Item 1122 Responsible Party. If the indemnification provided for herein
      is
      unavailable or insufficient to hold harmless the Securities Administrator,
      the
      Depositor, the Seller or the Sponsor, then each Item 1122 Responsible Party
      agrees that it shall contribute to the amount paid or payable by the Securities
      Administrator, the Master Servicer, the Seller, the Sponsor and the Depositor
      as
      a result of any claims, losses, damages or liabilities incurred by the
      Securities Administrator, the Master Servicer, the Seller, the Sponsor or the
      Depositor in such proportion as is appropriate to reflect the relative fault
      of
      the Securities Administrator, the Master Servicer, the Seller, the Sponsor
      or
      the Depositor on the one hand and such Item 1122 Responsible Party on the other.
      This indemnification shall survive the termination of this Agreement or the
      termination of any party to this Agreement.

     

    
      
        
          
          

        

        
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              SECTION
                3.23.

            	
              [Reserved]. 

            

    

     

    
      	 	
              SECTION
                3.24.

            	
              [Reserved].

            

    

     

    
      	 	
              SECTION
                3.25.

            	
              [Reserved].

            

    

     

    
      	 	
              SECTION
                3.26.

            	
              [Reserved].

            

    

     

    
      	 	
              SECTION
                3.27.

            	
              Closing
                Certificate and Opinion.

            

    

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Sponsor, the Certificate Insurer, the Trustee, and
      Greenwich Capital Markets, Inc. an Opinion of Counsel, dated the Closing Date,
      in form and substance reasonably satisfactory to the Depositor, Greenwich
      Capital Markets, Inc., and the Seller as to the due authorization, execution
      and
      delivery of this Agreement by the Master Servicer and the enforceability
      thereof. 

     

    
      	 	
              SECTION
                3.28.

            	
              Liabilities
                of the Master Servicer.

            

    

     

    The
      Master Servicer shall be liable in accordance herewith only to the extent of
      the
      obligations specifically imposed upon and undertaken by it herein.

     

    
      	 	
              SECTION
                3.29.

            	
              Merger
                or Consolidation of the Master
                Servicer.

            

    

     

    (a) The
      Master Servicer will keep in full force and effect its existence, rights and
      franchises as a corporation under the laws of the state of its incorporation,
      and will obtain and preserve its qualification to do business as a foreign
      corporation in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Agreement, the
      Certificates or any of the Mortgage Loans and to perform its duties under this
      Agreement.

     

    
      
        
          
          

        

        
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    (b) Any
      Person into which the Master Servicer may be merged or consolidated, or any
      corporation resulting from any merger 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 of the Master Servicer hereunder,
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    
      	 	
              SECTION
                3.30.

            	
              Indemnification
                of the Trustee, the Master Servicer and the Securities
                Administrator.

            

    

     

    (a) In
      addition to any indemnity required pursuant to Section 3.22 hereof, the Master
      Servicer agrees to indemnify the Indemnified Persons for, and to hold them
      harmless against, any loss, liability or expense (except as otherwise provided
      herein with respect to expenses) (including reasonable legal fees and
      disbursements of counsel) incurred on their part that may be sustained in
      connection with, arising out of, or relating to this Agreement or the
      Certificates (i) related to the Master Servicer’s failure to perform its duties
      in compliance with this Agreement (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred
      by
      reason of the Master Servicer’s willful misfeasance, bad faith or gross
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder, provided, in each case, that
      with
      respect to any such claim or legal action (or pending or threatened claim or
      legal action), an Indemnified Person shall have given the Master Servicer and
      the Depositor written notice thereof promptly after such Indemnified Person
      shall have with respect to such claim or legal action knowledge thereof. The
      Indemnified Person’s failure to give such notice shall not affect the
      Indemnified Person’s right to indemnification hereunder. This indemnity shall
      survive the resignation or removal of the Trustee, the Master Servicer or the
      Securities Administrator and the termination of this Agreement.

     

    (b) The
      Trust
      Fund will indemnify any Indemnified Person for any loss, liability or expense
      of
      any Indemnified Person not otherwise indemnified by the Master Servicer as
      referred to in Subsection (a) above.

     

    (c) In
      addition to any indemnity required pursuant to Section 3.22 hereof, the
      Securities Administrator agrees to indemnify the Indemnified Persons (other
      than
      the Securities Administrator) for, and to hold them harmless against, any loss,
      liability or expense (except as otherwise provided herein with respect to
      expenses) (including reasonable legal fees and disbursements of counsel)
      incurred on their part (i) in connection with, arising out of, or relating
      to
      the Securities Administrator’s failure to file any Exchange Act report which the
      Securities Administrator is responsible for filing in accordance with Section
      3.19, (ii) by reason of the Securities Administrator’s negligence or willful
      misconduct in the performance of such obligations pursuant to Section 3.19
      or
      (iii) by reason of the Securities Administrator’s reckless disregard of such
      obligations pursuant to Section 3.19, provided, in each case, that with respect
      to any such claim or legal action (or pending or threatened claim or legal
      action), an Indemnified Person shall have given the Securities Administrator
      written notice thereof promptly after such Indemnified Person shall have with
      respect to such claim or legal action knowledge thereof. The Indemnified
      Person’s failure to give such notice shall not affect the Indemnified Person’s
      right to indemnification hereunder. This indemnity shall survive the resignation
      or removal of the Trustee, the Master Servicer or the Securities Administrator
      and the termination of this Agreement.

     

    
      
        
          
          

        

        
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              SECTION
                3.31.

            	
              Limitations
                on Liability of the Master Servicer and Others; Indemnification of
                Trustee
                and Others.

            

    

     

    Subject
      to the obligation of the Master Servicer to indemnify the Indemnified Persons
      pursuant to Section 3.30:

     

    (a) Neither
      the Master Servicer nor any of the directors, officers, employees or agents
      of
      the Master Servicer shall be under any liability to the Indemnified Persons,
      the
      Depositor, the Trust or the Certificateholders for taking any action or for
      refraining from taking 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 or any such Person against
      any breach of warranties or representations made herein or any liability which
      would otherwise be imposed by reason of such Person’s willful misfeasance, bad
      faith or gross negligence in the performance of duties or by reason of reckless
      disregard of obligations and duties hereunder.

     

    (b) The
      Master Servicer and any director, officer, employee or agent of the Master
      Servicer 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.

     

    (c) The
      Master Servicer, the Trustee (in its individual corporate capacity and as
      Trustee), the Custodian and any director, officer, employee or agent of the
      Master Servicer, the Trustee or the Custodian shall be indemnified by the Trust
      Fund and held harmless thereby against any loss, liability or expense (except
      as
      otherwise provided herein with respect to expenses) (including reasonable legal
      fees and disbursements of counsel) incurred on their part that may be sustained
      in connection with, arising out of, or relating to, this Agreement, the Wells
      Custodial Agreement, the Certificates or any Servicing Agreement or the
      transactions contemplated hereby or thereby (except, with respect to the Master
      Servicer, to the extent that the Master Servicer is indemnified by the Servicer
      thereunder), other than (i) with respect to the Master Servicer only, any such
      loss, liability or expense related to the Master Servicer’s failure to perform
      its duties in compliance with this Agreement or (ii) with respect to the Master
      Servicer or Custodian only, any such loss, liability or expense incurred by
      reason of the Master Servicer’s or the Custodian’s willful misfeasance, bad
      faith or gross negligence in the performance of its own duties hereunder or
      by
      reason of reckless disregard of its own obligations and duties hereunder or
      under a custodial agreement.

     

    (d) The
      Master Servicer shall not be under any obligation to appear in, prosecute or
      defend any legal action that is not incidental to its duties under this
      Agreement and that in its opinion may involve it in any expense or liability;
      provided,
      however,
      the
      Master Servicer may in its discretion, undertake any such action which it may
      deem necessary or desirable with respect to this Agreement and the rights and
      duties of the parties hereto and the interests of the Trust and 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 Distribution Account as provided by Section
      4.03.
      Nothing in this Subsection 3.31(d) shall affect the Master Servicer’s obligation
      to supervise, or to take such actions as are necessary to ensure, the servicing
      and administration of the Mortgage Loans pursuant to Subsection
      3.01(a).

     

    
      
        
          
          

        

        
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    (e) In
      taking
      or recommending any course of action pursuant to this Agreement, unless
      specifically required to do so pursuant to this Agreement, the Master Servicer
      shall not be required to investigate or make recommendations concerning
      potential liabilities which the Trust might incur as a result of such course
      of
      action by reason of the condition of the Mortgaged Properties but shall give
      notice to the Trustee if it has notice of such potential
      liabilities.

     

    (f) The
      Master Servicer shall not be liable for any acts or omissions of any Servicer,
      except as otherwise expressly provided herein.

     

    
      	 	
              SECTION
                3.32.

            	
              Master
                Servicer Not to Resign. 

            

    

     

    Except
      as
      provided in Section 3.34, the Master Servicer shall not resign from the
      obligations and duties hereby imposed on it except upon a determination that
      any
      such duties hereunder are no longer permissible under applicable law and such
      impermissibility cannot be cured. Any such determination permitting the
      resignation of the Master Servicer shall be evidenced by an Independent Opinion
      of Counsel (delivered at the expense of the Master Servicer) to such effect
      delivered to the Trustee. No such resignation by the Master Servicer shall
      become effective until the Trustee or a successor to the Master Servicer
      reasonably satisfactory to the Trustee shall have assumed the responsibilities
      and obligations of the Master Servicer in accordance with Section 7.02 hereof.
      The Trustee shall notify each Rating Agency of the resignation of the Master
      Servicer.

     

    
      	 	
              SECTION
                3.33.

            	
              Successor
                Master Servicer.

            

    

     

    In
      connection with the appointment of any successor master servicer or the
      assumption of the duties of the Master Servicer, the Trustee may make such
      arrangements for the compensation of such successor master servicer out of
      payments on the Mortgage Loans as the Trustee and such successor master servicer
      shall agree which in no case shall exceed the Master Servicing Fee. If the
      successor master servicer does not agree that the proposed compensation is
      fair,
      such successor master servicer shall obtain two quotations of market
      compensation from third parties actively engaged in the servicing of
      single-family mortgage loans;
      provided,
      however,
      that
      each Rating Agency shall confirm in writing that any appointment of a successor
      Master Servicer (other than the Trustee) will not result in a downgrade in
      the
      then current rating of any Class of Certificates. 

     

    
      	 	
              SECTION
                3.34.

            	
              Sale
                and Assignment of Master
                Servicing.

            

    

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in their entirety as Master Servicer under this Agreement, with
      the
      written consent of the Depositor, to be given in its sole discretion, and
      provided further that: (i) the purchaser or transferee accepting such assignment
      and delegation (a) shall be a Person which shall be qualified to service
      mortgage loans for Fannie Mae or Freddie Mac; (b) shall have a net worth of
      not
      less than $15,000,000 (unless otherwise approved by each Rating Agency pursuant
      to clause (ii) below); (c) shall be reasonably satisfactory to the Depositor
      and
      the Trustee (as evidenced in writing signed by the Depositor and the Trustee);
      and (d) shall execute and deliver to the Trustee an agreement, in form and
      substance reasonably satisfactory to the Trustee, which contains an assumption
      by such Person of the due and punctual performance and observance of each
      covenant and condition to be performed or observed by it as master servicer
      under this Agreement, any custodial agreement from and after the effective
      date
      of such agreement; (ii) each Rating Agency shall be given prior written notice
      of the identity of the proposed successor to the Master Servicer and each Rating
      Agency’s ratings of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation without regard to the
      Financial Guaranty Insurance Policy, as evidenced by a letter to such effect
      delivered to the Master Servicer and the Trustee; and (iii) the Master Servicer
      assigning and selling the master servicing shall deliver to the Trustee an
      Officer’s Certificate and an Independent Opinion of Counsel, (delivered at the
      Master Servicer’s expense) each stating that all conditions precedent to such
      action under this Agreement have been completed and such action is permitted
      by
      and complies with the terms of this Agreement. No such assignment or delegation
      shall affect any liability of the Master Servicer arising prior to the effective
      date thereof.

     

    
      
        
          
          

        

        
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              SECTION
                3.35.

            	
              Reporting
                Requirements of the Commission.

            

    

     

    To
      the
      extent that, following the Closing Date, the content of Forms 8-K, 10-D, 10-K,
      15 or other Forms required by the Exchange Act and the Rules and Regulations
      of
      the Commission and the time by which such Forms are required to be filed,
      differs from the provisions of this Agreement, the Master Servicer and the
      Securities Administrator hereby agree that each shall reasonably cooperate
      to
      amend the provisions of this Agreement (in accordance with Section 12.01) in
      order to comply with such amended reporting requirements and such amendment
      of
      this Agreement. Notwithstanding the foregoing, neither the Master Servicer
      nor
      the Securities Administrator shall be obligated to enter into any amendment
      pursuant to this Section that adversely affects its obligations or immunities
      under this Agreement.

     

    ARTICLE
      IV

     

    ACCOUNTS

     

    
      	 	
              SECTION
                4.01.

            	
              Servicing
                Accounts.

            

    

     

    (a) The
      Master Servicer shall enforce the obligation of each Servicer to establish
      and
      maintain one or more custodial accounts (the “Servicing
      Accounts”)
      in
      accordance with the applicable Servicing Agreement, with records to be kept
      with
      respect thereto on a Mortgage Loan by Mortgage Loan basis, into which accounts
      shall be deposited within 48 hours (or as of such other time specified in the
      related Servicing Agreement) of receipt all collections of principal and
      interest on any Mortgage Loan and with respect to any REO Property received
      by a
      Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation
      Proceeds, Recoveries and advances made from the Servicer’s own funds (less, in
      the case of each Servicer, the applicable servicing compensation, in whatever
      form and amounts as permitted by the applicable Servicing Agreement) and all
      other amounts to be deposited in each such Servicing Account. The Servicer
      is
      hereby authorized to make withdrawals from and deposits to the related Servicing
      Account for purposes required or permitted by this Agreement and the applicable
      Servicing Agreement. For the purposes of this Agreement, Servicing Accounts
      shall also include such other accounts as the Servicer maintains for the escrow
      of certain payments, such as taxes and insurance, with respect to certain
      Mortgaged Properties. Each Servicing Agreement sets forth the criteria for
      the
      segregation, maintenance and investment of each related Servicing Account,
      the
      contents of which are acceptable to the parties hereto as of the date hereof
      and
      changes to which shall not be made unless such changes are made in accordance
      with the provisions of Section 12.01 hereof. 

     

    
      
        
          
          

        

        
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    (b) [Reserved];

     

    (c) To
      the
      extent provided in the related Servicing Agreement and subject to this Article
      IV, on or before each Servicer Remittance Date, each Servicer shall withdraw
      or
      shall cause to be withdrawn from the related Servicing Accounts and shall
      immediately deposit or cause to be deposited in the Distribution Account amounts
      representing the following collections and payments (other than with respect
      to
      principal of or interest on the Mortgage Loans due on or before the Cut-off
      Date) with respect to each of the Mortgage Loans it is servicing:

     

    (i) Monthly
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by the Servicers pursuant to the Servicing Agreements which were due on or
      before the related Due Date but net of the amount thereof comprising the
      Servicing Fees and Lender Paid Mortgage Insurance Fees, if any;

     

    (ii) Principal
      Prepayments in full and any Liquidation Proceeds received by the Servicers
      with
      respect to such Mortgage Loans in the related Prepayment Period, with interest
      to the date of prepayment or liquidation, net of the amount thereof comprising
      the Servicing Fees and any Recoveries received in the related Prepayment
      Period;

     

    (iii) Principal
      Prepayments in part received by the Servicers for such Mortgage Loans in the
      related Prepayment Period; and

     

    (iv) any
      amount to be used as a delinquency advance or to pay any Interest Shortfalls,
      in
      each case, as required to be paid under the related Servicing Agreement.

     

    (d) Withdrawals
      may be made from a Servicing Account only to make remittances as provided in
      Section 4.01(c), 4.02 and 4.03; to reimburse the Master Servicer or a Servicer
      for Advances which have been recovered by subsequent collection from the related
      Mortgagor; to remove amounts deposited in error; to remove fees, charges or
      other such amounts deposited on a temporary basis; or to clear and terminate
      the
      account at the termination of this Agreement in accordance with Section 10.01.
      As provided in Sections 4.01(c) and 4.02(b), certain amounts otherwise due
      to
      the Servicers may be retained by them and need not be deposited in the
      Distribution Account.

     

    
      
        
          
          

        

        
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              SECTION
                4.02.

            	
              Distribution
                Account. 

            

    

     

    (a) The
      Securities Administrator shall establish and maintain in the name of the
      Trustee, for the benefit of the Trust Fund, the Certificate Insurer and the
      Certificateholders, the Distribution Account as a segregated account or
      accounts, each of which shall be an Eligible Account. The Distribution Account
      shall constitute a trust account of the Trust Fund segregated on the books
      of
      the Securities Administrator and held by the Securities Administrator in trust
      in its Corporate Trust Office, and the Distribution Account and the funds
      deposited therein shall not be subject to, and shall be protected from, all
      claims, liens, and encumbrances of any creditors or depositors of the Trustee,
      the Securities Administrator or the Master Servicer (whether made directly,
      or
      indirectly through a liquidator or receiver of the Trustee, the Securities
      Administrator or the Master Servicer). The amount at any time credited to the
      Distribution Account shall be (i) fully insured by the FDIC to the maximum
      coverage provided thereby or (ii) invested by the Securities Administrator,
      in
      Permitted Investments, in accordance with Section 4.02(c). All Permitted
      Investments shall mature or be subject to redemption or withdrawal on or before,
      and shall be held until, the immediately succeeding Distribution Date. With
      respect to the Distribution Account and the funds deposited therein, the
      Securities Administrator shall take such action as may be necessary to ensure
      that the Trust Fund, the Certificate Insurer and the Certificateholders shall
      be
      entitled to the priorities afforded to such a trust account (in addition to
      a
      claim against the estate of the Securities Administrator or the Trust) as
      provided by 12 U.S.C. § 92a(e), and applicable regulations pursuant thereto, if
      applicable, or any applicable comparable state statute applicable to state
      chartered banking corporations, if applicable. The Securities Administrator,
      Trustee or their affiliates are permitted to receive additional compensation
      that could be deemed to be in the their economic self-interest for (i) serving
      as investment adviser, administrator, servicing agent, custodian or
      sub-custodian with respect to certain of the Permitted Investments, (ii) using
      affiliates to effect transactions in certain Permitted Investments and (iii)
      effecting transactions in certain Permitted Investments. The Master Servicer
      and
      the Securities Administrator will deposit in the Distribution Account as
      identified by the Master Servicer or the Securities Administrator and as
      received by the Master Servicer or the Securities Administrator, the following
      amounts:

     

    (i) any
      amounts withdrawn from a Servicing Account pursuant to Section
      4.01(c);

     

    (ii) any
      amounts required to be deposited by the Master Servicer or the Securities
      Administrator with respect to the Mortgage Loans pursuant to this
      Agreement;

     

    (iii) any
      Advance and any Compensating Interest Payments required to be made by the Master
      Servicer to the extent required but not made by a Servicer; 

     

    (iv) any
      Insurance Proceeds, Net Liquidation Proceeds or Recoveries received by or on
      behalf of the Master Servicer or which were not deposited in a Servicing
      Account; 

     

    (v) the
      Purchase Price with respect to any Mortgage Loans purchased by the Sponsor
      under
      this Agreement or by an Originator under the related Purchase Agreement, as
      applicable, any Substitution Adjustments pursuant to Section 2.03 of this
      Agreement or pursuant to applicable Purchase Agreement, and all proceeds of
      any
      Mortgage Loans or property acquired with respect thereto repurchased by the
      Sponsor pursuant to Section 10.01;

     

    
      
        
          
          

        

        
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    (vi) the
      Purchase Price with respect to any Mortgage Loans purchased by an Originator
      under the related Purchase Agreement, and any Substitution Adjustments pursuant
      to related Purchase Agreement;

     

    (vii) the
      Purchase Price with respect to any Mortgage Loans purchased by the majority
      holder of the most subordinate Class of Certificates under the related Servicing
      Agreement with respect to certain special foreclosure rights;

     

    (viii) any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Distribution Account; and

     

    (ix) any
      other
      amounts received by or on behalf of the Master Servicer or the Trustee and
      required to be deposited in the Distribution Account pursuant to this
      Agreement.

     

    (b) All
      amounts deposited to the Distribution Account shall be held by the Securities
      Administrator in the name of the Trustee in trust for the benefit of the Trust
      Fund, the Certificateholders and the Certificate Insurer in accordance with
      the
      terms and provisions of this Agreement. The requirements for crediting the
      Distribution Account shall be exclusive, it being understood and agreed that,
      without limiting the generality of the foregoing, payments in the nature of
      (i)
      late payment charges or assumption fees, tax service fees, statement account
      charges or payoff charges, substitution, satisfaction, release and other like
      fees and charges, including all Prepayment Penalty Amounts, and (ii) the items
      enumerated in Subsections 4.03(a)(i), (ii), (iii), (iv), (vi), (vii), (ix)
      and
      (x) with respect to the Securities Administrator, need not be credited by the
      Master Servicer or the related Servicer to the Distribution Account. In the
      event that the Master Servicer shall deposit or cause to be deposited to the
      Distribution Account any amount not required to be credited thereto, the
      Securities Administrator, upon receipt of a written request therefor signed
      by a
      Servicing Officer of the Master Servicer, shall promptly transfer such amount
      to
      the Master Servicer, any provision herein to the contrary
      notwithstanding.

     

    (c) The
      amount
      at
      any time credited to the Distribution Account shall be invested, in the name
      of
      the Trustee, or its nominee, for the benefit of the Certificateholders and
      the
      Certificate Insurer, in Permitted Investments as follows. All Permitted
      Investments shall be for the benefit of the holder of the Residual Certificate.
      All Permitted Investments made for the benefit of the holder of the Residual
      Certificate shall be made at the written direction of the holder of the Residual
      Certificate to the Master Servicer
      (or, if
      no such written direction is received, in investments of the type specified
      in
      clause (vi) of
      the
      definition of Permitted Investments), shall mature or be subject to redemption
      or withdrawal on or before, and shall be held until, the Business Day prior
      to
      the next succeeding Distribution Date. Any and all investment earnings from
      such
      Permitted Investments shall be paid to the holder of the Residual Certificate,
      and the risk of loss of moneys resulting from such investments shall be borne
      by
      and be the risk of the holder of the Residual Certificate. The holder of the
      Residual Certificate shall deposit the amount of any such loss in the
      Distribution Account within two Business Days of receipt of notification of
      such
      loss but not later than the next succeeding Distribution Date.
      As of
      the Closing Date, the holder of the Residual Certificate is the
      Sponsor.

     

    
      
        
          
          

        

        
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              SECTION
                4.03.

            	
              Permitted
                Withdrawals and Transfers from the Distribution
                Account.

            

    

     

    (a) The
      Master Servicer will, from time to time on demand of a Servicer, the Securities
      Administrator, the Certificate Insurer or for its own account as set forth
      below, make or cause to be made such withdrawals or transfers from the
      Distribution Account, in the case of a demand by a Servicer, as the applicable
      Servicer has designated for such transfer or withdrawal pursuant to the
      applicable Servicing Agreement, or in the case of a demand by the Securities
      Administrator, as the Securities Administrator has demanded pursuant hereto,
      or
      in the case of the Certificate Insurer, as the Certificate Insurer has demanded
      pursuant to this Agreement, or as the Master Servicer has determined to be
      appropriate in accordance herewith, for the following purposes:

     

    (i) to
      reimburse the Master Servicer or any Servicer for any Advance of its own funds
      or of such Servicer’s own funds, the right of the Master Servicer or a Servicer
      to reimbursement pursuant to this subclause (i) being limited to amounts
      received on a particular Mortgage Loan (including, for this purpose, the
      Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which
      represent late payments or recoveries of the principal of or interest on such
      Mortgage Loan respecting which such Advance was made;

     

    (ii) to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds or
      Liquidation Proceeds relating to a particular Mortgage Loan for amounts expended
      by the Master Servicer or such Servicer in good faith in connection with the
      restoration of the related Mortgaged Property which was damaged by an Uninsured
      Cause or in connection with the liquidation of such Mortgage Loan;

     

    (iii) to
      reimburse the Master Servicer or any Servicer from Insurance Proceeds relating
      to a particular Mortgage Loan for insured expenses incurred with respect to
      such
      Mortgage Loan and to reimburse the Master Servicer or such Servicer from
      Liquidation Proceeds from a particular Mortgage Loan for Liquidation Expenses
      incurred with respect to such Mortgage Loan; 

     

    (iv) to
      pay
      the Master Servicer or any Servicer, as appropriate, from Liquidation Proceeds
      or Insurance Proceeds received in connection with the liquidation of any
      Mortgage Loan, the amount which it or such Servicer would have been entitled
      to
      receive under subclause (viii) of this Subsection 4.03(a) as servicing
      compensation on account of each defaulted scheduled payment on such Mortgage
      Loan if paid in a timely manner by the related Mortgagor;

     

    (v) to
      pay
      the Master Servicer or any Servicer from the Purchase Price for any Mortgage
      Loan, the amount which it or such Servicer would have been entitled to receive
      under subclause (viii) of this Subsection (a) as servicing
      compensation;

     

    (vi) to
      reimburse the Master Servicer or any Servicer for servicing related advances
      of
      funds, the right to reimbursement pursuant to this subclause being limited
      to
      amounts received on the related Mortgage Loan (including, for this purpose,
      the
      Purchase Price therefor, Insurance Proceeds and Liquidation Proceeds) which
      represent late recoveries of the payments for which such servicing advances
      were
      made;

     

    
      
        
          
          

        

        
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    (vii) to
      reimburse the Master Servicer or any Servicer for any Advance or advance, after
      a Realized Loss has been allocated with respect to the related Mortgage Loan
      if
      the Advance or advance has not been reimbursed pursuant to clauses (i) and
      (vi);

     

    (viii) to
      pay
      the Master Servicer its monthly Master Servicing Fee and any investment income
      and other additional servicing compensation payable pursuant to Section
      3.14;

     

    (ix) to
      pay
      the Trustee Fee to the extent not paid by the Master Servicer on behalf of
      the
      Trust Fund;

     

    (x) to
      reimburse the Master Servicer or the Securities Administrator for any expenses
      recoverable by the Master Servicer or the Securities Administrator pursuant
      to
      Sections 3.03 and 3.31;

     

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

     

    (xii) to
      reimburse the Trustee, the Custodian (including those related to the Wells
      Custodial Agreement, to pay any fees, expenses or other amounts payable to
      Wells
      Fargo Bank, N.A., as Custodian) and the Securities Administrator for expenses,
      costs and liabilities incurred by or reimbursable to it from funds of the Trust
      Fund pursuant to Sections 3.30, 3.31 or 8.05, and to reimburse the Trustee
      for
      any fees, costs and expenses costs incurred by or reimbursable to it pursuant
      to
      Section 2.03(a), 7.01(b), 8.02, 8.05 or 8.07, to the extent not otherwise
      reimbursed to it;

     

    (xiii) to
      pay
      the Certificate Insurer its Aggregate Premium Amount;

     

    (xiv) to
      pay to
      the holder of the Residual Certificate all investment earnings on amounts on
      deposit in the Distribution Account to which it is entitled under Section
      4.02(c);

     

    (xv) to
      remove
      amounts deposited in error; and 

     

    (xvi) to
      clear
      and terminate the Distribution Account pursuant to Section 10.01. 

     

    Notwithstanding
      the foregoing, the Master Servicer shall make or cause to be made withdrawals
      or
      transfers from the Distribution Account to the Certificate Insurer to pay the
      Certificate Insurer its Aggregate Premium Amount.

     

    Notwithstanding
      the foregoing, amounts received in connection with the Termination Price shall
      not be used to reimburse amounts to any Servicer or the Master Servicer with
      respect to clause (i) or clause (vii) above.

    

    (b) In
      addition, on or before the Business Day immediately preceding each Distribution
      Date, the Master Servicer shall deposit in the Distribution Account (or remit
      to
      the Securities Administrator for deposit therein) any Advances or Compensating
      Interest Payments, to the extent required but not made by the related Servicer
      and required to be made by the Master Servicer with respect to the Mortgage
      Loans.

     

    
      
        
          
          

        

        
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    (c) The
      Securities Administrator or the Master Servicer shall keep and maintain separate
      accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of
      accounting for any payments or reimbursements from the Distribution Account
      pursuant to subclauses (i) through (vii), inclusive, (x) and (xi) or with
      respect to any such amounts which would have been covered by such subclauses
      had
      the amounts not been retained by the Master Servicer without being deposited
      in
      the Distribution Account under Section 4.02(b).

     

    (d) In
      order
      to comply with its duties under the USA PATRIOT Act of 2001, the Securities
      Administrator shall obtain and verify certain information and documentation
      from
      the other parties hereto, including, but not limited to, each such party's
      name,
      address and other identifying information.

     

    (e) On
      each
      Distribution Date, the Securities Administrator shall distribute the aggregate
      Available Funds to the Holders of the Certificates and any other parties
      entitled thereto in accordance with Section 5.01.

     

    
      	 	
              SECTION
                4.04.

            	
              [Reserved].

            

    

     

    
      	 	
              SECTION
                4.05.

            	
              Financial
                Guaranty Insurance Policy.

            

    

     

    (a) On
      or
      prior to the Closing Date, the Securities Administrator shall cause to be
      established and maintained the Policy Account, into which amounts received
      by
      the Securities Administrator pursuant to the Financial Guaranty Insurance Policy
      shall be deposited for the benefit of the Insured Certificates. Amounts on
      deposit in the Policy Account shall not be invested and shall not be held in
      an
      interest-bearing account.

     

    (b) As
      soon
      as possible, and in no event later than 12:00 noon New York time on the second
      Business Day immediately preceding any Distribution Date, the Securities
      Administrator shall furnish the Certificate Insurer and the Trustee with a
      completed Notice in the form set forth as Exhibit A to the Endorsement to the
      Financial Guaranty Insurance Policy in the event that there is a Deficiency
      Amount with respect to the Holders of the Insured Certificates, on such
      Distribution Date; provided,
      however,
      that if
      such Distribution Date is the Final Distribution Date, the Notice shall also
      include the outstanding Class Principal Balances of the Insured Certificates,
      after giving effect to all payments of principal on each Class of Insured
      Certificates on such Final Distribution Date, other than pursuant to the
      Financial Guaranty Insurance Policy. The Notice shall specify the amount of
      Insured Amounts for the each Class of Insured Certificate and shall constitute
      a
      claim for an Insured Amount pursuant to the Financial Guaranty Insurance Policy.
      

     

    (c) Upon
      receipt of an Insured Amount from the Certificate Insurer on behalf of the
      Holders of the Insured Certificates, the Securities Administrator shall deposit
      such Insured Amount into the Policy Account. All such amounts on deposit in
      the
      Policy Account shall remain uninvested. 

     

    The
      Securities Administrator shall include on each Distribution Date any Insured
      Amounts received by it from or on behalf of the Certificate Insurer for such
      Distribution Date (i) in the amount distributed to the Holders of the Insured
      Certificates pursuant to Section 5.01 and (ii) in the amount deemed to have
      been
      distributed to the Class A1C regular interests and deposited for their benefit
      into the Distribution Account. If on any Distribution Date the Securities
      Administrator determines that the Certificate Insurer has paid more under the
      Financial Guaranty Insurance Policy than is required by the terms thereof,
      the
      Securities Administrator shall promptly return the excess amount to the
      Certificate Insurer.

     

    
      
        
          
          

        

        
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    (d) The
      Securities Administrator shall (i) receive as attorney-in-fact of the Holders
      of
      the Insured Certificates any Insured Amount delivered to it by the Certificate
      Insurer for payment to such Holders and (ii) distribute such Insured Amount
      to
      such Holders as set forth in Section 5.01. Insured Amounts disbursed by the
      Securities Administrator from proceeds of the Financial Guaranty Insurance
      Policy shall not be considered payment by the Trust Fund with respect to the
      Insured Certificates, nor shall such disbursement of Insured Amounts discharge
      the obligations of the Trust Fund with respect to the amounts thereof, and
      the
      Certificate Insurer shall become owner of such amounts to the extent covered
      by
      such Insured Amounts as the deemed assignee of such Holders. The Securities
      Administrator hereby agrees on behalf of the Holders of the Insured Certificates
      (and each such Holder, by its acceptance of its Insured Certificates, hereby
      agrees) for the benefit of the Certificate Insurer that, to the extent the
      Certificate Insurer pays any Insured Amount, either directly or indirectly
      (as
      by paying through the Securities Administrator), to any Holder of an Insured
      Certificates, the Certificate Insurer will be entitled to be subrogated to
      any
      rights of such Holder to receive the amounts for which such Insured Amount
      was
      paid, to the extent of such payment, and will be entitled to receive the
      Certificate Insurer Reimbursement Amount as set forth in Section 5.01. The
      Securities Administrator as attorney-in-fact of the Holders of the Insured
      Certificates shall assign to the Certificate Insurer the rights of such Holder
      with respect to the Class A1C Certificates to the extent of such Insured Amount
      until the Certificate Insurer has been fully reimbursed therefore in accordance
      with the terms of the Financial Guaranty Insurance Policy. To evidence such
      subrogation, the Securities Administrator shall note the Certificate Insurer’s
      rights as subrogee upon the register of Certificateholders upon receipt from
      the
      Certificate Insurer of proof of payment of any Insured Amount.

     

    (e) The
      Trustee, and each Holder and Certificate Owner of each Insured Certificate
      or
      interest therein, designates, appoints, authorizes and directs the Securities
      Administrator to deliver on behalf of the Trustee each Notice delivered pursuant
      to the Financial Guaranty Insurance Policy in accordance with Section 4.05
      and
      to make, on behalf of and with full power to bind the Trustee and each such
      Holder and Certificate Owner, any of the agreements, assignments or covenants
      of
      the Trustee contained therein. To the extent necessary, this Agreement shall
      constitute an irrevocable limited power of attorney, coupled with an interest,
      from the Trustee and each such Holder and Certificate Owner to the Securities
      Administrator, to accomplish the foregoing. The Trustee shall have no liability
      for any actions or omissions of the Securities Administrator or any use of
      such
      power of attorney.

     

    (f) At
      the
      end of the Term of the Financial Guaranty Insurance Policy (as defined in the
      Financial Guaranty Insurance Policy), the Trustee shall return the Financial
      Guaranty Insurance Policy to the Certificate Insurer for
      cancellation.

     

    
      
        
          
          

        

        
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    ARTICLE
      V

     

    FLOW
      OF FUNDS

     

    
      	 	
              SECTION
                5.01.

            	
              Distributions.

            

    

     

    (a) On
      each
      Distribution Date and after making any withdrawals from the Distribution Account
      pursuant to Section 4.03(a), the Securities Administrator shall withdraw funds
      on deposit in the Distribution Account to the extent of Available Funds for
      such
      Distribution Date and, make the following disbursements and transfers as set
      forth below:

     

    (i) the
      Available Funds shall be distributed on each Distribution Date (other than
      on
      the Distribution Date following the optional purchase of the Mortgage Loans
      by
      the Sponsor) in the following order of priority:

     

    
      	 	
              (A)

            	
              to
                the Class A-R, Class A1A, Class A1B, Class A1C and Class X Certificates,
                the related Interest Distributable Amounts for that date, pro
                rata
                (based on the Interest Distributable Amount to which each such Class
                is
                entitled); provided,
                however,
                that on each Distribution Date, the related Interest Distributable
                Amount
                for the Class X Certificates up to the Required Reserve Fund Deposit
                shall
                be deposited in the Basis Risk Reserve Fund and shall not be distributed
                to the Class X Certificates; and

            

    

     

    
      	 	
              (B)

            	
              an
                amount equal to the Senior Principal Distribution Amount for that
                date, as
                follows:

            

    

     

    first,
      to the
      Class A-R Certificate, until the Class Principal Balance of such Class is
      reduced to zero;

     

    second,
      to the
      Class A1A, Class A1B and Class A1C Certificates, pro
      rata based
      on
      their respective Class Principal Balances, until the Class Principal Balances
      of
      such Classes are reduced to zero; and

     

    third,
      to the
      Class PO Certificates, until the Class Principal Balance of such Class is
      reduced to zero;

    

    (ii) concurrently,
      from the Basis Risk Reserve Fund, to the Class A1A, Class A1B and Class A1C
      Certificates, pro
      rata,
      based
      on amounts due, any related Basis Risk Shortfall for each such Class and such
      Distribution Date remaining unpaid after giving effect to the distributions
      specified in subsection (i) above in the order and priority set forth in Section
      5.07 below;

     

    
      
        
          
          

        

        
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    (iii) the
      Available Funds remaining after giving effect to the distributions specified
      in
      subsections (i) and (ii) above shall be distributed to the Certificate Insurer
      and the Certificateholders in the following order of priority:

     

    
      	 	
              (A)

            	
              to
                the Certificate Insurer, any Certificate Insurer Reimbursement Amounts
                due
                and unpaid;

            

    

     

    
      	 	
              (B)

            	
              to
                the Class B-1 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (C)

            	
              to
                the Class B-1 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (D)

            	
              to
                the Class B-2 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (E)

            	
              to
                the Class B-2 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (F)

            	
              to
                the Class B-3 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (G)

            	
              to
                the Class B-3 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (H)

            	
              to
                the Class B-4 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (I)

            	
              to
                the Class B-4 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (J)

            	
              to
                the Class B-5 Certificates, the related Interest Distributable Amount
                for
                that date;

            

    

     

    
      	 	
              (K)

            	
              to
                the Class B-5 Certificates, an amount allocable to principal equal
                to
                their Pro Rata Share for such Distribution Date, until the Class
                Principal
                Balance of such Class is reduced to
                zero;

            

    

     

    
      	 	
              (L)

            	
              to
                the Class B-6 Certificates, the related Interest Distributable Amount
                for
                that date; and

            

    

     

    
      
        	 	
                (M)

              	
                to
                  the Class B-6 Certificates, an amount allocable to principal equal
                  to
                  their Pro Rata Share for such Distribution Date, until the Class
                  Principal
                  Balance of such Class is reduced to zero;
                  and

              

      

      
        
          
          

        

        
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    (iv) from
      the
      Basis Risk Reserve Fund, to the Class B-1, Class B-2, Class B-3, Class B-4,
      Class B-5 and Class B-6 Certificates, any related Basis Risk Shortfall for
      such
      Distribution Date in the order and priority set forth in Section 5.07 below;
      and

     

    (v) the
      Available Funds remaining after giving effect to the distributions specified
      in
      subsections (i), (ii), (iii) and (iv) above will be distributed to the Holder
      of
      the Class A-R Certificate.

     

    On
      the
      Distribution Date following the optional purchase of the Mortgage Loans by
      the
      Sponsor or the Master Servicer, as applicable, Available Funds shall be applied
      in the amounts and in the order specified above, except that no amounts will
      be
      distributed pursuant to Sections 5.01(a)(ii) and (a)(iii) above and the portion
      of Available Funds remaining after the distribution pursuant to Section
      5.01(a)(i) will be applied in the order specified in Section
      5.01(a)(iii).

    

    With
      respect to any Distribution Date and any Insured Amount, the Securities
      Administrator shall make distributions pursuant to Section 5.01(a)(i), with
      respect to the Class A1C Certificates, from the amount drawn under the Financial
      Guaranty Insurance Policy for such Distribution Date in respect of such Class
      pursuant to Section 4.02 and 4.05(d). Funds received by the Securities
      Administrator as a result of any claim under the Financial Guaranty Insurance
      Policy shall be applied solely to distributions to the Class A1C
      Certificateholders and may not be applied to satisfy any other Classes of
      Certificates or costs, expenses or liabilities of the Trustee, the Servicers,
      the Master Servicer or the Trust Fund.

     

    (b) Amounts
      to be paid to the Holders of a Class of Certificates shall be payable with
      respect to all Certificates of that Class, pro
      rata,
      based
      on the Certificate Principal Balance or Certificate Notional Balance, as
      applicable, of each Certificate of that Class.

     

    (c) On
      each
      Distribution Date, the Monthly Interest Distributable Amounts for the Classes
      of
      Senior Certificates (other than the Class PO Certificates) and Subordinate
      Certificates on such Distribution Date shall be reduced proportionately, based
      on the Monthly Interest Distributable Amount to which they would otherwise
      be
      entitled, by Net Interest Shortfalls.

     

    (d) Notwithstanding
      the priority and allocation set forth in Section 5.01(a)(iii) above, if with
      respect to any Class of Subordinate Certificates on any Distribution Date the
      sum of the related Class Subordination Percentages of such Class and of all
      other Classes of Subordinate Certificates which have a higher numerical Class
      designation than such Class (the “Applicable
      Credit Support Percentage”)
      is
      less than the Original Applicable Credit Support Percentage for such Class,
      no
      distribution of Principal Prepayments will be made to any such Classes (the
      “Restricted
      Classes”)
      and
      the amount of such Principal Prepayment otherwise distributable to the
      Restricted Classes shall be distributed to any Classes of Subordinate
      Certificates having lower numerical Class designations than such Class,
pro
      rata,
      based
      on the Class Principal Balances of the respective Classes immediately prior
      to
      such Distribution Date and shall be distributed in the sequential order provided
      in Section 5.01(a)(iii) above.

     

    (e) [Reserved].

     

    (f) [Reserved].

     

    
      
        
          
          

        

        
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    (g) Distributions
      on Physical Certificates.
      The
      Securities Administrator shall make distributions in respect of a Distribution
      Date to each Certificateholder of record on the related Record Date (other
      than
      as provided in Section 10.01 hereof respecting the final distribution), in
      the
      case of Certificateholders of the Physical Certificates, by check or money
      order
      mailed to such Certificateholder at the address appearing in the Certificate
      Register, or by wire transfer. Distributions among Certificateholders of a
      Class
      shall be made in proportion to the Percentage Interests evidenced by the
      Certificates of that Class held by such Certificateholders.

     

    (h) Distributions
      on Book-Entry Certificates.
      Each
      distribution with respect to a Book-Entry Certificate shall be paid to the
      Depository, which shall credit the amount of such distribution to the accounts
      of its Depository Participants in accordance with its normal procedures. Each
      Depository Participant shall be responsible for disbursing such distribution
      to
      the Certificate Owners that it represents and to each indirect participating
      brokerage firm (a “brokerage firm” or “indirect participating firm”) for which
      it acts as agent. Each brokerage firm shall be responsible for disbursing funds
      to the Certificate Owners that it represents. All such credits and disbursements
      with respect to a Book-Entry Certificate are to be made by the Depository and
      the Depository Participants in accordance with the provisions of the
      Certificates. None of the Trustee, the Securities Administrator, the Depositor,
      the Sponsor or the Seller shall have any responsibility therefor.

     

    
      	 	
              SECTION
                5.02.

            	
              Allocation
                of Net Deferred Interest.

            

    

     

    For
      any
      Distribution Date, the Net Deferred Interest on the Mortgage Loans will be
      allocated among the Classes of Certificates (or, with respect to the Class
      X
      Certificates, the Class PO Certificates) in proportion to the excess, if any,
      for each such Class of (i) the Monthly Interest Distributable Amount accrued
      at
      the Pass-Through Rate for such Class, over (ii) the amount of the Monthly
      Interest Distributable Amount for such Class calculated at the applicable
      Adjusted Cap Rate for such Class.

     

    On
      each
      Distribution Date, any amount of Net Deferred Interest allocable to a Class
      of
      Certificates (other than the Interest-Only Certificates) on such Distribution
      Date will be added as principal to the outstanding Class Principal Balance
      of
      such Class of Certificates. With respect to the Class X Certificates and each
      Distribution Date, any amount of Net Deferred Interest added to the Principal
      Balances of the related Mortgage Loans that is allocated to the Class X
      Certificates on such Distribution Date will be added as principal to the
      outstanding Class Principal Balance of the Class PO Certificates.

     

    
      	 	
              SECTION
                5.03.

            	
              Allocation
                of Realized Losses. 

            

    

     

    (a) On
      or
      prior to each Distribution Date, the Securities Administrator shall aggregate
      the loan-level information provided by the Master Servicer with respect to
      the
      total amount of Realized Losses, if any, with respect to the Mortgage Loans
      for
      the related Distribution Date and include such information in the Distribution
      Date Statement.

     

    (b) On
      each
      Distribution Date, Realized Losses that occurred during the related Prepayment
      Period shall be allocated as follows:

     

    
      
        
          
          

        

        
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    first,
      to the
      Subordinate Certificates in reverse order of their respective numerical Class
      designations (beginning with the Class of Subordinate Certificates with the
      highest numerical Class designation) until the Class Principal Balance of each
      such Class is reduced to zero; and

     

    second,
      to the
      Class A1A, Class A1B, Class A1C, Class PO and Class A-R Certificates,
pro
      rata,
      until
      the Class Principal Balance of each such Class is reduced to zero; provided,
      however,
      the
      Class A1C Certificates will bear the principal portion of all Realized Losses
      allocable to the Class A1A and Class A1B Certificates for so long as the Class
      A1A and Class A1B Certificates are outstanding; provided,
      further,
      the
      Class A1B Certificates will bear the principal portion of all Realized Losses
      allocable to the Class A1A Certificates for so long as the Class A1A
      Certificates are outstanding; and

     

    (c) The
      Class
      Principal Balance of the Class of Subordinate Certificates then outstanding
      with
      the highest numerical Class designation shall be reduced on each Distribution
      Date by the amount, if any, by which the aggregate of the Class Principal
      Balances of all outstanding Classes of Certificates (after giving effect to
      the
      distribution of principal and the allocation of Realized Losses on such
      Distribution Date) exceeds the aggregate of the Stated Principal Balances of
      all
      the Mortgage Loans for the following Distribution Date.

     

    (d) Any
      Realized Loss allocated to a Class of Certificates or any reduction in the
      Class
      Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or
      (c)
      shall be allocated among the Certificates of such Class, pro
      rata,
      in
      proportion to their respective Certificate Principal Balances.

     

    (e) Any
      allocation of Realized Losses to a Certificate or any reduction in the
      Certificate Principal Balance of a Certificate pursuant to Section 5.03(b)
      or
      (c) shall be accomplished by reducing the Certificate Principal Balance thereof
      immediately following the distributions made on the related Distribution Date
      in
      accordance with the definition of “Certificate Principal Balance.”

     

    
      	 	
              SECTION
                5.04.

            	
              Statements. 

            

    

     

    (a) On
      each
      Distribution Date, the Securities Administrator shall make available to each
      Certificateholder, the Certificate Insurer, the Sponsor, and each Rating Agency,
      a statement based, as applicable, on loan-level information obtained from the
      Servicers (the “Distribution
      Date Statement”)
      as to
      the distributions to be made or made, as applicable, on such Distribution
      Date:

     

    (i) the
      amount of the distribution made on such Distribution Date to the Holders of
      each
      Class of Certificates allocable to principal;

     

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

     

    
      
        
          
          

        

        
          92

          
            

          

        

        
          
          

        

      

    

    

    (iii) the
      Senior Percentage, Senior Prepayment Percentage, Subordinate Percentage and
      Subordinate Prepayment Percentage for the following Distribution
      Date;

     

    (iv) the
      aggregate amount of servicing compensation received by the Servicers and the
      Master Servicer during the related Due Period;

     

    (v) the
      aggregate amount of Advances for the related Due Period and the amount of
      unreimbursed Advances;

     

    (vi) the
      Pool
      Balance for such Distribution Date; 

     

    (vii) the
      Net
      WAC and applicable Net WAC Cap at the Close of Business at the end of the
      related Due Period;

     

    (viii) the
      aggregate Principal Balance of the One-Month MTA Indexed Mortgage Loans at
      the
      Close of Business at the end of the related Due Period;

     

    (ix) the
      aggregate Principal Balance of the One-Month COFI Indexed Mortgage Loans at
      the
      Close of Business at the end of the related Due Period;

     

    (x) [Reserved];

     

    (xi) the
      number, weighted average remaining term to maturity and weighted average Loan
      Rate of the related Mortgage Loans as of the related Due Date;

     

    (xii) the
      number and aggregate unpaid principal balance of Mortgage Loans, in the
      aggregate and for each Loan Group, (a) 30 to 59 days Delinquent, (b) 60 to
      89 days Delinquent, (c) 90 or more days Delinquent, (d) as to which foreclosure
      proceedings have been commenced and (e) in bankruptcy, in each case as of the
      close of business on the last day of the preceding calendar month, in each
      case,
      using the MBA method;

     

    (xiii) the
      book
      value (if available) of any REO Property as of the Close of Business on the
      last
      Business Day of the calendar month preceding the Distribution Date, and,
      cumulatively, the total number and cumulative principal balance of all REO
      Properties in each Loan Group as of the Close of Business of the last day of
      the
      preceding Due Period;

     

    (xiv) the
      aggregate amount of Principal Prepayments with respect to each Loan Group made
      during the related Prepayment Period;

     

    (xv) the
      aggregate amount of Realized Losses incurred during the related Due Period
      and
      the cumulative amount of Realized Losses and the amount of Realized Losses,
      if
      any, allocated to each Class of Certificates;

     

    (xvi) the
      Class
      Principal Balance or Class Notional Balance, as applicable, of each Class of
      Certificates after giving effect to any distributions made thereon, on such
      Distribution Date;

     

    
      
        
          
          

        

        
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    (xvii) the
      Monthly Interest Distributable Amount and the Interest Distributable Amount
      in
      respect of each Class of Certificates, for such Distribution Date and the
      respective portions thereof, if any, remaining unpaid following the
      distributions made in respect of such Certificates on such Distribution
      Date;

     

    (xviii) the
      aggregate amount of any Net Interest Shortfalls and the Unpaid Interest
      Shortfall Amount for such Distribution Date;

     

    (xix) the
      Available Funds;

     

    (xx) the
      Pass-Through Rate and Adjusted Cap Rate for each Class of Certificates for
      such
      Distribution Date; 

     

    (xxi) the
      aggregate Principal Balance of Mortgage Loans purchased hereunder by the Sponsor
      or an Originator, as applicable, during the related Due Period;

     

    (xxii) current
      Recoveries allocable to the Mortgage Loans;

     

    (xxiii) cumulative
      Recoveries allocable to the Mortgage Loans;

     

    (xxiv) the
      amount of any Basis Risk Shortfall, if any, and the related accrued interest
      thereon;

     

    (xxv) the
      amount of Deferred Interest and Net Deferred Interest, if any, for the Mortgage
      Loans; 

     

    (xxvi) the
      amount of Net Deferred Interest, if any, added to the Class Principal Balance
      of
      the related Certificates;

     

    (xxvii) the
      amount of the Certificate Insurer Reimbursement Amount, if any; and

     

    (xxviii) the
      Deficiency Amount, if any, to be paid by the Certificate Insurer.

     

    The
      Securities Administrator shall make the Distribution Date Statement (and, at
      its
      option, any additional files containing the same information in an alternative
      format) available each month to Certificateholders and the other parties to
      this
      Agreement via the Securities Administrator’s internet website. The Securities
      Administrator’s internet website shall initially be located at “www.ctslink.com.”
      Assistance in using the website can be obtained by calling the Securities
      Administrator’s customer service desk at (301) 815-6600. Parties that are unable
      to use the above distribution option are entitled to have a paper copy mailed
      to
      them via first class mail by calling the customer service desk and indicating
      such. The Securities Administrator shall have the right to change the way such
      reports are distributed in order to make such distribution more convenient
      and/or more accessible to the parties, and the Securities Administrator shall
      provide timely and adequate notification to all parties regarding any such
      change.

     

    
      
        
          
          

        

        
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    In
      the
      case of information furnished pursuant to subclauses (i) and (ii) above, the
      amounts shall be expressed in a separate section of the report as a dollar
      amount for each Class for each $1,000 original dollar amount as of the Cut-off
      Date.

     

    (b) Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall, upon written request, furnish to the Certificate Insurer
      and each Person who at any time during the calendar year was a Certificateholder
      of a Regular Certificate, if requested in writing by such Person, such
      information as is reasonably necessary to provide to such Person a statement
      containing the information set forth in subclauses (i), (ii) and (iv) above,
      aggregated for such calendar year or applicable portion thereof during which
      such Person was a Certificateholder and such other customary information which
      a
      Certificateholder reasonably requests to prepare its tax returns. Such
      obligation of the Securities Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      prepared and furnished by the Securities Administrator to Certificateholders
      pursuant to any requirements of the Code as are in force from time to
      time.

     

    (c) On
      each
      Distribution Date, the Securities Administrator shall supply an electronic
      tape
      to Bloomberg Financial Markets, Inc. in a format acceptable to Bloomberg
      Financial Markets, Inc. on a monthly basis, and shall supply an electronic
      tape
      to Loan Performance and Intex Solutions in a format acceptable to Loan
      Performance and Intex Solutions on a monthly basis.

     

    
      	 	
              SECTION
                5.05.

            	
              Remittance
                Reports; Advances. 

            

    

     

    (a) No
      later
      than the second Business Day following each Determination Date, the Master
      Servicer shall deliver to the Securities Administrator by telecopy or electronic
      mail (or by such other means as the Master Servicer and the Securities
      Administrator may agree from time to time) the Remittance Report with respect
      to
      the related Distribution Date. Not later than the Close of Business New York
      time three Business Days prior to the related Distribution Date, the Master
      Servicer shall deliver or cause to be delivered to the Securities Administrator
      in addition to the information provided on the Remittance Report, such other
      loan-level information reasonably available to it with respect to the Mortgage
      Loans as the Securities Administrator may reasonably require to perform the
      calculations necessary to make the distributions contemplated by Section
      5.01. 

     

    (b) If
      the
      Monthly Payment on a Mortgage Loan that was due on a related Due Date and is
      delinquent, other than as a result of application of the Relief Act, and for
      which the related Servicer was required to make an advance pursuant to the
      related Servicing Agreement exceeds the amount deposited in the Distribution
      Account which will be used for an Advance with respect to such Mortgage Loan,
      the Master Servicer will deposit in the Distribution Account not later than
      the
      Business Day immediately preceding the related Distribution Date an amount
      equal
      to such deficiency, net of the Servicing Fee and the Master Servicing Fee,
      for
      such Mortgage Loan except to the extent the Master Servicer determines any
      such
      Advance to be Nonrecoverable from Liquidation Proceeds, Insurance Proceeds
      or
      future payments on the Mortgage Loan for which such Advance was made. Subject
      to
      the foregoing, the Master Servicer shall continue to make such Advances through
      the date that the related Servicer is required to do so under its Servicing
      Agreement. If applicable, on the Business Day immediately preceding the related
      Distribution Date, the Master Servicer shall present an Officer’s Certificate to
      the Securities Administrator and the Trustee (i) stating that the Master
      Servicer elects not to make an Advance in a stated amount and (ii) detailing
      the
      reason it deems the Advance to be Nonrecoverable.

     

    
      
        
          
          

        

        
          95

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                5.06.

            	
              Compensating
                Interest Payments.

            

    

     

    The
      amount of the Master Servicing Fee payable to the Master Servicer in respect
      of
      any Distribution Date shall be reduced (but not below zero) by the amount of
      any
      Compensating Interest Payment for such Distribution Date, but only to the extent
      that Interest Shortfalls relating to such Distribution Date are required to
      be
      paid but are not actually paid by the related Servicers on the applicable
      Servicer Remittance Date. Such amount shall not be treated as an Advance and
      shall not be reimbursable to the Master Servicer. 

     

    
      	 	
              SECTION
                5.07.

            	
              Basis
                Risk Reserve Fund.

            

    

     

    (a) On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      Trustee’s name, in trust for the benefit of the holders of the LIBOR
      Certificates, a Basis Risk Reserve Fund.

     

    The
      Basis
      Risk Reserve Fund will be held in trust by the Securities Administrator on
      behalf of the holders of the LIBOR Certificates. 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 moneys,
      including, without limitation, other moneys of the Securities Administrator
      held
      pursuant to this Agreement. The Basis Risk Reserve Fund shall not be an asset
      of
      any REMIC established hereby.

     

    (b) On
      each
      Distribution Date, Monthly Interest Distributable Amounts that would otherwise
      be distributable with respect to the Class X Certificates shall instead be
      deposited in the Basis Risk Reserve Fund to the extent of the Required Reserve
      Fund Deposit, provided
      that
      no
      portion of the Termination Price shall be deposited in the Basis Risk Reserve
      Fund.

     

    (c) On
      any
      Distribution Date for which a Basis Risk Shortfall exists with respect to the
      Class A1A, Class A1B or Class A1C Certificates, the Securities Administrator,
      shall withdraw from the Basis Risk Reserve Fund the amount of any remaining
      Basis Risk Shortfall for such Classes of Certificates, pursuant to Section
      5.01(a)(ii). If on any Distribution Date the amount on deposit in the Basis
      Risk
      Reserve Fund is not sufficient to make a full distribution of the Basis Risk
      Shortfall, the Securities Administrator shall withdraw the entire amount on
      deposit in the Basis Risk Reserve Fund and distribute such amount to such
      Classes of Certificates on a pro
      rata
      basis
      based on the amount of Basis Risk Shortfall due each such Class.

     

    On
      any
      Distribution Date for which a Basis Risk Shortfall exists with respect to the
      Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 or Class B-6 Certificates,
      the Securities Administrator, after making the distributions described in the
      immediately preceding paragraph to the Class A1A, Class A1B and Class A1C
      Certificates, shall distribute the lesser of any amounts remaining on deposit
      in
      the Basis Risk Reserve Fund and such Basis Risk Shortfall to the Class B-1,
      Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates,
      sequentially, in that order.

     

    
      
        
          
          

        

        
          96

          
            

          

        

        
          
          

        

      

    

    

    Funds
      remaining in the Basis Risk Reserve Fund on any Distribution Date after funding
      the payment of Basis Risk Shortfalls for such Distribution Date will be remitted
      to the Interest-Only Certificates, up to the amount of the Required Reserve
      Fund
      Deposit. 

     

    (d) Funds
      in
      the Basis Risk Reserve Fund shall be invested in Permitted Investments. Any
      earnings on amounts in the Basis Risk Reserve Fund shall be for the benefit
      of
      the Class X Certificateholders. The Interest-Only Certificates shall evidence
      ownership of the Basis Risk Reserve Fund for federal income tax purposes and
      the
      Class X Certificateholders shall direct the Securities Administrator, in
      writing, as to investment of amounts on deposit therein. The Class X
      Certificateholder(s) shall be liable for any losses incurred on such
      investments. In the absence of written instructions from the Class X
      Certificateholder(s) as to investment of funds on deposit in the Basis Risk
      Reserve Fund, such funds shall be invested in money market funds as specified
      by
      the Depositor and as described in clause (vi) of the definition of Permitted
      Investments in Article I. For all federal income tax purposes, amounts
      transferred by the Upper-Tier REMIC to the Basis Risk Reserve Fund shall be
      treated as amounts distributed by the Upper-Tier REMIC to the Class X
      Certificateholders.

     

    (e) Except
      as
      expressly provided hereunder, the Securities Administrator shall have no
      obligation to invest cash held in the Basis Risk Reserve Fund in the absence
      of
      timely and specific written investment direction from the Depositor. In no
      event
      shall the Securities Administrator be liable for the selection of investments
      or
      for investment losses incurred thereon. The Securities Administrator shall
      have
      no liability in respect of losses incurred as a result of the liquidation of
      any
      investment prior to its stated maturity or the failure of the Depositor to
      provide timely written investment direction.

     

    (f)
      Upon
      termination of the Trust Fund any amounts remaining in the Basis Risk Reserve
      Fund shall be distributed to the Class X Certificateholders.

     

    
      	 	
              SECTION
                5.08.

            	
              Recoveries.

            

    

     

    (a) With
      respect to any Class of Certificates to which a Realized Loss has been allocated
      (including any such Class for which the related Class Principal Balance has
      been
      reduced to zero), the Class Principal Balance of such Class will be increased,
      up to the amount of related Recoveries for such Distribution Date as
      follows:

     

    (i) first,
      the Class Principal Balance of each Class of Senior Certificates will be
      increased pro
      rata,
      based
      on Realized Losses borne by such Class up to the lesser of (i) (x) the excess
      amount by which Net Realized Losses previously borne by such Class over (y)
      the
      amount of payments received under the Financial Guaranty Insurance Policy (that
      remain unreimbursed) with respect to such Realized Losses and (ii) Recoveries
      for such Distribution Date, and 

     

    (ii) second,
      the Class Principal Balance of each Class of Subordinate Certificates will
      be
      increased in order of seniority, up to the amount by which Net Realized Losses
      previously allocated to each such Class exceeds the amount of Recoveries for
      such Distribution Date previously distributed to such Class.

     

    
      
        
          
          

        

        
          97

          
            

          

        

        
          
          

        

      

    

    

    (b) Any
      increase to the Class Principal Balance of a Class of Certificates shall
      increase the Certificate Principal Balance of each Certificate of the related
      Class pro
      rata
      in
      accordance with each Percentage Interest.

     

    To
      the
      extent that the Certificate Insurer has made a payment in respect of Realized
      Losses and such amount has not previously been reimbursed pursuant to Section
      5.01(a)(iii), the Certificate Insurer will be subrogated to the rights of the
      Holders of the Insured Certificates and will be entitled to the amount of any
      such Realized Losses paid by it to the Insured Certificates that remains
      unreimbursed prior to any Recoveries being allocated to the Holders of the
      Insured Certificates.

     

    
      	 	
              SECTION
                5.09.

            	
              [Reserved].

            

    

     

    ARTICLE
      VI

     

    THE
      CERTIFICATES

     

    
      	 	
              SECTION
                6.01.

            	
              The
                Certificates.

            

    

     

    The
      Certificates shall be substantially in the form annexed hereto as Exhibit A-1
      through E. Each of the Certificates shall, on original issue, be executed by
      the
      Securities Administrator and authenticated and delivered by the Certificate
      Registrar upon the written order of the Depositor concurrently with the sale
      and
      assignment to the Trustee of the Trust Fund. Each Class of the Regular
      Certificates (other than the Class B-4, Class B-5 and Class B-6 Certificates)
      shall be initially evidenced by one or more Certificates representing a
      Percentage Interest with a minimum dollar denomination of $25,000 and integral
      dollar multiples of $1 in excess thereof, in the case of the Class X
      Certificates, a minimum notional amount of $100,000 and integral dollar
      multiples of $1 in excess thereof, and in the case of the Class PO Certificates,
      which will be issued in minimum percentage interests of 0.01%, provided,
      that,
      such certificates must be purchased in minimum total investments of at least
      $100,000. The Physical Certificates will each be issued as a single certificate
      in physical form. 

     

    The
      Certificates shall be executed on behalf of the Trust by manual or facsimile
      signature on behalf of the Securities Administrator by a Responsible Officer.
      Certificates bearing the manual or facsimile signatures of individuals who
      were,
      at the time when such signatures were affixed, authorized to sign on behalf
      of
      the Securities Administrator shall be binding, notwithstanding that such
      individuals or any of them have ceased to be so authorized prior to the
      authentication and delivery of such Certificates or did not hold such offices
      at
      the date of such Certificate. Each Certificate shall, on original issue, be
      authenticated by the Certificate Registrar upon the order of the Depositor.
      No
      Certificate shall be entitled to any benefit under this Agreement or be valid
      for any purpose, unless such Certificate shall have been manually authenticated
      by the Certificate Registrar substantially in the form provided for herein,
      and
      such authentication 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 Securities
      Administrator to the Certificate Registrar for authentication and the
      Certificate Registrar shall authenticate and deliver such Certificates as
      provided in this Agreement and not otherwise. Subject to Section 6.02(c), the
      Senior Certificates (other than the Residual Certificates) and the Class B-1,
      Class B-2 and Class B-3 Certificates shall be Book-Entry Certificates. The
      Residual Certificates and the Class B-4, Class B-5 and Class B-6 Certificates
      shall be Physical Certificates.

     

    
      
        
          
          

        

        
          98

          
            

          

        

        
          
          

        

      

    

    

    The
      Private Certificates shall be offered and sold in reliance either on (i) the
      exemption from registration under Rule 144A of the Securities Act and shall
      be
      issued initially in the form of one or more permanent global Certificates in
      definitive, fully registered form with the applicable legends set forth in
      Exhibit C (each, a “Restricted
      Global Security”)
      or
      (ii) Regulation S and 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 C hereto
      (each, a “Regulation
      S Global Security”),
      which
      shall be deposited on behalf of the subscribers for such Certificates
      represented thereby with the Securities Administrator, as custodian for DTC
      and
      registered in the name of a nominee of DTC, duly executed by the Securities
      Administrator and authenticated by the Certificate Registrar as hereinafter
      provided. The aggregate principal amounts of the Restricted Global Securities
      or
      Regulation S Global Securities, as applicable, may from time to time be
      increased or decreased by adjustments made on the records of the Certificate
      Registrar and DTC or its nominee, as the case may be, as hereinafter
      provided.

     

    
      	 	
              SECTION
                6.02.

            	
              Registration
                of Transfer and Exchange of Certificates. 

            

    

     

    (a) The
      Certificate Registrar shall cause to be kept at the Corporate Trust Office
      a
      Certificate Register in which, subject to such reasonable regulations as it
      may
      prescribe, the Certificate Registrar shall provide for the registration of
      Certificates and of transfers and exchanges of Certificates as herein provided.
      The Securities Administrator shall initially serve as Certificate Registrar
      for
      the purpose of registering Certificates and transfers and exchanges of
      Certificates as herein provided.

     

    Upon
      surrender for registration of transfer of any Certificate at any office or
      agency of the Certificate Registrar maintained for such purpose pursuant to
      the
      foregoing paragraph (or, so long as the Securities Administrator serves as
      Certificate Registrar, the office of the Certificate Registrar located at Sixth
      Street and Marquette Avenue, Minneapolis, Minnesota 55479, or such other office
      or agency that the Certificate Registrar shall designate), the Securities
      Administrator on behalf of the Trust shall execute, authenticate and deliver,
      in
      the name of the designated transferee or transferees, one or more new
      Certificates of the same aggregate Percentage Interest.

     

    At
      the
      option of the Certificateholders, Certificates may be exchanged for other
      Certificates in authorized denominations and the same aggregate Percentage
      Interests, upon surrender of the Certificates to be exchanged at any such office
      or agency. Whenever any Certificates are so surrendered for exchange, the
      Securities Administrator shall execute on behalf of the Trust and the
      Certificate Registrar shall authenticate and deliver the Certificates which
      the
      Certificateholder making the exchange is entitled to receive. Every Certificate
      presented or surrendered for registration of transfer or exchange shall (if
      so
      required by the Securities Administrator or the Certificate Registrar) be duly
      endorsed by, or be accompanied by a written instrument of transfer satisfactory
      to the Securities Administrator and the Certificate Registrar duly executed
      by,
      the Holder thereof or his attorney duly authorized in writing.

     

    
      
        
          
          

        

        
          99

          
            

          

        

        
          
          

        

      

    

    

    (b) Except
      as
      provided in paragraph (c) or (d) below, the Book-Entry Certificates shall at
      all
      times remain registered in the name of the Depository or its nominee and at
      all
      times: (i) registration of such Certificates may not be transferred by the
      Securities Administrator or the Certificate Registrar except to another
      Depository; (ii) the Depository shall maintain book-entry records with respect
      to the Certificate Owners and with respect to ownership and transfers of such
      Certificates; (iii) ownership and transfers of registration of such Certificates
      on the books of the Depository shall be governed by applicable rules established
      by the Depository; (iv) the Depository may collect its usual and customary
      fees,
      charges and expenses from its Depository Participants; (v) the Trustee, the
      Securities Administrator and the Certificate Registrar shall for all purposes
      deal with the Depository as representative of the Certificate Owners of the
      Certificates for purposes of exercising the rights of Holders under this
      Agreement, and requests and directions for and votes of such representative
      shall not be deemed to be inconsistent if they are made with respect to
      different Certificate Owners; (vi) the Trustee, the Securities Administrator
      and
      the Certificate Registrar may rely and shall be fully protected in relying
      upon
      information furnished by the Depository with respect to its Depository
      Participants and furnished by the Depository Participants with respect to
      indirect participating firms and Persons shown on the books of such indirect
      participating firms as direct or indirect Certificate Owners; and (vii) the
      direct participants of the Depository shall have no rights under this Agreement
      under or with respect to any of the Certificates held on their behalf by the
      Depository, and the Depository may be treated by the Securities Administrator,
      the Certificate Registrar and their respective agents, employees, officers
      and
      directors as the absolute owner of the Certificates for all purposes
      whatsoever.

     

    All
      transfers by Certificate Owners of Book-Entry Certificates shall be made in
      accordance with the procedures established by the Depository Participant or
      brokerage firm representing such Certificate Owners. Each Depository Participant
      shall only transfer Book-Entry Certificates of Certificate Owners that it
      represents or of brokerage firms for which it acts as agent in accordance with
      the Depository’s normal procedures. The parties hereto are hereby authorized to
      execute one or more Letter of Representations with the Depository or take such
      other action as may be necessary or desirable to register a Book-Entry
      Certificate to the Depository. In the event of any conflict between the terms
      of
      any such Letter of Representation and this Agreement, the terms of this
      Agreement shall control.

     

    (c) If
      (i)(x)
      the Depository or the Depositor advises the Certificate Registrar or the
      Securities Administrator in writing that the Depository is no longer willing
      or
      able to discharge properly its responsibilities as Depository and (y) the
      Certificate Registrar, the Securities Administrator or the Depositor is unable
      to locate a qualified successor or (ii) after the occurrence and continuation
      of
      an Event of Default, Holders of Book-Entry Certificates having not less than
      51%
      of the aggregate Certificate Principal Balance of the Certificates advise the
      Trustee, the Securities Administrator and the Depository in writing through
      the
      Depository Participants that the continuation of a book-entry system with
      respect to Certificates through the Depository (or its successor) is no longer
      in the best interests of the Holders, then the Trustee or the Securities
      Administrator shall request that the Depository notify all Holders of the
      occurrence of any such event and of the availability of definitive, fully
      registered Certificates to Holders requesting the same. Upon surrender to the
      Certificate Registrar of the Book-Entry Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration,
      the Securities Administrator shall, at the Sponsor’s expense, execute on behalf
      of the Trust and authenticate definitive, fully registered certificates (the
      “Definitive
      Certificates”).
      None
      of the Depositor, the Securities Administrator, the Certificate Registrar or
      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, the Trustee, the Securities
      Administrator, the Certificate Registrar, any Paying Agent and the Depositor
      shall recognize the Holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    
      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

    

    

    (d) No
      transfer, sale, pledge or other disposition of any Private Certificate, other
      than a Private Certificate sold in an offshore transaction in reliance on
      Regulation S, shall be made unless such disposition is exempt from the
      registration requirements of the Securities Act, and any applicable state
      securities laws or is made in accordance with the Securities Act and laws.
      Any
      Private Certificates sold to an “accredited investor” under Rule 501(a)(1), (2),
      (3) or (7) under the Securities Act shall be issued only in the form of one
      or
      more Definitive Certificates and the records of the Certificate Registrar shall
      be adjusted to reflect the transfer of such Definitive Certificates. In the
      event of any transfer of any Private Certificate in the form of a Definitive
      Certificate, (i) the transferee shall certify (A) such transfer is made to
      a
      Qualified Institutional Buyer in reliance upon Rule 144A (as evidenced by an
      investment letter delivered to the Certificate Registrar, in substantially
      the
      form attached hereto as Exhibit J-2) under the Securities Act, or (B) such
      transfer is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or
      (7) under the Securities Act (as evidenced by an investment letter delivered
      to
      the Certificate Registrar, in substantially the form attached hereto as Exhibit
      J-1, and, if so required by the Certificate Registrar, a written Opinion of
      Counsel (which may be in-house counsel) acceptable to and in form and substance
      reasonably satisfactory to the Certificate Registrar, delivered to the
      Certificate Registrar stating that such transfer may be made pursuant to an
      exemption, including a description of the applicable exemption and the basis
      therefor, from the Securities Act or is being made pursuant to the Securities
      Act, which Opinion of Counsel shall not be an expense of the Trust, the Trustee,
      the Securities Administrator the Certificate Registrar or the Depositor) or
      (ii)
      the Certificate Registrar shall require the transferor to execute a transferor
      certificate and the transferee to execute an investment letter acceptable to
      and
      in form and substance reasonably satisfactory to the Depositor and the
      Certificate Registrar certifying to the Depositor and the Certificate Registrar
      the facts surrounding such transfer, which investment letter shall not be an
      expense of the Trust, the Trustee, the Certificate Registrar or the Depositor.
      Each Holder of a Private Certificate desiring to effect such transfer shall,
      and
      does hereby agree to, indemnify the Trustee, the Securities Administrator the
      Certificate Registrar, the Sponsor, the Seller and the Depositor against any
      liability that may result if the transfer is not so exempt or is not made in
      accordance with such federal and state laws.

     

    None
      of
      the Depositor, the Seller, the Certificate Registrar, the Securities
      Administrator or the Trustee is obligated to register or qualify the Private
      Certificates under the Securities Act or any other securities laws or to take
      any action not otherwise required under this Agreement to permit the transfer
      of
      such Certificates without registration or qualification. Any Certificateholder
      desiring to effect the transfer of a Private Certificate shall, and does hereby
      agree to, indemnify the Trustee, the Securities Administrator, the Depositor
      and
      the Certificate Registrar against any liability that may result if the transfer
      is not so exempt or is not made in accordance with such federal and state
      laws.

     

    
      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

    

    

    No
      transfer of an ERISA-Restricted Certificate in the form of a Definitive
      Certificate shall be made unless the Certificate Registrar shall have received
      either (i) a representation from the transferee of such Certificate, acceptable
      to and in form and substance satisfactory to the Certificate Registrar (such
      requirement is satisfied only by the Certificate Registrar’s receipt of a
      representation letter from the transferee substantially in the form of Exhibit
      I-1 or I-2, as applicable, hereto), to the effect that such transferee is not
      an
      employee benefit plan subject to Section 406 of ERISA or a plan or arrangement
      subject to Section 4975 of the Code, nor a person acting on behalf of any such
      plan or arrangement nor using the assets of any such plan or arrangement to
      effect such transfer or (ii) if such Certificate has been the subject of an
      ERISA-Qualifying Underwriting, and the purchaser is an insurance company, a
      representation that the purchaser is an insurance company which is purchasing
      such Certificates with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE
      95-60”)
      and
      that the purchase and holding of such Certificates are covered under Sections
      I
      and III of PTCE 95-60 or (iii) an Opinion of Counsel satisfactory to the
      Certificate Registrar, which Opinion of Counsel shall not be an expense of
      the
      Trustee, the Certificate Registrar, the Servicer, the Depositor or the Trust,
      addressed to the Certificate Registrar, to the effect that the purchase and
      holding of such ERISA-Restricted Certificate in the form of a Definitive
      Certificate will not result in a non-exempt prohibited transaction under Section
      406 of ERISA or Section 4975 of the Code and will not subject the Trustee,
      the
      Securities Administrator, the Certificate Registrar, the Servicer, the Master
      Servicer, or the Depositor to any obligation in addition to those expressly
      undertaken in this Agreement or to any liability. Notwithstanding anything
      else
      to the contrary herein, any purported transfer of an ERISA-Restricted
      Certificate in the form of a Definitive Certificate to an employee benefit
      plan
      subject to ERISA or Section 4975 of the Code without the delivery to the
      Certificate Registrar of an Opinion of Counsel satisfactory to the Certificate
      Registrar as described above shall be void and of no effect.

     

    In
      the
      case of an ERISA-Restricted Certificate that is a Book-Entry Certificate, for
      purposes of clauses (i) or (ii) of the first sentence of the preceding
      paragraph, such representations shall be deemed to have been made to the
      Certificate Registrar by the transferee’s acceptance of such ERISA-Restricted
      Certificate that is also a Book-Entry Certificate (or the acceptance by a
      Certificate Owner of the beneficial interest in such Certificate).

     

    To
      the
      extent permitted under applicable law (including, but not limited to, ERISA),
      none of the Trustee, the Securities Administrator, the Certificate Registrar
      or
      the Depositor shall have any liability to any Person for any registration of
      transfer of any ERISA-Restricted Certificate that is in fact not permitted
      by
      this Section 6.02(d) so long as the transfer was registered by the Certificate
      Registrar in accordance with the foregoing requirements. In addition, none
      of
      the Trustee, the Securities Administrator, the Certificate Registrar or the
      Depositor shall be required to monitor, determine or inquire as to compliance
      with the transfer restrictions with respect to any ERISA-Restricted Certificate
      in the form of a Book-Entry Certificate, and none of the Trustee, the Securities
      Administrator, the Certificate Registrar or the Depositor shall have any
      liability for transfers of Book-Entry Certificates or any interests therein
      made
      in violation of the restrictions on transfer described in the Prospectus
      Supplement and this Agreement.

     

    
      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

    

    

    (e) Each
      Person who has or who acquires any Ownership Interest in a Residual Certificate
      shall be deemed by the acceptance or acquisition of such Ownership Interest
      to
      have agreed to be bound by the following provisions and to have irrevocably
      appointed the Depositor or its designee as its attorney-in-fact to negotiate
      the
      terms of any mandatory sale under clause (v) below and to execute all
      instruments of transfer and to do all other things necessary in connection
      with
      any such sale, and the rights of each Person acquiring any Ownership Interest
      in
      a Residual Certificate are expressly subject to the following
      provisions:

     

    (i) Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall be a Permitted Transferee who acquires such Ownership Interest in a
      Residual Certificate for its own account and not in the capacity as trustee,
      nominee or agent for another Person and shall promptly notify the Certificate
      Registrar and the Securities Administrator of any change or impending change
      in
      its status as such a Permitted Transferee.

     

    (ii) No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date and no Ownership Interest in a Residual Certificate may thereafter be
      transferred, and the Certificate Registrar shall not register the Transfer
      of a
      Residual Certificate unless, in addition to the certificates required to be
      delivered under subsection (d) above, the Certificate Registrar shall have
      been
      furnished with an affidavit (“Transfer
      Affidavit”)
      of the
      initial owner of such Residual Certificate or proposed transferee of a Residual
      Certificate in the form attached hereto as Exhibit L.

     

    (iii) In
      connection with any proposed transfer of any Ownership Interest in a Residual
      Certificate, the Certificate Registrar shall as a condition to registration
      of
      the transfer, require delivery to them of a Transferor Certificate in the form
      of Exhibit K hereto from the proposed transferor to the effect that the
      transferor (a) has no knowledge the proposed Transferee is not a Permitted
      Transferee acquiring an Ownership Interest in such Residual Certificate for
      its
      own account and not in a capacity as trustee, nominee, or agent for another
      Person, and (b) has not undertaken the proposed transfer in whole or in part
      to
      impede the assessment or collection of tax.

     

    (iv) Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section shall be absolutely
      null and void and shall vest no rights in the purported transferee. If any
      purported transferee shall, in violation of the provisions of this Section,
      become a Holder of such Residual Certificate, then the prior Holder of such
      Residual Certificate that is a Permitted Transferee shall, upon discovery that
      the registration of Transfer of such Residual Certificate was not in fact
      permitted by this Section, be restored to all rights as Holder thereof
      retroactive to the date of registration of transfer of such Residual
      Certificate. None of the Trustee, the Certificate Registrar or the Depositor
      shall have any liability to any Person for any registration of Transfer of
      a
      Residual Certificate that is in fact not permitted by this Section so long
      as
      the Certificate Registrar received the documents specified in clause (iii).
      The
      Certificate Registrar shall be entitled to recover from any Holder of such
      Residual Certificate that was in fact not a Permitted Transferee at the time
      such distributions were made all distributions made on such Residual
      Certificate. Any such distributions so recovered by the Certificate Registrar
      shall be distributed and delivered by the Certificate Registrar to the last
      Holder of such Residual Certificate that is a Permitted Transferee.

     

    
      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

    

    

    (v) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Certificate Registrar shall have the right but not the obligation, without
      notice to the Holder of such Residual Certificate or any other Person having
      an
      Ownership Interest therein, to notify the Depositor to arrange for the sale
      of
      such Residual Certificate. The proceeds of such sale, net of commissions (which
      may include commissions payable to the Depositor or its affiliates in connection
      with such sale), expenses and taxes due, if any, will be remitted by the
      Certificate Registrar to the previous Holder of such Residual Certificate that
      is a Permitted Transferee, except that in the event that the Certificate
      Registrar determines that the Holder of such Residual Certificate may be liable
      for any amount due under this Section or any other provisions of this Agreement,
      the Certificate Registrar may withhold a corresponding amount from such
      remittance as security for such claim. The terms and conditions of any sale
      under this clause (v) shall be determined in the sole discretion of the
      Certificate Registrar and it shall not be liable to any Person having an
      Ownership Interest in such Residual Certificate as a result of its exercise
      of
      such discretion.

     

    (vi) If
      any
      Person other than a Permitted Transferee acquires any Ownership Interest in
      a
      Residual Certificate in violation of the restrictions in this Section, then
      the
      Securities Administrator upon receipt of reasonable compensation will provide
      to
      the Internal Revenue Service, and to the persons specified in Sections
      860E(e)(3) and (6) of the Code, information needed to compute the tax imposed
      under Section 860E(e)(5) of the Code on transfers of residual interests to
      disqualified organizations.

     

    The
      foregoing provisions of this Section shall cease to apply to transfers occurring
      on or after the date on which there shall have been delivered to the Certificate
      Registrar and the Servicer, in form and substance satisfactory to the
      Certificate Registrar, (i) written notification from each Rating Agency that
      the
      removal of the restrictions on Transfer set forth in this Section will not
      cause
      such Rating Agency to downgrade its ratings of the Certificates (determined
      in
      the case of the Insured Certificates, without giving effect to the Financial
      Guaranty Insurance Policy) and (ii) an Opinion of Counsel to the effect that
      such removal will not cause the REMIC created hereunder to fail to qualify
      as a
      REMIC.

     

    (f) Notwithstanding
      any provision to the contrary herein, so long as a Restricted Global Security
      or
      Regulation S Global Security, as applicable, representing the Certificates
      remains outstanding and is held by or on behalf of the Depository, transfers
      of
      a Restricted Global Security or Regulation S Global Security, as applicable,
      representing the Certificates, in whole or in part, shall only be made in
      accordance with Section 6.01 and this Section 6.02(f).

     

    (i) Subject
      to clauses (ii) and (iii) of this Section 6.02(f), transfers of a Restricted
      Global Security or Regulation S Global Security, as applicable, representing
      the
      Certificates shall be limited to transfers of such a Restricted Global Security
      or Regulation S Global Security, as applicable, in whole, but not in part,
      to
      nominees of the Depository or to a successor of the Depository or such
      successor’s nominee.

     

    
      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

    

    

    (ii) 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 the Depository 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 the Depository, exchange
      or
      cause the exchange of such interest for an equivalent beneficial interest in
      the
      Regulation S Global Security. Upon receipt by the Securities Administrator,
      as
      Certificate Registrar, of (A) instructions from the Depository directing the
      Securities Administrator, as Certificate Registrar, to cause 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 Certificateholders’ held
      through a Regulation S Global Security, (B) a written order given in accordance
      with the Depository’s procedures containing information regarding the
      participant account of the Depository 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 (C) a certificate in the form of Exhibit N-1
      hereto given by the holder of such beneficial interest stating that the exchange
      or transfer of such interest has been made in compliance with the transfer
      restrictions applicable to the Global Securities, including that the holder
      is
      not a U.S. Person and pursuant to and in accordance with Regulation S, the
      Securities Administrator, 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.

     

    (iii) 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 the Depository 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 the Depository, exchange or cause
      the exchange of such interest for an equivalent beneficial interest in a
      Restricted Global Security. Upon receipt by the Securities Administrator, as
      Certificate Registrar, of (A) instructions from the Depository directing the
      Securities Administrator, 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 Certificateholder’s
      Certificates held through a Restricted Global Security, to be exchanged, such
      instructions to contain information regarding the participant account with
      the
      Depository to be credited with such increase, and (B) a certificate in the
      form
      of Exhibit N-2 hereto given by the holder of such beneficial interest and
      stating, among other things, that the Person transferring such interest in
      such
      Regulation S Global Security reasonably believes that the Person acquiring
      such
      interest in a Restricted Global Security is a qualified institutional buyer
      within the meaning of Rule 144A, is obtaining such beneficial interest 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, then the Securities Administrator, 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 Securities Administrator, as Certificate Registrar, shall
      instruct the Depository, 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.

     

    
      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

    

    

    (iv) Other
      Exchanges.
      In the
      event that a Restricted Global Security or Regulation S Global Security, as
      applicable, is exchanged for Certificates in definitive registered form without
      interest coupons, 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 or are to non-U.S. Persons, or otherwise
      comply with Regulation S under the Securities Act, as the case may be, and
      as
      may be from time to time adopted by the Depositor and the Securities
      Administrator.

     

    (v) 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 6.02(f)(iii).

     

    (g) No
      service charge shall be made for any registration of transfer or exchange of
      Certificates of any Class, 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 transfer or exchange of Certificates.

     

    All
      Certificates surrendered for registration of transfer or exchange shall be
      cancelled by the Certificate Registrar and disposed of pursuant to its standard
      procedures.

     

    
      	 	
              SECTION
                6.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen
                Certificates.

            

    

     

    If
      (i)
      any mutilated Certificate is surrendered to the Certificate Registrar or the
      Certificate Registrar receives evidence to its satisfaction of the destruction,
      loss or theft of any Certificate and (ii) there is delivered to the Trustee,
      the
      Securities Administrator, the Depositor and the Certificate Registrar (and
      with
      respect to the Insured Certificates, the Certificate 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, the Securities Administrator or the
      Certificate Registrar (and with respect to the Insured Certificates, the
      Certificate Insurer) that such Certificate has been acquired by a protected
      purchaser, the Securities Administrator shall execute on behalf of the Trust,
      and, if applicable, the Certificate Registrar 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 Percentage Interest. Upon
      the
      issuance of any new Certificate under this Section, the Trustee, the Securities
      Administrator or the Certificate Registrar 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, the Securities Administrator and the Certificate Registrar) in
      connection therewith. Any duplicate Certificate issued pursuant to this Section,
      shall constitute complete and indefeasible evidence of ownership in the Trust
      Fund, as if originally issued, whether or not the lost, stolen or destroyed
      Certificate shall be found at any time.

     

    
      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                6.04.

            	
              Persons
                Deemed Owners.

            

    

     

    The
      Depositor, the Trustee, the Securities Administrator, the Certificate Registrar,
      any Paying Agent, the Certificate Insurer (with respect to the Insured
      Certificates) and any agent of the Depositor, the Certificate Registrar, any
      Paying Agent, the Securities Administrator, the Certificate Insurer or the
      Trustee may treat the Person, including a Depository, in whose name any
      Certificate is registered as the owner of such Certificate for the purpose
      of
      receiving distributions pursuant to Section 5.01 hereof and for all other
      purposes whatsoever, and none of the Trust, the Trustee, the Securities
      Administrator, the Certificate Registrar, the Certificate Insurer, the Paying
      Agent or any agent of any of them shall be affected by notice to the
      contrary.

     

    
      	 	
              SECTION
                6.05.

            	
              Appointment
                of Paying Agent.

            

    

     

    (a) The
      Paying Agent shall make distributions to Certificateholders and the Certificate
      Insurer from the Distribution Account pursuant to Section 5.01 hereof. The
      duties of the Paying Agent may include the obligation to distribute statements
      and provide information to Certificateholders and the Certificate Insurer as
      required hereunder. The Paying Agent hereunder shall at all times be an entity
      duly incorporated and validly existing under the laws of the United States
      of
      America or any state thereof, authorized under such laws to exercise corporate
      trust powers and subject to supervision or examination by federal or state
      authorities. The Paying Agent shall initially be the Securities Administrator.
      The Securities Administrator may appoint a successor to act as Paying Agent,
      which appointment shall be reasonably satisfactory to the
      Depositor.

     

    (b) The
      Securities Administrator shall cause the Paying Agent (if other than the Trustee
      or the Securities Administrator) to execute and deliver to the Trustee an
      instrument in which such Paying Agent shall agree with the Trustee that such
      Paying Agent shall hold all sums, if any, held by it for payment to the
      Certificateholders and the Certificate Insurer in trust for the benefit of
      the
      Certificateholders and the Certificate Insurer entitled thereto until such
      sums
      shall be paid to such Certificateholders and the Certificate Insurer and shall
      agree that it shall comply with all requirements of the Code regarding the
      withholding of payments in respect of federal income taxes due from Certificate
      Owners and otherwise comply with the provisions of this Agreement applicable
      to
      it.

     

    

    
      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

    

    ARTICLE
      VII

     

    DEFAULT

     

    
      	 	
              SECTION
                7.01.

            	
              Event
                of Default. 

            

    

     

    (a) If
      any
      one of the following events (each, an “Event
      of Default”)
      shall
      occur and be continuing: 

     

    (i) the
      failure by the Master Servicer to (A) make any Advance on the Business Day
      immediately preceding the related Distribution Date or (B) to deposit in the
      Distribution Account any deposit required to be made under the terms of this
      Agreement, and in either case such failure continues unremedied for a period
      of
      two Business Days after the date upon which written notice of such failure,
      requiring the same to be remedied, shall have been given to the Master Servicer
      (or, if applicable, such shorter time period as is provided in the penultimate
      sentence of Section 7.01(c)); or

     

    (ii) the
      failure by the Master Servicer duly to observe or perform, in any material
      respect, any other covenants, obligations or agreements of the Master Servicer
      as set forth in this Agreement, which failure continues unremedied for a period
      of 60 days, in each case after the date (A) 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 Holders
      of
      Certificates evidencing at least 25% of the Voting Rights or (B) on which a
      Servicing Officer of the Master Servicer has actual knowledge of such failure
      (or, in the case of a breach of its obligation beyond any applicable cure period
      to provide an assessment of compliance, an attestation report or a
      Sarbanes-Oxley Certification pursuant to Sections 3.16 and 3.18, respectively);
      or

     

    (iii) the
      entry
      against the Master Servicer of a decree or order by a court or agency or
      supervisory authority having jurisdiction in the premises for the appointment
      of
      a trustee, conservator, receiver or liquidator in any insolvency,
      conservatorship, receivership, readjustment of debt, marshalling of assets
      and
      liabilities or similar proceedings, or for the winding up or liquidation of
      its
      affairs, and the continuance of any such decree or order unstayed and in effect
      for a period of 60 days; or 

     

    (iv) the
      Master Servicer shall voluntarily go into liquidation, consent to the
      appointment of a conservator or receiver or liquidator or similar person in
      any
      insolvency, readjustment of debt, marshalling of assets and liabilities or
      similar proceedings of or relating to the Master Servicer or of or relating
      to
      all or substantially all of its property; or a decree or order of a court or
      agency or supervisory authority having jurisdiction in the premises for the
      appointment of a conservator, receiver, liquidator or similar person 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, unbonded or unstayed for a period of 60
      days; or 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;

    

    
      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

    

    

    (b) then,
      and
      in each and every such case, so long as an Event of Default shall not have
      been
      remedied within the applicable grace period, the Trustee shall, at the written
      direction of the Holders of Certificates evidencing Voting Rights aggregating
      not less than 51%, or at its option may, by notice then given in writing to
      the
      Master Servicer, terminate all of the rights and obligations of the Master
      Servicer as servicer under this Agreement. Any such notice to the Master
      Servicer shall also be given to each Rating Agency, the Depositor, the
      Certificate Insurer and the Sponsor. On or after the receipt by the Master
      Servicer (and by the Trustee if such notice is given by the Certificate Insurer
      or the Holders) of such written notice, all authority and power of the Master
      Servicer under this Agreement, whether with respect to the Certificates or
      the
      Mortgage Loans or otherwise, shall pass to and be vested in the Trustee and
      the
      Trustee is hereby authorized and empowered to execute and deliver, on behalf
      of
      the 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 of each Mortgage Loan and related
      documents or otherwise. The Master Servicer agrees to cooperate with the Trustee
      in effecting the termination of the responsibilities and rights of the Master
      Servicer hereunder, including, without limitation, the delivery to the Trustee
      of all documents and records requested by it to enable it to assume the Master
      Servicer's functions under this Agreement within ten Business Days subsequent
      to
      such notice and the transfer within one Business Day subsequent to such notice
      to the Trustee for the administration by it of all cash amounts that shall
      at
      the time be held by the Master Servicer and to be deposited by it in the
      Distribution Account, any REO Account or any Servicing Account or that have
      been
      deposited by the Master Servicer in such accounts or thereafter received by
      the
      Master Servicer with respect to the Mortgage Loans or any REO Property received
      by the Master Servicer. All reasonable costs and expenses (including attorneys'
      fees) incurred in connection with transferring the Master Servicer's duties
      and
      the Mortgage Files to the successor Master Servicer and amending this Agreement
      to reflect such succession as Master Servicer pursuant to this Section shall
      be
      paid by the predecessor Master Servicer (or if the predecessor Master Servicer
      is the Trustee, the initial Master Servicer) upon presentation of reasonable
      documentation of such costs and expenses.
      The
      termination of the rights and obligations of the Master Servicer shall not
      affect any liability it may have incurred prior to such termination. To the
      extent that such costs and expenses of the Trustee are not fully and timely
      reimbursed by the predecessor Master Servicer, the Trustee shall be entitled
      to
      reimbursement of such costs and expenses from the Distribution Account. 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 or any failure to perform, or
      any
      delay in performing, any duties or responsibilities hereunder, in either case
      caused by the failure of the Master Servicer to deliver or provide, or any
      delay
      in delivering or providing, any cash, information, documents or records to
      it.
      Furthermore, neither the Trustee nor any other successor Master Servicer shall
      be liable for any acts or omissions of the terminated Master
      Servicer.

     

    
      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

    

    

    (c) The
      Securities Administrator shall not later than the close of business on the
      Business Day immediately preceding the related Distribution Date notify the
      Trustee in writing of the Master Servicer’s failure to make any Advance required
      to be made under this Agreement on such date and the amount of such Advance.
      By
      no later than 10:00 A.M. (Chicago time) on the relevant Distribution Date,
      the
      Securities Administrator shall notify the Trustee of the continuance of such
      failure or that the Master Servicer has made the Advance, as the case may be.
      Notwithstanding the terms of the Event of Default described in clause (i)(A)
      of
      Section 7.01(a), the Trustee, upon receipt of written notice on the Distribution
      Date from the Securities Administrator of the continuance of the failure of
      the
      Master Servicer to make an Advance, shall, by notice in writing to the Master
      Servicer, which may be delivered by telecopy, immediately suspend all of the
      rights and obligations of the Master Servicer thereafter arising under this
      Agreement, but without prejudice to any rights it may have as a
      Certificateholder or to reimbursement of outstanding Advances or other amounts
      for which the Master Servicer was entitled to reimbursement as of the date
      of
      suspension, and the Trustee, subject to the cure provided for in this paragraph,
      if available, shall act as provided in Section 7.02 to carry out the duties
      of
      the Master Servicer, including the obligation to make any Advance (unless such
      Advance shall have been deemed Nonrecoverable by the Master Servicer or the
      Trustee) the nonpayment of which is described in clause (i)(A) of Section
      7.01(a). Any such action taken by the Trustee must be prior to the distribution
      on the relevant Distribution Date, and shall have all of the rights incidental
      thereto. If the Master Servicer shall within two Business Days following such
      suspension remit to the Trustee the amount of any Advance the nonpayment of
      which by the Master Servicer is described in clause (i)(A) of Section 7.01(a),
      together with all other amounts necessary to reimburse the Trustee for actual,
      necessary and reasonable costs incurred by the Trustee because of action taken
      pursuant to this subsection (including interest on any Advance or other amounts
      paid by the Trustee (from and including the respective dates thereof) at a
      per
      annum rate equal to the prime rate for U.S. money center commercial banks as
      published in the Wall Street Journal), then the Trustee, subject to the last
      two
      sentences of this paragraph, shall permit the Master Servicer to resume its
      rights and obligations as Master Servicer hereunder. If
      the
      Master Servicer shall fail to remit such amounts to the Trustee within such
      two
      Business Days after the Distribution Date, then an Event of Default shall occur
      and such notice of suspension shall be deemed to be a notice of termination
      without any further action on the part of the Trustee. The Master Servicer
      agrees that if it fails to make a required Advance by 10:00 A.M. (Chicago time)
      on the related Distribution Date on more than two occasions in any 12 month
      period, the Trustee shall be under no obligation to permit the Master Servicer
      to resume its rights and obligations as Master Servicer hereunder, and
      notwithstanding the cure period provided in Section 7.01(a)(i)(A), an Event
      of
      Default shall be deemed to have occurred on the relevant Distribution Date.
      

     

    
      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                7.02.

            	
              Trustee
                to Act.

            

    

     

    (a) From
      and
      after the date the Master Servicer (and the Trustee, if notice is sent by the
      Certificate Insurer or the Holders) receives a notice of termination pursuant
      to
      Section 7.01, the Trustee shall be the successor in all respects to the Master
      Servicer in its capacity as servicer under this Agreement and the transactions
      set forth or provided for herein and shall be subject to all the
      responsibilities, duties and liabilities relating thereto placed on the Master
      Servicer by the terms and provisions hereof arising on and after its succession.
      As compensation therefor, the Trustee shall be entitled to such compensation
      as
      the Master Servicer would have been entitled to hereunder if no such notice
      of
      termination had been given. Notwithstanding the above, (i) if the Trustee is
      unwilling to act as successor Master Servicer or (ii) if the Trustee is legally
      unable so to act, the Trustee shall appoint or petition a court of competent
      jurisdiction to appoint, any established housing and home finance institution,
      bank or other mortgage loan or home equity loan servicer having a net worth
      of
      not less than $15,000,000 as the successor to the Master Servicer hereunder
      in
      the assumption of all or any part of the responsibilities, duties or liabilities
      of the Master Servicer hereunder; provided, that the appointment of any such
      successor Master Servicer shall not result in the qualification, reduction
      or
      withdrawal of the ratings assigned to the Certificates by each Rating Agency
      as
      evidenced by a letter to such effect from each Rating Agency. Pending
      appointment of a successor to the Master Servicer hereunder, unless the Trustee
      is prohibited by law from so acting, the Trustee shall act in such capacity
      as
      hereinabove provided. In connection with such appointment and assumption, the
      successor shall be entitled to receive compensation out of payments on Mortgage
      Loans in an amount equal to the compensation which the Master Servicer would
      otherwise have received pursuant to Section 3.18. The appointment of a successor
      Master Servicer shall not affect any liability of the predecessor Master
      Servicer which may have arisen under this Agreement prior to its termination
      as
      Master Servicer to pay any deductible under an insurance policy pursuant to
      Section 3.14 or to indemnify the Trustee pursuant to Section 8.05), nor shall
      any successor Master Servicer be liable for any acts or omissions of the
      predecessor Master Servicer, except with respect to the making of Advances
      the
      defaulting Servicer was required to make but did not make, or for any breach
      by
      such Master Servicer of any of its representations or warranties contained
      herein or in any related document or agreement. The Trustee and such successor
      shall take such action, consistent with this Agreement, as shall be necessary
      to
      effectuate any such succession.

    

    (b) Any
      successor, including the Trustee, to the Master Servicer as Master Servicer
      shall during the term of its service as Master Servicer continue to service
      and
      administer the Mortgage Loans for the benefit of Certificateholders, and
      maintain in force a policy or policies of insurance covering errors and
      omissions in the performance of its obligations as Master Servicer hereunder
      and
      a Fidelity Bond in respect of its officers, employees and agents to the same
      extent as the Master Servicer is so required pursuant to Section
      3.04. 

     

    (c) Notwithstanding
      anything else herein to the contrary, in no event shall the Trustee be liable
      for any servicing fee or for any differential in the amount of the servicing
      fee
      paid hereunder and the amount necessary to induce any successor Master Servicer
      to act as successor Master Servicer under this Agreement and the transactions
      set forth or provided for herein.

     

    
      	 	
              SECTION
                7.03.

            	
              Waiver
                of Event of Default.

            

    

     

    The
      Majority Certificateholders may, on behalf of all Certificateholders, by notice
      in writing to the Trustee, direct the Trustee to waive any events permitting
      removal of the Master Servicer under this Agreement, provided,
      however,
      that
      the Majority Certificateholders may not waive an event that results in a failure
      to make any required distribution on a Certificate without the consent of the
      Holder of such Certificate. Upon any waiver of an Event of Default, such event
      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 event or impair any right consequent thereto
      except to the extent expressly so waived. Notice of any such waiver shall be
      given by the Trustee to each Rating Agency and the Certificate
      Insurer.

     

    
      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                7.04.

            	
              Notification
                to Certificateholders.

            

    

     

    (a) Upon
      any
      termination or appointment of a successor to the Master Servicer pursuant to
      this Article VII or Section 3.34, the Certificate Registrar or the Trustee,
      if
      the Master Servicer is also the Certificate Registrar and Securities
      Administrator, shall give prompt written notice thereof to the Certificate
      Insurer and the Certificateholders at their respective addresses appearing
      in
      the Certificate Register and to each Rating Agency.

     

    (b) No
      later
      than 60 days after the occurrence of any event which constitutes or which,
      with
      notice or a lapse of time or both, would constitute an Event of Default of
      which
      a Responsible Officer of the Trustee becomes aware of the occurrence of such
      an
      event, the Trustee shall transmit by mail to the Certificate Insurer and all
      Certificateholders notice of such occurrence unless such Event of Default shall
      have been waived or cured.

     

    ARTICLE
      VIII

     

    THE
      TRUSTEE
      AND THE
      SECURITIES ADMINISTRATOR

     

    
      	 	
              SECTION
                8.01.

            	
              Duties
                of Trustee and Securities
                Administrator.

            

    

     

    The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred, and the Securities
      Administrator each undertake to perform such duties and only such duties as
      are
      specifically set forth in this Agreement. If an Event of Default has occurred
      (which has not been cured or waived) of which a Responsible Officer has actual
      knowledge, 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 man would exercise or use under the circumstances in the conduct
      of
      his own affairs, unless the Trustee is acting as successor Master Servicer,
      in
      which case it shall use the same degree of care and skill as the Master Servicer
      hereunder with respect to the exercise of the rights and powers of the Master
      Servicer hereunder.

     

    The
      Trustee and the Securities Administrator, upon receipt of all resolutions,
      certificates, statements, opinions, reports, documents, orders or other
      instruments furnished to the Trustee and the Securities Administrator, which
      are
      specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they conform to the
      requirements of this Agreement; provided,
      however,
      that
      neither the Trustee nor the Securities Administrator will be responsible for
      the
      accuracy or content of any such resolutions, certificates, statements, opinions,
      reports, documents or other instruments. If any such instrument is found not
      to
      conform to the requirements of this Agreement in a material manner the Trustee
      and the Securities Administrator shall take such action as it deems appropriate
      to have the instrument corrected.

     

    On
      each
      Distribution Date, the Securities Administrator shall make monthly distributions
      and the final distribution to the Certificateholders from funds in the
      Distribution Account and the Basis Risk Reserve Fund, in each case as provided
      in Sections 5.01, 5.07 and 10.01 herein based on the report of the Securities
      Administrator.

    

    
      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

    

    

    No
      provision of this Agreement shall be construed to relieve the Trustee or the
      Securities Administrator from liability for its own negligent action, its own
      negligent failure to act or its own willful misconduct; provided,
      however,
      that:

     

    (i) prior
      to
      the occurrence of an Event of Default, and after the curing of all such Events
      of Default which may have occurred, the duties and obligations of the Trustee
      and the Securities Administrator shall be determined solely by the express
      provisions of this Agreement, neither the Trustee nor the Securities
      Administrator shall be liable except for the performance of such of its duties
      and obligations as are specifically set forth in this Agreement, no implied
      covenants or obligations shall be read into this Agreement against the Trustee
      or the Securities Administrator and, in the absence of bad faith on the part
      of
      the Trustee or the Securities Administrator, respectively, the Trustee or the
      Securities Administrator 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 Trustee or the Securities
      Administrator, respectively, and conforming to the requirements of this
      Agreement;

     

    (ii) neither
      the Trustee nor the Securities Administrator shall be liable for an error of
      judgment made in good faith by a Responsible Officer of the Trustee or an
      officer of the Securities Administrator, respectively, unless it shall be proved
      that the Trustee or the Securities Administrator, respectively, was negligent
      in
      ascertaining or investigating the facts related thereto;

     

    (iii) neither
      the Trustee nor the Securities Administrator shall be personally liable with
      respect to any action taken, suffered or omitted to be taken by it in good
      faith
      in accordance with the consent or at the direction of Holders of Certificates
      as
      provided herein relating to the time, method and place of conducting any remedy
      pursuant to this Agreement, or exercising or omitting to exercise any trust
      or
      power conferred upon the Trustee or the Securities Administrator, respectively,
      under this Agreement; and

     

    (iv) the
      Trustee shall not be charged with knowledge of any Event of Default or a
      Document Transfer Event or any other event or matter that may require it to
      take
      action or omit to take action hereunder unless a Responsible Officer of the
      Trustee at the Corporate Trust Office obtains actual knowledge of such failure
      or the Trustee receives written notice of such Event of Default.

     

    Neither
      the Trustee nor the Securities Administrator shall be required to expend or
      risk
      its own funds or otherwise incur financial or other liability in the performance
      of any of its duties hereunder, or in the exercise of any of its rights or
      powers, if there is reasonable ground for believing that the repayment of such
      funds or indemnity satisfactory to it against such risk or liability is not
      assured to it, and none of the provisions contained in this Agreement shall
      in
      any event require the Trustee or the Securities Administrator to perform, or
      be
      responsible for the manner of performance of, any of the obligations of the
      Master Servicer under this 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.

    

    
      
        
          
          

        

        
          113

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                8.02.

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            

    

     

    Except
      as
      otherwise provided in Section 8.01 hereof:

     

    (i) Before
      taking any action pursuant to this Agreement, the Trustee and the Securities
      Administrator may request and conclusively rely upon, and shall be fully
      protected in acting or refraining from acting upon, any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement,
      instrument, opinion, report, notice, request, consent, order, appraisal, bond
      or
      other paper or document reasonably believed by it to be genuine and to have
      been
      signed or presented by the proper party or parties, and the manner of obtaining
      consents and of evidencing the authorization of the execution thereof by
      Certificateholders shall be subject to such reasonable regulations as the
      Trustee and the Securities Administrator may prescribe;

     

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

     

    (iii) neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the rights or powers vested in it by this Agreement, or to
      institute, conduct or defend any litigation hereunder or in relation hereto,
      at
      the request, order or direction of any of the Certificateholders, pursuant
      to
      the provisions of this Agreement, unless such Certificateholders shall have
      offered to the Trustee or the Securities Administrator, respectively, reasonable
      security or indemnity satisfactory to it against the costs, expenses and
      liabilities which may be incurred therein or thereby; 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 any such
      act;

     

    (iv) neither
      the Trustee nor the Securities Administrator shall be personally liable for
      any
      action taken, suffered or omitted by it in good faith and believed by it to
      be
      authorized or within the discretion or rights or powers conferred upon it by
      this Agreement;

     

    (v) prior
      to
      the occurrence of an Event of Default and after the curing or waiver of all
      Events of Default which may have occurred, 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 documents, unless requested in writing
      to do so by the Majority Certificateholder; 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 cost, expense or liability as a condition
      to
      such proceeding. If the Master Servicer fails to reimburse the Trustee in
      respect of the reasonable expense of every such examination relating to the
      Master Servicer, the Trustee shall be reimbursed by the Trust Fund;

    
      
        
          
          

        

        
          114

          
            

          

        

        
          
          

        

      

    

    

    (vi) the
      Trustee shall not be accountable, shall have no liability and makes no
      representation as to any acts or omissions hereunder of the Securities
      Administrator or the Master Servicer until such time as the Trustee may be
      required to act as the Master Servicer pursuant to Section 7.02 hereof and
      thereupon only for the acts or omissions of the Trustee as a successor Master
      Servicer; 

     

    (vii) the
      Trustee and the Securities Administrator may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents, nominees, attorneys or a custodian, and shall not be responsible for
      any
      willful misconduct or negligence on the part of any agent, nominee, attorney
      or
      custodian appointed by the Trustee or the Securities Administrator in good
      faith; and

     

    (viii) the
      right
      of the Trustee or the Securities Administrator to perform any discretionary
      act
      enumerated in this Agreement shall not be construed as a duty, and neither
      the
      Trustee nor the Securities Administrator shall be answerable for other than
      its
      negligence or willful misconduct in the performance of such act.

     

    
      	 	
              SECTION
                8.03.

            	
              Trustee
                and the Securities Administrator Not Liable for Certificates or Mortgage
                Loans.

            

    

     

    The
      recitals contained herein and in the Certificates (other than the authentication
      of the Trustee or Securities Administrator on the Certificates) shall be taken
      as the statements of the Depositor, the Sponsor, and neither the Trustee nor
      the
      Securities Administrator assumes responsibility for the correctness of the
      same.
      Neither the Trustee nor the Securities Administrator makes representations
      or
      warranties as to the validity or sufficiency of this Agreement or of the
      Certificates (other than the signature and authentication of the Securities
      Administrator on the Certificates) or of any Mortgage Loan or related document
      or of MERS or the MERS System. The Trustee shall not be accountable for the
      use
      or application by the Master Servicer, or for the use or application of any
      funds paid to the Master Servicer in respect of related Mortgage Loans or
      deposited in or withdrawn from the Distribution Account by the Master Servicer
      or the Securities Administrator. Neither the Trustee nor the Securities
      Administrator shall at any time have any responsibility or liability for or
      with
      respect to the legality, validity and enforceability of the Financial Guaranty
      Insurance Policy, any Mortgage or any Mortgage Loan, or the perfection and
      priority of any Mortgage or the maintenance of any such perfection and priority,
      or for or with respect to the sufficiency of the Trust or its ability to
      generate the payments to be distributed to Certificateholders under this
      Agreement, including, without limitation: the existence, condition and ownership
      of any Mortgaged Property; the existence and enforceability of any hazard
      insurance thereon (other than if the Trustee shall assume the duties of the
      Master Servicer pursuant to Section 7.02 hereof); the validity of the assignment
      of any Mortgage Loan to the Trustee or of any intervening assignment; the
      completeness of any Mortgage Loan; the performance or enforcement of any
      Mortgage Loan (other than if the Trustee shall assume the duties of the Master
      Servicer pursuant to Section 7.02 hereof); the compliance by the Depositor,
      the
      Sponsor with any warranty or representation made under this Agreement or in
      any
      related document or the accuracy of any such warranty or representation prior
      to
      the Trustee’s receipt of notice or other discovery of any non-compliance
      therewith or any breach thereof; any investment of monies by or at the direction
      of the Master Servicer or in the case of the Trustee the Securities
      Administrator or any loss resulting therefrom, it being understood that the
      Trustee shall remain responsible for any Trust property that it may hold in
      its
      individual capacity and the Securities Administrator shall remain responsible
      for any Trust property that it may hold in its individual capacity; the acts
      or
      omissions of the Master Servicer (other than as to the Securities Administrator,
      if it is also the Master Servicer, and as to the Trustee, if the Trustee shall
      assume the duties of the Master Servicer pursuant to Section 7.02 hereof, and
      then only for the acts or omissions of the Trustee as the successor Master
      Servicer), or any acts or omissions of any Servicer or any Mortgagor; any action
      of the Master Servicer (other than as to the Securities Administrator, if it
      is
      also the Master Servicer, and as to the Trustee, if the Trustee shall assume
      the
      duties of the Master Servicer pursuant to Section 7.02 hereof), or in the case
      of the Trustee the Securities Administrator or any Servicer taken in the name
      of
      the Trustee; the failure of the Master Servicer or any Servicer to act or
      perform any duties required of it as agent or on behalf of the Trustee or the
      Trust hereunder; or any action by the Trustee taken at the instruction of the
      Master Servicer (other than if the Trustee shall assume the duties of the Master
      Servicer pursuant to Section 7.02 hereof, and then only for the actions of
      the
      Trustee as the successor Master Servicer); provided,
      however,
      that
      the foregoing shall not relieve the Trustee of its obligation to perform its
      duties under this Agreement.

     

    
      
        
          
          

        

        
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              SECTION
                8.04.

            	
              Trustee,
                Custodian, Master Servicer and Securities Administrator May Own
                Certificates.

            

    

     

    The
      Trustee, the Custodian, the Master Servicer and the Securities Administrator
      in
      their respective individual capacities, or in any capacity other than as
      Trustee, Custodian, Master Servicer or Securities Administrator hereunder,
      may
      become the owner or pledgee of any Certificates with the same rights they would
      have if they were not Trustee, Custodian, Master Servicer or Securities
      Administrator, as applicable, and may otherwise deal with the parties
      hereto.

     

    
      	 	
              SECTION
                8.05.

            	
              Trustee’s
                and Securities Administrator’s Fees and
                Expenses.

            

    

     

    The
      Trustee shall be compensated by the Master Servicer for its services hereunder
      on behalf of the Trust Fund in accordance with the fee letter between the Master
      Servicer and the Trustee. The Trustee Fee shall paid from a portion of the
      Master Servicing Fee. The Securities Administrator shall be compensated by
      the
      Master Servicer for its services hereunder from a portion of the Master
      Servicing Fee. In addition, the Trustee (as Trustee and in its individual
      corporate capacity) and the Securities Administrator will be entitled to recover
      from the Distribution Account pursuant to Section 4.03(a) all reasonable
      out-of-pocket expenses, disbursements and advances and the expenses of the
      Trustee and the Securities Administrator, respectively, including without
      limitation, in connection with any Event of Default, any breach of this
      Agreement or any claim or legal action (including any pending or threatened
      claim or legal action) incurred or made by the Trustee or the Securities
      Administrator, respectively, in the performance of its duties or the
      administration of the trusts hereunder (including the reasonable compensation,
      expenses and disbursements of its counsel) except any such expense, disbursement
      or advance as may arise from its negligence or intentional misconduct or which
      is specifically designated herein as the responsibility of the Depositor, the
      Sponsor, the Master Servicer, the Certificateholders or the Trust Fund hereunder
      or thereunder. If funds in the Distribution Account are insufficient therefor,
      the Trustee, the Custodian and the Securities Administrator shall recover such
      expenses from future collections on the Mortgage Loans or as otherwise agreed
      by
      the Certificateholders. Such compensation and reimbursement obligation shall
      not
      be limited by any provision of law in regard to the compensation of a trustee
      of
      an express trust.

    
      
        
          
          

        

        
          116

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                8.06.

            	
              Eligibility
                Requirements for Trustee and Securities
                Administrator.

            

    

     

    Each
      of
      the Trustee and Securities Administrator hereunder shall at all times be an
      entity duly organized and validly existing under the laws of the United States
      of America or any state thereof, authorized under such laws to exercise
      corporate trust powers, each having a combined capital and surplus of at least
      $50,000,000 and a minimum long-term debt rating in the third highest rating
      category by each Rating Agency and in each Rating Agency’s two highest
      short-term rating categories, and subject to supervision or examination by
      federal or state authority. If such entity 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 8.06,
      the combined capital and surplus of such entity shall be deemed to be its
      combined capital and surplus as set forth in its most recent report of condition
      so published. The principal office of the Trustee (other than the initial
      Trustee) shall be in a state with respect to which an Opinion of Counsel has
      been delivered to such Trustee at the time such Trustee is appointed Trustee
      to
      the effect that the Trust will not be a taxable entity under the laws of such
      state. In case at any time the Trustee or the Securities Administrator shall
      cease to be eligible in accordance with the provisions of this Section 8.06,
      the
      Trustee or the Securities Administrator, as applicable shall resign immediately
      in the manner and with the effect specified in Section 8.07 hereof.

     

    
      	 	
              SECTION
                8.07.

            	
              Resignation
                or Removal of Trustee and Securities
                Administrator.

            

    

     

    The
      Trustee and Securities Administrator may at any time resign and be discharged
      from the trusts hereby created by giving written notice thereof to the
      Depositor, the Sponsor, the Master Servicer, the Certificate Insurer and each
      Rating Agency. Upon receiving such notice of resignation of the Trustee, the
      Depositor shall promptly appoint a successor Trustee that meets the requirements
      in Section 8.06 or, in the case of notice of resignation of the Securities
      Administrator, the Trustee shall promptly appoint a successor Securities
      Administrator that meets the requirements in Section 8.06, in each case, by
      written instrument, in duplicate, one copy of which instrument shall be
      delivered to each of the resigning Trustee or Securities Administrator, as
      applicable, and one copy to the successor Trustee or successor Securities
      Administrator, as applicable. If no successor Trustee or successor Securities
      Administrator, as applicable, shall have been so appointed and having accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Trustee or Securities Administrator may petition any court of
      competent jurisdiction for the appointment of a successor Trustee or Securities
      Administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 8.06 hereof or if at any time the
      Trustee or the Securities Administrator shall be legally unable to act, or
      shall
      be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the
      Securities Administrator, as applicable, or of its property shall be appointed,
      or any public officer shall take charge or control of the Trustee or the
      Securities Administrator, as applicable, or of its property or affairs for
      the
      purpose of rehabilitation, conservation or liquidation, or if the Securities
      Administrator fails to provide an assessment of compliance or an attestation
      report required under Section 3.16 within 15 calendar days of March 1 of each
      calendar year in which Exchange Act reports are required then the Depositor
      may
      remove the Trustee or the Trustee may remove the Securities Administrator,
      as
      applicable. If the Depositor or the Trustee removes the Trustee or the
      Securities Administrator, respectively under the authority of the immediately
      preceding sentence, the Depositor or the Trustee shall promptly appoint a
      successor Trustee or successor Securities Administrator that meets the
      requirements of Section 8.06, as applicable, by written instrument, in
      triplicate, one copy of which instrument shall be delivered to the Trustee
      or
      the Securities Administrator, as applicable, so removed, one copy to the
      successor Trustee or successor Securities Administrator, as applicable, and
      one
      copy to the Master Servicer and the Certificate Insurer.

     

    
      
        
          
          

        

        
          117

          
            

          

        

        
          
          

        

      

    

    

    The
      Majority Certificateholders may at any time remove the Trustee or the Securities
      Administrator by written instrument or instruments delivered to the Depositor
      and the Trustee; the Depositor shall thereupon use its best efforts to appoint
      a
      successor Trustee or successor Securities Administrator, as applicable, in
      accordance with this Section. 

     

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor Trustee or a successor Securities Administrator,
      pursuant to any of the provisions of this Section 8.07 shall not become
      effective until acceptance of appointment by the successor Trustee or a
      successor Securities Administrator, as applicable, as provided in Section 8.08
      hereof. If the Trustee or the Securities Administrator is removed pursuant
      to
      this Section 8.07, it shall be reimbursed any outstanding and unpaid fees and
      expenses, and if removed under the authority of the immediately preceding
      paragraph, the Trustee or the Securities Administrator shall also be reimbursed
      any outstanding and unpaid costs and expenses. As long as the Financial Guaranty
      Insurance Policy is in effect, the Trustee will send a written notice to the
      Certificate Insurer of any such resignation, removal or
      appointment.

     

    Notwithstanding
      anything to the contrary contained herein, in the event that the Master Servicer
      resigns or is removed as Master Servicer hereunder, the Securities Administrator
      shall have the right to resign immediately as Securities Administrator by giving
      written notice to the Depositor, the Certificate Insurer and the Trustee, with
      a
      copy to each Rating Agency.

     

    If
      no
      successor Trustee or successor Securities Administrator shall have been
      appointed and have accepted appointment within 30 days of the resignation or
      removal of the Trustee or Securities Administrator, the resigning or removed
      Trustee or Securities Administrator, as applicable, may petition any court
      of
      competent jurisdiction for the appointment of a successor Trustee or a successor
      Securities Administrator.

     

    
      	 	
              SECTION
                8.08.

            	
              Successor
                Trustee and Successor Securities
                Administrator.

            

    

     

    Any
      successor Trustee or successor Securities Administrator appointed as provided
      in
      Section 8.07 hereof shall execute, acknowledge and deliver to the Depositor
      and
      the Master Servicer and to its predecessor Trustee or Securities Administrator
      an instrument accepting such appointment hereunder, and thereupon the
      resignation or removal of the predecessor Trustee or Securities Administrator
      shall become effective, and such successor Trustee or successor Securities
      Administrator, 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 or Securities
      Administrator. The Depositor, the Master Servicer and the predecessor Trustee
      or
      Securities Administrator shall execute and deliver such instruments and do
      such
      other things as may reasonably be required for fully and certainly vesting
      and
      confirming in the successor Trustee or Securities Administrator, as applicable,
      all such rights, powers, duties and obligations.

     

    
      
        
          
          

        

        
          118

          
            

          

        

        
          
          

        

      

    

    

    No
      successor Trustee or Securities Administrator shall accept appointment as
      provided in this Section 8.08 unless at the time of such acceptance such
      successor Trustee or Securities Administrator shall be eligible under the
      provisions of Section 8.06 hereof and the appointment of such successor Trustee
      or Securities Administrator shall not result in a downgrading of the Senior
      Certificates by either Rating Agency, as evidenced by a letter from each Rating
      Agency.

     

    Upon
      acceptance of appointment by a successor Trustee or Securities Administrator
      as
      provided in this Section 8.08, the successor Trustee or Securities Administrator
      shall mail notice of the appointment of a successor Trustee or Securities
      Administrator hereunder to all Holders of Certificates at their addresses as
      shown in the Certificate Register, the Certificate Insurer and to each Rating
      Agency.

     

    
      	 	
              SECTION
                8.09.

            	
              Merger
                or Consolidation of Trustee or Securities
                Administrator.

            

    

     

    Any
      entity into which the Trustee or the Securities Administrator may be merged
      or
      converted or with which it may be consolidated, or any entity resulting from
      any
      merger, conversion or consolidation to which the Trustee or the Securities
      Administrator shall be a party, or any entity succeeding to the corporate trust
      business of the Trustee or the Securities Administrator, shall be the successor
      of the Trustee or the Securities Administrator, as applicable, hereunder,
      provided such entity shall be eligible under the provisions of Section 8.06
      and
      8.08 hereof, 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.

     

    
      	 	
              SECTION
                8.10.

            	
              Appointment
                of Co-Trustee or Separate
                Trustee.

            

    

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust or
      any
      Mortgaged Property may at the time be located, the Depositor and the Trustee
      acting jointly shall have the power, and the Trustee shall, and shall instruct
      the Depositor to, at the expense of the Trust Fund, execute and deliver all
      instruments to appoint one or more Persons, approved by the Trustee to act
      as
      co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
      separate trustees, of all or any part of the Trust, and to vest in such Person
      or Persons, in such capacity and for the benefit of the Certificateholders
      and
      the Certificate Insurer, such title to the Trust, or any part thereof, and,
      subject to the other provisions of this Section 8.10, such powers, duties,
      obligations, rights and trusts as the Master Servicer and the Trustee may
      consider necessary or desirable. No co-trustee or separate trustee hereunder
      shall be required to meet the terms of eligibility as a successor trustee under
      Section 8.06 hereof, and no notice to Certificateholders of the appointment
      of
      any co-trustee or separate trustee shall be required under Section 8.08
      hereof.

    

    
      
        
          
          

        

        
          119

          
            

          

        

        
          
          

        

      

    

    

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

     

    (i) all
      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 or co-trustee jointly (it being understood that such
      separate trustee or co-trustee is not authorized to act separately without
      the
      Trustee joining in such act), except to the extent that under any law of any
      jurisdiction in which any particular act or acts are to be performed (whether
      as
      Trustee hereunder or as successor to the Master Servicer hereunder), 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 or any portion thereof in any such jurisdiction) shall be exercised
      and performed singly by such separate trustee or co-trustee, but solely at
      the
      direction of the Trustee;

     

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

     

    (iii) the
      Depositor and the Trustee, acting jointly may at any time accept the resignation
      of or remove any separate trustee or co-trustee.

     

    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
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      VIII. 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 thereof given to
      the
      Depositor.

     

    Any
      separate trustee or co-trustee 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 or co-trustee 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.

     

    
      	 	
              SECTION
                8.11.

            	
              Limitation
                of Liability.

            

    

     

    The
      Certificates are executed by the Securities Administrator, not in its individual
      capacity but solely as Securities Administrator on behalf of the Trust, in
      the
      exercise of the powers and authority conferred and vested in it by this
      Agreement. Each of the undertakings and agreements made on the part of the
      Securities Administrator in the Certificates is made and intended not as a
      personal undertaking or agreement by the Trustee but is made and intended for
      the purpose of binding only the Trust.

    
      
        
          
          

        

        
          120

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                8.12.

            	
              Trustee
                May Enforce Claims Without Possession of
                Certificates.

            

    

     

    (a) All
      rights of action and claims under this Agreement or the Certificates may be
      prosecuted and enforced by the Trustee without the possession of any of the
      Certificates or the production thereof in any proceeding relating thereto,
      and
      such proceeding instituted by the Trustee shall be brought in its own name
      or in
      its capacity as Trustee for the benefit of all Holders of such Certificates,
      subject to the provisions of this Agreement. Any recovery of judgment shall,
      after provision for the payment of the reasonable compensation, expenses,
      disbursement and advances of the Trustee, its agents and counsel, be for the
      ratable benefit or the Certificateholders in respect of which such judgment
      has
      been recovered.

     

    (b) The
      Trustee shall afford the Sponsor, the Depositor, the Certificate Insurer and
      each Certificateholder upon reasonable notice during normal business hours
      at
      its Corporate Trust Office or other office designated by the Trustee, access
      to
      all records maintained by the Trustee in respect of its duties hereunder and
      access to officers of the Trustee responsible for performing such duties. Upon
      request, the Trustee shall furnish the Depositor, the Certificate Insurer and
      any requesting Certificateholder with its most recent audited financial
      statements. The Trustee shall cooperate fully with the Sponsor, the Depositor,
      the Certificate Insurer and such Certificateholder and shall, subject to the
      first sentence of this Section 8.12(b), make available to the Sponsor, the
      Depositor, the Certificate Insurer and such Certificateholder for review and
      copying such books, documents or records as may be requested with respect to
      the
      Trustee’s duties hereunder. The Sponsor, the Depositor, the Certificate Insurer
      and the Certificateholders shall not have any responsibility or liability for
      any action or failure to act by the Trustee and are not obligated to supervise
      the performance of the Trustee under this Agreement or otherwise.

     

    (c) The
      Securities Administrator shall afford the Sponsor, the Depositor, the
      Certificate Insurer, the Trustee and each Certificateholder upon reasonable
      notice during normal business hours at its offices at 9062 Old Annapolis Road,
      Columbia, Maryland 21045 or other office designated by the Securities
      Administrator, access to all records maintained by the Securities Administrator
      in respect of its duties hereunder and access to officers of the Securities
      Administrator responsible for performing such duties. Upon request, the
      Securities Administrator shall furnish the Depositor, the Certificate Insurer
      and any requesting Certificateholder with its most recent audited financial
      statements. The Securities Administrator shall cooperate fully with the Sponsor,
      the Depositor, the Certificate Insurer, the Trustee and such Certificateholder
      and shall, subject to the first sentence of this Section 8.12(c), make available
      to the Sponsor, the Depositor, the Certificate Insurer and such
      Certificateholder for review and copying such books, documents or records as
      may
      be requested with respect to the Securities Administrator’s duties hereunder.
      The Sponsor, the Depositor, the Certificate Insurer, the Trustee and the
      Certificateholders shall not have any responsibility or liability for any action
      or failure to act by the Securities Administrator and are not obligated to
      supervise the performance of the Securities Administrator under this Agreement
      or otherwise.

     

    
      	 	
              SECTION
                8.13.

            	
              Suits
                for Enforcement.

            

    

     

    In
      case
      an Event of Default or a default by the Depositor hereunder shall occur and
      be
      continuing, the Trustee may proceed to protect and enforce its rights and the
      rights of the Certificateholders under this Agreement, as the case may be,
      by a
      suit, action or proceeding in equity or at law or otherwise, whether for the
      specific performance of any covenant or agreement contained in this Agreement
      or
      in aid of the execution of any power granted in this Agreement or for the
      enforcement of any other legal, equitable or other remedy, as the Trustee,
      being
      advised by counsel, and subject to the foregoing, shall deem most effectual
      to
      protect and enforce any of the rights of the Trustee, the Certificate Insurer
      and the Certificateholders.

    
      
        
          
          

        

        
          121

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                8.14.

            	
              Waiver
                of Bond Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee post a bond or other surety with any court, agency
      or
      body whatsoever.

     

    
      	 	
              SECTION
                8.15.

            	
              Waiver
                of Inventory, Accounting and Appraisal
                Requirement.

            

    

     

    The
      Trustee shall be relieved of, and each Certificateholder hereby waives, any
      requirement of any jurisdiction in which the Trust, or any part thereof, may
      be
      located that the Trustee file any inventory, accounting or appraisal of the
      Trust with any court, agency or body at any time or in any manner
      whatsoever.

     

    
      	 	
              SECTION
                8.16.

            	
              Appointment
                of Custodians.

            

    

     

    The
      Trustee may appoint one or more custodians to hold all or a portion of the
      related Mortgage Files as agent for the Trustee, by entering into a custodial
      agreement. The custodian may at any time be terminated and a substitute
      custodian appointed therefor by the Trustee. Subject to this Article VIII,
      the
      Trustee agrees to comply with the terms of each custodial agreement and to
      enforce the terms and provisions thereof against the custodian for the benefit
      of the Certificateholders and the Certificate Insurer having an interest in
      any
      Mortgage File held by such custodian. Each custodian shall be a depository
      institution or trust company subject to supervision by federal or state
      authority, shall have combined capital and surplus of at least $15,000,000
      and
      shall be qualified to do business in the jurisdiction in which it holds any
      Mortgage File. The initial Custodian shall be Wells Fargo Bank, N.A. The
      Custodian shall be compensated by the Master Servicer for its services as
      custodian. 

     

    ARTICLE
      IX

     

    REMIC
      ADMINISTRATION

     

    
      	 	
              SECTION
                9.01.

            	
              REMIC
                Administration.

            

    

     

    (a) As
      set
      forth in the Preliminary Statement to this Agreement, three REMIC elections
      shall be made by the Trust. The Trustee shall sign and the Securities
      Administrator shall file such elections on Form 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
      in
      each REMIC created hereunder and the related residual interest shall be as
      designated in the Preliminary Statement. Following the Closing Date, the
      Securities Administrator shall apply to the Internal Revenue Service for an
      employer identification number for each REMIC created hereunder by means of
      a
      Form SS-4 or other acceptable method and shall file a Form 8811 with the
      Internal Revenue Service.

      
        
          
          

        

        
          122

          
            

          

        

        
          
          

        

      

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC created
      hereunder within the meaning of section 860G(a)(9) of the Code.

     

    (c) Except
      as
      provided in subsection (d) of this Section 9.01, the Securities Administrator
      shall pay any and all tax related expenses (not including taxes) of each REMIC
      created hereunder, including but not limited to any professional fees or
      expenses related to audits or any administrative or judicial proceedings with
      respect to any 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 Securities Administrator in fulfilling its duties hereunder
      (including the Securities Administrator’s duties as tax return
      preparer).

     

    (d) The
      Securities Administrator shall prepare and file, and the Trustee shall sign
      all
      of the federal and state tax and information returns of each REMIC created
      hereunder (collectively, the “Tax
      Returns”)
      as the
      direct representative. The expenses of preparing and filing such Tax Returns
      shall be borne by the Securities Administrator. Notwithstanding the foregoing,
      the Securities Administrator shall have no obligation to prepare, file or
      otherwise deal with partnership tax information or returns. In the event that
      partnership tax information or returns are required by the Internal Revenue
      Service, the Depositor, at its own cost and expense, will prepare and file
      all
      necessary returns.
      The
      Internal Revenue Service has issued OID regulations under Sections 1271 to
      1275
      of the Code generally addressing the treatment of debt instruments issued with
      original issue discount. Under those regulations, debt issued to one Person
      generally is aggregated in determining if there is OID. Because certain Classes
      of Regular Certificates are expected to be issued to one Person (which intends
      to continue to hold the Regular Certificates indefinitely and, in any case,
      for
      at least 30 days), the Securities Administrator, on behalf of the Trust, intends
      to determine the existence and amount of any OID as if those Classes of Regular
      Certificates were one debt instrument. 

     

    (e) The
      Securities Administrator shall perform on behalf of each REMIC created hereunder
      all reporting and other tax compliance duties that are the responsibility of
      each 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 Securities Administrator, 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 the Class A-R Certificate
      to any disqualified organization and (ii) to the Certificateholders such
      information or reports as are required by the Code or REMIC
      Provisions.
      The
      Securities Administrator, however, shall have no information or other tax
      reporting obligations with respect to the Final Maturity Reserve
      Trust.

    

    
      
        
          
          

        

        
          123

          
            

          

        

        
          
          

        

      

    

    

    (f) Each
      of
      the Trustee and the Securities Administrator (to the extent that the affairs
      of
      the REMICs are within such Person’s control and the scope of its specific
      responsibilities under the Agreement) and the Holders of Certificates shall
      take
      any action or cause any REMIC created hereunder to take any action necessary
      to
      create or maintain the status of the REMIC created hereunder as a REMIC under
      the REMIC Provisions and shall assist each other as necessary to create or
      maintain such status. None of the Trustee, the Securities Administrator or
      the
      Holder of a Residual Certificate shall take any action, cause any REMIC created
      hereunder 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 and the Securities
      Administrator have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      result in an Adverse REMIC Event. In addition, prior to taking any action with
      respect to any REMIC created hereunder or the assets therein, or causing any
      such REMIC to take any action which is not expressly permitted under the terms
      of this Agreement, any Holder of the Class A-R Certificate will consult with
      the
      Securities Administrator or its designees, in writing, with respect to whether
      such action could cause an Adverse REMIC Event to occur with respect to any
      such
      REMIC, and no such Person shall take any such action or cause any REMIC created
      hereunder to take any such action as to which the Securities Administrator
      has
      advised it in writing that an Adverse REMIC Event could occur. 

     

    (g) Each
      Holder of the Class A-R Certificate shall pay when due any and all taxes imposed
      on any REMIC created hereunder by federal or state governmental authorities.
      To
      the extent that such Trust taxes are not paid by the Class A-R
      Certificateholder, the Securities Administrator shall pay any remaining REMIC
      taxes out of current or future amounts otherwise distributable to the Holder
      of
      the Class A-R Certificate or, if no such amounts are available, out of other
      amounts held in the Distribution Account, and shall reduce amounts otherwise
      payable to holders of regular interests in such REMIC, as the case may
      be.

     

    (h) The
      Securities Administrator shall, for federal income tax purposes, maintain books
      and records with respect to each REMIC created hereunder on a calendar year
      and
      on an accrual basis.

     

    (i) No
      additional contributions of assets shall be made to any REMIC created hereunder,
      except as expressly provided in this Agreement with respect to eligible
      substitute mortgage loans.

     

    (j) Neither
      the Trustee nor the Securities Administrator shall enter into any arrangement
      by
      which any REMIC created hereunder will receive a fee or other compensation
      for
      services.

     

    (k) The
      Securities Administrator shall treat each of the Available Funds Cap Reserve
      Fund and the Final Maturity Reserve Trust as an outside reserve fund within
      the
      meaning of Treasury Regulation Section 1.860G-2(h) owned by the holders of
      the
      Class A-X Certificates and Class I Certificates, respectively, and not assets
      of
      any REMIC. The Securities Administrator shall treat the rights of the Class
      A-1,
      Class A-2 and Class A-3 Certificateholders to receive distributions from the
      Available Funds Cap Reserve Fund as payments under a cap contract written by
      the
      Class A-X Certificateholders in favor of the Class A-1, Class A-2 and Class
      A-3
      Certificateholders. Thus, the Class A-1, Class A-2 and Class A-3 Certificates
      shall be treated as representing not only ownership of regular interests in
      a
      REMIC, but also ownership of an interest in an interest rate cap contract.
      For
      purposes of determining the issue prices of the Certificates, the interest
      rate
      cap contract shall be assumed to have a zero value unless and until required
      otherwise by an applicable taxing authority. The Class I Certificateholder
      shall
      be treated as the owner of the Final Maturity Reserve Trust and any payments
      made from the Final Maturity Reserve Trust to beneficial owners of Certificates
      (other than the Class I Certificates) shall be treated for federal income tax
      purposes as payments made by the Class I Certificateholder in exchange for
      an
      interest in the Certificates then owned by such beneficial owners.

      
        
          
          

        

        
          124

          
            

          

        

        
          
          

        

      

    (l) For
      federal income tax purposes, each Certificate Owner of Auction Certificate
      shall
      be treated as a party to the Auction Swap Agreement which shall represent
      contractual rights and obligations that are separate from the regular interest
      related to such Auction Certificate. For purposes of determining the issue
      prices of the Auction Certificates, it shall be assumed that such separate
      rights and obligations have a zero value unless and until required otherwise
      by
      the applicable taxing authority.

     

    
      	 	
              SECTION
                9.02.

            	
              Prohibited
                Transactions and Activities.

            

    

     

    Neither
      the Depositor 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 the REMICs created hereunder pursuant to Article X of this Agreement, (iv)
      a
      substitution pursuant to Article II hereof or (v) a repurchase of Mortgage
      Loans
      as contemplated hereunder, nor acquire any assets for any REMIC created
      hereunder, nor sell or dispose of any investments in the Distribution Account
      for gain, nor accept any contributions to any REMIC created hereunder after
      the
      Closing Date, unless it has received an Opinion of Counsel (at the expense
      of
      the party causing such sale, disposition, or substitution) that such
      disposition, acquisition, substitution, or acceptance will not result in an
      Adverse REMIC Event. 

     

    ARTICLE
      X

     

    TERMINATION

     

    
      	 	
              SECTION
                10.01.

            	
              Termination.

            

    

     

    (a) The
      respective obligations and responsibilities of the Seller, the Depositor, the
      Master Servicer, the Securities Administrator and the Trustee created hereby
      (other than the obligation of the Securities Administrator to make certain
      payments to Certificateholders after the final Distribution Date and the
      obligation of the Master Servicer to send certain notices as hereinafter set
      forth) shall terminate upon notice to the Trustee and the Securities
      Administrator upon the earliest of (i) the Distribution Date on which the
      Class Principal Balance of each Class of Certificates has been reduced to zero
      and no Certificate Insurer Reimbursement Amounts are owed to the Certificate
      Insurer, (ii) the final payment or other liquidation of the last Mortgage
      Loan, (iii) the optional purchase of the Mortgage Loans as described in the
      following paragraph and (iv) the Latest Possible Maturity Date.
Notwithstanding
      the foregoing, in no event shall the trust 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.

    

    
      
        
          
          

        

        
          125

          
            

          

        

        
          
          

        

      

    

    

    Following
      the date on which the aggregate of the Stated Principal Balances of the Mortgage
      Loans (after giving effect to scheduled payments of principal due during the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) on
      such
      date is equal to or less than 10% of the Cut-off Date Collateral Balance (the
      “Call
      Option Date”),
      the
      Sponsor may, at its option, terminate this Agreement with regard to such
      Mortgage Loans by purchasing, on the next succeeding Distribution Date, all
      of
      the outstanding Mortgage Loans and related REO Properties at a price equal
      to
      (A) the sum of (i) the aggregate Stated Principal Balance of the Mortgage Loans
      (after giving effect to scheduled payments of principal due during the related
      Due Period, to the extent received or advanced, and unscheduled collections
      of
      principal received during the related Prepayment Period) and (ii) the fair
      market value of the REO Properties (as reasonably determined and as agreed
      upon
      by (x) the Sponsor and (y) the Holders of a majority in Percentage Interest
      of
      the Class A-R Certificates in their good faith business judgment as of the
      close
      of business on the third Business Day next preceding the date upon which notice
      of any such termination is furnished to the Certificateholders pursuant to
      Section 10.01(b)), plus, (B) in each case, interest accrued thereon and not
      paid
      or advanced at the weighted average of the Mortgage Rates (net of Servicing
      Fees) of the Mortgage Loans through the end of the Due Period preceding the
      final Distribution Date (the “Termination
      Price”).
      The
      fair market value of the Mortgage Loans and REO Properties shall be required
      to
      be made and agreed upon by the Sponsor and the Holders of a majority in
      Percentage Interest of the Class A-R Certificates as provided in (ii) above
      in
      their good faith business judgment, and such determination shall take into
      consideration a reasonable estimate of fair market value obtained from an
      independent appraiser mutually agreed upon by the Sponsor and the Holders of
      a
      majority in Percentage Interest of the Class A-R Certificates in their
      reasonable discretion, such reasonable estimate to be obtained by the Holders
      of
      a majority in Percentage Interest of the Class A-R Certificates at their
      expense, and (A) such reasonable estimate shall be obtained at no expense to
      the
      Trustee and (B) the Trustee may conclusively rely on, and shall be protected
      in
      relying on, such fair market value determination.

     

    In
      addition, the Master Servicer may, at its option, terminate this Agreement
      on
      any Distribution Date on which the aggregate of the Stated Principal Balances
      of
      the Mortgage Loans as of the end of the immediately preceding Due Period is
      equal to or less than 5% of the Cut-off Date Collateral Balance, by purchasing,
      on such Distribution Date, all of the outstanding Mortgage Loans and REO
      Properties at a price equal to the Termination Price; provided,
      that
      the
      right of the Master Servicer to repurchase all the Mortgage Loans shall be
      exercisable only if the Sponsor has not elected to exercise its optional
      termination right on or before such date.

     

    In
      connection with any such purchase pursuant to either of the preceding
      paragraphs, the Master Servicer shall remit to the Securities Administrator
      for
      deposit in the Distribution Account all amounts then on deposit in
      the Distribution Account, which deposit shall be deemed to have occurred
      immediately preceding such purchase after reimbursement or payment to the Master
      Servicer, the Securities Administrator, the Trustee and the Custodian of all
      amounts then due and owing to such parties.

    

    
      
        
          
          

        

        
          126

          
            

          

        

        
          
          

        

      

    

    

    No
      purchase under this Section 10.01(a) by the Sponsor or the Master Servicer,
      as
      applicable, will be permitted without the consent of the Certificate Insurer
      if
      a draw on the Financial Guaranty Insurance Policy will be made, or could in
      the
      future be made, or if any amounts due to the Certificate Insurer would remain
      unreimbursed on the final Distribution Date.

     

    Any
      purchase under this Section 10.01(a) by the Sponsor or the Master Servicer
      shall
      be subject to the rights of the Servicers to continue to service the Mortgage
      Loans pursuant to the related Servicing Agreements.

     

    (b) Notice
      of
      any termination pursuant to the second or third paragraphs of Section 10.01(a),
      specifying the Distribution Date (which shall be a date that would otherwise
      be
      a Distribution Date) upon which the Certificateholders may surrender their
      Certificates to the Securities Administrator for payment of the final
      distribution and cancellation, shall be given promptly by the Securities
      Administrator upon the Securities Administrator receiving written notice of
      such
      date from the Sponsor or the Master Servicer, as applicable, which notice
      shall be delivered to the Securities Administor no later than five Business
      Days
      prior to the 10th day of the month of such final distribution, by letter to
      the Certificateholders mailed not earlier than the 10th day and not later
      than the 19th day of the month of such final distribution specifying
      (1) the Distribution Date upon which final distributions on the
      Certificates will be made upon presentation and surrender of such Certificates
      at the office or agency of the Securities Administrator therein designated,
      (2) the amount of any such final distribution and (3) that the Record
      Date otherwise applicable to such Distribution Date is not applicable,
      distributions being made only upon presentation and surrender of the
      Certificates at the office or agency of the Securities Administrator therein
      specified.
      The
      Securities Administrator shall give such notice to the Certificate Insurer
      and
      the Certificate Registrar at the time such notice is given to Holders of the
      Certificates. Upon any such termination, the duties of the Certificate Registrar
      with respect to the Certificates shall terminate and the Securities
      Administrator shall terminate the Distribution Account and any other account
      or
      fund maintained with respect to the Certificates, subject to the Securities
      Administrator’s obligation hereunder to hold all amounts payable to
      Certificateholders in trust without interest pending such payment.

     

    (c) Upon
      presentation and surrender of the Certificates, the Securities Administrator
      shall cause to be distributed to the Holders of the Certificates on the
      Distribution Date for such final distribution, in proportion to the Percentage
      Interests of their respective Class and to the extent that funds are available
      for such purpose, an amount equal to the amount required to be distributed
      to
      such Holders in accordance with the provisions of Section 4.01 hereof for
      such Distribution Date.

     

    (d) In
      the
      event that all Certificateholders shall not surrender their Certificates for
      final payment and cancellation on or before such final Distribution Date, the
      Securities Administrator shall promptly following such date cause all funds
      in
      the Distribution Account not distributed in final distribution to
      Certificateholders to be withdrawn therefrom and credited to the remaining
      Certificateholders by depositing such funds in a separate account for the
      benefit of such Certificateholders, and the Securities Administrator 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 nine months after the second notice all the Certificates
      shall not have been surrendered for cancellation, the Master Servicer shall
      be
      entitled to all unclaimed funds and other assets which remain subject hereto,
      and the Securities Administrator upon transfer of such funds shall be discharged
      of any responsibility for such funds, and the Certificateholders shall look
      to
      the Master Servicer for payment.

    
      
        
          
          

        

        
          127

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                10.02.

            	
              Additional
                Termination Requirements.

            

    

     

    (a) In
      the
      event the purchase option provided in Section 10.01 is exercised, the Trust
      shall be terminated in accordance with the following additional
      requirements:

     

    (i) The
      Trustee at the direction of the Securities Administrator shall cause any
      remaining assets of the Trust Fund to be sold to the Sponsor or its designee
      or
      Wells Fargo Bank, N.A. or its designee, as the case may be, for cash and, within
      90 days of such sale, shall distribute to (or credit to the account of) the
      Certificateholders the proceeds of such sale together with any cash on hand
      (less amounts retained to meet claims) in complete liquidation of the Trust
      Fund, and each REMIC created hereunder; and

     

    (ii) The
      Securities Administrator shall attach a statement to the final federal income
      tax return for each REMIC created hereunder stating that pursuant to Treasury
      Regulation §1.860F-1, the first day of the 90 day liquidation period for such
      REMIC was the date on which the Trustee sold the assets of the Trust Fund and
      shall satisfy all requirements of a qualified liquidation under Section 860F
      of
      the Code and any regulations thereunder as evidenced by an Opinion of Counsel
      delivered to the Trustee, the Certificate Insurer and the Securities
      Administrator obtained at the expense of the Sponsor.

     

    (b) By
      their
      acceptance of Certificates, the Holders thereof hereby agree to appoint the
      Trustee and the Securities Administration as their attorneys in fact to
      undertake the foregoing steps.

     

    ARTICLE
      XI

     

    DISPOSITION
      OF TRUST ASSETS

     

    
      	 	
              SECTION
                11.01.

            	
              Disposition
                of Trust Assets.

            

    

     

    Neither
      the Trust, nor this Agreement, may be terminated or voided, or any disposition
      of the assets of the Trust effected, other than in accordance with the terms
      hereof, except to the extent that Holders representing no less than the entire
      beneficial ownership interest of the Certificates have so assented.

     

    ARTICLE
      XII 

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	 	
              SECTION
                12.01.

            	
              Amendment.

            

    

     

    This
      Agreement may be amended from time to time by Seller, the Sponsor, the
      Depositor, the Master Servicer, the Securities Administrator, and the Trustee,
      and without the consent of the Certificateholders and, with respect to any
      amendment that adversely affects the interests of any of the Certificate Insurer
      or the Holders of the Insured Certificates, with the prior written consent
      of
      the Certificate Insurer, (i) to cure any ambiguity, (ii) to correct or
      supplement any provisions herein which may be defective or inconsistent with
      any
      other provisions herein, (iii) to make any other provisions with respect to
      matters or questions arising under this Agreement, which shall not be
      inconsistent with the provisions of this Agreement, or (iv) to conform the
      terms
      hereof to the description thereof provided in the Prospectus; provided,
      however,
      that
      any such action listed in clause (i) through (iii) above shall not
      adversely affect in any material respect the interests of any Certificateholder;
      provided,
      further,
      that
      any such action listed in (i) and (ii) above shall be deemed not to adversely
      affect in any material respect the interests of any Certificateholder, if
      evidenced by (i) written notice to the Depositor, the Sponsor, the
      Certificate Insurer, the Master Servicer, the Securities Administrator and
      the
      Trustee from each Rating Agency that such action 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 (without regard to the Financial
      Guaranty Insurance Policy) or (ii) an Opinion of Counsel stating that such
      amendment shall not adversely affect in any material respect the interests
      of
      any Certificateholder (without regard to the Financial Guaranty Insurance
      Policy), is permitted by the Agreement and all the conditions precedent, if
      any
      have been complied with, delivered to the Master Servicer, the Securities
      Administrator, the Certificate Insurer and the Trustee.

    
      
        
          
          

        

        
          128

          
            

          

        

        
          
          

        

      

    

    

    In
      addition, this Agreement may be amended from time to time by Seller, the
      Sponsor, the Depositor, the Master Servicer, the Securities Administrator and
      the Trustee and with the consent of the Majority Certificateholders and the
      Certificate Insurer (if the proposed amendment adversely affects in any respect
      the rights and interest of the Certificate Insurer) 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 of
      Certificates; provided,
      however,
      that no
      such amendment or waiver shall (x) reduce in any manner the amount of, or
      delay the timing of, payments on the Certificates that are required to be made
      on any Certificate without the consent of the Holder of such Certificate,
      (y) adversely affect in any material respect the interests of the Holders
      of any Class of Certificates in a manner other than as described in clause
      (x)
      above, without the consent of the Holders of Certificates of such Class
      evidencing at least a 66% Percentage Interest in such Class, or (z) reduce
      the percentage of Voting Rights required by clause (y) above without the
      consent of the Holders of all Certificates of such Class then outstanding.
      Upon
      approval of an amendment, a copy of such amendment shall be sent to each Rating
      Agency.

     

    Notwithstanding
      any provision of this Agreement to the contrary, the Trustee shall not consent
      to any amendment to this Agreement unless it shall have first received an
      Opinion of Counsel, delivered by and at the expense of the Person seeking such
      Amendment (unless such Person is the Trustee, in which case the Trustee shall
      be
      entitled to be reimbursed for such expenses by the Trust pursuant to Section
      8.05 hereof), to the effect that such amendment will not result in the
      imposition of a tax on any REMIC created hereunder pursuant to the REMIC
      Provisions or cause any REMIC created hereunder to fail to qualify as a REMIC
      at
      any time that any Certificates are outstanding and that the amendment is being
      made in accordance with the terms hereof, such amendment is permitted by this
      Agreement and all conditions precedent, if any, have been complied
      with.

     

    
      
        
          
          

        

        
          129

          
            

          

        

        
          
          

        

      

    

    

    Promptly
      after the execution of any such amendment the Trustee shall furnish, at the
      expense of the Person that requested the amendment if such Person is the Seller
      or the Sponsor (but in no event at the expense of the Trustee or the Securities
      Administrator), otherwise at the expense of the Trust Fund, a copy of such
      amendment and the Opinion of Counsel referred to in the immediately preceding
      paragraph to the Master Servicer, the Certificate Insurer, the Certificateholder
      and each Rating Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 12.01 to approve the particular form of any proposed amendment;
      instead 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 Certificateholders shall be subject
      to
      such reasonable regulations as the Securities Administrator may
      prescribe.

     

    The
      Trustee and Securities Administrator may, but shall not be obligated to, enter
      into any amendment pursuant to this 12.01 Section that affects its rights,
      duties and immunities under this Agreement or otherwise.

     

    
      	 	
              SECTION
                12.02.

            	
              Recordation
                of Agreement; Counterparts.

            

    

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all the counties
      or
      other comparable jurisdictions in which any or all of the Mortgaged Properties
      are situated, and in any other appropriate public recording office or elsewhere,
      such recordation to be effected by the Depositor at the expense of the Trust,
      but only upon direction of Certificateholders accompanied by an Opinion of
      Counsel to the effect that such recordation materially and beneficially affects
      the interests of the Certificateholders and the Certificate
      Insurer.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall together constitute but one and the same
      instrument.

     

    
      	 	
              SECTION
                12.03.

            	
              Limitation
                on Rights of
                Certificateholders.

            

    

     

    The
      death
      or incapacity of any Certificateholder shall not (i) operate to terminate
      this Agreement or the Trust, (ii) entitle such Certificateholder’s legal
      representatives or heirs to claim an accounting or to take any action or
      proceeding in any court for a partition or winding up of the Trust or
      (iii) otherwise affect the rights, obligations and liabilities of the
      parties hereto or any of them.

     

    Except
      as
      expressly provided for herein, no Certificateholder shall have any right to
      vote
      or in any manner otherwise control the operation and management of the Trust,
      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.

     

    
      
        
          
          

        

        
          130

          
            

          

        

        
          
          

        

      

    

    

    No
      Certificateholder shall have any right by virtue 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 default and of the continuance
      thereof, as hereinbefore provided, and unless also the Holders of Certificates
      entitled to at least 25% of the Voting Rights shall have made written request
      upon the Trustee to institute such action, suit or proceeding in its own name
      as
      Trustee hereunder and shall have offered to the Trustee such reasonable
      indemnity as it may require against the costs, expenses and liabilities to
      be
      incurred therein or thereby, and the Trustee for 15 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. It is understood and intended,
      and expressly covenanted by each Certificateholder with every other
      Certificateholder and the Trustee, that no one or more Holders of Certificates
      shall have any right in any manner whatever by virtue of any provision of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of such Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder, which priority or preference is not otherwise provided
      for herein, or to enforce any right under this Agreement, except in the manner
      herein provided and for the equal, ratable and common benefit of all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section 12.03, each and every Certificateholder and the Trustee shall be
      entitled to such relief as can be given either at law or in equity.

     

    By
      accepting its Insured Certificate, each Holder and Certificate Owner of an
      Insured Certificate agrees that, unless a Certificate Insurer Default exists
      and
      is continuing, the Certificate Insurer shall have the right to exercise all
      rights of the Holders of the Insured Certificates under this Agreement (other
      than the right to receive distributions on the Insured Certificates) and the
      rights specified in any Notice delivered pursuant to the Financial Guaranty
      Insurance Policy without any further consent of the Holders of the Insured
      Certificates and the Holders of the Insured Certificates shall exercise any
      such
      rights only upon the written consent of the Certificate Insurer; provided,
      however,
      each
      Holder of an Insured Certificate and the Certificate Insurer will have the
      right
      to receive statements and reports hereunder. Notwithstanding the foregoing,
      the
      Certificate Insurer shall have no power without the consent of the Holder of
      each Insured Certificate affected thereby to: (i) reduce in any manner the
      amount of, or delay the timing of, distributions of principal or interest
      required to be made hereunder or reduce the Percentage Interest of the Holders
      of the Insured Certificates, the Certificate Interest Rate or the Termination
      Payment with respect to any of the Insured Certificates; (ii) reduce the
      percentage of Percentage Interests specified in Section 12.01 which are required
      to amend this Agreement; (iii) create or permit the creation of any lien against
      any part of the Trust Fund; (iv) modify any provision in any way which would
      permit an earlier retirement of the Insured Certificates; or (v) amend this
      sentence.

     

    
      	 	
              SECTION
                12.04.

            	
              Governing
                Law; Jurisdiction.

            

    

     

    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. 

    
      
        
          
          

        

        
          131

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                12.05.

            	
              Notices.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given if personally delivered at or mailed by first
      class mail, postage prepaid, or by express delivery service, to (a) in the
      case of the Sponsor, to Luminent Mortgage Capital, Inc., One Commerce Square,
      2005 Market Street, Suite 2100, Philadelphia, Pennsylvania 19103, or such other
      address or telecopy number as may hereafter be furnished to the Depositor,
      the
      Master Servicer, the Securities Administrator, and the Trustee in writing by
      the
      Seller, (b) in the case of the Trustee, to the Corporate Trust Office or such
      other address or telecopy number as may hereafter be furnished to the Depositor,
      the Master Servicer, the Securities Administrator, and the Seller in writing
      by
      the Trustee, (c) in the case of the Depositor, to Greenwich Capital
      Acceptance, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830,
      Attention: Legal (telecopy number (203) 618-2132), or such other address or
      telecopy number as may be furnished to the Seller, the Master Servicer, the
      Securities Administrator, and the Trustee in writing by the Depositor, (d)
      in
      the case of the Certificate Insurer, to Financial Security Assurance Inc.,
      31
      West 52nd
      Street,
      New York, New York 10019, Attention: Surveillance Department (telecopy number
      (212) 339-3518),
      or such
      other address or telecopy number as may be furnished to the Depositor, the
      Sponsor, the Master Servicer, the Securities Administrator and the Trustee
      in
      writing by the Certificate Insurer.;
      and
      (e) in the case of the Master Servicer or Securities Administrator, for
      certificate transfer purposes, at its Corporate Trust Office and for all other
      purposes at P.O. Box 98, Columbia, Maryland 21046, or for overnight delivery,
      at
      9062 Old Annapolis Road, Columbia, Maryland 21045 (Attention: Luminent 2006-2),
      Facsimile no.: (410) 715-2380, or such other address or telecopy number as
      may
      be furnished to the Depositor, the Seller, the Securities Administrator, and
      the
      Trustee in writing by the Master Servicer. Any notice required or permitted
      to
      be mailed to a Certificateholder shall be given by first class mail, postage
      prepaid, at the address of such Holder as shown in the Certificate Register.
      Notice of any Event of Default shall be given by telecopy and by certified
      mail.
      Any notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have duly been given when mailed, whether or not the
      Certificateholder receives such notice. A copy of any notice required to be
      telecopied hereunder shall also be mailed to the appropriate party in the manner
      set forth above.

     

    
      	 	
              SECTION
                12.06.

            	
              Severability
                of Provisions.

            

    

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall for any reason whatsoever be 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.

     

    
      
        
          
          

        

        
          132

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              SECTION
                12.07.

            	
              Article
                and Section References.

            

    

     

    All
      article and section references used in this Agreement, unless otherwise
      provided, are to articles and sections in this Agreement.

     

    
      	 	
              SECTION
                12.08.

            	
              Notice
                to the Rating Agencies.

            

    

     

    (a) The
      Securities Administrator shall be obligated to use its best reasonable efforts
      promptly to provide notice to the Rating Agencies with respect to each of the
      following of which a Responsible Officer of the Securities Administrator has
      actual knowledge:

     

    (i) any
      material change or amendment to this Agreement;

     

    (ii) the
      occurrence of any Event of Default that has not been cured or
      waived;

     

    (iii) the
      resignation or termination of the Master Servicer, the Securities Administrator
      or the Trustee;

     

    (iv) the
      final
      payment to Holders of the Certificates of any Class; and

     

    (v) any
      change in the location of any Account.

     

    (b) In
      addition, the Securities Administrator shall promptly furnish to the Rating
      Agencies copies of each Statement to Certificateholders described in Section
      5.04 hereof; if the Trustee is acting as a successor Master Servicer pursuant
      to
      Section 7.02 hereof, the Trustee shall notify the Rating Agencies of any event
      that would result in the inability of the Trustee to make Advances
      and
      the
      Master Servicer shall promptly furnish to each Rating Agency copies of the
      following:

     

    (i) each
      annual statement as to compliance described in Section 3.17 hereof;

     

    (ii) each
      annual assessment of compliance and attestation report described in Section
      3.16
      hereof; and

     

    (iii) each
      notice delivered pursuant to Section 5.05(b) hereof which relates to the fact
      that the Master Servicer has not made an Advance.

     

    (c) All
      notices to the Rating Agencies provided for in this Agreement shall be in
      writing and sent by first class mail, telecopy or overnight courier, as
      follows:

     

    If
      to
      Moody’s, to:

    

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street 

    New
      York,
      New York 10007

    Attention:
      Residential Mortgages

    

    

    
      
        
          
          

        

        
          133

          
            

          

        

        
          
          

        

      

    

    

    If
      to
      S&P, to:

    

    Standard
      & Poor’s Ratings Services,

    a
      division of The McGraw-Hill Companies, Inc.

    55
      Water
      Street

    New
      York,
      New York 10041

    Facsimile
      number: (212) 438-2661

     

    
      	 	
              SECTION
                12.09.

            	
              Further
                Assurances.

            

    

     

    Notwithstanding
      any other provision of this Agreement, neither the Regular Certificateholders
      nor the Trustee shall have any obligation to consent to any amendment or
      modification of this Agreement unless they have been provided reasonable
      security or indemnity against their out-of-pocket expenses (including reasonable
      attorneys’ fees) to be incurred in connection therewith.

     

    
      	 	
              SECTION
                12.10.

            	
              Benefits
                of Agreement.

            

    

     

    Nothing
      in this Agreement or in the Certificates, expressed or implied, shall give
      to
      any Person, other than the Certificateholders and the parties hereto and their
      successors hereunder, any benefit or any legal or equitable right, remedy or
      claim under this Agreement.

     

    The
      Certificate Insurer is an intended third-party beneficiary of this Agreement.
      Any right conferred to the Certificate Insurer, other than the rights to receive
      notices or documentation, shall be suspended after the occurrence and during
      the
      continuation of a Certificate Insurer Default. During any period of suspension,
      the Certificate Insurer’s rights hereunder shall vest in the Holders of the
      Insured Certificates (to the extent such Holders otherwise have such rights
      hereunder). At such time as the Class Principal Balance of the Insured
      Certificates has been reduced to zero and the Certificate Insurer has been
      reimbursed for all amounts to which it is entitled hereunder, the Certificate
      Insurer’s rights hereunder shall terminate.

     

    
      	 	
              SECTION
                12.11.

            	
              Acts
                of Certificateholders.

            

    

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Agreement to be given or taken by the Certificateholders
      may be embodied in and evidenced by one or more instruments of substantially
      similar tenor signed by such Certificateholders in person or by agent duly
      appointed in writing, and such action shall become effective when such
      instrument or instruments are delivered to the Trustee. Such instrument or
      instruments (and the action embodied therein and evidenced thereby) are herein
      sometimes referred to as the “act” of the Certificateholders signing such
      instrument or instruments. Proof of execution of any such instrument or of
      a
      writing appointing any such agent shall be sufficient for any purpose of this
      Agreement and conclusive in favor of the Trustee and the Trust, if made in
      the
      manner provided in this Section 12.11.

     

    
      
        
          
          

        

        
          134

          
            

          

        

        
          
          

        

      

    

    

    (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
      a notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Whenever such execution is by a
      signer acting in a capacity other than his or her individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of his
      authority.

     

    (c) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by any Certificateholder shall bind every future Holder of such
      Certificate and the Holder of every Certificate 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 Trust in
      reliance thereon, whether or not notation of such action is made upon such
      Certificate.

     

    
      	 	
              SECTION
                12.12.

            	
              Successors
                and Assigns.

            

    

     

    The
      provisions of this Agreement shall be binding upon and inure to the benefit
      of
      the respective successors and assigns of the parties hereto.

     

    
      	 	
              SECTION
                12.13.

            	
              Provision
                of Information.

            

    

     

    For
      so
      long as any of the Certificates of any Class are “restricted securities” within
      the meaning of Rule 144(a)(3) under the Securities Act, the Depositor agrees
      to
      provide to any Certificateholders and to any prospective purchaser of
      Certificates designated by such holder, upon the request of such holder or
      prospective purchaser, any information required to be provided to such holder
      or
      prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
      under the Securities Act. 

     

    The
      Securities Administrator shall provide (or otherwise make available) to any
      person to whom a Prospectus was delivered by Greenwich Capital Markets, Inc.
      (as
      identified by Greenwich Capital Markets, Inc.), upon the request of such person
      specifying the document or documents requested (and certifying that it is a
      Person entitled hereunder), (i) a copy (excluding exhibits) of any report
      on Form 8-K, Form 10-D or Form 10-K filed with the Securities and Exchange
      Commission pursuant to this Agreement and (ii) a copy of any other document
      incorporated by reference in the Prospectus (to the extent in the Securities
      Administrator’s possession). Any reasonable out-of-pocket expenses incurred by
      the Securities Administrator in providing copies of such documents shall be
      reimbursed by the Sponsor.

     

    
      	 	
              SECTION
                12.14.

            	
              Indemnification.

            

    

     

    All
      indemnity obligations under this Agreement shall survive the resignation or
      removal of any party hereunder and any termination of this
      Agreement.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

    

    
      
        
          
          

        

        
          135

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective officers thereunto duly authorized, all as of the day and
      year first above written.

     

     

     

     

      	 	 	 
	 	
              GREENWICH
                CAPITAL ACCEPTANCE, INC.,

              as
                Depositor

            
	 
 	 
 	 
 
	 	By:  	 /s/
              Vinu
              Phillips
	 	
              
Name:
              Vinu Phillips
	 	Title:
              Senior Vice President

    

    
      	 	 	
               

               

            
	 	
              LUMINENT
                MORTGAGE CAPITAL, INC., 

              as
                Sponsor

            
	 
 	 
 	 
 
	 	By:  	 /s/
              Christopher T. Zyden
	 	
              

              Name:
                Christopher T. Zyden

            
	 	
              Title:
                Chief Financial Officer

            

    

    
      	 	 	
               

               

            
	 	
              WELLS
                FARGO BANK, N.A., 

              as
                Master Servicer

            
	 
 	 
 	 
 
	 	By:  	 /s/
              Amy
              Doyle
	 	
              

              Name:
                Amy Doyle

            
	 	Title: Vice
              President

    

    
      	 	 	
               

               

            
	 	
              WELLS
                FARGO BANK, N.A., 

              as
                Securities Administrator

            
	 
 	 
 	 
 
	 	By:  	 /s/
              Amy
              Doyle
	 	
              
Name:
              Amy Doyle
	 	Title:
              Vice President

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	 	 	 
	 	
                HSBC
                  BANK USA, NATIONAL ASSOCIATION, 

                as
                  Trustee

              
	 
 	 
 	 
 
	 	By:  	 /s/
                Susie May
	 	
                
Name: Susie
                May
	 	Title: Vice President

      

      
        	 	 	
                 

                 

              
	 	MAIA
                MORTGAGE
                FINANCE STATUTORY TRUST
	 	 	
                 

                 

              
	 	By:  	 /s/
                Christopher T. Zyden
	 	
                
Name:
                Christopher T. Zyden
	 	Title: Chief
                Financial Officer

      

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF CONNECTICUT

            	
              )

            
	
            	
              )
                ss.:

            
	
              COUNTY
                OF FAIRFIELD

            	
              )

            

    

    

    On
      the 22nd day of February 2006, before me, a notary public in and for said
      State, personally appeared Vinu Phillips known to me to be a Senior Vice
      President of Greenwich Capital Acceptance, Inc., a Delaware 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.

     

    
      	 	 	 	 
	 	 	 	/s/
              Kimberly J. Donnelly
	
            	 	 	
              
Notary
              Public
	 	 	 	
              Kimberly
                J. Donnelly

              Notary
                Public

              My
                Commission Expires on 6/30/09

            

    

     

     

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

    

    On
      the 23rd day
      of
      February 2006, before me, a notary public in and for said State, personally
      appeared Christopher T. Zyden known to me to be a Trustee &
President of Luminent Mortgage Capital, Inc., a Maryland 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.

     

    
       

      
        
          	
                	 	 	 
	 	 	 	/s/
                  Gerry Cruz 
	
                	 	 	
                  
Notary
                  Public
	 	 	 	 

        

         

      

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    
      	
              STATE
                OF MD

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF BALTIMORE

            	
              )

            

    

    

     

    On
      the 23rd day of February 2006, before me, a notary public in and for said
      State, personally appeared Amy Doyle known to me to be a VP of
      Wells Fargo Bank, N.A. 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.

     

    
       

      
        
          	
                	 	 	 
	 	 	 	/s/
                  Damon C. Woodus
	
                	 	 	
                  
Notary
                  Public
	 	 	 	 

        

         

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    On
      the 23rd day of February 2006, before me, a notary public in and for said
      State, personally appeared Susie May known to me to be Vice
      President of HSBC Bank USA, National Association, a national banking
      association 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.

     

    
       

      
        
          	
                	 	 	 
	 	 	 	/s/
                  Ecliff C. Jackman
	
                	 	 	
                  
Notary
                  Public
	 	 	 	 

        

        
 

      

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF

            	
              )

            

    

    

     

    On
      the 23rd day of February 2006 before me, a Notary Public in and for said
      State, personally appeared Christopher T. Zyden, known to me to be
      a Trustee & President MAIA MORTGAGE FINANCE STATUTORY TRUST, the
      business trust that executed the within instrument, and also known to me to
      be
      the person who executed it on behalf of said business trust, 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.

     

    
       

      /s/
        Gerry
        Cruz___________

      Notary
        Public

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      A

     

    FORM
      OF SENIOR CERTIFICATE

     

    CLASS
      A[
      ] CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    IF
      THE
      RATING OF THIS CERTIFICATE IS BELOW “BBB-” OR ITS EQUIVALENT WHEN IT IS
      ACQUIRED, THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED
      TO
      HAVE REPRESENTED AND WARRANTED THAT (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION
      4975 OF THE CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY
      SUCH PLAN OR ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO
      EFFECT THE TRANSFER OR (B) IF THIS CERTIFICATE HAS BEEN THE OBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING, THE PURCHASER IS AN INSURANCE COMPANY PURCHASING
      THIS 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 THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER
      SECTIONS I AND III OF PTCE 95-60.

     

    
      	
              Certificate
                No.:

            	 	
              [           ]

            
	 	 	 
	
              Cut-Off
                Date:

            	 	
              February
                1, 2006

            
	 	 	 
	
              First
                Distribution Date:

            	 	
              March
                27, 2006

            
	 	 	 
	
              Initial
                Certificate Principal

            	 	 
	
              Balance
                of this Certificate

            	 	 
	
              (“Denomination”):

            	 	
              $[           ]

            

    

     

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	
              Original
                Class Principal 

            	 	 
	
              Balance
                of this Class:

            	 	
              $[           ]

            
	 	 	 
	
              Percentage
                Interest:

            	 	
              [           ]%

            
	 	 	 
	
              Pass-Through
                Rate:

            	 	
              Variable

            
	 	 	 
	
              CUSIP:

            	 	
              885220
                __ _

            
	 	 	 
	
              Class:

            	 	
              A[
                ]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

            	 	
              February
                25, 2046 [For
                Certificates other than the Insured Certificates]

            
	 	 	 
	 	 	
              February
                25, 2047 [For
                the Insured Certificates only]

            

    

    

    
      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

    

    

    Luminent
      Mortgage Trust 2006-2,

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-2

    Class
      A[
      ]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased
      from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      and
      in the Agreement. Accordingly, the Certificate Principal Balance of this
      Certificate at any time may be less than the Initial Certificate Principal
      Balance set forth on the face hereof, as described herein. This Certificate
      does
      not evidence an obligation of, or an interest in, and is not guaranteed by
      the
      Depositor, the Seller, the Master Servicer, the Securities Administrator or
      the
      Trustee referred to below or any of their respective affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust Fund consisting primarily of
      the
      Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”). The Trust Fund was created pursuant to a Pooling and Servicing
      Agreement dated as of February 1, 2006 (the “Agreement”) among the Depositor,
      Luminent Mortgage Capital, Inc., as sponsor (the “Sponsor”), Maia Mortgage
      Finance Statutory Trust (the “Seller”), Wells Fargo Bank, N.A., as master
      servicer and securities administrator (in its capacity as master servicer,
      the
“Master Servicer” and in its capacity as securities administrator, the
“Securities Administrator”) and HSBC Bank USA, National Association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Securities Administrator.

    

    
      
        
          
          

        

        
          A-3

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      February ___, 2006

     

     

    
      	 	 	 
	 	LUMINENT
              MORTGAGE
              TRUST 2006-2
	 
 	 
 	 
 
	 	By:  	/s/ WELLS
              FARGO BANK, N.A.,
	 	
              not
                in its individual capacity,

              but
                solely as Securities Administrator

            
	 	
               

              
                

              

            

    

     

    
      
        	This
                is one of the Certificates
                referenced
                  in the within-mentioned Agreement

              	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	
                

                Authorized
                  Signatory of

                Wells
                  Fargo Bank, N.A.,

                as
                  Securities Administrator

              	 	 	
                

              
	 	 	 	 	 

      

      
 

    

     

    

    
      
        
          
          

        

        
          A-4

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B

     

    FORM
      OF CLASS X CERTIFICATE

     

    CLASS
      X
      CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    IF
      THE
      RATING OF THIS CERTIFICATE IS BELOW “BBB-” OR ITS EQUIVALENT WHEN IT IS
      ACQUIRED, THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED
      TO
      HAVE REPRESENTED AND WARRANTED THAT (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION
      4975 OF THE CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY
      SUCH PLAN OR ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO
      EFFECT THE TRANSFER OR (B) IF THIS CERTIFICATE HAS BEEN THE OBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING, THE PURCHASER IS AN INSURANCE COMPANY PURCHASING
      THIS 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 THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER
      SECTIONS I AND III OF PTCE 95-60.

     

    PRINCIPAL
      WILL NOT BE DISTRIBUTABLE IN RESPECT OF THIS CERTIFICATE. INTEREST IS CALCULATED
      ON THIS CERTIFICATE BASED ON A NOTIONAL AMOUNT DETERMINED AS DESCRIBED IN THE
      POOLING AND SERVICING AGREEMENT. THE CERTIFICATE NOTIONAL AMOUNT OF THIS
      CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE NOTIONAL AMOUNT
      OF THIS CERTIFICATE AS SET FORTH HEREON.

    

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

       

    

    
      	
              Certificate
                No.:

            	 	
              [           ]

            
	 	 	 
	
              Cut-Off
                Date:

            	 	
              February
                1, 2006

            
	 	 	 
	
              First
                Distribution Date:

            	 	
              March
                27, 2006

            
	 	 	 
	
              Initial
                Certificate Notional

            	 	 
	
              Amount
                of this Certificate

            	 	 
	
              (“Denomination”):

            	 	
              Notional

            
	 	 	 
	
              Original
                Class Certificate

            	 	 
	
              Notional
                Amount of this

            	 	 
	
              Class:

            	 	
              Notional

            
	 	 	 
	
              Percentage
                Interest:

            	 	
              100%

            
	 	 	 
	
              Pass-Through
                Rate:

            	 	
              Variable

            
	 	 	 
	
              CUSIP:

            	 	
              [           ]

            
	 	 	 
	
              Class:

            	 	
              X

            
	 	 	 
	
              Assumed
                Final Distribution Date:

            	 	
              February
                25, 2046

            

    

    

    
      
        
          
          

        

        
          B-2

          
            

          

        

        
          
          

        

      

    

    

    Luminent
      Mortgage Trust 2006-2,

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-2

    Class
      X

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased
      from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator or the Trustee referred to below or any of their respective
      affiliates.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust Fund consisting primarily of
      the
      Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”). The Trust Fund was created pursuant to a Pooling and Servicing
      Agreement dated as of February 1, 2006 (the “Agreement”) among the Depositor,
      Luminent Mortgage Capital, Inc., as sponsor (the “Sponsor”), Maia Mortgage
      Finance Statutory Trust (the “Seller”), Wells Fargo Bank, N.A., as master
      servicer and securities administrator (in its capacity as master servicer,
      the
“Master Servicer” and in its capacity as securities administrator, the
“Securities Administrator”) and HSBC Bank USA, National Association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually countersigned by an authorized signatory of
      the
      Securities Administrator.

    

    
      
        
          
          

        

        
          B-3

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      February ___, 2006

     

    
      
        	
              	 	 
	 	LUMINENT
                MORTGAGE
                TRUST 2006-2
	 
 	 
 	 
 
	 	By:  	/s/ WELLS
                FARGO BANK, N.A.,
	 	
                not
                  in its individual capacity,

                but
                  solely as Securities Administrator

              
	 	
                 

                
                  

                

              

      

       

      
        
          
            	This
                    is one of the Certificates
                    referenced
                      in the within-mentioned Agreement

                  	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	
                    

                    Authorized
                      Signatory of

                    Wells
                      Fargo Bank, N.A.,

                    as
                      Securities Administrator

                  	 	 	
                    

                  
	 

          

      

    

     

    

     

    

    
      
        
          
          

        

        
          B-4

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      C

     

    FORM
      OF CLASS A-R CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED
      TRANSFEREE DELIVERS TO THE TRUSTEE AND THE SECURITIES ADMINISTRATOR A TRANSFER
      AFFIDAVIT IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
      HEREIN.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (A) A REPRESENTATION
      LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
      SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
      AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE
      CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR
      ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO EFFECT THE
      TRANSFER, OR (B) A REPRESENTATION THAT THE PURCHASER IS AN INSURANCE COMPANY
      PURCHASING THIS CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY
      GENERAL ACCOUNT” AS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS
      EXEMPTION 95-60 (“PTCE 95-60”) AND THAT THE PURCHASE AND HOLDING OF THIS
      CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE-95-60, OR (C) AN
      OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED
      TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED
      TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN SUBJECT
      TO ERISA OR TO THE CODE WITHOUT AN OPINION OF COUNSEL SATISFACTORY TO THE
      SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO
      EFFECT.

    

    
      	
              Certificate
                No.:

            	 	
              1

            
	 	 	 
	
              Cut-Off
                Date:

            	 	
              February
                1, 2006

            
	 	 	 
	
              First
                Distribution Date:

            	 	
              March
                27, 2006

            
	 	 	 
	
              Initial
                Certificate Principal 

            	 	 
	
              Balance
                of this Certificate:

            	 	
              $100

            
	 	 	 
	
              Original
                Class Certificate 

            	 	 
	
              Principal
                Balance of this 

            	 	 
	
              Class:

            	 	
              $100

            

    

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

       

    

    
      	 	 	 
	
              Percentage
                Interest:

            	 	
              100%

            
	 	 	 
	
              Pass-Through
                Rate:

            	 	
              Weighted
                Average

            
	 	 	 
	
              CUSIP:

            	 	
              [           ]

            
	 	 	 
	
              Class:

            	 	
              A-R

            
	 	 	 
	
              Assumed
                Final Distribution Date:

            	 	
              February
                25, 2046

            

    

    

    
      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

    

    

    Luminent
      Mortgage Trust 2006-2

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-2

    Class
      A-R

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased
      from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    This
      Certificate does not evidence an obligation of, or an interest in, and is not
      guaranteed by the Depositor, the Seller, the Master Servicer, the Securities
      Administrator, the Delaware Trustee or the Trustee referred to below or any
      of
      their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are
      guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that _________________________ is the registered owner of the
      Percentage Interest evidenced by this Certificate specified above in the
      interest represented by all Certificates of the Class to which this Certificate
      belongs in a Trust Fund consisting primarily of the Mortgage Loans deposited
      by
      Greenwich Capital Acceptance, Inc. (the “Depositor”). The Trust Fund was created
      pursuant to a Pooling and Servicing Agreement dated as of February 1, 2006
      (the
“Agreement”) among the Depositor, Luminent Mortgage Capital, Inc., as sponsor
      (the “Sponsor”), Maia Mortgage Finance Statutory Trust (the “Seller”), Wells
      Fargo Bank, N.A., as master servicer and securities administrator (in its
      capacity as master servicer, the “Master Servicer” and in its capacity as
      securities administrator, the “Securities Administrator”) and HSBC Bank USA,
      National Association, as trustee (the “Trustee”). To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound. To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement.

     

    Any
      distribution of the proceeds of any remaining assets of the Trust Fund will
      be
      made only upon presentment and surrender of this Certificate at the Corporate
      Trust Office of the Securities Administrator or the office or agency maintained
      by the Securities Administrator.

     

    No
      transfer of this Certificate shall be made unless the Securities Administrator
      shall have received either (i) a representation letter from the transferee
      of
      such Certificate, acceptable to and in form and substance satisfactory to the
      Securities Administrator and the Depositor and in substantially the form
      attached to the Agreement, to the effect that such transferee is not an employee
      benefit or other plan or 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”), nor a person acting
      on behalf or investing plan assets of any such plan or arrangement, which
      representation letter shall not be an expense of the Securities Administrator
      or
      the Trustee, or (ii) a representation that the purchaser is an insurance company
      which is purchasing such Certificate with funds contained in an “insurance
      company general account” (as such term is defined in Section V(e) of Prohibited
      Transaction Class Exemption 95-60 (“PTCE 95-60”)) and that the purchase and
      holding of such Certificate are covered under Sections I and III of PTCE 95-60,
      or (iii) an Opinion of Counsel in accordance with the provisions of the
      Agreement. Notwithstanding anything else to the contrary herein, any purported
      transfer of this Certificate to or on behalf of an employee benefit plan subject
      to ERISA or to the Code without the opinion of counsel satisfactory to the
      Securities Administrator as described above shall be void and of no
      effect.

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest in this
      Certificate may be transferred without delivery to the Securities Administrator
      of (a) a transfer affidavit of the proposed transferee and (b) a transfer
      certificate of the transferor, each of such documents to be in the form
      described in the Agreement, (iii) each person holding or acquiring any Ownership
      Interest in this Certificate must agree to require a transfer affidavit and
      to
      deliver a transfer certificate to the Securities Administrator as required
      pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
      Interest in this Certificate must agree not to transfer an Ownership Interest
      in
      this Certificate if it has actual knowledge that the proposed transferee is
      not
      a Permitted Transferee and (v) any attempted or purported transfer of any
      Ownership Interest in this Certificate in violation of such restrictions will
      be
      absolutely null and void and will vest no rights in the purported transferee.
      The Securities Administrator will provide the Internal Revenue Service and
      any
      pertinent persons with the information needed to compute the tax imposed under
      the applicable tax laws on transfers of residual interests to disqualified
      organizations, if any person other than a Permitted Transferee acquires an
      Ownership Interest on a Class A-R Certificate in violation of the restrictions
      mentioned above.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized officer of the
      Securities Administrator.

    

    
      
        
          
          

        

        
          C-4

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      February ___, 2006

     

    
      
        	
              	 	 
	 	LUMINENT
                MORTGAGE
                TRUST 2006-2
	 
 	 
 	 
 
	 	By:  	/s/ WELLS
                FARGO BANK, N.A.,
	 	
                not
                  in its individual capacity,

                but
                  solely as Securities Administrator

              
	 	
                 

                
                  

                

              

      

       

      
        
          	
                  This
                    is the A-R Certificate

                  referenced
                    in the within-mentioned Agreement

                	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	
                  

                  Authorized
                    Signatory of

                  Wells
                    Fargo Bank, N.A.,

                  as
                    Securities Administrator

                	 	 	
                  

                
	 

        

      

    

    

    

    
    

    

    

    
      
        
          
          

        

        
          C-5

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      D

     

    FORM
      OF SUBORDINATE CERTIFICATE

     

    CLASS
      B-[
      ] CERTIFICATE

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
      OF
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.] [Applicable
      to Book-Entry Certificates only; delete for Certificates in physical
      form]

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS ARE DEFINED,
      RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986,
      AS
      AMENDED (THE “CODE”).

     

    [THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, (THE “1933 ACT”) OR ANY STATE SECURITIES LAWS. NEITHER THIS CERTIFICATE
      NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
      TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
      SUCH
      REGISTRATION, UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
      REGISTRATION.] [Applicable
      only to Class B-4, Class B-5 and Class B-6
      Certificates]

     

    [NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED (A) (1) UNLESS
      SUCH
      TRANSFER IS MADE IN RELIANCE UPON RULE 144A OF THE SECURITIES ACT OF 1933,
      AS
      AMENDED (THE “1933 ACT”) OR (2) UNLESS SUCH TRANSFER IS MADE IN RELIANCE UPON
      RULE 501 (C)(1), (2), (3) OR (7) OF THE 1933 ACT (IN EACH CASE AS EVIDENCED
      BY
      AN INVESTMENT LETTER DELIVERED TO THE SECURITIES ADMINISTRATOR, IN SUBSTANTIALLY
      THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT AND, IF SO REQUIRED
      BY
      THE SECURITIES ADMINISTRATOR, A WRITTEN OPINION OF COUNSEL (WHICH MAY BE
      IN-HOUSE COUNSEL) ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY
      SATISFACTORY TO THE SECURITIES ADMINISTRATOR, THAT SUCH TRANSFER MAY BE MADE
      PURSUANT TO AN EXEMPTION, DESCRIBING THE APPLICABLE EXEMPTION AND THE BASIS
      THEREFOR, FROM THE 1933 ACT OR IS BEING MADE PURSUANT TO THE 1933 ACT, WHICH
      OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR
      OR
      THE DEPOSITOR) OR (B) THE TRANSFEROR SHALL HAVE EXECUTED A TRANSFEROR
      CERTIFICATE (IN SUBSTANTIALLY THE FORM ATTACHED TO THE POOLING AND SERVICING
      AGREEMENT) AND THE TRANSFEREE SHALL HAVE EXECUTED AN INVESTMENT LETTER (IN
      SUBSTANTIALLY THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT)
      ACCEPTABLE TO AND IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE DEPOSITOR
      AND THE SECURITIES ADMINISTRATOR CERTIFYING TO THE DEPOSITOR AND THE SECURITIES
      ADMINISTRATOR THE FACTS SURROUNDING SUCH TRANSFER, WHICH INVESTMENT LETTER
      SHALL
      NOT BE AN EXPENSE OF THE SECURITIES ADMINISTRATOR OR THE DEPOSITOR.]
[Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates that are in physical form
      only; delete for Class B-1, Class B-2 and Class B-3
      Certificates]

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    [IF
      THE
      RATING OF THIS CERTIFICATE IS BELOW “BBB-” OR ITS EQUIVALENT WHEN IT IS
      ACQUIRED, THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED
      TO
      HAVE REPRESENTED AND WARRANTED THAT (A) SUCH TRANSFEREE IS NOT AN EMPLOYEE
      BENEFIT PLAN SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN OR ARRANGEMENT SUBJECT TO SECTION
      4975 OF THE CODE (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY
      SUCH PLAN OR ARRANGEMENT NOR A PERSON USING THE ASSETS OF ANY SUCH PLAN TO
      EFFECT THE TRANSFER OR (B) IF THIS CERTIFICATE HAS BEEN THE OBJECT OF AN
      ERISA-QUALIFYING UNDERWRITING, THE PURCHASER IS AN INSURANCE COMPANY PURCHASING
      THIS 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 THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER
      SECTIONS I AND III OF PTCE 95-60.] [Applicable
      only to Class B-1, Class B-2 and Class B-3
      Certificates]

     

    [NO
      TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
      TRANSFEREE PROVIDES THE SECURITIES ADMINISTRATOR AND THE DEPOSITOR WITH (A)
      A
      CERTIFICATION TO THE EFFECT THAT SUCH TRANSFEREE (1) IS NEITHER AN EMPLOYEE
      BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR
      SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
      (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING ON BEHALF OF ANY SUCH PLAN NOR A
      PERSON USING THE ASSETS OF ANY SUCH PLAN OR (2) IF THE CERTIFICATE HAS BEEN
      THE
      SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING AND SUCH TRANSFEREE IS AN INSURANCE
      COMPANY, SUCH TRANSFEREE IS PURCHASING SUCH CERTIFICATES WITH FUNDS CONTAINED
      IN
      AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e)
      OF THE PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THAT THE
      PURCHASE AND HOLDING OF SUCH CERTIFICATES ARE COVERED UNDER SECTIONS I AND
      III
      OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES
      ADMINISTRATOR, AND UPON WHICH THE SECURITIES ADMINISTRATOR AND THE DEPOSITOR
      SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH
      CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL NOT RESULT IN ANY NON-EXEMPT
      PROHIBITED TRANSACTIONS UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE
      AND
      WILL NOT SUBJECT THE SECURITIES ADMINISTRATOR OR THE DEPOSITOR TO ANY OBLIGATION
      IN ADDITION TO THOSE UNDERTAKEN BY SUCH ENTITIES IN THE POOLING AGREEMENT,
      WHICH
      OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST FUND, THE SECURITIES
      ADMINISTRATOR OR THE DEPOSITOR. A TRANSFEREE OF A BOOK-ENTRY CERTIFICATE SHALL
      BE DEEMED TO HAVE MADE A REPRESENTATION AS REQUIRED HEREIN.] [Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates; delete for Class B-1, Class
      B-2 and Class B-3 Certificates]

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    [THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF IS DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT IT ACQUIRED SUCH CERTIFICATE (A) PURSUANT TO
      A
      REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT
      OR
      (B) AS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933
      ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
      INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
      IN
      RELIANCE ON RULE 144A.] [Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates; delete for Class B-1, Class
      B-2 and Class B-3 Certificates]

     

    THIS
      CERTIFICATE IS SUBORDINATE IN RIGHT AND PAYMENT AS DESCRIBED IN THE AGREEMENT
      REFERRED TO HEREIN.

     

    

     

    
      	
              Certificate
                No.:

            	 	
              [           ]

            
	 	 	 
	
              Cut-Off
                Date:

            	 	
              February
                1, 2006

            
	 	 	 
	
              First
                Distribution Date:

            	 	
              March
                27, 2006

            
	 	 	 
	
              Initial
                Certificate Principal

            	 	 
	
              Balance
                of this Certificate

            	 	 
	
              (“Denomination”):

            	 	
              $[           ]

            
	 	 	 
	
              Original
                Class Certificate

            	 	 
	
              Principal
                Balance of this

            	 	 
	
              Class:

            	 	
              $[           ]

            
	 	 	 
	
              Percentage
                Interest:

            	 	
              [           ]%

            
	 	 	 
	
              Pass-Through
                Rate:

            	 	
              Variable

            
	 	 	 
	
              CUSIP:

            	 	
              [            
                ]

            

    

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

       

    

    
      	 	 	 
	
              Class:

            	 	
              B-[           ]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

            	 	
              February
                25, 2046

            

    

    

    
      
        
          
          

        

        
          D-4

          
            

          

        

        
          
          

        

      

    

    

    Luminent
      Mortgage Trust 2006-2,

    Mortgage
      Loan Pass-Through Certificates, 

    Series
      2006-2

    Class
      B-[
      ]

     

    evidencing
      the Percentage Interest in the distributions allocable to the Certificates
      of
      the above-referenced Class with respect to the Trust Fund consisting primarily
      of adjustable rate, first lien mortgage loans (the “Mortgage Loans”) purchased
      from others by

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC., as Depositor.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein
      and
      in the Agreement. Accordingly, the Certificate Principal Balance of this
      Certificate at any time may be less than the Initial Certificate Principal
      Balance set forth on the face hereof, as described herein. This Certificate
      does
      not evidence an obligation of, or an interest in, and is not guaranteed by
      the
      Depositor, the Seller, the Master Servicer, the Securities Administrator or
      the
      Trustee referred to below or any of their respective affiliates.

     

    This
      certifies that _____________ is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the Denomination of this
      Certificate by the Original Class Certificate Principal Balance) in certain
      monthly distributions with respect to a Trust Fund consisting primarily of
      the
      Mortgage Loans deposited by Greenwich Capital Acceptance, Inc. (the
“Depositor”). The Trust Fund was created pursuant to a Pooling and Servicing
      Agreement dated as of February 1, 2006 (the “Agreement”) among the Depositor,
      Luminent Mortgage Capital, Inc., as sponsor (the “Sponsor”), Maia Mortgage
      Finance Statutory Trust (the “Seller”), Wells Fargo Bank, N.A., as master
      servicer and securities administrator (in its capacity as master servicer,
      the
“Master Servicer” and in its capacity as securities administrator, the
“Securities Administrator”) and HSBC Bank USA, National Association, as trustee
      (the “Trustee”). To the extent not defined herein, the capitalized terms used
      herein have the meanings assigned in the Agreement. This Certificate is issued
      under and is subject to the terms, provisions and conditions of the Agreement,
      to which Agreement the Holder of this Certificate by virtue of the acceptance
      hereof assents and by which such Holder is bound. To the extent not defined
      herein, the capitalized terms used herein have the meanings assigned in the
      Agreement.

     

    [No
      transfer of this Certificate shall be made unless such disposition is exempt
      from the registration requirements of the Securities Act of 1933, as amended
      (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws. In the event of any transfer, (i)
      (A) such transfer is made in reliance upon Rule 144A or (B) such transfer
      is made to an “accredited investor” under Rule 501(c)(1), (2), (3) or (7) (in
      each case as evidenced by an investment letter delivered to the Securities
      Administrator, in substantially the form attached to the Pooling and Servicing
      Agreement, and, if so required by the Securities Administrator and the
      Depositor, a written Opinion of Counsel (which may be in-house counsel)
      acceptable to and in form and substance reasonably satisfactory to the
      Securities Administrator that such transfer may be made pursuant to an
      exemption, describing the applicable exemption and the basis therefor, from
      the
      1933 Act or is being made pursuant to the 1933 Act, which Opinion of Counsel
      shall not be an expense of the Securities Administrator or the Depositor) or
      (ii) the Securities Administrator shall require the transferor to execute a
      transferor certificate (in substantially the form attached to the Pooling and
      Servicing Agreement) and the transferee to execute an investment letter (in
      substantially the form attached to the Pooling and Servicing Agreement)
      acceptable to and in form and substance reasonably satisfactory to the
      Securities Administrator certifying to the Depositor and the Securities
      Administrator the facts surrounding such transfer, which investment letter
      shall
      not be an expense of the Securities Administrator or the Depositor.]
      [Applicable
      to Certificates in physical form only; delete for Book-Entry
      Certificates]

     

    
      
        
        

      

      
        D-5

        
          

        

      

      
        
        

      

    

    [No
      transfer of this Certificate shall be made unless the Securities Administrator
      shall have received either (i) a representation letter from the transferee
      of
      such Certificate, acceptable to the Securities Administrator and in
      substantially the form attached to the Agreement, to the effect that such
      transferee is not an employee benefit or other plan or 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 (the “Code”), nor
      a person acting on behalf of or investing plan assets of any such plan or
      arrangement, which representation letter shall not be an expense of the
      Securities Administrator, or (ii) if the purchaser is an insurance company,
      a
      representation that the purchaser is an insurance company which is purchasing
      such Certificate with funds contained in an “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class
      Exemption 95-60 (“PTCE 95-60”)) and that the purchase and holding of such
      Certificate are covered under Sections I and III of PTCE 95-60 or (iii) an
      Opinion of Counsel in accordance with the provisions of the Agreement.
      Notwithstanding anything else to the contrary herein, any purported transfer
      of
      this Certificate to or on behalf of an employee benefit plan subject to ERISA
      or
      to the Code without the opinion of counsel satisfactory to the Securities
      Administrator as described above shall be void and of no effect.] [Applicable
      to Class B-4, Class B-5 and Class B-6 Certificates; delete for Class B-1, Class
      B-2 and Class B-3 Certificates]

     

    [No
      transfer of this Certificate shall be made unless such disposition is exempt
      from the registration requirements of the Securities Act of 1933, as amended
      (the “1933 Act”), and any applicable state securities laws or is made in
      accordance with the 1933 Act and such laws. In the event of any transfer, the
      transferee will be deemed to represent and warrant that that it acquired such
      certificate (i)(a) pursuant to a registration statement which has been declared
      effective under the 1933 Act or (b) as a “Qualified Institutional Buyer” as
      defined in Rule 144A under the 1933 Act that purchases for its own account
      or
      for the account of a Qualified Institutional Buyer to whom notice is given
      that
      the transfer is being made in reliance on Rule 144A, and that (ii)(a) such
      holder is not an employee benefit plan subject to the Employee Retirement Income
      Security Act of 1974, as amended (“ERISA”), or a plan or arrangement Section
      4975 of the Internal Revenue Code of 1986, as amended (the “Code”), the trustee
      of any such plan or a person acting on behalf of any such plan nor a person
      using the assets of any such plan, (b) if the certificate has been the subject
      of an ERISA-qualifying underwriting, such holder is an insurance company
      purchasing this 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 that the purchase and holding of this certificate
      are covered under Sections i and iii of PTCE 95-60, or (c) the purchase or
      holding of such certificate by the holder will not result in a non-exempt
      Prohibited Transaction under the provisions of Section 406 of ERISA or Section
      4975 of the Code.] [Delete
      for Class B-1, Class B-2 and Class B-3 Certificates.]

    

    
      
        
        

      

      
        D-6

        
          

        

      

      
        
        

      

    

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Securities Administrator.

     

    

    
      
        
          
          

        

        
          D-7

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Securities Administrator has caused this Certificate to
      be
      duly executed.

     

    Dated:
      February ___, 2006

     

    
      
        	
              	 	 
	 	LUMINENT
                MORTGAGE
                TRUST 2006-2
	 
 	 
 	 
 
	 	By:  	/s/ WELLS
                FARGO BANK, N.A.,
	 	
                not
                  in its individual capacity,

                but
                  solely as Securities Administrator

              
	 	
                 

                
                  

                

              

      

       

      
        
          
            	
                    This
                      is the A-R Certificate

                    referenced
                      in the within-mentioned Agreement

                  	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	
                    

                    Authorized
                      Signatory of

                    Wells
                      Fargo Bank, N.A.,

                    as
                      Securities Administrator

                  	 	 	
                    

                  

          

      

    

    

     

    

    
      
        
          
          

        

        
          D-8

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      E

    FORM
      OF REVERSE OF THE CERTIFICATES

     

    LUMINENT
      MORTGAGE TRUST 2006-2

    Mortgage
      Loan Pass-Through Certificates, Series 2006-2

    Reverse
      Certificate

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Luminent Mortgage Trust 2006-2, Mortgage Loan Pass-Through Certificates, Series
      2006-2 (herein collectively called the “Certificates”), and representing a
      beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, distributions will be made on the 25th
      day of
      each month, or if the 25th
      day is
      not a Business Day, then on the next succeeding Business Day (the “Distribution
      Date”), commencing on the Distribution Date in March 2006, to the Person in
      whose name this Certificate is registered at the close of business on the
      applicable Record Date in an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount required to be distributed
      to Holders of Certificates of the Class to which this Certificate belongs on
      such Distribution Date pursuant to the Agreement.

     

    Distributions
      on this Certificate shall be made, (i) in the case of a Physical Certificate,
      by
      check or money order mailed to the address of the person entitled thereto as
      it
      appears on the Certificate Register or, upon the request of a Certificateholder,
      by wire transfer as set forth in the Agreement and (ii) in the case of a
      Book-Entry Certificate, to the Depository, which shall credit the amounts of
      such distributions to the accounts of its Depository Participants in accordance
      with its normal procedures. The final distribution on each Certificate shall
      be
      made in like manner, but only upon presentment and surrender of such Certificate
      at the office or agency of the Securities Administrator specified in the notice
      to Certificateholders of such final distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights of the Certificateholders under
      the
      Agreement at any time, by the Depositor, the Seller, the Master Servicer, the
      Securities Administrator, the Trustee and Holders of the requisite percentage
      of
      the Percentage Interests of each Class of Certificates affected by such
      amendment, as specified in the Agreement. Any such consent by the Holder of
      this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange therefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Securities Administrator upon surrender of this Certificate for registration
      of transfer at the office or agency maintained by the Securities Administrator
      accompanied by a written instrument of transfer in form satisfactory to the
      Securities Administrator duly executed by the Holder hereof or such Holder’s
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations and evidencing the same aggregate
      Percentage Interest in the Trust Fund will be issued to the designated
      transferee or transferees.

     

    Subject
      to the terms of the Agreement, each Class of Book-Entry Certificates will be
      registered as being held by the Depository or its nominee and beneficial
      interests will be held by Certificate Owners through the book-entry facilities
      of the Depository or its nominee in minimum denominations of $25,000, provided,
      that, such certificates must be purchased in minimum total investments of at
      least $100,000, in the case of the Class [ ] Certificates [Insert
      Book-Entry Certificates other than the Class X and Class PO
      Certificates],
      provided, that, such certificates must be purchased in minimum total investments
      of at least $100,000; 0.01% minimum percentage interests, in the case of the
      Class X Certificates, provided, that, such certificates must be purchased in
      minimum total investments of at least $100,000; and minimum percentage interests
      of 0.01%, in the case of the Class PO Certificates, provided that, such
      certificates must be purchased in minimum total investments of at least
      $100,000. 

     

    [Each
      of
      the Class B-[ ] Certificate will be issued as a single Certificate and
      maintained in physical form, representing the entire Percentage Interest in
      that
      Class.] [Applicable
      to Subordinate Certificates in physical form.]

     

    [The
      Class A-R Certificate is issuable as a single certificate in physical form
      only
      in a Percentage Interest of 100%.] [Applicable
      to Class A-R Certificates only.]

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor, the Seller, the Trustee, the Master Servicer, the Securities
      Administrator and any agent of the Depositor, the Seller, the Trustee or the
      Securities Administrator may treat the Person in whose name this Certificate
      is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Seller, the Trustee and the Securities Administrator or any agent of any of
      them
      shall be affected by any notice to the contrary.

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

    On
      any
      Distribution Date on which the aggregate of the Stated Principal Balances of
      the
      Mortgage Loans on such date is equal to or less than 10% of the Cut-off Date
      Aggregate Principal Balance, Luminent Mortgage Capital, Inc., in its capacity
      as
      Sponsor (hereinafter “Luminent”), may purchase, on the related Distribution
      Date, all of the outstanding Mortgage Loans and REO Properties at a price equal
      to the Termination Price. In the event that Luminent does not exercise its
      right
      of optional termination, on any date on which the aggregate of the Stated
      Principal Balances of the Mortgage Loans on such date is equal to or less than
      5% of the Cut-off Date Aggregate Principal Balance, Wells Fargo Bank, N.A.,
      in
      its capacity as Master Servicer, may purchase, on the related Distribution
      Date,
      all of the outstanding Mortgage Loans and REO Properties at a price equal to
      the
      Termination Price. In the event that neither Luminent nor the Master Servicer
      exercises its right of optional termination, the obligations and
      responsibilities created by the Agreement will terminate upon notice to the
      Securities Administrator upon the earliest of (i) the Distribution Date on
      which
      the Class Certificate Principal Balance of each Class of Certificates has been
      reduced to zero, (ii) the final payment or other liquidation of the last
      Mortgage Loan and (iii) the Latest Possible Maturity Date.

     

    Capitalized
      terms used herein that are defined in the Agreement shall have the meanings
      ascribed to them in the Agreement, and nothing herein shall be deemed
      inconsistent with that meaning.

     

    

    
      
        
          
          

        

        
          E-3

          
            

          

        

        
          
          

        

      

    

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

    
      

    

    
      
        

      

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee to issue a new Certificate of a like denomination
      and
      Class, to the above named assignee and deliver such Certificate to the following
      address:
      _____________________________________________________________________________.

     

    Dated:
      _____________

     

                          
                      ______________

    Signature
      by or on behalf of assignor

     

    

    
      
        
          
          

        

        
          E-4

          
            

          

        

        
          
          

        

      

    

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to__________________________________________________________________________________________________________________________________________________________for
      the account
      of_______________________________________________________________,

    account
      number ________________________, or, if mailed by check, to
      ___________________ ______________________________________________________________________________Applicable
      statements should be mailed to ___________________________________________
      _____________________________________________________________________________.

     

    This
      information is provided by
      _____________________________________________,

    the
      assignee named above, or
      _____________________________________________________,

    as
      its
      agent. 

    

    
      
        
          
          

        

        
          E-5

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      F

     

    REQUEST
      FOR RELEASE 

     

    
      
        	 	
                                               

                Date

              

      

    

    
    

    [Addressed
      to Trustee

    or,
      if
      applicable, custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Pooling and Servicing Agreement dated as of February 1, 2006 among
      Greenwich Capital Acceptance, Inc., as Depositor, Luminent Mortgage Capital,
      Inc., as sponsor, Maia Mortgage Finance Statutory Trust, as seller, Wells Fargo
      Bank, N.A., as master servicer and securities administrator and you, as Trustee,
      the undersigned [Master Servicer] [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 [Master Servicer] [Servicer] hereby certifies that
      all
      amounts received in connection with the loan have been or will be credited
      to
      the Collection Account or the Distribution Account (whichever is applicable)
      pursuant to the Pooling and Servicing Agreement.)

     

    2.       The
      Mortgage Loan is being foreclosed.

     

    3.       Mortgage
      Loan substituted. (The [Master Servicer] [Servicer] hereby certifies that a
      Qualified Substitute Mortgage Loan has been assigned and delivered to you along
      with the related Mortgage File pursuant to the Pooling and Servicing
      Agreement.)

     

    4.       Mortgage
      Loan repurchased. (The [Master Servicer] [Servicer] hereby certifies that the
      Purchase Price has been credited to the Collection Account or the Distribution
      Account (whichever is applicable) pursuant to the Pooling and Servicing
      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 Pooling and Servicing
      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 Qualified Substitute Mortgage Loan (in which case the
      Mortgage File will be retained by us without obligation to return to
      you).

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Pooling and
      Servicing Agreement.

     

    
      
        	 	 	 	 
	 	 	 	 
	
              	 	 	
                
[Name
                of [Master Servicer] [Servicer]]
	 	 	 	 

      

      
        	 	 	 	 
	 	 	
                 By:

              	 
	
              	 	 	
                

                Name:

                Title:
                  Servicing Officer

              
	 	 	 	 

      

    

     

     

     

    

     

    

    
      
        
          
          

        

        
          F-2

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-1

     

    FORM
      OF RECEIPT OF MORTGAGE NOTE

     

    RECEIPT
      OF MORTGAGE NOTE

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    

     

    
      
        	 	
                Re:
                  

              	
                Luminent
                  Mortgage Trust 2006-2, 

              

      

      
        	 	 	Mortgage Loan Pass-Through Certificates, Series
                2006-2  

      

    

     

     

    Ladies
      and Gentlemen:

     

    Pursuant
      to Section 2.01 of the Pooling
      and Servicing Agreement dated as of February 1, 2006 among Greenwich Capital
      Acceptance, Inc., as Depositor,
      Luminent Mortgage Capital, Inc., as Sponsor, Maia Mortgage Finance Statutory
      Trust, as Seller, Wells Fargo Bank, N.A., as Master Servicer and Securities
      Administrator and HSBC Bank USA, National Association, as Trustee, we hereby
      acknowledge the receipt of the original Mortgage Note with respect to each
      Mortgage Loan listed on Exhibit 1, with any exceptions thereto listed on Exhibit
      2.

     

    
      
        	 	 	 
	 	
                HSBC BANK USA, NATIONAL ASSOCIATION, 

                as Trustee

              
	 
 	 
 	 
 
	Dated:	By:  	/s/ 
	 	
                
Name:
	 	Title: 

      

     

     

     

     

    

    
      
        
          
          

        

        
          G-1-1

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      1

     

    MORTGAGE
      LOAN SCHEDULE

     

    

    
      
        
          
          

        

        
          G-1-2

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      2

     

    EXCEPTION
      REPORT

     

    

    
      
        
          
          

        

        
          G-1-3

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-2

     

    FORM
      OF INTERIM CERTIFICATION OF TRUSTEE

     

    INTERIM
      CERTIFICATION OF TRUSTEE

     

    [date]

     

    

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Luminent
                Mortgage Capital, Inc.

              One
                Commerce Square

              2005
                Market Street, Suite 2100

              Philadelphia,
                Pennsylvania 19103

            	 
	 	 
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

     

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of February 1, 2006 among Greenwich
                Capital Acceptance, Inc., as Depositor, Luminent Mortgage Capital,
                Inc.,
                as Sponsor, Maia Mortgage Finance Statutory Trust, as Seller, Wells
                Fargo
                Bank, N.A., as Master Servicer and Securities Administrator and HSBC
                Bank
                USA, National Association, as Trustee,

            
	 	
              Luminent
                Mortgage Loan Pass-Through Certificates, Series
                2006-2

            

    

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as 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 the attached
      schedule) it has received:

     

    
      	 	
              (i)

            	
              all
                documents required to be delivered to the Trustee pursuant to
                Section 2.01 of the Pooling and Servicing Agreement are in its
                possession;

            

    

     

    
      	 	
              (ii)

            	
              such
                documents have been reviewed by the Trustee and have not been mutilated,
                damaged or torn and relate to such Mortgage Loan;
                and

            

    

     

    
      	 	
              (iii)

            	
              based
                on the Trustee’s examination and only as to the foregoing, the information
                set forth in the Mortgage Loan Schedule that corresponds to items
                (i),
                (ii), (iii), (xiii), (xiv) and (xviii) of the Mortgage Loan Schedule
                accurately reflects information set forth in the Mortgage
                File.

            

    

     

    
      
        
        

      

      
        G-2-1

        
          

        

      

      
        
        

      

    

    Based
      on
      its review and examination and only as to the foregoing documents, such
      documents appear regular on their face and related to such Mortgage
      Loan.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to: (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, or (ii) the collectibility,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    

     

     

     

    
      	 	HSBC BANK USA. NATIONAL
              ASSOCIATION, as Trustee	 
	 	 	 	 
	 	By: 	 	 
	 	 	
              

            	 
	 	Name: 	 	 
	 	 	
              
 	 
	 	Title:	 	 
	 	 	
              
 	 

    

     

     

     

    

     

    

    
      
        
          
          

        

        
          G-2-2

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-3

     

    FORM
      OF FINAL CERTIFICATION OF TRUSTEE

     

    FINAL
      CERTIFICATION OF TRUSTEE

     

    [date]

     

    
      	
              Greenwich
                Capital Acceptance, Inc.

              600
                Steamboat Road

              Greenwich,
                Connecticut 06830

            	 
	 	 
	
              Luminent
                Mortgage Capital, Inc.

              One
                Commerce Square

              2005
                Market Street, Suite 2100

              Philadelphia,
                Pennsylvania 19103

            	 
	 	 
	
              Wells
                Fargo Bank, N.A.

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	 

    

    

     

    
      	
              Re:

            	
              Pooling
                and Servicing Agreement dated as of February 1, 2006 among Greenwich
                Capital Acceptance, Inc., as Depositor, Luminent Mortgage Capital,
                Inc.,
                as Sponsor, Maia Mortgage Finance Statutory Trust, as Seller, Wells
                Fargo
                Bank, N.A., as Master Servicer and Securities Administrator and HSBC
                Bank
                USA, National Association, as Trustee, 

            
	 	
              Luminent
                Mortgage Loan Pass-Through Certificates, Series 2006-2
                

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), the undersigned, as 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 the attached
      Document Exception Report) it has received all documents required to be
      delivered to the Trustee pursuant to Section 2.01 of the Pooling and Servicing
      Agreement.

     

    Based
      on
      its review and examination and only as to the foregoing documents, (a) such
      documents appear regular on their face and related to such Mortgage Loan, and
      (b) the information set forth in items (i), (ii), (iii), (xiii), (xiv) and
      (xviii) of the definition of the “Mortgage Loan Schedule” in Section 1.01 of the
      Pooling and Servicing Agreement accurately reflects information set forth in
      the
      Mortgage File.

     

    The
      Trustee has made no independent examination of any documents contained in each
      Mortgage File beyond the review specifically required in the Pooling and
      Servicing Agreement. The Trustee makes no representations as to: (i) the
      validity, legality, sufficiency, enforceability or genuineness of any of the
      documents contained in each Mortgage File of any of the Mortgage Loans
      identified on the Mortgage Loan Schedule, or (ii) the collectibility,
      insurability, effectiveness or suitability of any such Mortgage
      Loan.

     

    
      
        
        

      

      
        G-3-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Pooling and Servicing Agreement.

     

    
      
        	 	 	 
	 	HSBC
                BANK USA,
                NATIONAL ASSOCIATION, as Trustee
	 
 	 
 	 
 
	 	By:	 
	 	Name:	 
	 	Title:	 

      

      
        
          
          

        

        
          G-3-2

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      H

     

    [Reserved]

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      I

     

    FORM
      OF ERISA REPRESENTATION

     

    [date]

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

    
       

      
        	
                Re:

              	
                Luminent
                  Mortgage Trust 2006-2, 

                Mortgage
                  Loan Pass-Through Certificates, Series 

              
	 	
                2006-2,
                  Class [A-R] [B-4] [B-5] [B-6] [I] 

              

      

       

    

    Ladies
      and Gentlemen:

     

    1.       The
      undersigned is the ______________________ of _________________ (the
“Transferee”), a [corporation duly organized] and existing under the laws of
      __________, on behalf of which she makes this affidavit.

     

    2.       The
      Transferee either (x) is not an employee benefit plan subject to Section 406
      or
      Section 407 of the Employee Retirement Income Security Act of 1974, as amended
      (“ERISA”), or a plan or arrangement subject to Section 4975 of the Internal
      Revenue Code of 1986, as amended (the “Code”), the Trustee of any such plan or
      arrangement or a person acting on behalf of any such plan or arrangement or
      using the assets of any such plan or arrangement to effect such transfer; (y)
      is
      an insurance company which is purchasing such Certificates with funds contained
      in an “insurance company general account” (as such term is defined in Section
      V(e) of Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”) and that the
      purchase and holding of such Certificates are covered under Section I and III
      of
      PTCE 95-60; or (z) shall deliver to the Securities Administrator and the
      Depositor an opinion of counsel (a “Benefit Plan Opinion”) satisfactory to the
      Securities Administrator, and upon which the Securities Administrator and the
      Depositor shall be entitled to rely, to the effect that the purchase or holding
      of such Certificate by the Transferee will not constitute or result in a
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and will not subject the Trustee, the Master Servicer, any Servicer,
      the Securities Administrator or the Depositor to any obligation in addition
      to
      those undertaken by such entities in the Pooling and Servicing Agreement or
      to
      any liability, which opinion of counsel shall not be an expense of the
      Securities Administrator or the Depositor.

     

    3.       The
      Transferee hereby acknowledges that under the terms of the Pooling and Servicing
      Agreement dated as of February 1, 2006 among Greenwich Capital Acceptance,
      Inc.,
      as Depositor, Luminent Mortgage Capital, Inc., as Sponsor, Maia Mortgage Finance
      Statutory Trust, as Seller, Wells Fargo Bank, N.A., as Master Servicer and
      Securities Administrator and HSBC Bank USA, National Association, as Trustee,
      no
      transfer of the ERISA-Restricted Certificates shall be permitted to be made
      to
      any person unless the Depositor and Securities Administrator have received
      a
      certificate from such transferee in the form hereof.

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Transferee has executed this certificate.

     

     

    
       

      
        	 	 	 
	 	 
	 	[Transferee]
	 	 	 
	 	By:	 
	 	
              	Name:
	 	
              	Title:

      

    

    

    
      
        
          
          

        

        
          I-2

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      J-1

     

    FORM
      OF INVESTMENT LETTER [NON-RULE 144A]

     

    [date]

     

    

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

     

     

    
      	
              Re:
                

            	
              Luminent
                Mortgage Trust 2006-2, 

            
	 	
              Mortgage
                Loan Pass-Through Certificates, Series 2006-2
                 

            

    

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above-captioned Certificates, we certify
      that (a) we understand that the Certificates are not being registered under
      the
      Securities Act of 1933, as amended (the “Act”), or any state securities laws and
      are being transferred to us in a transaction that is exempt from the
      registration requirements of the Act and any such laws, (b) we are an
“accredited investor”, as defined in Regulation D under the Act, and have such
      knowledge and experience in financial and business matters that we are capable
      of evaluating the merits and risks of investments in the Certificates, (c)
      we
      have had the opportunity to ask questions of and receive answers from the
      Depositor concerning the purchase of the Certificates and all matters relating
      thereto or any additional information deemed necessary to our decision to
      purchase the Certificates, (d) either: (i) we are not an employee benefit plan
      that is subject to the Employee Retirement Income Security Act of 1974, as
      amended (“ERISA”), or a plan that is subject to Section 4975 of the Internal
      Revenue Code of 1986, as amended (the “Code”), nor are we acting on behalf of
      any such plan; (ii) we are an insurance company which is purchasing such
      Certificates with funds contained in an “insurance company general account” (as
      such term is defined in Section V(e) of Prohibited Transaction Class Exemption
      95-60 (“PTCE 95-60”) and the purchase and holding of such Certificates are
      covered under Section I and III of PTCE 95-60 or (iii) we have presented an
      Opinion of Counsel satisfactory to the Securities Administrator, which Opinion
      of Counsel shall not be an expense of either the Securities Administrator or
      the
      Trust, addressed to the Securities Administrator and the Depositor, to the
      effect that the purchase and holding of such ERISA-Restricted Certificate that
      is a Physical Certificate will not result in a non-exempt prohibited transaction
      under Section 406 of ERISA or Section 4975 of the Code and will not subject
      the
      Trustee, the Master Servicer, any Servicer, the Securities Administrator or
      the
      Depositor to any obligation in addition to those expressly undertaken in this
      Agreement, either (i) we not acquiring such Certificate for, on behalf of,
      or
      with the assets of, an employee benefit plan or other retirement arrangement
      subject to the Employee Retirement Income Security Act of 1974, as amended,
      or
      Section 4975 of the Code, or (ii) the acquisition and holding of such
      Certificate are eligible for exemptive relief under Prohibited Transaction
      Class
      Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE-91-38, PTCE-95-60, PTCE-96-23 or some
      other applicable exemption, (e) we are acquiring the Certificates for investment
      for our own account and not with a view to any distribution of such Certificates
      (but without prejudice to our right at all times to sell or otherwise dispose
      of
      the Certificates in accordance with clause (g) below), (f) we have not offered
      or sold any Certificates to, or solicited offers to buy any Certificates from,
      any person, or otherwise approached or negotiated with any person with respect
      thereto, or taken any other action which would result in a violation of Section
      5 of the Act, and (g) we will not sell, transfer or otherwise dispose of any
      Certificates unless (1) such sale, transfer or other disposition is made
      pursuant to an effective registration statement under the Act or is exempt
      from
      such registration requirements, and if requested, we will at our expense provide
      an opinion of counsel to the addressees of this Certificate satisfactory to
      the
      Securities Administrator that such sale, transfer or other disposition may
      be
      made pursuant to an exemption from the Act, (2) the purchaser or transferee
      of
      such Certificate has executed and delivered to you a certificate to
      substantially the same effect as this certificate, and (3) the purchaser or
      transferee has otherwise complied with any conditions for transfer set forth
      in
      the Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        J-1-1

        
          

        

      

      
        
        

      

    

     

    
       

      
        
          	 	 	 
	 	
                  Very
                    Truly yours,

                   

                
	 	[NAME
                  OF TRANSFEREE]
	 
 	 
 	 
 
	 	By:	 
	 	
                	
                  Authorized
                    Officer

                
	 	
                	 

        

         

      

    

    
      
        
        

      

      
        J-1-2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      J-2

    

    FORM
      OF RULE 144A INVESTMENT LETTER

    

     

    [date]

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

     

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    

     

    
      	
              Re:
                

            	
              Luminent
                Mortgage Trust 2006-2, 

            
	 	
              Mortgage
                Loan Pass-Through Certificates, Series 2006-2
                 

            

    

    

     

    Ladies
      and Gentlemen:

     

    In
      connection with our acquisition of the above Certificates we certify that (a)
      we
      understand that the Certificates are not being registered under the Securities
      Act of 1933, as amended (the “Act”), or any state securities laws and are being
      transferred to us in a transaction that is exempt from the registration
      requirements of the Act and any such laws, (b) we have had the opportunity
      to
      ask questions of and receive answers from the Depositor concerning the purchase
      of the Certificates and all matters relating thereto or any additional
      information deemed necessary to our decision to purchase the Certificates,
      (c)
      either: (i) we are not an employee benefit plan that is subject to the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or a plan that is
      subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
      “Code”), nor are we acting on behalf of any such plan; (ii) we are an insurance
      company which is purchasing such Certificates with funds contained in an
“insurance company general account” (as such term is defined in Section V(e) of
      Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”) and the purchase and
      holding of such Certificates are covered under Section I and III of PTCE 95-60
      or (iii) we have presented an Opinion of Counsel satisfactory to the Securities
      Administrator, which Opinion of Counsel shall not be an expense of either the
      Securities Administrator or the Trust, addressed to the Securities Administrator
      and the Depositor, to the effect that the purchase and holding of such
      ERISA-Restricted Certificate that is a Physical Certificate will not result
      in a
      non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
      of
      the Code and will not subject the Trustee, the Master Servicer, any Servicer,
      the Securities Administrator or the Depositor to any obligation in addition
      to
      those expressly undertaken in this Agreement or to any liability, either (i)
      we
      not acquiring such Certificate for, on behalf of, or with the assets of, an
      employee benefit plan or other retirement arrangement subject to the Employee
      Retirement Income Security Act of 1974, as amended, or Section 4975 of the
      Code,
      or (ii) the acquisition and holding of such Certificate are eligible for
      exemptive relief under Prohibited Transaction Class Exemption (“PTCE”) 84-14,
      PTCE 90-1, PTCE-91-38, PTCE-95-60, PTCE-96-23 or some other applicable
      exemption; (d) we have not, nor has anyone acting on our behalf offered,
      transferred, pledged, sold or otherwise disposed of the Certificates, any
      interest in the Certificates or any other similar security to, or solicited
      any
      offer to buy or accept a transfer, pledge or other disposition of the
      Certificates, any interest in the Certificates or any other similar security
      from, or otherwise approached or negotiated with respect to the Certificates,
      any interest in the Certificates or any other similar security with, any person
      in any manner, or made any general solicitation by means of general advertising
      or in any other manner, or taken any other action, that would constitute a
      distribution of the Certificates under the Act or that would render the
      disposition of the Certificates a violation of Section 5 of the Act or require
      registration pursuant thereto, nor will act, nor has authorized or will
      authorize any person to act, in such manner with respect to the Certificates,
      (e) we are a “qualified institutional buyer” as that term is defined in Rule
      144A under the Act and have completed either of the forms of certification
      to
      that effect attached hereto as Annex 1 or Annex 2. We are aware that the sale
      to
      us is being made in reliance on Rule 144A. We are acquiring the Certificates
      for
      our own account or for resale pursuant to Rule 144A and further, understand
      that
      such Certificates may be resold, pledged or transferred only (i) to a person
      reasonably believed to be a qualified institutional buyer that purchases for
      its
      own account or for the account of a qualified institutional buyer to whom notice
      is given that the resale, pledge or transfer is being made in reliance on Rule
      144A, or (ii) pursuant to another exemption from registration under the
      Act.

     

    
      
        
        

      

      
        J-2-1

        
          

        

      

      
        
        

      

    

    
      
         

         

        
          
            	 	 	 
	 	
                    Very
                      Truly yours,

                     

                  
	 	[NAME
                    OF TRANSFEREE]
	 
 	 
 	 
 
	 	By:	 
	 	
                  	
                    Authorized
                      Officer

                  
	 	
                  	 

          

           

        

      

      
        
          
          

        

        
          J-2-2

          
            

          

        

        
          
          

        

         

      

    

    ANNEX
      1 TO EXHIBIT J-2

     

    QUALIFIED
      INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

     

    [For
      Transferees Other Than Registered Investment Companies]

     

    The
      undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
      the Rule 144A Transferee Certificate to which this certification relates with
      respect to the Certificates described therein:

     

    i.       As
      indicated below, the undersigned is the President, Chief Financial Officer,
      Senior Vice President or other executive officer of the Buyer.

     

    ii.       In
      connection with purchases by the Buyer, the Buyer is a “qualified institutional
      buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as
      amended (“Rule 144A”) because (i) the Buyer owned and/or invested on a
      discretionary basis $            1 
      in
      securities (except for the excluded securities referred to below) as of the
      end
      of the Buyer’s most recent fiscal year (such amount being calculated in
      accordance with Rule 144A and (ii) the Buyer satisfies the criteria in the
      category marked below.

     

    ___       Corporation,
      etc.
      The
      Buyer is a corporation (other than a bank, savings and loan association or
      similar institution), Massachusetts or similar business trust, partnership,
      or
      charitable organization described in Section 501(c)(3) of the Internal Revenue
      Code of 1986, as amended.

     

    ___       Bank.
      The
      Buyer (a) is a national bank or banking institution organized under the laws
      of
      any State, territory or the District of Columbia, the business of which is
      substantially confined to banking and is supervised by the State or territorial
      banking commission or similar official or is a foreign bank or equivalent
      institution, and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a
      copy
      of which is attached hereto.

     

    ___       Savings
      and Loan.
      The
      Buyer (a) is a savings and loan association, building and loan association,
      cooperative bank, homestead association or similar institution, which is
      supervised and examined by a State or Federal authority having supervision
      over
      any such institutions or is a foreign savings and loan association or equivalent
      institution and (b) has an audited net worth of at least $25,000,000 as
      demonstrated in its latest annual financial statements, a
      copy
      of which is attached hereto.

     

    ___       Broker-dealer.
      The
      Buyer is a dealer registered pursuant to Section 15 of the Securities Exchange
      Act of 1934.

     

    
      

      
        
          

        

        
          
            	
                    1

                  	
                    Buyer
                      must own and/or invest on a discretionary basis at least $100,000,000
                      in
                      securities unless Buyer is a dealer, and, in that case, Buyer
                      must own
                      and/or invest on a discretionary basis at least $10,000,000
                      in
                      securities.

                  

          

           

          
            
              
              

            

            
              J-2-3

              
                

              

            

            
              
              

            

          

        

      

    

     

    ___       Insurance
      Company.
      The
      Buyer is an insurance company whose primary and predominant business activity
      is
      the writing of insurance or the reinsuring of risks underwritten by insurance
      companies and which is subject to supervision by the insurance commissioner
      or a
      similar official or agency of a State, territory or the District of
      Columbia.

     

    ___       State
      or Local Plan.
      The
      Buyer is a plan established and maintained by a State, its political
      subdivisions, or any agency or instrumentality of the State or its political
      subdivisions, for the benefit of its employees.

     

    ___       ERISA
      Plan.
      The
      Buyer is an employee benefit plan within the meaning of Title I of the Employee
      Retirement Income Security Act of 1974.

     

    ___       Investment
      Advisor.
      The
      Buyer is an investment advisor registered under the Investment Advisors Act
      of
      1940.

     

    ___       Small
      Business Investment Company.
      Buyer
      is a small business investment company licensed by the U.S. Small Business
      Administration under Section 301(c) or (d) of the Small Business Investment
      Act
      of 1958.

     

    ___       Business
      Development Company.
      Buyer
      is a business development company as defined in Section 202(a)(22) of the
      Investment Advisors Act of 1940.

     

    iii.       The
      term “securities”
as
      used
      herein does
      not include
      (i)
      securities of issuers that are affiliated with the Buyer, (ii) securities that
      are part of an unsold allotment to or subscription by the Buyer, if the Buyer
      is
      a dealer, (iii) securities issued or guaranteed by the U.S. or any
      instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
      (v) loan participations, (vi) repurchase agreements, (vii) securities owned
      but
      subject to a repurchase agreement and (viii) currency, interest rate and
      commodity swaps.

     

    iv.       For
      purposes of determining the aggregate amount of securities owned and/or invested
      on a discretionary basis by the Buyer, the Buyer used the cost of such
      securities to the Buyer and did not include any of the securities referred
      to in
      the preceding paragraph, except (i) where the Buyer reports its securities
      holdings in its financial statements on the basis of their market value, and
      (ii) no current information with respect to the cost of those securities has
      been published. If clause (ii) in the preceding sentence applies, the securities
      may be valued at market. Further, in determining such aggregate amount, the
      Buyer may have included securities owned by subsidiaries of the Buyer, but
      only
      if such subsidiaries are consolidated with the Buyer in its financial statements
      prepared in accordance with generally accepted accounting principles and if
      the
      investments of such subsidiaries are managed under the Buyer’s direction.
      However, such securities were not included if the Buyer is a majority-owned,
      consolidated subsidiary of another enterprise and the Buyer is not itself a
      reporting company under the Securities Exchange Act of 1934, as
      amended.

     

    v.       The
      Buyer acknowledges that it is familiar with Rule 144A and understands that
      the
      seller to it and other parties related to the Certificates are relying and
      will
      continue to rely on the statements made herein because one or more sales to
      the
      Buyer may be in reliance on Rule 144A.

     

    vi.       Until
      the date of purchase of the Rule 144A Securities, the Buyer will notify each
      of
      the parties to which this certification is made of any changes in the
      information and conclusions herein. Until such notice is given, the Buyer’s
      purchase of the Certificates will constitute a reaffirmation of this
      certification as of the date of such purchase. In addition, if the Buyer is
      a
      bank or savings and loan is provided above, the Buyer agrees that it will
      furnish to such parties updated annual financial statements promptly after
      they
      become available.

     

    
      
        
        

      

      
        J-2-4

        
          

        

      

      
        
        

      

    

     

    
      
         

        
          	 	 	 
	 	 
	 	
                  Print
                    Name of Buyer

                
	 
 	 
 	 
 
	 	By:	 
	 	
                	Name:
	 	
                	Title:
	 	Date:	 

        

      

    

     

     

    
      
        
        

      

      
        J-2-5

        
          

        

      

      
        
        

      

    

    
      

      ANNEX
        2 TO EXHIBIT J-2

       

      QUALIFIED
        INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

       

      [For
        Transferees That are Registered Investment Companies]

       

      The
        undersigned (the “Buyer”) hereby certifies as follows to the parties listed in
        the Rule 144A Transferee Certificate to which this certification relates
        with
        respect to the Certificates described therein:

       

      1.       As
        indicated below, the undersigned is the President, Chief Financial Officer
        or
        Senior Vice President of the Buyer or, if the Buyer is a “qualified
        institutional buyer” as that term is defined in Rule 144A under the Securities
        Act of 1933, as amended (“Rule 144A”) because Buyer is part of a Family of
        Investment Companies (as defined below), is such an officer of the
        Adviser.

       

      2.       In
        connection with purchases by Buyer, the Buyer is a “qualified institutional
        buyer” as defined in SEC Rule 144A because (i) the Buyer is an investment
        company registered under the Investment Company Act of 1940, as amended and
        (ii)
        as marked below, the Buyer alone, or the Buyer’s Family of Investment Companies,
        owned at least $100,000,000 in securities (other than the excluded securities
        referred to below) as of the end of the Buyer’s most recent fiscal year. For
        purposes of determining the amount of securities owned by the Buyer or the
        Buyer’s Family of Investment Companies, the cost of such securities was used,
        except (i) where the Buyer or the Buyer’s Family of Investment Companies reports
        its securities holdings in its financial statements on the basis of their
        market
        value, and (ii) no current information with respect to the cost of those
        securities has been published. If clause (ii) in the preceding sentence applies,
        the securities may be valued at market.

       

      ___       The
        Buyer owned $            
        in
        securities (other than the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A).

       

      ___       The
        Buyer is part of a Family of Investment Companies which owned in the aggregate
        $        
        in
        securities (other than the excluded securities referred to below) as of the
        end
        of the Buyer’s most recent fiscal year (such amount being calculated in
        accordance with Rule 144A).

       

      3.       The
        term “Family
        of Investment Companies”
as
        used
        herein means two or more registered investment companies (or series thereof)
        that have the same investment adviser or investment advisers that are affiliated
        (by virtue of being majority owned subsidiaries of the same parent or because
        one investment adviser is a majority owned subsidiary of the
        other).

       

      4.       The
        term “securities”
as
        used
        herein does not include (i) securities of issuers that are affiliated with
        the
        Buyer or are part of the Buyer’s Family of Investment Companies, (ii) securities
        issued or guaranteed by the U.S. or any instrumentality thereof, (iii) bank
        deposit notes and certificates of deposit, (iv) loan participations, (v)
        repurchase agreements, (vi) securities owned but subject to a repurchase
        agreement and (vii) currency, interest rate and commodity swaps.

       

      
        
          
          

        

        
          J-2-6

          
            

          

        

        
          
          

        

      

       

      5.       The
        Buyer is familiar with Rule 144A and understands that the parties listed
        in the
        Rule 144A Transferee Certificate to which this certification relates are
        relying
        and will continue to rely on the statements made herein because one or more
        sales to the Buyer will be in reliance on Rule 144A. In addition, the Buyer
        will
        only purchase for the Buyer’s own account.

       

      6.       Until
        the date of purchase of the Certificates, the undersigned will notify the
        parties listed in the Rule 144A Transferee Certificate to which this
        certification relates of any changes in the information and conclusions herein.
        Until such notice is given, the Buyer’s purchase of the Certificates will
        constitute a reaffirmation of this certification by the undersigned as of
        the
        date of such purchase.

       

      
        
          
             

            
              	 	 	 
	 	 
	 	
                      Print
                        Name of Buyer or Adviser

                    
	 
 	 
 	 
 
	 	By:	 
	 	
                    	Name:
	 	
                    	Title:

            

          

        

        
          
            
              
                 

                
                  	 	 	 
	 	IF
                          AN ADVISER:
	 	
                           

                        
	 
 	 
 	 
 
	 	 	 
	 	
                        	
                          Print
                            Name of Buyer

                        
	 	 	 
	 	Date:	 

                

              

            

             

          

        

      

       

      
        
          
          

        

        
          J-2-7

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        K

       

      FORM
        OF TRANSFEROR CERTIFICATE

       

      [date]

       

      Greenwich
        Capital Acceptance, Inc.

      600
        Steamboat Road

      Greenwich,
        Connecticut 06830

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      

       

      
        	
                Re:
                  

              	
                Luminent
                  Mortgage Trust 2006-2, Mortgage

              
	 	
                Loan
                  Pass-Through Certificates, Series 2006-2, Class
                  A-R 

              

      

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with our proposed transfer of an Ownership Interest in Class A-R
        Certificates, we hereby certify that (a) we have no knowledge that the proposed
        Transferee is not a Permitted Transferee acquiring an Ownership Interest
        in such
        Class A-R Certificate for its own account and not in a capacity as trustee,
        nominee, or agent for another Person, and (b) we have not undertaken the
        proposed transfer in whole or in part to impede the assessment or collection
        of
        tax.

      
        
           

          
            	 	 	 
	 	 
	 	[_____________]
	 
 	 
 	 
 
	 	By:	 
	 	
                  	 
	 	
                  	 

          

        

         

        
          
            
            

          

          
            K-1

            
              

            

          

          
            
            

          

        

         

      

      EXHIBIT
        L

       

      TRANSFER
        AFFIDAVIT FOR CLASS A-R CERTIFICATE

      PURSUANT
        TO SECTION 6.02(e)

       

      LUMINENT
        MORTGAGE TRUST 2006-2,

      MORTGAGE
        LOAN PASS-THROUGH CERTIFICATES, SERIES 2006-2, CLASS A-R 

      

      

      
        	
                STATE
                  OF 

              	
                )

              	 
	 	
                )

              	
                ss:

              
	
                COUNTY
                  OF

              	
                )

              	 

      

      

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      
        	
                1.

              	
                The
                  undersigned is an officer of ______________________, the proposed
                  Transferee of a 100% Ownership Interest in the Class A-R Certificate
                  (the
                  “Certificate”) issued pursuant to the Pooling and Servicing Agreement,
                  (the “Agreement”), dated as of February 1, 2006, relating to the
                  above-referenced Certificates, among Greenwich Capital Acceptance,
                  Inc.,
                  as Depositor, Luminent Mortgage Capital, Inc., as Sponsor, Maia
                  Mortgage
                  Finance Statutory Trust, as Seller, Wells Fargo Bank, N.A., as
                  Master
                  Servicer and Securities Administrator and HSBC Bank USA, National
                  Association, as Trustee. Capitalized terms used, but not defined
                  herein,
                  shall have the meanings ascribed to such terms in the Agreement.
                  The
                  Transferee has authorized the undersigned to make this affidavit
                  on behalf
                  of the Transferee.

              

      

       

      
        	
                2.

              	
                The
                  Transferee is, as of the date hereof, and will be, as of the date
                  of the
                  Transfer, a Permitted Transferee. The Transferee is acquiring its
                  Ownership Interest for its own account and not in a capacity as
                  trustee,
                  nominee or agent for another party.

              

      

       

      
        	
                3.

              	
                The
                  Transferee has been advised of, and understands that (i) a tax
                  will be
                  imposed on Transfers of the Certificate to Persons that are not
                  Permitted
                  Transferees; (ii) such tax will be imposed on the transferor, or,
                  if such
                  Transfer is through an agent (which includes a broker, nominee
                  or
                  middleman) for a Person that is not a Permitted Transferee, on
                  the agent;
                  and (iii) the Person otherwise liable for the tax shall be relieved
                  of
                  liability for the tax if the subsequent Transferee furnished to
                  such
                  Person an affidavit that such subsequent Transferee is a Permitted
                  Transferee and, at the time of Transfer, such Person does not have
                  actual
                  knowledge that the affidavit is false. The Transferee has provided
                  financial statements or other financial information requested by
                  the
                  Transferor in connection with the transfer of the Certificate to
                  permit
                  the Transferor to assess the financial capability of the Transferee
                  to pay
                  such taxes.

              

      

       

      
        	
                4.

              	
                The
                  Transferee has been advised of, and understands that a tax may
                  be imposed
                  on a “pass-through entity” holding the Certificate if, at any time during
                  the taxable year of the pass-through entity, a Disqualified Organization
                  is the record holder of an interest in such entity. The Transferee
                  understands that such tax will not be imposed for any period with
                  respect
                  to which the record holder furnishes to the pass-through entity
                  an
                  affidavit that such record holder is not a Disqualified Organization
                  and
                  the pass-through entity does not have actual knowledge that such
                  affidavit
                  is false. (For this purpose, a “pass-through entity” includes a regulated
                  investment company, a real estate investment trust or common trust
                  fund, a
                  partnership, trust or estate, and certain cooperatives and, except
                  as may
                  be provided in Treasury Regulations, persons holding interests
                  in
                  pass-through entities as a nominee for another
                  Person.)

              

      

       

      
        
          
          

        

        
          L-1

          
            

          

        

        
          
          

        

      

       

      
        	
                5.

              	
                The
                  Transferee has reviewed the provisions of Section 6.02(e) of the
                  Agreement
                  and understands the legal consequences of the acquisition of an
                  Ownership
                  Interest in the Certificate including, without limitation, the
                  restrictions on subsequent Transfers and the provisions regarding
                  voiding
                  the Transfer and mandatory sales. The Transferee expressly agrees
                  to be
                  bound by and to abide by the provisions of Section 6.02(e) of the
                  Agreement and the restrictions noted on the face of the Certificate.
                  The
                  Transferee understands and agrees that any breach of any of the
                  representations included herein shall render the Transfer to the
                  Transferee contemplated hereby null and
                  void.

              

      

       

      
        	
                6.

              	
                The
                  Transferee agrees to require a Transfer Affidavit from any Person
                  to whom
                  the Transferee attempts to Transfer its Ownership Interest in the
                  Certificate, and the Transferee will not Transfer its Ownership
                  Interest
                  or cause any Ownership Interest to be Transferred to any Person
                  that the
                  Transferee knows is not a Permitted Transferee. In connection with
                  any
                  such Transfer by the Transferee, the Transferee agrees to deliver
                  to the
                  Trustee a certificate substantially in the form set forth as Exhibit
                  K to
                  the Agreement (a “Transferor
                  Certificate”).

              

      

       

      
        	
                7.

              	
                The
                  Transferee does not have the intention to impede the assessment
                  or
                  collection of any tax legally required to be paid with respect
                  to the
                  Certificate.

              

      

       

      
        	
                8.

              	
                The
                  Transferee’s taxpayer identification number is             .

              

      

       

      
        	
                9.

              	
                The
                  Transferee is aware that the Certificate may be a “noneconomic residual
                  interest” within the meaning of the REMIC provisions and that the
                  transferor of a noneconomic residual interest will remain liable
                  for any
                  taxes due with respect to the income on such residual interest,
                  unless no
                  significant purpose of the transfer was to impede the assessment
                  or
                  collection of tax.

              

      

       

      
        
          
          

        

        
          L-2

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its duly authorized
        officer and its corporate seal to be hereunto affixed, duly attested, this
            
        day
        of
                  ,
        20  .

       

      
        
           

          
            	 	 	 
	 	 
	 	[NAME
                    OF TRANSFEREE]
	 
 	 
 	 
 
	 	By:	 
	 	
                  	Name:
	 	
                  	Title:

          

        

      

       

      [Corporate
        Seal]

       

      ATTEST:

       

      ________________

      [Assistant]
        Secretary

       

      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
        Transferee, and acknowledged that he executed the same as his free act and
        deed
        and the free act and deed of the Transferee.

       

      Subscribed
        and sworn before me this     
        day
        of
        
        ,
        20  .

       

      
        
          
            
              	 	 	 
	 
 	 
 	 
 
	 	 	 
	 	
                    	
                      NOTARY
                        PUBLIC

                    
	 	
                    	 

            

          

        

         

      

      
        	 	 	 	 	 	 	 	
                My
                  Commission expires the     
                  day of                 ,
                  20  .

              

      

       

      
        
          
          

        

        
          L-3

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        M

       

      LIST
        OF SERVICING AGREEMENTS

       

      
        	
                1.

              	
                Master
                  Mortgage Loan Purchase and Servicing Agreement dated as of April
                  1, 2003,
                  as amended by that certain Amendment Number One dated as of November
                  1,
                  2004 and as further amended on December 1, 2005 by that certain
                  Amendment
                  Reg AB to the Master Mortgage Loan Purchase and Servicing Agreement
                  dated
                  as of December 1, 2005, each between Greenwich Capital Financial
                  Products,
                  Inc. (”GCFP”) and Countrywide Home Loans, Inc. (“CHL”), and as further
                  amended by that certain Assignment and Recognition Agreement dated
                  January
                  31, 2006, among Maia Mortgage Finance Statutory Trust (“Maia”), GCFP and
                  CHL, and as reconstituted by the Reconstituted Servicing Agreement
                  dated
                  as of February 1, 2006, among Luminent Mortgage Capital, Inc.,
                  CHL,
                  Countrywide Home Loans Servicing LP, as servicer, Greenwich Capital
                  Acceptance, Inc. and Maia, and acknowledged by Wells Fargo Bank,
                  N.A., as
                  master servicer and securities administrator, and HSBC Bank USA,
                  National
                  Association, as trustee.

              

      

       

      
        	
                2.

              	
                Flow
                  Sale and Servicing Agreement dated as of January 24, 2006, by and
                  among
                  Luminent Mortgage Capital, Inc. (“Luminent”), Mercury Mortgage Finance
                  Statutory Trust, Maia Mortgage Finance Statutory Trust (“Maia”) and Paul
                  Financial, LLC (“Paul Financial”), as reconstituted by that certain
                  Reconstituted Servicing Agreement dated as of February 1, 2006,
                  among
                  Luminent, Paul Financial, Greenwich Capital Acceptance, Inc. and
                  Maia, and
                  acknowledged by Wells Fargo Bank, N.A., as master servicer and
                  securities
                  administrator, and HSBC Bank USA, National Association, as
                  trustee.

              

      

       

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        N-1

       

      

      FORM
        OF
        TRANSFER CERTIFICATE

      FOR
        TRANSFER FROM RESTRICTED GLOBAL SECURITY

      TO
        REGULATION S GLOBAL SECURITY

      (Transfers
        pursuant to §§ 6.02 (f) (ii)

                            
        of the Pooling
        and Servicing Agreement)                            

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      

      
        	
                Re:

              	
                Luminent
                  Mortgage Trust 2006-2

              
	 	
                Mortgage
                  Loan Pass-Through Certificates, Series
                  2006-2

              

      

      

       

      Reference
        is hereby made to the Pooling and Servicing Agreement dated as of February
        1,
        2006 (the “Pooling and Servicing Agreement”) among Greenwich Capital Acceptance,
        Inc., as Depositor, Luminent Mortgage Capital, Inc., as Sponsor, Maia Mortgage
        Finance Statutory Trust, as Seller, Wells Fargo Bank, N.A., as Master Servicer
        and Securities Administrator and HSBC Bank USA, National Association, as
        Trustee. Capitalized terms used but not defined herein shall have the meanings
        given them in the Pooling and Servicing Agreement.

       

      This
        letter relates to U.S. $____________________________ aggregate principal
        amount
        of Securities which are held in the form of a Restricted Global Security
        with
        the Depository 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 Pooling and Servicing Agreement and the private placement
        memorandum dated February 14, 2006, relating to 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 (the
        “Securities Act”); and

       

      
        
          
          

        

        
          N-1-1

          
            

          

        

        
          
          

        

      

       

      e.       the
        transferee is not a U.S. Person.

       

      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 proceedings or official inquiry with respect
        to the
        matters covered hereby. Terms used in this certificate have the meanings
        set
        forth in Regulation S.

       

      
        
          
             

            
              	 	 	 
	 	 
	 	[Name
                      of Transferor]
	 
 	 
 	 
 
	 	By:	 
	 	
                    	Name:
	 	
                    	Title:
	
                    	
                       

                       

                      Date:

                    	
                       

                       

                      ______,_____

                    

            

          

        

      

       

      
        
          
          

        

        
          N-1-2

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        N-2

      FORM
        OF
        TRANSFER CERTIFICATE FOR TRANSFER 

      FROM
        REGULATION S GLOBAL SECURITY

      TO
        RESTRICTED GLOBAL SECURITY

      (Transfers
        pursuant to §§ 6.02 (f) (iii)

                                of
        the Pooling
        and Servicing Agreement)                          

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      

      
        	
                Re:

              	
                Luminent
                  Mortgage Trust 2006-2

              
	 	
                Mortgage
                  Loan Pass-Through Certificates, Series
                  2006-2

              

      

      

       

      Reference
        is hereby made to the Pooling and Servicing Agreement dated as of February
        1,
        2006 (the “Pooling and Servicing Agreement”) among Greenwich Capital Acceptance,
        Inc., as Depositor, Luminent Mortgage Capital, Inc., as Sponsor, Maia Mortgage
        Finance Statutory Trust, as Seller, Wells Fargo Bank, N.A., as Master Servicer
        and Securities Administrator and HSBC Bank USA, National Association, as
        Trustee. Capitalized terms used but not defined herein shall have the meanings
        given them in the Pooling and Servicing 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 Pooling and Servicing
        Agreement and the private placement memorandum dated February 14, 2006, relating
        to 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
        or any
        such account is a qualified institutional buyer within the meaning of Rule
        144A,
        in a transaction meeting the requirements of Rule 144A and in accordance
        with
        any applicable securities laws of any state of the United States or any other
        jurisdiction.

      
         

        
          
            
               

              
                	 	 	 
	 	 
	 	[Name
                        of Transferor]
	 
 	 
 	 
 
	 	By:	 
	 	
                      	Name:
	 	
                      	Title:
	
                      	
                         

                         

                        Date:

                      	
                         

                         

                        ______,_____

                      

              

            

          

        

         

        
          
            
            

          

          
            N-2-1

            
              

            

          

          
            
            

          

        

         

      

      EXHIBIT
        O

      

       

      FINANCIAL
        GUARANTY INSURANCE POLICY 

       

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        P

       

      [Reserved]

       

      

      
        
          
          

        

        
          P-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        Q

       

      SERVICING
        CRITERIA

       

      

      The
        assessment of compliance to be delivered by Wells Fargo Bank, N.A. (“Wells
        Fargo”), in its capacities as Master Servicer and Securities Administrator,
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                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.

              	 
	 	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                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

              
	
                1122(d)(2)(iii)

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

              	
                X

              
	
                1122(d)(2)(iv)

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

              	
                X

              
	
                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

              

      

       

      
        
          
          

        

        
          Q-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              
	
                Reference

              	
                Criteria

              	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                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

              
	 	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                X

              
	
                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

              
	
                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

              
	
                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

              
	 	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                 

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements.

              	
                 

              
	
                1122(d)(4)(iii)

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

              	 
	
                1122(d)(4)(iv)

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

              	 

      

       

      
        
          
          

        

        
          Q-2

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              
	
                Reference

              	
                Criteria

              	 
	
                1122(d)(4)(v)

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

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 
	
                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.

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	 
	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 
	
                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

              
	 	 	 

      

       

      
        
          
          

        

        
          Q-3

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        R

       

       

      ADDITIONAL
        FORM 10-D DISCLOSURE

       

      

      
        	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  1: Distribution and Pool Performance Information

                 

                 

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

              	
                Servicers

                Securities
                  Administrator

                Depositor

              
	
                Item
                  2: Legal Proceedings

                per
                  Item 1117 of Reg AB

              	
                (i)
                  All parties to the PSA (as to themselves), (ii) the Securities
                  Administrator and Trustee as to the issuing entity, (iii) the Depositor
                  as
                  to the sponsor, any 1110(b) originator, any 1100(d)(1)
                  party

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

              	
                Depositor

              
	
                Item
                  4: Defaults Upon Senior Securities

              	
                Securities
                  Administrator

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

              	
                Securities
                  Administrator

              
	
                Item
                  6: Significant Obligors of Pool Assets

              	
                N/A

              
	
                Item
                  7: Significant Enhancement Provider Information

              	
                Depositor/Securities
                  Administrator

              
	
                Item
                  8: Other Information

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  9: Exhibits

              	
                Securities
                  Administrator/Depositor

              
	 	 

      

       

      
        
          
          

        

        
          R-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        S

       

       

      ADDITIONAL
        FORM 10-K DISCLOSURE

       

      

      
        	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Item
                  1B: Unresolved Staff Comments

                 

              	
                Depositor

              
	
                Item
                  9B: Other Information

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Securities
                  Administrator

                Depositor

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1117 of Reg AB

              	
                (i)
                  All parties to the PSA (as to themselves), (ii) the Securities
                  Administrator and Master Servicer as to the issuing entity, (iii)
                  the
                  Depositor as to the sponsor, any 1110(b) originator, any 1100(d)(1)
                  party

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1119 of Reg AB

              	
                (i)
                  All parties to the Pooling and Servicing Agreement as to themselves,
                  (ii)
                  the Depositor as to the sponsor, originator, significant obligor,
                  enhancement or support provider

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1112(b) of Reg AB

              	
                N/A

              
	
                Additional
                  Item:

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

              	
                Depositor

              
	 	 

      

       

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        T

       

       

      ADDITIONAL
        FORM 8-K DISCLOSURE

      

      

      
        	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

              	
                All
                  parties

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

              	
                All
                  parties

              
	
                Item
                  1.03- Bankruptcy or Receivership

              	
                Depositor

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

              	
                Depositor

              
	
                Item
                  3.03- Material Modification to Rights of Security Holders

              	
                Securities
                  Administrator

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

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Securities Administrator

              	
                Servicers/Master
                  Servicer/Securities Administrator

              
	
                Item
                  6.03- Change in Credit Enhancement or External Support

              	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Securities
                  Administrator

              
	
                Item
                  6.05- Securities Act Updating Disclosure

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                Depositor

              
	
                Item
                  8.01

              	
                Depositor

              
	
                Item
                  9.01

              	
                Depositor

              
	 	 

      

      

      
        
          
          

        

        
          T-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        U

       

      FORM
        OF
        ADDITIONAL DISCLOSURE NOTIFICATION

       

       

      Wells
        Fargo Bank, N.A. as Securities Administrator 

      Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Fax:
        (410) 715-2380

      E-mail:
        cts.sec.notifications@wellsfargo.com

       

      Attn:
        Corporate Trust Services - LUMINENT MORTGAGE TRUST 2006-2-SEC REPORT
        PROCESSING

      RE:
        **Additional Form [ ] Disclosure**Required

       

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 3.19(a)(ii) of the Pooling and Servicing Agreement
        dated
        as of February 1, 2006 among the Greenwich Capital Assistance, Inc., as
        depositor, Luminent Mortgage Capital, Inc., as Sponsor, Maia Mortgage Finance
        Statutory Trust, as Seller, Wells Fargo Bank, N.A., as Master Servicer and
        Securities Administrator and HSBC Bank USA, 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 [ ].

       

      Description
        of Additional Form [ ] Disclosure:

      
 

       

      List
        of
        Any Attachments hereto to be included in the Additional Form [ ]
        Disclosure:

       

      

       

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

       

      
        
          
            
               

              
                	 	 	 
	 	 
	 	
                        [NAME
                          OF PARTY]

                        as [role]

                      
	 
 	 
 	 
 
	 	By:	 
	 	
                      	Name:
	 	
                      	Title:

              

            

          

        

         

        
          
            
            

          

          
            U-1

            
              

            

          

          
            
            

          

        

      

       

      SCHEDULE
        I

       

      MORTGAGE
        LOAN SCHEDULE

       

       

      [To
        be
        retained in a separate closing binder entitled “Luminent 2006-2 Mortgage Loan
        Schedule” at the Washington DC offices of McKee Nelson LLP]EXHIBIT
      4.2

     

     

     

    GREENWICH
      CAPITAL ACCEPTANCE, INC.,

     

    as
      Purchaser

     

    and

     

    MAIA
      MORTGAGE FINANCE STATUTORY TRUST,

     

    

     

    as
      Seller

     

    and

     

    LUMINENT
      MORTGAGE CAPITAL, INC.

     

    as
      Sponsor

     

    

     

    MORTGAGE
      LOAN PURCHASE AGREEMENT

     

    Dated
      as
      of February 1, 2006

     

    Adjustable-Rate
      Mortgage Loans

     

    Luminent
      Mortgage Trust 2006-2

    Mortgage
      Loan Pass-Through Certificates, Series 2006-2

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Table
      of Contents

    
      	 	
              Page

            
	
              ARTICLE
                I DEFINITIONS

            	
              2

            
	
              Section
                1.01. Definitions

            	
              2

            
	
              ARTICLE
                II SALE OF MORTGAGE LOANS; PAYMENT OF PURCHASE PRICE

            	
              2

            
	
              Section
                2.01. Sale of Mortgage Loans; Assignment of the Servicing
                Agreements

            	
              2

            
	
              Section
                2.02. Obligations of the Seller Upon Sale and Assignment

            	
              3

            
	
              Section
                2.03. Payment of Purchase Price for the Mortgage Loans

            	
              4

            
	
              ARTICLE
                III REPRESENTATIONS AND WARRANTIES; REMEDIES FOR BREACH

            	
              4

            
	
              Section
                3.01 Sponsor Representations and Warranties Relating to the Mortgage
                Loans

            	
              4

            
	
              Section
                3.02. Representations and Warranties

            	
              5

            
	
              Section
                3.03. Remedies for Breach of Representations and
                Warranties

            	
              7

            
	
              ARTICLE
                IV SELLER’S COVENANTS

            	
              8

            
	
              Section
                4.01. Covenants of the Seller

            	
              8

            
	
              ARTICLE
                V ATTORNEYS’ FEES

            	
              8

            
	
              Section
                5.01. Attorneys' Fees

            	
              8

            
	
              ARTICLE
                VI TERMINATION

            	
              8

            
	
              Section
                6.01. Termination

            	
              8

            
	
              ARTICLE
                VII MISCELLANEOUS PROVISIONS

            	
              9

            
	
              Section
                7.01. Amendment

            	
              9

            
	
              Section
                7.02. Governing Law

            	
              9

            
	
              Section
                7.03. Notices

            	
              9

            
	
              Section
                7.04. Severability of Provisions

            	
              10

            
	
              Section
                7.05. Counterparts

            	
              10

            
	
              Section
                7.06. Further Agreements

            	
              10

            
	
              Section
                7.07. Intention of the Parties

            	
              11

            
	
              Section
                7.08. Successors and Assigns: Assignment of Purchase
                Agreement

            	
              11

            
	
              Section
                7.09. Survival

            	
              11

            
	Schedule
              I: Mortgage
              Loan Schedule	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS
      MORTGAGE LOAN PURCHASE AGREEMENT, dated as of February 1, 2006 (the
“Agreement”),
      is
      made and entered into among Luminent Mortgage Capital, Inc. (the “Sponsor”),
      Maia
      Mortgage Finance Statutory Trust (the “Seller”)
      and
      Greenwich Capital Acceptance, Inc. (the “Purchaser”).

     

    W
      I T N E S S E T H

     

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

     

    WHEREAS,
      the Seller and the Sponsor are parties to the Flow Sale and Servicing Agreement
      dated as of January 24, 2006, among the Sponsor, Mercury Mortgage Finance
      Statutory Trust and the Seller, as purchasers, and Paul Financial, LLC
      (“PF”),
      as
      company (the “FSSA”),
      as
      reconstituted by that certain reconstituted servicing agreement dated as of
      February 1, 2006, between Greenwich Capital Acceptance, Inc., as depositor,
      the
      Seller, the Sponsor, PF, as servicer, and Wells Fargo Bank, N.A., as master
      servicer and securities administrator, and acknowledged by HSBC Bank U.S.A.
      National Association, as trustee (the “Paul
      Financial Reconstituted Servicing Agreement,”
      together with the FSSA, the “Paul
      Financial Servicing Agreement”);
      and

     

    WHEREAS,
      the Seller is the assignee of all rights and obligations of the purchaser under
      the Master Mortgage Loan Purchase and Servicing Agreement dated as of April
      1,
      2003, between Greenwich Capital Financial Products, Inc., as purchaser, and
      Countrywide Home Loans, Inc. (“CHL”),
      as
      seller and servicer (the “MMLPSA”),
      as
      amended by that certain Amendment Number One dated as of November 1, 2004,
      between Greenwich Capital Financial Products, Inc. (“GCFP”)
      and
      CHL (the “Amendment
      Number One”),
      as
      further amended on December 1, 2005 by that certain Amendment Reg AB to the
      Master Mortgage Loan Purchase and Servicing Agreement dated as of December
      1,
      2005 (the “Amendment
      Reg AB”),
      between GCFP and CHL, and as further amended by a certain assignment and
      recognition agreement dated January 31, 2006, among the Seller, GCFP and CHL
      (the “ARA,”
      together with the MMLPSA, Amendment Number One and the Amendment Reg AB, the
      “Servicing
      Agreement”),
      and a
      party to that certain reconstituted servicing agreement dated as of February
      1,
      2006, between the Purchaser, as depositor, the Seller, the Sponsor, CHL,
      Countrywide Home Loans Servicing LP (“Countrywide”),
      as
      servicer, and Wells Fargo Bank, N.A., as master servicer and securities
      administrator, and acknowledged by HSBC Bank U.S.A. National Association, as
      trustee (the “Reconstituted
      Countrywide Servicing Agreement,”
      together with the Servicing Agreement, the “Countrywide
      Servicing Agreement,”
and
      the Countrywide Servicing Agreement, together with the Paul Financial Servicing
      Agreement, the “Servicing
      Agreements”);
      and

     

    WHEREAS,
      the Mortgage Loans are currently being serviced under the Servicing Agreements
      by the related servicers identified therein; and

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    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 and (b) the proceeds
      of
      any insurance policies covering the Mortgage Loans or the Mortgaged Properties
      or the obligors on the Mortgage Loans; 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 February 1, 2006 (the “Pooling
      and Servicing Agreement”),
      among
      the Purchaser, the Sponsor, Wells Fargo Bank, N.A., as master servicer and
      securities administrator, and HSBC Bank USA, National Association, as trustee
      (the “Trustee”),
      the
      Purchaser will convey the Mortgage Loans to the Trustee on behalf of the trust
      fund created by the Pooling and Servicing Agreement (the “Trust
      Fund”).

     

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

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Definitions. 

     

    “Servicing
      Fee”:
      With
      respect to each Servicer and the Mortgage Loans serviced by such Servicer and
      for any calendar month, the fee payable to the Servicer determined pursuant
      to
      the related Servicing Agreement.

     

    Any
      capitalized term used but not defined herein and below shall have the meaning
      assigned thereto in the Pooling and Servicing Agreement.

     

    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 (other than any premium amounts paid by the Seller in connection
      with the purchase of any Mortgage Loan) and the related Mortgage File, including
      the related Cut-off Date Principal Balance, all interest due thereon after
      the
      Cut-off Date 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 that has become an REO Property;
      (iii) its interest in any insurance policies in respect of the Mortgage Loans
      (including any insurance proceeds) and (iv) all proceeds of any of the
      foregoing.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    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 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 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 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, cause the Custodian to deliver and deposit with the Trustee
      (or a
      custodian as its designated agent), as assignee of the Purchaser, on or before
      the Closing Date, the documents described in Section 2.01 of the Pooling and
      Servicing Agreement including, but not limited to, the original Mortgage Notes
      and the Servicing Agreements. Notwithstanding the foregoing, the Seller will
      not
      be under any obligation to deliver, indirectly through a custodian, any mortgage
      loan that is not a Mortgage Loan as defined herein.

     

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

     

    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.

     

    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. 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, 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, including, without limitation, Articles 8 and 9 of the Uniform
      Commercial Code in effect in the applicable state). The Seller authorizes the
      Purchaser, to the extent consistent with this Agreement, to take such actions
      with respect to the filing and continuation of UCC financing statements 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 and Servicing Agreement.
      Without limiting the generality of the foregoing, the Seller hereby agrees
      to
      take such actions on the Closing Date required of the Seller by Section 2.01
      of
      the Pooling and Servicing Agreement as are necessary under applicable law
      (including but not limited to the relevant UCC) in order to perfect the interest
      of the Trustee in the related Mortgaged Property.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    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 pay to the Seller on the Closing
      Date by transfer of immediately available funds, an amount equal to $[[819,501,970.08]]
      (which amount includes accrued interest), and transfer of the Class X, Class
      PO,
      Class A-R Certificates and the Subordinate Certificates to the Seller (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, including, without limitation, fees and expenses of
      Purchaser’s counsel, fees of the rating agencies requested to rate the
      Certificates, accountant’s fees and expenses and other out-of-pocket costs, if
      any.

     

    ARTICLE
      III

     

    REPRESENTATIONS
      AND WARRANTIES; REMEDIES FOR BREACH

     

    Section
      3.01. Sponsor
      Representations and Warranties Relating to the Mortgage Loans. 

     

    (a) The
      Sponsor hereby makes the representations and warranties set forth in Section
      3.02 of the Paul Financial Servicing Agreement with respect to the related
      Mortgage Loans and by this reference incorporated herein, to the Depositor
      and
      the Trustee, as of the Closing Date or, if applicable, such other date as may
      be
      specified therein.

     

    (b) The
      Sponsor hereby makes the representation that with respect to each representation
      and warranty with respect to any Mortgage Loan made by the Originator in the
      Countrywide Servicing Agreement that is made as of the related Closing Date
      (as
      defined in the Countrywide Servicing Agreement), no event has occurred since
      the
      related Closing Date (as defined in the Countrywide Servicing Agreement) in
      respect of the sale of the Mortgage Loans from CHL to GCFP that would render
      such representations and warranties to be untrue in any material respect as
      of
      the Closing Date.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    (c) With
      respect to any breach of representation or warranty set forth in this Section
      3.01, the Sponsor shall cure, repurchase or substitute the related Mortgage
      Loan
      in accordance with and in the manner specified in the Pooling and Servicing
      Agreement. In any event, however, the Sponsor shall not be responsible for
      any
      delinquencies on the Mortgage Loans after the related Cut-off Date. Further,
      the
      Sponsor shall not have any obligation to cure, repurchase or substitute for
      a
      Mortgage Loan due to a breach of representation or warranty of Countrywide
      that
      occurred at or prior to the related Closing Date (as defined in the Countrywide
      Servicing Agreement).

     

    Section
      3.02. Representations
      and Warranties. 

     

    (a) 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 business
      trust under the laws of the State of Maryland 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, and 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;

     

    (iii) the
      Seller holds all necessary licenses, certificates and permits from all
      governmental authorities necessary for conducting its business as it is
      presently conducted. It is not required to obtain the consent of any other
      party
      or any consent, license, approval or authorization from, or registration or
      declaration with, any governmental authority, bureau or agency in connection
      with the execution, delivery, performance, validity or enforceability of this
      Agreement, except for such consents, licenses, approvals or authorizations,
      or
      registrations or declarations, as the case may be, as should have been obtained
      or filed, prior to the Closing Date. 

     

    (iv) 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
      articles of incorporation or by-laws or constitute a 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;

     

    (v) 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;

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    (vi) 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;

     

    (vii) to
      the
      extent each Originator has delivered good, marketable and indefeasible title
      to
      the Mortgage Loans to the Seller, 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 and upon the payment of the Purchase Price by the Purchaser, the Purchaser
      will have good and marketable title to the Mortgage Notes and Mortgage Loans,
      free and clear of all liens or encumbrances other than any security interest
      that is being released on the Closing Date and the Seller has not received
      any
      notice or otherwise has any actual knowledge of any title impairment with
      respect to the Mortgage Loans;

     

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

     

    (ix) 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;

     

    (x) 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;

     

    (xi) 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;

     

    (xii) the
      Seller is not insolvent, nor will the Seller be made insolvent by the transfer
      of the Mortgage Loans to the Depositor, nor is the Seller aware of any pending
      insolvency.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Sponsor represents, warrants and covenants to the Purchaser as of the Closing
      Date or as of such other date specifically provided herein:

     

    (i) the
      Sponsor is duly organized, validly existing and in good standing as a
      corporation under the laws of the State of Maryland 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
      Sponsor has the power and authority to execute, deliver and perform, and to
      enter into and consummate, all transactions contemplated by this Agreement.
      The
      Sponsor has duly authorized the execution, delivery and performance of this
      Agreement, has duly executed and delivered this Agreement and this Agreement,
      and assuming due authorization, execution and delivery by the Purchaser,
      constitutes a legal, valid and binding obligation of the Sponsor, 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;

     

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

     

    (iv) the
      Sponsor is not in violation of, and the execution and delivery of this Agreement
      by the Sponsor 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 Sponsor or its assets, which
      violation might have consequences that would materially and adversely affect
      the
      condition (financial or otherwise) or the operation of the Sponsor or its assets
      or might have consequences that would materially and adversely affect the
      performance of its obligations and duties hereunder;

     

    (v) the
      Sponsor 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) there
      are
      no actions or proceedings against, or investigations known to it of, the Sponsor
      before any court, administrative or other tribunal (A) that might prohibit
      its
      entering into this Agreement or (B) that might prohibit or materially and
      adversely affect the performance by the Sponsor of its obligations under, or
      validity or enforceability of, this Agreement; and

     

    (vii) no
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Sponsor
      of,
      or compliance by the Sponsor 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.

     

    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 shall survive the sale of the Mortgage Loans to the
      Purchaser and shall inure to the benefit of the Purchaser and the Trustee,
      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 of the Pooling and Servicing
      Agreement.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    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 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
      or
      assume any Lien on any Mortgage Loan, or any interest therein; it will notify
      the Trustee, as assignee of the Purchaser, and the Certificate Insurer 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

     

    ATTORNEYS’
      FEES

     

    Section
      5.01. Attorneys’
      Fees. If
      any
      action or proceeding arising under this Agreement is finally adjudicated by
      a
      court of competent jurisdiction, the unsuccessful party shall pay reasonable
      attorneys’ fees and costs of the successful party.

     

    ARTICLE
      VI

     

    TERMINATION

     

    Section
      6.01. Termination. 
      The
      respective obligations and responsibilities of the Seller, the Sponsor and
      the
      Purchaser created hereby shall terminate, except for the obligations under
      Section 5.01, upon the termination of the Trust as provided in Article X of
      the
      Pooling and Servicing Agreement.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    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 and with the prior written
      consent of the Certificate Insurer.

     

    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:

     

    Maia
      Mortgage Finance Statutory Trust

    One
      Commerce Square,

    2005
      Market Street, Suite 2100

    Philadelphia,
      PA 19103

    Attention:
      Luminent 2006-2

    Telephone:
      (215) 564-5900

     

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

     

    if
      to the
      Sponsor:

     

    Luminent
      Mortgage Capital, Inc.

    One
      Commerce Square,

    2005
      Market Street, Suite 2100

    Philadelphia,
      PA 19103

    Attention:
      Luminent 2006-2

    Telephone:
      (215) 564-5900

    Fax:
      (215) 564-5990

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

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

     

    if
      to the
      Purchaser:

     

    Greenwich
      Capital Acceptance, Inc.

    600
      Steamboat Road

    Greenwich,
      Connecticut 06830

    Attention:
      Legal Department

     

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

     

    If
      to the
      Certificate Insurer:

    

    Financial
      Security Assurance Inc.

    31
      West
      52nd Street

    New
      York,
      New York 10019

    Attention:
      Surveillance Department 

    Telecopy
      number: (212) 339-3518

    

    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.

     

    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.

     

    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 Certificates.
      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.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    Section
      7.07. Intention
      of the Parties. 
      It is
      the intention of the parties that the Purchaser is purchasing, and the Seller
      is
      selling, the Mortgage Loans rather than pledging such Mortgage Loans to secure
      a
      loan by the Purchaser to the Seller. 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. Further, and without limiting the foregoing,
      the
      transfer of the Mortgage Loans to the Depositor at the Closing Date will be
      treated by the Seller for financial accounting and reporting purposes as a
      sale.
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. The Certificate Insurer is an intended third party
      beneficiary of this Agreement, entitled to enforce the provisions hereof as
      if
      it were a party hereto. The transfer of the Mortgage Loans to the Purchaser
      at
      the Closing Date will be treated by the Seller for financial accounting and
      reporting purposes as a financing.

     

    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 Sponsor, the Purchaser and the Trustee. The obligations of the
      Seller and the Sponsor 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, and without the prior written consent of the
      Certificate Insurer except that the Purchaser acknowledges and agrees that
      the
      Seller and the Sponsor may assign its obligations hereunder to any Person into
      which the Seller or the Sponsor is merged or any corporation resulting from
      any
      merger, conversion or consolidation to which the Seller or the Sponsor is a
      party or any Person succeeding to the business of the Seller or the Sponsor;
      provided that such Person executes and an agreement of assumption to perform
      every obligation of the Seller or the Sponsor, as applicable, under this
      Agreement. 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 contributing them to a trust that will issue the Certificates
      representing undivided interests in such Mortgage Loans. As an inducement to
      the
      Purchaser to purchase the Mortgage Loans, the Seller acknowledges and consents
      to the assignment by the Purchaser to the Trustee of all of the Purchaser’s
      rights against the Seller and the Sponsor pursuant to this Agreement insofar
      as
      such rights relate to Mortgage Loans transferred to the Trustee and to the
      enforcement or exercise of any right or remedy against the Seller and the
      Sponsor pursuant to this Agreement by the Trustee. Such enforcement of a right
      or remedy by the Trustee shall have the same force and effect as if the right
      or
      remedy had been enforced or exercised by the Purchaser directly. The Seller
      or
      the Sponsor, as applicable, shall provide notice of any merger, conversion,
      consolidation or succession pursuant to this Section 7.08 to the Trustee and
      the
      Certificate Insurer.

     

    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.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Seller, the Sponsor 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.

     

    

    
      	 	 	 
	 	
              GREENWICH
                CAPITAL ACCEPTANCE, INC.,

              as
                Purchaser

            
	 
 	 
 	 
 
	 	By:  	/s/ Vinu
              Phillips
	 	
              
Name:
              Vinu Phillips
	 	Title:
              Senior Vice President

    

    
      	
            	 	 
	 	
              MAIA
                MORTGAGE FINANCE STATUTORY TRUST,

              as
                Seller

            
	 
 	 
 	 
 
	 	By:  	/s/ Christopher
              Zyden
	 	
              
Name:
              Christopher Zyden
	 	Title: Trustee
              & President

    

    
      	
            	 	 
	 	
              LUMINENT
                MORTGAGE CAPITAL, INC.,

              as
                Sponsor

            
	 
 	 
 	 
 
	 	By:  	/s/ Christopher
              T. Zyden
	 	
              
Name:
              Christopher T. Zyden
	 	Title: Chief
              Financial Officer

    

     

    
       

    

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    
 

    
      	STATE OF	)	 
	 	) ss.:	 
	COUNTY
              OF	)	 

    

     

    On
      the 22nd day of February 2006 before me, a Notary Public in and for said
      State, personally appeared Vinu Phillips, known to me to be
      a Senior VP of GREENWICH CAPITAL ACCEPTANCE, INC., 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.

     

    /s/
      Kimberly J.
      Donnelly           

    Notary
      Public

     

    

     

    My
      Commission Expires on 6/30/09

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    
      
        	STATE OF	)	 
	 	) ss.:	 
	COUNTY
                OF	)	 

      

    

     

    On
      the
      23rd of February 2006 before me, a Notary Public in and for said State,
      personally appeared Christopher T. Zyden, known to me to be a Trustee &
President MAIA MORTGAGE FINANCE STATUTORY TRUST, the company that executed
      the within instrument, and also known to me to be the person who executed it
      on
      behalf of said business trust, 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.

     

    /s/
      Genny
      Cruz                       

    Notary
      Public

     

    

     

    My
      Commission Expires on 2/14/09

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    
      
        	STATE OF	)	 
	 	) ss.:	 
	COUNTY
                OF	)	 

      

       

    

    On
      the 23rd day of February 2006 before me, a Notary Public in and for said
      State, personally appeared Christopher T. Zyden, known to me to be
      a Trustee & President LUMINENT MORTGAGE CAPITAL, INC. the company
      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.

     

    /s/
      Genny
      Cruz                      

    Notary
      Public

     

    

     

    My
      Commission Expires on 2/14/09

    

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

     

    MORTGAGE
      LOAN SCHEDULE

     

    On
      file
      with McKee Nelson LLP

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      I-1

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