Document:

Unassociated Document

    
       

      STRUCTURED
        ASSET SECURITIES CORPORATION, as Depositor,

       

      AURORA
        LOAN SERVICES LLC, as Master Servicer,

       

      and

       

      WELLS
        FARGO BANK, N.A., 

       

      as
        Trustee

       

                          

       

      TRUST
        AGREEMENT

       

      Dated
        as
        of March 1, 2008

       

      
                            

      

       

      STRUCTURED
        ADJUSTABLE RATE MORTGAGE LOAN TRUST

      MORTGAGE
        PASS-THROUGH CERTIFICATES

      SERIES
        2008-1

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      TABLE
        OF CONTENTS

      

      Page

      
        	 	 	 
	
                ARTICLE
                  I

              	
                DEFINITIONS

              	
                4

              
	 	 	 
	
                Section
                  1.01.

              	
                Definitions

              	
                4

              
	
                Section
                  1.02.

              	
                Calculations
                  Respecting Mortgage Loans

              	
                41

              
	 	 	 
	
                ARTICLE
                  II

              	
                DECLARATION
                  OF TRUST; ISSUANCE OF CERTIFICATES

              	
                41

              
	 	 	 
	
                Section
                  2.01.

              	
                Creation
                  and Declaration of Trust Fund; Conveyance of Mortgage
                  Loans

              	
                41

              
	
                Section
                  2.02.

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

              	
                45

              
	
                Section
                  2.03.

              	
                Representations
                  and Warranties of the Depositor

              	
                47

              
	
                Section
                  2.04.

              	
                Discovery
                  of Breach

              	
                49

              
	
                Section
                  2.05.

              	
                Repurchase,
                  Purchase or Substitution of Mortgage Loans

              	
                49

              
	
                Section
                  2.06.

              	
                Grant
                  Clause

              	
                50

              
	 	 	 
	
                ARTICLE
                  III

              	
                THE
                  CERTIFICATES

              	
                51

              
	 	 	 
	
                Section
                  3.01.

              	
                The
                  Certificates

              	
                51

              
	
                Section
                  3.02.

              	
                Registration

              	
                52

              
	
                Section
                  3.03.

              	
                Transfer
                  and Exchange of Certificates

              	
                53

              
	
                Section
                  3.04.

              	
                Cancellation
                  of Certificates

              	
                58

              
	
                Section
                  3.05.

              	
                Replacement
                  of Certificates

              	
                58

              
	
                Section
                  3.06.

              	
                Persons
                  Deemed Owners

              	
                59

              
	
                Section
                  3.07.

              	
                Temporary
                  Certificates

              	
                59

              
	
                Section
                  3.08.

              	
                Appointment
                  of Paying Agent

              	
                59

              
	
                Section
                  3.09.

              	
                Book-Entry
                  Certificates

              	
                60

              
	
                Section
                  3.10.

              	
                Deposit
                  of Underlying REMIC Certificates under the Exchange Trust
                  Agreement

              	
                61

              
	 	 	 
	
                ARTICLE
                  IV

              	
                ADMINISTRATION
                  OF THE TRUST FUND

              	
                61

              
	 	 	 
	
                Section
                  4.01.

              	
                Collection
                  Account

              	
                61

              
	
                Section
                  4.02.

              	
                Application
                  of Funds in the Collection Account

              	
                63

              
	
                Section
                  4.03.

              	
                Reports
                  to Certificateholders

              	
                66

              
	
                Section
                  4.04.

              	
                Certificate
                  Account

              	
                70

              
	 	 	 
	
                ARTICLE
                  V

              	
                DISTRIBUTIONS
                  TO HOLDERS OF CERTIFICATES

              	
                71

              
	 	 	 
	
                Section
                  5.01.

              	
                Distributions
                  Generally

              	
                71

              

      

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

      TABLE
        OF CONTENTS

      (continued)

      

      Page

      

      
        	
                Section
                  5.02.

              	
                Distributions
                  from the Certificate Account

              	
                72

              
	
                Section
                  5.03.

              	
                Allocation
                  of Realized Losses

              	
                76

              
	
                Section
                  5.04.

              	
                Advances
                  by the Master Servicer and the Trustee

              	
                78

              
	
                Section
                  5.05.

              	
                Compensating
                  Interest Payments

              	
                79

              
	
                Section
                  5.06.

              	
                Reserved

              	
                79

              
	
                Section
                  5.07.

              	
                Reserve
                  Fund

              	
                79

              
	
                Section
                  5.08.

              	
                Supplemental
                  Interest Trust

              	
                79

              
	
                Section
                  5.09.

              	
                Collateral
                  Account

              	
                80

              
	
                Section
                  5.10.

              	
                Rights
                  of Swap Counterparty

              	
                80

              
	
                Section
                  5.11.

              	
                Termination
                  Receipts

              	
                80

              
	
                Section
                  5.12.

              	
                The
                  Class AP Reserve Fund

              	
                81

              
	 	 	 
	
                ARTICLE
                  VI

              	
                CONCERNING
                  THE TRUSTEE; EVENTS OF DEFAULT

              	
                81

              
	 	 	 
	
                Section
                  6.01.

              	
                Duties
                  of Trustee

              	
                81

              
	
                Section
                  6.02.

              	
                Certain
                  Matters Affecting the Trustee

              	
                84

              
	
                Section
                  6.03.

              	
                Trustee
                  Not Liable for Certificates

              	
                85

              
	
                Section
                  6.04.

              	
                Trustee
                  May Own Certificates

              	
                86

              
	
                Section
                  6.05.

              	
                Eligibility
                  Requirements for Trustee

              	
                86

              
	
                Section
                  6.06.

              	
                Resignation
                  and Removal of Trustee

              	
                86

              
	
                Section
                  6.07.

              	
                Successor
                  Trustee

              	
                87

              
	
                Section
                  6.08.

              	
                Merger
                  or Consolidation of Trustee

              	
                88

              
	
                Section
                  6.09.

              	
                Appointment
                  of Co-Trustee, Separate Trustee or Custodian

              	
                88

              
	
                Section
                  6.10.

              	
                Authenticating
                  Agents

              	
                90

              
	
                Section
                  6.11.

              	
                Indemnification
                  of Trustee

              	
                91

              
	
                Section
                  6.12.

              	
                Fees
                  and Expenses of Trustee and Custodian

              	
                92

              
	
                Section
                  6.13.

              	
                Collection
                  of Monies

              	
                92

              
	
                Section
                  6.14.

              	
                Events
                  of Default; Trustee To Act; Appointment of Successor

              	
                92

              
	
                Section
                  6.15.

              	
                Additional
                  Remedies of Trustee Upon Event of Default

              	
                97

              
	
                Section
                  6.16.

              	
                Waiver
                  of Defaults

              	
                97

              
	
                Section
                  6.17.

              	
                Notification
                  to Holders

              	
                97

              

      

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

      TABLE
        OF CONTENTS

      (continued)

      

      Page

      

      
        	
                Section
                  6.18.

              	
                Directions
                  by Certificateholders and Duties of Trustee During Event of
                  Default

              	
                97

              
	
                Section
                  6.19.

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

              	
                98

              
	
                Section
                  6.20.

              	
                Preparation
                  of Tax Returns and Other Reports

              	
                98

              
	
                Section
                  6.21.

              	
                Reporting
                  Requirements of the Commission

              	
                104

              
	
                Section
                  6.22.

              	
                No
                  Merger

              	
                104

              
	
                Section
                  6.23.

              	
                Indemnification
                  by the Trustee

              	
                105

              
	 	 	 
	
                ARTICLE
                  VII

              	
                PURCHASE
                  AND TERMINATION OF THE TRUST FUND

              	
                105

              
	 	 	 
	
                Section
                  7.01.

              	
                Termination
                  of Trust Fund Upon Repurchase or Liquidation of All Mortgage
                  Loans

              	
                105

              
	
                Section
                  7.02.

              	
                Procedure
                  Upon Termination of Trust Fund

              	
                106

              
	
                Section
                  7.03.

              	
                Additional
                  Requirements under the REMIC Provisions

              	
                107

              
	 	 	 
	
                ARTICLE
                  VIII

              	
                RIGHTS
                  OF CERTIFICATEHOLDERS

              	
                108

              
	 	 	 
	
                Section
                  8.01.

              	
                Limitation
                  on Rights of Holders

              	
                108

              
	
                Section
                  8.02.

              	
                Access
                  to List of Holders

              	
                109

              
	
                Section
                  8.03.

              	
                Acts
                  of Holders of Certificates

              	
                109

              
	 	 	 
	
                ARTICLE
                  IX

              	
                ADMINISTRATION
                  AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER

              	
                110

              
	 	 	 
	
                Section
                  9.01.

              	
                Duties
                  of the Master Servicer

              	
                110

              
	
                Section
                  9.02.

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

              	
                110

              
	
                Section
                  9.03.

              	
                Master
                  Servicer’s Financial Statements and Related Information

              	
                111

              
	
                Section
                  9.04.

              	
                Power
                  to Act; Procedures

              	
                111

              
	
                Section
                  9.05.

              	
                Servicing
                  Agreements Between the Master Servicer and Servicers; Enforcement
                  of
                  Servicers’ Obligations

              	
                113

              
	
                Section
                  9.06.

              	
                Collection
                  of Taxes, Assessments and Similar Items

              	
                114

              
	
                Section
                  9.07.

              	
                Termination
                  of Servicing Agreements; Successor Servicers

              	
                115

              
	
                Section
                  9.08.

              	
                Master
                  Servicer Liable for Enforcement

              	
                115

              
	
                Section
                  9.09.

              	
                No
                  Contractual Relationship Between the Servicers and Trustee or
                  Depositor

              	
                115

              
	
                Section
                  9.10.

              	
                Assumption
                  of Servicing Agreement by Trustee

              	
                116

              

      

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

      TABLE
        OF CONTENTS

      (continued)

      

      Page

      

      
        	
                Section
                  9.11.

              	
                “Due-on-Sale”
                  Clauses; Assumption Agreements

              	
                116

              
	
                Section
                  9.12.

              	
                Release
                  of Mortgage Files

              	
                117

              
	
                Section
                  9.13.

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

              	
                118

              
	
                Section
                  9.14.

              	
                Representations
                  and Warranties of the Master Servicer

              	
                119

              
	
                Section
                  9.15.

              	
                Closing
                  Certificate and Opinion

              	
                121

              
	
                Section
                  9.16.

              	
                Standard
                  Hazard and Flood Insurance Policies

              	
                121

              
	
                Section
                  9.17.

              	
                Presentment
                  of Claims and Collection of Proceeds

              	
                122

              
	
                Section
                  9.18.

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies

              	
                122

              
	
                Section
                  9.19.

              	
                Trustee
                  To Retain Possession of Certain Insurance Policies and
                  Documents

              	
                122

              
	
                Section
                  9.20.

              	
                Realization
                  Upon Defaulted Mortgage Loans

              	
                123

              
	
                Section
                  9.21.

              	
                Compensation
                  to the Master Servicer

              	
                124

              
	
                Section
                  9.22.

              	
                REO
                  Property

              	
                124

              
	
                Section
                  9.23.

              	
                Notices
                  to the Depositor and the Trustee

              	
                125

              
	
                Section
                  9.24.

              	
                Reports
                  to the Trustee

              	
                125

              
	
                Section
                  9.25.

              	
                Assessment
                  of Compliance and Attestation Reports

              	
                126

              
	
                Section
                  9.26.

              	
                Annual
                  Statement of Compliance with Applicable Servicing Criteria

              	
                128

              
	
                Section
                  9.27.

              	
                Merger
                  or Consolidation

              	
                128

              
	
                Section
                  9.28.

              	
                Resignation
                  of Master Servicer

              	
                128

              
	
                Section
                  9.29.

              	
                Assignment
                  or Delegation of Duties by the Master Servicer

              	
                129

              
	
                Section
                  9.30.

              	
                Limitation
                  on Liability of the Master Servicer and Others

              	
                129

              
	
                Section
                  9.31.

              	
                Indemnification;
                  Third-Party Claims

              	
                130

              
	 	 	 
	
                ARTICLE
                  X

              	
                REMIC
                  ADMINISTRATION

              	
                131

              
	 	 	 
	
                Section
                  10.01.

              	
                REMIC
                  and Grantor Trust Administration

              	
                131

              
	
                Section
                  10.02.

              	
                Prohibited
                  Transactions and Activities

              	
                135

              
	
                Section
                  10.03.

              	
                Indemnification
                  with Respect to Certain Taxes and Loss of REMIC Status

              	
                135

              
	
                Section
                  10.04.

              	
                REO
                  Property

              	
                136

              
	
                Section
                  10.05.

              	
                WHFIT
                  Provisions

              	
                137

              

      

      
        
          
          

        

        
          -iv-

          
            

          

        

        
          
          

        

      

      TABLE
        OF CONTENTS

      (continued)

      

      Page

      

      
        	
                ARTICLE
                  XI

              	
                MISCELLANEOUS
                  PROVISIONS

              	
                137

              
	 	 	 
	
                Section
                  11.01.

              	
                Binding
                  Nature of Agreement; Assignment

              	
                137

              
	
                Section
                  11.02.

              	
                Entire
                  Agreement

              	
                137

              
	
                Section
                  11.03.

              	
                Amendment

              	
                138

              
	
                Section
                  11.04.

              	
                Voting
                  Rights

              	
                139

              
	
                Section
                  11.05.

              	
                Provision
                  of Information

              	
                139

              
	
                Section
                  11.06.

              	
                Governing
                  Law

              	
                140

              
	
                Section
                  11.07.

              	
                Notices

              	
                140

              
	
                Section
                  11.08.

              	
                Severability
                  of Provisions

              	
                140

              
	
                Section
                  11.09.

              	
                Indulgences;
                  No Waivers

              	
                141

              
	
                Section
                  11.10.

              	
                Headings
                  Not To Affect Interpretation

              	
                141

              
	
                Section
                  11.11.

              	
                Benefits
                  of Agreement

              	
                141

              
	
                Section
                  11.12.

              	
                Special
                  Notices to the Rating Agencies, the Swap Counterparty

              	
                141

              
	
                Section
                  11.13.

              	
                Counterparts

              	
                142

              
	
                Section
                  11.14.

              	
                Transfer
                  of Servicing

              	
                142

              
	
                Section
                  11.15.

              	
                Conflicts

              	
                143

              
	 	 
	
                Exhibit
                  A

              	
                Forms
                  of Certificates

              
	
                Exhibit
                  B-1

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  B-2

              	
                Form
                  of Interim Certification

              
	
                Exhibit
                  B-3

              	
                Form
                  of Final Certification

              
	
                Exhibit
                  B-4

              	
                Form
                  of Endorsement

              
	
                Exhibit
                  C

              	
                Request
                  for Release of Documents and Receipt

              
	
                Exhibit
                  D-l

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferee)

              
	
                Exhibit
                  D-2

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferor)

              
	
                Exhibit
                  E

              	
                Servicing
                  Agreements

              
	
                Exhibit
                  F

              	
                Form
                  of Rule 144A Transfer Certificate

              
	
                Exhibit
                  G

              	
                Form
                  of Purchaser’s Letter for Institutional Accredited
                  Investors

              
	
                Exhibit
                  H

              	
                Form
                  of ERISA Transfer Affidavit

              
	
                Exhibit
                  I

              	
                Monthly
                  Remittance Advice

              
	
                Exhibit
                  J

              	
                Monthly
                  Electronic Data Transmission

              
	
                Exhibit
                  K

              	
                Custodial
                  Agreements

              
	
                Exhibit
                  L-1

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

              
	
                Exhibit
                  L-2

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

              
	
                Exhibit
                  M

              	
                Exchangeable
                  Certificates

              

      

      
        
          
          

        

        
          -v-

          
            

          

        

        
          
          

        

      

      TABLE
        OF CONTENTS

      (continued)

      

      Page

      

      
        	 	 
	
                Exhibit
                  N

              	
                Swap
                  Agreement

              
	
                Exhibit
                  O

              	
                Servicing
                  Criteria to be Addressed in Assessment of Compliance

              
	
                Exhibit
                  P-1

              	
                Additional
                  Form 10-D Disclosure 

              
	
                Exhibit
                  P-2

              	
                Additional
                  Form 10-K Disclosure 

              
	
                Exhibit
                  P-3

              	
                Additional
                  Form 8-K Disclosure 

              
	
                Exhibit
                  P-4

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  Q-1

              	
                Form
                  of Back-up Sarbanes-Oxley Certification

              
	
                Exhibit
                  Q-2

              	
                Form
                  of Certification to be Provided by the Trustee

              
	
                Exhibit
                  R

              	
                Cap
                  Agreement

              
	
                Exhibit
                  S

              	
                Transaction
                  Parties

              
	
                Exhibit
                  T

              	
                Form
                  of Modified Loan Report

              
	 	
                 

              
	 	
                 

              
	
                Schedule
                  A

              	
                Mortgage
                  Loan Schedule

              

      

      
        
          
          

        

        
          -vi-

          
            

          

        

        
          
          

        

      

      This
        TRUST AGREEMENT, dated as of March 1, 2008 (the “Agreement”), is by and among
        STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
        (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the “Master
        Servicer”) and WELLS FARGO BANK, N.A., a national banking association, as
        trustee (the “Trustee”).

       

      PRELIMINARY
        STATEMENT

       

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

       

      As
        provided herein, elections shall be made in accordance with the provisions
        of
        Section 10.01 that the Trust Fund (other than (i) the Swap Agreement, (ii)
        the
        Supplemental Interest Trust, (iii) the Cap Agreement, (iv) the Reserve Fund,
        (v)
        the rights to receive Prepayment Penalty Amounts distributable to the Class
        AP
        Certificates and the Class AP Reserve Fund and (vi) the Lower Tier Interests)
        be
        treated for federal income tax purposes as comprising two real estate mortgage
        investment conduits (each a “REMIC” or, in the alternative, “REMIC 1” and “REMIC
        2”). Each of the Certificates (other than the Class R Certificate, Class AP
        Certificate, the Class A1 Certificates, the Exchange Certificates and the
        Exchangeable Certificates), the Class A1 REMIC Interest and each of the
        Underlying REMIC Certificates represents ownership of one or more regular
        interests in REMIC 2 for purposes of the REMIC Provisions. The Class R
        Certificate represents ownership of the sole Class of residual interest in
        each
        of REMIC 1 and REMIC 2 for purposes of the REMIC Provisions. 

      

      REMIC
        2
        shall hold as its assets the classes of REMIC 1 Regular Interests and the
        REMIC
        1 Regular Interests are hereby designated as regular interests in REMIC 1.
        REMIC
        1 shall hold as its assets the property of the Trust Fund other than (i)
        the
        Swap Agreement, (ii) the Supplemental Interest Trust, (iii) the Cap Agreement,
        (iv) the Reserve Fund, (v) the rights to receive Prepayment Penalty Amounts
        distributable to the Class AP Certificates and the Class AP Reserve Fund
        and
        (vi) the Lower Tier Interests.

      

      REMIC
        1

      

      Each
        of
        the REMIC 1 Interests set forth below (other than the Class LT1-R Interest)
        is
        referred to herein as a REMIC 1 Regular Interest and is hereby designated
        as a
        regular interest in REMIC 1. The Class LT1-R Interest is hereby designated
        as
        the sole class of residual interest in REMIC 1.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        following table specifies the class designation, interest rate, principal
        amount
        and Classes of Corresponding Certificates for each class of REMIC 1
        Interests:

       

      
        	
                REMIC
                  1

              	 	 	 	
                Pass-Through

              	 	
                Corresponding

              
	
                Class
                  Designation

              	 	
                Initial
                  Balance

              	 	
                Rate

              	 	
                Certificates
                  or REMIC 2

                Regular
                  Interest

              
	 	 	 	 	 	 	 
	
                LT1-AR

              	 	
                (1)

              	 	
                (2)

              	 	
                R

              
	
                LT1-A1

              	 	
                (1)

              	 	
                (2)

              	 	
                Class
                  A1 REMIC Interest, A1X

              
	
                LT1-A21

              	 	
                (1)

              	 	
                (2)

              	 	
                A21

              
	
                LT1-A22

              	 	
                (1)

              	 	
                (2)

              	 	
                A22

              
	
                LT1-A31

              	 	
                (1)

              	 	
                (2)

              	 	
                A31

              
	
                LT1-A32

              	 	
                (1)

              	 	
                (2)

              	 	
                A32

              
	
                LT1-B1

              	 	
                (1)

              	 	
                (2)

              	 	
                B1

              
	
                LT1-B2

              	 	
                (1)

              	 	
                (2)

              	 	
                B2

              
	
                LT1-B3

              	 	
                (1)

              	 	
                (2)

              	 	
                B3

              
	
                LT1-B4

              	 	
                (1)

              	 	
                (2)

              	 	
                B4

              
	
                LT1-B5

              	 	
                (1)

              	 	
                (2)

              	 	
                B5

              
	
                LT1-B6

              	 	
                (1)

              	 	
                (2)

              	 	
                B6

              
	
                LT1-R

              	 	
                (3)

              	 	
                (3)

              	 	
                N/A

              

      

              

      
      

      
        
          	 	
                  (1)

                	
                  The
                    initial principal amount for each of these REMIC 1 Interests
                    shall equal
                    the initial Class Principal Amount of the Corresponding
                    Certificates.

                

        

         

        
          	 	
                  (2)

                	
                  For
                    any Distribution Date, the interest rate for each of these REMIC
                    1
                    Interests shall be a per annum rate equal to the Net WAC for
                    such
                    Distribution Date.

                

        

         

        
          	 	
                  (3)

                	
                  The
                    Class LT1-R Interest shall represent the sole class of residual
                    interest
                    in REMIC 1. The Class LT1-R Interest will not have a principal
                    amount or
                    an interest rate. The Class LT1-R Interest shall be represented
                    by the
                    Class R Certificate.

                

        

         

      

      Principal
        and interest shall be payable to, and shortfalls, losses and prepayments
        are
        allocable to, the REMIC 1 Regular Interests as such amounts are payable and
        allocable to the Corresponding Certificates or REMIC 2 Regular Interest
        (computed, for this purpose, as if no Exchangeable Certificates existed).
        Notwithstanding the preceding sentence, (i) the first $0.71 of losses with
        respect to principal on the Mortgage Loans shall be allocated to the Class
        LT1-B6 Interest and (ii) immediately preceding any payment to the Class R
        Certificate pursuant to Section 5.02(h) attributable to principal received
        with
        respect to any Mortgage Loan, a payment shall be treated as made to the Class
        LT1-B6 Interest in reduction of the principal balance thereof, if any, to
        zero.

       

      If
        on any
        Distribution Date there is an increase in the Certificate Principal Amount
        of
        any Class of Certificates as a result of the proviso in the definition of
        Certificate Principal Amount, then there shall be a corresponding increase
        in
        the principal amount of the corresponding REMIC 1 Regular Interest (treating,
        for this purpose, the Class LT1-A1 Interest as corresponding to the Class
        A1
        Certificates).

       

      REMIC
        2

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      REMIC
        2
        shall hold as its assets the several classes of uncertificated REMIC 1 Regular
        Interests.

      

      Each
        of
        the Certificates (other than the Class R Certificate, Class AP Certificate,
        the
        Class A1 Certificates, the Exchange Certificates and the Exchangeable
        Certificates), the Class A1 REMIC Interest and each of the Underlying REMIC
        Certificates is referred to herein as a REMIC 2 Regular Interest and is hereby
        designated as a regular interest in REMIC 2. The Class LT2-R Interest is
        hereby
        designated as the sole class of residual interest in REMIC 2. The Class LT2-R
        Interest shall be represented by the Class R Certificate. The entitlement
        of the
        Class R Certificate to payments of principal and interest shall be attributable
        to its representation of the Class LT2-R Interest.

      

      The
        REMIC
        2 Regular Interests and the Class LT2-R Interest are referred to herein as
        the
        REMIC 2 Interests.

       

      All
        calculations of interest on each regular interest in REMIC 1 will be made
        on an
“30/360” basis.

      

      The
        Certificates

      

      The
        following table specifies the Class designation, Certificate Interest Rate
        or
        initial Class Principal Amount or Class Notional Amount, and minimum
        denomination (by dollar amount or Percentage Interest) for each Class of
        Certificates or Class Notional Amount, representing the interests in the
        Trust
        Fund created hereunder.

      

      
        	
                 

                Class
                  Designation

              	 	
                Certificate
                  

                Interest
                  Rate

              	 	
                Initial
                  Class Principal Amount 

                or
                  Class Notional Amount

              	 	
                Minimum
                  

                Denomination

              
	
                Class
                  A1

              	 	
                (1)

              	 	
                $92,918,000

              	 	
                $25,000

              
	
                Class
                  A1X

              	 	
                (2)

              	 	
                $92,918,000

              	 	
                $1,000,000

              
	
                Class
                  A21

              	 	
                (3)

              	 	
                $24,777,000

              	 	
                $25,000

              
	
                Class
                  A22

              	 	
                (3)

              	 	
                $6,195,000

              	 	
                $25,000

              
	
                Class
                  A31

              	 	
                (3)

              	 	
                $13,008,000

              	 	
                $25,000

              
	
                Class
                  A32

              	 	
                (3)

              	 	
                $3,253,000

              	 	
                $25,000

              
	
                Class
                  A2

              	 	
                (4)

              	 	
                $30,972,000

              	 	
                $25,000

              
	
                Class
                  A3

              	 	
                (4)

              	 	
                $16,261,000

              	 	
                $25,000

              
	
                Class
                  A4

              	 	
                (4)

              	 	
                $37,785,000

              	 	
                $25,000

              
	
                Class
                  A5

              	 	
                (4)

              	 	
                $9,448,000

              	 	
                $25,000

              
	
                Class
                  B1 

              	 	
                (3)

              	 	
                $5,266,000

              	 	
                $100,000

              
	
                Class
                  B2

              	 	
                (3)

              	 	
                $2,477,000

              	 	
                $100,000

              
	
                Class
                  B3

              	 	
                (3)

              	 	
                $1,704,000

              	 	
                $100,000

              
	
                Class
                  B4

              	 	
                (3)

              	 	
                $1,781,000

              	 	
                $250,000

              
	
                Class
                  B5

              	 	
                (3)

              	 	
                $1,394,000

              	 	
                $250,000

              
	
                Class
                  B6

              	 	
                (3)

              	 	
                $2,090,233

              	 	
                $250,000

              
	
                Class
                  R

              	 	
                (3)

              	 	
                $100

              	 	
                $100

              
	
                Class
                  AP

              	 	
                (5)

              	 	
                $1000

              	 	
                $1000

              

      

      ___________________________

      
        	
                (1)

              	
                For
                  the
                  Accrual Period relating to any
                  Distribution Date the Certificate Interest Rate on the Class A1
                  Certificates shall be a per annum rate equal to the lesser of (i)
                  LIBOR
                  plus
                  1.75% and (ii) the Net
                  WAC of the Mortgage Loans for each Distribution Date.
                  In
                  addition, on
                  any Distribution Date on or before September 2012, the
                  Class A1 Certificates are entitled to amounts received under a
                  Cap
                  Agreement and starting on the Distribution Date in October 2012,
                  the Class
                  A1 Certificates are entitled to amounts received under the Interest
                  Rate
                  Swap Agreement, provided however that if the Swap Agreement is
                  terminated,
                  then, for any Distribution Date after September 2012 for which
                  neither the
                  Swap Agreement or a replacement swap agreement is in place, the
                  Certificate Interest Rate for the Class A1 Certificates will be
                  the Net
                  WAC for the Mortgage Loans on such Distribution
                  Date.

              

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      
        	
                (2)

              	
                For
                  any Distribution Date on or before September 2012, the Certificate
                  Interest Rate for the Class A1X Certificates shall be a per annum
                  rate
                  equal to the
                  excess, if any, of (i) the Net WAC of the Mortgage Loans over (ii)
                  the
                  Interest Rate for the Class A1 Certificates.
                  After the distribution date in September 2012, the Class A1X Certificates
                  will no longer be entitled to receive distributions of any kind.
                  For any
                  Distribution Date, the Class Notional Amount of the Class A1X Certificates
                  will be equal to the Class Principal Amount of the Class A1 Certificates.
                  The Initial Class Notional Amount of the Class A1X Certificates
                  is
                  $92,918,000.
                  

              

      

      

      
        	
                (3)

              	
                For
                  any Distribution Date, the Certificate Interest Rate for the Class
                  A21,
                  Class A22, Class A31, Class A32, Class R and Subordinate Certificates
                  shall be a per annum rate equal to the Net WAC of the Mortgage
                  Loans.
                  

              

      

      

      
        	
                (4)

              	
                For
                  any Distribution Date, the Certificate Interest Rate for the Class
                  A2,
                  Class A3, Class A4 and Class A5 Certificates shall be the interest
                  rate of
                  the related Exchange Certificate combination as described under
                  the
                  Exchange Trust Agreement.

              

      

      

      
        	
                (5)

              	
                The
                  Class AP Certificates will be entitled to receive $1,000 of principal
                  on
                  the Distribution Date in November 2010, and certain Prepayment
                  Penalty
                  Amounts paid by borrowers upon voluntary full or partial prepayment
                  of the
                  Mortgage Loans.

              

      

      

      As
        of the
        Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
        of
        $154,863,333.71.

       

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

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Section
        1.01. Definitions

       

      The
        following words and phrases, unless the context otherwise requires, shall
        have
        the following meanings:

       

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

       

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

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

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

       

      Accretion
        Directed Certificate:
        Not
        applicable.

       

      Accretion
        Termination Date:
        Not
        applicable.

       

      Accrual
        Amount:
        Not
        applicable.

       

      Accrual
        Certificate:
        Not
        applicable.

       

      Accrual
        Component:
        Not
        applicable.

       

      Accrual
        Period:
        With
        respect to any Distribution Date and for the Class A1 and Class A1X
        Certificates, the period beginning with the immediately preceding Distribution
        Date (or from March 25, 2008 in the case of the first Distribution Date)
        and
        ending the day immediately preceding the related Distribution Date. With
        respect
        to any Distribution Date and for each Class of Certificates other than the
        Class
        A1 and Class A1X Certificates, the calendar month immediately preceding the
        month in which the related Distribution Date occurs. All calculations of
        interest on each class of Certificates will be made on the basis of a 360-day
        year and twelve 30-day months.

       

      Accrued
        Certificate Interest:
        On any
        Distribution Date, the amount of interest accrued at its Certificate Interest
        Rate during the related Accrual Period on (in the case of each Class other
        than
        any Class of Notional Certificates) the related Class Principal Amount
        immediately prior to such Distribution Date or, in the case of any Class
        of
        Notional Certificates, the Class Notional Amount for such Distribution Date,
        as
        reduced by such Class’s share of the interest portion of (i) any Excess Losses
        for such Distribution Date and (ii) any Relief Act Reduction for such
        Distribution Date, in each case allocable among the Senior and Subordinate
        Certificates proportionately based on the Accrued Certificate Interest otherwise
        distributable thereon (treating, solely for purposes of this allocation,
        the
        Certificate Interest Rate for the Class A1 Certificates after the Distribution
        Date in September 2012 as being equal to the Net WAC for the related
        Distribution Date). The interest shall accrue during the related Accrual
        Period.

       

      Act:
        As
        defined in Section 3.03(c).

       

      Additional
        Collateral:
        None.

       

      Additional
        Collateral Servicing Agreement:
        None.

       

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

       

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

       

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

       

      Additional
        Termination Event:
        As
        defined in the Swap Agreement.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      Advance:
        An
        advance of the aggregate of payments of principal and interest (net of the
        applicable Master Servicing Fee, in the event that an advance is made by
        Master
        Servicer, and the applicable Servicing Fee), on one or more Mortgage Loans
        that
        were due on the Due Date in the related Due Period and not received as of
        the
        close of business on the related Determination Date, required to be made
        by a
        Servicer or by the Master Servicer on behalf of the related Servicer (or
        by the
        Trustee solely in its capacity as successor master servicer in accordance
        with
        Section 6.14) pursuant to Section 5.04.

       

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

       

      Affected
        Party:
        As
        defined in the Swap Agreement.

       

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

       

      Aggregate
        Master Servicing Compensation:
        Not
        applicable.

       

      Aggregate
        Principal Balance:
        The
        aggregate of the Scheduled Principal Balances for all Mortgage Loans at any
        date
        of determination.

       

      Aggregate
        Subordinate Percentage:
        With
        respect to any Distribution Date, the sum of the Class Principal Amounts
        of the
        Subordinate Certificates immediately prior to such date divided by the Pool
        Balance for the immediately preceding Distribution Date (or, in the case
        of the
        first Distribution Date, the Cut-off Date).

       

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

       

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

       

      AP
        Percentage:
        Not
        applicable.

       

      AP
        Principal Distribution Amount:
        Not
        applicable.

       

      Applicants:
        As
        defined in Section 8.02(b).

       

      Applied
        Loss Amount:
        Not
        applicable.

       

      Apportioned
        Principal Balance:
        Not
        applicable.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

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

       

      Associated
        Mortgage Loan:
        Not
        applicable.

       

      Assignment
        of Mortgage:
        An
        assignment of the Mortgage, notice of transfer or equivalent instrument,
        in
        recordable form, sufficient under the laws of the jurisdiction wherein the
        related Mortgaged Property is located to reflect the sale of the Mortgage
        to the
        Trustee, which assignment, notice of transfer or equivalent instrument may
        be in
        the form of one or more blanket assignments covering the Mortgage Loans secured
        by Mortgaged Properties located in the same jurisdiction, if permitted by
        law;
        provided, however, that the Trustee shall not be responsible for determining
        whether any such assignment is in recordable form.

       

      Aurora:
        Aurora
        Loan Services LLC or its successors in interest, in its capacity as a
        Servicer.

       

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

       

      Authorized
        Officer:
        Not
        applicable.

       

      Available
        Basis Risk Amount:
        Not
        Applicable.

       

      Available
        Distribution Amount:
        On any
        Distribution Date, the sum of the following amounts:

       

      (i) the
        total
        amount of all cash received by the Master Servicer through the Remittance
        Date
        applicable to each Servicer and deposited with the Trustee by the Master
        Servicer by the Deposit Date for such Distribution Date on the Mortgage Loans
        (including proceeds of any Insurance Policy and any other credit support
        relating to such Mortgage Loans and including any Subsequent Recovery), plus
        all
        Advances made by the Master Servicer or any Servicer (or the Trustee, solely
        in
        its capacity as successor Master Servicer) for such Distribution Date, any
        Compensating Interest Payment for such date, any amounts received with respect
        to any Additional Collateral, if any, or any surety bond, if any, related
        thereto and any amounts paid by any Servicer in respect of Prepayment Interest
        Shortfalls in respect of the related Mortgage Loans for such date, but not
        including:

       

      (A) all
        amounts distributed pursuant to Section 5.02 on prior Distribution
        Dates;

       

      (B) all
        Scheduled Payments of principal and interest collected but due on a date
        subsequent to the related Due Period;

       

      (C) all
        Principal Prepayments received or identified by the applicable Servicer after
        the applicable Prepayment Period (together with any interest payments received
        with such prepayments to the extent that they represent the payment of interest
        accrued on the related Mortgage Loans for the period subsequent to the
        applicable Prepayment Period);

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      (D) any
        other
        unscheduled collection, including Net Liquidation Proceeds, Subsequent
        Recoveries and Insurance Proceeds, received by the Master Servicer after
        the
        applicable Prepayment Period;

       

      (E) all
        fees
        and amounts due or reimbursable to the Master Servicer, the Trustee (or its
        custodian), the Custodian or a Servicer pursuant to the terms of this Agreement,
        the applicable Custodial Agreement or the applicable Servicing Agreement
        (other
        than the Trustee Fee);

       

      (F) Prepayment
        Interest Excess, to the extent not offset by Prepayment Interest Shortfalls;
        and
        any other payment made by the Master Servicer, the Trustee (solely as successor
        master servicer), any Servicer, the Seller, the Depositor, or any other Person
        with respect to such Distribution Date (including the Purchase
        Price);

       

      (ii) any
        other
        payments made by the Master Servicer, the Servicer, the Trustee or the Depositor
        to the Trust Fund with respect to such Distribution Date.

       

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

       

      Balloon
        Mortgage Loan:
        Not
        applicable.

       

      Balloon
        Payment:
        Not
        applicable.

       

      Bankruptcy:
        As to
        any Person, the making of an assignment for the benefit of creditors, the
        filing
        of a voluntary petition in bankruptcy, adjudication as a bankrupt or insolvent,
        the entry of an order for relief in a bankruptcy or insolvency proceeding,
        the
        seeking of reorganization, arrangement, composition, readjustment, liquidation,
        dissolution or similar relief, or seeking, consenting to or acquiescing in
        the
        appointment of a trustee, receiver or liquidator, dissolution, or termination,
        as the case may be, of such Person pursuant to the provisions of either the
        United States Bankruptcy Code of 1986, as amended, or any other similar state
        laws.

       

      Bankruptcy
        Coverage Termination Date:
        The
        Distribution Date on which the applicable Bankruptcy Loss Limit has been
        reduced
        to zero (or less than zero).

       

      Bankruptcy
        Loss Limit:
        As of
        the Cut-off Date, $150,000, which amount shall be reduced from time to time
        by
        the amount of Bankruptcy Losses that are allocated to the related Certificates
        until the applicable Bankruptcy Coverage Termination Date.

       

      Bankruptcy
        Losses:
        Losses
        that are incurred as a result of Deficient Valuations and any reduction,
        in a
        bankruptcy proceeding, of the amount of the Scheduled Payment on a Mortgage
        Loan
        other than as a result of a Deficient Valuation.

       

      Basis
        Risk Payment:
        Not
        applicable.

       

      Basis
        Risk Reserve Fund:
        Not
        applicable.

       

      Basis
        Risk Shortfall Protected Certificate:
        Not
        applicable.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      Basis
        Risk Shortfall:
        Not
        applicable.

       

      Blanket
        Mortgage:
        Not
        applicable.

       

      Book-Entry
        Certificates:
        Beneficial interests in Certificates designated as “Book-Entry Certificates” in
        this Agreement, ownership and transfers of which shall be evidenced or made
        through book entries by a Clearing Agency as described in Section 3.09;
        provided, that after the occurrence of a condition whereupon book-entry
        registration and transfer are no longer permitted and Definitive Certificates
        are to be issued to Certificate Owners, such Book-Entry Certificates shall
        no
        longer be “Book-Entry Certificates.” As of the Closing Date, all of the Classes
        of Certificates listed in the table in the Preliminary Statement entitled
“The
        Certificates,” other than the Class R Certificates, will constitute Book-Entry
        Certificates.

       

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

       

      C-X
        Component:
        Not
        applicable.

       

      Cap
        Agreement:
        An
        interest rate cap agreement entered into on the Closing Date by the Trustee,
        not
        individually but solely in its capacity as Trustee of the Trust Fund, with
        the
        Cap Counterparty, for the benefit of the Class A1 Certificates. 

       

      Cap
        Counterparty:
        Lehman
        Brothers Special Financing Inc., a Delaware corporation.

       

      Capitalization
        Reimbursement Amount:
        For any
        Distribution Date and with respect to any modified Mortgage Loans, the sum
        of
        the amounts, if any, of unreimbursed Advances and servicing advances that
        were
        added to the Scheduled Principal Balances of such Mortgage Loans in connection
        with the related modifications.
        

       

      Carryforward
        Interest:
        Not
        applicable.

       

      Certificates:
        Any
        Class R, Class A1, Class A1X, Class A21, Class A22, Class A31, Class A32,
        Class
        A2, Class A3, Class A4, Class A5, Class B1, Class B2, Class B3, Class B4,
        Class
        B5, Class B6 and Class AP Certificates. 

       

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

       

      Certificate
        Group:
        Not
        applicable.

       

      Certificate
        Interest Rate:
        With
        respect to each Class of Certificates and any Distribution Date, the applicable
        per annum rate specified or determined as provided in the Preliminary Statement
        hereto.

       

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

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      Certificate
        Principal Amount:
        With
        respect to any Certificate other than a Notional Certificate, at the time
        of
        determination, the maximum specified dollar amount of principal to which
        the
        Holder thereof is then entitled hereunder, such amount being equal to the
        initial principal amount set forth on the face of such Certificate, as reduced
        by the amount of all principal distributions previously made with respect
        to
        such Certificate, and all Realized Losses allocated to such Certificate and,
        in
        the case of a Subordinate Certificate, any Subordinate Certificate Writedown
        Amount allocated to such Certificates; provided, however, that on any
        Distribution Date on which a Subsequent Recovery is distributed, the Certificate
        Principal Amount of any Class of related Certificates then outstanding for
        which
        any Realized Loss or any Subordinate Certificate Writedown Amount has been
        applied will be increased, in order of seniority, by an amount equal to the
        lesser of (i) the amount the Class of Certificates has been reduced by any
        Realized Losses or any Subordinate Certificate Writedown Amount which have
        not
        been previously offset by any Subsequent Recovery pursuant to this proviso
        and
        (ii) the total amount of any Subsequent Recovery distributed on such date
        to
        Certificateholders (as reduced (x) by increases in the Certificate Principal
        Amount of more senior Classes of Certificates on such Distribution Date and
        (y)
        to reflect a proportionate amount of what would (but for this clause (y)
        have
        been the increases in the Certificate Principal Amount of Classes of
        Certificates of equal seniority on such Distribution Date). For purposes
        of
        Article V hereof, unless specifically provided to the contrary, Certificate
        Principal Amounts shall be determined as of the close of business of the
        immediately preceding Distribution Date, after giving effect to all
        distributions made on such date. Notional Certificates are issued without
        Certificate Principal Amounts.

       

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

       

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

       

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

       

      Class:
        All
        Certificates bearing the same class designation, and, in the case of each
        REMIC,
        all interests bearing the same designation.

       

      Class
        A1 REMIC Interest:
        A REMIC
        2 Regular Interest with an initial principal amount equal to the initial
        Class
        Principal Amount of the Class A1 Certificates and bearing interest at a per
        annum rate equal to (i) for each Distribution Date through September 2012,
        the
        lesser of (A) LIBOR plus 1.75% and (B) the Net WAC for such Distribution
        Date
        and (ii) for each Distribution Date thereafter, the Net WAC for such
        Distribution Date. Allocations of principal and interest shortfalls shall
        be
        made to the Class A1 REMIC Interest in the same manner as such allocations
        are
        made to the Class A1 Certificates. The Class A1 REMIC Interest shall not
        represent any right to receive payments from proceeds of the Cap Agreement
        or
        the Swap Agreement and shall not represent any obligation to make payments
        on
        account of the Swap Agreement.

       

      Class
        AP Certificate:
        The
        Class AP Certificate.

       

      Class
        AP Reserve Fund:
        As
        defined in Section 5.13(a).

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      Class
        B Certificates:
        Any
        Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6
        Certificates.

       

      Class
        C Distributable Amount:
        Not
        applicable.

       

      Class
        C Mortgage Loan:
        Any
        Mortgage Loan which has become a Liquidated Mortgage Loan on or prior to
        the Due
        Period ending on March 1, 2010.

       

      Class
        I Shortfalls:
        Not
        applicable.

       

      Class
        Notional Amount:
        With
        respect to each Class of Notional Certificates the applicable class notional
        amount calculated as provided in the Preliminary Statement hereto.

       

      Class
        Percentage:
        With
        respect to each Class of Subordinate Certificates, for each Distribution
        Date,
        the percentage obtained by dividing the Class Principal Amount of such Class
        immediately prior to such Distribution Date by the sum of the Class Principal
        Amounts of all Certificates immediately prior to such date.

       

      Class
        Principal Amount:
        With
        respect to each Class of Certificates other than any Class of Notional
        Certificates, the aggregate of the Certificate Principal Amounts of all
        Certificates of such Class at the date of determination. 

       

      Class
        R Certificate:
        The
        Class R Certificate executed by the Trustee, and authenticated and delivered
        by
        the Certificate Registrar, substantially in the form annexed hereto as Exhibit
        A
        and evidencing the ownership of the sole class of residual interest in
        REMIC 2 as well as ownership of the Class LT1-R Interest in REMIC
        1.

      

      Clearing
        Agency:
        An
        organization registered as a “clearing agency” pursuant to Section 17A of the
        Securities Exchange Act of 1934, as amended. As of the Closing Date, the
        Clearing Agency shall be The Depository Trust Company.

       

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

       

      Clearstream:
        Clearstream Banking, société anonyme, and any successor thereto.

       

      Closing
        Date:
        March
        31, 2008.

       

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

       

      Collateral
        Account:
        A
        separate account that may be established and maintained by the Trustee pursuant
        to Section 5.09.

       

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

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      Combination
        Group:
        Any
        combination(s) of Exchange Certificates set forth on Appendix A to the Exchange
        Trust Agreement.

       

      Commission:
        The
        Securities and Exchange Commission.

       

      Compensating
        Interest Payment:
        With
        respect to any Distribution Date, and prepayments in full or in part, an
        amount
        equal to the aggregate amount of any Prepayment Interest Shortfalls required
        to
        be paid by the Servicers with respect to such Distribution Date and if indicated
        in the relevant Servicing Agreement, up to an amount equal to the aggregate
        of
        the Servicing Fees received on the Mortgage Loans serviced by it. The Master
        Servicer shall not be responsible to make any Compensating Interest
        Payment.

       

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

       

      Conventional
        Loan:
        Not
        applicable.

       

      Converted
        Mortgage Loan:
        Not
        applicable.

       

      Convertible
        Mortgage Loan:
        Not
        applicable.

       

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

       

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

       

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

       

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

       

      Cooperative
        Shares:
        Shares
        issued by a Cooperative Corporation.

       

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

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      Corporate
        Trust Office:
        With
        respect to the Trustee, For the purpose of presentment, exchange and surrender
        of the Certificates, the Trustee’s Corporate Trust Office is located at Sixth
        Street and Marquette Avenue, Minneapolis, MN 55479, Attention: Corporate
        Trust
        Services SARM 2008-1 and for all other purposes is located at 9062 Old Annapolis
        Road, Columbia, MD 21045 Attention: Client Manager - SARM 2008-1, or such
        other
        address that the Trustee may designate from time to time by notice to the
        Certificateholders, the Depositor and the Master Servicer.

      

      Corresponding
        Certificates or REMIC 2 Regular Interests:
        The
        Class or Classes of Certificates or REMIC 2 Regular Interests that correspond
        to
        a class of Lower Tier Interests in REMIC 1 and as described in the Preliminary
        Statement.

      

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

       

      Credit
        Support Depletion Date:
        The
        Distribution Date on which, after giving effect to all distributions on such
        date, the aggregate Certificate Principal Amount of the related Subordinate
        Certificates is reduced to zero.

       

      Credit
        Support Percentage:
        As to
        any Class of Subordinate Certificates (other than the lowest ranking Class)
        and
        any Distribution Date, the sum of the Subordinate Class Percentages of all
        Classes of Certificates that rank lower in priority than such Class (without
        giving effect to distributions on such date).

       

      Cumulative
        Loss Trigger Event:
        Not
        applicable.

       

      Custodial
        Agreement:
        The
        custodial agreement attached as Exhibit K hereto, and any custodial agreement
        subsequently executed by the Trustee and any Custodian substantially in the
        form
        thereof.

       

      Custodian:
        Each
        custodian appointed by the Trustee pursuant to a Custodial Agreement, and
        any
        successor thereto. The initial Custodian is U.S. Bank National Association.
        For
        the avoidance of doubt, for so long as U.S. Bank National Association is
        the
        only Custodian with respect to the Mortgage Loans, any references herein
        to
“any" Custodian, “a” Custodian, “the related” Custodian or words of similar
        import herein will mean U.S. Bank National Association.

       

      Cut-off
        Date:
        March
        1, 2008.

       

      Cut-off
        Date Aggregate Principal Balance:
        The
        Scheduled Principal Balances of the Mortgage Loans as of the Cut-off
        Date.

       

      Debt
        Service Reduction:
        With
        respect to any Mortgage Loan, a reduction of the Scheduled Payment that the
        related Mortgagor is obligated to pay on any Due Date as a result of any
        proceeding under Bankruptcy law or any similar proceeding. The principal
        portion
        of Debt Service Reductions will not be allocated in reduction of the Certificate
        Principal Amounts of any Certificates.

       

      Defaulting
        Party:
        Not
        applicable.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      Deferred
        Amount:
        Not
        applicable.

       

      Deferred
        Interest:
        As
        defined in the Swap Agreement.

       

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

       

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

       

      Deleted
        Loan REMIC:
        Not
        Applicable.

       

      Deleted
        Loan REMIC Interest:
        Not
        Applicable.

       

      Deleted
        Loan REMIC Regular Interest:
        Not
        Applicable.

       

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

       

      Delinquency
        Event:
        Not
        applicable. 

       

      Delinquency
        Rate:
        Not
        applicable.

       

      Deposit
        Date:
        With
        respect to each Distribution Date, no later than 1:00pm, New York City time,
        the
        Business Day immediately preceding such Distribution Date.

       

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

       

      Designated
        Rate:
        Not
        applicable.

       

      Determination
        Date:
        With
        respect to each Distribution Date, the Remittance Date immediately preceding
        such Distribution Date.

       

      Direct
        Obligations:
        As
        defined in the definition of Eligible Investments.

       

      Discount
        Mortgage Loan:
        None.

       

      Disqualified
        Organization:
        Either
        (i) the United States, (ii) any state or political subdivision thereof, (iii)
        any foreign government, (iv) any international organization, (v) any agency
        or
        instrumentality of any of the foregoing, (vi) any tax-exempt organization
        (other
        than a cooperative described in section 521 of the Code) which is exempt
        from
        the tax imposed by Chapter 1 of the Code unless such organization is subject
        to
        the tax imposed by section 511 of the Code, (vii) any organization described
        in
        section 1381(a)(2)(C) of the Code, (viii) any “electing large partnership”
described in section 775 of the Code, or (ix) any other entity designated
        as a
        Disqualified Organization by relevant legislation amending the REMIC Provisions
        and in effect at or proposed to be effective as of the time of the
        determination. In addition, a corporation will not be treated as an
        instrumentality of the United States or of any state or political subdivision
        thereof if all of its activities are subject to tax and, with the exception
        of
        the Federal Home Loan Mortgage Corporation, a majority of its board of directors
        is not selected by such governmental unit.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      Distressed
        Mortgage Loan:
        Any
        Mortgage Loan which is more than 90 days delinquent or for which the Servicer
        has accepted a deed in lieu of foreclosure.

       

      Distribution
        Date:
        The
        25th
        day of
        each month, or, if such 25th
        day is
        not a Business Day, the next succeeding Business Day commencing in April
        2008.

       

      DTC:
        The
        Depository Trust Company.

       

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

       

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

       

      Eligible
        Account:
        Either
        (i) an account or accounts maintained with a federal or state chartered
        depository institution or trust company acceptable to the Rating Agencies
        or
        (ii) an account at a depository institution or trust company whose commercial
        paper or other short term debt obligations (or, in the case of a depository
        institution or trust company which is the principal subsidiary of a holding
        company, the commercial paper or other short term debt or deposit obligations
        of
        such holding company or depository institution, as the case may be) have
        been
        rated by each Rating Agency in its highest short-term rating category, or
        (iii)
        a segregated trust account or accounts (which shall be a “special deposit
        account”) maintained with the Trustee or any other federal or state chartered
        depository institution or trust company, acting in its fiduciary capacity,
        in a
        manner acceptable to the Trustee and the Rating Agencies. Eligible Accounts
        may
        bear interest.

       

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

       

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

       

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

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

      (vi) a
        Qualified GIC;

       

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

       

      (viii) any
        other
        demand, money market fund, common trust fund or time deposit or obligation,
        or
        interest-bearing or other security or investment (including those managed
        or
        advised by the Trustee or any Affiliate thereof), (A) rated in the highest
        rating category by each Rating Agency (if rated by such Rating Agency) or
        (B)
        that would not adversely affect the then current rating by either Rating
        Agency
        of any of the Certificates and has a short term rating of at least “A-1” or its
        equivalent by each Rating Agency. Such investments in this subsection (viii)
        may
        include money market mutual funds or common trust funds, including any fund
        for
        which Wells Fargo Bank, N.A., in its capacity other than as Trustee, the
        Master
        Servicer or an affiliate thereof serves as an investment advisor, administrator,
        shareholder servicing agent, and/or custodian or subcustodian, notwithstanding
        that (i) Wells Fargo Bank, N.A., the Trustee, the Master Servicer or any
        Affiliate thereof charges and collects fees and expenses from such funds
        for
        services rendered, (ii) Wells Fargo Bank, N.A., the Trustee, the Master
        Servicer, or any Affiliate thereof charges and collects fees and expenses
        for
        services rendered pursuant to this Agreement, and (iii) services performed
        for
        such funds and pursuant to this Agreement may converge at any time. Wells
        Fargo
        Bank, N.A. or an Affiliate thereof is hereby authorized to charge and collect
        from the Trust Fund such fees as are collected from all investors in such
        funds
        for services rendered to such funds (but not to exceed investment earnings
        thereon);

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

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

       

      ERISA:
        The
        Employee Retirement Income Security Act of 1974, as amended, and as it may
        be
        further amended from time to time, any successor statutes thereto, and
        applicable U.S. Department of Labor regulations issued pursuant thereto in
        temporary or final form.

       

      ERISA-Qualifying
        Underwriting:
        A best
        efforts or firm commitment underwriting or private placement that would satisfy
        the requirements of the Underwriter’s Exemption, except, in relevant part, for
        the requirement that the certificates have received a rating at the time
        of
        acquisition that is in one of the three (or four, in the case of a “designated
        transaction”) highest generic rating categories by at least one of the Rating
        Agencies.

       

      ERISA-Restricted
        Certificate:
        Any
        Class B4, Class B5 or Class B6, Certificate and any other Certificate, as
        long
        as the acquisition and holding of such Certificate is not covered by and
        exempt
        under the Underwriter’s Exemption.

       

      ERISA-Restricted
        Swap Certificate:
        Any
        Class A1 Certificates.

       

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

       

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

       

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

       

      Excess
        Interest:
        Not
        applicable.

       

      Excess
        Loss:
        Any
        Bankruptcy Loss, or portion thereof, on the Mortgage Loans in excess of the
        then-applicable Bankruptcy Loss Limit, any Fraud Losses, or portion thereof,
        on
        the Mortgage Loans in excess of the then-applicable Fraud Loss Limit, and
        any
        Special Hazard Loss, or portion thereof, on the Mortgage Loans in excess
        of the
        then-applicable Special Hazard Loss Limit.

       

      Excess
        REMIC Payments:
        Not
        applicable.

       

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

       

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

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      Exchange
        Class
        or Exchange
        Certificates:
        Each Class of Certificates identified as such, and issued under, the Exchange
        Trust Agreement.

       

      Exchangeable
        Classes
        or Exchangeable
        Certificates:
        The
        Classes of Certificates identified as such, and issued under, the Exchange
        Trust
        Agreement.

       

      Exchange
        Trust Agreement:
        The
        Exchange Trust Agreement dated as of March 1, 2008, entered into by and among
        the Depositor and the Trustee for the issuance of the Exchange and Exchangeable
        Certificates.

       

      Exchange
        Trustee:
        Wells
        Fargo Bank, N.A., in its capacity as trustee under the Exchange Trust
        Agreement.

       

      Extended
        Period:
        As
        defined in Section 10.04(b).

       

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

       

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

       

      Final
        Scheduled Distribution Date:
        For all
        of the Certificates except the Class A1X Certificates), the Distribution
        Date in
        October 2037. For the Class A1X Certificates the Distribution Date in September
        2012. 

       

      Financial
        Intermediary:
        Not
        applicable.

       

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

       

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

       

      Forgiven
        Amount:
        Any
        amount of principal or delinquent interest that the related Mortgagor is
        no
        longer required to pay as a result of any modification by the related Servicer
        of the terms of the related Mortgage Note.

       

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

       

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

       

      Fraud
        Losses:
        Any
        Realized Loss on a Liquidated Mortgage Loan sustained by reason of a default
        arising from fraud, dishonesty or misrepresentation in connection with the
        related Mortgage Loan, as reported by the applicable Servicer to the Master
        Servicer.

       

      Fraud
        Loss Limit:
        With
        respect to any Distribution Date (x) prior to the first anniversary of the
        Cut-off Date, $464,590.01 less the aggregate of Fraud Losses since the Cut-off
        Date, (y) from the first anniversary to the second anniversary of the Cut-off
        Date, an amount equal to (1) the lesser of (a) the Fraud Loss Limit as of
        the
        most recent anniversary of the Cut-off Date and (b) 2.00% of the aggregate
        principal balance of all the Mortgage Loans as of the most recent anniversary
        of
        the Cut-off Date less (2) the aggregate of Fraud Losses i since the most
        recent
        anniversary of the Cut-off Date, and (z) from the second anniversary to the
        fifth anniversary of the Cut-off Date, an amount equal to (1) the lesser
        of (a)
        the Fraud Loss Limit as of the most recent anniversary of the Cut-off Date
        and
        (b) 1.00% of the aggregate principal balance of all the Mortgage Loans as
        of the
        most recent anniversary of the Cut-off Date less (2) the aggregate of Fraud
        Losses since the most recent anniversary of the Cut-off Date. On or after
        the
        fifth anniversary of the Cut-off Date, the Fraud Loss Limit shall be
        zero.

      

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      Funding
        Account:
        Not
        applicable

       

      Funding
        Amount:
        Not
        applicable.

       

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

       

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

       

      Grantor
        Trust:
        Each
        of
        the “grantor trusts” (within the meaning of the Grantor Trust Provisions)
        described in Section 10.01 herein.

       

      Grantor
        Trust Assets:
        Not
        applicable.

       

      Grantor
        Trust Provisions:
        Subpart
        E
        of Subchapter J of the Code, including Treasury regulation section
        301.7701-4(c)(2).

       

      Holder
        or
Certificateholder:
        The
        registered owner of any Certificate as recorded on the books of the Certificate
        Registrar except that, solely for the purposes of taking any action or giving
        any consent pursuant to this Agreement, any Certificate registered in the
        name
        of the Depositor, the Trustee, the Master Servicer, the Swap Counterparty,
        the
        Cap Counterparty, any Servicer, or any Affiliate thereof shall be deemed
        not to
        be outstanding in determining whether the requisite percentage necessary
        to
        effect any such consent has been obtained, except that, in determining whether
        the Trustee shall be protected in relying upon any such consent, only
        Certificates which a Responsible Officer of the Trustee knows to be so owned
        shall be disregarded. The Trustee may request and conclusively rely on
        certifications by the Depositor, the Master Servicer, any Servicer or the
        Cap
        Counterparty, in determining whether any Certificates are registered to an
        Affiliate of the Depositor, the Master Servicer, such Servicer or the Cap
        Counterparty, respectively.

       

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

       

      Indenture:
        Not
        applicable.

       

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

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      Initial
        LIBOR Rate:
        2.59875%.

       

      Initial
        MTA Rate:
        Not
        applicable.

       

      Initial
        Net Mortgage Rate:
        Not
        applicable.

       

      Initial
        Optional Termination Date:
        Not
        applicable.

       

      Initial
        Senior Enhancement Percentage:
        9.50%
        .

       

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

       

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

       

      Interest
        Distribution Amount:
        Not
        applicable.

       

      Interest
        Remittance Amount:
        Not
        applicable.

       

      Interest
        Shortfall:
        With
        respect to any Class of Certificates and any Distribution Date, any Accrued
        Certificate Interest not distributed (or added to principal) with respect
        to any
        previous Distribution Date, other than any Net Prepayment Interest Shortfalls
        and other than any amount not distributed attributable to any Swap Termination
        Payment owed to the Swap Counterparty.

      

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

       

      IRS:
        The
        Internal Revenue Service.

       

      Latest
        Possible Maturity Date:
        The
        Distribution Date in October 2037.

       

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

       

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

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      If
        on
        such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
        appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
        Telerate Page 3750 is not available on such date, the Trustee will obtain
        such
        rate from Reuters’ “page LIBOR01” or Bloomberg’s page “BBAM” (US0001M). If such
        rate is not published for such LIBOR Determination Date, LIBOR for such date
        will be the most recently published Interest Settlement Rate. In the event
        that
        the BBA no longer sets an Interest Settlement Rate, the Trustee will designate
        an alternative index that has performed, or that the Trustee expects to perform,
        in a manner substantially similar to the BBA’s Interest Settlement Rate. The
        Trustee will select a particular index as the alternative index only if it
        receives an Opinion of Counsel, which opinion shall be an expense reimbursed
        from the Certificate Account pursuant to Section 4.04, that the selection
        of
        such index will not cause any of the REMICs to lose their classification
        as
        REMICs for federal income tax purposes.

       

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

       

      LIBOR
        Available Funds Cap:
        Not
        applicable.

       

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

       

      LIBOR
        Certificate:
        The
        Class A1 and Class A1X Certificates.

       

      LIBOR
        Component:
        Not
        applicable.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

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

       

      Losses:
        As
        defined in Section 10.03.

       

      Lower
        Tier Interest:
        Any of the REMIC 1 Interests.

       

      Maintenance:
        Not
        applicable.

       

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

       

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

       

      Master
        Servicing Fee Rate:
        With
        respect to each Mortgage Loan (other than any Participation), 0.000% per
        annum.

       

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

       

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

       

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

       

      Monthly
        Excess Cashflow:
        Not
        applicable.

       

      Monthly
        Excess Interest:
        Not
        applicable.

       

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

       

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

       

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

       

      Mortgage
        Loan:
        A
        Mortgage and the related notes or other evidences of indebtedness secured
        by
        each such Mortgage conveyed, transferred, sold, assigned to or deposited
        with
        the Trustee or the applicable Custodian pursuant to Section 2.01 or Section
        2.05, including without limitation, each Mortgage Loan listed on the Mortgage
        Loan Schedule, as amended from time to time. In addition, as used herein
        the
        term “Mortgage Loan” includes the Participations, except where otherwise
        specified or where the context requires otherwise.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

      Mortgage
        Loan Sale Agreement:
        The
        agreement, dated as of March 1, 2008, for the sale of certain Mortgage Loans
        by
        Lehman Brothers Holdings to the Depositor.

       

      Mortgage
        Loan Schedule:
        The
        schedule attached hereto as Schedule A, which shall identify each Mortgage
        Loan,
        as such schedule may be amended from time to time to reflect the addition
        of
        Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
        Such
        schedule shall consist of the following information with respect to each
        Mortgage Loan: (i) the Mortgage Loan identifying number; (ii) city, state
        and
        zip code, (iii)the original principal amount of the Mortgage Loan; (iv) the
        Mortgage Rate at origination; (v) the monthly payment of principal and interest
        at origination; (vi) the Seller of such Mortgage Loan to the Depositor; (vii)
        the Servicer servicing such Mortgage Loan and the applicable Servicing Fee
        Rate;
        (viii) the applicable prepayment premium, if any, and the method of calculation
        and (ix) the Custodian with respect to the Mortgage File related to such
        Mortgage Loan. The Depositor shall be responsible for providing the Trustee
        and
        the Master Servicer with all amendments to the Mortgage Loan
        Schedule.

       

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

       

      Mortgage
        Pool:
        The
        aggregate of the Mortgage Loans identified on the Mortgage Loan
        Schedule.

       

      Mortgage
        Rate:
        As to
        any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage
        Loan.

       

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

       

      Mortgagor:
        The
        obligor on a Mortgage Note.

       

      Negative
        Amortization:
        Not
        applicable.

       

      Negative
        Amortization Certificate:
        None.

       

      Net
        Funds Cap:
        Not
        applicable.

       

      Net
        Liquidation Proceeds:
        With
        respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds
        net of
        unreimbursed expenses incurred in connection with liquidation or foreclosure
        and
        unreimbursed Advances, Servicing Advances and Servicing Fees received and
        retained in connection with the liquidation of such Mortgage Loan.

       

      Net
        Mortgage Rate:
        With
        respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the sum
        of
        the applicable Master Servicing Fee Rate, Servicing Fee Rate, Trustee Fee
        Rate
        and any mortgage insurance premium rate (if applicable).

       

      Net
        Prepayment Interest Shortfall:
        With
        respect to any Deposit Date, the excess, if any, of any Prepayment Interest
        Shortfalls with respect to the Mortgage Loans for such date over the sum
        of any
        amounts paid by the applicable Servicer with respect to such shortfalls and
        any
        amount that is required to be paid by the Master Servicer in respect of such
        shortfalls pursuant to this Agreement.

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

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

       

      Net
        WAC:
        On any
        Distribution Date, the weighted average of Net Mortgage Rates of the Mortgage
        Loans or portion thereof at the beginning of the related Due Period, weighted
        on
        the basis of their Scheduled Principal Balances at the beginning of the related
        Due Period.

       

      NIM
        Redemption Amount:
        Not
        applicable.

       

      NIM
        Securities:
        Not
        applicable.

       

      NIMS
        Agreement:
        Not
        applicable.

       

      NIMS
        Insurer:
        Not
        applicable. 

       

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

       

      Non-Discount
        Mortgage Loan:
        Not
        applicable.

       

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

       

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

       

      Non-U.S.
        Person:
        Any
        person other than (i) a citizen or resident of the United States; (ii) a
        corporation (or entity treated as a corporation for tax purposes) created
        or
        organized in the United States or under the laws of the United States or
        of any
        state thereof, including, for this purpose, the District of Columbia; (iii)
        a
        partnership (or entity treated as a partnership for tax purposes) organized
        in
        the United States or under the laws of the United States or of any state
        thereof, including, for this purpose, the District of Columbia (unless provided
        otherwise by future Treasury regulations); (iv) an estate whose income is
        includible in gross income for United States income tax purposes regardless
        of
        its source; or (v) 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 U.S. Persons have authority to control all substantial decisions of
        the
        trust. Notwithstanding the last clause of the preceding sentence, to the
        extent
        provided in Treasury regulations, certain trusts in existence on August 20,
        1996, and treated as U.S. Persons prior to such date, may elect to continue
        to
        be U.S. Persons.

       

      Notional
        Amount:
        With
        respect to any Notional Certificate and any Distribution Date, such
        Certificate’s Percentage Interest of the Class Notional Amount of such Class of
        Certificates for such Distribution Date.

       

      Notional
        Certificate:
        The
        Class A1X Certificates.

       

      Notional
        Component:
        Not
        applicable.

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      Offering
        Document:
        Either
        of the private placement memorandum dated March 28, 2008 relating to the
        Privately Offered Certificates or the Prospectus.

       

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

       

      One-Year
        MTA:
        Not
        applicable.

       

      Opinion
        of Counsel:
        A
        written opinion of counsel, reasonably acceptable in form and substance to
        the
        Trustee and who may be in-house or outside counsel to the Depositor, the
        Master
        Servicer or the applicable Servicer but which must be Independent outside
        counsel with respect to any such opinion of counsel concerning the transfer
        of
        any Residual Certificate or concerning certain matters with respect to ERISA,
        or
        the taxation, or the federal income tax status, of each REMIC. For purpose
        of
        Section 2.01(c)(i), the Opinion of Counsel referred to therein may take the
        form
        of a memorandum of law or other acceptable assurance. Any such opinion of
        counsel shall not be at the expense of the Trustee.

       

      Optimal
        Interest Remittance Amount:
        Not
        applicable.

      

      Original
        Credit Support Percentage:
        With
        respect to any Class of Subordinate Certificates, the Credit Support Percentage
        with respect to such Class on the Closing Date.

       

      Original
        Subordinate Amount:
        The
        Subordinate Amount as of the first Distribution Date.

       

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

       

      Originators:
        Flagstar Bank, FSB.

       

      Overcollateralization
        Amount:
        Not
        applicable.

       

      Overcollateralization
        Deficiency:
        Not
        applicable.

       

      Overcollateralization
        Floor:
        Not
        applicable.

       

      Overcollateralization
        Release Amount:
        Not
        applicable.

       

      Parent
        PowerSM
        Loan:
        Not
        applicable.

       

      Participation
        Agreement:
        Not
        applicable.

       

      Participation:
        Not
        applicable.

       

      Participation
        Schedule:
        Not
        applicable.

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      Payahead:
        Generally any Scheduled Payment intended by the related borrower to be applied
        in a Due Period subsequent to the Due Period in which such payment was
        received.

       

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

       

      PCAOB:
        The
        Public Company Accounting Oversight Board.

       

      Percentage
        Interest:
        When
        used to establish minimum denominations and otherwise with respect to a class
        of
        Certificates other than the Class AP and Class R Certificates, the fraction,
        expressed as a percentage, the numerator of which is that Certificate’s
        Certificate Principal Amount or Notional Amount and the denominator of which
        is
        the applicable Class Principal Amount or Class Notional Amount. When used
        to
        determine voting rights of Certificateholders, for any Certificate other
        than a
        Notional Certificate or the Class AP and Class R Certificates, the fraction,
        expressed as a percentage, the numerator of which is that Certificate’s
        Certificate Principal Amount and the denominator of which is the total of
        the
        Class Principal Amounts of all such classes of Certificates; and the Percentage
        Interest of a Notional Certificate will be the fraction, expressed as a
        percentage, the numerator of which is that Certificate’s Notional Amount and the
        denominator of which is the total of the Class Notional Amounts of all such
        Classes of Certificates. With respect to any Class AP and Class R Certificates,
        the Percentage Interest evidenced thereby shall be as specified on the face
        thereof.

       

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

       

      Permitted
        Transferee:
        As
        defined in Section 3.03(f).

       

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

       

      Plan:
        As
        defined in Section 3.03(d).

       

      Placement
        Agent:
        Lehman
        Brothers Inc.

       

      Plan
        Asset Regulations:
        Not
        applicable.

       

      Pledged
        Asset Loan-to-Value Ratio:
        Not
        applicable.

       

      Pledged
        Asset Mortgage Loan:
        Not
        applicable.

       

      Pool
        Balance:
        As to
        any Distribution Date, the sum of the Scheduled Principal Balance of the
        Mortgage Loans included in the Mortgage Pool.

       

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

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

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

       

      Prepayment
        Penalty Amounts:
        With
        respect to any Distribution Date, all premiums or charges paid by the obligors
        under the related Mortgage Notes due to Principal Prepayments, if any, collected
        by the applicable Servicer and forwarded to the Collection Account pursuant
        to,
        and if required by, the applicable Servicing Agreement during the immediately
        preceding Prepayment Period, if any.

       

      Prepayment
        Period:
        For
        each Distribution Date and for any Principal Prepayment in part or in full
        (including any liquidation) (except Principal Prepayments in full received
        by
        Aurora), the calendar month immediately preceding the month in which such
        Distribution Date occurs. For each Distribution Date and a Principal Prepayment
        in full (including any liquidation) received by Aurora, the period from the
        seventeenth (or, in the case of the first Distribution Date, the first) day
        of
        the month immediately preceding the month of such Distribution Date through
        the
        sixteenth day of the month of such Distribution Date. 

       

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

       

      Principal
        Amount Schedules:
        Not
        applicable.

       

      Principal
        Distribution Amount:
        Not
        applicable.

       

      Principal
        Only Certificate:
        Not
        applicable.

       

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

       

      Principal
        Remittance Amount:
        Not
        applicable.

       

      Privately
        Offered Certificates:
        The
        Class B4, Class B5, Class B6 and the Class AP Certificates.

       

      Proceeding:
        Not
        applicable.

       

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

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

      Prospectus:
        The
        prospectus supplement dated March 28, 2008, together with the accompanying
        prospectus dated February 28, 2008, relating to the Senior Certificates and
        the
        Subordinate Certificates.

       

      Purchase
        Price:
        For
        each Mortgage Loan repurchased hereunder, an amount equal to the sum of (a)
        100%
        of the outstanding principal balance of such Mortgage Loans plus accrued
        interest thereon at the applicable Mortgage Rate from the date as to which
        interest was last paid to (but not including) the Due Date in the Due Period
        immediately preceding the related Distribution Date, (b) the fair market
        value
        of all other property being repurchased relating to such Mortgage Loans
        (reduced, in the case of REO Property, by (1) reasonably anticipated disposition
        costs and (2) any amount by which the fair market value as so reduced exceeds
        the outstanding principal balance of the related Mortgage Loan plus accrued
        interest thereon at the applicable Mortgage Rate), (c) any unreimbursed
        servicing advances and amounts due to the Trustee, Master Servicer, Servicers
        and Custodians related to such Mortgage Loan for the related Distribution
        Date
        and (d) any costs and damages incurred by the Trust Fund (or the Trustee)
        in
        connection with any violation by such Mortgage Loan of any predatory- or
        abusive-lending law. The Master Servicer or the applicable Servicer (or the
        Trustee, if applicable) shall be reimbursed from the Purchase Price for any
        Mortgage Loan or related REO Property for any Advances made with respect
        to such
        Mortgage Loan that are reimbursable to the Master Servicer, such Servicer
        or the
        Trustee under this Agreement or the applicable Servicing Agreement, as well
        as
        any unreimbursed Servicing Advances and accrued and unpaid Master Servicing
        Fees
        or Servicing Fees, as applicable.

       

      QIB:
        As
        defined in Section 3.03(c).

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

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

       

      Qualified
        Insurer:
        Not
        applicable.

       

      Qualifying
        Substitute Mortgage Loan:
        In the
        case of a Mortgage Loan substituted for a Deleted Mortgage Loan, a Mortgage
        Loan
        that, on the date of substitution, (i) has a Scheduled Principal Balance
        (together with that of any other mortgage loan substituted for the same Deleted
        Mortgage Loan) as of the Due Date in the month in which such substitution
        occurs
        not in excess of the Scheduled Principal Balance of the related Deleted Mortgage
        Loan, provided, however, that, to the extent that the Scheduled Principal
        Balance of such Mortgage Loan is less than the Scheduled Principal Balance
        of
        the related Deleted Mortgage Loan, then such differential in principal amount,
        together with interest thereon at the applicable Mortgage Rate net of the
        applicable Master Servicing Fee and the applicable Servicing Fee from the
        date
        as to which interest was last paid through the end of the Due Period in which
        such substitution occurs, shall be paid by the party effecting such substitution
        to the Master Servicer for deposit into the Collection Account, and shall
        be
        treated as a Principal Prepayment hereunder; (ii) has a Net Mortgage Rate
        not
        lower than the Net Mortgage Rate of the related Deleted Mortgage Loan and
        will
        be a Discount Mortgage Loan if the Deleted Mortgage Loan was a Discount Mortgage
        Loan or a Non-Discount Mortgage Loan if the Deleted Mortgage Loan was a
        Non-Discount Mortgage Loan; (iii) has a remaining stated term to maturity
        not
        more than eighteen months longer than, and not more than eighteen months
        shorter
        than, the remaining term to stated maturity of the related Deleted Mortgage
        Loan; (iv) (A) has a Loan-to-Value Ratio as of the date of such substitution
        of
        not greater than 80%, provided, however, that if the related Deleted Mortgage
        Loan has a Loan-to-Value Ratio of greater than 80%, then the Loan-to-Value
        Ratio
        of such substitute Mortgage Loan may be greater than 80% but shall not be
        greater than the Loan-to-Value Ratio of the related Deleted Mortgage Loan
        and
        (B) the addition of such substitute Mortgage Loan does not increase the weighted
        average Loan-to-Value Ratio by more than 5%; (v) will comply with all of
        the
        representations and warranties relating to Mortgage Loans set forth herein,
        as
        of the date as of which such substitution occurs; (vi) is not a Cooperative
        Loan
        unless the related Deleted Mortgage Loan was a Cooperative Loan; (vii) if
        applicable, has the same index as and a margin not less than that of the
        related
        Deleted Mortgage Loan; (viii) has not been delinquent for a period of more
        than
        30 days more than once in the twelve months immediately preceding such date
        of
        substitution; (ix) is covered by a Primary Mortgage Insurance Policy if the
        related Deleted Mortgage Loan is so covered, and the Loan-to-Value Ratio
        of such
        Mortgage Loan is greater than 80%; (x) has a Credit Score not greater than
        20
        points lower than the Credit Score of the related Deleted Mortgage Loan,
        provided, however, that if the Deleted Mortgage Loan does not have a Credit
        Score, then such substitute Mortgage Loan shall have a Credit Score equal
        to or
        greater than 700; (xi) has its initial adjustment date after the related
        Reset
        Date; and (xii) has a gross margin no less than the related Deleted Mortgage
        Loan. In the event that either one mortgage loan is substituted for more
        than
        one Deleted Mortgage Loan or more than one mortgage loan is substituted for
        one
        or more Deleted Mortgage Loans, then (a) the Scheduled Principal Balance
        referred to in clause (i) above shall be determined such that the aggregate
        Scheduled Principal Balance of all such substitute Mortgage Loans shall not
        exceed the aggregate Scheduled Principal Balance of all Deleted Mortgage
        Loans
        and (b) each of (1) the rate referred to in clause (ii) above, (2) the remaining
        term to stated maturity referred to in clause (iii) above, (3) the Loan-to-Value
        Ratio referred to in clause (iv) above and (4) the Credit Score referred
        to in
        clause (x) above shall be determined on a weighted average basis, provided
        that
        the final scheduled maturity date of any Qualifying Substitute Mortgage Loan
        shall not exceed the Final Scheduled Distribution Date of any Class of
        Certificates. Whenever a Qualifying Substitute Mortgage Loan is substituted
        for
        a Deleted Mortgage Loan pursuant to this Agreement, the party effecting such
        substitution shall certify such qualification in writing to the Trustee,
        applicable Custodian and the Master Servicer.

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

      Rating
        Agency:
        Moody's
        or S&P.

       

      Realized
        Loss:
        With
        respect to (a) each Liquidated Mortgage Loan, an amount equal to (i) the
        unpaid
        principal balance of such Mortgage Loan as of the date of liquidation, plus
        (ii)
        interest at the applicable Net Mortgage Rate from the date as to which interest
        was last paid up to the last day of the month of such liquidation, minus
        (iii)
        Liquidation Proceeds received, net of amounts that are reimbursable to the
        Master Servicer or the applicable Servicer with respect to such Mortgage
        Loan
        (other than Advances of principal and interest) including expenses of
        liquidation or (b) each Mortgage Loan that has become the subject of a Deficient
        Valuation, the difference between the unpaid principal balance of such Mortgage
        Loan immediately prior to such Deficient Valuation and the unpaid principal
        balance of such Mortgage Loan as reduced by the Deficient Valuation. In
        determining whether a Realized Loss on a Liquidated Mortgage Loan is a Realized
        Loss of interest or principal, Liquidation Proceeds shall be allocated, first,
        to payment of expenses related to such Liquidated Mortgage Loan, then to
        accrued, unpaid interest and finally to reduce the principal balance of the
        Mortgage Loan. Realized losses may be increased by the principal portion
        of any
        Forgiven Amount for the Distribution Date related to the Due Period in which
        the
        modification has occurred.

      

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

       

      Record
        Date:
        With
        respect to any Distribution Date and the Class A1 and Class A1X Certificates
        the
        close of business on the Business Day immediately preceding such Distribution
        Date. With respect to any Distribution Date and the Certificates (other than
        the
        Class A1 and Class A1X Certificates), the close of business on the last Business
        Day of the month immediately preceding the month in which such Distribution
        Date
        occurs.

       

      Redemption
        Certificate:
        None.

       

      Reference
        Banks:
        Not
        applicable.

       

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

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

      REMIC:
        Each of
        REMIC 1 and REMIC 2 as described in the Preliminary Statement
        hereto.

       

      REMIC
        1:
        REMIC 1
        as described in the Preliminary Statement hereto.

       

      REMIC
        1 Interest:
        Any one
        of the classes of REMIC 1 Regular Interests and the Class LT1-R Interest
        as
        described in the Preliminary Statement hereto.

       

      REMIC
        1 Regular Interest:
        Each of
        the REMIC 1 Interests other than the Class LT1-R Interest.

       

      REMIC
        2:
        REMIC 2
        as described in the Preliminary Statement hereto.

       

      REMIC
        2 Interest:
        Any one
        of the classes of REMIC 2 Interests as described in the Preliminary Statement
        hereto.

       

      REMIC
        2 Regular Interest:
        Each of the REMIC 2 Interests other than the Class LT2-R Interest.

      

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      Repurchase
        Price:
        As
        defined in Section 7.01(b).

       

      Reserve
        Fund:
        As
        defined in Section 5.07.

       

      Reserve
        Interest Rate:
        Not
        applicable.

       

      Reset
        Date:
        Not
        applicable.

       

      Residual
        Certificate:
        Any
        Class R Certificate.

       

      Responsible
        Officer:
        When
        used with respect to the Trustee, any Vice President, Assistant Vice President,
        the Secretary, any assistant secretary, or any officer within its corporate
        trust department and having direct responsibility for the administration
        of this
        Agreement and any other officer to whom a matter arising under this Agreement
        may be referred.

       

      Restricted
        Certificate:
        Any
        Class B4, Class B5, Class B6, Class AP or Class R Certificate but excluding
        any
        Regulation S Global Security.

       

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

       

      Rolling
        Three Month Delinquency Rate:
        Not
        applicable.

       

      Rounding
        Account:
        Not
        applicable.

       

      Rules:
        As
        defined in Section 6.20(c).

       

      S-X
        Component:
        Not
        applicable.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

      Scheduled
        Principal Amount:
        Not
        applicable.

       

      Scheduled
        Principal Balance:
        With
        respect to (i) any Mortgage Loan as of any Distribution Date, the principal
        balance of such Mortgage Loan at the close of business on the Cut-off Date,
        after giving effect to principal payments due on or before the Cut-off Date,
        whether or not received, less an amount equal to principal payments due after
        the Cut-off Date and on or before the Due Date in the related Due Period,
        whether or not received from the Mortgagor or advanced by the applicable
        Servicer or the Master Servicer, and all amounts allocable to unscheduled
        principal payments (including Principal Prepayments, Net Liquidation Proceeds,
        Insurance Proceeds and condemnation proceeds, in each case to the extent
        identified and applied prior to or during the applicable Prepayment Period)
        and
        (ii) any REO Property as of any Distribution Date, the Scheduled Principal
        Balance of the related Mortgage Loan on the Due Date immediately preceding
        the
        date of acquisition of such REO Property (reduced by any amount applied as
        a
        reduction of principal on the Mortgage Loan). With respect to any Mortgage
        Loan
        as of the Cut-off Date, as specified in the Mortgage Loan Schedule or the
        Participation Schedule, as the case may be.

       

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

       

      Seller:
        Lehman
        Brothers Holdings or any successor in interest.

       

      Senior
        Certificate:
        Any of
        the Class A1, Class A1X, Class A21, Class A22, Class A31, Class A32, the
        Class R
        Certificates and the Exchangeable Certificates.

       

      Senior
        Enhancement Percentage:
        For any
        Distribution Date is the percentage equivalent of a fraction, the numerator
        of
        which is the Subordinate Amount and the denominator of which is the Pool
        Balance
        of the Mortgage Loans for the immediately preceding Distribution
        Date.

       

      Senior
        Percentage:
        On any
        Distribution Date, the percentage equivalent of the fraction, the numerator
        of
        which is the aggregate of the Certificate Principal Amounts of the Senior
        Certificates (other than any Notional Certificate) and the denominator of
        which
        is the Pool Balance for the immediately preceding Distribution
        Date.

       

      Senior
        Prepayment Percentage:
        For any
        Distribution Date occurring during the seven years beginning on the first
        Distribution Date, 100%, except as described herein below. For any Distribution
        Date occurring on or after the seventh anniversary of the first Distribution
        Date, the Senior Percentage plus the following percentage of the Subordinate
        Percentage for such Distribution Date: for any Distribution Date in the first
        year thereafter, 70%; for any Distribution Date in the second year thereafter,
        60%; for any Distribution Date in the third year thereafter, 40%; for any
        Distribution Date in the fourth year thereafter, 20%; and for any subsequent
        Distribution Date, 0%; provided, however, (i) if on any of the foregoing
        Distribution Dates the Senior Enhancement Percentage is less than the Initial
        Senior Enhancement Percentage, the Senior Prepayment Percentage on such
        Distribution Date shall once again equal 100%, (ii) unless the condition
        described in clause (i) has occurred, if on any Distribution Date before
        the
        Distribution Date in April 2011, prior to giving effect to any distributions
        on
        such Distribution Date, the Senior Enhancement Percentage for such Distribution
        Date is greater than or equal to twice the Initial Senior Enhancement
        Percentage, then the Senior Prepayment Percentage for such Distribution Date
        will equal the Senior Percentage plus 50% of the Subordinate Percentage and
        (iii) unless the condition described in clause (i) has occurred, if on any
        Distribution Date on or after the Distribution Date in April 2011, prior
        to
        giving effect to any distributions on such Distribution Date, the Senior
        Enhancement Percentage for such Distribution Date is greater than or equal
        to
        twice the Initial Senior Enhancement Percentage, then the Senior Prepayment
        Percentage on such Distribution Date will equal the Senior
        Percentage.

       

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

      Notwithstanding
        the foregoing, no decrease in the Senior Prepayment Percentage below the
        respective levels in effect for the most recent prior period set forth in
        the
        paragraph above (calculated without regard to clause (ii) or clause (iii)
        of the
        paragraph above) shall be effective on any Distribution Date if, as of the
        first
        Distribution Date as to which any such decrease applies, (i) the average
        outstanding principal balance on such Distribution Date and for the preceding
        five Distribution Dates of all Mortgage Loans that were delinquent 60 days
        or
        more (including for this purpose any Mortgage Loans in foreclosure and the
        Scheduled Payments that would have been due on Mortgage Loans with respect
        to
        which the related Mortgaged Property has been acquired by the Trust Fund
        if the
        related Mortgage Loan had remained in existence and any Mortgage Loans modified
        within 12 months prior to such Distribution Date) is greater than or equal
        to
        50% of the Subordinate Amount immediately prior to such Distribution Date
        or
        (ii) cumulative Realized Losses (together with cumulative Forgiven Amounts)
        with
        respect to the Mortgage Loans exceed (a) with respect to each Distribution
        Date
        prior to the third anniversary of the first Distribution Date, 20% of the
        Original Subordinate Amount, (b) with respect to each Distribution Date on
        or
        after the third anniversary and prior to the eighth anniversary of the first
        Distribution Date, 30% of the Original Subordinate Amount, (c) with respect
        to
        each Distribution Date on or after the eighth anniversary and prior to the
        ninth
        anniversary of the first Distribution Date, 35% of the Original Subordinate
        Amount, (d) with respect to each Distribution Date on or after the ninth
        anniversary and prior to the tenth anniversary of the first Distribution
        Date,
        40% of the related Original Subordinate Amount, (e) with respect to each
        Distribution Date on or after the tenth anniversary and prior to the eleventh
        anniversary of the first Distribution Date, 45% of the Original Subordinate
        Amount, and (f) with respect to each Distribution Date on or after the eleventh
        anniversary of the first Distribution Date or thereafter, 50% of the Original
        Subordinate Amount. After the related Class Principal Amount of each related
        Class of Senior Certificates has been reduced to zero, the Senior Prepayment
        Percentage shall be 0%.

       

      Senior
        Principal Distribution Amount:
        For any
        Distribution Date, the sum of the following amounts:

       

      (i) the
        product of (a) the Senior Percentage for such date and (b) the principal
        portion
        of each Scheduled Payment (without giving effect to any Debt Service Reduction
        occurring prior to the Bankruptcy Coverage Termination Date), on each Mortgage
        Loan due during the related Due Period;

       

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

      (ii) the
        product of (a) the Senior Prepayment Percentage for such date and (b) each
        of
        the following amounts: (1) each Principal Prepayment on the Mortgage Loans
        collected during the related Prepayment Period, (2) each other unscheduled
        collection, including any Subsequent Recovery, Insurance Proceeds and Net
        Liquidation Proceeds (other than with respect to any Mortgage Loan that was
        finally liquidated during the related Prepayment Period) representing or
        allocable to recoveries of principal received during the related Prepayment
        Period, and (3) the principal portion of all proceeds of the purchase of
        any
        Mortgage Loan (or, in the case of a permitted substitution, amounts representing
        a principal adjustment) actually received by the Trustee with respect to
        the
        related Prepayment Period;

       

      (iii) with
        respect to unscheduled recoveries allocable to principal of any Mortgage
        Loan
        that was finally liquidated during the related Prepayment Period, the lesser
        of
        (a) the related Net Liquidation Proceeds allocable to principal and (b) the
        product of the related Senior Prepayment Percentage for such date and the
        Scheduled Principal Balance of such related Mortgage Loan at the time of
        liquidation; and

       

      (iv) any
        amounts described in clauses (i) through (iii) for any previous Distribution
        Date that remain unpaid.

       

      If
        on any
        Distribution Date the Class Principal Amount of each Class of Senior
        Certificates has been reduced to zero, the Senior Principal Distribution
        Amount
        for such date (following such reduction) and each subsequent Distribution
        Date
        shall be zero.

       

      Senior
        Target Amount:
        Not
        applicable.

       

      Servicer:
        Any
        Servicer that has entered into any of the Servicing Agreements attached as
        Exhibit E hereto, or any successor in interest. Initially, the Servicer is
        Aurora Loan Services LLC. For the avoidance of doubt, for so long as Aurora
        is
        the only Servicer with respect to the Mortgage Loans, any references herein
        to
“any” Servicer, “a” Servicer, “the related” Servicer or words of similar import
        herein will mean Aurora.

       

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

       

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

       

      Servicing
        Agreement:
        Each
        Servicing Agreement between a Servicer and the Seller, dated as of March
        1,
        2008, attached hereto in Exhibit E, and any other servicing agreement entered
        into between a successor servicer and the Seller or the Trustee pursuant
        to the
        terms hereof. For the avoidance of doubt, for so long as Aurora is the only
        Servicer with respect to the Mortgage Loans, any references herein to “any”
Servicing Agreement, “a” Servicing Agreement, “the related” Servicing Agreement
        or words of similar import herein will mean that certain Servicing Agreement
        dated as of March 1, 2008, by and between Seller, Aurora Loan Services LLC,
        as
        servicer and Aurora Loan Services LLC, as Master Servicer.

       

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

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

       

      Servicing
        Fee:
        With
        respect to each Servicer, the Servicing Fee specified in the applicable
        Servicing Agreement and set forth on the Mortgage Loan Schedule.

       

      Servicing
        Fee Rate:
        With
        respect to a Servicer, the Servicing Fee specified in the applicable Servicing
        Agreement.

       

      Servicing
        Function Participant:
        Any
        Subservicer, Subcontractor or any other Person, other than each Servicer,
        each
        Custodian, the Master Servicer, the Trustee and the Paying Agent, 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 the Master Servicer involved in or responsible for the administration
        and servicing or master servicing of the Mortgage Loans whose name appears
        on a
        list of servicing officers furnished by the Master Servicer to the Trustee,
        as
        such list may from time to time be amended.

       

      Similar
        Law:
        As
        defined in Section 3.03(d).

       

      Special
        Hazard Loss:
        With
        respect to the Mortgage Loans, (x) any Realized Loss arising out of any direct
        physical loss or damage to a Mortgaged Property which is caused by or results
        from any cause, exclusive of any loss covered by a hazard policy or a flood
        insurance policy required to be maintained in respect of such Mortgaged Property
        and any loss caused by or resulting from (i) normal wear and tear, (ii)
        conversion or other dishonest act on the part of the Trustee, the Master
        Servicer, any Servicer or any of their agents or employees, or (iii) errors
        in
        design, faulty workmanship or faulty materials, unless the collapse of the
        property or a part thereof ensues, or (y) any Realized Loss arising from
        or
        related to the presence or suspected presence of hazardous wastes, or hazardous
        substances on a Mortgaged Property unless such loss is covered by a hazard
        policy or flood insurance policy required to be maintained in respect of
        such
        Mortgaged Property, in any case, as reported by any Servicer to the Master
        Servicer.

       

      Special
        Hazard Loss Limit:
        As of
        the Cut-off Date, $5,818,816.94 which amount shall each be reduced from time
        to
        time to an amount equal on any Distribution Date to the lesser of (a) the
        greatest of (i) 1% of the aggregate of the Scheduled Principal Balances;
        (ii)
        twice the Scheduled Principal Balance having the highest Scheduled Principal
        Balance, and (iii) the aggregate Scheduled Principal Balances secured by
        Mortgaged Properties located in the single California postal zip code area
        having the highest aggregate Scheduled Principal Balance of Mortgage Loans
        of
        any such postal zip code area and (b) such Special Hazard Loss Limit as of
        the
        Closing Date less the amount, if any, of Special Hazard Losses incurred with
        respect to the related Mortgage Loans since the Closing Date.

       

      Specified
        Rating:
        Not
        applicable.

       

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

      Sponsor:
        Lehman
        Brothers Holdings Inc. and any successor in interest thereto.

       

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

       

      Stepdown
        Date:
        Not
        applicable.

       

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

       

      Subordinate
        Amount:
        With
        respect to any Mortgage Loans and any Distribution Date, the excess, if any,
        of
        the Pool Balance for the immediately preceding Distribution Date (or in the
        case
        of the first Distribution Date, the aggregate Scheduled Principal Balance
        of the
        Mortgage Loans as of the Cut-off Date) over the sum of the aggregate of the
        Certificate Principal Amounts of the Senior Certificates immediately prior
        to
        the related Distribution Date.

       

      Subordinate
        Certificate:
        Any of
        the Class B1, Class B2, Class B3 Class B4 Class B5 and Class B6
        Certificates.

       

      Subordinate
        Certificate Writedown Amount:
        As to
        any Distribution Date, the amount by which (i) the sum of the Class Principal
        Amounts of all the Certificates (after giving effect to the distribution
        of
        principal and the allocation of Realized Losses in reduction of the Certificate
        Principal Amounts of the related Certificates on such Distribution Date)
        exceeds
        (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans for
        such
        Distribution Date.

       

      Subordinate
        Class Percentage:
        With
        respect to any Distribution Date and any Class Subordinate Certificates,
        the
        percentage obtained by dividing the Class Principal Amount of such Class
        immediately prior to such Distribution Date by the aggregate Certificate
        Principal Amount of all Subordinate Certificate, immediately prior to such
        Distribution Date.

       

      Subordinate
        Component Percentage:
        Not
        applicable.

       

      Subordinate
        Floating Rate Certificate Shortfall:
        Not
        applicable.

       

      Subordinate
        LIBOR Certificate:
        Not
        applicable.

       

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

       

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

       

      Subordinate
        Principal Distribution Amount:
        For any
        Distribution Date, the sum of the following:

       

      (i) the
        product of (a) the related Subordinate Percentage for such date and (b) the
        principal portion of each Scheduled Payment (without giving effect to any
        Debt
        Service Reduction occurring prior to the Bankruptcy Coverage Termination
        Date)
        on each Mortgage Loan due during the related Due Period;

       

      
        
          
          

        

        
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      (ii) the
        product of (a) the Subordinate Prepayment Percentage for such date and (b)
        each
        of the following amounts: (1) each Principal Prepayment on the Mortgage Loans
        collected during the related Prepayment Period, (2) each other unscheduled
        collection, including Subsequent Recoveries, Insurance Proceeds and Net
        Liquidation Proceeds (other than with respect to any Mortgage Loan that was
        finally liquidated during the related Prepayment Period) representing or
        allocable to recoveries of principal received during the related Prepayment
        Period, and (3) the principal portion of all proceeds of the purchase of
        any
        Mortgage Loan (or, in the case of a permitted substitution, amounts representing
        a principal adjustment) actually received by the Trustee with respect to
        the
        related Prepayment Period;

       

      (iii) with
        respect to unscheduled recoveries allocable to principal of any Mortgage
        Loan
        that was finally liquidated during the related Prepayment Period, the related
        Net Liquidation Proceeds allocable to principal less any related amount paid
        pursuant to subsection (iii) of the definition of Senior Principal Distribution
        Amount; and

       

      (iv) any
        amounts described in clauses (i) through (iii) for any previous Distribution
        Date that remain unpaid.

       

      Subsequent
        Recovery:
        The
        amount, if any, recovered by the related Servicer or the Master Servicer
        with
        respect to a Liquidated Mortgage Loan with respect to which a Realized Loss
        has
        been incurred after liquidation and disposition of such Mortgage
        Loan.

       

      Subservicer:
        Any
        Person that (i) is considered to be a Servicing Function Participant, (ii)
        services Mortgage Loans on behalf of any Servicer or Additional Servicer,
        and
        (iii) is responsible for the performance (whether directly or through
        subservicers or Subcontractors) of a substantial portion of the material
        servicing functions required to be performed by the Servicer, Master Servicer
        or
        the Trustee under this Agreement, the Servicing Agreements, the Custodial
        Agreements or other Servicing agreements entered into with respect to some
        or
        all of the Mortgage Loans, that are identified in Item 1122(d) of Regulation
        AB.

       

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

       

      Supplemental
        Interest Trust:
        The
        corpus of a trust created pursuant to Section 5.08 of this Agreement and
        designated as the “Supplemental Interest Trust,” consisting of the Swap
        Agreement and the Supplemental Interest Trust Account.

       

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

       

      
        
          
          

        

        
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      Supplemental
        Interest Trust Amount:
        With
        respect to any Swap Payment Date, the sum of any Net Swap Payment and any
        Swap
        Termination Payment deposited into the Supplemental Interest Trust
        Account.

       

      Surety:
        Not
        applicable.

       

      Surety
        Bond:
        Not
        applicable.

       

      Swap
        Agreement:
        The
        interest rate swap agreement documented pursuant to the ISDA Master Agreement,
        together with a schedule, confirmation and credit support annex, between
        the
        Trustee, on behalf of the Supplemental Interest Trust, and the Swap
        Counterparty.

       

      Swap
        Counterparty:
        The
        counterparty to the Supplemental Interest Trust under the Swap Agreement,
        and
        any successor in interest or assigns. Initially, the Swap Counterparty shall
        be
        Lehman Brothers Special Financing, Inc.

       

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

       

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

       

      Swap
        Early Termination:
        The
        occurrence of an early termination date under the Swap Agreement. 

       

      Swap
        LIBOR:
        Not
        applicable.

       

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

       

      SWAP
        REMIC:
        Not
        applicable.

       

      SWAP
        REMIC Interests:
        Not
        applicable.

       

      SWAP
        REMIC Regular Interests:
        Not
        applicable.

       

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

       

      Target
        Amount:
        Not
        applicable.

       

      Targeted
        Overcollateralization Amount:
        Not
        applicable.

       

      
        
          
          

        

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

       

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

       

      Termination
        Event:
        As
        defined in the Swap Agreement.

       

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

       

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

       

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

       

      Transferor:
        Each
        seller of Mortgage Loans to Lehman Brothers Holdings pursuant to a Transfer
        Agreement.

       

      Trigger
        Event:
        Not
        applicable.

       

      Trust
        Fund:
        The
        corpus of the trust created pursuant to this Agreement, consisting of the
        Mortgage Loans, the assignment of the Depositor’s rights under the Mortgage Loan
        Sale Agreement and the Participation Agreement, the Participations, the
        Additional Collateral, such amounts as shall from time to time be held in
        the
        Reserve Fund, the Collection Account, the Certificate Account, any Escrow
        Account, the Insurance Policies, any REO Property and the other items referred
        to in, and conveyed to the Trustee under, Section 2.01(a). The legal entity
        name
        of the Trust Fund shall be Structured
        Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series
        2008-1.

       

      Trust
        Rate:
        Not
        applicable.

       

      Trust
        REMIC:
        Any
        REMIC created hereunder.

       

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

       

      Trustee
        Fee:
        As to
        any Distribution Date and each Mortgage Loan, an amount equal to the product
        of
        the Trustee Fee Rate and the Scheduled Principal Balance of such Mortgage
        Loan
        as of the first day of the related Due Period.

       

      Trustee
        Fee Rate:
        0.0055%
        per annum.

       

      Undercollateralization
        Distribution:
        As
        defined in Section 5.02(k).

       

      Undercollateralized
        Group:
        Not
        applicable.

       

      
        
          
          

        

        
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      Underlying
        REMIC Certificates:
        The
        rights with respect to each following Class of Certificates, issued hereunder
        in
        uncertificated form to the Exchange Trustee (such rights determined for this
        purpose as if no Exchangeable Certificates existed): Class A21, Class A22,
        Class
        A31 and Class A32.

       

      Underwriter’s
        Exemption:
        Prohibited Transaction Exemption 91-14, 56 Fed. Reg. 7413 (1991), as amended
        (or
        any successor thereto), or any substantially similar administrative exemption
        granted by the U.S. Department of Labor.

       

      Unpaid
        Basis Risk Shortfall:
        Not
        applicable.

       

      Unpaid
        Subordinate Floating Rate Certificate Shortfall:
        Not
        applicable.

       

      Voting
        Interests:
        The
        portion of the voting rights of all the Certificates that is allocated to
        any
        Certificate for purposes of the voting provisions of this Agreement. At all
        times during the term of this Agreement until the Class Notional Amount of
        each
        Class of Notional Certificates has been reduced to zero, 5% of all Voting
        Interests shall be allocated to the Notional Certificates, 94% of all Voting
        Interests shall be allocated to the Senior and Subordinate Certificates (other
        than the Class A1X Certificates) Certificates and 1% shall be allocated to
        Class
        AP Certificates. Voting Interests allocated to the Notional Certificates
        shall
        be allocated among the Classes of such Certificates (and among the Certificates
        of each such Class) in proportion to their Class Notional Amounts (or Notional
        Amounts). Voting Interests shall be allocated among the Class AP Certificates
        in
        proportion to their Percentage Interest. Voting Interests shall be allocated
        among the other Classes of Certificates (and among the Certificates of each
        such
        Class) in proportion to their Class Principal Amounts (or Certificate Principal
        Amounts). Voting Interests allocated to a Class of Exchange Certificates
        shall
        be proportionately allocated to the related Class or Classes of Exchangeable
        Certificates on the basis of the related exchange proportions.

       

      WHFIT:
        A
“Widely Held Fixed Investment Trust” as that term is defined in Treasury
        Regulations section 1.671-5(b)(22) or successor provisions.

       

      WHFIT
        Regulations:
        Treasury Regulations section 1.671-5, as amended.

       

      WHMT:
        A
“Widely Held Mortgage Trust” as that term is defined in Treasury Regulations
        section 1.671-5(b)(23) or successor provisions.

       

      Section
        1.02. Calculations
        Respecting Mortgage Loans

       

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

      
      

      ARTICLE
        II

      
        
          
          

        

        
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      DECLARATION
        OF TRUST;

      ISSUANCE
        OF CERTIFICATES

       

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

       

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

       

      Concurrently
        with the execution of this Agreement, the Swap Agreement and the Cap Agreement
        shall be delivered to the Trustee. In connection therewith, the Depositor
        hereby
        directs the Trustee (solely in its capacity as such) and the Trustee is hereby
        authorized to enter into, execute and deliver the Cap Agreement and the Swap
        Agreement (on behalf of the Supplemental Interest Trust) for the benefit
        of, the
        Holders of the Class A1 Certificates. The Seller, the Master Servicer, the
        Depositor, the Servicers and the Certificateholders (by their acceptance
        of such
        Class A1 Certificates) acknowledge and agree that the Trustee is executing
        and
        delivering the Cap Agreement and the Swap Agreement solely in its capacity
        as
        Trustee of the Supplemental Interest Trust and the Trust Fund and not in
        its
        individual capacity. The Trustee shall have no duty or responsibility to
        enter
        into any other interest rate swap agreement or interest rate cap agreement
        upon
        the expiration or termination of the Cap Agreement or the Swap
        Agreement.

       

      Concurrently
        with the execution and delivery of this Agreement, the Depositor does hereby
        assign to the Trustee all of its rights and interest under the Mortgage Loan
        Sale Agreement; including all rights of the Seller under the applicable
        Servicing Agreement and any related Transfer Agreement (other than first
        payment
        date default or early payment date default rights against the Transferor,
        as
        described in such Transfer Agreement) to the extent assigned under the Mortgage
        Loan Sale Agreement. The Trustee hereby accepts such assignment, and shall
        be
        entitled to exercise all rights of the Depositor under the Mortgage Loan
        Sale
        Agreement as if, for such purpose, it were the Depositor. The Trustee is
        hereby
        directed to acknowledge and deliver the Servicing Agreement (to the extent
        it is
        a party thereto) and perform in accordance therewith. 

       

      
        
          
          

        

        
          42

          
            

          

        

        
          
          

        

      

      It
        is
        agreed and understood by the Depositor and the Trustee (and the Seller has
        so
        represented and recognized in the Mortgage Loan Sale Agreement) that it is
        not
        intended that any Mortgage Loan to be included in the Trust Fund is a “High-Cost
        Mortgage Loan” as defined under any applicable federal law or state or local
        regulation, ordinance or law.

       

      The
        foregoing sale, transfer, assignment, set-over, deposit and conveyance and
        the
        assignment and transfer with respect to Additional Collateral 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, the Servicing Agreements or any other agreement or
        instrument relating thereto except as specifically set forth
        herein.

       

      In
        addition, with respect to any Pledged Asset Mortgage Loan, the Depositor
        does
        hereby transfer, assign, set-over and otherwise convey to the Trustee without
        recourse (except as provided herein) (i) its rights as assignee under any
        security agreements, pledge agreements or guarantees relating to the Additional
        Collateral supporting any Pledged Asset Mortgage Loan, (ii) its security
        interest in and to any Additional Collateral, (iii) its right to receive
        payments in respect of any Pledged Asset Mortgage Loan pursuant to the
        Additional Collateral Servicing Agreement, and (iv) its rights as beneficiary
        under the surety bond in respect of any Pledged Asset Mortgage Loan.
        Notwithstanding anything to the contrary in this Agreement, the Trust Fund
        shall
        not obtain title to or beneficial ownership of any Additional Collateral
        as a
        result of or in lieu of the disposition thereof or otherwise.

       

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

       

      (i) with
        respect to each Mortgage Loan, the original Mortgage Note endorsed without
        recourse in proper form to the order of the Trustee, or in blank (in each
        case,
        with all necessary intervening endorsements as applicable);

       

      (ii) the
        original of any guarantee, security agreement or pledge agreement relating
        to
        any Additional Collateral and executed in connection with the Mortgage Note,
        assigned to the Trustee;

       

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

       

      
        
          
          

        

        
          43

          
            

          

        

        
          
          

        

      

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

       

      (v) with
        respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, the
        original Assignment of Mortgage, in form and substance acceptable for recording.
        The Mortgage shall be assigned either (A) in blank, without recourse or (B)
        to
“Wells Fargo Bank, N.A., as Trustee of the Structured Adjustable Rate Mortgage
        Loan Trust Mortgage Pass Through Certificates, Series 2008-1,” without recourse
        for each Mortgage Loan;

       

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

       

      (vii) the
        original Primary Mortgage Insurance Policy or certificate, if private mortgage
        guaranty insurance is required;

       

      (viii) with
        respect to each Mortgage Loan other than a Cooperative Loan, the original
        mortgagee title insurance policy or attorney’s opinion of title and abstract of
        title;

       

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

       

      
        
          
          

        

        
          44

          
            

          

        

        
          
          

        

      

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

       

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

       

      With
        respect to each Participation, the Depositor does hereby deliver to, and
        deposit
        with, or cause to be delivered to and deposited with, the Trustee, and/or
        any
        Custodian acting on the Trustee’s behalf, a copy of the Participation Agreement
        and the original Participation issued to the Trustee.

       

      (c) (i) Assignments
        of Mortgage with respect to each Non-MERS Mortgage Loan other than a Cooperative
        Loan shall be recorded; provided, however, that such Assignments need not
        be
        recorded if, in the Opinion of Counsel (which must be from Independent counsel)
        acceptable to the Trustee and the Rating Agencies, recording in such states
        is
        not required to protect the Trustee’s interest in the related Non-MERS Mortgage
        Loans. Subject to the preceding sentence, as soon as practicable after the
        Closing Date (but in no event more than 3 months thereafter except to the
        extent
        delays are caused by the applicable recording office), the Master Servicer
        (or
        the applicable Custodian), at the expense of the Depositor and with the
        cooperation of the applicable Servicer, shall cause to be properly recorded
        by
        such Servicer in each public recording office where the related Mortgages
        are
        recorded each Assignment of Mortgage referred to in subsection (b)(v) above
        with
        respect to a Non-MERS Mortgage Loan. With respect to each Cooperative Loan,
        the
        Master Servicer (or the applicable Custodian), at the expense of the Depositor
        and with the cooperation of the applicable Servicer, shall cause such Servicer
        to take such actions as are necessary under applicable law in order to perfect
        the interest of the Trustee in the related Mortgaged Property.

       

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

       

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

       

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

       

       

      
        
          
          

        

        
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      (f) Upon
        execution of this Agreement, the Depositor hereby delivers to the Trustee
        and
        the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement and
        the
        Servicing Agreement.

       

      (g) The
        issuing entity is hereby named Structured Adjustable Rate Mortgage Loan Trust,
        Series 2008-1.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      (f) Each
        of
        the parties hereto acknowledges that the applicable Custodian shall hold
        the
        related Mortgage Files and shall perform the applicable review of the Mortgage
        Loans and deliver the respective certifications thereof as provided in this
        Section 2.02 and the related Custodial Agreement.

       

      Section
        2.03. Representations
        and Warranties of the Depositor

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      (v) there
        are
        no actions, suits or proceedings pending or, to the knowledge of the Depositor,
        threatened or likely to be asserted against or affecting the Depositor, before
        or by any court, administrative agency, arbitrator or governmental body (A)
        with
        respect to any of the transactions contemplated by this Agreement or (B)
        with
        respect to any other matter which in the judgment of the Depositor will be
        determined adversely to the Depositor and will if determined adversely to
        the
        Depositor materially and adversely affect it or its business, assets, operations
        or condition, financial or otherwise, or adversely affect its ability to
        perform
        its obligations under this Agreement; and

       

      (vi) immediately
        prior to the transfer and assignment of the Mortgage Loans to the Trustee,
        the
        Depositor was the sole owner of record and holder of each Mortgage Loan,
        and the
        Depositor had good and marketable title thereto, and had full right to transfer
        and sell each Mortgage Loan to the Trustee free and clear, subject only to
        (1)
        liens of current real property taxes and assessments not yet due and payable
        and, if the related Mortgaged Property is a condominium unit, any lien for
        common charges permitted by statute, (2) covenants, conditions and restrictions,
        rights of way, easements and other matters of public record as of the date
        of
        recording of such Mortgage acceptable to mortgage lending institutions in
        the
        area in which the related Mortgaged Property is located and specifically
        referred to in the lender’s Title Insurance Policy or attorney’s opinion of
        title and abstract of title delivered to the originator of such Mortgage
        Loan,
        and (3) such other matters to which like properties are commonly subject
        which
        do not, individually or in the aggregate, materially interfere with the benefits
        of the security intended to be provided by the Mortgage, of any encumbrance,
        equity, participation interest, lien, pledge, charge, claim or security
        interest, and had full right and authority, subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        each
        Mortgage Loan pursuant to this Agreement.

       

      (b) The
        representations and warranties of each Transferor with respect to the related
        Mortgage Loans in the applicable Transfer Agreement, which have been assigned
        to
        the Trustee hereunder, were made as of the date specified in the applicable
        Transfer Agreement (or underlying agreement, if such Transfer Agreement is
        in
        the form of an assignment of a prior agreement). To the extent that any fact,
        condition or event with respect to a Mortgage Loan constitutes a breach of
        both
        (i) a representation or warranty of the applicable Transferor under the
        applicable Transfer Agreement and (ii) a representation or warranty of Lehman
        Brothers Holdings under the Mortgage Loan Sale Agreement, the only right
        or
        remedy of the Trustee or of any Certificateholder shall be the Trustee’s right
        to enforce the obligations of the applicable Transferor under any applicable
        representation or warranty made by it. Lehman Brothers Holdings shall have
        no
        obligation or liability with respect to any breach of a representation or
        warranty made by it with respect to the Mortgage Loans if the fact, condition
        or
        event constituting such breach also constitutes a breach of a representation
        or
        warranty made by the applicable Transferor in the applicable Transfer Agreement,
        without regard to whether such Transferor fulfills its contractual obligations
        in respect of such representation or warranty. The Depositor shall have no
        obligation or liability with respect to any breach of any representation
        or
        warranty with respect to the Mortgage Loans (except as set forth in Section
        2.03(a)(vi)) under any circumstances.

       

       

      
        
          
          

        

        
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      Section
        2.04. Discovery
        of Breach

       

      It
        is
        understood and agreed that the representations and warranties (i) set forth
        in
        Section 2.03, (ii) of Lehman Brothers Holdings set forth in the Mortgage
        Loan
        Sale Agreement and assigned to the Trustee by the Depositor hereunder and
        (iii)
        of each Transferor, assigned by Lehman Brothers Holdings to the Depositor
        pursuant to the Mortgage Loan Sale Agreement and assigned to the Trustee
        by the
        Depositor hereunder shall each survive delivery of the Mortgage Files and
        the
        Assignment of Mortgage of each Mortgage Loan to the Trustee and shall continue
        throughout the term of this Agreement. Upon discovery by any of the Depositor,
        the Master Servicer or the Trustee of a breach of any of such representations
        and warranties that adversely and materially affects the value of the related
        Mortgage Loan, the party discovering such breach shall give prompt written
        notice to the other parties; provided, to the extent that knowledge of such
        breach with respect to any Mortgage Loan is known by any officer, director,
        employee or agent of Aurora acting in any capacity other than as Master Servicer
        hereunder, the Master Servicer shall not be deemed to have knowledge of any
        such
        breach until an officer of the Master Servicer has actual knowledge thereof.
        Within 90 days of the discovery of a breach of any representation or warranty
        given or assigned to the Trustee by the Depositor, any Transferor, or Lehman
        Brothers Holdings, the Depositor, such Transferor, or Lehman Brothers Holdings,
        as applicable, shall either (a) cure such breach in all material respects,
        (b)
        repurchase such Mortgage Loan or any property acquired in respect thereof
        from
        the Trustee at the Purchase Price or (c) within the two year period following
        the Closing Date, substitute a Qualifying Substitute Mortgage Loan for the
        affected Mortgage Loan. In the event of discovery of a breach of any
        representation and warranty of any Transferor assigned to the Trustee, the
        Trustee shall enforce its rights under the applicable Transfer Agreement
        and the
        Mortgage Loan Sale Agreement for the benefit of Certificateholders. As provided
        in the Mortgage Loan Sale Agreement, if any Transferor substitutes a mortgage
        loan for a Mortgage Loan for which there is a breach of any representations
        and
        warranties in the related Transfer Agreement which adversely and materially
        affects the value of such Mortgage Loan and such substitute mortgage loan
        is not
        a Qualifying Substitute Mortgage Loan, under the terms of the Mortgage Loan
        Sale
        Agreement, Lehman Brothers Holdings will, in exchange for such substitute
        Mortgage Loan, (i) provide the applicable Purchase Price for the affected
        Mortgage Loan or (ii) within two years of the Closing Date, substitute such
        affected Mortgage Loan with a Qualifying Substitute Mortgage Loan.

       

       

      
        
          
          

        

        
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      Section
        2.05. Repurchase,
        Purchase or Substitution of Mortgage Loans

       

      (a) With
        respect to any Mortgage Loan repurchased by the Depositor pursuant to this
        Agreement, by Lehman Brothers Holdings pursuant to the Mortgage Loan Sale
        Agreement or by any Transferor pursuant to the applicable Transfer Agreement,
        the principal portion of the funds received by the Master Servicer in respect
        of
        such repurchase of a Mortgage Loan will be considered a Principal Prepayment,
        the Purchase Price shall be deposited in the Collection Account pursuant
        to
        Section 4.01. The Trustee, upon receipt of the full amount of the Purchase
        Price
        for a Deleted Mortgage Loan, or certification from the Master Servicer that
        it
        is in receipt of such amount, or upon receipt of notification from the related
        Custodian that it received the Mortgage File for a Qualifying Substitute
        Mortgage Loan substituted for a Deleted Mortgage Loan (and any applicable
        Substitution Amount), shall release or cause to be released to the Depositor,
        Lehman Brothers Holdings or the applicable Transferor, as applicable, the
        related Mortgage File for the Deleted Mortgage Loan and shall execute and
        deliver such instruments of transfer or assignment, in each case without
        recourse, representation or warranty, as shall be necessary to vest in such
        party or its designee or assignee title to any Deleted Mortgage Loan released
        pursuant hereto, free and clear of all security interests, liens and other
        encumbrances created by this Agreement, which instruments shall be prepared
        by
        the Trustee (or a Custodian), and the Trustee shall have no further
        responsibility with respect to the Mortgage File relating to such Deleted
        Mortgage Loan. The
        Seller indemnifies and holds the Trust Fund, the Master Servicer, the
        Trustee,
        the
        Depositor and each Certificateholder harmless against any and all taxes,
        claims,
        losses, penalties, fines, forfeitures, reasonable legal fees and related
        costs,
        judgments, and any other costs, fees and expenses that the Trust Fund, the
        Trustee,
        the
        Master Servicer, the Depositor and any Certificateholder may sustain in
        connection with any actions of the Seller relating to a repurchase of a Mortgage
        Loan other than in compliance with the terms of this Section 2.05 and the
        Mortgage Loan Sale Agreement, to the extent that any such action causes an
        Adverse REMIC Event.

       

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

       

      (c) Notwithstanding
        any other provision of this Agreement, the right to substitute Mortgage Loans
        pursuant to this Article II shall be subject to the additional limitations
        that
        no substitution of a Qualifying Substitute Mortgage Loan for a Deleted Mortgage
        Loan shall be made unless the Trustee has received an Opinion of Counsel
        (at the
        expense of the party seeking to make the substitution) that, under current
        law,
        such substitution will not (A) affect adversely the status of any REMIC
        established hereunder as a REMIC, or of the related “regular interests” as
“regular interests” in any such REMIC, or (B) cause any such REMIC to engage in
        a “prohibited transaction” or “prohibited contribution” pursuant to the REMIC
        Provisions. The Depositor shall cause the Mortgage Loan Schedule to be amended
        in accordance with the terms of this Agreement.

       

       

      
        
          
          

        

        
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      Section
        2.06. Grant
        Clause

       

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

       

      ARTICLE
        III

       

      THE
        CERTIFICATES

       

      Section
        3.01. The
        Certificates

       

      (a) The
        Certificates shall be issuable in registered form only and shall be securities
        governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
        Certificates will be evidenced by one or more certificates, beneficial ownership
        of which will be held in the dollar denominations in Certificate Principal
        Amount or Notional Principal Amount or in the Percentage Interests, specified
        herein. Each Class of Book-Entry Certificates shall be issued in the minimum
        denominations in Certificate Principal Amount (or Notional Amount) or Percentage
        Interest specified in the Preliminary Statement hereto and in integral multiples
        of $1 or 5% (in the case of Certificates issued in Percentage Interests)
        in
        excess thereof. Each Class of Non-Book Entry Certificates other than the
        Residual Certificate shall be issued in definitive, fully registered form
        in the
        minimum denominations in Certificate Principal Amount (or Notional Amount)
        specified in the Preliminary Statement hereto and in integral multiples of
        $1 in
        excess thereof. The Class R Certificates shall each be issued as a single
        Certificate and maintained in definitive, fully registered form in a minimum
        denomination equal to $100, and the and Class AP Certificates shall each
        be
        issued as a single Certificate and maintained in definitive, fully registered
        form in a minimum denomination equal to $1000. The Certificates may be issued
        in
        the form of typewritten certificates. One Certificate of each Class of
        Certificates other than any Class of Residual Certificates may be issued
        in any
        denomination in excess of the minimum denomination.

       

       

      
        
          
          

        

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

       

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

       

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

       

      (d) The
        Privately Offered Certificates sold to an “accredited investor” complying with
        the transfer provision set forth in Section 3.03 under Rule 501(a)(1), (2),
        (3)
        or (7) under the Act shall be issued initially in the form of one or more
        Definitive Certificates.

       

       

      
        
          
          

        

        
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      Section
        3.02. Registration

       

      The
        Trustee is hereby appointed, and hereby accepts its appointment as, the initial
        Certificate Registrar in respect of the Certificates and shall maintain books
        for the registration and for the transfer of Certificates (the “Certificate
        Register”) and in such capacity shall be afforded the same protections, rights
        and indemnifications afforded to it as Trustee. The Trustee may appoint a
        bank
        or trust company to act as Certificate Registrar. A registration book shall
        be
        maintained for the Certificates collectively. The Certificate Registrar may
        resign or be discharged or removed and a new successor may be appointed in
        accordance with the procedures and requirements set forth in Sections 6.06
        and
        6.07 hereof with respect to the resignation, discharge or removal of the
        Trustee
        and the appointment of a successor trustee. The Certificate Registrar may
        appoint, by a written instrument delivered to the Holders and the Master
        Servicer, any bank or trust company to act as co-registrar under such conditions
        as the Certificate Registrar may prescribe; provided, however, that the
        Certificate Registrar shall not be relieved of any of its duties or
        responsibilities hereunder by reason of such appointment.

       

      Section
        3.03. Transfer
        and Exchange of Certificates

       

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

       

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

       

      (c) By
        acceptance of a Restricted Certificate or a Regulation S Global Security,
        whether upon original issuance or subsequent transfer, each Holder of such
        a
        Certificate acknowledges the restrictions on the transfer of such Certificate
        set forth thereon and agrees that it will transfer such a Certificate only
        as
        provided herein. In addition, each Holder of a Regulation S Global Security
        shall be deemed to have represented and warranted to the Trustee, the
        Certificate Registrar and any of their respective successors that: (i) such
        Person is not a U.S. person within the meaning of Regulation S and was, at
        the
        time the buy order was originated, outside the United States and (ii) such
        Person understands that such Certificates have not been registered under
        the
        Securities Act of 1933, as amended (the “Act”), and that (x) until the
        expiration of the 40-day distribution compliance period (within the meaning
        of
        Regulation S), no offer, sale, pledge or other transfer of such Certificates
        or
        any interest therein shall be made in the United States or to or for the
        account
        or benefit of a U.S. person (each as defined in Regulation S), (y) if in
        the
        future it decides to offer, resell, pledge or otherwise transfer such
        Certificates, such Certificates may be offered, resold, pledged or otherwise
        transferred only (A) to a person which the seller reasonably believes is
        a
“qualified institutional buyer” (a “QIB”) as defined in Rule 144A under the Act,
        that is purchasing such Certificates for its own account or for the account
        of a
        qualified institutional buyer to which notice is given that the transfer
        is
        being made in reliance on Rule 144A or (B) in an offshore transaction (as
        defined in Regulation S) in compliance with the provisions of Regulation
        S, in
        each case in compliance with the requirements of this Agreement; and it will
        notify such transferee of the transfer restrictions specified in this
        Section.

       

      
        
          
          

        

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

       

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

       

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

       

      (d) No
        transfer of an ERISA-Restricted Swap Certificate shall be registered unless
        the
        Trustee and the Certificate Registrar shall have received a representation
        substantially in the form of Exhibit H hereto that either (i) the transferee
        is
        not, and is not acting for, on behalf of or with any assets of, an employee
        benefit plan or other arrangement subject to Title I of ERISA or plan subject
        to
        Section 4975 of the Code, or (ii) until the termination of the Swap Agreement,
        the acquisition and holding of such Certificate will not constitute or result
        in
        a nonexempt prohibited transaction under Title I of ERISA or Section 4975
        of the
        Code.

       

      No
        Transfer of an ERISA-Restricted Certificate or a Residual Certificate will
        be
        registered unless the Trustee, the Certificate Registrar and the Depositor
        receive (A) a representation as set forth in Exhibit D-1 for Residual
        Certificates or Exhibit H for ERISA-Restricted Certificates to the effect
        that
        such transferee is not an employee benefit plan or arrangement subject to
        Title
        I of ERISA, a plan subject to Section 4975 of the Code or a plan subject
        to any
        provisions under any federal, state, local, non-U.S. or other laws or
        regulations that are substantively similar to the foregoing provisions of
        ERISA
        or the Code (“Similar Law”) (collectively, a “Plan”), and is not directly or
        indirectly acquiring the ERISA-Restricted Certificate or Residual Certificate
        for, on behalf of, or with any assets of any such Plan, or (B) solely in
        the
        case of ERISA-Restricted Certificates (I) if the Certificate has been the
        subject of an ERISA-Qualifying Underwriting, a representation as set forth
        in
        Exhibit H that such transferee is an insurance company that is acquiring
        the
        Certificate with assets contained in an “insurance company general account,” as
        defined in Section V(e) of PTCE 95-60, and the acquisition and holding of
        the
        Certificate are covered and exempt under Sections I and III of PTCE 95-60,
        or
        (II) solely in the case of an ERISA-Restricted Certificate that is a Definitive
        Certificate, an Opinion of Counsel satisfactory to the Trustee, the Certificate
        Registrar and the Depositor, and upon which the Trustee, the Certificate
        Registrar and the Depositor shall be entitled to rely, to the effect that
        the
        acquisition and holding of such Certificate will not constitute or result
        in a
        nonexempt prohibited transaction under ERISA or the Code, or a violation
        of
        Similar Law, and will not subject the Trustee, the Certificate Registrar,
        the
        Master Servicer or the Depositor to any obligation in addition to those
        expressly undertaken in this Agreement, which Opinion of Counsel shall not
        be an
        expense of the Trustee, the Certificate Registrar, the Master Servicer or
        the
        Depositor. 

       

      
        
          
          

        

        
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      The
        representations set forth in the preceding paragraphs of this Section 3.03(d)
        applicable to Exchange Certificates shall also apply to Exchangeable
        Certificates. Except in the case of a Definitive Certificate, the
        representations set forth in the preceding two paragraphs, other than clause
        (B)(II) in the immediately preceding paragraph, shall be deemed to have been
        made to the Trustee, the Certificate Registrar and the Depositor by the
        transferee’s acceptance of an ERISA-Restricted Swap Certificate,
        ERISA-Restricted Certificate or Residual Certificate (or the acceptance by
        a
        Certificate Owner of the beneficial interest in any Class of ERISA-Restricted
        Swap Certificate, ERISA-Restricted Certificate or Residual Certificate).
        The
        Trustee, the Certificate Registrar and the Depositor shall not have any
        obligation to monitor transfers of Book-Entry Certificates or Restricted
        Global
        Securities that are ERISA-Restricted Swap Certificate, ERISA-Restricted
        Certificates or Residual Certificates or any liability for transfers of such
        Certificates in violation of the transfer restrictions.

       

      Notwithstanding
        any other provision herein to the contrary, any purported transfer of an
        ERISA-Restricted Swap Certificate, ERISA-Restricted Certificate or Residual
        Certificate to or on behalf of a Plan without the delivery to the Trustee,
        the
        Certificate Registrar and the Depositor of a representation or an Opinion
        of
        Counsel satisfactory to the Trustee, the Certificate Registrar and the Depositor
        as described above shall be void and of no effect and the next preceding
        permitted beneficial owner will be treated as the beneficial owner of that
        Certificate, retroactive to the date of transfer to the purported beneficial
        owner. The Trustee, the Certificate Registrar and the Depositor shall not
        have
        any liability to any Person for any registration or transfer of any
        ERISA-Restricted Swap Certificate, ERISA-Restricted Certificate or Residual
        Certificate that is in fact not permitted by this Section 3.03(d) and the
        Trustee, the Certificate Registrar and the Depositor shall not have any
        liability for making any payments due on such Certificate to the Holder thereof
        or taking any other action with respect to such Holder under the provisions
        of
        this Agreement so long as the transfer was registered by the Certificate
        Registrar in accordance with the foregoing requirements. The Trustee, the
        Certificate Registrar and the Depositor shall be entitled, but not obligated,
        to
        recover from any Holder of any ERISA-Restricted Swap Certificate,
        ERISA-Restricted Certificate or Residual Certificate that was in fact a Plan
        and
        that held such Certificate in violation of this Section 3.03(d) all payments
        made on such ERISA-Restricted Certificate at and after the time it commenced
        such holding. Any such payments so recovered shall be paid and delivered
        to the
        last preceding Holder of such Certificate that is not a Plan.

       

      
        
          
          

        

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

       

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

       

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

       

      
        
          
          

        

        
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      If
        any
        purported transferee shall become a registered Holder of a Residual Certificate
        in violation of the provisions of this Section 3.03(f), then upon receipt
        of
        written notice to the Trustee or the Certificate Registrar that the registration
        of transfer of such Residual Certificate was not in fact permitted by this
        Section 3.03(f), the last preceding Permitted Transferee shall be restored
        to
        all rights as Holder thereof retroactive to the date of such registration
        of
        transfer of such Residual Certificate. Neither the Trustee nor the Certificate
        Registrar shall be under any liability to any Person for any registration
        of
        transfer of a Residual Certificate that is in fact not permitted by this
        Section
        3.03(f), for making any payment due on such Certificate to the registered
        Holder
        thereof or for taking any other action with respect to such Holder under
        the
        provisions of this Agreement so long as the transfer was registered upon
        receipt
        of the affidavit described in the preceding paragraph of this Section
        3.03(f).

       

      (g) Each
        Holder of a Residual Certificate, by such Holder’s acceptance thereof, shall be
        deemed for all purposes to have consented to the provisions of this
        section.

       

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

       

      (i) Subject
        to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
        Security representing any of the Privately Offered Certificates shall be
        limited
        to transfers of such Global Security, in whole or in part, to nominees of
        DTC or
        to a successor of DTC or such successor’s nominee.

       

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

       

      
        
          
          

        

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

       

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

       

      (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 3.03(h)(iii).

       

       

      
        
          
          

        

        
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      Section
        3.04. Cancellation
        of Certificates

       

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

       

      Section
        3.05. Replacement
        of Certificates

       

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

       

      Section
        3.06. Persons
        Deemed Owners

       

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

       

      Section
        3.07. Temporary
        Certificates

       

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

       

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

       

       

      
        
          
          

        

        
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      Section
        3.08. Appointment
        of Paying Agent

       

      (a) The
        Trustee hereby appoints itself as Paying Agent and in such capacity shall
        be
        afforded the same protections, rights and indemnifications afforded to it
        as
        Trustee. The Trustee may appoint a successor paying agent for the purpose
        of
        making distributions to Certificateholders hereunder. The Trustee shall cause
        such Paying Agent (if other than the Trustee) to execute and deliver to the
        Trustee an instrument in which such Paying Agent shall agree with the Trustee
        that such Paying Agent will hold all sums held by it for the payment to
        Certificateholders in an Eligible Account in trust for the benefit of the
        Certificateholders entitled thereto until such sums shall be paid to the
        Certificateholders. All funds remitted by the Trustee to any such Paying
        Agent
        for the purpose of making distributions shall be paid to Certificateholders
        on
        each Distribution Date and any amounts not so paid shall be returned on such
        Distribution Date to the Trustee. If the Paying Agent is not the Trustee,
        the
        Trustee shall cause the funds to be remitted to the Paying Agent on or before
        the Business Day prior to each Distribution Date, by wire transfer in
        immediately available funds, the funds to be distributed on such Distribution
        Date.

       

      (b) Any
        Paying Agent shall be either a bank or trust company or otherwise authorized
        under law to exercise corporate trust powers. Any Paying Agent shall comply
        with
        its reporting obligations under Regulation AB with respect to the Trust Fund
        in
        form and substance similar to those of the Trustee pursuant to Sections 6.20
        and
        9.25, and the related assessment of compliance shall cover, at a minimum,
        the
        matters indicated as obligations with respect to the Paying Agent on Exhibit
        O
        attached hereto, provided that if the Trustee is the Paying Agent, any reporting
        obligations under Regulation AB specific to the Paying Agent shall be undertaken
        by the Trustee in the course of its own reporting and not separately. In
        addition, any Paying Agent shall notify the Sponsor, the Master Servicer
        and the
        Depositor within five (5) calendar days of knowledge thereof (i) of any legal
        proceedings pending against the Paying Agent of the type described in Item
        1117
        (§ 229.1117) of Regulation AB, (ii) any merger, consolidation or sale of
        substantially all of the assets of the Paying Agent and (iii) if the Paying
        Agent shall become (but only to the extent not previously disclosed) at any
        time
        an Affiliate of any of the parties listed on Exhibit S hereto or any of their
        Affiliates.

       

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

       

      Section
        3.09. Book-Entry
        Certificates

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

       

      
        
          
          

        

        
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      Section
        3.10.Deposit
        of Underlying REMIC Certificates under the Exchange Trust
        Agreement

       

      The
        Underlying REMIC Certificates shall be issued in uncertificated form to Lehman
        Brothers Holdings and transferred by Lehman Brothers Holdings to the Exchange
        Trustee to be held in trust pursuant to terms of the Exchange Trust
        Agreement.

       

      ARTICLE
        IV

       

      ADMINISTRATION
        OF THE TRUST FUND

       

      Section
        4.01. Collection
        Account

       

      (a) On
        the
        Closing Date, the Master Servicer shall open and shall thereafter maintain
        a
        segregated account held in trust (the “Collection Account”), entitled “Aurora
        Loan Services LLC as Master Servicer, in trust for the benefit of the Holders
        of
        Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
        Certificates, Series 2008-1.” The Collection Account shall relate solely to the
        Certificates issued by the Trust Fund hereunder, and funds in such Collection
        Account shall not be commingled with any other monies.

       

      (b) The
        Collection Account shall be an Eligible Account. If an existing Collection
        Account ceases to be an Eligible Account, the Master Servicer shall establish
        a
        new Collection Account that is an Eligible Account within 30 days and transfer
        all funds on deposit in such existing Collection Account into such new
        Collection Account.

       

      (c) The
        Master Servicer shall give to the Trustee, prior written notice of the name
        and
        address of the depository institution at which the Collection Account is
        maintained and the account number of such Collection Account. No later than
        1:00
        p.m. New York City time on each Deposit Date, the entire amount on deposit
        in
        the Collection Account (subject to permitted withdrawals set forth in Section
        4.02), not including any amounts which are to be excluded from the Available
        Distribution Amount for such Distribution Date pursuant to clauses (A) through
        (H) of paragraph (i) of the definition thereof (other than any amounts due
        or
        reimbursable to the Trustee or the Custodians pursuant to this Agreement),
        shall
        be remitted to the Trustee for deposit into the Certificate Account by wire
        transfer in immediately available funds. The Master Servicer, at its option
        (but
        with prior notice to the Trustee), may choose to make daily remittances from
        the
        Collection Account to the Trustee for deposit into the Certificate
        Account.

       

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

       

      
        
          
          

        

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

       

      (ii) all
        payments on account of interest on the Mortgage Loans (other than payments
        due
        prior to the Cut-off Date), net of the applicable Servicing Fee and Master
        Servicing Fee with respect to each such Mortgage Loan, but only to the extent
        of
        the amount permitted to be withdrawn or withheld from the Collection Account
        in
        accordance with Sections 5.04 and 9.21;

       

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

       

      (iv) all
        Insurance Proceeds;

       

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

       

      (vi) all
        Prepayment Penalty Amounts; 

       

      (vii) all
        proceeds of any Mortgage Loan purchased by any Person; and 

       

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

       

      (e) Funds
        in
        the Collection Account may be invested in Eligible Investments (selected
        by and
        at the written direction of the Master Servicer) which shall mature not later
        than one Business Day prior to the Deposit Date (except that if such Eligible
        Investment is an obligation of the Trustee or the Paying Agent, if other
        than
        the Trustee, and such Collection Account is maintained with the Trustee or
        the
        Paying Agent, if other than the Trustee, then such Eligible Investment shall
        mature not later than such applicable Deposit Date), and any such Eligible
        Investment shall not be sold or disposed of prior to its maturity. All such
        Eligible Investments shall be made in the name of the Master Servicer in
        trust
        for the benefit of the Trustee and Holders of Structured Adjustable Rate
        Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2008-1. All
        income and gain realized from any such investment shall be for the benefit
        of
        the Master Servicer, while such Collection Account is maintained by the Master
        Servicer, and shall be subject to its withdrawal or order from time to time
        and
        shall not be part of the Trust Fund. The amount of any losses incurred in
        respect of any such investments shall be deposited in such Collection Account
        by
        the Master Servicer out of its own funds, without any right of reimbursement
        therefor, immediately as realized. The foregoing requirements for deposit
        in the
        Collection Account are exclusive, it being understood and agreed that, without
        limiting the generality of the foregoing, payments of interest on funds in
        the
        Collection Account and payments in the nature of late payment charges or
        assumption fees need not be deposited by the Master Servicer in the Collection
        Account and may be retained by the Master Servicer or the applicable Servicer
        as
        additional servicing compensation. If the Master Servicer deposits in the
        Collection Account any amount not required to be deposited therein, it may
        at
        any time withdraw such amount from such Collection Account.

       

       

      
        
          
          

        

        
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      Section
        4.02. Application
        of Funds in the Collection Account

       

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

       

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

       

      (ii) to
        reimburse itself or any Servicer for any Advances or Servicing Advances
        (excluding Capitalization Reimbursement Amounts) made by it or by such Servicer
        that it or such Servicer determines in good faith will not be recoverable
        from
        amounts representing late recoveries of payments of principal or interest
        respecting the particular Mortgage Loan as to which such Advance or Servicing
        Advance was made or from Liquidation Proceeds or Insurance Proceeds with
        respect
        to such Mortgage Loan, it being understood, in the case of any such
        reimbursement, that such Master Servicer’s or Servicer’s right thereto shall be
        prior to the rights of the Certificateholders;

       

      (iii) to
        reimburse itself or any Servicer for any Advances made by it or by such Servicer
        with respect to any Mortgage Loans that have been modified where such
        modification has provided a capitalization of prior Advances;

       

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

       

      
        
          
          

        

        
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      (v) in
        the
        event it has elected not to pay itself the Master Servicing Fee out of any
        Mortgagor payment on account of interest or other recovery with respect to
        a
        particular Mortgage Loan prior to the deposit of such Mortgagor payment or
        recovery in the Collection Account, to pay to itself the Master Servicing
        Fee
        for each Distribution Date and any unpaid Master Servicing Fees for prior
        Distribution Dates, as reduced pursuant to Section 5.05, from any Mortgagor
        payment as to interest or such other recovery with respect to that Mortgage
        Loan, as is permitted by this Agreement;

       

      (vi) to
        reimburse itself or any Servicer for expenses incurred by and recoverable
        by or
        reimbursable to it or such Servicer pursuant to Section 9.04, 9.06, 9.16
        or
        9.22(a) or pursuant to the applicable Servicing Agreement (to the extent
        such
        reimbursement constitutes “unanticipated expenses” within the meaning of
        Treasury Regulation Section 1.860G-1(b)(3)(ii)), and to reimburse itself
        for any
        expenses reimbursable to it pursuant to Section 10.01(c);

       

      (vii) to
        pay to
        the applicable Person, with respect to each Mortgage Loan or REO Property
        acquired in respect thereof that has been repurchased by such Person pursuant
        to
        this Agreement, all amounts received thereon and not distributed on the date
        on
        which the related repurchase was effected;

       

      (viii) subject
        to Section 5.04, to pay to itself income earned on the investment of funds
        deposited in the Collection Account;

       

      (ix) to
        make
        payments to the Trustee by 12:00 noon New York City time, on each Deposit
        Date
        for deposit into the Certificate Account in the amounts and in the manner
        provided for in Section 4.04;

       

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

       

      (xi) to
        pay
        the Depositor or the Seller, as applicable, with respect to each Mortgage
        Loan
        or REO Property acquired in respect thereof that has been purchased pursuant
        to
        this Agreement, all amounts received thereon and not distributed on the date
        on
        which the related prepurchase was effected, and to pay the applicable person
        any
        Advances and Servicing Advances to the extent specified in the definition
        of
        Purchase Price;

       

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

       

      (xiii) to
        clear
        and terminate any Collection Account pursuant to Section 7.02;

       

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

       

      
        
          
          

        

        
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      (xv) to
        reimburse any Servicer for such amounts as are due thereto under the applicable
        Servicing Agreement and have not been retained by or paid to such Servicer
        to
        the extent provided in such Servicing Agreement provided such amounts are
        Servicing Fees or “unanticipated expenses” within the meaning of Treasury
        Regulation Section 1.860G-1(b)(3)(ii), and

       

      (xvi) to
        reimburse itself or any Servicer for any unreimbursed Capitalization
        Reimbursement Amounts solely from collections on account of principal.

       

      If
        provided in the related Servicing Agreement, each Servicer shall be entitled
        to
        retain as additional servicing compensation any Prepayment Interest Excess
        (to
        the extent not offset by Prepayment Interest Shortfalls). The Servicers of
        the
        Participations shall be entitled to retain as additional servicing compensation
        any Prepayment Penalty Amounts received with respect to the
        Participations.

       

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

       

      (b) In
        the
        event that the Master Servicer fails on any Deposit Date to remit to the
        Trustee
        any amounts required to be so remitted to the Trustee pursuant to sub-clause
        (xi) by such date, the Master Servicer shall pay the Trustee, for the account
        of
        the Trustee, interest calculated at the “prime rate” (as published in the “Money
        Rates” section of The Wall Street Journal) on such amounts not timely remitted
        for the period from and including that Deposit Date to but not including
        the
        related Distribution Date. The Master Servicer shall only be required to
        pay the
        Trustee interest for the actual number of days such amounts are not timely
        remitted (e.g., one day’s interest, if such amounts are remitted one day after
        the Deposit Date).

       

      Section
        4.03. Reports
        to Certificateholders

       

      (a) On
        each
        Distribution Date, the Trustee shall prepare (based on information provided
        by
        the Master Servicer, the Swap Counterparty or the Cap Counterparty) and shall
        make available to the Cap Counterparty, the Swap Counterparty and the
        Certificateholders a written report setting forth the following information,
        (on
        the basis of Mortgage Loan level information provided by the applicable Servicer
        and the Master Servicer as provided by the Servicer, or in the case of items
        (x), (xiii), (xvi), (xvii), (xviii) and (xx) below, as such information is
        obtained by the Trustee):

       

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

       

      
        
          
          

        

        
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      (ii) the
        aggregate amount of the distribution to be made on such Distribution Date
        to the
        Holders of each Class of Certificates allocable to interest, including any
        Accrual Amount added to the Class Principal Amount of any Class of Accrual
        Certificates;

       

      (iii) the
        amount, if any, of any distributions to the Holders of the Class AP and Class
        R
        Certificates on such Distribution Date, stated separately, and the aggregate
        amounts, if any, of distributions to the Holders of the Class AP and Class
        R
        Certificates on all Distribution Dates, stated separately

       

      (iv) the
        aggregate amount of any Advances required to be made with respect to the
        related
        Due Period by or on behalf of the Master Servicer or any Servicer (or, if
        applicable, the Trustee, solely in its capacity as successor master servicer),
        (a)
        the
        aggregate amount of such Advances actually made, and (b)
        the
        amount, if any, by which (A) above exceeds (B) above;

       

      (v) the
        Aggregate Principal Balance of the Mortgage Loans for such Distribution Date,
        after giving effect to payments allocated to principal reported under clause
        (i)
        above;

       

      (vi) the
        Class
        Principal Amount (or Class Notional Amount) of each Class of Certificates,
        to
        the extent applicable, as of such Distribution Date after giving effect to
        payments allocated to principal reported under clause (i) above (and to the
        addition of any Accrual Amount in the case of any Class of Accrual
        Certificates), separately identifying any reduction of any of the foregoing
        Certificate Principal Amounts due to Realized Losses;

       

      (vii) any
        Realized Losses realized with respect to the Mortgage Loans (x) in the
        applicable Prepayment Period and (y) in the aggregate since the Cut-off Date,
        stating separately the amount of Special Hazard Losses, Fraud Losses and
        Bankruptcy Losses and the aggregate amount of such Realized Losses, and the
        remaining Special Hazard Loss Amount, Fraud Loss Amount and Bankruptcy Loss
        Amount;

       

      (viii) the
        amount of the Master Servicing Fees, Servicing Fees and Trustee Fee paid
        during
        the Due Period to which such distribution relates;

       

      (ix) the
        number and aggregate outstanding principal balance of Mortgage Loans (not
        including a Liquidated Mortgage Loan as of the end of the Prepayment Period),
        as
        reported to the Trustee by the Master Servicer, (a) remaining outstanding,
        (b)
        delinquent one month, (c) delinquent two months, (d) delinquent three or
        more
        months and (e) as to which foreclosure proceedings have been commenced as
        of the
        close of business on the last Business Day of the calendar month immediately
        preceding the month in which such Distribution Date occurs;

       

      (x) the
        delinquency method (MBA) that is used to calculate the information provided
        under (ix) above;

       

      
        
          
          

        

        
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      (xi) the
        deemed aggregate principal balance of all REO Properties (not including a
        Liquidated Mortgage Loan as of the end of the Prepayment Period) as of the
        close
        of business on the last Business Day of the calendar month immediately preceding
        the month in which such Distribution Date occurs; with respect to substitution
        of Mortgage Loans in the preceding calendar month, the aggregate Scheduled
        Principal Balance of all such Deleted Mortgage Loans, and of all Qualifying
        Substitute Mortgage Loans;

       

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

       

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

       

      (xiv) the
        Interest Remittance Amount, the Principal Remittance Amount, the Principal
        Distribution Amount and the Overcollateralization Release Amount applicable
        to
        such Distribution Date;

       

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

       

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

       

      (xvii) a
        statement as to whether any exchanges of Exchangeable Certificates or Exchange
        Certificates have taken place since the preceding Distribution Date, and,
        if
        applicable, the Class of Certificates, certificate balances, including notional
        balances, certificate interest rates, and any interest and principal paid,
        including any shortfalls allocated, of any classes of certificates that were
        received by the Certificateholder as a result of such exchange; 

       

      (xviii) the
        amount of any payments made by the Cap Counterparty to the Trust Fund under
        the
        Cap Agreements; 

       

      (xix) the
        number of Mortgage Loans subject to a modification of terms and the amount
        of
        interest and principal forgiven in connection with a loan modification;
        and

       

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

       

      In
        the
        case of information furnished pursuant to subclauses (i), (ii) and (vi) above,
        the amounts shall (except with respect to the Class AP Certificates) be
        expressed as a dollar amount per $1,000 of original principal amount of
        Certificates.

       

      
        
          
          

        

        
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      In
        addition to the information listed above
        for any
        year in which the Depositor is subject to Exchange Act Reporting with respect
        to
        the Certificates,
        such
        Distribution Date report shall also include such other information as is
        required by
        Form
        10-D, including but not limited to, the information required by
        Item
        1121 (§ 229.1121) of Regulation AB
        to the
        extent that the Trustee
        shall
        have received any such information from the Depositor, the Sponsor, the Master
        Servicer, the Servicer, any Custodian, the Swap Counterparty, the Cap
        Counterparty or any Subservicer or Subcontractor therefor, as applicable,
        no
        later than four
        Business
        Days prior to the Distribution
        Date.

       

      In
        addition, on each Deposit Date the Master Servicer shall provide to the Trustee
        the Modified Loan Report in the form of Exhibit T, to the extent of information
        provided by each Servicer to the Master Servicer, and the Trustee shall make
        available on the Trustee’s internet website a copy of such Modified Loan Report
        (based solely on information provided by the Master Servicer) containing
        data
        provided to the Trustee by the Master Servicer, available to those who are
        permitted to access the website, including the Rating Agencies. The Trustee
        and
        the Master Servicer will negotiate in good faith with the Rating Agencies
        to
        reach an agreement on the reporting of any additional information concerning
        loan modifications to be included in the Distribution Date
        Statement.

       

      The
        Trustee shall make such report and additional loan level information (and,
        at
        its option, any additional files provided by the Master Servicer containing
        the
        same information in an alternative format) provided to it by the Master
        Servicer, Swap Counterparty and Cap Counterparty available each month to
        Certificateholders, Swap
        Counterparty, Cap Counterparty and
        the
        Rating Agencies via the Trustee’s internet website. The Trustee’s internet
        website shall initially be located at www.ctslink.com and assistance in using
        the website can be obtained by calling the Trustee’s customer service desk at
        (866) 846-4526. Such parties that are unable to use the website are entitled
        to
        have a paper copy mailed to them via first class mail by calling the customer
        service desk and indicating such. The Trustee shall have the right to change
        the
        way such statements are distributed in order to make such distribution more
        convenient and/or more accessible to the above parties and the Trustee shall
        provide timely and adequate notification to all above parties regarding any
        such
        changes.

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      Section
        4.04. Certificate
        Account

       

      (a) The
        Trustee shall establish and maintain in its name, as trustee, a trust account
        (the “Certificate Account”), entitled Wells Fargo Bank, N.A. as Trustee in trust
        for the holders of Structured Adjustable Rate Mortgage Loan Trust Mortgage
        Pass-Through Certificates, Series 2008-1, to be held in trust for the benefit
        of
        the Certificateholders until disbursed pursuant to the terms of this Agreement.
        The Certificate Account shall be an Eligible Account. If the existing
        Certificate Account ceases to be an Eligible Account, the Trustee shall
        establish a new Certificate Account that is an Eligible Account within 20
        Business Days and transfer all funds on deposit in such existing Certificate
        Account into such new Certificate Account. The Certificate Account shall
        relate
        solely to the Certificates issued hereunder and funds in the Certificate
        Account
        shall be held separate and apart from and shall not be commingled with any
        other
        monies including, without limitation, other monies of the Trustee held under
        this Agreement.

       

      
        
          
          

        

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

       

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

       

      (ii) to
        pay
        itself the Trustee Fee and any investment income earned with respect to funds
        in
        the Certificate Account invested in Eligible Investments as set forth in
        subsection (c) below, and to make payments to itself and others prior to
        making
        distributions pursuant to Section 5.02 for any expenses or other indemnification
        owing to itself and others pursuant to any provision of this Agreement or
        any
        Custodial Agreement (to the extent payment of such expenses or other
        indemnification constitutes “unanticipated expenses” within the meaning of
        Treasury Regulation Section 1.860G-1(b)(3)(ii));

       

      (iii) to
        make
        payments of the Master Servicing Fee (to the extent not already withheld
        or
        withdrawn from the Collection Account by the Master Servicer) to the Master
        Servicer;

       

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

       

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

       

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

       

      (d) Except
        as
        otherwise expressly provided in this Agreement, if any default occurs in
        the
        making of a payment due under any Eligible Investment, or if a default occurs
        in
        any other performance required under any Eligible Investment, the Trustee
        may
        and, subject to Section 6.01 and Section 6.02(iv), shall take such action
        as may
        be appropriate to enforce such payment or performance, including the institution
        and prosecution of appropriate proceedings.

       

      
        
          
          

        

        
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      ARTICLE
        V

       

      DISTRIBUTIONS
        TO HOLDERS OF CERTIFICATES

       

      Section
        5.01. Distributions
        Generally

       

      (a) Subject
        to Section 7.01 with respect to the final distribution on the Certificates,
        on
        each Distribution Date the Trustee (or any Paying Agent) shall make
        distributions in accordance with this Article V. Such distributions shall
        be
        made by wire transfer if the Certificateholder has provided the Trustee with
        wire instructions or by check mailed to the address of such Certificateholder
        as
        it appears in the books of the Trustee if the Certificateholder has not provided
        the Trustee with wire instructions in immediately available funds to an account
        specified in the request and at the expense of such Certificateholder; provided,
        however, that the final distribution in respect of any Certificate shall
        be made
        only upon presentation and surrender of such Certificate at the Corporate
        Trust
        Office. Wire transfers may be made at the expense of the Holder requesting
        such
        wire transfer by deducting a wire transfer fee from the related distribution.
        Notwithstanding such final payment of principal of any of the Certificates,
        each
        Residual Certificate will remain outstanding until the termination of each
        REMIC
        and the payment in full of all other amounts due with respect to the Residual
        Certificate and at such time such final payment in retirement of the Residual
        Certificate will be made only upon presentation and surrender of such
        Certificate at the Corporate Trust Office of the Certificate Registrar. If
        any
        payment required to be made on the Certificates is to be made on a day that
        is
        not a Business Day, then such payment will be made on the next succeeding
        Business Day.

       

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

       

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

       

      Section
        5.02. Distributions
        from the Certificate Account

       

      (a) On
        each
        Distribution Date, the Trustee (or any successor Paying Agent on behalf of
        the
        Trustee, as applicable) shall withdraw from the Certificate Account the Total
        Distribution Amount (excluding all Prepayment Penalty Amounts) and shall
        allocate such amount to the interests issued in respect of each REMIC and
        shall
        distribute such amount as specified in this Section. 

       

      (b) On
        each
        Distribution Date, (or, with respect to clause (ii) below, on the related
        Swap
        Payment Date), the Trustee (or Paying Agent, as applicable) shall distribute
        the
        Available Distribution Amount among the Classes of Certificates as
        follows:

       

      
        
          
          

        

        
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      (i) for
        deposit into the Supplemental Interest Trust Account, any Net Swap Payment
        or
        Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed
        to
        the Swap Counterparty (including amounts remaining unpaid from previous
        Distribution Dates) but solely out of interest funds otherwise distributable
        to
        the Class A1 Certificates under clause (iii) below had the Certificate Interest
        Rate for such Class been the Net WAC for such Distribution Date;

       

      (ii) to
        the
        Trustee, the payment of the Trustee Fee for such Distribution Date;

       

      (iii) to
        payment of Accrued Certificate Interest on each Class of Senior Certificates,
        as
        reduced by such Class’s allocable share of any Net Prepayment Interest
        Shortfalls for such Distribution Date; provided, however that any shortfall
        in
        available amounts will be allocated among the classes in proportion to the
        amount of such interest (as so reduced) that would otherwise be distributable
        thereon and provided further that any shortfall in available amounts
        attributable to any Net Swap Payment or Swap Termination Payment owed to
        the
        Swap Counterparty shall be allocated entirely to the Class A1
        Certificates;

       

      (iv) to
        payment of any outstanding Interest Shortfalls on each Class of Senior
        Certificates; provided however, that any shortfall in available amounts will
        be
        allocated among the Classes in proportion to the amount of such interest
        (as so
        reduced) that would otherwise be distributable thereon;

       

      (v) to
        payment to the Senior Certificates (other than the Class A1X Certificates)
        to
        the extent of the remaining related Available Distribution Amount, the Senior
        Principal Distribution Amount in reduction of their Class Principal Amounts,
        sequentially as follows:

       

      (A) first,
        to
        the Class R Certificate until its Class Principal Amount has been reduced
        to
        zero;

       

      (B) second,
        concurrently on a pro rata basis as follows:

       

      (I) to
        the
        Class A1 Certificates, until their Class Principal Amounts have been reduced
        to
        zero;

       

      (II) to
        the
        Class A21 and Class A22 Certificates, sequentially, until their Class Principal
        Amounts have been reduced to zero;

       

      (III) to
        the
        Class A31 and Class A32 Certificates, sequentially, until their Class Principal
        Amounts have been reduced to zero;

       

      In
        addition, any distributions allocated to an Exchange Class shall be
        proportionately allocated to the related Exchangeable Class or
        Classes.

       

      (vi) from
        the
        remaining Available Distribution Amount, subject to the prior distribution
        of
        amounts pursuant to Section 5.02(f) in the case of clauses (C), (F), (I),
        (L),
        (O) and (R), to the Subordinate Certificates, in the following order of
        priority:

       

      
        
          
          

        

        
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      (A) to
        the
        Class B1 Certificates, the Accrued Certificate Interest thereon for such
        Distribution Date, as reduced by such Class’s allocable share of any Net
        Prepayment Interest Shortfalls for such Distribution Date;

       

      (B) to
        the
        Class B1 Certificates, any Interest Shortfall for such Class on such
        Distribution Date;

       

      (C) to
        the
        Class B1 Certificates, in reduction of the Class Principal Amount thereof,
        such
        Class’s Subordinate Class Percentage of each Subordinate Principal Distribution
        Amount for such Distribution Date, except as provided in Section 5.02(e),
        until
        the Class Principal Amount thereof has been reduced to zero;

       

      (D) to
        the
        Class B2 Certificates, the Accrued Certificate Interest thereon for such
        Distribution Date, as reduced by such Class’s allocable share of any Net
        Prepayment Interest Shortfalls for such Distribution Date;

       

      (E) to
        the
        Class B2 Certificates, any Interest Shortfall for such Class on such
        Distribution Date;

       

      (F) to
        the
        Class B2 Certificates, in reduction of the Class Principal Amount thereof,
        such
        Class’s Subordinate Class Percentage of each Subordinate Principal Distribution
        Amount for such Distribution Date, except as provided in Section 5.02(e),
        until
        the Class Principal Amount thereof has been reduced to zero;

       

      (G) to
        the
        Class B3 Certificates, the Accrued Certificate Interest thereon for such
        Distribution Date, as reduced by such Class’s allocable share of any Net
        Prepayment Interest Shortfalls for such Distribution Date;

       

      (H) to
        the
        Class B3 Certificates, any Interest Shortfall for such Class on such
        Distribution Date;

       

      (I) to
        the
        Class B3 Certificates, in reduction of the Class Principal Amount thereof,
        such
        Class’s Subordinate Class Percentage of each Subordinate Principal Distribution
        Amount for such Distribution Date, except as provided in Section 5.02(e),
        until
        the Class Principal Amount thereof has been reduced to zero;

       

      (J) to
        the
        Class B4 Certificates, the Accrued Certificate Interest thereon for such
        Distribution Date, as reduced by such Class’s allocable share of any Net
        Prepayment Interest Shortfalls for such Distribution Date;

       

      (K) to
        the
        Class B4 Certificates, any Interest Shortfall for such Class on such
        Distribution Date;

       

      (L) to
        the
        Class B4 Certificates, in reduction of the Class Principal Amount thereof,
        such
        Class’s Subordinate Class Percentage of each Subordinate Principal Distribution
        Amount for such Distribution Date, except as provided in Section 5.02(e),
        until
        the Class Principal Amount thereof has been reduced to zero;

       

      
        
          
          

        

        
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      (M) to
        the
        Class B5 Certificates, the Accrued Certificate Interest thereon for such
        Distribution Date, as reduced by such Class’s allocable share of any Net
        Prepayment Interest Shortfalls for such Distribution Date;

       

      (N) to
        the
        Class B5 Certificates, any Interest Shortfall for such Class on such
        Distribution Date;

       

      (O) to
        the
        Class B5 Certificates, in reduction of the Class Principal Amount thereof,
        such
        Class’s Subordinate Class Percentage of each Subordinate Principal Distribution
        Amount for such Distribution Date, except as provided in Section 5.02(e),
        until
        the Class Principal Amount thereof has been reduced to zero;

       

      (P) to
        the
        Class B6 Certificates, the Accrued Certificate Interest thereon for such
        Distribution Date, as reduced by such Class’s allocable share of any Net
        Prepayment Interest Shortfalls for such Distribution Date; 

       

      (Q) to
        the
        Class B6 Certificates, any Interest Shortfall for such Class on such
        Distribution Date; and

       

      (R) to
        the
        Class B6 Certificates, in reduction of the Class Principal Amount thereof,
        such
        Class’s Subordinate Class Percentage of each Subordinate Principal Distribution
        Amount for such Distribution Date, except as provided in Section 5.02(e),
        until
        the Class Principal Amount thereof has been reduced to zero; and

       

      (vii) to
        the
        Supplemental Interest Trust, any unpaid Swap Termination Payment triggered
        by a
        Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to
        the
        Swap Agreement, but solely out of funds otherwise distributable to the Class
        A1
        Certificates had the Certificate Interest Rate for such Class been the Net
        WAC
        for such Distribution Date.

       

      (c) On
        each
        Distribution Date (or, with respect to clauses (i) and (iv) below, the Swap
        Payment Date), the Trustee (or Paying Agent, as applicable) shall distribute
        the
        Supplemental Trust Amount from the Supplemental Interest Trust Account in
        the
        following order of priority:

       

      (i) to
        the
        Swap Counterparty, any Net Swap Payment or Swap Termination Payment (not
        due to
        a Swap Counterparty Trigger Event) owed to the Swap Counterparty pursuant
        to the
        Swap Agreement for the related Distribution Date, solely out of funds deposited
        into the Supplemental Interest Trust under 5.02(b)(i);

       

      (ii) to
        the
        Class A1 Certificates, an amount equal to any Net Swap Payment owed to the
        Supplemental Interest Trust pursuant to the Interest Rate Swap
        Agreement;

       

      (iii) if
        applicable, for application to the purchase of a replacement Swap
        Agreement;

       

      
        
          
          

        

        
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      (iv) to
        the
        Swap Counterparty, any unpaid Swap Termination Payment triggered by a Swap
        Counterparty Trigger Event owed to the Swap Counterparty pursuant to the
        Swap
        Agreement; solely out of funds deposited into the Supplemental Interest Trust
        under Section 5.02(b)(vii) above; and

       

      (v) to
        the
        Class A1 Certificates, any remaining amounts.

       

      Distributions
        to the Class A1 Certificates from the Supplemental Interest Trust shall not
        reduce the Class Principal Amount of the Class A1 Certificates.

       

      (d) Net
        Prepayment Interest Shortfalls shall be allocated among the Certificates
        proportionately based on the Accrued Certificate Interest otherwise
        distributable thereon (treating, solely for this purpose, the Certificate
        Interest Rate for
        the
        Class A1 Certificates after the Distribution Date in September 2012 as being
        equal to the Net WAC for the related Distribution Date).
        

       

      (e) (i)
        if on
        any Distribution Date the Credit Support Percentage for the Class B1
        Certificates is less than the Original Credit Support Percentage for such
        Class,
        then, notwithstanding anything to the contrary in Section 5.02(b), no
        distribution of amounts described in clauses (ii) and (iii) of the definition
        of
        Subordinate Principal Distribution Amount will be made in respect of the
        Class
        B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution
        Date; (ii) if on any Distribution Date the Credit Support Percentage for
        the
        Class B2 Certificates is less than the Original Credit Support Percentage
        for
        such Class, then, notwithstanding anything to the contrary in Section 5.02(b),
        no distribution of amounts described in clauses (ii) and (iii) of the definition
        of Subordinate Principal Distribution Amount will be made in respect of the
        Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution
        Date;
        (iii) if on any Distribution Date the Credit Support Percentage for the Class
        B3
        Certificates is less than the Original Credit Support Percentage for such
        Class,
        then, notwithstanding anything to the contrary in Section 5.02(b), no
        distribution of amounts described in clauses (ii) and (iii) of the definition
        of
        Subordinate Principal Distribution Amount will be made in respect of the
        Class
        B4, Class B5 or Class B6 Certificates on such Distribution Date; (iv) if
        on any
        Distribution Date the Credit Support Percentage for the Class B4 Certificates
        is
        less than the Original Credit Support Percentage for such Class, then,
        notwithstanding anything to the contrary in Section 5.02(b), no distribution
        of
        amounts described in clauses (ii) and (iii) of the definition of Subordinate
        Principal Distribution Amount will be made in respect of the Class B5 or
        Class
        B6 Certificates on such Distribution Date; and (v) if on any Distribution
        Date
        the Credit Support Percentage for the Class B5 Certificates is less than
        the
        Original Credit Support Percentage for such Class, then, notwithstanding
        anything to the contrary in Section 5.02(b), no distribution of amounts
        described in clauses (ii) and (iii) of the definition of Subordinate Principal
        Distribution Amount will be made in respect of the Class B6 Certificates
        on such
        Distribution Date.

       

      (f) [Reserved].

      
        
          
          

        

        
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      (g) On
        each
        Distribution Date, the Trustee (or Paying Agent, as applicable) shall distribute
        to the Holders of the Class AP Certificates, any Prepayment Penalty Amounts
        paid
        by borrowers upon voluntary full or partial prepayment of the Mortgage Loans
        that are deposited in the Collection Account pursuant to the underlying
        servicing agreements.

       

      (h) On
        each
        Distribution Date, the Trustee (or Paying Agent, as applicable) shall distribute
        to the Holder of the Class R Certificates any Available Distribution Amount
        remaining for such Distribution Date after application of all amounts described
        in paragraph (a) through (g) of this Section 5.02. Any distributions pursuant
        to
        this paragraph (h) shall not reduce the Class Principal Amount of the Class
        R
        Certificate.

       

      Section
        5.03. Allocation
        of Realized Losses

       

      (a) On
        any
        Distribution Date, the principal portion of each Realized Loss (other than
        any
        Excess Loss) shall be allocated in the following order of priority:

       

      first,
        to the
        Class B6 Certificates, until the Class Principal Amount thereof has been
        reduced
        to zero;

       

      second,
        to the
        Class B5 Certificates, until the Class Principal Amount thereof has been
        reduced
        to zero;

       

      third,
        to the
        Class B4 Certificates, until the Class Principal Amount thereof has been
        reduced
        to zero;

       

      fourth,
        to the
        Class B3 Certificates, until the Class Principal Amount thereof has been
        reduced
        to zero;

       

      fifth,
        to the
        Class B2 Certificates, until the Class Principal Amount thereof has been
        reduced
        to zero;

       

      sixth,
        to the
        Class B1 Certificates, until the Class Principal Amount thereof has been
        reduced
        to zero; and

       

      seventh,
        to the
        Senior Certificates (other than the Class A1X Certificates), pro rata, in
        accordance with their Class Principal Amount; provided, however, that any
        Realized Losses otherwise allocable to the Class A1 Certificates pursuant
        to
        this Section 5.03 shall be allocated to the Class A22 and Class A21
        Certificates, pro rata, until the Class Principal Amount of each such Class
        has
        been reduced to zero and any Realized Losses otherwise allocable to the Class
        A1, Class A21 and Class A22 Certificates pursuant to this Section 5.03 shall
        be
        allocated to the Class A32 and Class A31 Certificates, pro rata, until the
        Class
        Principal Amount of each such Class has been reduced to zero.

       

      Notwithstanding
        the foregoing, the first $0.71 of principal portion of Realized Losses in
        shall
        not be allocated to any Class of Certificates. 

       

      
        
          
          

        

        
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      In
        addition, any Realized Loss (including any Excess Loss) allocated to an Exchange
        Class shall be proportionately allocated to the related Exchangeable Class
        or
        Classes.

       

      (b) With
        respect to any Distribution Date, the principal portion of any Excess Loss
        in
        respect of a Mortgage Loan shall be allocated, pro rata, to the Senior
        Certificates and the Subordinate Certificates on the basis of the Certificate
        Principal Balances; provided, that any such loss allocated to any Class of
        Accrual Certificates shall be allocated (subject to Section 5.03(c)) on the
        basis of the lesser of (x) the Class Principal Amount thereof immediately
        prior
        to the applicable Distribution Date and (y) the Class Principal Amount thereof
        on the Closing Date (as reduced by any Realized Losses previously allocated
        thereto) 

       

      (c) Any
        Applied Loss Amounts or Realized Losses allocated to a Class of Certificates
        pursuant to Section 5.03(a) or (b) shall be allocated among the Certificates
        of
        such Class in proportion to their respective Certificate Principal Amounts
        of
        such Certificates. Any allocation of Applied Loss Amounts or Realized Losses
        pursuant to this paragraph (c) shall be accomplished by reducing the Certificate
        Principal Amount of the related Certificates on the related Distribution
        Date in
        accordance with Section 5.03(d).

       

      (d) Applied
        Loss Amounts or Realized Losses allocated in accordance with this Section
        5.03
        shall be allocated on the Distribution Date in the month following the month
        in
        which such loss was incurred and, in the case of the principal portion thereof,
        after giving effect to distributions made on such Distribution
        Date.

       

      (e) On
        each
        Distribution Date, amounts described in clauses (i) and (ii) of the definition
        of Subordinate Certificate Writedown Amount for such date shall effect
        corresponding reductions in the Class Principal Amount of the lowest ranking
        Class of outstanding Subordinate Certificates, which reductions shall occur
        on
        such Distribution Date after giving effect to distributions made on such
        Distribution Date.

       

      Section
        5.04. Advances
        by the Master Servicer and the Trustee

       

      (a) Advances
        shall be made in respect of each Deposit Date as provided herein. If, on
        any
        Determination Date, the Master Servicer determines that any Scheduled Payments
        due during the related Due Period (other than Balloon Payments) have not
        been
        received, the Master Servicer shall, or shall cause the applicable Servicer
        to,
        advance such amount on the Deposit Date immediately following such Determination
        Date, less an amount, if any, to be set forth in an Officer’s Certificate to be
        delivered to the Trustee on such Determination Date, which if advanced the
        Master Servicer or such Servicer has determined would not be recoverable
        from
        amounts received with respect to such Mortgage Loan, including late payments,
        Liquidation Proceeds, Insurance Proceeds or otherwise. The Trustee shall
        be able
        to rely conclusively on any non-recoverability determination made by the
        Master
        Servicer. If the Master Servicer determines that an Advance is required,
        it
        shall on the Deposit Date immediately following such Determination Date either
        (i) remit to the Trustee from its own funds (or funds advanced by the applicable
        Servicer) for deposit in the Certificate Account immediately available funds
        in
        an amount equal to such Advance, (ii) cause to be made an appropriate entry
        in
        the records of the Collection Account that funds in such account being held
        for
        future distribution or withdrawal have been, as permitted by this Section
        5.04,
        used by the Master Servicer to make such Advance, and remit such immediately
        available funds to the Trustee for deposit in the Certificate Account or
        (iii)
        make Advances in the form of any combination of clauses (i) and (ii) aggregating
        the amount of such Advance. Any funds being held in the Collection Account
        for
        future distribution to Certificateholders and so used shall be replaced by
        the
        Master Servicer from its own funds by remittance to the Trustee for deposit
        in
        the Certificate Account on or before any future Deposit Date to the extent
        that
        funds in the Certificate Account on such Deposit Date shall be less than
        payments to Certificateholders required to be made on the related Distribution
        Date. The Trustee shall be entitled to conclusively rely upon any determination
        by the Master Servicer that an Advance, if made, would constitute a
        non-recoverable advance. The Master Servicer and each Servicer shall be entitled
        to be reimbursed from the Collection Account for all Advances made by it
        as
        provided in Section 4.02. 

       

      
        
          
          

        

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

       

      Notwithstanding
        anything in this Section 5.04 to the contrary, the Master Servicer's
        obligation to make Advances on the Mortgage Loans in the aggregate for a
        Deposit
        Date shall be reduced by any Capitalization Reimbusement Amounts during the
        related Due Period.

       

      Section
        5.05. Compensating
        Interest Payments

       

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

       

      Section
        5.06. Reserved

       

      Section
        5.07. Reserve
        Fund

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, and on
        behalf of the Trust Fund, in trust for the benefit of the holders of the
        Class
        A1 Certificates, the reserve fund (the "Reserve
        Fund").
        In
        addition, the Trustee shall hold on behalf of the Trust Fund, the Cap Agreement
        as an asset in the Reserve Fund. The Reserve Fund shall be an Eligible Account,
        and funds on deposit therein shall be held separate and apart from, and shall
        not be commingled with, any other moneys, including, without limitation,
        other
        moneys of the Trustee held pursuant to this Agreement.

       

      (b) On
        each
        Distribution Date on which there is a payment received under the Cap Agreement,
        the Trustee shall distribute such amounts to the Class A1 Certificateholders,
        provided that such distribution shall not reduce the principal amount of
        the
        Class A1 Certificates. On each Distribution Date the Trustee shall distribute
        in
        the order of priority and to the extent specified in the Cap Agreement the
        sum
        of (without duplication) (a) any payments made by the Cap Counterparty to
        the
        Trust Fund for such Distribution Date with respect to the Cap Agreement and
        (b)
        any amounts then on deposit in the Reserve Fund, including any earnings thereon.
        On any Distribution Date, any amounts that the Trustee is not required to
        distribute from the Reserve Fund pursuant to the Cap Agreement shall remain
        on
        deposit in the Reserve Fund.

       

      
        
          
          

        

        
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      (c) Funds
        in
        the Reserve Fund shall be invested in Eligible Investments. However, in the
        absence of written instructions from Lehman Brothers Holdings as to investment
        of funds on deposit in the Reserve Fund, such funds shall remain uninvested.
        The
        Reserve Fund will be terminated after the termination of the Cap Agreement
        on
        the Distribution Date in September 2012. Any income earned on amounts held
        in
        the Reserve Fund shall be distributed to the Class A1 Certificate holders,
        provided that such distribution shall not reduce the principal amount of
        the
        Class A1 Certificates.

       

      Section
        5.08. Supplemental
        Interest Trust

       

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

       

      (b) The
        Trustee shall deposit into the Supplemental Interest Trust Account any Net
        Swap
        Payment and Swap Termination Payment required pursuant to Section 5.02 and
        any
        amounts received from the Swap Counterparty under the Swap Agreement pursuant
        to
        Section 5.02 and shall distribute from the Supplemental Interest Trust Account
        any Net Swap Payment or Swap Termination Payment required pursuant to Section
        5.02.

       

      (c) Funds
        in
        the Supplemental Interest Trust Account shall be invested in Eligible
        Investments. In the absence of written instructions from the Swap Counterparty
        as to investment of funds on deposit in the Supplemental Interest Trust Account,
        such funds shall be invested in the Wells Fargo Advantage Prime Money Market
        Fund, its successor fund, or comparable investment vehicle. Any amounts on
        deposit in the Supplemental Interest Trust Account in excess of the Supplemental
        Interest Trust Amount on any Distribution Date shall be held for distribution
        to
        the Class A1 Certificateholders pursuant to Section 5.02(c) on the following
        Distribution Date.

       

      (d) Upon
        termination of the Trust Fund, any amounts remaining in the Supplemental
        Interest Trust Account shall be distributed pursuant to the priorities set
        forth
        in Section 5.02(c).

       

      (e) (Reserved)

       

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

       

      Section
        5.09. Collateral
        Account

       

      
        
          
          

        

        
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      In
        the
        event that the Swap Counterparty is required to post collateral pursuant
        to a
        downgrade event under the Swap Agreement, the Trustee, on behalf of the Trust
        Fund, is hereby authorized to establish on the Closing Date, a Collateral
        Account for the deposit of such monies. Funds in the Collateral Account shall
        not be commingled with any other monies. Funds in the Collateral Account
        will be
        administered pursuant to Section 13(g) of the Credit Support Annex of the
        Swap
        Agreement, provided that in the absence of written instructions from the
        Swap
        Counterparty as to investment of funds on deposit in the Collateral Account,
        such funds shall be invested in the Wells Fargo Advantage Prime Money Market
        Fund, its successor fund, or comparable investment vehicle. The Collateral
        Account shall not be an asset of any REMIC. On the first Distribution Date
        immediately following any Swap Payment Date as to which a shortfall exists
        with
        respect to a Net Swap Payment or a Swap Termination Payment owed by the Swap
        Counterparty as a result of its failure to make payments pursuant to the
        Swap
        Agreement, amounts necessary to cover such shortfall shall be removed from
        the
        Collateral Account and distributed as all or a portion of such Net Swap Payment
        or Swap Termination Payment pursuant to Section 5.02.

       

      Section
        5.10. Rights
        of Swap Counterparty

       

      The
        Swap
        Counterparty shall be deemed a third-party beneficiary of this Agreement
        to the
        same extent as if it were a party hereto and shall have the right, upon
        designation of an “Early Termination Date” (as defined in the Swap Agreement),
        to enforce its rights under this Agreement, which rights include but are
        not
        limited to the obligation of the Trustee (A) to deposit any Net Swap Payment
        and
        any Swap Termination Payment required pursuant to Section 5.02, into the
        Supplemental Interest Trust Account, (B) to deposit any amounts required
        pursuant to Section 5.08(b) into the Supplemental Interest Trust Account,
        (C) to
        pay any Net Swap Payment or Swap Termination Payment required pursuant to
        Section 5.02 to the Swap Counterparty and (D) to establish and maintain the
        Supplemental Interest Trust Account, to make such deposits thereto, investments
        therein and distributions therefrom as are required pursuant to Section
        5.08.
        For the
        protection and enforcement of the provisions of this Section, the Swap
        Counterparty shall be entitled to such relief as can be given either at law
        or
        in equity.

       

      Section
        5.11. Termination
        Receipts

       

      In
        the
        event of an “Early Termination Event” as defined under the Swap Agreement, (i)
        any Swap Termination Payment made by the Swap Counterparty to the Supplemental
        Interest Trust and paid pursuant to Section 5.02 (“Termination Receipts”) will
        be deposited in a segregated non-interest bearing account which shall be
        an
        Eligible Account established by the Trustee (the “Termination Receipts Account”)
        and (ii) any amounts received from a replacement Swap Counterparty (“Replacement
        Receipts”) will be deposited in a segregated non-interest bearing account which
        shall be an Eligible Account established by the Trustee (the “Replacement
        Receipts Account”).
        The
        Trustee shall invest, or cause to be invested, funds held in the Termination
        Receipts Account and the Replacement Receipts Account in time deposits of
        the
        Trustee as permitted by clause (ii) of the definition of Eligible Investments
        or
        as otherwise directed in writing by a majority of the Certificateholders.
        All
        such investments must be payable on demand or mature on a Swap Payment Date
        or
        such other date as directed by the Certificateholders. All such Eligible
        Investments will be made in the name of the Trustee of the Supplemental Interest
        Trust (in its capacity as such) or its nominee. All income and gain realized
        from any such investment shall be deposited in the Termination Receipts Account
        or the Replacement Receipts Account, as applicable, and all losses, if any,
        shall be borne by the related account. The Trustee shall have no liability
        for
        losses on investments in Eligible Investments made pursuant to this Section
        5.11
        (other than as obligor on any such investments).

       

       

      
        
          
          

        

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

       

      Amounts
        on deposit in the Replacement Receipts Account shall be held for the benefit
        of
        the related Swap Counterparty and paid to such Swap Counterparty if the
        Supplemental Interest Trust is required to make a payment to such Swap
        Counterparty following an event of default or termination event with respect
        to
        the Supplemental Interest Trust under the related Swap Agreement

       

      Section
        5.12. The
        Class AP Reserve Fund

       

      (a) The
        Trustee shall establish and maintain a segregated trust account that is an
        Eligible Account, which shall be titled “Class AP Reserve Fund, Wells Fargo
        Bank, N.A., as trustee, in trust for the registered holders of Structured
        Adjustable Rate Mortgage Loan Trust, Mortgage Pass-Through Certificates,
        Series
        2008-1” (the “Class AP Reserve Fund”). The Trustee shall credit the Class AP
        Reserve Fund with $1,000 remitted for such purpose to the Trustee by LBH.
        Funds
        deposited in the Class AP Reserve Fund shall be held in trust by the Trustee
        on
        behalf of the Certificateholders until distributed pursuant to Section
        5.12(c).

       

      (b) Funds
        in
        the Class AP Reserve Fund shall remain uninvested.

       

      (c) On
        the
        Distribution Date in November 2010, the Trustee shall distribute $1,000 from
        the
        Class AP Reserve Fund to the Holders of the Class AP Certificates.

       

      ARTICLE
        VI

       

      CONCERNING
        THE TRUSTEE; EVENTS OF DEFAULT

       

      Section
        6.01. Duties
        of Trustee

       

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

       

      
        
          
          

        

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

       

      (c) The
        Trustee shall not have any liability arising out of or in connection with
        this
        Agreement, except for its negligence or willful misconduct. Notwithstanding
        anything in this Agreement to the contrary, the Trustee shall not be liable
        for
        special, indirect or consequential losses or damages of any kind whatsoever
        (including, but not limited to, lost profits). No provision of this Agreement
        shall be construed to relieve the Trustee from liability for its own negligent
        action, its own negligent failure to act or its own willful misconduct;
        provided, however, that:

       

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

       

      (ii) For
        all
        purposes under this Agreement, the Trustee shall not be deemed to have notice
        of
        any Event of Default (other than resulting from a failure by the Master Servicer
        to remit funds or to furnish information to the Trustee when required to
        do so)
        unless a Responsible Officer of the Trustee has actual knowledge thereof
        or
        unless written notice of any event which is in fact such a default is received
        by the Trustee at the address provided in Section 11.07, and such notice
        references the Holders of the Certificates and this Agreement; and

       

      (iii) With
        respect to amounts that would be treated as “unanticipated expenses” within the
        meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) if paid or reimbursed
        by the REMICs hereunder, no provision of this Agreement shall require the
        Trustee to expend or risk its own funds or otherwise incur any financial
        liability in the performance of any of its duties hereunder, or in the exercise
        of any of its rights or powers, if it shall have reasonable grounds for
        believing that repayment of such funds or adequate indemnity against such
        risk
        or liability is not reasonably assured to it, and none of the provisions
        contained in this Agreement shall in any event require the Trustee to perform,
        or be responsible for the manner of performance of, any of the obligations
        of
        the Master Servicer under this Agreement except, with respect to the Trustee,
        during such time, if any, as the Trustee shall be the successor to, and be
        vested with the rights, duties, powers and privileges of, the Master Servicer
        in
        accordance with the terms of this Agreement.

       

      
        
          
          

        

        
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      (iv) The
        Trustee shall not be responsible for the acts or omissions of any Servicer,
        Custodian or the Master Servicer, it being understood that this Agreement
        shall
        not be construed to render any of them agents of one another.

       

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

       

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

       

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

       

      (g) The
        Trustee shall not be held liable by reason of any insufficiency in any account
        (including without limitation the Collection Account and Certificate Account)
        held by or on behalf of the Trustee resulting from any investment loss on
        any
        Eligible Investment included therein (except to the extent that the Trustee
        is
        the obligor and has defaulted thereon).

       

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

       

      
        
          
          

        

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

       

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

       

      (k) The
        Trustee shall not be responsible for the acts or omissions of any Servicer,
        Custodian or the Master Servicer, it being understood that this Agreement
        shall
        not be construed to render any of them agents of one another.

       

      (l) For
        so
        long as the Depositor is subject to Exchange Act reporting requirements for
        the
Structured
        Adjustable Rate Mortgage Loan Trust Mortgage
        Pass-Through Certificates, Series 2008-1,
        the
        Trustee
        shall give prior written notice to the Sponsor, the Master Servicer and the
        Depositor of the appointment of any Subcontractor by it and a written
        description (in form and substance satisfactory to the Sponsor and the
        Depositor) of the role and function of each Subcontractor utilized by the
        Trustee, specifying (A) the identity of each such Subcontractor and (B) which
        elements of the servicing criteria set forth under Item 1122(d) of Regulation
        AB
        will be addressed in assessments of compliance provided by each such
        Subcontractor.

       

      (m) The
        Trustee shall notify the Sponsor, the Master Servicer and the Depositor within
        five (5) calendar days of knowledge thereof (i) of any legal proceedings
        pending
        against the Trustee of the type described in Item 1117 (§ 229.1117) of
        Regulation AB, and (ii) of any merger, consolidation or sale of substantially
        all of the assets of the Trustee and (iii) if the Trustee shall become (but
        only
        to the extent not previously disclosed) at any time an affiliate of any of
        the
        parties listed on Exhibit S hereto. On or before March 1st of each year,
        the
        Depositor shall distribute the information on Exhibit S to the Trustee.

       

      Section
        6.02. Certain
        Matters Affecting the Trustee

       

      Except
        as
        otherwise provided in Section 6.01:

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      Section
        6.03. Trustee
        Not Liable for Certificates

       

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

       

       

      
        
          
          

        

        
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      Section
        6.04. Trustee
        May Own Certificates

       

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

       

      Section
        6.05. Eligibility
        Requirements for Trustee

       

      The
        Trustee hereunder shall at all times be (i) an institution whose accounts
        are
        insured by the FDIC and (ii) a corporation or national banking association,
        organized and doing business under the laws of any State or the United States
        of
        America, authorized under such laws to exercise corporate trust powers, having
        a
        combined capital and surplus of not less than $50,000,000 and a rating of
        not
        less than “A-” by S&P, and subject to supervision or examination by federal
        or state authority. If such corporation or national banking association
        publishes reports of condition at least annually, pursuant to law or to the
        requirements of the aforesaid supervising or examining authority, then, for
        the
        purposes of this Section, the combined capital and surplus of such corporation
        or national banking association shall be deemed to be its combined capital
        and
        surplus as set forth in its most recent report of condition so published.
        In
        case at any time the Trustee shall cease to be eligible in accordance with
        provisions of this Section, the Trustee shall resign immediately in the manner
        and with the effect specified in Section 6.06.

       

      Section
        6.06. Resignation
        and Removal of Trustee

       

      (a) The
        Trustee may at any time resign and be discharged from the trust hereby created
        by giving written notice thereof to the Trustee, the Depositor, the Rating
        Agencies, the Swap Counterparty and the Master Servicer. Upon receiving such
        notice of resignation, the Depositor will promptly appoint a successor trustee
        by written instrument, one copy of which instrument shall be delivered to
        the
        resigning Trustee, one copy to the successor trustee, one copy to each of
        the
        Rating Agencies and one copy to each of the Master Servicer and the Swap
        Counterparty. If no successor trustee shall have been so appointed and shall
        have accepted appointment within 30 days after the giving of such notice
        of
        resignation, the resigning Trustee may petition any court of competent
        jurisdiction for the appointment of a successor trustee.

       

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

       

      
        
          
          

        

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

       

      (d) Any
        resignation or removal of the Trustee and appointment of a successor trustee
        pursuant to any of the provisions of this Section shall become effective
        upon
        acceptance of appointment by the successor trustee as provided in Section
        6.07.

       

      Section
        6.07. Successor
        Trustee

       

      (a) Any
        successor trustee appointed as provided in Section 6.06 shall execute,
        acknowledge and deliver to the Depositor, the Master Servicer, the Swap
        Counterparty and to its predecessor trustee an instrument accepting such
        appointment hereunder, and thereupon the resignation or removal of the
        predecessor trustee shall become effective and such successor trustee without
        any further act, deed or conveyance, shall become fully vested with all the
        rights, powers, duties and obligations of its predecessor hereunder, with
        like
        effect as if originally named as trustee herein. The predecessor trustee
        shall
        deliver to the successor trustee (or assign to the successor trustee its
        interest under each Custodial Agreement, to the extent permitted thereunder)
        all
        Mortgage Files and documents and statements related to each Mortgage File
        held
        by it hereunder, and shall duly assign, transfer, deliver and pay over to
        the
        successor trustee the entire Trust Fund, together with all necessary instruments
        of transfer and assignment or other documents properly executed necessary
        to
        effect such transfer and such of the record or copies thereof maintained
        by the
        predecessor trustee in the administration hereof as may be requested by the
        successor trustee and shall thereupon be discharged from all duties and
        responsibilities under this Agreement. In addition, the Master Servicer and
        the
        predecessor trustee shall execute and deliver such other instruments and
        do such
        other things as may reasonably be required to more fully and certainly vest
        and
        confirm in the successor trustee all such rights, powers, duties and
        obligations.

       

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

       

      
        
          
          

        

        
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      (c) Upon
        acceptance of appointment by a successor trustee as provided in this Section,
        the Master Servicer shall mail notice of the succession of such trustee and
        to
        all Holders of Certificates at their addresses as shown in the Certificate
        Register and to the Rating Agencies. The expenses of such mailing shall be
        borne
        by the party initiating the replacement of the Trustee.

       

      Section
        6.08. Merger
        or Consolidation of Trustee

       

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

       

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

       

      (a) Notwithstanding
        any other provisions hereof, at any time, the Trustee, the Depositor or the
        Certificateholders evidencing more than 50% of the Class Principal Amount
        (or
        Class Notional Amount) of each Class of Certificates shall each have the
        power
        from time to time to appoint one or more Persons approved by the Trustee
        to act
        either as co-trustees jointly with the Trustee, or as separate trustees,
        or as
        custodians, for the purpose of holding title to, foreclosing or otherwise
        taking
        action with respect to any Mortgage Loan outside the state where the Trustee
        has
        its principal place of business where such separate trustee or co-trustee
        is
        necessary or advisable (or the Trustee has been advised by the Master Servicer
        that such separate trustee or co-trustee is necessary or advisable) under
        the
        laws of any state in which a property securing a Mortgage Loan is located
        or for
        the purpose of otherwise conforming to any legal requirement, restriction
        or
        condition in any state in which a property securing a Mortgage Loan is located
        or in any state in which any portion of the Trust Fund is located. The separate
        trustees, co-trustees, or custodians so appointed shall be trustees or
        custodians for the benefit of all the Certificateholders and shall have such
        powers, rights and remedies as shall be specified in the instrument of
        appointment; provided, however, that no such appointment shall, or shall
        be
        deemed to, constitute the appointee an agent of the Trustee. The obligation
        of
        the Trustee to make Advances pursuant to Section 5.04 and 6.14 hereof shall
        not
        be affected or assigned by the appointment of a co-trustee, provided, however,
        that prior to the appointment hereunder of any such co-trustee, separate
        trustee, or custodian pursuant to this Section 6.09, such Person shall enter
        into an agreement, in form and substance satisfactory to the Depositor, the
        Master Servicer and the Trustee, relating to the satisfaction of such Person
        of
        its reporting obligations under Regulation AB with respect to the Trust Fund.
        The Trustee shall not be responsible for any action or omission of any separate
        trustee, co-trustee or custodian. Notwithstanding the foregoing, if such
        co-custodian or co-trustee is determined to be a Servicing Function Participant,
        no such co-custodian or co-trustee shall be vested with any powers, rights
        and
        remedies under this Agreement unless such party has agreed to comply with
        all
        Regulation AB requirements set forth under this Agreement or each Custodial
        Agreement, as applicable.

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      (iv) the
        Trustee or the Certificateholders evidencing more than 50% of the Aggregate
        Voting Interests of the Certificates may at any time accept the resignation
        of
        or remove any separate trustee, co-trustee or custodian, so appointed by
        it or
        them, if such resignation or removal does not violate the other terms of
        this
        Agreement.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      (g) The
        Trust
        Fund shall pay the reasonable compensation of the co-trustees to the extent,
        and
        in accordance with the standards, specified in Section 6.12 hereof (which
        compensation shall not reduce any compensation payable to the Trustee under
        such
        Section).

       

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

       

      Section
        6.10. Authenticating
        Agents

       

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

       

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

       

      (c) Any
        Authenticating Agent may at any time resign by giving at least 30 days’ advance
        written notice of resignation to the Trustee and the Depositor. The Trustee
        may
        at any time terminate the agency of any Authenticating Agent by giving written
        notice of termination to such Authenticating Agent and the Depositor. Upon
        receiving a notice of resignation or upon such a termination, or in case
        at any
        time any Authenticating Agent shall cease to be eligible in accordance with
        the
        provisions of this Section 6.10, the Trustee may appoint a successor
        Authenticating Agent, shall give written notice of such appointment to the
        Depositor and shall mail notice of such appointment to all Holders of
        Certificates. Any successor Authenticating Agent upon acceptance of its
        appointment hereunder shall become vested with all the rights, powers, duties
        and responsibilities of its predecessor hereunder, with like effect as if
        originally named as Authenticating Agent. No successor Authenticating Agent
        shall be appointed unless eligible under the provisions of this Section 6.10.
        No
        Authenticating Agent shall have responsibility or liability for any action
        taken
        by it as such at the direction of the Trustee, provided that such action
        was
        undertaken without negligence or willful misconduct. Any Authenticating Agent
        shall be entitled to reasonable compensation for its services and, if paid
        by
        the Trustee, it shall be a reimbursable expense pursuant to Section
        6.12.

       

       

      
        
          
          

        

        
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      Section
        6.11. Indemnification
        of Trustee

       

      The
        Trustee and its directors, officers, employees and agents shall be entitled
        to
        indemnification from the Trust Fund for any loss, liability or expense incurred
        in connection with any legal proceeding or incurred without negligence or
        willful misconduct on their part, (it being understood that the negligence
        or
        willful misconduct of any Custodian shall not constitute negligence or willful
        misconduct on the part of the Trustee or its directors, officers, employees
        or
        agents for such purpose), arising out of, or in connection with, the acceptance
        or administration of the trusts created hereunder or in connection with the
        performance of their duties hereunder or under the Certificates, the Mortgage
        Loan Sale Agreement, the Swap Counterparty, the Cap Agreement, any Custodial
        Agreement or any Servicing Agreement, including any applicable fees and expenses
        payable pursuant to Section 6.12 and the costs and expenses of defending
        themselves against any claim in connection with the exercise or performance
        of
        any of their powers or duties hereunder, provided that:

       

      (a) with
        respect to any such claim, the Trustee shall have given the Depositor, the
        Master Servicer and the Holders written notice thereof promptly after a
        Responsible Officer of the Trustee shall have knowledge thereof; provided
        that
        failure to so notify shall not relieve the Trust Fund of the obligation to
        indemnify the Trustee, however, any reasonable delay by the Trustee to provide
        written notice to the Depositor, the Master Servicer and the Holders promptly
        after the Trustee shall have obtained knowledge of a claim shall not relieve
        the
        Trust Fund of the obligation to indemnify the Trustee under this Section
        6.11;

       

      (b) while
        maintaining control over its own defense, the Trustee shall cooperate and
        consult fully with the Depositor in preparing such defense; 

       

      (c) notwithstanding
        anything to the contrary in this Section 6.11, the Trust Fund shall not be
        liable for settlement of any such claim by the Trustee entered into without
        the
        prior consent of the Depositor, which consent shall not be unreasonably
        withheld; and

       

      (d) any
        such
        loss, liability or expense identified by the Trust Fund must constitute an
        “unanticipated expense” within the meaning of Treasury Regulations Section
        1.860G-1(b)(3)(ii).

       

      
        
          
          

        

        
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      The
        provisions of this Section 6.11 shall survive any termination of this Agreement
        and the resignation or removal of the Trustee and shall be construed to include,
        but not be limited to any loss, liability or expense under any environmental
        law.

       

      Section
        6.12. Fees
        and Expenses of Trustee and Custodian

       

      The
        Trustee shall be entitled to (a) the Trustee Fee and is authorized to pay
        itself
        the amount of income or gain earned from investment of funds in the Certificate
        Account and (b) reimbursement of all reasonable expenses, disbursements and
        advances incurred or made by the Trustee in accordance with this Agreement
        (including fees and expenses of its counsel and all persons not regularly
        in its
        employment and any amounts described in Section 10.01 to which the Trustee
        is
        entitled as provided therein), except any such expenses, disbursements and
        advances that either (i) arise from its negligence, bad faith or willful
        misconduct or (ii) do not constitute “unanticipated expenses” within the meaning
        of Treasury Regulations Section 1.860G-1(b)(3)(ii). Each Custodian shall
        receive
        compensation and reimbursement or payment of its expenses under the Custodial
        Agreement as provided therein; provided that, to the extent required under
        Section 6 or Section 20 of the Custodial Agreement, the Trustee (or any
        successor Paying Agent on behalf of the Trustee) is hereby authorized to
        pay
        such compensation or reimbursement from amounts on deposit in the Certificate
        Account prior to any distributions to Certificateholders pursuant to Section
        5.02 hereof.

       

      Section
        6.13. Collection
        of Monies

       

      Except
        as
        otherwise expressly provided in this Agreement, the Trustee may demand payment
        or delivery of, and shall receive and collect, all money and other property
        payable to or receivable by it pursuant to this Agreement. The Trustee shall
        hold all such money and property received by it as part of the Trust Fund
        and
        shall distribute it as provided in this Agreement. If the Trustee shall not
        have
        timely received amounts to be remitted with respect to the Mortgage Loans
        from
        the Master Servicer, the Trustee shall request the Master Servicer to make
        such
        distribution as promptly as practicable or legally permitted. If the Trustee
        shall subsequently receive any such amount, it may withdraw such
        request.

       

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

       

      (a) The
        occurrence of any one or more of the following events shall constitute an
“Event
        of Default”:

       

      (i) Any
        failure by the Master Servicer to furnish to the Trustee the Mortgage Loan
        data
        sufficient to prepare the reports described in Section 4.03(a) which continues
        unremedied for a period of two (2) Business Days after the date upon which
        written notice of such failure shall have been given to such Master Servicer
        by
        the Trustee or to such Master Servicer and the Trustee by the Holders of
        not
        less than 25% of the Class Principal Amount (or Class Notional Amount) of
        each
        Class of Certificates affected thereby; or

       

      (ii) Any
        failure by the Master Servicer to duly perform, within the required time
        period
        and without notice, its obligations to provide any certifications required
        pursuant to Sections 9.25 or 9.26; or

       

      
        
          
          

        

        
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      (iii) Except
        with respect to those items listed in clause (ii) above, any failure by the
        Master Servicer to duly perform, within the required time period, without
        notice
        or grace period, its obligations to provide any information, data or materials
        required to be provided hereunder pursuant to Sections 9.23 and 9.29(b),
        including any items required to be included in any Exchange Act report;
        or

       

      (iv) Any
        failure on the part of the Master Servicer duly to observe or perform in
        any
        material respect any other of the covenants or agreements on the part of
        such
        Master Servicer contained in this Agreement which continues unremedied for
        a
        period of 30 days (or 15 days, in the case of a failure to maintain any
        Insurance Policy required to be maintained pursuant to this Agreement, or
        10
        days, in the case of a failure to comply with the requirements of Sections
        9.03)
        after the date on which written notice of such failure, requiring the same
        to be
        remedied, shall have been given to such Master Servicer by the Trustee, or
        to
        such Master Servicer and the Trustee by the Holders of not less than 25%
        of the
        Class Principal Amount (or Class Notional Amount) of each Class of Certificates
        affected thereby; or

       

      (v) A
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        for
        the appointment of a conservator or receiver or liquidator in any insolvency,
        readjustment of debt, marshalling of assets and liabilities or similar
        proceedings, or for the winding-up or liquidation of its affairs, shall have
        been entered against the Master Servicer, and such decree or order shall
        have
        remained in force undischarged or unstayed for a period of 60 days or any
        Rating
        Agency reduces or withdraws or threatens to reduce or withdraw the rating
        of the
        Certificates because of the financial condition or loan servicing capability
        of
        such Master Servicer; or

       

      (vi) The
        Master Servicer shall consent to the appointment of a conservator or receiver
        or
        liquidator in any insolvency, readjustment of debt, marshalling of assets
        and
        liabilities, voluntary liquidation or similar proceedings of or relating
        to such
        Master Servicer or of or relating to all or substantially all of its property;
        or

       

      (vii) The
        Master Servicer shall admit in writing its inability to pay its debts generally
        as they become due, file a petition to take advantage of any applicable
        insolvency or reorganization statute, make an assignment for the benefit
        of its
        creditors or voluntarily suspend payment of its obligations; or

       

      (viii) The
        Master Servicer shall be dissolved, or shall dispose of all or substantially
        all
        of its assets, or consolidate with or merge into another entity or shall
        permit
        another entity to consolidate or merge into it, such that the resulting entity
        does not meet the criteria for a successor servicer as specified in Section
        9.27
        hereof; or

       

      (ix) If
        a
        representation or warranty set forth in Section 9.14 hereof shall prove to
        be
        incorrect as of the time made in any respect that materially and adversely
        affects the interests of the Certificateholders, and the circumstance or
        condition in respect of which such representation or warranty was incorrect
        shall not have been eliminated or cured within 60 days after the date on
        which
        written notice of such incorrect representation or warranty shall have been
        given to the Master Servicer by the Trustee or to the Master Servicer and
        the
        Trustee by the Holders of not less than 25% of the Aggregate Certificate
        Principal Amount of each Class of Certificates; or

       

      
        
          
          

        

        
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      (x) A
        sale or
        pledge of any of the rights of the Master Servicer hereunder or an assignment
        of
        this Agreement by the Master Servicer or a delegation of the rights or duties
        of
        the Master Servicer hereunder shall have occurred in any manner not otherwise
        permitted hereunder and without prior written consent of the Trustee and
        Certificateholders holding more than 50% of the Class Principal Amount (or
        Class
        Notional Amount) of each Class of Certificates; or

       

      (xi) The
        Master Servicer has notice or actual knowledge that any Servicer at any time
        is
        not either an FNMA- or FHLMC-approved Seller/Servicer, and the Master Servicer
        has not terminated the rights and obligations of such Servicer under the
        applicable Servicing Agreement and replaced such Servicer with an FNMA- or
        FHLMC-approved servicer within 60 days of the date the Master Servicer receives
        such notice or actual knowledge; or

       

      (xii) Any
        failure of the Master Servicer to remit to the Trustee any payment required
        to
        be made to the Trustee for the benefit of Certificateholders under the terms
        of
        this Agreement, including any Advance, on any Deposit Date, which such failure
        continues unremedied after 1:00 p.m. Eastern Standard Time one Business Day
        after the date upon which notice of such failure shall have been given to
        the
        Master Servicer by the Trustee.

       

      If
        an
        Event of Default described in clauses (i) through (xi) of this Section 6.14
        shall occur, then, in each and every case, subject to applicable law, so
        long as
        any such Event of Default shall not have been remedied within any period
        of time
        prescribed by this Section 6.14, the Trustee, by notice in writing to the
        Master
        Servicer may, and shall, if so directed by Certificateholders evidencing
        more
        than 50% of the Class Principal Amount (or Class Notional Amount) of each
        Class
        of Certificates, terminate all of the rights and obligations of the Master
        Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof.
        If
        an Event of Default described in clause (xii) of this Section 6.14(a) shall
        occur, then, in each and every case, subject to applicable law, so long as
        such
        Event of Default shall not have been remedied within the time period prescribed
        by clause (xii) of this Section 6.14(a), the Trustee, by notice in writing
        to
        the Master Servicer, shall promptly terminate all of the rights and obligations
        of the Master Servicer hereunder and in and to the Mortgage Loans and the
        proceeds thereof. On or after the receipt by the Master Servicer of such
        written
        notice, all authority and power of the Master Servicer, and only in its capacity
        as Master Servicer under this Agreement, whether with respect to the Mortgage
        Loans or otherwise, shall pass to and be vested in the Trustee pursuant to
        and
        under the terms of this Agreement; provided, however, the parties acknowledge
        that notwithstanding the preceding sentence, there may be a transition period,
        not to exceed 90 days, in order to effect the transfer of the Master Servicer’s
        obligations to the Trustee, the Trustee is hereby authorized and empowered
        to
        execute and deliver, on behalf of the defaulting Master Servicer as
        attorney-in-fact or otherwise, any and all documents and other instruments,
        and
        to do or accomplish all other acts or things necessary or appropriate to
        effect
        the purposes of such notice of termination, whether to complete the transfer
        and
        endorsement or assignment of the Mortgage Loans and related documents or
        otherwise. The defaulting Master Servicer agrees to cooperate with the Trustee
        in effecting the termination of the defaulting Master Servicer’s
        responsibilities and rights hereunder as Master Servicer including, without
        limitation, notifying Servicers of the assignment of the master servicing
        function and providing the Trustee or its designee all documents and records
        in
        electronic or other form reasonably requested by it to enable the Trustee
        or its
        designee to assume the defaulting Master Servicer’s functions hereunder and the
        transfer to the Trustee for administration by it of all amounts which shall
        at
        the time be or should have been deposited by the defaulting Master Servicer
        in
        the Collection Account maintained by such defaulting Master Servicer and
        any
        other account or fund maintained with respect to the Certificates or thereafter
        received with respect to the Mortgage Loans. The Master Servicer being
        terminated (or the Trust Fund, if the Master Servicer is unable to fulfill
        its
        obligations hereunder) as a result of the Event of Default shall bear all
        costs
        of a master servicing transfer, including but not limited to those of the
        Trustee reasonably allocable to specific employees and overhead, legal fees
        and
        expenses, accounting and financial consulting fees and expenses, and costs
        of
        amending the Agreement, if necessary. The Trustee shall be entitled to be
        reimbursed from the Master Servicer (or by the Trust Fund, if the Master
        Servicer is unable to fulfill its obligations hereunder) for all costs
        associated with the transfer of servicing from the predecessor Master Servicer,
        including, without limitation, any costs or expenses associated with the
        complete transfer of all servicing data and the completion, correction or
        manipulation of such servicing data as may be required by the Trustee to
        correct
        any errors or insufficiencies in the servicing data or otherwise to enable
        the
        Trustee to master service the Mortgage Loans properly and effectively. If
        the
        terminated Master Servicer does not pay such reimbursement within thirty
        (30)
        days of its receipt of an invoice therefor, such reimbursement shall be an
        expense of the Trust Fund and the Trustee shall be entitled to withdraw such
        reimbursement from amounts on deposit in the Certificate Account pursuant
        to
        Section 4.04; provided that the terminated Master Servicer shall reimburse
        the
        Trust Fund for any such expense incurred by the Trust Fund; and provided,
        further, that the Trustee shall decide whether and to what extent it is in
        the
        best interest of the Certificateholders to pursue any remedy against any
        party
        obligated to make such reimbursement.

       

      
        
          
          

        

        
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      Notwithstanding
        the termination of its activities as Master Servicer, each terminated Master
        Servicer shall continue to be entitled to reimbursement to the extent provided
        in Section 4.02(i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (xi)
        to the
        extent such reimbursement relates to the period prior to such Master Servicer’s
        termination.

       

      If
        any
        Event of Default shall occur of which a Responsible Officer of the Trustee
        has
        actual knowledge, the Trustee shall promptly notify the Cap Counterparty,
        the
        Swap Counterparty and the Rating Agencies of the nature and extent of such
        Event
        of Default upon becoming aware of the occurrence thereof through the proper
        execution of its duties under this Agreement. The Trustee shall immediately
        give
        written notice to the Master Servicer upon such Master Servicer’s failure to
        remit funds on the Deposit Date.

       

      (b) On
        and
        after the time the Master Servicer receives a notice of termination from
        the
        Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
        of
        the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
        9.28
        and within a period of time not to exceed 90 days after the Trustee or Master
        Servicer, as applicable, receives written notice pursuant to Section 6.14(a)
        or
        Section 9.28, the Trustee, such consent shall not be unreasonably withheld,
        shall have been appointed, shall be the successor in all respects to the
        Master
        Servicer in its capacity as such under this Agreement and the transactions
        set
        forth or provided for herein and shall have all the rights and powers and
        be
        subject to all the responsibilities, duties and liabilities relating thereto
        and
        arising thereafter placed on the Master Servicer hereunder, including the
        obligation to make Advances; provided, however, that any failure to perform
        such
        duties or responsibilities caused by the Master Servicer’s failure to provide
        information required by this Agreement shall not be considered a default
        by the
        Trustee hereunder. In addition, the Trustee shall have no responsibility
        for any
        act or omission of the Master Servicer prior to the issuance of any notice
        of
        termination. The Trustee shall have no liability relating to the representations
        and warranties of the Master Servicer set forth in Section 9.14. In the
        Trustee’s capacity as such successor, the Trustee shall have the same
        limitations on liability herein granted to the Master Servicer. As compensation
        therefor, the Trustee shall be entitled to receive all compensation payable
        to
        the Master Servicer under this Agreement, including the Master Servicing
        Fee and
        the compensation described in Section 9.21. The Trustee shall be entitled
        to be
        reimbursed from the Master Servicer (or by the Trust Fund if the Master Servicer
        is unable to fulfill its obligations hereunder) for all costs associated
        with
        the transfer of master servicing from the predecessor master servicer,
        including, without limitation, any costs or expenses associated with the
        complete transfer of all master servicing data and the completion, correction
        or
        manipulation of such master servicing data as may be required by the Trustee
        to
        correct any errors or insufficiencies in the master servicing data or otherwise
        to enable the Trustee to master service the Mortgage Loans properly and
        effectively.

       

      
        
          
          

        

        
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      (c) Notwithstanding
        the above, the Trustee may, if it shall be unwilling to continue to so act
        ,or
        shall, if it is unable to so act, request the Depositor to appoint, petition
        a
        court of competent jurisdiction to appoint, or appoint on its own behalf
        any
        established housing and home finance institution servicer, master servicer,
        servicing or mortgage servicing institution having a net worth of not less
        than
        $15,000,000 and meeting such other standards for a successor master servicer
        as
        are set forth in this Agreement, as the successor to such Master Servicer
        in the
        assumption of all of the responsibilities, duties or liabilities of a master
        servicer, like the Master Servicer. Any entity designated by the Trustee
        as a
        successor master servicer may be an Affiliate of the Trustee; provided, however,
        that, unless such Affiliate meets the net worth requirements and other standards
        set forth herein for a successor master servicer, the Trustee, in its individual
        capacity shall agree, at the time of such designation, to be and remain liable
        to the Trust Fund for such Affiliate’s actions and omissions in performing its
        duties hereunder. In connection with such appointment and assumption, the
        Trustee may make such arrangements for the compensation of such successor
        out of
        payments on Mortgage Loans as it and such successor shall agree; provided,
        however, that no such compensation shall be in excess of that permitted to
        the
        Master Servicer hereunder. The Trustee and such successor shall take such
        actions, consistent with this Agreement, as shall be necessary to effectuate
        any
        such succession and may make other arrangements with respect to the servicing
        to
        be conducted hereunder which are not inconsistent herewith. The Master Servicer
        shall cooperate with the Trustee and any successor master servicer in effecting
        the termination of the Master Servicer’s responsibilities and rights hereunder
        including, without limitation, notifying Mortgagors of the assignment of
        the
        master servicing functions and providing the Trustee and successor master
        servicer, as applicable, all documents and records in electronic or other
        form
        reasonably requested by it to enable it to assume the Master Servicer’s
        functions hereunder and the transfer to the Trustee or such successor master
        servicer, as applicable, all amounts which shall at the time be or should
        have
        been deposited by the Master Servicer in the Collection Account and any other
        account or fund maintained with respect to the Certificates or thereafter
        be
        received with respect to the Mortgage Loans. Neither the Trustee nor any
        other
        successor master servicer shall be deemed to be in default hereunder by reason
        of any failure to make, or any delay in making, any distribution hereunder
        or
        any portion thereof caused by (i) the failure of the Master Servicer to deliver,
        or any delay in delivering, cash, documents or records to it, (ii) the failure
        of the Master Servicer to cooperate as required by this Agreement, (iii)
        the
        failure of the Master Servicer to deliver the Mortgage Loan data to the Trustee
        as required by this Agreement or (iv) restrictions imposed by any regulatory
        authority having jurisdiction over the Master Servicer.

       

       

      
        
          
          

        

        
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      Section
        6.15. Additional
        Remedies of Trustee Upon Event of Default

       

      During
        the continuance of any Event of Default, so long as such Event of Default
        shall
        not have been remedied, the Trustee, in addition to the rights specified
        in
        Section 6.14, shall have the right, in its own name and as trustee of an
        express
        trust, to take all actions now or hereafter existing at law, in equity or
        by
        statute to enforce its rights and remedies and to protect the interests,
        and
        enforce the rights and remedies, of the Certificateholders (including the
        institution and prosecution of all judicial, administrative and other
        proceedings and the filings of proofs of claim and debt in connection
        therewith). Except as otherwise expressly provided in this Agreement, no
        remedy
        provided for by this Agreement shall be exclusive of any other remedy, and
        each
        and every remedy shall be cumulative and in addition to any other remedy,
        and no
        delay or omission to exercise any right or remedy shall impair any such right
        or
        remedy or shall be deemed to be a waiver of any Event of Default.

       

      Section
        6.16. Waiver
        of Defaults

       

      35%
        or
        more of the Aggregate Voting Interests of Certificateholders may waive any
        default or Event of Default by the Master Servicer in the performance of
        its
        obligations hereunder, except that a default in the making of any required
        deposit to the Certificate Account that would result in a failure of the
        Trustee
        (or any successor Paying Agent on behalf of the Trustee) to make any required
        payment of principal of or interest on the Certificates may only be waived
        with
        the consent of 100% of the affected Certificateholders. Upon any such waiver
        of
        a past default, such default shall cease to exist, and any Event of Default
        arising therefrom shall be deemed to have been remedied for every purpose
        of
        this Agreement. No such waiver shall extend to any subsequent or other default
        or impair any right consequent thereon except to the extent expressly so
        waived.

       

      Section
        6.17. Notification
        to Holders

       

      Upon
        termination of the Master Servicer or appointment of a successor to the Master
        Servicer, in each case as provided herein, the Trustee shall promptly mail
        notice thereof by first class mail to the Certificateholders at their respective
        addresses appearing on the Certificate Register, the Swap Counterparty. The
        Trustee shall also, within 45 days after the occurrence of any Event of Default,
        of which a Responsible Officer of the Trustee has actual knowledge, give
        written
        notice thereof to the Certificateholders, unless such Event of Default shall
        have been cured or waived prior to the issuance of such notice and within
        such
        45-day period.

       

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

       

      Subject
        to the provisions of Section 8.01 hereof, during the continuance of any Event
        of
        Default, Holders of Certificates evidencing not less than 25% of the Class
        Principal Amount (or Class Notional Amount) of each Class of Certificates
        may,
        direct the time, method and place of conducting any proceeding for any remedy
        available to the Trustee, or exercising any trust or power conferred upon
        the
        Trustee, under this Agreement; provided, however, that the Trustee shall
        be
        under no obligation to pursue any such remedy, or to exercise any of the
        trusts
        or powers vested in it by this Agreement (including, without limitation,
        (i) the
        conducting or defending of any administrative action or litigation hereunder
        or
        in relation hereto and (ii) the terminating of the Master Servicer or any
        successor master servicer from its rights and duties as master servicer
        hereunder) at the request, order or direction of any of the Certificateholders,
        unless such Certificateholders, shall have offered to the Trustee security
        or
        indemnity reasonably satisfactory to it against the cost, expenses and
        liabilities which may be incurred therein or thereby; and, provided further,
        that, subject to the provisions of Section 8.01, the Trustee shall have the
        right to decline to follow any such direction if the Trustee, in accordance
        with
        an Opinion of Counsel, determines that the action or proceeding so directed
        may
        not lawfully be taken or if the Trustee in good faith determines that the
        action
        or proceeding so directed would involve it in personal liability for which
        it is
        not indemnified to its satisfaction or be unjustly prejudicial to the
        non-assenting Certificateholders.

       

       

      
        
          
          

        

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

       

      In
        the
        event that a Responsible Officer of the Trustee shall have actual knowledge
        of
        any action or inaction of the Master Servicer that would become an Event
        of
        Default upon the Master Servicer’s failure to remedy the same after notice, the
        Trustee shall give notice thereof to the Master Servicer and the Swap
        Counterparty. Notwithstanding anything to the contrary provided herein, and
        for
        all purposes of this Agreement, in the absence of actual knowledge by a
        Responsible Officer of the Trustee, the Trustee shall not be deemed to have
        knowledge of any failure of the Master Servicer or any other Event of Default
        unless notified in writing by the Depositor, the Master Servicer or a
        Certificateholder.

       

      Section
        6.20. Preparation
        of Tax Returns and Other Reports

       

      (a) [Reserved].

       

      (b) [Reserved].

       

      (c) The
        Depositor shall prepare or cause to be prepared the initial current report
        on
        Form 8-K. Thereafter, the Trustee shall, in accordance with industry standards
        and the rules of the Commission as in effect from time to time (the “Rules”),
        prepare and file with the Commission via the Electronic Data Gathering and
        Retrieval System (“EDGAR”), the reports listed in subsections (d) through (g) of
        this Section 6.20 in respect of the Trust Fund as and to the extent required
        under the Exchange Act.

       

      (d) Reports
        Filed on Form 10-D. 

       

      (i) Within
        15
        days after each Distribution Date (subject to permitted extensions under
        the
        Exchange Act reporting requirements), the Trustee shall prepare and file
        on
        behalf of the Trust Fund any Form 10-D required by the Exchange Act, in form
        and
        substance as required by the Exchange Act. The Trustee shall file each Form
        10-D
        with a copy of the related Distribution Date Statement attached thereto.
        Any
        disclosure in addition to the Distribution Date Statement that is required
        to be
        included on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined
        and prepared by and at the direction of the Depositor pursuant to the following
        paragraph and the Trustee will have no duty or liability for any failure
        hereunder to determine or prepare any Additional Form 10-D Disclosure, except
        as
        set forth in the next paragraph.

       

      (ii) As
        set
        forth on Exhibit P-1 hereto, within five calendar days after the related
        Distribution Date, (A) certain parties to the Structured Adjustable Rate
        Mortgage Loan Trust 2008-1 transaction (as identified on Exhibit P-1) shall
        be
        required to provide to the Trustee 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 Trustee and such party, the form and substance
        of
        any Additional Form 10-D Disclosure, if applicable, and include with such
        Additional Form 10-D Disclosure, an Additional Disclosure Notification in
        the
        form attached hereto as Exhibit P-4, and (B) the Depositor will approve,
        as to
        form and substance, or disapprove, as the case may be, the inclusion of the
        Additional Form 10-D Disclosure on Form 10-D. The Sponsor will be responsible
        for any reasonable fees and expenses assessed or incurred by the Trustee
        in
        connection with including any Additional Form 10-D Disclosure on Form 10-D
        pursuant to this paragraph.

       

      
        
          
          

        

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

       

      (e) Reports
        Filed on Form 10-K.

       

      (i) Unless
        and until a Form 15 suspension notice shall have been filed, on or prior
        to the
        90th calendar day after the end of each fiscal year of the Trust Fund or
        such
        earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
        (it being understood that the fiscal year for the Trust Fund ends on December
        31st of each year), commencing in March 2009, the Trustee shall prepare and
        file
        on behalf of the Trust Fund a Form 10-K, in form and substance as required
        by
        the Exchange Act. Each such Form 10-K shall include the following items,
        in each
        case to the extent they have been delivered to the Trustee within the applicable
        time frames set forth in this Agreement and in the related Servicing Agreements
        and Custodial Agreements, (A) an annual compliance statement for each Servicer,
        each Additional Servicer and the Master Servicer, as described under Section
        9.26 hereof and in each Servicing Agreement, (B)(I) the annual reports on
        assessment of compliance with servicing criteria for each Servicer, each
        Custodian, each Additional Servicer, the Master Servicer, each Subservicer,
        each
        Subcontractor, any Servicing Function Participant and the Trustee (each,
        a
“Reporting Servicer”), as described under Section 9.25(a) hereof and in each
        Servicing Agreement and Custodial Agreement, and (II) if any Reporting
        Servicer’s report on assessment of compliance with servicing criteria described
        under Section 9.25(a) hereof or in any Servicing Agreement or Custodial
        Agreement identifies any material instance of noncompliance, disclosure
        identifying such instance of noncompliance, or if any Reporting Servicer’s
        report on assessment of compliance with servicing criteria described under
        Section 9.25(a) hereof or in the any Servicing Agreement or Custodial Agreement
        is not included as an exhibit to such Form 10-K, disclosure that such report
        is
        not included and an explanation why such report is not included, (C)(I) the
        registered public accounting firm attestation report for each Reporting
        Servicer, as described under Section 9.25(b) hereof and in each Servicing
        Agreement and Custodial Agreement and (II) if any registered public accounting
        firm attestation report described under Section 9.25(b) hereof or in any
        Servicing Agreement or Custodial Agreement identifies any material instance
        of
        noncompliance, disclosure identifying such instance of noncompliance, or
        if any
        such registered public accounting firm attestation report is not included
        as an
        exhibit to such Form 10-K, disclosure that such report is not included and
        an
        explanation why such report is not included, and (D) a Sarbanes-Oxley
        Certification. Any disclosure or information in addition to (A) through (D)
        above that is required to be included on Form 10-K (“Additional Form 10-K
        Disclosure”) shall be determined and prepared by and at the direction of the
        Depositor pursuant to the following paragraph and the Trustee will have no
        duty
        or liability for any failure hereunder to determine or prepare any Additional
        Form 10-K Disclosure, except as set forth in the next paragraph. 

       

      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

      (ii) As
        set
        forth on Exhibit P-2 hereto, no later than March 15 of each year that the
        Trust
        Fund is subject to the Exchange Act reporting requirements, commencing in
        2009,
        (A) the parties to the Structured Adjustable Rate Mortgage Loan Trust 2008-1
        transaction (as identified on Exhibit P-2) shall be required to provide to
        the
        Trustee 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 Trustee and such party, the form and substance of any Additional Form
        10-K
        Disclosure, if applicable and include with such Additional Form 10-K Disclosure,
        an Additional Disclosure Notification in the form attached hereto as Exhibit
        P-4, and (B) the Depositor will approve, as to form and substance, or
        disapprove, as the case may be, the inclusion of the Additional Form 10-K
        Disclosure on Form 10-K. The Trustee has no duty under this Agreement to
        monitor
        or enforce the performance by the parties listed on Exhibit P-2 of their
        duties
        under this paragraph or proactively solicit or procure from such parties
        any
        Form 10-K Disclosure Information. The Sponsor will be responsible for any
        reasonable fees and expenses assessed or incurred by the Trustee in connection
        with including any Additional Form 10-K Disclosure on Form 10-K pursuant
        to this
        paragraph. 

       

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

       

      
        
          
          

        

        
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      (iv) Each
        Form
        10-K shall include the Sarbanes-Oxley Certification. The Trustee, the Paying
        Agent (if other than the Trustee) and, if the Depositor is the Exchange Act
        Signing Party, the Master Servicer, shall, and the Trustee, the Paying Agent
        and
        the Master Servicer (if applicable) shall cause any Servicing Function
        Participant engaged by it to, provide to the Person who signs the Sarbanes-Oxley
        Certification (the “Certifying Person”), by March 15 of each year in which the
        Trust Fund is subject to the reporting requirements of the Exchange Act,
        a
        certification (each, a “Back-Up Certification”), in the form attached hereto as
        Exhibit Q-1 or, in the case of (x) the Paying Agent (if other than the Trustee),
        in the form attached hereto as Exhibit Q-2 and (y) the Trustee, the form
        attached hereto as Exhibit Q-2), upon which the Certifying Person, the entity
        for which the Certifying Person acts as an officer, and such entity’s officers,
        directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely. The senior officer of the Exchange
        Act Signing Party shall serve as the Certifying Person on behalf of the Trust
        Fund. In the event the Master Servicer, the Paying Agent, the Trustee or
        any
        Servicing Function Participant engaged by such parties is terminated or resigns
        pursuant to the terms of this Agreement, such party or Servicing Function
        Participant shall provide a Back-Up Certification to the Certifying Person
        pursuant to this Section 6.20(e)(iv) with respect to the period of time it
        was
        subject to this Agreement.

       

      (v) Each
        person (including their officers or directors) that signs any Form 10-K
        Certification shall be entitled to indemnification from the Trust Fund for
        any
        liability or expense incurred by it in connection with such certification,
        other
        than any liability or expense attributable to such Person’s own bad faith,
        negligence or willful misconduct. The provisions of this subsection shall
        survive any termination of this Agreement and the resignation or removal
        of such
        Person.

       

      (f) Each
        of
        Form 10-D and Form 10-K requires the registrant to indicate (by checking
“yes”
or “no”) that it “(1) has filed all reports required to be filed by Section 13
        or 15(d) of the Exchange Act during the preceding 12 months (or for such
        shorter
        period that the registrant was required to file such reports), and (2) has
        been
        subject to such filing requirements for the past 90 days.” The Depositor shall
        notify the Trustee in writing, no later than the fifth calendar day after
        the
        related Distribution Date with respect to the filing of a report on Form
        10- D
        and no later than March 15th with respect to the filing of a report on Form
        10-K, whether the Trustee should indicate “[Yes ____] or [No____]” on Form 10-D
        or Form 10-K, as applicable; provided, that if the Trustee does not receive
        such
        written notification from the Depositor, then the Trustee shall be entitled
        to
        affirmatively conclude that the Depositor (1) has filed all reports required
        to
        be filed by Section 13 or 15(d) of the Exchange Act during the preceding
        12
        months (or for such shorter period if applicable), and (2) has been subject
        to
        such filing requirements for the past 90 days. The Trustee shall be entitled
        to
        rely on such written notification or an affirmative indication in the absence
        of
        such notification in timely preparing, executing and/or filing any such report
        in accordance with this Section 6.20(f).

       

      
        
          
          

        

        
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      (g) Reports
        Filed on Form 8-K.

       

      (i) During
        any year in which the Trust Fund is subject to Exchange Act Reports, within
        four
        Business Days after the occurrence of an event requiring disclosure on Form
        8-K
        (each such event, a “Reportable Event”), or such later date as may be required
        by the Commission, and if requested by the Depositor, the Trustee shall prepare
        and file on behalf of the Trust Fund any Form 8-K, as required by the Exchange
        Act, provided
        that the
        Depositor shall file the initial Form 8-K in connection with the issuance
        of the
        Certificates. Any disclosure or information related to a Reportable Event
        or
        that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
        Information”) shall be determined and prepared by and at the direction of the
        Depositor pursuant to the following paragraph and the Trustee will have no
        duty
        or liability for any failure hereunder to determine or prepare any Form 8-K
        Disclosure Information or any Form 8-K, except as set forth in the next
        paragraph. 

       

      (ii) As
        set
        forth on Exhibit P-3 hereto, for so long as the Trust Fund is subject to
        the
        Exchange Act reporting requirements, no later than noon New York City time
        on
        the 2nd Business Day after the occurrence of a Reportable Event (A) the parties
        to the Structured Adjustable Rate Mortgage Loan Trust 2008-1 transaction
        (as
        identified on Exhibit P-3) shall provide to the Trustee 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 Trustee and such party, the
        form
        and substance of any Form 8-K Disclosure Information, if applicable, and
        include
        with such Form 8-K Disclosure Information, an Additional Disclosure Notification
        in the form attached hereto as Exhibit P-4 and (B) the Depositor will approve,
        as to form and substance, or disapprove, as the case may be, the inclusion
        of
        the Form 8-K Disclosure Information. The Trustee has no duty under this
        Agreement to monitor or enforce the performance by the parties listed on
        Exhibit
        P-3 of their duties under this paragraph or proactively solicit or procure
        from
        such parties any Form 8-K Disclosure Information. The Sponsor will be
        responsible for any reasonable fees and expenses assessed or incurred by
        the
        Trustee in connection with including any Form 8-K Disclosure Information
        on Form
        8-K pursuant to this paragraph. 

       

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

       

      
        
          
          

        

        
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      (h) Delisting;
        Amendments; Late Filings.

       

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

       

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

       

      
        
          
          

        

        
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      (i) Any
        party
        that signs any Exchange Act report that the Trustee is required to file shall
        provide to the Trustee prompt notice of the execution of such Exchange Act
        report along with the name and contact information for the person signing
        such
        report and shall promptly deliver to the Trustee the original executed signature
        page for such report. In addition, each of the parties agrees to provide
        to the
        Trustee such additional information related to such party as the Trustee
        may
        reasonably request, including evidence of the authorization of the person
        signing any certification or statement, financial information and reports,
        and
        such other information related to such party or its performance hereunder.
        

       

      (j) The
        Depositor and the Master Servicer, by mutual agreement, shall determine which
        of
        the Depositor or the Master Servicer shall be the initial Exchange Act Signing
        Party. Upon such determination, the Depositor shall timely notify the Trustee,
        and such notice shall provide contact information for the Exchange Act Signing
        Party. If the Depositor and Master Servicer, at any time, mutually agree
        to
        change the identity of the Exchange Act Signing Party, the Depositor shall
        provide timely notice to the Trustee of any such change.

       

      Section
        6.21. Reporting
        Requirements of the Commission

       

      Each
        of
        the parties hereto acknowledges and agrees that the purpose of Sections 6.01,
        6.20, 9.25 and 9.26 of this Agreement is to facilitate compliance by the
        Sponsor, the Master Servicer, the Trustee and the Depositor with the provisions
        of Regulation AB, as such may be amended or clarified from time to time.
        Therefore, each of the parties agrees that (a) the obligations of the parties
        hereunder shall be interpreted in such a manner as to accomplish compliance
        with
        Regulation AB, (b) the parties’ obligations hereunder will be supplemented and
        modified as necessary to be consistent with any such amendments, interpretive
        advice or guidance, convention or consensus among active participants in
        the
        asset-backed securities markets, advice of counsel, or otherwise in respect
        of
        the requirements of Regulation AB and (c) the parties shall comply with
        reasonable requests made by the Sponsor, the Master Servicer, the Trustee
        or the
        Depositor for delivery of additional or different information as the Sponsor,
        the Master Servicer, the Trustee or the Depositor may determine in good faith
        is
        necessary to comply with the provisions of Regulation AB, provided that such
        information is available without unreasonable effort or expense and within
        such
        timeframe as may be reasonably requested.

       

      Section
        6.22. No
        Merger

       

      The
        Trustee shall not cause or otherwise knowingly permit the assets of the Trust
        Fund to be merged or consolidated with any other entity, except as a result
        of a
        final judicial determination.

       

      Section
        6.23. Indemnification
        by the Trustee

       

      The
        Trustee (including in its capacity as Paying Agent) agrees to indemnify the
        Depositor and the Master Servicer, and each of their respective directors,
        officers, employees and agents and the Trust Fund and hold each of them harmless
        from and against any losses, damages, penalties, fines, forfeitures, legal
        fees
        and expenses and related costs, judgments, and any other costs, fees and
        expenses that any of them may sustain arising out of or based upon the
        engagement of any Subcontractor in violation of Section 6.01(l) or any failure
        by the Trustee to deliver when and as required, the information pursuant
        to
        Section 6.01(m), the disclosure and certificates applicable to the Trustee
        pursuant to Section 6.20 or any assessment of compliance pursuant to Section
        9.25(a). This indemnification shall survive the termination of this Agreement
        or
        the termination of the Trustee hereunder.

       

      
        
          
          

        

        
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      ARTICLE
        VII

       

      PURCHASE
        AND TERMINATION

      OF
        THE
        TRUST FUND

       

      Section
        7.01. Termination
        of Trust Fund Upon Repurchase or Liquidation of All Mortgage
        Loans

       

      (a) The
        respective obligations and responsibilities of the Trustee and the Master
        Servicer created hereby (other than the obligation of the Trustee to make
        payments to Certificateholders and the Swap Counterparty as set forth in
        Section
        7.02, the obligation of the Master Servicer to make a final remittance to
        the
        Trustee for deposit into the Certificate Account pursuant to Section 4.01
        and
        the obligations of the Master Servicer to the Trustee pursuant to Sections
        9.10
        and 9.14), shall terminate on the earlier of (i) the final payment or other
        liquidation of the last Mortgage Loan remaining in the Trust Fund and the
        disposition of all REO Property and (ii) the sale of all remaining property
        held
        by the Trust Fund in accordance with Section 7.01(b); provided, however,
        that in
        no event shall the Trust Fund created hereby continue beyond the expiration
        of
        21 years from the death of the last survivor of the descendants of Joseph
        P.
        Kennedy, the late Ambassador of the United States to the Court of St. James’s,
        living on the date hereof. Any termination of the Trust Fund shall be carried
        out in such a manner so that the termination of each REMIC included therein
        shall qualify as a “qualified liquidation” under the REMIC
        Provisions.

       

      (b) On
        any
        Distribution Date occurring after the date on which the total Scheduled
        Principal Balance of the Mortgage Loans is less than 10% of the Scheduled
        Principal Balance of the Mortgage Loans as of the Cut-off Date, the Master
        Servicer, with the prior written consent of the Seller (which consent will
        not
        be unreasonably withheld), may, upon written direction to the Trustee, cause
        the
        Trustee to sell (or arrange for the sale of) the assets of the Mortgage Pool
        and
        thereby effect the retirement of the related Certificates. Upon the repurchase
        of such Mortgage Loans, the Master Servicer shall, upon written direction
        to the
        Trustee, cause each of the REMICs to adopt a plan of complete liquidation
        pursuant to Section 7.03 hereof to sell all of its property. The property
        of the
        Mortgage Pool shall be sold at a price (the “Repurchase Price”) equal to: (i)
        100% of the unpaid principal balance of each Mortgage Loan on the day of
        such
        purchase plus interest accrued thereon at the applicable Mortgage Rate with
        respect to any such Mortgage Loan to the Due Date in the Due Period immediately
        preceding such Distribution Date, (ii) the fair market value of any applicable
        REO Property and any other applicable property (reduced, in the case of REO
        Property, by (x) reasonably anticipated disposition costs and (y) any amount
        by
        which the fair market value as so reduced exceeds the outstanding principal
        balance of the related Mortgage Loan), such fair market value to be determined
        by an appraiser or appraisers appointed by the Master Servicer with the consent
        of the Trustee, (iii) any unreimbursed Servicing Advances with respect to
        each
        applicable Mortgage Loan and (iv) any Swap Termination Payment payable to
        the
        Swap Counterparty as a result of a termination pursuant to Section 7.01.
        The
        Master Servicer and each Servicer (or the Trustee, if applicable) shall be
        reimbursed from the Repurchase Price for any Mortgage Loan or related REO
        Property for any Advances or Servicing Advances made with respect to the
        Mortgage Loans that are reimbursable to the Master Servicer under this Agreement
        or to each Servicer under the related Servicing Agreement (or to the Trustee
        hereunder), together with any accrued and unpaid compensation and any other
        amounts due to the Master Servicer and the Trustee hereunder or the Custodians
        or the Servicers under their respective Custodial or Servicing Agreements,
        provided that any such compensation or other amount to be paid to the Custodians
        and any such other amounts to be paid to the Servicers are “unanticipated
        expenses” within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii).
        The Trustee shall distribute the assets of the Mortgage Pool on the Distribution
        Date on which the repurchase occurred. Notwithstanding anything herein to
        the
        contrary, only an amount not to exceed to the Repurchase Price, reduced by
        the
        portion thereof consisting of any Swap Termination Payment (such portion,
        the
“Swap Optional Termination Payment”), shall be made available for distribution
        to the Certificates. The Swap Optional Termination Payment shall be withdrawn
        by
        the Trustee from the Collection Account and remitted to the Supplemental
        Interest Trust for payment to the Swap Counterparty. The Swap Optional
        Termination Payment shall not be part of any REMIC and shall not be paid
        into
        any account which is part of any REMIC. 

       

       

      
        
          
          

        

        
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      Section
        7.02. Procedure
        Upon Termination of Trust Fund

       

      (a) Notice
        of
        any termination of the Trust Fund pursuant to the provisions of Section 7.01,
        specifying the Distribution Date upon which the final distribution shall
        be
        made, shall be given promptly by the Trustee by first class mail to the
        applicable Certificateholders, the Trustee, the Swap Counterparty mailed
        (x) no
        later than five Business Days after the Trustee has received notice from
        the
        Master Servicer of its intent to exercise its right to cause the termination
        of
        the Trust Fund pursuant to Section 7.01(b) or (y) upon the final payment
        or
        other liquidation of the last Mortgage Loan or REO Property in the Trust
        Fund.
        Such notice shall specify (A) the Distribution Date upon which final
        distribution on the Certificates of all amounts required to be distributed
        to
        Certificateholders pursuant to Section 5.02 will be made upon presentation
        and
        surrender of the Certificates at the Corporate Trust Office, and (B) that
        the
        Record Date otherwise applicable to such Distribution Date is not applicable,
        distribution being made only upon presentation and surrender of the Certificates
        at the office or agency of the Trustee therein specified. The Trustee shall
        give
        such notice to the Master Servicer, the Custodians, the Swap Counterparty,
        the
        Depositor and the Certificate Registrar at the time such notice is given
        to
        Holders of the Certificates. Upon any such termination of the entire Trust
        Fund,
        the duties of the Certificate Registrar with respect to the applicable
        Certificates shall terminate and the Trustee shall terminate, or request
        the
        Master Servicer to terminate, the Collection Account it maintains, and the
        Trustee shall terminate the Certificate Account and any other account or
        fund
        maintained with respect to the related Certificates, subject to the Trustee’s
        obligation hereunder to hold all amounts payable to Certificateholders in
        trust
        without interest pending such payment.

       

      (b) In
        the
        event that all of the Holders do not surrender their Certificates for
        cancellation within three months after the time specified in the above-mentioned
        written notice, the Trustee shall give a second written notice to the remaining
        Certificateholders to surrender their Certificates for cancellation and receive
        the final distribution with respect thereto. If within one year after the
        second
        notice any Certificates shall not have been surrendered for cancellation,
        the
        Trustee may take appropriate steps to contact the remaining Certificateholders
        concerning surrender of such Certificates, and the cost thereof shall be
        paid
        out of the amounts distributable to such Holders. If within two years after
        the
        second notice any Certificates shall not have been surrendered for cancellation,
        the Trustee shall, subject to applicable state law relating to escheatment,
        hold
        all amounts distributable to such Holders for the benefit of such Holders.
        No
        interest shall accrue on any amount held by the Trustee and not distributed
        to a
        Certificateholder due to such Certificateholder’s failure to surrender its
        Certificate(s) for payment of the final distribution thereon in accordance
        with
        this Section.

       

      
        
          
          

        

        
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      (c) Any
        reasonable expenses incurred by the Trustee in connection with any termination
        or liquidation of the Trust Fund shall be paid from proceeds received from
        the
        liquidation of the Trust Fund, but only to the extent that such expenses
        constitute “unanticipated expenses” within the meaning of Treasury Regulations
        Section 1.860G-1(b)(3)(ii).

       

      Section
        7.03. Additional
        Requirements under the REMIC Provisions

       

      (a) Any
        sale
        pursuant to Section 7.01(b) shall be effected in accordance with the following
        additional requirements, unless the Trustee seeks (at the request of the
        party
        exercising the option to repurchase all of the Mortgage Loans, pursuant to
        Section 7.01(b)), and subsequently receives, an Opinion of Counsel (at the
        expense of such requesting party), addressed to the Trustee to the effect
        that
        the failure of the Trust Fund to comply with the requirements of this Section
        7.03 will not (i) result in the imposition of taxes on any REMIC under the
        REMIC
        Provisions or (ii) cause any REMIC established hereunder to fail to qualify
        as a
        REMIC at any time that any Certificates are outstanding:

       

      (i) On
        the
        date specified for final payment of the Certificates, the Trustee shall make
        final distributions of principal and interest on the Certificates and shall
        pay
        any Swap Termination Payment owed to the Swap Counterparty on the related
        Swap
        Payment Date (to the extent not paid on previous Swap Payment Dates) in
        accordance with Section 5.02 and, after payment of, or provision for any
        outstanding expenses, distribute or credit, or cause to be distributed or
        credited, to the Holders of the Residual Certificates all cash on hand after
        such final payment (other than cash retained to meet claims), and the Trust
        Fund
        (and each related REMIC) shall terminate at that time; 

       

      (ii) The
        Trustee shall sell all of the assets for cash and, within 90 days of such
        sale,
        shall distribute the proceeds of such sale to the Certificateholders in complete
        liquidation of each REMIC; and

       

      (iii) The
        Trustee shall attach a statement to the final Federal income tax return for
        each
        REMIC stating that pursuant to Treasury Regulation § 1.860F-1, the first day of
        the 90-day liquidation period for each such REMIC was the date on which the
        Trustee sold such assets.

       

      (b) By
        its
        acceptance of a Residual Certificate, each Holder thereof hereby (i) authorizes
        the Trustee to take the action described in paragraph (a) above and (ii)
        agrees
        to take such other action as may be necessary to facilitate liquidation of
        any
        REMIC created under this Agreement, which authorization shall be binding
        upon
        all successor Residual Certificateholders.

       

      
        
          
          

        

        
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      ARTICLE
        VIII

       

      RIGHTS
        OF
        CERTIFICATEHOLDERS

       

      Section
        8.01. Limitation
        on Rights of Holders

       

      (a) The
        death
        or incapacity of any Certificateholder shall not operate to terminate this
        Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
        representatives or heirs to claim an accounting or take any action or proceeding
        in any court for a partition or winding up of this Trust Fund, nor otherwise
        affect the rights, obligations and liabilities of the parties hereto or any
        of
        them. Except as otherwise expressly provided herein, no Certificateholder,
        solely by virtue of its status as a Certificateholder, shall have any right
        to
        vote or in any manner otherwise control the Master Servicer or the operation
        and
        management of the Trust Fund, or the obligations of the parties hereto, nor
        shall anything herein set forth, or contained in the terms of the Certificates,
        be construed so as to constitute the Certificateholders from time to time
        as
        partners or members of an association, nor shall any Certificateholder be
        under
        any liability to any third person by reason of any action taken by the parties
        to this Agreement pursuant to any provision hereof.

       

      (b) No
        Certificateholder, solely by virtue of its status as Certificateholder, shall
        have any right by virtue or by availing of any provision of this Agreement
        to
        institute any suit, action or proceeding in equity or at law upon or under
        or
        with respect to this Agreement, unless such Holder previously shall have
        given
        to the Trustee a written notice of an Event of Default and of the continuance
        thereof, as hereinbefore provided, and unless also the Holders of Certificates
        evidencing not less than 25% of the Class Principal Amount (or Class Notional
        Amount or Percentage Interest) of Certificates of each Class affected thereby
        shall have made written request upon the Trustee to institute such action,
        suit
        or proceeding in its own name as Trustee hereunder and shall have offered
        to the
        Trustee such indemnity reasonably satisfactory to it as it may require against
        the cost, expenses and liabilities to be incurred therein or thereby, and
        the
        Trustee, for sixty days after its receipt of such notice, request and offer
        of
        indemnity, shall have neglected or refused to institute any such action,
        suit or
        proceeding and no direction inconsistent with such written request has been
        given such Trustee during such sixty-day period by such Certificateholders;
        it
        being understood and intended, and being expressly covenanted by each
        Certificateholder with every other Certificateholder and the Trustee, that
        no
        one or more Holders of Certificates shall have any right in any manner whatever
        by virtue or by availing of any provision of this Agreement to affect, disturb
        or prejudice the rights of the Holders of any other of such Certificates,
        or to
        obtain or seek to obtain priority over or preference to any other such Holder,
        or to enforce any right under this Agreement, except in the manner herein
        provided and for the benefit of all Certificateholders. For the protection
        and
        enforcement of the provisions of this Section, each and every Certificateholder
        and the Trustee shall be entitled to such relief as can be given either at
        law
        or in equity.

       

      Section
        8.02. Access
        to List of Holders

       

      (a) If
        any
        other party other than the Trustee is acting as Certificate Registrar, then
        the
        Certificate Registrar will furnish or cause to be furnished to the Trustee,
        within fifteen days after receipt by the Certificate Registrar of a request
        by
        the Trustee in writing, a list, in such form as the Trustee may reasonably
        require, of the names and addresses of the Certificateholders of each Class
        as
        of the most recent Record Date.

       

      
        
          
          

        

        
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      (b) If
        three
        or more Holders or Certificate Owners (hereinafter referred to as “Applicants”)
        apply in writing to the Trustee, and such application states that the Applicants
        desire to communicate with other Holders with respect to their rights under
        this
        Agreement or under the Certificates and is accompanied by a copy of the
        communication which such Applicants propose to transmit, then the Trustee
        shall,
        within five Business Days after the receipt of such application, afford such
        Applicants reasonable access during the normal business hours of the Trustee
        to
        the most recent list of Certificateholders held by the Trustee or shall,
        as an
        alternative, send, at the Applicants’ expense, the written communication
        proffered by the Applicants to all Certificateholders at their addresses
        as they
        appear in the Certificate Register.

       

      (c) Every
        Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
        and holding a Certificate, agrees with the Depositor, the Trustee, the Master
        Servicer and the Certificate Registrar that neither the Depositor, the Master
        Servicer, the Certificate Registrar nor the Trustee shall be held accountable
        by
        reason of the disclosure of any such information as to the names and addresses
        of the Certificateholders hereunder, regardless of the source from which
        such
        information was derived.

       

      Section
        8.03. Acts
        of Holders of Certificates

       

      (a) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action provided by this Agreement to be given or taken by Holders or Certificate
        Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
        by
        one or more instruments of substantially similar tenor signed by such Holders
        in
        person or by agent duly appointed in writing; and, except as herein otherwise
        expressly provided, such action shall become effective when such instrument
        or
        instruments are delivered to the Trustee, and where expressly required herein,
        to the Master Servicer. Such instrument or instruments (as the action embodies
        therein and evidenced thereby) are herein sometimes referred to as an “Act” of
        the Holders signing such instrument or instruments. Proof of execution of
        any
        such instrument or of a writing appointing any such agents shall be sufficient
        for any purpose of this Agreement and conclusive in favor of the Trustee
        and
        Master Servicer, if made in the manner provided in this Section. Each of
        the
        Trustee and Master Servicer shall promptly notify the other of receipt of
        any
        such instrument by it, and shall promptly forward a copy of such instrument
        to
        the other. 

       

      (b) The
        fact
        and date of the execution by any Person of any such instrument or writing
        may be
        proved by the affidavit of a witness of such execution or by the certificate
        of
        any notary public or other officer authorized by law to take acknowledgments
        or
        deeds, certifying that the individual signing such instrument or writing
        acknowledged to him the execution thereof. Whenever such execution is by
        an
        officer of a corporation or a member of a partnership on behalf of such
        corporation or partnership, such certificate or affidavit shall also constitute
        sufficient proof of his authority. The fact and date of the execution of
        any
        such instrument or writing, or the authority of the individual executing
        the
        same, may also be proved in any other manner which the Trustee deems
        sufficient.

       

      (c) The
        ownership of Certificates (whether or not such Certificates shall be overdue
        and
        notwithstanding any notation of ownership or other writing thereon made by
        anyone other than the Trustee) shall be proved by the Certificate Register,
        and
        none of the Trustee, the Paying Agent, the Master Servicer and the Depositor
        shall be affected by any notice to the contrary.

       

      
        
          
          

        

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

       

      ARTICLE
        IX

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      BY
        THE
        MASTER SERVICER

       

      Section
        9.01. Duties
        of the Master Servicer

       

      The
        Certificateholders, by their purchase and acceptance of the Certificates,
        appoint Aurora Loan Services LLC, as Master Servicer. For and on behalf of
        the
        Depositor, the Trustee and the Certificateholders, the Master Servicer shall
        master service the Mortgage Loans in accordance with the provisions of this
        Agreement and the provisions of the applicable Servicing Agreement.

       

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

       

      (a) The
        Master Servicer, at its expense, shall maintain in effect a 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 Master Servicer Errors and
        Omissions Insurance Policy and the Master Servicer Fidelity Bond shall be
        in
        such form and amount that would meet the requirements of FNMA or FHLMC if
        it
        were the purchaser of the Mortgage Loans. The Master Servicer shall provide
        the
        Trustee upon request, with a copy of such policy and fidelity bond. The Master
        Servicer shall (i) require each Servicer to maintain an Errors and Omissions
        Insurance Policy and a Fidelity Bond in accordance with the provisions of
        the
        applicable Servicing Agreement, (ii) cause each Servicer to provide to the
        Master Servicer certificates evidencing that such policy and bond is in effect
        and to furnish to the Master Servicer any notice of cancellation, non-renewal
        or
        modification of the policy or bond received by it, as and to the extent provided
        in the applicable Servicing Agreement, and (iii) furnish copies of the
        certificates and notices referred to in clause (ii) to the Trustee upon its
        request. The Fidelity Bond and Errors and Omissions Insurance Policy may
        be
        obtained and maintained in blanket form.

       

      (b) The
        Master Servicer shall promptly report to the Trustee any material changes
        that
        may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors
        and
        Omissions Insurance Policy and shall furnish to the Trustee, on request,
        certificates evidencing that such bond and insurance policy are in full force
        and effect. The Master Servicer shall promptly report to the Trustee all
        cases
        of embezzlement or fraud, if such events involve funds relating to the Mortgage
        Loans. The total losses, regardless of whether claims are filed with the
        applicable insurer or surety, shall be disclosed in such reports together
        with
        the amount of such losses covered by insurance. If a bond or insurance claim
        report is filed with any of such bonding companies or insurers, the Master
        Servicer shall promptly furnish a copy of such report to the Trustee. Any
        amounts relating to the Mortgage Loans collected by the Master Servicer under
        any such bond or policy shall be promptly remitted by the Master Servicer
        to the
        Trustee for deposit into the Certificate Account. Any amounts relating to
        the
        Mortgage Loans collected by any Servicer under any such bond or policy shall
        be
        remitted to the Master Servicer to the extent provided in the applicable
        Servicing Agreement.

       

       

      
        
          
          

        

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

       

      For
        each
        year this Agreement is in effect, the Master Servicer shall submit to each
        Rating Agency and the Depositor a copy of the annual audited financial
        statements of its corporate parent on or prior to March 31st of each year
        commencing on March 31, 2009. Such financial statements shall include
        comparative balance sheets, income statements, statement of changes in
        shareholder's equity, statements of cash flows, a consolidating schedule
        showing
        consolidated subsidiaries and any related notes required pursuant to generally
        accepted accounting principles, certified by a nationally recognized firm
        of
        Independent Accountants to the effect that such financial statements were
        examined and prepared in accordance with generally accepted accounting
        principles applied on a basis consistent with that of the preceding
        year.

       

      Section
        9.04. Power
        to Act; Procedures

       

      (a) The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article X hereof, and each Servicer shall have full power and authority (to
        the
        extent provided in the applicable Servicing Agreement) to do any and all
        things
        that it may deem necessary or desirable in connection with the servicing
        and
        administration of the Mortgage Loans, including but not limited to the power
        and
        authority (i) to execute and deliver, on behalf of the Certificateholders
        and
        the Trustee, customary consents or waivers and other instruments and documents,
        (ii) to consent to transfers of any Mortgaged Property and assumptions of
        the
        Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
        and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
        of the ownership of the Mortgaged Property securing any Mortgage Loan, in
        each
        case, in accordance with the provisions of this Agreement and the applicable
        Servicing Agreement, as applicable; provided that the Master Servicer shall
        not
        take, or knowingly permit any Servicer to take, any action that is inconsistent
        with or prejudices the interests of the Trust Fund or the Certificateholders
        in
        any Mortgage Loan or the rights and interests of the Depositor, the Trustee
        and
        the Certificateholders under this Agreement. The Master Servicer further
        is
        authorized and empowered by the Trustee, on behalf of the Certificateholders
        and
        the Trustee, in its own name or in the name of any Servicer (to the extent
        permitted in the applicable Servicing Agreement), when the Master Servicer
        or a
        Servicer, as the case may be, believes it is appropriate in its best judgment
        to
        register any Mortgage Loan with MERS, or cause the removal from the registration
        of any Mortgage Loan on the MERS system, to execute and deliver, on behalf
        of
        the Trustee and the Certificateholders or any of them, any and all instruments
        of assignment and other comparable instruments with respect to such assignment
        or re-recording of a Mortgage in the name of MERS, solely as nominee for
        the
        Trustee and its successors and assigns. The Master Servicer shall represent
        and
        protect the interests of the Trust Fund in the same manner as it protects
        its
        own interests in mortgage loans in its own portfolio in any claim, proceeding
        or
        litigation regarding a Mortgage Loan and shall not make or knowingly permit
        any
        Servicer to make any modification, waiver or amendment of any term of any
        Mortgage Loan that would cause any REMIC included in the Trust Fund to fail
        to
        qualify as a REMIC or result in the imposition of any tax under Section 860F(a)
        or Section 860G(d) of the Code. Without limiting the generality of the
        foregoing, the Master Servicer in its own name or in the name of a Servicer,
        and
        each Servicer, to the extent such authority is delegated to such Servicer
        by the
        Master Servicer under the applicable Servicing Agreement, is hereby authorized
        and empowered by the Trustee when the Master Servicer or a Servicer, as the
        case
        may be, believes it appropriate in its best judgment and in accordance with
        Accepted Servicing Practices and the applicable Servicing Agreement, to execute
        and deliver, on behalf of itself and the Certificateholders, the Trustee
        or any
        of them, any and all instruments of satisfaction or cancellation, or of partial
        or full release or discharge and all other comparable instruments, with respect
        to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
        shall furnish the Master Servicer or a Servicer, upon request, with any powers
        of attorney prepared by the Master Servicer or such Servicer empowering the
        Master Servicer or such Servicer to execute and deliver instruments of
        satisfaction or cancellation, or of partial or full release or discharge,
        and to
        foreclose upon or otherwise liquidate Mortgaged Property, and to appeal,
        prosecute or defend in any court action relating to the Mortgage Loans or
        the
        Mortgaged Property, in accordance with the applicable Servicing Agreement
        and
        this Agreement, and the Trustee shall execute and deliver such other documents,
        as the Master Servicer may request, necessary or appropriate to enable the
        Master Servicer to master service the Mortgage Loans and carry out its duties
        hereunder and to allow each Servicer to service the Mortgage Loans, in each
        case
        in accordance with Accepted Servicing Practices (and the Trustee shall have
        no
        liability for misuse of any such powers of attorney by the Master Servicer
        or
        the applicable Servicer). If the Master Servicer or the Trustee has been
        advised
        that it is likely that the laws of the state in which action is to be taken
        prohibit such action if taken in the name of the Trustee or that the Trustee
        would be adversely affected under the “doing business” or tax laws of such state
        if such action is taken in its name, then upon request of the Trustee, the
        Master Servicer shall join with the Trustee in the appointment of a co-trustee
        pursuant to Section 6.09 hereof. In the performance of its duties hereunder,
        the
        Master Servicer shall be an independent contractor and shall not, except
        in
        those instances where it is taking action in the name of the Trustee, be
        deemed
        to be the agent of the Trustee. Notwithstanding anything to the contrary,
        the
        Master Servicer shall not without 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.

       

      
        
          
          

        

        
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      (b) In
        master
        servicing and administering the Mortgage Loans, the Master Servicer shall
        employ
        procedures and exercise the same care that it customarily employs and exercises
        in master servicing and administering loans for its own account, giving due
        consideration to Accepted Servicing Practices where such practices do not
        conflict with this Agreement. Consistent with the foregoing, the Master Servicer
        may, and may permit any Servicer to, in its discretion (i) waive any late
        payment charge (but not any Prepayment Penalty Amount, except as set forth
        below) and (ii) extend the due dates for payments due on a Mortgage Note;
        provided, however, that the maturity of any Mortgage Loan shall not be extended
        past the Final Scheduled Distribution Date. In the event of any extension
        described in clause (ii) above, the Master Servicer shall make or cause to
        be
        made Advances on the related Mortgage Loan in accordance with the provisions
        of
        Section 5.04 on the basis of the amortization schedule of such Mortgage Loan
        without modification thereof by reason of such extension. Notwithstanding
        anything to the contrary in this Agreement, the Master Servicer shall not
        make
        or knowingly permit any modification, waiver or amendment of any material
        term
        of any Mortgage Loan unless: (1) such Mortgage Loan is in default or default
        by
        the related Mortgagor is, in the reasonable judgment of the Master Servicer
        or
        the applicable Servicer, reasonably foreseeable, (2) in the case of a waiver
        of
        a Prepayment Penalty Amount if (a) such waiver would maximize recovery of
        total
        proceeds taking into account the value of such Prepayment Penalty Amount
        and the
        related Mortgage Loan or (b) the prepayment is not the result of a refinance
        by
        the Servicer or any of its affiliates (i) the collection of the Prepayment
        Penalty Amount would be in violation of applicable laws or (ii) the collection
        of such Prepayment Penalty Amount would be considered “predatory” pursuant to
        written guidance published or issued by any applicable federal, state or
        local
        regulatory authority acting in its official capacity and having jurisdiction
        over such matters, and (3) such modification, waiver or amendment would not
        cause an Adverse REMIC Event.

       

       

      
        
          
          

        

        
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      Section
        9.05. Servicing
        Agreements Between the Master Servicer and Servicers; Enforcement of Servicers’
Obligations

       

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

       

      (b) The
        Master Servicer shall not be required to (i) take any action with respect
        to the
        servicing of any Mortgage Loan that the related Servicer is not required
        to take
        under the related Servicing Agreement and (ii) cause a Servicer to take any
        action or refrain from taking any action if the related Servicing Agreement
        does
        not require the Servicer to take such action or refrain from taking such
        action;
        in both cases notwithstanding any provision of this Agreement that requires
        the
        Master Servicer to take such action or cause the Servicer to take such
        action.

       

      (c) The
        Master Servicer, for the benefit of the Trustee and the Certificateholders,
        shall enforce the obligations of each Servicer under the related Servicing
        Agreement, and shall use its reasonable best efforts to enforce the obligations
        of each Servicer under the related Servicing Agreement and shall, upon its
        obtaining actual knowledge of the failure of a Servicer to perform its
        obligations in accordance with the related Servicing Agreement, to the extent
        that the non-performance of any such obligations would have a material adverse
        effect on a Mortgage Loan, the Trust Fund or Certificateholders, terminate
        the
        rights and obligations of such Servicer thereunder to the extent and in the
        manner permitted by the related Servicing Agreement and either act as servicer
        of the related Mortgage Loans or enter into a Servicing Agreement with a
        successor Servicer. Such enforcement, including, without limitation, the
        legal
        prosecution of claims, termination of Servicing Agreements and the pursuit
        of
        other appropriate remedies, shall be in such form and carried out to such
        an
        extent and at such time as the Master Servicer, in its good faith business
        judgment, would require were it the owner of the related Mortgage Loans.
        The
        Master Servicer shall pay the costs of such enforcement at its own expense,
        and
        shall be reimbursed therefor initially only (i) from a general recovery
        resulting from such enforcement only to the extent, if any, that such recovery
        exceeds all amounts due in respect of the related Mortgage Loans, (ii) from
        a
        specific recovery of costs, expenses or attorneys’ fees against the party
        against whom such enforcement is directed, and then, to the extent that such
        amounts are insufficient to reimburse the Master Servicer for the costs of
        such
        enforcement or (iii) from the Collection Account.

       

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

       

       

      
        
          
          

        

        
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      Section
        9.06. Collection
        of Taxes, Assessments and Similar Items

       

      (a) To
        the
        extent provided in the applicable Servicing Agreement, the Master Servicer
        shall
        cause each Servicer to establish and maintain one or more custodial accounts
        at
        a depository institution (which may be a depository institution with which
        the
        Master Servicer or any Servicer establishes accounts in the ordinary course
        of
        its servicing activities), the accounts of which are insured to the maximum
        extent permitted by the FDIC (each, an “Escrow Account”) and shall deposit
        therein any collections of amounts received with respect to amounts due for
        taxes, assessments, water rates, Standard Hazard Insurance Policy premiums
        or
        any comparable items for the account of the Mortgagors. Withdrawals from
        any
        Escrow Account may be made (to the extent amounts have been escrowed for
        such
        purpose) only in accordance with the applicable Servicing Agreement. Each
        Servicer shall be entitled to all investment income not required to be paid
        to
        Mortgagors on any Escrow Account maintained by such Servicer. The Master
        Servicer shall make (or cause to be made) to the extent provided in the
        applicable Servicing Agreement advances to the extent necessary in order
        to
        effect timely payment of taxes, water rates, assessments, Standard Hazard
        Insurance Policy premiums or comparable items in connection with the related
        Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
        pay
        such items), provided that it has determined that the funds so advanced are
        recoverable from escrow payments, reimbursement pursuant to Section 4.02(vi)
        or
        otherwise.

       

      (b) Costs
        incurred by the Master Servicer or by Servicers in effecting the timely payment
        of taxes and assessments on the properties subject to the Mortgage Loans
        may be
        added to the amount owing under the related Mortgage Note where the terms
        of the
        Mortgage Note so permit; provided, however, that the addition of any such
        cost
        shall not be taken into account for purposes of calculating the distributions
        to
        be made to Certificateholders. Such costs, to the extent that they are
        unanticipated expenses within the meaning of Treasury Regulations Section
        1.860G-1(b)(3)(ii) shall be recoverable by the Master Servicer pursuant to
        Section 4.02(vi).

       

      Section
        9.07. Termination
        of Servicing Agreements; Successor Servicers

       

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

       

      The
        parties acknowledge that notwithstanding the preceding sentence, there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of
        servicing to a successor Servicer. The Master Servicer shall be entitled
        to be
        reimbursed from each Servicer (or by the Trust Fund, if such Servicer is
        unable
        to fulfill its obligations hereunder) for all costs associated with the transfer
        of servicing from the predecessor servicer, including without limitation,
        any
        costs or expenses associated with the complete transfer of all servicing
        data
        and the completion, correction or manipulation of such servicing data, as
        may be
        required by the Master Servicer to correct any errors or insufficiencies
        in the
        servicing data or otherwise to enable the Master Servicer to service the
        Mortgage Loans properly and effectively.

       

      
        
          
          

        

        
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      (b) 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.
        The
        Master Servicer shall use reasonable efforts to have the successor Servicer
        assume liability for the representations and warranties made by the terminated
        Servicer in respect of the related Mortgage Loans, and in the event of any
        such
        assumption by the successor Servicer, the Trustee or the Master Servicer,
        as
        applicable, may, in the exercise of its business judgment, release the
        terminated Servicer from liability for such representations and
        warranties.

       

      Section
        9.08. Master
        Servicer Liable for Enforcement

       

      Notwithstanding
        any Servicing Agreement, the Master Servicer shall remain obligated and liable
        to the Trustee and the Certificateholders in accordance with the provisions
        of
        this Agreement, to the extent of its obligations hereunder, without diminution
        of such obligation or liability by virtue of such Servicing Agreements or
        arrangements. The Master Servicer shall use commercially reasonable efforts to
        ensure that the Mortgage Loans are serviced in accordance with the provisions
        of
        this Agreement and shall use commercially reasonable efforts to enforce the
        provisions of each Servicing Agreement for the benefit of the
        Certificateholders. The Master Servicer shall be entitled to enter into any
        agreement with the Servicers for indemnification of the Master Servicer and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. Except as expressly set forth herein, the Master Servicer
        shall
        have no liability for the acts or omissions of any Servicer in the performance
        by such Servicer of its obligations under the related Servicing
        Agreement.

       

      Section
        9.09. No
        Contractual Relationship Between the Servicers and Trustee or
        Depositor

       

      Any
        Servicing Agreement that may be entered into and any other transactions or
        services relating to the Mortgage Loans involving a Servicer in its capacity
        as
        such and not as an originator shall be deemed to be between such Servicer,
        the
        Seller and the Master Servicer, the Trustee and the Depositor shall not be
        deemed parties thereto and shall have no claims, rights, obligations, duties
        or
        liabilities with respect to such Servicer except as set forth in Section
        9.10
        hereof.

       

      Section
        9.10. Assumption
        of Servicing Agreement by Trustee

       

      (a) In
        the
        event the Master Servicer shall for any reason no longer be the Master Servicer
        (including by reason of any Event of Default under this Agreement), after
        a
        period not to exceed ninety days after issuance of any written notice from
        the
        Trustee pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee
        or
        a successor master servicer as appointed by the Trustee pursuant to Section
        6.14
        shall thereupon assume all of the rights and obligations of such Master Servicer
        hereunder and enforce the rights under each Servicing Agreement entered into
        with respect to the Mortgage Loans. The Trustee, its designee or any successor
        master servicer appointed by the Trustee shall be deemed to have assumed
        all of
        the Master Servicer’s interest herein and therein to the same extent as if such
        Servicing Agreement had been assigned to the assuming party, except that
        the
        Master Servicer shall not thereby be relieved of any liability or obligations
        of
        the Master Servicer under such Servicing Agreement accruing prior to its
        replacement as Master Servicer, and shall be liable to the Trustee, and hereby
        agrees to indemnify and hold harmless the Trustee from and against all costs,
        damages, expenses and liabilities (including reasonable attorneys’ fees)
        incurred by the Trustee as a result of such liability or obligations of the
        Master Servicer and in connection with the Trustee’s assumption (but not its
        performance, except to the extent that costs or liability of the Trustee
        are
        created or increased as a result of negligent or wrongful acts or omissions
        of
        the Master Servicer prior to its replacement as Master Servicer) of the Master
        Servicer’s obligations, duties or responsibilities thereunder; provided that the
        Master Servicer shall not indemnify or hold harmless the Trustee against
        negligent or willful misconduct of the Trustee.

       

      
        
          
          

        

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

       

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

       

      (a) To
        the
        extent provided in the applicable Servicing Agreement, to the extent Mortgage
        Loans contain enforceable due-on-sale clauses, and to the extent that the
        Master
        Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
        Servicer shall use its reasonable best efforts to 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.

       

      (b) The
        Master Servicer or the related Servicer, as the case may be, shall be entitled
        to approve a request from a Mortgagor for the granting of an easement thereon
        in
        favor of another Person or any alteration or demolition of the related Mortgaged
        Property if it has determined, exercising its good faith business judgment
        in
        the same manner as it would if it were the owner of the related Mortgage
        Loan,
        that the security for, and the timely and full collectability of, such Mortgage
        Loan would not be materially adversely affected thereby. Any fee collected
        by
        the Master Servicer or the related Servicer for processing such a request
        will
        be retained by the Master Servicer or such Servicer as additional servicing
        compensation.

       

      Section
        9.12. Release
        of Mortgage Files

       

      (a) Upon
        (i)
        becoming aware of the payment in full of any Mortgage Loan, (ii) the receipt
        by
        the Master Servicer of a notification that payment in full has been or will
        be
        escrowed in a manner customary for such purposes, or (iii) in the case of
        a
        Mortgage Loan as to which the related Mortgaged Property is located in
        California, receipt by the Master Servicer of notification from the applicable
        Servicer that the Servicer reasonably expects that payment in full will be
        received promptly, the Master Servicer will, or will cause the applicable
        Servicer to, promptly notify the Trustee (or the applicable Custodian) by
        a
        certification (which certification shall include a statement to the effect
        that
        all amounts received or to be received in connection with such payment that
        are
        required to be deposited in the Collection Account maintained by the Master
        Servicer pursuant to Section 4.01 have been or will be so deposited) of a
        Servicing Officer and shall request the Trustee or the applicable Custodian,
        to
        deliver to the applicable Servicer the related Mortgage File. In lieu of
        sending
        a hard copy certification of a Servicing Officer, the Master Servicer may,
        or
        may cause the Servicer to, deliver the request for release in a mutually
        agreeable electronic format. To the extent that such a request, on its face,
        originates from a Servicing Officer, no signature shall be required. Upon
        receipt of such certification and request, the Trustee or the applicable
        Custodian, shall promptly release the related Mortgage File to the applicable
        Servicer and neither the Trustee nor the Custodian shall have any further
        responsibility with regard to such Mortgage File. The Master Servicer is
        authorized, and each Servicer, to the extent such authority is delegated
        to such
        Servicer by the Master Servicer under the applicable Servicing Agreement,
        is
        authorized, to give, as agent for the Trustee, as the mortgagee under the
        Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
        assignment of mortgage without recourse) regarding the Mortgaged Property
        subject to the Mortgage, which instrument of satisfaction or assignment,
        as the
        case may be, shall be delivered to the Person or Persons entitled thereto
        against receipt therefor of such payment, it being understood and agreed
        that no
        expenses incurred in connection with such instrument of satisfaction or
        assignment, as the case may be, shall be chargeable to the Collection
        Account.

       

      
        
          
          

        

        
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      (b) From
        time
        to time and as appropriate for the servicing or foreclosure of, or other
        legal
        proceedings relating to, any Mortgage Loan and in accordance with Accepted
        Servicing Practices and the applicable Servicing Agreement, the Trustee shall
        execute such pleadings, request for trustee’s sale or other documents as shall
        be prepared and furnished to the Trustee by the Master Servicer, or by a
        Servicer (in form reasonably acceptable to the Trustee) and as are necessary
        to
        the prosecution of any such proceedings. The Trustee or the Custodian, shall,
        upon request of the Master Servicer, or of a Servicer, and delivery to the
        Trustee or the applicable Custodian, of a trust receipt signed by a Servicing
        Officer substantially in the form annexed hereto as Exhibit C or in the form
        annexed to the applicable Custodial Agreement as Exhibit C, release the related
        Mortgage File held in its possession or control to the Master Servicer (or
        the
        applicable Servicer). Such trust receipt shall obligate the Master Servicer
        or
        applicable Servicer to return the Mortgage File to the Trustee or Custodian,
        as
        applicable, when the need therefor by the Master Servicer or applicable Servicer
        no longer exists unless (i) the Mortgage Loan shall be liquidated, in which
        case, upon receipt of a certificate of a Servicing Officer similar to that
        herein above specified, the trust receipt shall be released by the Trustee
        or
        the Custodian, as applicable, to the Master Servicer (or the applicable
        Servicer) or (ii) the Mortgage File has been delivered directly or through
        a
        Servicer to an attorney, or to a public trustee or other public official
        as
        required by law, for purposes of initiating or pursuing legal action or other
        proceedings for the foreclosure of the Mortgaged Property either judicially
        or
        non-judicially, and the Master Servicer has delivered directly or through
        a
        Servicer to the Trustee a certificate of a Servicing Officer certifying as
        to
        the name and address of the Person to which such Mortgage File or such document
        was delivered and the purpose or purposes of such delivery.

       

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

       

      (a) The
        Master Servicer shall transmit, or cause the applicable Servicer to transmit,
        to
        the Trustee or the applicable 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 to be delivered to the Trustee or the
        applicable Custodian. Any funds received by the Master Servicer or by a Servicer
        in respect of any Mortgage Loan or which otherwise are collected by the Master
        Servicer or by a Servicer as a Subsequent Recovery, Liquidation Proceeds
        or
        Insurance Proceeds in respect of any Mortgage Loan shall be held for the
        benefit
        of the Trustee and the Certificateholders subject to the Master Servicer’s right
        to retain or withdraw from the Collection Account the Master Servicing Fee
        and
        other amounts provided in this Agreement, and to the right of each Servicer
        to
        retain its Servicing Fee and other amounts as provided in the applicable
        Servicing Agreement. The Master Servicer shall, and shall (to the extent
        provided in the applicable Servicing Agreement) cause each Servicer to, provide
        access to information and documentation regarding the Mortgage Loans to the
        Trustee, its agents and accountants at any time upon reasonable request and
        during normal business hours, and to Certificateholders that are savings
        and
        loan associations, banks or insurance companies, the Office of Thrift
        Supervision, the FDIC and the supervisory agents and examiners of such Office
        and Corporation or examiners of any other federal or state banking or insurance
        regulatory authority if so required by applicable regulations of the Office
        of
        Thrift Supervision or other regulatory authority, such access to be afforded
        without charge but only upon reasonable request in writing and during normal
        business hours at the offices of the Master Servicer designated by it. In
        fulfilling such a request the Master Servicer shall not be responsible for
        determining the sufficiency of such information. 

       

      
        
          
          

        

        
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      (b) All
        Mortgage Files and funds collected or held by, or under the control of, the
        Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
        from
        the collection of principal and interest payments or from a Subsequent Recovery,
        Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
        Servicer, or by such Servicer, for and on behalf of the Trustee and the
        Certificateholders and shall be and remain the sole and exclusive property
        of
        the Trustee; provided, however, that the Master Servicer and each Servicer
        shall
        be entitled to setoff against, and deduct from, any such funds any amounts
        that
        are properly due and payable to the Master Servicer or such Servicer under
        this
        Agreement or the applicable Servicing Agreement and shall be authorized to
        remit
        such funds to the Trustee in accordance with this Agreement.

       

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

       

      (d) The
        Master Servicer agrees that it shall not, and shall not authorize any Servicer
        to, create, incur or subject any Mortgage Loans, or any funds that are deposited
        in any custodial account, Escrow Account or the Collection Account, or any
        funds
        that otherwise are or may become due or payable to the Trustee, to any claim,
        lien, security interest, judgment, levy, writ of attachment or other
        encumbrance, nor assert by legal action or otherwise any claim or right of
        setoff against any Mortgage Loan or any funds collected on, or in connection
        with, a Mortgage Loan.

       

       

      
        
          
          

        

        
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      Section
        9.14. Representations
        and Warranties of the Master Servicer

       

      (a) The
        Master Servicer hereby represents and warrants to the Depositor and the Trustee,
        for the benefit of the Certificateholders, as of the Closing Date
        that:

       

      (i) it
        is
        validly existing and in good standing under the jurisdiction of its formation,
        and as Master Servicer has full power and authority to transact any and all
        business contemplated by this Agreement and to execute, deliver and comply
        with
        its obligations under the terms of this Agreement, the execution, delivery
        and
        performance of which have been duly authorized by all necessary company action
        on the part of the Master Servicer;

       

      (ii) the
        execution and delivery of this Agreement by the Master Servicer and its
        performance and compliance with the terms of this Agreement will not (A)
        violate
        the Master Servicer’s certificate of formation or limited liability company
        agreement, (B) violate any law or regulation or any administrative decree
        or
        order to which it is subject or (C) constitute a default (or an event which,
        with notice or lapse of time, or both, would constitute a default) under,
        or
        result in the breach of, any material contract, agreement or other instrument
        to
        which the Master Servicer is a party or by which it is bound or to which
        any of
        its assets are subject, which violation, default or breach would materially
        and
        adversely affect the Master Servicer’s ability to perform its obligations under
        this Agreement;

       

      (iii) this
        Agreement constitutes, assuming due authorization, execution and delivery
        hereof
        by the other respective parties hereto, a legal, valid and binding obligation
        of
        the Master Servicer, enforceable against it in accordance with the terms
        hereof,
        except as such enforcement may be limited by bankruptcy, insolvency,
        reorganization, moratorium and other laws affecting the enforcement of
        creditors’ rights in general, and by general equity principles (regardless of
        whether such enforcement is considered in a proceeding in equity or at
        law);

       

      (iv) the
        Master Servicer is not in default with respect to any order or decree of
        any
        court or any order or regulation of any federal, state, municipal or
        governmental agency to the extent that any such default would materially
        and
        adversely affect its performance hereunder;

       

      (v) the
        Master Servicer is not a party to or bound by any agreement or instrument
        or
        subject to any certificate of formation or limited liability company agreement
        provision or any other company restriction or any judgment, order, writ,
        injunction, decree, law or regulation that may materially and adversely affect
        its ability as Master Servicer to perform its obligations under this Agreement
        or that requires the consent of any third person to the execution of this
        Agreement or the performance by the Master Servicer of its obligations under
        this Agreement;

       

      
        
          
          

        

        
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      (vi) no
        litigation is pending or, to the best of the Master Servicer’s knowledge,
        threatened against the Master Servicer which would prohibit its entering
        into
        this Agreement or performing its obligations under this Agreement;

       

      (vii) the
        Master Servicer, or an Affiliate thereof the primary business of which is
        the
        servicing of conventional residential mortgage loans, is an FNMA- and FHLMC-
        approved seller/servicer;

       

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

       

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

       

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

       

      (b) It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 9.14 shall survive the execution and delivery of this Agreement.
        The
        Master Servicer shall indemnify the Depositor and the Trustee and hold them
        harmless against any loss, damages, penalties, fines, forfeitures, legal
        fees
        and related costs, judgments, and other costs and expenses arising out of
        or
        related to any claim, demand, defense or assertion based on or grounded upon,
        or
        resulting from, a breach of the Master Servicer’s representations and warranties
        contained in Section 9.14(a). Notwithstanding anything in this Agreement
        to the
        contrary, the Master Servicer shall not be liable for special, indirect or
        consequential losses or damages of any kind whatsoever (including, but not
        limited to, lost profits). It is understood and agreed that the enforcement
        of
        the obligation of the Master Servicer set forth in this Section to indemnify
        the
        Depositor and the Trustee as provided in this Section constitutes the sole
        remedy (other than as set forth in Section 6.14) of the Depositor and the
        Trustee, respecting a breach of the foregoing representations and warranties.
        Such indemnification shall survive any termination of the Master Servicer
        as
        Master Servicer hereunder, and any termination of this Agreement.

       

      Any
        cause
        of action against the Master Servicer relating to or arising out of the breach
        of any representations and warranties made in this Section shall accrue upon
        discovery of such breach by any of the Depositor, Master Servicer or the
        Trustee
        or notice thereof by any one of such parties to the other parties.

       

      (c) It
        is
        understood and agreed that the representations and warranties of the Depositor
        set forth in Sections 2.03(a)(i) through (vi) shall survive the execution
        and
        delivery of this Agreement. The Depositor shall indemnify the Master Servicer
        and hold it harmless against any loss, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and other costs and expenses resulting
        from any claim, demand, defense or assertion based on or grounded upon, or
        resulting from, a breach of the Depositor’s representations and warranties
        contained in Sections 2.03(a)(i) through (vi). It is understood and agreed
        that
        the enforcement of the obligation of the Depositor set forth in this Section
        to
        indemnify the Master Servicer as provided in this Section constitutes the
        sole
        remedy of the Master Servicer respecting a breach by the Depositor of the
        representations and warranties in Sections 2.03(a)(i) through (vi).

       

      
        
          
          

        

        
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      Any
        cause
        of action against the Depositor relating to or arising out of the breach
        of the
        representations and warranties made in Sections 2.03(a)(i) through (vi) shall
        accrue upon discovery of such breach by either the Depositor or the Master
        Servicer or notice thereof by any one of such parties to the other
        parties.

       

      Section
        9.15. Closing
        Certificate and Opinion

       

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

       

      Section
        9.16. Standard
        Hazard and Flood Insurance Policies

       

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

       

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

       

      Section
        9.17. Presentment
        of Claims and Collection of Proceeds

       

      The
        Master Servicer shall, or shall cause each Servicer (to the extent provided
        in
        the applicable Servicing Agreement) to, prepare and present on behalf of
        the
        Trustee and the Certificateholders all claims under the Insurance Policies
        with
        respect to the Mortgage Loans, and take such actions (including the negotiation,
        settlement, compromise or enforcement of the insured’s claim) as shall be
        necessary to realize recovery under such policies. Any proceeds disbursed
        to the
        Master Servicer (or disbursed to a Servicer and remitted to the Master Servicer)
        in respect of such policies or bonds shall be promptly deposited in the
        Collection Account upon receipt, except that any amounts realized that are
        to be
        applied to the repair or restoration of the related Mortgaged Property or
        released to the Mortgagor in accordance with the Master Servicer’s or the
        Servicer’s normal servicing procedures need not be so deposited (or
        remitted).

       

       

      
        
          
          

        

        
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      Section
        9.18. Maintenance
        of the Primary Mortgage Insurance Policies

       

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

       

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

       

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

       

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

       

      Section
        9.20. Realization
        Upon Defaulted Mortgage Loans

       

      (a) The
        Master Servicer shall use its reasonable best efforts to, or to cause each
        Servicer to, foreclose upon, repossess or otherwise comparably convert the
        ownership of Mortgaged Properties securing such of the Mortgage Loans as
        come
        into and continue in default and as to which no satisfactory arrangements
        can be
        made for collection of delinquent payments, all in accordance with the
        applicable Servicing Agreement. Alternatively, the Master Servicer may take,
        or
        authorize any Servicer to take, other actions in respect of a defaulted Mortgage
        Loan, which may include (i) accepting a short sale (a payoff of the
        Mortgage Loan for an amount less than the total amount contractually owed
        in
        order to facilitate a sale of the Mortgaged Property by the Mortgagor) or
        permitting a short refinancing (a payoff of the Mortgage Loan for an amount
        less
        than the total amount contractually owed in order to facilitate refinancing
        transactions by the Mortgagor not involving a sale of the Mortgaged Property),
        (ii) arranging for a repayment plan or (iii) agreeing to a
        modification in accordance with Section 9.04. In connection with such
        foreclosure or other conversion or action, the Master Servicer shall, consistent
        with Section 9.18, follow such practices and procedures as it shall reasonably
        determine to be in the best interests of the Trust Fund and the
        Certificateholders and which shall be consistent with its customary practices
        in
        performing its general mortgage servicing activities; provided that the Master
        Servicer shall not be liable in any respect hereunder if the Master Servicer
        is
        acting in connection with any such foreclosure or other conversion or action
        in
        a manner that is consistent with the provisions of this Agreement. Neither
        the
        Master Servicer, nor any Servicer, shall be required to expend its own funds
        or
        incur other reimbursable charges in connection with any foreclosure, or
        attempted foreclosure which is not completed, or toward the correction of
        any
        default on a related senior mortgage loan, or towards the restoration of
        any
        property unless it shall determine (i) that such restoration and/or
        foreclosure will increase the proceeds of liquidation of the Mortgage Loan
        to
        the Certificateholders after reimbursement to itself for such expenses or
        charges and (ii) that such expenses and charges will be recoverable to it
        through Liquidation Proceeds or Insurance Proceeds (as provided in Section
        4.02).

       

      
        
          
          

        

        
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      (b) Notwithstanding
        the foregoing provisions of this Section 9.20 or any other provision of this
        Agreement, with respect to any Mortgage Loan as to which the Master Servicer
        has
        received actual notice of, or has actual knowledge of, the presence of any
        toxic
        or hazardous substance on the related Mortgaged Property, the Master Servicer
        shall not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
        Property as a result of or in lieu of foreclosure or otherwise, or (ii)
        otherwise acquire possession of, or take any other action with respect to,
        such
        Mortgaged Property, if, as a result of any such action, the Trustee, the
        Trust
        Fund or the Certificateholders would be considered to hold title to, to be
        a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
        Mortgaged Property within the meaning of the Comprehensive Environmental
        Response, Compensation and Liability Act of 1980, as amended from time to
        time,
        or any comparable law.

       

      Section
        9.21. Compensation
        to the Master Servicer

       

      The
        Master Servicer shall (i) be entitled, at its election, either (a) to pay
        itself
        the Master Servicing Fee, in respect of the Mortgage Loans out of any Mortgagor
        payment on account of interest prior to the deposit of such payment in the
        Collection Account it maintains or (b) to withdraw from the Collection Account
        the Master Servicing Fee to the extent permitted by Section 4.02(v). The
        Master
        Servicer shall also be entitled, at its election, either (a) to pay itself
        the
        Master Servicing Fee in respect of each delinquent Mortgage Loan master serviced
        by it out of Liquidation Proceeds in respect of such Mortgage Loan or other
        recoveries with respect thereto to the extent permitted in Section 4.02 or
        (b)
        to withdraw from the Collection Account it maintains the Master Servicing
        Fee in
        respect of each Liquidated Mortgage Loan to the extent of such Liquidation
        Proceeds or other recoveries, to the extent permitted by Section 4.02. Servicing
        compensation in the form of assumption fees, if any, late payment charges,
        as
        collected, if any, or otherwise (but not including any Prepayment Penalty
        Amount) shall be retained by the Master Servicer (or the applicable Servicer)
        and shall not be deposited in the Collection Account. If the Master Servicer
        does not retain or withdraw the Master Servicing Fee from the Collection
        Account
        as provided herein, the Master Servicer shall be entitled to direct the Paying
        Agent to pay the Master Servicing Fee to such Master Servicer by withdrawal
        from
        the Certificate Account to the extent that payments have been received with
        respect to the applicable Mortgage Loan. The Master Servicer shall be required
        to pay all expenses incurred by it in connection with its activities hereunder
        and shall not be entitled to reimbursement therefor except as provided in
        this
        Agreement. Pursuant to Section 4.01(e), all income and gain realized from
        any
        investment of funds in the Collection Account shall be for the benefit of
        the
        Master Servicer as additional compensation. The provisions of this Section
        9.21
        are subject to the provisions of Section 6.14(b).

       

       

      
        
          
          

        

        
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      Section
        9.22. REO
        Property

       

      (a) In
        the
        event the Trust Fund acquires ownership of any REO Property in respect of
        any
        Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
        or to its nominee, on behalf of the Certificateholders. The Master Servicer
        shall use its reasonable best efforts to sell, or, to the extent provided
        in the
        applicable Servicing Agreement, cause the applicable Servicer to sell, any
        REO
        Property as expeditiously as possible and in accordance with the provisions
        of
        this Agreement and the related Servicing Agreement, as applicable, but in
        all
        events within the time period, and subject to the conditions set forth in
        Article X hereof. Pursuant to its efforts to sell such REO Property, the
        Master
        Servicer shall protect and conserve, or cause the applicable Servicer to
        protect
        and conserve, such REO Property in the manner and to such extent required
        by the
        applicable Servicing Agreement, subject to Article X hereof.

       

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

       

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

       

      (d) The
        Liquidation Proceeds from the final disposition of the REO Property, net
        of any
        payment to the Master Servicer and the applicable Servicer as provided above,
        shall be deposited in the Collection Account on or prior to the Determination
        Date in the month following receipt thereof (and the Master Servicer shall
        provide written notice to the Trustee upon such deposit) and be remitted
        by wire
        transfer in immediately available funds to the Trustee for deposit into the
        Certificate Account on the next succeeding Deposit Date.

       

      Section
        9.23. Notices
        to the Depositor and the Trustee

       

      
        
          
          

        

        
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      (a) The
        Master Servicer shall promptly notify the Trustee, the Sponsor and the Depositor
        (i) of any legal proceedings pending against the Master Servicer of the type
        described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Master
        Servicer shall become (but only to the extent not previously disclosed to
        the
        Master Servicer and the Depositor) at any time an affiliate of any of the
        parties listed on Exhibit S to this Agreement. On or before March 1st
        of each
        year, the Depositor shall distribute the information in Exhibit S to the
        Master
        Servicer.

       

      (b) Not
        later
        than four Business Days prior to the Distribution Date of each month, the
        Master
        Servicer shall provide to the Trustee, the Sponsor and the Depositor notice
        of
        the occurrence of any material modifications, extensions or waivers of terms,
        fees, penalties or payments relating to the Mortgage Loans during the related
        Due Period or that have cumulatively become material over time (Item 1121(a)(11)
        of Regulation AB) along with all information, data, and materials related
        thereto as may be required to be included in the related Distribution Report
        on
        Form 10-D. The parties to this Agreement acknowledge that the performance
        by the
        Master Servicer of its duties under this Section 9.23(b) related to the timely
        preparation and delivery of such information is contingent upon each applicable
        Servicer strictly observing all requirements and deadlines in the performance
        of
        their duties under their related Servicing Agreements. The Master Servicer
        shall
        have no liability for any loss, expense, damage or claim arising out of or
        with
        respect to any failure to properly prepare and/or timely deliver all such
        information where such failure results from the Master Servicer’s inability or
        failure to obtain or receive, on a timely basis, any information from any
        Servicer needed to prepare or deliver such information, which failure does
        not
        result from the Master Servicer’s own negligence, bad faith or willful
        misconduct.

       

      Section
        9.24. Reports
        to the Trustee

       

      (a) Not
        later
        than 30 days after each Distribution Date, the Master Servicer shall forward
        to
        the Trustee a statement, deemed to have been certified by a Servicing Officer,
        setting forth the status of the Collection Account maintained by the Master
        Servicer as of the close of business on the related Distribution Date,
        indicating that all distributions required by this Agreement to be made by
        the
        Master Servicer have been made (or if any required distribution has not been
        made by the Master Servicer, specifying the nature and status thereof) and
        showing, for the period covered by such statement, the aggregate of deposits
        into and withdrawals from the Collection Account maintained by the Master
        Servicer. Copies of such statement shall be provided by the Master Servicer,
        upon request, to the Depositor, Attention: Contract Finance, and, upon request,
        any Certificateholders (or by the Trustee at the Master Servicer’s expense if
        the Master Servicer shall fail to provide such copies (unless (i) the Master
        Servicer shall have failed to provide the Trustee with such statement or
        (ii)
        the Trustee shall be unaware of the Master Servicer’s failure to provide such
        statement)).

       

      (b) Not
        later
        than two Business Days following each Distribution Date, the Master Servicer
        shall deliver to the Person designated by the Depositor, in a format consistent
        with other electronic loan level reporting supplied by the Master Servicer
        in
        connection with similar transactions, “loan level” information with respect to
        the Mortgage Loans as of the related Determination Date, to the extent that
        such
        information has been provided to the Master Servicer by the Servicers or
        by the
        Depositor.

       

      (c) All
        information, reports and statements prepared by the Master Servicer under
        this
        Agreement shall be based on information supplied to the Master Servicer by
        the
        Servicers without independent verification thereof and the Master Servicer
        shall
        be entitled to rely on such information.

       

      
        
          
          

        

        
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      (d) The
        Master Servicer shall provide the Trustee with such information as the Trustee
        may reasonably request in connection with its responsibilities under Section
        10.01 hereof provided that such information is in the possession of the Master
        Servicer.

       

      Section
        9.25. Assessment
        of Compliance and Attestation Reports

       

      (a) Assessment
        of Compliance

       

      (i) On
        or
        before March 15th of each calendar year in which the Depositor is required
        to
        file reports with respect to the Trust Fund in accordance with the Exchange
        Act
        and the rules and regulations of the Commission, beginning with March 15,
        2009,
        the Master Servicer, the Paying Agent (if other than the Trustee) and the
        Trustee, each at its own expense, shall furnish, and each such party shall
        cause
        any Servicing Function Participant engaged by it to furnish, each at its
        own
        expense, to the Sponsor, the Depositor, the Master Servicer and the Trustee,
        a
        report on an assessment of compliance with the Relevant Servicing Criteria
        that
        contains (A) a statement by such party of its responsibility for assessing
        compliance with the Relevant Servicing Criteria, (B) a statement that such
        party
        used the Servicing Criteria to assess compliance with the Relevant Servicing
        Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
        Criteria as of and for the fiscal year covered by the Form 10-K required
        to be
        filed pursuant to Section 6.20(e), including, if there has been any material
        instance of noncompliance with the Relevant Servicing Criteria, a discussion
        of
        each such failure and the nature and status thereof, and (D) a statement
        that a
        registered public accounting firm has issued an attestation report on such
        party’s assessment of compliance with the Relevant Servicing Criteria as of and
        for such period. Each such assessment, pursuant to clause (C) above, shall
        cover, at a minimum, the matters indicated as obligations with respect to
        such
        Person on Exhibit O attached hereto. If the Trustee and the Paying Agent
        are the
        same party, the Relevant Servicing Criteria of the Paying Agent shall be
        included in the Trustee's report. The Master Servicer shall furnish to the
        Trustee copies of the assessments of compliance provided to it by the Custodians
        pursuant to the Custodial Agreements and by each Servicer pursuant to the
        related Servicing Agreement, to the extent that the Trustee is not entitled
        to
        receive such assessments pursuant to each such applicable
        agreement.

       

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

       

      (iii) Promptly
        after receipt of each report on assessment of compliance, the Trustee shall
        confirm that the assessments, taken as a whole, address all applicable Servicing
        Criteria and taken individually address the Relevant Servicing Criteria (and
        disclose the inapplicability of the Servicing Criteria not determined to
        be
        Relevant Criteria) for each party as set forth on Exhibit O and on any similar
        exhibit set forth in each Servicing Agreement in respect of each Servicer,
        and
        each Custodial Agreement in respect of each Custodian, and shall notify the
        Depositor of any exceptions. By way of clarification and for the avoidance
        of
        doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit
        O
        and any similar exhibit set forth in each Servicing Agreement in respect
        of each
        Servicer and each Custodial Agreement in respect of each Custodian, to determine
        such applicable Servicing Criteria and Relevant Servicing Criteria, as the
        case
        may be, and shall not otherwise be reporting on the content of or sufficiency
        of
        such assessments. 

       

      
        
          
          

        

        
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      (b) Attestation
        Reports

       

      (i) On
        or
        before March 15th of each calendar year in which the Depositor is required
        to
        file reports with respect to the Trust Fund in accordance with the Exchange
        Act
        and the rules and regulations of the Commission, beginning with March 15,
        2009,
        the Master Servicer, the Paying Agent (if other than the Trustee) and the
        Trustee, each at its own expense, shall cause, and each such party shall
        cause
        any Servicing Function Participant engaged by it to cause, each at its own
        expense, a registered public accounting firm (which may also render other
        services to the Master Servicer, Paying Agent or Trustee, as the case may
        be)
        that is a member of the American Institute of Certified Public Accountants
        to
        furnish a report to the Sponsor, the Depositor, the Master Servicer and the
        Trustee, as applicable, to the effect that (A) it has obtained a representation
        regarding certain matters from the management of such party, which includes
        an
        assertion that such party has complied with the Relevant Servicing Criteria,
        and
        (B) on the basis of an examination conducted by such firm in accordance with
        standards for attestation engagements issued or adopted by the PCAOB, it
        is
        expressing an opinion as to whether such party’s compliance with the Relevant
        Servicing Criteria was fairly stated in all material respects, or it cannot
        express an overall opinion regarding such party’s assessment of compliance with
        the Relevant Servicing Criteria. If the Trustee and the Paying Agent are
        the
        same party, the attestation report caused to be furnished by the Trustee
        shall
        also address the Relevant Servicing Criteria of the Paying Agent. In the
        event
        that an overall opinion cannot be expressed, such registered public accounting
        firm shall state in such report why it was unable to express such an opinion.
        Such report must be available for general use and not contain restricted
        use
        language.

       

      (ii) Promptly
        after receipt of such report from the Master Servicer, the Paying Agent,
        the
        Trustee or any Servicing Function Participant engaged by such parties, the
        Trustee shall confirm that each assessment submitted pursuant subsection
        (a) of
        this Section 9.25 is coupled with an attestation meeting the requirements
        of
        this Section and notify the Depositor of any exceptions.

       

      (c) The
        Trustee’s, the Paying Agent’s and the Master Servicer’s obligation to provide
        assessments of compliance and attestations under this Section 9.25 shall
        terminate upon the filing of a Form 15 suspension notice on behalf of the
        Trust
        Fund.

       

      Section
        9.26. Annual
        Statement of Compliance with Applicable Servicing Criteria

       

      The
        Master Servicer shall deliver (and the Master Servicer shall cause any
        Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
        and
        the Trustee on or before March 15 of each year, commencing in March 2009,
        an
        Officer’s Certificate stating, as to the signer thereof, that (A) a review of
        such party’s activities during the preceding calendar year or portion thereof
        and of such party’s performance under this Agreement, or such other applicable
        agreement in the case of an Additional Servicer, has been made under such
        officer’s supervision and (B) to the best of such officer’s knowledge, based on
        such review, such party has fulfilled all its obligations under this Agreement,
        or such other applicable agreement in the case of an Additional Servicer,
        in all
        material respects throughout such year or portion thereof, or, if there has
        been
        a failure to fulfill any such obligation in any material respect, specifying
        each such failure known to such officer and the nature and status
        thereof.

      
        
          
          

        

        
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      Section
        9.27. Merger
        or Consolidation

       

      Any
        Person into which the Master Servicer may be merged or consolidated, or any
        Person resulting from any merger, conversion, other change in form or
        consolidation to which the Master Servicer shall be a party, or any Person
        succeeding to the business of the Master Servicer, shall be the successor
        to the
        Master Servicer hereunder, without the execution or filing of any paper or
        any
        further act on the part of any of the parties hereto, anything herein to
        the
        contrary notwithstanding; provided, however, that the successor or resulting
        Person to the Master Servicer shall be a Person that shall be qualified and
        approved to service mortgage loans for FNMA or FHLMC and shall have a net
        worth
        of not less than $15,000,000. Notwithstanding the foregoing, as a condition
        to
        the succession to the Master Servicer under this Agreement by any Person
        (i)
        into which the Master Servicer may be merged or consolidated, or (ii) which
        may
        be appointed as a successor to the Master Servicer, the Master Servicer shall
        notify the Depositor, at least 15 calendar days prior to the effective date
        of
        such succession or appointment, of such succession or appointment and shall
        furnish to the Depositor in writing and in form and substance reasonably
        satisfactory to the Depositor, all information reasonably necessary for the
        Trustee to accurately and timely report, pursuant to Section 6.20, the event
        under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports
        under
        the Exchange Act are required to be filed under the Exchange Act). 

       

      Section
        9.28. Resignation
        of Master Servicer

       

      Except
        as
        otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer
        shall
        not resign from the obligations and duties hereby imposed on it unless it
        or the
        Trustee determines that the Master Servicer’s duties hereunder are no longer
        permissible under applicable law or are in material conflict by reason of
        applicable law with any other activities carried on by it and cannot be cured.
        Any such determination permitting the resignation of the Master Servicer
        shall
        be evidenced by an Opinion of Counsel that shall be Independent to such effect
        delivered to the Trustee. In the event such determination of ineligibility
        of
        the Master Servicer to continue in the capacity of master servicer is made
        by
        the Master Servicer or the Trustee, no such resignation shall become effective
        until a period of time not to exceed ninety days after the Trustee receives
        written notice thereof from the Master Servicer, or the date on which the
        Trustee makes such determination, as applicable, and until the Trustee shall
        have assumed, or a successor master servicer shall have been appointed by
        the
        Trustee, such consent shall not be unreasonably withheld, and until such
        successor shall have assumed, the Master Servicer’s responsibilities and
        obligations under this Agreement. Notice of such resignation shall be given
        promptly by the Master Servicer to the Depositor.

       

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

       

      
        
          
          

        

        
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      (a) Except
        as
        expressly provided herein, the Master Servicer shall not assign or transfer
        any
        of its rights, benefits or privileges hereunder to any other Person, or delegate
        to or subcontract with, or authorize or appoint any other Person to perform
        any
        of the duties, covenants or obligations to be performed by the Master Servicer
        hereunder; provided, however, that the Master Servicer shall have the right
        without the prior written consent of the Trustee, the Depositor or the Rating
        Agencies to delegate or assign to or subcontract with or authorize or appoint
        an
        Affiliate of the Master Servicer to perform and carry out any duties, covenants
        or obligations to be performed and carried out by the Master Servicer hereunder.
        In no case, however, shall any such delegation, subcontracting or assignment to
        an Affiliate of the Master Servicer relieve the Master Servicer of any liability
        hereunder. Notice of such permitted assignment shall be given promptly by
        the
        Master Servicer to the Depositor and the Trustee. If, pursuant to any provision
        hereof, the duties of the Master Servicer are transferred to a successor
        master
        servicer, the entire amount of the Master Servicing Fees and other compensation
        payable to the Master Servicer pursuant hereto, including amounts payable
        to or
        permitted to be retained or withdrawn by the Master Servicer pursuant to
        Section
        9.21 hereof, shall thereafter be payable to such successor master
        servicer.

       

      (b) Notwithstanding
        the foregoing, for so long as reports are required to be filed with the
        Commission under the Exchange Act with respect to the Trust, the Master Servicer
        shall not utilize any Subcontractor for the performance of its duties hereunder
        if such Subcontractor would be “participating in the servicing function” within
        the meaning of Item 1122 of Regulation AB. 

       

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

       

      (a) The
        Master Servicer undertakes to perform such duties and only such duties as
        are
        specifically set forth in this Agreement.

       

      (b) No
        provision of this Agreement shall be construed to relieve the Master Servicer
        from liability for its own negligent action, its own negligent failure to
        act or
        its own willful misconduct; provided, however, that the duties and obligations
        of the Master Servicer shall be determined solely by the express provisions
        of
        this Agreement, the Master Servicer shall not be liable except for the
        performance of such duties and obligations as are specifically set forth
        in this
        Agreement; no implied covenants or obligations shall be read into this Agreement
        against the Master Servicer and, in absence of bad faith on the part of the
        Master Servicer, the Master Servicer may conclusively rely, as to the truth
        of
        the statements and the correctness of the opinions expressed therein, upon
        any
        certificates or opinions furnished to the Master Servicer and conforming
        to the
        requirements of this Agreement.

       

      (c) None
        of
        the Master Servicer, the Seller or the Depositor or any of the directors,
        officers, employees or agents of any of them shall be under any liability
        to the
        Trustee or the Certificateholders for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment; provided, however, that this provision shall not protect the
        Master
        Servicer, the Seller or the Depositor or any such person against any liability
        that would otherwise be imposed by reason of willful misfeasance, bad faith
        or
        negligence in its performance of its duties or by reason of reckless disregard
        for its obligations and duties under this Agreement. The Master Servicer,
        the
        Seller and the Depositor and any director, officer, employee or agent of
        the
        Master Servicer shall be entitled to indemnification by the Trust Fund and
        will
        be held harmless against any loss, liability or expense incurred in connection
        with any legal action relating to this Agreement or the Certificates other
        than
        any loss, liability or expense incurred by reason of willful misfeasance,
        bad
        faith or negligence in the performance of his or its duties hereunder or
        by
        reason of reckless disregard of his or its obligations and duties hereunder.
        The
        Master Servicer, the Seller and the Depositor and any director, officer,
        employee or agent of any of them may rely in good faith on any document of
        any
        kind prima facie properly executed and submitted by any Person respecting
        any
        matters arising hereunder. The Master Servicer shall be under no obligation
        to
        appear in, prosecute or defend any legal action that is not incidental to
        its
        duties to master service the Mortgage Loans in accordance with this Agreement
        and that in its opinion may involve it in any expenses or liability; provided,
        however, that the Master Servicer may in its sole discretion undertake any
        such
        action that it may deem necessary or desirable in respect to this Agreement
        and
        the rights and duties of the parties hereto and the interests of the
        Certificateholders hereunder. In such event, the legal expenses and costs
        of
        such action and any liability resulting therefrom shall be expenses, costs
        and
        liabilities of the Trust Fund and the Master Servicer shall be entitled to
        be
        reimbursed therefor out of the Collection Account it maintains as provided
        by
        Section 4.02. Notwithstanding anything herein to the contrary, neither the
        Master Servicer nor the Trustee shall have any liability for the servicing
        of
        the Additional Collateral, including, without limitation, the perfection,
        continuation, partial release, release, termination, realization upon,
        substitution, foreclosure, sale, or any other matter with respect to the
        Additional Collateral, or the enforcement of the Additional Collateral Servicing
        Agreement.

       

       

      
        
          
          

        

        
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      Section
        9.31. Indemnification;
        Third-Party Claims

       

      The
        Master Servicer agrees to indemnify the Depositor, the Sponsor, the Trustee
        (including in its capacity as the Certificate Registrar and the Paying Agent),
        and their respective officers, directors, agents and affiliates, hold each
        of
        them harmless against any and all claims, losses, penalties, fines, forfeitures,
        reasonable legal fees and related costs, judgments, and any other costs,
        liability, fees and expenses that the Depositor, the Sponsor or the Trustee
        (including in its capacity as the Certificate Registrar and the Paying Agent)
        may sustain arising out of or based upon (a) any material breach by the Master
        Servicer of any of its obligations hereunder, including particularly its
        obligations to provide any report under Section 9.25(a), Section 9.25(b)
        or
        Section 9.26 or any information, data or materials required to be included
        in
        any Exchange Act report, provided, however, that in no event shall the Master
        Servicer be liable for any special, consequential, indirect or punitive damages
        pursuant to this Section 9.31, even if advised of the possibility of such
        damages, (b) any material misstatement or omission on any information, data,
        or
        materials provided by the Master Servicer, or (c) the negligence, bad faith
        or
        willful misconduct of the Master Servicer in connection with its performance
        hereunder. The Depositor, the Sponsor and the Trustee shall immediately notify
        the Master Servicer if a claim is made by a third party with respect to this
        Agreement or the Mortgage Loans entitling the Depositor, the Sponsor or the
        Trustee to indemnification hereunder, whereupon the Master Servicer shall
        assume
        the defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against it or them in respect of such claim.
        This
        indemnification shall survive the termination of this Agreement or the
        termination of the Master Servicer as a party to this Agreement.

       

      ARTICLE
        X

       

      REMIC
        ADMINISTRATION

       

       

      
        
          
          

        

        
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      Section
        10.01. REMIC
        and
        Grantor Trust Administration

       

      (a) REMIC
        elections for each REMIC created hereunder as set forth in the Preliminary
        Statement and this Section 10.01 shall be made on Forms 1066 or other
        appropriate federal tax or information return for the taxable year ending
        on the
        last day of the calendar year in which the Certificates are issued. For
        purposes of such elections, (i)
        each
        of the REMIC 1 Regular Interests is hereby designated as a regular interest
        in
        REMIC 1; and (ii) each of the REMIC 2 Regular Interests is hereby designated
        as
        a regular interest in REMIC 2. The Class LT1-R Interest is hereby designated
        as
        the sole residual interest in REMIC 1. The Class LT2-R Interest is hereby
        designated as the sole residual interest in REMIC 2. The Class R Certificate
        evidences ownership of the Class LT1-R Interest and the Class LT2-R Interest.
        The Class AP Certificates shall be neither regular interests nor residual
        interests in any REMIC created hereunder. It is the intention of the parties
        hereto that the segregated pool of assets consisting of any collections of
        Prepayment Penalty Amounts related to the Mortgage Loans constitute a grantor
        trust for federal income tax purposes. The Trustee, by its execution and
        delivery hereof, acknowledges the assignment to it of the Grantor Trust Assets
        and declares that it holds and will hold such assets in trust for the exclusive
        use and benefit of all present and future Holders of the Class AP Certificates.
        The
        rights of Holders of the Class AP Certificates to receive distributions from
        the
        proceeds of the Grantor Trust Assets, and all ownership interests of such
        Holders in and to such distributions, shall be as set forth in this Agreement.
        

       

      The
        Class
        AP Certificates shall be neither regular interests nor residual interests
        in any
        REMIC created hereunder. It is the intention of the parties hereto that the
        segregated pool of assets consisting of any collections of Prepayment Penalty
        Amounts related to the Mortgage Loans distributable to the Class AP Certificates
        and the related Class AP Reserve Fund shall constitute a grantor trust for
        federal income tax purposes. The Trustee, by its execution and delivery hereof,
        acknowledges the assignment to it of the rights to receive such Prepayment
        Penalty Amounts and Class AP Reserve Fund and declares that it holds and
        will
        hold such assets in trust for the exclusive use and benefit of all present
        and
        future Holders of the Class AP Certificates. The rights of Holders of the
        Class
        AP Certificates to receive distributions from the proceeds of such Prepayment
        Penalty Amounts and Class AP Reserve Fund, and all ownership interests of
        such
        Holders in and to such distributions, shall be as set forth in this
        Agreement.

       

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

       

      (c) The
        Trustee shall represent the Trust Fund in any administrative or judicial
        proceeding relating to an examination or audit by any governmental taxing
        authority with respect thereto. The Trustee shall pay any and all tax related
        expenses (not including taxes) of each REMIC and each Grantor Trust, including
        but not limited to any professional fees or expenses related to audits or
        any
        administrative or judicial proceedings with respect to such REMIC or such
        Grantor Trust that involve the Internal Revenue Service or state tax
        authorities, but only to the extent that (i) such expenses are ordinary or
        routine expenses, including expenses of a routine audit but not expenses
        of
        litigation (except as described in (ii)); or (ii) such expenses or liabilities
        (including taxes and penalties) are attributable to the negligence or willful
        misconduct of the Trustee in fulfilling its duties hereunder (including its
        duties as tax return preparer). The Trustee shall be entitled to reimbursement
        from the Certificate Account of the expenses to the extent (x) provided in
        clause (i) above and (y) in the case of expenses relating to a REMIC provided
        for hereunder, such expenses are “unanticipated expenses” within the meaning of
        Treasury Regulations Section 1.860G-1(b)(3)(ii). Any reimbursement described
        in
        the preceding sentence shall be allocated and limited to collections or other
        recoveries and shall be accounted for in such manner.

       

      
        
          
          

        

        
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      (d) The
        Trustee shall prepare, file and sign, all of each REMIC’s federal and state tax
        and information returns as such REMIC’s direct representative. The Trustee shall
        prepare, file, and sign all of the tax returns in respect of each Grantor
        Trust.
        The Trustee shall comply with such requirement by filing Form 1041 (unless
        such
        Grantor Trust is a WHFIT). The expenses of preparing and filing such returns
        shall be borne by the Trustee. If any Disqualified Organization acquires
        any
        Ownership Interest in a Residual Certificate, then the Trustee will upon
        request
        provide to the Internal Revenue Service, and to the persons specified in
        Sections 860E(e)(3) and (6) of the Code, such information as required in
        Section
        860D(a)(6)(B) of the Code needed to compute the tax imposed under Section
        860E(e) of the Code on transfers of residual interests to disqualified
        organizations and the Trustee will be reimbursed by the Trust for all expenses
        incurred therewith solely from amounts received for the provision of such
        information from persons specified in Sections 860E(e)(3) and (6) of the
        Code.

       

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

       

      (f) The
        Trustee, the Master Servicer and the Holders of Certificates shall take any
        action, within their respective control and scope of their duties, or cause
        any
        REMIC hereunder to take any action necessary to create or maintain the status
        of
        such REMIC as a REMIC under the REMIC Provisions and shall assist each other
        as
        necessary to create or maintain such status. Neither the Trustee, the Master
        Servicer nor the Holder of any Residual Certificate shall take any action,
        cause
        any REMIC to take any action or fail to take (or fail to cause to be taken)
        any
        action within their respective control and scope of their duties, that, under
        the REMIC Provisions, if taken or not taken, as the case may be, could (i)
        endanger the status of any such REMIC as a REMIC or (ii) result in the
        imposition of a tax upon any such REMIC (including but not limited to the
        tax on
        prohibited transactions as defined in Code Section 860F(a)(2) and the tax
        on
        prohibited contributions set forth on Section 860G(d) of the Code) (either
        such
        event, an “Adverse REMIC Event”) unless the Trustee and the Master Servicer have
        received an Opinion of Counsel (at the expense of the party seeking to take
        such
        action) to the effect that the contemplated action will not endanger such
        status
        or result in the imposition of such a tax. In addition, prior to taking any
        action with respect to any such REMIC 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 a Residual Certificate will consult with the
        Trustee, the Master Servicer, or their respective designees, in writing,
        with
        respect to whether such action could cause an Adverse REMIC Event to occur
        with
        respect to such REMIC, and no such Person shall take any such action or cause
        such REMIC to take any such action as to which the Trustee or the Master
        Servicer has advised it in writing that an Adverse REMIC Event could
        occur.

       

      
        
          
          

        

        
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      (g) The
        Trustee shall prepare or cause to be prepared on behalf of the Trust Fund,
        based
        upon information calculated in accordance with this Agreement pursuant to
        instructions given by the Depositor, and further, the Trustee shall sign
        and
        file, federal tax returns (including but not limited to appropriate REMIC
        elections on Form 1066) and appropriate state income tax returns and such
        other
        returns as may be required by applicable law relating to the Trust Fund,
        and
        shall file any other documents to the extent required by applicable state
        tax
        law (to the extent such documents are in the Trustee’s possession). The Trustee
        shall forward copies to the Depositor of all such returns and Form 1099
        supplemental tax information and such other information within the control
        of
        the Trustee as the Depositor may reasonably request in writing, and shall
        distribute to each Certificateholder such forms and furnish such information
        within the control of the Trustee as are required by the Code and the REMIC
        Provisions to be furnished to them, and will prepare and distribute to
        Certificateholders Form 1099 (supplemental tax information) (or otherwise
        furnish information within the control of the Trustee) to the extent required
        by
        applicable law. The Master Servicer will indemnify the Trustee for any liability
        of or assessment against the Trustee, as applicable, arising out of or based
        on
        any error in any of such tax or information returns directly resulting from
        errors in the information provided by such Master Servicer.

       

      (h) The
        Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
        behalf of each REMIC, an application on IRS Form SS-4. The Trustee, upon
        receipt
        from the IRS of the Notice of Taxpayer Identification Number Assigned for
        each
        REMIC, shall promptly forward copies of such notices to the Trustee, the
        Master
        Servicer and the Depositor. The Trustee will file an IRS Form 8811 for the
        REMICs created hereunder. The Trustee shall sign such forms referred to in
        this
        Section 10.01(h) as may be required under applicable law.

       

      (i) Each
        Holder of a Residual Certificate shall pay when due any and all taxes imposed
        on
        the related REMIC by federal or state governmental authorities. To the extent
        that such Trust taxes are not paid by a Residual Certificateholder, the Trustee
        shall pay any remaining REMIC taxes out of current or future amounts otherwise
        distributable to the Holder of the Residual Certificate in such REMIC or,
        if no
        such amounts are available, out of other amounts held in the Collection Account,
        and shall reduce amounts otherwise payable to holders of regular interests
        in
        such REMIC, as the case may be.

       

      (j) The
        Trustee shall, for federal income tax purposes, maintain books and records
        with
        respect to each REMIC on a calendar year and on an accrual basis.

       

      (k) No
        additional contributions of assets shall be made to any REMIC, except as
        expressly provided in this Agreement with respect to Qualified Substitute
        Mortgage Loans and any contributions from the Funding Account as provided
        for in
        Section 5.06 hereof.

       

      (l) Neither
        the Trustee nor the Master Servicer shall enter into any arrangement by which
        any REMIC will receive a fee or other compensation for services.

       

      (m) Upon
        the
        request of any Rating Agency, the Trustee shall deliver to such Rating Agency
        an
        Officer’s Certificate stating the Trustee’s compliance with the provisions of
        this Section 10.01.

       

      (n) REMIC
        1
        shall consist of all of the assets of the Trust Fund (other
        than (i) the Reserve
        Fund, (ii) the rights to receive Prepayment Penalty Amounts distributable
        to the
        Class AP Certificates and the Class AP Reserve Funds, (iii) the Cap Agreement,
        (iv) the
        Swap
        Agreement and the Supplemental Interest Trust, (v) the Lower Tier Interests
        and
        (vi) any of the grantor trusts described in Section 10.01 hereof). The REMIC
        1
        Regular Interests shall be designated as the regular interests in REMIC 1,
        and
        the Class LT1-R Interest shall be designated as the sole class of residual
        interest in REMIC 1. Each of the REMIC 1 Regular Interests shall have the
        characteristics set forth in the Preliminary Statement.

       

       

      
        
          
          

        

        
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      The
        assets of REMIC 2 shall be the REMIC 1 Regular Interests. The REMIC 2 Regular
        Interests shall be designated as the regular interests in REMIC 2, and the
        Class
        LT2-R Interest shall be designated as the sole class of residual interest
        in
        REMIC 2. Each of the REMIC 2 Regular Interests shall have the characteristics
        set forth in the Preliminary Statement.

       

      The
        beneficial ownership of the Class LT1-R Interest and the Class LT2-R Interest
        shall be represented by the Class R Certificate. The Class LT1-R Interest
        shall
        not have a principal balance or bear interest. The
        entitlement of the Class R
        Certificate to payments of principal and interest shall be attributable to
        its
        representation of the Class LT2-R Interest.

       

      (o) [Reserved]

       

      (p) The
        parties hereto intend that, for federal income tax purposes, the Class A1
        Certificates shall represent (i) the Class A1 REMIC Interest, (ii) ownership
        of
        the Cap Agreement and the Reserve Fund and (iii) ownership of the Swap Agreement
        and the Supplemental Interest Trust, and the provisions hereof shall be
        interpreted consistently with this intention. In furtherance of such intention,
        the Trustee shall furnish or cause to be furnished to the holders of the
        Class
        A1 Certificates information regarding their allocable share, if any, of the
        income with respect to each component of the Class A1 Certificates described
        in
        the previous sentence. The Trustee is hereby directed to perform its duties
        and
        obligations in accordance with this Section 10.01(p).

       

      The
        parties
        intend that all amounts paid to the Swap Counterparty under the Swap Agreement
        shall be deemed for federal income tax purposes to be paid by the Class A1
        Certificates out of funds deemed received in respect of the Class A1 REMIC
        Interest, and the provisions hereof shall be interpreted consistently with
        this
        intention.
        Furthermore, the Holders of the Class A1 Certificates shall be the beneficial
        owners of the Reserve Fund and the Supplemental Interest Trust for all federal
        income tax purposes, and shall be taxable on all income earned
        thereon.

       

      (q) 
        [Reserved.]

       

      (r) Payments
        in the nature of expenses, reimbursements and indemnifications made from
        the
        Trust Fund shall be allocated and limited to collections or other recoveries
        (if
        applicable) and shall be accounted for in such manner.

       

      (s) [Reserved]

       

      (t) Notwithstanding
        the priority and sources of payments set forth in Article 5 hereof or otherwise,
        the Trustee shall account for all distributions with respect to the Class
        A1
        Certificates in amounts that differ from those payable pursuant to the regular
        interest or interests in REMIC 2 corresponding to such Class as amounts paid
        or
        received (as appropriate) pursuant to any interest rate cap contracts or
        notional principal contracts provided for in this Section. In no event shall
        any
        such amounts be treated as payments with respect to a “regular interest” in a
        REMIC within the meaning of Code Section 860G(a)(1).

       

       

      
        
          
          

        

        
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      Section
        10.02. Prohibited
        Transactions and Activities

       

      Neither
        the Depositor, the Master Servicer nor the Trustee shall sell, dispose of,
        or
        substitute for any of the Mortgage Loans, except in a disposition pursuant
        to
        (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust
        Fund,
        (iii) the termination of the REMIC holding such Mortgage Loan pursuant to
        Article VII of this Agreement, (iv) a substitution pursuant to Article II
        of
        this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article
        II of
        this Agreement, nor acquire any assets for any REMIC, nor sell or dispose
        of any
        investments in the Certificate Account for gain, nor accept any contributions
        to
        any REMIC after the Closing Date (other than, if applicable, any contributions
        from the Funding Account as provided in Section 5.06 hereof), unless it has
        received an Opinion of Counsel (at the expense of the party causing such
        sale,
        disposition, or substitution), that such disposition, acquisition, substitution,
        or acceptance will not (a) affect adversely the status of such REMIC as a
        REMIC
        or of the Certificates other than the Residual Certificates as the regular
        interests therein, (b) affect the distribution of interest or principal on
        the
        Certificates, (c) result in the encumbrance of the assets transferred or
        assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
        or (d) cause such REMIC to be subject to a tax on prohibited transactions
        or
        prohibited contributions pursuant to the REMIC Provisions.

       

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

       

      In
        the
        event that a REMIC fails to qualify as a REMIC, loses its status as a REMIC,
        or
        incurs federal, state or local taxes as a result of a prohibited transaction
        or
        prohibited contribution under the REMIC Provisions due to the negligent
        performance by the Trustee of its duties and obligations set forth herein,
        the
        Trustee shall indemnify the Holder of the related Residual Certificate against
        any and all losses, claims, damages, liabilities or expenses (“Losses”)
        resulting from such negligence; provided, however, that the Trustee shall
        not be
        liable for any such Losses attributable to the action or inaction of the
        Master
        Servicer, the Depositor, or the Holder of such Residual Certificate or any
        other
        party, as applicable, nor for any such Losses resulting from misinformation
        provided by the Master Servicer, the Holder of such Residual Certificate
        on
        which the Trustee has relied. The foregoing shall not be deemed to limit
        or
        restrict the rights and remedies of the Holder of such Residual Certificate
        now
        or hereafter existing at law or in equity. Notwithstanding the foregoing,
        however, in no event shall the Trustee have any liability pursuant to this
        Section 10.03 (1) for any action or omission that is taken in accordance
        with
        and in compliance with the express terms of, or which is expressly permitted
        by
        the terms of, this Agreement, (2) for any Losses other than arising out of
        a
        negligent performance by the Trustee of its duties and obligations set forth
        herein, and (3) for any special or consequential damages to Certificateholders
        (in addition to payment of principal and interest on the
        Certificates).

       

      Section
        10.04. REO
        Property

       

      (a) Notwithstanding
        any other provision of this Agreement, the Master Servicer, acting on behalf
        of
        the Trustee hereunder, shall not (except to the extent provided in the
        applicable Servicing Agreement), knowingly permit any Servicer to, rent,
        lease,
        or otherwise earn income or otherwise take or fail to take any action on
        behalf
        of any REMIC with respect to any REO Property which might cause such REO
        Property to fail to qualify as “foreclosure” property within the meaning of
        section 860G(a)(8) of the Code or result in the receipt by any REMIC of any
        “income from non-permitted assets” within the meaning of section 860F(a)(2) of
        the Code or any “net income from foreclosure property” which is subject to tax
        under the REMIC Provisions unless the Master Servicer has advised, or has
        caused
        the applicable Servicer to advise, the Trustee in writing to the effect that,
        under the REMIC Provisions, such action would not adversely affect the status
        of
        any REMIC as a REMIC and any income generated for such REMIC by the REO Property
        would not result in the imposition of a tax upon such REMIC.

       

      
        
          
          

        

        
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      (b) The
        Master Servicer shall make, or shall cause the applicable Servicer to make,
        reasonable efforts to sell any REO Property for its fair market value. In
        any
        event, however, the Master Servicer shall, or shall cause the applicable
        Servicer to, dispose of any REO Property within three years from the end
        of the
        calendar year of its acquisition by the Trust Fund unless the Master Servicer
        has received a grant of extension from the Internal Revenue Service to the
        effect that, under the REMIC Provisions and any relevant proposed legislation
        and under applicable state law, the applicable REMIC may hold REO Property
        for a
        longer period without adversely affecting the REMIC status of such REMIC
        or
        causing the imposition of a Federal or state tax upon such REMIC. If such
        an
        extension has been received, then (a) the Master Servicer shall provide a
        copy
        of such extension to the Trustee and (b) the Master Servicer, acting on behalf
        of the Trustee hereunder, shall, or shall cause the applicable Servicer to,
        continue to attempt to sell the REO Property for its fair market value for
        such
        period longer than three years as such extension permits (the “Extended
        Period”). If the Master Servicer has not received such an extension, or the
        Master Servicer is acting on behalf of the Trustee hereunder, or the applicable
        Servicer is unable to sell the REO Property within 33 months after its
        acquisition by the Trust Fund or if the Trustee has received such an extension,
        and the Trustee, or the Master Servicer acting on behalf of the Trustee
        hereunder, is unable to sell the REO Property within the period ending three
        months before the close of the Extended Period, the Master Servicer shall,
        or
        shall cause the applicable Servicer to, before the end of the three year
        period
        or the Extended Period, as applicable, (i) purchase such REO Property at
        a price
        equal to the REO Property’s fair market value or (ii) auction the REO Property
        to the highest bidder (which may be the Master Servicer) in an auction
        reasonably designed to produce a fair price prior to the expiration of the
        three-year period or the Extended Period, as the case may be.

       

      Section
        10.05. WHFIT
        Provisions

       

      (a) Each
        of
        the grantor trusts identified in Section 10.01(a) is a WHFIT that is a WHMT.
        The
        Trustee will report as required under the WHFIT Regulations to the extent
        such
        information as is reasonably necessary to enable the Trustee to do so is
        provided to the Trustee on a timely basis. The Trustee will not be liable
        for
        any tax reporting penalties that may arise under the WHFIT Regulations as
        a
        result of the Depositor incorrectly determining the status of the grantor
        trust
        as a WHFIT.

       

      (b) The
        Trustee will report required WHFIT information using either the cash or accrual
        method, except to the extent the WHFIT Regulations specifically require a
        different method. The Trustee will be under no obligation to determine whether
        any certificate holder uses the cash or accrual method. In addition, the
        Trustee
        will not be responsible or liable for providing subsequently amended, revised
        or
        updated information to any certificate holder, unless requested by the
        certificate holder or as required under applicable law.

       

      
        
          
          

        

        
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      (c) The
        Trustee shall not be liable for failure to meet the reporting requirements
        of
        the WHFIT Regulations nor for any penalties thereunder if such failure is
        due
        to: (i) the lack of reasonably necessary information being provided to the
        Trustee or (ii) incomplete, inaccurate or untimely information being provided
        to
        the Trustee. Each owner of a class of securities representing, in whole or
        in
        part, beneficial ownership of an interest in a WHFIT, by acceptance of its
        interest in such class of securities, will be deemed to have agreed to provide
        the Trustee with information regarding any sale of such securities, including
        the price, amount of proceeds and date of sale. Absent receipt of such
        information, and unless informed otherwise, the Trustee will assume there
        is no
        secondary market trading of WHFIT interests.

       

      (d) To
        the
        extent required by the WHFIT Regulations, the Trustee will use reasonable
        efforts to publish on an appropriate website the CUSIPs for the certificates
        that represent ownership of a WHFIT. The CUSIPs so published will represent
        the
        Rule 144A CUSIPs. The Trustee will make reasonable good faith efforts to
        keep
        the website accurate and updated to the extent CUSIPs have been received.
        Absent
        the receipt of a CUSIP, the Trustee will use a reasonable identifier number
        in
        lieu of a CUSIP. The Trustee will not be liable for investor reporting delays
        that result from the receipt of inaccurate or untimely CUSIP
        information.

       

      ARTICLE
        XI

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        11.01. Binding
        Nature of Agreement; Assignment

       

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

       

      Section
        11.02. Entire
        Agreement

       

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

       

      Section
        11.03. Amendment

       

      (a) This
        Agreement may be amended from time to time by the Depositor, the Master Servicer
        and the Trustee, and with 10 days prior written notice to the Swap Counterparty,
        such notice to be delivered by the Depositor on behalf of the Supplemental
        Interest Trust Trustee, but without the consent of any Holders or the Swap
        Counterparty (except to the extent that the rights or obligations of (1)
        the
        Swap Counterparty hereunder or (2) the Swap Counterparty under the Swap
        Agreement (or the ability of the Trustee on behalf of the Supplemental Interest
        Trust) to perform fully and timely its obligations under the Swap Agreement
        are
        affected thereby, in which case the prior written consent of the Swap
        Counterparty is required), (i) to cure any ambiguity, (ii) to cause the
        provisions herein to conform to or be consistent with or in furtherance of
        the
        statements made with respect to the Certificates, the Trust Fund or this
        Agreement in any Offering Document; or to correct or supplement any provision
        herein which may be inconsistent with any other provisions herein or with
        the
        provisions of any Servicing Agreement, (iii) to make any other provisions
        with
        respect to matters or questions arising under this Agreement or (iv) to add,
        delete, or amend any provisions to the extent necessary or desirable to comply
        with any requirements imposed by the Code and the REMIC Provisions as evidenced
        by an Opinion of Counsel. No such amendment effected pursuant to the preceding
        sentence shall, as evidenced by an Opinion of Counsel, result in an Adverse
        REMIC Event, nor shall such amendment effected pursuant to clause (iii) of
        such
        sentence adversely affect in any material respect the interests of any Holder.
        Prior to entering into any amendment without the consent of Holders pursuant
        to
        this paragraph, the Trustee, the Swap Counterparty may require an Opinion
        of
        Counsel (at the expense of the party requesting such amendment) to the effect
        that such amendment is permitted under this Section. Any such amendment shall
        be
        deemed not to adversely affect in any material respect any Holder, if the
        Trustee receive written confirmation from each Rating Agency that such amendment
        will not cause such Rating Agency to reduce, qualify or withdraw the then
        current rating assigned to the Certificates (and any Opinion of Counsel
        requested by the Trustee in connection with any such amendment may rely
        expressly on such confirmation as the basis therefor).

       

      
        
          
          

        

        
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      (b) This
        Agreement may also be amended from time to time by the Depositor, the Master
        Servicer and the Trustee, and with 10 days prior written notice to the Swap
        Counterparty, such notice to be delivered by the Depositor on behalf of the
        Supplemental Interest Trust Trustee but without the consent of the Swap
        Counterparty (except to the extent that the rights or obligations of (1)
        the
        Swap Counterparty hereunder or (2) the Swap Counterparty under the Swap
        Agreement (or the ability of the Trustee on behalf of the Supplemental Interest
        Trust) to perform fully and timely its obligations under the Swap Agreement
        are
        affected thereby, in which case the prior written consent of the Swap
        Counterparty is required), with the consent of the Holders of not less than
        66
        2/3% of the Class Principal Amount (or Percentage Interest) of each Class
        of
        Certificates affected thereby for the purpose of adding any provisions to
        or
        changing in any manner or eliminating any of the provisions of this Agreement
        or
        of modifying in any manner the rights of the Holders; provided, however,
        that no
        such amendment shall be made unless the Trustee receives an Opinion of Counsel
        addressed to the Trustee, at the expense of the party requesting the change,
        that such change will not cause an Adverse REMIC Event; and provided further,
        that no such amendment may (i) reduce in any manner the amount of, or delay
        the
        timing of, payments received on Mortgage Loans which are required to be
        distributed on any Certificate, without the consent of the Holder of such
        Certificate or (ii) reduce the aforesaid percentages of Class Principal Amount
        (or Percentage Interest) of Certificates of each Class, the Holders of which
        are
        required to consent to any such amendment without the consent of the Holders
        of
        100% of the Class Principal Amount (or Class Notional Amount or Percentage
        Interest) of each Class of Certificates affected thereby. For purposes of
        this
        paragraph, references to “Holder” or “Holders” shall be deemed to include, in
        the case of any Class of Book-Entry Certificates, the related Certificate
        Owners.

       

      (c) Promptly
        after the execution of any such amendment, the Trustee shall furnish written
        notification of the substance of such amendment to each Holder, the Depositor,
        the Swap Counterparty and to the Rating Agencies.

       

      (d) It
        shall
        not be necessary for the consent of Holders under this Section 11.03 to approve
        the particular form of any proposed amendment, but it shall be sufficient
        if
        such consent shall approve the substance thereof. The manner of obtaining
        such
        consents and of evidencing the authorization of the execution thereof by
        Holders
        shall be subject to such reasonable regulations as the Trustee may
        prescribe.

       

      
        
          
          

        

        
          139

          
            

          

        

        
          
          

        

      

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

       

      (f) Notwithstanding
        anything to the contrary in this Section 11.03, this Agreement may be amended
        from time to time by the Depositor, the Master Servicer and the Trustee to
        the
        extent necessary, in the judgment of the Depositor and its counsel, to comply
        with the Securities Exchange Act of 1934, Regulation AB and any related rules
        and regulations.

       

      Section
        11.04. Voting
        Rights

       

      Except
        to
        the extent that the consent of all affected Certificateholders is required
        pursuant to this Agreement, with respect to any provision of this Agreement
        requiring the consent of Certificateholders representing specified percentages
        of aggregate outstanding Certificate Principal Amount (or Notional Amount
        or
        Percentage Interest), Certificates owned by the Depositor, the Master Servicer,
        the Trustee or any Servicer or Affiliates thereof are not to be counted so
        long
        as such Certificates are owned by the Depositor, the Master Servicer, the
        Trustee or any Servicer or Affiliates thereof.

       

      Section
        11.05. Provision
        of Information

       

      (a) For
        so
        long as any of the Certificates of any Series or Class are “restricted
        securities” within the meaning of Rule 144(a)(3) under the Act, each of the
        Depositor, the Master Servicer and the Trustee agree to cooperate with each
        other to provide to any Certificateholders and to any prospective purchaser
        of
        Certificates designated by such Certificateholder, upon the request of such
        Certificateholder or prospective purchaser, any information required to be
        provided to such holder or prospective purchaser to satisfy the condition
        set
        forth in Rule 144A(d)(4) under the Act. Any reasonable, out-of-pocket expenses
        incurred by the Trustee in providing such information shall be reimbursed
        by the
        Depositor.

       

      (b) The
        Trustee will make available to any person to whom a Prospectus was delivered,
        upon the request of such person specifying the document or documents requested,
        (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
        10-K filed with the Securities and Exchange Commission pursuant to Section
        6.20(c) and (ii) a copy of any other document incorporated by reference in
        the
        Prospectus to the extent in the possession of the Trustee. Any reasonable
        out-of-pocket expenses incurred by the Trustee in providing copies of such
        documents shall be reimbursed by the Depositor.

       

      Section
        11.06. Governing
        Law

       

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

       

       

      
        
          
          

        

        
          140

          
            

          

        

        
          
          

        

      

      Section
        11.07. Notices

       

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given when delivered to such party at the relevant
        address, facsimile number or electronic mail address set forth below (or
        at such
        other address, facsimile number or electronic mail address as such party
        may
        designate from time to time by written notice in accordance with this Section
        11.07): received by (a) in the case of the Depositor, Structured Asset
        Securities Corporation, 745 Seventh Avenue, 13th Floor, New York, New York
        10019, Attention: Mark Zusy, (b) in the case of the Certificate Registrar,
        its
        Corporate Trust Office, (c) in the case of the Trustee, the Corporate Trust
        Office, (d) in the case of the Swap Counterparty or the Cap Counterparty,
        at the
        address therefore set forth in the Swap Agreement and (e) in the case of
        the
        Master Servicer, Aurora Loan Services LLC, 10350 Park Meadows Drive, Littleton,
        Colorado 80124; Attention: Master Servicing or as to each party such other
        address as may hereafter be furnished by such party to the other parties
        in
        writing. Any notice required or permitted to be mailed to a Holder shall
        be
        given by first class mail, postage prepaid, at the address of such Holder
        as
        shown in the Certificate Register. Any notice so mailed within the time
        prescribed in this Agreement shall be conclusively presumed to have been
        duly
        given, whether or not the Holder receives such notice.

      

      Section
        11.08. Severability
        of Provisions

       

      If
        any
        one or more of the covenants, agreements, provisions or terms of this Agreement
        shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining
        covenants, agreements, provisions or terms of this Agreement and shall in
        no way
        affect the validity or enforceability of the other provisions of this Agreement
        or of the Certificates or the rights of the Holders thereof.

       

      Section
        11.09. Indulgences;
        No Waivers

       

      Neither
        the failure nor any delay on the part of a party to exercise any right, remedy,
        power or privilege under this Agreement shall operate as a waiver thereof,
        nor
        shall any single or partial exercise of any right, remedy, power or privilege
        preclude any other or further exercise of the same or of any other right,
        remedy, power or privilege, nor shall any waiver of any right, remedy, power
        or
        privilege with respect to any occurrence be construed as a waiver of such
        right,
        remedy, power or privilege with respect to any other occurrence. No waiver
        shall
        be effective unless it is in writing and is signed by the party asserted
        to have
        granted such waiver.

       

      Section
        11.10. Headings
        Not To Affect Interpretation

       

      The
        headings contained in this Agreement are for convenience of reference only,
        and
        they shall not be used in the interpretation hereof.

       

      Section
        11.11. Benefits
        of Agreement

       

      
        
          
          

        

        
          141

          
            

          

        

        
          
          

        

      

      Nothing
        in this Agreement or in the Certificates, express or implied, shall give
        to any
        Person, other than the parties to this Agreement and their successors hereunder,
        the Swap Counterparty and its successors and assigns under the Swap Agreement,
        the Holders of the Certificates, any benefit or any legal or equitable right,
        power, remedy or claim under this Agreement, except to the extent specified
        in
        Section 11.14.

       

      Section
        11.12. Special
        Notices to the Rating Agencies, the Swap Counterparty

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      If
        to
        Moody's, to:

      

      Moody’s
        Investors Service, Inc.

      99
        Church
        Street

      New
        York,
        New York 10007

      

      If
        to
        S&P, to:

      

      Standard
        & Poor’s 

      55
        Water
        Street

      New
        York,
        New York 10041

      

      (c) The
        Trustee shall provide or make available to the Rating Agencies reports prepared
        pursuant to Section 4.03. In addition, the Trustee shall, at the expense
        of the
        Trust Fund, make available to each Rating Agency such information as such
        Rating
        Agency may reasonably request regarding the Certificates or the Trust Fund,
        to
        the extent that such information is reasonably available to the
        Trustee.

       

      Section
        11.13. Counterparts

       

      
        
          
          

        

        
          142

          
            

          

        

        
          
          

        

      

      This
        Agreement may be executed in one or more counterparts, each of which shall
        be
        deemed to be an original, and all of which together shall constitute one
        and the
        same instrument.

       

      Section
        11.14. Transfer
        of Servicing

       

      The
        Seller agrees that it shall provide written notice to the Trustee and the
        Master
        Servicer thirty days prior to any transfer or assignment by the Seller of
        its
        rights under any Servicing Agreement or of the servicing thereunder or
        delegation of its rights or duties thereunder or any portion thereof to any
        Person other than the initial Servicer under such Servicing Agreement; provided
        that the Seller shall not be required to provide prior notice of any transfer
        of
        servicing that occurs within three months following the Closing Date to an
        entity that is a Servicer on the Closing Date. In addition, the ability of
        the
        Seller to transfer or assign its rights and delegate its duties under a
        Servicing Agreement or to transfer the servicing thereunder to a successor
        servicer shall be subject to the following conditions:

       

      (i) Satisfaction
        of the conditions to such transfer as set forth in the Servicing Agreement
        including, without limitation, receipt of written consent of the Master Servicer
        to such transfer;

       

      (ii) Such
        successor servicer must be qualified to service loans for FNMA or
        FHLMC;

       

      (iii) Such
        successor servicer must satisfy the seller/servicer eligibility standards
        in the
        applicable Servicing Agreement, exclusive of any experience in mortgage loan
        origination, and must be reasonably acceptable to the Master Servicer, whose
        approval shall not be unreasonably withheld;

       

      (iv) Such
        successor servicer must execute and deliver to the Trustee and the Master
        Servicer an agreement, in form and substance reasonably satisfactory to the
        Trustee and the Master Servicer, that contains an assumption by such successor
        servicer of the due and punctual performance and observance of each covenant
        and
        condition to be performed and observed by the applicable Servicer under the
        applicable Servicing Agreement or, in the case of a transfer of servicing
        to a
        party that is already a Servicer pursuant to this Agreement, an agreement
        to add
        the related Mortgage Loans to the Servicing Agreement already in effect with
        such Servicer;

       

      (v) If
        the
        successor servicer is not a Servicer of Mortgage Loans at the time of such
        transfer, there must be delivered to the Trustee a letter from each Rating
        Agency to the effect that such transfer of servicing will not result in a
        qualification, withdrawal or downgrade of the then-current rating of any
        of the
        Certificates;

       

      (vi) The
        Seller shall, at its cost and expense, take such steps, or cause the terminated
        Servicer to take such steps, as may be necessary or appropriate to effectuate
        and evidence the transfer of the servicing of the Mortgage Loans to such
        successor servicer, including, but not limited to, the following: (A) to
        the
        extent required by the terms of the Mortgage Loans and by applicable federal
        and
        state laws and regulations, the Seller shall cause the prior Servicer to
        timely
        mail to each obligor under a Mortgage Loan any required notices or disclosures
        describing the transfer of servicing of the Mortgage Loans to the successor
        servicer; (B) prior to the effective date of such transfer of servicing,
        the
        Seller shall cause the prior Servicer to transmit to any related insurer
        notification of such transfer of servicing; (C) on or prior to the effective
        date of such transfer of servicing, the Seller shall cause the prior Servicer
        to
        deliver to the successor servicer all Mortgage Loan Documents and any related
        records or materials; (D) on or prior to the effective date of such transfer
        of
        servicing, the Seller shall cause the prior Servicer to transfer to the
        successor servicer, or, if such transfer occurs after a Remittance Date but
        before the next succeeding Deposit Date, to the Master Servicer, all funds
        held
        by the applicable Servicer in respect of the Mortgage Loans; (E) on or prior
        to
        the effective date of such transfer of servicing, the Seller shall cause
        the
        prior Servicer to, after the effective date of the transfer of servicing
        to the
        successor servicer, continue to forward to such successor servicer, within
        one
        Business Day of receipt, the amount of any payments or other recoveries received
        by the prior Servicer, and to notify the successor servicer of the source
        and
        proper application of each such payment or recovery; and (F) the Seller shall
        cause the prior Servicer to, after the effective date of transfer of servicing
        to the successor servicer, continue to cooperate with the successor servicer
        to
        facilitate such transfer in such manner and to such extent as the successor
        servicer may reasonably request.

       

       

      
        
          
          

        

        
          143

          
            

          

        

        
          
          

        

      

      Section
        11.15. Conflicts

       

      To
        the
        extent that the terms of this Agreement conflict with the terms of any Servicing
        Agreement, the related Servicing Agreement shall govern, unless such provisions
        shall adversely affect the Trustee or the Trust Fund or the status of any
        REMIC
        created hereunder as a REMIC, provided that nothing in this Section 11.15
        shall
        be construed to limit the rights or obligations of the Master Servicer under
        Section 9.05 of this Agreement.

       

      [SIGNATURE
        PAGE IMMEDIATELY FOLLOWS]

        
          
            
            

          

          
            144

            
              

            

          

          
            
            

          

        

      IN
        WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer have
        caused
        their names to be signed hereto by their respective officers hereunto duly
        authorized as of the day and year first above written.

       

      STRUCTURED
        ASSET SECURITIES 

      CORPORATION,
        as Depositor

      

      By:                        

      Name:
        Nicolas Stimola

      Title:
        Vice President

      

      

      WELLS
        FARGO BANK, N.A.,

      not
        in
        its individual capacity, 

      but
        solely as Trustee

      

      

      By: _____________________________

      Name:

      Title:

      

      

      AURORA
        LOAN SERVICES LLC, 

      as
        Master
        Servicer

      

      By:                        

      Name:
        Michele Olds

      Title:
        Vice President

      

      

      

      Solely
        for purposes of Sections 2.05 and 11.14,

      accepted
        and agreed to by:

       

      LEHMAN
        BROTHERS HOLDINGS INC.

      

      By:                        

      Name:
        Michael C. Hitzmann

      Title:
        Senior Vice President

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      FORMS
        OF
        CERTIFICATES

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-1

      

      FORM
        OF
        INITIAL CERTIFICATION

      

      Date 

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia
        MD 21045

      Attn:
        Client Manager (SARM 2008-1)

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 13th
        Floor

      New
        York,
        New York 10019

      

      Aurora
        Loan Services LLC

      10350
        Park Meadows Drive, 

      Littleton,
        Colorado 80124

       

      
        	 	
                Re:

              	
                Trust
                  Agreement (the “Trust Agreement”), dated as of March 1, 2008 among
                  Structured Asset Securities Corporation, as Depositor, Aurora Loan
                  Services LLC, as Master Servicer and Wells Fargo Bank, N.A., as
                  Trustee,
                  with respect to Structured Adjustable Rate Mortgage Loan Trust
                  Mortgage
                  Pass-Through Certificates, Series
                  2008-1

              

      

      

      Ladies
        and Gentlemen:

       

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

       

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

      
      

      [Custodian],
        on behalf of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

      By:_____________________________________

      Name:

      Title:

      
        
          
          

        

        
          B-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-2

       

      FORM
        OF
        INTERIM CERTIFICATION

       

      Date 

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia
        MD 21045

      Attn:
        Client Manager (SARM 2008-1)

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 13th Floor

      New
        York,
        New York 10019

       

      Aurora
        Loan Services LLC

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

       

      
        	 	
                Re:

              	
                Trust
                  Agreement (the “Trust Agreement”), dated as of March 1, 2008 among
                  Structured Asset Securities Corporation, as Depositor, Aurora Loan
                  Services LLC, as Master Servicer and Wells Fargo Bank, N.A., as
                  Trustee,
                  with respect to Structured Adjustable Rate Mortgage Loan Trust
                  Mortgage
                  Pass-Through Certificates, Series
                  2008-1

              

      

      

      Ladies
        and Gentlemen:

      

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

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents identified above and has determined
        that
        each such document appears regular on its face and appears to relate to the
        Mortgage Loan identified in such document.

       

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

       

      Trust
        Agreement including, but not limited to, Section 2.02(b).

       

      [Custodian],
        on behalf of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

      By:_____________________________________

      Name:

      Title:

      
        
          
          

        

        
          B-2-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        B-3

       

      FORM
        OF
        FINAL CERTIFICATION

       

      Date

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia
        MD 21045

      Attn:
        Client Manager (SARM 2008-1)

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 13th Floor

      New
        York,
        New York 10019

       

      Aurora
        Loan Services LLC

      10350
        Park Meadows Drive

      Littleton,
        Colorado 80124

       

      
        	 	
                Re:

              	
                Trust
                  Agreement (the “Trust Agreement”), dated as of March 1, 2008 among
                  Structured Asset Securities Corporation, as Depositor, Aurora Loan
                  Services LLC, as Master Servicer and Wells Fargo Bank, N.A., as
                  Trustee,
                  with respect to Structured Adjustable Rate Mortgage Loan Trust
                  Mortgage
                  Pass-Through Certificates, Series
                  2008-1

              

      

      

      Ladies
        and Gentlemen:

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

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed above and has determined that
        each
        such document appears to be complete and, based on an examination of such
        documents, the information set forth in the Mortgage Loan Schedule is
        correct.

       

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

       

      Trust
        Agreement.

      [Custodian],
        on behalf of

      Wells
        Fargo Bank, N.A.,

      as
        Trustee

       

      By:_____________________________________

      Name:

      Title:

      
        
          
          

        

        
          B-3-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-4

       

      FORM
        OF
        ENDORSEMENT

       

      Pay
        to
        the order of Wells Fargo Bank, N.A., as trustee (the “Trustee”) under the Trust
        Agreement dated as of March 1, 2008, among Structured Asset Securities
        Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer and
        the
        Trustee relating to Structured Adjustable Rate Mortgage Loan Trust Mortgage
        Pass-Through Certificates, Series 2008-1, without recourse.

       

      ______________________________________

      [current
        signatory on note]

       

      By:___________________________________

      Name:

      Title:

      
        
          
          

        

        
          B-4-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

       

      Date

       

      [Addressed
        to Trustee

      or,
        if
        applicable, custodian]

       

      In
        connection with the administration of the mortgages held by you as custodian
        on
        behalf of the Trustee under a certain Trust Agreement dated as of March 1,
        2008
        among Structured Asset Securities Corporation, as Depositor, Aurora Loan
        Services LLC, as Master Servicer and Wells Fargo Bank, N.A.,
        as
        Trustee
        (the “Trust Agreement”), the undersigned Master 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 hereby certifies that all
                  amounts
                  received in connection with the loan have been or will be credited
                  to the
                  Collection Account or the Certificate Account (whichever is applicable)
                  pursuant to the Trust Agreement.)

              

      

       

      
        	
                2.

              	
                The
                  Mortgage Loan is being foreclosed.

              

      

       

      
        	
                3.

              	
                Mortgage
                  Loan substituted. (The Master Servicer hereby certifies that a
                  Qualifying
                  Substitute Mortgage Loan has been assigned and delivered to you
                  along with
                  the related Mortgage File pursuant to the Trust
                  Agreement.)

              

      

       

      
        	
                4.

              	
                Mortgage
                  Loan repurchased. (The Master Servicer hereby certifies that the
                  Purchase
                  Price has been credited to the Collection Account or the Certificate
                  Account pursuant to the Trust
                  Agreement.)

              

      

       

      
        	
                5.

              	
                Other.
                  (Describe)

              

      

       

      The
        undersigned acknowledges that the above Mortgage File will be held by the
        undersigned in accordance with the provisions of the Trust Agreement and
        will be
        returned to you within ten (10) days of our receipt of the Mortgage File,
        except
        if the Mortgage Loan has been paid in full, or repurchased or substituted
        for a
        Qualifying Substitute Mortgage Loan (in which case the Mortgage File will
        be
        retained by us permanently) and except if the Mortgage Loan is being foreclosed
        (in which case the Mortgage File will be returned when no longer required
        by us
        for such purpose).

       

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

      Capitalized
        terms used herein shall have the meanings ascribed to them in the Trust
        Agreement.

       

      _____________________________________

      [Name
        of
        Master Servicer]

       

      By:__________________________________

      Name:

      Title:
        Servicing Officer

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D-1

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

       

      
        	
                STATE
                  OF

              	
                )

              

      

      
        	 	
                )
                  ss.:

              

      

      
        	
                COUNTY
                  OF

              	
                )

              

      

       

      [NAME
        OF
        OFFICER], _________________ being first duly sworn, deposes and
        says:

       

      That
        he
        [she] is [title of officer] ________________________ of [name of Purchaser]
        _________________________________________ (the “Purchaser”), a
        _______________________ [description of type of entity] duly organized and
        existing under the laws of the [State of __________] [United States], on
        behalf
        of which he [she] makes this affidavit.

       

      1.    That
        the
        Purchaser’s Taxpayer Identification Number is ______________.

       

      
        	
                2.

              	
                That
                  the Purchaser is not a “disqualified organization” within the meaning of
                  Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                  (the
                  “Code”) and will not be a “disqualified organization” as of
                  __________________ [date of transfer], and that the Purchaser is
                  not
                  acquiring a Residual Certificate (as defined in the Agreement)
                  for the
                  account of, or as agent (including a broker, nominee, or other
                  middleman)
                  for, any person or entity from which it has not received an affidavit
                  substantially in the form of this affidavit. For these purposes,
                  a
                  “disqualified organization” means the United States, any state or
                  political subdivision thereof, any foreign government, any international
                  organization, any agency or instrumentality of any of the foregoing
                  (other
                  than an instrumentality if all of its activities are subject to
                  tax and a
                  majority of its board of directors is not selected by such governmental
                  entity), any cooperative organization furnishing electric energy
                  or
                  providing telephone service to persons in rural areas as described
                  in Code
                  Section 1381(a)(2)(C), any “electing large partnership” within the meaning
                  of Section 775 of the Code, or any organization (other than a farmers’
                  cooperative described in Code Section 521) that is exempt from
                  federal
                  income tax unless such organization is subject to the tax on unrelated
                  business income imposed by Code Section
                  511.

              

      

       

      
        	
                3.

              	
                That
                  the Purchaser is not, and on _______________ [date of transfer]
                  will not
                  be, an employee benefit plan or arrangement subject to Title I
                  of the
                  Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a
                  plan subject to Section 4975 of the Internal Revenue Code of 1986,
                  as
                  amended (the “Code”) or a plan subject to any provisions under any
                  federal, state, local, non-U.S. or other laws or regulations that
                  are
                  substantively similar to the foregoing provisions of ERISA or the
                  Code
                  (collectively, a “Plan”), and is not directly or indirectly acquiring the
                  Residual Certificate for, on behalf of or with any assets of any
                  such
                  Plan.

              

      

       

      
        
          
          

        

        
          D-1-1

          
            

          

        

        
          
          

        

      

      
        	
                4.

              	
                That
                  the Purchaser hereby acknowledges that under the terms of the Trust
                  Agreement (the “Agreement”) among Structured Asset Securities Corporation,
                  Wells Fargo Bank, N.A., as Trustee and Aurora Loan Services LLC,
                  as Master
                  Servicer, dated as of March 1, 2008, no transfer of a Residual
                  Certificate
                  shall be permitted to be made to any person unless the Depositor
                  and the
                  Trustee have received a certificate from such transferee containing
                  the
                  representations in paragraphs 2, 3 and 4
                  hereof.

              

      

       

      
        	
                5.

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

              

      

       

      
        	
                6.

              	
                That
                  the Purchaser does not have the intention to impede the assessment
                  or
                  collection of any federal, state or local taxes legally required
                  to be
                  paid with respect to such Residual Certificate, and that the Purchaser
                  has
                  provided financial statements or other financial information requested
                  by
                  the transferor in connection with the transfer of the Residual
                  Certificate
                  in order to permit the transferor to assess the financial capability
                  of
                  the Purchaser to pay such taxes.

              

      

       

      
        	
                7.

              	
                That
                  the Purchaser will not transfer a Residual Certificate to any person
                  or
                  entity (i) as to which the Purchaser has actual knowledge that
                  the
                  requirements set forth in paragraph 2, paragraph 5 or paragraph
                  9 hereof
                  are not satisfied or that the Purchaser has reason to believe does
                  not
                  satisfy the requirements set forth in paragraph 6 hereof, and (ii)
                  without
                  obtaining from the prospective Purchaser an affidavit substantially
                  in
                  this form and providing to the Trustee a written statement substantially
                  in the form of Exhibit D-2 to the
                  Agreement.

              

      

       

      
        	
                8.

              	
                That
                  the Purchaser understands that, as the holder of a Residual Certificate,
                  the Purchaser may incur tax liabilities in excess of any cash flows
                  generated by the interest and that it intends to pay taxes associated
                  with
                  holding such Residual Certificate as they become
                  due.

              

      

       

      
        	
                9.

              	
                That
                  the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person
                  that holds
                  a Residual Certificate in connection with the conduct of a trade
                  or
                  business within the United States and has furnished the transferor
                  and the
                  Trustee with an effective Internal Revenue Service Form W-8 ECI
                  (Certificate of Foreign Person’s Claim for Exemption From Withholding on
                  Income Effectively Connected with the Conduct of a Trade or Business
                  in
                  the United States) or successor form at the time and in the manner
                  required by the Code. “Non-U.S. Person” means any person other than (i) a
                  citizen or resident of the United States; (ii) a corporation (or
                  entity
                  treated as a corporation for tax purposes) created or organized
                  in the
                  United States or under the laws of the United States or of any
                  state
                  thereof, including, for this purpose, the District of Columbia;
                  (iii) a
                  partnership (or entity treated as a partnership for tax purposes)
                  organized in the United States or under the laws of the United
                  States or
                  of any state thereof, including, for this purpose, the District
                  of
                  Columbia (unless provided otherwise by future Treasury regulations);
                  (iv)
                  an estate whose income is includible in gross income for United
                  States
                  income tax purposes regardless of its source; (v) 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 U.S. Persons have authority
                  to
                  control all substantial decisions of the trust or; (vi) and, to
                  the extent
                  provided in Treasury regulations, certain trusts in existence prior
                  to
                  August 20, 1996 that are treated as United States persons prior
                  to such
                  date and elect to continue to be treated as United States
                  persons.

              

      

       

      
        
          
          

        

        
          D-1-2

          
            

          

        

        
          
          

        

      

      
        	
                10.

              	
                That
                  the Purchaser agrees to such amendments of the Trust Agreement
                  as may be
                  required to further effectuate the restrictions on transfer of
                  any
                  Residual Certificate to such a “disqualified organization,” an agent
                  thereof, a Book-Entry Nominee, or a person that does not satisfy
                  the
                  requirements of paragraph 6 and paragraph 9
                  hereof.

              

      

       

      
        	
                11.

              	
                That
                  the Purchaser consents to the designation of the Trustee as its
                  agent to
                  act as “tax matters person” of the Trust Fund pursuant to the Trust
                  Agreement.

              

      

       

      Terms
        used in this transfer affidavit which are not otherwise defined herein have
        the
        respective meanings assigned thereto in the Trust Agreement.

       

      
        
          
          

        

        
          D-1-3

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its [title of
        officer] this _____ day of __________, 20__.

       

      ______________________________________

      [name
        of
        Purchaser]

       

      By:___________________________________

      Name:

      Title:

       

      Personally
        appeared before me the above-named [name of officer] ________________, known
        or
        proved to me to be the same person who executed the foregoing instrument
        and to
        be the [title of officer] _________________ of the Purchaser, and acknowledged
        to me that he [she] executed the same as his [her] free act and deed and
        the
        free act and deed of the Purchaser.

       

      Subscribed
        and sworn before me this _____ day of __________, 20__.

       

      NOTARY
        PUBLIC

       

      _________________________________

       

      COUNTY
        OF_____________________

       

      STATE
        OF_______________________

       

      My
        commission expires the _____ day of __________, 20__.

      
        
          
          

        

        
          D-1-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D-2

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

       

      ___________________

      Date

       

      
        	 	
                Re:

              	
                Structured
                  Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
                  Series 2008-1

              

      

       

      _______________________
        (the “Transferor”) has reviewed the attached affidavit of
        _____________________________ (the “Transferee”), and has no actual knowledge
        that such affidavit is not true and has no reason to believe that the
        information contained in paragraph 6 thereof is not true, and has no reason
        to
        believe that the Transferee has the intention to impede the assessment or
        collection of any federal, state or local taxes legally required to be paid
        with
        respect to a Residual Certificate. In addition, the Transferor has conducted
        a
        reasonable investigation at the time of the transfer and found that the
        Transferee had historically paid its debts as they came due and found no
        significant evidence to indicate that the Transferee will not continue to
        pay
        its debts as they become due.

       

      Very
        truly yours,

       

      _______________________________

      Name:

      Title:

      
        
          
          

        

        
          D-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      SERVICING
        AGREEMENT

       

      

      

      Servicing
        Agreement, dated as of March 1, 2008, by and between Lehman Brothers Holdings
        Inc., as seller, Aurora Loan Services LLC, as servicer and Aurora Loan Services
        LLC, as Master Servicer.

        
          
            
            

          

          
            E-1

            
              

            

          

          
            
            

          

        

      EXHIBIT
        F

       

      FORM
        OF
        RULE 144A TRANSFER CERTIFICATE

       

      Re: Structured
        Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through

            
        Certificates,
        Series 2008-1 

       

      Reference
        is hereby made to the Trust Agreement (the “Trust Agreement”), dated as of March
        1, 2008 among Structured Asset Securities Corporation, as Depositor, Aurora
        Loan
        Services LLC, as Master Servicer and Wells Fargo Bank, N.A., as Trustee.
        Capitalized terms used but not defined herein shall have the meanings given
        to
        them in the Trust Agreement.

       

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

       

      In
        connection with such request, and in respect of such Certificates, the
        Transferor hereby certifies that such Certificates are being transferred
        in
        accordance with (i) the transfer restrictions set forth in the Trust Agreement
        and the Certificates and (ii) Rule 144A under the Act to a purchaser that
        the
        Transferor reasonably believes is a “qualified institutional buyer” within the
        meaning of Rule 144A purchasing for its own account or for the account of
        a
“qualified institutional buyer”, which purchaser is aware that the sale to it is
        being made in reliance upon Rule 144A, in a transaction meeting the requirements
        of Rule 144A and in accordance with any applicable securities laws of any
        state
        of the United States or any other applicable jurisdiction.

       

      This
        certificate and the statements contained herein are made for the benefit
        of the
        Trustee, the Placement Agent and the Depositor.

       

      ________________________________________

      [Name
        of
        Transferor]

       

      By:_____________________________________

      Name:

      Title:

       

      Dated:
        __________________, ________

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        PURCHASER’S LETTER FOR

      INSTITUTIONAL
        ACCREDITED INVESTOR

       

      __________________

      Date

       

      Dear
        Sirs:

       

      In
        connection with our proposed purchase of $______________ principal amount
        of
        Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
        Certificates, Series 2008-1 (the “Privately Offered Certificates”) of Structured
        Asset Securities Corporation (the “Depositor”) which are held in the form of
        Definitive Certificates, we confirm that:

       

      
        	
                1.

              	
                We
                  understand that the Privately Offered Certificates have not been,
                  and will
                  not be, registered under the Securities Act of 1933, as amended
                  (the
                  “Securities Act”), and may not be sold except as permitted in the
                  following sentence. We agree, on our own behalf and on behalf of
                  any
                  accounts for which we are acting as hereinafter stated, that if
                  we should
                  sell any Privately Offered Certificates within two years of the
                  later of
                  the date of original issuance of the Privately Offered Certificates
                  or the
                  last day on which such Privately Offered Certificates are owned
                  by the
                  Depositor or any affiliate of the Depositor (which includes the
                  Placement
                  Agent) we will do so only (A) to the Depositor, (B) to “qualified
                  institutional buyers” (within the meaning of Rule 144A under the
                  Securities Act) in accordance with Rule 144A under the Securities
                  Act
                  (“QIBs”), (C) pursuant to the exemption from registration provided by
                  Rule
                  144 under the Securities Act, or (D) to an institutional “accredited
                  investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
                  Regulation D under the Securities Act that is not a QIB (an “Institutional
                  Accredited Investor”) which, prior to such transfer, delivers to the
                  Trustee under the Trust Agreement (the “Trust Agreement”), dated as of
                  March 1, 2008 among Structured Asset Securities Corporation, as
                  Depositor,
                  Aurora Loan Services LLC, as Master Servicer and Wells Fargo Bank,
                  N.A.,
                  as Trustee, a signed letter in the form of this letter; and we
                  further
                  agree, in the capacities stated above, to provide to any person
                  purchasing
                  any of the Privately Offered Certificates from us a notice advising
                  such
                  purchaser that resales of the Privately Offered Certificates are
                  restricted as stated herein.

              

      

       

      
        	
                2.

              	
                We
                  understand that, in connection with any proposed resale of any
                  Privately
                  Offered Certificates to an Institutional Accredited Investor, we
                  will be
                  required to furnish to the Trustee, the Certificate Registrar and
                  the
                  Depositor a certification from such transferee in the form hereof
                  to
                  confirm that the proposed sale is being made pursuant to an exemption
                  from, or in a transaction not subject to, the registration requirements
                  of
                  the Securities Act. We further understand that the Privately Offered
                  Certificates purchased by us will bear a legend to the foregoing
                  effect.

              

      

       

      
        
          
          

        

        
          G-1

          
            

          

        

        
          
          

        

      

      
        	
                3.

              	
                We
                  are acquiring the Privately Offered Certificates for investment
                  purposes
                  and not with a view to, or for offer or sale in connection with,
                  any
                  distribution in violation of the Securities Act. We have such knowledge
                  and experience in financial and business matters as to be capable
                  of
                  evaluating the merits and risks of our investment in the Privately
                  Offered
                  Certificates, and we and any account for which we are acting are
                  each able
                  to bear the economic risk of such
                  investment.

              

      

       

      
        	
                4.

              	
                We
                  are an Institutional Accredited Investor and we are acquiring the
                  Privately Offered Certificates purchased by us for our own account
                  or for
                  one or more accounts (each of which is an Institutional Accredited
                  Investor) as to each of which we exercise sole investment
                  discretion.

              

      

       

      
        	
                5.

              	
                We
                  have received such information as we deem necessary in order to
                  make our
                  investment decision.

              

      

       

      
        	
                6.

              	
                If
                  we are acquiring an ERISA-Restricted Certificate, we are not a
                  Plan and we
                  are not acquiring the ERISA-Restricted Certificate for, on behalf
                  of or
                  with any assets of a Plan, except as may be permitted pursuant
                  to Section
                  3.03(d) of the Trust Agreement.

              

      

       

      Terms
        used in this letter which are not otherwise defined herein have the respective
        meanings assigned thereto in the Trust Agreement.

       

      You
        and
        the Depositor and the Trustee are entitled to rely upon this letter and are
        irrevocably authorized to produce this letter or a copy hereof to any interested
        party in any administrative or legal proceeding or official inquiry with
        respect
        to the matters covered hereby.

       

      Very
        truly yours,

       

      __________________________________

      [Purchaser]

       

      By________________________________

      Name:

      Title:

      
        
          
          

        

        
          G-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      [FORM
        OF
        ERISA TRANSFER AFFIDAVIT]

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              

      

      
        	 	
                )
                  ss.:

              

      

      
        	
                COUNTY
                  OF NEW YORK

              	
                )

              

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      
        	
                1.

              	
                The
                  undersigned is the ______________________ of (the “Investor”), a
                  [corporation duly organized] and existing under the laws of __________,
                  on
                  behalf of which he makes this
                  affidavit.

              

      

       

      
        	
                2.

              	
                The
                  Investor in an ERISA-Restricted Certificate (A) is not, and on
                  _______________ [date of transfer] will not be, an employee benefit
                  plan
                  or arrangement subject to Title I of the Employee Retirement Income
                  Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975
                  of the Internal Revenue Code of 1986, as amended (the “Code”) or a plan
                  subject to any provisions under any federal, state, local, non-U.S.
                  or
                  other laws or regulations that are substantively similar to the foregoing
                  provisions of ERISA or the Code (“Similar Law”) (collectively, a “Plan”),
                  and is not directly or indirectly acquiring the Certificate for,
                  on behalf
                  of or with any assets of any such Plan, (B) if the Certificate
                  has been
                  the subject of an ERISA-Qualifying Underwriting, is an insurance
                  company
                  that is acquiring the Certificate with assets of an “insurance company
                  general account” as defined in Section V(E) of Prohibited Transaction
                  Class Exemption (“PTCE”) 95-60 and the acquisition and holding of the
                  Certificate are covered and exempt under Sections I and III of
                  PTCE 95-60,
                  or (C) solely in the case of a Definitive Certificate, shall herewith
                  deliver an Opinion of Counsel satisfactory to the Certificate Registrar,
                  the Trustee and the Depositor, and upon which the Trustee, the
                  Certificate
                  Registrar and the Depositor shall be entitled to rely, to the effect
                  that
                  the acquisition and holding of such Certificate by the Investor
                  will not
                  result in a nonexempt prohibited transaction under Title I of ERISA
                  or
                  Section 4975 of the Code, or a violation of Similar Law, and will
                  not
                  subject the Trustee, the Master Servicer, the Certificate Registrar,
                  any
                  Servicer or the Depositor to any obligation in addition to those
                  undertaken by such entities in the Trust Agreement, which Opinion
                  of
                  Counsel shall not be an expense of the Trustee, the Master Servicer,
                  the
                  Certificate Registrar, any Servicer or the
                  Depositor.

              

      

       

      
        	
                3.

              	
                Either
                  (i) the Investor in a ERISA-Restricted Swap Certificate is not,
                  and is not
                  acting for, on behalf of or with any assets of, an employee benefit
                  plan
                  or other arrangement subject to Title I of ERISA or plan subject
                  to
                  Section 4975 of the Code, or (ii) until the termination of the
                  Swap
                  Agreement, the acquisition and holding of such Certificate will
                  not
                  constitute or result in a nonexempt prohibited transaction under
                  Title I
                  of ERISA or Section 4975 of the
                  Code.

              

      

       

      
        	
                4.

              	
                The
                  Investor hereby acknowledges that under the terms of the Trust
                  Agreement
                  (the “Agreement”) among Structured Asset Securities Corporation, as
                  Depositor, Aurora Loan Services LLC, as Master Servicer and Wells
                  Fargo
                  Bank, N.A., as Trustee, dated as of June 1, 2007, no transfer of
                  the
                  ERISA-Restricted Certificates or the ERISA-Restricted Swap Certificates
                  shall be permitted to be made to any person unless the Depositor,
                  the
                  Certificate Registrar and the Trustee have received an affidavit
                  from such
                  transferee in the form hereof or an opinion of counsel as provided
                  herein.

              

      

       

      
        
          
          

        

        
          H-1

          
            

          

        

        
          
          

        

      

      
        	
                5.

              	
                Capitalized
                  terms used but not defined herein shall have the meanings given
                  to such
                  terms in the Trust Agreement.

              

      

       

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

       

      ________________________________________

      [Investor]

       

      By:_____________________________________

      Name:

      Title:

       

      ATTEST:

       

      ___________________________

      
         

        
          	
                  STATE
                    OF 

                	
                  )

                

        

        
          	 	
                  )
                    ss.:

                

        

        
          	
                  COUNTY
                    OF 

                	
                  )

                

        

         

      

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

       

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

       

      __________________________________

      NOTARY
        PUBLIC

       

      My
        commission expires the

      ____
        day
        of __________, 20__.

      
        
          
          

        

        
          H-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      MONTHLY
        REMITTANCE ADVICE

       

      INTENTIONALLY
        OMITTED

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      MONTHLY
        ELECTRONIC DATA TRANSMISSION

       

      INTENTIONALLY
        OMITTED

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      CUSTODIAL
        AGREEMENT

      

      Custodial
        Agreement, dated as of March 1, 2008, by and between U.S. Bank National
        Association, as custodian and Wells Fargo Bank, N.A., as
        trustee.

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-1

       

      FORM
        OF TRANSFER CERTIFICATE

      FOR
        TRANSFER FROM RESTRICTED GLOBAL SECURITY

      TO
        REGULATION S GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(ii)

      of
        the
        Agreement)

       

      
        	 	
                Re:

              	
                Structured
                  Adjustable Rate Mortgage Loan Trust Mortgage Loan Trust Mortgage
                  Pass-Through Certificates, Series
                  2008-1

              

      

       

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) among Structured Asset
        Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
        Servicer and Wells Fargo Bank, N.A., as Trustee, dated as of March 1, 2008.
        Capitalized terms used but not defined herein shall have the meanings given
        to
        them in the Agreement.

       

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

       

      In
        connection with such request, the Transferor does hereby certify that such
        transfer has been effected in accordance with the transfer restrictions set
        forth in the Agreement and the Securities and in accordance with Rule 904
        of
        Regulation S, and that:

       

      a. the
        offer
        of the Securities was not made to a person in the United States;

       

      b. at
        the
        time the buy order was originated, the transferee was outside the United
        States
        or the Transferor and any person acting on its behalf reasonably believed
        that
        the transferee was outside the United States;

       

      c. no
        directed selling efforts have been made in contravention of the requirements
        of
        Rule 903 or 904 of Regulation S, as applicable;

       

      d. the
        transaction is not part of a plan or scheme to evade the registration
        requirements of the United States Securities Act of 1933, as amended;
        and

       

      e. the
        transferee is not a U.S. person (as defined in Regulation S).

       

      The
        Depositor and the Trustee 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: 
        ,
        ____

      
        
          
          

        

        
          L-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L-2

      

      FORM
        OF TRANSFER CERTIFICATE FOR TRANSFER

      FROM
        REGULATION S GLOBAL SECURITY

      TO
        RESTRICTED GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(iii)

      of
        the
        Agreement)

       

      
        	 	
                Re:

              	
                Structured
                  Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
                  Series 2008-1

              

      

       

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) among Structured Asset
        Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
        Servicer and Wells Fargo Bank, N.A., as Trustee, dated as of March 1, 2008.
        Capitalized terms used but not defined herein shall have the meanings given
        to
        them in the Agreement.

       

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

       

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

       

      

      [Name
        of
        Transferor]

      

      By:

      Name:

      Title:

       

      Date: 
        ,
        ___

      

        
          
            
            

          

          
            L-2-1

            
              

            

          

          
            
            

          

        

      EXHIBIT
        M

       

      Exchange
        Trust Agreement (including Available Combination Schedule)

       

      
        
          
          

        

        
          M-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

       

      SWAP
        AGREEMENT

      
        
          
          

        

        
          N-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

      

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      

      Key:
        X
        -
        obligation 

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements. Capitalized terms used herein but not defined herein shall have
        the
        meanings assigned to them in the Trust Agreement dated as of March 1, 2008
        (the
“Trust Agreement”), by and among Wells Fargo Bank, N.A., (the “Trustee”), Aurora
        Loan Services LLC, as master servicer (the “Master Servicer”) and Structured
        Asset Securities Corporation, as depositor (the “Depositor”). 

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Master
                  Servicer

              	
                Paying
                  Agent

              	
                Trustee

              
	 	
                General Servicing
                  Considerations

              	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	 	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 	 	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained. 

              	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	 	 
	 	
                Cash Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(2)(ii)

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

              	
                X

              	
                X

              	 
	
                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

              	 	 

      

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Master
                  Servicer

              	
                Paying
                  Agent

              	
                Trustee

              
	
                1122(d)(2)(iv)

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

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(v)

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

              	
                X

              	 	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	 	
                X

              	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	
                X

              	 	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	 	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	 	 	 

      

      
        
          
          

        

        
          O-2

          
            

          

        

        
          
          

        

      

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Master
                  Servicer

              	
                Paying
                  Agent

              	
                Trustee

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	 	 	 
	
                1122(d)(4)(iii)

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

              	 	 	
                X

              
	
                1122(d)(4)(iv)

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

              	 	 	 
	
                1122(d)(4)(v)

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

              	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool assets (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	 	 	 

      

      
        
          
          

        

        
          O-3

          
            

          

        

        
          
          

        

      

      

      
        	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Master
                  Servicer

              	
                Paying
                  Agent

              	
                Trustee

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	 	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	 	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 	
                X

              

      

      
        
          
          

        

        
          O-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-1

       

      ADDITIONAL
        FORM 10-D DISCLOSURE

      

      
        	
                Item
                  on Form 10-D

              	
                Party
                  Responsible

              
	
                Item
                  1: Distribution and Pool Performance Information

                Information
                  included in the Distribution Date Statement

                 

                 

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

              	
                 

                 

                 

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

                 

                Depositor
                  (to the extent of any additional information that has not already
                  been
                  provided by the Master Servicer)

              
	
                Item
                  2: Legal Proceedings

                per
                  Item 1117 of Reg AB

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

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

              	
                Depositor

              
	
                Item
                  4: Defaults Upon Senior Securities

              	
                Trustee

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

              	
                Trustee

              
	
                Item
                  6: Significant Obligors of Pool Assets

              	
                Depositor

              
	
                Item
                  7: Significant Enhancement Provider Information

              	
                Depositor

              
	
                Item
                  8: Other Information

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  9: Exhibits

              	
                Depositor

              

      

      

      

        
          
            
            

          

          
            P-1-1

            
              

            

          

          
            
            

          

        

      EXHIBIT
        P-2

       

      ADDITIONAL
        FORM 10-K DISCLOSURE

      
        	
                Item
                  on Form 10-K

              	
                Party
                  Responsible

              
	
                Item
                  1B: Unresolved Staff Comments

              	
                Depositor

              
	
                Item
                  9B: Other Information

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Depositor,
                  Servicer, Master Servicer, Subservicer

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1117 of Reg AB

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

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1119 of Reg AB

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

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1112(b) of Reg AB

              	
                Depositor

              
	
                Additional
                  Item:

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

              	
                Depositor

              

      

      

      
        
          
          

        

        
          P-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-3

       

      ADDITIONAL
        FORM 8-K DISCLOSURE

      

      
        	
                Item
                  on Form 8-K

              	
                Party
                  Responsible

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

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

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

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

              
	
                Item
                  1.03- Bankruptcy or Receivership

              	
                Depositor

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

              	
                Depositor

              
	
                Item
                  3.03- Material Modification to Rights of Security Holders

              	
                Trustee
                  and Depositor

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

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Trustee

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

              
	
                Item
                  6.03- Change in Credit Enhancement or External Support

              	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Trustee

              
	
                Item
                  6.05- Securities Act Updating Disclosure

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                Depositor

              
	
                Item
                  8.01- Other Events

              	
                Depositor

              
	
                Item
                  9.01- Financial Statements and Exhibits

              	
                Depositor

              

      

      
        
          
          

        

        
          P-3-1

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        P-4

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

      

      Structured
        Asset Securities Corporation, as Depositor

      745
        Seventh Avenue, 13th Floor

      New
        York,
        New York 10019

      Attention:
        Mortgage Finance, SARM 2008-1

      

      Wells
        Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia
        MD 21045

      Attn:
        Client Manager (SARM 2008-1)

      

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

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Trust Agreement, dated as of March 1,
        2008,
        by and among Structured Asset Securities Corporation, as Depositor, Aurora
        Loan
        Services LLC, as Master Servicer and Wells Fargo Bank, N.A., as Trustee,
        the
        undersigned, as [ ], hereby notifies you that certain events have come to
        our
        attention that [will] [may] need to be disclosed on Form
        [10-D][10-K][8-K].

       

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

      

       

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

       

       

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

       

      [NAME
        OF PARTY],

      as
        [role]

       

      By:                    

      Name:

      Title:

      
        
          
          

        

        
          P-4-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q-1

      

      FORM
        OF
        BACK-UP SARBANES-OXLEY CERTIFICATION

      [     
        ]

      [     
        ]

      [     
        ]

       

      
        	 	
                Re:

              	
                SARM
                  2008-1

              

      

       

      [_______],
        the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
        the Master Servicer and the Trustee, and each of their officers, directors
        and
        affiliates that:

       

      (1) I
        have
        reviewed [the servicer compliance statement of the Company provided in
        accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
        report on assessment of the Company’s compliance with the Servicing Criteria set
        forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
        accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act
        of
        1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
        report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
        Act and Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[      ] that were delivered by the Company
        to any of the Depositor, the Master Servicer and the Trustee pursuant to
        the
        Agreement (collectively, the “Company Servicing Information”);

       

      (2) Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the Depositor, the
        Master Servicer and the Trustee;

       

      (4) I
        am
        responsible for reviewing the activities performed by [_______] as [_______]
        under the [_______] (the “Agreement”), and based on my knowledge[and the
        compliance review conducted in preparing the Compliance Statement] and except
        as
        disclosed in [the Compliance Statement,] the Servicing Assessment or the
        Attestation Report, the Company has fulfilled its obligations under the
        Agreement in all material respects; and

       

      (5) [The
        Compliance Statement required to be delivered by the Company pursuant to
        the
        Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
        to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
        to the Agreement, have been provided to the Depositor, the Master Servicer
        and
        the Trustee. Any material instances of noncompliance described in such reports
        have been disclosed to the Depositor, the Master Servicer and the Trustee.
        Any
        material instance of noncompliance with the Servicing Criteria has been
        disclosed in such reports.

      
        
          
          

        

        
          Q-1-1

          
            

          

        

        
          
          

        

      

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Trust Agreement, dated as of March 1, 2008 (the “Trust Agreement”) by and among
        Structured Asset Securities Corporation, as Depositor, Wells Fargo Bank,
        N.A.,
        as Trustee and Aurora Loan Services LLC, as Master Servicer. Capitalized
        terms
        used but not defined herein shall have the meanings given to them in the
        Trust
        Agreement.

       

       

      [_______]

      as
        [_______]

      By: 

      Name:

      Title:

      Date:

      

      
        
          
          

        

        
          Q-1-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q-2

       

      FORM
        OF
        CERTIFICATION TO BE

      PROVIDED
        BY THE TRUSTEE

      

      
        	
                Re:

              	
                Structured
                  Adjustable Rate Mortgage Loan Trust (the “Trust”),
                  Mortgage Pass-Through Certificates, Series 2008-1, issued pursuant
                  to the
                  Trust Agreement, dated as of March 1, 2008, among Structured Asset
                  Securities Corporation, as Depositor, Aurora Loan Services, LLC,
                  as Master
                  Servicer and Wells Fargo Bank, N.A., as
                  Trustee

              

      

       

      The
        Trustee hereby certifies to the Depositor and the Master Servicer, and their
        respective officers, directors and affiliates, and with the knowledge and
        intent
        that they will rely upon this certification, that:

       

      1. I
        have
        reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
        Report”), and all reports on Form 10-D required to be filed in respect of period
        covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

      2. To
        my
        knowledge, (a) the Reports, taken as a whole, do not contain any untrue
        statement of a material fact or omit to state a material fact necessary to
        make
        the statements made, in light of the circumstances under which such statements
        were made, not misleading with respect to the period covered by the Annual
        Report, and (b) the Trustee’s assessment of compliance and related attestation
        report referred to below, taken as a whole, do not contain any untrue statement
        of a material fact or omit to state a material fact necessary to make the
        statements made, in light of the circumstances under which such statements
        were
        made, not misleading with respect to the period covered by such assessment
        of
        compliance and attestation report;

      3. To
        my
        knowledge, the distribution information required to be provided by the Trustee
        under the Trust Agreement for inclusion in the Reports is included in the
        Reports;

      4. I
        am
        responsible for reviewing the activities performed by the Trustee under the
        Trust Agreement, and based on my knowledge and the compliance review conducted
        in preparing the assessment of compliance of the Trustee required in the
        Annual
        Report under Item 1123 of Regulation AB, and except as disclosed in the Reports,
        the Trustee has fulfilled its obligations under the Trust Agreement in all
        material respects; and

      5. The
        report on assessment of compliance with servicing criteria applicable to
        the
        Trustee for asset-backed securities of the Trustee and each Subcontractor
        utilized by the Trustee and related attestation report on assessment of
        compliance with servicing criteria applicable to it required to be included
        in
        the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
        Act
        Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
        Any material instances of non-compliance are described in such report and
        have
        been disclosed in the Annual Report.

      In
        giving
        the certifications above, the Trustee has reasonably relied on information
        provided to it by the following unaffiliated parties: [names of servicer(s),
        master servicer, subservicer(s), depositor, trustee, custodian(s)]

      

      Date:    

      

      Wells
        Fargo Bank, N.A., as Trustee

      

                      

      [Signature]

      [Title]

      

        
          
            
            

          

          
            Q-2-1

            
              

            

          

          
            
            

          

        

      EXHIBIT
        R

       

      CAP
        AGREEMENT

      
        
          
          

        

        
          R-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        S

      

      TRANSACTION
        PARTIES

      

      Trustee:
        Wells Fargo Bank, N.A.

      

      Securities
        Administrator: N/A

      

      Master
        Servicer: Aurora Loan Services LLC

      

      Credit
        Risk Manager: N/A

      

      PMI
        Insurer: N/A

      

      Interest
        Rate Swap Counterparty: Lehman Brothers Special Financing, Inc.

      

      Interest
        Rate Cap Counterparty: Lehman Brothers Special Financing, Inc.

      

      Servicers:
        Aurora Loan Services LLC

      

      Originators:
        Flagstar
        Bank, FSB

      

      Custodians:
        U.S. Bank National Association 

      

      Seller:
        Lehman Brothers Holdings Inc.

      

        
          
            
            

          

          
            S-1

            
              

            

          

          
            
            

          

        

      EXHIBIT
        T

      

      FORM
        OF
        MODIFIED LOAN REPORT

      

      
        	
                Field
                  Name

              	
                 

              	
                Start

              	
                 

              	
                Width

              	
                 

              	
                Format

              	
                 

              
	
                Loan
                  Number

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Modification
                  Effective Date

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                UPB
                  Prior to Modification

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                UPB
                  Post Modification

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Interest
                  Rate Prior to Modification

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Modified
                  Interest Rate

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Scheduled
                  P&I Payment Prior to Modification

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Modified
                  Scheduled P&I Payment

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Maturity
                  Date Prior to Modification

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Modified
                  Maturity Date

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Principal
                  Forgiven

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Interest
                  Forgiven

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              

      

      

      
        
          
          

        

        
          T-1

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        A

       

      MORTGAGE
        LOAN SCHEDULE

       

      

      On
        file
        at the offices of:

      Dechert
        LLP

      2929
        Arch
        Street

      Philadelphia,
        Pennsylvania 19104

      Attn:
        Steven J. Molitor

      Telephone:
        (215) 994-2777

      Telecopier:
        (215) 994-2222EXCHANGE
      TRUST AGREEMENT

     

    This
      EXCHANGE TRUST AGREEMENT (this “Agreement”)
      dated
      as of March 1, 2008, is executed by and among Structured Asset Securities
      Corporation, as depositor (the “Depositor”)
      Wells
      Fargo Bank, N.A., solely in its capacity as trustee pursuant to the Underlying
      Trust Agreement (as defined below) (the “Trustee”).

     

    WITNESSETH

    

    WHEREAS,
      the Depositor, the Trustee and Aurora Loan Services, LLC, as Master Servicer
      have entered into a Trust Agreement (the “Underlying
      Trust Agreement”)
      dated
      as of March 1, 2008 establishing Structured Adjustable Rate Mortgage Loan Trust
      2008-1 (the “Underlying
      Trust”);

     

    WHEREAS,
      the Underlying Trust has issued a series of certificates known as Mortgage
      Pass-Through Certificates, Series 2008-1, evidencing the entire beneficial
      interest in the Underlying Trust;

     

    WHEREAS,
      the Exchange Classes and Exchangeable Classes (each as defined herein) will
      be
      issued hereunder and will represent ownership interests in the Related REMIC
      Classes (as defined herein);

     

    WHEREAS,
      all or a portion of the Exchange Classes may be exchanged for the related
      Exchangeable Classes and vice versa; and

     

    WHEREAS,
      the parties hereto desire to create this Trust to issue the Exchange Classes
      and
      the Exchangeable Classes subject to the terms and conditions set forth
      herein.

     

    NOW
      THEREFORE, the parties to this Agreement, in the several capacities hereinabove
      set forth, do hereby declare and establish this Agreement and do hereby
      undertake and otherwise agree as follows:

     

    ARTICLE
      I

     

    DEFINED
      TERMS

     

    Capitalized
      terms used and not defined herein shall have the respective meanings assigned
      to
      them in the Underlying Trust Agreement and the rules of construction set forth
      therein shall apply hereto. In addition, whenever used in this Agreement, the
      following words and phrases, unless the context otherwise requires, shall have
      the following meanings:

     

    “Aggregate
      Denomination”:
      As to
      any Class and date of determination, the aggregate of the denominations of
      the
      Outstanding Certificates of such Class on such date.

     

    “Authorized
      Officer”:
      The
      Chairman of the Board, the President or any Executive Vice President, Senior
      Vice President or Vice President.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Certificate”:
      A
      grantor trust pass-through security issued hereunder in a book-entry form as
      authorized by this Agreement.

     

    “Certificate
      Registrar”:
      For
      the purposes of this Agreement, the Trustee appointed pursuant to the Underlying
      Trust Agreement which shall act as Certificate Registrar under this Agreement
      subject to the terms and conditions and entitled to the same rights, protections
      and indemnities set forth in the Agreement.

     

    “Class”:
      Each
      Class of Certificates issued or issuable hereunder as set forth in Section
      2.02
      hereto and each REMIC Class issued under the Underlying Trust
      Agreement.

     

    “Class
      Balance”:
      With
      respect to any Exchangeable Class or Exchange Class, at any time, the aggregate
      of the Certificate Principal Amounts of all Outstanding Certificates of such
      Class.

     

    “Class
      Distribution Amount”:
      As to
      each Exchangeable Class and Exchange Class and any Distribution Date, an amount
      equal to the aggregate of the Class Interest Distribution Amount and Class
      Principal Distribution Amount on such date. As to each Related REMIC Class
      on
      any Distribution Date, the sum of (i) the Accrued Certificate Interest
      distributable to such Class pursuant to the Underlying Trust Agreement on such
      date; and (ii) the amount of principal distributable to such Class pursuant
      to
      the Underlying Trust Agreement on such date.

     

    “Class
      Interest Distribution Amount”:
      As to
      each Exchangeable Class and Exchange Class, and each Distribution Date, an
      amount equal to Accrued Certificate Interest (as defined in the Underlying
      Trust
      Agreement) for such class.

     

    “Class
      Principal Distribution Amount”:
      As to
      each Exchangeable Class and Exchange Class, and each Distribution Date, an
      amount as to principal equal to (i) the concurrent distribution of principal
      in
      respect of each Related REMIC Class multiplied by (ii) a fraction, the numerator
      of which is the Aggregate Denomination of such Class and the denominator of
      which is the Initial Authorized Denomination of such Class.

     

    “Code”:
      The
      Internal Revenue Code of 1986, as amended, including any successor or amendatory
      provisions.

     

    “Combination
      Group”:
      Any
      allowable combination of Certificates as set forth on Appendix A.

    

    “Distribution
      Date”:
      As to
      any Exchangeable Class and Exchange Class, the Distribution Date for the Related
      REMIC Classes.

     

    “Exchange
      Classes”
or
      “Exchange
      Certificates”:
      Each
      Class of Certificates identified as such in Appendix A hereto and issued
      hereunder.

     

    “Exchangeable
      Classes”
or
      “Exchangeable
      Certificates”:
      Each
      Class of Certificates identified as such in Appendix A hereto and issued
      hereunder.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    “Initial
      Authorized Denomination”:
      With
      respect to any Class and Combination Group, the amount set forth with respect
      to
      such Class and such Combination Group in Appendix A under the heading “Maximum
      Balance” or “Maximum Original Balance.”

     

    “Issue
      Date”:
      March
      31, 2008.

     

    “NMWHFIT”:
      A
“Non-Mortgage Widely Held Fixed Investment Trust” as that term is defined in
      Treasury Regulations section 1.671-5(b)(12) or successor
      provisions.

     

    “Notional
      Amount”:
      Not
      applicable.

     

    “Notional
      Exchange Classes”:
      Not
      applicable.

     

    “Outstanding
      Certificate”:
      Any
      Outstanding Exchange Certificate and Outstanding Exchangeable
      Certificate.

     

    “Outstanding
      Exchangeable Certificate”:
      Any
      Exchangeable Certificate issued on the Issue Date; provided,
      however,
      that
      upon the exchange of any Exchangeable Certificate pursuant to Section 2.03
      hereof, the Exchangeable Certificate so exchanged shall be deemed no longer
      to
      be an Outstanding Certificate, and each Exchange Certificate issued in exchange
      therefor shall be deemed to be an Outstanding Exchange Certificate.

     

    “Outstanding
      Exchange Certificate”:
      Any
      Exchange Certificate issued on the Issue Date; provided,
      however,
      that
      upon the exchange of any Exchange Certificate pursuant to Section 2.03 hereof,
      the Exchange Certificate so exchanged shall be deemed no longer to be an
      Outstanding Exchange Certificate, and the Exchangeable Certificate issued in
      exchange therefor shall be deemed to be an Outstanding Exchangeable
      Certificate.

     

    “Paying
      Agent”:
      For
      the purposes of this Agreement, the Trustee appointed pursuant to the Underlying
      Trust Agreement which shall act as Paying Agent under this Agreement subject
      to
      the same terms and conditions and entitled to the same rights, protections
      and
      indemnities set forth in the Underlying Trust Agreement.

     

    “Prospectus”:
      The
      prospectus dated February 28, 2008, as supplemented by a prospectus supplement
      dated March 28, 2008, relating to the Structured Adjustable Rate Mortgage Loan
      Trust, Mortgage Pass-Through Certificates Series 2008-1.

     

    “Realized
      Loss Allocation Amount”:
      As to
      each Exchangeable Class or Exchange Class and Distribution Date, an amount
      equal
      to the aggregate of the Realized Losses on such Distribution Date in respect
      of
      the Related REMIC Class or Classes multiplied by a fraction, the numerator
      of
      which is equal to the Aggregate Denomination of such Exchange or Exchangeable
      Class at the close of business on the related Record Date and the denominator
      of
      which is the Initial Authorized Denomination with respect to such Class.

     

    “Related
      REMIC Class”:
      As to
      any Exchange Class (and each Exchangeable Class of the same Combination Group),
      the REMIC Class with the identical class designation as such Exchange
      Class.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “REMIC
      Class”
or
      “REMIC
      Certificates”:
      The
      rights with respect to each following Class of Certificates issued under the
      Underlying Trust Agreement in uncertificated form (such rights determined for
      this purpose as if no Exchangeable Certificates existed): the Class
      A21, Class A22, Class A31 and Class A32 Certificates.

     

    “Trust”:
      The
      trust created by this Agreement, the corpus of which consists of the Trust
      Fund.

     

    “Trust
      Account”:
      As
      defined in Section 3.02 hereof.

     

    “Trust
      Fund”:
      The
      corpus of the trust created by this Agreement, consisting of the Trust Account
      and the uncertificated interests in the REMIC Certificates issued by the
      Underlying Trust and all payments thereon and all rights
      thereunder.

     

    “Underlying
      Trust”:
      As
      defined in the Preamble hereof.

     

    “WHFIT”:
      A
“Widely Held Fixed Investment Trust” as that term is defined in Treasury
      Regulations section 1.671-5(b)(22) or successor provisions.

     

    “WHFIT
      Regulations”:
      Treasury Regulations section 1.671-5, as amended.

     

    WHMT:
      A
“Widely Held Mortgage Trust” as that term is defined in Treasury Regulations
      section 1.671-5(b)(23) or successor provisions.

     

    ARTICLE
      II

     

    THE
      TRUST

     

    Section
      2.01. Acceptance
      of REMIC Certificates.
      Wells
      Fargo Bank, N.A., acting in its capacity as Trustee, acknowledges the transfer
      and assignment to it of the uncertificated REMIC Certificates and hereby
      declares that it will hold the same in trust for the Certificateholders on
      the
      terms in this Agreement contained.

     

    Section
      2.02. Certificates.
      The
      Certificates authorized by this Agreement shall consist of each Exchange
      Class and Exchangeable Class having the characteristics specified or determined
      as provided in Appendix A and the Underlying Trust Agreement, and otherwise
      shall be subject to the terms and provisions set forth herein. 

     

    Section
      2.03. Exchanges.
      Certificates shall be exchangeable on the books of DTC, on and after the Closing
      Date, by notice to the Trustee and under the terms and conditions hereinafter
      set forth.

     

    In
      the
      case of each Combination Group, Exchange Certificates in such Combination Group
      shall be exchangeable for Exchangeable Certificates related to such Combination
      Group in respective denominations determined based on the proportion that the
      initial Certificate Principal Balances of such Exchange Certificates bear to
      the
      original Certificate Principal Balances of the related Exchangeable
      Certificates, as set forth in Appendix A. Upon any such exchange the portions
      of
      the Exchange Certificates designated for exchange shall be deemed cancelled
      and
      replaced by the Exchangeable Certificates issued in exchange therefor.
      Correspondingly, Exchangeable Certificates related to a Combination Group may
      be
      further designated for exchange for Certificates of the Exchange Classes in
      such
      Combination Group in respective denominations determined based on the proportion
      that the initial Certificate Principal Balances of such Exchangeable
      Certificates bear to the original Certificate Principal Balances of the related
      Exchange Certificates, as set forth in Appendix A. There shall be no limitation
      on the number of exchanges authorized pursuant to this Section 2.03, and, except
      as set forth below, no fee or other charge shall be payable to the Trustee
      or
      DTC in connection therewith.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    Upon
      the
      presentation and surrender by any Holder of its Certificates in the appropriate
      combination as set forth on Appendix A, such Holder shall hereunder transfer,
      assign, set over and otherwise convey to the Trustee, all of such Holder’s
      right, title and interest in and to such Certificates, including all payments
      of
      interest thereon received after the month of the date specified in the notice
      (as described in the immediately succeeding paragraph) relating to such
      exchange.

    

    In
      order
      to effect an exchange of Certificates, the Certificateholder shall provide
      notice to the Trustee (substantially in the form of Exhibit I hereto) in writing
      or by e-mail at each of GCTSSPGTEAMC-1@wellsfargo.com,
      Rebecca.A.Lisi@wellsfargo.com
      and
Scott.Runkles@wellsfargo.com no
      later
      than two Business Days before the proposed exchange date. The exchange date
      may
      be any Business Day from and including the 25th
      day of
      the month to the second to the last Business Day of the month subject to the
      Trustee’s approval. The notice must be on the Certificateholder’s letterhead,
      carry a medallion stamp guarantee and set forth the following information:
      the
      CUSIP number of both Certificates to be exchanged and Certificates to be
      received; outstanding Certificate Balance and the Original Certificate Balance
      of the Certificates to be exchanged; the Certificateholder’s DTC participant
      number; and the proposed exchange date. After receiving the notice, the Trustee
      shall e-mail the Certificateholder with wire payment instructions relating
      to
      the exchange fee. A notice becomes irrevocable on the second Business Day before
      the proposed exchange date.

    

    Notwithstanding
      any other provision herein set forth, a fee shall be payable to the Trustee
      in
      connection with each exchange equal to $5,000 for each exchange
      request.

    

    The
      Trustee shall make the first distribution on an Exchange Certificate or an
      Exchangeable Certificate received in an exchange transaction on the Distribution
      Date in the following month to the Certificateholder of record as of the close
      of business on the last day of the month of the exchange.

    

    Section
      2.04. Delivery
      of Instruments.
      The
      Trustee shall furnish to each Holder, upon request, copies of this Agreement,
      without attachments, applicable to the Certificate(s) held by such
      Holder.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    ARTICLE
      III

     

    CERTIFICATES;
      DISTRIBUTIONS

     

    Section
      3.01. Issuance
      of Certificates.
      The
      Classes of Certificates issued hereunder shall be issued in book-entry form
      and
      shall be maintained in the names of the record owners thereof as entries on
      the
      books of DTC. Such Certificates shall be in authorized denominations set forth
      herein and in the Underlying Trust Agreement.

     

    Section
      3.02. Trust
      Account.
      On or
      before the Issue Date, the Trustee shall either (i) open with a depository
      institution one or more trust accounts in the name of the Trustee on behalf
      of
      the Trust Fund that shall collectively be the “Trust
      Account,”
      (ii) in lieu of maintaining any such account or accounts, maintain the
      Trust Account by means of appropriate entries on its books and records
      designating all amounts credited thereto in respect of the REMIC Certificates
      and all investments of any such amounts as being held by it in its capacity
      as
      Trustee for the benefit of the Holders of the Certificates or
      (iii) maintain the Trust Account in the form of any combination of accounts
      or book entries described in clauses (i) and (ii) above. Any manner or manners
      in which the Trust Account is maintained may at any time be changed without
      notice to, or the approval of Holders of, the Certificates so long as funds
      held
      in the Trust Fund by, or for the account of, the Trustee shall at all times
      be
      identified. To the extent that the Trust Account is maintained by the Trustee
      in
      the manner provided for in clause (ii) above, all references herein to deposits
      and withdrawals from the Trust Account shall be deemed to refer to credits
      and
      debits to the related books of the Trustee.

     

    The
      Trustee shall deposit in the Trust Account all distributions in respect of
      the
      REMIC Certificates received by it as Trustee hereunder. All such distributions
      deposited from time to time in the Trust Account and all investments made with
      such moneys, including all income or other gain from such investments, shall
      be
      held by the Trustee in the Trust Account as part of the Trust Fund as herein
      provided, subject to withdrawal by the Trustee for distributions on the
      Certificates. Funds in the Trust Account shall remain univested. 

     

    Section
      3.03. Distributions.
      On each
      Distribution Date, the Trustee shall withdraw from the Trust Account the Class
      Distribution Amount for each Class and shall cause the Paying Agent to make
      the
      appropriate distributions to the Holders of each such Class. All distributions
      of such Class Distribution Amount that are made with respect to a particular
      Class shall be made pro
      rata
      among
      all Certificates of such class in proportion to their respective Certificate
      Balances, with no preference or priority of any kind. As among any Outstanding
      Exchange Classes, distributions shall be made to such Certificates, pro
      rata,
      in
      proportion to the Class Principal Balance of each such Class. Exchangeable
      Certificates will be entitled to a proportionate share of the principal
      distributions on each class of Exchange Certificates in proportion to the amount
      exchanged pursuant to Appendix A. In addition, Exchangeable Certificates will
      bear a proportionate share of losses and interest shortfalls allocable to each
      class of Exchange Certificates in proportion to the amount exchanged pursuant
      to
      Appendix A.

     

    Section
      3.04. Allocation
      of Realized Losses.
      On each
      Distribution Date, the Realized Loss Allocation Amount for each Exchange and
      Exchangeable Class shall be applied to such Class in reduction of the balances
      thereof.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    Section
      3.05. WHFIT
      Provisions.

     

    (a) This
      Trust is a WHFIT that is a WHMT. The Trustee will report as required under
      the
      WHFIT Regulations to the extent such information as is reasonably necessary
      to
      enable the Trustee to do so is provided to the Trustee on a timely basis. The
      Trustee will not be liable for any tax reporting penalties that may arise under
      the WHFIT Regulations as a result of the Depositor incorrectly determining
      the
      status of the Trust as a WHFIT.

     

    (b) The
      Trustee will report required WHFIT information using either the cash or accrual
      method, except to the extent the WHFIT Regulations specifically require a
      different method. The Trustee will be under no obligation to determine whether
      any certificate holder uses the cash or accrual method. In addition, the Trustee
      will not be responsible or liable for providing subsequently amended, revised
      or
      updated information to any certificate holder, unless requested by the
      certificate holder or as required under applicable law.

     

    (c) The
      Trustee shall not be liable for failure to meet the reporting requirements
      of
      the WHFIT Regulations nor for any penalties thereunder if such failure is due
      to: (i) the lack of reasonably necessary information being provided to the
      Trustee or (ii) incomplete, inaccurate or untimely information being provided
      to
      the Trustee. Each owner of a class of securities representing, in whole or
      in
      part, beneficial ownership of an interest in a WHFIT, by acceptance of its
      interest in such class of securities, will be deemed to have agreed to provide
      the Trustee with information regarding any sale of such securities, including
      the price, amount of proceeds and date of sale. Absent receipt of such
      information, and unless informed otherwise, the Trustee will assume there is
      no
      secondary market trading of WHFIT interests.

     

    (d)To
      the
      extent required by the WHFIT Regulations, the Trustee will use reasonable
      efforts to publish on an appropriate website the CUSIPs for the certificates
      that represent ownership of a WHFIT. The CUSIPs so published will represent
      the
      Rule 144A CUSIPs. The Trustee will make reasonable good faith efforts to keep
      the website accurate and updated to the extent CUSIPs have been received. Absent
      the receipt of a CUSIP, the Trustee will use a reasonable identifier number
      in
      lieu of a CUSIP. The Trustee will not be liable for investor reporting delays
      that result from the receipt of inaccurate or untimely CUSIP
      information.

    

    ARTICLE
      IV

     

    LIMITATION
      OF LIABILITY

     

    The
      Trustee shall be entitled to the same rights, protections and indemnities
      afforded to it under the Underlying Trust Agreement.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    ARTICLE
      V

     

    THE
      TRUSTEE

     

    In
      the
      event that there shall be any matter arising under the Underlying Trust
      Agreement that requires the vote of Holders of Certificates outstanding
      thereunder, the Trustee shall vote such REMIC Certificates in such amounts
      and
      proportions as shall reflect instructions received from Holders of any
      Outstanding Exchange Certificates and Outstanding Exchangeable Certificates,
      provided,
      that
      absent receipt of such instructions, the Trustee shall abstain from voting.
      The
      Trustee shall promptly notify the Holders of any outstanding Exchange
      Certificates of any such matter requiring their vote or consent.

     

    ARTICLE
      VI

     

    TERMINATION

     

    The
      obligations and responsibilities of the Trustee shall terminate as to the Trust
      upon the same terms and conditions as the Underlying Trust pursuant to the
      Underlying Trust Agreement.

     

    ARTICLE
      VII

     

    SUPPLEMENTAL
      AGREEMENTS

     

    This
      Agreement may be amended or supplemented from time to time by the Depositor
      and
      the Trustee upon the same terms and conditions as the Underlying Trust Agreement
      may be amended or supplemented.

     

    ARTICLE
      VIII

     

    MISCELLANEOUS

     

    Section
      8.01. Certificateholders.
      The
      death or incapacity of any Certificateholder shall neither operate to terminate
      this Agreement, nor entitle such Certificateholder’s legal representative or
      heirs to claim an accounting or to take any action or proceeding in any court
      for a partition or winding-up of the affairs of the Trust Fund, nor otherwise
      affect the rights, duties and obligations of any of the parties to this
      Agreement.

     

    Except
      as
      provided in Article V and Article VII, no Certificateholder shall have any
      right
      to vote or in any manner otherwise control the operation and management of
      the
      Trust Fund or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of the Certificates, be construed so as
      to
      constitute the Certificateholders from time to time as partners or members
      of an
      association; nor shall any Certificateholder be under any liability to any
      third
      person by reason of any action taken by the parties to this Agreement pursuant
      to any provision hereof.

     

    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 an Event of Default shall
      have
      occurred and be continuing in respect of this Agreement. It is understood and
      intended, and is 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
      such Certificates, or to obtain or seek to obtain priority over or preference
      to
      any other such Holder, or to enforce any right under this Agreement, except
      in
      the manner herein provided and for the equal, ratable and common benefit of
      all
      Certificateholders. For the protection and enforcement of the provisions of
      this
      Section, each and every Certificateholder and the Trustee shall be entitled
      to
      such relief as can be given either at law or in equity.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Section
      8.02. 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
      8.03. Demands,
      Notices and Communications.
      All
      formal demands, notices and communications by and among the Trustee, the
      Certificate Registrar, the Paying Agent and the Holder of any Certificate shall
      be in writing and delivered in person or by first class mail, postage prepaid,
      or by facsimile to the Trustee at its address or facsimile number set forth
      in
      the Underlying Trust Agreement. Any notice so mailed within the time prescribed
      in this Agreement shall be conclusively presumed to have been duly given whether
      or not the Person to whom such notice shall have been directed receives such
      notice.

     

    Section
      8.04. Severability
      of Provisions.
      If any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    Section
      8.05. Tax
      Status and Reporting.
      It is
      intended that the Trust Fund created hereunder be considered a “grantor trust”
under the Code. Based upon such characterization, within a reasonable period
      of
      time after the end of each calendar year but not later than the latest date
      permitted by law, the Trustee shall mail to each person who so requests in
      writing and who at anytime during such calendar year shall have been a
      Certificateholder the necessary information under applicable law for preparation
      of such Holder’s federal and state income tax returns unless substantially
      similar information has been previously provided to such
      Certificateholder.

     

    For
      federal income tax purposes, the grantor trust created hereunder shall have
      a
      calendar year taxable year. The Trustee shall prepare or cause to be prepared
      and shall file or cause to be filed with the Internal Revenue Service and
      applicable state or local tax authorities, income tax information returns for
      each taxable year with respect to the grantor trust.

     

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto hereby execute this Agreement, as of the
      day
      and year first above written.

     

     

    WELLS
      FARGO BANK, N.A.

    solely
      in
      its capacity as Trustee

     

    By:_____________________________

    Name:___________________________

    Title:____________________________

     

    STRUCTURED
      ASSET SECURITIES 

    CORPORATION

    in
      its
      capacity as Depositor

     

    By:______________________________

    Name:____________________________
      

    Title:_____________________________

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    APPENDIX
      A

     

    Available
      Exchange Combinations

     

    
      	
               

              Exchange
                Certificates

            	 	
              Exchangeable
                Certificates

            
	
              Combination

            	
              Maximum
                Initial Principal
                Balance
                (1)

            	 	
              Class

            	
              Maximum
                Initial Principal
                Balance
                (1)

            	
              Principal
                Type

            	
              Interest
                Type

            
	 
	 	 	 	 	 	 	 
	
              Combination
                1

            	
               

            	 	 	 	 	 
	
              A21

            	
              $24,777,000

            	 	
              A2

            	
              $30,972,000.00

            	
              Pass
                Through

            	
              Variable

            
	
              A22

            	
              $6,195,000

            	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Combination
                2

            	 	 	 	 	 	 
	
              A31

            	
              $13,008,000

            	 	
              A3

            	
              $16,261,000.00

            	
              Pass
                Through

            	
              Variable

            
	
              A32

            	
              $3,253,000

            	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Combination
                3

            	 	 	 	 	 	 
	
              A21

            	
              $24,777,000

            	 	
              A4

            	
              $37,785,000

            	
              Pass
                Through

            	
              Variable

            
	
              A31

            	
              $13,008,000

            	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Combination
                4

            	 	 	 	 	 	 
	
              A22

            	
              $6,195,000

            	 	
              A5

            	
              $9,448,000

            	
              Pass
                Through

            	
              Variable

            
	
              A32

            	
              $3,253,000

            	 	 	 	 	 
	 	 	 	 	 	 	 

    

    

    (1) Exchange
      Certificates and Exchangeable Certificates in any combination may be exchanged
      only in the proportion that the maximum initial principal balances of such
      certificates bear to one another as shown above.

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      I

    

    FORM
      OF EXCHANGE LETTER

    

    ___,
      20__

    

    Wells
      Fargo Bank, N.A.

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      Minnesota 55479

    Attention:
      Corporate Trust Services, SARM 2008-1

    

    Re:          
      Structured
      Adjustable Rate Mortgage Loan Trust 2008-1,

    Mortgage
      Pass-Through Certificates, Series 2008-1

     

    Ladies
      and Gentlemen:

    

    Pursuant
      to the terms of the Exchange Trust Agreement dated as of March 1, 2008 (the
      “Trust
      Agreement”),
      by
      and among Structured Asset Securities Corporation, as depositor, Wells Fargo
      Bank, N.A., as trustee (the “Trustee”),
      we
      hereby present and surrender the Certificates specified on Schedule
      I
      attached
      hereto and transfer, assign, set over and otherwise convey to the Trustee,
      all
      of our right, title and interest in and to such Certificates, including all
      payments of interest thereon received after [___________], 2008, in exchange
      for
      the related Certificates specified on Schedule
      I
      attached
      hereto. 

     

    We
      agree
      that upon such exchange the portions of the Certificates designated for exchange
      shall be deemed cancelled and replaced by the Certificates issued in exchange
      therefor. We confirm that we have paid a fee to the Trustee in connection with
      such exchange equal to $5,000.

     

    Sincerely,

    

    By:      

    Name:
      

    Title:
      

    

    Acknowledged
      by:

    

    WELLS
      FARGO BANK, N.A., 

    solely
      in
      its capacity as Trustee

    

    By:      

    Name:
      

    Title:

    

    
      
         

      

      
        I-1

        
          

        

      

      
         

      

    

    SCHEDULE
      I

    

    Available
      Exchange Combinations

    
      	
               

              Exchange
                Certificates

            	 	
              Exchangeable
                Certificates

            
	
              Combination

            	
              Maximum
                Initial Principal
                Balance
                (1)

            	 	
              Class

            	
              Maximum
                Initial Principal
                Balance
                (1)

            	
              Principal
                Type

            	
              Interest
                Type

            
	 
	 	 	 	 	 	 	 
	
              Combination
                1

            	
               

            	 	 	 	 	 
	
              A21

            	
              $24,777,000

            	 	
              A2

            	
              $30,972,000.00

            	
              Pass
                Through

            	
              Variable

            
	
              A22

            	
              $6,195,000

            	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Combination
                2

            	 	 	 	 	 	 
	
              A31

            	
              $13,008,000

            	 	
              A3

            	
              $16,261,000.00

            	
              Pass
                Through

            	
              Variable

            
	
              A32

            	
              $3,253,000

            	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Combination
                3

            	 	 	 	 	 	 
	
              A21

            	
              $24,777,000

            	 	
              A4

            	
              $37,785,000

            	
              Pass
                Through

            	
              Variable

            
	
              A31

            	
              $13,008,000

            	 	 	 	 	 
	 	 	 	 	 	 	 
	
              Combination
                4

            	 	 	 	 	 	 
	
              A22

            	
              $6,195,000

            	 	
              A5

            	
              $9,448,000

            	
              Pass
                Through

            	
              Variable

            
	
              A32

            	
              $3,253,000

            	 	 	 	 	 
	 	 	 	 	 	 	 

    

    

    (1) Exchange
      Certificates and Exchangeable Certificates in any combination may be exchanged
      only in the proportion that the maximum initial principal balances of such
      certificates bear to one another as shown above.

     

    
      
         

      

      
        I-2

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