Document:

Unassociated Document

    EXECUTION
      COPY

    

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee

     

      
        

      

    

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of November 1, 2006

     

    
      
 

    STRUCTURED
      ADJUSTABLE RATE MORTGAGE LOAN TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-11

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF
      CONTENTS

     

    
      
        	 	
                PAGE

              
	
                ARTICLE
                  I DEFINITIONS

              	
                14

              
	
                Section
                  1.01.

              	
                Definitions.

              	
                14

              
	
                Section
                  1.02.

              	
                Calculations
                  Respecting Mortgage Loans.

              	
                63

              
	
                Section
                  1.03.

              	
                Rights
                  of the NIMS Insurer.

              	
                63

              
	
                ARTICLE
                  II DECLARATION
                  OF TRUST; ISSUANCE OF CERTIFICATES

              	
                64

              
	
                Section
                  2.01.

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

              	
                64

              
	
                Section
                  2.02.

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

              	
                68

              
	
                Section
                  2.03.

              	
                Representations
                  and Warranties of the Depositor.

              	
                70

              
	
                Section
                  2.04.

              	
                Discovery
                  of Breach.

              	
                71

              
	
                Section
                  2.05.

              	
                Repurchase,
                  Purchase or Substitution of Mortgage Loans.

              	
                72

              
	
                Section
                  2.06.

              	
                Grant
                  Clause.

              	
                73

              
	
                ARTICLE
                  III THE
                  CERTIFICATES

              	
                74

              
	
                Section
                  3.01.

              	
                The
                  Certificates.

              	
                74

              
	
                Section
                  3.02.

              	
                Registration.

              	
                75

              
	
                Section
                  3.03.

              	
                Transfer
                  and Exchange of Certificates.

              	
                76

              
	
                Section
                  3.04.

              	
                Cancellation
                  of Certificates.

              	
                82

              
	
                Section
                  3.05.

              	
                Replacement
                  of Certificates.

              	
                82

              
	
                Section
                  3.06.

              	
                Persons
                  Deemed Owners.

              	
                82

              
	
                Section
                  3.07.

              	
                Temporary
                  Certificates.

              	
                82

              
	
                Section
                  3.08.

              	
                Appointment
                  of Paying Agent.

              	
                83

              
	
                Section
                  3.09.

              	
                Book-Entry
                  Certificates.

              	
                84

              
	
                ARTICLE
                  IV ADMINISTRATION
                  OF THE TRUST FUND

              	
                85

              
	
                Section
                  4.01.

              	
                Collection
                  Account.

              	
                85

              
	
                Section
                  4.02.

              	
                Application
                  of Funds in the Collection Account.

              	
                87

              
	
                Section
                  4.03.

              	
                Reports
                  to Certificateholders.

              	
                90

              
	
                Section
                  4.04.

              	
                Certificate
                  Account.

              	
                94

              
	
                ARTICLE
                  V DISTRIBUTIONS
                  TO HOLDERS OF CERTIFICATES

              	
                95

              
	
                Section
                  5.01.

              	
                Distributions
                  Generally.

              	
                95

              
	
                Section
                  5.02.

              	
                Distributions
                  from the Certificate Account.

              	
                96

              
	
                Section
                  5.03.

              	
                Allocation
                  of Realized Losses.

              	
                109

              
	
                Section
                  5.04.

              	
                Advances
                  by the Master Servicer and the Trustee.

              	
                111

              
	
                Section
                  5.05.

              	
                Compensating
                  Interest Payments.

              	
                112

              
	
                Section
                  5.06.

              	
                Funding
                  Account.

              	
                112

              
	
                Section
                  5.07.

              	
                Basis
                  Risk Reserve Funds.

              	
                113

              
	
                Section
                  5.08.

              	
                Supplemental
                  Interest Trust.

              	
                113

              
	
                Section
                  5.09.

              	
                Collateral
                  Account.

              	
                114

              
	
                Section
                  5.10.

              	
                Rights
                  of Swap Counterparty.

              	
                115

              
	
                Section
                  5.11.

              	
                Termination
                  Receipts.

              	
                115

              
	
                Section
                  5.12.

              	
                Class
                  1-X Account.

              	
                116

              
	
                ARTICLE
                  VI CONCERNING
                  THE TRUSTEE; EVENTS OF DEFAULT

              	
                116

              
	
                Section
                  6.01.

              	
                Duties
                  of Trustee.

              	
                116

              
	
                Section
                  6.02.

              	
                Certain
                  Matters Affecting the Trustee.

              	
                120

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  6.03.

              	
                Trustee
                  Not Liable for Certificates.

              	
                121

              
	
                Section
                  6.04.

              	
                Trustee
                  May Own Certificates.

              	
                121

              
	
                Section
                  6.05.

              	
                Eligibility
                  Requirements for Trustee.

              	
                121

              
	
                Section
                  6.06.

              	
                Resignation
                  and Removal of Trustee.

              	
                122

              
	
                Section
                  6.07.

              	
                Successor
                  Trustee.

              	
                123

              
	
                Section
                  6.08.

              	
                Merger
                  or Consolidation of Trustee.

              	
                123

              
	
                Section
                  6.09.

              	
                Appointment
                  of Co-Trustee, Separate Trustee or Custodian.

              	
                124

              
	
                Section
                  6.10.

              	
                Authenticating
                  Agents.

              	
                126

              
	
                Section
                  6.11.

              	
                Indemnification
                  of Trustee.

              	
                127

              
	
                Section
                  6.12.

              	
                Fees
                  and Expenses of Trustee and Custodian.

              	
                127

              
	
                Section
                  6.13.

              	
                Collection
                  of Monies.

              	
                128

              
	
                Section
                  6.14.

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

              	
                128

              
	
                Section
                  6.15.

              	
                Additional
                  Remedies of Trustee Upon Event of Default.

              	
                133

              
	
                Section
                  6.16.

              	
                Waiver
                  of Defaults.

              	
                133

              
	
                Section
                  6.17.

              	
                Notification
                  to Holders.

              	
                133

              
	
                Section
                  6.18.

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

              	
                133

              
	
                Section
                  6.19.

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

              	
                134

              
	
                Section
                  6.20.

              	
                Preparation
                  of Tax Returns and Other Reports.

              	
                134

              
	
                Section
                  6.21.

              	
                Reporting
                  Requirements of the Commission.

              	
                141

              
	
                Section
                  6.22.

              	
                No
                  Merger.

              	
                141

              
	
                Section
                  6.23.

              	
                Indemnification
                  by the Trustee.

              	
                141

              
	
                ARTICLE
                  VII PURCHASE
                  AND TERMINATION OF THE TRUST FUND

              	
                141

              
	
                Section
                  7.01.

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

              	
                142

              
	
                Section
                  7.02.

              	
                Procedure
                  Upon Termination of Trust Fund.

              	
                144

              
	
                Section
                  7.03.

              	
                Additional
                  Requirements under the REMIC Provisions.

              	
                145

              
	
                Section
                  7.04.

              	
                Optional
                  Purchase Right of NIMS Insurer.

              	
                146

              
	
                ARTICLE
                  VIII RIGHTS
                  OF CERTIFICATEHOLDERS

              	
                146

              
	
                Section
                  8.01.

              	
                Limitation
                  on Rights of Holders.

              	
                146

              
	
                Section
                  8.02.

              	
                Access
                  to List of Holders.

              	
                147

              
	
                Section
                  8.03.

              	
                Acts
                  of Holders of Certificates.

              	
                147

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

              	
                148

              
	
                Section
                  9.01.

              	
                Duties
                  of the Master Servicer.

              	
                148

              
	
                Section
                  9.02.

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

              	
                148

              
	
                Section
                  9.03.

              	
                Master
                  Servicer’s Financial Statements and Related Information.

              	
                149

              
	
                Section
                  9.04.

              	
                Power
                  to Act; Procedures.

              	
                149

              
	
                Section
                  9.05.

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

              	
                152

              
	
                Section
                  9.06.

              	
                Collection
                  of Taxes, Assessments and Similar Items.

              	
                153

              
	
                Section
                  9.07.

              	
                Termination
                  of Servicing Agreements; Successor Servicers.

              	
                153

              
	
                Section
                  9.08.

              	
                Master
                  Servicer Liable for Enforcement.

              	
                154

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  9.09.

              	
                No
                  Contractual Relationship Between the Servicers, any NIMS Insurer
                  and
                  Trustee or Depositor.

              	
                154

              
	
                Section
                  9.10.

              	
                Assumption
                  of Servicing Agreement by Trustee.

              	
                154

              
	
                Section
                  9.11.

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

              	
                155

              
	
                Section
                  9.12.

              	
                Release
                  of Mortgage Files.

              	
                155

              
	
                Section
                  9.13.

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

              	
                156

              
	
                Section
                  9.14.

              	
                Representations
                  and Warranties of the Master Servicer.

              	
                158

              
	
                Section
                  9.15.

              	
                Closing
                  Certificate and Opinion.

              	
                160

              
	
                Section
                  9.16.

              	
                Standard
                  Hazard and Flood Insurance Policies.

              	
                160

              
	
                Section
                  9.17.

              	
                Presentment
                  of Claims and Collection of Proceeds.

              	
                161

              
	
                Section
                  9.18.

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              	
                161

              
	
                Section
                  9.19.

              	
                Trustee
                  To Retain Possession of Certain Insurance Policies and
                  Documents.

              	
                162

              
	
                Section
                  9.20.

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              	
                162

              
	
                Section
                  9.21.

              	
                Compensation
                  to the Master Servicer.

              	
                163

              
	
                Section
                  9.22.

              	
                REO
                  Property.

              	
                163

              
	
                Section
                  9.23.

              	
                Notices
                  to the Depositor and the Trustee

              	
                164

              
	
                Section
                  9.24.

              	
                Reports
                  to the Trustee.

              	
                165

              
	
                Section
                  9.25.

              	
                Assessment
                  of Compliance and Attestation Reports..

              	
                166

              
	
                Section
                  9.26.

              	
                Annual
                  Statement of Compliance with Applicable Servicing Criteria
                  .

              	
                168

              
	
                Section
                  9.27.

              	
                Merger
                  or Consolidation.

              	
                168

              
	
                Section
                  9.28.

              	
                Resignation
                  of Master Servicer.

              	
                168

              
	
                Section
                  9.29.

              	
                Assignment
                  or Delegation of Duties by the Master Servicer.

              	
                169

              
	
                Section
                  9.30.

              	
                Limitation
                  on Liability of the Master Servicer and Others.

              	
                169

              
	
                Section
                  9.31.

              	
                Indemnification;
                  Third-Party Claims.

              	
                170

              
	
                Section
                  9.32.

              	
                Allocation
                  to Related Mortgage Pool.

              	
                171

              
	
                ARTICLE
                  X REMIC
                  ADMINISTRATION

              	
                171

              
	
                Section
                  10.01.

              	
                REMIC
                  and Grantor Trust Administration.

              	
                171

              
	
                Section
                  10.02.

              	
                Prohibited
                  Transactions and Activities.

              	
                179

              
	
                Section
                  10.03.

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

              	
                180

              
	
                Section
                  10.04.

              	
                REO
                  Property.

              	
                180

              
	
                ARTICLE
                  XI MISCELLANEOUS
                  PROVISIONS

              	
                181

              
	
                Section
                  11.01.

              	
                Binding
                  Nature of Agreement; Assignment.

              	
                181

              
	
                Section
                  11.02.

              	
                Entire
                  Agreement.

              	
                181

              
	
                Section
                  11.03.

              	
                Amendment.

              	
                181

              
	
                Section
                  11.04.

              	
                Voting
                  Rights.

              	
                183

              
	
                Section
                  11.05.

              	
                Provision
                  of Information.

              	
                183

              
	
                Section
                  11.06.

              	
                Governing
                  Law.

              	
                184

              
	
                Section
                  11.07.

              	
                Notices.

              	
                184

              
	
                Section
                  11.08.

              	
                Severability
                  of Provisions.

              	
                184

              
	
                Section
                  11.09.

              	
                Indulgences;
                  No Waivers.

              	
                184

              
	
                Section
                  11.10.

              	
                Headings
                  Not To Affect Interpretation.

              	
                184

              
	
                Section
                  11.11.

              	
                Benefits
                  of Agreement.

              	
                185

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
                  11.12.

              	
                Special
                  Notices to the Rating Agencies, the Swap Counterparty and NIMS
                  Insurer.

              	
                185

              
	
                Section
                  11.13.

              	
                Counterparts.

              	
                186

              
	
                Section
                  11.14.

              	
                Transfer
                  of Servicing.

              	
                186

              
	
                Section
                  11.15.

              	
                Conflicts.

              	
                187

              
	
                Section
                  11.16.

              	
                Third
                  Party Rights.

              	
                187

              

      

    

     

    
      
        	
                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

              	
                Cap
                  Agreement 

              
	
                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

              	
                Transaction
                  Parties

              

      

      Schedule
        A Mortgage
        Loan Schedule

       

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    This
      TRUST AGREEMENT, dated as of November 1, 2006 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the “Master
      Servicer”) and U.S. BANK NATIONAL ASSOCIATION, 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, any NIMS
      Insurer 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, the Trustee shall elect that the Trust Fund (other than (i)
      the
      Swap Agreement, (ii) the Supplemental Interest Trust, (iii) the Group I Interest
      Rate Cap Agreement, (iv) the Pool 1 Basis Risk Reserve Fund, (v) the rights
      to
      receive Prepayment Penalty Amounts distributable to the Class P Certificates,
      (vi) the Funding Account and Class 1-X Account and (vii) the Lower Tier
      Interests) be treated for federal income tax purposes as comprising five real
      estate mortgage investment conduits (each a “REMIC” or, in the alternative, the
“SWAP REMIC,” “REMIC I-1,” “REMIC I-2,” “REMIC II-1” and “REMIC II-2”). Each
      Group I Certificate, the Class 1-X Certificate and the Class S-X Certificate
      represents ownership of one or more regular interests in REMIC I-2 for purposes
      of the REMIC Provisions. In addition, each Group I Certificate represents (i)
      the right to receive payments with respect to Excess Interest and payments
      from
      proceeds of the Swap Agreement and Group I Interest Rate Cap Agreement and
      (ii)
      the obligation to make payments in respect of Class I Shortfalls. The Class
      R-I
      Certificate represents ownership of the sole Class of residual interest in
      each
      of the SWAP REMIC, REMIC I-1 and REMIC I-2 for purposes of the REMIC Provisions.
      Each Group II Certificate represents ownership of regular interests in REMIC
      II-2 for purposes of the REMIC Provisions. The Class R-II Certificate represents
      ownership of the sole Class of residual interest in each of REMIC II-1 and
      REMIC
      II-2 for purposes of the REMIC Provisions.

     

    Group
      I REMICs

     

    REMIC
      I-2
      shall hold as its assets the several Classes of uncertificated REMIC I-1 Regular
      Interests and each such REMIC I-1 Regular Interest is hereby designated as
      a
      regular interest in REMIC I-1. REMIC I-1 shall hold as its assets the several
      Classes of uncertificated SWAP REMIC Regular Interests and each such SWAP REMIC
      Regular Interest is hereby designated as a regular interest in the SWAP REMIC.
      The SWAP REMIC shall hold as its assets the property of the Trust Fund related
      to Mortgage Group I other than (i) the Swap Agreement, (ii) the Supplemental
      Interest Trust, (iii) the Group I Interest Rate Cap Agreement, (iv) the Pool
      1
      Basis Risk Reserve Fund, (v) the rights to receive Prepayment Penalty Amounts
      distributable to the Class P Certificates, (vi) the Funding Account and Class
      1-X Account and (vii) the Lower Tier Interests.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      SWAP REMIC

     

    The
      following table sets forth (or describes) the Class designations, interest
      rate
      and initial principal amount for each Class of SWAP REMIC
      Interests:

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            	 
	
              SW-Z

            	 	
              $

            	
              12,753,153.290

            	 	 	
              (1

            	
              )

            
	
              SW2A

            	 	
              $

            	
              6,151,293.000

            	 	 	
              (2

            	
              )

            
	
              SW2B

            	 	
              $

            	
              6,151,293.000

            	 	 	
              (3

            	
              )

            
	
              SW3A

            	 	
              $

            	
              5,933,965.500

            	 	 	
              (2

            	
              )

            
	
              SW3B

            	 	
              $

            	
              5,933,965.500

            	 	 	
              (3

            	
              )

            
	
              SW4A

            	 	
              $

            	
              5,724,315.000

            	 	 	
              (2

            	
              )

            
	
              SW4B

            	 	
              $

            	
              5,724,315.000

            	 	 	
              (3

            	
              )

            
	
              SW5A

            	 	
              $

            	
              5,522,069.500

            	 	 	
              (2

            	
              )

            
	
              SW5B

            	 	
              $

            	
              5,522,069.500

            	 	 	
              (3

            	
              )

            
	
              SW6A

            	 	
              $

            	
              5,326,966.500

            	 	 	
              (2

            	
              )

            
	
              SW6B

            	 	
              $

            	
              5,326,966.500

            	 	 	
              (3

            	
              )

            
	
              SW7A

            	 	
              $

            	
              5,138,756.000

            	 	 	
              (2

            	
              )

            
	
              SW7B

            	 	
              $

            	
              5,138,756.000

            	 	 	
              (3

            	
              )

            
	
              SW8A

            	 	
              $

            	
              4,957,193.000

            	 	 	
              (2

            	
              )

            
	
              SW8B

            	 	
              $

            	
              4,957,193.000

            	 	 	
              (3

            	
              )

            
	
              SW9A

            	 	
              $

            	
              4,782,043.000

            	 	 	
              (2

            	
              )

            
	
              SW9B

            	 	
              $

            	
              4,782,043.000

            	 	 	
              (3

            	
              )

            
	
              SW10A

            	 	
              $

            	
              4,613,080.000

            	 	 	
              (2

            	
              )

            
	
              SW10B

            	 	
              $

            	
              4,613,080.000

            	 	 	
              (3

            	
              )

            
	
              SW11A

            	 	
              $

            	
              4,450,085.000

            	 	 	
              (2

            	
              )

            
	
              SW11B

            	 	
              $

            	
              4,450,085.000

            	 	 	
              (3

            	
              )

            
	
              SW12A

            	 	
              $

            	
              4,292,848.000

            	 	 	
              (2

            	
              )

            
	
              SW12B

            	 	
              $

            	
              4,292,848.000

            	 	 	
              (3

            	
              )

            
	
              SW13A

            	 	
              $

            	
              4,892,512.500

            	 	 	
              (2

            	
              )

            
	
              SW13B

            	 	
              $

            	
              4,892,512.500

            	 	 	
              (3

            	
              )

            
	
              SW14A

            	 	
              $

            	
              4,688,253.000

            	 	 	
              (2

            	
              )

            
	
              SW14B

            	 	
              $

            	
              4,688,253.000

            	 	 	
              (3

            	
              )

            
	
              SW15A

            	 	
              $

            	
              4,492,519.500

            	 	 	
              (2

            	
              )

            
	
              SW15B

            	 	
              $

            	
              4,492,519.500

            	 	 	
              (3

            	
              )

            
	
              SW16A

            	 	
              $

            	
              4,304,956.500

            	 	 	
              (2

            	
              )

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              SW16B

            	 	
              $

            	
              4,304,956.500

            	 	 	
              (3

            	
              )

            
	
              SW17A

            	 	
              $

            	
              4,125,222.500

            	 	 	
              (2

            	
              )

            
	
              SW17B

            	 	
              $

            	
              4,125,222.500

            	 	 	
              (3

            	
              )

            
	
              SW18A

            	 	
              $

            	
              3,952,990.000

            	 	 	
              (2

            	
              )

            
	
              SW18B

            	 	
              $

            	
              3,952,990.000

            	 	 	
              (3

            	
              )

            
	
              SW19A

            	 	
              $

            	
              3,787,948.000

            	 	 	
              (2

            	
              )

            
	
              SW19B

            	 	
              $

            	
              3,787,948.000

            	 	 	
              (3

            	
              )

            
	
              SW20A

            	 	
              $

            	
              3,629,794.500

            	 	 	
              (2

            	
              )

            
	
              SW20B

            	 	
              $

            	
              3,629,794.500

            	 	 	
              (3

            	
              )

            
	
              SW21A

            	 	
              $

            	
              3,478,242.500

            	 	 	
              (2

            	
              )

            
	
              SW21B

            	 	
              $

            	
              3,478,242.500

            	 	 	
              (3

            	
              )

            
	
              SW22A

            	 	
              $

            	
              3,333,017.500

            	 	 	
              (2

            	
              )

            
	
              SW22B

            	 	
              $

            	
              3,333,017.500

            	 	 	
              (3

            	
              )

            
	
              SW23A

            	 	
              $

            	
              3,193,854.500

            	 	 	
              (2

            	
              )

            
	
              SW23B

            	 	
              $

            	
              3,193,854.500

            	 	 	
              (3

            	
              )

            
	
              SW24A

            	 	
              $

            	
              3,060,500.000

            	 	 	
              (2

            	
              )

            
	
              SW24B

            	 	
              $

            	
              3,060,500.000

            	 	 	
              (3

            	
              )

            
	
              SW25A

            	 	
              $

            	
              3,418,841.500

            	 	 	
              (2

            	
              )

            
	
              SW25B

            	 	
              $

            	
              3,418,841.500

            	 	 	
              (3

            	
              )

            
	
              SW26A

            	 	
              $

            	
              3,252,416.500

            	 	 	
              (2

            	
              )

            
	
              SW26B

            	 	
              $

            	
              3,252,416.500

            	 	 	
              (3

            	
              )

            
	
              SW27A

            	 	
              $

            	
              3,094,091.000

            	 	 	
              (2

            	
              )

            
	
              SW27B

            	 	
              $

            	
              3,094,091.000

            	 	 	
              (3

            	
              )

            
	
              SW28A

            	 	
              $

            	
              2,943,472.000

            	 	 	
              (2

            	
              )

            
	
              SW28B

            	 	
              $

            	
              2,943,472.000

            	 	 	
              (3

            	
              )

            
	
              SW29A

            	 	
              $

            	
              2,800,184.000

            	 	 	
              (2

            	
              )

            
	
              SW29B

            	 	
              $

            	
              2,800,184.000

            	 	 	
              (3

            	
              )

            
	
              SW30A

            	 	
              $

            	
              2,663,869.000

            	 	 	
              (2

            	
              )

            
	
              SW30B

            	 	
              $

            	
              2,663,869.000

            	 	 	
              (3

            	
              )

            
	
              SW31A

            	 	
              $

            	
              2,534,190.000

            	 	 	
              (2

            	
              )

            
	
              SW31B

            	 	
              $

            	
              2,534,190.000

            	 	 	
              (3

            	
              )

            
	
              SW32A

            	 	
              $

            	
              2,410,822.000

            	 	 	
              (2

            	
              )

            
	
              SW32B

            	 	
              $

            	
              2,410,822.000

            	 	 	
              (3

            	
              )

            
	
              SW33A

            	 	
              $

            	
              2,293,459.000

            	 	 	
              (2

            	
              )

            
	
              SW33B

            	 	
              $

            	
              2,293,459.000

            	 	 	
              (3

            	
              )

            
	
              SW34A

            	 	
              $

            	
              2,181,808.500

            	 	 	
              (2

            	
              )

            
	
              SW34B

            	 	
              $

            	
              2,181,808.500

            	 	 	
              (3

            	
              )

            
	
              SW35A

            	 	
              $

            	
              2,075,592.500

            	 	 	
              (2

            	
              )

            
	
              SW35B

            	 	
              $

            	
              2,075,592.500

            	 	 	
              (3

            	
              )

            
	
              SW36A

            	 	
              $

            	
              1,974,546.000

            	 	 	
              (2

            	
              )

            
	
              SW36B

            	 	
              $

            	
              1,974,546.000

            	 	 	
              (3

            	
              )

            
	
              SW37A

            	 	
              $

            	
              1,878,418.000

            	 	 	
              (2

            	
              )

            
	
              SW37B

            	 	
              $

            	
              1,878,418.000

            	 	 	
              (3

            	
              )

            
	
              SW38A

            	 	
              $

            	
              1,786,969.500

            	 	 	
              (2

            	
              )

            
	
              SW38B

            	 	
              $

            	
              1,786,969.500

            	 	 	
              (3

            	
              )

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              SW38B

            	 	
              $

            	
              1,786,969.500

            	 	 	
              (3

            	
              )

            

      	
              SW39A

            	 	
              $

            	
              1,700,011.000

            	 	 	
              (2

            	
              )

            
	
              SW39B

            	 	
              $

            	
              1,700,011.000

            	 	 	
              (3

            	
              )

            
	
              SW40A

            	 	
              $

            	
              1,617,245.000

            	 	 	
              (2

            	
              )

            
	
              SW40B

            	 	
              $

            	
              1,617,245.000

            	 	 	
              (3

            	
              )

            
	
              SW41A

            	 	
              $

            	
              1,538,507.000

            	 	 	
              (2

            	
              )

            
	
              SW41B

            	 	
              $

            	
              1,538,507.000

            	 	 	
              (3

            	
              )

            
	
              SW42A

            	 	
              $

            	
              1,463,602.500

            	 	 	
              (2

            	
              )

            
	
              SW42B

            	 	
              $

            	
              1,463,602.500

            	 	 	
              (3

            	
              )

            
	
              SW43A

            	 	
              $

            	
              1,392,343.500

            	 	 	
              (2

            	
              )

            
	
              SW43B

            	 	
              $

            	
              1,392,343.500

            	 	 	
              (3

            	
              )

            
	
              SW44A

            	 	
              $

            	
              1,324,476.500

            	 	 	
              (2

            	
              )

            
	
              SW44B

            	 	
              $

            	
              1,324,476.500

            	 	 	
              (3

            	
              )

            
	
              SW45A

            	 	
              $

            	
              1,259,994.000

            	 	 	
              (2

            	
              )

            
	
              SW45B

            	 	
              $

            	
              1,259,994.000

            	 	 	
              (3

            	
              )

            
	
              SW46A

            	 	
              $

            	
              1,198,650.500

            	 	 	
              (2

            	
              )

            
	
              SW46B

            	 	
              $

            	
              1,198,650.500

            	 	 	
              (3

            	
              )

            
	
              SW47A

            	 	
              $

            	
              1,140,292.500

            	 	 	
              (2

            	
              )

            
	
              SW47B

            	 	
              $

            	
              1,140,292.500

            	 	 	
              (3

            	
              )

            
	
              SW48A

            	 	
              $

            	
              1,084,775.000

            	 	 	
              (2

            	
              )

            
	
              SW48B

            	 	
              $

            	
              1,084,775.000

            	 	 	
              (3

            	
              )

            
	
              SW49A

            	 	
              $

            	
              1,031,991.500

            	 	 	
              (2

            	
              )

            
	
              SW49B

            	 	
              $

            	
              1,031,991.500

            	 	 	
              (3

            	
              )

            
	
              SW50A

            	 	
              $

            	
              981,744.500

            	 	 	
              (2

            	
              )

            
	
              SW50B

            	 	
              $

            	
              981,744.500

            	 	 	
              (3

            	
              )

            
	
              SW51A

            	 	
              $

            	
              933,944.000

            	 	 	
              (2

            	
              )

            
	
              SW51B

            	 	
              $

            	
              933,944.000

            	 	 	
              (3

            	
              )

            
	
              SW52A

            	 	
              $

            	
              888,686.500

            	 	 	
              (2

            	
              )

            
	
              SW52B

            	 	
              $

            	
              888,686.500

            	 	 	
              (3

            	
              )

            
	
              SW53A

            	 	
              $

            	
              845,440.000

            	 	 	
              (2

            	
              )

            
	
              SW53B

            	 	
              $

            	
              845,440.000

            	 	 	
              (3

            	
              )

            
	
              SW54A

            	 	
              $

            	
              804,272.500

            	 	 	
              (2

            	
              )

            
	
              SW54B

            	 	
              $

            	
              804,272.500

            	 	 	
              (3

            	
              )

            
	
              SW55A

            	 	
              $

            	
              765,101.000

            	 	 	
              (2

            	
              )

            
	
              SW55B

            	 	
              $

            	
              765,101.000

            	 	 	
              (3

            	
              )

            
	
              SW56A

            	 	
              $

            	
              727,867.500

            	 	 	
              (2

            	
              )

            
	
              SW56B

            	 	
              $

            	
              727,867.500

            	 	 	
              (3

            	
              )

            
	
              SW57A

            	 	
              $

            	
              692,437.500

            	 	 	
              (2

            	
              )

            
	
              SW57B

            	 	
              $

            	
              692,437.500

            	 	 	
              (3

            	
              )

            
	
              SW58A

            	 	
              $

            	
              658,746.000

            	 	 	
              (2

            	
              )

            
	
              SW58B

            	 	
              $

            	
              658,746.000

            	 	 	
              (3

            	
              )

            
	
              SW59A

            	 	
              $

            	
              12,860,712.000

            	 	 	
              (2

            	
              )

            
	
              SW59B

            	 	
              $

            	
              12,860,712.000

            	 	 	
              (3

            	
              )

            
	
              SW-R

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (1) The
      interest rate on the Class SW-Z Interest shall be a per annum rate equal to
      the
      Group I Net WAC.

     

    (2) For
      any
      Distribution Date, the interest rate on each SWAP REMIC Regular Interest ending
      with the designation “A” shall be a per annum rate equal to 2 times the Group I
      Net WAC, subject to a maximum rate of 2 times the REMIC Swap Rate for such
      Distribution Date.

     

    (3) For
      any
      Distribution Date, the interest rate on each SWAP REMIC Regular Interest ending
      with the designation “B” shall be a per annum rate equal to the greater of (x)
      the excess, if any, of (i) 2 times the Group I Net WAC over (ii) 2 times the
      REMIC Swap Rate for such Distribution Date and (y) 0.00%.

     

    (4) The
      Class
      SW-R Interest shall have no principal amount and shall bear no interest. It
      shall be represented by the Class R-I Certificate.

    
      
        
        

      

      
        5

        
          

        

      

       

    

    REMIC
      I-1

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC I-1 Interests.

     

    
      	
              Class

            	 	 	 	
              Initial
                Class 

              Principal
                

            	 	
              Class
                of

            	 
	
              Designation

            	 	
              Interest
                Rate

            	 	
              Amount

            	 	
              Certificates

            	 
	
              LTI1-1A1

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              1-A1
                

            	 
	
              LTI1-1A2

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              1-A2

            	 
	
              LTI1-M1

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              M-1

            	 
	
              LTI1-M2

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              M-2

            	 
	
              LTI1-M3

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              M-3

            	 
	
              LTI1-M4

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              M-4

            	 
	
              LTI1-M5

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              M-5

            	 
	
              LTI1-M6

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              M-6

            	 
	
              LTI1-M7

            	 	 	
              (1

            	
              )

            	 	
              (2

            	
              )

            	 	
              M-7

            	 
	
              LTI1-X

            	 	 	
              (1

            	
              )

            	 	
              (3

            	
              )

            	 	
              N/A

            	 
	
              LTI1-IO

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            	 	
              N/A

            	 
	
              LTI1-R

            	 	 	
              (5

            	
              )

            	 	
              (5

            	
              )

            	 	
              N/A

            	 

    

    

    (1) The
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC I-1 Interests is a per annum rate equal to
      the
      weighted average of the interest rates on the SWAP REMIC Regular Interests
      for
      such Distribution Date, provided however, that for any Distribution Date on
      which the Class LTI1-IO Interest is entitled to a portion of interest accruals
      on a SWAP REMIC Regular Interest ending with a designation “A” as described in
      footnote 4 below, such weighted average shall be computed by first subjecting
      the rate on such SWAP REMIC Regular Interest to a cap equal to Swap LIBOR for
      such Distribution Date.

     

    (2) The
      initial principal amount for each of these REMIC I-1 Interests equals 50% of
      the
      initial principal amount of the Corresponding Class of
      Certificates.

     

    (3) This
      interest shall have an initial principal balance equal to the excess of (i)
      the
      Aggregate Loan Balance for Pool 1 as of the Cut-off Date over (ii) the aggregate
      initial principal balance of the REMIC I-1 Marker Classes.

     

    (4) The
      Class
      LTI1-IO Interest is an interest-only class that does not have a principal
      balance. For only those Distribution Dates listed in the first column of the
      table below, the Class LTI1-IO shall be entitled to interest accrued on the
      SWAP
      REMIC Regular Interest listed in the second column below at a per annum rate
      equal to the excess, if any, of (i) the interest rate for such SWAP REMIC
      Regular Interest for such Distribution Date over (ii) Swap LIBOR for such
      Distribution Date.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Date

            	
              SWAP
                REMIC Regular Interest

            
	
              2

            	
              Class
                SW2A

            
	
              2-3

            	
              Class
                SW3A

            
	
              2-4

            	
              Class
                SW4A

            
	
              2-5

            	
              Class
                SW5A

            
	
              2-6

            	
              Class
                SW6A

            
	
              2-7

            	
              Class
                SW7A

            
	
              2-8

            	
              Class
                SW8A

            
	
              2-9

            	
              Class
                SW9A

            
	
              2-10

            	
              Class
                SW10A

            
	
              2-11

            	
              Class
                SW11A

            
	
              2-12

            	
              Class
                SW12A

            
	
              2-13

            	
              Class
                SW13A

            
	
              2-14

            	
              Class
                SW14A

            
	
              2-15

            	
              Class
                SW15A

            
	
              2-16

            	
              Class
                SW16A

            
	
              2-17

            	
              Class
                SW17A

            
	
              2-18

            	
              Class
                SW18A

            
	
              2-19

            	
              Class
                SW19A

            
	
              2-20

            	
              Class
                SW20A

            
	
              2-21

            	
              Class
                SW21A

            
	
              2-22

            	
              Class
                SW22A

            
	
              2-23

            	
              Class
                SW23A

            
	
              2-24

            	
              Class
                SW24A

            
	
              2-25

            	
              Class
                SW25A

            
	
              2-26

            	
              Class
                SW26A

            
	
              2-27

            	
              Class
                SW27A

            
	
              2-28

            	
              Class
                SW28A

            
	
              2-29

            	
              Class
                SW29A

            
	
              2-30

            	
              Class
                SW30A

            
	
              2-31

            	
              Class
                SW31A

            
	
              2-32

            	
              Class
                SW32A

            
	
              2-33

            	
              Class
                SW33A

            
	
              2-34

            	
              Class
                SW34A

            
	
              2-35

            	
              Class
                SW35A

            
	
              2-36

            	
              Class
                SW36A

            
	
              2-37

            	
              Class
                SW37A

            
	
              2-38

            	
              Class
                SW38A

            
	
              2-39

            	
              Class
                SW39A

            
	
              2-40

            	
              Class
                SW40A

            
	
              2-41

            	
              Class
                SW41A

            
	
              2-42

            	
              Class
                SW42A

            
	
              2-43

            	
              Class
                SW43A

            
	
              2-44

            	
              Class
                SW44A

            
	
              2-45

            	
              Class
                SW45A

            
	
              2-46

            	
              Class
                SW46A

            
	
              2-47

            	
              Class
                SW47A

            
	
              2-48

            	
              Class
                SW48A

            
	
              2-49

            	
              Class
                SW49A

            
	
              2-50

            	
              Class
                SW50A

            
	
              2-51

            	
              Class
                SW51A

            
	
              2-52

            	
              Class
                SW52A

            
	
              2-53

            	
              Class
                SW53A

            
	
              2-54

            	
              Class
                SW54A

            
	
              2-55

            	
              Class
                SW55A

            
	
              2-56

            	
              Class
                SW56A

            
	
              2-57

            	
              Class
                SW57A

            
	
              2-58

            	
              Class
                SW58A

            
	
              2-59

            	
              Class
                SW59A

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              (5)

            	
              The
                Class LTI1-R Interest is the sole Class of residual interest in REMIC
                I-1.
                It does not have an interest rate or a principal balance.
                It
                shall be represented by the Class R-I
                Certificate.

            

    

     

    REMIC
      I-2

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC I-2 Interests.

     

    
      	
               

            	 	
              Interest

            	 	
              Initial
                Class

              Principal

            	 	
              Class
                of Related

            	 
	
              
                Class
                  Designation

              

            	 	
              Rate

            	 	
               Amount

            	 	
              Certificates

            	 
	
              LTI2-1A1

            	 	 	
              (1

            	
              )

            	
              $

            	
              308,857,000

            	 	 	
              1-A1
                

            	 
	
              LTI2-1A2

            	 	 	
              (1

            	
              )

            	
              $

            	
              34,318,000

            	 	 	
              1-A2

            	 
	
              LTI2-M1

            	 	 	
              (1

            	
              )

            	
              $

            	
              5,773,000

            	 	 	
              M-1

            	 
	
              LTI2-M2

            	 	 	
              (1

            	
              )

            	
              $

            	
              1,804,000

            	 	 	
              M-2

            	 
	
              LTI2-M3

            	 	 	
              (1

            	
              )

            	
              $

            	
              1,804,000

            	 	 	
              M-3

            	 
	
              LTI2-M4

            	 	 	
              (1

            	
              )

            	
              $

            	
              1,804,000

            	 	 	
              M-4

            	 
	
              LTI2-M5

            	 	 	
              (1

            	
              )

            	
              $

            	
              1,804,000

            	 	 	
              M-5

            	 
	
              LTI2-M6

            	 	 	
              (1

            	
              )

            	
              $

            	
              1,984,000

            	 	 	
              M-6

            	 
	
              LTI2-M7

            	 	 	
              (1

            	
              )

            	
              $

            	
              1,804,000

            	 	 	
              M-7

            	 
	
              Uncertificated
                Class 1-X Interest 

            	 	 	
              (2

            	
              )

            	 	
              (2

            	
              )

            	 	
              N/A

            	 
	
              LTI2-IO

            	 	 	
              (3

            	
              )

            	 	
              (3

            	
              )

            	 	
              N/A

            	 
	
              Residual
                I Interest

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            	 	
              N/A

            	 

    

    

    (1) The
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC I-2 Interests is a per annum rate equal to
      the
      Certificate Interest Rate for the Related Certificates, provided that in lieu
      of
      the Pool 1 Net Funds Cap set forth in the applicable Certificate Interest Rate,
      the Group I Net Rate (as adjusted, in the case of any such REMIC I-2 Interest
      the Class of Related Certificates of which accrues interest on the basis of
      a
      360-day year consisting of twelve 30-day months, to reflect accruals on the
      basis of a 360-day year consisting of twelve 30-day months) shall be
      used.

     

    (2) The
      Uncertificated Class 1-X Interest shall have an initial principal balance equal
      to $905,044.29. The Uncertificated Class 1-X Interest shall accrue interest
      on a
      notional balance equal to the Class 1-X Notional Balance at a rate equal to
      the
      Class 1-X Interest Rate. The Uncertificated Class 1-X Interest shall be
      represented by the Class 1-X Certificates.

     

    (3) The
      Class
      LTI2-IO Interest shall have no principal amount and will not have an interest
      rate, but will be entitled to 100% of the interest accrued with respect to
      the
      Class LTI1-IO Interest. The Class LTI2-IO Interest shall be represented by
      the
      Class S-X Certificates.

     

    (4) The
      Residual Interest is the sole Class of residual interest in REMIC I-2. It does
      not have an interest rate or a principal balance.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Group
      II REMICs

     

    REMIC
      II-1

     

    REMIC
      II-1 shall hold as its assets all rights related to Mortgage Group II (other
      than rights to Prepayment Penalty Amounts). 

     

    Each
      of
      the REMIC II-1 Interests set forth below (other than the Class LTII1-R Interest)
      is referred to herein as a REMIC II-1 Regular Interest and is hereby designated
      as a regular interest in REMIC II-1. The Class LTII1-R Interest is hereby
      designated as the sole class of residual interest in REMIC II-1.

     

    The
      following table specifies the class designation, interest rate, principal amount
      and related Mortgage Pool for each class of REMIC II-1 Interests:

     

    
      	
              REMIC
                II-1 Class
                Designation

            	 	
               

              Interest
                Rate

            	 	
              Initial
                Class or Principal Amount

            	 	
              Related
                Mortgage Pool or Mortgage Pools 

            	 
	
              LTII1-2A

            	 	 	
              (1

            	
              )

            	
              $

            	
              29,412.1123

            	 	 	
              Pool
                2

            	 
	
              LTII1-2B

            	 	 	
              (2

            	
              )

            	
              $

            	
              534,753.1123

            	 	 	
              Pool
                2 

            	 
	
              LTII1-3A

            	 	 	
              (1

            	
              )

            	
              $

            	
              70,957.8549

            	 	 	
              Pool
                3

            	 
	
              LTII1-3B

            	 	 	
              (3

            	
              )

            	
              $

            	
              1,290,017.8549

            	 	 	
              Pool
                3

            	 
	
              LTII1-Z

            	 	 	
              (1

            	
              )

            	
              $

            	
              180,551,955.7856

            	 	 	
              N/A

            	 
	
              LTII1-R

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            	 	
              N/A

            	 

    

     

    
      

    

    
      	(1)	
              For
                any Distribution Date, the interest rate for these interests shall
                be a
                per annum rate equal to the weighted average of the Net Mortgage
                Rates of
                all the Mortgage Loans in Mortgage Group II at the beginning of the
                related Due Period, weighted on the basis of their respective Scheduled
                Principal Balances.

            

    

     

    
      	(2)	
              For
                any Distribution Date, the interest rate for the Class LTII1-2B Interest
                shall be the Net WAC for Pool 2 for such Distribution
                Date.

            

    

     

    
      	(3)	
              For
                any Distribution Date, the interest rate for the Class LTII1-3B Interest
                shall be the Net WAC for Pool 3 for such Distribution
                Date.

            

    

     

    
      	(4)	
              The
                Class LTII1-R Interest shall represent the sole class of residual
                interest
                in REMIC II-1. The Class LTII1-R Interest will not have a principal
                amount
                or an interest rate. The Class LTII1-R Interest shall be represented
                by
                the Class R Certificate.

            

    

     

    Distributions
      shall be deemed to be made to the REMIC II-1 Regular Interests first, so as
      to
      keep the uncertificated principal balance of each REMIC II-1 Regular Interest
      ending with the designation “B” equal to 1% of the aggregate Scheduled Principal
      Balance of the Mortgage Loans in the related Mortgage Pool; second, to each
      REMIC II-1 Regular Interest ending with the designation “A” so that the
      uncertificated principal balance of each such REMIC II-1 Regular Interest is
      equal to 1% of the excess of (x) the aggregate Scheduled Principal Balance
      of
      the Mortgage Loans in the related Mortgage Pool over (y) the aggregate Class
      Principal Amounts of the Certificate Group related to such Mortgage Pool (except
      that if 1% of any such excess is greater than the principal amount of the
      corresponding REMIC II-1 Regular Interest ending with the designation “A”, the
      least amount of principal shall be distributed to such REMIC II-1 Regular
      Interests such that the REMIC II-1 Subordinated Balance Ratio is maintained);
      and finally, any remaining principal to the Class LTII1-Z Interest. Realized
      Losses shall be applied after all distributions have been made on each
      Distribution Date first, so as to keep the uncertificated principal balance
      of
      each REMIC II-1 Regular Interest ending with the designation “B” equal to 1% of
      the aggregate Scheduled Principal Balance of the Mortgage Loans in the related
      Mortgage Pool; second, to each REMIC II-1 Regular Interest ending with the
      designation “A” so that the uncertificated principal balance of each such REMIC
      II-1 Regular Interest is equal to 1% of the excess of (x) the aggregate
      Scheduled Principal Balance of the Mortgage Loans in the related Mortgage Pool
      over (y) the aggregate Class Principal Amounts of the Certificate Group related
      to such Mortgage Pool (except that if 1% of any such excess is greater than
      the
      principal amount of the corresponding REMIC II-1 Regular Interest ending with
      the designation “A”, the least amount of Realized Losses shall be allocated to
      such REMIC II-1 Regular Interests such that the REMIC II-1 Subordinated Balance
      Ratio is maintained); and third, the remaining Realized Losses shall be
      allocated to the Class LTII1-Z Interest. All computations with respect to any
      REMIC II-1 Interest shall be taken out to eight decimal places.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Class of Group II Certificates as a result of the proviso in the definition
      of Certificate Principal Amount, then, prior to distributions of principal
      and
      allocations of losses on such Distribution Date with respect to REMIC II-1,
      there shall be a corresponding increase in the principal amount of the REMIC
      II-1 Regular Interests, with such increase allocated among the REMIC II-1
      Regular Interests as follows: (i) first, to each REMIC II-1 Regular Interest
      ending with the designation “B” so as to keep the uncertificated principal
      balance of such REMIC II-1 Regular Interest equal to 1% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans in the related Mortgage Pool,
      (ii) second, to each REMIC II-1 Regular Interest ending with the designation
      “A”, so that the uncertificated principal balance of each such REMIC II-1
      Regular Interest is as close as possible to (but does not exceed) 1% of the
      excess of (x) the aggregate Scheduled Principal balance of the Mortgage Loans
      in
      the related Mortgage Pool over (y) the aggregate Class Principal Amounts of
      the
      Certificate Group related to such Mortgage Pool; provided, however, that (a)
      the
      REMIC II-1 Subordinated Balance Ratio is maintained and (b) amounts allocated
      to
      any REMIC II-1 Regular Interest pursuant to this clause (ii) shall not exceed
      the amount of any previous realized losses allocated to such REMIC II-1 Regular
      Interest not previously offset by distributions or increases in the principal
      amount of such REMIC II-1 Regular Interest and (iii) finally, all remaining
      increases are allocated to the Class LTII1-Z Interest.

     

    REMIC
      II-2

    

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Each
      of
      the Group II Certificates (other than the Class R-II Certificates) is referred
      to herein as a REMIC II-2 Regular Interest and is hereby designated as a regular
      interest in REMIC II-2. The Class LTII2-R Interest is hereby designated as
      the
      sole class of residual interest in REMIC II-2. The Class LTII2-R Interest shall
      be represented by the Class R Certificate. The entitlement of the Class R-II
      Certificate to payments of principal and interest shall be attributable to
      its
      representation of the Class LTII2-R Interest.

    

    The
      REMIC
      II-2 Regular Interests and the Class LTII2-R Interest are referred to herein
      as
      the REMIC II-2 Interests.

     

    All
      calculations of interest on each regular interest in the SWAP REMIC, REMIC
      I-1
      and REMIC I-2 will be made on an “actual/360” basis. All calculations of
      interest on each regular interest in REMIC II-1 and REMIC II-2 will be made
      on a
“30/360” basis.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    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 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
                1-A1

            	 	 	
              (1

            	
              )

            	
              $

            	
              308,857,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-A2

            	 	 	
              (2

            	
              )

            	
              $

            	
              34,318,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                2-A1

            	 	 	
              (3

            	
              )

            	
              $

            	
              44,652,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                2-A2

            	 	 	
              (3

            	
              )

            	
              $

            	
              5,882,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-A1

            	 	 	
              (4

            	
              )

            	
              $

            	
              107,716000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-A2

            	 	 	
              (4

            	
              )

            	
              $

            	
              14,190,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                M-1

            	 	 	
              (5

            	
              )

            	
              $

            	
              5,773,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                M-2

            	 	 	
              (6

            	
              )

            	
              $

            	
              1,804,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                M-3

            	 	 	
              (7

            	
              )

            	
              $

            	
              1,804,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                M-4

            	 	 	
              (8

            	
              )

            	
              $

            	
              1,804,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                M-5

            	 	 	
              (9

            	
              )

            	
              $

            	
              1,804,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                M-6

            	 	 	
              (10

            	
              )

            	
              $

            	
              1,984,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                M-7

            	 	 	
              (11

            	
              )

            	
              $

            	
              1,804,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                B1-II 

            	 	 	
              (12

            	
              )

            	
              $

            	
              4,014,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                B2-II 

            	 	 	
              (12

            	
              )

            	
              $

            	
              2,372,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                B3-II 

            	 	 	
              (12

            	
              )

            	
              $

            	
              1,368,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                B4-II 

            	 	 	
              (12

            	
              )

            	
              $

            	
              912,000

            	 	
              $

            	
              250,000

            	 
	
              Class
                B5-II 

            	 	 	
              (12

            	
              )

            	
              $

            	
              729,000

            	 	
              $

            	
              250,000

            	 
	
              Class
                B6-II 

            	 	 	
              (12

            	
              )

            	
              $

            	
              641,996

            	 	
              $

            	
              250,000

            	 
	
              Class
                R-II

            	 	 	
              (3

            	
              )

            	
              $

            	
              100

            	 	
              $

            	
              100

            	 
	
              Class
                P-I

            	 	 	
              (13

            	
              )

            	 	
              (10

            	
              )

            	 	
              25

            	
              %

            
	
              Class
                P-II

            	 	 	
              (14

            	
              )

            	 	
              (11

            	
              )

            	 	
              25

            	
              %

            
	
              Class
                P-III

            	 	 	
              (15

            	
              )

            	 	
              (12

            	
              )

            	 	
              25

            	
              %

            
	
              Class
                1-X 

            	 	 	
              (16

            	
              )

            	 	
              (16

            	
              )

            	 	
              25

            	
              %

            
	
              Class
                R-I 

            	 	 	
              (17

            	
              )

            	 	
              (17

            	
              )

            	 	
              100

            	
              %

            
	
              Class
                C-X

            	 	 	
              (18

            	
              )

            	 	
              (18

            	
              )

            	 	
              25

            	
              %

            
	
              Class
                S-X

            	 	 	
              (19

            	
              )

            	 	
              (19

            	
              )

            	 	
              25

            	
              %

            
	
              Class
                C

            	 	 	
              (20

            	
              )

            	 	
              (20

            	
              )

            	 	
              25

            	
              %

            

    

    
       

      
        

      

    

    
      	
              (1)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                1-A1
                Certificates shall be a per annum rate equal to the lesser of (i)
                LIBOR
                plus 0.160% (the “1-A1 Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class 1-A1 Certificates will be LIBOR plus
                0.320%. 

            

    

    

    
      	
              (2)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                1-A2
                Certificates shall be a per annum rate equal to the lesser of (i)
                LIBOR
                plus 0.240% (the “1-A2 Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class 1-A2 Certificates will be LIBOR plus
                0.480%.

            

    

    

    
      	
              (3)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                2-A1,
                Class 2-A2 and Class R-II Certificates shall be a per annum rate
                equal to
                the Net WAC for Pool 2 for such Distribution
                Date.

            

    

    

    
      	
              (4)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                3-A1 and
                Class 3-A2 Certificates shall be a per annum rate equal to the Net
                WAC for
                Pool 3 for such Distribution Date.

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
              (5)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                M-1
                Certificates shall be a per annum rate equal to the lesser of (i)
                LIBOR
                plus 0.280% (the “M-1 Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class M-1 Certificates will be LIBOR plus
                0.420%.

            

    

    

    
      	
              (6)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                M-2
                Certificates shall be a per annum rate equal to the lesser of (i)
                LIBOR
                plus 0.320% (the “M-2 Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class M-2 Certificates will be LIBOR plus
                0.480%.

            

    

    

    
      	
              (7)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                M-3
                Certificates shall be a per annum rate equal to the lesser of (i)
                LIBOR
                plus 0.390% (the “M-3 Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class M-3 Certificates will be LIBOR plus
                0.585%.

            

    

    

    
      	
              (8)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                M-4
                Certificates shall be a per annum rate equal to the lesser of (i)
                LIBOR
                plus0.450% (the “M-4 Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class M-4 Certificates will be LIBOR plus
                0.675%.

            

    

    

    
      	
              (9)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                M-5
                Certificates shall be a per annum rate equal to the lesser of (i)
                LIBOR
                plus 0.850% (the “M-5 Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class M-5 Certificates will be LIBOR plus
                1.275%.

            

    

    

    
      	
              (10)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                M-6
                Certificates shall be a per annum rate equal to the lesser of (i)
                LIBOR
                plus 1.750% (the “M-6 Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class M-6 Certificates will be LIBOR plus
                2.625%.

            

    

    

    
      	
              (11)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                M-7
                Certificates shall be a per annum rate equal to the lesser of (i)
                LIBOR
                plus 1.750% (the “M-7 Margin”) and (ii) the Pool 1 Net Funds Cap for such
                Distribution Date; provided, that if the Mortgage Loans and related
                property are not purchased pursuant to Section 7.01(b) on the Initial
                Optional Termination Date, then with respect to each subsequent
                Distribution Date the per annum rate calculated pursuant to clause
                (i)
                above with respect to the Class M-7 Certificates will be LIBOR plus
                2.625%.

            

    

    

    
      	
              (12)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                B1-II,
                Class B2-II, Class B3-II, Class B4-II, Class B5-II and Class B6-II
                Certificates shall be a per annum rate equal to the Pool 2-3 Underlying
                Subordinate Rate for such Distribution
                Date.

            

    

    

    
      	
              (13)

            	
              The
                Class P-I Certificates will be entitled to receive Prepayment Penalty
                Amounts paid by borrowers upon voluntary full or partial prepayment
                of the
                Mortgage Loans in Pool 1.

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	(14)	
              The
                Class P-II Certificates will be entitled to receive Prepayment Penalty
                Amounts paid by borrowers upon voluntary full or partial prepayment
                of the
                Mortgage Loans in Pool 2.

            

    

    

    
      
        	(15)	
                The
                  Class P-III Certificates will be entitled to receive Prepayment
                  Penalty
                  Amounts paid by borrowers upon voluntary full or partial prepayment
                  of the
                  Mortgage Loans in Pool 3.

              

      

    

    

    
      	
              (16)

            	
              The
                Class 1-X Certificates shall have an initial principal balance of
                $905,044.29. For each Distribution Date, the Class 1-X Certificate
                shall
                be entitled to the Class 1-X Current Interest. Unpaid interest on
                the
                Class 1-X Certificates shall not itself bear
                interest.

            

    

    

    
      	
              (17)

            	
              The
                Class R-I Certificate will be issued without a Certificate Principal
                Amount and will not bear interest at a stated rate. The Class R-I
                Certificate represents ownership of the residual interest in REMIC
                I-2, as
                well as ownership of the Class SW-R Interest and Class LTI1-R
                Interest.

            

    

    

    
      	(18)	
              For
                purposes of the REMIC Provisions, the Class C-X Certificate shall
                represent beneficial ownership of the Group I Interest Rate Cap
                Agreement.

            

    

    

    
      	(19)	
              The
                Class S-X Certificates shall represent an interest-only regular interest
                in REMIC I-2 and shall represent beneficial ownership of the Supplemental
                Interest Trust Account, including the Swap Agreement.
                

            

    

    

    
      	(20)	
              The
                Class C Certificates will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class C Certificates
                shall be entitled to receive all reinvestment income on amounts on
                deposit
                in the Class 1-X Account and amounts on deposit in the Class 1-X
                Account
                on the Distribution Date as described herein as provided in Section
                5.12.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $543,334,141.01.

     

    For
      purposes hereof, each pool of Mortgage Loans constitutes a fully separate and
      distinct sub-trust.

     

    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.

     

    
      
        
        

      

      
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    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 each Class of Group I Certificates,
      the
      period beginning with the immediately preceding Distribution Date (or from
      November 25, 2006 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 Group II Certificates, the calendar
      month immediately preceding the month in which the related Distribution Date
      occurs. All calculations of interest on each class of Group I Certificates
      will
      be made on the basis of a 360 day year and the actual number of days in the
      related Accrual Period. All calculations of interest on each class of Group
      II
      Certificates will be made on the basis of a 360-day year and twelve 30-day
      months.

     

    Accrued
      Certificate Interest:
      As to
      any Class of Group II Certificates and 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 the related Mortgage
      Pool or Mortgage Pools for such Distribution Date and (ii) any Relief Act
      Reduction for the related Mortgage Pool or Mortgage Pools for such Distribution
      Date, in each case allocable among the Senior Certificates of the related
      Certificate Group and the related Subordinate Certificates proportionately
      based
      on (1) in the case of the Senior Certificates, the Accrued Certificate Interest
      otherwise distributable thereon, and (2) in the case of the Group II Subordinate
      Certificates interest accrued (at the Underlying Subordinate Rate for the
      relevant Mortgage Pool) on their respective Apportioned Principal Balances.
      All
      calculations of interest on each Class of Group II Certificates shall be
      calculated on the basis of a 360-day year consisting of twelve 30-day months.
      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.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    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.

     

    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 a Servicer (or by the Trustee
      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
      Group I Subordinate Certificates or the Group II Subordinate Certificates,
      as
      applicable, immediately prior to such date divided by the sum of the Pool
      Balances for all of the Mortgage Pools in the related Mortgage Group 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.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    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).

     

    Apportioned
      Principal Balance:
      For
      any
      class of Group II Subordinate Certificates for any Distribution Date, the Class
      Principal Amount of that class immediately prior to that Distribution Date
      multiplied by a fraction, the numerator of which is the applicable Group
      Subordinate Amount for that date and the denominator of which is the sum of
      the
      Group Subordinate Amounts for each Mortgage Pool in Mortgage Group II for that
      date.

     

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

     

    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 by the Trustee pursuant to Section
      6.10.

     

    Authorized
      Officer:
      Not
      applicable.

     

    Available
      Basis Risk Amount:
      Not
      Applicable.

     

    Available
      Distribution Amount:
      As to
      each Mortgage Pool and 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
      of
      such Mortgage Pool (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 and Mortgage Pool, any Compensating Interest Payment for
      such
      date and Mortgage Pool, 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;

       

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (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);

     

    (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 related
      specifically to such Mortgage Pool or if applicable to all Mortgage Pools,
      then
      the pro rata portion of any such amounts based on the Pool Balance of such
      Mortgage Pool and the Aggregate Principal Balance;

     

    (F) [Reserved];

     

    (G) [Reserved];

     

    (H) Prepayment
      Interest Excess, to the extent not offset by Prepayment Interest Shortfalls;
      and

     

    (ii) any
      other
      payment made by the Master Servicer, any Servicer, the Trustee, (solely as
      successor master servicer) the Seller, the Depositor, or any other Person with
      respect to such Distribution Date (including the Purchase Price or PPTL Purchase
      Price with respect to any Mortgage Loan purchased by the Seller, the Depositor
      or any other Person).

     

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

     

    Balloon
      Mortgage Loan:
      Not
      applicable.

     

    Balloon
      Payment:
      Not
      applicable.

     

    
      
        
        

      

      
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    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:
      As to
      any Mortgage Pool, 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, $152,695.93 for Mortgage Group II, which amounts shall each
      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:
      With
      respect to the Mortgage Loans in the related Mortgage Pool, 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:
      With
      respect to any Distribution Date, the excess, if any, of (A) the sum of (1)
      any
      Basis Risk Shortfall for such Distribution Date and (2) any Unpaid Basis Risk
      Shortfall for such Distribution Date less any proceeds received under the Group
      I Interest Rate Cap Agreement to the extent payable pursuant to Section
      5.02(e)(iv)(A) for such Distribution Date over (B) the amount of payments of
      Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls made pursuant to Section
      5.02(f)(vi) for such Distribution Date. The amount of the Basis Risk Payment
      for
      any Distribution Date, however, cannot exceed the amount of Monthly Excess
      Cashflow that would be distributable to the Class 1-X Certificate pursuant
      to
      Section 5.02(e) hereof on such Distribution Date (as determined under the
      definition of “Class 1-X Distributable Amount” without regard to the Basis Risk
      Payment for such Distribution Date).

     

    Basis
      Risk Shortfall Protected Certificate:
      Not
      applicable.

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and the Group I Certificates, the amount by
      which the amount of interest calculated at the Certificate Interest Rate
      applicable to such Class for such date, determined without regard to the Pool
      1
      Net Funds Cap for such date, exceeds the amount of interest calculated at the
      Pool 1 Net Funds Cap.

     

    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, Class 1-X, Class C-X, Class S-X and Class
      P Certificates, will constitute Book-Entry Certificates.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    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.

     

    Cap
      Counterparty:
      Lehman
      Brothers Special Financing Inc.

     

    Carryforward
      Interest:
      For any
      class of Group I Certificates and any Distribution Date, the sum of (1) the
      amount, if any, by which (x) the sum of (A) Current Interest for such class
      for
      the immediately preceding Distribution Date and (B) any unpaid Carryforward
      Interest for such class from previous Distribution Dates exceeds (y) the amount
      distributed in respect of interest on such class on such immediately preceding
      Distribution Date and (2) interest on such amount for the related Accrual Period
      at the applicable Certificate Interest Rate.

     

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

     

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

     

    Certificate
      Group:
      The
      Group 1 Certificates (which are related to Pool 1), the Group 2 Certificates
      (which are related to Pool 2) and the Group 3 Certificates (which are related
      to
      Pool 3), as 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).

     

    Certificate
      Principal Amount:
      With
      respect to any Group I 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 (plus, in
      the
      case of any Negative Amortization Certificate, any Deferred Interest allocated
      thereto on previous Distribution Dates, and plus, in the case of any Accrual
      Certificate, its Percentage Interest of any related Accrual Amount for each
      previous Distribution Date), less the amount of all amounts previously
      distributed on that Certificate in respect of principal prior to such
      Distribution Date, as further reduced by any Pool 1 Applied Loss Amount
      previously allocated hereto; provided, however, that on each Distribution Date
      on which a Subsequent Recovery is distributed, the Certificate Principal Amount
      of any class of Group I Certificates whose Certificate Principal Amount has
      previously been reduced by application of a Pool 1 Applied Loss Amount will
      be
      increased, in order of seniority, by an amount (to be applied pro rata to all
      Certificates of such class) equal to the lesser of (1) any Deferred Amount
      for
      each such class immediately prior to such Distribution Date and (2) the total
      amount of any Subsequent Recovery distributed on such Distribution Date to
      such
      Certificateholders, after application (for this purpose) to any more senior
      classes of such Certificates. With respect to any Group II 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 (plus, in the case of any Negative Amortization
      Certificate, any Deferred Interest allocated thereto on previous Distribution
      Dates, and plus, in the case of any Accrual Certificate, its Percentage Interest
      of any related Accrual Amount for each previous Distribution Date), 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 for a
      Mortgage Pool in Mortgage Group II 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 for such Mortgage Pool distributed on such
      date to Certificateholders (as
      reduced (x) by increases in the Certificate Principal Amount of more senior
      Classes of Certificates related to such Mortgage Pool 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 related to such Mortgage Pool 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.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    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
      1-X Account:
      An
      account established as part of the Trust Fund pursuant to Section 5.12 of this
      Agreement but which is not an asset of any of the REMICs for the benefit of
      the
      Class 1-X Certificates.

     

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

     

    Class
      1-X Current Interest: For
      any
      Distribution Date, the interest accrued during the related Accrual Period on
      the
      Class 1-X Notional Balance at the Class 1-X Interest Rate.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    Class
      1-X Distributable Amount:
      On any
      Distribution Date, the excess of (i) the sum of (x) $905,044.29 and (y) the
      aggregate Class 1-X Current Interest for such Distribution Date and all prior
      Distribution Dates over (ii) the sum of (w) the aggregate payments in respect
      of
      Excess Interest for such Distribution Date and all prior Distribution Dates,
      (x)
      all prior distributions to the Class 1-X Certificate under Section 5.02(e)(vii)
      hereof and (y) all payments treated as distributed by REMIC I-2 to the Class
      1-X
      Certificates then paid to the Class S-X Certificateholder as described in
      Section 10.01(o)(ii).

     

    Class
      1-X Interest Rate:
      For any
      Distribution Date, the excess of (i) the weighted average of the interest rates
      on the REMIC I-1 Regular Interests (other than the Class LTI1-IO Interest)
      over
      (ii) two times the weighted average of the interest rates on the REMIC I-1
      Regular Interests (other than the Class LTI1-IO Interest) (treating for purposes
      of this clause (ii) the interest rate on each of the REMIC I-1 Marker Classes
      as
      being capped at the interest rate of the Related REMIC I-2 Interest of the
      Corresponding Classes of Certificates (as adjusted, if necessary, to reflect
      accruals on the basis of the actual number of days in the Accrual Period for
      the
      LIBOR Certificates) and treating the interest rate on the Class LTI1-X Interest
      as capped at zero). The average described in the preceding sentence shall be
      weighted on the basis of the respective principal balances of the REMIC I-1
      Regular Interests immediately prior to such Distribution Date.

     

    Class
      1-X Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period), the aggregate
      principal balance of the REMIC I-1 Regular Interests (other than the Class
      LTI1-IO Interest) immediately prior to such Distribution Date.

     

    Class
      AP Certificate:
      None.

     

    Class
      AP Deferred Amount:
      Not
      applicable.

     

    Class
      B Certificate:
      Any
      Class B1-II, Class B2-II, Class B3-II, Class B4-II, Class B5-II and Class B6-II
      Certificate.

     

    Class
      C Distributable Amount:
      For
      each Distribution Date on and prior to the Distribution Date occurring on the
      Class 1-X Account Termination Date, an amount equal to the lesser of (a)
      aggregate investment earnings on the Class 1-X Account for the related
      Collection Period and (b) the amount on deposit in the Class 1-X Account on
      such
      Distribution Date, after taking into account any payments made from the Class
      1-X Account on such Distribution Date to the Class 1-X Certificates. On the
      Distribution Date occurring on the Class 1-X Account Termination Date, an amount
      equal to the entire amount remaining on deposit in the Class 1-X Account after
      making the payments set forth in the preceding sentence.

     

    Class
      C Mortgage Loan:
      Any
      Mortgage Loan which has become a Liquidated Mortgage Loan on or prior to the
      Collection Period ending on November 1, 2009.

     

    Class
      I Shortfalls:
      As
      defined in Section 10.01(o)(ii) hereof.

     

    
      
        
        

      

      
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    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
      P Certificate:
      Any
      Class P-I, Class P-II and P-III Certificate.

     

    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 related to the same Mortgage Group immediately
      prior
      to such date.

     

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than any Class of Notional
      Certificates or the Class R-I, Class 1-X, Class C-X, Class S-X and Class P
      Certificates, the aggregate of the Certificate Principal Amounts of all
      Certificates of such Class at the date of determination. With respect to each
      Class of Notional Certificates, Class R-I, Class 1-X, Class C-X, Class S-X
      and
      Class P Certificates, zero.

     

    Class
      R Certificate:
      Any
      Class R-I and Class R-II Certificate.

     

    Class
      R-I Certificate:
      The
      Class R-I 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
      I-2
      as well as ownership of the Class LTI1-R Interest in REMIC I-1 and the Class
      SW-R Interest in the SWAP REMIC.

    

    Class
      R-II Certificate:
      The
      Class R-II 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
      II-2 as well as ownership of the Class LTII1-R Interest in REMIC
      II-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:
      November 30, 2006.

     

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

     

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

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Commission:
      The
      Securities and Exchange Commission.

     

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

     

    Component:
      Not
      applicable.

     

    Component
      Certificate:
      Not
      applicable.

     

    Component
      Notional Amount:
      Not
      applicable.

     

    Component
      Principal Amount:
      Not
      applicable.

     

    Component
      Writedown Amount:
      Not
      applicable.

     

    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).

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      With
      respect to the Trustee, the principal corporate trust office of the Trustee
      located at Corporate Trust Services, One Federal Street, Third Floor, Boston,
      Massachusetts 02110, Attention: SARM 2006-11, or at such other address as the
      Trustee may designate from time to time by notice to the Certificateholders,
      the
      Depositor, the Master Servicer or the principal corporate trust office of any
      successor Trustee.

     

    Corresponding
      Class:
      The
      Class of Certificates that corresponds to a class of Lower Tier Interests in
      REMIC I-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 Group II 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 Class Percentages of all Classes of
      Certificates that rank lower in priority than such Class (without giving effect
      to distributions on such date).

     

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

     

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

     

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

     

    Cut-off
      Date:
      November 1, 2006.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    Cut-off
      Date Aggregate Principal Balance:
      Not
      applicable.

     

    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:
      As
      defined in the Swap Agreement.

     

    Deferred
      Amount:
      For
      each Distribution Date and for each class of Group I Certificates, the amount
      by
      which the aggregate of Pool 1 Applied Loss Amounts previously applied in
      reduction of the Class Principal Amount thereof exceeds (y) the sum of (1)
      the
      aggregate of amounts previously distributed in reimbursement thereof and (2)
      the
      amount by which the Class Principal Amount of such class has been increased
      due
      to any Subsequent Recovery.

     

    Deferred
      Interest:
      None.

     

    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.

     

    Deposit
      Date:
      With
      respect to each Distribution Date, 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.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    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.

     

    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 December
      2006.

     

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

    
       

      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    
       

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

       

    

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

     

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

     

    (iii) repurchase
      agreements collateralized by Direct Obligations or securities guaranteed by
      GNMA, FNMA or FHLMC with any registered broker/dealer subject to Securities
      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;

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    (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) approved by the NIMS Insurer
      ,
      (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 or the NIM Securities and has
      a
      short term rating of at least “A-1” or its equivalent by each Rating Agency.
      Such investments in this subsection (viii) may include money market mutual
      funds
      or common trust funds, including any fund for which U.S. Bank National
      Association, 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)
      U.S.
      Bank National Association, the Trustee, the Master Servicer or any Affiliate
      thereof charges and collects fees and expenses from such funds for services
      rendered, (ii) U.S. Bank National Association, 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. U.S. Bank National
      Association 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);

     

    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.

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    ERISA-Restricted
      Certificate:
      Any
      Class P-I, Class P-II, Class P-III, Class B4-II, Class B5-II or Class B6-II
      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
      Group I Certificate.

     

    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:
      On any
      Distribution Date, for each Class of Group I Certificates, the excess, if any,
      of (1) the amount of interest such Class of Certificates is entitled to receive
      on such Distribution Date (other than amounts received from proceeds of the
      Swap
      Agreement or the Group I Interest Rate Cap Agreement) over (2) the amount of
      interest such Class of Certificates would have been entitled to receive on
      such
      Distribution Date at an interest rate equal to the REMIC Pass-Through
      Rate.

     

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

     

    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 the
      Certificates, the Distribution Date in December 2036. 

     

    Financial
      Intermediary:
      Not
      applicable.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    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.

     

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

     

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

     

    Fraud
      Loss:
      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, $3,649,541.93 for Mortgage Group II, less the aggregate of Fraud
      Losses in Mortgage Group II since the Cut-off Date, (y) from the first
      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 in Mortgage Group II as of the most recent anniversary of the
      Cut-off Date less (2) the aggregate of Fraud Losses in Mortgage Group II 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.

     

    Funding
      Account:
      The
      account defined in Section 5.06 herein.

     

    Funding
      Amount:
      The
      amount paid by the Depositor to the Trustee for deposit into the Funding Account
      on the Closing Date pursuant to Section 5.06, which amount is $170,864.08.
      The
      Funding Amount is calculated as the scheduled principal balance as of the
      Cut-off Date of a mortgage loan that was removed from Pool 1 prior to the
      Closing Date ($170,000.00) plus 30 days accrued interest on that amount
      ($864.08). For purposes of distributions to Certificateholders pursuant to
      Section 5.06, the Funding Amount with respect to Pool 1 shall equal a principal
      amount of $170,000.00 plus thirty (30) days accrued interest on such principal
      amount at the Net WAC for Pool 1 for the first Distribution Date. To the extent
      that the total amount on deposit in the Funding Account exceeds the Funding
      Amount, such excess shall be distributed to the Depositor as described in
      Section 5.06.

    

    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:
      Any
      Prepayment Penalty Amounts collected with respect to Pool 1, Pool 2 or Pool
      3.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

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

     

    Group
      1:
      All of
      the Group 1 Certificates. 

     

    Group
      1 Certificate:
      Any
      Class 1-A1 or Class 1-A2 Certificates. The Group 1 Certificates are related
      to
      Pool 1.

     

    Group
      2:
      All of
      the Group 2 Certificates.

     

    Group
      2 Certificate:
      Any
      Class R-II, Class 2-A1 or Class 2-A2 Certificates. The Group 2 Certificates
      are
      related to Pool 2.

     

    Group
      3:
      All of
      the Group 3 Certificates.

     

    Group
      3 Certificate:
      Any
      Class 3-A1 and Class 3-A2. The Group 3 Certificates are related to Pool
      3.

     

    Group
      I Certificate:
      Any of
      the Class 1-A1, Class 1-A2, Class M-1, Class M-2, Class M-3, Class M-4, Class
      M-5, Class M-6 and Class M-7 Certificates.

     

    Group
      I Interest Rate 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 Group I Certificates. 

     

    Group
      I Net Rate:
      The per
      annum rate set forth in footnote 1 to the description of REMIC I-1 in the
      Preliminary Statement hereto (such rate being based on the weighted average
      of
      the interest rates on the SWAP REMIC Regular Interests as adjusted and as set
      forth in such footnote).

     

    Group
      I Net WAC:
      With
      respect to any Distribution Date (and the related Accrual Period), a per annum
      rate equal to (a) a fraction, expressed as a percentage, the numerator of which
      is the product of (i) the Optimal Interest Remittance Amount for Pool 1 for
      such
      date and (ii) 12, and the denominator of which is the Aggregate Loan Balance
      for
      Pool 1 as of the first day of the related Collection Period (not including
      for
      this purpose Mortgage Loans for which prepayments in full have been received
      and
      distributed in the month prior to that Distribution Date), multiplied by (b)
      a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution
      Date.

     

    Group
      I Senior Certificate:
      Any of
      the Class 1-A1 or Class 1-A2 Certificates.

     

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

     

    Group
      I Subordinate Certificate:
      Any of
      the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class
      M-7 Certificates.

     

    
      
        
        

      

      
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    Group
      I Subordinate Priority:
      To the
      Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class
      M-7
      Certificates, sequentially in that order. 

     

    Group
      II Certificate:
      Any of
      the Class R-II, Class 2-A1, Class 2-A2, Class 3-A1, Class 3-A2, Class B1-II,
      Class B2-II, Class B3-II, Class B4-II, Class B5-II or Class B6-II
      Certificates.

     

    Group
      II Senior Certificate:
      Any of
      the Class 2-A1, Class 2-A2, Class 3-A1, Class 3-A2 and Class R-II Certificates.
      

     

    Group
      II Senior Principal Distribution Amount:
      For
      each Certificate Group (other than the Group 1 Certificates) and any
      Distribution Date, the sum of the following amounts:

     

    (i)
      the
      product of (a) the related 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 in the related Mortgage Pool due during the related Due
      Period;

     

    (ii)
      the
      product of (a) the related Senior Prepayment Percentage for such date and (b)
      each of the following amounts: (1) each Principal Prepayment on the Mortgage
      Loans in the related Mortgage Pool 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 in the related Mortgage Pool that was finally
      liquidated during the related Prepayment Period) representing or allocable
      to
      recoveries of principal in the related Mortgage Pool received during the related
      Prepayment Period, and (3) the principal portion of all proceeds of the purchase
      of any Mortgage Loan in the related Mortgage Pool (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 in the related Mortgage Pool 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 in any Certificate Group has been reduced to zero, the Group II
      Senior Principal Distribution Amount for such Certificate Group for such date
      (following such reduction) and each subsequent Distribution Date shall be
      zero.

     

    Group
      II Senior Priority:
      Not
      Applicable.

     

    Group
      II Subordinate Certificate:
      Any of
      the Class B1-II, Class B2-II, Class B3-II, Class B4-II, Class B5-II or Class
      B6-II Certificates.

     

    
      
        
        

      

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

     

    Holder
      or
Certificateholder:
      The
      registered owner of any Certificate as recorded on the books of the Certificate
      Registrar except that, solely for the purposes of taking any action or giving
      any consent pursuant to this Agreement, any Certificate registered in the name
      of the Depositor, the Trustee, the Master Servicer, 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
      and
      any NIMS Insurer shall be protected in relying upon any such consent, only
      Certificates which a Responsible Officer of the Trustee knows to be so owned
      shall be disregarded. The Trustee and any NIMS Insurer may request and
      conclusively rely on certifications by the Depositor, the Master Servicer,
      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:
      An
      indenture relating to the issuance of notes secured by the Class 1-X
      Certificates (or any portion thereof) which may or may not be guaranteed by
      a
      NIMS Insurer.

     

    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.

     

    Initial
      LIBOR Rate:
      5.320%.

     

    Initial
      MTA Rate:
      Not
      applicable.

     

    Initial
      Net Mortgage Rate:
      Not
      applicable.

     

    Initial
      Senior Enhancement Percentage:
      5.00%
      for Mortgage Group I and 5.50% for Mortgage Group II.

     

    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.

     

    
      
        
        

      

      
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    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:
      For any
      Distribution Date and Pool 1, an amount equal to (a) the sum of (1) all interest
      collected (other than Payaheads) or advanced in respect of Scheduled Payments
      on
      the Mortgage Loans in Pool 1 during the related Collection Period by the
      Servicers, the Master Servicer or the Trustee (solely in its capacity as
      successor master servicer) minus (x) the Servicing Fee with respect to such
      Mortgage Loans in Pool 1 and (y) previously unreimbursed Advances, unreimbursed
      servicing advances and other amounts due to the Master Servicer, the Servicers
      or the Trustee (solely in its capacity as successor master servicer) with
      respect to such Mortgage Loans in Pool 1, to the extent allocable to interest,
      (2) all Compensating Interest paid by the Servicers with respect to such
      Mortgage Loans in Pool 1 with respect to the related Prepayment Period (or
      in
      the case of Mortgage Loans serviced by Aurora, the related Collection Period),
      (3) the portion of any purchase price or Substitution Amount paid with respect
      to such Mortgage Loans in Pool 1 during the related Prepayment Period (or in
      the
      case of Mortgage Loans serviced by Aurora, the related Collection Period)
      allocable to interest and (4) all Net Liquidation Proceeds and any other
      recoveries collected with respect to such Mortgage Loans in Pool 1 during the
      related Prepayment Period (or in the case of Mortgage Loans serviced by Aurora,
      the related Collection Period), to the extent allocable to interest, as reduced
      by (b) any costs, expenses or liabilities related to such Mortgage Pool and
      reimbursable to the Master Servicer, any Servicer, the Custodians and the
      Trustee.

     

    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.

     

    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 December 2036.

     

    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.

     

    
      
        
        

      

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

     

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

     

    LIBOR
      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:
      Any
      Group I Certificate.

     

    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.

     

    
      
        
        

      

      
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    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 SWAP REMIC Interests, REMIC I-1 Interests or REMIC II-1
      Interests.

     

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

     

    M-1
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      93.20% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the Pool 1
      Overcollateralization Floor.

     

    M-2
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Pool 1 Stepdown Date and
      as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, to the amount, if any, by which (x) the sum of (i) the
      aggregate Class Principal Amount of the Group I Senior Certificates and Class
      M-1 Certificates, after giving effect to distributions on such Distribution
      Date, and (ii) the Class Principal Amount of the Class M-2 Certificates
      immediately prior to such Distribution Date exceeds (y) the M-2 Target
      Amount.

     

    M-2
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      94.20% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the Pool 1
      Overcollateralization Floor.

     

    M-3
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Pool 1 Stepdown Date and
      as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, to the amount, if any, by which (x) the sum of (i) the
      aggregate Class Principal Amount of the Group I Senior Certificates and Class
      M-1 and Class M-2 Certificates, after giving effect to distributions on such
      Distribution Date, and (ii) the Class Principal Amount of the Class M-3
      Certificates immediately prior to such Distribution Date exceeds (y) the M-3
      Target Amount.

     

    M-3
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      95.20% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the Pool 1
      Overcollateralization Floor.

     

    
      
        
        

      

      
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    M-4
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Pool 1 Stepdown Date and
      as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, to the amount, if any, by which (x) the sum of (i) the
      aggregate Class Principal Amount of the Group I Senior Certificates and Class
      M-1, Class M-2 and Class M-3 Certificates, after giving effect to distributions
      on such Distribution Date, and (ii) the Class Principal Amount of the Class
      M-4
      Certificates immediately prior to such Distribution Date exceeds (y) the M-4
      Target Amount.

     

    M-4
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      96.20% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the Pool 1
      Overcollateralization Floor.

     

    M-5
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Pool 1 Stepdown Date and
      as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, to the amount, if any, by which (x) the sum of (i) the
      aggregate Class Principal Amount of the Group I Senior Certificates and Class
      M-1, Class M-2, Class M-3 and Class M-4 Certificates, after giving effect to
      distributions on such Distribution Date, and (ii) the Class Principal Amount
      of
      the Class M-5 Certificates immediately prior to such Distribution Date exceeds
      (y) the M-5 Target Amount.

     

    M-5
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      97.20% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the Pool 1
      Overcollateralization Floor.

     

    M-6
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Pool 1 Stepdown Date and
      as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, to the amount, if any, by which (x) the sum of (i) the
      aggregate Class Principal Amount of the Group I Senior Certificates and Class
      M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates, after giving
      effect to distributions on such Distribution Date, and (ii) the Class Principal
      Amount of the Class M-6 Certificates immediately prior to such Distribution
      Date
      exceeds (y) the M-6 Target Amount.

     

    M-6
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      98.30% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the Pool 1
      Overcollateralization Floor.

     

    M-7
      Principal Distribution Amount:
      For any
      Distribution Date, an amount equal, on or after the Pool 1 Stepdown Date and
      as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, to the amount, if any, by which (x) the sum of (i) the
      aggregate Class Principal Amount of the Group I Senior Certificates and Class
      M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Certificates,
      after giving effect to distributions on such Distribution Date, and (ii) the
      Class Principal Amount of the Class M-7 Certificates immediately prior to such
      Distribution Date exceeds (y) the M-7 Target Amount.

     

    
      
        
        

      

      
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    M-7
      Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      99.30% and (2) the Pool Balance of Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance of Pool 1 for such Distribution Date determined
      as
      of the last day of the related Collection Period exceeds (2) the Pool 1
      Overcollateralization Floor.

     

    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.

     

    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
      100SM
      Loan:
      Not
      applicable.

     

    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.

     

    
      
        
        

      

      
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    Mortgage
      Group:
      Either
      of Mortgage Group I or Mortgage Group II.

     

    Mortgage
      Group I:
      Pool
      1.

     

    Mortgage
      Group II:
      Pool 2
      and Pool 3 collectively.

     

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

     

    Mortgage
      Loan Sale Agreement:
      The
      agreement, dated as of November 1, 2006, 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.
      The
      Mortgage Loan Schedule shall include, among other information agreed upon by
      the
      Depositor, the Master Servicer, the applicable Servicer and the Trustee, data
      fields specifying the terms and method of calculation of any Prepayment Penalty
      Amount with respect to each Mortgage Loan. The Depositor shall be responsible
      for providing the Trustee and the Master Servicer with all amendments to the
      Mortgage Loan Schedule.

     

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

     

    Mortgage
      Pool:
      Any of
      Pool 1, Pool 2 or Pool 3.

     

    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
      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.

     

    
      
        
        

      

      
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    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the sum
      of
      the applicable Master Servicing Fee Rate, Trustee Fee Rate, Servicing 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 in such Mortgage Pool 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.

     

    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:
      With
      respect to each Mortgage Pool or portion thereof and any Distribution Date,
      the
      weighted average of Net Mortgage Rates of the Mortgage Loans in the related
      Mortgage Pool 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:
      As
      defined in Section 7.01(b).

     

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

     

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

     

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

     

    Non-AP
      Percentage:
      Not
      applicable.

     

    Non-AP
      Senior Certificate:
      Not
      applicable.

     

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

     

    Non-Discount
      Mortgage Loan:
      None.

     

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

     

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

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    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:
      Not
      applicable.

     

    Notional
      Component:
      Not
      applicable.

     

    Offering
      Document:
      Either
      of the private placement memorandum dated November 29, 2006 relating to the
      Class B4-II, Class B5-II and Class B6-II 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.

     

    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
      Group Subordinate Amount:
      As to
      either of Pool 2 or Pool 3, the Group Subordinate Amount for such Mortgage
      Pool
      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.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    Originators:
      ABN
      AMRO Mortgage Group Inc., the Bank, Colonial Savings Bank, F.A., Countrywide
      and
      other banks, savings and loans associations and other mortgage lending
      institutions. 

     

    Parent
      PowerSM
      Loan:
      Not
      applicable.

     

    Participation
      Agreement:
      Not
      applicable.

     

    Participation:
      Not
      applicable.

     

    Participation
      Schedule:
      Not
      applicable.

     

    Participation
      Master Servicer:
      Not
      applicable.

     

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

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Percentage
      Interest:
      With
      respect to any Certificate and the related Class, such Certificate’s percentage
      interest in the undivided beneficial ownership interest in the Trust Fund
      evidenced by all Certificates of the same Class as such Certificate. With
      respect to any Certificate other than a Notional Certificate or the Class 1-X,
      Class C-X, Class S-X, Class P and Class R Certificates, the Percentage Interest
      evidenced thereby shall equal the initial Certificate Principal Amount thereof
      divided by the initial Class Principal Amount of all Certificates of the same
      Class. With respect to any Notional Certificate and any Class 1-X, Class C-X,
      Class S-X, Class P 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.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    Pledged
      Asset Mortgage Loan:
      Not
      applicable.

     

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

     

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

     

    Pool
      1
      Basis Risk Reserve Fund:
      A
      reserve fund into which any amount of Pool 1 Monthly Excess Cashflow and any
      amounts received under the Group I Interest Rate Cap Agreement are deposited
      in
      order to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls relating
      to
      the Group I Certificates.

     

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

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              December
                2008 through November 2009

            	 	
              0.20%
                for the first month plus an additional 1/12th of 0.25% for each month
                thereafter

            
	 	 	 
	
              December
                2009 through November 2010

            	 	
              0.45%
                for the first month plus an additional 1/12th of 0.30% for each month
                thereafter

            
	 	 	 
	
              December
                2010 through November 2011

            	 	
              0.75%
                for the first month plus an additional 1/12th of 0.25% for each month
                thereafter

            
	 	 	 
	
              December
                2011 through November 2012

            	 	
              1.00%
                for the first month plus an additional 1/12th of 0.25% for each month
                thereafter

            
	 	 	 
	
              December
                2012 and thereafter

            	 	
              1.25%

            

    

     

    Pool
      1
      Delinquency Event:
      A
      Delinquency Event will have occurred if on any Distribution Date, the Pool
      1
      Rolling Three Month Delinquency Rate as of the last day of the immediately
      preceding month equals or exceeds 30% of the Pool 1 Senior Enhancement
      Percentage for such Distribution Date. 

     

    Pool
      1
      Delinquency Rate:
      For any
      month, the fraction, expressed as a percentage, the numerator of which is the
      aggregate outstanding principal balance of all Pool 1 Mortgage Loans which
      are
      60 or more days delinquent (including all foreclosures, bankruptcies and REO
      Properties) as of the close of business on the last day of such month, and
      the
      denominator of which is the Pool Balance for Pool 1 as of the close of business
      on the last day of such month.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

    Pool
      1
      Initial Optional Termination Date:
      The
      Distribution Date following the month in which the Pool Balance for Pool 1
      initially declines to less than 10% of the Pool Balance for Pool 1 as of the
      Cut-off Date.

     

    Pool
      1
      Monthly Excess Cashflow:
      For any
      Distribution Date, an amount equal to the sum of (i) the Pool 1 Monthly Excess
      Interest for such Distribution Date, (ii) the Pool 1 Overcollateralization
      Release Amount for such Distribution Date and (iii) any remaining Principal
      Distribution Amount for Pool 1 for such Distribution Date, available for
      distribution pursuant to Section 5.02(c)(i)(E) or Section 5.02(c)(ii)(K)
      hereof.

     

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

     

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

     

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

     

    Pool
      1
      Overcollateralization Amount:
      For any
      Distribution Date, the amount, if any, by which (x) the Pool Balance for Pool
      1
      for such Distribution Date exceeds (y) the aggregate Class Principal Amount
      of
      the Group I Certificates after giving effect to distributions on such
      Distribution Date.

     

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

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Pool
      1
      Purchase Price:
      An
      amount equal to the sum of (a) 100% of the aggregate outstanding principal
      balance of the Pool 1 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 Collection Period immediately preceding
      the related Distribution Date, (b) the fair market value of all other property
      being purchased relating to the Pool 1 Mortgage Loans (reduced, in the case
      of
      REO Property relating to the Pool 1 Mortgage Loans, 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 Pool 1 for the related Distribution Date
      and
      (d) any Swap Termination Payment payable to the Swap Counterparty due to the
      exercise of the Master Servicer’s option to purchase the Pool 1 Mortgage
      Loans.

     

    Pool
      1
      Rolling Three Month Delinquency Rate:
      For any
      Distribution Date, an amount equal to the average of the Pool 1 Delinquency
      Rates for each of the three (or one and two, in the case of the first and second
      Distribution Dates, respectively) immediately preceding months.

     

    Pool
      1
      Senior Enhancement Percentage:
      For any
      Distribution Date, the fraction, expressed as a percentage, the numerator of
      which is the sum of the aggregate Class Principal Amount of the Group I
      Subordinate Certificates and the Pool 1 Overcollateralization Amount (which,
      for
      purposes of this definition only, shall not be less than zero and assuming
      for
      purposes of this definition that the Principal Distribution Amount has been
      distributed on such Distribution Date and no Pool 1 Trigger Event has occurred)
      and the denominator of which is the Pool Balance for Pool 1 for such
      Distribution Date, in each case after giving effect to distributions on such
      Distribution Date.

     

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

     

    Pool
      1
      Senior Target Amount:
      For any
      Distribution Date, an amount equal to the lesser of (a) the product of (1)
      90.00% and (2) the Pool Balance for Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period and (b) the amount, if
      any,
      by which (1) the Pool Balance for Pool 1 for such Distribution Date determined
      as of the last day of the related Collection Period exceeds (2) the Pool 1
      Overcollateralization Floor.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    Pool
      1
      Stepdown Date:
      The
      earlier of (x) the first Distribution Date following the Distribution Date
      on
      which the Class Principal Amounts of the Group I Senior Certificates have each
      been reduced to zero and (y) the later to occur of (1) the Distribution Date
      in
      December 2009 and (2) the first Distribution Date on which the Pool 1 Senior
      Enhancement Percentage (calculated for this purpose after giving effect to
      payments or other recoveries in respect of the Pool 1 Mortgage Loans during
      the
      related Collection Period, but before giving effect to distributions on any
      Group I Certificates on such Distribution Date) is greater than or equal to
      10.00%.

     

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

     

    Pool
      1
      Targeted Overcollateralization Amount:
      For any
      Distribution Date (x) prior to the Pool 1 Stepdown Date an amount equal to
      $1,262,999 (i.e., 0.35% of the Pool Balance for Pool 1 as of the Cut-off Date)
      and (y) for any Distribution Date on or after the Pool 1 Stepdown Date, the
      greater of (1) the lesser of (a) $1,262,999 and (b) the product of 0.70% of
      the
      Pool Balance for Pool 1 as of the last day of the Collection Period and (2)
      the
      Pool 1 Overcollateralization Floor; provided, however, for any Distribution
      Date
      on or after the Pool 1 Stepdown Date and for which a Pool 1 Trigger Event is
      in
      effect, the Pool 1 Targeted Overcollateralization Amount will be equal to the
      Pool 1 Targeted Overcollateralization Amount in effect for the immediately
      preceding Distribution Date.

     

    Pool
      1
      Trigger Event:
      A Pool
      1 Trigger Event will have occurred if on any Distribution Date, either a Pool
      1
      Delinquency Event or a Pool 1 Cumulative Loss Trigger Event is in effect for
      such Distribution Date.

     

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

     

    Pool
      2-3 Underlying Subordinate Rate:
      The
      weighted average of the Underlying Subordinate Rate for Pool 2 and Pool 3
      weighted by the corresponding Group Subordinate Amounts.

     

    Pool
      3:
      The
      aggregate of the Mortgage Loans identified on the Mortgage Loan Schedule as
      being included in Pool 3.

     

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

     

    Pool
      Subordinate Amount:
      Not
      Applicable.

     

    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.

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date and (x) any Principal Prepayment in part and,
      with respect to those Mortgage Loans serviced by Servicers other than Aurora,
      any Principal Prepayment in full, (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 but on or before the last day of the month immediately
      preceding the month of such Distribution Date and (z) any Principal Prepayment
      in full or in part with respect to those Mortgage Loans serviced by Countrywide
      Home Loans Servicing LP if received on or after the second day of the month
      immediately preceding the month of such Distribution Date but on or before
      the
      last day of the month immediately preceding the month of such Distribution
      Date,
      the difference between (i) one full month’s interest at the applicable 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 collected by
      the
      applicable Servicer 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 part or in full
      received by Countrywide Home Loans Servicing LP and 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. For each
      Distribution Date and for a Principal Prepayment in part or in full (including
      any liquidation) received by Countrywide Servicing related to each Distribution
      Date, the 2nd
      day (or,
      in the case of the first Distribution Date, the 1st)
      of the
      calendar month immediately preceding the month in which such Distribution Date
      occurs through the first day of the calendar month in which such Distribution
      Date occurs.

     

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

     

    Principal
      Only Certificate:
      Not
      applicable.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

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

     

    Principal
      Remittance Amount:
      For any
      Distribution Date and Pool 1, an amount equal to (a) the sum of (1) all
      principal collected (other than Payaheads) or advanced in respect of Scheduled
      Payments on the Mortgage Loans in Pool 1 during the related Collection Period
      by
      the related Servicers or the Master Servicer (less unreimbursed Advances due
      to
      the Master Servicer, any Servicer or the Trustee (solely in its capacity as
      successor master servicer) with respect to such Mortgage Loans, to the extent
      allocable to principal, and any unreimbursed servicing advances), (2) all
      prepayments in full or in part received on the Mortgage Loans in Pool 1 during
      the related Prepayment Period (or in the case of Mortgage Loans serviced by
      Aurora, the related Collection Period), (3) the outstanding principal balance
      of
      each Mortgage Loan in Pool 1 that was repurchased by the Seller or the related
      Transferor during the related Prepayment Period (or, in the case of Mortgage
      Loans serviced by Aurora, the related Collection Period) or the NIMS Insurer
      (in
      the case of certain Mortgage Loans 90 days or more delinquent), (4) the
      principal portion of any Substitution Amount paid with respect to any replaced
      Mortgage Loan in Pool 1 during the related Prepayment Period (or, in the case
      of
      Mortgage Loans serviced by Aurora, the related Collection Period) allocable
      to
      principal and (5) all Net Liquidation Proceeds, Insurance Proceeds and any
      other
      recoveries collected with respect to the Mortgage Loans in Pool 1 during the
      related Prepayment Period (or, in the case of Mortgage Loans serviced by Aurora,
      the related Collection Period), to the extent allocable to principal, minus
      (b)
      any other costs, expenses or liabilities reimbursable to the Master Servicer,
      a
      Servicer, the Custodians and the Trustee as applicable to such Mortgage Pool
      from the Interest Remittance Amount described in clause (b) of the definition
      thereof and not reimbursed therefrom or otherwise.

     

    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.

     

    Prospectus:
      The
      prospectus supplement dated November 29, 2006, together with the accompanying
      prospectus dated September 13, 2006, relating to the Senior Certificates and
      the
      Subordinate Certificates.

     

    Purchase
      Price:
      With
      respect to the repurchase of a Mortgage Loan pursuant to this Agreement, an
      amount equal to the sum of (a) 100% of the unpaid principal balance of such
      Mortgage Loan, (b) accrued interest thereon at the Mortgage Rate, from the
      date
      as to which interest was last paid to (but not including) the Due Date
      immediately preceding the next Distribution Date, (c) any unreimbursed Servicing
      Advances with respect to such Mortgage Loan 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.

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    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 or the NIM Securities, the Trustee shall terminate such contract
      without penalty and be entitled to the return of all funds previously invested
      thereunder, together with accrued interest thereon at the interest rate provided
      under such contract to the date of delivery of such funds to the
      Trustee;

     

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

     

    (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 of the related Mortgage Pool 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 and the Master Servicer.

     

    
      
        
        

      

      
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    Rating
      Agency:
      Any of
      Fitch, Moody's or S&P.

     

    Realized
      Loss:
      (a)
      with respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
      principal balance of such Mortgage Loan as of the date of liquidation, 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) with respect to 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.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    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 Group I Certificates, the close of
      business on the Business Day immediately preceding such Distribution Date.
      With
      respect to any Distribution Date and the Group II 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.

     

    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).

     

    Related
      Certificates:
      For any
      REMIC I-2 Interest, the Class of Certificates set forth on the same row in
      the
      table under “REMIC I-2” in the Preliminary Statement hereto.

     

    Related
      REMIC I-2 Interest:
      For any
      Related Certificates, the REMIC I-2 Interest set forth on the same row in the
      table under “REMIC I-2” in the Preliminary Statement hereto.

     

    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.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    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 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
      the SWAP REMIC, REMIC I-1, REMIC I-2, REMIC II-1 and REMIC II-2, as described
      in
      the Preliminary Statement hereto.

     

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

     

    REMIC
      I-1 Interest:
      Any one
      of the classes of REMIC I-1 Regular Interests and the Class LTI1-R Interest
      as
      described in the Preliminary Statement hereto.

     

    REMIC
      I-1 Marker Classes:
      Any of
      the REMIC I-1 Regular Interests other than the Class LTI1-X Interest and other
      than the Class LTI1-IO Interest.

     

    REMIC
      I-1 Regular Interest:
      Each of
      the REMIC I-1 Interests other than the Class LTI1-R Interest.

     

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

     

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

     

    REMIC
      I-2 Regular Interest:
      Any of
      the REMIC I-2 Interests other than the Residual Interest. Alternatively, any
      of
      the REMIC regular interests represented by (i) the rights associated with any
      Class of Group I Certificates other than the rights to payments in respect
      of
      Excess Interest or the rights to payments from proceeds of the Swap Agreement
      or
      Group I Interest Rate Cap Agreement (and disregarding any obligation to make
      payments in respect of Class I Shortfalls), (ii) the Uncertificated Class 1-X
      Interest and (iii) the Class LTI2-IO Interest.

     

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

     

    REMIC
      II-1 Interest:
      Any one
      of the classes of REMIC II-1 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-1 Regular Interest:
      Each of
      the REMIC II-1 Interests other than the Class LTII1-R Interest.

     

    REMIC
      II-1 Subordinated Balance Ratio:
      As of
      any Distribution Date, the ratio among the uncertificated principal balances
      of
      each of the REMIC II-1 Regular Interests ending with the designation “A” that is
      equal to the ratio among, with respect to each such REMIC II-1 Regular Interest,
      the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage
      Loans in the related Mortgage Pool over (y) the aggregate Class Principal
      Amounts of the Senior Certificates of the Certificate Group related to such
      Mortgage Pool (after giving effect to distributions on such Distribution
      Date).

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    REMIC
      II-2 Regular Interest:
      Each of
      the REMIC II-2 Interests other than the Class LTII2-R Interest.

     

    REMIC
      Pass-Through Rate:
      For
      any
      Distribution Date, the Group I Net Rate for such Distribution Date (as adjusted,
      in the case of any Class of Certificates or REMIC I-2 Interest that accrues
      interest on the basis of a 360-day year consisting of twelve 30-day months,
      to
      reflect accruals on such basis).

     

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

     

    REMIC
      Swap Rate:
      For
      each Distribution Date (and the related Accrual Period), a per annum rate equal
      to the rate used to compute the monthly gross amount due to the Swap
      Counterparty under the Swap Agreement for such Distribution Date (such rate,
      as
      described in the Prospectus, being the Rate of Payment set forth in Annex C
      of
      the Prospectus).

     

    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).

     

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

     

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

     

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

     

    Repurchase
      Price:
      As
      defined in Section 7.01.

     

    Reserve
      Interest Rate:
      Not
      applicable.

     

    Reset
      Date:
      Not
      applicable.

     

    Residual
      Certificate:
      Any
      Class R Certificate.

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

     

    Residual
      I Interest:
      An
      interest in REMIC I-2 that is entitled to all distributions on the Class R-I
      Certificate other than distributions in respect of the Class SW-R Interest
      and
      Class LTI1-R Interest.

     

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

     

    Restricted
      Certificate:
      Any
      Class B4-II, Class B5-II, Class B6-II, Class P, Class 1-X, Class C-X, Class
      S-X
      or Class R Certificate but excluding any Regulation S Global
      Security.

     

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

     

    Rounding
      Account:
      Not
      applicable.

     

    Rules:
      As
      defined in Section 6.20(d).

     

    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.

     

    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.

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

     

    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
      Group 1 Certificate, Group 2 Certificate or Group 3 Certificates.

     

    Senior
      Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of the aggregate Class Principal Amount of the
      Group I Subordinate Certificates and the Pool 1 Overcollateralization Amount
      (which amount, for purposes of this definition only, shall not be less than
      zero
      and assuming for purposes of this definition that the Principal Distribution
      Amount has been distributed on such Distribution Date and no Pool 1 Trigger
      Event has occurred) and the denominator of which is the Pool Balance for Pool
      1
      for such Distribution Date, in each case after giving effect to distributions
      on
      such Distribution Date.

     

    Senior
      Percentage:
      With
      respect to each of Pool 2 and Pool 3 and any Distribution Date, the percentage
      equivalent of the fraction, the numerator of which is the aggregate of the
      Certificate Principal Amounts of the Group 2 Certificates, in the case of Pool
      2
      or the Group 3 Certificates, in the case of Pool 3. 

     

    Senior
      Prepayment Percentage:
      With
      respect to each of Pool 2 and Pool 3 for any Distribution Date occurring during
      the seven years beginning on the first Distribution Date, 100%, except as
      described herein below. With respect to each of Pool 2 and Pool 3 for any
      Distribution Date occurring on or after the seventh anniversary of the first
      Distribution Date, the related Senior Percentage plus the following percentage
      of the related 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 for
      Mortgage Group II is less than the Initial Senior Enhancement Percentage, the
      Senior Prepayment Percentage for each Mortgage Pool in Mortgage Group II 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 November 2009, prior to giving effect to any distributions
      on such Distribution Date, the Senior Enhancement Percentage for Mortgage Group
      II for such Distribution Date is greater than or equal to twice the related
      Initial Senior Enhancement Percentage, then the Senior Prepayment Percentage
      for
      each Mortgage Pool in Mortgage Group II for such Distribution Date will equal
      the related Senior Percentage plus 50% of the related Subordinate Percentage
      for
      such Mortgage Pool and (iii) unless the condition described in clause (i) has
      occurred, if on any Distribution Date on or after the Distribution Date in
      December 2009, prior to giving effect to any distributions on such Distribution
      Date, the Senior Enhancement Percentage for Mortgage Group II for such
      Distribution Date is greater than or equal to twice the related Initial Senior
      Enhancement Percentage, then the Senior Prepayment Percentage for each Mortgage
      Pool in Mortgage Group II on such Distribution Date will equal the related
      Senior Percentage.

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      the foregoing, no decrease in the Senior Prepayment Percentage for any Mortgage
      Pool in Mortgage Group II 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 in the related Mortgage Pool 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) is greater than or equal to 50% of
      the
      applicable Group Subordinate Amount immediately prior to such Distribution
      Date
      or (ii) cumulative Realized Losses with respect to the Mortgage Loans in the
      related Mortgage Pool exceed (a) with respect to each Distribution Date prior
      to
      the third anniversary of the first Distribution Date, 20% of the related
      Original Group 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 related Original Group 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
      related Original Group 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 Group 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
      related Original Group 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 related Original Group Subordinate Amount. After
      the Class Principal Amount of each Class of Senior Certificates in any
      Certificate Group has been reduced to zero, the Senior Prepayment Percentage
      for
      the related Mortgage Pool shall be 0%.

     

    Senior
      Principal Distribution 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 Servicers are
      ABN
      AMRO Mortgage Group, Inc., Aurora, Colonial Savings Bank, F.A. and Countrywide
      Home Loans Servicing LP.

     

    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.

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

     

    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 November
      1,
      2006, attached hereto in Exhibit E, and any other servicing agreement entered
      into between a successor servicer and the Seller or the Trustee pursuant to
      the
      terms hereof.

     

    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, $4,518,397.53 for Pool 2 and Pool 3, 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 of the related Mortgage Loans; (ii) twice the Scheduled Principal
      Balance of the related Mortgage Loan having the highest Scheduled Principal
      Balance, and (iii) the aggregate Scheduled Principal Balances of the related
      Mortgage Loans 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.

     

    
      
        
        

      

      
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    Specified
      Rating:
      Not
      applicable.

     

    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.

     

    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
      Certificate:
      Any
      Class B Certificate.

     

    Subordinate
      Certificate Writedown Amount:
      As to
      any Distribution Date, with respect to the Group II Certificates, the amount
      by
      which (i) the sum of the Class Principal Amounts of all the Certificates related
      to Pool 2 and Pool 3 (after giving effect to the distribution of principal
      and
      the allocation of Realized Losses in reduction of the Certificate Principal
      Amounts of the Certificates related to Pool 2 and Pool 3 on such Distribution
      Date) exceeds (ii) the aggregate Scheduled Principal Balance of the Mortgage
      Loans in Pool 2 and Pool 3 for such Distribution Date.

     

    Subordinate
      Class Percentage:
      With
      respect to any Distribution Date and any Class of 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 Certificates related to the same Mortgage
      Group 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 each Mortgage Pool and any Distribution Date, the difference between
      100% and the related Senior Percentage for such Distribution Date.

     

    
      
        
        

      

      
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    Subordinate
      Prepayment Percentage:
      With
      respect to each of Pool 2 and Pool 3 and any Distribution Date, the difference
      between 100% and the related Senior Prepayment Percentage for such Distribution
      Date.

     

    Subordinate
      Principal Distribution Amount:
      For
      each Mortgage Pool and 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 applicable Bankruptcy Coverage
      Termination Date) on each Mortgage Loan in the related Mortgage Pool due during
      the related Due Period;

     

    (ii) the
      product of (a) the related Subordinate Prepayment Percentage for such date
      and
      (b) each of the following amounts: (1) each Principal Prepayment on the Mortgage
      Loans in the related Mortgage Pool 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 in the related Mortgage Pool that was finally liquidated during
      the related Prepayment Period) representing or allocable to recoveries of
      principal in the related Mortgage Pool received during the related Prepayment
      Period, and (3) the principal portion of all proceeds of the purchase of any
      Mortgage Loan in the related Mortgage Pool (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
      in
      the related Mortgage Pool 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
      Group II Senior Principal Distribution Amount for the related Certificate Group;
      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.

     

    
      
        
        

      

      
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    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.

     

    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
      Swiss Re Financial Products Corporation.

     

    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:
      With
      respect to any Distribution Date (and the related Accrual Period), the product
      of (i) the Floating Rate Option (as defined under “Floating Amounts” in the Swap
      Agreement) for the related Swap Payment Date and (ii) two, as calculated by
      the
      Swap Counterparty and furnished to the Trustee.

     

    
      
        
        

      

      
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    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:
      As
described
      in the
      Preliminary Statement hereto.

     

    SWAP
      REMIC Interests:
      Any one
      of the classes of SWAP REMIC Interests described in the Preliminary Statement
      hereto.

     

    SWAP
      REMIC Regular Interests:
      Any of
      the SWAP REMIC Interests other than the Class SW-R Interest.

     

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

     

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

     

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

     

    Termination
      Event:
      As
      defined in the Swap Agreement.

     

    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 all three Mortgage Pools for such date; (ii) the Principal Remittance Amount
      for all three Mortgage Pools 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.

     

    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
      Pool 1 Basis Risk 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 2006-11.

     

    
      
        
        

      

      
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    Trust
      Rate:
      Not
      applicable.

     

    Trust
      REMIC:
      Any
      REMIC created hereunder.

     

    Trustee:
      U.S.
      Bank National Association, 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:
      0.0090%
      per annum.

     

    Uncertificated
      Class 1-X Interest:
      An
      uncertificated regular interest in
      REMIC
      I-2 with an initial principal balance equal to the
      excess of (i) the aggregate Scheduled Principal Balance of Mortgage Group I
      as
      of the Cut-off Date over (ii) the aggregate initial principal amounts of the
      Group I Certificates and
      bearing interest on a each Distribution Date in an amount equal to the
      Class
      1-X Current Interest for such Distribution Date;
      provided,
      however, that such interest shall have no obligation or right to make or receive
      any payments treated as paid or received by the Class 1-X Certificates pursuant
      to interest rate cap agreements or notional principal contracts under Section
      10.01.

     

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

     

    Undercollateralized
      Group:
      With
      respect to any Distribution Date, the Senior Certificates of any Certificate
      Group as to which the aggregate Certificate Principal Amount thereof, after
      giving effect to distributions pursuant to Section 5.02(d) on such date, is
      greater than the Pool Balance of the related Mortgage Pool for such Distribution
      Date.

     

    Underlying
      Subordinate Rate:
      For
      Pool 1, the Pool 1 Net WAC; for Pool 2, the Pool 2 Net WAC; and for Pool 3,
      the
      Pool 3 Net WAC.

    

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

     

    Unpaid
      Subordinate Floating Rate Certificate Shortfall:
      Not
      applicable.

     

    
      
        
        

      

      
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    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, 94% of all Voting
      Interests shall be allocated to the Group I and Group II Certificates, 1% shall
      be allocated to each of the Class P-I, Class P-II, Class P-III, Class R-I and
      Class R-II Certificates, and 0.33% of all Voting Interests shall be allocated
      to
      each of the Class 1-X, Class C-X and Class S-X Certificates, while they remain
      outstanding. 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 P-I, Class P-II
      and Class P-III 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).

     

    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.

     

    Section
      1.03. Rights
      of
      the NIMS Insurer

     

    Each
      of
      the rights of any NIMS Insurer set forth in this Agreement shall exist so long
      as (i) the NIMS Insurer has undertaken to guarantee certain payments of NIM
      Securities issued pursuant to the Indenture and (ii) the NIM Securities issued
      pursuant to the Indenture remain outstanding or the NIMS Insurer is owed amounts
      in respect of its guarantee of payment on such notes; provided, however, the
      NIMS Insurer shall not have any rights hereunder (except pursuant to Section
      11.03 and any rights to indemnification hereunder in the case of clause (ii)
      below) so long as (i) the NIMS Insurer has not undertaken to guarantee certain
      payments of notes issued pursuant to the Indenture or (ii) any default has
      occurred and is continuing under the insurance policy issued by the NIMS Insurer
      with respect to such notes.

     

    ARTICLE
      II

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

     

    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
      all
      the right, title and interest of the Depositor in and to the Mortgage Loans
      (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 Pool 1 Basis Risk 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.

     

    
      
        
        

      

      
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    Concurrently
      with the execution of this Agreement, the Swap Agreement and 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 Group I Certificates. The Seller, the Master Servicer, the
      Depositor, the Servicers and the Certificateholders (by their acceptance of
      such
      Group I 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 upon the expiration or termination
      of the Cap Agreement and 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 pay date default rights against the Transferor) 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 execute and deliver the
      Servicing Agreement (to the extent it is a party thereto) and to perform in
      accordance therewith.

     

    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 that 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.

     

    
      
        
        

      

      
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    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;

     

    
      
        
        

      

      
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    (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
“U.S. Bank National Association, as Trustee of the Structured Adjustable Rate
      Mortgage Loan Trust Mortgage Pass Through Certificates, Series 2006-11,” 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

     

    
      
        
        

      

      
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    (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) (1) 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, the Rating Agencies and any NIMS Insurer, 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.

     

    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, the Master Servicer and any NIMS Insurer on the Closing Date an
      Initial Certification in the form annexed hereto as Exhibit B-1 (or in the
      form
      annexed to the applicable Custodial Agreement as Exhibit B-1, as
      applicable).

     

    (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 and any
      NIMS Insurer, review each Mortgage File to ascertain that all required documents
      set forth in Section 2.01 have been received and appear on their face to contain
      the requisite signatures by or on behalf of the respective parties thereto,
      and
      shall deliver to the Trustee, the Depositor, the Master Servicer and any NIMS
      Insurer an Interim Certification in the form annexed hereto as Exhibit B-2
      (or
      in the form annexed to the applicable Custodial Agreement as Exhibit B-2, as
      applicable) to the effect that, as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan prepaid in full or any 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.

     

    
      
        
        

      

      
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    (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, the Master Servicer and any NIMS Insurer. 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.

     

    (d) Within
      180 days following the Closing Date, the Trustee, or the applicable Custodian,
      shall deliver to the Trustee, the Depositor, the Master Servicer and any NIMS
      Insurer a Final Certification substantially in the form 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 to the Master Servicer as of the Closing Date or such
        other date as is specified, that:

       

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

       

    

    
      
        
        

      

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

     

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

     

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

     

    (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.

     

    
      
        
        

      

      
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    (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.

     

    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,
      any NIMS Insurer, 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
      and
      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).

     

    
      
        
        

      

      
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    (c) Notwithstanding
      any other provision of this Agreement, the right to substitute Mortgage Loans
      pursuant to this Article II shall be subject to the additional limitations
      that
      no substitution of a Qualifying Substitute Mortgage Loan for a Deleted Mortgage
      Loan shall be made unless the Trustee and the NIMS Insurer have 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.

     

    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.

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    THE
      CERTIFICATES

     

    Section
      3.01. The
      Certificates.

     

    (a) The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
      Certificates will be evidenced by one or more certificates, beneficial ownership
      of which will be held in the dollar denominations in Certificate Principal
      Amount or Notional 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-II Certificate shall be issued as a single
      Certificate and maintained in definitive, fully registered form in a minimum
      denomination equal to $100. Each of the Class P, Class 1-X, Class C-X and Class
      S-X Certificates shall be maintained in definitive, fully registered form in
      a
      minimum denomination equal to 25% of the Percentage Interest of such Class
      of
      Certificates. 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.

     

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

     

    (c) The
      Class
      B4-II, Class B5-II or Class B6-II 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.

     

    
      
        
        

      

      
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    The
      Class
      B4-II, Class B5-II or Class B6-II 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
      Class
      B4-II, Class B5-II or Class B6-II 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.

     

    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”). 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.

     

    
      
        
        

      

      
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    (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 are eligible for exemptive
      relief under any of Section 408(b)(17) of ERISA or Section 4975(d)(20) of the
      Code, Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE
      91-38, PTCE 95-60 or PTCE 96-23, each as it may be amended from time to time.
      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 Class R 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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    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.

     

    (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”).

     

    
      
        
        

      

      
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    Prior
      to
      and as a condition of the registration of any transfer, sale or other
      disposition of a Residual Certificate, the proposed transferee shall deliver
      to
      the Trustee an affidavit in substantially the form attached hereto as Exhibit
      D-1 representing and warranting, among other things, that such transferee is
      neither a Disqualified Organization, an agent or nominee acting on behalf of
      a
      Disqualified Organization, nor a Non-permitted Foreign Holder (any such
      transferee, a “Permitted Transferee”), and the proposed transferor shall deliver
      to the Trustee an affidavit in substantially the form attached hereto as Exhibit
      D-2. In addition, the Trustee may (but shall have no obligation to) require,
      prior to and as a condition of any such transfer, the delivery by the proposed
      transferee of an Opinion of Counsel, addressed to the Depositor, the Master
      Servicer, any NIMS Insurer and the Trustee satisfactory in form and substance
      to
      the Depositor, that such proposed transferee or, if the proposed transferee
      is
      an agent or nominee, the proposed beneficial owner, is not a Disqualified
      Organization, agent or nominee thereof, or 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.

     

    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).

     

    
      
        
        

      

      
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    (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 Class B4-II, Class B5-II or Class B6-II 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 Class B4-II, Class B5-II or Class B6-II
      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).

     

    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.

     

    
      
        
        

      

      
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    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 any NIMS Insurer and 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, any NIMS Insurer, 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, any NIMS Insurer, 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, 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. The Trustee may appoint a
      successor Paying Agent, acceptable to the NIMS Insurer, 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. A 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 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. In addition, the Paying Agent (if other than 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 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 R 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.

     

    
      
        
        

      

      
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    Section
      3.09. Book-Entry
      Certificates.

     

    (a) Each
      Class of Book-Entry Certificates, upon original issuance, shall be issued in
      the
      form of one or more typewritten Certificates representing the Book-Entry
      Certificates, 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.

     

    
      
        
        

      

      
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    (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 Trustee or 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.

     

    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 2006-11.” 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 and any NIMS Insurer 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 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):

     

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

     

    
      
        
        

      

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

     

    (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 2006-11. 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 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 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 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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    (iv) 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;

     

    (v) 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);

     

    (vi) 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;

     

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

     

    (viii) 
      to make
      payments to the Trustee on each Deposit Date for deposit into the Certificate
      Account in the amounts and in the manner provided for in Section
      4.04;

     

    (ix) to
      make
      payment to itself, the Trustee and others pursuant to any provision of this
      Agreement and to reimburse any Custodian pursuant to the applicable Custodial
      Agreement, but only to the extent that the items reimbursed constitute
“unanticipated expenses” within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii);

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    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), (iii), (iv) and
      (vi) 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),
      (iii), (iv) and (vi).

     

    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
      (viii) by such date, the Master Servicer shall pay the Trustee, for the account
      of the Trustee, interest calculated at the “prime rate” (as published in the
“Money Rates” section of The
      Wall Street Journal)
      on such
      amounts not timely remitted for the period from and including that 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).

     

    (b) The
      Trustee shall afford the NIMS Insurer upon reasonable notice, during normal
      business hours, access to all records maintained by the Trustee in respect
      of
      its duties hereunder and access to officers of the Trustee responsible for
      performing such duties. The Trustee shall cooperate fully with the NIMS Insurer
      and shall make available to the NIMS Insurer for review and copying at the
      expense of the NIMS Insurer, such books, documents or records as may be
      requested with respect to the Trustee’s duties hereunder. The NIMS Insurer shall
      not have any responsibility or liability for any action or failure to act by
      the
      Trustee and are not obligated to supervise the performance of the Trustee under
      this Agreement or otherwise. The Trustee shall also afford the NIMS Insurer,
      upon reasonable notice, during normal business hours, access to the Mortgage
      Files and shall cause the Master Servicer and the Servicer to provide such
      access to the Mortgage Files.

     

    
      
        
        

      

      
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    Section
      4.03. Reports
      to Certificateholders.

     

    (a) On
      each
      Distribution Date, the Trustee shall prepare (based solely on information
      provided by the Master Servicer, the Swap Counterparty or any Cap Counterparty)
      and shall make available to the Swap Counterparty, the Certificateholders and
      any NIMS Insurer a written report setting forth the following information,
      by
      Mortgage Pool and Certificate Group (on the basis of Mortgage Loan level
      information obtained from the applicable Servicer and the Master
      Servicer):

     

    (i) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of Certificates, 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 in each Mortgage
      Pool;

     

    (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 P-I, Class
      P-II, Class P-III, Class 1-X, Class C-X, Class S-X, Class R-I and Class R-II
      Certificates on such Distribution Date, stated separately, and the aggregate
      amounts, if any, of distributions to the Holders of the Class P-I, Class P-II,
      Class P-III, Class 1-X, Class C-X, Class S-X, Class R-I and Class R-II
      Certificates on all Distribution Dates, stated separately;

     

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

     

    (v) the
      Aggregate Principal Balance of the Mortgage Loans and the Pool Balance of each
      Mortgage Pool 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;

     

    
      
        
        

      

      
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    (ix) the
      number and aggregate Scheduled 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;

     

    (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
      Overcollateralization Amount after giving effect to the distributions made
      on
      such Distribution Date;

     

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

     

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

     

    (xix) 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; and

     

    
      
        
        

      

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

     

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

     

    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, any
      cap counterparty or any Subservicer or Subcontractor therefor, as applicable,
      no
      later than four
      Business
      Days prior to the Distribution
      Date.

     

    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, any NIMS Insurer, Swap
      Counterparty, Cap Counterparty and
      the
      Rating Agencies via the Trustee’s internet website. The Trustee’s internet
      website shall initially be located at http://trustinvestorreporting.com and
      assistance in using the website can be obtained by emailing the Trustee’s
      customer service desk at ct.information.delivery@usbank.com. Such parties that
      are unable to use the website are entitled to have a paper copy mailed to them
      via first class mail by 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 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, and (ii) the information and data provided to the
      Trustee by the Cap Counterparty and Swap Counterparty, and the Trustee shall
      not
      be obligated to verify, recompute, reconcile 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
      other regulatory authorities with respect to the NIM Securities 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 to any NIMs Insurer 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 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 such information is readily
      available.

     

    Section
      4.04. Certificate
      Account.

     

    (a) The
      Trustee shall establish and maintain in its name, as trustee, a trust account
      (the “Certificate Account”), 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), upon the request of the
      NIMS
      Insurer, 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 the 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 shall make payments to Certificateholders and 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 and the Swap Counterparty. The Trustee shall have no
      liability for any errors in such reports or information, and shall not be
      required to verify, recompute, reconcile or recalculate any such information
      or
      data.

     

    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) 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. 

     

    
      
        
        

      

      
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    (b) On
      each
      Distribution Date (or, with respect to clause (ii) below, on the related Swap
      Payment Date), the Trustee shall distribute the Interest Remittance Amount
      for
      Pool 1 as follows:

     

    (i) to
      the
      Trustee, the payment of the Trustee Fee allocable to Pool 1 for such
      Distribution Date;

     

    (ii) 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);

     

    (iii) concurrently,
      pro rata, to the Group I Senior Certificates, Current Interest and any
      Carryforward Interest for such classes for such Distribution Date (any shortfall
      in Current Interest and Carryforward Interest to be allocated between such
      Classes in proportion to the amount of Current Interest and Carryforward
      Interest that would otherwise be distributable thereon);

     

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

     

    (v) for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      pursuant to Section 5.02(e) below, any such Interest Remittance Amount for
      Pool
      1 remaining undistributed for such Distribution Date.

     

    (c) The
      Principal Distribution Amount for Pool 1 will be distributed on each
      Distribution Date (or, with respect to clause (i)(B) below, on the related
      Swap
      Payment Date), as follows:

     

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

     

    (A)
      to
      the Trustee, the payment of the Trustee Fee allocable to Pool 1 for such
      Distribution Date (to the extent not distributed pursuant to Section 5.02(b)
      above);

     

    (B)
      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 (to the extent not distributed pursuant to Section 5.02(b)
      above);

     

    (C)
      concurrently to the Group I Senior Certificates, pro rata, as
      follows:

     

    (1)
      to
      the Class 1-A1 Certificates, until the Class Principal Amount of such Class
      has
      been reduced to zero; 

     

    (2)
      to
      the Class 1-A2 Certificates, until the Class Principal Amount of such Class
      has
      been reduced to zero;

     

    
      
        
        

      

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

     

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

     

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

     

    (A)
      to
      the Trustee, the payment of the Trustee Fee allocable to Pool 1 for such
      Distribution Date (to the extent not distributed pursuant to Section 5.02(b)
      above);

     

    (B)
      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 (to the extent not deposited previously from the Interest
      Remittance Amount for Pool 1 in accordance with class (b) above);

     

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

     

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

     

    (E)
      to
      the Class M-2 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      Clauses (A) through (D) above, and (y) the M-2 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    
      
        
        

      

      
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    (F)
      to
      the Class M-3 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      Clauses (A) through (E) above, and (y) the M-3 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (G)
      to
      the Class M-4 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (F) above, and (y) the M-4 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (H)
      to
      the Class M-5 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (G) above, and (y) the M-5 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (I)
      to
      the Class M-6 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (H) above, and (y) the M-6 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (J)
      to
      the Class M-7 Certificates, an amount equal to the lesser of (x) the excess,
      if
      any, of (a) the Principal Distribution Amount for Pool 1 for such Distribution
      Date over (b) the amount distributed on such Distribution Date pursuant to
      clauses (A) through (I) above, and (y) the M-7 Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero; and 

     

    (K)
      for
      application as part of Pool 1 Monthly Excess Cashflow for such Distribution
      Date
      pursuant to Section 5.02(e) below, any such Principal Distribution Amount for
      Pool 1 remaining undistributed after application pursuant to clauses (A) through
      (J) above. 

     

    
      
        
        

      

      
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    (d) On
      each
      Distribution Date, the Available Distribution Amount for each of Pool 2 and
      Pool
      3 will be allocated among the Classes of Senior Certificates relating to that
      Mortgage Pool, and among the Classes of the Group II Subordinate Certificates
      as
      follows:

     

    (i) from
      the
      Available Distribution Amount for each such Mortgage Pool, to the Trustee,
      the
      payment of the Trustee Fee allocable to that Mortgage Pool for such Distribution
      Date;

     

    (ii) from
      the
      Available Distribution Amount for each such Mortgage Pool, to payment of Accrued
      Certificate Interest on each Class of Senior Certificates of the related
      Certificate Group, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for the related Mortgage Pool for such
      Distribution Date; provided, however, that any shortfall in available amounts
      for either such Mortgage Pool will be allocated among the classes of the related
      Certificate Group, in proportion to the amount of such interest (as so reduced)
      that would otherwise be distributable thereon; 

     

    (iii) from
      the
      Available Distribution Amount for each such Mortgage Pool, to payment of any
      outstanding Interest Shortfalls on each Class of Senior Certificates of the
      related Certificate Group, as reduced by such Class’s allocable share of any Net
      Prepayment Interest Shortfalls for the related Mortgage Pool for such
      Distribution Date; provided, however, that any shortfall in available amounts
      for either such Mortgage Pool will be allocated among the classes of the related
      Certificate Group in proportion to the amount of such interest (as so reduced)
      that would otherwise be distributable thereon;

     

    (iv) to
      the
      Group II Senior Certificates to the extent of the remaining related Available
      Distribution Amount, concurrently, as follows:

     

    (A) to
      the
      Class 2-A1, Class 2-A2 and Class R-II Certificates, from the Available
      Distribution Amount for Pool 2, the Group II Senior Principal Distribution
      Amount for such Mortgage Pool, in reduction of their Class Principal Amounts,
      sequentially as follows:

     

    (1) 
      first,
      to the Class R-II Certificate, until its Class Principal Amount has been reduced
      to zero;

     

    (2)
      second, pro rata to the Class 2-A1 and Class 2-A2 Certificates, from the
      Available Distribution Amount for Pool 2, the Group II Senior Principal
      Distribution Amount, in reduction of their Class Principal Amounts, until their
      Class Principal Amounts have been reduced to zero; 

     

    (B) pro
      rata,
      to the Class 3-A1 and Class 3-A2 Certificates, from the Available Distribution
      Amount for Pool 3, the Group II Senior Principal Distribution Amount, in
      reduction of their Class Principal Amounts, until their Class Principal Amounts
      have been reduced to zero.

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

     

    (v) from
      the
      remaining Available Distribution Amount for Pool 2 and Pool 3, subject to the
      prior distribution of amounts pursuant to Section 5.02(k) and Section 5.02(l)
      in
      the case of clauses (C), (F), (I), (L), (O) and (R), to the Group II Subordinate
      Certificates, in the following order of priority:

     

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

     

    (C) to
      the
      Class B1-II 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(i), until the Class Principal Amount thereof has been reduced to
      zero;

     

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

     

    (F) to
      the
      Class B2-II 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(i), until the Class Principal Amount thereof has been reduced to
      zero;

     

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

     

    (I)  to
      the
      Class B3-II 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(i), until the Class Principal Amount thereof has been reduced to
      zero;

     

    
      
        
        

      

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

     

    (L) to
      the
      Class B4-II 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(i), until the Class Principal Amount thereof has been reduced to
      zero;

     

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

     

    (O) to
      the
      Class B5-II 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(i), until the Class Principal Amount thereof has been reduced to
      zero;

     

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

     

    (R) to
      the
      Class B6-II 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(i), until the Class Principal Amount thereof has been reduced to
      zero.

     

    (e) Any
      Pool
      1 Monthly Excess Cashflow for each Distribution Date, together with any proceeds
      received under the Group I Interest Rate Cap Agreement in the case of Section
      5.02(e)(iv) below, will on each Distribution Date be distributed in the
      following order of priority:

     

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

     

    (A)
      concurrently, on a pro rata basis, based on amounts due, to the Group I Senior
      Certificates, Current Interest and any Carryforward Interest for such Classes
      for such Distribution Date due pursuant to Section 5.02(b)(iii) above, to the
      extent unpaid pursuant to such section;

     

    
      
        
        

      

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

     

    (C)
      to
      the Trustee, previously unreimbursed extraordinary costs, liabilities and
      expenses, to the extent allocable to Pool 1;

     

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

     

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

     

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

     

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

     

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

     

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

     

    (C)
      to
      the Class M-2 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group I Senior Certificates and
      the
      Class M-1 and Class M-2 Certificates, after giving effect to distributions
      on
      such Distribution Date, equals the M-2 Target Amount;

     

    
      
        
        

      

      
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    (D)
      to
      the Class M-3 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group I Senior Certificates and
      the
      Class M-1, Class M-2 and Class M-3 Certificates, after giving effect to
      distributions on such Distribution Date, equals the M-3 Target
      Amount;

     

    (E)
      to
      the Class M-4 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group I Senior Certificates and
      the
      Class M-1, Class M-2, Class M-3 and Class M-4 Certificates, after giving effect
      to distributions on such Distribution Date, equals the M-4 Target Amount;

     

    (F)
      to
      the Class M-5 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group I Senior Certificates and
      the
      Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates, after
      giving effect to distributions on such Distribution Date, equals the M-5 Target
      Amount;

     

    (G)
      to
      the Class M-6 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group I Senior Certificates and
      the
      Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the M-6 Target Amount; and

     

    (H)
      to
      the Class M-7 Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group I Senior Certificates and
      the
      Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class
      M-7
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the M-7 Target Amount; 

     

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

     

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

     

    
      
        
        

      

      
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    (B)
      to
      the Group I Senior Certificates, the amount of any Basis Risk Shortfalls and
      Unpaid Basis Risk Shortfalls for each such Class and such Distribution Date,
      pro
      rata in proportion to the amount of such shortfalls, to the extent unpaid
      pursuant to Section 5.02(e)(iv)(A) above and Section 5.02(f)(vi);

     

    (C)
      to
      the Group I Subordinate Certificates, in accordance with the Subordinate
      Priority, any applicable Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such class and such Distribution Date, to the extent unpaid pursuant
      to
      Section 5.02(e)(iv)(A) above and Section 5.02(f)(vi);

     

    (D)
      to
      the Class 1-X Certificates, any amounts remaining in the Pool 1 Basis Risk
      Reserve Fund in excess of amounts required to be on deposit therein after
      satisfying Section 5.02(e)(iv)(A) through 5.02(e)(iv)(C) above for that
      Distribution Date;

     

    (v) pro
      rata
      in proportion to their respective Deferred Amounts (and any interest accrued
      on
      such Deferred Amounts at the related Certificate Interest Rate), to the Group
      I
      Senior Certificates, any applicable Deferred Amount and any interest accrued
      on
      such Deferred Amounts for each such Class and such Distribution
      Date;

     

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

     

    (vii) to
      the
      Supplemental Interest Trust, for distribution pursuant to Section 5.02(f)(x);
      and 

     

    (viii) to
      the
      Class 1-X Certificates, the Class 1-X Distributable Amount for such Distribution
      Date; 

     

    (ix) to
      the
      Class R-I Certificate, any remaining amount.

     

    (f) On
      each
      Distribution Date (or, with respect to clauses (i), (ii), (ix) and (x) below,
      the Swap Payment Date), the Trustee 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 (not due to a Swap Counterparty Trigger
      Event) owed to the Swap Counterparty pursuant to the Swap Agreement for the
      related Distribution Date to the extent unpaid from the Interest Remittance
      Amount for Pool 1 and from the Principal Distribution Amount for Pool
      1;

     

    (ii) to
      the
      Swap Counterparty, any unpaid Swap Termination Payment not due to a Swap
      Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap
      Agreement to the extent unpaid from the Interest Remittance Amount for Pool
      1
      and from the Principal Distribution Amount for Pool 1;

     

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

     

    (iii) to
      the
      Group I Senior Certificates, Current Interest and any Carryforward Interest
      for
      each such Class for such Distribution Date, pro rata, based on amounts due,
      to
      the extent unpaid pursuant to Section 5.02(b)(iii) and Section
      5.02(e)(i)(A);

     

    (iv) to
      the
      Group I Subordinate Certificates, in accordance with the Group I Subordinate
      Priority, Current Interest and any Carryforward Interest for each such Class
      and
      such Distribution Date to the extent unpaid pursuant to Section 5.02(b)(iv)
      and
      pursuant to Section 5.02(e)(i)(B);

     

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

     

    (vi) concurrently
      to the Group I Senior Certificates, pro rata, based on the amount of any
      remaining Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, and then
      to
      the Group I Subordinate Certificates, in accordance with the Group I Subordinate
      Priority, any remaining Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      to the extent unpaid pursuant to Section 5.02(e)(iv)(A) for each such Class
      and
      for such Distribution Date;

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (x) 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; and

     

    (xi) to
      the
      Class S-X Certificates any remaining Supplemental Interest Trust
      Amount.

     

    (g) (i)
      On
      each Distribution Date on and prior to the Class 1-X Account Termination Date,
      the Trustee shall withdraw the Class C Distributable Amount for such
      Distribution Date from the Class 1-X Account, pursuant to Section 5.12 herein,
      and shall distribute such amount to the Class C Certificates. 

     

    (ii)
      On
      each Distribution Date on or prior to the Class 1-X Termination Date, the
      Trustee shall withdraw amounts on deposit in the Class 1-X Account and
      distribute such amounts to the Class 1-X Certificates, an amount equal to the
      excess, if any, of the sum of Realized Losses attributable to the Class C
      Mortgage Loans over the sum of all amounts distributed pursuant to this Section
      5.02(g)(ii) on prior Distribution Dates to the Class 1-X
      Certificates.

     

    (h) Net
      Prepayment Interest Shortfalls for each Mortgage Pool in Mortgage Group II
      shall
      be allocated among the Certificates of the related Certificate Group and the
      Subordinate Certificates related to the applicable Mortgage Group
      proportionately based on (i) in the case of the related Senior Certificates,
      the
      Accrued Certificate Interest otherwise distributable thereon (without regard
      to
      reductions for allocations of Deferred Interest), and (ii) in the case of the
      Group II Subordinate Certificates, interest accrued (at the Underlying
      Subordinate Rate for the relevant Mortgage Pool) on their related Apportioned
      Principal Balances.

     

    (i) (i)
      if on
      any Distribution Date the Credit Support Percentage for the Class B1-II
      Certificates is less than the Original Credit Support Percentage for such Class,
      then, notwithstanding anything to the contrary in Section 5.02(d), 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-II, Class B3-II, Class B4-II, Class B5-II or Class B6-II Certificates on
      such
      Distribution Date; (ii) if on any Distribution Date the Credit Support
      Percentage for the Class B2-II Certificates is less than the Original Credit
      Support Percentage for such Class, then, notwithstanding anything to the
      contrary in Section 5.02(d), 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-II, Class B4-II, Class B5-II or Class
      B6-II Certificates on such Distribution Date; (iii) if on any Distribution
      Date
      the Credit Support Percentage for the Class B3-II Certificates is less than
      the
      Original Credit Support Percentage for such Class, then, notwithstanding
      anything to the contrary in Section 5.02(d), 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-II, Class B5-II
      or
      Class B6-II Certificates on such Distribution Date; (iv) if on any Distribution
      Date the Credit Support Percentage for the Class B4-II Certificates is less
      than
      the Original Credit Support Percentage for such Class, then, notwithstanding
      anything to the contrary in Section 5.02(d), 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-II or Class B6-II
      Certificates on such Distribution Date; and (v) if on any Distribution Date
      the
      Credit Support Percentage for the Class B5-II Certificates is less than the
      Original Credit Support Percentage for such Class, then, notwithstanding
      anything to the contrary in Section 5.02(d), 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-II Certificates
      on
      such Distribution Date.

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

     

    Any
      amount not distributed in respect of any Class on any Distribution Date pursuant
      to the immediately preceding paragraph will be allocated among the remaining
      related Subordinate Classes in proportion to their respective Certificate
      Principal Amounts.

     

    (j) On
      each
      Distribution Date, the Paying Agent shall distribute to the Holders of the
      Class
      P-I Certificates, any Prepayment Penalty Amounts paid by borrowers upon
      voluntary full or partial prepayment of the Mortgage Loans in Pool 1. On each
      Distribution Date, the Paying Agent shall distribute to the Holders of the
      Class
      P-II Certificates, any Prepayment Penalty Amounts paid by borrowers upon
      voluntary full or partial prepayment of the Mortgage Loans in Pool 2. On each
      Distribution Date, the Paying Agent shall distribute to the Holders of the
      Class
      P-III Certificates, any Prepayment Penalty Amounts paid by borrowers upon
      voluntary full or partial prepayment of the Mortgage Loans in Pool
      3.

     

    (k) On
      each
      Distribution Date, the Paying Agent shall distribute to the Holder of the Class
      R-II Certificate any Available Distribution Amount for each of the Mortgage
      Pools in Mortgage Group II remaining for such Distribution Date after
      application of all amounts described in paragraph (a) through (j) of this
      Section 5.02. Any distributions pursuant to this paragraph (k) shall not reduce
      the Class Principal Amount of the Class R-II Certificate.

     

    (l) On
      each
      Distribution Date prior to the Credit Support Depletion Date but on or after
      the
      date on which the aggregate Certificate Principal Amount of the Senior
      Certificates of any Certificate Group (other than the Group 1 Certificates)
      has
      been reduced to zero, amounts otherwise distributable as principal on each
      Class
      of Group II Subordinate Certificates in accordance with the priorities set
      forth
      in Section 5.02(d)(v), in reverse order of priority, in respect of such Class’s
      Subordinate Class Percentage of the Subordinate Principal Distribution Amount
      for the Mortgage Pool relating to such retired Senior Certificates, shall be
      distributed as principal to the Senior Certificates (other than the Group 1
      Certificates) remaining outstanding in accordance with the priorities set forth
      in Sections 5.02(d)(iv), until the Class Principal Amounts thereof have been
      reduced to zero, provided that on such Distribution Date (a) the Aggregate
      Subordinate Percentage for such Distribution Date is less than 200% of the
      Aggregate Subordinate Percentage as of the first Distribution Date or (b) the
      average outstanding principal balance of the Mortgage Loans in Pool 2 (if the
      aggregate Certificate Principal Amount of the Group 3 Certificates have been
      reduced to zero), the average outstanding principal balance of the Mortgage
      Loans in Pool 3 (if the aggregate Certificate Principal Amount of the Group
      2
      Certificates have been reduced to zero), that are delinquent 60 days or more
      for
      the last six months as a percentage of the related Group Subordinate Amount
      is
      greater than or equal to 50%. If the Senior Certificates of two or more
      Certificate Groups (other than the Group 1 Certificates) remain outstanding,
      the
      distributions described above will be made in proportion to the aggregate
      Certificate Principal Amount of such Senior Certificates of each such
      Certificate Group (other than the Group 1 Certificates).

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

     

    (m) On
      any
      Distribution Date on which any Certificate Group (other than the Group 1
      Certificates) constitutes an Undercollateralized Group, all amounts otherwise
      distributable as principal on the Group II Subordinate Certificates, in reverse
      order of priority (other than amounts necessary to pay unpaid Interest
      Shortfalls) (or, following the Credit Support Depletion Date, such other amounts
      described in the immediately following sentence), will be distributed as
      principal to the Senior Certificates of such Undercollateralized Group in
      accordance with the priorities set forth in Section 5.02(d)(iv), until the
      aggregate Certificate Principal Amount of such Senior Certificates equals the
      Pool Balance of the related Mortgage Pool (such distribution, an
“Undercollateralization Distribution”). In the event that any Certificate Group
      (other than the Group 1 Certificates) constitutes an Undercollateralized Group
      on any Distribution Date following the Credit Support Depletion Date,
      Undercollateralization Distributions will be made from the excess of the
      Available Distribution Amount for the other such Mortgage Pools not related
      to
      an Undercollateralized Group (other than Pool 1) remaining after all required
      amounts have been distributed to the Senior Certificates of the other
      Certificate Groups (other than the Group 1 Certificates). In addition, the
      amount of any unpaid Interest Shortfalls with respect to an Undercollateralized
      Group (other than the Group 1 Certificates) on any Distribution Date (including
      any Interest Shortfalls for such Distribution Date) will be distributed to
      the
      Senior Certificates of such Undercollateralized Group prior to the payment
      of
      any Undercollateralization Distributions from amounts otherwise distributable
      as
      principal on the Group II Subordinate Certificates, in reverse order of priority
      (or, following the Credit Support Depletion Date, as provided in the preceding
      sentence). If more than one of the Certificate Groups (other than the Group
      1
      Certificates) is an Undercollateralized Group, the distributions described
      above
      will be made in proportion to the amount by which the aggregate Certificate
      Principal Amount of the Senior Certificates of each such Certificate Group
      exceeds the Pool Balance of the related Mortgage Pool.

     

    (n) For
      federal income tax purposes, the Class C-X Certificates shall evidence ownership
      of the Group I Interest Cap Agreement. Any Amounts received by the Trustee
      in
      respect of the Group I Interest Rate Cap Agreement shall be promptly deposited
      by the Trustee into the Pool 1 Basis Risk Reserve Fund.

     

    The
      Depositor hereby directs the Trustee, solely in its capacity as such, and the
      Trustee is hereby authorized to enter into and execute the Group I Interest
      Rate
      Cap Agreement on the Closing Date, on behalf of the Trust Fund (for the benefit
      of the Certificateholders). The Seller, Depositor, the Master Servicer, the
      Servicers and the Certificateholders (by their acceptance of such Certificates)
      acknowledge and agree that the Trustee is entering into, executing and
      delivering the Group I Interest Rate Cap Agreement solely in its capacity as
      Trustee of the Trust Fund and not in its individual capacity. 

     

    Section
      5.03. Allocation
      of Realized Losses. 

     

    (a) (i)
      On
      each Distribution Date, the Class Principal Amounts of the Group I Certificates
      shall be reduced by the amount of any Pool 1 Applied Loss Amount for such
      Distribution Date in the following order of priority:

     

    first,
      to the
      Class M-7 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

     

    second,
      to the
      Class M-6 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    third,
      to the
      Class M-5 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    fourth,
      to the
      Class M-4 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    fifth,
      to the
      Class M-3 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    sixth,
      to the
      Class M-2 Certificates, until the Class Principal Amount thereof has been
      reduced to zero; and

     

    seventh,
      to the
      Class M-1 Certificates, until the Class Principal Amount thereof has been
      reduced to zero;

     

    eighth,
      to the
      Classes of Group I Senior Certificates, pro
      rata,
      in
      accordance with their Class Principal Amounts; provided, however, that
any
      Pool
      1 Applied Loss Amount otherwise allocable to the Class 1-A1 Certificates
      pursuant to this Section 5.03 shall be allocated to the Class 1-A2 Certificates
      until the Class Principal Amount of such Class has been reduced to
      zero.
      

     

    (ii) On
      any
      Distribution Date, the principal portion of each Realized Loss (other than
      any
      Excess Loss) in respect of a Mortgage Loans in Pool 2 and Pool 3 shall be
      allocated in the following order of priority:

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        110

        
          

        

      

      
        
        

      

    

     

    seventh,
      to the
      Classes of Group II Senior Certificates of the related Certificate Group, pro
      rata, in accordance with their Class Principal Amount; provided, however, that
      any Realized Losses otherwise allocable to the Class 2-A1 Certificates pursuant
      to this Section 5.03 shall be allocated to the Class 2-A2 Certificates until
      the
      Class Principal Amount of such Class has been reduced to zero; and that any
      Realized Losses otherwise allocable to the Class 3-A1 Certificates pursuant
      to
      this Section 5.03 shall be allocated to the Class 3-A2 Certificates until the
      Class Principal Amount of such Class has been reduced to zero.

     

    Notwithstanding
      the foregoing, the first $0.72 of principal portion of Realized Losses in
      Mortgage Group II shall not be allocated to any Class of
      Certificates.

     

    (b) With
      respect to any Distribution Date, the principal portion of any Excess Loss
      in
      respect of a Mortgage Loan shall be allocated if such Mortgage Loan is in
      Mortgage Group II, pro
      rata,
      to the
      Senior Certificates of the related Certificate Group and the Group II
      Subordinate Certificates on the basis of their Apportioned 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
      Pool
      1 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 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) Pool
      1
      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 (x) and (y) 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 Group II Subordinate Certificates, which reductions shall
      occur on such Distribution Date after giving effect to distributions made on
      such Distribution Date.

     

    
      
        
        

      

      
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    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.

     

    (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.

     

    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.

     

    
      
        
        

      

      
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    Section
      5.06. Funding
      Account.

     

    (a) No
      later
      than the Closing Date, the Trustee shall establish and maintain a segregated
      trust account that is an Eligible Account, which shall be titled “Funding
      Account, U.S Bank National Association as trustee, in trust for the registered
      holders of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
      Certificates Series 2006-11” (the “Funding Account”). The Trustee shall,
      promptly upon receipt, deposit in the Funding Account and retain therein the
      Funding Amount remitted on the Closing Date to the Trustee by the Depositor.
      Funds deposited in the Funding Account shall be held in trust by the Trustee
      on
      behalf of the Certificateholders for the uses and purposes set forth herein.
      On
      the Distribution Date in December 2006, the Trustee will withdraw from the
      Funding Account an amount equal to the Funding Amount. The Trustee shall pay
      the
      Funding Amount with respect to Pool 1 to the Certificateholders in accordance
      with the priorities set forth in Section 5.02 as if the interest portion of
      such
      amounts were included in the Interest Remittance Amount for Pool 1 and as if
      the
      principal portion of such amounts were included in the Principal Remittance
      Amount for Pool 1, provided, however, that the Trustee shall not be entitled
      to
      any payment pursuant to Sections 5.02(b)(i) or 5.02(c)(i)(A) with respect to
      the
      Funding Amount.

     

    (b) The
      Trustee will invest funds deposited in the Funding Account in Eligible
      Investments as directed in writing by the Depositor (provided that if the
      Trustee does not receive written direction from the Depositor, the amounts
      in
      the Funding Account shall not be invested) with a maturity date no later than
      the Business Day preceding the first Distribution Date. For federal income
      tax
      purposes, the Depositor shall be the owner of the Funding Account and shall
      report all items of income, deduction, gain or loss arising therefrom. At no
      time will the Funding Account be an asset of any of the REMICs provided for
      herein. All income and gain realized from investment of funds deposited in
      the
      Funding Account shall be for the sole and exclusive benefit of the Depositor
      and
      shall be remitted by the Trustee to the Depositor within eight (8) Business
      Days
      of the first Distribution Date. The Depositor shall deposit in the Funding
      Account the amount of any net loss incurred in respect of any such Eligible
      Investment immediately upon realization of such loss.

     

    (c) On
      the
      Distribution Date in December 2006, any amounts remaining on deposit in the
      Funding Account after withdrawals pursuant to paragraph (a) above shall be
      withdrawn by the Trustee and paid to the Depositor or its designee and the
      Trustee shall terminate the Funding Account on such first Distribution
      Date.

     

    (d) For
      purposes of computations throughout this Agreement (other than for purposes
      of
      computing any fee or the Net WAC of any Pool or portion thereof), Pool 1 shall
      be deemed to include certain Mortgage Loans with a Scheduled Principal Balance
      as of the Cut-off Date of $170,000.00
      that
      are
      prepaid in full on the Closing Date such that their Scheduled Principal Balance
      for all Distribution Dates is $0.

     

    Section
      5.07. Basis
      Risk Reserve Funds.

     

    (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 Group
      I
      Certificates, the Pool 1 Basis Risk Reserve Fund. In addition, the Trustee
      shall
      hold on behalf of the Trust Fund, the Group I Interest Rate Cap Agreement as
      an
      asset in the Pool 1 Basis Risk Reserve Fund. The Pool 1 Basis Risk Reserve
      Fund
      shall be an Eligible Account, and funds on deposit therein shall be held
      separate and apart from, and shall not be commingled with, any other moneys,
      including, without limitation, other moneys of the Trustee held pursuant to
      this
      Agreement.

     

    
      
        
        

      

      
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    (b) On
      each
      Distribution Date on which there is a payment received under the Group I
      Interest Rate Cap Agreement that is based on a notional amount in excess of
      the
      aggregate Class Principal Amount of the Group I Certificates (such amount,
      the
“Class C-X Excess Cap Amount”), the Trustee shall distribute such Class C-X
      Excess Cap Amount to the Class C-X Certificateholders pursuant to Section
      5.02(e)(iv). On each Distribution Date the Trustee shall distribute in the
      order
      of priority and to the extent specified in Section 5.02(e)(iv) of this Agreement
      the sum of (without duplication) (a) any payments made by the Cap Counterparty
      to the Trust Fund for such Distribution Date with respect to the Group I
      Interest Rate Cap Agreement and (b) any amounts then on deposit in the Pool
      1
      Basis Risk Reserve Fund, including any earnings thereon. On any Distribution
      Date, any amounts that the Trustee is not required to distribute from the Pool
      1
      Basis Risk Reserve Fund pursuant to Section 5.02(e)(iv)of this Agreement shall
      remain on deposit in the Pool 1 Basis Risk Reserve Fund.

     

    (c) Funds
      in
      the Pool 1 Basis Risk Reserve Fund shall be invested in Eligible Investments.
      The Class C-X Certificates shall evidence ownership of the portion of the Pool
      1
      Basis Risk Reserve Fund related to the Group I Interest Rate Cap Agreement
      for
      federal income tax purposes and LBH on behalf of the Holders thereof shall
      direct the Trustee, in writing, as to investment of amounts on deposit therein.
      LBH shall be liable for any losses incurred on such investments. In the absence
      of written instructions from LBH as to investment of funds on deposit in the
      Pool 1 Basis Risk Reserve Fund, such funds shall remain uninvested. The Pool
      1
      Basis Risk Reserve Fund will be terminated after the termination of the Trust
      Fund pursuant to Article VII. 

     

    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, on behalf of the Trust Fund,
      for
      the benefit of the holders of the Certificates and the Swap Counterparty. The
      Trustee, as trustee 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 required pursuant to Sections 5.02(b)(ii), 5.02(c)(i)(B) and
      5.02(c)(ii)(B), any Swap Termination Payment required pursuant to Sections
      5.02(b)(ii), 5.02(c)(i)(B) and 5.02(c)(ii)(B), any amounts received from the
      Swap Counterparty under the Swap Agreement and any amounts required pursuant
      to
      Section 5.02(e)(vii), and shall distribute from the Supplemental Interest Trust
      Account any Net Swap Payment required pursuant to Section 5.02(f)(i) or Swap
      Termination Payment required pursuant to Sections 5.02(f)(ii) and
      (x).

     

    (c) Funds
      in
      the Supplemental Interest Trust Account shall be invested in Eligible
      Investments. Any earnings on such amounts shall be distributed on each
      Distribution Date pursuant to Section 5.02(f). The Class S-X Certificates shall
      evidence ownership of the Supplemental Interest Trust Account for federal income
      tax purposes and the Holder thereof shall direct the Trustee, in writing, as
      to
      investment of amounts on deposit therein. The Class S-X Certificateholders
      shall
      be liable for any losses incurred on such investments. In the absence of written
      instructions from the Class S-X Certificateholders as to investment of funds
      on
      deposit in the Supplemental Interest Trust Account, such funds shall be invested
      in the First American Government Obligations 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 pursuant to Section 5.02(f) on the following
      Distribution Date.

     

    
      
        
        

      

      
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    (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(f).

     

    (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.

     

    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 a Collateral Account for such monies.
      Funds in the Collateral Account shall not be commingled with any other monies.
      Funds in the Collateral Account will be managed pursuant to the Credit Support
      Annex of the Swap Agreement. The Collateral Account shall not be an asset of
      any
      REMIC.

    

    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
      required pursuant to Sections 5.02(b)(ii), 5.02(c)(i)(B) and 5.02(c)(ii)(B),
      and
      any Swap Termination Payment required pursuant to Sections 5.02(b)(ii),
      5.02(c)(i)(B) and 5.02(c)(ii)(B), 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 required
      pursuant to Section 5.02(f)(i) or Swap Termination Payment required pursuant
      to
      Sections 5.02(f)(ii) and (x) 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.

     

    
      
        
        

      

      
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    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(f)(ix) (“Termination Receipts”)
      will be deposited in a segregated non-interest bearing account which shall
      be an
      Eligible Account established by the Trustee (the “Termination Receipts Account”)
      and (ii) any amounts received from a replacement Swap Counterparty (“Replacement
      Receipts”) will be deposited in a segregated non-interest bearing account which
      shall be an Eligible Account established by the Trustee (the “Replacement
      Receipts Account”). 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). 

     

    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 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. Any amounts
      not so applied shall, following the termination or expiration of such Swap
      Agreement, be paid to the Class S-X Certificates. Neither the Termination
      Receipts Account nor the Replacement Receipts Account shall be the asset of
      any
      REMIC. 

     

    Section
      5.12. Class
      1-X Account.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, on behalf
      of
      the Trust Fund, for the benefit of the holders of the Class 1-X Certificates,
      the Class 1-X Account. No later than the first date on which any NIM Securities
      are issued, the Depositor may deposit a dollar amount into the Class 1-X
      Account. The Class 1-X Account shall be an Eligible Account, and funds on
      deposit therein shall be held separate and apart from, and shall not be
      commingled with, any other moneys, including, without limitation, other moneys
      of the Trustee held pursuant to this Agreement.

     

    
      
        
        

      

      
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    (b) Funds
      in
      the Class 1-X Account may be invested in Eligible Investments having fixed
      maturities described in clauses (i), (iv), (v) or (vii) of the definition
      thereof by the Trustee at the written direction of the holders of the Class
      C
      Certificates maturing on pr prior to the next succeeding Distribution Date.
      No
      Eligible Investments shall be acquired or disposed of for the primary purpose
      of
      recognizing gains or decreasing losses from market value changes. Any funds
      held
      in the Class 1-X Account that are not invested shall be held in cash. In the
      absence of such written direction, all funds in the Class 1-X Account shall
      remain uninvested. Any investment earnings on such amounts shall be payable
      to
      the Class C Certificates. The Trustee shall account for the Class 1-X Account
      as
      an outside reserve fund within the meaning of Treasury regulation 1.860G-2(h)
      and not an asset of any REMIC created pursuant to this Agreement. The Class
      C
      Certificates shall evidence ownership of the Class 1-X Account for federal
      tax
      purposes and the Holders thereof shall direct the Trustee in writing as to
      the
      investment of amounts therein.Upon termination of the Class 1-X Account, any
      amounts remaining in the Class 1-X Account shall be distributed to the holders
      of the Class C Certificates in the same manner as if distributed pursuant to
      section 5.02(g)(i) hereof. The Trustee shall have no liability for losses on
      investments in Eligible Investments made pursuant to this Section 5.12(b) (other
      than as obligor on any such investments). 

     

    (c) On
      each
      Distribution Date on or prior to the Class 1-X Termination Date, amounts on
      deposit in the Class 1-X Account will be withdrawn and applied to make payments
      on the Class 1-X and Class C Certificates, as provided in Section 5.02(g)(i)
      of
      this Agreement. Any amounts that the Trustee is not required to distribute
      from
      the Class 1-X Account pursuant to section 5.02(g) of this Agreement shall remain
      on deposit in the Class 1-X Account.

     

    (d) The
      Class
      1-X Account shall terminate on the earlier of (i) the Class 1-X Account
      Termination Date or (ii) the Distribution Date on which the amount on deposit
      in
      the Class 1-X Account is reduced to zero.

     

    ARTICLE
      VI

     

    CONCERNING
      THE TRUSTEE; EVENTS OF DEFAULT

     

    Section
      6.01. Duties
      of Trustee.

     

    (a) The
      Trustee, except during the continuance of an Event of Default (of which a
      Responsible Officer of the Trustee shall have actual knowledge), undertakes
      to
      perform such duties and only such duties as are specifically set forth in this
      Agreement. Any permissive right of the Trustee provided for in this Agreement
      shall not be construed as a duty of the Trustee. If an Event of Default (of
      which a Responsible Officer of the Trustee shall have actual knowledge) has
      occurred and has not otherwise been cured or waived, the Trustee shall exercise
      such of the rights and powers vested in it by this Agreement and use the same
      degree of care and skill in their exercise as a prudent Person would exercise
      or
      use under the circumstances in the conduct of such Person’s own affairs 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,
      the NIMS Insurer 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 and any NIMS Insurer and will,
      at the expense of the Trust Fund, which expense shall be reasonable given the
      scope and nature of the required action, take such further action as directed
      by
      the Certificateholders and any NIMS Insurer.

     

    (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 any NIMS Insurer or the Certificateholders of any Class holding
      Certificates which evidence, as to such Class, Percentage Interests aggregating
      not less than 25% as to the time, method and place of conducting any proceeding
      for any remedy available to the Trustee, or exercising any trust or power
      conferred upon the Trustee under this Agreement.

     

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

     

    (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).

     

    
      
        
        

      

      
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    (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 Servicer, the Swap Counterparty, the Cap
      Counterparty, the NIMS Insurer 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.

     

    (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 2006-11,
      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 R hereto. On or before March 1st
      of each
      year, the Depositor shall distribute the information on Exhibit R 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;

    

     

    
      
        
        

      

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

     

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

     

    (d) Unless
      an
      Event of Default shall have occurred and be continuing, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document (provided
      the
      same appears regular on its face), unless requested in writing to do so by
      any
      NIMS Insurer or 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
      reasonable indemnity 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 or any NIMS Insurer pursuant
      to
      the provisions of this Agreement, unless such Certificateholders or any NIMS
      Insurer shall have offered to the Trustee reasonable security or indemnity
      against the costs, expenses and liabilities which may be incurred therein or
      thereby;

     

    (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.

     

    
      
        
        

      

      
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    Section
      6.06. Resignation
      and Removal of Trustee.

     

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

     

    (b) If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 6.05 and shall fail to resign after written request
      therefor by the Depositor or any NIMS Insurer, (ii) the Trustee shall become
      incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
      of the Trustee 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 provide the information, reports or assessments or
      attestations required pursuant to Section 9.25 hereof, then the Depositor or
      any
      NIMS Insurer 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 and any
      NIMS
      Insurer.

     

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

     

    (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, any NIMS Insurer,
      the Swap Counterparty and to its predecessor trustee an instrument accepting
      such appointment hereunder, and thereupon the resignation or removal of the
      predecessor trustee shall become effective and such successor trustee without
      any further act, deed or conveyance, shall become fully vested with all the
      rights, powers, duties and obligations of its predecessor hereunder, with like
      effect as if originally named as trustee herein. 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.

     

    
      
        
        

      

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

     

    (c) Upon
      acceptance of appointment by a successor trustee as provided in this Section,
      the 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 predecessor 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 and
      any
      NIMS Insurer to act either as co-trustees jointly with the Trustee, or as
      separate trustees, or as custodians, for the purpose of holding title to,
      foreclosing or otherwise taking action with respect to any Mortgage Loan outside
      the state where the Trustee has its principal place of business where such
      separate trustee or co-trustee is necessary or advisable (or the Trustee has
      been advised by the Master Servicer that such separate trustee or co-trustee
      is
      necessary or advisable) under the laws of any state in which a property securing
      a Mortgage Loan is located or for the purpose of otherwise conforming to any
      legal requirement, restriction or condition in any state in which a property
      securing a Mortgage Loan is located or in any state in which any portion of
      the
      Trust Fund is located. The separate trustees, co-trustees, or custodians so
      appointed shall be trustees or custodians for the benefit of all the
      Certificateholders and shall have such powers, rights and remedies as shall
      be
      specified in the instrument of appointment; provided, however, that no such
      appointment shall, or shall be deemed to, constitute the appointee an agent
      of
      the Trustee. The obligation of the Trustee to make Advances pursuant to Section
      5.04 and 6.14 hereof shall not be affected or assigned by the appointment of
      a
      co-trustee, 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
      any Servicing performed by it in connection with 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.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    (g) The
      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 and the Depositor and (b) requiring any such Subcontractor
      to provide to the Trustee an assessment report as provided in Section 9.25(a)
      and an attestation report as provided in Section 9.25(b), which reports the
      Trustee shall include in its assessment and attestation reports. The Trustee
      shall indemnify the 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 on the failure by the Trustee (i) to give notice of the engagement
      of any Subcontractor or (ii) to require any Subcontractor to provide the Trustee
      an assessment of compliance as provided in Section 9.25(a) and an attestation
      report as provided in Section 9.25(b). This indemnity shall survive the
      termination of this Agreement or the earlier resignation or removal of the
      Trustee.

     

    
      
        
        

      

      
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    Section
      6.10. Authenticating
      Agents.

     

    (a) The
      Trustee may appoint one or more Authenticating Agents which shall be authorized
      to act on behalf of the Trustee in authenticating Certificates. Wherever
      reference is made in this Agreement to the authentication of Certificates by
      the
      Trustee or the Trustee’s certificate of authentication, such reference shall be
      deemed to include authentication on behalf of the Trustee by an Authenticating
      Agent and a certificate of authentication executed on behalf of the Trustee
      by
      an Authenticating Agent. Each Authenticating Agent must be a corporation
      organized and doing business under the laws of the United States of America
      or
      of any state, having a combined capital and surplus of at least $15,000,000,
      authorized under such laws to do a trust business and subject to supervision
      or
      examination by federal or state authorities and acceptable to any NIMS Insurer,
      such consent shall not be unreasonably withheld.

     

    (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) (c) Any
      Authenticating Agent may at any time resign by giving at least 30 days’ advance
      written notice of resignation to the Trustee, any NIMS Insurer and the
      Depositor. The Trustee may at any time terminate the agency of any
      Authenticating Agent by giving written notice of termination to such
      Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving a
      notice of resignation or upon such a termination, or in case at any time any
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section 6.10, the Trustee may appoint a successor
      Authenticating Agent, shall give written notice of such appointment to the
      Depositor and any NIMS Insurer and shall mail notice of such appointment to
      all
      Holders of Certificates. Any successor Authenticating Agent upon acceptance
      of
      its appointment hereunder shall become vested with all the rights, powers,
      duties and responsibilities of its predecessor hereunder, with like effect
      as if
      originally named as Authenticating Agent. No successor Authenticating Agent
      shall be appointed unless eligible under the provisions of this Section 6.10.
      No
      Authenticating Agent shall have responsibility or liability for any action
      taken
      by it as such at the direction of the Trustee, 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 respective directors, officers, employees and agents shall
      be
      entitled to indemnification from the Trust Fund for any loss, liability or
      expense incurred in connection with any legal proceeding or incurred without
      negligence or willful misconduct on their part, (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 Cap Agreement,
      the
      Swap 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).

     

    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) receive, 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, Section 7 or Section 20 of the Custodial Agreement, the Trustee
      is
      hereby authorized to pay such compensation or reimbursement from amounts on
      deposit in the Certificate Account prior to any distributions to
      Certificateholders pursuant to Section 5.02 hereof.

     

    
      
        
        

      

      
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    Section
      6.13. Collection
      of Monies.

     

    Except
      as
      otherwise expressly provided in this Agreement, the Trustee may demand payment
      or delivery of, and shall receive and collect, all money and other property
      payable to or receivable by 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 any NIMS Insurer
      or
      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

     

    (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 any NIMS Insurer or the Holders of
      not
      less than 25% of the Class Principal Amount (or Class Notional Amount) of each
      Class of Certificates affected thereby or by any NIMS Insurer; or

     

    (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

     

    
      
        
        

      

      
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    (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 by any NIMS Insurer;
      or

     

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

     

    
      
        
        

      

      
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    (xii) After
      any
      receipt of notice from any NIMS Insurer, any failure of the Master Servicer
      to
      remit to the Trustee any payment required to be made to the Trustee for the
      benefit of Certificateholders under the terms of this Agreement, including
      any
      Advance, on any 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 or any NIMS Insurer, terminate all of the rights and obligations
      of the Master Servicer hereunder and in and to the Mortgage Loans and the
      proceeds thereof. If an Event of Default described in clause (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 and the NIMS Insurer, 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 and pursuant to and under the terms of this
      Agreement; provided, however, the parties acknowledge that notwithstanding
      the
      preceding sentence, there may be a transition period, not to exceed 90 days,
      in
      order to effect the transfer of the Master Servicer’s obligations to the
      Trustee, 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. 

     

    
      
        
        

      

      
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    The
      Trustee shall be entitled to be reimbursed from the Master Servicer (or by
      the
      Trust Fund, if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of 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.

     

    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) and (x) 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 any NIMS Insurer, the Swap Counterparty and the
      Rating Agencies of the nature and extent of such Event of Default. 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 (and the Trustee, if notice is sent by any
      NIMS Insurer) 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 90 days
      of such notice, the Trustee, unless another master servicer acceptable to the
      NIMS Insurer, 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 if
      any NIMS Insurer so requests in writing to the Trustee, 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 acceptable to the NIMS Insurer 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 or such successor master servicer
      as required by this Agreement or (iv) restrictions imposed by any regulatory
      authority having jurisdiction over the Master Servicer.

     

    
      
        
        

      

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

     

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

     

    Section
      6.16. Waiver
      of Defaults.

     

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

     

    Section
      6.17. Notification
      to Holders.

     

    Upon
      termination of the Master Servicer or appointment of a successor to the Master
      Servicer, in each case as provided herein, the Trustee shall promptly mail
      notice thereof by first class mail to the Certificateholders at their respective
      addresses appearing on the Certificate Register and to the Swap Counterparty
      and
      any NIMS Insurer. 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 any NIMS Insurer and the
      Certificateholders, unless such Event of Default shall have been cured or waived
      prior to the issuance of such notice and within such 45-day period.

     

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

     

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

     

    
      
        
        

      

      
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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.

     

    
      
        
        

      

      
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    (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 2006-11 transaction 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.

     

    (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 (g)(ii) of this
      Section 6.20. Promptly (but no later than one Business Day) after the deadline
      for filing such report with the Commission, the Trustee will make available
      on
      its internet website a final executed copy of each Form 10-D. Each party to
      this
      Agreement acknowledges that the performance by the Trustee of its duties under
      this Section 6.20(d) related to the timely preparation and filing of Form 10-D
      is contingent upon such parties strictly observing all applicable deadlines
      in
      the performance of their duties under this Section 6.20(d). The Trustee shall
      have no liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare and/or timely file such Form 10-D,
      where such failure results from the Trustee’s inability or failure to obtain or
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-D, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    
      
        
        

      

      
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    (e) Reports
      Filed on Form 10-K.

     

    (i) Unless
      and until a Form 15 suspension notice shall have been filed, on or prior to
      March 31, after the end of each fiscal year of the Trust Fund or such earlier
      date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
      being understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2007, the Trustee shall prepare and file on behalf
      of
      the Trust Fund a Form 10-K, in form and substance as required by the Exchange
      Act. To facilitate the Trustee’s preparation of the Form 10-K, the Depositor
      shall provide to the Trustee, no later than 30 days prior to the 10-K Filing
      Deadline, a template of the Form 10-K in an Edgar-compatible format. Each such
      Form 10-K shall include the following items, in each case to the extent they
      have been delivered to the Trustee within the applicable time frames set forth
      in this Agreement and in the 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. 

     

    (ii) As
      set
      forth on Exhibit P-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2007,
      (A) the parties to the Structured Adjustable Rate Mortgage Loan Trust 2006-11
      transaction 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, (B) the Trustee shall forward to
      Depositor, the form and substance of the Additional Form 10-K Disclosure, and
      (C) 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.
      

     

    
      
        
        

      

      
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    (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 (g)(ii)
      of this Section 6.20. Promptly (but no later than one Business Day) after the
      deadline for filing such report with the Commission, the Trustee will make
      available on its internet website a final executed copy of each Form 10-K.
      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.

     

    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Trustee, the Paying
      Agent and, if the Depositor is the Exchange Act Signing Party, the Master
      Servicer, shall, and the Trustee, the Paying Agent and the Master Servicer
      (if
      applicable) shall cause any Servicing Function Participant engaged by it to,
      provide to the Person who signs the Sarbanes-Oxley Certification (the
“Certifying Person”), by March 15 of each year in which the Trust Fund is
      subject to the reporting requirements of the Exchange Act, 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), such other
      form as agreed to between the Paying Agent and the Exchange Act Signing Party,
      and (y) the Trustee, the form attached hereto as Exhibit Q-2), upon which the
      Certifying Person, the entity for which the Certifying Person acts as an
      officer, and such entity’s officers, directors and Affiliates (collectively with
      the Certifying Person, “Certification Parties”) can reasonably rely. The senior
      officer of the Exchange Act Signing Party shall serve as the Certifying Person
      on behalf of the Trust Fund. In the event the Master Servicer, the 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.

     

    
      
        
        

      

      
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    (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) 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 2006-11 transaction 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 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, (B) the Trustee shall forward the Depositor
      the
      form and substance of the Form 8-K Disclosure Information, and (C) 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. 

     

    
      
        
        

      

      
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    (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 (g)(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(f). The
      parties to this Agreement acknowledge that the performance by the Trustee of
      its
      duties under this Section 6.20(f) related to the timely preparation and filing
      of Form 8-K is contingent upon such parties strictly observing all applicable
      deadlines in the performance of their duties under this Section 6.20(f). The
      Trustee shall have no liability for any loss, expense, damage 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.

     

    (g) Delisting;
      Amendments; Late Filings.

     

    (i) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, unless otherwise directed by the Depositor, 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. 

     

    
      
        
        

      

      
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    (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(g) related to the timely preparation and filing of Form 15, a Form 12b-25
      or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
      performing its duties under this Section. The Trustee shall have no liability
      for any loss, expense, damage, claim arising out of or with respect to any
      failure to properly prepare and/or timely file any such Form 15, Form 12b-25
      or
      any amendments to Forms 8-K, 10-D or 10-K, where such failure results from
      the
      Trustee’s inability or failure to obtain or receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K,
      not resulting from its own negligence, bad faith or willful
      misconduct.

     

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

     

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

     

    (j) The
      Trustee shall promptly send copies of each periodic report filed on Form 8-K,
      Form 10-D or other applicable form, each annual report on Form 10-K, and each
      Form 15 Suspension Notification, together in each case with the acceptance
      confirmation receipt from EDGAR, to McKee Nelson LLP and to the Depositor (i)
      by
      e-mail to the e-mail addresses provided in writing by each of McKee Nelson
      LLP
      and the Depositor, respectively and (ii) to McKee Nelson LLP at 1919 M Street,
      N.W., Washington, D.C. 20036, and to the Depositor at the address specified
      in
      Section 11.07, in each case to the attention of a designated contact specified
      by each of McKee Nelson LLP and the Depositor, respectively.

     

    
      
        
        

      

      
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    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 or any failure
      by
      the Trustee to deliver 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.

     

    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.

     

    
      
        
        

      

      
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    (b) On
      any
      Distribution Date occurring after the date on which (x) the total Scheduled
      Principal Balance of the Mortgage Loans in Pool 1 is less than 10% of the
      Scheduled Principal Balance of the Mortgage Loans in Pool 1 as of the Cut-off
      Date or (y) the total Scheduled Principal Balance of the Mortgage Loans in
      Pool
      2 and Pool 3 (in the aggregate) is less than 10% of the Scheduled Principal
      Balance of the Mortgage Loans in Pool 2 and Pool 3 (in the aggregate) as of
      the
      Cut-off Date, the Master Servicer, with the prior written consent of any NIMS
      Insurer and 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 (x) Pool 1 or (y) Pool 2 and Pool 3 (in the
      aggregate) 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 SWAP REMIC, REMIC I-1 and REMIC
      I-2
      (in the case of a sale of the assets described in clause (x) above) or each
      of
      REMIC II-1 and REMIC II-2 (in the case of a sale of the assets described in
      clause (y) above) to adopt a plan of complete liquidation pursuant to Section
      7.03 hereof to sell all of its property. The property of the applicable Pool
      or
      Pools shall be sold at a price (the “Repurchase Price”) equal to: (i) 100% of
      the unpaid principal balance of each Mortgage Loan in such Pool or Pools 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 and any NIMS Insurer, (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; provided, however, if there are any NIM
      Securities outstanding, the Master Servicer may only exercise its option after
      receiving the prior written consent of the holders of such NIM Securities and,
      if such consent is given, the Purchase Price shall also include an amount equal
      to the sum of (1) any accrued interest on the NIM Securities related to the
      Mortgage Loans, (2) the unpaid principal balance of any such NIM Securities
      and
      (3) any other reimbursable expenses owed by the issuer of the NIM Securities
      (the “NIM Redemption Amount”). If the Master Servicer fails to exercise such
      right, the NIMS Insurer will have the option to direct the Master Servicer
      to
      exercise such option so long as it is insuring the NIMS Securities or it is
      owed
      any amounts in connection with its guaranty of the NIM Securities. Following
      receipt of such notice from the NIMS Insurer, the Master Servicer shall advise
      the NIMS Insurer whether it will exercise the option under this Section 7.01(b)
      for its own account and using its own funds, or whether it will exercise such
      option in its own name but for the NIMS Insurer's account and utilizing the
      NIMS
      Insurer's funds. If the Master Servicer exercises such option for the NIMS
      Insurer's account, the NIMS Insurer will remit the Purchase Price to the Master
      Servicer one Business Day prior to the day the Master Servicer is required
      to
      remit the Purchase Price to the Trustee. Following its receipt from the NIMS
      Insurer of the entire Purchase Price and its subsequent remittance to the
      Trustee of the entire Purchase Price, the Master Servicer will convey to the
      NIMS Insurer all of the rights it receives from the Trustee with respect to
      the
      related Mortgage Loans as a result of such remittance. 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 applicable Pool or Pools on the Distribution Date
      on which the repurchase occurred. If the NIMS Insurer directs the Master
      Servicer to exercise such right as described above, then (i) the Master Servicer
      shall cause each REMIC to adopt a plan of complete liquidation as described
      above and (ii) the NIMS Insurer shall remit the Purchase Price in immediately
      available funds to the Master Servicer at least three Business Days prior to
      the
      applicable Distribution Date and, upon receipt of such funds from the NIMS
      Insurer, the Master Servicer shall promptly deposit such funds in the Collection
      Account. The NIMS Insurer shall be obligated to reimburse the Master Servicer
      and the Trustee for their reasonable out-of-pocket expenses incurred in
      connection with the purchase of the Mortgage Loans and REO Property related
      to
      the Mortgage Pool at the direction of the NIMS Insurer and shall indemnify
      and
      hold harmless the Master Servicer and the Trustee for any losses, liabilities
      or
      expenses resulting from any claims directly resulting from or relating to the
      Master Servicer’s or Trustee’s sale or purchase of the Pool Assets at the
      direction of the NIMS Insurer at the direction of the NIMS Insurer, except
      to
      the extent such losses, liabilities or expenses arise out of or result from
      the
      Master Servicer’s or Trustee’s, as the case may be, negligence, bad faith or
      willful misconduct. Notwithstanding anything herein to the contrary, only an
      amount equal to the Purchase 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 (or the retirement of the Certificates related
      to Mortgage Group I or Mortgage Group II, as applicable) 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 and any NIMS Insurer
      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 the retirement
      of
      the Certificates related to Mortgage Group I or Mortgage Group II, as
      applicable, to the extent the other such Mortgage Group is not terminated
      pursuant to such 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 Trustee, the Master Servicer, the Depositor, the NIMS Insurer,
      the
      Swap Counterparty and the Certificate Registrar at the time such notice is
      given
      to Holders of the Certificates. The Master Servicer shall give notice to the
      Swap Counterparty on the date the Master Servicer elects its option pursuant
      to
      Section 7.01(b). 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.

     

    
      
        
        

      

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

     

    (c) Any
      reasonable expenses incurred by the Trustee in connection with any termination
      or liquidation of the Trust Fund (or a Mortgage Group thereof) 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 and any NIMS Insurer
      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 REMIC) shall terminate at that time; 

     

    
      
        
        

      

      
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    (ii) in
      the
      case of a sale of the assets of Mortgage Group I:

     

    (A) The
      Trustee shall sell all of the assets of Mortgage Group I for cash and, within
      90
      days of such sale, shall distribute the proceeds of such sale to the Group
      I
      Certificateholders in complete liquidation of the SWAP REMIC, REMIC I-1 and
      REMIC I-2; and

     

    (B) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      of the SWAP REMIC, REMIC I-1 and REMIC I-2 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; and

     

    (iii) in
      the
      case of a sale of the assets of Mortgage Group II:

     

    (A) The
      Trustee shall sell all of the assets of Mortgage Group II for cash and, within
      90 days of such sale, shall distribute the proceeds of such sale to the Group
      II
      Certificateholders in complete liquidation of REMIC II-1 and REMIC II-2;
      and

     

    (B) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      of REMIC II-1 and REMIC II-2 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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    Section
      7.04. Optional
      Purchase Right of NIMS Insurer.

     

    The
      NIMS
      Insurer may purchase any Distressed Mortgage Loan for a purchase price equal
      to
      the outstanding principal balance of such Mortgage Loan, plus accrued interest
      thereon to the date of repurchase plus any unreimbursed Advances, Servicing
      Advances, Servicing Fees, General Servicing Fees or Trustee Fees and any
      unreimbursed expenses of the Trustee allocable to such Distressed Mortgage
      Loan.
      Any such purchase shall be accomplished by the NIM Insurer’s remittance of the
      purchase price for the Distressed Mortgage Loan to the Master Servicer for
      deposit into the Collection Account.

     

    ARTICLE
      VIII

     

    RIGHTS
      OF
      CERTIFICATEHOLDERS

     

    Section
      8.01. Limitation
      on Rights of Holders.

     

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

     

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

     

    
      
        
        

      

      
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    Section
      8.02. Access
      to List of Holders.

     

    (a) If
      the
      Trustee is not acting as Certificate Registrar, the Certificate Registrar will
      furnish or cause to be furnished to the Trustee, within fifteen days after
      receipt by the Certificate Registrar of a request by the Trustee in writing,
      a
      list, in such form as the Trustee may reasonably require, of the names and
      addresses of the Certificateholders of each Class as of the most recent Record
      Date.

     

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

     

    (c) Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Trustee, the Master
      Servicer, the Certificate Registrar and the Trustee that neither the Depositor,
      the Trustee, 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, the Certificate Registrar, the Paying
      Agent and, where expressly required herein, to the Master Servicer. Such
      instrument or instruments (as the action embodies therein and evidenced thereby)
      are herein sometimes referred to as an “Act” of the Holders signing such
      instrument or instruments. Proof of execution of any such instrument or of
      a
      writing appointing any such agents shall be sufficient for any purpose of this
      Agreement and conclusive in favor of the Trustee, the Trustee and Master
      Servicer, if made in the manner provided in this Section. 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.

     

    
      
        
        

      

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

     

    (c) The
      ownership of Certificates (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 or the Depositor
      shall be affected by any notice to the contrary.

     

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Certificate 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, and if the Master Servicer receives
      notice that such policy is or shall be cancelled, it shall immediately notify
      the NIMs Insurer. The Master Servicer shall provide the Trustee and any NIMS
      Insurer upon request, with a copy of such policy and fidelity bond. The Master
      Servicer shall (i) require 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.

     

    
      
        
        

      

      
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    (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.

     

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

     

    For
      each
      year this Agreement is in effect, the Master Servicer shall submit to the
      Trustee, each Rating Agency, any NIMS Insurer, and the Depositor a copy of
      the
      annual audited financial statements on or prior to March 31st of each year
      commencing on March 31, 2007.  Such financial statements shall include
      comparative balance sheets, income statements, statement of changes in
      shareholder's equity, statements of cash flows, a consolidating schedule showing
      consolidated subsidiaries and any related notes required pursuant to generally
      accepted accounting principles, certified by a nationally recognized firm of
      Independent Accountants to the effect that such financial statements were
      examined and prepared in accordance with generally accepted accounting
      principles applied on a basis consistent with that of the preceding
      year.

     

    
      
        
        

      

      
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    Section
      9.04. Power
      to Act; Procedures.

     

    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the applicable
      Servicing Agreement, as applicable; provided that the Master Servicer shall
      not
      take, or knowingly permit any Servicer to take, any action that is inconsistent
      with or prejudices the interests of the Trust Fund or the Certificateholders
      in
      any Mortgage Loan or the rights and interests of the Depositor, the Trustee
      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 for
      a
      period not greater than 120 days; provided, however, that the maturity of any
      Mortgage Loan shall not be extended past the date on which the final payment
      is
      due on the latest maturing Mortgage Loan as of the Cut-off Date. In the event
      of
      any extension described in clause (ii) above, the Master Servicer shall make
      or
      cause 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 Mortgage Loan is in default
      or default by the related Mortgagor is reasonably foreseeable, and 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 and
      (i)
      such Mortgage Loan is in default or default by the related Mortgagor is, in
      the
      reasonable judgment of the Master Servicer or the applicable Servicer,
      reasonably foreseeable, and such waiver would maximize recovery of total
      proceeds taking into account the value of such Prepayment Penalty Amount and
      the
      related Mortgage Loan or (ii) the collection of the Prepayment Penalty Amount
      would be in violation of applicable laws or (iii) 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) the Master Servicer shall have provided or caused
      to
      be provided to the Trustee an Opinion of Counsel (which opinion shall, if
      provided by the Master Servicer, be an expense reimbursed, to the extent it
      is
      an unanticipated expense within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii) from the Collection Account pursuant to Section 4.02(v))
      in
      writing to the effect that such modification, waiver or amendment would not
      cause an Adverse REMIC Event; provided, in no event shall an Opinion of Counsel
      be required for the waiver of a Prepayment Penalty Amount under clause (2)
      above.

     

    
      
        
        

      

      
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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(v)
      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(v).

     

    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.

     

    (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.

     

    
      
        
        

      

      
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    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, any NIMS Insurer 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, and 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 notice of termination
      pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee, or a
      successor master servicer as appointed by Trustee in accordance with Section
      6.14, shall assume all of the rights and obligations of such Master Servicer
      hereunder and under each Servicing Agreement entered into with respect to the
      Mortgage Loans. The Trustee, its designee or any successor master servicer
      appointed by the Trustee shall be deemed to have assumed all of the Master
      Servicer’s interest herein and therein to the same extent as if such Servicing
      Agreement had been assigned to the assuming party, except that the Master
      Servicer shall not thereby be relieved of any liability or obligations of the
      Master Servicer under such Servicing Agreement accruing prior to its replacement
      as Master Servicer, and shall be liable to the Trustee, and hereby agrees to
      indemnify and hold harmless the Trustee from and against all costs, damages,
      expenses and liabilities (including reasonable attorneys’ fees) incurred by the
      Trustee as a result of such liability or obligations of the Master Servicer
      and
      in connection with the Trustee’s assumption (but not its performance, except to
      the extent that costs or liability of the Trustee are created or increased
      as a
      result of negligent or wrongful acts or omissions of the Master Servicer prior
      to its replacement as Master Servicer) of the Master Servicer’s obligations,
      duties or responsibilities thereunder; provided that the Master Servicer shall
      not indemnify or hold harmless the Trustee against negligent or willful
      misconduct of the Trustee.

     

    
      
        
        

      

      
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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 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 and to any NIMS Insurer 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. The Master Servicer shall
      afford the NIMS Insurer, and shall (to the extent provided in the Servicing
      Agreement) cause the Servicer to afford the NIMS Insurer, upon reasonable
      advance notice, during normal business hours access to all records related
      to
      their respective rights and obligations hereunder and access to officers of
      the
      Master Servicer and the Servicer responsible for such obligations.

     

    
      
        
        

      

      
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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.

     

    
      
        
        

      

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

     

    Section
      9.14. Representations
      and Warranties of the Master Servicer.

     

    (a) The
      Master Servicer hereby represents and warrants to the Depositor 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 corporate action
      on the part of the Master Servicer;

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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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, any NIMS
      Insurer or the Trustee or notice thereof by any one of such parties to the
      other
      parties.

     

    
      
        
        

      

      
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    (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).

     

    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.

     

    
      
        
        

      

      
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    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).

     

    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, as directed by 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.

     

    
      
        
        

      

      
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    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).

     

    (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, unless the Master Servicer has obtained the prior written
      consent of the NIMS Insurer.

     

    
      
        
        

      

      
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    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(iv). 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).

     

    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.

     

    
      
        
        

      

      
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    (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 

     

    (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 R to this Agreement. On or before March 1st
      of each
      year, the Depositor shall distribute the information in Exhibit R to the Master
      Servicer.

     

    (b) Not
      later
      than four Business Days prior to the Distribution Date of each month, the Master
      Servicer shall provide to the Trustee, the Sponsor and the Depositor notice
      of
      the occurrence of any material modifications, extensions or waivers of terms,
      fees, penalties or payments relating to the Mortgage Loans during the related
      Collection Period or that have cumulatively become material over time (Item
      1121(a)(11) of Regulation AB) along with all information, data, and materials
      related thereto as may be required to be included in the related Distribution
      Report on Form 10-D. The parties to this Agreement acknowledge that the
      performance by the Master Servicer of its duties under this Section 9.23(b)
      related to the timely preparation and delivery of such information is contingent
      upon 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.

     

    
      
        
        

      

      
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    Section
      9.24. Reports
      to the Trustee.

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall forward
      to
      the Trustee and any NIMS Insurer 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.

     

    (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.

     

    (e) 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 9.24(e).

     

    
      
        
        

      

      
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    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, 2007,
      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 a copy of each assessment of compliance provided to it by each Custodian
      pursuant to the related Custodial Agreement 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, 2007,
      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 2007, an
      Officer’s Certificate stating, as to the signer thereof, that (A) a review of
      such party’s activities during the preceding calendar year or portion thereof
      and of such party’s performance under this Agreement, or such other applicable
      agreement in the case of an Additional Servicer, has been made under such
      officer’s supervision and (B) to the best of such officer’s knowledge, based on
      such review, such party has fulfilled all its obligations under this Agreement,
      or such other applicable agreement in the case of an Additional Servicer, in
      all
      material respects throughout such year or portion thereof, or, if there has
      been
      a failure to fulfill any such obligation in any material respect, specifying
      each such failure known to such officer and the nature and status
      thereof.

     

    
      
        
        

      

      
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    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 and the NIMS Insurer. No such resignation shall become
      effective until a period of time not to exceed 90 days after the Trustee and
      the
      NIMS Insurer receives written notice thereof from the Master Servicer and until
      the Trustee shall have assumed, or a successor master servicer shall have been
      appointed by the Trustee, such successor master servicer being acceptable to
      the
      NIMS Insurer, 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.

     

    
      
        
        

      

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

     

    (a) Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any 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 without (a) giving notice to the
      Trustee and the Depositor and (b) requiring any such Subcontractor to provide
      to
      the Master Servicer an attestation report as provided for in Section 9.25(b)
      and
      an assessment report as provided in Section 9.25(a), which reports the Master
      Servicer shall include in its attestation and assessment reports. 

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (c) None
      of
      the Master Servicer, the Seller, any NIMS Insurer 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, any NIMS Insurer 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, any NIMS
      Insurer 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.

     

    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.

     

    
      
        
        

      

      
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    Section
      9.32. Allocation
      to Related Mortgage Pool.

     

    Payments
      described in this Article IX made from the Trust Fund shall be allocated and
      limited to collections or other recoveries on the related Mortgage Pool or
      Mortgage Pools and shall be accounted for in such manner.

     

    ARTICLE
      X

     

    REMIC
      ADMINISTRATION

     

    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 SWAP REMIC Regular Interests is hereby
      designated as a regular interest in the SWAP REMIC; (ii) each of the REMIC
      I-1
      Regular Interests is hereby designated as a regular interest in REMIC I-1;
      (iii)
      each of the REMIC I-2 Regular Interests is hereby designated as a regular
      interest in REMIC I-2; (iv) each
      of
      the REMIC II-1 Regular Interests is hereby designated as a regular interest
      in
      REMIC II-1; and (v) each
      of
      the REMIC II-2 Regular Interests is hereby designated as a regular interest
      in
      REMIC II-2. The Class SW-R Interest is hereby designated as the sole residual
      interest in the SWAP REMIC. The Class LTI1-R Interest is hereby designated
      as
      the sole residual interest in REMIC I-1. The Residual I Interest is hereby
      designated as the sole residual interest in REMIC I-2. The Class LTII1-R
      Interest is hereby designated as the sole residual interest in REMIC II-1.
      The
      Class LTII2-R Interest is hereby designated as the sole residual interest in
      REMIC II-2. The Class R-I Certificate evidences ownership of the Class SW-R
      Interest, the Class LTI1-R Interest and the Residual I Interest. The Class
      R-II
      Certificate evidences ownership of the Class LTII1-R Interest and the Class
      LTII2-R Interest. The Class P-I, Class P-II and Class P-III 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 (i) related
      to the Mortgage Loans in Pool
      1,
      (ii) related to the Mortgage Loans in Pool 2 and (iii) related to the Mortgage
      Loans in Pool 3,
      each
      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
      P-I
      (in the case of collections of Prepayment Penalty Amounts related to Pool 1),
      Class P-II (in the case of collections of Prepayment Penalty Amounts related
      to
      Pool 2) and
      Class
      P-III (in the case of collections of Prepayment Penalty Amounts related to
      Pool
      3) Certificates.
      The rights of Holders of the Class P-I, Class P-II and Class P-III 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.

     

    
      
        
        

      

      
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    (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 on the related Mortgage Pool and shall be accounted for in such
      manner.

     

    (d) The
      Trustee shall prepare, sign and file 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. 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.

     

    
      
        
        

      

      
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    (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, the NIMS Insurer 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 NIMS Insurer, 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, the NIMS Insurer or the Master Servicer has advised it
      in
      writing that an Adverse REMIC Event could occur.

     

    (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
      shall 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 shall indemnify the Trustee for any
      liability of or assessment against the Trustee, 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.

     

    
      
        
        

      

      
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    (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 or any NIMS Insurer, the Trustee shall deliver
      to
      such Rating Agency and to the NIMS Insurer an Officer’s Certificate stating the
      Trustee’s compliance with the provisions of this Section 10.01. 

     

    (n) The
      SWAP
      REMIC shall consist of all of the assets of the Trust Fund related to Mortgage
      Group I (other than (i) the Swap Agreement, (ii) the Supplemental Interest
      Trust, (iii) the Group I Interest Rate Cap Agreement, (iv) the Pool 1 Basis
      Risk
      Reserve Fund, (v) the rights to receive Prepayment Penalty Amounts distributable
      to the Class P Certificates, (vi) the Funding Account and Class 1-X Account,
      (vii) the Lower Tier Interests and (viii) any of the grantor trusts described
      in
      Section 10.01 hereof. The SWAP REMIC Regular Interests shall be designated
      as
      the regular interests in the SWAP REMIC, and the Class SW-R Interest shall
      be
      designated as the sole class of residual interest in the SWAP REMIC. Each of
      the
      SWAP REMIC Regular Interests shall have the characteristics set forth in the
      Preliminary Statement.

     

    REMIC
      I-1
      shall consist of the SWAP REMIC Regular Interests. The REMIC I-1 Regular
      Interests shall be designated as the regular interests in REMIC I-1, and the
      Class LTI1-R Interest shall be designated as the sole class of residual interest
      in REMIC I-1. Each of the REMIC I-1 Regular Interests shall have the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC I-2 shall be the REMIC I-1 Regular Interests. The REMIC I-2
      Regular Interests shall be designated as the regular interests in REMIC I-2
      and
      the Residual I Interest shall be designated as the sole class of residual
      interest in REMIC I-2. For federal income tax purposes, the interest rate on
      each REMIC I-2 Regular Interest (other than the Uncertificated Class 1-X
      Interest and other than the Class LTI2-IO Interest) shall be subject to a cap
      equal to the REMIC Pass-Through Rate.

     

    The
      beneficial ownership of the Class SW-R Interest, the Class LTI1-R Interest
      and
      the Residual I Interest shall be represented by the Class R-I Certificate.
      None
      of the Class SW-R Interest, the Class LTI1-R Interest and the Residual I
      Interest shall have a principal balance or bear interest.

     

    
      
        
        

      

      
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    REMIC
      II-1 shall consist of all of the assets of the Trust Fund related to Mortgage
      Group II (other than the rights to receive Prepayment Penalty Amounts
      distributable to the Class P Certificates). The REMIC II-1 Regular Interests
      shall be designated as the regular interests in REMIC II-1, and the Class
      LTII1-R Interest shall be designated as the sole class of residual interest
      in
      REMIC II-1. Each of the REMIC II-1 Regular Interests shall have the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC II-2 shall be the REMIC II-1 Regular Interests. The REMIC II-2
      Regular Interests shall be designated as the regular interests in REMIC II-2
      and
      the Class LTII2-R Interest shall be designated as the sole class of residual
      interest in REMIC II-2.

     

    The
      beneficial ownership of the Class LTII1-R Interest and the Class LTII2-R
      Interest shall be represented by the Class R-II Certificate. The entitlement
      of
      the Class R-II Certificate to payments of principal and interest shall be
      attributable to its representation of the Class LTII2-R Interest.

     

    (o) 
      (i) It
      is
      intended that the rights of each Class of Group I Certificates to receive
      payments in respect of Excess Interest shall be treated as a right in interest
      rate cap contracts written by the holders of the Class 1-X Certificates in
      favor
      of the holders of each Class of the Group I Certificates and such shall be
      accounted for as property held separate and apart from the regular interests
      in
      REMIC I-2 held by the holders of the Group I Certificates. It is intended that
      the rights of each Class of Group I Certificates to receive payments out of
      proceeds of the Group I Interest Rate Cap Agreement shall be treated as a right
      in interest rate cap contracts written by the holders of the Class C-X
      Certificates in favor of the holders of each Class of the Group I Certificates
      and such shall be accounted for as property held separate and apart from the
      regular interests in REMIC I-2 held by the holders of the Group I Certificates.
      This provision is intended to satisfy the requirements of Treasury Regulations
      Section 1.860G-2(i) for the treatment of property rights coupled with REMIC
      interests to be separately respected and shall be interpreted consistently
      with
      such regulation. On each Distribution Date, to the extent that any of the Group
      I Certificates receive payments in respect of Excess Interest, such amounts
      will
      be treated as distributed by REMIC I-2 to the Class 1-X Certificates
in
      respect of the Uncertificated Class 1-X Interest pro
      rata
      and then paid to the relevant Class of Group I Certificates pursuant to the
      related interest cap agreement. The Trustee is hereby directed to perform its
      duties and obligations in accordance with this Section 10.01(o).

     

    
      
        
        

      

      
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    (ii) It
      is
      intended that the rights of each Class of Group I Certificates to receive
      payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      out of proceeds of the Swap Agreement shall be treated as a right in notional
      principal contracts between the holders of the Class S-X Certificates and the
      holders of each Class of the Group I Certificates and Class 1-X Certificates
      and
      such shall be accounted for as property held separate and apart from the regular
      interests in REMIC I-2 held by the holders of the Group I Certificates and
      Class
      1-X Certificates. This provision is intended to satisfy the requirements of
      Treasury Regulations Section 1.860G-2(i) for the treatment of property rights
      coupled with REMIC interests to be separately respected and shall be interpreted
      consistently with such regulation. Pursuant to each such notional principal
      contract, all beneficial owners of the Group I Certificates and Class 1-X
      Certificates shall be treated as having agreed to pay, on each Distribution
      Date, to the beneficial owners of the Class S-X Certificates an aggregate amount
      equal to (A) in the case of any Class of Group I Certificates, the excess,
      if
      any, of (i) the amount payable on such Distribution Date on the Related REMIC
      I-2 Interest corresponding to such Class of Group I Certificates over (ii)
      the
      amount payable on such Class of Group I Certificates on such Distribution Date
      (disregarding any amount payable from the Group I Interest Rate Cap Agreement
      or
      from Pool 1 Monthly Excess Cashflow) or (B) in the case of the Class 1-X
      Certificates, the excess, if any, of (i) the amount that would be available
      (assuming no losses) on such Distribution Date for distribution in respect
      of
      the Class 1-X Distributable Amount had the aggregate amounts owed to the Swap
      Counterparty for such Distribution Date been limited to the interest accrued
      on
      the Class LTI2-IO Interest for such Distribution Date over (ii) the amount
      that
      would be available (assuming no losses) on such Distribution Date for
      distribution in respect of the Class 1-X Distributable Amount (based on the
      actual aggregate amounts owed to the Swap Counterparty for such Distribution
      Date) (either such excess, a “Class I Shortfall”). A Class I Shortfall shall be
      allocated to each Class of Group I Certificates to the extent that interest
      accrued on such Class for the related Accrual Period at the Certificate Interest
      Rate for a Class, computed by substituting “REMIC Pass-Through Rate” for the
      Pool 1 Net Funds Cap set forth in the definition thereof, exceeds the amount
      of
      interest payable on such Certificate for the related Accrual Period
      (disregarding any amount payable from the Group I Interest Rate Cap Agreement
      or
      from Pool 1 Monthly Excess Cashflow). A Class I Shortfall shall be allocated
      to
      the Class 1-X Certificates to the extent of the Class I Shortfall with respect
      to such Class. A Class I Shortfall payable from principal collections shall
      be
      allocated to the most subordinate Class of Group I Certificates or Class 1-X
      Certificates with an outstanding principal balance to the extent of such
      balance. Any payments to the Group I Certificates in light of the foregoing
      shall not be payments with respect to a “regular interest” in a REMIC within the
      meaning of Code Section 860G(a)(1). However, any payment by beneficial owners
      of
      Group I Certificates or Class 1-X Certificates of a Class I Shortfall shall
      be
      treated for tax purposes as having been received by the beneficial owners of
      such Certificates in respect of their interests in the REMIC I-2 and as having
      been paid by such beneficial owners to the Class S-X Certificates pursuant
      to
      the notional principal contract. Thus, each Group I Certificate, each Class
      1-X
      Certificate and each Class S-X Certificate shall be treated as representing
      not
      only ownership of regular interests in REMIC I-2, but also ownership of an
      interest in (and obligations with respect to) a notional principal
      contract.

     

    (p) The
      parties hereto intend that the Uncertificated Class 1-X Interest, the Pool
      1
      Basis Risk Reserve Fund (other than any portion thereof representing proceeds
      of
      the Group I Interest Rate Cap Agreement), the obligation of the holders of
      the
      Class 1-X Certificates to pay amounts of Class I Shortfalls to the holders
      of
      the Class S-X Certificates, and the obligation of the holders of the Class
      1-X
      Certificates to pay amounts of Excess Interest to the holders of the Group
      I
      Certificates shall be treated as a “grantor trust” under the Code, and the
      provisions hereof shall be interpreted consistently with this intention. In
      furtherance of such intention, the Trustee shall (i) furnish or cause to be
      furnished to the holders of the Class 1-X Certificates information regarding
      their allocable share, if any, of the income with respect to such grantor trust,
      (ii) file or cause to be filed with the Internal Revenue Service Form 1041
      (together with any necessary attachments) and such other forms as may be
      applicable and (iii) comply with such information reporting obligations with
      respect to payments from such grantor trust to the holders of Group I
      Certificates, Class S-X Certificates and Class 1-X as may be applicable under
      the Code. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(p).

     

    
      
        
        

      

      
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    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 S-X Certificates first, out of funds deemed received in respect of the
      Class LTI2-IO Interest, second, out of funds deemed received in respect of
      Class
      I Shortfalls with respect to the Class 1-X Certificates and third, out of funds
      deemed received in respect of Class I Shortfalls with respect to the Group
      I
      Certificates described in Section 10.01(o)(ii), and the provisions hereof shall
      be interpreted consistently with this intention. 

     

    The
      Supplemental Interest Trust shall be an “outside reserve fund” for federal
      income tax purposes and not an asset of any REMIC. Furthermore, the Holders
      of
      the Class S-X Certificates shall be the beneficial owners of the Supplemental
      Interest Trust for all federal income tax purposes, and shall be taxable on
      all
      income earned thereon. The parties hereto intend that the Class LTI2-IO
      Interest, the Supplemental Interest Trust, the Swap Agreement and the rights
      and
      obligations of the Class S-X Certificates under the notional principal contracts
      described in Section 10.01(o)(ii) shall be treated as a “grantor trust” under
      the Code, and the provisions hereof shall be interpreted consistently with
      this
      intention. In furtherance of such intention, the Trustee shall (i) furnish
      or
      cause to be furnished to the holders of the Class S-X Certificates information
      regarding their allocable share, if any, of the income with respect to such
      grantor trust, (ii) file or cause to be filed with the Internal Revenue Service
      Form 1041 (together with any necessary attachments) and such other forms as
      may
      be applicable and (iii) comply with such information reporting obligations
      with
      respect to payments from such grantor trust to the holders of Group I
      Certificates, Class 1-X Certificates and Class S-X Certificates as may be
      applicable under the Code. The Trustee is hereby directed to perform its duties
      and obligations in accordance with this Section 10.01(p).

     

    The
      parties hereto intend that the Group I Interest Rate Cap Agreement, the portion
      of the Pool 1 Basis Risk Reserve Fund representing proceeds of the Group I
      Interest Rate Cap Agreement, and the obligation to pay amounts in respect of
      Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls out of proceeds of the
      Group I Interest Rate Cap Agreement to the holders of the Group I Certificates
      shall be treated as a “grantor trust” under the Code, and the provisions hereof
      shall be interpreted consistently with this intention. In furtherance of such
      intention, the Trustee shall (i) furnish or cause to be furnished to the holders
      of the Class C-X Certificates information regarding their allocable share,
      if
      any, of the income with respect to such grantor trust, (ii) file or cause to
      be
      filed with the Internal Revenue Service Form 1041 (together with any necessary
      attachments) and such other forms as may be applicable and (iii) comply with
      such information reporting obligations with respect to payments from such
      grantor trust to the holders of Group I Certificates and Class C-X Certificates
      as may be applicable under the Code. The Trustee is hereby directed to perform
      its duties and obligations in accordance with this Section
      10.01(p).

     

    (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
      on
      the related Mortgage Pool or Mortgage Pools (if applicable) and shall be
      accounted for in such manner.

     

    
      
        
        

      

      
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    (s) The
      Trustee shall treat the Class 1-X Account as an outside reserve fund within
      the
      meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder of the
      Class C Certificates and that is not an asset of any REMIC.

     

    (t) The
      SWAP REMIC:
      On each
      Distribution Date, the Trustee shall first pay or charge as an expense of the
      SWAP REMIC all expenses of the Trust Fund related to Mortgage Group I for such
      Distribution Date, other than any Net Swap Payment or Swap Termination Payment
      required to be made from the Trust Fund.

     

    On
      each
      Distribution Date the Trustee shall distribute the aggregate Interest Remittance
      Amount for Pool 1 (net of expenses described in the preceding paragraph) with
      respect to each of the SWAP REMIC Regular Interests based on the interest rates
      for such interests set forth in the Preliminary Statement hereto.

     

    On
      each
      Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount for Pool 1 with respect to the SWAP REMIC Regular Interests,
      first to the Class SW-Z Interest until its principal balance is reduced to
      zero,
      and then sequentially, to the other SWAP REMIC Regular Interests in ascending
      order of their numerical class designation, and, with respect to each pair
      of
      classes having the same numerical designation, in equal amounts to each such
      class, until the principal balance of each such class is reduced to zero. All
      losses on the Mortgage Loans in Mortgage Group I shall be allocated among the
      SWAP REMIC Regular Interests in the same manner that principal distributions
      are
      allocated. Increases in principal amount as a result of Subsequent Recoveries
      with respect to the Mortgage Loans in Mortgage Group I shall be allocated among
      the SWAP REMIC Regular Interests in the reverse fashion from the manner in
      which
      losses are allocated. Any amounts remaining in the SWAP REMIC after the
      aforementioned distributions shall be distributed to the Class SW-R
      Interest.

     

    REMIC
      I-1:
      All
      payments received by REMIC I-1 with respect to the SWAP REMIC Regular Interests
      shall be paid to the REMIC I-1 Regular Interests until the principal balance
      of
      all such interests have been reduced to zero and any losses allocated to such
      interests have been reimbursed. Any excess amounts shall be distributed to
      the
      Class LTI1-R Interest. 

     

    On
      each
      Distribution Date,

     

    (i) interest
      shortfalls with respect to the Mortgage Loans shall be allocated to the REMIC
      I-1 Regular Interests (other than the Class LTI1-IO Interest) pro
      rata
      based on
      interest otherwise accrued thereon;

     

    (ii) the
      principal balance of each REMIC I-1 Regular Interest shall be increased by
      the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    (iii) cash
      received by REMIC I-1 with respect to the SWAP REMIC Regular Interests shall
      be
      distributed first to the Class LTI1-IO Interest in reduction of its principal
      balance so that its principal balance is as close as possible to zero. Any
      remaining cash shall be distributed to, and losses with respect to the Mortgage
      Loans in Mortgage Group I shall be allocated, first, to each of the REMIC I-1
      Marker Classes, in reduction of its principal balance so that its principal
      balance is a close as possible to 50% of the principal balance of its
      Corresponding Class, and second, to
      the
      Class LTI1-X Interest in reduction of its principal balance so that its
      principal balance is as close as possible to the sum of (x) 50% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans in Mortgage Group I and (y)
      50% of the Pool 1 Overcollateralization Amount.

     

    
      
        
        

      

      
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    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Group I Certificate 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 REMIC I-1 Regular Interests allocated as
      follows:

     

    first,
      to each
      of the REMIC I-1 Regular Interests (other than the Class LTI1-X Interest and
      other than the Class LTI1-IO Interest) so that the principal balance of each
      such interest is as close as possible to 50% of the principal balances of its
      Corresponding Class; and

     

    second,
      to the
      Class LTI1-X Interest so that the principal balance of such interest is as
      close
      as possible to the sum of (x) 50% of the aggregate Scheduled Principal Balance
      of the Mortgage Loans in Mortgage Group I and (y) 50% of the Pool 1
      Overcollateralization Amount.

     

    (u) Notwithstanding
      the priority and sources of payments set forth in Article 5 hereof or otherwise,
      the Trustee shall account for all distributions with respect to a Class of
      Group
      I Certificates in amounts that differ from those payable pursuant to the regular
      interest in REMIC I-2 corresponding to such Class as amounts paid or received
      (as appropriate) pursuant to the 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).

     

    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), a copy of which shall be provided to any NIMS
      Insurer, 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.

     

    
      
        
        

      

      
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    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 NIMS Insurer and 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, the NIMS Insurer or the Holder of such
      Residual Certificate, as applicable, nor for any such Losses resulting from
      misinformation provided by the Master Servicer, the Holder of such Residual
      Certificate or any other party on which the Trustee has relied. The foregoing
      shall not be deemed to limit or restrict the rights and remedies of the Holder
      of such Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Trustee have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (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.

     

    (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.

     

    
      
        
        

      

      
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    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01. Binding
      Nature of Agreement; Assignment.

     

    This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and permitted assigns.

     

    Section
      11.02. Entire
      Agreement.

     

    This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof. The express terms hereof control and supersede any course
      of performance and/or usage of the trade inconsistent with any of the terms
      hereof.

     

    Section
      11.03. Amendment.

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, with the consent of the NIMS Insurer, 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 and the NIMS Insurer 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 and the NIMS Insurer 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, the NIMS Insurer and the 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 and the NIMS Insurer, at the expense of the party
      requesting the change, that such change will not cause an Adverse REMIC Event;
      and provided further, that no such amendment may (i) reduce in any manner the
      amount of, or delay the timing of, payments received on Mortgage Loans which
      are
      required to be distributed on any Certificate, without the consent of the Holder
      of such Certificate or (ii) reduce the aforesaid percentages of Class Principal
      Amount (or Percentage Interest) of Certificates of each Class, the Holders
      of
      which are required to consent to any such amendment without the consent of
      the
      Holders of 100% of the Class Principal Amount (or 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 NIMS
      Insurer, 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.

     

    (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.

     

    
      
        
        

      

      
        183

        
          

        

      

      
        
        

      

    

     

    (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 that the Trustee has such documents in its possession
      or such documents are reasonably attainable by 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).

     

    
      
        
        

      

      
        184

        
          

        

      

      
        
        

      

    

     

    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, 7th 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, Corporate Trust
      Services, One Federal Street, Third Floor, Boston, Massachusetts 02110,
      Attention: SARM 2006-11, (d) in the case of the NIMS Insurer, if any, as set
      forth in the Indenture, (e) in the case of the Swap Counterparty, at the address
      therefore set forth in the Swap Agreement and (f) 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.

     

    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.

     

    
      
        
        

      

      
        185

        
          

        

      

      
        
        

      

    

     

    Section
      11.12. Special
      Notices to the Rating Agencies, the Swap Counterparty and NIMS
      Insurer.

     

    (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
      Fitch, to:

    

    Fitch,
      Inc.

    1
      State
      Street Plaza

    New
      York,
      New York 10041

    

    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.

     

    
      
        
        

      

      
        186

        
          

        

      

      
        
        

      

    

     

    Section
      11.13. Counterparts.

     

    This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, and all of which together shall constitute one and
      the
      same instrument.

     

    Section
      11.14. Transfer
      of Servicing.

     

    The
      Seller agrees that it shall provide written notice to the Master Servicer,
      the
      NIMS Insurer and the Trustee 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) Receipt
      of the written consent of the NIMS Insurer, such consent not to be unreasonably
      withheld;

     

    (iii) Such
      successor servicer must be qualified to service loans for FNMA or
      FHLMC;

     

    (iv) 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;

     

    (v) 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;

     

    (vi) 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;

     

    (vii) 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.

     

    
      
        
        

      

      
        187

        
          

        

      

      
        
        

      

    

     

    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.

     

    Section
      11.16. Third
      Party Rights.

     

    The
      NIMS
      Insurer shall be deemed a third-party beneficiary of this Agreement to the
      same
      extent as if it were a party hereto, and shall have the right to enforce the
      provisions of this Agreement.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

     

    
      
        
        

      

      
        188

        
          

        

      

       

    

    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:
                Michael C. Hitzmann

              Title:
                Senior Vice
                President

            

    

     

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, 

              not
                in its
                individual capacity, but solely as Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:

              Title: 

            

    

    

    
      	 	 	 
	 	
              AURORA
                LOAN SERVICES LLC, as
                Master Servicer

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name: Jerald W. Dreyer

              Title: Vice
                President

            

    

     

    Solely
      for purposes of Sections 2.05 and 11.14,

    accepted
      and agreed to by:

     

    
      	LEHMAN
              BROTHERS
              HOLDINGS INC.	 	 	 
	 	 	 	 
	 	 	 	 
	By:	 	 	 
	
              
                

              

              Name:
                Ellen Kiernan

              Title:
                Authorized Signatory

            	 	 	
            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    [INTENTIONALLY
      OMITTED]

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-1

    

    FORM
      OF
      INITIAL CERTIFICATION

     

    ________________

    Date    

     

    U.S.
      Bank
      National Association

    Corporate
      Trust Services (SARM 2006-11)

    1
      Federal
      Street

    Boston,
      M.A. 02110

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

     

    Aurora
      Loan Services LLC

    10350
      Park Meadows Drive, 

    Littleton,
      Colorado 80124

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement (the “Trust Agreement”), dated as of November 1, 2006 among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee, with respect to Structured Adjustable Rate Mortgage Loan
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-11

            

    

    

    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

              U.S.
                Bank National Association,

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-2

     

    FORM
      OF
      INTERIM CERTIFICATION

     

    ________________

    Date    

     

    U.S.
      Bank
      National Association

    Corporate
      Trust Services (SARM 2006-11)

    1
      Federal
      Street

    Boston,
      M.A. 02110

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

     

    Aurora
      Loan Services LLC

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement (the “Trust Agreement”), dated as of November 1, 2006 among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee, with respect to Structured Adjustable Rate Mortgage Loan
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-11

            

    

    

    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.

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

     

    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

              U.S.
                Bank National Association,

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        B-2-2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION

     

     

    ________________

    Date    

    

    U.S.
      Bank
      National Association

    Corporate
      Trust Services (SARM 2006-11)

    1
      Federal
      Street

    Boston,
      M.A. 02110

    

    Structured
      Asset Securities Corporation

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

     

    Aurora
      Loan Services LLC

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    [NIMS
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement (the “Trust Agreement”), dated as of November 1, 2006 among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee, with respect to Structured Adjustable Rate Mortgage Loan
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-11

            

    

     

    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.

     

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

     

    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

              U.S.
                Bank National Association,

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        B-3-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of U.S. Bank National Association, as trustee (the “Trustee”) under
      the Trust Agreement dated as of November 1, 2006, 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 2006-11, without
      recourse.

     

    
      	 	 	 
	 	
              
                

              

              [current
                signatory on note]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    ________________

    Date    

     

    [Addressed
      to Trustee

    or,
      if
      applicable, custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of November 1, 2006 among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer and you, 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 (whichever is applicable) 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,
                U.S. Bank National Association, as Trustee and Aurora Loan Services
                LLC,
                as Master Servicer, dated as of November 1, 2006, 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 2006-11

            

    

     

    _______________________
      (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
      AGREEMENTS

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

    Re: Structured
      Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
      Series 2006-11       

     

    Reference
      is hereby made to the Trust Agreement (the “Trust Agreement”), dated as of
      November 1, 2006 among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer and U.S. Bank National Association,
      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 2006-11 (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 November 1, 2006 among Structured Asset Securities
      Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer and
      U.S.
      Bank National Association, 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.

     

    3. We
      are
      acquiring the Privately Offered Certificates for investment purposes and not
      with a view to, or for offer or sale in connection with, any distribution in
      violation of the Securities Act. We have such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits and
      risks of our investment in the Privately Offered Certificates, and we and any
      account for which we are acting are each able to bear the economic risk of
      such
      investment.

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

    4. We
      are an
      Institutional Accredited Investor and we are acquiring the Privately Offered
      Certificates purchased by us for our own account or for one or more accounts
      (each of which is an Institutional Accredited Investor) as to each of which
      we
      exercise sole investment discretion.

     

    5. We
      have
      received such information as we deem necessary in order to make our investment
      decision.

     

    6. If
      we are
      acquiring 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 Swap 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 are eligible for exemptive relief under any
      of
      Section 408(b)(17) of ERISA or Section 4975(d)(20) of the Code, PTCE 84-14,
      PTCE
      90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23, each as it may be amended from
      time
      to time.

     

    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 U.S. Bank National Association, as
      Trustee, dated as of November 1, 2006, no transfer of the ERISA-Restricted
      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
      AGREEMENTS

     

    
      
        
        

      

      
        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
                2006-11

            

    

     

    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 U.S. Bank National Association, as Trustee, dated as of November
      1, 2006. Capitalized terms used but not defined herein shall have the meanings
      given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Restricted Global
      Security with DTC in the name of [name of transferor]                                   
      (the
“Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Regulation S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Agreement and the Securities and in accordance with Rule 904 of
      Regulation S, and that:

     

    a. the
      offer
      of the Securities was not made to a person in the United States;

     

    b. at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

     

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

     

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended;
      and

     

    e. the
      transferee is not a U.S. person (as defined in Regulation S).

     

    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 2006-11

            

    

     

    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 U.S. Bank National Association, as Trustee, dated as of November
      1,
      2006. Capitalized terms used but not defined herein shall have the meanings
      given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
      aggregate
      principal amount of Securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                       
      (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such Securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

    
      
        
          
            	 	 	 
	 	
                    [Name
                      of Transferor]

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:

                    Title:
                      

                  

          

        

      

      
      

    

     

    Date:             
        ,
      ___

    

    
      
        
        

      

      
        L-2-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      M

     

    [RESERVED]

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      N

     

    [RESERVED]

     

    
      
        
        

      

      
        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 November 1, 2006
      (the “Trust Agreement”), by and among U.S. Bank National Association, (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.

            	 	
              X

            	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(iii)

            	 	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained. 

            	 	
              X

            	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(iv)

            	 	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements. 

            	 	
              X

            	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
              Cash Collection and Administration

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(i)

            	 	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements. 

            	 	
              X

            	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(ii)

            	 	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel. 

            	 	
              X

            	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(iii)

            	 	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction agreements.
                

            	 	
              X

            	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(iv)

            	 	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements. 

            	 	
              X

            	 	
              X

            	 	
              X

            

    

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB Reference

            	 	
              Servicing
                Criteria

            	 	
              Master
                Servicer

            	 	
              Paying
                Agent

            	 	
              Trustee

            

    

    
      	
              1122(d)(2)(v)

            	 	
              Each
                custodial account is maintained at a federally insured depository
                institution as set forth in the transaction agreements. For purposes
                of
                this criterion, “federally insured depository institution” with respect to
                a foreign financial institution means a foreign financial institution
                that
                meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                Act.
                

            	 	
              X

            	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(vi)

            	 	
              Unissued
                checks are safeguarded so as to prevent unauthorized access.
                

            	 	
              X

            	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(vii)
                

            	 	
              Reconciliations
                are prepared on a monthly basis for all asset-backed securities related
                bank accounts, including custodial accounts and related bank clearing
                accounts. These reconciliations are (A) mathematically accurate;
                (B)
                prepared within 30 calendar days after the bank statement cutoff
                date, or
                such other number of days specified in the transaction agreements;
                (C)
                reviewed and approved by someone other than the person who prepared
                the
                reconciliation; and (D) contain explanations for reconciling items.
                These
                reconciling items are resolved within 90 calendar days of their original
                identification, or such other number of days specified in the transaction
                agreements. 

            	 	
              X

            	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
              Investor
                Remittances and Reporting

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(i)

            	 	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the Servicer.
                

            	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              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. 

            	 	
              X

            	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              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. 

            	 	
              X

            	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              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),

              Trustee
                (if Paying Agent) 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
                and Master Servicer (on behalf of any Servicer or on its own behalf
                if
                acting as a Servicer)

            

    

     

    
      
        
        

      

      
        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

            	 	
              Depositor

            
	 	 	 
	
              Item
                9.01

            	 	
              Depositor

            

    

     

    
      
        
        

      

      
        P-3-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      P-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, SARM 2006-11

    

    U.S.
      Bank
      National Association, as Trustee

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

    Attn:
      Corporate Trust Services - SARM 2006-11 - SEC Report Processing

    

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Trust Agreement, dated as of November 1,
      2006, by and among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan Services LLC, as Master Servicer and U.S. Bank National Association, as
      Trustee, the undersigned, as [ ], hereby notifies you that certain events have
      come to our attention that [will] [may] need to be disclosed on Form
      [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

    
      
        
        

      

      
        P-4-1

        
          

        

      

      
        
        

      

    

    
       

      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-4-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q-1

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

     

    [  ]

    [  ]

    [  ]

     

    
      	 	
              Re:

            	
              SARM
                2006-11

            

    

     

    [_______],
      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 November 1, 2006 (the “Trust Agreement”) by and
      among Structured Asset Securities Corporation, as Depositor, U.S. Bank National
      Association, 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 2006-11, issued pursuant
                to the
                Trust Agreement, dated as of November 1, 2006, among Structured Asset
                Securities Corporation, as Depositor, Aurora Loan Services, LLC,
                as Master
                Servicer, and U.S. Bank National Association, as
                Trustee

            

    

     

    The
      Trustee hereby certifies to the Depositor and the Master Servicer, and their
      respective officers, directors and affiliates, and with the knowledge and intent
      that they will rely upon this certification, that:

     

    (1) I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
      Report”), and all reports on Form 10-D required to be filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

     

    (2) To
      my
      knowledge, (a) the Reports, taken as a whole, do not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make
      the statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by the Annual
      Report, and (b) the Trustee’s assessment of compliance and related attestation
      report referred to below, taken as a whole, do not contain any untrue statement
      of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were
      made, not misleading with respect to the period covered by such assessment
      of
      compliance and attestation report;

     

    (3) To
      my
      knowledge, the distribution information required to be provided by the Trustee
      under the Trust Agreement for inclusion in the Reports is included in the
      Reports;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Trustee under the
      Trust Agreement, and based on my knowledge and the compliance review conducted
      in preparing the assessment of compliance of the Trustee required by the Trust
      Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
      its
      obligations under the Trust Agreement in all material respects; and

     

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
      Any material instances of non-compliance are described in such report and have
      been disclosed in the Annual Report.

     

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

     

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties: [names of servicer(s),
      master servicer, subservicer(s), depositor, trustee, custodian(s)]

     

    Date:
      _____________________________________________    

    

    U.S.
      Bank
      National Association, as Trustee

     

    
      	 	 	 	 
	
              

              [Signature]

              [Title]

            	 	 	
            

    

     

    
      
        
        

      

      
        Q-2-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      R

    

    TRANSACTION
      PARTIES

    

    Trustee:
      U.S. Bank National Association

    

    Securities
      Administrator: N/A

    

    Master
      Servicer: Aurora Loan Services LLC

    

    Credit
      Risk Manager: N/A

    

    PMI
      Insurer: N/A

    

    Interest
      Rate Swap Counterparty: Swiss RE Financial Products Corporation

    

    Interest
      Rate Cap Counterparty: Lehman Brothers Special Financing, Inc. 

    

    Servicers:
      ABN AMRO Mortgage Group, Inc., Aurora Loan Services LLC, Colonial Savings,
      F.A.
      and Countrywide Home Loans Servicing LP 

    

    Originators:
      ABN AMRO Mortgage Group, Inc., American Home Mortgage, BancMortgage, a Division
      of National Bank of Commerce, Countrywide Home Loans, Inc., Greenpoint Mortgage
      Funding, Inc., Impac Funding Corporation, Lehman Brothers Bank, FSB, Loancity,
      Ohio Savings Bank and Option One Mortgage Corporation

    

    Custodian(s):
      Deutsche Bank National Trust Company, LaSalle Bank National Association, U.S.
      Bank National Association and Wells Fargo Bank, N.A. 

    

    Company:
      Lehman Brothers Holdings Inc.

     

    
      
        
        

      

      
        R-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) 994-2222

     

    
      
        
        

      

      
        Sch.
          A-1EXECUTION

      

      

      

      

      STRUCTURED
        ASSET SECURITIES CORPORATION, as Depositor,

       

       

      WELLS
        FARGO BANK, N.A., as 

      Master
        Servicer and Securities Administrator

       

       

      CLAYTON
        FIXED INCOME SERVICES INC., as Credit Risk Manager,

       

       

      and
        

       

       

      U.S.
        BANK
        NATIONAL ASSOCIATION, as Trustee

       

       

      ___________________________

       

      TRUST
        AGREEMENT

       

      Dated
        as
        of November 1, 2006

      ___________________________

       

       

      STRUCTURED
        ASSET SECURITIES CORPORATION MORTGAGE LOAN TRUST

      MORTGAGE
        PASS-THROUGH CERTIFICATES

      SERIES
        2006-BC4

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  Table
                    of Contents

                
	 	 	
                  Page

                
	 	 	 
	
                  ARTICLE
                    I DEFINITIONS

                
	 	 	 
	
                  Section
                    1.01.

                	
                  Definitions.

                	
                  16

                
	
                  Section
                    1.02.

                	
                  Calculations
                    Respecting Mortgage Loans.

                	
                  62

                
	
                  Section
                    1.03.

                	
                  Calculations
                    Respecting Accrued Interest.

                	
                  62

                
	 	 	 
	
                  ARTICLE
                    II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

                
	 	 	 
	
                  Section
                    2.01.

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

                	
                  63

                
	
                  Section
                    2.02.

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

                	
                  67

                
	
                  Section
                    2.03.

                	
                  Representations
                    and Warranties of the Depositor.

                	
                  69

                
	
                  Section
                    2.04.

                	
                  Discovery
                    of Breach.

                	
                  71

                
	
                  Section
                    2.05.

                	
                  Repurchase,
                    Purchase or Substitution of Mortgage Loans.

                	
                  71

                
	
                  Section
                    2.06.

                	
                  Grant
                    Clause.

                	
                  73

                
	 	 	 
	
                  ARTICLE
                    III THE CERTIFICATES

                
	 	 	 
	
                  Section
                    3.01.

                	
                  The
                    Certificates.

                	
                  74

                
	
                  Section
                    3.02.

                	
                  Registration.

                	
                  75

                
	
                  Section
                    3.03.

                	
                  Transfer
                    and Exchange of Certificates.

                	
                  76

                
	
                  Section
                    3.04.

                	
                  Cancellation
                    of Certificates.

                	
                  82

                
	
                  Section
                    3.05.

                	
                  Replacement
                    of Certificates.

                	
                  82

                
	
                  Section
                    3.06.

                	
                  Persons
                    Deemed Owners.

                	
                  83

                
	
                  Section
                    3.07.

                	
                  Temporary
                    Certificates.

                	
                  83

                
	
                  Section
                    3.08.

                	
                  Appointment
                    of Paying Agent.

                	
                  83

                
	
                  Section
                    3.09.

                	
                  Book-Entry
                    Certificates.

                	
                  84

                
	
                  ARTICLE
                    IV ADMINISTRATION OF THE TRUST FUND

                
	 	 	 
	
                  Section
                    4.01.

                	
                  Certificate
                    Account.

                	
                  86

                
	
                  Section
                    4.02.

                	
                  Application
                    of Funds in the Certificate Account.

                	
                  88

                
	
                  Section
                    4.03.

                	
                  Reports
                    to Certificateholders.

                	
                  90

                
	 	 	 
	
                  ARTICLE
                    V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

                
	 	 	 
	
                  Section
                    5.01.

                	
                  Distributions
                    Generally.

                	
                  95

                
	
                  Section
                    5.02.

                	
                  Distributions
                    from the Certificate Account.

                	
                  95

                
	
                  Section
                    5.03.

                	
                  Allocation
                    of Losses.

                	
                  110

                
	
                  Section
                    5.04.

                	
                  Advances
                    by Master Servicer and Servicers .

                	
                  110

                
	
                  Section
                    5.05.

                	
                  Compensating
                    Interest Payments.

                	
                  111

                
	
                  Section
                    5.06.

                	
                  Basis
                    Risk Reserve Fund.

                	
                  111

                
	
                  Section
                    5.07.

                	
                  Supplemental
                    Interest Trust.

                	
                  111

                
	
                  Section
                    5.08.

                	
                  Rights
                    of Swap Counterparty.

                	
                  114

                
	
                  Section
                    5.09.

                	
                  Termination
                    Receipts.

                	
                  115

                
	
                  Section
                    5.10.

                	
                  Final
                    Maturity Reserve Trust.

                	
                  116

                

        

         

        
          
             

          

          
            i

            
              

            

          

          
             

          

        

         

        
          	
                  ARTICLE
                    VI CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS
                    OF
                    DEFAULT

                
	 	 	 
	
                  Section
                    6.01.

                	
                  Duties
                    of Trustee and Securities Administrator.

                	
                  117

                
	
                  Section
                    6.02.

                	
                  Certain
                    Matters Affecting the Trustee and the Securities
                    Administrator.

                	
                  120

                
	
                  Section
                    6.03.

                	
                  Trustee
                    and Securities Administrator Not Liable for Certificates.

                	
                  122

                
	
                  Section
                    6.04.

                	
                  Trustee
                    and the Securities Administrator May Own Certificates.

                	
                  122

                
	
                  Section
                    6.05.

                	
                  Eligibility
                    Requirements for Trustee and Securities Administrator.

                	
                  122

                
	
                  Section
                    6.06.

                	
                  Resignation
                    and Removal of Trustee and the Securities Administrator.

                	
                  123

                
	
                  Section
                    6.07.

                	
                  Successor
                    Trustee and Successor Securities Administrator.

                	
                  124

                
	
                  Section
                    6.08.

                	
                  Merger
                    or Consolidation of Trustee or the Securities
                    Administrator.

                	
                  125

                
	
                  Section
                    6.09.

                	
                  Appointment
                    of Co-Trustee, Separate Trustee or Custodian.

                	
                  125

                
	
                  Section
                    6.10.

                	
                  Authenticating
                    Agents.

                	
                  127

                
	
                  Section
                    6.11.

                	
                  Indemnification
                    of Trustee and Securities Administrator.

                	
                  128

                
	
                  Section
                    6.12.

                	
                  Fees
                    and Expenses of Securities Administrator, Trustee and
                    Custodians.

                	
                  129

                
	
                  Section
                    6.13.

                	
                  Collection
                    of Monies.

                	
                  130

                
	
                  Section
                    6.14.

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

                	
                  130

                
	
                  Section
                    6.15.

                	
                  Additional
                    Remedies of Trustee Upon Event of Default.

                	
                  134

                
	
                  Section
                    6.16.

                	
                  Waiver
                    of Defaults.

                	
                  135

                
	
                  Section
                    6.17.

                	
                  Notification
                    to Holders.

                	
                  135

                
	
                  Section
                    6.18.

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

                	
                  135

                
	
                  Section
                    6.19.

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

                	
                  136

                
	
                  Section
                    6.20.

                	
                  Preparation
                    of Tax Returns and Other Reports.

                	
                  136

                
	
                  Section
                    6.21.

                	
                  Reporting
                    Requirements of the Commission

                	
                  143

                
	
                  Section
                    6.22.

                	
                  No
                    Merger.

                	
                  143

                
	
                  Section
                    6.23.

                	
                  Indemnification
                    by the Securities Administrator.

                	
                  144

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

                
	 	 	 
	
                  Section
                    7.01.

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

                	
                  144

                
	
                  Section
                    7.02.

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

                	
                  146

                
	
                  Section
                    7.03.

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

                	
                  149

                
	
                  Section
                    7.04.

                	
                  Optional
                    Repurchase Right.

                	
                  151

                
	 	 	 
	
                  ARTICLE
                    VIII RIGHTS OF CERTIFICATEHOLDERS

                
	 	 	 
	
                  Section
                    8.01.

                	
                  Limitation
                    on Rights of Holders.

                	
                  151

                
	
                  Section
                    8.02.

                	
                  Access
                    to List of Holders.

                	
                  152

                
	
                  Section
                    8.03.

                	
                  Acts
                    of Holders of Certificates.

                	
                  152

                
	 	 	 

        

         

        
          
             

          

          
            ii

            
              

            

          

          
             

          

        

         

        
          	
                  ARTICLE
                    IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS; CREDIT RISK
                    MANAGER

                
	 	 	 
	 	 	 
	
                  Section
                    9.01.

                	
                  Duties
                    of the Master Servicer.

                	
                  153

                
	
                  Section
                    9.02.

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

                	
                  154

                
	
                  Section
                    9.03.

                	
                  Master
                    Servicer’s Financial Statements and Related Information.

                	
                  155

                
	
                  Section
                    9.04.

                	
                  Power
                    to Act; Procedures.

                	
                  155

                
	
                  Section
                    9.05.

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

                	
                  157

                
	
                  Section
                    9.06.

                	
                  Collection
                    of Taxes, Assessments and Similar Items.

                	
                  158

                
	
                  Section
                    9.07.

                	
                  Termination
                    of Servicing Agreements; Successor Servicers.

                	
                  158

                
	
                  Section
                    9.08.

                	
                  Master
                    Servicer Liable for Enforcement.

                	
                  159

                
	
                  Section
                    9.09.

                	
                  No
                    Contractual Relationship Between Any Servicer and Trustee or
                    Depositor.

                	
                  160

                
	
                  Section
                    9.10.

                	
                  Assumption
                    of Servicing Agreement by Securities Administrator.

                	
                  160

                
	
                  Section
                    9.11.

                	
                  Due-on-Sale
                    Clauses; Assumption Agreements.

                	
                  160

                
	
                  Section
                    9.12.

                	
                  Release
                    of Mortgage Files.

                	
                  161

                
	
                  Section
                    9.13.

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

                	
                  161

                
	
                  Section
                    9.14.

                	
                  Representations
                    and Warranties of the Master Servicer.

                	
                  163

                
	
                  Section
                    9.15.

                	
                  Opinion.

                	
                  165

                
	
                  Section
                    9.16.

                	
                  Standard
                    Hazard and Flood Insurance Policies.

                	
                  165

                
	
                  Section
                    9.17.

                	
                  Presentment
                    of Claims and Collection of Proceeds.

                	
                  166

                
	
                  Section
                    9.18.

                	
                  Maintenance
                    of the Primary Mortgage Insurance Policies.

                	
                  166

                
	
                  Section
                    9.19.

                	
                  Trustee
                    To Retain Possession of Certain Documents.

                	
                  167

                
	
                  Section
                    9.20.

                	
                  [Reserved]

                	
                  167

                
	
                  Section
                    9.21.

                	
                  Compensation
                    to the Master Servicer.

                	
                  167

                
	
                  Section
                    9.22.

                	
                  REO
                    Property.

                	
                  167

                
	
                  Section
                    9.23.

                	
                  Notices
                    to the Depositor and the Securities Administrator

                	
                  168

                
	
                  Section
                    9.24.

                	
                  Reports
                    to the Trustee and the Securities Administrator.

                	
                  169

                
	
                  Section
                    9.25.

                	
                  Assessment
                    of Compliance and Attestation Reports.

                	
                  170

                
	
                  Section
                    9.26.

                	
                  Annual
                    Statement of Compliance with Applicable Servicing Criteria
                    .

                	
                  171

                
	
                  Section
                    9.27.

                	
                  Merger
                    or Consolidation.

                	
                  172

                
	
                  Section
                    9.28.

                	
                  Resignation
                    of Master Servicer.

                	
                  172

                
	
                  Section
                    9.29.

                	
                  Assignment
                    or Delegation of Duties by the Master Servicer.

                	
                  172

                
	
                  Section
                    9.30.

                	
                  Limitation
                    on Liability of the Master Servicer and Others.

                	
                  173

                
	
                  Section
                    9.31.

                	
                  Indemnification;
                    Third-Party Claims.

                	
                  174

                
	
                  Section
                    9.32.

                	
                  Special
                    Servicing of Delinquent Mortgage Loans.

                	
                  174

                
	
                  Section
                    9.33.

                	
                  Alternative
                    Index.

                	
                  175

                
	
                  Section
                    9.34.

                	
                  Duties
                    of the Credit Risk Manager.

                	
                  175

                
	
                  Section
                    9.35.

                	
                  Limitation
                    Upon Liability of the Credit Risk Manager.

                	
                  177

                
	
                  Section
                    9.36.

                	
                  Indemnification
                    by the Credit Risk Manager.

                	
                  177

                
	
                  Section
                    9.37.

                	
                  Removal
                    of Credit Risk Manager.

                	
                  178

                
	 	 	 
	
                  ARTICLE
                    X REMIC ADMINISTRATION

                
	 	 	 
	
                  Section
                    10.01.

                	
                  REMIC
                    Administration.

                	
                  178

                
	
                  Section
                    10.02.

                	
                  Prohibited
                    Transactions and Activities.

                	
                  181

                

        

         

        
          
             

          

          
            iii

            
              

            

          

          
             

          

        

         

        
          	
                  Section
                    10.03.

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

                	
                  181

                
	
                  Section
                    10.04.

                	
                  REO
                    Property.

                	
                  182

                
	 	 	 
	
                  ARTICLE
                    XI MISCELLANEOUS PROVISIONS

                
	 	 	 
	
                  Section
                    11.01.

                	
                  Binding
                    Nature of Agreement; Assignment.

                	
                  183

                
	
                  Section
                    11.02.

                	
                  Entire
                    Agreement.

                	
                  183

                
	
                  Section
                    11.03.

                	
                  Amendment.

                	
                  183

                
	
                  Section
                    11.04.

                	
                  Voting
                    Rights.

                	
                  185

                
	
                  Section
                    11.05.

                	
                  Provision
                    of Information.

                	
                  185

                
	
                  Section
                    11.06.

                	
                  Governing
                    Law.

                	
                  186

                
	
                  Section
                    11.07.

                	
                  Notices.

                	
                  186

                
	
                  Section
                    11.08.

                	
                  Severability
                    of Provisions.

                	
                  187

                
	
                  Section
                    11.09.

                	
                  Indulgences;
                    No Waivers.

                	
                  187

                
	
                  Section
                    11.10.

                	
                  Headings
                    Not To Affect Interpretation.

                	
                  187

                
	
                  Section
                    11.11.

                	
                  Benefits
                    of Agreement.

                	
                  187

                
	
                  Section
                    11.12.

                	
                  Special
                    Notices to the Rating Agencies and any NIMS Insurer.

                	
                  187

                
	
                  Section
                    11.13.

                	
                  Conflicts.

                	
                  189

                
	
                  Section
                    11.14.

                	
                  Counterparts.

                	
                  189

                
	
                  Section
                    11.15.

                	
                  Transfer
                    of Servicing.

                	
                  189

                

        

      

       

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

      ATTACHMENTS

       

      
        	
                Exhibit
                  A

              	
                Forms
                  of Certificates

              

      

      
        	
                Exhibit
                  B-1

              	
                Form
                  of Initial Certification

              

      

      
        	
                Exhibit
                  B-2

              	
                Form
                  of Interim Certification

              

      

      
        	
                Exhibit
                  B-3

              	
                Form
                  of Final Certification

              

      

      
        	
                Exhibit
                  B-4

              	
                Form
                  of Endorsement

              

      

      
        	
                Exhibit
                  C

              	
                Request
                  for Release of Documents and
                  Receipt

              

      

      
        	
                Exhibit
                  D-l

              	
                Form
                  of Residual Certificate Transfer Affidavit
                  (Transferee)

              

      

      
        	
                Exhibit
                  D-2

              	
                Form
                  of Residual Certificate Transfer Affidavit
                  (Transferor)

              

      

      
        	
                Exhibit
                  E

              	
                List
                  of Servicing Agreements

              

      

      
        	
                Exhibit
                  F

              	
                Form
                  of Rule 144A Transfer Certificate

              

      

      
        	
                Exhibit
                  G

              	
                Form
                  of Purchaser’s Letter for Institutional Accredited Investors
                  

              

      

      
        	
                Exhibit
                  H

              	
                Form
                  of ERISA Transfer Affidavit

              

      

      
        	
                Exhibit
                  I

              	
                Monthly
                  Remittance Advice

              

      

      
        	
                Exhibit
                  J

              	
                Monthly
                  Electronic Data Transmission

              

      

      
        	
                Exhibit
                  K

              	
                List
                  of Custodial Agreements

              

      

      
        	
                Exhibit
                  L

              	
                List
                  of Credit Risk Management Agreements

              

      

      
        	
                Exhibit
                  M-1

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

              

      

      
        	
                Exhibit
                  M-2

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

              

      

      
        	
                Exhibit
                  N

              	
                Interest
                  Rate Cap Agreement

              

      

      
        	
                Exhibit
                  O

              	
                Swap
                  Agreement

              

      

      
        	
                Exhibit
                  P-1

              	
                Additional
                  Form 10-D Disclosure

              

      

      
        	
                Exhibit
                  P-2

              	
                Additional
                  Form 10-K Disclosure 

              

      

      
        	
                Exhibit
                  P-3

              	
                Additional
                  Form 8-K Disclosure

              

      

      
        	
                Exhibit
                  P-4

              	
                Additional
                  Disclosure Notification

              

      

      
        	
                Exhibit
                  Q-1

              	
                Form
                  of Back-Up Sarbanes-Oxley
                  Certification

              

      

      
        	
                Exhibit
                  Q-2

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

              

      

      
        	
                Exhibit
                  R-1

              	
                Form
                  of Watchlist Report

              

      

      
        	
                Exhibit
                  R-2

              	
                Form
                  of Loss Severity Report

              

      

      
        	
                Exhibit
                  R-3

              	
                Reserved

              

      

      
        	
                Exhibit
                  R-4

              	
                Form
                  of Prepayment Premiums Report

              

      

      
        	
                Exhibit
                  R-5

              	
                Form
                  of Analytics Report

              

      

      
        	
                Exhibit
                  S

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

              

      

      
        	
                Exhibit
                  T

              	
                [Reserved]

              

      

      
        	
                Exhibit
                  U

              	
                Form
                  of Certification to be Provided by the Credit Risk
                  Manager

              

      

      
        	
                Exhibit
                  V

              	
                Transaction
                  Parties

              

      

      
        	
                Exhibit
                  W

              	
                Form
                  of Purchase Option Notice

              

      

      
        	
                Exhibit
                  X

              	
                Form
                  of NIM Residual Purchase Option
                  Notice

              

      

      
        	
                Schedule
                  A

              	
                Mortgage
                  Loan Schedule (by Mortgage Pool)

              

      

      
        	
                Schedule
                  B

              	
                Projected
                  Aggregate Scheduled Principal Balance of Forty-Year Mortgage
                  Loans

              

      

      

      

      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

      This
        TRUST AGREEMENT, dated as of November 1, 2006 (the “Agreement”), is by and among
        STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
        (the “Depositor”), U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”),
        WELLS FARGO BANK, N.A., a national banking association, as master servicer
        (in
        such capacity, the “Master Servicer”) and as securities administrator (in such
        capacity, the “Securities Administrator”), and CLAYTON FIXED INCOME SERVICES
        INC. (formerly known as The Murrayhill Company), a Colorado corporation,
        as
        credit risk manager (the “Credit Risk Manager”).

      

      PRELIMINARY
        STATEMENT

      

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

      

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

      

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

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

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

      

      REMIC
        1:  

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      REMIC
        2:   

      

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

      

      
        	
                Class
                  Designation

              	 	
                Initial Principal Balance

              	 	
                Interest
                  Rate

              
	
                LT2-A

              	 	
                $     75,294,375.55

              	 	
                (1)

              
	
                LT2-F1

              	 	
                $     22,672,000.00

              	 	
                (2)

              
	
                LT2-V1

              	 	
                $     22,672,000.00

              	 	
                (3)

              
	
                LT2-F2

              	 	
                $     22,002,500.00

              	 	
                (2)

              
	
                LT2-V2

              	 	
                $     22,002,500.00

              	 	
                (3)

              
	
                LT2-F3

              	 	
                $     21,352,000.00

              	 	
                (2)

              
	
                LT2-V3

              	 	
                $     21,352,000.00

              	 	
                (3)

              
	
                LT2-F4

              	 	
                $     20,720,500.00

              	 	
                (2)

              
	
                LT2-V4

              	 	
                $     20,720,500.00

              	 	
                (3)

              
	
                LT2-F5

              	 	
                $     20,108,000.00

              	 	
                (2)

              
	
                LT2-V5

              	 	
                $     20,108,000.00

              	 	
                (3)

              
	
                LT2-F6

              	 	
                $     19,514,000.00

              	 	
                (2)

              
	
                LT2-V6

              	 	
                $     19,514,000.00

              	 	
                (3)

              
	
                LT2-F7

              	 	
                $     18,936,500.00

              	 	
                (2)

              
	
                LT2-V7

              	 	
                $     18,936,500.00

              	 	
                (3)

              
	
                LT2-F8

              	 	
                $     18,377,000.00

              	 	
                (2)

              
	
                LT2-V8

              	 	
                $     18,377,000.00

              	 	
                (3)

              
	
                LT2-F9

              	 	
                $     17,833,000.00

              	 	
                (2)

              
	
                LT2-V9

              	 	
                $     17,833,000.00

              	 	
                (3)

              
	
                LT2-F10

              	 	
                $     19,139,000.00

              	 	
                (2)

              
	
                LT2-V10

              	 	
                $     19,139,000.00

              	 	
                (3)

              
	
                LT2-F11

              	 	
                $     18,626,500.00

              	 	
                (2)

              
	
                LT2-V11

              	 	
                $     18,626,500.00

              	 	
                (3)

              
	
                LT2-F12

              	 	
                $     18,130,000.00

              	 	
                (2)

              
	
                LT2-V12

              	 	
                $     18,130,000.00

              	 	
                (3)

              
	
                LT2-F13

              	 	
                $     18,823,500.00

              	 	
                (2)

              
	
                LT2-V13

              	 	
                $     18,823,500.00

              	 	
                (3)

              
	
                LT2-F14

              	 	
                $     20,520,500.00

              	 	
                (2)

              
	
                LT2-V14

              	 	
                $     20,520,500.00

              	 	
                (3)

              
	
                LT2-F15

              	 	
                $     20,276,500.00

              	 	
                (2)

              
	
                LT2-V15

              	 	
                $     20,276,500.00

              	 	
                (3)

              
	
                LT2-F16

              	 	
                $     19,999,000.00

              	 	
                (2)

              
	
                LT2-V16

              	 	
                $     19,999,000.00

              	 	
                (3)

              
	
                LT2-F17

              	 	
                $     19,686,500.00

              	 	
                (2)

              
	
                LT2-V17

              	 	
                $     19,686,500.00

              	 	
                (3)

              
	
                LT2-F18

              	 	
                $     19,342,500.00

              	 	
                (2)

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	
                Initial Principal Balance

              	 	
                Interest
                  Rate

              
	
                LT2-V18

              	 	
                $     19,342,500.00

              	 	
                (3)

              
	
                LT2-F19

              	 	
                $     18,970,000.00

              	 	
                (2)

              
	
                LT2-V19

              	 	
                $     18,970,000.00

              	 	
                (3)

              
	
                LT2-F20

              	 	
                $     18,570,500.00

              	 	
                (2)

              
	
                LT2-V20

              	 	
                $     18,570,500.00

              	 	
                (3)

              
	
                LT2-F21

              	 	
                $     18,145,000.00

              	 	
                (2)

              
	
                LT2-V21

              	 	
                $     18,145,000.00

              	 	
                (3)

              
	
                LT2-F22

              	 	
                $     17,697,000.00

              	 	
                (2)

              
	
                LT2-V22

              	 	
                $     17,697,000.00

              	 	
                (3)

              
	
                LT2-F23

              	 	
                $     60,983,000.00

              	 	
                (2)

              
	
                LT2-V23

              	 	
                $     60,983,000.00

              	 	
                (3)

              
	
                LT2-F24

              	 	
                $     32,774,500.00

              	 	
                (2)

              
	
                LT2-V24

              	 	
                $     32,774,500.00

              	 	
                (3)

              
	
                LT2-F25

              	 	
                $     28,647,500.00

              	 	
                (2)

              
	
                LT2-V25

              	 	
                $     28,647,500.00

              	 	
                (3)

              
	
                LT2-F26

              	 	
                $     21,779,000.00

              	 	
                (2)

              
	
                LT2-V26

              	 	
                $     21,779,000.00

              	 	
                (3)

              
	
                LT2-F27

              	 	
                $     16,980,000.00

              	 	
                (2)

              
	
                LT2-V27

              	 	
                $     16,980,000.00

              	 	
                (3)

              
	
                LT2-F28

              	 	
                $     13,481,500.00

              	 	
                (2)

              
	
                LT2-V28

              	 	
                $     13,481,500.00

              	 	
                (3)

              
	
                LT2-F29

              	 	
                $     10,844,500.00

              	 	
                (2)

              
	
                LT2-V29

              	 	
                $     10,844,500.00

              	 	
                (3)

              
	
                LT2-F30

              	 	
                $       8,803,000.00

              	 	
                (2)

              
	
                LT2-V30

              	 	
                $       8,803,000.00

              	 	
                (3)

              
	
                LT2-F31

              	 	
                $       7,185,500.00

              	 	
                (2)

              
	
                LT2-V31

              	 	
                $       7,185,500.00

              	 	
                (3)

              
	
                LT2-F32

              	 	
                $       5,878,500.00

              	 	
                (2)

              
	
                LT2-V32

              	 	
                $       5,878,500.00

              	 	
                (3)

              
	
                LT2-F33

              	 	
                $       5,589,000.00

              	 	
                (2)

              
	
                LT2-V33

              	 	
                $       5,589,000.00

              	 	
                (3)

              
	
                LT2-F34

              	 	
                $       5,314,500.00

              	 	
                (2)

              
	
                LT2-V34

              	 	
                $       5,314,500.00

              	 	
                (3)

              
	
                LT2-F35

              	 	
                $       5,052,500.00

              	 	
                (2)

              
	
                LT2-V35

              	 	
                $       5,052,500.00

              	 	
                (3)

              
	
                LT2-F36

              	 	
                $       4,806,000.00

              	 	
                (2)

              
	
                LT2-V36

              	 	
                $       4,806,000.00

              	 	
                (3)

              
	
                LT2-F37

              	 	
                $       4,570,000.00

              	 	
                (2)

              
	
                LT2-V37

              	 	
                $       4,570,000.00

              	 	
                (3)

              
	
                LT2-F38

              	 	
                $       4,346,000.00

              	 	
                (2)

              
	
                LT2-V38

              	 	
                $       4,346,000.00

              	 	
                (3)

              
	
                LT2-F39

              	 	
                $       4,133,000.00

              	 	
                (2)

              
	
                LT2-V39

              	 	
                $       4,133,000.00

              	 	
                (3)

              
	
                LT2-F40

              	 	
                $       3,930,500.00

              	 	
                (2)

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	
                Initial Principal Balance

              	 	
                Interest
                  Rate

              
	
                LT2-V40

              	 	
                $       3,930,500.00

              	 	
                (3)

              
	
                LT2-F41

              	 	
                $       3,737,500.00

              	 	
                (2)

              
	
                LT2-V41

              	 	
                $       3,737,500.00

              	 	
                (3)

              
	
                LT2-F42

              	 	
                $       3,555,000.00

              	 	
                (2)

              
	
                LT2-V42

              	 	
                $       3,555,000.00

              	 	
                (3)

              
	
                LT2-F43

              	 	
                $       3,380,000.00

              	 	
                (2)

              
	
                LT2-V43

              	 	
                $       3,380,000.00

              	 	
                (3)

              
	
                LT2-F44

              	 	
                $       3,214,000.00

              	 	
                (2)

              
	
                LT2-V44

              	 	
                $       3,214,000.00

              	 	
                (3)

              
	
                LT2-F45

              	 	
                $       3,057,000.00

              	 	
                (2)

              
	
                LT2-V45

              	 	
                $       3,057,000.00

              	 	
                (3)

              
	
                LT2-F46

              	 	
                $       2,907,000.00

              	 	
                (2)

              
	
                LT2-V46

              	 	
                $       2,907,000.00

              	 	
                (3)

              
	
                LT2-F47

              	 	
                $       2,763,500.00

              	 	
                (2)

              
	
                LT2-V47

              	 	
                $       2,763,500.00

              	 	
                (3)

              
	
                LT2-F48

              	 	
                $       2,630,500.00

              	 	
                (2)

              
	
                LT2-V48

              	 	
                $       2,630,500.00

              	 	
                (3)

              
	
                LT2-F49

              	 	
                $       2,499,000.00

              	 	
                (2)

              
	
                LT2-V49

              	 	
                $       2,499,000.00

              	 	
                (3)

              
	
                LT2-F50

              	 	
                $       2,377,000.00

              	 	
                (2)

              
	
                LT2-V50

              	 	
                $       2,377,000.00

              	 	
                (3)

              
	
                LT2-F51

              	 	
                $       2,261,500.00

              	 	
                (2)

              
	
                LT2-V51

              	 	
                $       2,261,500.00

              	 	
                (3)

              
	
                LT2-F52

              	 	
                $       2,149,500.00

              	 	
                (2)

              
	
                LT2-V52

              	 	
                $       2,149,500.00

              	 	
                (3)

              
	
                LT2-F53

              	 	
                $       2,043,500.00

              	 	
                (2)

              
	
                LT2-V53

              	 	
                $       2,043,500.00

              	 	
                (3)

              
	
                LT2-F54

              	 	
                $       1,944,500.00

              	 	
                (2)

              
	
                LT2-V54

              	 	
                $       1,944,500.00

              	 	
                (3)

              
	
                LT2-F55

              	 	
                $       1,848,000.00

              	 	
                (2)

              
	
                LT2-V55

              	 	
                $       1,848,000.00

              	 	
                (3)

              
	
                LT2-F56

              	 	
                $       1,759,000.00

              	 	
                (2)

              
	
                LT2-V56

              	 	
                $       1,759,000.00

              	 	
                (3)

              
	
                LT2-F57

              	 	
                $       1,672,500.00

              	 	
                (2)

              
	
                LT2-V57

              	 	
                $       1,672,500.00

              	 	
                (3)

              
	
                LT2-F58

              	 	
                $       1,596,500.00

              	 	
                (2)

              
	
                LT2-V58

              	 	
                $       1,596,500.00

              	 	
                (3)

              
	
                LT2-F59

              	 	
                $       1,518,000.00

              	 	
                (2)

              
	
                LT2-V59

              	 	
                $       1,518,000.00

              	 	
                (3)

              
	
                LT2-F60

              	 	
                $       1,443,000.00

              	 	
                (2)

              
	
                LT2-V60

              	 	
                $       1,443,000.00

              	 	
                (3)

              
	
                LT2-F61

              	 	
                $       1,371,500.00

              	 	
                (2)

              
	
                LT2-V61

              	 	
                $       1,371,500.00

              	 	
                (3)

              
	
                LT2-F62

              	 	
                $       1,303,500.00

              	 	
                (2)

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	
                Initial Principal Balance

              	 	
                Interest
                  Rate

              
	
                LT2-V62

              	 	
                $       1,303,500.00

              	 	
                (3)

              
	
                LT2-F63

              	 	
                $       1,239,500.00

              	 	
                (2)

              
	
                LT2-V63

              	 	
                $       1,239,500.00

              	 	
                (3)

              
	
                LT2-F64

              	 	
                $       1,178,000.00

              	 	
                (2)

              
	
                LT2-V64

              	 	
                $       1,178,000.00

              	 	
                (3)

              
	
                LT2-F65

              	 	
                $       1,120,000.00

              	 	
                (2)

              
	
                LT2-V65

              	 	
                $       1,120,000.00

              	 	
                (3)

              
	
                LT2-F66

              	 	
                $       1,065,000.00

              	 	
                (2)

              
	
                LT2-V66

              	 	
                $       1,065,000.00

              	 	
                (3)

              
	
                LT2-F67

              	 	
                $       1,012,000.00

              	 	
                (2)

              
	
                LT2-V67

              	 	
                $       1,012,000.00

              	 	
                (3)

              
	
                LT2-F68

              	 	
                $          962,000.00

              	 	
                (2)

              
	
                LT2-V68

              	 	
                $          962,000.00

              	 	
                (3)

              
	
                LT2-F69

              	 	
                $          914,500.00

              	 	
                (2)

              
	
                LT2-V69

              	 	
                $          914,500.00

              	 	
                (3)

              
	
                LT2-F70

              	 	
                $          869,500.00

              	 	
                (2)

              
	
                LT2-V70

              	 	
                $          869,500.00

              	 	
                (3)

              
	
                LT2-F71

              	 	
                $     16,729,500.00

              	 	
                (2)

              
	
                LT2-V71

              	 	
                $     16,729,500.00

              	 	
                (3)

              
	
                LT2-R

              	 	
                (4)

              	 	
                (4)

              

      

      

      

      
        	 	
                (1)

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

              

      

      

      
        	 	
                (2)

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

              

      

      

      
        	 	
                (3)

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

              

      

      

      
        	 	
                (4)

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

              

      

      

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

      

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

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      On
        each
        Distribution Date, the Securities Administrator shall distribute the Prepayment
        Premiums collected during the preceding Prepayment Period to the Class LT2-F71
        Lower Tier Interest.

      

      REMIC
        3:   

      

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

       

      
        	
                REMIC
                  3

                Lower
                  Tier Class
                  

                Designation

              	 	
                REMIC
                  3

                Lower
                  Tier

                Interest
                  Rate

              	 	
                Initial
                  Class 

                Principal
                  Amount

              	 	
                Corresponding
                  Class of 

                Certificate(s)

              
	
                Class
                  LT3-A1

              	 	
                (1)

              	 	
                (3)

              	 	
                A1

              
	
                Class
                  LT3-A2

              	 	
                (1)

              	 	
                (3)

              	 	
                A2

              
	
                Class
                  LT3-A3

              	 	
                (1)

              	 	
                (3)

              	 	
                A3

              
	
                Class
                  LT3-A4

              	 	
                (1)

              	 	
                (3)

              	 	
                A4

              
	
                Class
                  LT3-A5

              	 	
                (1)

              	 	
                (3)

              	 	
                A5

              
	
                Class
                  LT3-M1

              	 	
                (1)

              	 	
                (3)

              	 	
                M1

              
	
                Class
                  LT3-M2

              	 	
                (1)

              	 	
                (3)

              	 	
                M2

              
	
                Class
                  LT3-M3

              	 	
                (1)

              	 	
                (3)

              	 	
                M3

              
	
                Class
                  LT3-M4

              	 	
                (1)

              	 	
                (3)

              	 	
                M4

              
	
                Class
                  LT3-M5

              	 	
                (1)

              	 	
                (3)

              	 	
                M5

              
	
                Class
                  LT3-M6

              	 	
                (1)

              	 	
                (3)

              	 	
                M6

              
	
                Class
                  LT3-M7

              	 	
                (1)

              	 	
                (3)

              	 	
                M7

              
	
                Class
                  LT3-M8

              	 	
                (1)

              	 	
                (3)

              	 	
                M8

              
	
                Class
                  LT3-M9

              	 	
                (1)

              	 	
                (3)

              	 	
                M9

              
	
                Class
                  LT3-B

              	 	
                (1)

              	 	
                (3)

              	 	
                B

              
	
                Class
                  LT3-Q

              	 	
                (1)

              	 	
                (4)

              	 	
                N/A

              
	
                Class
                  LT3-IO

              	 	
                (2)

              	 	
                (2)

              	 	
                N/A

              
	
                Class
                  LT3-R

              	 	
                (5)

              	 	
                (5)

              	 	
                R

              
	
                Class
                  LT3-Reserve-IO

              	 	
                (6)

              	 	
                (6)

              	 	
                N/A

              

      

      ___________________________

      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Lower Tier Interests in REMIC 3 is a per annum
                  rate
                  equal to the weighted average of the interest rates on the Lower
                  Tier
                  Interests in REMIC 2 for such Distribution Date, provided,
                  however, that
                  (i) for any Distribution Date on which the Class LT3-IO Interest
                  is
                  entitled to a portion of the interest accruals on a Lower Tier
                  Interest in
                  REMIC 2 having an “F” in its class designation, as described in footnote
                  two below, such weighted average shall be computed by first subjecting
                  the
                  rate on such Lower Tier Interest in REMIC 2 to a cap equal to Swap
                  LIBOR
                  for such Distribution Date and (ii) such weighted average shall
                  be reduced
                  by a per annum rate equal to a fraction (x) the numerator of which
                  is
                  equal to the product of (a) the Final Maturity Reserve Amount and
                  (b) a
                  fraction, the numerator of which is 360 and the denominator of
                  which is
                  the actual number of days in the related Accrual Period and (y)
                  the
                  denominator of which is the aggregate Scheduled Principal Balance
                  on the
                  first day of the related Collection Period of the Mortgage Loans
                  (not
                  including for this purpose any such Mortgage Loans for which prepayments
                  in full have been received and distributed in the month prior to
                  that
                  Distribution Date).

              

      

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
        	 	
                (2)

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

              

      

      

      
        	
                Distribution
                  Dates

              	
                REMIC
                  

                2
                  Class Designation

              
	
                2

              	
                Class
                  LT2-F1

              
	
                2-3

              	
                Class
                  LT2-F2

              
	
                2-4

              	
                Class
                  LT2-F3

              
	
                2-5

              	
                Class
                  LT2-F4

              
	
                2-6

              	
                Class
                  LT2-F5

              
	
                2-7

              	
                Class
                  LT2-F6

              
	
                2-8

              	
                Class
                  LT2-F7

              
	
                2-9

              	
                Class
                  LT2-F8

              
	
                2-10

              	
                Class
                  LT2-F9

              
	
                2-11

              	
                Class
                  LT2-F10

              
	
                2-12

              	
                Class
                  LT2-F11

              
	
                2-13

              	
                Class
                  LT2-F12

              
	
                2-14

              	
                Class
                  LT2-F13

              
	
                2-15

              	
                Class
                  LT2-F14

              
	
                2-16

              	
                Class
                  LT2-F15

              
	
                2-17

              	
                Class
                  LT2-F16

              
	
                2-18

              	
                Class
                  LT2-F17

              
	
                2-19

              	
                Class
                  LT2-F18

              
	
                2-20

              	
                Class
                  LT2-F19

              
	
                2-21

              	
                Class
                  LT2-F20

              
	
                2-22

              	
                Class
                  LT2-F21

              
	
                2-23

              	
                Class
                  LT2-F22

              
	
                2-24

              	
                Class
                  LT2-F23

              
	
                2-25

              	
                Class
                  LT2-F24

              
	
                2-26

              	
                Class
                  LT2-F25

              
	
                2-27

              	
                Class
                  LT2-F26

              
	
                2-28

              	
                Class
                  LT2-F27

              
	
                2-29

              	
                Class
                  LT2-F28

              
	
                2-30

              	
                Class
                  LT2-F29

              
	
                2-31

              	
                Class
                  LT2-F30

              
	
                2-32

              	
                Class
                  LT2-F31

              
	
                2-33

              	
                Class
                  LT2-F32

              
	
                2-34

              	
                Class
                  LT2-F33

              
	
                2-35

              	
                Class
                  LT2-F34

              
	
                2-36

              	
                Class
                  LT2-F35

              
	
                2-37

              	
                Class
                  LT2-F36

              
	
                2-38

              	
                Class
                  LT2-F37

              
	
                2-39

              	
                Class
                  LT2-F38

              
	
                2-40

              	
                Class
                  LT2-F39

              
	
                2-41

              	
                Class
                  LT2-F40

              
	
                2-42

              	
                Class
                  LT2-F41

              
	
                2-43

              	
                Class
                  LT2-F42

              
	
                2-44

              	
                Class
                  LT2-F43

              
	
                2-45

              	
                Class
                  LT2-F44

              
	
                2-46

              	
                Class
                  LT2-F45

              
	
                2-47

              	
                Class
                  LT2-F46

              
	
                2-48

              	
                Class
                  LT2-F47

              
	
                2-49

              	
                Class
                  LT2-F48

              
	
                2-50

              	
                Class
                  LT2-F49

              

      

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      
        	
                Distribution
                  Dates

              	
                REMIC
                  

                2
                  Class Designation

              
	
                2-51

              	
                Class
                  LT2-F50

              
	
                2-52

              	
                Class
                  LT2-F51

              
	
                2-53

              	
                Class
                  LT2-F52

              
	
                2-54

              	
                Class
                  LT2-F53

              
	
                2-55

              	
                Class
                  LT2-F54

              
	
                2-56

              	
                Class
                  LT2-F55

              
	
                2-57

              	
                Class
                  LT2-F56

              
	
                2-58

              	
                Class
                  LT2-F57

              
	
                2-59

              	
                Class
                  LT2-F58

              
	
                2-60

              	
                Class
                  LT2-F59

              
	
                2-61

              	
                Class
                  LT2-F60

              
	
                2-62

              	
                Class
                  LT2-F61

              
	
                2-63

              	
                Class
                  LT2-F62

              
	
                2-64

              	
                Class
                  LT2-F63

              
	
                2-65

              	
                Class
                  LT2-F64

              
	
                2-66

              	
                Class
                  LT2-F65

              
	
                2-67

              	
                Class
                  LT2-F66

              
	
                2-68

              	
                Class
                  LT2-F67

              
	
                2-69

              	
                Class
                  LT2-F68

              
	
                2-70

              	
                Class
                  LT2-F69

              
	
                2-71

              	
                Class
                  LT2-F70

              
	
                2-72

              	
                Class
                  LT2-F71

              

      

       

      ___________________________

      
        	 	
                (3)

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

              

      

      

      
        	 	
                (4)

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

              

      

      

      
        	 	
                (5)

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

              

      

      

      
        	 	
                (6)

              	
                The
                  Class LT3-Reserve-IO is an interest only class and does not have
                  a
                  principal balance. For each Distribution Date, this Lower Tier
                  Interest
                  shall be entitled to distributions equal to the Final Maturity
                  Reserve
                  Amount. 

              

      

      

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

      

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

      

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

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

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

      

      On
        each
        Distribution Date, the Securities Administrator shall be deemed to have
        distributed the Prepayment Premiums passed through with respect to the Class
        LT2-F71 Lower Tier Interest in REMIC 2 on such Distribution Date to the Class
        LT3-Q Interest. 

      

      The
        Certificates:

      

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

      

        
          	
                  Class

                  Designation

                	 	
                  Certificate

                  Interest
                    Rate

                	 	
                  Initial

                  Class Principal Amount

                	 	
                  Minimum

                  Denomination

                
	
                  Class
                    A1

                	 	
                  (1)

                	 	
                  $506,787,000

                	 	
                  $
                    25,000

                
	
                  Class
                    A2

                	 	
                  (2)

                	 	
                  $446,678,000

                	 	
                  $
                    25,000

                
	
                  Class
                    A3

                	 	
                  (3)

                	 	
                  $  76,519,000

                	 	
                  $
                    25,000

                
	
                  Class
                    A4

                	 	
                  (4)

                	 	
                  $180,880,000

                	 	
                  $
                    25,000

                
	
                  Class
                    A5

                	 	
                  (5)

                	 	
                  $  71,715,000

                	 	
                  $
                    25,000

                
	
                  Class
                    M1

                	 	
                  (6)

                	 	
                  $  61,488,000

                	 	
                  $100,000

                
	
                  Class
                    M2

                	 	
                  (7)

                	 	
                  $  53,605,000

                	 	
                  $100,000

                
	
                  Class
                    M3

                	 	
                  (8)

                	 	
                  $  27,591,000

                	 	
                  $100,000

                
	
                  Class
                    M4

                	 	
                  (9)

                	 	
                  $  24,438,000

                	 	
                  $100,000

                
	
                  Class
                    M5

                	 	
                  (10)

                	 	
                  $  18,131,000

                	 	
                  $100,000

                
	
                  Class
                    M6

                	 	
                  (11)

                	 	
                  $  18,131,000

                	 	
                  $100,000

                
	
                  Class
                    M7

                	 	
                  (12)

                	 	
                  $  14,978,000

                	 	
                  $100,000

                
	
                  Class
                    M8

                	 	
                  (13)

                	 	
                  $  12,613,000

                	 	
                  $100,000

                
	
                  Class
                    M9

                	 	
                  (14)

                	 	
                  $  15,766,000

                	 	
                  $100,000

                
	
                  Class
                    B

                	 	
                  (15)

                	 	
                  $  18,919,000

                	 	
                  $100,000

                
	
                  Class
                    X

                	 	
                  (16)

                	 	
                  (16)

                	 	
                    10%

                
	
                  Class
                    R

                	 	
                  (17)

                	 	
                  (17)

                	 	
                  100%

                
	
                  Class
                    P

                	 	
                  (18)

                	 	
                  $             100

                	 	
                    10%

                
	
                  Class
                    LT-R

                	 	
                  (29)

                	 	
                  (19)

                	 	
                  100%

                
	
                  __________

                	 	 	 	 	 	 

        

      

      

      
        	
                (1)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.160% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amounts of the
                  Group 2
                  Senior Certificates are outstanding, the Pool 1 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amounts of the Group 2 Senior Certificates have been
                  reduced to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A1 Certificates
                  will be LIBOR plus 0.320%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A1 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A1 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A1 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A1 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      
        	
                (2)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.050% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Class A1
                  Certificates is outstanding, the Pool 2 Net Funds Cap for such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amounts of the Class A1 Certificates have been reduced
                  to zero,
                  the Subordinate Net Funds Cap for such Distribution Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A2 Certificates
                  will be LIBOR plus 0.100%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A2 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A2 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A2 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A2 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      

      
        	
                (3)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.110% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Class A1
                  Certificates is outstanding, the Pool 2 Net Funds Cap for such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amounts of the Class A1 Certificates have been reduced
                  to zero,
                  the Subordinate Net Funds Cap for such Distribution Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A3 Certificates
                  will be LIBOR plus 0.220%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A3 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A3 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A3 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A3 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      

      
        	
                (4)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.170% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Class A1
                  Certificates is outstanding, the Pool 2 Net Funds Cap for such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Class A1 Certificates has been reduced
                  to zero,
                  the Subordinate Net Funds Cap for such Distribution Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A4 Certificates
                  will be LIBOR plus 0.340%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A4 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A4 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A4 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A4 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      
        	
                (5)

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

              

      

      

      
        	
                (6)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.240% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M1 Certificates
                  will be LIBOR plus 0.360%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M1 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M1 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M1
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M1 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (7)

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

              

      

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      
        	
                (8)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.330% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M3 Certificates
                  will be LIBOR plus 0.495%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M3 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M3 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M3
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M3 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      

      
        	
                (9)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.380% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M4 Certificates
                  will be LIBOR plus 0.570%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M4 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M4 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M4
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M4 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (10)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M5 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.400% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M5 Certificates
                  will be LIBOR plus 0.600%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M5 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M5 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M5
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M5 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (11)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M6 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.470% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M6 Certificates
                  will be LIBOR plus 0.705%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M6 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M6 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M6
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M6 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      
        	
                (12)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M7 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.900% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M7 Certificates
                  will be LIBOR plus 1.350%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M7 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M7 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M7
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M7 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

      

      
        	
                (13)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M8 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 1.400% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M8 Certificates
                  will be LIBOR plus 2.100%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M8 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M8 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M8
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M8 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      

      
        	
                (14)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M9 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.500% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M9 Certificates
                  will be LIBOR plus 3.750%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M9 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M9 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M9
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M9 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      

      
        	
                (15)

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

              

      

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      
        	
                (16)

              	
                For
                  purposes of the REMIC Provisions, Class X shall have an initial
                  principal
                  balance of $28,379,275.55 and the right to receive distributions
                  of such
                  amount represents a regular interest in the Upper Tier REMIC. The
                  Class X
                  Certificate shall also comprise three notional components, each
                  of which
                  represents a regular interest in the Upper Tier REMIC. The first
                  such
                  component has a notional balance that will at all times equal the
                  aggregate of the Class Principal Amounts of the Lower Tier Interests
                  in
                  REMIC 3, and, for each Distribution Date (and the related Accrual
                  Period)
                  this notional component shall bear interest at a per annum rate
                  equal to
                  the excess, if any, of (i) (a) the weighted average of the interest
                  rates
                  on the Lower Tier Interests in REMIC 3 (other than any interest-only
                  regular interests) minus (b) the Credit Risk Manager’s Fee Rate, over (ii)
                  the Adjusted Lower Tier WAC. The second notional component represents
                  the
                  right to receive all distributions in respect of the Class LT3-IO
                  Interest
                  in REMIC 3 (the “Class LT4-I” interest). The third notional component
                  represents the right to receive all distributions in respect of
                  the Class
                  LT3-Reserve-IO Interest. In addition, for purposes of the REMIC
                  Provisions, the Class X Certificate shall represent beneficial
                  ownership
                  of (i) the Basis Risk Reserve Fund; (ii) the Supplemental Interest
                  Trust,
                  including the Swap Agreement, the Swap Account, the Interest Rate
                  Cap
                  Agreement and the Interest Rate Cap Account, (iii) any PPTL Premiums,
                  (iv)
                  any FPD Premiums, (v) the Final Maturity Reserve Trust and (vi)
                  an
                  interest in the notional principal contracts described in Section
                  10.01(n)
                  hereof. 

              

      

      

      
        	
                (17)

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

              

      

      

      
        	
                (18)

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

              

      

      

      
        	
                (19)

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

              

      

      

      As
        of the
        Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
        of
        $1,576,618,375.55. 

      

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

      

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01. Definitions.
        

      

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

      

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

      

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

      

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

      

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

      

      Act:
        As
        defined in Section 3.03(c).

      

      Additional
        Collateral:
        None.

      

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

      

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

      

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

      

      Additional
        Termination Event:
        As
        defined in the Swap Agreement.

      

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

      

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

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

      

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

      

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

      

      Affected
        Party:
        As
        defined in the Swap Agreement.

      

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

      

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      Aggregate
        Expense Rate:
        With
        respect to any Mortgage Loan, the sum of the related Servicing Fee Rate and
        the
        applicable Insurance Fee Rate, in the case of any Mortgage Loan covered by
        a
        Bulk PMI Policy or a LPMI Policy.

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      Aurora:
        Aurora
        Loan Services LLC.

      

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

      

      
        
          
          

        

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

      

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

      

      B
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 96.40% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      

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

      

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

      

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

      

      Bank:
        Lehman
        Brothers Bank, FSB and its successors in interest.

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

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

      

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

      

      Bid
        Due Date:
        As
        defined in Section 7.01(d).

      

      Bid
        Holder:
        As
        defined in Section 7.01(d)

      

      Bid
        Month:
        As
        defined in Section 7.01(d).

      

      Bid
        Price:
        As
        defined in Section 7.01(d).

      

      BNC:
        BNC
        Mortgage, Inc. and it successors in interest.

      

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

      

      Bulk
        PMI Policy:
        Each of
        the (A)(i) MGIC Mortgage Guaranty Select Master Policy for Multiple Loan
        Transactions No. 22-590-4-3685 and the MGIC Letter Agreement dated November
        22,
        2006 and (ii) Commitment Certificates covering $181,351,780.41 aggregate
        principal balance of insurable Mortgage Loans and (B) PMI Mortgage Master
        Policy
        No. 21046-0033-0, Bulk No. 2006-0995, subject to the terms and conditions
        of PMI
        Mortgage’s Bulk Primary First Lien Master Policy UW 2510.00 (09/00) and the PMI
        Letter Agreement dated November 30, 2006, covering $84,656,021 aggregate
        principal balance of insurable Mortgage Loans.

      

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

      

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      Call
        Option:
        The
        option of the Master Servicer or the LTURI-holder to cause the Trust Fund
        to
        adopt a plan of complete liquidation referred to in Section
        7.01(b).

       

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      Certificate
        Account:
        The
        account maintained by the Securities Administrator in accordance with the
        provisions of Section 4.01.

      

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

      

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

      

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

      

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      Class
        Notional Amount:
        Not
        applicable. 

      

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

      

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

      

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

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

      

      Class
        X Distributable Amount:
        With
        respect to any Distribution Date, the amount of interest that has accrued
        on the
        Class X Notional Balance, as described in the Preliminary Statement, but
        that
        has not been distributed prior to such date. In addition, such amount shall
        include the initial Overcollateralization Amount of $28,379,275.55
        ($28,379,375.55 less $100 of such amount allocated to the Class P Certificates)
        to the extent such amount has not been distributed on an earlier Distribution
        Date as part of the Aggregate Overcollateralization Release Amount.

      

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

      

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

      

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

      

      Clearstream:
        Clearstream Banking Luxembourg, and any successor thereto.

      

      Closing
        Date:
        November 30, 2006.

      

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

      

      Collateral
        Account:
        The
        account maintained by the Securities Administrator in accordance with the
        provisions of Section 5.07(c).

      

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

      

      Commission:
        The
        United States Securities and Exchange Commission.

      

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      Compensating
        Interest Payment:
        With
        respect to any Distribution Date, an amount equal to the aggregate amount
        of any
        Prepayment Interest Shortfalls required to be paid by the Servicers with
        respect
        to such Distribution Date. The Master Servicer (solely in its capacity as
        master
        servicer) shall not be responsible for making any Compensating Interest
        Payment.

      

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

      

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

      

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

      

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

      

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

      

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

      

      Cooperative
        Shares:
        Shares
        issued by a Cooperative Corporation.

      

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

      

      Corporate
        Trust Office:
        With
        respect to the Securities Administrator, the principal corporate trust office
        of
        the Securities Administrator at which, at any particular time, its corporate
        trust business shall be administered, which office at the date hereof is
        located
        at (a) for purposes of presentment and surrender of the Certificates, Sixth
        Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Client
        Service Manager - SASCO 2006-BC4 and (b) for all other purposes, 9062 Old
        Annapolis Road, Columbia, Maryland 21045, Attention: Client Service Manager
        -
        SASCO 2006-BC4. With respect to the Trustee, the corporate trust office of
        the
        Trustee at which, at any particular time, its corporate trust business shall
        be
        administered, which office at the date hereof is located at One Federal Street,
        Third Floor, Boston, Massachusetts 02110, Attn: Structured Finance Services:
        SASCO 2006-BC4. 

      

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

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

      

      Countrywide
        Servicing:
        Countrywide Home Loans Servicing LP. 

      

      Credit
        Risk Management Agreement:
        Each
        credit risk management agreement dated as of the Closing Date, entered into
        by a
        Servicer or the Master Servicer and the Credit Risk Manager, identified on
        Exhibit L attached hereto.

      

      Credit
        Risk Manager:
        Clayton
        Fixed Income Services Inc., a Colorado corporation, and its successors and
        assigns. 

      

      Credit
        Risk Manager’s Fee:
        With
        respect to any Distribution Date and each Mortgage Loan, an amount equal
        to the
        product of (a) one twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the
        Scheduled Principal Balance of such Mortgage Loan as of the first day of
        the
        related Collection Period.

      

      Credit
        Risk Manager’s Fee Rate:
        0.011%
        per annum.

      

      Credit
        Support Annex:
        The
        credit support annex to the Swap Agreement and the Interest Rate Cap Agreement
        dated as of November 30, 2006, between the Securities Administrator, on behalf
        of the Supplemental Interest Trust, and the Swap Counterparty and Cap
        Counterparty.

      

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

      

      
        	
                Distribution
                  Date

              	
                Loss
                  Percentage

              
	
                December
                  2008 to November 2009

              	
                1.25%
                  for the first month, plus
                  an
                  additional 1/12th
                  of
                  1.50% for each month thereafter

              
	
                December
                  2009 to November 2010

              	
                2.75%
                  for the first month, plus
                  an
                  additional 1/12th
                  of
                  1.60% for each month thereafter

              
	
                December
                  2010 to November 2011

              	
                4.35%
                  for the first month, plus
                  an
                  additional 1/12th
                  of
                  1.30% for each month thereafter

              
	
                December
                  2011 to November 2012

              	
                5.65%
                  for the first month, plus
                  an
                  additional 1/12th
                  of
                  0.75% for each month thereafter

              
	
                December
                  2012 and thereafter

              	
                6.40%

              

      

      

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

      

      
        
          
          

        

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

      

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

      

      Custodial
        Compensation:
        The
        transactional fees or charges (exclusive of the custodian acceptance fee
        and
        annual administration fee) and reimbursement of out-of-pocket expenses paid
        to
        or allowed Deutsche Bank National Trust Company, in its respective capacity
        as a
        Custodian, pursuant to the related Custodial Agreement or any applicable
        side
        letter.

      

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

      

      Cut-off
        Date:
        November 1, 2006.

      

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

      

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

      

      Defaulting
        Party:
        As
        defined in the Swap Agreement.

      

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

      

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

      

      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
        Default Mortgage Loan:
        Any
        Mortgage Loan originated by BNC Mortgage, Inc. which was 29 days or more
        Delinquent as of the Cut-off Date which is not current in payment on or before
        November 30, 2006.

      

      Delinquency
        Event:
        Any
        Distribution Date on which the Rolling Three Month Delinquency Rate as of
        the
        last day of the immediately preceding calendar month equals or exceeds 42.90%
        of
        the Senior Enhancement Percentage for such Distribution Date. 

      

      
        
          
          

        

        
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      Delinquency
        Rate:
        With
        respect to any calendar month, the fraction, expressed as a percentage, the
        numerator of which is the aggregate outstanding principal balance of (i)
        all
        Mortgage Loans 60 days Delinquent or more (including all Mortgage Loans 60
        days
        Delinquent for which the related Mortgagor has filed for bankruptcy after
        the
        Closing Date) and (ii) each Mortgage Loan in foreclosure and all REO Properties
        as of the close of business on the last day of such month, and the denominator
        of which is the Aggregate Pool Balance as of the close of business on the
        last
        day of such month.

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

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

      

      (vi) a
        Qualified GIC;

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      Exchange
        Act Signing Party:
        With
        respect to any document to be filed in accordance with the Exchange Act other
        than any Form 8-K (other than the initial Form 8-K), Form 10-D, Form 10-K
        or
        Sarbanes-Oxley Certification, the Depositor, and with respect to any Form
        8-K
        (other than the initial Form 8-K), Form 10-D, Form 10-K or Sarbanes-Oxley
        Certification, the Master Servicer, or as otherwise determined by mutual
        agreement between such parties.

      

      Excluded
        Trust Assets:
        As
        described in the Preliminary Statement. 

      

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

      

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

      

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

      

      Final
        Maturity Reserve Account:
        The
        account created pursuant to Section 5.10 of this Agreement.

      

      
        
          
          

        

        
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      Final
        Maturity Reserve Amount:
        For
        each Mortgage Pool and each Distribution Date on and after the Distribution
        Date
        in December 2016 up to and including the earlier of the Final Scheduled
        Distribution Date or the termination of the Trust Fund, if the aggregate
        Scheduled Principal Balance of the Mortgage Loans with forty-year original
        terms
        to maturity is greater than the amount set forth in Schedule B hereto, the
        lesser of (A) the product of (x) the Final Maturity Reserve Rate, (y) the
        aggregate Scheduled Principal Balance on the first day of the related Collection
        Period of the Mortgage Loans with forty-year original terms to maturity in
        such
        Mortgage Pool (not including for this purpose any such Mortgage Loans in
        the
        related Mortgage Pool for which Principal Prepayments in full have been received
        and distributed in the month prior to such Distribution Date) and (z) a
        fraction, the numerator of which is the actual number of days in the related
        Accrual Period and the denominator of which is 360 and (B) the product of
        (a)
        the Final Maturity Reserve Shortfall for such Distribution Date and (b) a
        fraction, the numerator of which is the Pool Balance for the related Mortgage
        Pool on the first day of the related Collection Period (not including for
        this
        purpose any such Mortgage Loans in the related Mortgage Pool for which Principal
        Prepayments in full have been received and distributed in the month prior
        to
        such Distribution Date) and the denominator of which is the Aggregate Pool
        Balance on the first day of the related Collection Period (not including
        for
        this purpose any such Mortgage Loans for which Principal Prepayments in full
        have been received and distributed in the month prior to that Distribution
        Date). For (a) each Mortgage Pool and each Distribution Date prior to the
        Distribution Date in December 2016 or (b) each Distribution Date on and
        after the Distribution Date in December 2016 for which the aggregate Scheduled
        Principal Balance of the forty-year Mortgage Loans does not exceed the aggregate
        Scheduled Principal Balance in Schedule C hereto, zero. 

      

      Final
        Maturity Reserve Rate:
        An
        annual rate of 0.80%.

      

      Final
        Maturity Reserve Shortfall:
        For
        each Distribution Date, the lesser of (A) the excess of (i) the aggregate
        Scheduled Principal Balance of the Mortgage Loans with forty-year original
        terms
        to maturity on the first day of the related Collection Period (not including
        for
        this purpose any such Mortgage Loans for which Principal Prepayments in full
        have been received and distributed in the month prior to that Distribution
        Date)
        over (ii) the amounts on deposit in the Final Maturity Reserve Account or
        (B)
        the excess of (x) the aggregate Certificate Principal Amount of the Offered
        Certificates after giving effect to distributions on such Distribution Date
        over
        (z) the amounts on deposit in the Final Maturity Reserve Account.

      

      Final
        Maturity Reserve Trust:
        The
        corpus of a trust created pursuant to Section 5.10 of this Agreement and
        designated as the “Final Maturity Reserve Trust” consisting of the Final
        Maturity Reserve Account, but which is not an asset of any REMIC.

      

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

      

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

      

      First
        Payment Default Mortgage Loan:
        Any
        Mortgage Loan originated by Countrywide Home Loans, Inc. which does not make
        the
        first payments due to the Seller within the time frame required under the
        related PPTLS or any Mortgage Loan originated by the Bank or BNC specified
        in
        Section 1.04(e) of the Mortgage Loan Sale and Assignment Agreement in respect
        of
        which the related Mortgagor does not make the first payment due to the Seller
        within the time frame required under such section. 

      

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

      

      
        
          
          

        

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

      

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

      

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

      

      FPD
        Premium:
        With
        respect to any First Payment Default Mortgage Loan or Delinquency Default
        Mortgage Loan purchased by the Seller from the Bank or BNC, the excess, if
        any
        of the FPD Purchase Price over the Purchase Price for such Mortgage
        Loan.

      

      FPD
        Purchase Price:
        With
        respect to any First Payment Default Mortgage Loan or Delinquency Default
        Mortgage Loan purchased by the Seller from the Bank or BNC, an amount equal
        to
        the sum of (a) 101.50% of the unpaid principal balance of such Mortgage Loan
        and
        (b) accrued interest thereon at the applicable Mortgage Rate from the date
        as to
        interest was last paid to (but not including) the Due Date in the Collection
        Period immediately preceding the related Distribution Date. 

      

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

      

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

      

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

      

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

      

      Group
        1 Senior Certificates:
        The
        Class A1 Certificates.

      

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

      

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

      

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

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

      

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

      

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

      

      Initial
        LIBOR Rate:
        5.320%.

      

      Initial
        Optional Termination Date:
        The
        first Distribution Date following the date on which the Aggregate Pool Balance
        is less than 10.00% of the Cut-off Date Balance.

      

      Insurance
        Fee Rate:
        With
        respect to each Mortgage Loan insured under any Bulk PMI Policy or LPMI Policy,
        the per annum rate specified in the Mortgage Loan Schedule under the field
        “Insurance Fee Rate,” plus any taxes due and payable with respect to any such
        insured Mortgage Loan where the related Mortgaged Property is located in
        the
        states of Kentucky and West Virginia.

      

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

      

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

      

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

      

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

      Interest
        Rate Cap Agreement:
        The
        interest rate cap agreement dated November 30, 2006 entered into by the
        Supplemental Interest Trust and the Cap Counterparty, which agreement provides
        for the monthly payment specified therein to the Securities Administrator
        (for
        the benefit of the Certificateholders) commencing with the Distribution Date
        in
        November 2007 and ending on the Distribution Date in November 2011, by the
        Cap
        Counterparty, but subject to the conditions set forth therein together with
        any
        schedules, confirmations, credit support annex or other agreements relating
        thereto, attached hereto as Exhibit N. 

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

      JPMorgan:
        JPMorgan Chase Bank, National Association.

      

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

      

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

      

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

      

      (b) If
        on
        such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
        appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
        Telerate Page 3750 is not available on such date, the Securities Administrator
        will obtain such rate first
        from
        Reuters’ “page LIBOR 01,” or if such page is not available, then from
        Bloomberg’s page “BBAM.” If any such rate is not published for such LIBOR
        Determination Date, LIBOR for such date will be the most recently published
        Interest Settlement Rate. In the event that the BBA no longer sets an Interest
        Settlement Rate, the Securities Administrator will designate an alternative
        index that has performed, or that the Securities Administrator expects to
        perform, in a manner substantially similar to the BBA’s Interest Settlement
        Rate. The Securities Administrator will select a particular index as the
        alternative index only if it receives an Opinion of Counsel (a copy of which
        shall be furnished to the Trustee and any NIMS Insurer), which opinion shall
        be
        an expense reimbursed from the Certificate Account pursuant to Section 4.02,
        that the selection of such index will not cause any of the REMICs to lose
        their
        classification as REMICs for federal income tax purposes.

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

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

      

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

      

      Lower
        Tier Interest:
        As
        described in the Preliminary Statement.

      

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

      

      LPMI
        Policy:
        A
        Primary Mortgage Insurance Policy issued by a Qualified Insurer pursuant
        to
        which the related premium is to be paid from payments by the
        mortgagee.

      

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

      

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

      

      
        
          
          

        

        
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      M3
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 80.80% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      

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

      

      M4
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 83.90% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      

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

      

      M5
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 86.20% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      

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

      

      M6
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 88.50% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      

      
        
          
          

        

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

      

      M7
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 90.40% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      

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

      

      M8
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 92.00% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      

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

      

      M9
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 94.00% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period exceeds
        (ii)
        the Overcollateralization Floor.

      

      Master
        Servicer:
        Wells
        Fargo Bank, N.A., or any successor in interest, or if any successor master
        servicer shall be appointed as herein provided, then such successor master
        servicer.

      

      
        
          
          

        

        
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      Master
        Servicing Fee:
        As to
        any Distribution Date, any investment earnings from amounts on deposit in
        the
        Certificate Account for the four-day period from and including four Business
        Days immediately preceding the related Distribution Date to and including
        the
        related Distribution Date minus any Trustee Fee and Custodial Compensation
        for
        such Distribution Date.

      

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

      

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

      

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

      

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

      

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

      

      MGIC
        Letter Agreement:
        With
        respect to the Bulk PMI Policy with MGIC, the Terms Letter for MGIC Mortgage
        Insurance Coverage for approximately $181 million in
        principal balance of insured mortgage loans dated as of November 22, 2006,
        among
        Lehman Brothers Inc., MGIC and the Trustee

      

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

      

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

      

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

      

      Mortgage
        File:
        The
        mortgage documents listed in Section 2.01(b) pertaining to a particular Mortgage
        Loan required to be delivered to the Trustee (or the applicable 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 pursuant to Section 2.01 or Section 2.05, including without
        limitation each Mortgage Loan listed on the Mortgage Loan Schedule, as amended
        from time to time.

      

      Mortgage
        Loan Administrator:
        Aurora
        Loan Services LLC, or any successor in interest.

      

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

      

      
        
          
          

        

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

      

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

      

      Mortgage
        Pool:
        Any of
        Pool 1 or Pool 2.

      

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

      

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

      

      Mortgagor:
        The
        obligor on a Mortgage Note.

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

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

      

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

      

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

      

      NIM
        Residual Purchase Option Notice:
        As
        defined in Section 7.01(d).

      

      NIM
        Residual Securities:
        Any
        preference shares, preference certificates or ownership certificates issued
        by a
        trust or other special purpose entity in connection with a NIMS
        Transaction.

      

      NIM
        Notes:
        Any net
        interest margin notes issued by an indenture or other special purpose entity
        pursuant to an Indenture in connection with a NIMS Transaction.

      

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

      

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

      

      NIMS
        Transaction:
        Any
        issuance by a trust or other special purpose entity of NIM Notes and NIM
        Residual Securities, the principal assets of which trust include Class X
        and
        Class P Certificates and payments received thereon.

      

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

      

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

      

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

      

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

      

      Notional
        Amount:
        Not
        applicable. 

      

      Notional
        Certificate:
        Not
        applicable.

      

      
        
          
          

        

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

      

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

      

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

      

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

      

      Option
        One:
        Option
        One Mortgage Corporation.

      

      Original
        Mortgage Loan:
        As
        described in the Preliminary Statement. 

      

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

      

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

      

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

      

      Overcollateralization
        Floor:
        An
        amount equal to $7,883,091.88 (approximately 0.50% of the Cut-off Date
        Balance).

      

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

      

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

      

      
        
          
          

        

        
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      PCAOB:
        The
        Public Company Accounting Oversight Board.

      

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

      

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

      

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

      

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

      

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

      

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

      

      PMI
        Insurer:
        Each of
        MGIC and PMI Mortgage.

      

      PMI
        Letter Agreement:
        With
        respect to the Bulk PMI Policy with PMI Mortgage, the Terms Letter for PMI
        Mortgage Insurance Coverage for approximately $84,656,021 in principal balance
        of insured mortgage loans dated as of November 30, 2006, among LBH, PMI Mortgage
        and the Trustee.

      

      PMI
        Mortgage:
        PMI
        Mortgage Insurance Co. 

      

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

      

      
        
          
          

        

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

      

      Pool
        1
        Net Funds Cap:
        With
        respect to any Distribution Date and the Class A1 Certificates, a per annum
        rate
        equal to (a) a fraction, expressed as a percentage, the numerator of which
        is
        the product of (1) the excess, if any, of (i) the Pool 1 Optimal Interest
        Remittance Amount for such date over (ii) the sum of (x) any Net Swap Payment
        or
        Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed
        to
        the Swap Counterparty on the related Swap Payment Date allocable to Pool
        1
        (based on the applicable Pool Percentage) and (y) any Final Maturity Reserve
        Amount for Pool 1 for such Distribution Date and (2) 12, and the denominator
        of
        which is the Pool Balance for Pool 1 as of the first day of the related
        Collection Period (excluding for this purpose any Mortgage Loans in Pool
        1 for
        which any Principal Prepayments in full have been deposited into the Certificate
        Account and distributed therefrom in accordance with Section 5.02 during
        the
        month prior to such Distribution Date), multiplied by (b) a fraction, the
        numerator of which is 30 and the denominator of which is the actual number
        of
        days in the Accrual Period related to such Distribution Date.

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

      PPTLS:
        As to
        any First Payment Default Mortgage Loan, (i)
        the
        Purchase Price and Terms Letter between Lehman Brothers Bank, FSB and
        Countrywide Home Loans, Inc. dated as of February 22, 2006 and (ii) the Purchase
        Price and Terms Letter between Lehman Brothers Bank, FSB and Countrywide
        Home
        Loans, Inc. dated as of the several dates specified in Exhibit C
        thereto.

      

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

      

      Prepayment
        Period:
        With
        respect to any Distribution Date and any Principal Prepayment in full in
        respect
        of any Mortgage Loan serviced by Aurora, the period from the seventeenth
        (17th)
        day of
        the preceding calendar month through the sixteenth (16th)
        day of
        the calendar month in which the Distribution Date occurs (except in the case
        of
        the December 2006 Distribution Date, for which the related Prepayment Period
        will be the period from November 1, 2006 through December 16, 2006); with
        respect to any Distribution Date and any Principal Prepayment in part in
        respect
        of any Mortgage Loan serviced by Aurora, the calendar month immediately
        preceding the month in which such Distribution Date occurs; with respect
        to any
        Distribution Date and any Principal Prepayment in respect of any Mortgage
        Loan
        serviced by Countrywide Servicing, whether in part or in full, (including
        any
        Principal Prepayment due to liquidation of a Mortgage Loan), the period from
        and
        including the sixteenth (16th) day of the preceding calendar month through
        and
        including the fifteenth (15th) day of the calendar month in which such
        Distribution Date occurs (except in the case of the December 2006 Distribution
        Date, for which such Prepayment Period shall be the period from November
        1, 2006
        through and including December 15,
        2006); with respect to any Distribution Date and any Principal Prepayment
        in
        respect of any Mortgage Loan serviced by Option One, whether in part or in
        full,
        (including any Principal Prepayment due to liquidation of a Mortgage Loan),
        the
        calendar month immediately preceding month in which such Distribution Date
        occurs; with respect to any Distribution Date and any Principal Prepayment
        in
        full in respect of any Mortgage Loan serviced by JPMorgan (including any
        Principal Prepayment due to liquidation of a Mortgage Loan), the period from
        and
        including the fifteenth (15th) day of the preceding calendar month through
        and
        including the fourteenth (14th) day of the calendar month in which such
        Distribution Date occurs (except in the case of the December 2006 Distribution
        Date, for which such Prepayment Period shall be the period from November
        1, 2006
        through and including December 14, 2006; with respect to any Distribution
        Date
        and any Principal Prepayment in part in respect of any Mortgage Loan serviced
        by
        JPMorgan, the calendar month immediately preceding the month in which such
        Distribution Date occurs. With respect to any Distribution Date and any
        Principal Prepayment in full in respect of any Mortgage Loan to be serviced
        by Wells
        Fargo pursuant to a servicing transfer subsequent to the Closing Date from
        Option One to Wells Fargo, the period from the fourteenth (14th) day of the
        preceding calendar month through the thirteenth (13th) day of the calendar
        month
        in which the Distribution Date occurs (except in the case of the Distribution
        Date relating to the transfer of servicing from Option One to Wells Fargo,
        for
        which the related Prepayment Period shall be the period beginning the first
        day
        of the preceding calendar month through the thirteenth (13th) day of the
        calendar month in which the Distribution Date occurs); and with respect to
        any
        Distribution Date and any Principal Prepayment in part in respect of any
        Mortgage Loan serviced by Wells Fargo, the calendar month immediately preceding
        the month in which such Distribution Date occurs. 

      

      
        
          
          

        

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
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      Principal
        Remittance Amount:
        With
        respect to each Mortgage Pool and any Distribution Date, (a) the sum of (i)
        all
        principal collected (other than Payaheads) or advanced in respect of Scheduled
        Payments on the Mortgage Loans in such Mortgage Pool during the related
        Collection Period whether by the applicable Servicers, the Master Servicer
        or
        the Securities Administrator (less unreimbursed Advances due to the Master
        Servicer, any Servicer or the Securities Administrator with respect to the
        related Mortgage Loans, to the extent allocable to principal), (ii) all
        Principal Prepayments in full or in part received during the related Prepayment
        Period on the Mortgage Loans in such Mortgage Pool, (iii) the outstanding
        principal balance of each Mortgage Loan in such Mortgage Pool that was purchased
        from the Trust Fund by the Seller or the Transferor during the related
        Prepayment Period or the NIMS Insurer (in the case of certain Mortgage Loans
        90
        days or more delinquent) from such Mortgage Pool, (iv) the portion of the
        Purchase Price (or the PPTL Purchase Price (excluding any PPTL Premium) or
        FPD
        Purchase Price (excluding any FPD Premium) payable with respect to a First
        Payment Default Mortgage Loan or Delinquency Default Mortgage Loan) or
        Substitution Amount paid with respect to any Deleted Mortgage Loan in such
        Mortgage Pool during the related Prepayment Period allocable to principal
        and
        (v) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent Recovery
        and other recoveries collected with respect to the Mortgage Loans in such
        Mortgage Pool during the related Prepayment Period, to the extent allocable
        to
        principal, as reduced by (b) to the extent not reimbursed from amounts otherwise
        allocable to interest, the related Pool Percentage for such date of any other
        costs, expenses or liabilities reimbursable to the Trustee, the Master Servicer,
        the Securities Administrator, each Custodian and each Servicer to the extent
        provided in this Agreement, each Servicing Agreement and each Custodial
        Agreement and, with respect to the Trustee, to the extent the Interest
        Remittance Amount is less than amounts reimbursable to the Trustee pursuant
        to
        Section 4.02, the product of (x) the applicable Pool Percentage for such
        Distribution Date and (y) any amounts reimbursable during the related
        Anniversary Year to the Trustee therefrom and not reimbursed from the Interest
        Remittance Amount, or otherwise; provided,
        however,
        that
        such reimbursable amounts from the Interest Remittance Amount and Principal
        Remittance Amount may not exceed $200,000 in the aggregate during any
        Anniversary Year. In the event that the Trustee incurs reimbursable amounts
        in
        excess of $200,000, it may seek reimbursement for such amounts in subsequent
        Anniversary Years, but in no event shall more than $200,000 be reimbursed
        to the
        Trustee per Anniversary Year. Notwithstanding the foregoing, costs and expenses
        incurred by the Trustee pursuant to Section 6.14(a) in connection with any
        transfer of servicing shall be excluded from the $200,000 per Anniversary
        Year
        limit on reimbursable amounts. For the avoidance of doubt, (i) the Principal
        Remittance Amount available on each Swap Payment Date for distributions to
        the
        Swap Account shall be equal to the Principal Remittance Amount on the related
        Distribution Date and (ii) the Principal Remittance Amount for each Distribution
        Date shall be calculated without regard to any distributions to the Swap
        Account
        on the related Swap Payment Date.

      

      Private
        Placement Memorandum:
        The
        private placement memorandum dated November 22, 2006, relating to the Class
        B
        Certificates.

      

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

      

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

      

      Prospectus:
        The
        prospectus supplement dated November 22, 2006, together with the accompanying
        prospectus dated November 13, 2006, relating to the Offered Certificates.
        

      

      Purchase
        Option Notice:
        As
        defined in Section 7.01(d).

      

      
        
          
          

        

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

      

      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 Certificate Account and insuring a minimum, fixed or floating
        rate
        of return on investments of such funds, which contract or surety bond
        shall:

      

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

      

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

      

      (iii) provide
        that if at any time the then current credit standing of the obligor under
        such
        guaranteed investment contract is such that continued investment pursuant
        to
        such contract of funds would result in a downgrading of any rating of the
        Certificates or the NIM Notes, the Trustee or the Securities Administrator
        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 or the Securities Administrator; 

      

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

      

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

      

      
        
          
          

        

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

        Regular
          Interests Purchase Option:
          The
          Seller’s option to purchase all of the Lower Tier REMIC 1 Uncertificated Regular
          Interests referred to in Section 7.01(c).

         

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

      Relevant
        Servicing Criteria:
        The
        Servicing Criteria applicable to each party, as set forth on Exhibit S attached
        hereto. Multiple parties can have responsibility for the same Relevant Servicing
        Criteria. With respect to a Servicing Function Participant engaged by the
        Master
        Servicer, the Paying Agent, the Securities Administrator, the Credit Risk
        Manager, 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
        Civil
        Relief Act, any amount by which interest collectible on such Mortgage Loan
        for
        the Due Date in the related Collection Period is less than interest accrued
        thereon for the applicable one-month period at the Mortgage Rate without
        giving
        effect to such reduction.

      

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

      

      REMIC
        1:
        As
        described in the Preliminary Statement.

      

      REMIC
        2:
        As
        described in the Preliminary Statement.

      

      REMIC
        3:
        As
        described in the Preliminary Statement.

      

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

      

      REMIC
        4:
        As
        described in the Preliminary Statement.

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      Rules:
        As
        defined in Section 6.20(c).

      

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

      

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

      

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

      

      
        
          
          

        

        
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      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.

      

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

      

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

      

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

      

      Securities
        Administrator:
        Wells
        Fargo Bank, N.A., not in its individual capacity but solely as Securities
        Administrator, or any successor in interest, or if any successor Securities
        Administrator shall be appointed as herein provided, then such successor
        Securities Administrator.

      

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

      

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

      

      
        
          
          

        

        
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      Seller
        Remittance Amount:
        With
        respect to each Servicer, the meaning assigned to such term in the related
        Servicing Agreement.

      

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

      

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

      

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

      

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

      

      Senior
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 62.70% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period and (b)
        the
        amount, if any, by which (i) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the Collection Period exceeds (ii)
        the
        Overcollateralization Floor.

      

      Servicer
        Remittance Date:
        The day
        in each calendar month on which each Servicer (other than Countrywide Servicing)
        is required to remit payments to the Certificate Account, as specified in
        the
        related Servicing Agreement, which is the 18th
        day of
        each calendar month (or, if such 18th
        day is
        not a Business Day, the next succeeding Business Day). With respect to
        Countrywide Servicing, the 24th
        day of
        each calendar month (or, if such 24th
        day is
        not a Business Day, the preceding Business Day).

      

      Servicers:
        As of
        the Closing Date, each of Aurora, Countrywide Servicing, JPMorgan and Option
        One, or any of their respective successors in interest. As a result of one
        or
        more servicing transfers from Option One to Wells Fargo occurring subsequent
        to
        the Closing Date, Wells Fargo and any successor in interest.

      

      
        
          
          

        

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

      

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

      

      Servicing
        Agreement:
        Each
        servicing agreement, subservicing agreement or reconstituted servicing agreement
        identified on Exhibit E hereto, dated as of November 1, 2006, among the Seller,
        the Master Servicer and one of the above-named Servicers, and any other
        servicing agreement entered into between a successor servicer and the Seller
        pursuant to the terms of this Agreement. 

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

      Stepdown
        Date:
        The
        earlier of (i) the first Distribution Date following the Distribution Date
        on
        which the Class Principal Amounts of the Senior Certificates have each been
        reduced to zero or (ii) the later to occur of (x) the Distribution Date in
        December 2009 and (y) the first Distribution Date on which the Senior
        Enhancement Percentage (calculated for this purpose after giving effect to
        payments or other recoveries in respect of the Mortgage Loans during the
        related
        Collection Period but before giving effect to distributions on the Certificates
        on such Distribution Date) is greater than or equal to 37.30%. 

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
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      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 Servicing functions required to be performed
        under this Agreement, any related Servicing Agreement or any subservicing
        agreement that are identified in Item 1122(d) of Regulation AB.

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      Targeted
        Overcollateralization Amount:
        For any
        Distribution Date prior to the Stepdown Date, an amount equal to $28,379,375.55
        (or approximately 1.80% of the Cut-off Date Balance). For any Distribution
        Date
        on or after the Stepdown Date and provided a Trigger Event is not in effect,
        an
        amount equal to the greater of (i) the lesser of (a) $28,379,375.55 (or
        approximately 1.80% of the Cut-off Date Balance) and (b) 3.60% of the Aggregate
        Pool Balance after giving effect to distributions on such Distribution Date
        and
        (ii) the Overcollateralization Floor. With respect to any Distribution Date
        on
        or after the Stepdown Date and provided a Trigger Event is in effect, an
        amount
        equal to the Targeted Overcollateralization Amount for the immediately preceding
        Distribution Date.

      

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

      

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

      

      Termination
        Event:
        As
        defined in the Swap Agreement.

      

      Termination
        Price:
        As
        defined in Section 7.01.

      

      
        
          
          

        

        
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      Threshold
        Calculation:
        For
        each PMI Insurer and each Distribution Date, the percentage obtained by dividing
        (a) the aggregate of the maximum amount payable for each Mortgage Loan covered
        under the related Bulk PMI Policy as of the last day of the related Collection
        Period by (b) the aggregate Class Principal Amount of the Certificates as
        of the
        last day of the related Collection Period.

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      Trustee
        Fee:
        A fixed
        annual fee of $3,500 which is paid by the Master Servicer from the Master
        Servicing Fee.

      

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

      

      Underwriter:
        Lehman
        Brothers Inc. 

      

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

      

      
        
          
          

        

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

      

      Upper
        Tier REMIC:
        REMIC
        4.

      

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

      

      Wells
        Fargo:
        Wells
        Fargo Bank, N.A.

      

      Section
        1.02. Calculations
        Respecting Mortgage Loans. 

      

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

      

      Section
        1.03. Calculations
        Respecting Accrued Interest. 

      

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

      

      
        
          
          

        

        
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      ARTICLE
        II

      

      DECLARATION
        OF TRUST;

      ISSUANCE
        OF CERTIFICATES

      

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

      

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

      

      Concurrently
        with the execution of this Agreement, the MGIC Letter Agreement and the PMI
        Letter Agreement shall be delivered to the Trustee on behalf of the Issuing
        Entity. In connection therewith, the Depositor hereby directs the Trustee
        (solely in its capacity as such) and the Trustee is hereby authorized to
        execute
        and deliver the MGIC Letter Agreement and the PMI Letter Agreement for the
        benefit of the Certificateholders. The Seller, the Master Servicer, the
        Securities Administrator, the Depositor, the Servicers and the
        Certificateholders (by their acceptance of such Certificates) acknowledge
        and
        agree that the Trustee is executing and delivering the MGIC Letter Agreement
        and
        the PMI Letter Agreement solely in its capacity as Trustee of the Trust Fund,
        and not in its individual capacity. 

      

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

      

      
        
          
          

        

        
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      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 each Servicing
        Agreement and each Transfer Agreement (including the rights to enforce the
        related Transferor’s obligation to repurchase First Payment Default Mortgage
        Loans pursuant to the related PPTLS), but only to the extent assigned under
        the
        Mortgage Loan Sale Agreement. The Trustee (solely in its capacity as trustee
        hereunder) hereby accepts such assignment, and shall be entitled to exercise
        all
        the rights of the Depositor under the Mortgage Loan Sale Agreement as if,
        for
        such purpose, it were the Depositor. 

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

      (iv) the
        original of each assumption, modification or substitution agreement, if any,
        relating to the Mortgage Loans, or, as to any assumption, modification or
        substitution agreement which cannot be delivered on or prior to the Closing
        Date
        because of a delay caused by the public recording office where such assumption,
        modification or substitution agreement has been delivered for recordation,
        a
        photocopy of such assumption, modification or substitution agreement, pending
        delivery of the original thereof, together with an Officer’s Certificate of the
        Depositor certifying that the copy of such assumption, modification or
        substitution agreement delivered to the Trustee (or the 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, an
        original Assignment of Mortgage, in form and substance acceptable for recording.
        The Mortgage shall be assigned either (A) in blank, without recourse or (B)
        to
“U.S. Bank National Association, as Trustee of the Structured Asset Securities
        Corporation Mortgage Loan Trust, 2006-BC4,” without recourse;

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

      (e) For
        Mortgage Loans (if any) that have been prepaid in full after the Cut-off
        Date
        and prior to the Closing Date, the Depositor, in lieu of delivering the above
        documents, herewith delivers to any NIMS Insurer and 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 Certificate
        Account pursuant to Section 4.01 have been so deposited. All original documents
        that are not delivered to the Trustee or the applicable Custodian on behalf
        of
        the Trustee shall be held by the Master Servicer or the applicable Servicer
        in
        trust for the benefit of the Trustee and the Certificateholders.

      

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

      

      (a) The
        Trustee, by execution and delivery hereof, acknowledges receipt by it or
        by the
        applicable Custodian on its behalf of the Mortgage Files pertaining to the
        Mortgage Loans listed on the Mortgage Loan Schedule, subject to review thereof
        by the Trustee, or by the applicable Custodian on behalf of the Trustee,
        under
        this Section 2.02. The Trustee, or the applicable Custodian on behalf of
        the
        Trustee, will execute and deliver to the Depositor, the Master Servicer,
        the
        Trustee and any NIMS Insurer on the Closing Date an Initial Certification
        in the
        form annexed hereto as Exhibit B-1 (or in the form annexed to the related
        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 and any NIMS Insurer an
        Interim Certification in the form annexed hereto as Exhibit B-2 (or in the
        form
        annexed to the applicable Custodial Agreement as Exhibit B-2, as applicable)
        to
        the effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
        (other than any Mortgage Loan prepaid in full or any 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 determine whether such documents are executed and endorsed,
        but
        shall be under no duty or obligation to inspect, review or examine any such
        documents, instruments, certificates or other papers to determine that the
        same
        are valid, binding, legally effective, properly endorsed, genuine, enforceable
        or appropriate for the represented purpose or that they have actually been
        recorded or are in recordable form or that they are other than what they
        purport
        to be on their face. Neither the Trustee nor the applicable Custodian shall
        have
        any responsibility for verifying the genuineness or the legal effectiveness
        of
        or authority for any signatures of or on behalf of any party or
        endorser.

      

      
        
          
          

        

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

      

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

      

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

      

      
        
          
          

        

        
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      (f) Each
        of
        the parties hereto acknowledges that each Custodian shall perform the applicable
        review of the Mortgage Loans and respective certifications thereof as provided
        in this Section 2.02 and the related Custodial Agreement. The Trustee is
        hereby
        authorized and directed by the Depositor to appoint each Custodian and to
        execute and deliver the related Custodial Agreement and to execute and deliver
        Transaction Addendum SASCO 2006-BC4 to the Master Consulting Agreement with
        the
        Credit Risk Manager.

      

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

      

      Section
        2.03. Representations
        and Warranties of the Depositor. 

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      
        
          
          

        

        
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      Section
        2.04. Discovery
        of Breach. 

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

      
        
          
          

        

        
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      Section
        2.06. Grant
        Clause. 

      

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

      

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

      

      
        
          
          

        

        
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      ARTICLE
        III

      

      THE
        CERTIFICATES

      

      Section
        3.01. The
        Certificates. 

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

      Section
        3.02. Registration.
        

      

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

      

      
        
          
          

        

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

      

      Section
        3.03. Transfer
        and Exchange of Certificates. 

      

      (a) A
        Certificate (other than a Book-Entry Certificate which shall be subject to
        Section 3.09 hereof) may be transferred by the Holder thereof only upon
        presentation and surrender of such Certificate at the office of the Certificate
        Registrar duly endorsed or accompanied by an assignment duly executed by
        such
        Holder or his duly authorized attorney in such form as shall be satisfactory
        to
        the Certificate Registrar. Upon the transfer of any Certificate in accordance
        with the preceding sentence, the Securities Administrator shall execute,
        and the
        Securities Administrator 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 Securities Administrator
        shall
        execute, and the Securities Administrator or the Authenticating Agent shall
        authenticate, date and deliver the Certificates which the Certificateholder
        making the exchange is entitled to receive.

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

      (ii) No
        transfer of an ERISA-Restricted Trust Certificate shall be made unless the
        Securities Administrator shall have received a representation letter from
        the
        transferee of such Certificate, substantially in the form set forth in Exhibit
        H, to the effect that either (i) such transferee is neither a Plan nor a
        Person
        acting on behalf of any such Plan or using the assets of any such Plan to
        effect
        such transfer or (ii) the acquisition and holding of the ERISA-Restricted
        Trust
        Certificate are eligible for exemptive relief under Prohibited Transaction
        Class
        Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23.
        Notwithstanding anything else to the contrary herein, any purported transfer
        of
        an ERISA-Restricted Trust Certificate on behalf of a Plan without the delivery
        to the Securities Administrator of a representation letter as described above
        shall be void and of no effect. If the ERISA-Restricted Trust Certificate
        is a
        Book-Entry Certificate, the transferee will be deemed to have made a
        representation as provided in clause (i) or (ii) of this paragraph, as
        applicable.

      

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

      

      
        
          
          

        

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

      

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

      

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

      

      Prior
        to
        and as a condition of the registration of any transfer, sale or other
        disposition of a Residual Certificate, the proposed transferee shall deliver
        to
        the Securities Administrator 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 Securities Administrator an affidavit in substantially the
        form
        attached hereto as Exhibit D-2. In addition, the Securities Administrator
        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, the Securities Administrator,
        any NIMS Insurer and the Trustee satisfactory in form and substance to the
        Depositor, that such proposed transferee or, if the proposed transferee is
        an
        agent or nominee, the proposed beneficial owner, is not a Disqualified
        Organization, agent or nominee thereof, or a Non-Permitted Foreign Holder.
        Notwithstanding the registration in the Certificate Register of any transfer,
        sale, or other disposition of a Residual Certificate to a Disqualified
        Organization, an agent or nominee thereof, or Non-Permitted Foreign Holder,
        such
        registration shall be deemed to be of no legal force or effect whatsoever
        and
        such Disqualified Organization, agent or nominee thereof, or Non-Permitted
        Foreign Holder shall not be deemed to be a Certificateholder for any purpose
        hereunder, including, but not limited to, the receipt of distributions on
        such
        Residual Certificate. The Securities Administrator shall not be under any
        liability to any person for any registration or transfer of a Residual
        Certificate to a Disqualified Organization, agent or nominee thereof or
        Non-permitted Foreign Holder or for the maturity of any payments due on such
        Residual Certificate to the Holder thereof or for taking any other action
        with
        respect to such Holder under the provisions of the Agreement, so long as
        the
        transfer was effected in accordance with this Section 3.03(f), unless a
        Responsible Officer of the Securities Administrator shall have actual knowledge
        at the time of such transfer or the time of such payment or other action
        that
        the transferee is a Disqualified Organization, or an agent or nominee thereof,
        or Non-permitted Foreign Holder. The Securities Administrator shall be entitled,
        but not obligated, to recover from any Holder of a Residual Certificate that
        was
        a Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
        Holder at the time it became a Holder or any subsequent time it became a
        Disqualified Organization, agent or nominee thereof, or Non-permitted Foreign
        Holder, all payments made on such Residual Certificate at and after either
        such
        times (and all costs and expenses, including but not limited to attorneys’ fees,
        incurred in connection therewith). Any payment (not including any such costs
        and
        expenses) so recovered by the Securities Administrator 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 Securities Administrator that the registration of transfer
        of such Residual Certificate was not in fact permitted by this Section 3.03(f),
        the last preceding Permitted Transferee shall be restored to all rights as
        Holder thereof retroactive to the date of such registration of transfer of
        such
        Residual Certificate. The Securities Administrator shall be under no liability
        to any Person for any registration of transfer of a Residual Certificate
        that is
        in fact not permitted by this Section 3.03(f), for making any payment due
        on
        such Certificate to the registered Holder thereof or for taking any other
        action
        with respect to such Holder under the provisions of this Agreement so long
        as
        the transfer was registered upon receipt of the affidavit described in the
        preceding paragraph of this Section 3.03(f).

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

      
        
          
          

        

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

      

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

      

      Section
        3.04. Cancellation
        of Certificates. 

      

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

      

      Section
        3.05. Replacement
        of Certificates. 

      

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

      

      
        
          
          

        

        
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      Section
        3.06. Persons
        Deemed Owners. 

      

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

      

      Section
        3.07. Temporary
        Certificates. 

      

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

      

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

      

      Section
        3.08. Appointment
        of Paying Agent. 

      

      (a) The
        Securities Administrator, subject to the consent of the NIMS Insurer, may
        appoint a Paying Agent (which may be the Securities Administrator) for the
        purpose of making distributions to Certificateholders hereunder. The Securities
        Administrator shall cause such Paying Agent (if other than the Securities
        Administrator) to execute and deliver to the Securities Administrator an
        instrument in which such Paying Agent shall agree with the Securities
        Administrator 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 Securities Administrator 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 Securities Administrator. If
        the
        Paying Agent is not the Securities Administrator, the Securities Administrator
        shall cause to be remitted to the Paying Agent on or before the Business
        Day
        prior to each Distribution Date, by wire transfer in immediately available
        funds, the funds to be distributed on such Distribution Date. Any Paying
        Agent
        shall be either a bank or trust company or otherwise authorized under law
        to
        exercise corporate trust powers. The initial paying agent hereunder shall
        be
        Wells Fargo Bank, N.A. 

      

      
        
          
          

        

        
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      (b) Any
        Paying Agent (other than the Securities Administrator) shall comply with
        its
        reporting obligations under Regulation AB with respect to the Trust Fund
        in form
        and substance similar to those of the Securities Administrator pursuant to
        Section 6.20, and the related assessment of compliance shall cover, at a
        minimum, the elements of the servicing criteria applicable to the Paying
        Agent
        indicated in Exhibit S attached hereto. The Paying Agent 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 Paying Agent, as applicable,
        specifying (A) the identity of each such Subcontractor and (B) which elements
        of
        the servicing criteria set forth under Item 1122(d) of Regulation AB will
        be
        addressed in assessments of compliance provided by each such Subcontractor.
        In
        addition, the Paying Agent 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 V hereto or any of their
        affiliates.

      

      (c) Any
        Paying Agent agrees to indemnify the Depositor, the Trustee, the Securities
        Administrator 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). This indemnification
        shall survive the termination of this Agreement or the termination of such
        Paying Agent hereunder.

      

      Section
        3.09. Book-Entry
        Certificates. 

      

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

      

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

      

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

      

      
        
          
          

        

        
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      (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 Securities Administrator
        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 Securities Administrator in writing that the
        Clearing Agency is no longer willing or able to discharge properly its
        responsibilities with respect to the Book-Entry Certificates, and (B) the
        Depositor is unable to locate a qualified successor or (ii) after the occurrence
        of an Event of Default, Certificate Owners representing beneficial interests
        aggregating not less than 50% of the Class Principal Amount of a Class of
        Book-Entry Certificates identified as such to the Securities Administrator
        by an
        Officer’s Certificate from the Clearing Agency advise the Securities
        Administrator 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 Securities Administrator shall notify any
        NIMS
        Insurer and shall notify or cause the Certificate Registrar to notify the
        Clearing Agency to effect notification to all Certificate Owners, through
        the
        Clearing Agency, of the occurrence of any such event and of the availability
        of
        Definitive Certificates to Certificate Owners requesting the same. Upon
        surrender to the Securities Administrator of the Book-Entry Certificates
        by the
        Clearing Agency, accompanied by registration instructions from the Clearing
        Agency for registration, the Securities Administrator shall issue the Definitive
        Certificates. Neither the Depositor nor the Securities Administrator 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 Securities Administrator, to the extent applicable, with
        respect to such Definitive Certificates and the Securities Administrator
        shall
        recognize the holders of the Definitive Certificates as Certificateholders
        hereunder. Notwithstanding the foregoing, the Securities Administrator, upon
        the
        instruction of the Depositor, shall have the right to issue Definitive
        Certificates on the Closing Date in connection with credit enhancement
        programs.

      

      
        
          
          

        

        
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      ARTICLE
        IV

      

      ADMINISTRATION
        OF THE TRUST FUND

      

      Section
        4.01. Certificate
        Account. 

      

      (a) On
        the
        Closing Date, the Securities Administrator shall open and shall thereafter
        maintain a segregated account held in trust (the “Certificate Account”),
        entitled “Certificate Account, Wells Fargo Bank, N.A., as Securities
        Administrator, in trust for the benefit of the Holders of Structured Asset
        Securities Corporation Mortgage Loan Trust Mortgage Pass-Through Certificates,
        Series 2006-BC4.” The Certificate Account shall relate solely to the
        Certificates and to the Lower Tier REMIC 1 Uncertificated Regular Interests
        issued by the Trust Fund hereunder, and funds in such Certificate Account
        shall
        not be commingled with any other monies.

      

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

      

      (c) The
        Securities Administrator shall give to the Trustee prior written notice of
        the
        name and address of the depository institution at which the Certificate Account
        is maintained and the account number of such Certificate Account. The Securities
        Administrator shall take such actions as are necessary to cause the depository
        institution holding the Certificate Account to hold such account in the name
        of
        the Securities Administrator under this Agreement. 

      

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

      

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

      

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

      

      
        
          
          

        

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

      

      (iv) all
        Insurance Proceeds;

      

      (v) all
        Advances made by the Master Servicer (or the Trustee as successor master
        servicer) or any Servicer pursuant to Section 5.04 or the applicable Servicing
        Agreement; 

      

      (vi) any
        Seller Remittance Amounts remitted by a Servicer;

      

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

      

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

      

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

      

      (e) Funds
        in
        the Certificate Account for the period from each Servicer Remittance Date
        to and
        including four Business Days immediately preceding the related Distribution
        Date
        shall be invested in Eligible Investments selected by and at the written
        direction of LBH, which shall mature not later than one Business Day prior
        to
        the Distribution Date and any such Eligible Investment shall not be sold
        or
        disposed of prior to its maturity. In the absence of written instructions
        from
        LBH regarding the investment of any such funds on deposit in the Certificate
        Account, such funds shall be invested in the Wells Fargo Advantage Prime
        Money
        Market Fund. All such Eligible Investments shall be made in the name of the
        Master Servicer in trust for the benefit of the Trustee and Holders of the
        Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
        Pass-Through Certificates, Series 2006-BC4. Funds in the Certificate Account
        for
        the period from three Business Days immediately preceding the related
        Distribution Date through and including the related Distribution Date (the
        “Master Servicer Investment Period”) may be invested in Eligible Investments
        selected by the Master Servicer (which shall mature not later than such
        applicable Distribution Date). All income and gain realized from any Eligible
        Investment (i) during the Master Servicer Investment Period shall be
        compensation (1) to the Trustee, in payment of its Trustee Fee, to the extent
        not paid in accordance with Section 6.12, (2) to Deutsche Bank National Trust
        Company and Wells Fargo Bank, N.A., in their respective capacities as
        Custodians, in payment of their Custodial Compensation, to the extent not
        paid
        when due in accordance with Section 6.12 and (3) to the Master Servicer and
        Securities Administrator, any income and gain remaining and (ii) other than
        during the Master Servicer Investment Period shall be shall be for the benefit
        of LBH, in either case 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 during the Master Servicer Investment Period
        shall be deposited in such Certificate Account by the Master Servicer out
        of its
        own funds, without any right of reimbursement therefor, immediately as realized.
        The amount of any losses incurred in respect of any such investments for
        any
        period other than during the Master Servicer Investment Period shall be
        deposited in such Certificate Account by LBH out of its own funds, without
        any
        right of reimbursement therefor, immediately as realized. The foregoing
        requirements for deposit in the Certificate Account are exclusive, it being
        understood and agreed that, without limiting the generality of the foregoing,
        (i) payments of interest on funds in the Certificate Account need not be
        deposited by the Master Servicer in the Certificate Account and may be retained
        by the Master Servicer or remitted directly to LBH, as applicable, and (ii)
        payments in the nature of late payment charges, assumption fees and other
        incidental fees and charges relating to the Mortgage Loans (other than
        Prepayment Premiums) need not be deposited by the Master Servicer in the
        Certificate Account and may be retained by the Master Servicer or the applicable
        Servicer as additional servicing compensation. If the Master Servicer deposits
        in the Certificate Account any amount not required to be deposited therein,
        it
        may at any time withdraw such amount from such Certificate Account.

      

      
        
          
          

        

        
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      Section
        4.02. Application
        of Funds in the Certificate Account. 

      

      The
        Master Servicer (or if applicable, the Securities Administrator), may, from
        time
        to time, make, or cause to be made, withdrawals from the Certificate Account
        for
        the following purposes:

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

      (vi) to
        pay to
        the Seller any Seller Remittance Amount;

      

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

      

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

      

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

      

      
        
          
          

        

        
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      (x) subject
        to Section 5.01, to pay to itself the Master Servicing Fee;

      

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

      

      (xii) to
        make
        payments out of the Master Servicing Fee (A) to the Trustee to pay the Trustee
        Fee, if due and (B) to Deutsche Bank National Trust Company and Wells Fargo
        Bank, N.A., in their respective capacities as Custodians, to pay the Custodial
        Compensation, if due; 

      

      (xiii) to
        make
        distributions to Certificateholders pursuant to Article V;

      

      (xiv) to
        make
        payment to itself, the Securities Administrator, the Trustee, Deutsche Bank
        National Trust Company and Wells Fargo Bank, N.A., in their respective
        capacities as Custodians, and others pursuant to any provision of this
        Agreement;

      

      (xv) to
        withdraw funds deposited in error in the Certificate Account;

      

      (xvi) to
        clear
        and terminate the Certificate Account pursuant to Section 7.02; and

      

      (xvii) to
        pay to
        the Seller any income and gain realized on the Certificate Account from any
        Eligible Investment other than during the Master Servicer Investment Period
        in
        accordance with Section 4.01(e) hereto;

      

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

      

      Section
        4.03. Reports
        to Certificateholders. 

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      (xviii) the
        aggregate amount of any insurance claim payments received with respect to
        the
        Bulk PMI Policy and any LPMI Policy during the related Collection
        Period;

      

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

      

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

      

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

      

      
        
          
          

        

        
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      (xxii) the
        amount of any PPTL Premiums and FPD Premiums, if any, for such Distribution
        Date; and 

      

      (xxiii) the
        amount of any deposit in the Final Maturity Reserve Account, and, on the
        earlier
        of the Distribution Date in December 2036 and the termination of the Trust
        Fund,
        the amount distributed from the Final Maturity Reserve Account. 

      

      In
        addition to the information listed above, such Distribution Date Statement
        shall
        also include such other information as is required by Item 1121 (§ 229.1121) of
        Regulation AB and as provided to the Securities Administrator pursuant to
        this
        Agreement.

      

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

      

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

      

      The
        Securities Administrator shall make such report and any additional loan level
        information (and, at its option, any additional files containing the same
        information in an alternative format) available each month to the Trustee,
        any
        NIMS Insurer, Certificateholders and the Rating Agencies via the Securities
        Administrator’s internet website. The Securities Administrator’s internet
        website shall initially be located at “www.ctslink.com.”
        Assistance in using the website can be obtained by calling the Securities
        Administrator’s customer service desk at 1-301-815-6600. 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
        Securities Administrator 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 Securities Administrator 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
        Securities Administrator based solely on Mortgage Loan data provided to the
        Securities Administrator by the Master Servicer (in a format attached hereto
        as
        Exhibit J) no later than 2:00 p.m. Eastern Time four Business Days prior
        to the
        Distribution Date, and on the information provided to the Securities
        Administrator by the Swap Counterparty and the Cap Counterparty. In preparing
        or
        furnishing the foregoing information to the Trustee, Certificateholders and
        any
        NIMS Insurer, the Securities Administrator 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 Securities Administrator by the Master Servicer and each
        Servicer, (ii) regarding the Swap Agreement, that has been provided to the
        Securities Administrator by the Swap Counterparty and (iii) regarding the
        Interest Rate Cap Agreement, that has been provided to the Securities
        Administrator by the Cap Counterparty, and the Securities Administrator shall
        not be obligated to verify, recompute, reconcile or recalculate any such
        information or data. The Securities Administrator shall be entitled to
        conclusively rely on the Mortgage Loan data provided by the Master Servicer
        and
        shall have no liability for any errors or omissions in such Mortgage Loan
        data.
        The information and reports described in the first paragraph of this Section
        4.03(a) shall be made available to the Trustee by the Securities Administrator
        no later than the Distribution Date. Concurrently with the distribution by
        the
        Master Servicer of the Mortgage Loan data to the Securities Administrator,
        the
        Master Servicer shall also make available a copy of such Mortgage Loan data
        to
        the Credit Risk Manager no later than the Distribution Date. 

      

      
        
          
          

        

        
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      (b) Upon
        the
        reasonable advance written request of any NIMS Insurer or any Certificateholder
        that is a savings and loan, bank or insurance company, which request, if
        received by the Trustee, shall be promptly forwarded to the Securities
        Administrator, the Securities Administrator 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 any NIMS Insurer and such Certificateholder
        such
        reports and access to information and documentation regarding the Mortgage
        Loans
        as any NIMS Insurer or such Certificateholder may reasonably deem necessary
        to
        comply with applicable regulations of the Office of Thrift Supervision or
        its
        successor or other regulatory authorities with respect to an investment in
        the
        Certificates; provided,
        however,
        that the
        Securities Administrator shall be entitled to be reimbursed by such
        Certificateholder or the NIMS Insurer for the actual expenses incurred in
        providing such reports and access.

      

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

      

      (d) The
        Securities Administrator 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 Securities Administrator with such
        information as is necessary for the Securities Administrator to prepare such
        reports (and the Securities Administrator may rely solely upon such
        information).

      

      
        
          
          

        

        
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      (e) The
        Master Servicer shall provide to the Depositor or to any party designated
        by the
        Depositor, as promptly as practicable upon the Depositor's request, any and
        all
        loan-level information that the Depositor may request in any format reasonably
        requested by the Depositor. 

      

      ARTICLE
        V

      

      DISTRIBUTIONS
        TO HOLDERS OF CERTIFICATES

      

      Section
        5.01. Distributions
        Generally. 

      

      (a) Subject
        to Section 7.01 respecting the final distribution on the Certificates or
        Lower
        Tier REMIC 1 Uncertificated Regular Interests, on each Distribution Date
        the
        Securities Administrator shall make distributions based on the Distribution
        Date
        Statement for such Distribution Date prepared by it pursuant to Section 4.03(a).
        Such distributions shall be made by wire transfer in immediately available
        funds
        to an account specified in writing to the Securities Administrator at least
        five
        (5) Business Days prior to the first Distribution Date to such Certificateholder
        and at the expense of such Certificateholder.

      

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

      

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

      

      (d) The
        Securities Administrator shall make payments to Certificateholders and to
        the
        Swap Counterparty and any other person pursuant to this Article V and make
        deposits to the Supplemental Interest Trust and the Final Maturity Reserve
        Trust
        based on the Distribution Date Statement prepared by it in accordance with
        Section 4.03(a). 

      

      Section
        5.02. Distributions
        from the Certificate Account. 

      

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

      

      
        
          
          

        

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

      

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

      

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

      

      (iii) on
        the
        Distribution Date in December 2016 and each Distribution Date
        thereafter:

      

      (A) for
        deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
        Amount for Pool 1;

      

      (B) for
        deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
        Amount for Pool 2 to the extent not paid from subsection 5.02(c)(iii) below
        for
        such Distribution Date;

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

      (iii) on
        the
        Distribution Date in December 2016 and each Distribution Date
        thereafter:

      

      (A) for
        deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
        Amount for Pool 2;

      

      (B) for
        deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
        Amount for Pool 1 to the extent not paid from subsection 5.02(b)(iii) above
        for
        such Distribution Date;

      

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

      

      (v) for
        application pursuant to Section 5.02(d), any Interest Remittance Amount for
        Pool
        2 remaining undistributed after application pursuant to clause (i) through
        (iv)
        of this Section 5.02(c) for such Distribution Date.

      

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

      

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

      

      
        
          
          

        

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

      

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

      

      (iv) to
        the
        Trustee, any amounts reimbursable pursuant to Section 4.02 and not previously
        reimbursed to the Trustee; and

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
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      (4) for
        application pursuant to subsection 5.02(e)(ii) below, any such Principal
        Distribution Amount for Pool 1 remaining undistributed for such Distribution
        Date.

      

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

      

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

      

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

      

      (3) sequentially,
        to the Class A2, Class A3, Class A4 and Class A5 Certificates, in that order,
        until the Class Principal Amount of each such Class has been reduced to zero;
        and

      

      (4) for
        application pursuant to subsection 5.02(e)(ii) below, any such Principal
        Distribution Amount for Pool 2 remaining undistributed for such Distribution
        Date.

      

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

      

      
        	 	
                (A)

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

              

      

      

      
        	 	
                (B)

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

              

      

      

      
        
          
          

        

        
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                (C)

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

              

      

      

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

      

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

      

      
        	 	
                (A)

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

              

      

      

      
        	 	
                (B)

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

              

      

      

      
        	 	
                (C)

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

              

      

      

      
        
          
          

        

        
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                (D)

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

              

      

      

      
        	 	
                (E)

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

              

      

      

      
        	 	
                (F)

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

              

      

      

      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

      
        	 	
                (G)

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

              

      

      

      
        	 	
                (H)

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

              

      

      

      
        	 	
                (I)

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

              

      

      

      
        	 	
                (J)

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

              

      

      

      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

      
        	 	
                (K)

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

              

      

      

      
        	 	
                (L)

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

              

      

      

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

      

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

      

      
        	 	
                (A)

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

              

      

      

      
        	 	
                (B)

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

              

      

      

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

      

      
        	 	
                (A)

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

              

      

      

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

      
        	 	
                (B)

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

              

      

      

      
        	 	
                (C)

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

              

      

      

      
        	 	
                (D)

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

              

      

      

      
        	 	
                (E)

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

              

      

      

      
        	 	
                (F)

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

              

      

      

      
        	 	
                (G)

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

              

      

      

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

      
        	 	
                (H)

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

              

      

      

      
        	 	
                (I)

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

              

      

      

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

      

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

      

      
        	 	
                (A)

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

              

      

      

      
        	 	
                (B)

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

              

      

      

      
        	 	
                (C)

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

              

      

      

      (v) on
        the
        Distribution Date occurring in December 2011 (or the next succeeding
        Distribution Date on which sufficient funds are available in the Certificate
        Account to make such distributions to the Class P Certificates), $100 to
        the
        Class P Certificates in payment of its Class P Principal Amount; 

      

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

      

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

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

      

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

      

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

      

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

      

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

      

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

      

      (j) On
        the
        earlier of the Distribution Date in December 2036 and the termination of
        the
        Trust Fund, the Securities Administrator shall distribute the funds on deposit
        in the Final Maturity Reserve Account in the following order of priority:
        

      

      (i) to
        the
        Senior Certificates, concurrently, in proportion to their respective Class
        Principal Amounts, after giving effect to principal distributions on such
        Distribution Date, in reduction of their respective Class Principal Amounts,
        until the Class Principal Amount of each such Class has been reduced to
        zero;

      

      (ii) to
        the
        Subordinate Certificates, in accordance with the Subordinate Priority, after
        giving effect to principal distributions on such Distribution Date, in reduction
        of their respective Class Principal Amounts, until the Class Principal Amount
        of
        each such Class has been reduced to zero;

      

      (iii) to
        the
        LIBOR Certificates, any Current Interest and Carryforward Interest for each
        such
        Class, to the extent unpaid, in accordance with the priorities set forth
        in
        Sections 5.02(d)(i) and (d)(ii);

      

      (iv) to
        the
        Subordinate Certificates, in accordance with the Subordinate Priority, any
        Deferred Amounts for each such Class, to the extent unpaid;

      

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

      (v) to
        the
        LIBOR Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
        for each such Class, to the extent unpaid, in accordance with the priorities
        set
        forth in Sections 5.02(f)(iv)(A) and (f)(iv)(B); and

      

      (vi) to
        the
        Class X Certificates, any remaining amount.

      

      Notwithstanding
        anything to the contrary in this Section 5.02(j), all amounts distributable
        to
        the Group 1 Senior Certificates on account of the Mortgage Loans, shall be
        distributable first on account of the Pool 1 Mortgage Loans. 

      

      (k) On
        each
        Distribution Date occurring after a Section 7.01(c) Purchase Event but on
        or
        prior to a Trust Fund Termination Event, the Securities Administrator (or
        the
        Paying Agent on behalf of the Securities Administrator), shall withdraw from
        the
        Certificate Account the Total Distribution Amount (to the extent such amount
        is
        on deposit in the Certificate Account), and shall allocate such amount to
        the
        interests issued in respect of the Lower Tier REMIC 1 Uncertificated Regular
        Interests created pursuant to this Agreement and shall distribute such amount
        first,
        for
        deposit into the Swap Account, an amount equal to any Net Swap Payment or
        Swap
        Termination Payment owed to the Swap Counterparty on the related Swap Payment
        Date, second,
        to the
        Credit Risk Manager, the Credit Risk Manager’s Fee, third,
        to the
        Trustee, any amounts reimbursable pursuant to Section 4.02 and not previously
        reimbursed to the Trustee and fourth,
        to the
        LTURI-holder, any remaining Total Distribution Amount to the extent payable
        on
        the Lower Tier REMIC I Uncertificated Regular Interests as provided in the
        Preliminary Statement, and fifth,
        to the
        Class LT-R Certificates.

      

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

      

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

      

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

      

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

      Section
        5.03. Allocation
        of Losses. 

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

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

      

      Section
        5.04. Advances
        by Master Servicer and Servicers . 

      

      Subject
        to Section 9.07, Advances shall be made not later than the Business Day
        immediately preceding the related Distribution Date as provided herein. If,
        on
        any Determination Date, any Servicer determines that any Scheduled Payments
        (or
        in the case of Simple Interest Mortgage Loans, the amount of any scheduled
        interest payments) due during the related Collection Period (other than Balloon
        Payments) have not been received, such Servicer shall advance such amount
        to the
        extent provided in the applicable Servicing Agreement. If any Servicer fails
        to
        remit Advances required to be made under the applicable Servicing Agreement,
        the
        Master Servicer shall itself make, or shall cause the successor servicer
        to
        make, such Advance not later than the Business Day immediately preceding
        the
        related Distribution Date. If the Master Servicer determines that an Advance
        is
        required, it shall not later than the Business Day immediately preceding
        the
        related Distribution Date deposit in the Certificate Account from its own
        funds
        (or funds advanced by the applicable Servicer) immediately available funds
        in an
        amount equal to such Advance. The Master Servicer and each Servicer shall
        be
        entitled to be reimbursed from the Certificate Account for all Advances made
        by
        it as provided in Section 4.02. Notwithstanding anything to the contrary
        herein,
        in the event the Master Servicer determines in its reasonable judgment that
        an
        Advance is non-recoverable, the Master Servicer shall be under no obligation
        to
        make such Advance.

      

      
        
          
          

        

        
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      Section
        5.05. Compensating
        Interest Payments. 

      

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

      

      Section
        5.06. Basis
        Risk Reserve Fund. 

      

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

      

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

      

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

      

      Section
        5.07. Supplemental
        Interest Trust. 

      

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

      

      
        
          
          

        

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

      

      (c) In
        addition, the Securities Administrator, on behalf of the Supplemental Interest
        Trust, shall establish an account (the “Collateral Account”). The Collateral
        Account shall be an Eligible Account, and funds on deposit therein shall
        be held
        separate and apart from, and shall not be commingled with, any other monies,
        including, without limitation, other monies of the Securities Administrator
        held
        pursuant to this Agreement.

      

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

      

      (e) The
        Securities Administrator shall deposit into the Interest Rate Cap Account
        any
        amounts received from the Cap Counterparty under the Interest Rate Cap
        Agreement.

      

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

      

      (g) Funds
        in
        the Interest Rate Cap Account shall be invested in Eligible Investments.
        Any
        earnings on such amounts shall be distributed on each Distribution Date pursuant
        to Section 5.02(h) or Section 5.02(m), as applicable. The Class X Certificates
        shall evidence ownership of the Interest Rate Cap Account for federal income
        tax
        purposes and the Holder thereof shall direct the Securities Administrator,
        in
        writing, as to investment of amounts on deposit therein. LBH shall be liable
        for
        any losses incurred on such investments. In the absence of written instructions
        from the Class X Certificateholders as to investment of funds on deposit
        in the
        Interest Rate Cap Account, such funds shall be invested in the Wells Fargo
        Advantage Prime Money Market Fund or comparable investment vehicle. Any amounts
        on deposit in the Interest Rate Cap Account in excess of the Interest Rate
        Cap
        Amount on any Distribution Date shall be held for distribution pursuant to
        Section 5.02(h) or Section 5.02(m), as applicable, on the following Distribution
        Date.

      

      
        
          
          

        

        
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      (h) Funds
        required to be held pursuant to the Credit Support Annex shall be deposited
        into
        the Collateral Account. Funds posted by the Cap Counterparty (or its credit
        support provider) and/or the Swap Counterparty (or its credit support provider)
        in the Collateral Account shall be invested in Eligible Investments. Any
        interest earnings on such amounts shall be remitted to the Cap Counterparty
        and/or Swap Counterparty, as applicable, pursuant to the terms of the Credit
        Support Annex. The Securities Administrator shall not be liable for any losses
        incurred on such investments. In the absence of written instructions from
        the
        Cap Counterparty (or its credit support provider) and/or the Swap Counterparty
        (or its credit support provider) 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 or comparable investment vehicle. 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, remitted to the Swap
        Account and distributed as all or a portion of such Net Swap Payment or Swap
        Termination Payment pursuant to Section 5.02(g) or Section 5.02(l), as
        applicable. On any Distribution Date as to which a shortfall exists with
        respect
        to Interest Rate Cap Amounts owed by the Cap Counterparty as a result of
        its
        failure to make payments pursuant to the Interest Rate Cap Agreement, amounts
        necessary to cover such shortfall shall be removed from the Collateral Account,
        remitted to the Interest Rate Cap Account and distributed as all or a portion
        of
        such Interest Rate Cap Amount pursuant to Section 5.02(h) or Section 5.02(m),
        as
        applicable. Any amounts on deposit in the Collateral Account required to
        be
        returned to the Cap Counterparty (or its credit support provider) and/or
        the
        Swap Counterparty (or its credit support provider), as applicable, as a result
        of (i) the termination of the Swap Agreement or Interest Rate Cap Agreement,
        as
        applicable, (ii) the procurement of a guarantor, (iii) the reinstatement
        of
        required ratings or (iv) otherwise pursuant to the Swap Agreement, shall
        be
        released directly to the Swap Counterparty and/or the Cap Counterparty, as
        applicable, pursuant to the terms of the Credit Support Annex.

      

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

      

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

      

      (k) Upon
        termination of the Trust Fund, any amounts remaining in the Collateral Account
        shall be distributed as required pursuant to the terms of the Credit Support
        Annex.

      

      (l) It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Supplemental Interest Trust be disregarded
        as
        an entity separate from the holder of the Class X Certificates unless and
        until
        the date when either (a) there is more than one Class X Certificateholder
        or (b)
        any Class of Certificates in addition to the Class X Certificates is
        recharacterized as an equity interest in the Supplemental Interest Trust
        for
        federal income tax purposes. Neither the Securities Administrator nor the
        Trustee shall be responsible for any entity level tax reporting for the
        Supplemental Interest Trust.

      

      
        
          
          

        

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

      

      (n) In
        the
        event that either the Swap Counterparty or the Cap Counterparty fails to
        perform
        any of its obligations under the Swap Agreement or the Interest Rate Cap
        Agreement, respectively, (including, without limitation, its obligations
        to make
        any payment or transfer collateral), or breaches any of its representations
        and
        warranties under the Swap Agreement or the Interest Rate Cap Agreement, as
        applicable, or in the event that an Event of Default, Termination Event,
        or
        Additional Termination Event occurs (as such terms are defined in the Swap
        Agreement or the Interest Rate Cap Agreement, as applicable), the Securities
        Administrator, on behalf of the Supplemental Interest Trust, shall (upon
        a
        Responsible Officer of the Securities Administrator receiving notice or becoming
        aware of the occurrence thereof), no later than the next Business Day following
        such failure, breach or occurrence, notify the Swap Counterparty or Cap
        Counterparty, as applicable, and give any notice of such failure and make
        any
        demand for payment pursuant to the Swap Agreement or Interest Rate Cap
        Agreement, as applicable. In the event that the Swap Counterparty’s obligations
        under the Swap Agreement or Cap Counterparty’s obligations under the Interest
        Rate Cap Agreement are at any time guaranteed by a third party, then to the
        extent that the Swap Counterparty or Cap Counterparty fails to make any payment
        or delivery required under terms of the Swap Agreement or the Interest Rate
        Cap
        Agreement, as applicable, the Securities Administrator, on behalf of the
        Supplemental Interest Trust, shall (upon a Responsible Officer of the Securities
        Administrator receiving notice or becoming aware of the occurrence thereof),,
        no
        later than the next Business Day following such failure, demand that such
        guarantor make any and all payments then required to be made by the applicable
        guarantor. 

      

      Section
        5.08. Rights
        of Swap Counterparty. 

      

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

      

      
        
          
          

        

        
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      Section
        5.09. Termination
        Receipts. 

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

      Section
        5.10. Final
        Maturity Reserve Trust. 

      

      (a) A
        separate trust is hereby established (the “Final Maturity Reserve Trust”), the
        corpus of which shall be held, in trust, for the Certificateholders. The
        Securities Administrator, on behalf of the Final Maturity Reserve Trust,
        shall
        establish an account (the “Final Maturity Reserve Account”), into which LBH
        shall initially deposit $1,000. The Final Maturity Reserve Account shall
        be an
        Eligible Account, and funds on deposit therein shall be held separate and
        apart
        from, and shall not be commingled with, any other monies, including, without
        limitation, other monies of the Securities Administrator held pursuant to
        this
        Agreement.

      

      (b) The
        Securities Administrator shall deposit into the Final Maturity Reserve Trust
        any
        Final Maturity Reserve Amount pursuant to Sections 5.02(b)(iii) and
        5.02(c)(iii). The Securities Administrator shall distribute the funds in
        the
        Final Maturity Reserve Account pursuant to Section 5.02(j).

      

      (c) Funds
        in
        the Final Maturity Reserve Account shall be invested in Eligible Investments.
        Any earnings on such amounts shall be distributed pursuant to Section 5.02(j).
        The Class X Certificates shall evidence ownership of the Final Maturity Reserve
        Trust for federal income tax purposes and LBH on behalf of the Holder thereof
        shall direct the Securities Administrator, in writing, as to investment of
        amounts on deposit therein. LBH shall be liable for any losses incurred on
        such
        investments. In the absence of written instructions from the Class X
        Certificateholders as to investment of funds on deposit in the Final Maturity
        Reserve Account, such funds shall be invested in the Wells Fargo Advantage
        Prime
        Money Market Fund or a comparable investment vehicle. 

      

      
        
          
          

        

        
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      (d) Upon
        termination of the Trust Fund, any amounts remaining in the Final Maturity
        Reserve Account shall be distributed pursuant to the priorities in Section
        5.02(h).

      

      (e) It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Final Maturity Reserve Trust be disregarded
        as
        an entity separate from the holder of the Class X Certificates unless and
        until
        the date when either (a) there is more than one Class X Certificateholder
        or (b)
        any Class of Certificates in addition to the Class X Certificates is
        recharacterized as an equity interest in the Final Maturity Reserve Trust
        for
        federal income tax purposes. Neither the Securities Administrator nor the
        Trustee shall be responsible for any entity level tax reporting for the Final
        Maturity Reserve Trust.

      

      (f) For
        federal income tax purposes, any Certificateholder that receives a principal
        payment from the Final Maturity Reserve Trust shall be treated as selling
        a
        portion of its Certificate to the Class X Certificateholder and as having
        received the amount of the principal payment from the Class X Certificateholder
        as the proceeds of the sale. The portion of the Certificate that is treated
        as
        having been sold shall equal the amount of the corresponding reduction in
        the
        Certificate Principal Amount of such Certificate. Principal payments received
        from the Final Maturity Reserve Trust shall not be treated as distributions
        from
        any REMIC created hereby. All principal distributions from the Final Maturity
        Reserve Trust shall be accounted for hereunder in accordance with this Section
        5.10(f).

      

      ARTICLE
        VI

      CONCERNING
        THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT

      

      Section
        6.01. Duties
        of Trustee and Securities Administrator. 

      

      (a) The
        Trustee, except during the continuance of an Event of Default, and the
        Securities Administrator, undertake to perform such duties and only such
        duties
        as are specifically set forth in this Agreement. Any permissive right of
        the
        Trustee or the Securities Administrator provided for in this Agreement shall
        not
        be construed as a duty of the Trustee or the Securities Administrator. If
        an
        Event of Default has occurred and has not otherwise been cured or waived,
        the
        Trustee or the Securities Administrator 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 Securities
        Administrator is acting as Master Servicer, in which case it shall use the
        same
        degree of care and skill as the Master Servicer hereunder.

      

      (b) Each
        of
        the Trustee and the Securities Administrator, upon receipt of all resolutions,
        certificates, statements, opinions, reports, documents, orders or other
        instruments furnished to the Trustee or the Securities Administrator 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
        neither the Trustee nor the Securities Administrator shall be responsible
        for
        the accuracy or content of any such resolution, certificate, statement, opinion,
        report, document, order or other instrument furnished by the Master Servicer,
        any Servicer, the Swap Counterparty, the Cap Counterparty or the Credit Risk
        Manager to the Trustee or the Securities Administrator pursuant to this
        Agreement, and shall not be required to recalculate or verify any numerical
        information furnished to the Trustee or the Securities Administrator 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 or Securities Administrator, as
        applicable, 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 or Securities Administrator’s,
        as applicable, satisfaction, the Trustee or Securities Administrator, as
        applicable, will provide notice thereof to the Certificateholders and any
        NIMS
        Insurer and will, at the expense of the Trust Fund, which expense shall be
        reasonable given the scope and nature of the required action, take such further
        action as directed by the Certificateholders and any NIMS Insurer.

      

      
        
          
          

        

        
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      (c) Neither
        the Trustee nor the Securities Administrator shall have any liability arising
        out of or in connection with this Agreement, except for its negligence or
        willful misconduct. No provision of this Agreement shall be construed to
        relieve
        the Trustee or the Securities Administrator from liability for its own negligent
        action, its own negligent failure to act or its own willful misconduct;
provided,
        however,
        that:

      

      (i) Neither
        the Trustee nor the Securities Administrator shall be liable with respect
        to any
        action taken, suffered or omitted to be taken by it in good faith in accordance
        with the direction of the Holders as provided in Section 6.18
        hereof;

      

      (ii) For
        all
        purposes under this Agreement, the Trustee shall not be deemed to have notice
        of
        any Event of Default 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;

      

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

      

      (iv) No
        provision of this Agreement shall require the Trustee or the Securities
        Administrator 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 or the
        Securities Administrator to perform, or be responsible for the manner of
        performance of, any of the obligations of the Master Servicer under this
        Agreement;

      

      
        
          
          

        

        
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      (v) Neither
        the Trustee nor the Securities Administrator shall be responsible for any
        act or
        omission of the Master Servicer, any Servicer, the Credit Risk Manager, the
        Depositor, the Seller or any Custodian and neither the Securities Administrator
        nor the Trustee shall be responsible for any act or omission of the
        other.

      

      (d) The
        Trustee shall have no duty hereunder with respect to any complaint, claim,
        demand, notice or other document it may receive or which may be alleged to
        have
        been delivered to or served upon it by the parties as a consequence of the
        assignment of any Mortgage Loan hereunder; provided,
        however,
        that the
        Trustee shall promptly remit to the Master Servicer upon receipt any such
        complaint, claim, demand, notice or other document (i) which is delivered
        to the
        address of the Trustee provided in Section 11.07 and makes reference to this
        series of Certificate or this Agreement, (ii) of which a Responsible Officer
        has
        actual knowledge, and (iii) which contains information sufficient to permit
        the
        Trustee to make a determination that the real property to which such document
        relates is a Mortgaged Property.

      

      (e) Neither
        the Trustee nor the Securities Administrator shall be personally liable with
        respect to any action taken, suffered or omitted to be taken by it in good
        faith
        in accordance with the direction of any NIMS Insurer or the Certificateholders
        of any Class holding Certificates which evidence, as to such Class, Percentage
        Interests aggregating not less than 25% as to the time, method and place
        of
        conducting any proceeding for any remedy available to the Trustee or the
        Securities Administrator or exercising any trust or power conferred upon
        the
        Trustee or the Securities Administrator, as applicable, under this
        Agreement.

      

      (f) Neither
        the Trustee nor the Securities Administrator shall 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 or the Securities Administrator, as
        applicable, 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) [Reserved.]

      

      (h) The
        Trustee shall not and, except as otherwise provided herein, the Securities
        Administrator shall not have any duty (A) to see to any recording, filing,
        or
        depositing of this Agreement or any agreement referred to herein or any
        financing statement or continuation statement evidencing a security interest,
        or
        to see to the maintenance of any such recording or filing or depositing or
        to
        any rerecording, refiling or redepositing of any thereof, (B) to see to any
        insurance or claim under any Insurance Policy, and (C) to see to the payment
        or
        discharge of any tax, assessment, or other governmental charge or any lien
        or
        encumbrance of any kind owing with respect to, assessed or levied against,
        any
        part of the Trust Fund, the Final Maturity Reserve Trust or the Supplemental
        Interest Trust other than from funds available in the Certificate Account.
        Except as otherwise provided herein, neither the Trustee nor the Securities
        Administrator shall have any duty to confirm or verify the contents of any
        reports or certificates of the Master Servicer, any Servicer, the Swap
        Counterparty, the Cap Counterparty or the Credit Risk Manager delivered to
        the
        Trustee or the Securities Administrator pursuant to this Agreement believed
        by
        the Trustee or the Securities Administrator, as applicable, to be genuine
        and to
        have been signed or presented by the proper party or parties.

      

      
        
          
          

        

        
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      (i) Neither
        the Securities Administrator nor the Trustee shall 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 or the Securities Administrator, as applicable,
        unless it shall be proved that the Trustee or the Securities Administrator,
        as
        applicable, was negligent in ascertaining the pertinent facts.

      

      (j) Notwithstanding
        anything in this Agreement to the contrary, none of the Securities
        Administrator, any Paying Agent or the Trustee shall be liable for special,
        indirect or consequential losses or damages of any kind whatsoever (including,
        but not limited to, lost profits), even if the Securities Administrator,
        the
        Paying Agent or the Trustee, as applicable, has been advised of the likelihood
        of such loss or damage and regardless of the form of action, provided,
        however,
        that
        this Subsection 6.01(j) shall not apply in connection with any failure by
        the
        Securities Administrator to comply with the provisions of Subsections 6.01(l)
        hereof and Subsections 9.25(a) and (b) hereof.

      

      (k) Neither
        the Securities Administrator nor the Trustee shall be responsible for the
        acts
        or omissions of the other, it being understood that this Agreement shall
        not be
        construed to render them agents of one another, or of the Master Servicer
        or any
        Servicer.

      

      (l) The
        Securities Administrator 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
        Securities Administrator 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.

      

      Section
        6.02. Certain
        Matters Affecting the Trustee and the Securities Administrator.

      

      Except
        as
        otherwise provided in Section 6.01:

      

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

      

      (b) Each
        of
        the Trustee and the Securities Administrator 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;

      

      
        
          
          

        

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

      

      (d) Unless
        an
        Event of Default shall have occurred and be continuing, neither the Trustee
        nor
        the Securities Administrator shall be bound to make any investigation into
        the
        facts or matters stated in any resolution, certificate, statement, instrument,
        opinion, report, notice, request, consent, order, approval, bond or other
        paper
        or document (provided the same appears regular on its face), unless requested
        in
        writing to do so by any NIMS Insurer or the Holders of at least a majority
        in
        Class Principal Amount (or Percentage Interest) of each Class of Certificates;
        provided,
        however,
        that, if
        the payment within a reasonable time to the Trustee or the Securities
        Administrator, as applicable, 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 or the Securities Administrator, as applicable, not reasonably assured
        to the Trustee or the Securities Administrator by the security afforded to
        it by
        the terms of this Agreement, the Trustee or the Securities Administrator,
        as
        applicable, may require reasonable indemnity against such expense or liability
        or payment of such estimated expenses from any NIMS Insurer or the
        Certificateholders, as applicable, as a condition to proceeding. The reasonable
        expense thereof shall be paid by the party requesting such investigation
        and if
        not reimbursed by the requesting party shall be reimbursed to the Trustee
        by the
        Trust Fund;

      

      (e) Each
        of
        the Trustee and the Securities Administrator may execute any of the trusts
        or
        powers hereunder or perform any duties hereunder either directly or by or
        through agents, custodians or attorneys, which agents, custodians or attorneys
        shall have any and all of the rights, powers, duties and obligations of the
        Trustee and the Securities Administrator conferred on them by such appointment,
        provided that each of the Trustee and the Securities Administrator shall
        continue to be responsible for its duties and obligations hereunder to the
        extent provided herein, and provided further that neither the Trustee nor
        the
        Securities Administrator shall be responsible for any misconduct or negligence
        on the part of any such agent or attorney appointed with due care by the
        Trustee
        or the Securities Administrator, as applicable;

      

      (f) Neither
        the Trustee nor the Securities Administrator shall be under any obligation
        to
        exercise any of the trusts or powers vested in it by this Agreement or to
        institute, conduct or defend any litigation hereunder or in relation hereto,
        in
        each case at the request, order or direction of any of the Certificateholders
        or
        any NIMS Insurer pursuant to the provisions of this Agreement, unless such
        Certificateholders or any NIMS Insurer shall have offered to the Trustee
        or the
        Securities Administrator, as applicable, reasonable security or indemnity
        against the costs, expenses and liabilities which may be incurred therein
        or
        thereby;

      

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

      

      
        
          
          

        

        
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      (h) Neither
        the Trustee nor the Securities Administrator shall be required to give any
        bond
        or surety in respect of the execution of the Trust Fund, the Final Maturity
        Reserve Trust or the Supplemental Interest Trust created hereby or the powers
        granted hereunder.

      

      Section
        6.03. Trustee
        and Securities Administrator Not Liable for Certificates. 

      

      The
        Trustee and the Securities Administrator make no representations as to the
        validity or sufficiency of this Agreement, the Swap Agreement, the Interest
        Rate
        Cap Agreement, the Bulk PMI Policies, the Certificates (other than the
        certificate of authentication on the Certificates) or the Lower Tier REMIC
        1
        Uncertificated Regular Interests, or of any Mortgage Loan, or related document
        save that the Trustee and the Securities Administrator represent 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 and the Securities Administrator 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 Certificate Account,
        any
        Escrow Account or any other fund or account maintained with respect to the
        Certificates. The Trustee and the Securities Administrator shall not be
        responsible for the legality or validity of this Agreement, the Swap Agreement
        or the Interest Rate Cap Agreement or the validity, priority, perfection
        or
        sufficiency of the security for the Certificates or the Lower Tier REMIC
        1
        Uncertificated Regular Interests issued or intended to be issued hereunder.
        The
        Trustee shall not, and except as otherwise provided herein, the Securities
        Administrator shall have no responsibility for filing any financing or
        continuation statement in any public office at any time or to otherwise perfect
        or maintain the perfection of any security interest or lien granted to it
        hereunder or to record this Agreement.

      

      Section
        6.04. Trustee
        and the Securities Administrator May Own Certificates. 

      

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

      

      Section
        6.05. Eligibility
        Requirements for Trustee and Securities Administrator. 

      

      The
        Trustee and the Securities Administrator hereunder shall at all times be
        (i) an
        institution whose accounts are insured by the FDIC, (ii) a corporation or
        national banking association, organized and doing business under the laws
        of any
        State or the United States of America, authorized under such laws to exercise
        corporate trust powers, having a combined capital and surplus of not less
        than
        $50,000,000 and subject to supervision or examination by federal or state
        authority and (iii) not an Affiliate of the Master Servicer or any Servicer
        (except in the case of the Securities Administrator). 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 addition, the Securities Administrator (i) may
        not be
        an originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor
        or an affiliate of the Depositor unless the Securities Administrator is in
        an
        institutional trust department of the Securities Administrator, (ii) must
        be
        authorized to exercise corporate trust powers under the laws of its jurisdiction
        of organization and (iii) must be rated at least “A/F1” by Fitch, if Fitch is a
        Rating Agency that has rated the Securities Administrator, or the equivalent
        rating by S&P or Moody’s. In case at any time the Trustee or the Securities
        Administrator shall cease to be eligible in accordance with provisions of
        this
        Section, the Trustee or the Securities Administrator, as applicable, shall
        resign immediately in the manner and with the effect specified in Section
        6.06.

      

      
        
          
          

        

        
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      Section
        6.06. Resignation
        and Removal of Trustee and the Securities Administrator. 

      

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

      

      (b) If
        at any
        time (i) the Trustee shall cease to be eligible in accordance with the
        provisions of Section 6.05 and shall fail to resign after written request
        therefor by the Depositor or any NIMS Insurer, (ii) the Trustee or the
        Securities Administrator shall become incapable of acting, or shall be adjudged
        a bankrupt or insolvent, or a receiver of the Trustee or the Securities
        Administrator of its property shall be appointed, or any public officer shall
        take charge or control of the Trustee or the Securities Administrator or
        of
        either of their property or affairs for the purpose of rehabilitation,
        conservation or liquidation, (iii) the Securities Administrator shall fail
        to
        observe or perform in any material respect any of the covenants or agreements
        of
        the Securities Administrator contained in this Agreement, including any failure
        to provide the information, reports, assessments or attestations required
        pursuant to Subsection 9.25(a) or 9.25(b) hereof, (iv) 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, (v) the continued use of the
        Trustee or Securities Administrator would result in a downgrading of the
        rating
        by any Rating Agency of any Class of Certificates with a rating, (vi) the
        Paying
        Agent shall fail to provide the information required pursuant to Subsection
        3.08(b) hereof or (vii) the Depositor desires to replace the Securities
        Administrator with a successor Securities Administrator, then the Depositor,
        the
        Master Servicer, the Trustee (with regard to clause (iii) only) or any NIMS
        Insurer shall remove the Trustee, the Paying Agent or the Securities
        Administrator, as applicable, and the Depositor shall appoint a successor
        trustee or successor securities administrator, as applicable, acceptable
        to any
        NIMS Insurer and the Master Servicer by written instrument, one copy of which
        instrument shall be delivered to the Trustee or Securities Administrator
        so
        removed, one copy each to the successor trustee or successor securities
        administrator, as applicable, and one copy to each of the Master Servicer
        and
        any NIMS Insurer.

      

      
        
          
          

        

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

      

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

      

      Section
        6.07. Successor
        Trustee and Successor Securities Administrator. 

      

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

      

      
        
          
          

        

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

      

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

      

      (d) Upon
        the
        resignation or removal of the Securities Administrator pursuant to this Section
        6.06, the Securities Administrator shall deliver the amounts held in its
        possession for the benefit of the Certificateholders to the successor securities
        administrator upon the appointment of the successor securities
        administrator.

      

      Section
        6.08. Merger
        or Consolidation of Trustee or the Securities Administrator. 

      

      Any
        Person into which the Trustee or Securities Administrator may be merged or
        with
        which it may be consolidated, or any Person resulting from any merger,
        conversion or consolidation to which the Trustee or Securities Administrator
        shall be a party, or any Persons succeeding to the corporate trust business
        of
        the Trustee or Securities Administrator, shall be the successor to the Trustee
        or Securities Administrator 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, in
        the case of the Trustee, such Person shall be eligible under the provisions
        of
        Section 6.05. As a condition to a succession to the Trustee or the Securities
        Administrator under this Agreement by any Person (i) into which the Trustee
        or
        the Securities Administrator may be merged or consolidated, or (ii) which
        may be
        appointed as a successor to the Trustee or the Securities Administrator,
        the
        Trustee or the Securities Administrator shall notify the Sponsor, the Master
        Servicer and the Depositor, at least 15 calendar days prior to the effective
        date of such succession or appointment, of such succession or appointment
        and
        shall furnish to the Sponsor, the Master Servicer and the Depositor in writing
        and in form and substance reasonably satisfactory to the Sponsor, the Master
        Servicer and the Depositor, all information reasonably necessary for the
        Securities Administrator to accurately and timely report, pursuant to Section
        6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act
        (if
        such reports under the Exchange Act are required to be filed under the Exchange
        Act).

      

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

      

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

      

      
        
          
          

        

        
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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, if applicable, payment of monies shall be exercised
        solely by the Trustee;

      

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

      

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

      

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

      

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

      

      
        
          
          

        

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

      

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

      

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

      

      (g) The
        Trustee shall pay the reasonable compensation of the co-trustees requested
        by
        the Trustee to be so appointed (which compensation shall not reduce any
        compensation payable to the Trustee ) and, if paid by the Trustee, shall
        be a
        reimbursable expense pursuant to Section 6.12.

      

      Section
        6.10. Authenticating
        Agents. 

      

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

      

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

      

      
        
          
          

        

        
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      (c) Any
        Authenticating Agent may at any time resign by giving at least 30 days’ advance
        written notice of resignation to the Securities Administrator, the Trustee,
        any
        NIMS Insurer and the Depositor. The Securities Administrator may at any time
        terminate the agency of any Authenticating Agent by giving written notice
        of
        termination to such Authenticating Agent, any NIMS Insurer and the Depositor.
        Upon receiving a notice of resignation or upon such a termination, or in
        case at
        any time any Authenticating Agent shall cease to be eligible in accordance
        with
        the provisions of this Section 6.10, the Securities Administrator may appoint
        a
        successor Authenticating Agent, shall give written notice of such appointment
        to
        the Depositor and any NIMS Insurer and shall mail notice of such appointment
        to
        all Holders of Certificates. Any successor Authenticating Agent upon acceptance
        of its appointment hereunder shall become vested with all the rights, powers,
        duties and responsibilities of its predecessor hereunder, with like effect
        as if
        originally named as Authenticating Agent. No successor Authenticating Agent
        shall be appointed unless eligible under the provisions of this Section 6.10.
        No
        Authenticating Agent shall have responsibility or liability for any action
        taken
        by it as such at the direction of the Securities Administrator. Any
        Authenticating Agent shall be entitled to reasonable compensation for its
        services and, if paid by the Securities Administrator, it shall be a
        reimbursable expense pursuant to Section 6.12.

      

      Section
        6.11. Indemnification
        of Trustee and Securities Administrator. 

      

      The
        Trustee and the Securities Administrator and their respective directors,
        officers, employees and agents shall be entitled to indemnification from
        the
        Trust Fund for any loss, liability or expense incurred in connection with
        any
        legal proceeding or incurred without negligence or willful misconduct on
        their
        part, arising out of, or in connection with, the acceptance or administration
        of
        the trusts created hereunder or in connection with the performance of their
        duties hereunder or under the Swap Agreement, the Interest Rate Cap Agreement,
        the Mortgage Loan Sale Agreement, the Transfer Agreement, any Servicing
        Agreement, the MGIC Letter Agreement or the PMI Letter Agreement or the
        Custodial Agreements, including any applicable fees and expenses payable
        pursuant to Section 6.12 and the costs and expenses of defending themselves
        against any claim in connection with the exercise or performance of any of
        their
        powers or duties hereunder, provided that:

      

      (i) with
        respect to any such claim, the Trustee or the Securities Administrator, as
        applicable, shall have given the Depositor, the Master Servicer, any NIMS
        Insurer and the Holders written notice thereof promptly after a Responsible
        Officer of the Trustee or the Securities Administrator, as applicable, shall
        have knowledge thereof provided that the failure to provide such prompt written
        notice shall not affect the Trustee’s or Securities Administrator’s right to
        indemnification hereunder;

      

      (ii) while
        maintaining control over its own defense, the Trustee or the Securities
        Administrator, as applicable, shall cooperate and consult fully with the
        Depositor, the Master Servicer and any NIMS Insurer in preparing such defense;
        and

      

      
        
          
          

        

        
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      (iii) notwithstanding
        anything to the contrary in this Section 6.11, the Trust Fund shall not be
        liable for settlement of any such claim by the Trustee or the Securities
        Administrator, as applicable, entered into without the prior consent of the
        Depositor, the Master Servicer and any NIMS Insurer, which consent shall
        not be
        unreasonably withheld.

      

      The
        Trustee shall be further indemnified by the Seller for and held harmless
        against, any loss, liability or expense arising out of, or in connection
        with,
        the provisions set forth in the fourth paragraph of Section 2.01(a) hereof,
        including, without limitation, all costs, liabilities and expenses (including
        reasonable legal fees and expenses) of investigating and defending itself
        against any claim, action or proceeding, pending or threatened, relating
        to the
        provisions of such paragraph.

      

      The
        provisions of this Section 6.11 shall survive any termination of this Agreement
        and the resignation or removal of the Trustee or the Securities Administrator,
        as applicable, 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 Securities Administrator, Trustee and Custodians.

      

      The
        Trustee shall be entitled, annually, to the Trustee Fee, which shall be paid
        by
        the Securities Administrator on the first Distribution Date of each Anniversary
        Year from the Master Servicing Fee. The Securities Administrator shall be
        entitled to the Master Servicing Fee (other than any amounts required to
        be
        deducted in respect of the Trustee Fee and Custodial Compensation as provided
        in
        Section 4.01). Deutsche Bank National Trust Company, in its capacity as a
        Custodian, shall be entitled to the Custodial Compensation provided for in
        the
        applicable Custodial Agreement which shall be paid by the Securities
        Administrator as invoiced by Deutsche Bank National Trust Company. The Trustee
        and the Securities Administrator shall be entitled to reimbursement of all
        reasonable expenses, disbursements and advances incurred or made by the
        Securities Administrator or Trustee, as applicable, 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
        such party is entitled as provided therein), except for expenses, disbursements
        and advances that either (i) do not constitute “unanticipated expenses” within
        the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) or (ii) arise
        from
        its negligence, bad faith or willful misconduct.  If
        either
        the Trustee Fee or any Custodial Compensation is not fully paid from the
        Master
        Servicing Fee, the Trust Fund shall immediately reimburse the Trustee or
        the
        related Custodian, as applicable, upon demand for any shortfall from amounts
        on
        deposit in the Certificate Account; provided
        that,
        to the
        extent required under Section 6 or Section 20 of the related Custodial
        Agreement, the Securities Administrator is hereby authorized to pay such
        compensation or indemnity amounts from amounts on deposit in the Certificate
        Account prior to any distributions to Certificateholders pursuant to Section
        5.02 hereof. LaSalle Bank, N.A. and U.S. Bank, N.A., each in their respective
        capacities as Custodian, shall receive compensation and reimbursement or
        payment
        of its expenses under the related Custodial Agreement as provided therein;
        provided
        that,
        to the
        extent required under Section 6 or Section 20 of the related Custodial
        Agreement, the Securities Administrator is hereby authorized to pay such
        compensation or indemnity amounts from amounts on deposit in the Certificate
        Account prior to any distributions to Certificateholders pursuant to Section
        5.02 hereof. 

      

      
        
          
          

        

        
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      Section
        6.13. Collection
        of Monies. 

      

      Except
        as
        otherwise expressly provided in this Agreement, the Securities Administrator
        and
        the Trustee, as applicable, 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 Securities Administrator and 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 Securities
        Administrator shall not have timely received amounts to be remitted with
        respect
        to the Mortgage Loans from the Master Servicer, the Securities Administrator
        shall request the Master Servicer to make such distribution as promptly as
        practicable or legally permitted. If the Securities Administrator shall
        subsequently receive any such amounts, it may withdraw such
        request.

      

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

      

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

      

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

      

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

      

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

      

      (iv) Any
        failure on the part of the Master Servicer duly to observe or perform in
        any
        material respect any other of the covenants or agreements on the part of
        the
        Master Servicer contained in this Agreement which continues unremedied for
        a
        period of 30 days after the date on which written notice of such failure,
        requiring the same to be remedied, shall have been given to the Master Servicer
        by the Trustee or the Securities Administrator, or to the Master Servicer,
        the
        Securities Administrator and the Trustee by the Holders of more than 50%
        of the
        Aggregate Voting Interests of the Certificates or by any NIMS Insurer;
        or

      

      
        
          
          

        

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

      

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

      

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

      

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

      

      (ix) If
        a
        representation or warranty set forth in Section 9.14 hereof shall prove to
        be
        incorrect as of the time made in any respect that materially and adversely
        affects the interests of the Certificateholders, and the circumstance or
        condition in respect of which such representation or warranty was incorrect
        shall not have been eliminated or cured within 30 days after the date on
        which
        written notice of such incorrect representation or warranty shall have been
        given to the Master Servicer by the Trustee or the Securities Administrator,
        or
        to the Master Servicer, the Securities Administrator and the Trustee by the
        Holders of more than 50% of the Aggregate Voting Interests of the Certificates
        or by any NIMS Insurer; or

      

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

      

      (xi) The
        Master Servicer has notice or actual knowledge that any Servicer at any time
        is
        not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and the
        Master Servicer has not terminated the rights and obligations of such Servicer
        under the applicable Servicing Agreement and replaced such Servicer with
        a
        Fannie Mae- or Freddie Mac -approved servicer within 60 days of the date
        the
        Master Servicer receives such notice or acquires such actual
        knowledge.

      

      
        
          
          

        

        
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      (xii) After
        receipt of notice from the Trustee, Securities Administrator or any NIMS
        Insurer, any failure of the Master Servicer to deposit into the Certificate
        Account any payment required to be made for the benefit of Certificateholders
        under the terms of this Agreement, including any Advance, on the Business
        Day
        immediately preceding the related Distribution Date which such failure continues
        unremedied for a period of one Business Day after the date upon which notice
        of
        such failure shall have been given to the Master Servicer by the Trustee
        or the
        Securities Administrator.

      

      If
        an
        Event of Default described in clauses (i) through (xii) of this Section shall
        occur, then, in each and every case, subject to applicable law, so long as
        any
        such Event of Default shall not have been remedied within any period of time
        prescribed by this Section, the Trustee, by notice in writing to the Master
        Servicer (with a copy to the Securities Administrator) may, and shall, if
        so
        directed by Certificateholders evidencing more than 50% of the Class Principal
        Amount of each Class of Certificates, terminate all of the rights and
        obligations of the Master Servicer hereunder and in and to the Mortgage Loans
        and the proceeds thereof. If an Event of Default described in clause (xii)
        of
        this Section shall occur, then, in each and every case, subject to applicable
        law, so long as such Event of Default shall not have been remedied within
        the
        time period prescribed by clause (xii) of this Section 6.14, the Trustee
        (upon a
        Responsible Officer becoming aware of the occurrence thereof), by notice
        in
        writing to the Master Servicer (with a copy to the Securities Administrator),
        shall promptly terminate all of the rights and obligations of the Master
        Servicer hereunder and in and to the Mortgage Loans and the proceeds thereof.
        On
        or after the receipt by the Master Servicer of such written notice, all
        authority and power of the Master Servicer, and only in its capacity as Master
        Servicer under this Agreement, whether with respect to the Mortgage Loans
        or
        otherwise, shall pass to and be vested in the Trustee; provided,
        however,
        the
        parties acknowledge that notwithstanding the preceding sentence there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of the
        Master Servicing obligations to the Trustee. 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 Certificate Account and any other account
        or
        fund maintained with respect to the Certificates or thereafter received with
        respect to the Mortgage Loans. The Master Servicer being terminated (or the
        Trust Fund, if the Master Servicer is unable to fulfill its obligations
        hereunder) as a result of an Event of Default shall bear all reasonable costs
        and expenses of a master servicing transfer.

      

      
        
          
          

        

        
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      The
        Trustee shall be entitled to be reimbursed from the Master Servicer (or by
        the
        Trust Fund, if the Master Servicer is unable to fulfill its obligations
        hereunder) for all costs associated with the transfer of master servicing
        from
        the predecessor Master Servicer, including, without limitation, any costs
        or
        expenses associated with the complete transfer of all master servicing data
        and
        the completion, correction or manipulation of such servicing data as may
        be
        required by the Trustee to correct any errors or insufficiencies in the master
        servicing data or otherwise to enable the Trustee to master service the Mortgage
        Loans properly and effectively. If the terminated Master Servicer does not
        pay
        such reimbursement within thirty (30) days of its receipt of an invoice
        therefore, such reimbursement shall be an expense of the Trust and the Trustee
        shall be entitled to withdraw such reimbursement from amounts on deposit
        in the
        Certificate Account pursuant to Section 4.02; provided
        that the
        terminated Master Servicer shall reimburse the Trust for any such expense
        incurred by the Trust; and provided,
        further,
        that
        the Trustee shall decide whether and to what extent it is in the best interest
        of the Certificateholders to pursue any remedy against any party obligated
        to
        make such reimbursement.

      

      Notwithstanding
        the termination of its activities as Master Servicer, each terminated Master
        Servicer shall continue to be entitled to reimbursement to the extent provided
        in Section 4.02 to the extent such reimbursement relates to the period prior
        to
        such Master Servicer’s termination.

      

      If
        any
        Event of Default shall occur, the Trustee, upon a Responsible Officer of
        the
        Trustee becoming aware of the occurrence thereof, shall promptly notify the
        Securities Administrator, any NIMS Insurer, the Swap Counterparty, the Cap
        Counterparty, and each Rating Agency of the nature and extent of such Event
        of
        Default. If any Event of Default shall occur, the Securities Administrator,
        upon
        a Responsible Officer of the Securities Administrator becoming aware of the
        occurrence thereof, shall promptly notify the Trustee of the nature and extent
        of such Event of Default,

      

      (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,
        the Trustee, unless another master servicer shall have been appointed, shall
        be
        the successor in all respects to the Master Servicer in its capacity as such
        under this Agreement and the transactions set forth or provided for herein
        and
        shall have all the rights and powers and be subject to all the responsibilities,
        duties and liabilities relating thereto and arising thereafter placed on
        the
        Master Servicer hereunder, including the obligation to make Advances;
provided,
        however,
        that
        any failure to perform such duties or responsibilities caused by the Master
        Servicer’s or the Securities Administrator’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.

      

      
        
          
          

        

        
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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, petition a court of competent jurisdiction
        to
        appoint, or appoint on its own behalf any established housing and home finance
        institution servicer, master servicer, servicing or mortgage servicing
        institution having a net worth of not less than $15,000,000 and meeting such
        other standards for a successor master servicer as are set forth in this
        Agreement, as the successor to such Master Servicer in the assumption of
        all of
        the responsibilities, duties or liabilities of the Master Servicer hereunder.
        Any entity designated by the Trustee as a successor master servicer may be
        an
        Affiliate of the Trustee; provided,
        however,
        that,
        unless such Affiliate meets the net worth requirements and other standards
        set
        forth herein for a successor master servicer, the Trustee, in its individual
        capacity shall agree, at the time of such designation, to be and remain liable
        to the Trust Fund for such Affiliate’s actions and omissions in performing its
        duties hereunder. In connection with such appointment and assumption, the
        Trustee may make such arrangements for the compensation of such successor
        out of
        payments on Mortgage Loans as it and such successor shall agree; provided,
        however,
        that no
        such compensation shall be in excess of that permitted to the Master Servicer
        hereunder. The Trustee and such successor shall take such actions, consistent
        with this Agreement, as shall be necessary to effectuate any such succession
        and
        may make other arrangements with respect to the servicing to be conducted
        hereunder which are not inconsistent herewith. The Master Servicer shall
        cooperate with the Trustee and any successor master servicer in effecting
        the
        termination of the Master Servicer’s responsibilities and rights hereunder
        including, without limitation, notifying Mortgagors of the assignment of
        the
        master servicing functions and providing the Trustee and successor master
        servicer, as applicable, all documents and records in electronic or other
        form
        reasonably requested by it to enable it to assume the Master Servicer’s
        functions hereunder and the transfer to the Trustee or such successor master
        servicer, as applicable, all amounts which shall at the time be or should
        have
        been deposited by the Master Servicer in the Certificate Account and any
        other
        account or fund maintained with respect to the Certificates or the Lower
        Tier
        REMIC 1 Uncertificated Regular Interests or thereafter be received with respect
        to the Mortgage Loans. Neither the Trustee nor any other successor master
        servicer shall be deemed to be in default hereunder by reason of any failure
        to
        make, or any delay in making, any distribution hereunder or any portion thereof
        caused by (i) the failure of the Master Servicer to deliver, or any delay
        in
        delivering, cash, documents or records to it, (ii) the failure of the Master
        Servicer to cooperate as required by this Agreement, (iii) the failure of
        the
        Master Servicer to deliver the Mortgage Loan data to the Securities
        Administrator as required by this Agreement or (iv) restrictions imposed
        by any
        regulatory authority having jurisdiction over the Master Servicer. 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 the failure of the
        Securities Administrator to deliver, or any delay in delivering cash, documents
        or records to it.

      

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

      

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

      

      
        
          
          

        

        
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      Section
        6.16. Waiver
        of Defaults. 

      

      More
        than
        50% of the Aggregate Voting Interests of Certificateholders (with the consent
        of
        any NIMS Insurer) may waive any default or Event of Default by the Master
        Servicer in the performance of its obligations hereunder, except that a default
        in the making of any required deposit to the Certificate Account that would
        result in a failure of the Securities Administrator to make any required
        payment
        of principal of or interest on the Certificates may only be waived with the
        consent of 100% of the affected Certificateholders and with the consent of
        any
        NIMS Insurer. Upon any such waiver of a past default, such default shall
        cease
        to exist, and any Event of Default arising therefrom shall be deemed to have
        been remedied for every purpose of this Agreement. No such waiver shall extend
        to any subsequent or other default or impair any right consequent thereon
        except
        to the extent expressly so waived.

      

      Section
        6.17. Notification
        to Holders. 

      

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

      

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

      

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

      

      
        
          
          

        

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

      

      In
        the
        event that a Responsible Officer of the Trustee or the Securities Administrator
        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 or the Securities Administrator,
        as
        applicable, shall give notice thereof to the Master Servicer, any NIMS Insurer,
        the Trustee, the Securities Administrator, the Swap Counterparty and the
        Cap
        Counterparty, as applicable.

      

      Section
        6.20. Preparation
        of Tax Returns and Other Reports. 

      

      (a) The
        Securities Administrator shall prepare or cause to be prepared on behalf
        of the
        Trust Fund, based upon information calculated in accordance with this Agreement
        pursuant to instructions given by the Depositor, and the Securities
        Administrator shall file federal tax returns, all in accordance with Article
        X
        hereof. If the Securities Administrator determines that a state tax return
        or
        other return is required, then, at its sole expense, the Securities
        Administrator shall prepare and file such state income tax returns and such
        other returns as may be required by applicable law relating to the Trust
        Fund,
        and, if required by state law, and shall file any other documents to the
        extent
        required by applicable state tax law (to the extent such documents are in
        the
        Securities Administrator’s possession). The Securities Administrator shall
        forward copies to the Depositor of all such returns and supplemental tax
        information and such other information within the Securities Administrator’s
        control as the Depositor may reasonably request in writing. The Securities
        Administrator shall furnish to each Certificateholder, such forms and such
        information within the control of the Securities Administrator as are required
        by the Code and the REMIC Provisions to be furnished to them (other than any
        Form 1099s). The Master Servicer will indemnify the Securities Administrator
        and
        the Trustee for any liability of or assessment against the Securities
        Administrator and the Trustee, as applicable, resulting from any error in
        any of
        such tax or information returns directly resulting from errors in the
        information provided by such Master Servicer.

      

      (b) The
        Securities Administrator shall prepare and file with the Internal Revenue
        Service (“IRS”), on behalf of the Trust Fund and each of the REMICs specified in
        the Preliminary Statement, an application for an employer identification
        number
        on IRS Form SS-4 or by any other acceptable method. The Securities Administrator
        shall also file a Form 8811 as required. The Securities Administrator, upon
        receipt from the IRS of the Notice of Taxpayer Identification Number Assigned,
        shall upon request promptly forward a copy of such notice to the Trustee
        and the
        Depositor. The Trustee shall have no obligation to verify the information
        in any
        Form 8811 or Form SS-4 filing.

      

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

      

      
        
          
          

        

        
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      (d) Reports
        Filed on Form 10-D. 

      

      (i) Within
        15
        days after each Distribution Date (subject to permitted extensions under
        the
        Exchange Act), the Securities Administrator shall prepare and file on behalf
        of
        the Trust Fund any Form 10-D required by the Exchange Act, in form and substance
        as required by the Exchange Act. The Securities Administrator shall file
        each
        Form 10-D with a copy of the related Distribution Date Statement and a copy
        of
        each report made available by the Credit Risk Manager pursuant to Section
        9.34
        (provided each such report is made available to the Securities Administrator
        in
        a format compatible with EDGAR filing requirements) attached thereto. Any
        disclosure in addition to the Distribution Date Statement that is required
        to be
        included on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined
        and prepared by and at the direction of the Depositor pursuant to the following
        paragraph and the Securities Administrator will have no duty or liability
        for
        any failure hereunder to determine or prepare any Additional Form 10-D
        Disclosure, except as set forth in the next 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 Asset Securities
        Corporation Mortgage Loan Trust 2006-BC4 transaction shall be required to
        provide to the Securities Administrator and the Depositor, to the extent
        known
        by a responsible officer thereof, in EDGAR-compatible form (which may be
        Word or
        Excel documents easily convertible to EDGAR format), or in such other form
        as
        otherwise agreed upon by the Securities Administrator and such party, the
        form
        and substance of any Additional Form 10-D Disclosure, if applicable, and
        include
        with such Additional Form 10-D 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 Securities
        Administrator in connection with including any Additional Form 10-D Disclosure
        on Form 10-D pursuant to this paragraph.

      

      (iii) After
        preparing the Form 10-D, the Securities Administrator shall forward
        electronically a copy of the Form 10-D to the Exchange Act Signing Party
        for
        review and approval. If the Master Servicer is the Exchange Act Signing Party
        and the Form 10-D includes Additional Form 10-D Disclosure, then the Form
        10-D
        shall also be electronically distributed to the Depositor for review and
        approval. No later than two Business Days prior to the 15th
        calendar
        day after the related Distribution Date, a duly authorized representative
        of the
        Exchange Act Signing Party shall sign the Form 10-D and return an electronic
        or
        fax copy of such signed Form 10-D (with an original executed hard copy to
        follow
        by overnight mail) to the Securities Administrator. If a Form 10-D cannot
        be
        filed on time or if a previously filed Form 10-D needs to be amended, the
        Securities Administrator will follow the procedures set forth in subsection
        (g)(ii) of this Section 6.20. Promptly (but no later than one Business Day)
        after filing with the Commission, the Securities Administrator will make
        available on its internet website a final executed copy of each Form 10-D
        filed
        by the Securities Administrator. Each party to this Agreement acknowledges
        that
        the performance by the Securities Administrator 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 Securities Administrator
        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 Securities Administrator’s inability or
        failure to obtain or receive, on a timely basis, any information from any
        other
        party hereto needed to prepare, arrange for execution or file such Form 10-D,
        not resulting from its own negligence, bad faith or willful
        misconduct.

      

      
        
          
          

        

        
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      (iv) Form
        10-D
        requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” At the date of the filing of each
        report on Form 10-D with respect to the Trust Fund, the Depositor shall be
        deemed to represent to the Securities Administrator that as of such date
        the
        Depositor has filed all such required reports during the preceding 12 months
        and
        that it has been subject to such filing requirement for the past 90 days.
        The
        Depositor shall notify the Securities Administrator in writing, no later
        than
        the fifth calendar day after the related Distribution Date with respect to
        the
        filing of a report on Form 10-D if the answer to the questions should be
“no.”
The Securities Administrator shall be entitled to rely on such representations
        in preparing, executing and/or filing any such report.

      

      (e) Reports
        Filed on Form 10-K.

      

      (i) Within
        90
        days after the end of each fiscal year of the Trust Fund or such earlier
        date as
        may be required by the Exchange Act (the “10-K Filing Deadline”) (it being
        understood that the fiscal year for the Trust Fund ends on December
        31st
        of each
        year), commencing in March 2007, the Securities Administrator shall prepare
        and
        file on behalf of the Trust Fund a Form 10-K, in form and substance as required
        by the Exchange Act. Each such Form 10-K shall include the following items,
        in
        each case to the extent they have been delivered to the Securities Administrator
        within the applicable time frames set forth in this Agreement and 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,
        the
        Credit Risk Manager, any Servicing Function Participant, the Paying Agent
        and
        the Securities Administrator (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 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 Securities Administrator
        will have no duty or liability for any failure hereunder to determine or
        prepare
        any Additional Form 10-K Disclosure, except as set forth in the next paragraph.
        

      

      
        
          
          

        

        
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      (ii) As
        set
        forth on Exhibit P-2 hereto, no later than March 15 of each year that the
        Trust
        Fund is subject to the Exchange Act reporting requirements, commencing in
        2007,
        (A) certain parties to the Structured Asset Securities Corporation Mortgage
        Loan
        Trust 2006-BC4 transaction shall be required to provide to the Securities
        Administrator and the Depositor, to the extent known by a responsible officer
        thereof, in EDGAR-compatible form (which may be Word or Excel documents easily
        convertible to EDGAR format), or in such other form as otherwise agreed upon
        by
        the Securities Administrator and such party, the form and substance of any
        Additional Form 10-K Disclosure, if applicable, 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 Securities Administrator 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
        Securities Administrator in connection with including any Additional Form
        10-K
        Disclosure on Form 10-K pursuant to this paragraph. 

      

      
        
          
          

        

        
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      (iii) After
        preparing the Form 10-K, the Securities Administrator shall forward
        electronically a 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 duly authorized representative
        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 Securities Administrator. If a Form
        10-K cannot be filed on time or if a previously filed Form 10-K needs to
        be
        amended, the Securities Administrator will follow the procedures set forth
        in
        subsection (g) of this Section 6.20. Promptly (but no later than one Business
        Day) after filing with the Commission, the Securities Administrator will
        make
        available on its internet website a final executed copy of each Form 10-K
        filed
        by the Securities Administrator. The parties to this Agreement acknowledge
        that
        the performance by the Securities Administrator 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 Securities Administrator 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
        Securities Administrator’s inability or failure to obtain or receive, on a
        timely basis, any information from any other party hereto needed to prepare,
        arrange for execution or file such Form 10-K, not resulting from its own
        negligence, bad faith or willful misconduct.

      

      (iv) Each
        Form
        10-K shall include the Sarbanes-Oxley Certification. The Securities
        Administrator, the Paying Agent and Master Servicer, shall, and the Securities
        Administrator, the Paying Agent and the Master Servicer (if applicable) shall
        cause any Servicing Function Participant engaged by it to, provide to the
        Master
        Servicer who shall sign the Sarbanes-Oxley Certification (the “Certifying
        Person”), by March 15 of each year in which the Trust Fund is subject to the
        reporting requirements of the Exchange Act (each, a “Back-Up Certification”), in
        the form attached hereto as Exhibit Q-1 (or, in the case of (x) the Paying
        Agent, such other form as agreed to between the Paying Agent and the Exchange
        Act Signing Party, and (y) the Securities Administrator, 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 Securities Administrator, the Paying Agent
        or any
        Servicing Function Participant engaged by such parties is terminated or resigns
        pursuant to the terms of this Agreement, such party or Servicing Function
        Participant shall provide a Back-Up Certification to the Certifying Person
        pursuant to this Section 6.20(e)(iv) with respect to the period of time it
        was
        subject to this Agreement.

      

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

      

      
        
          
          

        

        
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      (vi) Form
        10-K
        requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” The Depositor hereby represents to
        the Securities Administrator that the Depositor has filed all such required
        reports during the preceding 12 months and that it has been subject to such
        filing requirement for the past 90 days. The Depositor shall notify the
        Securities Administrator in writing, no later than March 15th
        with
        respect to the filing of a report on Form 10-K, if the answer to the questions
        should be “no.” The Securities Administrator shall be entitled to rely on such
        representations in preparing, executing and/or filing any such
        report.

      

      (f) Reports
        Filed on Form 8-K.

      

      (i) Within
        four Business Days after the occurrence of an event requiring disclosure
        on Form
        8-K (each such event, a “Reportable Event”), and if requested by the Depositor,
        the Securities Administrator 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 Securities Administrator
        will have no duty or liability for any failure hereunder to determine or
        prepare
        any Form 8-K Disclosure Information or any Form 8-K, except as set forth
        in the
        next 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) certain
        parties to the Structured Asset Securities Corporation Mortgage Loan Trust
        2006-BC4 transaction shall be required to provide to the Securities
        Administrator and the Depositor, to the extent known by a responsible officer
        thereof, in EDGAR-compatible form (which may be Word or Excel documents easily
        convertible to EDGAR format), or in such other form as otherwise agreed upon
        by
        the Securities Administrator and such party, the form and substance of any
        Form
        8-K Disclosure Information, if applicable, 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 Securities Administrator 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
        Securities Administrator in connection with including any Form 8-K Disclosure
        Information on Form 8-K pursuant to this paragraph. 

      

      
        
          
          

        

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

      

      (g) Suspension
        of Reporting Obligation; Amendments; Late Filings.

      

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

      

      (ii) In
        the
        event that the Securities Administrator becomes aware that it will be unable
        to
        timely file with the Commission all or any required portion of any Form 8-K,
        10-D or 10-K required to be filed by this Agreement because required disclosure
        information was either not delivered to it or delivered to it after the delivery
        deadlines set forth in this Agreement or for any other reason, the Securities
        Administrator will promptly notify the Depositor. In the case of Form 10-D
        and
        10-K, the parties to this Agreement and each Servicer will cooperate to prepare
        and file a Form 12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to
        Rule
        12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
        Administrator will, upon receipt of all required Form 8-K Disclosure Information
        and upon the approval and direction of the Depositor, include such disclosure
        information on the next Form 10-D. In the event that any previously filed
        Form
        8-K, 10-D or 10-K needs to be amended with respect to an additional disclosure
        item, the Securities Administrator will notify the Depositor and any applicable
        party and such parties will cooperate to prepare any necessary 8-K/A, 10-D/A
        or
        10-K/A. Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K
        shall be signed by a senior officer or a duly authorized representative,
        as
        applicable, of the Exchange Act Signing Party. The parties to this Agreement
        acknowledge that the performance by the Securities Administrator of its duties
        under this Section 6.20(g) related to the timely preparation and filing of
        Form
        15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent
        upon
        each such party performing its duties under this Section. The Securities
        Administrator 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 Securities Administrator’s inability or
        failure to obtain or receive, on a timely basis, any information from any
        other
        party hereto needed to prepare, arrange for execution or file such Form 15,
        Form
        12b-25 or any amendments to Forms 8-K, 10-D or 10-K, not resulting from its
        own
        negligence, bad faith or willful misconduct.

      

      
        
          
          

        

        
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      (h) Any
        party
        that signs any Exchange Act report that the Securities Administrator is required
        to file shall provide to the Securities Administrator 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
        Securities Administrator the original executed signature page for such report.
        In addition, each of the parties agrees to provide to the Securities
        Administrator such additional information related to such party as the
        Securities Administrator may reasonably request, including evidence of the
        authorization of the person signing any certification or statement, financial
        information and reports, and such other information related to such party
        or its
        performance hereunder. 

      

      (i) 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 Securities Administrator of any such change. Any notice delivered
        pursuant to this Section 6.20 may be by fax or electronic copy notwithstanding
        the notice provisions of Section 11.07.

      

      Section
        6.21. Reporting
        Requirements of the Commission

      

      Each
        of
        the parties hereto acknowledges and agrees that the purpose of Sections 6.01
        and
        6.20 of this Agreement is to facilitate compliance by the Sponsor 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 Depositor
        or the
        Securities Administrator for delivery of additional or different information,
        to
        the extent that such information is available or reasonably attainable, as
        the
        Sponsor, the Depositor or the Securities Administrator may determine in good
        faith is necessary to comply with the provisions of Regulation AB.

      

      Section
        6.22. No
        Merger. 

      

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

      

      
        
          
          

        

        
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      Section
        6.23. Indemnification
        by the Securities Administrator. 

      

      The
        Securities Administrator 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 engagement of any
        Subcontractor in violation of Section 6.01(l) or any failure by the Securities
        Administrator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Agreement, including
        any report under Sections 6.20, 9.25(a) or (b).

      

      ARTICLE
        VII

      

      PURCHASE
        OF MORTGAGE LOANS AND

      TERMINATION
        OF THE TRUST FUND

      

      
        	
                Section
                  7.01.

              	
                Purchase
                  of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation
                  of All Mortgage Loans; Purchase of Lower Tier REMIC 1 Uncertificated
                  Regular Interests. 

              

      

      

      (a) The
        respective obligations and responsibilities of the Securities Administrator,
        the
        Trustee and the Master Servicer created hereby (other than the obligation
        of the
        Securities Administrator 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 Securities Administrator pursuant to Section
        4.01, and the obligations of the Master Servicer to the Securities Administrator
        pursuant to Section 9.10 and to the Securities Administrator and the Trustee
        pursuant to Sections 9.14 and 9.31) shall terminate on the earliest of (i)
        the
        final payment or other liquidation of the last Mortgage Loan remaining in
        the
        Trust Fund and the disposition of all REO Property, (ii) the sale of the
        property held by the Trust Fund in accordance with Section 7.01(b) and (iii)
        the
        Latest Possible Maturity Date (each, a “Trust Fund Termination Event”);
provided,
        however,
        that in
        no event shall the Trust Fund created hereby continue beyond the expiration
        of
        21 years from the death of the last survivor of the descendants of Joseph
        P.
        Kennedy, the late Ambassador of the United States to the Court of St. James’s,
        living on the date hereof. Upon the occurrence of a Trust Fund Termination
        Event, each REMIC shall be terminated in a manner that shall qualify as a
        “qualified liquidation” under the REMIC Provisions.

      

      (b) On
        any
        Distribution Date occurring on or after the Initial Optional Termination
        Date,
        the Master Servicer or LTURI-holder, as applicable, with the prior written
        consent of any NIMS Insurer and the Seller, which consent shall not be
        unreasonably withheld, has the option to cause the Trust Fund to adopt a
        plan of
        complete liquidation pursuant to Section 7.03(a)(i) hereof to sell all of
        its
        property (each such option, a “Call Option”); provided,
        however,
        that
        any purchase of the Trust Fund’s property on or before the Distribution Date
        that is one year after the Initial Optional Termination Date shall be made
        by
        the Bid Holder pursuant to Section 7.01(d) below. Upon exercise of such option,
        the property of the Trust Fund shall be sold to the Master Servicer at a
        price
        (the “Termination Price”) equal to the sum of (i) 100% of the unpaid principal
        balance of each Mortgage Loan on the day of such purchase plus interest accrued
        thereon at the applicable Mortgage Rate with respect to any Mortgage Loan
        to the
        Due Date in the Collection Period immediately preceding the related Distribution
        Date to the date of such repurchase, (ii) the fair market value of any REO
        Property and any other property held by any REMIC, such fair market value
        to be
        determined by an independent appraiser or appraisers mutually agreed upon
        by the
        Master Servicer, any NIMS Insurer and the Trustee (reduced, in the case of
        REO
        Property, by (1) reasonably anticipated disposition costs and (2) any amount
        by
        which the fair market value as so reduced exceeds the outstanding principal
        balance of the related Mortgage Loan plus interest accrued thereon at the
        applicable Net Mortgage Rate to the date of such purchase), (iii) any
        unreimbursed Servicing Advances and (iv) any Swap Termination Payment payable
        to
        the Swap Counterparty as a result of a termination pursuant to this Section
        7.01; provided,
        however, if
        there
        are any NIM Notes outstanding, the Master Servicer may only exercise its
        option
        after receiving the prior written consent of the holders of such NIM Notes
        and,
        if such consent is given, the Termination Price shall also include an amount
        equal to the sum of (1) any accrued interest on the NIM Notes, (2) the unpaid
        principal balance of any such NIM Notes and (3) any other reimbursable expenses
        owed by the issuer of the NIM Notes (the “NIM Redemption Amount”). The Master
        Servicer, each Servicer, the Trustee, the Securities Administrator and each
        Custodian shall be reimbursed from the Termination Price for any Mortgage
        Loan
        or related REO Property for any Advances made or other amounts advanced with
        respect to the Mortgage Loans that are reimbursable to any such entity under
        this Agreement, the applicable Servicing Agreement or the applicable Custodial
        Agreement, together with any accrued and unpaid compensation and any other
        amounts due to the Master Servicer, the Securities Administrator or the Trustee
        hereunder or the Servicers or the Custodians. If the Master Servicer fails
        to
        exercise its right to cause the Trust Fund to adopt a plan of complete
        liquidation as described above, then the NIMS Insurer may cause the Trust
        Fund
        to adopt a plan of complete liquidation as described above, and (i) the Master
        Servicer shall cause the Trust Fund to adopt a plan of complete liquidation
        as
        described above, (ii) the NIMS Insurer shall remit the Termination Price
        in
        immediately available funds to the Master Servicer at least three Business
        Days
        prior to the applicable Distribution Date and, upon receipt of such funds
        from
        the NIMS Insurer, the Master Servicer shall promptly deposit such funds in
        the
        Certificate Account and (iii) upon termination of the Trust Fund, the Trustee
        or
        the Securities Administrator, as applicable, will transfer the property of
        the
        Trust Fund to the NIMS Insurer. The NIMS Insurer shall be obligated to reimburse
        the Master Servicer for its reasonable out-of-pocket expenses incurred in
        connection with its termination of the Trust Fund and shall indemnify and
        hold
        harmless the Master Servicer for any losses, liabilities or expenses resulting
        from any claims directly resulting from or relating to the NIMS Insurer’s
        termination of the Trust Fund, except to the extent such losses, liabilities
        or
        expenses arise out of or result from the Master Servicer’s negligence, bad faith
        or willful misconduct.

      

      
        
          
          

        

        
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      (c) On
        any
        Distribution Date occurring on or after the Initial Optional Termination
        Date
        and provided there are no NIM Notes outstanding, the Master Servicer, with
        the
        prior written consent of the Seller, which consent shall not be unreasonably
        withheld, has the option to purchase all of the Lower Tier REMIC 1
        Uncertificated Regular Interests (the “Regular Interests Purchase Option”). Upon
        exercise of such option, the Lower Tier REMIC 1 Uncertificated Regular Interests
        shall be sold to the Master Servicer at a price (the “Lower Tier REMIC 1
        Uncertificated Regular Interests Purchase Price”) equal to the sum of (i) 100%
        of the unpaid principal balance of each Mortgage Loan on the day of such
        purchase plus interest accrued thereon at the applicable Mortgage Rate with
        respect to any Mortgage Loan to the Due Date in the Collection Period
        immediately preceding the related Distribution Date to the date of such
        repurchase and (ii) the fair market value of any REO Property and any other
        property held by any REMIC, such fair market value to be determined by an
        independent appraiser or appraisers mutually agreed upon by the Master Servicer,
        any NIMS Insurer and the Trustee (reduced, in the case of REO Property, by
        (1)
        reasonably anticipated disposition costs and (2) any amount by which the
        fair
        market value as so reduced exceeds the outstanding principal balance of the
        related Mortgage Loan plus interest accrued thereon at the applicable Net
        Mortgage Rate to the date of such purchase). If the Master Servicer elects
        to
        exercise such option, each REMIC created pursuant to this Agreement (other
        than
        REMIC 1) shall be terminated in such a manner so that the termination of
        each
        such REMIC shall qualify as a “qualified liquidation” under the REMIC Provisions
        and the Lower Tier REMIC 1 Uncertificated Regular Interests and the Class
        LT-R
        Certificates will evidence the entire beneficial interest in the property
        of the
        Trust Fund. Following a purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests pursuant to this subsection, the Trust Fund (and REMIC
        1) will
        remain outstanding and final payment on the Certificates (other than the
        Class
        LT-R Certificates) will be made in accordance with Sections 7.03(a)(iii)
        and
        5.02. The Trust Fund will terminate upon the occurrence of a Trust Fund
        Termination Event, in accordance with Section 7.01(a).

      

      
        
          
          

        

        
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      (d) (i)
        Prior
        to exercising the Call Option pursuant to Section 7.01(b) or the Regular
        Interests Purchase Option pursuant to Section 7.01(c), the Master Servicer
        shall
        on the first Business Day of the month of the occurrence of the Initial Optional
        Termination Date, and on the first Business Day of the month immediately
        prior
        to the one year anniversary of the occurrence of the Initial Optional
        Termination Date, the Master Servicer shall give written notice in the form
        attached hereto as Exhibit W (the “Purchase Option Notice”) to each holder of
        NIM Residual Securities whose name is registered upon the books of the paying
        agent for such NIM Residual Securities as the owner of such NIM Residual
        Securities. 

      

      (ii)
         Not
        later
        than three (3) Business Days prior to the related Bid Due Date, the Master
        Servicer shall give written notice to each holder of NIM Residual Securities
        of
        the Termination Price for the related Distribution Date. 

      

      (iii)
         Not
        later
        than the 15th day (or if such date is not a Business Day, the immediately
        succeeding Business Day) (the “Bid Due Date”) of each month from the occurrence
        of the Initial Optional Termination Date and until the Call Option has been
        exercised (each, a “Bid Month”), if any holder of NIM Residual Securities
        desires that the Master Servicer exercise the option to purchase the Mortgage
        Loans and certain other property of the Trust Fund, such holder of NIM Residual
        Securities shall give written notice in the form attached hereto as Exhibit
        X
        (the “NIM Residual Purchase Option Notice”) to the Master Servicer, requesting
        that the Master Servicer exercise such option on behalf of such holder of
        NIM
        Residual Securities. The NIM Residual Purchase Option Notice shall include
        the
        amount to be paid by the holder of NIM Residual Securities with respect to
        the
        proceeds or assets to be received by the Master Servicer for the Mortgage
        Loans
        and certain other property of the Trust Fund (the “Bid Price”); provided,
        that
        the Bid Price must be equal to or greater than the Termination
        Price.

      

      
        
          
          

        

        
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      (iv)
         One
        (1)
        Business Day after the related Bid Due Date, the Master Servicer shall notify
        the holder of NIM Residual Securities, if any, that has submitted the highest
        Bid Price (the “Bid Holder”) that such Bid Holder has the right to direct the
        Master Servicer to exercise the option to purchase the Mortgage Loans and
        certain other property of the Trust Fund. The Master Servicer shall thereafter
        notify any holders of NIM Residual Securities that did not submit the highest
        Bid Price (or did not submit a NIM Residual Purchase Option Notice) of the
        amount of the highest Bid Price. If two or more holders of NIM Residual
        Securities shall have bid the same Bid Price, the Bid Holder shall be the
        holder
        of NIM Residual Securities with the greater Percentage Interest in the NIM
        Residual Securities. If the Master Servicer does not receive any NIM Residual
        Purchase Option Notices by such Bid Due Date, or if no NIM Residual Purchase
        Option Notice specifies a Bid Price equal to or greater than the Termination
        Price, then the Master Servicer shall not exercise the option to purchase
        the
        Mortgage Loans and certain other property of the Trust Fund on such Distribution
        Date (other than in accordance with clause (vii) below).

      

        (v)
           Not
          later
          than three (3) Business Days immediately preceding the Distribution Date
          in the
          related Bid Month, the Bid Holder shall remit the Bid Price as specified
          in the
          NIM Residual Purchase Option Notice to the Master Servicer, in immediately
          available funds. In the event that the Bid Price is not received by the
          Master
          Servicer in accordance with the preceding sentence, the Bid Holder's right
          to
          exercise such option shall terminate, the Master Servicer shall have no
          further obligation with respect to such Bid Holder, and such option shall
          not be exercised in such Bid Month.  Upon receipt of such funds from the
          Bid Holder, the Master Servicer shall promptly deposit the Termination
          Price in
          the Collection Account for subsequent deposit in the Certificate Account
          in
          accordance with Section 5.02. Any amounts received by the Master Servicer
          from
          the Bid Holder in excess of the Termination Price shall be remitted to
          the
          Securities Administrator for distribution to the holders of NIM Residual
          Securities. In no event shall any such excess be treated as being paid
          by any
          REMIC created hereby. 

         

      

      (vi)
         If
        the
        Bid Holder causes the Master Servicer to exercise the option to purchase
        the
        Mortgage Loans and certain other property of the Trust Fund, then the Master
        Servicer shall (i) cause the Trust Fund to adopt a plan of complete liquidation
        pursuant to Section 7.03(a)(i) hereof to sell all of its property and (ii)
        instruct the Trustee upon termination of the Trust Fund to transfer the property
        of the Trust Fund to the Bid Holder. The Bid Holder shall be obligated to
        reimburse the Master Servicer for its reasonable out-of-pocket expenses incurred
        in connection with its exercise of the option to purchase the Mortgage Loans
        and
        certain other property of the Trust Fund and to indemnify and hold harmless
        the
        Master Servicer for any losses, liabilities or expenses resulting from any
        claims directly resulting from or relating to the Master Servicer’s exercise of
        such option, except to the extent such losses, liabilities or expenses arise
        out
        of or result from the Master Servicer’s negligence, bad faith or willful
        misconduct. The terms of such expense reimbursement and the extent of such
        indemnity may be amended accordant to an agreement between the Master Servicer
        and the Bid Holder. 

      

      (vii)
         Commencing
        on the Distribution Date of the one year anniversary of the Initial Optional
        Termination Date, and on each Distribution Date thereafter, the Master Servicer
        shall have the right to exercise the Call Option or the Regular Interests
        Purchase Option. If the Master Servicer desires to exercise the Call Option
        or
        the Regular Interests Purchase Option, the Master Servicer shall notify the
        holders of NIM Residual Securities pursuant to a Purchase Option Notice that
        it
        desires to exercise such Call Option or such Regular Interest Purchase Option,
        as applicable, on the immediately succeeding Distribution Date. If one or
        more
        holders of NIM Residual Securities submit a NIM Residual Purchase Option
        Notice
        on or before the immediately succeeding Bid Due Date, then, the Master Servicer
        shall follow the procedures set forth in clauses (iv) through (vi) above.
        However, if no holder of NIM Residual Securities submits a NIM Residual Purchase
        Option Notice on or before the immediately succeeding Bid Due Date, then,
        on the
        immediately succeeding Distribution Date, the Master Servicer may exercise
        its
        right to purchase the Mortgage Loans and other property of the Trust Fund
        pursuant to Section 7.01(b) or the Lower Tier REMIC 1 Uncertificated Regular
        Interests pursuant to Section 7.01(c).

      

      
        
          
          

        

        
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      (viii) The
        Master Servicer shall not be liable for any consequential, special or punitive
        damages for the failure to deliver the Call Option Notice or any notification
        of
        the Termination Price pursuant to this Section 7.01(d).

      

      Section
        7.02. Procedure
        Upon Termination of Trust Fund or Purchase of Lower Tier REMIC 1 Uncertificated
        Regular Interests. 

      

      (a) Notice
        of
        any Trust Fund Termination Event and notice of the purchase of the Lower
        Tier
        REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date
        upon
        which the final distribution to the Certificates (other than the Class LT-R
        Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests) shall be made, shall be given by the Securities Administrator
        by first class mail to Certificateholders mailed promptly (and in no event
        later
        than five Business Days) (x) after the Securities Administrator has received
        notice from the Master Servicer, the NIMS Insurer or the LTURI-holder, as
        applicable, of its election to cause (1) the sale of all of the property
        of the
        Trust Fund pursuant to Section 7.01(b) or (2) the purchase of the Lower Tier
        REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c), or
        (y)
        upon the final payment or other liquidation of the last Mortgage Loan or
        REO
        Property in the Trust Fund. In the case of a Trust Fund Termination Event,
        the
        Securities Administrator shall also give notice to the Master Servicer, the
        Swap
        Counterparty, the Cap Counterparty and the Certificate Registrar at the time
        notice is given to Holders.

      

      In
        the
        case of a Trust Fund Termination Event, such notice shall specify (A) the
        Distribution Date upon which final distribution on the Certificates or Lower
        Tier REMIC 1 Uncertificated Regular Interests of all amounts required to
        be
        distributed to Certificateholders pursuant to Section 5.02 will be made upon
        presentation and surrender of the Certificates at the Corporate Trust Office,
        and (B) that the Record Date otherwise applicable to such Distribution Date
        is
        not applicable, distribution being made only upon presentation and surrender
        of
        the Certificates at the office or agency of the Securities Administrator
        therein
        specified. Upon any such Trust Fund Termination Event, the duties of the
        Certificate Registrar with respect to the Certificates or Lower Tier REMIC
        1
        Uncertificated Regular Interests shall terminate and the Securities
        Administrator shall terminate the Certificate Account and any other account
        or
        fund maintained with respect to the Certificates or Lower Tier REMIC 1
        Uncertificated Regular Interests, subject to the Securities Administrator’s
        obligation hereunder to hold all amounts payable to Certificateholders in
        trust
        without interest pending such payment. 

      

      
        
          
          

        

        
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      In
        the
        case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests,
        such notice shall specify (A) the Distribution Date upon which final
        distribution on the Certificates (other than the Class LT-R Certificates)
        of all
        amounts required to be distributed to Certificateholders pursuant to Section
        5.02 (other than any distributions to the Class LT-R Certificates in respect
        of
        REMIC 1) will be made upon presentation and surrender of the Certificates
        (other
        than the Class LT-R Certificates) at the Corporate Trust Office, and (B)
        that
        the Record Date otherwise applicable to such Distribution Date is not
        applicable, distribution being made only upon presentation and surrender
        of the
        Certificates (other than the Class LT-R Certificates) at the office or agency
        of
        the Securities Administrator therein specified. Upon any such purchase of
        the
        Lower Tier REMIC 1 Uncertificated Regular Interests, the duties of the
        Certificate Registrar with respect to the Certificates other than the Class
        LT-R
        Certificate shall terminate but the Securities Administrator shall not terminate
        the Certificate Account and any other account or fund maintained with respect
        to
        the Certificates, subject to the Securities Administrator’s obligation hereunder
        to hold all amounts payable to Certificateholders in trust without interest
        pending such payment. For all Distribution Dates following the Distribution
        Date
        on which the Master Servicer purchases the Lower Tier REMIC 1 Uncertificated
        Regular Interests, all amounts that would be distributed on the Certificates
        (other than the Class LT-R Certificate and exclusive of amounts payable from
        any
        fund held outside of REMIC 1) absent such purchase shall be payable to the
        LTURI-holder.

      

      (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 Securities Administrator shall give a second written
        notice
        to the remaining Certificateholders to surrender their Certificates for
        cancellation and receive the final distribution with respect thereto. If
        within
        one year after the second notice any Certificates shall not have been
        surrendered for cancellation, the Securities Administrator 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 Securities
        Administrator 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 Securities Administrator
        and
        not distributed to a Certificateholder due to such Certificateholder’s failure
        to surrender its Certificate(s) for payment of the final distribution thereon
        in
        accordance with this Section.

      

      (c) Any
        reasonable expenses incurred by the Securities Administrator in connection
        with
        any Trust Fund Termination Event or any purchase of the Lower Tier REMIC
        1
        Uncertificated Regular Interests shall be reimbursed from proceeds received
        from
        such termination or purchase.

      

      Section
        7.03. Additional
        Trust Fund Termination Event or Purchase of the Lower Tier REMIC 1
        Uncertificated Regular Interests. 

      

      (a) Any
        termination of the Trust Fund pursuant to Section 7.01(a) or any termination
        of
        a REMIC pursuant to Section 7.01(c) shall be effected in accordance with
        the
        following additional requirements, unless the Securities Administrator seeks
        (at
        the request of the party exercising the option to purchase all of the Mortgage
        Loans or Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to
        Section
        7.01(b) or Section 7.01(c), respectively), and subsequently receives, an
        Opinion
        of Counsel (at the expense of such requesting party), addressed to the
        Securities Administrator and any NIMS Insurer to the effect that the failure
        to
        comply with the requirements of this Section 7.03 will not result in an Adverse
        REMIC Event:

      

      
        
          
          

        

        
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      (i) Within
        89
        days prior to the time of the making of the final payment on the Certificates
        (other than the Class LT-R Certificates, in the case of a purchase of the
        Lower
        Tier REMIC 1 Uncertificated Regular Interests, upon notification by the Master
        Servicer, the Securities Administrator, any NIMS Insurer or an Affiliate
        of the
        Seller that it intends to exercise its option to cause the termination of
        the
        Trust Fund or purchase the Lower Tier REMIC 1 Uncertificated Regular Interests,
        the Securities Administrator shall adopt a plan of complete liquidation on
        behalf of each REMIC (other than REMIC 1, in the case of a purchase of the
        Lower
        Tier REMIC 1 Uncertificated Regular Interests), meeting the requirements
        of a
        qualified liquidation under the REMIC Provisions;

      

      (ii) Any
        sale
        of the assets of the Trust Fund or the Lower Tier REMIC 1 Uncertificated
        Regular
        Interests pursuant to Section 7.02 shall be a sale for cash and shall occur
        at
        or after the time of adoption of such a plan of complete liquidation and
        prior
        to the time of making of the final payment on the Certificates (other than
        the
        Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC
        1
        Uncertificated Regular Interests);

      

      (iii) On
        the
        date specified for final payment of the Certificates (other than the Class
        LT-R
        Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests), the Securities Administrator shall make final distributions
        of principal and interest on such Certificates and shall pay, in the case
        of a
        Trust Fund Termination Event, any Swap Termination Payment owed to the Swap
        Counterparty on the related Swap Payment Date (to the extent not paid on
        previous Swap Payment Dates) in accordance with Section 5.02. In the case
        of a
        Trust Fund Termination Event, and, after payment of, or provision for any
        outstanding expenses, the Securities Administrator shall distribute or credit,
        or cause to be distributed or credited, to the Holders of the Residual
        Certificates all cash on hand after such final payment (other than cash retained
        to meet claims), and the Trust Fund (and each REMIC) shall terminate at that
        time; and

      

      (iv) In
        no
        event may the final payment on the Certificates or the final distribution
        or
        credit to the Holders of the Residual Certificates in respect of the residual
        interest in any liquidated REMIC be made after the 89th day from the date
        on
        which the plan of complete liquidation for such REMIC is adopted.

      

      (b) By
        its
        acceptance of a Residual Certificate, each Holder thereof hereby agrees to
        accept the plan of complete liquidation prepared by the Depositor and adopted
        by
        the Securities Administrator under this Section and to take such other action
        in
        connection therewith as may be reasonably requested by the Master Servicer
        or
        any Servicer.

      

      (c) In
        connection with the termination of the Trust Fund, or a Section 7.01(c) Purchase
        Event, the Securities Administrator may request an Opinion of Counsel addressed
        to the Securities Administrator (at the expense of the Depositor) to the
        effect
        that all the requirements of a qualified liquidation under the REMIC Provisions
        have been met.

      

      
        
          
          

        

        
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      Section
        7.04. Optional
        Repurchase Right.

      

      The
        NIMS
        Insurer, if any, may repurchase any Distressed Mortgage Loan for a purchase
        price equal to the outstanding principal balance of such Mortgage Loan, plus
        accrued interest thereon to the date of repurchase plus any unreimbursed
        Advances, Servicing Advances or Servicing Fees allocable to such Distressed
        Mortgage Loan. Any such repurchase shall be accomplished by the NIMS Insurer’s
        remittance of the purchase price for the Distressed Mortgage Loan to the
        Master
        Servicer for deposit into the Certificate Account. The NIMS Insurer shall
        not
        use any procedure in selecting Distressed Mortgage Loans to be repurchased
        which
        would be materially adverse to Certificateholders.

      

      ARTICLE
        VIII

      

      RIGHTS
        OF
        CERTIFICATEHOLDERS

      

      Section
        8.01. Limitation
        on Rights of Holders. 

      

      (a) The
        death
        or incapacity of any Certificateholder shall not operate to terminate this
        Agreement or this Trust Fund, nor entitle such Certificateholder’s legal
        representatives or heirs to claim an accounting or take any action or proceeding
        in any court for a partition or winding up of this Trust Fund, nor otherwise
        affect the rights, obligations and liabilities of the parties hereto or any
        of
        them. Except as otherwise expressly provided herein, no Certificateholder,
        solely by virtue of its status as a Certificateholder, shall have any right
        to
        vote or in any manner otherwise control the Master Servicer or the operation
        and
        management of the Trust Fund, or the obligations of the parties hereto, nor
        shall anything herein set forth, or contained in the terms of the Certificates,
        be construed so as to constitute the Certificateholders from time to time
        as
        partners or members of an association, nor shall any Certificateholder be
        under
        any liability to any third person by reason of any action taken by the parties
        to this Agreement pursuant to any provision hereof.

      

      (b) No
        Certificateholder, solely by virtue of its status as Certificateholder, shall
        have any right by virtue or by availing of any provision of this Agreement
        to
        institute any suit, action or proceeding in equity or at law upon or under
        or
        with respect to this Agreement, unless such Holder previously shall have
        given
        to the Trustee a written notice of an Event of Default and of the continuance
        thereof, as hereinbefore provided, and unless also the Holders of Certificates
        evidencing not less than 25% of the Class Principal Amount (or Percentage
        Interest) of Certificates of each Class affected thereby shall, with the
        prior
        written consent of any NIMS Insurer, have made written request upon the Trustee
        to institute such action, suit or proceeding in its own name as Trustee
        hereunder and shall have offered to the Trustee such reasonable indemnity
        as it
        may require against the cost, expenses and liabilities to be incurred therein
        or
        thereby, and the Trustee, for sixty days after its receipt of such notice,
        request and offer of indemnity, shall have neglected or refused to institute
        any
        such action, suit or proceeding and no direction inconsistent with such written
        request has been given the Trustee during such sixty-day period by such
        Certificateholders or any NIMS Insurer; it being understood and intended,
        and
        being expressly covenanted by each Certificateholder with every other
        Certificateholder, any NIMS Insurer, the Securities Administrator and the
        Trustee, that no one or more Holders of Certificates shall have any right
        in any
        manner whatever by virtue or by availing of any provision of this Agreement
        to
        affect, disturb or prejudice the rights of the Holders of any other of such
        Certificates or the rights of any NIMS Insurer, or to obtain or seek to obtain
        priority over or preference to any other such Holder or any NIMS Insurer,
        or to
        enforce any right under this Agreement, except in the manner herein provided
        and
        for the benefit of all Certificateholders. For the protection and enforcement
        of
        the provisions of this Section, each and every Certificateholder, the NIMS
        Insurer and the Trustee shall be entitled to such relief as can be given
        either
        at law or in equity.

      

      
        
          
          

        

        
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      Section
        8.02. Access
        to List of Holders. 

      

      (a) If
        the
        Trustee or the Securities Administrator is not acting as Certificate Registrar,
        the Certificate Registrar will furnish or cause to be furnished to the Trustee,
        the Securities Administrator and any NIMS Insurer, within fifteen days after
        receipt by the Certificate Registrar of a request by the Trustee or any NIMS
        Insurer in writing, a list, in such form as the Trustee may reasonably require,
        of the names and addresses of the Certificateholders of each Class as of
        the
        most recent Record Date.

      

      (b) If
        any
        NIMS Insurer or three or more Holders or Certificate Owners (hereinafter
        referred to as “Applicants”) apply in writing to the Securities Administrator,
        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 Securities Administrator shall,
        within
        five Business Days after the receipt of such application, afford such Applicants
        reasonable access during the normal business hours of the Securities
        Administrator to the most recent list of Certificateholders held by the
        Securities Administrator or shall, as an alternative, send, at the Applicants’
expense, the written communication proffered by the Applicants to all
        Certificateholders at their addresses as they appear in the Certificate
        Register.

      

      (c) Every
        Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
        and holding a Certificate, agrees with the Depositor, the Master Servicer,
        the
        Securities Administrator, any NIMS Insurer, the Certificate Registrar and
        the
        Trustee that neither the Depositor, the Master Servicer, the Securities
        Administrator, any NIMS Insurer, the Certificate Registrar nor the Trustee
        shall
        be held accountable by reason of the disclosure of any such information as
        to
        the names and addresses of the Certificateholders hereunder, regardless of
        the
        source from which such information was derived.

      

      Section
        8.03. Acts
        of Holders of Certificates. 

      

      (a) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action provided by this Agreement to be given or taken by Holders or Certificate
        Owner, if the Holder is a Clearing Agency, may be embodied in and evidenced
        by
        one or more instruments of substantially similar tenor signed by such Holders
        in
        person or by agent duly appointed in writing; and, except as herein otherwise
        expressly provided, such action shall become effective when such instrument
        or
        instruments are delivered to the Trustee and the Securities Administrator
        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, the Securities Administrator and
        the
        Master Servicer, if made in the manner provided in this Section. Each of
        the
        Trustee, the Securities Administrator and the Master Servicer shall promptly
        notify the others of receipt of any such instrument by it, and shall promptly
        forward a copy of such instrument to the others.

      

      
        
          
          

        

        
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      (b) The
        fact
        and date of the execution by any Person of any such instrument or writing
        may be
        proved by the affidavit of a witness of such execution or by the certificate
        of
        any notary public or other officer authorized by law to take acknowledgments
        or
        deeds, certifying that the individual signing such instrument or writing
        acknowledged to him the execution thereof. Whenever such execution is by
        an
        officer of a corporation or a member of a partnership on behalf of such
        corporation or partnership, such certificate or affidavit shall also constitute
        sufficient proof of his authority. The fact and date of the execution of
        any
        such instrument or writing, or the authority of the individual executing
        the
        same, may also be proved in any other manner which the Trustee or the Securities
        Administrator, as applicable, deems sufficient.

      

      (c) The
        ownership of Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests
        (whether or not such Certificates or Lower Tier REMIC 1 Uncertificated Regular
        Interests shall be overdue and notwithstanding any notation of ownership
        or
        other writing thereon made by anyone other than the Trustee) shall be proved
        by
        the Certificate Register, and none of the Trustee, the Master Servicer, the
        Securities Administrator, the NIMS Insurer, or the Depositor shall be affected
        by any notice to the contrary.

      

      (d) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action by the Holder of any Certificate or Lower Tier REMIC 1 Uncertificated
        Regular Interest shall bind every future Holder of the same Certificate or
        Lower
        Tier REMIC 1 Uncertificated Regular Interest and the Holder of every Certificate
        or Lower Tier REMIC 1 Uncertificated Regular Interest issued upon the
        registration of transfer thereof or in exchange therefor or in lieu thereof,
        in
        respect of anything done, omitted or suffered to be done by the Trustee,
        the
        Securities Administrator or the Master Servicer in reliance thereon, whether
        or
        not notation of such action is made upon such Certificate or Lower Tier REMIC
        1
        Uncertificated Regular Interest.

      

      ARTICLE
        IX

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS; CREDIT RISK MANAGER

      

      Section
        9.01. Duties
        of the Master Servicer. 

      

      The
        Certificateholders, by their purchase and acceptance of the Certificates
        or
        Lower Tier REMIC 1 Uncertificated Regular Interests, appoint Wells Fargo
        Bank,
        N.A., as Master Servicer. For and on behalf of the Depositor, the Trustee
        and
        the Certificateholders, the Master Servicer shall master service the Mortgage
        Loans in accordance with the provisions of this Agreement and the provisions
        of
        each Servicing Agreement. Notwithstanding anything in this Agreement, any
        Servicing Agreement or any Credit Risk Management Agreement to the contrary,
        the
        Master Servicer shall have no duty or obligation to enforce any Credit Risk
        Management Agreement or to supervise, monitor or oversee the activities of
        any
        Servicer under its Credit Risk Management Agreement with respect to any action
        taken or not taken by a Servicer at the direction of the Seller or pursuant
        to a
        recommendation of the Credit Risk Manager.

      

      
        
          
          

        

        
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      Section
        9.02. Master
        Servicer Fidelity Bond and Master Servicer Errors and Omissions Insurance
        Policy. 

      

      (a) The
        Master Servicer, at its expense, shall maintain in effect a Master Servicer
        Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
        affording coverage with respect to all directors, officers, employees and
        other
        Persons acting on such Master Servicer’s behalf, and covering errors and
        omissions in the performance of the Master Servicer’s obligations hereunder. The
        Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
        Fidelity Bond shall be in such form and amount that would be consistent with
        coverage customarily maintained by master servicers of mortgage loans similar
        to
        the Mortgage Loans and the Master Servicer shall provide the Trustee and
        any
        NIMS Insurer upon request, with a copy of such policy and fidelity bond.
        The
        Master Servicer shall (i) require each Servicer to maintain an Errors and
        Omissions Insurance Policy and a Servicer Fidelity Bond in accordance with
        the
        provisions of the applicable Servicing Agreement, (ii) cause each Servicer
        to
        provide to the Master Servicer certificates evidencing that such policy and
        bond
        is in effect and to furnish to the Master Servicer any notice of cancellation,
        non-renewal or modification of the policy or bond received by it, as and
        to the
        extent provided in the applicable Servicing Agreement, and (iii) furnish
        copies
        of such policies and of the certificates and notices referred to in clause
        (ii)
        to the Trustee upon request.

      

      (b) The
        Master Servicer shall promptly report to the Trustee and any NIMS Insurer
        any
        material changes that may occur in the Master Servicer Fidelity Bond or the
        Master Servicer Errors and Omissions Insurance Policy and shall furnish to
        the
        Trustee and any NIMS Insurer, on request, certificates evidencing that such
        bond
        and insurance policy are in full force and effect. The Master Servicer shall
        promptly report to the Trustee and any NIMS Insurer all cases of embezzlement
        or
        fraud, if such events involve funds relating to the Mortgage Loans. The total
        losses, regardless of whether claims are filed with the applicable insurer
        or
        surety, shall be disclosed in such reports together with the amount of such
        losses covered by insurance. If a bond or insurance claim report is filed
        with
        any of such bonding companies or insurers, the Master Servicer shall promptly
        furnish a copy of such report to the Trustee and any NIMS Insurer. Any amounts
        relating to the Mortgage Loans collected by the Master Servicer under any
        such
        bond or policy shall be promptly deposited into the Certificate Account.
        Any
        amounts relating to the Mortgage Loans collected by the applicable Servicer
        under any such bond or policy shall be remitted to the Master Servicer to
        the
        extent provided in the applicable Servicing Agreement.

      

      
        
          
          

        

        
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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 the
        Trustee, any NIMS Insurer, each Rating Agency and the Depositor a copy of
        its
        annual unaudited financial statements on or prior to March 15 of each year,
        beginning March 15, 2007. Such financial statements shall include a balance
        sheet, income statement, statement of retained earnings, statement of additional
        paid-in capital, statement of changes in financial position and all related
        notes and schedules and shall be in comparative form, certified by a nationally
        recognized firm of Independent Accountants to the effect that such statements
        were examined and prepared in accordance with generally accepted accounting
        principles applied on a basis consistent with that of the preceding
        year.

      

      Section
        9.04. Power
        to Act; Procedures. 

      

      (a) The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article X hereof, and each Servicer shall have full power and authority (to
        the
        extent provided in the applicable Servicing Agreement) to do any and all
        things
        that it may deem necessary or desirable in connection with the servicing
        and
        administration of the Mortgage Loans, including but not limited to the power
        and
        authority (i) to execute and deliver, on behalf of the Certificateholders
        and
        the Trustee, customary consents or waivers and other instruments and documents,
        (ii) to consent to transfers of any Mortgaged Property and assumptions of
        the
        Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
        and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
        of the ownership of the Mortgaged Property securing any Mortgage Loan, in
        each
        case, in accordance with the provisions of this Agreement and the applicable
        Servicing Agreement, as applicable; provided that the Master Servicer shall
        not
        take, or knowingly permit any Servicer to take, any action that is inconsistent
        with or prejudices the interests of the Trust Fund or the Certificateholders
        in
        any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
        the
        Certificateholders under this Agreement. The Master Servicer shall represent
        and
        protect the interests of the Trust Fund in the same manner as it protects
        its
        own interests in mortgage loans in its own portfolio in any claim, proceeding
        or
        litigation regarding a Mortgage Loan and shall not make or knowingly permit
        any
        Servicer to make any modification, waiver or amendment of any term of any
        Mortgage Loan that would cause an Adverse REMIC Event. Without limiting the
        generality of the foregoing, the Master Servicer in its own name or in the
        name
        of a Servicer, and each Servicer, to the extent such authority is delegated
        to
        such Servicer under the applicable Servicing Agreement, is hereby authorized
        and
        empowered by the Trustee when the Master Servicer or such Servicer, as the
        case
        may be, believes it appropriate in its best judgment and in accordance with
        Accepted Servicing Practices and the applicable Servicing Agreement, to execute
        and deliver, on behalf of itself and the Certificateholders, the Trustee
        or any
        of them, any and all instruments of satisfaction or cancellation, or of partial
        or full release or discharge and all other comparable instruments, with respect
        to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
        shall furnish to the Master Servicer, upon request, with any powers of attorney
        empowering the Master Servicer or any Servicer to execute and deliver
        instruments of satisfaction or cancellation, or of partial or full release
        or
        discharge, and to foreclose upon or otherwise liquidate Mortgaged Property,
        and
        to appeal, prosecute or defend in any court action relating to the Mortgage
        Loans or the Mortgaged Property, in accordance with the applicable Servicing
        Agreement and this 

      

      
        
          
          

        

        
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      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 any Servicer).
        If the Master Servicer or the Trustee has been advised that it is likely
        that
        the laws of the state in which action is to be taken prohibit such action
        if
        taken in the name of the Trustee or that the Trustee would be adversely affected
        under the “doing business” or tax laws of such state if such action is taken in
        its name, then upon request of the Trustee the Master Servicer shall join
        with
        the Trustee in the appointment of a co-trustee pursuant to Section 6.09 hereof.
        In no event shall the Master Servicer, without the Trustee’s written consent:
        (i) initiate any action, suit or proceeding solely under the Trustee’s name
        without indicating the Master Servicer in its applicable, representative
        capacity, so long as the jurisdictional and procedural rules will allow for
        this
        insertion to occur, (ii) initiate any action, suit or proceeding not directly
        relating to the servicing of a Mortgage Loan (including but not limited to
        actions, suits or proceedings against Certificateholders, or against the
        Depositor or the Transferor for breaches of representations and warranties)
        solely under the Trustee’s name, (iii) engage counsel to represent the Trustee
        in any action, suit or proceeding not directly relating to the servicing
        of a
        Mortgage Loan (including but not limited to actions, suits or proceedings
        against Certificateholders, or against the Depositor or the Transferor for
        breaches of representations and warranties), or (iv) prepare, execute or
        deliver
        any government filings, forms, permits, registrations or other documents
        or take
        any action with the intent to cause, and that actually causes, the Trustee
        to be
        registered to do business in any state. The Master Servicer shall indemnify
        the
        Trustee for any and all costs, liabilities and expenses incurred by the Trustee
        in connection with the negligent or willful misuse of such powers of attorney
        by
        the Master Servicer. In the performance of its duties hereunder, the Master
        Servicer shall be an independent contractor and shall not, except in those
        instances where it is taking action in the name of the Trustee on behalf
        of the
        Trust Fund, be deemed to be the agent of the Trustee.

      

      (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 Premium, except as set forth below)
        and
        (ii) extend the due dates for payments due on a Mortgage Note for a period
        not
        greater than 120 days; provided,
        however,
        that the
        maturity of any Mortgage Loan shall not be extended past the date on which
        the
        final payment is due on the latest maturing Mortgage Loan as of the Cut-off
        Date. In the event of any extension described in clause (ii) above, the Master
        Servicer shall make or cause such Servicer (if required by the applicable
        Servicing Agreement) to make Advances on the related Mortgage Loan in accordance
        with the provisions of Section 5.04 on the basis of the amortization schedule
        of
        such Mortgage Loan without modification thereof by reason of such extension.
        Notwithstanding anything to the contrary in this Agreement, the Master Servicer
        shall not make or knowingly permit any modification, waiver or amendment
        of any
        material term of any Mortgage Loan, unless: (1) such Mortgage Loan is in
        default
        or default by the related Mortgagor is, in the reasonable judgment of the
        Master
        Servicer or the related Servicer, reasonably foreseeable, (2) in the case
        of a
        waiver of a Prepayment Premium, (a) such Mortgage Loan is in default or default
        by the related Mortgagor is, in the reasonable judgment of the Master Servicer
        or the related Servicer, reasonably foreseeable and such waiver would maximize
        recovery of total proceeds taking into account the value of such Prepayment
        Premium and the related Mortgage Loan or (b) if the prepayment is not the
        result
        of a refinance by the Servicer or any of its affiliates and (i) such Mortgage
        Loan is in default or default by the related Mortgagor is, in the reasonable
        judgment of the Master Servicer or the related Servicer, reasonably foreseeable
        and such waiver would maximize recovery of total proceeds taking into account
        the value of such Prepayment Premium and the related Mortgage Loan or (ii)
        the
        collection of the Prepayment Premium would be in violation of applicable
        law or
        (iii) the collection of such Prepayment Premium would be considered “predatory”
pursuant to written guidance published or issued by any applicable federal,
        state or local regulatory authority acting in its official capacity and having
        jurisdiction over such matters and (3) the Master Servicer shall have provided
        or caused to be provided to the Trustee an Opinion of Counsel addressed to
        the
        Trustee (which opinion shall, if provided by the Master Servicer, be an expense
        reimbursed from the Certificate Account pursuant to Section 4.02(v)) to the
        effect that such modification, waiver or amendment would not result in an
        Adverse REMIC Event; provided, in no event shall an Opinion of Counsel be
        required for the waiver of a Prepayment Premium under clause (2)
        above.

      

      
        
          
          

        

        
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      Section
        9.05. Enforcement
        of Servicer’s and Master Servicer’s Obligations. 

      

      (a) Each
        Servicing Agreement requires the applicable Servicer, respectively, to service
        the Mortgage Loans in accordance with the provisions thereof. References
        in this
        Agreement to actions taken or to be taken by the Master Servicer include
        actions
        taken or to be taken by a Servicer on behalf of the Master Servicer. Any
        fees
        and other amounts payable to a Servicer shall be deducted from amounts remitted
        to the Master Servicer by such Servicer (to the extent permitted by the
        applicable Servicing Agreement) and shall not be an obligation of the Trust
        Fund, the Trustee or the Master Servicer.

      

      (b) The
        Master Servicer shall not be required to (i) take any action with respect
        to the
        servicing of any Mortgage Loan that the related Servicer is not required
        to take
        under the related Servicing Agreement and (ii) cause a Servicer to take any
        action or refrain from taking any action if the related Servicing Agreement
        does
        not require such 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 such Servicer to
        take
        such action.

      

      (c) The
        Master Servicer, for the benefit of the Trustee, any NIMS Insurer and the
        Certificateholders, shall enforce the obligations of each Servicer under
        the
        related Servicing Agreement, and shall, in the event that a Servicer fails
        to
        perform its obligations in accordance therewith, terminate the rights and
        obligations of such Servicer thereunder and either act as servicer of the
        related Mortgage Loans or cause the other parties hereto to enter into a
        Servicing Agreement (and such parties hereby agree to execute and deliver
        any
        such successor Servicing Agreement), with a successor Servicer. Such
        enforcement, including, without limitation, the legal prosecution of claims,
        termination of Servicing Agreements and the pursuit of other appropriate
        remedies, shall be in such form and carried out to such an extent and at
        such
        time as the Master Servicer, in its good faith business judgment, would require
        were it the owner of the related Mortgage Loans. The Master Servicer shall
        pay
        the costs of such enforcement at its own expense, and shall be reimbursed
        therefor initially (i) from a general recovery resulting from such enforcement
        only to the extent, if any, that such recovery exceeds all amounts due in
        respect of the related Mortgage Loans, (ii) from a specific recovery of costs,
        expenses or attorneys’ fees against the party against whom such enforcement is
        directed, and then, (iii) to the extent that such amounts are insufficient
        to
        reimburse the Master Servicer for the costs of such enforcement, from the
        Certificate Account.

      

      
        
          
          

        

        
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      (d) The
        Master Servicer shall be entitled to conclusively rely on any certifications,
        reports 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.

      

      Section
        9.06. Collection
        of Taxes, Assessments and Similar Items. 

      

      (a) To
        the
        extent provided in the applicable Servicing Agreement, the Master Servicer
        shall
        cause each Servicer to establish and maintain one or more custodial accounts
        at
        a depository institution (which may be a depository institution with which
        the
        Master Servicer or any Servicer establishes accounts in the ordinary course
        of
        its servicing activities), the accounts of which are insured to the maximum
        extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
        any collections of amounts received with respect to amounts due for taxes,
        assessments, water rates, standard hazard insurance policy premiums, Payaheads,
        if applicable, or any comparable items for the account of the Mortgagors.
        Withdrawals from any Escrow Account may be made (to the extent amounts have
        been
        escrowed for such purpose) only in accordance with the applicable Servicing
        Agreement. Each Servicer shall be entitled to all investment income not required
        to be paid to Mortgagors on any Escrow Account maintained by such Servicer.
        The
        Master Servicer shall make (or cause to be made) to the extent provided in
        the
        applicable Servicing Agreement advances to the extent necessary in order
        to
        effect timely payment of taxes, water rates, assessments, standard hazard
        insurance policy premiums or comparable items in connection with the related
        Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
        pay
        such items), provided that it or the applicable Servicer has determined that
        the
        funds so advanced are recoverable from escrow payments, reimbursement pursuant
        to Section 4.02 or otherwise.

      

      (b) Costs
        incurred by the Master Servicer or by any Servicer in effecting the timely
        payment of taxes and assessments on the properties subject to the Mortgage
        Loans
        may be added to the amount owing under the related Mortgage Note where the
        terms
        of the Mortgage Note so permit; provided,
        however,
        that the
        addition of any such cost shall not be taken into account for purposes of
        calculating the distributions to be made to Certificateholders. Such costs,
        to
        the extent that they are unanticipated, extraordinary costs, and not ordinary
        or
        routine costs shall be recoverable as a Servicing Advance by the Master Servicer
        pursuant to Section 4.02.

      

      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,
        the
        Master Servicer shall provide for the servicing of the Mortgage Loans by
        a
        successor Servicer to be appointed as provided in the applicable Servicing
        Agreement.

      

      
        
          
          

        

        
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      The
        parties acknowledge that notwithstanding the preceding sentence, there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of
        servicing to a successor Servicer. The Master Servicer shall be entitled
        to be
        reimbursed from each Servicer (or by the Trust Fund, if the Servicer is unable
        to fulfill its obligations hereunder) for all costs associated with the transfer
        of servicing from the predecessor servicer, including without limitation,
        any
        costs or expenses associated with the complete transfer of all servicing
        data
        and the completion, correction or manipulation of such servicing data, as
        may be
        required by the Master Servicer to correct any errors or insufficiencies
        in the
        servicing data or otherwise to enable the Master Servicer to service the
        Mortgage Loans properly and effectively.

      

      (b) If
        the
        Master Servicer acts as a successor Servicer, it will not assume liability
        for
        the representations and warranties of a Servicer, if any, that it replaces.
        The
        Master Servicer shall use reasonable efforts to have the successor Servicer
        assume liability for the representations and warranties made by the terminated
        Servicer in the related Servicing Agreement, and in the event of any such
        assumption by the successor Servicer, the Trustee or the Master Servicer,
        as
        applicable, may, in the exercise of its business judgment, release the
        terminated Servicer from liability for such representations and
        warranties.

      

      (c) If
        the
        Master Servicer acts as a successor Servicer, it will have the same obligations
        to make Advances as the Servicer under the related Servicing Agreement and
        to
        reimburse the successor Servicer for unreimbursed Advances if required by
        the
        Servicing Agreement but will have no obligation to make an Advance if it
        determines in its reasonable judgment that such Advance is non-recoverable.
        To
        the extent that the Master Servicer is unable to find a successor Servicer
        that
        is willing to service the Mortgage Loans for the Servicing Fee because of
        the
        obligation of the Servicer to make Advances regardless of whether such Advance
        is recoverable, the applicable Servicing Agreement may be amended to provide
        that the successor Servicer shall have no obligation to make an Advance if
        it
        determines in its reasonable judgment that such Advance is non-recoverable
        and
        provides an Officer’s Certificate to such effect to the Master Servicer, the
        Trustee and the NIMS Insurer.

      

      Section
        9.08. Master
        Servicer Liable for Enforcement. 

      

      Notwithstanding
        any Servicing Agreement, the Master Servicer shall remain obligated and liable
        to the Trustee, any NIMS Insurer and the Certificateholders in accordance
        with
        the provisions of this Agreement, to the extent of its obligations hereunder,
        without diminution of such obligation or liability by virtue of such Servicing
        Agreements. The Master Servicer shall use commercially reasonable efforts
        to
        ensure that the Mortgage Loans are serviced in accordance with the provisions
        of
        this Agreement and shall use commercially reasonable efforts to enforce the
        provisions of each Servicing Agreement for the benefit of the Certificateholders
        and any NIMS Insurer. The Master Servicer shall be entitled to enter into
        any
        agreement with any Servicer for indemnification of the Master Servicer and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. Except as expressly set forth herein, the Master Servicer
        shall
        have no liability for the acts or omissions of any Servicer in the performance
        by such Servicer of its obligations under the related Servicing
        Agreement.

      

      
        
          
          

        

        
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      Section
        9.09. No
        Contractual Relationship Between Any Servicer and Trustee or Depositor.

      

      Any
        Servicing Agreement that may be entered into and any other transactions or
        services relating to the Mortgage Loans involving any Servicer in its capacity
        as such and not as an originator shall be deemed to be between such Servicer,
        the Seller and the Master Servicer, and the Trustee, any NIMS Insurer and
        the
        Depositor shall not be deemed parties thereto and shall have no obligations,
        duties or liabilities with respect to such Servicer except as set forth in
        Section 9.10 hereof, but shall have rights thereunder as third party
        beneficiaries. It is furthermore understood and agreed by the parties hereto
        that the obligations of any Servicer are set forth in their entirety in such
        Servicer’s related Servicing Agreement and such Servicer has no obligations
        under and is not otherwise bound by the terms of this Agreement.

      

      Section
        9.10. Assumption
        of Servicing Agreement by Securities Administrator. 

      

      (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), the Trustee
        (or its designee) shall thereupon assume all of the rights and obligations
        of
        such Master Servicer hereunder and under each Servicing Agreement entered
        into
        with respect to the Mortgage Loans. The Trustee, its designee or any successor
        master servicer appointed by the Trustee shall be deemed to have assumed
        all of
        the Master Servicer’s interest herein and therein to the same extent as if such
        Servicing Agreement had been assigned to the assuming party, except that
        the
        Master Servicer shall not thereby be relieved of any liability or obligations
        of
        the Master Servicer under such Servicing Agreement accruing prior to its
        replacement as Master Servicer, and shall be liable to the Trustee and any
        NIMS
        Insurer, and hereby agrees to indemnify and hold harmless the Trustee and
        any
        NIMS Insurer from and against all costs, damages, expenses and liabilities
        (including reasonable attorneys’ fees) incurred by the Trustee or any NIMS
        Insurer as a result of such liability or obligations of the Master Servicer
        and
        in connection with the Trustee’s assumption (but not its performance, except to
        the extent that costs or liability of the Trustee are created or increased
        as a
        result of negligent or wrongful acts or omissions of the Master Servicer
        prior
        to its replacement as Master Servicer) of the Master Servicer’s obligations,
        duties or responsibilities thereunder.

      

      (b) The
        Master Servicer that has been terminated shall, upon request of the Trustee
        but
        at the expense of such Master Servicer, deliver to the assuming party all
        documents and records relating to each Servicing Agreement and the related
        Mortgage Loans and an accounting of amounts collected and held by it and
        otherwise use its best efforts to effect the orderly and efficient transfer
        of
        each Servicing Agreement to the assuming party.

      

      Section
        9.11. Due-on-Sale
        Clauses; Assumption Agreements. 

      

      To
        the
        extent provided in the applicable Servicing Agreement, to the extent Mortgage
        Loans contain enforceable due-on-sale clauses, the Master Servicer shall
        cause
        the related Servicer to enforce such clauses in accordance with the applicable
        Servicing Agreement. If applicable law prohibits the enforcement of a
        due-on-sale clause or such clause is otherwise not enforced in accordance
        with
        the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
        is
        assumed, the original Mortgagor may be released from liability in accordance
        with the applicable Servicing Agreement.

      

      
        
          
          

        

        
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      Section
        9.12. Release
        of Mortgage Files. 

      

      (a) Upon
        (i)
        becoming aware of the payment in full of any Mortgage Loan or (ii) the receipt
        by the Master Servicer of a notification that payment in full has been or
        will
        be escrowed in a manner customary for such purposes, the Master Servicer
        will,
        or will cause the related Servicer to, promptly notify the Trustee (or the
        applicable Custodian) and the Securities Administrator by a certification
        (which
        certification shall include a statement to the effect that all amounts received
        in connection with such payment that are required to be deposited in the
        Certificate Account have been or will be so deposited) of a Servicing Officer
        and shall request (on the form attached hereto as Exhibit C or on the form
        attached to the related Custodial Agreement) the Trustee or the applicable
        Custodian, to deliver to the applicable Servicer the related Mortgage File.
        Upon
        receipt of such certification and request, the Trustee or the applicable
        Custodian (with the consent, and at the direction of the Trustee), shall
        promptly release the related Mortgage File to the applicable Servicer and
        the
        Trustee shall have no further responsibility with regard to such Mortgage
        File.
        Upon any such payment in full, the Master Servicer is authorized, and each
        Servicer, to the extent such authority is provided for under the applicable
        Servicing Agreement, is authorized, to give, as agent for the Trustee, as
        the
        mortgagee under the Mortgage that secured the Mortgage Loan, an instrument
        of
        satisfaction (or assignment of mortgage without recourse) regarding the
        Mortgaged Property subject to the Mortgage, which instrument of satisfaction
        or
        assignment, as the case may be, shall be delivered to the Person or Persons
        entitled thereto against receipt therefor of such payment, it being understood
        and agreed that no expenses incurred in connection with such instrument of
        satisfaction or assignment, as the case may be, shall be chargeable to the
        Certificate Account.

      

      (b) From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan
        and in accordance with Accepted Servicing Practices and the applicable Servicing
        Agreement, the Trustee shall execute such documents as shall be prepared
        and
        furnished to the Trustee by the Master Servicer, or by a Servicer (in form
        reasonably acceptable to the Trustee) and as are necessary to the prosecution
        of
        any such proceedings. The Trustee or the applicable Custodian, shall, upon
        request of the Master Servicer, or of a Servicer, and delivery to the Trustee
        or
        the applicable Custodian, of a request for release of documents and a receipt
        signed by a Servicing Officer substantially in the form of Exhibit C, release
        the related Mortgage File held in its possession or control to the Master
        Servicer (or the applicable Servicer). Such receipt shall obligate the Master
        Servicer or Servicer to return the Mortgage File to the Trustee or the
        applicable Custodian, as applicable, when the need therefor by the Master
        Servicer or Servicer no longer exists unless the Mortgage Loan shall be
        liquidated, in which case, upon receipt of a certificate of a Servicing Officer
        similar to that hereinabove specified, the receipt shall be released by the
        Trustee or the applicable Custodian, as applicable, to the Master Servicer
        (or
        the applicable Servicer).

      

      Section
        9.13. Documents,
        Records and Funds in Possession of Master Servicer to be Held for Trustee.
        

      

      (a) The
        Master Servicer shall transmit, or cause the applicable Servicer to transmit,
        to
        the Trustee such documents and instruments coming into the possession of
        the
        Master Servicer or such Servicer from time to time as are required by the
        terms
        hereof or of the applicable Servicing Agreement to be delivered to the Trustee
        or the applicable Custodian. Any funds received by the Master Servicer or
        by a
        Servicer in respect of any Mortgage Loan or which otherwise are collected
        by the
        Master Servicer or a Servicer as Liquidation Proceeds or Insurance Proceeds
        in
        respect of any Mortgage Loan shall be held for the benefit of the Trustee
        and
        the Certificateholders subject to the Master Servicer’s right to retain or
        withdraw from the Certificate Account the Master Servicing Fee and other
        amounts
        provided in this Agreement and to the right of each Servicer to retain its
        Servicing Fee and other amounts as provided in the related Servicing Agreement.
        The Master Servicer shall, and shall (to the extent provided in the applicable
        Servicing Agreement) cause each Servicer to, provide access to information
        and
        documentation regarding the Mortgage Loans to the Trustee, any NIMS Insurer,
        their respective agents and accountants at any time upon reasonable request
        and
        during normal business hours, and to Certificateholders that are savings
        and
        loan associations, banks or insurance companies, the Office of Thrift
        Supervision, the FDIC and the supervisory agents and examiners of such Office
        and Corporation or examiners of any other federal or state banking or insurance
        regulatory authority if so required by applicable regulations of the Office
        of
        Thrift Supervision or other regulatory authority, such access to be afforded
        without charge but only upon reasonable request in writing and during normal
        business hours at the offices of the Master Servicer designated by it. In
        fulfilling such a request the Master Servicer shall not be responsible for
        determining the sufficiency of such information.

      

      
        
          
          

        

        
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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 Liquidation Proceeds
        or Insurance Proceeds, shall be held by the Master Servicer, or by any Servicer,
        for and on behalf of the Trustee and the Certificateholders and shall be
        and
        remain the sole and exclusive property of the Trustee; provided,
        however,
        that the
        Master Servicer and each Servicer shall be entitled to setoff against, and
        deduct from, any such funds any amounts that are properly due and payable
        to the
        Master Servicer or such Servicer under this Agreement or the applicable
        Servicing Agreement and shall be authorized to remit such funds to the
        Securities Administrator 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 any Servicer or the Master Servicer in connection with the Mortgage
        Loans, whether as scheduled installments of principal and interest or as
        full or
        partial prepayments of principal or interest or as Liquidation Proceeds or
        Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
        proceeds of proceeds (but excluding any fee or other amounts to which a Servicer
        is entitled under the applicable Servicing Agreement, or the Master Servicer
        or
        the Depositor is entitled to hereunder); and the Master Servicer agrees that
        so
        long as the Mortgage Loans are assigned to and held by the Trustee or the
        applicable Custodian, all documents or instruments constituting part of the
        Mortgage Files, and such funds relating to the Mortgage Loans which come
        into
        the possession or custody of, or which are subject to the control of, the
        Master
        Servicer or any Servicer shall be held by the Master Servicer or such Servicer
        for and on behalf of the Trustee as the Trustee’s agent and bailee for purposes
        of perfecting the Trustee’s security interest therein as provided by the
        applicable Uniform Commercial Code or other applicable laws.

      

      
        
          
          

        

        
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      (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 Certificate Account, or any
        funds that otherwise are or may become due or payable to the Trustee, to
        any
        claim, lien, security interest, judgment, levy, writ of attachment or other
        encumbrance, nor assert by legal action or otherwise any claim or right of
        setoff against any Mortgage Loan or any funds collected on, or in connection
        with, a Mortgage Loan.

      

      Section
        9.14. Representations
        and Warranties of the Master Servicer. 

      

      (a) The
        Master Servicer hereby represents and warrants to the Depositor, any NIMS
        Insurer, the Securities Administrator and the Trustee, for the benefit of
        the
        Certificateholders, as of the Closing Date that:

      

      (i) it
        is
        validly existing and in good standing under the laws of the state of its
        incorporation, and as Master Servicer has full power and authority to transact
        any and all business contemplated by this Agreement and to execute, deliver
        and
        comply with its obligations under the terms of this Agreement, the execution,
        delivery and performance of which have been duly authorized by all necessary
        corporate action on the part of the Master Servicer;

      

      (ii) the
        execution and delivery of this Agreement by the Master Servicer and its
        performance and compliance with the terms of this Agreement will not (A)
        violate
        the Master Servicer’s charter or bylaws, (B) violate any law or regulation or
        any administrative decree or order to which it is subject or (C) constitute
        a
        default (or an event which, with notice or lapse of time, or both, would
        constitute a default) under, or result in the breach of, any material contract,
        agreement or other instrument to which the Master Servicer is a party or
        by
        which it is bound or to which any of its assets are subject, which violation,
        default or breach would materially and adversely affect the Master Servicer’s
        ability to perform its obligations under this Agreement;

      

      (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;

      

      
        
          
          

        

        
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      (v) the
        Master Servicer is not a party to or bound by any agreement or instrument
        or
        subject to any charter provision, bylaw or any other corporate restriction
        or
        any judgment, order, writ, injunction, decree, law or regulation that may
        materially and adversely affect its ability as Master Servicer to perform
        its
        obligations under this Agreement or that requires the consent of any third
        person to the execution of this Agreement or the performance by the Master
        Servicer of its obligations under this Agreement; 

      

      (vi) no
        litigation is pending or, to the best of the Master Servicer’s knowledge,
        threatened against the Master Servicer which would prohibit its entering
        into
        this Agreement or performing its obligations under this Agreement;

      

      (vii) the
        Master Servicer, or an affiliate thereof the primary business of which is
        the
        servicing of conventional residential mortgage loans, is a Fannie Mae- or
        Freddie Mac-approved seller/servicer;

      

      (viii) no
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Master
        Servicer of or compliance by the Master Servicer with this Agreement or the
        consummation of the transactions contemplated by this Agreement, except for
        such
        consents, approvals, authorizations and orders (if any) as have been
        obtained;

      

      (ix) the
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Master Servicer;

      

      (x) the
        Master Servicer has obtained an Errors and Omissions Insurance Policy and
        a
        Fidelity Bond in accordance with Section 9.02 each of which is in full force
        and
        effect, and each of which provides at least such coverage as is required
        hereunder; and

      

      (xi) the
        information about the Master Servicer under the heading “The Master Servicer” in
        the Offering Documents relating to the Master Servicer does not include an
        untrue statement of a material fact and does not omit to state a material
        fact,
        with respect to the statements made, necessary in order to make the statements
        in light of the circumstances under which they were made not
        misleading.

      

      (b) It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 9.14 shall survive the execution and delivery of this Agreement.
        The
        Master Servicer shall indemnify the Depositor, the Trustee and any NIMS Insurer
        and hold them harmless against any loss, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and other costs and expenses resulting
        from any claim, demand, defense or assertion based on or grounded upon, or
        resulting from, a breach of the Master Servicer’s representations and warranties
        contained in Section 9.14(a). It is understood and agreed that the enforcement
        of the obligation of the Master Servicer set forth in this Section to indemnify
        the Depositor, the Trustee and any NIMS Insurer as provided in this Section
        constitutes the sole remedy (other than as set forth in Section 6.14) of
        the
        Depositor, the Trustee and any NIMS Insurer, respecting a breach of the
        foregoing representations and warranties. Such indemnification shall survive
        any
        termination of the Master Servicer as Master Servicer hereunder, and any
        termination of this Agreement.

      

      
        
          
          

        

        
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      Any
        cause
        of action against the Master Servicer relating to or arising out of the breach
        of any representations and warranties made in this Section shall accrue upon
        discovery of such breach by any of the Depositor, the Master Servicer, the
        Trustee or any NIMS Insurer or notice thereof by any one of such parties
        to the
        other parties. 

      

      (c) It
        is
        understood and agreed that the representations and warranties of the Depositor
        set forth in Sections 2.03(a)(i) through (vi) shall survive the execution
        and
        delivery of this Agreement. The Depositor shall indemnify the Master Servicer
        and hold each harmless against any loss, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and other costs and expenses resulting
        from any claim, demand, defense or assertion based on or grounded upon, or
        resulting from, a breach of the Depositor’s representations and warranties
        contained in Sections 2.03(a)(i) through (vi) hereof. It is understood and
        agreed that the enforcement of the obligation of the Depositor set forth
        in this
        Section to indemnify the Master Servicer as provided in this Section constitutes
        the sole remedy hereunder of the Master Servicer respecting a breach by the
        Depositor of the representations and warranties in Sections 2.03(a)(i) through
        (vi) hereof.

      

      (d) Any
        cause
        of action against the Master Servicer relating to or arising out of the breach
        of any representations and warranties made in this Section shall accrue upon
        discovery of such breach by either the Depositor, the Master Servicer, the
        Trustee or any NIMS Insurer or notice thereof by any one of such parties
        to the
        other parties. Notwithstanding anything in this Agreement to the contrary,
        the
        Master Servicer shall not be liable for special, indirect or consequential
        losses or damages of any kind whatsoever (including, but not limited to,
        lost
        profits);
        provided, however,
        that
        this Subsection 9.14(d) shall not apply in connection with any failure by
        the
        Master Servicer to comply with the provisions of Sections 9.25 and 9.26
        hereof.

      

      Section
        9.15. Opinion.
        

      

      On
        or
        before the Closing Date, the Master Servicer shall cause to be delivered
        to the
        Depositor, the Seller, the Trustee, the Swap Counterparty, the Cap Counterparty
        and any NIMS Insurer one or more Opinions of Counsel, dated the Closing Date,
        in
        form and substance reasonably satisfactory to the Depositor and Lehman Brothers
        Inc., as to the due authorization, execution and delivery of this Agreement
        by
        the Master Servicer and the enforceability thereof. 

      

      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.

      

      
        
          
          

        

        
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      Pursuant
        to Section 4.01, any amounts collected by the Master Servicer, or by any
        Servicer, under any insurance policies maintained pursuant to this Section
        9.16
        or any Servicing Agreement (other than amounts to be applied to the restoration
        or repair of the property subject to the related Mortgage or released to
        the
        Mortgagor in accordance with the applicable Servicing Agreement) shall be
        deposited into the Certificate Account, subject to withdrawal pursuant to
        Section 4.02. Any cost incurred by the Master Servicer or any Servicer in
        maintaining any such insurance if the Mortgagor defaults in its obligation
        to do
        so shall be added to the amount owing under the Mortgage Loan where the terms
        of
        the Mortgage Loan so permit; provided,
        however,
        that the
        addition of any such cost shall not be taken into account for purposes of
        calculating the distributions to be made to Certificateholders and shall
        be
        recoverable by the Master Servicer or such Servicer pursuant to Section
        4.02.

      

      Section
        9.17. Presentment
        of Claims and Collection of Proceeds. 

      

      The
        Master Servicer shall cause each Servicer (to the extent provided in the
        applicable Servicing Agreement) to, prepare and present on behalf of the
        Trustee
        and the Certificateholders all claims under the Insurance Policies with respect
        to the Mortgage Loans, and take such actions (including the negotiation,
        settlement, compromise or enforcement of the insured’s claim) as shall be
        necessary to realize recovery under such policies. Any proceeds disbursed
        to the
        Master Servicer (or disbursed to a Servicer and remitted to the Master Servicer)
        in respect of such policies or bonds shall be promptly deposited in the
        Certificate Account or the applicable Custodial Account upon receipt, except
        that any amounts realized that are to be applied to the repair or restoration
        of
        the related Mortgaged Property as a condition requisite to the presentation
        of
        claims on the related Mortgage Loan to the insurer under any applicable
        Insurance Policy need not be so deposited (or remitted).

      

      Section
        9.18. Maintenance
        of the Primary Mortgage Insurance Policies.

      

      (a) The
        Master Servicer shall remit on behalf of each Servicer to the PMI Insurers,
        the
        applicable PMI Insurance Premiums and provide monthly Mortgage Loan balance
        updates to the related PMI Insurer. The Master Servicer shall not take, or
        knowingly permit any Servicer (consistent with the applicable Servicing
        Agreement) to take, any action that would result in noncoverage under any
        applicable Primary Mortgage Insurance Policy of any loss which, but for the
        actions of such Master Servicer or such Servicer, would have been covered
        thereunder. The Master Servicer shall not, and shall not knowingly permit
        any
        Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
        Policy that is in effect at the date of the initial issuance of the Certificates
        and is required to be kept in force hereunder except in accordance with the
        provisions of this Agreement and the related Servicing Agreement, as applicable.
        

      

      (b) 
        The
        Master Servicer agrees, to the extent provided in each Servicing Agreement,
        to
        cause each Servicer to present, on behalf of the Trustee and the
        Certificateholders, claims to the insurer under any Primary Mortgage Insurance
        Policies and, in this regard, to take such reasonable action as shall be
        necessary to permit recovery under any Primary Mortgage Insurance Policies
        respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
        collected by the Master Servicer or any Servicer under any Primary Mortgage
        Insurance Policies shall be deposited in the Certificate Account, subject
        to
        withdrawal pursuant to Section 4.02.

      

      
        
          
          

        

        
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      Section
        9.19. Trustee
        To Retain Possession of Certain Documents. 

      

      The
        Trustee (or the applicable Custodian on behalf of the Trustee) shall retain
        possession and custody of the originals of the Primary Mortgage Insurance
        Policies or certificate of insurance if applicable and any certificates of
        renewal as to the foregoing as may be issued from time to time as contemplated
        by this Agreement. Until all amounts distributable in respect of the
        Certificates have been distributed in full and the Master Servicer otherwise
        has
        fulfilled its obligations under this Agreement, the Trustee (or the applicable
        Custodian) shall retain possession and custody of each Mortgage File in
        accordance with and subject to the terms and conditions of this Agreement.
        The
        Master Servicer shall promptly deliver or cause each Servicer to deliver
        to the
        Trustee (or the applicable Custodian), upon the execution or receipt thereof
        the
        originals of the Primary Mortgage Insurance Policies and any certificates
        of
        renewal thereof, and such other documents or instruments that constitute
        portions of the Mortgage File that come into the possession of the Master
        Servicer or any Servicer from time to time.

      

      Section
        9.20. [Reserved] 

      

      Section
        9.21. Compensation
        to the Master Servicer. 

      

      The
        Master Servicer shall be entitled to withdraw from the Certificate Account,
        subject to Section 5.05, the Master Servicing Fee to the extent permitted
        by
        Section 4.02. Servicing compensation in the form of assumption fees, if any,
        late payment charges, as collected, if any, or otherwise (but not including
        any
        Prepayment Premium) shall be retained by the applicable Servicer (or the
        Master
        Servicer, in the event it is acting as successor servicer for the related
        Mortgage Loans) and shall not be deposited in the Certificate Account. The
        Master Servicer shall be required to pay all expenses incurred by it in
        connection with its activities hereunder and shall not be entitled to
        reimbursement therefor except as provided in this Agreement. Pursuant to
        Sections 4.01(e), all income and gain realized from any investment of funds
        in
        the Certificate Account, other than the amount of any Master Servicing Fee,
        shall be remitted to LBH on each Distribution Date. The provisions of this
        Section 9.21 are subject to the provisions of Section 6.14.

      

      Section
        9.22. REO
        Property. 

      

      (a) In
        the
        event the Trust Fund acquires ownership of any REO Property in respect of
        any
        Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
        or to its nominee, on behalf of the Certificateholders. The Master Servicer
        shall use its reasonable best efforts to sell, or cause the applicable Servicer,
        to the extent provided in the applicable Servicing Agreement any REO Property
        as
        expeditiously as possible and in accordance with the provisions of this
        Agreement and the related Servicing Agreement, as applicable, but in all
        events
        within the time period, and subject to the conditions set forth in Article
        X
        hereof. Pursuant to its efforts to sell such REO Property, the Master Servicer
        shall protect and conserve, or cause the applicable Servicer to protect and
        conserve, such REO Property in the manner and to such extent required by
        the
        applicable Servicing Agreement, subject to Article X hereof.

      

      
        
          
          

        

        
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      (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 Certificate Account.

      

      (c) The
        Master Servicer and each Servicer, upon the final disposition of any REO
        Property, shall be entitled to reimbursement for any related unreimbursed
        Advances and other unreimbursed advances as well as any unpaid 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 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 Certificate Account on or prior to the Determination
        Date in the month following receipt thereof.

      

      Section
        9.23. Notices
        to the Depositor and the Securities Administrator 

      

      (a) The
        Master Servicer shall promptly notify the Securities Administrator, the Sponsor
        and the Depositor (i) of any legal proceedings pending against the Master
        Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and
        (ii) if the Master Servicer shall become (but only to the extent not previously
        disclosed to the Master Servicer and the Depositor) at any time an affiliate
        of
        any of the parties listed on Exhibit V to this Agreement. On or before March
        1st
        of each
        year, the Depositor shall distribute the information in Exhibit V to the
        Master
        Servicer.

      

      (b) Not
        later
        than four Business Days prior to the Distribution Date of each month, the
        Master
        Servicer shall provide to the Securities Administrator, the Sponsor and the
        Depositor notice of the occurrence of any material modifications, extensions
        or
        waivers of terms, fees, penalties or payments relating to the Mortgage Loans
        during the related Collection Period or that have cumulatively become material
        over time (Item 1121(a)(11) of Regulation AB) along with all information,
        data,
        and materials related thereto as may be required to be included in the related
        Distribution Report on Form 10-D. The parties to this Agreement acknowledge
        that
        the performance by the Master Servicer of its duties under this Section 9.23(b)
        related to the timely preparation and delivery of such information is contingent
        upon 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.

      

      
        
          
          

        

        
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      Section
        9.24. Reports
        to the Trustee and the Securities Administrator. 

      

      (a) Not
        later
        than 30 days after each Distribution Date, the Master Servicer shall, upon
        request, forward to the Trustee and Securities Administrator a statement,
        deemed
        to have been certified by a Servicing Officer, setting forth the status of
        the
        Certificate Account 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 Certificate Account maintained by the Master
        Servicer. Copies of such statement shall be provided by the Master Servicer,
        upon request, to the Depositor, Attention: Contract Finance, any NIMS Insurer
        and any Certificateholders (or by the Securities Administrator at the Master
        Servicer’s expense if the Master Servicer shall fail to provide such copies to
        the Certificateholders (unless (i) the Master Servicer shall have failed
        to
        provide the Securities Administrator with such statement or (ii) the Securities
        Administrator shall be unaware of the Master Servicer’s failure to provide such
        statement)).

      

        (b) Prior
          to
          March 1, 2007, not later than the 20th day of each month (or if such date
          is not
          a Business Day, the first Business Day immediately thereafter), the Master
          Servicer shall deliver to the Mortgage Loan Administrator and to one additional
          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 for
          the related Collection Period, to the extent that such information has
          been
          provided to the Master Servicer by the Servicers or by the Depositor. Thereafter
          not later than the 25th
          day (or
          if such date is not a Business Day, the first Business Day immediately
          thereafter) of each month, the Master Servicer shall make available such
“loan
          level” information via the Master Servicer’s current internet website
www.ctslink.com
          (or such
          other website established by the Master Servicer) in a format mutually
          agreed to
          between the Master Servicer and the Loan Administrator. To the extent necessary
          to comply with its obligations under the Loan Administration Agreement,
          the Loan
          Administrator shall make reasonable efforts to obtain a copy of a Mortgage
          File
          or Servicing File directly from the related Servicer. If such efforts prove
          unsuccessful, upon request from the Mortgage Loan Administrator, the Master
          Servicer, in a commercially prompt manner, shall take all reasonable efforts
          to
          obtain a copy of the Mortgage File and the Servicing File from the related
          Servicer.

        

          
            
              
              

            

            
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      (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.

      

      Section
        9.25. Assessment
        of Compliance and Attestation Reports. 

      

      (a) Assessment
        of Compliance

      

      (i) By
        March
        15 of each year, commencing in March 2007, the Master Servicer, the Credit
        Risk
        Manager, the Paying Agent and the Securities Administrator, 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 Securities Administrator, a report
        on
        an assessment of compliance with the Relevant Servicing Criteria that contains
        (A) a statement by such party of its responsibility for assessing compliance
        with the Relevant Servicing Criteria, (B) a statement that such party used
        the
        Servicing Criteria to assess compliance with the Relevant Servicing Criteria,
        (C) such party’s assessment of compliance with the Relevant Servicing Criteria
        as of and for the fiscal year covered by the Form 10-K required to be filed
        pursuant to Section 6.20(e), including, if there has been any material instance
        of noncompliance with the Relevant Servicing Criteria, a discussion of each
        such
        failure and the nature and status thereof, and (D) a statement that a registered
        public accounting firm has issued an attestation report on such party’s
        assessment of compliance with the Relevant Servicing Criteria as of and for
        such
        period. 

      

      (ii) When
        the
        Master Servicer, the Credit Risk Manager, the Paying Agent and the Securities
        Administrator (or any Servicing Function Participant engaged by it) submit
        their
        assessments to the Securities Administrator, such parties will also at such
        time
        include the assessment (and attestation pursuant to subsection (b) of this
        Section 9.25) of each Servicing Function Participant engaged by it and shall
        indicate to the Securities Administrator 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 Securities
        Administrator shall confirm that the assessments, taken as a whole, address
        all
        applicable Servicing Criteria and taken individually address the Relevant
        Servicing Criteria (and disclose the inapplicability of the Servicing Criteria
        not determined to be Relevant Criteria) for each party as set forth on Exhibit
        S
        and on any similar exhibit set forth in each Servicing Agreement in respect
        of
        each Servicer, and the applicable Custodial Agreement in respect of the
        applicable Custodian, and shall notify the Depositor of any
        exceptions.

      

      (b) Attestation
        Reports

      

      
        
          
          

        

        
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      (i) By
        March
        15 of each year, commencing in March 2007, the Master Servicer, the Credit
        Risk
        Manager, the Paying Agent and the Securities Administrator, each at its own
        expense, shall cause, and each such party shall cause any Servicing Function
        Participant engaged by it to cause, each at its own expense, a registered
        public
        accounting firm (which may also render other services to the Master Servicer,
        the Credit Risk Manager, the Paying Agent and the Securities Administrator,
        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 Securities Administrator, to the effect that (A) it has
        obtained a representation regarding certain matters from the management of
        such
        party, which includes an assertion that such party has complied with the
        Relevant Servicing Criteria, and (B) on the basis of an examination conducted
        by
        such firm in accordance with standards for attestation engagements issued
        or
        adopted by the PCAOB, it is expressing an opinion as to whether such party’s
        compliance with the Relevant Servicing Criteria was fairly stated in all
        material respects, or it cannot express an overall opinion regarding such
        party’s assessment of compliance with the Relevant Servicing Criteria. In the
        event that an overall opinion cannot be expressed, such registered public
        accounting firm shall state in such report why it was unable to express such
        an
        opinion. Such report must be available for general use and not contain
        restricted use language.

      

      (ii) Promptly
        after receipt of such report from the Master Servicer, the Credit Risk Manager,
        the Paying Agent, the Securities Administrator or any Servicing Function
        Participant engaged by such parties, the Securities Administrator 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
        Paying Agent’s obligation to provide assessments of compliance and attestations
        under this Section 9.25 shall terminate upon the filing of a Form 15 suspension
        notice on behalf of the Trust Fund. Notwithstanding the foregoing after the
        occurrence of such event and provided the Depositor is not otherwise provided
        with such reports or copies of such reports, the Paying Agent shall be obligated
        to provide a copy of such reports by March 15 of each year to the
        Depositor.

      

      Section
        9.26. Annual
        Statement of Compliance with Applicable Servicing Criteria . 

      

      The
        Master Servicer shall deliver (and the Master Servicer shall cause any
        Additional Servicer engaged by it to deliver) to the Sponsor, the Depositor
        and
        the Securities Administrator on or before March 15 of each year, commencing
        in
        March 2007, an Officer’s Certificate stating, as to the signer thereof, that (A)
        a review of such party’s activities during the preceding calendar year or
        portion thereof and of such party’s performance under this Agreement, or such
        other applicable agreement in the case of an Additional Servicer, has been
        made
        under such officer’s supervision and (B) to the best of such officer’s
        knowledge, based on such review, such party has fulfilled all its obligations
        under this Agreement, or such other applicable agreement in the case of an
        Additional Servicer, in all material respects throughout such year or portion
        thereof, or, if there has been a failure to fulfill any such obligation in
        any
        material respect, specifying each such failure known to such officer and
        the
        nature and status thereof. 

      

      
        
          
          

        

        
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      Section
        9.27. Merger
        or Consolidation. 

      

      Any
        Person into which the Master Servicer may be merged or consolidated, or any
        Person resulting from any merger, conversion, other change in form or
        consolidation to which the Master Servicer shall be a party, or any Person
        succeeding to the business of the Master Servicer, shall be the successor
        to the
        Master Servicer hereunder, without the execution or filing of any paper or
        any
        further act on the part of any of the parties hereto, anything herein to
        the
        contrary notwithstanding; provided,
        however,
        that the
        successor or resulting Person to the Master Servicer shall be a Person that
        shall be qualified and approved to service mortgage loans for Fannie Mae
        or
        Freddie Mac and shall have a net worth of not less than
        $15,000,000.

      

      Section
        9.28. Resignation
        of Master Servicer. 

      

      Except
        as
        otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer
        shall
        not resign from the obligations and duties hereby imposed on it unless it
        determines that the Master Servicer’s duties hereunder are no longer permissible
        under applicable law or are in material conflict by reason of applicable
        law
        with any other activities carried on by it and cannot be cured. Any such
        determination permitting the resignation of the Master Servicer shall be
        evidenced by an Opinion of Counsel that shall be Independent to such effect
        delivered to the Trustee and any NIMS Insurer. No such resignation shall
        become
        effective until the Trustee shall have assumed, or a successor master servicer
        acceptable to any NIMS Insurer and the Trustee shall have been appointed
        by the
        Trustee and until such successor shall have assumed, the Master Servicer’s
        responsibilities and obligations under this Agreement. Notice of such
        resignation shall be given promptly by the Master Servicer and the Depositor
        to
        the Trustee, the Securities Administrator and any NIMS Insurer.

      

      Section
        9.29. Assignment
        or Delegation of Duties by the Master Servicer. 

      

      (a) Except
        as
        expressly provided herein, the Master Servicer shall not assign or transfer
        any
        of its rights, benefits or privileges hereunder to any other Person, or delegate
        to or subcontract with, or authorize or appoint any Subservicer, Subcontractor
        or other Person to perform any of the duties, covenants or obligations to
        be
        performed by the Master Servicer hereunder; provided,
        however,
        that the
        Master Servicer shall have the right without the prior written consent of
        the
        Trustee, any NIMS Insurer or the Depositor to delegate or assign to or
        subcontract with or authorize or appoint an Affiliate of the Master Servicer
        to
        perform and carry out any duties, covenants or obligations to be performed
        and
        carried out by the Master Servicer hereunder. In no case, however, shall
        any
        such delegation, subcontracting or assignment to an Affiliate of the Master
        Servicer relieve the Master Servicer of any liability hereunder. Notice of
        such
        permitted assignment, and the name of any such affiliated Subcontractor or
        Subservicer shall be given promptly by the Master Servicer to the Depositor,
        the
        Trustee, the Securities Administrator and any NIMS Insurer. If, pursuant
        to any
        provision hereof, the duties of the Master Servicer are transferred to a
        successor master servicer, the entire amount of the Master Servicing Fees
        and
        other compensation payable to the Master Servicer pursuant hereto, including
        amounts payable to or permitted to be retained or withdrawn by the Master
        Servicer pursuant to Section 9.21 hereof, shall thereafter be payable to
        such
        successor master servicer.

      

      
        
          
          

        

        
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      (b) Notwithstanding
        the foregoing, for so long as reports are required to be filed with the
        Commission under the Exchange Act with respect to the Trust, the Master Servicer
        shall not utilize any Subcontractor for the performance of its duties hereunder
        if such Subcontractor would be “participating in the servicing function” within
        the meaning of Item 1122 of Regulation AB without (a) giving notice to the
        Securities Administrator and the Depositor and (b) requiring any such
        Subcontractor to provide to the Master Servicer an attestation report as
        provided for in Section 9.25 and an assessment report as provided in Section
        9.26, which reports the Master Servicer shall include in its attestation
        and
        assessment reports. 

      

      Section
        9.30. Limitation
        on Liability of the Master Servicer and Others. 

      

      (a) The
        Master Servicer undertakes to perform such duties and only such duties as
        are
        specifically set forth in this Agreement. 

      

      (b) No
        provision of this Agreement shall be construed to relieve the Master Servicer
        from liability for its own negligent action, its own negligent failure to
        act or
        its own willful misconduct; provided, however, that the duties and obligations
        of the Master Servicer shall be determined solely by the express provisions
        of
        this Agreement, the Master Servicer shall not be liable except for the
        performance of such duties and obligations as are specifically set forth
        in this
        Agreement; no implied covenants or obligations shall be read into this Agreement
        against the Master Servicer and, in absence of bad faith on the part of the
        Master Servicer, the Master Servicer may conclusively rely, as to the truth
        of
        the statements and the correctness of the opinions expressed therein, upon
        any
        certificates or opinions furnished to the Master Servicer and conforming
        to the
        requirements of this Agreement.

      

      (c) None
        of
        the Master Servicer, the Seller or the Depositor or any of the directors,
        officers, employees or agents of any of them shall be under any liability
        to the
        Trustee or the Certificateholders for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment; provided, however, that this provision shall not protect the
        Master
        Servicer, the Seller or the Depositor or any such person against any liability
        that would otherwise be imposed by reason of willful misfeasance, bad faith
        or
        negligence in its performance of its duties or by reason of reckless disregard
        for its obligations and duties under this Agreement. The Master Servicer
        and any
        director, officer, employee or agent of any of them shall be entitled to
        indemnification by the Trust Fund and will be held harmless against any loss,
        liability or expense incurred in connection with any legal action relating
        to
        this Agreement or the Certificates other than any loss, liability or expense
        incurred by reason of willful misfeasance, bad faith or negligence in the
        performance of its duties hereunder or by reason of reckless disregard of
        his or
        its obligations and duties hereunder. The Master Servicer, the Seller and
        the
        Depositor and any director, officer, employee or agent of any of them may
        rely
        in good faith on any document of any kind prima facie properly executed and
        submitted by any Person respecting any matters arising hereunder. The Master
        Servicer, the Seller and the Depositor shall be under no obligation to appear
        in, prosecute or defend any legal action that is not incidental to its duties
        to
        master service the Mortgage Loans in accordance with this Agreement and that
        in
        its opinion may involve it in any expenses or liability; provided, however,
        that
        the Master Servicer may in its sole discretion undertake any such action
        that it
        may deem necessary or desirable in respect to this Agreement and the rights
        and
        duties of the parties hereto and the interests of the Certificateholders
        hereunder. In such event, the legal expenses and costs of such action and
        any
        liability resulting therefrom shall be expenses, costs and liabilities of
        the
        Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
        out of the Certificate Account as provided by Section 4.02.

      

      
        
          
          

        

        
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      The
        Master Servicer shall not be liable for any acts or omissions of any Servicer.
        In particular, the Master Servicer shall not be liable for any course of
        action
        taken by the Servicers with respect to loss mitigation of defaulted Mortgage
        Loans at the direction of the Credit Risk Manager or the Seller pursuant
        to any
        Credit Risk Management Agreement. Further, the Master Servicer shall not
        be
        liable for performance by any Servicer under any Credit Risk Management
        Agreement.

      

      Section
        9.31. Indemnification;
        Third-Party Claims. 

      

      The
        Master Servicer agrees to indemnify the Depositor, the Sponsor, the Trustee
        and
        any NIMS Insurer and their respective officers, directors, agents and
        affiliates, and hold each of them harmless against any and all claims, losses,
        penalties, fines, forfeitures, reasonable legal fees and related costs,
        judgments, and any other costs, liability, fees and expenses that the Depositor,
        the Sponsor, the Trustee or any NIMS Insurer may sustain arising out of or
        based
        upon (a) any material breach by the Master Servicer of any if its obligations
        hereunder, including particularly its obligations to provide any reports
        under
        Section 9.25(a), Section 9.25(b) or Section 9.26 or any information, data
        or
        materials required to be included in any Exchange Act report, (b) any material
        misstatement or omission in any information, data or materials provided by
        the
        Master Servicer, or (c) the negligence, bad faith or willful misconduct of
        the
        Master Servicer in connection with its performance hereunder. The Depositor,
        the
        Sponsor, the Trustee and any NIMS Insurer shall immediately notify the Master
        Servicer if a claim is made by a third party with respect to this Agreement
        or
        the Mortgage Loans entitling the Depositor, the Sponsor, the Trustee or any
        NIMS
        Insurer to indemnification hereunder, whereupon the Master Servicer shall
        assume
        the defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against it or them in respect of such claim.
        This
        indemnification shall survive the termination of this Agreement or the
        termination of the Master Servicer as a party to this Agreement.

      

      Section
        9.32. Special
        Servicing of Delinquent Mortgage Loans. 

      

      If
        permitted under the terms of the applicable Servicing Agreement, the Seller
        may
        appoint, pursuant to the terms of the applicable Servicing Agreement and
        with
        the written consent of the Depositor, the Master Servicer, the Trustee, the
        Securities Administrator and any NIMS Insurer, a special servicer to special
        service any Distressed Mortgage Loans. Any applicable termination fee related
        to
        the termination of the related Servicer and the appointment of any special
        servicer shall be paid by the Seller from its own funds, without right of
        reimbursement from the Trust Fund. Any fees paid to any such special servicer
        shall not exceed the Servicing Fee Rate.

      

      
        
          
          

        

        
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      Section
        9.33. Alternative
        Index. 

      

      In
        the
        event that the Index for any Mortgage Loan, as specified in the related Mortgage
        Note, becomes unavailable for any reason, the Master Servicer shall select
        an
        alternative index, which in all cases shall be an index that constitutes
        a
        qualified rate on a regular interest under the REMIC Provisions, in accordance
        with the terms of such Mortgage Note or, if such Mortgage Note does not make
        provision for the selection of an alternative index in such event, the Master
        Servicer shall, subject to applicable law, select an alternative index based
        on
        information comparable to that used in connection with the original Index
        and,
        in either case, such alternative index shall thereafter be the Index for
        such
        Mortgage Loan.

      

      Section
        9.34. Duties
        of the Credit Risk Manager. 

      

      (a) The
        Certificateholders, by their purchase and acceptance of the Certificates,
        appoint Clayton Fixed Income Services Inc. as Credit Risk Manager. For and
        on
        behalf of the Depositor, the Credit Risk Manager will provide reports and
        recommendations concerning certain delinquent and defaulted Mortgage Loans,
        and
        as to the collection of any Prepayment Premiums with respect to the Mortgage
        Loans. Such reports and recommendations will be based upon information provided
        pursuant to Credit Risk Management Agreements to the Credit Risk Manager
        by the
        Servicers. The Credit Risk Manager shall look solely to the Servicers and/or
        the
        Master Servicer for all information and data (including loss and delinquency
        information and data) and loan level information and data relating to the
        servicing of the Mortgage Loans and neither the Securities Administrator
        nor the
        Trustee shall have any obligation to provide any such information to the
        Credit
        Risk Manager and shall not otherwise have any responsibility under the Credit
        Risk Management Agreement.

      

      (b) On
        or
        about the 15th calendar day of each month, the Credit Risk Manager shall
        have
        prepared and shall make available to any NIMS Insurer, the Trustee, the Swap
        Counterparty, the Securities Administrator and each Certificateholder, the
        following reports (each such report to be made in a format compatible with
        EDGAR
        filing requirements):

      

      (i) Watchlist
        Report:
        A
        listing of individual Mortgage Loans that are of concern to the Credit Risk
        Manager. Each Watchlist Report shall contain a listing of Mortgage Loans
        in any
        delinquency status, including current and paid-off loans, and may contain
        the
        comments of the Credit Risk Manager in its sole discretion. The Watchlist
        Report
        shall be presented in substantially the same format attached hereto as Exhibit
        R-1;

      

      (ii) Loss
        Severity Report:
        A
        compilation and summary of all losses, indicating the loan loss severity
        for
        each Mortgage Pool. Each Loss Severity Report shall include detail of all
        losses
        reported by a Servicer or the Master Servicer as Realized Losses, except
        those
        for which a Servicer or the Master Servicer has not provided detail adequate
        for
        reporting purposes. The Loss Severity Report shall be presented in substantially
        the same format attached hereto as Exhibit R-2

      

      (iii) Mortgage
        Insurance Claims Report:
        A
        summary of mortgage insurance claims submitted to the PMI Insurer by the
        Servicers, claim payment and denial information, and penalties assessed by
        the
        PMI Insurer. The Mortgage Insurance Claims Report shall be presented in
        substantially the same format attached hereto as Exhibit R-3;

      

      
        
          
          

        

        
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      (iv) Prepayment
        Premiums Report:
        A
        summary of Prepayment Premiums assessed or waived by each Servicer. The
        Prepayment Premiums Report shall be presented in substantially the same format
        attached hereto as Exhibit R-4; and

      

      (v) Analytics
        Report:
        Analytics Reports shall include statistical and/or graphical portrayals
        of:

      

      
        	 	
                (A)

              	
                Delinquency
                  Trend:
                  The delinquency trend, over time, of the Mortgage
                  Loans;

              

      

      

      
        	 	
                (B)

              	
                Prepayment
                  Analysis:
                  The constant prepayment rate “CPR” experience of the Mortgage Loans;
                  and

              

      

      

      
        	 	
                (C)

              	
                Standard
                  Default Assumption:
                  The Standard Default Assumption experience of the Mortgage
                  Loans.

              

      

      

      The
        Analytics Report shall be presented in substantially the same format attached
        hereto as Exhibit R-5.

      

      The
        Credit Risk Manager shall make such reports and any additional information
        reasonably requested by the Depositor available each month to
        Certificateholders, the Trustee, the Securities Administrator, any NIMS Insurer
        and the Rating Agencies via the Credit Risk Manager’s internet website. The
        Credit Risk Manager’s internet website shall initially be located at
https://reports.clayton.com.
        The
        user name for access to the website shall be the Certificateholder’s e-mail
        address and the password shall be “SASCO 2006-BC4.” Neither the Trustee nor the
        Securities Administrator shall have any obligation to review such reports
        or
        otherwise monitor or supervise the activities of the Credit Risk
        Manager.

      

      (c) On
        each
        Distribution Date, the Credit Risk Manager shall (A) calculate, for each
        PMI
        Insurer, the Threshold Calculation for each such PMI Insurer for the immediately
        preceding Collection Period and (B) notify the Depositor, the Sponsor, the
        Securities Administrator and the related PMI Insurer of each such PMI Insurer’s
        Threshold Calculation.

      

      (d) The
        Credit Risk Manager shall reasonably cooperate with the Depositor and the
        Securities Administrator in connection with the Trust Fund’s satisfying the
        reporting requirements under the 1934 Act with respect to reports prepared
        by
        the Credit Risk Manager.

      

      (e) The
        Credit Risk Manager has not and shall not engage any Subcontractor without
        (a)
        giving notice to the Sponsor, the Securities Administrator, the Master Servicer
        and the Depositor and (b) requiring any such Subcontractor to provide to
        the
        Credit Risk Manager an assessment report as provided for in Section 9.25(a)
        above and an attestation report as provided in Section 9.25(b) above, which
        reports the Credit Risk Manager shall include in its assessment and attestation
        reports.

      

      
        
          
          

        

        
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      (f) By
        March
        15 of each year (or if such day is not a Business Day, the immediately preceding
        Business Day), the Credit Risk Manager shall deliver a signed certification,
        in
        the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”),
        for the benefit of the Depositor, the Sponsor, the Master Servicer and the
        Securities Administrator and for the benefit of the Person(s) signing the
        Form
        10-K Certification; provided (i) that the Credit Risk Manager Certification
        shall be so provided by March 15 of such year only to the extent that the
        Depositor delivers a draft (without exhibits) of the applicable Annual Report
        on
        Form 10-K to the Credit Risk Manager by the 5th Business Day in March of
        such
        year and (ii) in the event that the Depositor delivers the draft Form 10-K
        referred to in clause (i) after the 5th Business Day in March of such year,
        the
        Credit Risk Manager shall deliver the Credit Risk Manager Certification as
        soon
        as practicable but no later than five calendar days of delivery to the Credit
        Risk Manager of such draft Form 10-K.

      

      (g) In
        the
        event that prior to the filing date of the Form 10-K in March of each year,
        the
        Credit Risk Manager has knowledge or information material to the Credit Risk
        Manager Certification, the Credit Risk Manager shall promptly notify the
        Depositor and the Securities Administrator, in writing. 

      

      Section
        9.35. Limitation
        Upon Liability of the Credit Risk Manager. 

      

      Except
        as
        provided pursuant to Section 9.36 of this Agreement, neither the Credit Risk
        Manager, nor any of the directors, officers, employees or agents of the Credit
        Risk Manager, shall be under any liability to the Trustee, the Securities
        Administrator, the Certificateholders or the Depositor for any action taken
        or
        for refraining from the taking of any action in good faith pursuant to this
        Agreement, in reliance upon information provided by Servicers under the Credit
        Risk Management Agreements or for errors in judgment; provided, however,
        that
        this provision shall not protect the Credit Risk Manager or any such person
        against liability that would otherwise be imposed by reason of willful
        malfeasance, bad faith or gross negligence in its performance of its duties
        or
        by reason of reckless disregard for its obligations and duties under this
        Agreement or the Credit Risk Management Agreements. The Credit Risk Manager
        and
        any director, officer, employee or agent of the Credit Risk Manager may rely
        in
        good faith on any document of any kind prima facie properly executed and
        submitted by any Person respecting any matters arising hereunder, and may
        rely
        in good faith upon the accuracy of information furnished by the Servicers
        pursuant to the Credit Risk Management Agreements in the performance of its
        duties thereunder and hereunder.

      

      Section
        9.36. Indemnification
        by the Credit Risk Manager. 

      

      The
        Credit Risk Manager agrees to indemnify the Depositor, the Master Servicer
        and
        the Securities Administrator, and each of their respective directors, officers,
        employees and agents and the Trust Fund and hold each of them harmless from
        and
        against any losses, damages, penalties, fines, forfeitures, legal fees and
        expenses and related costs, judgments, and any other costs, fees and expenses
        that any of them may sustain arising out of or based upon the engagement
        of any
        Subcontractor in violation of Section 9.34(f) or any failure by the Credit
        Risk
        Manager to deliver any information, report, certification, accountants’ letter
        or other material when and as required under this Agreement, including any
        report under Sections 9.25(a) or (b).

      

      
        
          
          

        

        
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      Section
        9.37. Removal
        of Credit Risk Manager.

      

      The
        Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
        holding not less than a 66-2/3% Voting Interests in the Trust, in the exercise
        of its or their sole discretion, at any time, without cause, upon ten (10)
        days
        prior written notice. The Certificateholders shall provide such written notice
        to the Trustee or the Securities Administrator and upon receipt of such notice,
        the Trustee or the Securities Administrator, as applicable, shall provide
        written notice to the Credit Risk Manager of its removal, effective upon
        receipt
        of such notice.

      

      ARTICLE
        X

      

      REMIC
        ADMINISTRATION

      

      Section
        10.01. REMIC
        Administration.

      

      (a) REMIC
        elections as set forth in the Preliminary Statement shall be made on Forms
        1066
        or other appropriate federal tax or information return for the taxable year
        ending on the last day of the calendar year in which the Certificates are
        issued. The regular interests and residual interest in each REMIC shall be
        as
        designated in the Preliminary Statement. For purposes of such designations,
        the
        interest rate of any regular interest that is computed by taking into account
        the weighted average of the Net Mortgage Rates of the Mortgage Loans shall
        be
        reduced by the amount of any expense paid by the Trust to the extent that
        (i)
        such expense was not taken into account in computing the Net Mortgage Rate
        of
        any Mortgage Loan, (ii) such expense does not constitute an “unanticipated
        expense” of a REMIC within the meaning of Treasury Regulation Section
        1.860G-1(b)(3)(ii) and (iii) the amount of such expense was not taken into
        account in computing the interest rate of a more junior Class of regular
        interests.

      

      (b) The
        Closing Date is hereby designated as the “Startup Day” of each REMIC within the
        meaning of section 860G(a)(9) of the Code. The latest possible maturity date
        for
        purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
        Maturity Date.

      

      (c) The
        Securities Administrator 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 Securities Administrator shall
        pay
        any and all tax related expenses (not including taxes) of each REMIC, including
        but not limited to any professional fees or expenses related to audits or
        any
        administrative or judicial proceedings with respect to such REMIC that involve
        the Internal Revenue Service or state tax authorities, but only to the extent
        that (i) such expenses are ordinary or routine expenses, including expenses
        of a
        routine audit but not expenses of litigation (except as described in (ii));
        or
        (ii) such expenses or liabilities (including taxes and penalties) are
        attributable to the negligence or willful misconduct of the Securities
        Administrator in fulfilling its duties hereunder (including its duties as
        tax
        return preparer). The Securities Administrator shall be entitled to
        reimbursement of expenses to the extent provided in clause (i) above from
        the
        Certificate Account, provided, however, the Securities Administrator shall
        not
        be entitled to reimbursement for expenses incurred in connection with the
        preparation of tax returns and other reports as required by Section 6.20
        and
        this Section.

      

      
        
          
          

        

        
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      (d) The
        Securities Administrator shall prepare, the Trustee shall sign and the
        Securities Administrator shall file, all of each REMIC’s federal and appropriate
        state tax and information returns as such REMIC’s direct representative. The
        expenses of preparing and filing such returns shall be borne by the Securities
        Administrator.

      

      (e) The
        Securities Administrator or its designee shall perform on behalf of each
        REMIC
        all reporting and other tax compliance duties that are the responsibility
        of
        such REMIC under the Code, the REMIC Provisions, or other compliance guidance
        issued by the Internal Revenue Service or any state or local taxing authority.
        Among its other duties, if required by the Code, the REMIC Provisions, or
        other
        such guidance, the Securities Administrator shall provide (i) to the Treasury
        or
        other governmental authority such information as is necessary for the
        application of any tax relating to the transfer of a Residual Certificate
        to any
        disqualified person or organization pursuant to Treasury Regulation
        1.860E-2(a)(5) and any person designated in Section 860E(e)(3) of the Code
        and
        (ii) to the Certificateholders such information as is required by the Code
        or
        REMIC Provisions.

      

      The
        Securities Administrator shall be entitled to receive reasonable compensation
        from the Trust for the performance of its duties under this subsection (e);
        provided,
        however,
        that
        such compensation shall not exceed $5,000 per year.

      

      (f) The
        Trustee, the Securities Administrator, the Master Servicer and the Holders
        of
        Certificates shall take any action or cause any REMIC to take any action
        necessary to create or maintain the status of any REMIC as a REMIC under
        the
        REMIC Provisions and shall assist each other as necessary to create or maintain
        such status. Neither the Trustee, the Securities Administrator, the Master
        Servicer nor the Holder of any Residual Certificate shall knowingly take
        any
        action, cause any REMIC to take any action or fail to take (or fail to cause
        to
        be taken) any action that, under the REMIC Provisions, if taken or not taken,
        as
        the case may be, could result in an Adverse REMIC Event unless the Trustee,
        the
        Securities Administrator, any NIMS Insurer and the Master Servicer have received
        an Opinion of Counsel addressed to the Trustee (at the expense of the party
        seeking to take such action) to the effect that the contemplated action will
        not
        result in an Adverse REMIC Event. In addition, prior to taking any action
        with
        respect to any REMIC or the assets therein, or causing any REMIC to take
        any
        action, which is not expressly permitted under the terms of this Agreement,
        any
        Holder of a Residual Certificate will consult with the Trustee, the Securities
        Administrator, the Master Servicer, any NIMS Insurer or their respective
        designees, in writing, with respect to whether such action could cause an
        Adverse REMIC Event to occur with respect to any REMIC, and no such Person
        shall
        take any such action or cause any REMIC to take any such action as to which
        the
        Trustee, the Securities Administrator, the Master Servicer or any NIMS Insurer
        has advised it in writing that an Adverse REMIC Event could occur.

      

      (g) Each
        Holder of a Residual Certificate shall pay when due any and all taxes imposed
        on
        the related REMIC by federal or state governmental authorities. To the extent
        that such taxes are not paid by a Residual Certificateholder, the Securities
        Administrator shall pay any remaining REMIC taxes out of current or future
        amounts otherwise distributable to the Holder of the Residual Certificate
        in any
        such REMIC or, if no such amounts are available, out of other amounts held
        in
        the Certificate Account, and shall reduce amounts otherwise payable to holders
        of regular interests in any such REMIC, as the case may be.

      

      
        
          
          

        

        
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      (h) The
        Securities Administrator shall, for federal income tax purposes, maintain
        books
        and records with respect to each REMIC on a calendar year and on an accrual
        basis.

      

      (i) No
        additional contributions of assets shall be made to any REMIC, except as
        expressly provided in this Agreement.

      

      (j) Neither
        the Securities Administrator nor the Master Servicer shall enter into any
        arrangement by which any REMIC will receive a fee or other compensation for
        services.

      

      (k) On
        or
        before October 15 of each calendar year beginning in 2007, the Securities
        Administrator shall deliver to the Trustee and any NIMS Insurer an Officer’s
        Certificate stating, without regard to any actions taken by any party other
        than
        the Securities Administrator, the Securities Administrator’s compliance with
        provisions of this Section 10.01. 

      

      (l) The
        Securities Administrator shall treat each of the Basis Risk Reserve Fund,
        the
        Final Maturity Reserve Trust and the Supplemental Interest Trust as an outside
        reserve fund within the meaning of Treasury Regulation Section 1.860G-2(h)
        that
        is owned by the Holders of the Class X Certificates and that is not an asset
        of
        any REMIC and all amounts deposited into the Basis Risk Reserve Fund, the
        Final
        Maturity Reserve Trust or the Supplemental Interest Trust shall be treated
        as
        amounts distributed to the Class X Certificateholders. 

      

      (m) For
        federal income tax purposes, upon any sale of the property held by the Trust
        Fund pursuant to Section 7.01(b), any NIM Redemption Amount paid by the Master
        Servicer shall not be treated as a portion of the purchase price paid for
        such
        property but shall instead be treated as an amount paid by the Master Servicer
        to the Holder of the Class X Certificates in exchange for an interest in
        the
        Class X Certificates immediately before the purchase of the property held
        by the
        Trust Fund.

      

      (n) The
        Securities Administrator shall treat the beneficial owners of Certificates
        (other than the Class P, Class X, Class LT-R and Class R Certificates) as
        having
        entered into a notional principal contract with respect to the beneficial
        owners
        of the Class X Certificates. Pursuant to each such notional principal contract,
        all beneficial owners of LIBOR Certificates shall be treated as having agreed
        to
        pay, on each Distribution Date, to the beneficial owners of the Class X
        Certificates an aggregate amount equal to the excess, if any, of (i) the
        amount
        payable on such Distribution Date on the interest in the Upper Tier REMIC
        corresponding to such Class of Certificates over (ii) the amount payable
        on such
        Class of Certificates on such Distribution Date (such excess, a “Class I
        Shortfall”). A Class I Shortfall payable from interest collections shall be
        allocated to each Class of Certificates to the extent that interest accrued
        on
        such Class for the related Accrual Period at the Certificate Interest Rate
        for a
        Class, computed by substituting “REMIC 3 Net Funds Cap” for the applicable “Net
        Funds Cap” in the definition thereof, exceeds the amount of interest accrued for
        the related Accrual Period based on the applicable Net Funds Cap, and a Class
        I
        Shortfall payable from principal collections shall be allocated to the most
        subordinate Class of Certificates with an outstanding principal balance to
        the
        extent of such balance. In addition, pursuant to such notional principal
        contract, the beneficial owner of the Class X Certificates shall be treated
        as
        having agreed to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
        to
        the Owners of the LIBOR Certificates in accordance with the terms of this
        Agreement. Any payments to the Certificates in light of the foregoing shall
        not
        be payments with respect to a “regular interest” in a REMIC within the meaning
        of Code Section 860G(a)(1). However, any payment from the Certificates of
        a
        Class I Shortfall shall be treated for tax purposes as having been received
        by
        the beneficial owners of such Certificates in respect of their Interests
        in the
        Upper Tier REMIC and as having been paid by such beneficial owners to the
        Supplemental Interest Trust pursuant to the notional principal contract.
        Thus,
        each Certificate (other than a Class P, Class R and Class LT-R Certificates)
        shall be treated as representing not only ownership of regular interests
        in the
        Upper Tier REMIC, but also ownership of an interest in (and obligations with
        respect to) a notional principal contract. For tax purposes, the notional
        principal contract shall be deemed to have a value in favor of the Certificates
        entitled to receive Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
        of
        $78,830.92 as of the Closing Date.

      

      
        
          
          

        

        
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      (o) Notwithstanding
        the priority and sources of payments set forth in Article V hereof or otherwise,
        the Securities Administrator shall account for all distributions on the
        Certificates as set forth in this Section 10.01. In no event shall any payments
        of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls provided for in
        this
        Section 10.01 be treated as payments with respect to a “regular interest” in a
        REMIC within the meaning of Code Section 860G(a)(1).

      

      Section
        10.02. Prohibited
        Transactions and Activities. 

      

      Neither
        the Depositor, the Master Servicer nor the Trustee shall sell, dispose of,
        or
        substitute for any of the Mortgage Loans, except in a disposition pursuant
        to
        (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust
        Fund,
        (iii) the termination of each REMIC pursuant to Article VII of this Agreement,
        (iv) a substitution pursuant to Article II of this Agreement or (v) a repurchase
        of Mortgage Loans pursuant to Article II of this Agreement, nor acquire any
        assets for any REMIC, nor sell or dispose of any investments in the Certificate
        Account for gain, nor accept any contributions to any REMIC after the Closing
        Date, unless the Trustee and any NIMS Insurer has received an Opinion of
        Counsel
        addressed to the Trustee (at the expense of the party causing such sale,
        disposition, or substitution) that such disposition, acquisition, substitution,
        or acceptance will not (a) result in an Adverse REMIC Event, (b) affect the
        distribution of interest or principal on the Certificates or (c) result in
        the
        encumbrance of the assets transferred or assigned to the Trust Fund (except
        pursuant to the provisions of this Agreement).

      

      Section
        10.03. Indemnification
        with Respect to Certain Taxes and Loss of REMIC Status. 

      

      Upon
        the
        occurrence of an Adverse REMIC Event due to the negligent performance by
        the
        Trustee or the Securities Administrator, as applicable, of its duties and
        obligations set forth herein, the Trustee or the Securities Administrator,
        as
        applicable, shall indemnify any NIMS Insurer, the Holder of the related Residual
        Certificate or the Trust Fund, as applicable, against any and all losses,
        claims, damages, liabilities or expenses (“Losses”) resulting solely from such
        negligence; provided,
        however,
        that
        neither the Trustee nor the Securities Administrator shall be liable for
        any
        such Losses attributable to the action or inaction of the Master Servicer,
        the
        Depositor, the Class X Certificateholders, the Holder of such Residual
        Certificate or the Securities Administrator (with regard to the Trustee),
        as
        applicable, nor for any such Losses resulting from misinformation provided
        by
        the Holder of such Residual Certificate on which the Securities Administrator
        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 or the Securities Administrator, as applicable, have
        any
        liability (1) for any action or omission that is taken in accordance with
        and in
        compliance with the express terms of, or which is expressly permitted by
        the
        terms of, this Agreement or any Servicing Agreement, (2) for any Losses other
        than arising out of a negligent performance by the Trustee or the Securities
        Administrator, as applicable, of its duties and obligations set forth herein,
        and (3) for any special or consequential damages to Certificateholders (in
        addition to payment of principal and interest on the Certificates); provided,
        however,
        that
        this sentence shall not apply in connection with any failure by the Securities
        Administrator to comply with the provisions of Subsections 6.01(l) hereof
        and
        Subsections 9.25(a) or (b) hereof. In addition, neither the Trustee nor the
        Securities Administrator shall have any liability for the actions or failure
        to
        act of the other.

      

      
        
          
          

        

        
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      Section
        10.04. REO
        Property. 

      

      (a) Notwithstanding
        any other provision of this Agreement, the Master Servicer, acting on behalf
        of
        the Trustee hereunder, shall not, except to the extent provided in the
        applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease,
        or otherwise earn income on behalf of any REMIC with respect to any REO Property
        which might cause an Adverse REMIC Event unless the Master Servicer has advised,
        or has caused the applicable Servicer to advise, the Trustee and any NIMS
        Insurer in writing to the effect that, under the REMIC Provisions, such action
        would not result in an Adverse REMIC Event.

      

      (b) The
        Master Servicer shall cause the applicable Servicer (to the extent provided
        in
        its Servicing Agreement) to make reasonable efforts to sell any REO Property
        for
        its fair market value. In any event, however, the Master Servicer shall,
        or
        shall cause the applicable Servicer (to the extent provided in its Servicing
        Agreement) to, dispose of any REO Property within three years of its acquisition
        by the Trust Fund unless the Master Servicer has received a grant of extension
        from the Internal Revenue Service to the effect that, under the REMIC
        Provisions, the REMIC may hold REO Property for a longer period without causing
        an Adverse REMIC Event. If the Master Servicer has received such an extension,
        then the Master Servicer, acting on the Trustee’s behalf hereunder, shall, or
        shall cause the applicable Servicer to, continue to attempt to sell the REO
        Property for its fair market value for such period longer than three years
        as
        such extension permits (the “Extended Period”). If the Master Servicer has not
        received such an extension and the Master Servicer or the applicable Servicer,
        acting on behalf of the Trustee hereunder, is unable to sell the REO Property
        within 33 months after its acquisition by the Trust Fund or if the Master
        Servicer has received such an extension, and the Master Servicer or the
        applicable Servicer is unable to sell the REO Property within the period
        ending
        three months before the close of the Extended Period, the Master Servicer
        shall
        cause the applicable Servicer, before the end of the three year period or
        the
        Extended Period, as applicable, to (i) purchase such REO Property at a price
        equal to the REO Property’s fair market value or (ii) auction the REO Property
        to the highest bidder (which may be the applicable Servicer) in an auction
        reasonably designed to produce a fair price prior to the expiration of the
        three-year period or the Extended Period, as the case may be.

      

      
        
          
          

        

        
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      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01. Binding
        Nature of Agreement; Assignment. 

      

      This
        Agreement shall be binding upon and inure to the benefit of the parties hereto
        and their respective successors and permitted assigns.

      

      Section
        11.02. Entire
        Agreement. 

      

      This
        Agreement contains the entire agreement and understanding among the parties
        hereto with respect to the subject matter hereof, and supersedes all prior
        and
        contemporaneous agreements, understandings, inducements and conditions, express
        or implied, oral or written, of any nature whatsoever with respect to the
        subject matter hereof. The express terms hereof control and supersede any
        course
        of performance and/or usage of the trade inconsistent with any of the terms
        hereof.

      

      Section
        11.03. Amendment.
        

      

      (a) On
        or
        prior to a Section 7.01(c) Purchase Event, this Agreement may be amended
        from
        time to time by the Depositor, the Master Servicer, the Securities
        Administrator, and the Trustee, with the consent of any NIMS Insurer, but
        without the consent of the Credit Risk Manager or the Swap Counterparty (except
        to the extent that the rights or obligations of (1) the Credit Risk Manager
        or
        the Swap Counterparty hereunder or (2) the Swap Counterparty under the Swap
        Agreement are affected thereby, and except to the extent the ability of the
        Trustee on behalf of the Supplemental Interest Trust and the Trust Fund to
        perform fully and timely its obligations under the Swap Agreement is adversely
        affected, in which case prior written consent of the Swap Counterparty is
        required) and without notice to or the consent of any of the Holders, (i)
        to
        cure any ambiguity, (ii) to cause the provisions herein to conform to or
        be
        consistent with or in furtherance of the statements made with respect to
        the
        Certificates, the Trust Fund or this Agreement in any Offering Document,
        or to
        correct or supplement any provision herein which may be inconsistent with
        any
        other provisions herein or with the provisions of 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
        Securities Administrator, any NIMS Insurer and the Swap Counterparty shall
        be
        provided with an Opinion of Counsel addressed to the Trustee, the Securities
        Administrator, any NIMS Insurer and the Swap Counterparty (at the expense
        of the
        party requesting such amendment) to the effect that such amendment is permitted
        under this Section. Any such amendment shall be deemed not to adversely affect
        in any material respect any Holder, if the Trustee and the Securities
        Administrator receive written confirmation from each Rating Agency that such
        amendment will not cause such Rating Agency to reduce the then current rating
        assigned to the Certificates.

      

      
        
          
          

        

        
          183

          
            

          

        

        
          
          

        

      

      (b) On
        or
        prior to a Section 7.01(c) Purchase Event, this Agreement may also be amended
        from time to time by the Depositor, the Master Servicer, the Securities
        Administrator and the Trustee, with the consent of any NIMS Insurer, but
        without
        the consent of the Credit Risk Manager or the Swap Counterparty (except to
        the
        extent that the rights or obligations of (1) the Credit Risk Manager or the
        Swap
        Counterparty hereunder or (2) the Swap Counterparty under the Swap Agreement
        are
        affected thereby, or the ability of the Trustee on behalf of the Supplemental
        Interest Trust and the Trust Fund to perform fully and timely its obligations
        under the Swap Agreement is adversely affected, in which case prior written
        consent of the Swap Counterparty is required) and with the consent of the
        Holders of not less than 66-2/3% of the Class Principal Amount (or Percentage
        Interest) of each Class of Certificates affected thereby for the purpose
        of
        adding any provisions to or changing in any manner or eliminating any of
        the
        provisions of this Agreement or of modifying in any manner the rights of
        the
        Holders; provided, however, that no such amendment shall be made unless the
        Trustee, the Securities Administrator and any NIMS Insurer receives an Opinion
        of Counsel addressed to the Trustee and the NIMS Insurer, at the expense
        of the
        party requesting the change, that such change will not cause an Adverse REMIC
        Event; and provided further, that no such amendment may (i) reduce in any
        manner
        the amount of, or delay the timing of, payments received on Mortgage Loans
        which
        are required to be distributed on any Certificate, without the consent of
        the
        Holder of such Certificate or (ii) reduce the aforesaid percentages of Class
        Principal Amount (or Percentage Interest) of Certificates of each Class,
        the
        Holders of which are required to consent to any such amendment without the
        consent of the Holders of 100% of the Class Principal Amount (or Percentage
        Interest) of each Class of Certificates affected thereby. For purposes of
        this
        paragraph, references to “Holder” or “Holders” shall be deemed to include, in
        the case of any Class of Book-Entry Certificates, the related Certificate
        Owners.

      

      (c) After
        a
        Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination
        Event, this Agreement may be amended from time to time by the Depositor,
        the
        Master Servicer, the Securities Administrator, the LTURI-holder and the Trustee,
        but without the consent of the Credit Risk Manager, the Cap Counterparty
        or the
        Swap Counterparty (except to the extent that the rights or obligations of
        (1)
        the Credit Risk Manager, the Cap Counterparty or the Swap Counterparty hereunder
        or (2) the Cap Counterparty or the Swap Counterparty under the Interest Rate
        Cap
        Agreement or the Swap Agreement, respectively, or the ability of the Trustee
        on
        behalf of the Supplemental Interest Trust and the Trust Fund to perform fully
        and timely its obligations under the Interest Rate Cap Agreement or the Swap
        Agreement, as applicable, is adversely affected, in which case prior written
        consent of the Credit Risk Manager, the Cap Counterparty or the Swap
        Counterparty, as applicable, is required). Prior to entering into any amendment
        without the consent of Holders pursuant to this paragraph, the Trustee, the
        Securities Administrator and the Swap Counterparty shall be provided with
        an
        Opinion of Counsel addressed to the Trustee, the Securities Administrator,
        any
        NIMS Insurer and the Swap Counterparty (at the expense of the party requesting
        such amendment) to the effect that such amendment is permitted under this
        Section and will not result in an Adverse REMIC Event.

      

      (d) Promptly
        after the execution of any such amendment, the Securities Administrator shall
        furnish written notification of the substance of such amendment to each Holder,
        the Depositor, the Swap Counterparty, the Cap Counterparty, any NIMS Insurer
        and
        to the Rating Agencies.

      

      
        
          
          

        

        
          184

          
            

          

        

        
          
          

        

      

      (e) It
        shall
        not be necessary for the consent of Holders under this Section 11.03 to approve
        the particular form of any proposed amendment, but it shall be sufficient
        if
        such consent shall approve the substance thereof. The manner of obtaining
        such
        consents and of evidencing the authorization of the execution thereof by
        Holders
        shall be subject to such reasonable regulations as the Securities Administrator
        may prescribe. 

      

      (f) Notwithstanding
        anything to the contrary in any Servicing Agreement, the Trustee shall not
        consent to any amendment of any Servicing Agreement unless (i) such amendment
        is
        effected pursuant to the standards provided in Section 11.03(a) or 11.03(b)
        with
        respect to amendment of this Agreement and (ii) except for a Permitted Servicing
        Amendment, any such amendment pursuant to Section 11.03(a)(iii) shall not
        be
        materially inconsistent with the provisions of such Servicing Agreement.
        

      

      (g) Notwithstanding
        anything to the contrary in this Section 11.03, this Agreement may be amended
        from time to time by the Depositor, the Master Servicer, the Securities
        Administrator and the Trustee to the extent necessary, in the judgment of
        the
        Depositor and its counsel, to comply with the Rules.

      

      Section
        11.04. Voting
        Rights. 

      

      Except
        to
        the extent that the consent of all affected Certificateholders is required
        pursuant to this Agreement, with respect to any provision of this Agreement
        requiring the consent of Certificateholders representing specified percentages
        of aggregate outstanding Certificate Principal Amount (or Percentage Interest),
        Certificates owned by the Depositor, the Master Servicer, the Securities
        Administrator, the Trustee, any Servicer, the Credit Risk Manager or Affiliates
        thereof are not to be counted so long as such Certificates are owned by the
        Depositor, the Master Servicer, the Securities Administrator, the Trustee,
        any
        Servicer, the Credit Risk Manager or any Affiliate thereof.

      

      Section
        11.05. Provision
        of Information. 

      

      (a) For
        so
        long as any of the Certificates of any Series or Class are “restricted
        securities” within the meaning of Rule 144(a)(3) under the Act, each of the
        Depositor, the Master Servicer and the Securities Administrator agree to
        cooperate with each other to provide to any Certificateholders, any NIM Note
        holder and to any prospective purchaser of Certificates designated by such
        holder, upon the request of such holder or prospective purchaser, any
        information required to be provided to such holder or prospective purchaser
        to
        satisfy the condition set forth in Rule 144A(d)(4) under the Act. Any
        reasonable, out-of-pocket expenses incurred by the Master Servicer or the
        Securities Administrator in providing such information shall be reimbursed
        by
        the Depositor.

      

      (b) The
        Securities Administrator shall provide to any person to whom a Prospectus
        was
        delivered, upon the request of such person specifying the document or documents
        requested, (i) a copy (excluding exhibits) of any report on Form 8-K or Form
        10-K filed with the Securities and Exchange Commission pursuant to Section
        6.20(c) and (ii) a copy of any other document incorporated by reference in
        the
        Prospectus. Any reasonable out-of-pocket expenses incurred by the Securities
        Administrator in providing copies of such documents shall be reimbursed by
        the
        Depositor.

      

      
        
          
          

        

        
          185

          
            

          

        

        
          
          

        

      

      (c) On
        each
        Distribution Date, the Securities Administrator shall deliver or cause to
        be
        delivered by first class mail or make available on its website to the Depositor,
        Attention: Contract Finance, a copy of the report delivered to
        Certificateholders pursuant to Section 4.03.

      

      Section
        11.06. Governing
        Law. 

      

      THIS
        AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
        OF THE
        STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER
        THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS,
        RIGHTS
        AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH LAWS.

      

      Section
        11.07. Notices.
        

      

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given when received by (a) in the case of the
        Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 7th
        Floor, New York, NY 10019, Attention: Mortgage Finance SASCO 2006-BC4,
        (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
        Avenue, 7th Floor, New York, NY 10019, Attention: Mortgage Finance SASCO
        2006-BC4, (c) in the case of the Credit Risk Manager, Clayton Fixed Income
        Services Inc., 1700 Lincoln Street, Suite 1600, Denver, Colorado 80203,
        Attention: General Counsel, (d) in the case of the Trustee, One Federal Street,
        3rd
        Floor,
        Boston, Massachusetts 02110, Attention: Structured Finance - SASCO 2006-BC4,
        (e)
        in the case of the Master Servicer, Wells Fargo Bank, N.A., P.O. Box 98,
        Columbia, Maryland 21046, and for overnight deliveries 9062 Old Annapolis
        Rd.,
        Columbia, Maryland 21045, Attention: SASCO 2006-BC4, telecopy number
        410-715-2380, (f) in the case of the Securities Administrator, Wells Fargo
        Bank,
        N.A., P.O. Box 98, Columbia, Maryland 21046, and for overnight deliveries
        9062
        Old Annapolis Rd., Columbia, Maryland 21045, Attention: SASCO 2006-BC4, telecopy
        number 410-715-2380, (g) in the case of Mortgage Guaranty Insurance Corporation,
        250 E. Kilbourn Avenue, P.O. Box 488, Milwaukee, Wisconsin 53201, Attention:
        Risk Management, (h) in the case of PMI Mortgage Insurance Co., 3003 Oak
        Road,
        Walnut Creek, California 94597, Attention: Structured Transactions and (i)
        in
        the case of the Cap Counterparty or the Swap Counterparty, at the address
        therefore set forth in the Interest Rate Cap Agreement and Swap Agreement,
        respectively, or, as to each party, such other address as may hereafter be
        furnished by such party to the other parties in writing. All demands, notices
        and communications to a party hereunder shall be in writing and shall be
        deemed
        to have been duly given when delivered to such party at the relevant address,
        facsimile number or electronic mail address set forth above or at such other
        address, facsimile number or electronic mail address as such party may designate
        from time to time by written notice in accordance with this Section
        11.07.

      

      
        
          
          

        

        
          186

          
            

          

        

        
          
          

        

      

      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.

      

        The
          Depositor shall promptly notify the applicable Custodian and the Trustee
          in
          writing of the issuance of any Class of NIMS Securities issued by a NIMS
          Insurer
          and the identity of such NIMS Insurer. Thereafter, the NIMS Insurer shall
          be
          deemed a third-party beneficiary of this Agreement to the same extent as
          if it
          were a party hereto, and shall be subject to and have the right to enforce
          the
          provisions of this Agreement so long as the NIMS Securities remaining
          outstanding or the NIMS Insurer is owed amounts in respect of its guarantee
          of
          payment of such NIMS Securities. The holder of NIM Residual Securities
          shall be
          deemed a third party beneficiary of this Agreement solely for purposes
          of
          Section 7.01(d) of this Agreement. Nothing in this Agreement or in the
          Certificates, express or implied, shall give to any Person, other than
          the
          parties to this Agreement and their successors hereunder, the Swap Counterparty
          and its successors and assignees under the Swap Agreement, the Holders
          of the
          Certificates and the NIMS Insurer, any benefit or any legal or equitable
          right,
          power, remedy or claim under this Agreement, except to the extent specified
          in
          Sections 5.08 and Section 11.15, as applicable.

         

      

      Section
        11.12. Special
        Notices to the Rating Agencies and any NIMS Insurer. 

      

      (a) The
        Depositor shall give prompt notice to the Rating Agencies and any NIMS Insurer
        of the occurrence of any of the following events of which it has
        notice:

      

      (i) any
        amendment to this Agreement pursuant to Section 11.03;

      

      (ii) any
        Assignment by the Master Servicer of its rights hereunder or delegation of
        its
        duties hereunder;

      

      
        
          
          

        

        
          187

          
            

          

        

        
          
          

        

      

      (iii) the
        occurrence of any Event of Default described in Section 6.14;

      

      (iv) any
        notice of termination given to the Master Servicer pursuant to Section 6.14
        and
        any resignation of the Master Servicer hereunder;

      

      (v) the
        appointment of any successor to any Master Servicer pursuant to Section 6.14;
        

      

      (vi) the
        making of a final payment pursuant to Section 7.02; and

      

      (vii) any
        termination of the rights and obligations of any Servicer under the applicable
        Servicing Agreement.

      

      (b) All
        notices to the Rating Agencies provided for this Section shall be in writing
        and
        sent by first class mail, telecopy or overnight courier, as
        follows:

      

      If
        to
        S&P, to:

      

      Standard
        & Poor’s Ratings Services

      55
        Water
        Street

      New
        York,
        New York 10041

      Attention:
        Residential Mortgages

      

      If
        to
        Moody’s, to:

      

      Moody’s
        Investor Service, Inc.

      99
        Church
        Street

      New
        York,
        New York 10007

      Attention:
        Residential Mortgages

      

      If
        to
        Fitch, to:

      

      Fitch,
        Inc.

      One
        State
        Street Plaza

      New
        York,
        New York 10004

      Attention:
        Residential Mortgages

      

      (c) The
        Securities Administrator shall provide or make available to the Rating Agencies
        reports prepared pursuant to Section 4.03. In addition, the Securities
        Administrator 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 Securities
        Administrator.

      

      
        
          
          

        

        
          188

          
            

          

        

        
          
          

        

      

      Section
        11.13. Conflicts.
        

      

      To
        the
        extent that the terms of this Agreement conflict with the terms of any Servicing
        Agreement, the related Servicing Agreement shall govern, unless such provisions
        shall adversely affect the Trustee or the Trust Fund.

      

      Section
        11.14. Counterparts.
        

      

      This
        Agreement may be executed in one or more counterparts, each of which shall
        be
        deemed to be an original, and all of which together shall constitute one
        and the
        same instrument.

      

      Section
        11.15. Transfer
        of Servicing. 

      

      The
        Seller agrees that it shall provide written notice to the Master Servicer,
        the
        Securities Administrator, the Swap Counterparty, any NIMS Insurer and the
        Trustee thirty days prior to any proposed transfer or assignment by such
        Seller
        of its rights under any Servicing Agreement or of the servicing thereunder
        or
        delegation of its rights or duties thereunder or any portion thereof to any
        other Person other than the initial Servicer under such Servicing Agreement;
        provided that the Seller shall not be required to provide prior notice of
        (i) any transfer of servicing that occurs within three months following the
        Closing Date to Wells Fargo Bank, N.A. or to an entity that is a Servicer
        on the
        Closing Date or (ii) any assignment of any Servicing rights from one Seller
        to the other Seller. 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 applicable Servicing
        Agreement including, without limitation, receipt of written consent of any
        NIMS
        Insurer and the Master Servicer to such transfer;

      

      (ii) Such
        successor servicer must be qualified to service loans for Fannie Mae or Freddie
        Mac, and must be a member in good standing of MERS;

      

      (iii) Such
        successor servicer must satisfy the seller/servicer eligibility standards
        in the
        applicable Servicing Agreement, exclusive of any experience in mortgage loan
        origination;

      

      (iv) Such
        successor servicer must execute and deliver to the Trustee and the Master
        Servicer an agreement, in form and substance reasonably satisfactory to the
        Trustee and the Master Servicer, that contains an assumption by such successor
        servicer of the due and punctual performance and observance of each covenant
        and
        condition to be performed and observed by the 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 Wells Fargo Bank, N.A. or a Servicer of Mortgage
        Loans
        at the time of the transfer, there must be delivered to the Trustee and the
        Master Servicer a letter from each Rating Agency to the effect that such
        transfer of servicing will not result in a qualification, withdrawal or
        downgrade of the then-current rating of any of the Certificates;
        and

      

      
        
          
          

        

        
          189

          
            

          

        

        
          
          

        

      

      (vi) The
        Seller shall, at its cost and expense, take such steps, or cause the terminated
        Servicer to take such steps, as may be necessary or appropriate to effectuate
        and evidence the transfer of the servicing of the Mortgage Loans to such
        successor servicer, including, but not limited to, the following: (A) to
        the
        extent required by the terms of the Mortgage Loans and by applicable federal
        and
        state laws and regulations, the Seller shall cause the prior Servicer to
        timely
        mail to each obligor under a Mortgage Loan any required notices or disclosures
        describing the transfer of servicing of the Mortgage Loans to the successor
        servicer; (B) prior to the effective date of such transfer of servicing,
        the
        Seller shall cause the prior Servicer to transmit to any related insurer
        notification of such transfer of servicing; (C) on or prior to the effective
        date of such transfer of servicing, the Seller shall cause the prior Servicer
        to
        deliver to the successor servicer all Mortgage Loan Documents and any related
        records or materials; (D) on or prior to the effective date of such transfer
        of
        servicing, the Seller shall cause the prior Servicer to transfer to the
        successor servicer, all funds held by the prior Servicer in respect of the
        Mortgage Loans; (E) on or prior to the effective date of such transfer of
        servicing, the Seller shall cause the prior Servicer to, after the effective
        date of the transfer of servicing to the successor servicer, continue to
        forward
        to such successor servicer, within one Business Day of receipt, the amount
        of
        any payments or other recoveries received by the prior Servicer, and to notify
        the successor servicer of the source and proper application of each such
        payment
        or recovery; and (F) the Seller shall cause the prior Servicer to, after
        the
        effective date of transfer of servicing to the successor servicer, continue
        to
        cooperate with the successor servicer to facilitate such transfer in such
        manner
        and to such extent as the successor servicer may reasonably request.
        Notwithstanding the foregoing, the prior Servicer shall be obligated to perform
        the items listed above to the extent provided in the applicable Servicing
        Agreement.

      

      
        
          
          

        

        
          190

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective officers hereunto duly authorized as of the day and year
        first above written.

      

      STRUCTURED
        ASSET SECURITIES

      CORPORATION,
        as Depositor

       

       

      By:            
        /s/
        Ellen V. Kiernan          

      Name:
        Ellen V. Kiernan

      Title:
        Senior Vice President 

       

       

      U.S.
        BANK
        NATIONAL ASSOCIATION, 
as
        Trustee

       

       

      By:              
        /s/
        Diana J. Kenneally        

      Name:
        Diana J. Kenneally

      Title:
         Assistant
        Vice President

       

       

      WELLS
        FARGO BANK, N.A., 
as
        Master
        Servicer and Securities Administrator

       

       

      By:                 
        /s/
        Michael Pinzon        
Name:
        Michael Pinzon
Title:
        Vice President

       

       

      CLAYTON
        FIXED INCOME SERVICES INC.,
as
        Credit
        Risk Manager

       

       

      By:                
        /s/
        Kevin J. Kanouff        

      Name:
        Kevin J. Kanouff

      Title:
        President General Counsel

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Solely
        for purposes of Sections 5.07(f) and (g), 6.11 and 11.15, 

      accepted
        and agreed to by:

       

      LEHMAN
        BROTHERS HOLDINGS INC.

       

      By:            
        /s/
        Michael C. Hitzmann            

      Name:
        Michael C. Hitzmann

      Title:
        Authorized Signatory

      

      
 

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

       

      FORMS
        OF
        CERTIFICATES

      

      

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-1

       

      FORM
        OF
        INITIAL CERTIFICATION

       

      ___________________

      Date

       

      U.S.
        Bank
        National Association

      One
        Federal Street

      3rd
        Floor

      Boston,
        Massachusetts 02110

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York,
        New York 10019

       

      [SERVICERS]

       

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                  among Structured Asset Securities Corporation, as Depositor, U.S.
                  Bank
                  National Association, as Trustee, Wells Fargo Bank, N.A., as Master
                  Servicer and Securities Administrator, and Clayton Fixed Income
                  Services
                  Inc., as Credit Risk Manager with respect to Structured Asset Securities
                  Corporation Mortgage Loan Trust Mortgage Pass-Through
                  Certificates, Series 2006-BC4

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02(a) of the Trust Agreement, subject to review
        of the
        contents thereof, the undersigned, as Custodian, hereby certifies that it
        has
        received the documents listed in Section 2.01(b) of the Trust Agreement for
        each
        Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
        Trust Agreement, subject to any exceptions noted on Schedule I
        hereto.

       

      Capitalized
        words and phrases used herein and not otherwise defined herein shall have
        the
        respective meanings assigned to them in the Trust Agreement. This Certificate
        is
        subject in all respects to the terms of Section 2.02 of the Trust Agreement
        and
        the Trust Agreement sections cross-referenced therein.

       

      [Custodian]

      

      By:_____________________________________

      Name:
        

      Title:

      

      
        
          
          

        

        
          B-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-2

       

       

      FORM
        OF
        INTERIM CERTIFICATION

       

      ___________________

      Date

       

      U.S.
        Bank
        National Association

      One
        Federal Street

      3rd
        Floor

      Boston,
        Massachusetts 02110

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York,
        New York 10019

       

      [SERVICERS]

       

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                  among Structured Asset Securities Corporation, as Depositor, U.S.
                  Bank
                  National Association, as Trustee, Wells Fargo Bank, N.A., as Master
                  Servicer and Securities Administrator, and Clayton Fixed Income
                  Services
                  Inc., as Credit Risk Manager with respect to Structured Asset Securities
                  Corporation Mortgage Loan Trust Mortgage Pass-Through
                  Certificates, Series 2006-BC4

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02(b) of the Trust Agreement, the undersigned,
        as
        Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
        Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
        I
        hereto) it has received the applicable documents listed in Section 2.01(b)
        of
        the Trust Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified on
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
        Agreement and has determined that each such document appears regular on its
        face
        and appears to relate to the Mortgage Loan identified in such
        document.

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Trust Agreement. This Certificate is qualified in all respects
        by
        the terms of said Trust Agreement including, but not limited to, Section
        2.02(b).

       

      [Custodian]

      

      By:_____________________________________

      Name:
        

      Title:

      
        
          
          

        

        
          B-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-3

       

      FORM
        OF
        FINAL CERTIFICATION

       

      ___________________

      Date

       

      U.S.
        Bank
        National Association

      One
        Federal Street

      3rd
        Floor

      Boston,
        Massachusetts 02110

      

      Structured
        Asset Securities Corporation

      745
        Seventh Avenue, 7th Floor

      New
        York,
        New York 10019

       

      [SERVICERS]

       

      
        	 	
                Re:

              	
                Trust
                  Agreement dated as of November 1, 2006 (the “Trust Agreement”), by and
                  among Structured Asset Securities Corporation, as Depositor, U.S.
                  Bank
                  National Association, as Trustee, Wells Fargo Bank, N.A., as Master
                  Servicer and Securities Administrator, and Clayton Fixed Income
                  Services
                  Inc., as Credit Risk Manager with respect to Structured Asset Securities
                  Corporation Mortgage Loan Trust Mortgage Pass-Through
                  Certificates, Series 2006-BC4

              

      

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section 2.02(d) of the Trust Agreement, the undersigned,
        as
        Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
        Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
        in
        full or listed on Schedule I hereto) it has received the applicable documents
        listed in Section 2.01(b) of the Trust Agreement.

       

      The
        undersigned hereby certifies that as to each Mortgage Loan identified in
        the
        Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
        hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
        Agreement and has determined that each such document appears to be complete
        and,
        based on an examination of such documents, the information set forth in items
        (i) through (vi) of the definition of Mortgage Loan Schedule is correct.
        

       

      Capitalized
        words and phrases used herein shall have the respective meanings assigned
        to
        them in the Trust Agreement. This Certificate is qualified in all respects
        by
        the terms of said Trust Agreement.

       

      [Custodian]

      

      By:_____________________________________

      Name:

      Title:
        

      
        
          
          

        

        
          B-3-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B-4

       

      FORM
        OF
        ENDORSEMENT

       

      Pay
        to
        the order of U.S. Bank National Association, as trustee (the “Trustee”) under
        the Trust Agreement dated as of November 1, 2006 by and among Structured
        Asset
        Securities Corporation, as Depositor, the Trustee, Wells Fargo Bank, N.A.,
        as
        Master Servicer and Securities Administrator, and Clayton Fixed Income Services
        Inc., as Credit Risk Manager relating to Structured Asset Securities Corporation
        Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2006-BC4,
        without
        recourse.

       

      

      

      

       

      __________________________________

      [current
        signatory on note]

       

      By:_______________________________

      Name:

      Title:

      
        
          
          

        

        
          B-4-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

       

                                                       
        

      Date

       

      [Addressed
        to Trustee

      or,
        if
        applicable, the applicable Custodian]

       

      In
        connection with the administration of the mortgages held by you as Trustee
        under
        a certain Trust Agreement dated as of November 1, 2006 by and among Structured
        Asset Securities Corporation, as Depositor, you, as Trustee, Wells Fargo
        Bank,
        N.A., as Master Servicer and Securities Administrator, and Clayton Fixed
        Income
        Services Inc., as Credit Risk Manager, (the “Trust Agreement”), the undersigned
        Servicer hereby requests a release of the Mortgage File held by you as Trustee
        with respect to the following described Mortgage Loan for the reason indicated
        below.

       

      Mortgagor’s
        Name:

       

      Address:

       

      Loan
        No.:

       

      Reason
        for requesting file:

       

      1. Mortgage
        Loan paid in full. (The Servicer hereby certifies that all amounts received
        in
        connection with the loan have been or will be credited to the Certificate
        Account pursuant to the Trust Agreement.)

       

      2. The
        Mortgage Loan is being foreclosed.

       

      3. Mortgage
        Loan substituted. (The Servicer hereby certifies that a Qualifying Substitute
        Mortgage Loan has been assigned and delivered to you along with the related
        Mortgage File pursuant to the Trust Agreement.)

       

      4. Mortgage
        Loan repurchased. (The Servicer hereby certifies that the Purchase Price
        or PPTL
        Purchase Price (in the case of a First Payment Default Mortgage Loan) has
        been
        credited to the Certificate Account pursuant to the Trust
        Agreement.)

       

      5. Other.
        (Describe)

       

      The
        undersigned acknowledges that the above Mortgage File will be held by the
        undersigned in accordance with the provisions of the Trust Agreement and
        will be
        returned to you within ten (10) days of our receipt of the Mortgage File,
        except
        if the Mortgage Loan has been paid in full, or repurchased or substituted
        for a
        Qualifying Substitute Mortgage Loan (in which case the Mortgage File will
        be
        retained by us permanently) and except if the Mortgage Loan is being foreclosed
        (in which case the Mortgage File will be returned when no longer required
        by us
        for such purpose).

      
        
          
          

        

        
          C-1

          
            

          

        

        
          
          

        

      

       

      Capitalized
        terms used herein shall have the meanings ascribed to them in the Trust
        Agreement.

       

      _____________________________________

      [Name
        of
        Servicer]

       

      By:__________________________________

      Name:

      Title:
        Servicing Officer

       

      
        
          
          

        

        
          C-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D-1

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

       

      
        	
                STATE
                  OF

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      [NAME
        OF
        OFFICER], _________________ being first duly sworn, deposes and
        says:

       

      
        	 	
                1.

              	
                That
                  he [she] is [title of officer] ________________________ of [name
                  of
                  Purchaser] _________________________________________ (the “Purchaser”), a
                  _______________________ [description of type of entity] duly organized
                  and
                  existing under the laws of the [State of __________] [United States],
                  on
                  behalf of which he [she] makes this
                  affidavit.

              

      

       

      
        	 	
                2.

              	
                That
                  the Purchaser’s Taxpayer Identification Number is
                             .

              

      

       

      
        	 	
                3.

              	
                That
                  the Purchaser is not a “disqualified organization” within the meaning of
                  Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                  (the
                  “Code”) and will not be a “disqualified organization” as of [date of
                  transfer], and that the Purchaser is not acquiring a Residual Certificate
                  (as defined in the Agreement) for the account of, or as agent (including
                  a
                  broker, nominee, or other middleman) for, any person or entity
                  from which
                  it has not received an affidavit substantially in the form of this
                  affidavit. For these purposes, a “disqualified organization” means the
                  United States, any state or political subdivision thereof, any
                  foreign
                  government, any international organization, any agency or instrumentality
                  of any of the foregoing (other than an instrumentality if all of
                  its
                  activities are subject to tax and a majority of its board of directors
                  is
                  not selected by such governmental entity), any cooperative organization
                  furnishing electric energy or providing telephone service to persons
                  in
                  rural areas as described in Code Section 1381(a)(2)(C), any “electing
                  large partnership” within the meaning of Section 775 of the Code, or any
                  organization (other than a farmers’ cooperative described in Code Section
                  521) that is exempt from federal income tax unless such organization
                  is
                  subject to the tax on unrelated business income imposed by Code
                  Section
                  511.

              

      

       

      
        	 	
                4.

              	
                That
                  the Purchaser either (x) is not, and on __________________ [date
                  of
                  transfer] will not be, an employee benefit plan or other retirement
                  arrangement subject to Section 406 of the Employee Retirement Income
                  Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code
                  (“Code”), (collectively, a “Plan”) or a person acting on behalf of any
                  such Plan or investing the assets of any such Plan to acquire a
                  Residual
                  Certificate; (y) if the Residual Certificate has been the subject
                  of an
                  ERISA-Qualifying Underwriting, is an insurance company that is
                  purchasing
                  the Residual Certificate with funds contained in an “insurance company
                  general account” as defined in Section V(e) of Prohibited Transaction
                  Class Exemption (“PTCE”) 95-60 and the purchase and holding of the
                  Residual Certificate are covered under Sections I and III of PTCE
                  95-60;
                  or (z) herewith delivers to the Securities Administrator an opinion
                  of
                  counsel (a “Benefit Plan Opinion”) satisfactory to the Securities
                  Administrator, and upon which the Trustee, the Master Servicer,
                  any
                  Servicer, the Securities Administrator, the Depositor and any NIMS
                  Insurer
                  shall be entitled to rely, to the effect that the purchase or holding
                  of
                  such Residual Certificate by the Investor will not result in any
                  non-exempt prohibited transactions under Title I of ERISA or Section
                  4975
                  of the Code and will not subject the Trustee, the Depositor, the
                  Master
                  Servicer, any Servicer, the Securities Administrator or any NIMS
                  Insurer
                  to any obligation in addition to those undertaken by such entities
                  in the
                  Trust Agreement, which opinion of counsel shall not be an expense
                  of the
                  Trust Fund or any of the above
                  parties.

              

      

       

      
        
          
          

        

        
          D-1-1

          
            

          

        

        
          
          

        

      

       

      
        	 	
                5.

              	
                That
                  the Purchaser hereby acknowledges that under the terms of the Trust
                  Agreement (the “Agreement”) by and among Structured Asset Securities
                  Corporation, as Depositor, U.S. Bank National Association, as Trustee,
                  Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator,
                  and Clayton Fixed Income Services Inc., as Credit Risk Manager,
                  dated as
                  of November 1, 2006, no transfer of the Residual Certificate shall
                  be
                  permitted to be made to any person unless the Depositor and Securities
                  Administrator have received a certificate from such transferee
                  containing
                  the representations in paragraphs 3 and 4
                  hereof.

              

      

       

      
        	 	
                6.

              	
                That
                  the Purchaser does not hold REMIC residual securities as nominee
                  to
                  facilitate the clearance and settlement of such securities through
                  electronic book-entry changes in accounts of participating organizations
                  (such entity, a “Book-Entry
                  Nominee”).

              

      

       

      
        	 	
                7.

              	
                That
                  the Purchaser does not have the intention to impede the assessment
                  or
                  collection of any federal, state or local taxes legally required
                  to be
                  paid with respect to such Residual
                  Certificate.

              

      

       

      
        	 	
                8.

              	
                That
                  the Purchaser will not transfer a Residual Certificate to any person
                  or
                  entity (i) as to which the Purchaser has actual knowledge that
                  the
                  requirements set forth in paragraph 3, paragraph 6 or paragraph
                  10 hereof
                  are not satisfied or that the Purchaser has reason to believe does
                  not
                  satisfy the requirements set forth in paragraph 7 hereof, and (ii)
                  without
                  obtaining from the prospective Purchaser an affidavit substantially
                  in
                  this form and providing to the Securities Administrator a written
                  statement substantially in the form of Exhibit D-2 to the
                  Agreement.

              

      

       

      
        	 	
                9.

              	
                That
                  the Purchaser understands that, as the holder of a Residual Certificate,
                  the Purchaser may incur tax liabilities in excess of any cash flows
                  generated by the interest and that it intends to pay taxes associated
                  with
                  holding such Residual Certificate as they become
                  due.

              

      

       

      
        
          
          

        

        
          D-1-2

          
            

          

        

        
          
          

        

      

       

      
        	 	
                10.

              	
                That
                  the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                  Person
                  that holds a Residual Certificate in connection with the conduct
                  of a
                  trade or business within the United States and has furnished the
                  transferor and the Securities Administrator with an effective Internal
                  Revenue Service Form W-8ECI (Certificate of Foreign Person’s Claim for
                  Exemption From Withholding on Income Effectively Connected With
                  the
                  Conduct of a Trade or Business in the United States) or successor
                  form at
                  the time and in the manner required by the Code or (iii) is a Non-U.S.
                  Person that has delivered to both the transferor and the Securities
                  Administrator an opinion of a nationally recognized tax counsel
                  to the
                  effect that the transfer of such Residual Certificate to it is
                  in
                  accordance with the requirements of the Code and the regulations
                  promulgated thereunder and that such transfer of a Residual Certificate
                  will not be disregarded for federal income tax purposes. “Non-U.S. Person”
                  means an individual, corporation, partnership or other person other
                  than
                  (i) a citizen or resident of the United States; (ii) a corporation,
                  partnership or other entity created or organized in or under the
                  laws of
                  the United States or any state thereof, including for this purpose,
                  the
                  District of Columbia; (iii) an estate that is subject to U.S. federal
                  income tax regardless of the source of its income; (iv) a trust
                  if a court
                  within the United States is able to exercise primary supervision
                  over the
                  administration of the trust and one or more United States trustees
                  have
                  authority to control all substantial decisions of the trust; and,
                  (v) to
                  the extent provided in Treasury regulations, certain trusts in
                  existence
                  on August 20, 1996 that are treated as United States persons prior
                  to such
                  date and elect to continue to be treated as United States
                  persons.

              

      

       

      
        	 	
                11.

              	
                That
                  the Purchaser agrees to such amendments of the Trust Agreement
                  as may be
                  required to further effectuate the restrictions on transfer of
                  any
                  Residual Certificate to such a “disqualified organization,” an agent
                  thereof, a Book-Entry Nominee, or a person that does not satisfy
                  the
                  requirements of paragraph 7 and paragraph 10
                  hereof.

              

      

       

      
        	 	
                12.

              	
                That
                  the Purchaser consents to the designation of the Securities Administrator
                  as its agent to act as “tax matters person” of the Trust Fund pursuant to
                  the Trust Agreement.

              

      

       

      
        
          
          

        

        
          D-1-3

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
        on its
        behalf, pursuant to authority of its Board of Directors, by its [title of
        officer] this _____ day of __________, 20__.

       

      _________________________________

      [Name
        of
        Purchaser]

       

      By:______________________________

      Name:
        

      Title:
        

       

      Personally
        appeared before me the above-named [name of officer] ________________, known
        or
        proved to me to be the same person who executed the foregoing instrument
        and to
        be the [title of officer] _________________ of the Purchaser, and acknowledged
        to me that he [she] executed the same as his [her] free act and deed and
        the
        free act and deed of the Purchaser.

       

      Subscribed
        and sworn before me this _____ day of __________, 20__.

       

      NOTARY
        PUBLIC

       

      ______________________________

       

      COUNTY
        OF_____________________

       

      STATE
        OF______________________

       

      My
        commission expires the _____ day of __________, 20__.

       

      

      
        
          
          

        

        
          D-1-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        D-2

       

      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

       

      ___________________

      Date

       

      
        	 	
                Re:

              	
                Structured
                  Asset Securities Corporation Mortgage Loan
                  Trust

              

      

      Mortgage
        Pass-Through Certificates, Series 2006-BC4

       

      _______________________
        (the “Transferor”) has reviewed the attached affidavit of
        _____________________________ (the “Transferee”), and has no actual knowledge
        that such affidavit is not true and has no reason to believe that the
        information contained in paragraph 7 thereof is not true, and has no reason
        to
        believe that the Transferee has the intention to impede the assessment or
        collection of any federal, state or local taxes legally required to be paid
        with
        respect to a Residual Certificate. In addition, the Transferor has conducted
        a
        reasonable investigation at the time of the transfer and found that the
        Transferee had historically paid its debts as they came due and found no
        significant evidence to indicate that the Transferee will not continue to
        pay
        its debts as they become due.

       

      Very
        truly yours,

       

      _______________________________

      Name:

      Title:

      
        
          
          

        

        
          D-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

       

      LIST
        OF
        SERVICING AGREEMENTS

      

      

      
        	 	
                1.

              	
                Securitization
                  Servicing Agreement dated as of November 1, 2006, by and among
                  LBH, as
                  seller, Aurora Loan Services LLC, as servicer, and the Master Servicer,
                  and acknowledged by the Trustee;

              

      

       

      
        	 	
                2.

              	
                Reconstituted
                  Servicing Agreement dated as of November 1, 2006, by and between
                  LBH, as
                  seller, Countrywide Home Loans Servicing LP, as servicer, Countrywide
                  Home
                  Loans, Inc., and acknowledged by the Master Servicer and the
                  Trustee;

              

      

       

      
        	 	
                3.

              	
                Securitization
                  Servicing Agreement dated as of November 1, 2006, by and among
                  LBH, as
                  seller, JPMorgan Chase Bank, National Association, as servicer,
                  and the
                  Master Servicer, and acknowledged by the
                  Trustee;

              

      

       

      
        	 	
                4.

              	
                Securitization
                  Subservicing Agreement dated as of November 1, 2006, by and among
                  LBH, as
                  seller, Option One Mortgage Corporation, as servicer, and the Master
                  Servicer, and acknowledged by the Trustee; 

              

      

       

      
        	 	
                5.

              	
                Securitization
                  Subservicing Agreement dated as of November 1, 2006 (and effective
                  as of
                  the first Servicing Transfer Date), by and among LBH, as seller,
                  Wells
                  Fargo Bank, N.A., as servicer, and the Master Servicer, and acknowledged
                  by the Trustee.

              

      

       

      

      

      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

       

      FORM
        OF
        RULE 144A TRANSFER CERTIFICATE

       

      
        	 	
                Re:

              	
                Structured
                  Asset Securities Corporation Mortgage
                  Loan

              

      

      Mortgage
        Pass-Through Certificates, Series 2006-BC4

      

      Reference
        is hereby made to the Trust Agreement dated as of November 1, 2006 (the “Trust
        Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
        U.S. Bank National Association, as Trustee, Wells Fargo Bank, N.A., as Master
        Servicer and Securities Administrator, and Clayton Fixed Income Services
        Inc.,
        as Credit Risk Manager. Capitalized terms used but not defined herein shall
        have
        the meanings given to them in the Trust Agreement.

       

      This
        letter relates to $__________ initial Certificate Balance of Class _____
        Certificates which are held in the form of Definitive Certificates registered
        in
        the name of ________________ (the “Transferor”). The Transferor has requested a
        transfer of such Definitive Certificates for Definitive Certificates of such
        Class registered in the name of [insert name of transferee].

       

      In
        connection with such request, and in respect of such Certificates, the
        Transferor hereby certifies that such Certificates are being transferred
        in
        accordance with (i) the transfer restrictions set forth in the Trust Agreement
        and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
        that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
        account of a “qualified institutional buyer,” which purchaser is aware that the
        sale to it is being made in reliance upon Rule 144A, in a transaction meeting
        the requirements of Rule 144A and in accordance with any applicable securities
        laws of any state of the United States or any other applicable
        jurisdiction.

       

      This
        certificate and the statements contained herein are made for your benefit
        and
        the benefit of the Placement Agent and the Depositor.

       

      _____________________________________

      [Name
        of
        Transferor]

       

      By:__________________________________

      Name:

      Title:

       

      Dated:
        ___________, ____

      
        
          
          

        

        
          F-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

       

      FORM
        OF
        PURCHASER’S LETTER FOR

      INSTITUTIONAL
        ACCREDITED INVESTORS

       

      ___________________

      Date

       

      Dear
        Sirs:

       

      In
        connection with our proposed purchase of $______________ principal amount
        of
        Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
        Pass-Through Certificates, Series 2006-BC4, [Class
        B1] [Class
        B2]
        Certificates (the “Privately Offered Certificates”) of the Structured Asset
        Securities Corporation (the “Depositor”), we confirm that:

       

      
        	
                (1)

              	
                We
                  understand that the Privately Offered Certificates have not been,
                  and will
                  not be, registered under the Securities Act of 1933, as amended
                  (the
                  “Securities Act”), and may not be sold except as permitted in the
                  following sentence. We agree, on our own behalf and on behalf of
                  any
                  accounts for which we are acting as hereinafter stated, that if
                  we should
                  sell any Privately Offered Certificates within two years of the
                  later of
                  the date of original issuance of the Privately Offered Certificates
                  or the
                  last day on which such Privately Offered Certificates are owned
                  by the
                  Depositor or any affiliate of the Depositor (which includes the
                  Placement
                  Agent) we will do so only (A) to the Depositor, (B) to “qualified
                  institutional buyers” (within the meaning of Rule 144A under the
                  Securities Act) in accordance with Rule 144A under the Securities
                  Act
                  (“QIBs”), (C) pursuant to the exemption from registration provided by
                  Rule
                  144 under the Securities Act, or (D) to an institutional “accredited
                  investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
                  Regulation D under the Securities Act that is not a QIB (an “Institutional
                  Accredited Investor”) which, prior to such transfer, delivers to the
                  Securities Administrator under the Trust Agreement dated as of
                  November 1,
                  2006 by and among the Depositor, U.S. Bank National Association,
                  as
                  Trustee (the “Trustee”), Wells Fargo Bank, N.A., as Master Servicer and
                  Securities Administrator, and Clayton Fixed Income Services Inc.,
                  as
                  Credit Risk Manager, a signed letter in the form of this letter;
                  and we
                  further agree, in the capacities stated above, to provide to any
                  person
                  purchasing any of the Privately Offered Certificates from us a
                  notice
                  advising such purchaser that resales of the Privately Offered Certificates
                  are restricted as stated herein.

              

      

       

      
        	
                (2)

              	
                We
                  understand that, in connection with any proposed resale of any
                  Privately
                  Offered Certificates to an Institutional Accredited Investor, we
                  will be
                  required to furnish to the Securities Administrator and the Depositor
                  a
                  certification from such transferee in the form hereof to confirm
                  that the
                  proposed sale is being made pursuant to an exemption from, or in
                  a
                  transaction not subject to, the registration requirements of the
                  Securities Act. We further understand that the Privately Offered
                  Certificates purchased by us will bear a legend to the foregoing
                  effect.

              

      

       

      
        
          
          

        

        
          G-1

          
            

          

        

        
          
          

        

      

       

      
        	
                (3)

              	
                We
                  are acquiring the Privately Offered Certificates for investment
                  purposes
                  and not with a view to, or for offer or sale in connection with,
                  any
                  distribution in violation of the Securities Act. We have such knowledge
                  and experience in financial and business matters as to be capable
                  of
                  evaluating the merits and risks of our investment in the Privately
                  Offered
                  Certificates, and we and any account for which we are acting are
                  each able
                  to bear the economic risk of such
                  investment.

              

      

       

      
        	
                (4)

              	
                We
                  are an Institutional Accredited Investor and we are acquiring the
                  Privately Offered Certificates purchased by us for our own account
                  or for
                  one or more accounts (each of which is an Institutional Accredited
                  Investor) as to each of which we exercise sole investment
                  discretion.

              

      

       

      
        	
                (5)

              	
                We
                  have received such information as we deem necessary in order to
                  make our
                  investment decision.

              

      

       

      
        	
                (6)

              	
                If
                  we are acquiring ERISA-Restricted Certificates, we understand that
                  in
                  accordance with ERISA, the Code and the Exemption, no Plan and
                  no person
                  acting on behalf of such a Plan may acquire such Certificate except
                  in
                  accordance with Section 3.03(d) of the Trust
                  Agreement.

              

      

       

      Terms
        used in this letter which are not otherwise defined herein have the respective
        meanings assigned thereto in the Trust Agreement.

      
        
          
          

        

        
          G-2

          
            

          

        

        
          
          

        

      

      You
        and
        the Depositor are entitled to rely upon this letter and are irrevocably
        authorized to produce this letter or a copy hereof to any interested party
        in
        any administrative or legal proceeding or official inquiry with respect to
        the
        matters covered hereby.

       

      Very
        truly yours,

       

      __________________________________

      [Purchaser]

       

      By:
        ________________________________

      Name:
        

      Title:

       

      
        
          
          

        

        
          G-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

       

      FORM
        OF
        ERISA TRANSFER AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK 

              	
                )

              
	 	
                )
                  ss.: 

              
	
                COUNTY
                  OF NEW YORK 

              	
                )

              

      

       

      The
        undersigned, being first duly sworn, deposes and says as follows:

       

      1. The
        undersigned is the ______________________ of (the “Investor”), a [corporation
        duly organized] and existing under the laws of __________, on behalf of which
        he
        makes this affidavit.

       

      2. In
        the
        case of an ERISA-Restricted Certificate, the Investor either (x) is not,
        and on
        __________________ [date of transfer] will not be, an employee benefit plan
        or
        other retirement arrangement subject to Section 406 of the Employee Retirement
        Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the
        Internal Revenue Code of 1986, as amended (the “Code”), (collectively, a “Plan”)
        or a person acting on behalf of any such Plan or investing the assets of
        any
        such Plan to acquire a Certificate; (y) if the Certificate has been the subject
        of an ERISA-Qualifying Underwriting, is an insurance company that is purchasing
        the Certificate with funds contained in an “insurance company general account”
as defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”)
        95-60 and the purchase and holding of the Certificate are covered under Sections
        I and III of PTCE 95-60; or (z) herewith delivers to the Securities
        Administrator an opinion of counsel (a “Benefit Plan Opinion”) satisfactory to
        the Securities Administrator, and upon which the Trustee, the Master Servicer,
        any Servicer, the Securities Administrator, the Depositor and any NIMS Insurer
        shall be entitled to rely, to the effect that the purchase or holding of
        such
        Certificate by the Investor will not result in any non-exempt prohibited
        transactions under Title I of ERISA or Section 4975 of the Code and will
        not
        subject the Trustee, the Depositor, the Master Servicer, any Servicer, the
        Securities Administrator or any NIMS Insurer to any obligation in addition
        to
        those undertaken by such entities in the Trust Agreement, which opinion of
        counsel shall not be an expense of the Trust Fund or any of the above
        parties.

       

      3. In
        the
        case of an ERISA-Restricted Trust Certificate, prior to the termination of
        the
        Swap Agreement and the Interest Rate Cap Agreement, either (i) the Investor
        is
        neither a Plan nor a person acting on behalf of any such Plan or using the
        assets of any such Plan to effect such transfer or (ii) the acquisition and
        holding of the ERISA-Restricted Trust Certificate are eligible for exemptive
        relief under PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE
        96-23.

      
        
          
          

        

        
          H-1

          
            

          

        

        
          
          

        

      

       

      4. The
        Investor hereby acknowledges that under the terms of the Trust Agreement
        (the
“Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
        U.S. Bank National Association, as Trustee, Wells Fargo Bank, N.A., as Master
        Servicer and Securities Administrator, and Clayton Fixed Income Services
        Inc.,
        as Credit Risk Manager, dated as of November 1, 2006, no transfer of the
        ERISA-Restricted Certificates or the ERISA-Restricted Trust Certificates
        shall
        be permitted to be made to any person unless the Securities Administrator
        have
        received a certificate from such transferee in the form hereof.

       

      
        
          
          

        

        
          H-2

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to proper authority, by its duly authorized officer, duly
        attested, this ____ day of _______________, 20___.

       

      _________________________________

      [Investor]

       

      By:______________________________

      Name:

      Title:

       

      ATTEST:

       

      _____________________________

       

      
        	
                STATE
                  OF 

              	
                )

              
	 	
                )
                  ss:

              
	
                COUNTY
                  OF

              	
                )

              

      

       

      Personally
        appeared before me the above-named ________________, known or proved to me
        to be
        the same person who executed the foregoing instrument and to be the
        ____________________ of the Investor, and acknowledged that he executed the
        same
        as his free act and deed and the free act and deed of the Investor.

       

      Subscribed
        and sworn before me this _____ day of _________ 20___.

       

      ______________________________

      NOTARY
        PUBLIC

       

      My
        commission expires the

      _____
        day
        of __________, 20___.

       

      

       

      
        
          
          

        

        
          H-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      MONTHLY
        REMITTANCE ADVICE

       

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      MONTHLY
        ELECTRONIC DATA TRANSMISSION

       

      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

       

      LIST
        OF
        CUSTODIAL AGREEMENTS

       

      

       

      
        	 	
                1.

              	
                Custodial
                  Agreement dated as of November 1, 2006 between Deutsche Bank National
                  Trust Company, as Custodian, and U.S. Bank National Association,
                  as
                  Trustee.

              

      

      

      
        	 	
                2.

              	
                Custodial
                  Agreement dated as of November 1, 2006 between LaSalle Bank National
                  Association, as Custodian, and U.S. Bank National Association,
                  as
                  Trustee.

              

      

      

      
        	 	
                3.

              	
                Custodial
                  Agreement dated as of November 1, 2006 between U.S. Bank National
                  Association, as Custodian, and U.S. Bank National Association,
                  as
                  Trustee.

              

      

       

      

       

      

      

      
        
          
          

        

        
          K-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

       

      LIST
        OF
        CREDIT RISK MANAGEMENT AGREEMENTS

       

      
        	 	
                1)

              	
                Credit
                  Risk Management Agreement dated November 30, 2006 between Clayton
                  Fixed
                  Income Services Inc., as credit risk manager (the “Credit Risk Manager”)
                  and Aurora Loan Services LLC, as
                  servicer.

              

      

       

      
        	 	
                2)

              	
                Credit
                  Risk Management Agreement dated November 30, 2006 between the Credit
                  Risk
                  Manager and Option One Mortgage Corporation, as
                  servicer.

              

      

       

      
        	 	
                3)

              	
                Credit
                  Risk Management Agreement dated November 30, 2006 between the Credit
                  Risk
                  Manager and JPMorgan Chase Bank, National Association, as
                  servicer.

              

      

       

      
        	 	
                4)

              	
                Credit
                  Risk Management Agreement dated November 30, 2006 between the Credit
                  Risk
                  Manager and Wells Fargo Bank, N.A., as
                  servicer.

              

      

       

      
        	 	
                5)

              	
                Credit
                  Risk Management Agreement dated November 30, 2006 between the Credit
                  Risk
                  Manager and Wells Fargo Bank, N.A., as master
                  servicer.

              

      

       

      

       

      

       

      
        
          
          

        

        
          L-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M-1

       

      FORM
        OF
        TRANSFER CERTIFICATE

      FOR
        TRANSFER FROM RESTRICTED GLOBAL SECURITY

      TO
        REGULATION S GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(B)

                                  of
        the
        Agreement)                            

       

      
        	 	
                Re:

              	
                Structured
                  Asset Securities Corporation Mortgage Loan
                  Trust

              

      

      Mortgage
        Pass-Through Certificates Series 2006-BC4

       

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
        Asset Securities Corporation, as Depositor, Clayton Fixed Income Services
        Inc.,
        as Credit Risk Manager, U.S. Bank National Association, as Trustee and Wells
        Fargo Bank, N.A., as Master Servicer and Securities Administrator, dated
        as of
        November 1, 2006. Capitalized terms used but not defined herein shall have
        the
        meanings given to them in the Agreement.

       

      This
        letter relates to U.S. $__________________ aggregate principal amount of
        Securities which are held in the form of a Restricted Global Security with
        DTC
        in the name of [name of Transferor] _________________________ (the “Transferor”)
        to effect the transfer of the Securities in exchange for an equivalent
        beneficial interest in a Regulation S Global Security.

       

      In
        connection with such request, the Transferor does hereby certify that such
        transfer has been effected in accordance with the transfer restrictions set
        forth in the Agreement and the Securities and in accordance with Rule 904
        of
        Regulation S, and that:

       

      a. the
        offer
        of the Securities was not made to a person in the United States; 

       

      b. at
        the
        time the buy order was originated, the transferee was outside the United
        States
        or the Transferor and any person acting on its behalf reasonably believed
        that
        the transferee was outside the United States;

       

      c. no
        directed selling efforts have been made in contravention of the requirements
        of
        Rule 903 or 904 of Regulation S, as applicable;

       

      d. the
        transaction is not part of a plan or scheme to evade the registration
        requirements of the United States Securities Act of 1933, as amended;
        and

       

      e. the
        transferee is not a U.S. person (as defined in Regulation S).

       

      
        
          
          

        

        
          M-1-1

          
            

          

        

        
          
          

        

      

      You
        are
        entitled to rely upon this letter and are irrevocably authorized to produce
        this
        letter or a copy hereof to any interested party in any administrative or
        legal
        proceedings or official inquiry with respect to the matters covered hereby.
        Terms used in this certificate have the meanings set forth in Regulation
        S.

       

      

      

      

                                                                  
        

      [Name
        of
        Transferor]

      

      

      By:
                                                                

      Name:

      Title:

       

      Date:             
          ,
               

      

      

      

      
        
          
          

        

        
          M-1-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M-2

      

      FORM
        OF
        TRANSFER CERTIFICATE FOR TRANSFER 

      FROM
        REGULATION S GLOBAL SECURITY

      TO
        RESTRICTED GLOBAL SECURITY

      (Transfers
        pursuant to § 3.03(h)(C)

                                of
        the
        Agreement)                          

       

      
        	 	
                Re:

              	
                Structured
                  Asset Securities Corporation Mortgage Loan
                  Trust

              

      

      Mortgage
        Pass-Through Certificates Series 2006-BC4

       

      Reference
        is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
        Asset Securities Corporation, as Depositor, Clayton Fixed Income Services
        Inc.,
        as Credit Risk Manager, U.S. Bank National Association, as Trustee and Wells
        Fargo Bank, N.A., as Master Servicer and Securities Administrator, dated
        as of
        November 1, 2006. Capitalized terms used but not defined herein shall have
        the
        meanings given to them in the Agreement.

       

      This
        letter relates to U.S. $_______________ aggregate principal amount of Securities
        which are held in the form of a Regulations S Global Security in the name
        of
        [name of transferor] ________________________ (the “Transferor”) to effect the
        transfer of the Securities in exchange for an equivalent beneficial interest
        in
        a Restricted Global Security.

       

      In
        connection with such request, and in respect of such Securities, the Transferor
        does hereby certify that such Securities are being transferred in accordance
        with (i) the transfer restrictions set forth in the Agreement and the Securities
        and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
        to a transferee that the Transferor reasonably believes is purchasing the
        Securities for its own account or an account with respect to which the
        transferee exercises sole investment discretion, the transferee and any such
        account is a qualified institutional buyer within the meaning of Rule 144A,
        in a
        transaction meeting the requirements of Rule 144A and in accordance with
        any
        applicable securities laws of any state of the United States or any other
        jurisdiction.

       

                                                                  
        

      [Name
        of
        Transferor]

      

      By:                                                        

      Name:

      Title:

       

      Date:
        _________________,
        ________

       

      

      

       

      
        
          
          

        

        
          M-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        N

      

      Interest
        Rate Cap Agreement

      

      
        
          
          

        

        
          N-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

      

      Swap
        Agreement

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-1

      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  1: Distribution and Pool Performance Information

                 

              	 
	
                Information
                  included in the Distribution Date Statement

              	
                Servicer(1)

                Master
                  Servicer

                Securities
                  Administrator

              
	
                Any
                  information required by 1121 which is NOT included on the Distribution
                  Date Statement

              	
                Depositor

              
	
                Item
                  2: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceedings known to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer, Securities Administrator and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Seller
                  (if a party to the Trust Agreement) or Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian(2)

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer(1)

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

                Information
                  from Item 2(a) of Part II of Form 10-Q:

                 

                With
                  respect to any sale of securities by the sponsor, depositor or
                  issuing
                  entity, that are backed by the same asset pool or are otherwise
                  issued by
                  the issuing entity, whether or not registered, provide the sales
                  and use
                  of proceeds information in Item 701 of Regulation S-K. Pricing
                  information
                  can be omitted if securities were not registered.

              	
                Depositor

              

      

       

      
        
          
          

        

        
          P-1-1

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  4: Defaults Upon Senior Securities

                 

                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                Securities
                  Administrator

                Trustee
                  (with respect to the Trustee, to the extent a Responsible Officer
                  has
                  actual knowledge thereof)

              
	
                Item
                  5: Submission of Matters to a Vote of Security
                  Holders

                 

                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Securities
                  Administrator

                Trustee
                  (with respect to the Trustee, to the extent a Responsible Officer
                  has
                  actual knowledge thereof)

              
	
                Item
                  6: Significant Obligors of Pool Assets

                 

                Item
                  1112(b) - Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Item
                  7: Significant Enhancement Provider Information

                 

                Item
                  1114(b)(2) - Credit Enhancement Provider Financial
                  Information*

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                Item
                  1115(b) - Derivative Counterparty Financial
                  Information*

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 

      

       

      
        
          
          

        

        
          P-1-2

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  8: Other Information

                 

                Disclose
                  any information required to be reported on Form 8-K during the
                  period
                  covered by the Form 10-D but not reported

              	
                Any
                  party responsible for the applicable Form 8-K Disclosure
                  item

              
	
                Item
                  9: Exhibits

              	 
	
                Monthly
                  Statement to Certificateholders

              	
                Securities
                  Administrator

              
	
                Exhibits
                  required by Item 601 of Regulation S-K, such as material
                  agreements

              	
                Depositor

              

      

      _______________________

       

      
        	
                (1)

              	
                This
                  information to be provided pursuant to the applicable Servicing
                  Agreement.

              

      

      
        	
                (2)

              	
                This
                  information to be provided pursuant to the applicable Custodial
                  Agreement.

              

      

      

      
        
          
          

        

        
          P-1-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-2

      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Item
                  1B: Unresolved Staff Comments

                 

              	
                Depositor

              
	
                Item
                  9B: Other Information

                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Securities
                  Administrator

                Depositor

              
	
                Reg
                  AB Item 1112(b): Significant Obligors of Pool
                  Assets

              	 
	
                Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Reg
                  AB Item 1114(b)(2): Credit Enhancement Provider Financial
                  Information

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Reg
                  AB Item 1115(b): Derivative Counterparty Financial
                  Information

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 

      

       

      
        
          
          

        

        
          P-2-1

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                Reg
                  AB Item 1117: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceeding known to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer, Securities Administrator and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Seller
                  (if a party to the Trust Agreement) or Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian(1)

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer(2)

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Reg
                  AB Item 1119: Affiliations and Relationships

              	 
	
                Whether
                  (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                  of
                  the following parties, and (b) to the extent known and material,
                  any of
                  the following parties are affiliated with one another:

              	
                Depositor
                  as to (a) 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(2)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor

              
	
                Whether
                  there are any “outside the ordinary course business arrangements” other
                  than would be obtained in an arm’s length transaction between (a) the
                  Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                  and (b) any
                  of the following parties (or their affiliates) on the other hand,
                  that
                  exist currently or within the past two years and that are material
                  to a
                  Certificateholder’s understanding of the Certificates:

              	
                Depositor
                  as to (a) 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              

      

       

      
        
          
          

        

        
          P-2-2

          
            

          

        

        
          
          

        

      

       

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(2)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor

              
	
                Whether
                  there are any specific relationships involving the transaction
                  or the pool
                  assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                  on
                  the one hand, and (b) any of the following parties (or their affiliates)
                  on the other hand, that exist currently or within the past two
                  years and
                  that are material:

              	
                Depositor
                  as to (a) 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer(2)

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor

              

      

       

      
        	
                (1)

              	
                This
                  information to be provided pursuant to the applicable Custodial
                  Agreement.

              

      

      
        	
                (2)

              	
                This
                  information to be provided pursuant to the applicable Servicing
                  Agreement.

              

      

      

      
        
          
          

        

        
          P-2-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-3

      

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

                 

                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a party.
                  

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                All
                  parties (with respect to any agreement entered into by such
                  party)

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

                 

                Disclosure
                  is required regarding termination of any definitive agreement that
                  is
                  material to the securitization (other than expiration in accordance
                  with
                  its terms), even if depositor is not a party. 

                 

                Examples:
                  servicing agreement, custodial agreement.

              	
                All
                  parties (with respect to any agreement entered into by such
                  party)

              
	
                Item
                  1.03- Bankruptcy or Receivership

                 

                Disclosure
                  is required regarding the bankruptcy or receivership, with respect
                  to any
                  of the following: 

              	
                Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Depositor/Sponsor
                  (Seller)

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Affiliated Servicer

              	
                Servicer(1)

              
	
                ▪
                  Other Servicer servicing 20% or more of the pool assets at the
                  time of the
                  report

              	
                Servicer(1)

              
	
                ▪
                  Other material servicers

              	
                Servicer(1)

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Significant Obligor

              	
                Depositor

              
	
                ▪
                  Credit Enhancer (10% or more)

              	
                Depositor

              
	
                ▪
                  Derivative Counterparty

              	
                Depositor

              
	
                ▪
                  Custodian

              	
                Custodian(2)

              

      

       

      
        
          
          

        

        
          P-3-1

          
            

          

        

        
          
          

        

      

       

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

                 

                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the monthly statements to the certificateholders.

              	
                Depositor

                Master
                  Servicer

                Securities
                  Administrator

              
	
                Item
                  3.03- Material Modification to Rights of Security
                  Holders

                 

                Disclosure
                  is required of any material modification to documents defining
                  the rights
                  of Certificateholders, including the Trust Agreement.

              	
                Securities
                  Administrator

                Trustee
                  (with respect to each, only to the extent it is a party to any
                  such
                  documents)

                Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

                Disclosure
                  is required of any amendment “to the governing documents of the issuing
                  entity”.

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational
                  Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Securities Administrator

                 

                Requires
                  disclosure of any removal, replacement, substitution or addition
                  of any
                  master servicer, affiliated servicer, other servicer servicing
                  10% or more
                  of pool assets at time of report, other material servicers or
                  trustee.

              	
                Master
                  Servicer/Securities Administrator/Depositor/

                Servicer(1)/Trustee
                  (as to itself)

              
	
                Reg
                  AB disclosure about any new servicer or master servicer is also
                  required.

              	
                Servicer(1)/Master
                  Servicer/Depositor

              
	
                Reg
                  AB disclosure about any new Trustee is also required.

              	
                Successor
                  trustee

              
	
                Item
                  6.03- Change in Credit Enhancement or External
                  Support

                Covers
                  termination of any enhancement in manner other than by its terms,
                  the
                  addition of an enhancement, or a material change in the enhancement
                  provided. Applies to external credit enhancements as well as derivatives.
                  

              	
                Depositor/Securities
                  Administrator

              

      

       

      
        
          
          

        

        
          P-3-2

          
            

          

        

        
          
          

        

      

       

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible 

              
	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Securities
                  Administrator

              
	
                Item
                  6.05- Securities Act Updating Disclosure

                 

                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                All
                  parties

              
	
                Item
                  8.01- Other Events

                 

                Any
                  event, with respect to which information is not otherwise called
                  for in
                  Form 8-K, that the registrant deems of importance to
                  certificateholders.

              	
                Depositor

              
	
                Item
                  9.01- Financial Statements and Exhibits

              	
                Responsible
                  party for reporting/disclosing the financial statement or
                  exhibit

              

      

       

      
        	
                (1)

              	
                This
                  information to be provided pursuant to the applicable Servicing
                  Agreement.

              

      

      
        	
                (2)

              	
                This
                  information to be provided pursuant to the applicable Custodial
                  Agreement.

              

      

      

      
        
          
          

        

        
          P-3-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-4

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

      

      Wells
        Fargo Bank, N.A., as Securities Administrator

      Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Corporate Trust Services - SASCO 2006-BC4 - SEC Report Processing

      

      RE:
        **Additional Form [10-D][10-K][8-K] Disclosure** Required

      

      

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [ ] of the Trust Agreement, dated as of November
        1,
        2006, by and among Structured Asset Securities Corporation, as Depositor,
        Clayton Fixed Income Services Inc., as Credit Risk Manager, U.S. Bank National
        Association, as Trustee and Wells Fargo Bank, N.A., as Master Servicer and
        Securities Administrator, the undersigned, as [ ], hereby notifies you that
        certain events have come to our attention that [will] [may] need to be disclosed
        on Form [10-D][10-K][8-K].

       

      Description
        of Additional Form [10-D][10-K][8-K] Disclosure:

       

      

       

      List
        of any Attachments hereto to be included in the Additional Form
        [10-D][10-K][8-K] Disclosure:

       

      

       

      Any inquiries related to this notification should be directed to [                       ], phone number:  [         ]; email address:  [                   ].  

       

      [NAME
        OF PARTY],

      as
        [role]

       

      By: 
        _________________________________
Name:
Title:

      

      

      
        	
                cc:
                  

              	
                Structured
                  Asset Securities Corporation

              

      

      745
        Seventh Avenue, 7th Floor

      New
        York,
        New York 10019

       

      

      
        
          
          

        

        
          P-4-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q-1

      

      FORM
        OF
        BACK-UP SARBANES-OXLEY CERTIFICATION

      

      [                         ]

      [                         ]

      [                         ]

      

       

      
        	 	
                Re:

              	
                SASCO
                  2006-BC4

              

      

       

      [_______],
        the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
        the Master Servicer and the Securities Administrator, 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 Securities Administrator 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 Securities Administrator;

       

      (4) I
        am
        responsible for reviewing the activities performed by [_______] as [_______]
        under the [_______] (the “Agreement”), and based on my knowledge [and the
        compliance review conducted in preparing the Compliance Statement] and except
        as
        disclosed in [the Compliance Statement,] the Servicing Assessment or the
        Attestation Report, the Company has fulfilled its obligations under the
        Agreement in all material respects; and

      
        
          
          

        

        
          Q-1-1

          
            

          

        

        
          
          

        

      

       

      (5) [The
        Compliance Statement required to be delivered by the Company pursuant to
        the
        Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
        to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
        to the Agreement, have been provided to the Depositor, the Master Servicer
        and
        the Securities Administrator. Any material instances of noncompliance described
        in such reports have been disclosed to the Depositor, the Master Servicer
        and
        the Securities Administrator. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Trust Agreement, dated as of November 1, 2006 (the “Trust Agreement”) by and
        among Structured Asset Securities Corporation, as Depositor, U.S. Bank National
        Association, as Trustee, Wells Fargo Bank, N.A., as Master Servicer and
        Securities Administrator, and Clayton Fixed Income Services Inc., as Credit
        Risk
        Manager. Capitalized terms used but not defined herein shall have the meanings
        given to them in the Trust Agreement.

       

      

       

      [_______]
as
        [_______]

      By:  

      Name:

      Title:

      Date:

      

       

      

       

      
        
          
          

        

        
          Q-1-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        Q-2

      

      FORM
        OF
        BACK-UP SARBANES-OXLEY CERTIFICATION TO BE PROVIDED BY THE SECURITIES
        ADMINISTRATOR

      

       

      
        	
                Re:

              	
                Structured
                  Asset Investment Loan Trust Mortgage Pass-Through Certificates,
                  Series
                  2006-BC4 (the “Trust”),
                  issued pursuant to the Trust Agreement, dated as of November 1,
                  2006,
                  among Structured Asset Securities Corporation, as Depositor, Wells
                  Fargo
                  Bank, N.A., as Master Servicer and Securities Administrator, Clayton
                  Fixed
                  Income Services Inc., as Credit
                  Risk Manager, and U.S. Bank National Association, as
                  Trustee

              

      

       

      The
        Securities Administrator 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 Securities Administrator’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
        Securities Administrator 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 Securities
        Administrator under the Trust Agreement, and based on my knowledge and the
        compliance review conducted in preparing the assessment of compliance of
        the
        Securities Administrator required by the Trust Agreement, and except as
        disclosed in the Reports, the Securities Administrator 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
        Securities Administrator for asset-backed securities of the Securities
        Administrator and each Subcontractor utilized by the Securities Administrator
        and related attestation report on assessment of compliance with servicing
        criteria applicable to it required to be included in the Annual Report in
        accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
        and
        15d-18 has been included as an exhibit to the Annual Report. Any material
        instances of non-compliance are described in such report and have been disclosed
        in the Annual Report.

      
        
          
          

        

        
          Q-2-1

          
            

          

        

        
          
          

        

      

       

      In
        giving
        the certifications above, the Securities Administrator 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:      

      

      _____________________________

      [Signature]

      [Title]

      

      
        
          
          

        

        
          Q-2-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R-1

      

      FORM
        OF
        WATCHLIST REPORT

      

      
        
          
          

        

        
          R-1-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R-2

      

      FORM
        OF
        LOSS SEVERITY REPORT

      
        
          
          

        

        
          R-2-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R-3

      

      RESERVED

      
        
          
          

        

        
          R-3-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R-4

      

      FORM
        OF
        PREPAYMENT PREMIUMS REPORT

      

      
        
          
          

        

        
          R-4-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        R-5

      

      FORM
        OF
        ANALYTICS REPORT

      

      

      
        
          
          

        

        
          R-5-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        S

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

      

      To:
        

      

      [_______]

      

      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 November 1,
        2006
        (the “Agreement”), by and among Structured Asset Securities Corporation, as
        Depositor, U.S. Bank National Association, as Trustee, Wells Fargo Bank,
        N.A.,
        as Master Servicer and Securities Administrator, and Clayton Fixed Income
        Services Inc., as Credit Risk Manager. 

      

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  

                Agent

              	
                Credit
                  

                Risk
                  

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              	
                Securities
                  

                Administrator

              
	 	
                General Servicing
                   Considerations

              	 	 	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	 	 	 	
                X

              	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	 	 	 	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the pool assets are maintained. 

              	
                 

              	 	
                 

              	
                X

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	 	 	 	
                X

              	 
	 	
                Cash Collection and Administration

              	 	 	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	 	 	
                X

              	
                X

              

      

       

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  

                Agent

              	
                Credit
                  

                Risk
                  

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              	
                Securities
                  

                Administrator

              
	
                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

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	 	 	 	
                X

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of 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

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	 	 	
                X

              	
                X

              
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 	
                X

              	
                X

              

      

       

      
        
          
          

        

        
          S-2

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  

                Agent

              	
                Credit
                  

                Risk
                  

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              	
                Securities
                  

                Administrator

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of pool assets serviced by the Servicer.
                  

              	 	
                X

              	 	
                X

              	
                X

              
	
                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

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	 	 	
                 X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	 	 	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	
                 

              	 	 	 	 
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	
                 

              	 	 	 	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                 

              	 	 	 	 

      

       

      
        
          
          

        

        
          S-3

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  

                Agent

              	
                Credit
                  

                Risk
                  

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              	
                Securities
                  

                Administrator

              
	
                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. 

              	 	 	 	 	 

      

       

      
        
          
          

        

        
          S-4

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Paying
                  

                Agent

              	
                Credit
                  

                Risk
                  

                Manager

              	
                Trustee

              	
                Master
                  

                Servicer

              	
                Securities
                  

                Administrator

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	 	 	 	
                 

              	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	 	 	 	
                 

              	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	 	 	 	
                 

              	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	 	 	 	
                X

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 	 	
                X

              	 

      

      

      
        
          
          

        

        
          S-5

          
            

          

        

        
          
          

        

      

      EXHIBIT
        T

       

      

      [RESERVED]

      

      
        
          
          

        

        
          T-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        U

      

      FORM
        OF
        CERTIFICATION

      TO
        BE
        PROVIDED BY THE CREDIT RISK MANAGER

      

       

      FORM
        OF CERTIFICATION

       

      Re:
        Structured Asset Securities Corporation Mortgage Loan Trust Mortgage
        Pass-Through Certificates Series 2006-BC4 issued pursuant to the Trust Agreement
        dated as of November 1, 2006, among Structured Asset Securities Corporation,
        as
        Depositor (the “Depositor”), Clayton Fixed Income Services Inc., as Credit Risk
        Manager, Wells Fargo Bank, N.A., as Master Servicer (the “Master Servicer”) and
        Securities Administrator (the “Securities Administrator”) and U.S. Bank National
        Association, as Trustee (the “Trustee”). 

       

      CLAYTON
        FIXED INCOME SERVICES INC. (the “Credit Risk Manager”) certifies to the
        Depositor, the Sponsor, the Master Servicer, the Securities Administrator,
        and
        [10-K Signatory Entity] its officers, directors and affiliates, and with
        the
        knowledge and intent that they will rely upon this certification,
        that:

       

      
        	 	
                1.

              	
                Based
                  on the knowledge of the Credit Risk Manager, taken as a whole,
                  the
                  information in the reports provided during the calendar year immediately
                  preceding the date of this certificate (the “Relevant Year”) by the Credit
                  Risk Manager pursuant to the Master Consulting Agreement dated
                  as of
                  January 28, 2004 (the
                  “Master Consulting Agreement”), by and between the Credit Risk Manager and
                  Lehman Brothers Holdings Inc. and pursuant to Transaction Addendum
                  SASCO
                  2006-BC4 (the “Transaction Addendum SASCO 2006-BC4”), does not contain any
                  untrue statement of a material fact or omit to state a material
                  fact
                  necessary to make the statements made, in light of the circumstances
                  under
                  which such statements were made, not misleading as of the date
                  that each
                  of such reports was provided; and

              

      

       

      
        	 	
                2.

              	
                The
                  Credit Risk Manager has fulfilled its obligations under the Master
                  Consulting Agreement and Transaction Addendum SASCO 2006-BC4 throughout
                  the Relevant Year.

              

      

       

       

      CLAYTON
        FIXED INCOME SERVICES INC.

       

       

      By:____________________________________

       

      Name:_________________________________

       

      Title:
        _________________________________

       

      
        
          
          

        

        
          U-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        V

       

      

      TRANSACTION
        PARTIES

      

      Sponsor
        and Seller: Lehman Brothers Holdings Inc.

      

      Depositor:
        Structured Asset Securities Corporation

      

      Trustee:
        U.S. Bank National Association

      

      Securities
        Administrator: Wells Fargo Bank, N.A.

      

      Master
        Servicer: Wells Fargo Bank, N.A.

      

      Credit
        Risk Manager: Clayton Fixed Income Services Inc.

      

      Swap
        Counterparty: IXIS Financial Products Inc.

      

      Cap
        Counterparty: IXIS Financial Products Inc. 

      

      Servicer(s):
        Aurora Loan Services LLC, Countrywide Home Loans Servicing LP, JPMorgan Chase
        Bank, National Association, Option One Mortgage Corporation and Wells Fargo
        Bank, N.A. (effective on and after December 1, 2006)

      

      Originator(s):
        BNC Mortgage, Inc., Countrywide Home Loans, Inc., Fieldstone Mortgage Company
        and Lehman Brothers Bank, FSB.

      

      Custodian(s):
        Deutsche Bank National Trust Company, LaSalle Bank National Association and
        U.S.
        Bank National Association.

      
        
          
          

        

        
          V-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        W

       

      [___________]

      [___________]

      [___________]

      Attention:
        [___________]

      

      

      
        	
                Re:

              	
                PURCHASE
                  OPTION NOTICE

              
	 	
                Structured
                  Asset Securities Corporation Mortgage Loan Trust Mortgage Pass-Through
                  Certificates Series 2006-BC4 issued pursuant to the Trust Agreement
                  dated
                  as of November 1, 2006, among Structured Asset Securities Corporation,
                  as
                  Depositor (the “Depositor”), Clayton Fixed Income Services Inc., as Credit
                  Risk Manager, Wells Fargo Bank, N.A., as Master Servicer (the “Master
                  Servicer”) and Securities Administrator (the “Securities Administrator”)
                  and U.S. Bank National Association, as Trustee (the “Trustee”).

              

      

      

      Ladies
        and Gentlemen:

      

      In
        accordance with the Section 7.01(d)(vii) of the above-referenced Trust
        Agreement, Wells Fargo Bank, N.A., as Master Servicer, hereby notifies you
        that
        the option to purchase the Mortgage Loans and certain other property of the
        Trust Fund may be exercised on the Distribution Date of this month. The Bid
        Due
        Date for this month is [_____] [__], 20[__]. 

      

      [In
        accordance with Section 7.01(d)(vii) of the Trust Agreement, if no holder
        of NIM
        Residual Securities submits a NIM Residual Purchase Option Notice on or before
        such Bid Due Date, then, on the immediately succeeding Distribution Date,
        the
        Master Servicer may exercise the option to purchase the Mortgage Loans and
        certain other property of the Trust Fund pursuant to Section 7.01(b) or Section
        7.01(c) of the Trust Agreement.]

      

      Capitalized
        terms used and not defined herein are used as defined in the Trust
        Agreement.

      

      Very
        truly yours,

      

      Wells
        Fargo Bank, N.A.

      

      By:
        ___________________________

      Name:

      Title:

      

      
        
          
          

        

        
          W-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        X

       

      FORM
        OF
        NIM RESIDUAL PURCHASE OPTION NOTICE

      

      [Date]

      

      Wells
        Fargo Bank, N.A.

      Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attn:
        Corporate Trust Services - SASCO 2006-BC4 

      

      

      
        	
                Re:

              	
                NIM
                  RESIDUAL PURCHASE OPTION NOTICE

              
	 	
                Structured
                  Asset Securities Corporation Mortgage Loan Trust Mortgage Pass-Through
                  Certificates Series 2006-BC4 issued pursuant to the Trust Agreement
                  dated
                  as of November 1, 2006, among Structured Asset Securities Corporation,
                  as
                  Depositor (the “Depositor”), Clayton Fixed Income Services Inc., as Credit
                  Risk Manager, Wells Fargo Bank, N.A., as Master Servicer (the “Master
                  Servicer”) and Securities Administrator (the “Securities Administrator”)
                  and U.S. Bank National Association, as Trustee (the “Trustee”).

              

      

      

      Ladies
        and Gentlemen:

      

      In
        accordance with Section 7.01(d)(iii) of the above-referenced Trust Agreement,
        [holder of NIM Residual Securities] hereby requests Wells Fargo Bank, N.A.
        (the
“Master Servicer”) to exercise the option to purchase on its behalf with respect
        to all, but no fewer than all, of the Mortgage Loans and other property of
        the
        Trust Fund relating to the Structured Asset Securities Corporation, Mortgage
        Loan Pass-Through Certificates, Series 2006-BC4. 

      

      The
        Bid
        Price for such assets shall be $___________.

      

      Capitalized
        terms used and not defined herein are used as defined in the Trust
        Agreement.

      

      Very
        truly yours,

      

      [NIM
        RESIDUAL SECURITIES HOLDER]

      

      By:
        ___________________________

      Name:
        

      Title:
        

      

      
        
          
          

        

        
          X-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

       

       

      MORTGAGE
        LOAN SCHEDULE

       

      [To
        be
        retained in a separate closing binder entitled “SASCO 2006-BC4 Mortgage Loan
        Schedules” at McKee Nelson LLP] 

      

      
        
          
          

        

        
          Schedule
            A-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        B

       

       

      PROJECTED
        AGGREGATE SCHEDULED PRINCIPAL BALANCE OF FORTY-YEAR MORTGAGE LOANS

      

        
          	
                  Distribution
                    Date occurring in:

                	
                  Aggregate
                    Scheduled Principal 

                  Balance
                    of the Mortgage Loans 

                  Having
                    Forty-Year Original 

                  Terms
                    to Maturity ($)

                
	
                  December
                    2016

                	
                  12,004,108.18

                
	
                  January
                    2017

                	
                  11,833,849.12

                
	
                  February
                    2017

                	
                  11,665,944.11

                
	
                  March
                    2017

                	
                  11,500,361.00

                
	
                  April
                    2017

                	
                  11,337,068.10

                
	
                  May
                    2017

                	
                  11,176,034.14

                
	
                  June
                    2017

                	
                  11,017,228.29

                
	
                  July
                    2017

                	
                  10,860,620.11

                
	
                  August
                    2017

                	
                  10,706,179.60

                
	
                  September
                    2017

                	
                  10,553,877.15

                
	
                  October
                    2017

                	
                  10,403,683.56

                
	
                  November
                    2017

                	
                  10,255,570.02

                
	
                  December
                    2017

                	
                  10,109,508.12

                
	
                  January
                    2018

                	
                  9,965,469.82

                
	
                  February
                    2018

                	
                  9,823,427.48

                
	
                  March
                    2018

                	
                  9,683,353.81

                
	
                  April
                    2018

                	
                  9,545,221.92

                
	
                  May
                    2018

                	
                  9,409,005.25

                
	
                  June
                    2018

                	
                  9,274,677.65

                
	
                  July
                    2018

                	
                  9,142,213.26

                
	
                  August
                    2018

                	
                  9,011,586.63

                
	
                  September
                    2018

                	
                  8,882,772.63

                
	
                  October
                    2018

                	
                  8,755,746.45

                
	
                  November
                    2018

                	
                  8,630,483.67

                
	
                  December
                    2018

                	
                  8,506,960.14

                
	
                  January
                    2019

                	
                  8,385,152.09

                
	
                  February
                    2019

                	
                  8,265,036.04

                
	
                  March
                    2019

                	
                  8,146,588.85

                
	
                  April
                    2019

                	
                  8,029,787.66

                
	
                  May
                    2019

                	
                  7,914,609.97

                
	
                  June
                    2019

                	
                  7,801,033.54

                
	
                  July
                    2019

                	
                  7,689,036.47

                
	
                  August
                    2019

                	
                  7,578,597.12

                
	
                  September
                    2019

                	
                  7,469,694.17

                
	
                  October
                    2019

                	
                  7,362,306.59

                
	
                  November
                    2019

                	
                  7,256,413.61

                
	
                  December
                    2019

                	
                  7,151,994.78

                
	
                  January
                    2020

                	
                  7,049,029.89

                
	
                  February
                    2020

                	
                  6,947,499.03

                
	
                  March
                    2020

                	
                  6,847,382.55

                
	
                  April
                    2020

                	
                  6,748,661.07

                
	
                  May
                    2020

                	
                  6,651,315.48

                
	
                  June
                    2020

                	
                  6,555,326.91

                
	
                  July
                    2020

                	
                  6,460,676.76

                
	
                  August
                    2020

                	
                  6,367,346.69

                

        

         

        
          
            
            

          

          
            Schedule
              B-1

            
              

            

          

          
            
            

          

        

         

        
          	
                  Distribution
                    Date occurring in:

                	
                  Aggregate
                    Scheduled Principal 

                  Balance
                    of the Mortgage Loans 

                  Having
                    Forty-Year Original 

                  Terms
                    to Maturity ($)

                
	
                  September
                    2020

                	
                  6,275,318.60

                
	
                  October
                    2020

                	
                  6,184,574.63

                
	
                  November
                    2020

                	
                  6,095,097.18

                
	
                  December
                    2020

                	
                  6,006,868.86

                
	
                  January
                    2021

                	
                  5,919,872.55

                
	
                  February
                    2021

                	
                  5,834,091.35

                
	
                  March
                    2021

                	
                  5,749,508.58

                
	
                  April
                    2021

                	
                  5,666,107.79

                
	
                  May
                    2021

                	
                  5,583,872.76

                
	
                  June
                    2021

                	
                  5,502,787.50

                
	
                  July
                    2021

                	
                  5,422,836.22

                
	
                  August
                    2021

                	
                  5,344,003.34

                
	
                  September
                    2021

                	
                  5,266,273.52

                
	
                  October
                    2021

                	
                  5,189,631.60

                
	
                  November
                    2021

                	
                  5,114,062.63

                
	
                  December
                    2021

                	
                  5,039,551.89

                
	
                  January
                    2022

                	
                  4,966,084.83

                
	
                  February
                    2022

                	
                  4,893,647.11

                
	
                  March
                    2022

                	
                  4,822,224.58

                
	
                  April
                    2022

                	
                  4,751,803.30

                
	
                  May
                    2022

                	
                  4,682,369.49

                
	
                  June
                    2022

                	
                  4,613,909.58

                
	
                  July
                    2022

                	
                  4,546,410.19

                
	
                  August
                    2022

                	
                  4,479,858.09

                
	
                  September
                    2022

                	
                  4,414,240.26

                
	
                  October
                    2022

                	
                  4,349,543.86

                
	
                  November
                    2022

                	
                  4,285,756.19

                
	
                  December
                    2022

                	
                  4,222,864.76

                
	
                  January
                    2023

                	
                  4,160,857.23

                
	
                  February
                    2023

                	
                  4,099,721.45

                
	
                  March
                    2023

                	
                  4,039,445.39

                
	
                  April
                    2023

                	
                  3,980,017.24

                
	
                  May
                    2023

                	
                  3,921,425.30

                
	
                  June
                    2023

                	
                  3,863,658.08

                
	
                  July
                    2023

                	
                  3,806,704.20

                
	
                  August
                    2023

                	
                  3,750,552.46

                
	
                  September
                    2023

                	
                  3,695,191.81

                
	
                  October
                    2023

                	
                  3,640,611.34

                
	
                  November
                    2023

                	
                  3,586,800.31

                
	
                  December
                    2023

                	
                  3,533,748.10

                
	
                  January
                    2024

                	
                  3,481,444.26

                
	
                  February
                    2024

                	
                  3,429,878.46

                
	
                  March
                    2024

                	
                  3,379,040.52

                
	
                  April
                    2024

                	
                  3,328,920.41

                
	
                  May
                    2024

                	
                  3,279,508.22

                
	
                  June
                    2024

                	
                  3,230,794.18

                
	
                  July
                    2024

                	
                  3,182,768.66

                
	
                  August
                    2024

                	
                  3,135,422.16

                
	
                  September
                    2024

                	
                  3,088,745.29

                
	
                  October
                    2024

                	
                  3,042,728.81

                
	
                  November
                    2024

                	
                  2,997,363.61

                
	
                  December
                    2024

                	
                  2,952,640.69

                

        

         

        
          
            
            

          

          
            Schedule
              B-2

            
              

            

          

          
            
            

          

        

         

        
          	
                  Distribution
                    Date occurring in:

                	
                  Aggregate
                    Scheduled Principal 

                  Balance
                    of the Mortgage Loans 

                  Having
                    Forty-Year Original 

                  Terms
                    to Maturity ($)

                
	
                  January
                    2025

                	
                  2,908,551.17

                
	
                  February
                    2025

                	
                  2,865,086.30

                
	
                  March
                    2025

                	
                  2,822,237.45

                
	
                  April
                    2025

                	
                  2,779,996.11

                
	
                  May
                    2025

                	
                  2,738,353.87

                
	
                  June
                    2025

                	
                  2,697,302.46

                
	
                  July
                    2025

                	
                  2,656,833.69

                
	
                  August
                    2025

                	
                  2,616,939.52

                
	
                  September
                    2025

                	
                  2,577,611.99

                
	
                  October
                    2025

                	
                  2,538,843.27

                
	
                  November
                    2025

                	
                  2,500,625.61

                
	
                  December
                    2025

                	
                  2,462,951.40

                
	
                  January
                    2026

                	
                  2,425,813.10

                
	
                  February
                    2026

                	
                  2,389,203.29

                
	
                  March
                    2026

                	
                  2,353,114.67

                
	
                  April
                    2026

                	
                  2,317,539.99

                
	
                  May
                    2026

                	
                  2,282,472.16

                
	
                  June
                    2026

                	
                  2,247,904.14

                
	
                  July
                    2026

                	
                  2,213,829.00

                
	
                  August
                    2026

                	
                  2,180,239.91

                
	
                  September
                    2026

                	
                  2,147,130.13

                
	
                  October
                    2026

                	
                  2,114,493.02

                
	
                  November
                    2026

                	
                  2,082,322.01

                
	
                  December
                    2026

                	
                  2,050,610.64

                
	
                  January
                    2027

                	
                  2,019,352.54

                
	
                  February
                    2027

                	
                  1,988,541.41

                
	
                  March
                    2027

                	
                  1,958,171.04

                
	
                  April
                    2027

                	
                  1,928,235.31

                
	
                  May
                    2027

                	
                  1,898,728.20

                
	
                  June
                    2027

                	
                  1,869,643.73

                
	
                  July
                    2027

                	
                  1,840,976.05

                
	
                  August
                    2027

                	
                  1,812,719.36

                
	
                  September
                    2027

                	
                  1,784,867.94

                
	
                  October
                    2027

                	
                  1,757,416.17

                
	
                  November
                    2027

                	
                  1,730,358.48

                
	
                  December
                    2027

                	
                  1,703,689.39

                
	
                  January
                    2028

                	
                  1,677,403.50

                
	
                  February
                    2028

                	
                  1,651,495.47

                
	
                  March
                    2028

                	
                  1,625,960.04

                
	
                  April
                    2028

                	
                  1,600,792.03

                
	
                  May
                    2028

                	
                  1,575,986.33

                
	
                  June
                    2028

                	
                  1,551,537.87

                
	
                  July
                    2028

                	
                  1,527,441.69

                
	
                  August
                    2028

                	
                  1,503,692.88

                
	
                  September
                    2028

                	
                  1,480,286.60

                
	
                  October
                    2028

                	
                  1,457,218.07

                
	
                  November
                    2028

                	
                  1,434,482.58

                
	
                  December
                    2028

                	
                  1,412,075.49

                
	
                  January
                    2029

                	
                  1,389,992.21

                
	
                  February
                    2029

                	
                  1,368,228.23

                
	
                  March
                    2029

                	
                  1,346,779.09

                
	
                  April
                    2029

                	
                  1,325,640.39

                

        

         

        
          
            
            

          

          
            Schedule
              B-2

            
              

            

          

          
            
            

          

        

         

        
          	
                  Distribution
                    Date occurring in:

                	
                  Aggregate
                    Scheduled Principal 

                  Balance
                    of the Mortgage Loans 

                  Having
                    Forty-Year Original 

                  Terms
                    to Maturity ($)

                
	
                  May
                    2029

                	
                  1,304,807.80

                
	
                  June
                    2029

                	
                  1,284,277.04

                
	
                  July
                    2029

                	
                  1,264,043.90

                
	
                  August
                    2029

                	
                  1,244,104.22

                
	
                  September
                    2029

                	
                  1,224,453.89

                
	
                  October
                    2029

                	
                  1,205,088.87

                
	
                  November
                    2029

                	
                  1,186,005.16

                
	
                  December
                    2029

                	
                  1,167,198.84

                
	
                  January
                    2030

                	
                  1,148,666.02

                
	
                  February
                    2030

                	
                  1,130,402.88

                
	
                  March
                    2030

                	
                  1,112,405.63

                
	
                  April
                    2030

                	
                  1,094,670.56

                
	
                  May
                    2030

                	
                  1,077,193.99

                
	
                  June
                    2030

                	
                  1,059,972.29

                
	
                  July
                    2030

                	
                  1,043,001.91

                
	
                  August
                    2030

                	
                  1,026,279.30

                
	
                  September
                    2030

                	
                  1,009,801.01

                
	
                  October
                    2030

                	
                  993,563.60

                
	
                  November
                    2030

                	
                  977,563.69

                
	
                  December
                    2030

                	
                  961,797.95

                
	
                  January
                    2031

                	
                  946,263.10

                
	
                  February
                    2031

                	
                  930,955.88

                
	
                  March
                    2031

                	
                  915,873.10

                
	
                  April
                    2031

                	
                  901,011.61

                
	
                  May
                    2031

                	
                  886,368.30

                
	
                  June
                    2031

                	
                  871,940.10

                
	
                  July
                    2031

                	
                  857,723.98

                
	
                  August
                    2031

                	
                  843,716.97

                
	
                  September
                    2031

                	
                  829,916.11

                
	
                  October
                    2031

                	
                  816,318.51

                
	
                  November
                    2031

                	
                  802,921.31

                
	
                  December
                    2031

                	
                  789,721.68

                
	
                  January
                    2032

                	
                  776,716.84

                
	
                  February
                    2032

                	
                  763,904.04

                
	
                  March
                    2032

                	
                  751,280.58

                
	
                  April
                    2032

                	
                  738,843.78

                
	
                  May
                    2032

                	
                  726,591.02

                
	
                  June
                    2032

                	
                  714,519.69

                
	
                  July
                    2032

                	
                  702,627.24

                
	
                  August
                    2032

                	
                  690,911.13

                
	
                  September
                    2032

                	
                  679,368.89

                
	
                  October
                    2032

                	
                  667,998.04

                
	
                  November
                    2032

                	
                  656,796.18

                
	
                  December
                    2032

                	
                  645,760.90

                
	
                  January
                    2033

                	
                  634,889.86

                
	
                  February
                    2033

                	
                  624,180.72

                
	
                  March
                    2033

                	
                  613,631.20

                
	
                  April
                    2033

                	
                  603,239.05

                
	
                  May
                    2033

                	
                  593,002.02

                
	
                  June
                    2033

                	
                  582,917.92

                
	
                  July
                    2033

                	
                  572,984.58

                
	
                  August
                    2033

                	
                  563,199.87

                

        

         

        
          
            
            

          

          
            Schedule
              B-3

            
              

            

          

          
            
            

          

        

         

        
          	
                  Distribution
                    Date occurring in:

                	
                  Aggregate
                    Scheduled Principal 

                  Balance
                    of the Mortgage Loans 

                  Having
                    Forty-Year Original 

                  Terms
                    to Maturity ($)

                
	
                  September
                    2033

                	
                  553,561.68

                
	
                  October
                    2033

                	
                  544,067.93

                
	
                  November
                    2033

                	
                  534,716.57

                
	
                  December
                    2033

                	
                  525,505.57

                
	
                  January
                    2034

                	
                  516,432.95

                
	
                  February
                    2034

                	
                  507,496.73

                
	
                  March
                    2034

                	
                  498,694.99

                
	
                  April
                    2034

                	
                  490,025.80

                
	
                  May
                    2034

                	
                  481,487.27

                
	
                  June
                    2034

                	
                  473,077.56

                
	
                  July
                    2034

                	
                  464,794.83

                
	
                  August
                    2034

                	
                  456,637.26

                
	
                  September
                    2034

                	
                  448,603.08

                
	
                  October
                    2034

                	
                  440,690.53

                
	
                  November
                    2034

                	
                  432,897.86

                
	
                  December
                    2034

                	
                  425,223.38

                
	
                  January
                    2035

                	
                  417,665.40

                
	
                  February
                    2035

                	
                  410,222.25

                
	
                  March
                    2035

                	
                  402,892.29

                
	
                  April
                    2035

                	
                  395,673.90

                
	
                  May
                    2035

                	
                  388,565.49

                
	
                  June
                    2035

                	
                  381,565.50

                
	
                  July
                    2035

                	
                  374,672.35

                
	
                  August
                    2035

                	
                  367,884.54

                
	
                  September
                    2035

                	
                  361,200.55

                
	
                  October
                    2035

                	
                  354,618.88

                
	
                  November
                    2035

                	
                  348,138.09

                
	
                  December
                    2035

                	
                  341,756.71

                
	
                  January
                    2036

                	
                  335,473.32

                
	
                  February
                    2036

                	
                  329,286.53

                
	
                  March
                    2036

                	
                  323,194.93

                
	
                  April
                    2036

                	
                  317,197.17

                
	
                  May
                    2036

                	
                  311,291.89

                
	
                  June
                    2036

                	
                  305,477.77

                
	
                  July
                    2036

                	
                  299,753.49

                
	
                  August
                    2036

                	
                  294,117.77

                
	
                  September
                    2036

                	
                  288,569.32

                
	
                  October
                    2036

                	
                  283,106.89

                
	
                  November
                    2036

                	
                  277,729.24

                
	
                  December
                    2036

                	
                  272,435.16

                

        

      

      

      
        
          
          

        

        
          Schedule
            B-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]