Document:

EXECUTION

    

     

    AMENDMENT
      NO. 1

     

    to

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of April 1, 2006

     

    by
      and
      among

     

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    WELLS
      FARGO BANK, N.A., as Securities Administrator,

     

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

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

     

    as
      Trustee

     

    

     

    STRUCTURED
      ASSET SECURITIES CORPORATION

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-AM1

     

    Dated
      and
      effective as of August 24, 2006

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    This
      Amendment No. 1 to Trust Agreement, dated and effective as of August 24, 2006,
      by and among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan
      Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
      Administrator, and U.S. Bank National Association, as Trustee, recites and
      provides as follows: 

     

    RECITALS

     

    WHEREAS,
      in connection with the issuance of the Structured Asset Securities Corporation
      Mortgage Pass-Through Certificates, Series 2006-AM1 (the “Certificates”),
      Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
      LLC,
      as Master Servicer, Wells Fargo Bank, N.A., as Securities Administrator, Clayton
      Fixed Income Services Inc., as Credit Risk Manager and U.S. Bank National
      Association, as Trustee, have entered into a Trust Agreement, dated as of April
      1, 2006 (the “Trust Agreement”), for the purpose of creating a trust fund (the
“Trust Fund”), the assets of which consist primarily of two pools of Mortgage
      Loans; 

     

    WHEREAS,
      the Depositor, the Master Servicer, the Securities Administrator and the Trustee
      desire to amend the Trust Agreement as set forth herein; 

     

    WHEREAS,
      Section 11.03 of the Trust Agreement provides that the Trust Agreement may
      be
      amended from time to time by the Depositor, the Master Servicer, the Securities
      Administrator and the Trustee with the consent of the Holders 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 the Agreement
      or
      of modifying in any manner the rights of the Holders, provided such amendment,
      as evidenced by an Opinion of Counsel delivered to the Trustee, does not
      adversely affect the status of any REMIC created pursuant to the Trust Agreement
      or cause a tax to be imposed on any REMIC; and

     

    WHEREAS,
      the Trustee has received the Opinion of Counsel required pursuant to Section
      11.03 in the form annexed as Exhibit A hereto; and

     

    WHEREAS,
      the Trustee has received the consent of the Holders of 100% of the Percentage
      Interest of the Class R Certificates, such Class of Certificates being the
      sole
      Classes affected by this Amendment.

     

    NOW,
      THEREFORE, in consideration of the foregoing and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged
      by
      the parties, it is mutually covenanted and agreed as follows:

     

    ARTICLE
      I

     

    AMENDMENTS
      TO THE TRUST AGREEMENT

     

    Section
      1.01 Amendments
      to Definitions.

     

    (a) The
      definition of “Interest Remittance Amount” is hereby amended in Article I,
      Section 1.01 (Definitions) of the Trust Agreement to read in its entirety as
      follows: 

     

    
      
        
        

      

      
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    “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 Securities Administrator (solely in its
      capacity as successor master servicer), minus
      (x) the
      Servicing Fee with respect to such Mortgage Loans in such Mortgage Pool and
      (y)
      previously unreimbursed Advances due to the Servicers, the Master Servicer
      or
      the Securities Administrator (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 payable with respect to a First Payment
      Default Mortgage Loan excluding any PPTL Premium) 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 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, the Custodian and each
      Servicer to the extent provided in this Agreement, each Servicing Agreement
      and
      the Custodial Agreement; provided,
      however,
      that in
      the case of the Trustee, such reimbursable amounts to the Trustee payable from
      the Interest Remittance Amount and Principal Remittance Amount may not exceed
      $200,000 during any Anniversary Year. In the event that the Trustee incurs
      reimbursable amounts in excess of $200,000, it may seek reimbursement for such
      amounts in subsequent Anniversary Years, but in no event shall more than
      $200,000 be reimbursed to the Trustee per Anniversary Year. Notwithstanding
      the
      foregoing, costs and expenses incurred by the Trustee pursuant to Section
      6.14(a) in connection with any transfer of servicing shall be excluded from
      the
      $200,000 per Anniversary Year limit on reimbursable amounts. For the avoidance
      of doubt, (i) the Interest Remittance Amount available on each Swap Payment
      Date
      for distributions to the Swap Account shall be equal to the Interest Remittance
      Amount on the related Distribution Date and (ii) the Interest Remittance Amount
      for each Distribution Date shall be calculated without regard to any
      distributions to the Swap Account on the related Swap Payment Date.

     

    The
      definition of “PPTL Premium” is hereby added to Article 1, Section 1.01
      (Definitions) of the Trust Agreement to read in its entirety as follows:

     

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

     

    Section
      1.02 Amendments
      to Section 2.05(a). 

     

    The
      first
      sentence of Section 2.05(a) is hereby amended to read in its entirety as
      follows:

     

    (a)
       With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement, by the Seller pursuant to the Mortgage Loan Sale Agreement or by
      the
      Transferor pursuant to the Transfer Agreement, the principal portion of the
      funds (including the PPTL Purchase Price in the case of a First Payment Default
      Mortgage Loan excluding any PPTL Premium) received by the Trustee in respect
      of
      such repurchase of a Mortgage Loan will be considered a Principal Prepayment
      and
      the Purchase Price or PPTL Purchase Price shall be deposited in the Collection
      Account or a Custodial Account, as applicable.

     

    
      
        
        

      

      
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    Section
      1.03 Amendments
      to Section 5.02(f)(viii). 

     

    Section
      5.02(f)(viii) is hereby added to Article V (Distributions to Holders of
      Certificates) of the Trust Agreement to read in its entirety as follows:

     

    “(viii)
      an amount equal to the aggregate PPTL Premium during the preceding Prepayment
      Period (which, for purposes of compliance with the REMIC Provisions, shall
      be
      treated as an amount distributed by the Upper-Tier REMIC to Class R
      Certificates) shall be distributed to the Class X Certificates.

     

    ARTICLE
      II

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      2.01 Capitalized
      Terms.

     

    For
      all
      purposes of this Amendment No. 1, except as otherwise stated herein, terms
      used
      in capitalized form in this Amendment No. 1 and defined in the Trust Agreement
      have the meanings specified in the Trust Agreement.

     

    Section
      2.02 Continuing
      Effect.

     

    Except
      as
      expressly amended by this Amendment No. 1, the Trust Agreement shall remain
      in
      full force and effect in accordance with its terms.

     

    Section
      2.03 References
      to Trust Agreement.

     

    From
      and
      after the execution and delivery of this Amendment No. 1, all references to
      the
      Trust Agreement in the Trust Agreement, any Certificate or any other document
      executed or delivered in connection therewith shall be deemed a reference to
      the
      Trust Agreement as amended hereby, unless the context expressly requires
      otherwise.

     

    Section
      2.04 Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Amendment
      No. 1 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 Amendment No. 1 and shall
      in
      no way affect the validity or enforceability of the other provisions of this
      Amendment No. 1 or of the Certificates or the rights of the Holders
      thereof.

     

    
      
        
        

      

      
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    Section
      2.05 Counterparts.

     

    This
      Amendment No. 1 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
      2.06 Binding
      Nature of Amendment No. 1.

     

    This
      Amendment No. 1 shall be binding upon and inure to the benefit of the parties
      hereto and their respective successors and permitted assigns. 

     

    Section
      2.07 Headings
      Not To Affect Interpretation.

     

    The
      headings contained in this Amendment No. 1 are for convenience of reference
      only, and shall not be used in the interpretation hereof.

     

    Section
      2.08 Effectiveness.

     

    This
      Amendment No. 1 shall become effective as of the date first written
      above.

     

    Section
      2.09 Governing
      Law.

     

    THIS
      AMENDMENT NO. 1 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.

     

    

    

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer, the Securities
      Administrator and the Trustee 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 Kiernan    

            
	 	
              Name:
                Ellen Kiernan

            
	 	
              Title:
                Senior Vice President

            
	 	 
	 	 
	 	
              AURORA
                LOAN SERVICES LLC,

            
	 	
              as
                Master Servicer

            
	 	 
	 	
              By:
                /s/ Jerald W. Dreyer   

            
	 	
              Name:
                Jerald W. Dreyer

            
	 	
              Title:
                Vice President

            
	 	 
	 	 
	 	
              WELLS
                FARGO BANK, N.A.,

            
	 	
              as
                Securities Administrator

            
	 	 
	 	 
	 	
              By:
                /s/ Scott Runkles    

            
	 	
              Name:
                Scott Runkles

            
	 	
              Title:
                Vice President

            
	 	
              U.S.
                BANK NATIONAL ASSOCIATION,

            
	 	
              as
                Trustee

            
	 	 
	 	 
	 	
              By:
                /s/ James H. Byrnes   

            
	 	
              Name:
                James H. Byrnes

            
	 	
              Title:
                Vice PresidentEXHIBIT
      4.1 

    

    NUTRITION
      21, INC.

    

    PROMISSORY
      NOTE

    

    

    $1,250,000August
      25, 2006

    Holder:
      

    Holder’s
      Address: 

     

     

    

    FOR
      VALUED RECEIVED, on
      August
      25, 2009, NUTRITION 21, INC., a New York corporation (“Maker”) hereby promises
      to pay to Holder, the principal sum of One Million Two Hundred Fifty Thousand
      DOLLARS ($1,250,000), together with interest accruing thereon at the rate of
      5%
      per annum. Maker may at its option prepay all or any amount of this Note,
      applied first to interest and then to principal.

    

    This
      note
      and another note issued concurrently herewith (collectively, the “Notes”) are
      being issued pursuant to an Amended and Restated Merger Agreement dated August
      25, 2006 (the “Merger Agreement”). This Note is subject to offsets as set forth
      in the Merger Agreement. This Note is secured by the security interest referred
      to in Section 3(e) of the Merger Agreement.

    

    1. Events
      of
      Default. The following are “Events of Default” hereunder:

     

    (a) any
      failure by Maker to pay principal hereunder when due that is not cured within
      five days after written notice;

     

    (b) if
      Maker
      or any subsidiary of Maker shall (i) apply for or consent to the appointment
      of
      a receiver, trustee, custodian or liquidator or any of its property, (ii) admit
      in writing its inability to pay its debts as they mature, (iii) make a general
      assignment for the benefit of creditors, (iv) be adjudicated bankrupt or
      insolvent or be the subject of an order for relief under Title 11 of the United
      States Bankruptcy Code, (v) file a voluntary petition in bankruptcy or a
      petition for bankruptcy, reorganization, insolvency, readjustment of debt,
      dissolution or liquidation, or an answer admitting the material allegations
      of a
      petition filed against it in any proceeding under any such law
      and such
      petition or proceeding shall remain undismissed or unstayed for 60
      days,
      or (vi)
      take or permit to be taken any action in furtherance of or for the purpose
      of
      effecting any of the foregoing;

     

    (c) if
      Maker
      breaches a material covenant or agreement under this Note or the Merger
      Agreement and Maker shall fail to cure such breach within ten (10) days after
      receipt by Maker of written notice of such failure from Holder;

     

    (d) any
      dissolution, liquidation or winding up of Maker or any substantial portion
      of
      its business or a material subsidiary.

     

    2. Remedies
      on Default. If any Event of Default shall occur and be continuing, then the
      entire principal under this Note shall upon notice by Holder become immediately
      due and payable, and Holder shall be entitled to exercise its rights and
      remedies under the Security Agreement referred to in Section 3(e) of the Merger
      Agreement.

     

    3. Certain
      Waivers. Except as otherwise expressly provided in this Note, Maker hereby
      waives diligence, demand, presentment for payment, protest, dishonor,
      nonpayment, default and notice of any and all of the foregoing.

     

    4. Amendments.
      This Note may not be changed orally, but only by an agreement in writing and
      signed by the party against whom enforcement of any waiver, change, modification
      or discharge is sought.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    5. GOVERNING
      LAW; JURISDICTION. This Note shall be governed by and construed in accordance
      with the law of the State of New York applicable to contracts made and to be
      performed therein. The parties consent to the exclusive jurisdiction of the
      federal and state courts in New York in any action arising out of or connected
      in any way with this Note, and the parties hereto further agree that the service
      of process or of any other papers upon them or any of them in the manner
      provided for notices hereunder shall be deemed good, proper and effective
      service upon them.

     

    6. Notices.
      All notices and communications shall be in writing and shall be as provided
      for
      in the Merger Agreement.

     

    7. Successors
      and Assigns. This Note and the obligations and rights of Maker hereunder, shall
      be binding upon and inure to the benefit of Maker, the holder of this Note,
      and
      their respective successors and assigns. This Note is assignable by
      Holder
      to any other person or entity without the consent of Maker.

     

    [THE
      REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]

     

     

     

     

    
      
         

      

      
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    IN
      WITNESS WHEREOF, Maker has duly caused this Note to be signed on its behalf,
      in
      its company name and by its duly authorized officer as of the date first set
      forth above.

     

     

    Nutrition
      21, Inc.

     

     

    By:
      __________________________

    Paul
      Intlekofer

    Chief
      Executive Officer

     

     

    Acknowledged
      by:

     

    By:_______________________________

    Name:
      

    Title: 

    

    
      
         

      

      
        3

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