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    GSR
      MORTGAGE LOAN TRUST 2006-9F

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES

     

    SERIES
      2006-9F 

     

    

    MASTER
      SERVICING

     

     

    and

     

     

    TRUST
      AGREEMENT

     

     

    among

     

     

    GS
      MORTGAGE SECURITIES CORP.,

    as
      Depositor

     

     

    U.S.
      BANK NATIONAL ASSOCIATION,

    as
      Trustee

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION,

    as
      Master Servicer and Securities Administrator 

    

    and

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    as
      a Custodian

     

    Dated
      as of

     

    October
      1, 2006

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

    

      Page

      
        	 	 
	
                ARTICLE
                  I. DEFINITIONS

              	
                1

              
	 	
                Section
                  1.01.

              	
                Standard
                  Terms.

              	
                1

              
	 	
                Section
                  1.02.

              	
                Defined
                  Terms.

              	
                2

              
	
                ARTICLE
                  II. FORMATION OF TRUST; CONVEYANCE OF MORTGAGE LOANS

              	
                21

              
	 	
                Section
                  2.01.

              	
                Conveyance
                  to the Trustee.

              	
                21

              
	 	
                Section
                  2.02.

              	
                Acceptance
                  by the Trustee and Securities Administrator.

              	
                23

              
	 	
                Section
                  2.03.

              	
                REMIC
                  Elections and REMIC Interests Designations.

              	
                23

              
	
                ARTICLE
                  III. REMITTING TO CERTIFICATEHOLDERS

              	
                27

              
	 	
                Section
                  3.01.

              	
                Distributions
                  to Certificateholders.

              	
                27

              
	 	
                Section
                  3.02.

              	
                Allocation
                  of Realized Losses and Shortfalls.

              	
                32

              
	
                ARTICLE
                  IV. THE SECURITIES

              	
                33

              
	 	
                Section
                  4.01.

              	
                The
                  Certificates.

              	
                33

              
	 	
                Section
                  4.02.

              	
                Denominations.

              	
                34

              
	 	
                Section
                  4.03.

              	
                Redemption
                  of Certificates.

              	
                34

              
	 	
                Section
                  4.04.

              	
                Securities
                  Laws Restrictions.

              	
                35

              
	 	
                Section
                  4.05.

              	
                Deposit
                  of Exchangeable REMIC Certificates.

              	
                35

              
	
                ARTICLE
                  V. MISCELLANEOUS PROVISIONS

              	
                35

              
	 	
                Section
                  5.01.

              	
                Request
                  for Opinions.

              	
                35

              
	 	
                Section
                  5.02.

              	
                Schedules
                  and Exhibits.

              	
                36

              
	 	
                Section
                  5.03.

              	
                Governing
                  Law.

              	
                36

              
	 	
                Section
                  5.04.

              	
                Counterparts.

              	
                36

              
	 	
                Section
                  5.05.

              	
                Notices.

              	
                36

              

      

      

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

      SCHEDULES
        AND EXHIBITS

      
        	 	 
	
                Schedule
                  I

              	
                Mortgage
                  Loans

              
	 	 
	
                Exhibit
                  A

              	
                Forms
                  of Certificates

              

      

       

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    MASTER
      SERVICING AND TRUST AGREEMENT

     

    THIS
      MASTER SERVICING AND TRUST AGREEMENT (this “Trust
      Agreement”),
      dated
      as of October 1, 2006, is hereby executed by and among GS MORTGAGE SECURITIES
      CORP., a Delaware corporation (the “Depositor”),
      U.S.
      BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”),
      DEUTSCHE BANK NATIONAL TRUST COMPANY, as custodian (a “Custodian”),
      and
      WELLS FARGO BANK, N.A., as securities administrator (in such capacity, the
      “Securities
      Administrator”)
      and
      master servicer (in such capacity, the “Master
      Servicer”).
      All
      of the provisions of the Standard Terms to Master Servicing and Trust Agreement
      (October 2006 Edition) (the “Standard Terms”), unless otherwise specified
      herein, are hereby incorporated herein by reference and shall be a part of
      this
      Trust Agreement as if set forth herein in full.

     

    PRELIMINARY
      STATEMENT

     

    The
      Board
      of Directors of the Depositor has duly authorized the formation of GSR Mortgage
      Loan Trust 2006-9F as a trust (the “Trust”)
      to
      issue a series of securities with an aggregate initial outstanding principal
      balance of $1,379,058,849 to be known as the Mortgage Pass-Through Certificates,
      Series 2006-9F (the “Certificates”).
      The
      Trust is formed by this Trust Agreement. The Certificates in the aggregate
      evidence the entire beneficial ownership in the Trust. The Certificates consist
      of the Classes set forth herein. 

     

    Pursuant
      to Section 12.01 of the Standard Terms, the Securities Administrator, on behalf
      of the Trustee, shall make an election to treat all of the Trust Estate as
      three
      real estate mortgage investment conduits (each, a “REMIC”
and,
      individually, “REMIC
      LT1,”
      “REMIC
      MT”
and
      “REMIC
      UT”)
      for
      federal income tax purposes. The “startup day” of each REMIC for purposes of the
      REMIC Provisions is the Closing Date.

     

    For
      purposes of naming the REMIC Interests and the Certificates, the first number
      of
      the Senior Certificates (“1,” “2,” “3,” “4,” “5,” “6,” “7,” “8” or “9,”), if
      any, refers to the Collateral Group, the letter (“A,” “M” or “B”), refers to the
      status of the interest (“A” for senior or “M” or “B” for subordinate) and the
      final character or characters (“1,” “2,” “3,” “4,” “5,” “X,” “R” or “RC”) refers
      to the specific Class.

     

    NOW,
      THEREFORE, in consideration of the mutual promises, covenants, representations
      and warranties hereinafter set forth, the Depositor, the Trustee, the Securities
      Administrator, the Custodian and the Master Servicer agree as
      follows:

     

    ARTICLE
      I.

     

    DEFINITIONS

     

    Section
      1.01. Standard
      Terms.

     

    The
      Depositor, the Trustee, the Securities Administrator, the Custodian and the
      Master Servicer acknowledge that the Standard Terms prescribe certain
      obligations of each such entity with respect to the Certificates. The Depositor,
      the Trustee, the Securities Administrator, the Custodian and the Master Servicer
      agree to observe and perform such prescribed duties, responsibilities and
      obligations, pursuant to the terms and conditions thereof and of this Trust
      Agreement, except to the extent inconsistent with the provisions of this Trust
      Agreement, the Standard Terms are and shall be a part of this Trust Agreement
      to
      the same extent as if set forth herein in full.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      1.02. Defined
      Terms.

     

    Capitalized
      terms used but not defined herein shall have the respective meanings assigned
      to
      them in Section 1.01 of the Standard Terms or in the applicable Sale and
      Servicing Agreement. In the event of a conflict between the Standard Terms
      and
      the applicable Sale and Servicing Agreement, such Sale and Servicing Agreement
      shall govern. In the event of a conflict between the Standard Terms and this
      Trust Agreement, this Trust Agreement shall govern. In addition, the following
      provisions shall govern the defined terms set forth below for this Trust
      Agreement:

     

    “Accrued
      Certificate Interest”:
      Interest to be distributed to each Class of Certificates entitled to interest
      on
      any Distribution Date consisting of the sum of (i) interest accrued during
      the
      related Interest Accrual Period at the applicable Certificate Rate for such
      Class of Certificates on the Certificate Balance (or Notional Amount) of such
      Class of Certificates immediately preceding such Distribution Date and (ii)
      accrued but unpaid Accrued Certificate Interest from prior Distribution Dates
      (on a cumulative basis, but without interest on such unpaid Accrued Certificate
      Interest). 

     

    “Aggregate
      Subordinate Percentage”:
      For
      any Certificate Group at any time, the sum of the Class Principal Balances
      of
      the Subordinate Certificates divided by the sum of the outstanding principal
      balances for all the Mortgage Loans in the related Collateral
      Groups.

     

    “Applicable
      Fraction”:
      For
      each Mortgage Loan and REMIC LT1, shall be calculated as follows: 

     

    ·  For
      Collateral Group 2 and each Mortgage Loan in Loan Group 1 with a Net Rate
      greater than or equal to 6.00% per annum, but less than 6.25% per
      annum:

    

    6.25%
      minus
      the
Net
      Rate
      on
      such Mortgage
      Loan

    0.25%;

    

     

    ·  For
      Collateral Group 3 and each Mortgage Loan in Loan Group 1 with a Net Rate
      greater than or equal to 6.00% per annum, but less than 6.25% per
      annum:

    

    1
      minus é6.25%
      minus the
      Net
      Rate
      on
      such Mortgage
      Loanù

       ë                           
       0.25%                                                
      û;

     

    
      	 	
              ·

            	
              For
                Collateral Group 3 and each Mortgage Loan in Loan Group 1 with a
                Net Rate
                greater than or equal to 6.25% per annum, but less than 6.50% per
                annum:

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    6.50%
      minus
      the
      Net Rate
      on
      such Mortgage
      Loan

    0.25%;

    

    
      	 	
              ·

            	
              For
                Collateral Group 4 and each Mortgage Loan in Loan Group 1 with a
                Net Rate
                greater than or equal to 6.25% per annum, but less than 6.50% per
                annum:

            

    

    

    1
      minus é6.50%
      minus the
      Net
      Rate
      on
      such Mortgage
      Loanù

    
         
         ë                           
 0.25%                                                
        û;

    
      	 	
              ·

            	
              For
                Collateral Group 4 and each Mortgage Loan in Loan Group 1 with a
                Net Rate
                greater than or equal to 6.50% per annum, but less than 7.50% per
                annum:

            

    

    

    7.50%
      minus
      the
      Net Rate
      on
      such Mortgage
      Loan

    1.00%;

    

    ·  For
      Collateral Group 6 and each Mortgage Loan in Loan Group 1 with a Net Rate
      greater than or equal to 6.50% per annum, but less than 7.50% per
      annum:

    

    1
      minus é7.50%
      minus the
      Net
      Rate
      on
      such Mortgage
      Loanù

        
      ë                             1.00% 
                                                     
û;

     

    
      	 	
              ·

            	
              For
                Collateral Group 6 and each Mortgage Loan in Loan Group 1 with a
                Net Rate
                greater than or equal to 7.50% per annum, 100%; provided
                that all interest in excess of 7.50% per annum on each Mortgage Loan
                in
                Loan Group 1 with a Net Rate greater than or equal to 7.50% shall
                be
                allocated to the Class A-X Certificates in respect of the Class A-X(1)
                Component thereof;

            

    

    

    ·  For
      Collateral Group 1 and each Mortgage Loan in Loan Group 2 with a Net Rate
      greater than or equal to 5.00% per annum, but less than 6.00% per
      annum:

    

    6.00%
      minus
      the
Net
      Rate
      on
      such Mortgage
      Loan

    1.00%; 

    

    ·  For
      Collateral Group 2 and each Mortgage Loan in Loan Group 2 with a Net Rate
      greater than or equal to 5.00% per annum, but less than 6.00% per
      annum:

    

    1
      minus é6.00%
      minus
      the
Net
      Rate
      on
      such Mortgage
      Loanù

    ë                             1.00% 
                                                     
û;

    

    ·  For
      Collateral Group 2 and each Mortgage Loan in Loan Group 2 with a Net Rate
      greater than or equal to 6.00% per annum, but less than 6.25% per
      annum:

    

    6.25%
      minus
      the
Net
      Rate
      on
      such Mortgage
      Loan

    0.25%                                       
      ;

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	 	
              ·

            	
              For
                Collateral Group 3 and each Mortgage Loan in Loan Group 2 with a
                Net Rate
                greater than or equal to 6.00% per annum, but less than 6.25% per
                annum:

            

    

    

    1
      minus é6.25%
      minus
      the
Net
      Rate
      on
      such Mortgage
      Loanù

    ë                           
       0.25%                                                
      û;

     

    
      	 	
              ·

            	
              For
                Collateral Group 3 and each Mortgage Loan in Loan Group 2 with a
                Net Rate
                greater than or equal to 6.25% per annum, but less than 7.00% per
                annum:

            

    

    

    7.00%
      minus
      the
Net
      Rate
      on
      such Mortgage
      Loan

      0.75%;

    

    
      	 	
              ·

            	
              For
                Collateral Group 5 and each Mortgage Loan in Loan Group 2 with a
                Net Rate
                greater than or equal to 6.25% per annum, but less than 7.00% per
                annum:

            

    

    

    1
      minus é7.00%
      minus
      the
Net
      Rate
      on
      such Mortgage
      Loanù

    ë                           
       0.75%                                                
      û;

    
      	 	
              ·

            	
              For
                Collateral Group 7 and each Mortgage Loan in Loan Group 3 with a
                Net Rate
                greater than or equal to 4.50% per annum, but less than 5.50% per
                annum:

            

    

    

    5.50%
      minus
      the
Net
      Rate
      on
      such Mortgage
      Loan

    1.00%;

     

    ·  For
      Collateral Group 8 and each Mortgage Loan in Loan Group 3 with a Net Rate
      greater than or equal to 4.50% per annum, but less than 5.50% per
      annum:

    

    1
      minus é5.50%
      minus the
      Net
      Rate
      on
      such Mortgage
      Loanù

       
       ë                                
 1.00%                                         
       û;

     

    
      	 	
              ·

            	
              For
                Collateral Group 8 and each Mortgage Loan in Loan Group 3 with a
                Net Rate
                greater than or equal to 5.50% per annum, but less than 6.00% per
                annum:

            

    

    

    6.00%
      minus
      the
      Net Rate
      on
      such Mortgage
      Loan

    0.50%;

    

    
      	 	
              ·

            	
              For
                Collateral Group 9 and each Mortgage Loan in Loan Group 3 with a
                Net Rate
                greater than or equal to 5.50% per annum, but less than 6.00% per
                annum:

            

    

    

    1
      minus é6.00%
      minus the
      Net
      Rate
      on
      such Mortgage
      Loanù

       
       ë 
0.50%                              
      û;

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              ·

            	
              For
                Collateral Group 9 and each Mortgage Loan in Loan Group 3 with a
                Net Rate
                greater than or equal to 6.00% per annum, 100%; provided
                that all interest in excess of 6.00% per annum on each Mortgage Loan
                in
                Loan Group 3 with a Net Rate greater than or equal to 6.00% shall
                be
                allocated to the Class A-X Certificates in respect of the Class A-X(3)
                Component thereof;

            

    

     

    “Apportioned
      Principal Balance”:
      For
      any Class of Subordinate Certificates and any Distribution Date, the Class
      Principal Balance of such Class immediately prior to such Distribution Date
      multiplied by a fraction, the numerator of which is the related Group
      Subordinate Amount for such date and the denominator of which is the sum of
      the
      Group Subordinate Amounts for all of the related Collateral Groups for such
      date.

     

    “Assignment
      Agreements”:
      (i)
      the Assignment, Assumption and Recognition Agreement dated as of October 1,
      2006, by and among the GSMC, the Depositor and Bank of America, as seller and
      servicer, (ii) the Assignment, Assumption and Recognition Agreement dated as
      of
      October 1, 2006, by and among the Depositor, the Trustee and Bank of America,
      as
      seller and servicer, and as acknowledged by the Master Servicer, (iii) the
      Assignment, Assumption and Recognition Agreement dated as of October 1, 2006,
      by
      and among GSMC, the Depositor and Countrywide Servicing, as servicer, (iv)
      the
      Assignment, Assumption and Recognition Agreement dated as of October 1, 2006,
      by
      and among GSMC, the Depositor and Countrywide, as seller, (v) the Assignment,
      Assumption and Recognition Agreement dated as of October 1, 2006, by and among
      the Depositor, the Trustee, Countrywide and Countrywide Servicing, and as
      acknowledged by the Master Servicer, (vi) the Assignment, Assumption and
      Recognition Agreement dated as of October 1, 2006, by and among the GSMC, the
      Depositor and GreenPoint, as seller and servicer, (vii) the Assignment,
      Assumption and Recognition Agreement dated as of October 1, 2006, by and among
      the Depositor, the Trustee and GreenPoint, as seller and servicer, and as
      acknowledged by the Master Servicer, (viii) the Assignment, Assumption and
      Recognition Agreement dated as of October 1, 2006, by and among GSMC, the
      Depositor and National City, as seller and servicer, (ix) the Assignment,
      Assumption and Recognition Agreement dated as of October 1, 2006, by and among
      the Depositor, the Trustee and National City, and as acknowledged by the Master
      Servicer, (x) the Assignment, Assumption and Recognition Agreement dated as
      of
      October 1, 2006, by and among GSMC, the Depositor and PHH, as seller and
      servicer, (xi) the Assignment, Assumption and Recognition Agreement dated as
      of
      October 1, 2006, by and among the Depositor, the Trustee and PHH, and as
      acknowledged by the Master Servicer, (xii) the Assignment, Assumption and
      Recognition Agreement dated as of October 1, 2006, among GSMC, the Depositor
      and
      SunTrust, (xiii) the Assignment, Assumption and Recognition Agreement dated
      as
      of October 1, 2006, among the Depositor, the Trustee and SunTrust, and as
      acknowledged by the Master Servicer, (xiv) the Assignment, Assumption and
      Recognition Agreement dated as of October 1, 2006, by and among GSMC, the
      Depositor and WaMu, as seller and servicer, and (xv) the Assignment, Assumption
      and Recognition Agreement dated as of October 1, 2006, by and among the
      Depositor, the Trustee and WaMu, and as acknowledged by the Master
      Servicer.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Available
      Distribution Amount”:
      For
      any Distribution Date and any Collateral Group, the sum of the Applicable
      Fractions for each Mortgage Loan contributing to such Collateral Group of the
      following amounts:

     

    (i) the
      total
      amount of all cash received from or on behalf of the Mortgagors or advanced
      by
      the Servicer (or the Master Servicer in the event the Servicer fails to make
      such required advances, or by the Trustee in the event the Master Servicer
      fails
      to make any such required advances, in each case pursuant to Section 3.05 of
      the
      Standard Terms) on the Mortgage Loans contributing to such Collateral Group
      and
      not previously distributed (including Monthly Advances made by the Servicer
      (or
      by the Master Servicer in the event the Servicer fails to make such required
      advances, or by the Trustee in the event the Master Servicer fails to make
      any
      such required advances, in each case pursuant to Section 3.05 of the Standard
      Terms), Compensating Interest Payments made by the Servicer (or the Master
      Servicer or other successor servicer, as the case may be) and proceeds of
      Mortgage Loans that are liquidated), except:

     

    (a) all
      Scheduled Payments collected but due on a Due Date after such Distribution
      Date;

     

    (b) all
      Curtailments received after the previous calendar month;

     

    (c) all
      Payoffs received after the previous calendar month (together with each interest
      payment received with such Payoffs to the extent that it represents the payment
      of interest accrued on the Mortgage Loans contributing to such Collateral Group
      for the period after the previous calendar month);

     

    (d) Liquidation
      Proceeds, Condemnation Proceeds and Insurance Proceeds received on the Mortgage
      Loans contributing to such Collateral Group after the previous calendar
      month;

     

    (e) all
      amounts in the Certificate Account from Mortgage Loans contributing to such
      Collateral Group that are then due and payable to the Servicer under the Sale
      and Servicing Agreement;

     

    (f) the
      Servicing Fee and the Master Servicing Fee for each Mortgage Loan in such
      Collateral Group, net of any amounts payable as compensating interest by the
      Servicer on that Distribution Date;

     

    (g) any
      amounts payable in respect of any primary mortgage insurance
      policy;

     

    (h) all
      related indemnification amounts and other amounts reimbursable on such
      Distribution Date to the Securities Administrator, the Custodian or the Trustee
      or the Master Servicer; and

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (i) all
      expenses of the Trust Estate paid after the immediately preceding Distribution
      Date; 

     

    (ii) the
      total
      amount of any cash received by the Securities Administrator or the Servicer
      (or
      the Master Servicer) from the repurchase by the applicable Loan Seller of any
      Mortgage Loans contributing to such Collateral Group as a result of defective
      documentation or breach of representations and warranties (provided that the
      obligation to repurchase arose before the related Due Date); provided further
      that the Available Distribution Amount for REMIC UT shall be the amounts
      distributed by REMIC MT and the Available Distribution Amount for REMIC MT
      shall
      be the amounts distributed by REMIC LT1.

     

    provided
      that
      interest with respect to any Mortgage Loan that relates to two Collateral Groups
      shall be included in the Available Distribution Amount for each related
      Collateral Group as follows: first,
      to the
      Collateral Group with the lower Effective Net Rate, interest to the extent
      accrued on the Applicable Fraction of the principal of such Mortgage Loan at
      the
      Effective Net Rate for such Collateral Group; and second,
      to the
      other Collateral Group related to such Mortgage Loan.

     

    “A-X(1)
      Component”:
      That
      portion of the Class A-X Notional Amount related to Loan Group 1. 

     

    “A-X(3)
      Component”:
      That
      portion of the Class A-X Notional Amount related to Loan Group 3. 

     

    “Bank
      of America”:
      Bank
      of America, National Association, or any successor in interest.

     

    “B
      Average Rate”:
      For
      each Distribution Date, an annual rate equal to the weighted average of the
      Designated Rates applicable to Collateral Group 1, Collateral Group 2,
      Collateral Group 3, Collateral Group 4, Collateral Group 5, Collateral Group
      6,
      Collateral Group 7, Collateral Group 8 and Collateral Group 9 and weighted
      on
      the basis of the Group Subordinate Amounts for such Collateral
      Groups.

     

    “Book-Entry
      Certificates”:
      The
      Senior Certificates and the Senior Subordinate Certificates.

     

    “Certificate
      Account Property”:
      The
      Certificate Account, all amounts, investments and other property held from
      time
      to time in the Certificate Account, and all proceeds of the
      foregoing.

     

    “Certificate
      Balance”:
      As to
      any Class of Certificates (other than any Interest Only Certificate) or
      Interests as of the close of business on each Distribution Date, the initial
      Certificate Balance thereof (as shown on the charts in Section 2.03) reduced
      by
      (i) all principal payments previously distributed to such Class and (ii) all
      Realized Losses previously allocated to such Class and increased, in the case
      of
      any Class of Certificates for which the Certificate Balance thereof has been
      reduced by any Realized Loss, by the amount of any Subsequent Recoveries
      allocated to such Class in accordance with Section 3.02(e).

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “Certificate
      Group”:
      The
      Group 1 Certificates, Group 2 Certificates, Group 3 Certificates, Group 4
      Certificates, Group 5 Certificates, Group 6 Certificates, Group 7 Certificates,
      Group 8 Certificates and Group 9 Certificates, as applicable.

     

    “Certificate
      Rate”:
      With
      respect to each Class of Certificates on any Distribution Date, the percentage
      per annum or other entitlement to interest described in Section 2.03. With
      respect to each REMIC Interest on any Distribution Date, the Certificate Rates
      described in Section 2.03.

     

    “Certificates”:
      The
      Class 1A-1, Class 2A-1, Class 3A-1, Class 4A-2, Class 4A-3, Class 4A-4,
      Class 5A-1, Class 5A-2, Class 5A-3, Class 5A-4, Class 6A-1, Class 6A-2, Class
      7A-1, Class 8A-1, Class 9A-1, Class A-X, Class M-1, Class B-1, Class B-2, Class
      B-3, Class B-4, Class B-5, Class B-6, Class X, Class RC and Class R
      Certificates.

     

    “Class”:
      Each
      Class of Certificates or REMIC Interests. 

     

    "Class
      4A-3 Notional Amount":
      With
      respect to each Distribution Date, an amount equal to the Class Principal
      Balance of the Class 4A-2 Certificates on such Distribution Date.

     

    "Class
      5A-2 Notional Amount":
      With
      respect to each Distribution Date, an amount equal to the sum of (a) the Class
      Principal Balance of the Class 5A-1 Certificates on such Distribution Date
      and
      (b) the Class Principal Balance of the Class 5A-3 Certificates on such
      Distribution Date.

     

    "Class
      6A-2 Notional Amount":
      With
      respect to each Distribution Date, an amount equal to the Class Principal
      Balance of the Class 6A-1 Certificates on such Distribution Date.

     

    “Class
      A Certificates”:
      The
      Class 1A-1, Class 2A-1, Class 3A-1, Class 4A-2, Class 4A-3, Class 4A-4,
      Class 5A-1, Class 5A-2, Class 5A-3, Class 5A-4, Class 6A-1, Class 6A-2, Class
      7A-1, Class 8A-1, Class 9A-1 and Class A-X Certificates.

     

    “Class
      A-X Notional Amount”:
      Initially shall be $1,284,597, and for each Distribution Date after the Closing
      Date shall equal the sum of the Component Notional Amounts of the A-X(1)
      Component and the A-X(3) Component.

     

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

     

    “Class
      M Certificates”:
      The
      Class M-1 Certificates. 

     

    “Class
      Principal Balance”:
      As to
      any Class of Certificates on each Distribution Date, the total Certificate
      Balance of all Certificates of such Class on that Distribution
      Date.

     

    “Closing
      Date”:
      October 30, 2006.

     

    “Collateral
      Group”:
      Any of
      Collateral Group 1, Collateral Group 2, Collateral Group 3, Collateral Group
      4,
      Collateral Group 5, Collateral Group 6, Collateral Group 7, Collateral Group
      8
      and Collateral Group 9, as applicable.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Collateral
      Group 1”:
      The
      Mortgage Loans in Subgroup 2-A or portions thereof that have been stripped
      to an
      Effective Net Rate of 5.00%.

     

    “Collateral
      Group 2”:
      The
      Mortgage Loans in Subgroup 1-A, Subgroup 2-A and Subgroup 2-B or portions
      thereof that have been stripped to an Effective Net Rate of 6.00%.

     

    “Collateral
      Group 3”:
      The
      Mortgage Loans in Subgroup 1-A, Subgroup 1-B, Subgroup 2-B and Subgroup 2-C
      or
      portions thereof that have been stripped to an Effective Net Rate of
      6.25%.

     

    “Collateral
      Group 4”:
      The
      Mortgage Loans in Subgroup 1-B and Subgroup 1-C or portions thereof that have
      been stripped to an Effective Net Rate of 6.50%.

     

    “Collateral
      Group 5”:
      The
      Mortgage Loans in Subgroup 2-C or portions thereof that have been stripped
      to an
      Effective Net Rate of 7.00%.

     

    “Collateral
      Group 6”:
      The
      Mortgage Loans in Subgroup 1-C and Subgroup 1-D or portions thereof that have
      been stripped to an Effective Net Rate of 7.50%.

     

    “Collateral
      Group 7”:
      The
      Mortgage Loans in Subgroup 3-A or portions thereof that have been stripped
      to an
      Effective Net Rate of 4.50%.

     

    “Collateral
      Group 8”:
      The
      Mortgage Loans in Subgroup 3-A and Subgroup 3-B or portions thereof that have
      been stripped to an Effective Net Rate of 5.50%.

     

    “Collateral
      Group 9”:
      The
      Mortgage Loans in Subgroup 3-B and Subgroup 3-C or portions thereof that have
      been stripped to an Effective Net Rate of 6.00%.

     

    “Combination
      Group”:
      Any
      combination of Exchangeable REMIC Certificates set forth on Appendix A to the
      Exchange Agreement.

    

    “Component
      Notional Amount”
means,
      (a) for the A-X(1) Component, initially $98,131.00 and for each Distribution
      Date after the Closing Date, an amount (truncated to the nearest integer) equal
      to the product of (x) a fraction, the numerator of which is the weighted average
      of the Net Rates of the Premium Loans in Loan Group 1 at the beginning of the
      related Due Period minus 7.50% and the denominator of which is 6.50% and (y)
      the
      total principal balance of the Premium Loans in Loan Group 1 as of the first
      day
      of the related Interest Accrual Period and (b) for the A-X(3) Component,
      initially $1,186,466.00 and for each Distribution Date after the Closing Date,
      an amount (truncated to the nearest integer) equal to the product of (x) a
      fraction, the numerator of which is the weighted average of the Net Rates of
      the
      Premium Loans in Loan Group 3 at the beginning of the related Due Period
      minus 6.00% and the denominator of which is 6.50% and (y) the total principal
      balance of the Premium Loans in Loan Group 3 as of the first day of the related
      Interest Accrual Period.

     

    “Corresponding
      Class”:
      For
      each Class of REMIC Interests or Certificates, the Class or Classes indicated
      as
      such in the tables set forth in Section 2.03.

     

    “Countrywide”:
      Countrywide Home Loans, Inc., or any successor in interest.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “Countrywide
      Servicing”:
      Countrywide Home Loans Servicing LP, or any successor in interest.

     

    “Credit
      Support Depletion Date”:
      The
      first Distribution Date (if any) on which the aggregate Certificate Balance
      of
      the Subordinate Certificates has been or shall be reduced to zero.

     

    “Current
      Shortfall”:
      Any
      amount included in the Principal Distribution Amount for which cash is not
      available to make distributions as a result of the Servicer’s decision not to
      Advance a delinquent payment, other than a Realized Loss.

     

    “Curtailment”:
      Any
      partial prepayment on any Mortgage Loan.

     

    “Custodian”:
      Deutsche Bank in its capacity as a custodian under the Custodial
      Agreement.

     

    “Custodial
      Agreement”:
      The
      Master Custodial Agreement, dated as of October 1, 2006 among GSMC, the
      Custodian and the Servicers. 

    

    “Cut-Off
      Date”:
      October 1, 2006.

     

    “Data
      Collection Schedule”:
      As
      defined in the Custodial Agreement.

     

    “Depositor”:
      GS
      Mortgage Securities Corp., in its capacity as depositor under this Trust
      Agreement.

     

    “Designated
      Rate”:
      With
      respect to Collateral Group 1, 5.00% per annum. With respect to Collateral
      Group
      2, 6.00% per annum. With respect to Collateral Group 3, 6.25% per annum. With
      respect to Collateral Group 4, 6.50% per annum. With respect to Collateral
      Group
      5, 7.00% per annum. With respect to Collateral Group 6, 7.50% per annum. With
      respect to Collateral Group 7, 4.50% per annum. With respect to Collateral
      Group
      8, 5.50% per annum. With respect to Collateral Group 9, 6.00% per
      annum.

     

    “Deutsche
      Bank”:
      Deutsche Bank National Trust Company, or any successor in interest.

     

    “Distribution
      Date”:
      The
      25th day of each month, or if such day is not a Business Day, the next Business
      Day following such day. The first Distribution Date shall be November 27,
      2006.

     

    “Due
      Date”:
      For
      any Mortgage Loan, the first day in each calendar month.

     

    “Due
      Period”:
      For
      any Distribution Date, the period beginning 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.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Effective
      Net Rate”:
      For any Mortgage Loan and any Collateral Group to which such Mortgage Loan
      contributes interest, the effective Net Rate at which such Mortgage Loan
      contributes interest to such Collateral Group.

    

    “Exchangeable
      REMIC Class”
      or “Exchangeable
      REMIC Certificates”:
      The Class 4A-2,
      Class 4A-3 and Class 4A-4 Certificates.

    

    “Exchange
      Classes”
      or “Exchange
      Certificates”:
      The Class 4A-1 and Class 4A-5 Certificates issued or issuable pursuant to the
      Exchange Agreement in exchange and in accordance with the Exchange Agreement
      for
      the Exchangeable REMIC Certificates, or the Certificates of each such Class,
      as
      the context may require.

    

    “Exchange
      Agreement”:
      The
      Trust Agreement dated as of October 1, 2006, entered into by and among the
      Depositor, the Trustee, the Master Servicer and the Securities Administrator
      for
      the issuance of the Exchange Certificates.

     

    “Fair
      Market Value Excess”:
      An
      amount equal to the excess, if any, of the amount in clause (y) of the
      definition of “Termination Price”, over the amount in clause (x) of the
      definition of “Termination Price.”

     

    “Fitch”:
      Fitch
      Ratings, or any successor in interest.

     

    “GreenPoint”:
      GreenPoint Mortgage Funding, Inc., or any successor in interest

     

    “Group
      1 Certificate”:
      Any
      Class 1A-1 Certificate.

     

    “Group
      1 Mortgage Loan”:
      Any
      Mortgage Loan in Loan Group 1.

     

    “Group
      2 Certificate”:
      Any
      Class 2A-1 Certificate.

     

    “Group
      2 Mortgage Loan”:
      Any
      Mortgage Loan in Loan Group 2.

     

    “Group
      3 Certificate”:
      Any
      Class 3A-1 Certificate. 

     

    “Group
      3 Mortgage Loan”:
      Any
      Mortgage Loan in Loan Group 3.

     

    “Group
      4 Certificate”:
      Any
      Class 4A-2, Class 4A-3 or Class 4A-4 Certificate.
      

     

    “Group
      5 Certificate”:
      Any
      Class 5A-1, Class 5A-2, Class 5A-3 or Class 5A-4 Certificate.

     

    “Group
      6 Certificate”:
      Any
      Class 6A-1 or Class 6A-2 Certificate.

     

    “Group
      7 Certificate”:
      Any
      Class 7A-1 Certificate.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    “Group
      8 Certificate”:
      Any
      Class 8A-1 Certificate.

     

    “Group
      9 Certificate”:
      Any
      Class 9A-1 Certificate.

     

    “Group
      Subordinate Amount”:
      With
      respect to each Collateral Group and any Distribution Date, the excess of the
      sum of the Applicable Fractions of the Scheduled Principal Balance of the
      Mortgage Loans contributing to such Collateral Group for the immediately
      preceding Distribution Date for that Collateral Group over the total Certificate
      Balance of the Senior Certificates of the related Certificate Group immediately
      prior to such Distribution Date.

     

    “GSMC”:
      Goldman Sachs Mortgage Company, or any successor in interest.

     

    “Interest
      Accrual Period”:
      For
      any Distribution Date (other than the first Distribution Date) and any regular
      interest in any REMIC created hereby or any Class of Certificates entitled
      to
      interest (other than the Class 4A-2, Class 4A-3, Class 5A-1, Class 5A-2, Class
      5A-3, Class 6A-1 and Class 6A-2 Certificates), the calendar month immediately
      preceding the calendar month in which such Distribution Date occurs. For any
      Distribution Date (other than the first Distribution Date) and the Class 4A-2,
      Class 4A-3, Class 5A-1, Class 5A-2, Class 5A-3, Class 6A-1 and Class 6A-2
      Certificates is the period beginning on and including the 25th day of the month
      immediately preceding the month in which such Distribution Date occurs and
      ending on and including the 24th day of the month in which such Distribution
      Date occurs. For the first Distribution Date and any regular interest in any
      REMIC created hereby or any Class of Certificates entitled to interest (other
      than the Class 4A-2, Class 4A-3, Class 5A-1, Class 5A-2, Class 5A-3, Class
      6A-1
      and Class 6A-2 Certificates) will accrue from October 1, 2006. For the first
      Distribution Date, interest on the Class 4A-2, Class 4A-3, Class 5A-1, Class
      5A-2, Class 5A-3, Class 6A-1 and Class 6A-2 Certificates will accrue from
      October 30, 2006. The Principal Only Certificate shall not be entitled to any
      interest. 

     

    “Interest
      Only Certificate”:
      Any
      Class 4A-3, Class 5A-2, Class 6A-2 or Class A-X Certificate.

     

    “Interests”:
      Each
      Class of REMIC Interests.

     

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

     

    “Liquidation
      Principal”:
      For
      any Distribution Date, the principal portion of Liquidation Proceeds received
      from each Mortgage Loan that became a Liquidated Mortgage Loan during the
      calendar month preceding the month of such Distribution Date.

     

    “Loan
      Group 1”:
      The
      Mortgage Loans identified on Schedule I as being in Loan Group 1.

     

    “Loan
      Group 2”:
      The
      Mortgage Loans identified on Schedule I as being in Loan Group 2. 

     

    “Loan
      Group 3”:
      The
      Mortgage Loans identified on Schedule I as being in Loan Group 3. 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “Loan
      Seller”:
      Each
      of Bank of America, Countrywide, GreenPoint, National City, PHH, SunTrust and
      WaMu.

     

    “Master
      Servicer”:
      Wells
      Fargo Bank, N.A., in its capacity as Master Servicer, or any successor master
      servicer.

     

    “Master
      Servicing Fee”:
      With
      respect to any Distribution Date, all income and gain realized from the
      investment of funds in the Master Servicer Account during the period from and
      including the Servicer Remittance Date relating to such Distribution Date,
      to
      but excluding the Master Servicer Remittance Date relating to such Distribution
      Date. 

     

    “Maximum
      Rate”:
      With
      respect to any Distribution Date and any Class of Floating Rate Certificates,
      the amount set forth in the table in footnote 6 to the table in Section
      2.03(d).

     

    “Moody’s”:
      Moody’s Investors Service, Inc.

     

    “Mortgage
      Loans”:
      The
      mortgage loans identified on Schedule I hereto.

     

    “National
      City”:
      National City Mortgage Corporation, or any successor in interest. 

     

    “Net
      Rate”:
      With
      respect to each Mortgage Loan, the Note Rate of such Mortgage Loan less the
      Servicing Fee Rate and the rate on any primary mortgage insurance applicable
      to
      such Mortgage Loan. 

     

    “Note
      Rate”:
      For
      each Mortgage Loan, the rate at which the related promissory note accrues
      interest. For purposes of calculating the Certificate Rates on the Interests
      and
      Certificates, the Note Rate of a Mortgage Loan shall be calculated without
      regard to any modification, waiver or amendment of the interest rate of the
      Mortgage Loan, whether agreed to by the Servicer or resulting from a bankruptcy,
      insolvency or similar proceeding involving the related Mortgagor.

     

    “Notional
      Amount”:
      The
      Class 4A-3 Notional Amount, the Class 5A-2 Notional Amount, the Class 6A-2
      Notional Amount or the Class A-X Notional Amount, as applicable. For the
      avoidance of doubt, the Notional Amount is used to calculate distributions
      on
      the related Class of Certificates, but is not a principal amount or other amount
      to which a Certificateholder is entitled.

     

    “PHH”:
      PHH
      Mortgage Corporation, or any successor in interest. 

     

    “P&I
      Certificates”:
      All
      Classes of Certificates
      other
      than the Principal Only Certificates, the
      Interest
      Only Certificates and the Residual
      Certificates.

     

    “Payoffs”:
      Any
      prepayment in full on any Mortgage Loan.

     

    “Pool
      Balance”:
      For
      any Distribution Date and any Collateral Group, the sum of the products, for
      each Mortgage Loan contributing to such Collateral Group, of (i) the Applicable
      Fraction for such Mortgage Loan in respect of such Collateral Group and (ii)
      the
      outstanding principal balance of such Mortgage Loan as of the Due Date of the
      month in which such Distribution Date occurs.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “Premium
      Loan”:
      Any
      Group 1 Mortgage Loan with a Net Rate greater than or equal to 7.50% per annum
      and any Group 3 Mortgage Loan with a Net Rate greater than or equal to
      6.00%.

     

    “Prepayment
      Period”:
      With
      respect to each Distribution Date, the preceding calendar month.

     

    “Principal
      Distribution Amount”:
      For
      each Collateral Group and any Distribution Date, the sum of:

     

    (1) the
      Principal Payment Amount for such Collateral Group;

     

    (2) the
      Principal Prepayment Amount for such Collateral Group; and

     

    (3) the
      Applicable Fraction for each Mortgage Loan contributing to such Collateral
      Group
      of the Liquidation Principal derived from such Mortgage Loan.

     

    “Principal
      Only Certificate”:
      The
      Class 4A-4 Certificates.

     

    “Principal
      Payment Amount”:
      For
      each Collateral Group and any Distribution Date, the sum of the products, for
      each Mortgage Loan contributing to such Collateral Group, of (i) the Applicable
      Fraction for such Mortgage Loan in respect of such Collateral Group and (ii)
      the
      sum of the following amounts:

     

    (a) the
      principal portion of Scheduled Payments on such Mortgage Loan due on the related
      Due Date and received or advanced during the related Due Period;

     

    (b) the
      principal portion of repurchase proceeds received on such Mortgage Loan if
      such
      Mortgage Loan was repurchased as permitted or required by this Trust Agreement
      during the calendar month preceding the month of such Distribution Date;
      and

     

    (c) any
      other
      unscheduled payments of principal which were received on such Mortgage Loan
      during the period beginning on and including the second day of the preceding
      calendar month and ending on and including the first day of the current calendar
      month, other than Payoffs, Curtailments, or Liquidation Principal.

     

    “Principal
      Prepayment Amount”:
      For
      any Distribution Date and any Collateral Group, the sum of the products, for
      each Mortgage Loan contributing to such Collateral Group, of (i) the Applicable
      Fraction for such Mortgage Loan in respect of such Collateral Group and (ii)
      all
      Payoffs and Curtailments for such Mortgage Loan that were received during the
      preceding calendar month or received during the period beginning on and
      including the second day of the preceding calendar month and ending on and
      including the first day of the current calendar month (as specified in the
      related Servicing Agreement).

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    “Private
      Certificates”:
      The
      Junior Subordinate Certificates.

     

    “Qualified
      Institutional Buyer”:
      Any
“qualified institutional buyer” as defined in clause 7(a) of Rule 144A
      promulgated under the Securities Act.

     

    “Rating
      Agency”:
      Each
      of Fitch, S&P and Moody’s.

     

    “Record
      Date”:
      For
      each Class of Certificates, the last Business Day of the related Interest
      Accrual Period.

     

    “REMIC”:
      As
      specified in the preliminary statement.

     

    “REMIC
      Class”
or
      “REMIC
      Certificate”:
      Each
      Class of Certificates or Certificate, as applicable, issued by REMIC UT pursuant
      to Section 2.03 and the Class RC and Class R Certificates.

     

    “REMIC
      Interests”:
      Each
      Class of REMIC interests issued pursuant to Section 2.03.

     

    “REMIC
      LT1”:
      One of
      the real estate mortgage investment conduits created hereunder, which consists
      of the Mortgage Loans and the REMIC LT1 Distribution Account.

     

    “REMIC
      LT1 Regular Interests”:
      The
      regular interests issued by REMIC LT1 as specified in Section 2.03.

     

    “REMIC
      MT”:
      One of
      the real estate mortgage investment conduits created hereunder, which consists
      of the REMIC LT1 Regular Interests and the REMIC MT Distribution
      Account.

     

    “REMIC
      MT Regular Interests”:
      The
      regular interests issued by REMIC MT as specified in Section 2.03.

     

    “REMIC
      UT”:
      One of
      the real estate mortgage investment conduits created hereunder, which consists
      of the REMIC MT Regular Interests and the REMIC UT Distribution
      Account.

     

    “REMIC
      UT Regular Interests”:
      The
      regular interests issued by REMIC UT as specified in Section 2.03.

     

    “Remittance
      Date”:
      For
      each Mortgage Loan and any Distribution Date, as set forth in the related
      Servicing Agreement. 

     

    “Residual
      Certificates”:
      The
      Class RC and Class R Certificates.

     

    “Rule
      144A Certificates”:
      The
      Junior Subordinate Certificates.

     

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

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    “Sale
      and Servicing Agreement”:
      collectively, (i) the Amended and Restated Flow Mortgage Loan Sale and Servicing
      Agreement dated as of July 1, 2005 between GSMC and Bank of America, as seller
      and servicer, as amended by Amendment No. 1, dated August 1, 2006 and by
      Regulation AB Compliance Addendum, dated March 15, 2006; (ii) the Servicing
      Agreement dated as of July 1, 2004, between GSMC, as owner, and Countrywide
      Servicing, as servicer, as amended by Amendment Reg AB, dated as of January
      1,
      2006 by and between GSMC and Countrywide; (iii) the Master Mortgage Loan
      Purchase Agreement dated as of July 1, 2004 between GSMC, as purchaser, and
      Countrywide, as seller, as amended by Amendment Reg AB, dated as of January
      1,
      2006 by and between GSMC and Countrywide; (iv) the Amended and Restated
      Servicing Agreement, dated as of November 1, 2005 between GSMC and GreenPoint;
      (v) the Amended and Restated Master Mortgage Loan Purchase Agreement, dated
      as
      of November 1, 2005 between GSMC and GreenPoint; (vi) the Second Amended and
      Restated Flow Seller’s Warranties and Servicing Agreement dated as of January 1,
      2006, between GSMC, as purchaser, and National City, as seller and servicer,
      as
      amended; (vii) the Amended and Restated Mortgage Loan Flow Purchase, Sale &
Servicing Agreement dated as of May 1, 2006, between GSMC, as purchaser, and
      PHH, as seller, as amended; (viii) the Amended and Restated Flow Seller’s
      Warranties and Servicing Agreement, dated as of December 1, 2005, between GSMC
      and SunTrust, as amended by Amendment No. 1, dated as of July 1, 2006; (ix)
      the
      Mortgage Loan Purchase and Sale Agreement, dated as of December 1, 2003, among
      Washington Mutual Bank, FA, Washington Mutual Bank, fsb and Washington Mutual
      Bank, as sellers, and GSMC, as purchaser, as amended and (x) the Servicing
      Agreement, dated as of December 1, 2003, between Washington Mutual Bank, FA,
      as
      Servicer and GSMC, as Owner, as amended. 

     

    “Scheduled
      Final Distribution Date”:
      For
      each Class of Certificates, the respective dates specified in Section
      2.03(e).

     

    “Scheduled
      Payments”:
      With
      respect to any Mortgage Loan, the monthly payments of principal and interest
      payable by the related Mortgagor pursuant to the related amortization
      schedule.

     

    “Scheduled
      Principal Amount”:
      With
      respect to each Collateral Group and any Distribution Date, an amount equal
      to
      the amount described in clause (i) of the definition of Senior Principal
      Distribution Amount.

     

    “Securities
      Administrator”:
      Wells
      Fargo Bank, National Association in its capacity as Securities Administrator
      under this Trust Agreement, or any successor securities
      administrator.

     

    “Senior
      Certificates”:
      The
      Class A Certificates.

     

    “Senior
      Collateral Group Percentage”:
      For
      Collateral Group 1, Collateral Group 2, Collateral Group 3, Collateral Group
      4,
      Collateral Group 5, Collateral Group 6, Collateral Group 7, Collateral Group
      8
      and Collateral Group 9 shall equal (i) as of the Closing Date, 96.49%, 96.50%,
      96.50%, 96.50%, 96.50%, 96.50%, 96.50%, 96.50% and 96.50%, respectively, and
      (ii) for any Distribution Date thereafter shall be a fraction expressed as
      a
      percentage equal to (a) the sum of the Certificate Balances of the Senior
      Certificates related to such Collateral Group immediately preceding such
      Distribution Date, over (b) the sum of the products, for each Mortgage Loan
      contributing to such Collateral Group, of (x) the Applicable Fraction for such
      Mortgage Loan in respect of such Collateral Group and (y) the outstanding
      principal balance of such Mortgage Loan as of the Due Date of the month in
      which
      such Distribution Date occurs.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    “Senior
      Interests”:
      All of
      the REMIC M-T Regular Interests except those corresponding to a Class B
      Certificate.

     

    “Senior
      Liquidation Amount”:
      For
      any Distribution Date and any Collateral Group, the aggregate, for each Mortgage
      Loan contributing to such Collateral Group that became a Liquidated Mortgage
      Loan during the calendar month preceding the month of such Distribution Date,
      of
      the Applicable Fraction of the lesser of (i) the related Senior Collateral
      Group
      Percentage of the scheduled principal balance of such Mortgage Loan and (ii)
      the
      applicable Senior Prepayment Percentage of the Liquidation Principal derived
      from such Mortgage Loan. 

     

    “Senior Prepayment Percentage”:
      For
      each Collateral Group, as follows: (i) on any Distribution Date occurring before
      the Distribution Date in the month of November 2011, 100%; (ii) on any other
      Distribution Date on which the related Senior Collateral Group Percentage for
      such Distribution Date exceeds the initial Senior Collateral Group Percentage
      as
      of the Cut-Off Date, 100% (in which case, the Senior Prepayment Percentage
      for
      each other Collateral Group shall also equal 100% for such Distribution Date);
      and (iii) on any other Distribution Date in the month of November 2011, and
      thereafter, 100%, unless:

     

    (a) the
      mean
      of the sum of the Applicable Fractions of the Scheduled Principal Balances
      of
      the Mortgage Loans contributing to each related Collateral Group that are 60
      or
      more days delinquent (including Mortgage Loans in foreclosure or bankruptcy
      and
      property held by the Trust) for each of the immediately preceding three calendar
      months is less than or equal to 50% of the Group Subordinate Amount for such
      Collateral Group as of such Distribution Date, and

     

    (b) the
      sum
      of the Applicable Fractions of the cumulative Realized Losses on the Mortgage
      Loans contributing to each related Collateral Group are less than or equal
      to
      the following percentage of the aggregate Group Subordinate Amount for such
      Collateral Group:

     

    
      	
              Distribution
                Date Occurring In

            	
              Percentage
                of the aggregate Group

              Subordination
                Amount as of the Cut-Off Date

            
	
              November
                2011 through October 2012

            	
              30%

            
	
              November
                2012 through October 2013

            	
              35%

            
	
              November
                2013 through October 2014

            	
              40%

            
	
              November
                2014 through October 2015

            	
              45%

            
	
              November
                2015 and thereafter 

            	
              50%

            
	 	 

    

    in
      which
      case, the Senior Prepayment Percentage for each Collateral Group shall be as
      follows:

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    
      	
              Distribution
                Date Occurring In or On

            	
              Senior
                Prepayment Percentage

            
	
              November
                2006 through October 2011

            	
              100%

            
	
              November
                2011 through October 2012

            	
              Senior
                Collateral Group Percentage for such Collateral Group + 70% of the
                related
                Subordinate Percentage

            
	
              November
                2012 through October 2013

            	
              Senior
                Collateral Group Percentage for such Collateral Group + 60% of the
                related
                Subordinate Percentage

            
	
              November
                2013 through October 2014

            	
              Senior
                Collateral Group Percentage for such Collateral Group + 40% of the
                related
                Subordinate Percentage

            
	
              November
                2014 through October 2015

            	
              Senior
                Collateral Group Percentage for such Collateral Group + 20% of the
                related
                Subordinate Percentage

            
	
              November
                2015 through the Distribution Date immediately preceding the Final
                Distribution Date

            	
               

              Senior
                Collateral Group Percentage for such Collateral Group

            
	
              Final
                Distribution Date 

            	
              100%

            
	 	 

    

    If
      on any
      Distribution Date the allocation to the P&I Certificates of Principal
      Prepayments in the percentage required would reduce the sum of the Certificate
      Balances of the P&I Certificates below zero, the Senior Prepayment
      Percentage for such Distribution Date shall be equal to the percentage necessary
      to reduce such sum to zero.

     

    “Senior
      Principal Distribution Amount”:
      For
      any Distribution Date and each Collateral Group shall equal the sum
      of:

     

    
      	 	
              (i)

            	
              the
                related Senior Collateral Group Percentage of the related Principal
                Payment Amount for such Distribution
                Date;

            

    

     

    
      	 	
              (ii)

            	
              the
                related Senior Prepayment Percentage of the related Principal Prepayment
                Amount for such Distribution Date;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                related Senior Liquidation Amount for such Distribution
                Date.

            

    

     

    “Senior
      Subordinate Certificates”:
      The
      Class M-1, Class B-1, Class B-2 and Class B-3 Certificates.

     

    “Servicer”:
      Each
      of Bank of America, Countrywide Servicing, GreenPoint, National City, PHH,
      SunTrust and WaMu and their respective successors or assigns, in their
      respective capacities as servicer under the related Sale and Servicing
      Agreement.

     

    “Servicing
      Fee Rate”:
      For
      each Mortgage Loan, the per annum fee described in Schedule I
      hereto.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Servicemembers
      Shortfall”:
      Any
      shortfall in amounts paid by any Mortgagors on the related Mortgage Loan that
      occurs pursuant to the Servicemembers Civil Relief Act, as amended, or
      comparable state or local laws affording relief to members of the armed
      forces.

     

    “Subgroup
      1-A”:
      The
      Mortgage Loans in Loan Group 1 with Net Rates greater than or equal to 6.00%
      and
      less than 6.25%.

     

    “Subgroup
      1-B”:
      The
      Mortgage Loans in Loan Group 1 with Net Rates greater than or equal to 6.25%
      and
      less than 6.50%.

     

    “Subgroup
      1-C”:
      The
      Mortgage Loans in Loan Group 1 with Net Rates greater than or equal to 6.50%
      and
      less than 7.50%.

     

    “Subgroup
      1-D”:
      The
      Mortgage Loans in Loan Group 1 with Net Rates greater than or equal to
      7.50%.

     

    “Subgroup
      2-A”:
      The
      Mortgage Loans in Loan Group 2 with Net Rates greater than or equal to 5.00%
      and
      less than 6.00%.

     

    “Subgroup
      2-B”:
      The
      Mortgage Loans in Loan Group 2 with Net Rates greater than or equal to 6.00%
      and
      less than 6.25%.

     

    “Subgroup
      2-C”:
      The
      Mortgage Loans in Loan Group 2 with Net Rates greater than or equal to 6.25%
      and
      less than 7.00%.

     

    “Subgroup
      3-A”:
      The
      Mortgage Loans in Loan Group 3 with Net Rates greater than or equal to 4.50%
      and
      less than 5.50%.

     

    “Subgroup
      3-B”:
      The
      Mortgage Loans in Loan Group 3 with Net Rates greater than or equal to 5.50%
      and
      less than 6.00%.

     

    “Subgroup
      3-C”:
      The
      Mortgage Loans in Loan Group 3 with Net Rates greater than or equal to
      6.00%.

     

    “Subordinate
      Certificates”:
      The
      Class M and Class B Certificates.

     

    “Subordinate
      Class Percentage”:
      For
      each Class of Subordinate Certificates and each Distribution Date, the
      percentage obtained by dividing the Class Principal Balance of such Class
      immediately prior to such Distribution Date by the aggregate Certificate
      Principal Balance of all related Subordinate Certificates immediately prior
      to
      such date.

     

    “Subordinate
      Interests”:
      The
      Interest corresponding to the Subordinate Certificates.

     

    “Subordinate
      Liquidation Amount”:
      For any
      Distribution Date and Collateral Group, the Applicable Fraction of the related
      Liquidation Principal in respect of each Mortgage Loan contributing to such
      Collateral Group which became a Liquidated
      Mortgage Loan
      during
      the calendar month preceding the month of such Distribution Date, minus the
      related Senior
      Liquidation Amount for
      such
      Distribution Date.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    “Subordinate
      Percentage”:
      For
      any Collateral Group and any Distribution Date, 100% minus the Senior Collateral
      Group Percentage for such Collateral Group. The Subordinate Percentages as
      of
      the Closing Date shall be 3.51%, 3.50%, 3.50%, 3.50%, 3.50%, 3.50%, 3.50%,
      3.50%
      and 3.50% for Collateral Group 1, Collateral Group 2, Collateral Group 3,
      Collateral Group 4, Collateral Group 5, Collateral Group 6, Collateral Group
      7,
      Collateral Group 8 and Collateral Group 9 respectively.

     

    “Subordinate
      Prepayment Percentage”:
      For
      any Distribution Date and any Collateral Group, the excess of 100% over the
      Senior Prepayment Percentage for such Collateral Group. Initially, the
      Subordinate Prepayment Percentage for each Collateral Group shall be
      0%.

     

    “Subordinate
      Principal Distribution Amount”:
      For
      any Distribution Date and any Collateral Group, the sum of:

     

    
      	 	
              (i)

            	
              the
                related Subordinate Percentage of the related Principal Payment
                Amount;

            

    

     

    
      	 	
              (ii)

            	
              the
                related Subordinate Principal Prepayment Amount;
                and

            

    

     

    
      	 	
              (iii)

            	
              the
                related Subordinate Liquidation
                Amount.

            

    

     

    Any
      reduction in the Subordinate Principal Distribution Amount for any Collateral
      Group pursuant to the proviso above shall reduce the amount calculated pursuant
      to clause (i), clause (iii) and clause (ii), in that order in each case of
      the
      definition thereof, and such amounts shall nevertheless reduce the Certificate
      Balance of the applicable Class of Subordinate Certificates.

     

    “Subordinate
      Principal Prepayment Amount”:
      For
      each Distribution Date and each Collateral Group, the Subordinate Prepayment
      Percentage of the related Principal Prepayment Amount.

     

    “Subordination
      Levels”:
      For
      any Class of Subordinate Certificates and any specified date, a fraction
      expressed as a percentage equal to (i) the sum of the Class Principal Balances
      of all Classes of Subordinate Certificates that are subordinate to such Class,
      over (ii) the sum of the Class Principal Balances of all related Classes of
      Certificates as of such date, before giving effect to distributions on such
      date, and allocations of Realized Losses on such date.

     

    “Subsequent
      Recovery”:
      With
      respect to any Liquidated Mortgage Loan on which a Realized Loss has occurred,
      any amount that the related Servicer ultimately recovers in respect of such
      Liquidated Mortgage Loan, net of the reasonable fees of the Servicer associated
      with such recovery.

     

    “Trust
      Estate”:
      As
      defined in Section 2.01 hereof.

     

    “Trust
      Agreement”:
      This
      Master Servicing and Trust Agreement, dated as of October 1, 2006, which
      incorporates by reference the Standard Terms to Master Servicing and Trust
      Agreement (October 2006 edition); provided that any references in any documents
      required to be provided pursuant to the terms of this Trust Agreement, including
      references in documents within the Trustee Mortgage Loan File, to a Trust
      Agreement dated as of October 1, 2006, shall be deemed to refer to this Trust
      Agreement.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    “Trustee”:
      U.S.
      Bank National Association, not in its individual capacity but solely as Trustee
      under this Trust Agreement, or its successor in interest, or any successor
      trustee appointed as herein provided.

     

    “UCC”:
      The
      Uniform Commercial Code as in effect in the State of New York.

     

    “Undercollateralization
      Distribution”:
      As
      defined in Section 3.01 hereof.

     

    “Undercollateralized
      Group”:
      On any
      Distribution Date, any Collateral Group for which the total Certificate Balance
      of the Senior Certificates of the related Certificate Group is greater than
      the
      Pool Balance of such Collateral Group.

     

    “Unscheduled
      Principal Amount”:
      With
      respect to each Collateral Group and any Distribution Date, an amount equal
      to
      the sum of the amounts described in clauses (ii) and (iii) of the definition
      of
      Senior Principal Distribution Amount.

     

    “Verified
      Information”:
      As
      defined in the Custodial Agreement.

     

    “WaMu”:
      Washington Mutual Bank, or any successor in interest. 

     

    ARTICLE
      II.

     

    FORMATION
      OF TRUST; CONVEYANCE OF MORTGAGE LOANS

     

    Section
      2.01. Conveyance
      to the Trustee.

     

    (a) To
      provide for the distribution of the principal of and interest on the
      Certificates and Interests in accordance with their terms, all of the sums
      distributable under this Trust Agreement with respect to the Certificates and
      the Interests and the performance of the covenants contained in this Trust
      Agreement, the Depositor hereby bargains, sells, conveys, assigns and transfers
      to the Trustee, in trust, without recourse and for the exclusive benefit of
      the
      Holders of the Certificates, all of the Depositor’s right, title and interest in
      and to any and all benefits accruing to the Depositor from: (i) the Mortgage
      Loans, the related Trustee Mortgage Loan Files, and all Monthly Payments due
      thereon after the Cut-Off Date and all principal prepayments collected with
      respect to the Mortgage Loans and paid by a Borrower on or after the Cut-Off
      Date, and proceeds of the conversion, voluntary or involuntary, of the
      foregoing; (ii) the Sale and Servicing Agreements; provided
      that the
      Depositor hereby reserves its right to indemnification under the Sale and
      Servicing Agreements; (iii) the Custodial Agreement; (iv) the Assignment
      Agreements; (v) the Distribution Account, the Master Servicer Account, the
      Certificate Account and the Collection Accounts and (vi) proceeds of all of
      the
      foregoing (including, without limitation, all amounts, other than investment
      earnings, from time to time held or invested in the Collection Account and
      the
      Certificate Account, whether in the form of cash, instruments, securities or
      other property, all proceeds of any mortgage insurance, mortgage guarantees,
      hazard insurance, or title insurance policy relating to the Mortgage Loans,
      cash
      proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
      paper, checks, deposit accounts, rights to payment of any and every kind, and
      other forms of obligations and receivables, which at any time constitute all
      or
      part or are included in the proceeds of any of the foregoing) to pay the REMIC
      Interests and the Certificates as specified herein (collectively items (i)
      through (vi), the “Trust Estate”). 

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    (b) It
      is
      intended that the conveyance of the Trust Estate by the Depositor to the Trustee
      as provided in this Section be, and be construed as, a sale of the Trust Estate
      by the Depositor to the Trustee for the benefit of the Certificateholders.
      It
      is, further, not intended that such conveyance be deemed a pledge of the Trust
      Estate by the Depositor to the Trustee to secure a debt or other obligation
      of
      the Depositor. However, in the event that the Trust Estate is held to be the
      property of the Depositor, or if for any reason this Agreement is held or deemed
      to create a security interest in the Trust Estate, then it is intended that
      this
      Agreement shall also be deemed to be a security agreement within the meaning
      of
      Articles 8 and 9 of the UCC and the corresponding articles of the Uniform
      Commercial Code of any other applicable jurisdiction; and the Depositor hereby
      grants to the Trustee for the benefit of the Certificateholders a security
      interest in all of the Depositor’s right, title and interest, whether now owned
      or existing or hereafter acquired or arising, in and to the Trust Estate. The
      Depositor and the Trustee, at the Depositor’s direction and expense, shall, to
      the extent consistent with this Agreement, take such actions as may be necessary
      to ensure that, if this Agreement were deemed to create a security interest
      in
      assets constituting the Trust Estate described above, such security interest
      would be deemed to be a perfected security interest of first priority under
      applicable law and will be maintained as such throughout the term of the
      Agreement.

     

    (c) The
      foregoing sale, transfer, assignment, set-over and conveyance does not and
      is
      not intended to result in the creation of an assumption by the Trustee of any
      obligation of the Depositor, the Seller or any other person in connection with
      the Mortgage Loans, the Sale and Servicing Agreements, the Assignment Agreements
      or under any agreement or instrument relating thereto except as specifically
      set
      forth herein.

     

    (d) It
      is
      agreed and understood by the Depositor and the Trustee (and the Depositor so
      represents and recognizes) that it is not intended that any Mortgage Loan to
      be
      included in the Trust Estate 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 February 1, 2005.

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Section
      2.02. Acceptance
      by the Trustee and Securities Administrator.

     

    By
      its
      execution of this Trust Agreement, the Trustee acknowledges and declares that
      it
      holds and shall hold or has agreed to hold (in each case through the applicable
      Custodian) all documents delivered to any such person from time to time with
      respect to the Mortgage Loans and all assets included in the definition of
      Trust
      Estate herein in trust for the exclusive use and benefit of all present and
      future Holders of the Certificates. The Trustee has not created and shall not
      create, and no Officer of the Trustee has any actual knowledge or has received
      actual notice of, any interest in the Trust Estate contrary to the interests
      created by this Trust Agreement. The Trustee has not entered, nor intends to
      enter, into any subordination agreement or intercreditor agreement with respect
      to any assets included in the Trust Estate.

     

    Pursuant
      to Section 2.02(f) of the Standard Terms, the Depositor acknowledges the
      appointment of the Custodian and agrees to deliver, or cause to be delivered,
      to
      the Custodian all Mortgage Loan documents that are to be included in the Trustee
      Mortgage Loan File for each Mortgage Loan for which the Custodian shall act
      as
      custodian. The Depositor and the Custodian acknowledge that, pursuant to the
      Custodial Agreement and in connection with the formation of the Trust, the
      Depositor hereby assigns each Custodial Agreement to the Trustee and agrees
      to
      cause a receipt to be issued in the name of the Trustee. It is understood that
      the Custodian will charge for its services under this Agreement as set forth
      in
      a separate agreement between such Custodian and the Securities Administrator,
      the payment of which fees and expenses (as set forth in such separate agreement)
      shall be the sole obligation of the Securities Administrator. The Securities
      Administrator will further pay or reimburse the Custodian upon its request
      for
      all reasonable expenses, disbursements and advances incurred or made by the
      Custodian in accordance with this Agreement, the Custodial Agreement and any
      document executed in connection herewith or therewith.

     

    Pursuant
      to a separate agreement, the Master Servicer shall pay the Trustee fee and
      the
      Securities Administrator fee from the Master Servicing Fee.

     

    Section
      2.03. REMIC
      Elections and REMIC Interests Designations.

     

    (a) REMIC
      Elections. Elections shall be made by the Securities Administrator to treat
      the
      assets of the Trust Estate described in the definition of the term “REMIC LT1,”
the assets of the Trust Estate described in the definition of the term “REMIC
      MT,” and the assets of the Trust Estate described in the definition of the term
      “REMIC UT” as separate REMICs for federal income tax purposes. The REMIC LT1
      Regular Interests shall constitute the regular interests in REMIC LT1; the
      REMIC
      MT Regular Interests shall constitute the REMIC regular interests in REMIC
      MT;
      and the REMIC UT Regular Interests shall constitute the regular interests in
      REMIC UT. The Class RC Certificates shall represent ownership of the sole Class
      of residual interest in REMIC LT1. The Class R Certificates shall represent
      ownership of the sole Class of residual interests in REMIC MT and REMIC UT.
      References in the Standard Terms to REMIC I and REMIC II shall be deemed, for
      purposes of this Trust Agreement, to refer to REMIC LT1, REMIC MT and REMIC
      UT
      referred to herein, as modified by this Trust Agreement.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (b) REMIC
      LT1
      Interests. REMIC LT1 shall issue each of the following Classes of Interests
      in
      book-entry form, each of which shall be a Class of REMIC LT1 Interests, having
      the following Certificate Rates and initial principal balances:

     

    
      	
              Class

            	
              Initial
                Certificate Balance

              Or
                Notional Amount

            	
              Certificate
                Rate

            
	 	 	 
	
              LT1-Pool

            	
              (1)

            	
              (2)

            
	
              LT1-Sub-A

            	
              (3)

            	
              (2)

            
	
              LT1-Sub-B

            	
              (3)

            	
              (2)

            
	
              LT1-AX

            	
              (4)

            	
              6.50%

            
	
              RC

            	
              (5)

            	
              (5)

            

    

     

      
        

      

    

    
      	 	
              (1)

            	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (i) the aggregate principal balance of the Mortgage Loans as of the
                Cut-Off Date, over (ii) the aggregate initial principal balance of
                each
                other regular interest in REMIC
                LT1.

            

    

     

    
      	 	
              (2)

            	
              This
                Interest shall bear interest for any Interest Accrual Period equal
                to (i)
                the weighted average of the Net Rates of all the Mortgage Loans as
                of the
                beginning of such Interest Accrual Period, weighted on the Scheduled
                Principal Balance of each such Mortgage Loan as of the first day
                of the
                preceding calendar month and determined by subjecting the Net Rate
                of each
                such Mortgage Loan to a cap equal to the Designated Rate for the
                related
                Collateral Group over (ii) (x) the sum of any expenses payable to
                the
                Securities Administrator or to the Trustee (to the extent such expenses
                were not taken into account in computing the Net Rate of any Mortgage
                Loan
                and do not constitute “unanticipated expenses” of a REMIC within the
                meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided
                by (y)
                the aggregate Scheduled Principal Balance of the Mortgage Loans as
                of the
                beginning of such Interest Accrual
                Period.

            

    

     

    
      	 	
              (3)

            	
              This
                Interest shall have an initial principal balance of 1% of the aggregate
                Scheduled Principal Balance of the Mortgage Loans as of the Cut-Off
                Date.

            

    

     

    
      	 	
              (4)

            	
              This
                Interest shall have a notional balance, which for any Distribution
                Date
                shall be equal to the Class A-X Notional Amount.
                

            

    

     

    
      	 	
              (5)

            	
              The
                Class RC Certificate shall not be entitled to payments of principal
                or
                interest.

            

    

     

    (c) REMIC
      MT.
      REMIC MT shall issue the following Classes of Interests in book-entry form,
      with
      the designations, initial principal balances and Certificate Rates indicated,
      each of which shall be a Class of REMIC MT Interests:

     

    
      	
              Class

            	
              Initial
                Class

              Principal
                Balance

            	
              Certificate
                Rate

            	
               

               

              Corresponding

              Class
                of Certificates

            

    

    
      	
              MT-1A-1

            	
              (1)

            	
              5.00%

            	
              1A-1

            
	
              MT-2A-1

            	
              (1)

            	
              6.00%

            	
              2A-1

            
	
              MT-3A-1

            	
              (1)

            	
              6.25%

            	
              3A-1

            
	
              MT-4A-2

            	
              (1)

            	
              7.00%

            	
              4A-2,
                4A-3

            
	
              MT-4A-4

            	
              (1)

            	
              0.00%

            	
              4A-4

            

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    
      	
              Class

            	
              Initial
                Class

              Principal
                Balance

            	
              Certificate
                Rate

            	
               

               

              Corresponding

              Class
                of Certificates

            

    

    
      	
              MT-5A-1

            	
              (1)

            	
              7.00%

            	
              5A-1,
                5A-2

            
	
              MT-5A-3

            	
              (1)

            	
              7.00%

            	
              5A-3,
                5A-2

            
	
              MT-5A-4

            	
              (1)

            	
              7.00%

            	
              5A-4

            
	
              MT-6A-1

            	
              (1)

            	
              7.50%

            	
              6A-1,
                6A-2

            
	
              MT-7A-1

            	
              (1)

            	
              4.50%

            	
              7A-1

            
	
              MT-8A-1

            	
              (1)

            	
              5.50%

            	
              8A-1

            
	
              MT-9A-1

            	
              (1)

            	
              6.00%

            	
              9A-1

            
	
              MT-A-X

            	
              (2)

            	
              6.50%

            	
              A-X

            
	
              MT-M-1

            	
              (1)

            	
              (3)

            	
              M-1

            
	
              MT-B-1

            	
              (1)

            	
              (3)

            	
              B-1

            
	
              MT-B-2

            	
              (1)

            	
              (3)

            	
              B-2

            
	
              MT-B-3

            	
              (1)

            	
              (3)

            	
              B-3

            
	
              MT-B-4

            	
              (1)

            	
              (3)

            	
              B-4

            
	
              MT-B-5

            	
              (1)

            	
              (3)

            	
              B-5

            
	
              MT-B-6

            	
              (1)

            	
              (3)

            	
              B-6

            
	
              II-R

            	
              (4)

            	
              (4)

            	
              R

            

    

     

    
      	 	 	 

      	 	
              (1)

            	
              This
                initial Class principal balance for this Interest shall equal the
                Initial
                Class Principal Balance of its Corresponding Class of Certificates,
                but
                shall not include the Notional Amount of any Interest Only
                Certificate.

            

    

     

    
      	 	
              (2)

            	
              This
                interest shall have a notional balance, which for any Distribution
                Date
                shall be equal to the Class A-X Notional
                Amount.

            

    

     

    
      	 	
              (3)

            	
              For
                each Distribution Date (and the related Interest Accrual Period)
                this
                Interest shall bear interest at a per annum rate equal to the B Average
                Rate, adjusted to take into account the sum of any expenses payable
                to the
                Securities Administrator or the Trustee (to the extent (i) not taken
                into
                account in computing the Net Rate of any Mortgage Loan, (ii) such
                expense
                is not an “unanticipated expense” within the meaning of the Treasury
                Regulation Section 1.860G-1(b)(3)(ii) and (iii) such expense was
                not taken
                into account in computing the interest rate of an interest with a
                greater
                level of subordination).

            

    

     

    
      	 	
              (4)

            	
              The
                Class II-R interest shall not be entitled to payments of principal
                or
                interest.

            

    

     

    (d) REMIC
      UT.
      REMIC UT shall issue the following Classes of Certificates (other than the
      Class
      RC and Class R Certificates), with the designations, initial Certificate
      Balances and Certificate Rates indicated, each of which (other than the Class
      RC
      and Class R Certificates) shall be a Class of REMIC UT Regular
      Interests.

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    

      
        	
                Class

              	
                Initial
                  Certificate Balance

                Or
                  Notional Amount

              	
                Certificate
                  Rate

              
	
                1A-1

              	
                $
                  5,480,000

              	
                5.00%

              
	
                2A-1

              	
                $102,032,000

              	
                6.00%

              
	
                3A-1

              	
                $506,770,000

              	
                6.25%

              
	
                4A-2(1)

              	
                $284,736,214

              	
                (6)

              
	
                4A-3(1)

              	
                $284,736,214(2)

              	
                (6)

              
	
                4A-4(1)

              	
                $
                  21,902,786

              	
                0.00%

              
	
                5A-1

              	
                $126,252,000

              	
                (6)

              
	
                5A-2

              	
                $196,252,000(2)

              	
                (6)

              
	
                5A-3

              	
                $
                  70,000,000

              	
                (6)

              
	
                5A-4

              	
                $
                  2,635,000

              	
                7.00%

              
	
                6A-1

              	
                $
                  90,220,000

              	
                (6)

              
	
                6A-2

              	
                $
                  90,220,000(2)

              	
                (6)

              
	
                7A-1

              	
                $
                  8,013,000

              	
                4.50%

              
	
                8A-1

              	
                $
                  50,491,000

              	
                5.50%

              
	
                9A-1

              	
                $
                  62,255,000

              	
                6.00%

              
	
                A-X

              	
                $
                  1,284,597(2)

              	
                6.50%

              
	
                M-1

              	
                $
                  11,726,000

              	
                (3)

              
	
                B-1

              	
                $
                  17,238,000

              	
                (3)

              
	
                B-2

              	
                $
                  7,584,000

              	
                (3)

              
	
                B-3

              	
                $
                  4,137,000

              	
                (3)

              
	
                B-4

              	
                $
                  2,758,000

              	
                (3)

              
	
                B-5

              	
                $
                  2,068,000

              	
                (3)

              
	
                B-6

              	
                $
                  2,760,849

              	
                (3)

              
	
                X

              	
                (4)

              	
                (4)

              
	
                RC

              	
                (5)

              	
                (5)

              
	
                R

              	
                (5)

              	
                (5)

              

      

    

     

    
      
        	
                (1)

              	
                The
                  Exchangeable REMIC Certificates shall be issued in uncertificated
                  form to
                  the Securities Administrator and held in trust pursuant to terms
                  of the
                  Exchange Agreement. Pursuant to the terms of the Exchange Agreement,
                  each
                  Class of Exchange Certificates shall be issuable in exchange for
                  a
                  certificated interest in the Classes of Exchangeable REMIC Certificates
                  in
                  the related Combination Group pursuant to the terms of the Exchange
                  Agreement.

              

      

       

      
        	
                (2)

              	
                Notional
                  Amount.

              

      

       

      
        	
                (3)

              	
                For
                  each Distribution Date (and the related Interest Accrual Period)
                  each of
                  the Class M-1, Class B-1, Class B-2, Class B-3, Class B-4, Class
                  B-5 and
                  Class B-6 Certificates shall accrue interest at a per annum rate
                  equal to
                  the B Average Rate.

              

      

       

      
        	
                (4)

              	
                The
                  Class X Certificate shall have no Certificate Balance and shall
                  not be
                  entitled to distributions of interest or principal. The Class X
                  Certificate does not represent an interest in any REMIC created
                  hereby.
                  

              

      

       

      
        	
                (5)

              	
                REMIC
                  UT shall also issue the Class III-R Interest, which shall represent
                  the
                  sole Class of residual interest in REMIC UT. The Class R Certificate
                  shall
                  represent beneficial ownership of the Class II-R and Class III-R
                  Interests. 

              

      

       

      
        	
                (6)

              	
                The
                  annual certificate interest rate for certificates with floating
                  rates of
                  interest are set forth in the table
                  below:

              

      

       

    

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

    
      	
              Class

            	
              Formula

            	
              Initial

            	
              Minimum

            	
              Maximum

            
	 	 	 	 	 
	
              4A-2

            	
              1
                mo. LIBOR + 0.40%

            	
              5.72%

            	
              0.40%

            	
              7.00%

            
	
              4A-3

            	
              6.60%
                - 1 mo. LIBOR

            	
              1.28%

            	
              0.00%

            	
              6.60%

            
	
              4A-5

            	
              12.999999
                x (6.60% - 1 mo. LIBOR)

            	
              16.64%

            	
              0.00%

            	
              85.79%

            
	
              5A-1

            	
              1
                mo. LIBOR + 0.45%

            	
              5.77%

            	
              0.45%

            	
              7.00%

            
	
              5A-2

            	
              6.55%
                - 1 mo. LIBOR

            	
              1.23%

            	
              0.00%

            	
              6.55%

            
	
              5A-3

            	
              1
                mo. LIBOR + 0.45%

            	
              5.77%

            	
              0.45%

            	
              7.00%

            
	
              6A-1

            	
              1
                mo. LIBOR + 0.35%

            	
              5.67%

            	
              0.35%

            	
              7.50%

            
	
              6A-2

            	
              7.15%
                - 1 mo. LIBOR

            	
              1.83%

            	
              0.00%

            	
              7.15%

            

    

     

    (e) REMIC
      Scheduled Final Distribution. The Scheduled Final Distribution Date for the
      Regular Interests in REMIC LT1, REMIC MT and REMIC UT is the Distribution Date
      following the third anniversary of the scheduled maturity date of the Mortgage
      Loan having the latest scheduled maturity as of the Closing Date.

     

    ARTICLE
      III.

     

    REMITTING
      TO CERTIFICATEHOLDERS

     

    Section
      3.01. Distributions
      to Certificateholders.

     

    (a)   REMIC
      UT
      Distributions. In accordance with Section 3.01(d) of the Standard Terms and
      subject to the exceptions set forth below and to Section 3.02, on each
      Distribution Date, the Securities Administrator shall withdraw the aggregate
      Available Distribution Amount for each Collateral Group from the Certificate
      Account, and shall distribute it in the following manner and order of
      priority:

     

    
      	 	
              (b)

            	
              to
                each class of Senior Certificates related to such Collateral Group,
                Accrued Certificate Interest thereon, pro
                rata in
                proportion to the amount of Accrued Certificate Interest owing to
                each
                such class; 

            

    

     

    
      	 	
              (c)

            	
              to
                the Senior Certificates (other than the Interest Only Certificates)
                related to such Collateral Group, to the extent of the remaining
                Available
                Distribution Amount for such Collateral Group, as
                follows:

            

    

     

    
      	 	
              (a)

            	
              to
                the Class 1A-1 Certificates, in reduction of their Class Principal
                Balance, from the Available Distribution Amount for Collateral Group
                1 in
                an amount up to the Senior Principal Distribution Amount for Collateral
                Group 1 for such Distribution Date, until the Class Principal Balance
                thereof is reduced to zero; 

            

    

     

    
      	 	
              (b)

            	
              to
                the Class 2A-1 Certificates, in reduction of their Class Principal
                Balance, from the Available Distribution Amount for Collateral Group
                2 in
                an amount up to the Senior Principal Distribution Amount for Collateral
                Group 2 for such Distribution Date, until the Class Principal Balance
                thereof is reduced to zero; 

            

    

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    
      	 	
              (c)

            	
              to
                the Class 3A-1 Certificates, in reduction of their Class Principal
                Balance, from the Available Distribution Amount for Collateral Group
                3 in
                an amount up to the Senior Principal Distribution Amount for Collateral
                Group 3 for such Distribution Date, until the Class Principal Balance
                thereof is reduced to zero;

            

    

     

    
      	 	
              (d)

            	
              to
                the Class 4A-2 and Class 4A-4 Certificates, in reduction of their
                respective Class Principal Balances, from the Available Distribution
                Amount for Collateral Group 4 in an amount up to the Senior Principal
                Distribution Amount for Collateral Group 4 for such Distribution
                Date,
                concurrently as follows:

            

    

     

    
      	 	
              (i)

            	
              92.857142764%
                of the amount distributable pursuant to clause (2)(d) above, to the
                Class
                4A-2 Certificates, until the Class Principal Balance thereof is reduced
                to
                zero; and

            

    

     

    (ii)   7.142857236%
      of the
      amount distributable pursuant to clause (2)(d) above, to the Class 4A-4
      Certificates, until the Class Principal Balance thereof is reduced to
      zero;   

     

    
      	 	
              (e)
                

            	
              to
                the Class 5A-1, Class 5A-3 and Class 5A-4 Certificates, in reduction
                of
                their respective Class Principal Balances, from the Available Distribution
                Amount for Collateral Group 5 in an amount up to the Senior Principal
                Distribution Amount for Collateral Group 5 for such Distribution
                Date,
                concurrently as follows:

            

    

     

    
      	 	
              (i)

            	
              63.4792620936%
                of the amount distributable pursuant to clause (2)(e) above, to the
                Class
                5A-1 Certificates, until the Class Principal Balance thereof is reduced
                to
                zero; and 

            

    

     

    
      	 	
              (ii)

            	
              36.5207379064%
                of the amount distributable pursuant to clause (2)(e) above, to the
                Class
                5A-3 and Class 5A-4 Certificates, concurrently as
                follows:

            

    

     

    
      	 	
              (A)

            	
              96.3722723205%
                of the amount distributable pursuant to Clause 2(e)(ii) above, to
                the
                Class 5A-3 Certificates, until the Class Principal Balance thereof
                is
                reduced to zero; and

            

    

     

    
      	 	
              (B)
                

            	
              3.6277276795%
                of the amount distributable pursuant to Clause 2(e)(ii) above, to
                the
                Class 5A-4 Certificates, until the Class Principal Balance thereof
                is
                reduced to zero; 

            

    

    

    
      	 	
              (f)

            	
              to
                the Class 6A-1 Certificates, in reduction of their Class Principal
                Balance, from the Available Distribution Amount for Collateral Group
                6 in
                an amount up to the Senior Principal Distribution Amount for Collateral
                Group 6 for such Distribution Date, until the Class Principal Balance
                thereof is reduced to zero;

            

    

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    
      	 	
              (g)

            	
              to
                the Class 7A-1 Certificates, in reduction of their Class Principal
                Balance, from the Available Distribution Amount for Collateral Group
                7 in
                an amount up to the Senior Principal Distribution Amount for Collateral
                Group 7 for such Distribution Date, until the Class Principal Balance
                thereof is reduced to zero;

            

    

     

    
      	 	
              (h)

            	
              to
                the Class 8A-1 Certificates, in reduction of their Class Principal
                Balance, from the Available Distribution Amount for Collateral Group
                8 in
                an amount up to the Senior Principal Distribution Amount for Collateral
                Group 8 for such Distribution Date, until the Class Principal Balance
                thereof is reduced to zero; and

            

    

     

    
      	 	
              (i)

            	
              to
                the Class 9A-1 Certificates, in reduction of their Class Principal
                Balance, from the Available Distribution Amount for Collateral Group
                9 in
                an amount up to the Senior Principal Distribution Amount for Collateral
                Group 9 for such Distribution Date, until the Class Principal Balance
                thereof is reduced to zero;

            

    

     

    
      	 	
              (iv)

            	
              to
                the extent of the remaining Available Distribution Amount for Collateral
                Group 1, Collateral Group 2, Collateral Group 3, Collateral Group
                4,
                Collateral Group 5, Collateral Group 6, Collateral Group 7, Collateral
                Group 8 and Collateral Group 9, but subject to the prior distribution
                of
                amounts described under Section 3.01(c) below, to the related classes
                of
                Subordinate Certificates, in their order of seniority the sum of
                (i)
                Accrued Certificate Interest pro
                rata on
                the basis of the amount owing to each such Class, and (ii) their
                pro
                rata shares,
                based on their outstanding Certificate Balances, of the Subordinate
                Principal Distribution Amount for each such Collateral Group, as
                applicable; provided,
                however,
                that on any Distribution Date on which the Subordination Level for
                any
                Class of Subordinate Certificates is less than its Subordination
                Level as
                of the Closing Date, the portion of the related Subordinate Principal
                Prepayment Amount otherwise allocable to the Class or Classes of
                the
                Subordinate Certificates junior to such class will be allocated
                pro
                rata
                to
                the most senior Class of Subordinate Certificates for which the
                Subordination Level on such Distribution Date is less than the
                Subordination Level as of the Closing Date and all Classes of Subordinate
                Certificates senior thereto; 

            

    

     

    
      	 	
              (v)

            	
              to
                each related Class of Certificates, in the order of their seniority,
                the
                amount of any unreimbursed Realized Losses previously allocated to
                such
                Certificates; and

            

    

     

    
      	 	
              (vi)

            	
              after
                all of the other Classes of Certificates (other than the Residual
                Certificates) have been paid in full, the remainder, if any, which
                is
                expected to be zero, of the Available Distribution Amount for all
                Collateral Groups (other than any Fair Market Value Excess remaining
                after
                an optional termination of the Trust Estate) to the Class RC Certificates
                to the extent such remainder is applicable to REMIC LT1 and otherwise
                to
                the Class R Certificates. 

            

    

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    (d) On
      each
      Distribution Date on or after the Credit Support Depletion Date, to the extent
      of the Available Distribution Amount allocable to each Collateral Group on
      such
      Distribution Date, distributions shall be made to the Senior Certificates
      related to each such Collateral Group, in respect of interest (pro
      rata
      according to Accrued Certificate Interest for such Distribution Date) and then
      with respect to principal (pro
      rata
      according to their outstanding principal balances; and the remainder (other
      than
      any Fair Market Value Excess remaining after the optional termination of the
      Trust Estate), if any, which is expected to be zero, of the Available
      Distribution Amount for each such Collateral Group shall be distributed to
      the
      holders of the Class RC Certificates to the extent such remainder is applicable
      to REMIC LT1 and otherwise to the holder of the Class R
      Certificates.

     

    On
      each
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Senior Certificates of two or more related Certificate Groups has been reduced
      to zero, any amounts distributable pursuant to this Section 3.01(b) shall be
      allocated, as to each applicable related Class of Subordinate Certificates,
      in
      proportion to such Class’s Subordinate Class Percentage of the Subordinate
      Principal Distribution Amount for the Collateral Group relating to each such
      retired Certificate Group.

     

    On
      each
      Distribution Date on which the Senior Certificates of two or more related
      Certificate Groups remain outstanding, any amounts distributable pursuant to
      this Section 3.01(b) shall be distributed in proportion to the aggregate
      Certificate Principal Balances of such Certificates of each such Certificate
      Group.

     

    (e) On
      any
      Distribution Date on which any Certificate Group constitutes an
      Undercollateralized Group, all amounts with respect to the related Mortgage
      Loans otherwise distributable as principal on the related Subordinate
      Certificates, in reverse order of priority (other than amounts necessary to
      pay
      Deferred Principal Amounts or unpaid Current Shortfalls) (or, following the
      related Credit Support Depletion Date, such other amounts described in the
      immediately following sentence), shall be distributed as principal to the Senior
      Certificates (other than any Interest Only Certificates) of such
      Undercollateralized Group pursuant to Section 3.01(a)(ii), until the aggregate
      Certificate Principal Balance of such Senior Certificates equals the Pool
      Balance of the related Collateral Group (such distribution, an “Undercollateralization
      Distribution”).
      In
      the event that any Certificate Group constitutes an Undercollateralized Group
      on
      any Distribution Date following the related Credit Support Depletion Date,
      Undercollateralization Distributions shall be made from any Available
      Distribution Amount for each related Collateral Group that does not constitute
      an Undercollateralized Group remaining after all required amounts have been
      distributed to the Senior Certificates of such other Certificate Groups. In
      addition, the amount of any unpaid Current Shortfalls with respect to an
      Undercollateralized Group on any Distribution Date (including any Current
      Shortfalls for such Distribution Date) shall be distributed to the REMIC
      Certificates that are Senior Certificates of such Undercollateralized Group
      prior to the payment of any Undercollateralization Distributions from amounts
      otherwise distributable as principal on the related Subordinate Certificates,
      in
      reverse order of priority (or, following the Credit Support Depletion Date,
      as
      provided in the preceding sentence).

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    If
      on any
      Distribution Date two or more related Certificate Groups are Undercollateralized
      Groups, the distribution described in the immediately preceding paragraph shall
      be made in proportion to the amount by which the aggregate Certificate Principal
      Balance of the REMIC Certificates that are Senior Certificates of each such
      Certificate Group, after giving effect to distributions pursuant to Section
      3.01(a) on such Distribution Date, exceeds the Pool Balance of the related
      Collateral Group for such Distribution Date.

     

    (f) REMIC
      LT1
      Distributions. On each Distribution Date, the Securities Administrator shall
      apply amounts in the REMIC LT1 Distribution Account to the REMIC LT1 Regular
      Interests in the same manner that amounts are distributed on any Corresponding
      Classes of Certificates on such Distribution Date.

     

    On
      each
      Distribution Date, the Securities Administrator shall apply remaining amounts
      in
      the REMIC LT1 Distribution Account in respect of interest to the Class LT1
      Pool,
      Class LT1-Sub-A and Class LT1-Sub-B Interests in accordance with their interest
      rates set forth above. In addition, on each Distribution Date, the Trustee
      shall
      apply amounts in the REMIC LT1 Distribution Account in respect of principal
      to
      the Class LT1-Pool, Class LT1-Sub-A and Class LT1-Sub-B Interests as
      follows:

     

    
      	 	
              (i)

            	
              first,
                to the Class LT1-Sub-A and Class LT1-Sub-B Interests, the minimum
                amounts
                to each such that following that allocation the weighted average
                rate of
                the Class LT1-Sub-A and Class LT1-Sub-B Interests, weighted on the
                principal balances thereof and determined by subjecting the Class
                LT1-Sub-A Interest to a floor of 8.8588% and subjecting the Class
                LT1-Sub-B Interest to a cap of 4.000%, equals the interest rate on
                the
                Class B Certificates for the following Distribution
                Date;

            

    

     

    
      	 	
              (ii)

            	
              second,
                to the Class LT1-Pool Interest until its principal balance is reduced
                to
                zero; and

            

    

     

    
      	 	
              (iii)

            	
              third,
                pro rata to the Class LT1-Sub-A and Class LT1-Sub-B Interests in
                accordance with their principal balances following clause (i)
                above.

            

    

     

    Realized
      Losses and Shortfalls shall be allocated in the same manner.

     

    The
      Securities Administrator shall withdraw all amounts allocated to the various
      REMIC LT1 Regular Interests and deposit such amounts in the Certificate Account
      for distribution pursuant to Section 3.01(a) above on such Distribution Date.
      Any amount remaining in the REMIC LT1 Distribution Account after making all
      other payments required under this Section 3.01(d) shall be distributed to
      the
      holder of the Class RC Certificates.

     

    (g) REMIC
      MT
      Distributions. On each Distribution Date, the Securities Administrator shall
      apply amounts in the REMIC MT Distribution Account to the REMIC MT Regular
      Interests in the same manner that amounts are distributed on the Corresponding
      Classes of Certificates on such Distribution Date. Realized Losses and
      Shortfalls shall be allocated in the same manner. The Securities Administrator
      shall withdraw all amounts allocated to the various REMIC MT Regular Interests
      and deposit such amounts in the Certificate Account for distribution pursuant
      to
      Section 3.01(a) above on such Distribution Date. Any amount remaining in the
      REMIC MT Distribution Account after making all other payments required under
      this Section 3.01(e) shall be distributed to the holder of the Class R
      Certificates.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    (h) On
      each
      Distribution Date on which any Fair Market Value Excess is on deposit in the
      Certificate Account and such Fair Market Value Excess has not been previously
      distributed in accordance with this Section 3.01(f), the Securities
      Administrator shall withdraw such Fair Market Value Excess, from the Certificate
      Account, and shall distribute it to the Holder of the Class RC
      Certificates.

     

    Section
      3.02. Allocation
      of Realized Losses and Shortfalls.

     

    (a) Realized
      Losses of Principal.

     

    (i) On
      each
      Distribution Date, the respective Applicable Fractions of each Realized Loss
      on
      a Mortgage Loan, to the extent allocable to principal, shall be allocated to
      the
      related Collateral Groups for further allocation to the Class or Classes of
      REMIC Interests supported by such Collateral Groups in reduction of the
      Certificate Balance thereof; provided,
      however,
      that
      any Realized Loss allocated to a Collateral Group shall be allocated first
      to
      the Subordinate Interests related to such Collateral Group, in reverse numerical
      order, until the Certificate Balance thereof is reduced to zero, and then
pro
      rata
      to the
      Senior Interests related to such Collateral Group; provided
      further,
      that
      Realized Losses otherwise allocable to the Class 5A-3 Certificates will instead
      be allocated to the Class 5A-4 Certificates, until the Class Principal Balance
      of the Class 5A-4 Certificates is reduced to zero.

     

    (ii) The
      distribution of any Current Realized Losses and Deferred Principal Amounts
      to a
      Class of Senior Interests on any Distribution Date shall not result in a further
      reduction of the Certificate Balance of such Class of Senior Interests, but
      instead shall result in the reduction of the Certificate Balance of the
      Subordinate Interests in REMIC MT, until the Certificate Balance thereof has
      been reduced to zero. The Current Realized Losses and Deferred Principal Amounts
      shall be paid from the amounts otherwise payable to the Classes of Subordinate
      Interests related to the applicable REMIC, beginning with the Class having
      the
      highest numerical designation. Any Current Realized Losses and Deferred
      Principal Amounts not paid on the Distribution Date relating to the Due Period
      in which the Realized Loss was incurred shall be carried forward and shall
      be
      included in the Current Realized Losses and Deferred Principal Amounts for
      the
      next Distribution Date.

     

    (iii) Any
      Realized Losses allocated to a Class of REMIC MT Interests pursuant to Section
      3.02(a)(i) and not reimbursed on the same Distribution Date shall be allocated
      on the same date to the Corresponding Class or Classes of REMIC UT
      Certificates.

     

    (b) Realized
      Losses Allocable to Interest. On each Distribution Date, the portion of each
      Realized Loss on a Mortgage Loan that exceeds the outstanding principal amount
      of such Mortgage Loan shall be allocated pro rata to the related Collateral
      Group or Groups, on the basis of the amount of interest due to such Collateral
      Group from such Mortgage Loan. On each Distribution Date, the interest portion
      of each Realized Loss allocated to a Collateral Group in accordance with the
      preceding sentence shall be further allocated pro rata, on the basis of Accrued
      Certificate Interest, on the Class Principal Balance thereof, in the case of
      the
      Senior Certificates, and the related Apportioned Principal Balance, in the
      case
      of the Subordinated Interests, to each Class of related REMIC Interests;
      provided that the interest portion of any Realized Losses allocated to the
      related Subordinate Interests in a REMIC as provided in this Section 3.02(b)
      shall be allocated to such Subordinate Interests in reverse order of
      seniority.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    (c) Interest
      Shortfall. Notwithstanding anything in the Standard Terms to the contrary,
      on
      each Distribution Date, before any distributions are made on the REMIC Interests
      and the Certificates, Month End Interest Shortfall not covered by compensating
      interest from Monthly Advances and Servicemembers Shortfall with respect to
      any
      Mortgage Loan shall be allocated pro
      rata
      among
      the Classes of the related REMIC based on the amount of interest otherwise
      owing
      thereto in reduction of that amount. Such amounts shall be allocated in the
      following order of priority: (1) sequentially, to the Subordinate Certificates,
      in the inverse order of their priority and (2) to the related Classes of Senior
      Certificates, pro
      rata,
      in
      proportion to the Accrued Certificate Interest otherwise distributable
      thereon.

     

    (d) Modification
      Losses. In the event that the Note Rate on a Mortgage Loan is reduced as a
      result of a modification of the terms of such Mortgage Loan, such modification
      shall be disregarded for purposes of calculating the Certificate Rate on any
      Class of Certificates or Class of REMIC Interest. Any shortfall resulting from
      any such modifications, however, shall be treated as a Realized Loss occurring
      on each Distribution Date and shall be applied to reduce the Certificate
      Balances of the Certificates and REMIC Interests in the manner and order of
      priority set forth above.

     

    (e) In
      the
      event of any Subsequent Recovery, (i) such amount shall be treated as a
      Principal Prepayment Amount and shall be included in the related Available
      Distribution Amount for the Distribution Date occurring in the month following
      the month in which such recovery is received and (ii) the Certificate Balance
      of
      the Class or Classes to which the related Realized Loss had previously been
      allocated, whether or not such Class or Classes remain outstanding, shall be
      increased in direct order of priority, in each case by an amount equal to the
      lesser of (x) the amount of such recovery and (y) the aggregate amount of
      Realized Losses previously allocated to such Classes less amounts previously
      allocated to such Classes pursuant to this paragraph. 

     

    ARTICLE
      IV.

     

    THE
      SECURITIES

     

    Section
      4.01. The
      Certificates.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    The
      Certificates shall be designated generally as the Mortgage Pass-Through
      Certificates, Series 2006-9F. The aggregate principal amount of Certificates
      or
      Interests, as applicable, that may be executed and delivered under this Trust
      Agreement is limited to $1,379,058,849, except for Certificates executed and
      delivered upon registration of transfer of, or in exchange for, or in lieu
      of,
      other Certificates pursuant to Section 4.05 hereof or Sections 5.03 or 5.05
      of
      the Standard Terms. On the Closing Date, the Trustee shall execute, and the
      Certificate Registrar shall authenticate and deliver Mortgage Pass-Through
      Certificates in the names and amounts and to the Persons as directed by the
      Depositor. The table in Section 2.03 sets forth the Classes of Certificates,
      the
      initial Certificate Balance and the Certificate Rate for each Class of the
      Certificates. The Certificates authorized by this Trust Agreement shall consist
      of the Certificates having the designations, Initial Certificate Balances or
      Notional Amounts and Certificate Rates specified in the table in Section
      2.03(d).

     

    Section
      4.02. Denominations.

     

    Each
      of
      the Class A and Senior Subordinate Certificates shall be issued in fully
      registered, book-entry form and shall be Book-Entry Certificates. Each Class
      of
      Residual Certificates and Class B-4, Class B-5, and Class B-6 Certificates
      shall
      be issued in fully registered, certificated form. The Class A Certificates
      (other than the Class 4A-3, Class 4A-4, Class 5A-2, Class 6A-2 and Class A-X
      Certificates) are offered in minimum denominations of $25,000 initial
      Certificate Balance each and multiples of $1 in excess of $25,000 or, if the
      Class Principal Balance of such Class of Certificates is less than $25,000,
      the
      Class Principal Balance thereof. The Class 4A-3, Class 5A-2 and Class 6A-2
      Certificates are offered in minimum denominations of $1,000,000 initial Notional
      Amount each and multiples of $1 in excess of $1,000,000. The Class 4A-4
      Certificates are offered in minimum denominations of $100,000 initial
      Certificate Balance each and multiples of $1 in excess of $100,000. The Class
      A-X Certificates are offered in the form of a single Certificate representing
      the entire Notional Amount thereof. The Subordinate Certificates are offered
      in
      minimum denominations of $250,000 initial Certificate Balance each and multiples
      of $1 in excess of $250,000. In addition, one Certificate of each Class (other
      than the Class A-X and the Residual Certificates) may be issued evidencing
      the
      sum of an authorized denomination thereof and the remainder of the initial
      Class
      Principal Balance (or, in the case of the Interest Only Certificates, the
      Notional Amount) of such Class. The Class X Certificate shall be issued in
      a
      percentage interest of 100%. Each Class of Residual Certificates shall be issued
      in percentage interests of 99.99% and 0.01%. 

     

    Section
      4.03. Redemption
      of Certificates.

     

    (a) There
      shall be no right to redemption pursuant to Section 10.01 of the Standard Terms.
      Moreover, notwithstanding anything to the contrary in Section 10.02 of the
      Standard Terms, the obligations created by this Trust Agreement shall terminate
      upon payment to the Certificateholders of all amounts held in the Collection
      Account, the Certificate Account and the Distribution Account required to be
      paid to the Certificateholders pursuant to this Trust Agreement, following
      the
      final payment or other liquidation (or any Advance with respect thereto) of
      the
      last Mortgage Loan remaining in the Trust Estate or the disposition of all
      property acquired upon foreclosure of any such Mortgage Loan.

     

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    (b) On
      or after the date on which the aggregate Scheduled Principal Balance of the
      Mortgage Loans
      is less than or equal to 1% of the aggregate Scheduled Principal Balance of
      such
      Mortgage Loans as of the Cut-Off Date the Master Servicer shall have the right
      to purchase the remaining Mortgage Loans and any other assets in REMIC LT1
      at
      the Termination Price and thereby cause the retirement of the related
      Certificates.

     

    Notwithstanding
      anything to the contrary contained herein, the obligations created by the Trust
      Agreement shall terminate upon payment to the Certificateholders of all amounts
      held in the Certificate Account and the REMIC LT1 Distribution Account and
      the
      REMIC MT Distribution Account required to be paid to the Certificateholders
      pursuant to the Trust Agreement, following the earlier of: (i) the final payment
      or other liquidation (or any Advance with respect thereto) of the last Mortgage
      Loan remaining in the Trust Estate or the disposition of all property acquired
      upon foreclosure of any such Mortgage Loan and (ii) the purchase of all of
      the
      assets of the Trust Estate as provided above. Written notice of termination
      shall be given to each Certificateholder, and the final distribution shall
      be
      made only upon surrender and cancellation of the Certificates at an office
      or
      agency appointed by the Securities Administrator, which shall be specified
      in
      the notice of termination. Any repurchase of the assets of the Trust Estate
      pursuant to this Section 4.03 shall be made at a price equal to the Termination
      Price. 

     

    Section
      4.04. Securities
      Laws Restrictions.

     

    Each
      of
      the Junior Subordinate Certificates is a Private Certificate subject to the
      restrictions on transfer contained in Section 5.05(a) of the Standard Terms.
      Furthermore, each of the Private Certificates is a Rule 144A Certificate. The
      Class R and Class RC Certificates are Residual Certificates subject to Section
      5.05(c) of the Standard Terms.

     

    Section
      4.05. Deposit
      of Exchangeable REMIC Certificates.

     

    The
      Exchangeable REMIC Certificates shall be issued in uncertificated form to the
      Underwriter pursuant to Section 4(c) of the Underwriting Agreement and
      transferred by the Underwriter to the Securities Administrator to be held in
      trust pursuant to terms of the Exchange Agreement.

    
 

    ARTICLE
      V.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      5.01. Request
      for Opinions.

     

    (a) The
      Depositor hereby requests and authorizes McKee Nelson LLP, as its counsel in
      this transaction, to issue on behalf of the Depositor such legal opinions to
      the
      Trustee, the Securities Administrator and each Rating Agency as may be (i)
      required by any and all documents, certificates or agreements executed in
      connection with the Trust, or (ii) requested by the Trustee, the Securities
      Administrator, any such Rating Agency or their respective counsels.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    (b) Each
      of
      the Trustee, the Securities Administrator and the Master Servicer hereby
      requests and authorizes its counsel to issue on behalf of such Person such
      legal
      opinions to the Depositor, GSMC and Goldman, Sachs & Co. as may be required
      by any and all documents, certificates or agreements executed in connection
      with
      the establishment of the Trust and the issuance of the
      Certificates.

     

    Section
      5.02. Schedules
      and Exhibits.

     

    Each
      of
      the Schedules and Exhibits attached hereto or referenced herein are incorporated
      herein by reference as contemplated hereby and by the Standard Terms. Each
      Class
      of Certificates shall be in substantially the form attached hereto, as set
      forth
      in the Exhibit index.

     

    Section
      5.03. Governing
      Law.

     

    THIS
      TRUST 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
      5.04. Counterparts.

     

    This
      Trust Agreement may be executed in any number of counterparts, each of which
      so
      executed shall be deemed to be an original but all of such counterparts shall
      together constitute but one and the same instrument.

     

    Section
      5.05. Notices.

     

    All
      demands and notices hereunder shall be in writing and shall be deemed to have
      been duly given if personally delivered at or mailed by first class mail,
      postage prepaid, or by express delivery service, to (a) in the case of the
      Depositor, 85 Broad Street, New York, New York 10004, Attention: President
      (telecopy number (212) 902-3000 and email addresses: david.stiepleman@gs.com
      and
michelle.gill@gs.com)
      or such
      other address, telecopy number or email address as may hereafter be furnished
      to
      each party to this Trust Agreement in writing by the Depositor; (b) in the
      case
      of the Trustee, U.S. Bank National Association, One Wall Street, Suite 1600,
      New
      York, New York 10005, Attention:
      Structured Finance Department, GSR 2006-9F,
      or such
      other address or telecopy number as may hereafter be furnished to each party
      to
      this Trust Agreement in writing by the Trustee; (c) in the case of the Master
      Servicer, Wells Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046,
      Attention: Corporate Trust Group (GSR 2006-9F) (or in the case of overnight
      deliveries, 9062 Old Annapolis Road, Columbia, Maryland 21045) Telephone: (410)
      884-2000 Facsimile: (410) 715-2380, or such other address, telecopy number
      or
      email address as may hereafter be furnished to each party to this Trust
      Agreement in writing by the Master Servicer; (d) in the case of the Securities
      Administrator, Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue,
      Minneapolis, Minnesota 55479, Attention: GSR 2006-9F, or such other address,
      telecopy number or email address as may hereafter be furnished to each party
      to
      this Trust Agreement in writing by the Securities Administrator; and

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    (e)
      in
      the case of the Custodian, the addresses set forth in the Custodial Agreement.
      The addresses of the rating agencies required to be stated herein pursuant
      to
      Section 13.08(d) of the Standard Terms are Fitch Ratings, One
      State Street Plaza, New York, New York 10004,
      Standard & Poor’s Ratings Services, 55 Water Street, New York, New York
      10041 and Moody’s Investors Service, 99 Church Street, New York, New York
      10007.

    

    

    [Signature
      page follows]

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Trustee, the Master Servicer, the Securities
      Administrator and the Custodian have caused this Trust Agreement to be duly
      executed by their respective officers thereunto duly authorized and their
      respective signatures duly attested all as of the day and year first above
      written.

     

    GS
      MORTGAGE SECURITIES CORP.,

    as
      Depositor

    

    By:
      /s/ M. Gill

    Name:
      M.
      Gill

    Title:
      Vice President

    

    

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    not
      in
      its individual capacity, but solely in 

    its
      capacity as Trustee under this Trust 

    Agreement

    

    By:
      /s/ Patricia O’Neill

    Name:
      Patricia O’Neill

    Title:
      Vice President

    

    

    WELLS
      FARGO BANK, N.A.,

    not
      in
      its individual capacity, but solely in its 

    capacity
      as Securities Administrator and Master

    Servicer

    

    By:
      /s/ Patricia M.F. Russo

    Name:
      Patricia M.F. Russo

    Title:
      Vice President

    

    

    

    DEUTSCHE
      BANK NATIONAL TRUST 

    COMPANY,
      

    not
      in
      its individual capacity, but solely in its 

    capacity
      as Custodian

    

    By:
      /s/ Andrew Hays

    Name:
      Andrew Hays

    Title:
      Associate

    

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Solely
      for purposes of Section 2.01(a), 

    accepted
      and agreed to by:

     

    

      
        	
                GOLDMAN
                  SACHS MORTGAGE

              
	 	
                COMPANY

              
	 	 
	 	 
	
                By:

              	
                Goldman
                  Sachs Real Estate Funding

              
	 	
                Corp.,
                  its General Partner

              
	 	 
	 	 
	 

                By:
                  /s/ Greg A. Finck

                Name:
                  Greg A. Finck

                Title:Managing
                  Director

              

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      I

    

    Mortgage
      Loan Schedule

    

    
      
        
        

      

      
        S-III-1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

    

    Form
      of
      Certificates

    

     

    
      
        
        

      

      
        A-1STANDARD
      TERMS

    
 

    TO

    
 

    MASTER
      SERVICING

    
 

    AND

    

    

    TRUST
      AGREEMENT

     

    ______________________________________

    

    GS
      Mortgage Securities Corp.

    Depositor

    

    GSR
      Mortgage Loan Trust 2006-9F 

    Mortgage
      Pass-Through Certificates, Series 2006-9F

    

    October
      2006 Edition

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    ______________________

     

    Page

    
      
        
          
            	 	 
	
                    STANDARD
                      TERMS

                  	
                    1

                  
	 	 
	
                    ARTICLE
                      I DEFINITIONS

                  	
                    1

                  
	 	
                    Section
                      1.01

                  	
                    Defined
                      Terms.

                  	
                    1

                  
	 	 
	
                    ARTICLE
                      II MORTGAGE LOAN FILES

                  	
                    23

                  
	 	
                    Section
                      2.01

                  	
                    Mortgage
                      Loan Files.

                  	
                    23

                  
	 	
                    Section
                      2.02

                  	
                    Acceptance
                      by the Trustee.

                  	
                    23

                  
	 	
                    Section
                      2.03

                  	
                    Purchase
                      of Mortgage Loans by a Servicer, a Seller, GSMC or the
                      Depositor.

                  	
                    26

                  
	 	
                    Section
                      2.04

                  	
                    Representations
                      and Warranties of the Depositor.

                  	
                    31

                  
	 	 
	
                    ARTICLE
                      III ADMINISTRATION OF THE TRUST

                  	
                    33

                  
	 	
                    Section
                      3.01

                  	
                    The
                      Collection Accounts; the Master Servicer Account; the Distribution
                      Accounts and the Certificate Account.

                  	
                    33

                  
	 	
                    Section
                      3.02

                  	
                    Filings
                      with the Commission.

                  	
                    36

                  
	 	
                    Section
                      3.03

                  	
                    Securities
                      Administrator to Cooperate; Release of Mortgage Files.

                  	
                    43

                  
	 	
                    Section
                      3.04

                  	
                    Amendments
                      to Servicing Agreement.

                  	
                    44

                  
	 	
                    Section
                      3.05

                  	
                    Monthly
                      Advances by Master Servicer or Trustee.

                  	
                    45

                  
	 	
                    Section
                      3.06

                  	
                    Enforcement
                      of Servicing Agreement.

                  	
                    47

                  
	 	 
	
                    ARTICLE
                      IV REPORTING/REMITTING TO CERTIFICATEHOLDERS

                  	
                    47

                  
	 	
                    Section
                      4.01

                  	
                    Statements
                      to Certificateholders.

                  	
                    47

                  
	 	
                    Section
                      4.02

                  	
                    Remittance
                      Reports and other Reports from the Servicers.

                  	
                    50

                  
	 	
                    Section
                      4.03

                  	
                    Compliance
                      with Withholding Requirements.

                  	
                    51

                  
	 	
                    Section
                      4.04

                  	
                    Reports
                      of Certificate Balances to The Depository Trust Company.

                  	
                    51

                  
	 	
                    Section
                      4.05

                  	
                    Preparation
                      of Regulatory Reports.

                  	
                    52

                  
	 	
                    Section
                      4.06

                  	
                    Management
                      and Disposition of REO Property.

                  	
                    52

                  
	 	 
	
                    ARTICLE
                      V THE INTERESTS AND THE SECURITIES

                  	
                    52

                  
	 	
                    Section
                      5.01

                  	
                    REMIC
                      Interests.

                  	
                    52

                  
	 	
                    Section
                      5.02

                  	
                    The
                      Certificates.

                  	
                    52

                  
	 	
                    Section
                      5.03

                  	
                    Book-Entry
                      Securities.

                  	
                    53

                  
	 	
                    Section
                      5.04

                  	
                    Registration
                      of Transfer and Exchange of Certificates.

                  	
                    55

                  
	 	
                    Section
                      5.05

                  	
                    Restrictions
                      on Transfer.

                  	
                    56

                  
	 	
                    Section
                      5.06

                  	
                    Mutilated,
                      Destroyed, Lost or Stolen Certificates.

                  	
                    62

                  
	 	
                    Section
                      5.07

                  	
                    Persons
                      Deemed Owners.

                  	
                    63

                  
	 	
                    Section
                      5.08

                  	
                    Appointment
                      of Paying Agent.

                  	
                    63

                  
	 	 
	
                    ARTICLE
                      VI THE DEPOSITOR

                  	
                    63

                  
	 	
                    Section
                      6.01

                  	
                    Liability
                      of the Depositor.

                  	
                    63

                  
	 	
                    Section
                      6.02

                  	
                    Merger
                      or Consolidation of the Depositor.

                  	
                    63

                  
	 	 
	
                    ARTICLE
                      VII TERMINATION OF SERVICING ARRANGEMENTS

                  	
                    64

                  
	 	
                    Section
                      7.01

                  	
                    Termination
                      and Substitution of Servicer.

                  	
                    64

                  
	 	
                    Section
                      7.02

                  	
                    Notification
                      to Certificateholders.

                  	
                    66

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

                  	
                    66

                  

          

           

           

          
            
              
              

            

            
              i

              
                

              

            

            
              
              

            

          

           

          
            	 	
                    Section
                      8.01

                  	
                    Duties
                      of the Master Servicer; Enforcement of Servicer’s and Master Servicer’s
                      Obligations. 

                  	
                    66

                  
	 	
                    Section
                      8.02

                  	
                    Maintenance
                      of Fidelity Bond and Errors and Omissions Insurance.

                  	
                    70

                  
	 	
                    Section
                      8.03

                  	
                    Representations
                      and Warranties of the Master Servicer.

                  	
                    71

                  
	 	
                    Section
                      8.04

                  	
                    Master
                      Servicer Events of Default.

                  	
                    73

                  
	 	
                    Section
                      8.05

                  	
                    Waiver
                      of Default.

                  	
                    75

                  
	 	
                    Section
                      8.06

                  	
                    Successor
                      to the Master Servicer.

                  	
                    75

                  
	 	
                    Section
                      8.07

                  	
                    Fees
                      and Other Amounts Payable to the Master Servicer.

                  	
                    76

                  
	 	
                    Section
                      8.08

                  	
                    Merger
                      or Consolidation.

                  	
                    76

                  
	 	
                    Section
                      8.09

                  	
                    Resignation
                      and Removal of Master Servicer.

                  	
                    77

                  
	 	
                    Section
                      8.10

                  	
                    Assignment
                      or Delegation of Duties by the Master Servicer.

                  	
                    77

                  
	 	
                    Section
                      8.11

                  	
                    Limitation
                      on Liability of the Master Servicer and Others.

                  	
                    78

                  
	 	
                    Section
                      8.12

                  	
                    Indemnification;
                      Third-Party Claims.

                  	
                    78

                  
	 	 
	
                    ARTICLE
                      IX CONCERNING THE TRUSTEE

                  	
                    79

                  
	 	
                    Section
                      9.01

                  	
                    Duties
                      of Trustee.

                  	
                    79

                  
	 	
                    Section
                      9.02

                  	
                    Certain
                      Matters Affecting the Trustee.

                  	
                    81

                  
	 	
                    Section
                      9.03

                  	
                    Trustee
                      Not Liable for Certificates or Mortgage Loans.

                  	
                    83

                  
	 	
                    Section
                      9.04

                  	
                    Trustee
                      May Own Certificates.

                  	
                    84

                  
	 	
                    Section
                      9.05

                  	
                    Trustee’s
                      Fees and Expenses.

                  	
                    84

                  
	 	
                    Section
                      9.06

                  	
                    Eligibility
                      Requirements for Trustee.

                  	
                    84

                  
	 	
                    Section
                      9.07

                  	
                    Resignation
                      and Removal of the Trustee.

                  	
                    85

                  
	 	
                    Section
                      9.08

                  	
                    Successor
                      Trustee.

                  	
                    85

                  
	 	
                    Section
                      9.09

                  	
                    Merger
                      or Consolidation of Trustee.

                  	
                    86

                  
	 	
                    Section
                      9.10

                  	
                    Appointment
                      of Co-Trustee or Separate Trustee.

                  	
                    86

                  
	 	
                    Section
                      9.11

                  	
                    Appointment
                      of Custodians.

                  	
                    87

                  
	 	
                    Section
                      9.12

                  	
                    Appointment
                      of Office or Agent.

                  	
                    87

                  
	 	
                    Section
                      9.13

                  	
                    Representation
                      and Warranties of the Trustee.

                  	
                    88

                  
	 	 
	
                    ARTICLE
                      X TERMINATION OF TRUST

                  	
                    89

                  
	 	
                    Section
                      10.01

                  	
                    Qualified
                      Liquidation.

                  	
                    89

                  
	 	
                    Section
                      10.02

                  	
                    Termination.

                  	
                    89

                  
	 	
                    Section
                      10.03

                  	
                    Procedure
                      for Termination.

                  	
                    89

                  
	 	
                    Section
                      10.04

                  	
                    Additional
                      Termination Requirements.

                  	
                    91

                  
	 	 
	
                    ARTICLE
                      XI CONCERNING THE SECURITIES ADMINISTRATOR

                  	
                    92

                  
	 	
                    Section
                      11.01

                  	
                    Certain
                      Matters Affecting the Securities Administrator.

                  	
                    92

                  
	 	
                    Section
                      11.02

                  	
                    Securities
                           Administrator Not Liable for Certificates or Mortgage
                      Loans.

                  	
                    96

                  
	 	
                    Section
                      11.03

                  	
                    Securities
                      Administrator May Own Certificates.

                  	
                    97

                  
	 	
                    Section
                      11.04

                  	
                    Custodian’s
                      and Securities Administrator's Fees, Expenses and
                      Indemnification.

                  	
                    97

                  
	 	
                    Section
                      11.05

                  	
                    Resignation
                      and Removal of the Securities Administrator.

                  	
                    98

                  
	 	
                    Section
                      11.06

                  	
                    Successor
                      Securities Administrator.

                  	
                    98

                  
	 	
                    Section
                      11.07

                  	
                    Representations
                      and Warranties of the Securities Administrator.

                  	
                    99

                  
	 	
                    Section
                      11.08

                  	
                    Eligibility
                      Requirements for the Securities Administrator.

                  	
                    100

                  
	 	 
	
                    ARTICLE
                      XII REMIC TAX PROVISIONS

                  	
                    100

                  
	 	
                    Section
                      12.01

                  	
                    REMIC
                      Administration.

                  	
                    100

                  
	 	
                    Section
                      12.02

                  	
                    Prohibited
                      Activities.

                  	
                    103

                  
	 	 
	
                    ARTICLE
                      XIII MISCELLANEOUS PROVISIONS

                  	
                    105

                  
	 	
                    Section
                      13.01

                  	
                    Amendment
                      of Trust Agreement.

                  	
                    105

                  
	 	
                    Section
                      13.02

                  	
                    Recordation
                      of Agreement; Counterparts.

                  	
                    106

                  
	 	
                    Section
                      13.03

                  	
                    Limitation
                      on Rights of Certificateholders.

                  	
                    106

                  
	 	
                    Section
                      13.04

                  	
                    [Reserved].

                  	
                    107

                  

          

           

           

          
            
              
              

            

            
              ii

              
                

              

            

            
              
              

            

          

           

          
            	 	
                    Section
                      13.05

                  	
                    Notices.

                  	
                    107

                  
	 	
                    Section
                      13.06

                  	
                    Severability
                      of Provision.

                  	
                    107

                  
	 	
                    Section
                      13.07

                  	
                    Sale
                      of Mortgage Loans.

                  	
                    108

                  
	 	
                    Section
                      13.08

                  	
                    Notice
                      to Rating Agencies

                  	
                    108

                  
	 	
                    Section
                      13.09

                  	
                    Custodian’s
                      Limitation of Liability.

                  	
                    109

                  

          

        

      

       

      
        
          	
                  Exhibit A

                	
                  Form
                    of Trust Receipt

                
	
                  Exhibit B

                	
                  Form
                    of Final Certification

                
	
                  Exhibit C-1

                	
                  Form
                    of Rule 144A Agreement - QIB Certification

                
	
                  Exhibit
                    C-2

                	
                  Form
                    of Transfer Certificate for Transfer from Rule 144A Certificate
                    to
                    Regulation S Global Security

                
	
                  Exhibit
                    C-3 

                	
                  Form
                    of Transfer Certificate for Transfer from Regulation S Global
                    Security to
                    Rule 144A Certificate

                
	
                  Exhibit D

                	
                  Form
                    of Transferee Agreement

                
	
                  Exhibit E

                	
                  Form
                    of Benefit Plan Affidavit

                
	
                  Exhibit F

                	
                  Form
                    of Residual Transferee Agreement

                
	
                  Exhibit G-1

                	
                  Form
                    of Non-U.S. Person Affidavit

                
	
                  Exhibit G-2

                	
                  Form
                    of U.S. Person Affidavit

                
	
                  Exhibit H

                	
                  Form
                    of Securities Administrator Certification

                
	
                  Exhibit I

                	
                  Form
                    of Master Servicer Certification

                
	
                  Exhibit
                    J

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

                
	
                  Exhibit
                    K

                	
                  Form
                    8-K Disclosure Information

                
	
                  Exhibit
                    L

                	
                  Additional
                    Form 10-D Disclosure

                
	
                  Exhibit
                    M

                	
                  Additional
                    Form 10-K Disclosure

                
	
                  Schedule
                    I

                	
                  Bond
                    Level Report

                
	
                  Schedule
                    II

                	
                  Loan
                    Level Report

                
	
                  Schedule
                    III

                	
                  Remittance
                    Report

                

        

      

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    RECITALS

     

    GS
      Mortgage Securities Corp. (the “Depositor”),
      a
      trustee (together with its successors and assigns, the “Trustee”),
      a
      securities administrator (together with its successors and assigns, the
“Securities
      Administrator”),
      custodians (together with their successors and assigns, the “Custodians”),
      and a
      master servicer (together with its successors and assigns, the “Master
      Servicer”)
      identified in the Trust Agreement (as defined below) have entered into the
      Trust
      Agreement that provides for the issuance of mortgage pass-through certificates
      (the “Certificates”)
      that
      in the aggregate evidence the entire interest in Mortgage Loans or certificates
      or securities evidencing an interest therein and other property owned by the
      Trust created by such Trust Agreement. These Standard Terms are a part of,
      and
      are incorporated by reference into, the Trust Agreement.

     

    STANDARD
      PROVISIONS

     

    NOW,
      THEREFORE, in consideration of the mutual promises, covenants, representations,
      and warranties made in the Trust Agreement and as hereinafter set forth, the
      Depositor, the Trustee, the Securities Administrator, the Custodians and the
      Master Servicer agree as follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01 Defined
      Terms.

     

    Except
      as
      otherwise specified herein or in the Trust Agreement or as the context may
      otherwise require, whenever used in these Standard Terms, the following words
      and phrases shall have the meanings specified in this Article. Capitalized
      words
      and phrases used herein but not defined herein or in the Trust Agreement shall,
      when applied to a Trust, have the meanings set forth in the Servicing
      Agreement(s) assigned to such Trust as in effect on the date of this Agreement.
      In the event of a conflict between the Trust Agreement and these Standard Terms,
      the Trust Agreement shall govern. Unless otherwise specified, all calculations
      described herein shall be made on the basis of a 360-day year consisting of
      twelve 30-day months.

     

    “10-K
      Filing Deadline”:
      As
      defined in Section 3.02.

     

    “Accounting
      Date”:
      With
      respect to each Distribution Date, the last day of the month preceding the
      month
      in which such Distribution Date occurs.

     

    “Additional
      Form 10-D Disclosure”:
      As
      defined in Section 3.02.

     

    “Additional
      Form 10-K Disclosure”:
      As
      defined in Section 3.02.

     

    “Additional
      Servicer”:
      Each
      affiliate of each Servicer that Services any of the Mortgage Loans and each
      Person that is not an affiliate of each such Servicer, that Services 10% or
      more
      of the Mortgage Loans. For the avoidance of doubt, the Master Servicer and
      Securities Administrator are Additional Servicers.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Administrative
      Cost Rate”:
      Not
      applicable.

     

    “Advance”:
      The
      aggregate amount of the (i) advances made by a Servicer on any Servicer
      Remittance Date in respect of delinquent Monthly Payments pursuant to the
      applicable Sale and Servicing Agreement, (ii) any advances made by the
      Master Servicer (or by the Trustee, as successor Master Servicer, pursuant
      to
      Section 3.05 in the event the Master Servicer fails to make such advances as
      required) in respect of any such delinquent Monthly Payment pursuant to
      Section 3.05 and (iii) amounts necessary to preserve the Trust’s
      interest in the Mortgaged Premises or the Mortgage Loans, including without
      limitation, property taxes or insurance premiums not paid as required by the
      Mortgagor and advanced by the related Servicer or successor
      servicer.

     

    “Affiliate”:
      Any
      person or entity controlling, controlled by, or under common Control with the
      Depositor, the Trustee, the Securities Administrator, the Custodian, the Master
      Servicer or any Servicer. “Control” means the power to direct the management and
      policies of a person or entity, directly or indirectly, whether through
      ownership of voting securities, by contract or otherwise. “Controlling” and
“controlled” shall have meanings correlative to the foregoing.

     

    “Aggregate
      Principal Distribution Amount”:
      The
      amount specified in the Trust Agreement.

     

    “ARM
      Loan”:
      An
“adjustable rate” Mortgage Loan, the Note Rate of which is subject to periodic
      adjustment in accordance with the terms of the Note.

     

    “Assignment
      Agreement”:
      Any
      Assignment, Assumption and Recognition Agreement or Agreements identified in
      the
      Trust Agreement to which the Depositor is a party.

     

    “Available
      Distribution Amount”:
      Unless
      otherwise provided in the Trust Agreement, on each Distribution Date the
      Available Distribution Amount shall equal (i) the sum of the following:
      (A) all amounts credited to the Collection Account as of the close of
      business on the related Distribution Date, (B) an amount equal to Monthly
      Advances made on or before the previous Distribution Date, to the extent such
      Monthly Advance was made from funds on deposit in any related Collection Account
      held for future distribution, (C)  all Monthly Advances made with respect
      to such Distribution Date (to the extent not included in
      clause (B) above) and (D) all amounts deposited into the
      Certificate Account to effect a Terminating Purchase in accordance with
      Section 10.02 minus
      (ii) the sum of (A) any Principal Prepayments (including Liquidation
      Proceeds, Insurance Proceeds and Condemnation Proceeds) or Payoffs received
      after the related Principal Prepayment Period, (B) Monthly Payments
      collected but due on a Due Date or Dates subsequent to the related Due Period
      and (C) reinvestment income on amounts deposited in any Collection Account
      to the extent included in (i) above.

     

    “Back-Up
      Certification”:
      As
      defined in Section 3.02. 

     

    “Bankruptcy
      Loss”:
      Any
      reduction in the total amount owed by a Borrower on a Mortgage Loan occurring
      as
      a result of a final order of a court in a bankruptcy proceeding.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Beneficial
      Owner”:
      With
      respect to a Book-Entry Security, the Person who is registered as owner of
      that
      Certificate in the books of the Clearing Agency for that Certificate or in
      the
      books of a Person maintaining an account with such Clearing Agency.

     

    “Benefit
      Plan Affidavit”:
      An
      affidavit substantially in the form of Exhibit E
      hereto.

     

    “Benefit
      Plan Opinion”:
      An
      opinion of counsel satisfactory to the Trustee and the Securities Administrator
      (and upon which the Trustee, the Master Servicer, the Securities Administrator
      and the Depositor shall be entitled to rely) to the effect that the purchase
      or
      holding of such Certificate by the prospective transferee will not result in
      any
      non-exempt prohibited transactions under Section 406 of ERISA or Section 4975
      of
      the Code and will not subject the Trustee, the Securities Administrator, the
      Master Servicer or the Depositor to any obligation in addition to those
      undertaken by such parties in the Trust Agreement, which opinion of counsel
      shall not be an expense of the Trust or any of the above parties. 

     

    “Bond
      Level Reports”:
      Shall
      mean the reports prepared by the Securities Administrator in substantially
      the
      form attached as Schedule I hereto.

     

    “Book-Entry
      Custodian”:
      The
      custodian appointed pursuant to Section 5.03(d).

     

    “Book-Entry
      Securities”:
      The
      Classes of Certificates, if any, specified as such in the Trust Agreement for
      a
      Series.

     

    “Borrower”:
      The
      individual or individuals obligated to repay a Mortgage Loan.

     

    “Business
      Day”:
      Any day
      that is not (i) a Saturday or Sunday, or (ii) a legal holiday in the
      State of New York and the state in which the Corporate Trust Office or the
      principal offices of the Securities Administrator, the Master Servicer or any
      Servicer are located, or (iii) a day on which the banking or savings and
      loan institutions in the State of New York and the state in which the Corporate
      Trust Office or the principal office of the Securities Administrator, the Master
      Servicer or any Servicer is located are authorized or obligated by law or
      executive order to be closed.

     

    “Certificate”:
      Any
      security issued under the Trust Agreement and designated as such.

     

    “Certificate
      Account”:
      The
      account or accounts created and maintained for a Trust pursuant to
      Section 3.01 hereof.

     

    “Certificate
      Balance”:
      With
      respect to each Class of Certificates or Interests, as of the close of business
      on any Distribution Date, the initial balance of such Class of Certificates
      or
      Interests set forth in the Trust Agreement reduced by (a) all principal
      payments previously distributed to such Class of Certificates or Interests
      in
      accordance with the Trust Agreement, and (b) all Realized Losses, if any,
      previously allocated to such Class of Certificates or Interests pursuant to
      the
      Trust Agreement.

     

    “Certificate
      of Title Insurance”:
      A
      certificate of title insurance issued pursuant to a master title insurance
      policy.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Certificate
      Rate”:
      With
      respect to the Certificates, as to each Distribution Date, the rate specified
      as
      such in the Trust Agreement.

     

    “Certificate
      Register”
      and
“Certificate
      Registrar”:
      The
      register maintained and the registrar appointed pursuant to
      Section 5.04
      hereof.

     

    “Certificated
      Subordinated Certificates”:
      The
      Classes of Certificates, if any, specified as such in the Trust Agreement for
      a
      Series.

     

    “Certification
      Parties”:
      As
      defined in Section 3.02.

     

    “Certifying
      Person”:
      As
      defined in Section 3.02.

     

    “Class”:
      Collectively, all of the Certificates bearing the same designation.

     

    “Class
      B Interests”:
      As set
      forth in the Trust Agreement.

     

    “Clearing
      Agency”:
      The
      Depository Trust Company, or any successor organization or any other
      organization registered as a “clearing agency” pursuant to Section 17A of
      the Securities Exchange Act of 1934, as amended, and the regulations of the
      Commission thereunder.

     

    “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.

     

    “Closing
      Date”:
      The date
      on which Certificates are issued by a Trust as set forth in the related Trust
      Agreement.

     

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

     

    “Collection
      Account”:
      The
      collection account or accounts identified in or established in connection with
      the Servicing Agreement or Agreements identified in the Trust
      Agreement.

     

    “Commission”:
      The
      United States Securities and Exchange Commission.

     

    “Compensating
      Interest Payment”:
      With
      respect to the Mortgage Loans and any Distribution Date, an amount equal to
      the
      excess of (x) the aggregate of any Prepayment Interest Shortfalls with respect
      to the Mortgage Loans and such Distribution Date over (y) the aggregate of
      any
      amounts required to be paid by any Servicer in respect of such shortfalls but
      not paid; provided that the aggregate Compensating Interest Payment to be paid
      by the Master Servicer for any Distribution Date shall not exceed the Master
      Servicing Fee that would be payable to the Master Servicer in respect of the
      Mortgage Loans and Distribution Date without giving effect to any Compensating
      Interest Payment.

     

    “Condemnation
      Proceeds”:
      All
      awards or settlements in respect of a taking of an entire Mortgaged Premises
      or
      a part thereof by exercise of the power of eminent domain or
      condemnation.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “Contract
      of Insurance Holder”:
      Any FHA
      approved mortgagee identified as such in the Trust Agreement or any Servicing
      Agreement.

     

    “Contractually
      Delinquent”:
      With
      respect to any Mortgage Loan, having one or more uncured delinquencies in
      respect of payment at any time during the term of such Mortgage
      Loan.

     

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

     

    “Corporate
      Trust Office”:
      The
      respective principal corporate trust office of the Trustee or the Securities
      Administrator, as applicable, at which at any particular time its corporate
      trust business shall be administered.

     

    “Custodian”:
      The
      Custodian or Custodians identified in the Trust Agreement, which shall hold
      all
      or a portion of the Trustee Mortgage Loan Files with respect to a
      Series.

     

    “Custody
      Agreement”:
      The
      Master Custodial Agreement or other Custodial Agreements identified in the
      Trust
      Agreement.

     

    “Cut-off
      Date”:
      The date
      specified as such in the Trust Agreement.

     

    “Defect
      Discovery Date”:
      With
      respect to a Mortgage Loan, the date on which any of the Trustee, the Securities
      Administrator, the Master Servicer or any Servicer first discovers a
      Qualification Defect affecting the Mortgage Loan.

     

    “Depositor”:
      GS
      Mortgage Securities Corp., a Delaware corporation, and its
      successors.

     

    “Disqualified
      Organization”:
      Either
      (a) the United States, (b) any state or political subdivision thereof,
      (c) any foreign government, (d) any international organization,
      (e) any agency or instrumentality of any of the foregoing, (f) any
      tax-exempt organization (other than a cooperative described in Section 521
      of the Code) that is exempt from federal income tax unless such organization
      is
      subject to tax under the unrelated business taxable income provisions of the
      Code, (g) any organization described in Section 1381(a)(2)(C) of the
      Code, or (h) any other entity identified as a disqualified organization by
      the REMIC Provisions. A corporation will not be treated as an instrumentality
      of
      the United States or 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.

     

    “Disqualified
      Organization
      Affidavit”:
      An
      affidavit substantially in the form of Exhibit F-2.

     

    “Distribution
      Account”:
      An
      Eligible Account maintained by the Securities Administrator on behalf of the
      Trustee for the REMIC. Unless otherwise provided in the Trust Agreement, the
      Distribution Account shall be considered an asset of the REMIC.

     

    “Distribution
      Date”:Shall
      have the meaning set forth in the Trust Agreement.

     

    “Distribution
      Statement”:
      As
      defined in Section 4.01.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Due
      Date”:
      The
      first day of a calendar month.

     

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

     

    “EDGAR”:
      The
      Commission’s Electronic Data Gathering and Retrieval System.

     

    “Eligible
      Account”:
      A trust
      account (i) maintained
      by a depository institution, the long-term unsecured debt obligations are rated
      by the Rating Agency in one of its two highest rating categories at the time
      of
      any deposit therein, (ii) maintained with the Securities Administrator or
      the Trustee and satisfies either clause (i) or (iii) hereof or (iii) an
      account otherwise acceptable to the Rating Agency. If the definition of Eligible
      Account is met, any Certificate Account may be maintained with the Trustee,
      the
      Securities Administrator or the Master Servicer or any of their respective
      Affiliates. 

     

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

     

    “Errors
      and Omissions Insurance Policy”:
      An
      errors and omissions insurance policy to be maintained by the Master Servicer
      pursuant to Section 8.02 or a Servicer pursuant to the related Servicing
      Agreement.

     

    “Event
      of
      Default”:
      With
      respect to each Servicer, a Servicer Event of Default and with respect to the
      Master Servicer, a Master Servicer Event of Default.

     

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

     

    “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.

     

    “Fidelity
      Bond”:
      A
      fidelity bond to be maintained by the Master Servicer pursuant to Section 8.02
      or a Servicer pursuant to the related Servicing Agreement.

     

    “Final
      Certification”:
      A
      certification as to the completeness of each Trustee Mortgage Loan File
      substantially in the form of Exhibit B
      hereto
      provided by the Custodian on or before the first anniversary of the Closing
      Date
      pursuant to Section 2.02
      hereof.

     

    “Fiscal
      Year”:
      Unless
      otherwise provided in the Trust Agreement, the fiscal year of the Trust shall
      run from January 1 (or from the Closing Date, in the case of the first fiscal
      year) through the last day of
      December.

     

    “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 3.02.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Fraud
      Losses”:
      Losses
      on Mortgage Loans resulting from fraud, dishonesty or misrepresentation in
      the
      origination of such Mortgage
      Loans.

     

    “GSMC”:
      Goldman
      Sachs Mortgage Company,
      and its successors and assigns.

     

    “Holders”
      or
“Certificateholders”:
      The
      holders of the Certificates, as shown on the Certificate Register.

     

    “Independent”:
      When
      used with respect to any specified Person, another Person who (a) is in
      fact independent of the Depositor, the Initial Purchaser, the Trustee, the
      Securities Administrator, the Master Servicer, each Servicer or GSMC, any
      obligor upon the Certificates or any Affiliate of the Depositor, the Initial
      Purchaser, the Trustee, the Securities Administrator, the Master Servicer,
      each
      Servicer or GSMC or such obligor, (b) does not have any direct financial
      interest or any material indirect financial interest in the Depositor, the
      Initial Purchaser, the Trustee, the Securities Administrator, the Master
      Servicer, each Servicer or GSMC or in any such obligor or in an Affiliate of
      the
      Depositor, the Trustee, the Securities Administrator, the Master Servicer,
      each
      Servicer or GSMC or such obligor, and (c) is not connected with the
      Depositor, the Initial Purchaser, the Trustee, the Securities Administrator,
      the
      Master Servicer, each Servicer or GSMC or any such obligor as an officer,
      employee, promoter, underwriter, trustee, partner, director or person performing
      similar functions. Whenever it is provided herein that any Independent Person’s
      opinion or certificate shall be furnished to the Trustee or the Securities
      Administrator, such Person shall be appointed by the Depositor, the Initial
      Purchaser, the Trustee, the Securities Administrator, the Master Servicer,
      any
      applicable Servicer or GSMC in the exercise of reasonable care by such Person,
      as the case may be, and approved by the Securities Administrator, and such
      opinion or certificate shall state that the Person executing the same has read
      this definition and that such Person is independent within the meaning
      thereof.

     

    “Initial
      Certificate Balance”:With
      respect to any Certificate or Class of Certificates, the Certificate Balance
      of
      such Certificate or Class of Certificates as of the Closing Date.

     

    “Initial
      Purchaser”:
      Goldman,
      Sachs
&
      Co.

     

    “Insurance
      Proceeds”:Proceeds
      of any federal insurance, title policy, hazard policy or other insurance policy
      covering a Mortgage Loan, if any, to the extent such proceeds are not to be
      applied to the restoration of the related Mortgaged Property or released to
      the
      Mortgagor in accordance with the procedures that the related Servicer would
      follow in servicing mortgage loans held for its own account.

     

    “Insurer”:
      Any
      issuer of an insurance policy relating to the Mortgage Loans or Certificates
      of
      a
      Series.

     

    “Interest”:
      The
      REMIC interests that are established by the Trust for purposes of the REMIC
      Provisions. The Interests shall be Regular Interests in, and assets of, the
      REMICs specified in the Trust Agreement.

     

    “Interest
      Rate Cap Counterparty”
      Shall
      have the meaning set forth in the Trust Agreement.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    "LIBOR":
      For any
      Interest Accrual Period (other than the initial Interest Accrual Period), the
      offered rate for one-month United States dollar deposits which appears on
      Telerate Page 3750, as reported by Bloomberg Financial Markets Commodities
      News
      (or such other page as may replace Telerate Page 3750 for the purpose of
      displaying comparable rates), as of 11:00 a.m. (London time) on the LIBOR
      Determination Date applicable to such Interest Accrual Period. If such rate
      does
      not appear on Telerate Page 3750 (or such other page as may replace Telerate
      Page 3750 for the purpose of displaying comparable rates), the rate for that
      day
      will be determined on the basis of the rates at which deposits in United States
      dollars are offered by the Reference Banks at approximately 11:00 a.m., London
      time, on that day to leading banks in the London interbank market for a period
      of one month commencing on the first day of the relevant Interest Accrual
      Period. The Securities Administrator will request the principal London office
      of
      each of the Reference Banks to provide a quotation of its rate to the Securities
      Administrator. If at least two such quotations are provided, the rate for that
      day will be the arithmetic mean of the quotations. If fewer than two quotations
      are provided as requested, the rate for that day will be the arithmetic mean
      of
      the rates quoted by major banks in New York City, selected by the Securities
      Administrator, at approximately 11:00 a.m., New York City time, on that day
      for
      loans in United States dollars to leading European banks for a one-month period
      (commencing on the first day of the relevant Interest Accrual Period). If none
      of such major banks selected by the Securities Administrator quotes such rate
      to
      the Securities Administrator, LIBOR for such LIBOR Determination Date will
      be
      the rate in effect with respect to the immediately preceding LIBOR Determination
      Date.

     

    "LIBOR
      Determination Date":
      With
      respect to any Interest Accrual Period and any Floating Rate Certificate, the
      second London Business Day prior to the date on which such Interest Accrual
      Period commences. Absent manifest error, the Securities Administrator’s
      determination of LIBOR will be conclusive. 

     

    “Liquidated
      Mortgage Loan”:
      Any
      Mortgage Loan for which the applicable Servicer has determined (and reported
      to
      the Master Servicer) that it has received all amounts that it expects to recover
      from or on account of such Mortgage Loan, whether from Insurance Proceeds,
      Liquidation Proceeds or otherwise.

     

    “Liquidation
      Loss”:
      With
      respect to any Liquidated Mortgage Loan, the excess of (a) the sum of (i) the
      outstanding principal balance of such Mortgage Loan, (ii) all accrued and unpaid
      interest thereon, and (iii) the amount of all Advances and other expenses
      incurred with respect to such Mortgage Loan (including expenses of enforcement
      and foreclosure) over (b) Liquidation Proceeds realized from such Mortgage
      Loan.

     

    “Liquidation
      Proceeds”:Amounts,
      other than Insurance Proceeds and Condemnation Proceeds, received by the related
      Servicer in connection with the liquidation of a defaulted Mortgage Loan through
      trustee’s sale, foreclosure sale or otherwise, including amounts received
      following the disposition of an REO Property pursuant to the applicable
      Servicing Agreement less costs and expenses of such foreclosure
      sale.

     

    “Loan
      Level Report”:Shall
      mean the report prepared by the Master Servicer in substantially the form set
      forth in Schedule II hereto.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    “Loan-to-Value
      Ratio”:
      For
      purposes of the REMIC Provisions, the ratio that results when the Unpaid
      Principal Balance of a Mortgage Loan is divided by the fair market value of
      the
      Mortgaged Premises (or, in the case of a Mortgage Loan that is secured by a
      leasehold interest, the fair market value of the leasehold interest and any
      improvements thereon). For purposes of determining that ratio, the fair market
      value of the Mortgaged Premises (or leasehold interest, as the case may be)
      must
      be reduced by (i) the full amount of any lien on the Mortgaged Premises (or
      leasehold interest, as the case may be) that is senior to the Mortgage Loan
      and
      (ii) a pro rata portion of any lien that is in parity with the
      Mortgage
      Loan.

     

    "London
      Business Day":
      A day on
      which commercial banks in London are open for business (including dealings
      in
      foreign exchange and foreign currency deposits).

     

    “Lost
      Document
      Affidavit”:
      An
      affidavit, in recordable form, in which the Seller of a Mortgage Loan
      represents, warrants and covenants that: (i) immediately prior to the
      transfer of such Mortgage Loan under the related Sale Agreement, such Seller
      was
      the lawful owner of the Mortgage Loan and the Seller has not canceled, altered,
      assigned or hypothecated the mortgage note or the related Mortgage,
      (ii) the missing document was not located after a thorough and diligent
      search by the Seller, (iii) in the event that the missing document ever
      comes into the Seller’s possession, custody or power, the Seller covenants
      immediately and without further consideration to surrender such document to
      the
      Securities Administrator, and (iv) that it shall indemnify and hold
      harmless the Trust, its successors, and assigns, against any loss, liability,
      or
      damage, including reasonable attorney’s fees, resulting from the unavailability
      of any originals of any such documents or of a complete chain of intervening
      endorsements, as the case
      may
      be.

     

    “Master
      Servicer”:
      Shall
      have the meaning set forth in the recitals hereto.

     

    “Master
      Servicer Account”:
      An
      Eligible Account established by the Master Servicer pursuant to
      Section 3.01 hereof.

     

    “Master
      Servicer Event of Default”:
      Those
      events of default described in Section 8.04 hereof.

     

    “Master
      Servicer Fee Rate”:
      Not
      applicable.

     

    “Master
      Servicer Remittance Date”:
      With
      respect to each Distribution Date, shall be a date which occurs two Business
      Days prior to such Distribution Date, unless the Securities Administrator and
      Master Servicer are the same person, and then the Distribution
      Date.

     

    “Master
      Servicing Fee”:
      Shall
      have the meaning set forth in the Trust Agreement.

     

    “Modification
      Loss”:
      A
      decrease in the total payments due from a Borrower as a result of a modification
      of such Mortgage Loans following a default or reasonably expected default
      thereon. If a Modification Loss results in a decrease in the Note Rate of a
      Mortgage Loan, such Modification Loss shall be treated as occurring on each
      Due
      Date to the extent of such decrease.

     

    “Month
      End Interest
      Shortfall”:
      For any
      Distribution Date, the aggregate Prepayment Interest Shortfall Amount for the
      Mortgage Loans, to the extent not paid out of the Servicer’s Servicing Fee
      pursuant to the applicable Servicing Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “Monthly
      Advance”:
      The
      aggregate amount of the (i) advances made by a Servicer on any Servicer
      Remittance Date in respect of delinquent Monthly Payments pursuant to the
      applicable Servicing Agreement and (ii) any advances made by the Master
      Servicer (or the Trustee, as successor Master Servicer, pursuant to Section
      3.05
      in the event the Master Servicer fails to make such advances as required) in
      respect of any such delinquent Monthly Payment pursuant to
      Section 3.05.

     

    “Monthly
      Payment”:
      With
      respect to any Mortgage Loan, the scheduled monthly payment of principal thereof
      and interest thereon due in any month under the terms thereof.

     

    “Mortgage
      Loan”:
      The
      mortgage loans sold by the Depositor to the Trust as listed on the Mortgage
      Loan
      Schedule to the Trust Agreement. Unless the context indicates otherwise the
      term
“Mortgage Loan” includes any REO Property held by the
      Trust.

     

    “Mortgage
      Loan
      Schedule”:
      The list
      of Mortgage Loans sold by the Depositor to the Trust, which Schedule is attached
      to the Trust Agreement and to the applicable Custody Agreement, and which shall
      set forth for each Mortgage Loan the following information:

     

    (a)
      the
      Originator’s loan number;

     

    (b)
      the
      Borrower’s name;

     

    (c)
      the
      original principal balance;

     

    (d)
      the
      Scheduled Principal Balance as of the close of business on the Cut off
      Date;

     

    (e)
      the
      maturity date of the mortgage loan; and

     

    (f)
      the
      mortgage loan interest rate;

     

    together
      with such additional information as may be reasonably requested by the
      Securities Administrator or the Master Servicer.

     

    “Mortgaged
      Premises”:
      The real
      property securing repayment of the debt evidenced by a Note.

     

    “Mortgagor”:
      Borrower.

     

    “Net
      Rate”:
      Unless
      otherwise provided in the Trust Agreement, with respect to each Mortgage Loan,
      the Note Rate of that Mortgage Loan less the Administrative Cost Rate applicable
      thereto.

     

    “Non-U.S.
      Person”:
      A
      foreign person within the meaning of Treasury Regulation
      Section 1.860G-3(a)(1) (i.e.,
      a
      person other than (i) a citizen or resident of the United States,
      (ii) a corporation or partnership that is organized under the laws of the
      United States or any jurisdiction thereof or therein, (iii) an estate that
      is subject to United States federal income tax regardless of the source of
      its
      income or (iv) a trust if a court within the United States is able to
      exercise primary supervision over the administration of such trust and one
      or
      more United States Persons have the authority to control all substantial
      decisions of the trust) who would be subject to United States income tax
      withholding pursuant to Section 1441 or 1442 of the Code on income derived
      from the Residual Certificates.

     

    
      
        
        

      

      
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    “Non-U.S.
      Person
      Affidavit”:
      An
      affidavit substantially in the form of Exhibit G-1
      hereto.

     

    “Note”:
      A
      manually executed written instrument evidencing the Borrower’s promise to repay
      a stated sum of money, plus
      interest, to the holder of the Note by a specific date according to a schedule
      of principal and interest payments.

     

    “Note
      Rate”:
      The rate
      of interest borne by each Note according to its terms.

     

    “Opinion
      of
      Counsel”:
      A
      written opinion of counsel, who may be counsel for the Depositor or a Servicer,
      acceptable to the Trustee, the Securities Administrator, the Master Servicer
      and
      the Servicer, as applicable. An Opinion of Counsel relating to tax matters
      must
      be an opinion of Independent counsel.

     

    “Originator”:
      Any
      other originator contemplated by Item 1110 (§ 229.1110) of Regulation
      AB.

     

    “Paying
      Agent”:
      The
      paying agent appointed pursuant to Section 5.08
      hereof.

     

    “Payoff”:
      Any
      payment or other recovery of principal on a Mortgage Loan equal to the Unpaid
      Principal Balance of such Mortgage Loan, received in advance of the last
      scheduled Due Date, including any prepayment penalty or premium thereon, which
      is accompanied by an amount of interest representing scheduled interest from
      the
      Due Date interest was last paid by the Mortgagor to the date of such
      prepayment.

     

    “PCAOB”:
      The
      Public Company Accounting Oversight Board.

     

    “Percentage
      Interest”:
      With
      respect to any Certificate to which principal is assigned as of the Closing
      Date, the portion of the Class evidenced by such Certificate, expressed as
      a
      percentage, the numerator of which is the initial Certificate Balance of such
      Certificate and the denominator of which is the aggregate Certificate Balance
      of
      all of the Certificates of such Class as of the Closing Date. With respect
      to
      any Certificate to which a principal balance is not assigned as of the Closing
      Date, the portion of the Class evidenced by such Certificate, expressed as
      a
      percentage, as stated on the face of such Certificate.

     

    “Permitted
      Investments”:
      Permitted Investments shall consist of the following:

     

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

     

    (ii)
      repurchase obligations (the collateral for which is held by a third party,
      the
      Trustee or the Securities Administrator, or any of their respective affiliates)
      with respect to any security described in clause (i) above, provided
      that the
      long-term or short-term unsecured debt obligations of the party agreeing to
      repurchase such obligations are at the time rated by each Rating Agency in
      its
      highest long-term unsecured debt rating categories;

     

    
      
        
        

      

      
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    (iii)
      certificates of deposit, time deposits and bankers’ acceptances of any bank or
      trust company (including the Trustee or the Securities Administrator or an
      affiliate of either) incorporated under the laws of the United States or any
      state, provided
      that the
      long-term unsecured debt obligations of such bank or trust company at the date
      of acquisition thereof have been rated by each Rating Agency in one of its
      two
      highest long-term unsecured debt rating categories;

     

    (iv)
      commercial paper (having original maturities of not more than 270 days) of
      any
      corporation (including an affiliate of the Trustee or the Securities
      Administrator) incorporated under the laws of the United States or any state
      thereof which on the date of acquisition has been rated by each Rating Agency
      in
      its highest short-term unsecured debt rating available (i.e.,
“P-1”
      by Moody’s Investors Service, Inc., “A-1+” by Standard & Poor’s Ratings
      Services and “F1+” by Fitch, if rated by such rating agency);

     

    (v)
      money
      market funds administered by the Trustee or the Securities Administrator or any
      of their respective affiliates provided that such money market funds are rated
      by each Rating Agency (i) in its highest short-term unsecured debt rating
      category available (i.e., “P-1” by Moody’s Investors Service, Inc. “A-1+” by
      Standard & Poor’s Ratings Services and “F-1+” by Fitch, Inc.) or
      (ii) in one of its two highest long-term unsecured debt rating categories;
      and

     

    (vi)
      any
      other demand, money market or time deposit or obligation, or interest-bearing
      or
      other security or investment as would not affect the then current rating of
      the
      Certificates by any Rating Agency (which shall include money market funds rated
      in the highest long-term rating category with portfolios consisting solely
      of
      obligations in clauses (i) through (iv) above);

     

    provided,
      however,
      that no
      investment described above shall constitute a Permitted Investment (A) if
      such investment evidences either the right to receive (i) only interest
      with respect to the obligations underlying such instrument or (ii) both
      principal and interest payments derived from obligations underlying such
      instrument if the interest and principal payments with respect to such
      instrument provide a yield to maturity at par greater than 120% of the yield
      to
      maturity at par of the underlying obligations or (B) if such investment is
      not a “permitted investment” for purposes of the REMIC Provisions; and
provided
      further,
      that no
      investment described above shall constitute a Permitted Investment unless such
      investment matures no later than the Business Day immediately preceding the
      Distribution Date or the Master Servicer Remittance Date, as applicable, on
      which the funds invested therein are required to be distributed (or, in the
      case
      of an investment that is an obligation of the institution in which the account
      is maintained, no later than such Distribution
      Date).
      Neither the Securities Administrator nor the Master Servicer shall sell or
      permit the sale of any Permitted Investment unless they shall have determined
      that such a sale would not result in a prohibited transaction in which a gain
      would be realized under the REMIC Provisions.

     

    
      
        
        

      

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

     

    “Plan”:
      Any
      employee benefit plan or retirement arrangement, including individual retirement
      accounts, educational savings accounts and annuities, Keogh plans and collective
      investment funds in which such plans, accounts, annuities or arrangements are
      invested, that are described in or subject to the Plan Asset Regulations, ERISA
      or corresponding provisions of the
      Code.

     

    “Plan
      Asset Regulations”:
      The
      Department of Labor regulations set forth in 29 C.F.R. § 2510.3-101, as amended
      from time to
      time.

     

    “Plan
      Investor”:
      Any
      Plan, any Person acting on behalf of a Plan or any Person using the assets
      of
      a
      Plan.

     

    “Prepayment
      Period”:
      Unless
      otherwise specified in the Trust Agreement, with respect to each Distribution
      Date, the calendar month preceding the month in which such Distribution Date
      occurs.

     

    “Prepayment
      Interest Shortfall”:
      With
      respect to any Distribution Date and any Principal Prepayment Amount, the
      difference between (i) one full month’s interest at the applicable Note Rate
      (after giving effect to any applicable Relief Act Reduction), as reduced by
      the
      applicable 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 Amount.

     

    “Prime
      Rate”:
      With
      respect to any Distribution Date, the rate published as the “Prime Rate” in the
“Money Rates” section or other comparable section of The
      Wall Street Journal
      on such
      date. In the event The
      Wall Street Journal
      publishes a prime rate range, the average of that range, as determined by the
      Securities Administrator, shall be the Prime Rate. In the event The
      Wall Street Journal
      no
      longer publishes a “Prime Rate” entry, the Securities Administrator shall
      designate a new methodology for determining the Prime Rate based on comparable
      data.

     

    “Principal
      Prepayment
      Amount”:
      As
      defined in the Trust Agreement.

     

    “Private
      Residual
      Certificate”:
      Any
      Class of Certificates designated as such in the Trust Agreement.

     

    “Private
      Certificate”:
      Any
      Class of Certificates designated as such in the Trust Agreement.

     

    “Purchase
      Price”:
      With
      respect to a Mortgage Loan purchased from the Trust, an amount equal to the
      Scheduled Principal Balance of the Mortgage Loan, plus
      accrued
      and unpaid interest thereon at the Note Rate to the last day of the month in
      which the purchase occurs, plus
      the
      amount of any costs and damages incurred by the Trust 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 less
      any
      amounts received in respect of such Mortgage Loan and being held in the
      Collection
      Account.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “Purchaser”:
      The
      Person that purchases a Mortgage Loan from the Trust pursuant to
      Section 2.03
      hereof.

     

    “QIB
      Certificate”:
      As
      defined in Section 5.5(a), a Rule 144A Agreement or a certificate
      substantially to the same
      effect.

     

    “Qualification
      Defect”:
      With
      respect to a Mortgage Loan, (a) a defective document in the Trustee
      Mortgage Loan File, (b) the absence of a document in the Trustee Mortgage
      Loan File, or (c) the breach of any representation, warranty or covenant
      with respect to the Mortgage Loan made by the applicable Seller or Servicer
      or
      the Depositor but only if the affected Mortgage Loan would cease to qualify
      as a
“qualified mortgage” for purposes of the REMIC Provisions. With respect to a
      REMIC Regular Interest or a mortgage certificate described in
      Section 860G(a)(3) of the Code, the failure to qualify as a “qualified
      mortgage” for purposes of the REMIC Provisions.

     

    “Qualified
      Institutional Buyer”:
      Any
“qualified institutional buyer” as defined in clause (a)(1) of Rule
      144A.

     

    “Rating
      Agency”:
      Any
      nationally recognized statistical rating agency, or its successor, that on
      the
      Closing Date rated one or more Classes of the Certificates at the request of
      the
      Depositor and identified in the Trust Agreement. If such agency or a successor
      is no longer in existence, the “Rating Agency” shall be such nationally
      recognized statistical rating agency, or other comparable Person, designated
      by
      the Depositor, notice of which designation shall be given to the Securities
      Administrator. References herein to any long-term rating category of a Rating
      Agency shall mean such rating category without regard to any plus or minus
      or
      numerical designation.

     

    “Realized
      Loss”:
      A
      Liquidation Loss, a Modification Loss or a Bankruptcy Loss, in each case, to
      the
      extent not covered by Insurance Proceeds.

     

    “Record
      Date”:
      Shall
      have the meaning set forth in the Trust Agreement.

     

    “Regular
      Interest”:
      An
      interest in a REMIC that is designated in the Trust Agreement as a “regular
      interest” under the REMIC Provisions.

     

    “Regular
      Certificate”:
      Any
      Certificate other than a Residual Certificate or Class X Certificate and that
      represents a Regular Interest in a REMIC or a combination of Regular Interests
      in a
      REMIC.

     

    "Reference
      Banks":
      Four
      major banks in the London interbank market selected by the Securities
      Administrator.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    “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 5.05(b).

     

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

     

    “REMIC”:
      With
      respect to each Trust, each real estate mortgage investment conduit, within
      the
      meaning of the REMIC Provisions, for such
      Trust.

     

    “REMIC
      Provisions”:
      Provisions of the Code relating to real estate mortgage investment conduits,
      which appear at Sections 860A through 860G of the Code, related Code
      provisions, and regulations, announcements and rulings thereunder, as the
      foregoing may be in effect from time to
      time.

     

    “Remittance
      Report”:
      The
      report (either a data file or hard copy) that is prepared by each Servicer
      for
      the Master Servicer which contains the information specified in Schedule III
      hereto.

     

    “REO
      Disposition”:
      The
      receipt by the applicable Servicer of Insurance Proceeds and other payments
      and
      recoveries (including Liquidation Proceeds) which the Servicer recovers from
      the
      sale or other disposition of an REO Property.

     

    “REO
      Property”:
      Mortgaged Premises acquired by the Trust in foreclosure or similar
      actions.

     

    “Reportable
      Event”:
      As
      defined in Section 3.02.

     

    “Reporting
      Servicer”:
      As
      defined in Section 3.02.

     

    “Request
      for
      Release”:
      A
      request signed by an Officer of any Servicer, requesting that the Trustee (or
      applicable Custodian) release the Trustee Mortgage Loan File to such Servicer
      for the purpose set forth in such release, in accordance with the terms of
      the
      Servicing Agreement and these Standard
      Terms.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    “Reserve
      Fund”:
      Unless
      otherwise provided in the Trust Agreement, any fund in the Trust Estate other
      than (a) the Certificate Account, Distribution Account, the Master Servicer
      Account and Termination Account and (b) any other fund that is expressly
      excluded from a
      REMIC.

     

    “Residual
      Certificate”:
      The
      Class RC and Class R Certificates designated as such in the Trust
      Agreement.

     

    “Residual
      Interest”:
      An
      interest in a REMIC that is designated as a “residual interest” under the REMIC
      Provisions.

     

    “Residual
      Transferee
      Agreement”:
      An
      agreement substantially in the form of Exhibit F
      hereto.

     

    “Responsible
      Officer”:
      When
      used with respect to the Trustee or the Securities Administrator, any senior
      vice president, any vice president, any assistant vice president, any assistant
      treasurer, any trust officer, any assistant secretary in the Corporate Trust
      Office of the Trustee or the Securities Administrator, as the case may be,
      or
      any other officer of the Trustee or the Securities Administrator customarily
      performing functions similar to those performed by the persons who at the time
      shall be such officers and having direct responsibility for the administration
      of this Agreement, and also to whom with respect to a particular corporate
      trust
      matter such matter is referred because of such officer’s knowledge of and
      familiarity with the particular subject; provided,
      however,
      when
      used with respect to the Master Servicer, any senior vice president, any
      assistant vice president, any trust officer, or any other officer of the Master
      Servicer customarily performing functions similar to those performed by any
      such
      named officer and having direct responsibility for the master servicing of
      the
      Mortgage Loans under this Trust Agreement. With respect to any other Person,
      the
      chairman of the board, the president, a vice president (however designated),
      the
      treasurer or controller.

     

    “Rule
      144A”:
      Rule
      144A promulgated by the Commission under the Securities Act, as the same may
      be
      amended from time to
      time.

     

    “Rule
      144A
      Agreement”:
      An
      agreement substantially in the form of Exhibit C
      hereto.

     

    “Rule
      144A Certificates”:
      Any
      Class of Certificates designated as such in the Trust Agreement.

     

    “Sale
      Agreement”:The
      Sale
      and Servicing Agreement or Sale and Servicing Agreements, as defined in the
      Trust Agreement. 

     

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

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    “Scheduled
      Principal
      Balance”:
      For any
      Mortgage Loan as of any Due Date subsequent to the Cut-off Date up to and
      including the date on which such Mortgage Loan is finally liquidated or
      repurchased from the Trustee, the scheduled principal balance thereof as of
      the
      Cut-off Date, increased by the amount of negative amortization, if any, with
      respect thereto, and reduced by (i) the principal portion of all Monthly
      Payments due on or before such Due Date, whether or not paid by the Borrower
      or
      advanced by a Servicer, the Master Servicer, the Securities
      Administrator or
      an
      Insurer, net of any portion thereof that represents principal due on a Due
      Date
      occurring on or before the date on which such proceeds were received,
      (ii) the principal portion of all Prepayments, including Liquidation
      Proceeds, Condemnation Proceeds and Insurance Proceeds, and Payoffs received
      on
      or before the last day of the Prepayment Period preceding such date of
      determination, and (iii) without duplication, the amount of any Realized
      Loss that has occurred with respect to such Mortgage
      Loan.

     

    “Securities
      Account”:
      As set
      forth in the Trust Agreement.

     

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

     

    “Securities
      Administrator”:
      As set
      forth in the Trust Agreement.

     

    “Securities
      Intermediary”:
      As set
      forth in the Trust Agreement.

     

    “Seller”:
      The Loan
      Seller or Loan Sellers identified in the Trust Agreement.

     

    “Senior
      Collateral Group Percentage”:
      The
      percentage, if any, calculated as set forth in the Trust Agreement.

     

    “Senior
      Prepayment Percentage”:
      The
      percentage, if any, calculated as set forth in the Trust Agreement.

     

    “Series”:
      A group
      of Certificates issued by a separate
      Trust.

     

    “Servicemembers
      Shortfall”:
      Interest
      losses on a Mortgage Loan resulting from application of the Servicemembers’
Civil Relief Act, as amended.

     

    “Servicer”:
      The
      Servicer or Servicers identified in the Servicing Agreement
      or Agreements.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

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

     

    “Servicer
      Compensation”:
      The
      Servicing Fee and any additional compensation as specified in the Servicing
      Agreement or Agreements.

     

    “Servicer
      Event of Default”:
      With
      respect to each Servicer, shall have the meaning set forth in the applicable
      Servicing Agreement.

     

    “Servicer
      Mortgage
      Loan File”:
      With
      respect to each Mortgage Loan, the related Mortgage File, as that term is
      defined in the related Servicing Agreement.

     

    “Servicer
      Remittance Date”:
      Shall
      mean the 18th
      day of
      each month or, if such day is not a Business Day, the immediately preceding
      Business Day, or such other day as set forth in the related Sale and Servicing
      Agreement.

     

    “Servicing
      Agreement”:
      The Sale
      and Servicing Agreement or Sale and Servicing Agreements, as defined in the
      Trust 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”:
      Unless
      otherwise provided in the Trust Agreement, in any month, an amount equal to
      one-twelfth of the Servicing Fee Rate multiplied by the aggregate Scheduled
      Principal Balance of the Mortgage Loans as of the Due Date preceding a
      Distribution Date without taking into account any payment of principal due
      or
      made on such Due
      Date.

     

    “Servicing
      Fee Rate”:
      The rate
      or rates specified as such in the applicable Servicing Agreement.

     

    “Servicing
      Function Participant”:
      Any
      Subservicer, Subcontractor or any other Person, other than each Servicer, the
      Master Servicer 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. 

     

    “Shortfall”:
      Month
      End Interest Shortfall and Servicemembers’ Shortfall.

     

    “Special
      Tax
      Consent”:
      The
      written consent of the Holder of a Residual Certificate to any tax (or risk
      thereof) arising out of a proposed transaction or activity that may be imposed
      upon such Holder or that may affect adversely the value of such Holder’s
      Residual Certificate.

     

    “Special
      Tax
      Opinion”:
      An
      Opinion of Counsel that a proposed transaction or activity will not
      (a) affect adversely the status of any REMIC as a REMIC or of the Regular
      Interests as the “regular interests” therein under the REMIC Provisions,
      (b) affect the payment of interest or principal on the Regular Interests,
      or (c) result in the encumbrance of the Mortgage Loans by a tax
      lien.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Standard
      Terms”:
      These
      Standard Terms, as amended or supplemented, incorporated by reference in a
      Trust
      Agreement.

     

    “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 Mortgage Loans but performs one or more
      discrete functions identified in Item 1122(d) of Regulation AB with respect
      to
      Mortgage Loans under the direction or authority of a Servicer or related
      Subservicer.

     

    “Subservicer”:
      Any
      Person that services Mortgage Loans on behalf of a Servicer or any Subservicer
      and is responsible for the performance (whether directly or through Subservicers
      or Subcontractors) of a substantial portion of the material servicing functions
      require to be performed by a Servicer under the applicable Servicing Agreement
      that are identified in Item 1122(d) of Regulation AB.

     

    “Supplemental
      Trust Agreement”:
      Any
      Supplemental Trust Agreement by and between the Trustee, the Master Servicer
      and
      the Securities Administrator.

     

    “Tax
      Matters
      Person”:
      The
      Securities Administrator which will act as tax matters person (within the
      meaning of the REMIC Provisions) of a
      REMIC.

     

    “Terminating
      Purchase”:
      The
      purchase of all Mortgage Loans and each REO Property owned by a Trust pursuant
      to Section 10.02
      hereof.

     

    “Termination
      Account”:
      An
      escrow account maintained by the Securities Administrator into which any Trust
      funds not distributed on the Distribution Date on which the earlier of
      (a) a Terminating Purchase or (b) the final payment or other
      Liquidation of the last Mortgage Loan remaining in the Trust or the disposition
      of the last REO Property remaining in the Trust is made are deposited. The
      Termination Account shall be an Eligible Account.

     

    “Termination
      Price”:An
      amount
      equal to the greater of (a) the sum of (i) 100% of the aggregate outstanding
      principal balance of each Mortgage Loan (other than Liquidated Mortgage Loans)
      remaining in the Trust on the day of such purchase, plus accrued interest
      thereon at the Note Rate and the amount of any outstanding Servicing Advances
      on
      such Mortgage Loans to the Due Date in the month in which the Termination Price
      is distributed to Certificateholders, less Bankruptcy Losses that would
      otherwise have been allocated to the Certificates and (ii) the lesser of (A)
      the
      Scheduled Principal Balance of the Mortgage Loan for each REO Property or other
      property remaining in the Trust, plus accrued interest thereon at the Note
      Rate
      (less the related Servicing Fee Rate) to the Due Date in the month in which
      the
      Termination Price is distributed to Certificateholders, and (B) the sum of
      the
      aggregate fair market value of any such REO Property and all other property
      of
      the Trust, and (b) the aggregate fair market value of all of the Mortgage Loans
      remaining in the Trust on the date of such purchase, plus all REO Property
      and
      any other property remaining in the Trust on the date of such purchase. The
      respective amounts under clause (a)(ii)(B) and clause (b) above shall be
      determined by the Securities Administrator in consultation with the Initial
      Purchaser (or, if the Initial Purchaser is unwilling or unable to serve in
      that
      capacity, a financial advisor selected by the Securities Administrator in a
      commercially reasonable manner, whose fees will be an expense of the Depositor
      (or other party causing the Termination Purchase)), based upon the mean of
      bids
      from at least three recognized broker/dealers that deal in similar assets)
      as of
      the close of business on the third Business Day preceding the date upon which
      notice of any such termination is furnished to Certificateholders pursuant
      to
      Section 9.03; provided,
      however,
      that in
      determining such aggregate fair market value, the Securities Administrator
      shall
      be entitled to conclusively rely on such bids or the opinion of a nationally
      recognized investment banker (the fees of which shall be an expense of the
      Trust). The fair market value of the REO Property and other property of the
      Trust shall be based upon the inclusion of (i) accrued interest to the last
      day
      of the month in which the Termination Price is distributed to the
      Certificateholders, at the applicable Note Rate (less the related Servicing
      Fee
      Rate) on the Scheduled Principal Balance of each Mortgage Loan related to an
      REO
      Property and (ii) the amount of any costs and damages incurred by the Trust
      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 any
      Mortgage Loans remaining in the Trust.

     

    
      
        
        

      

      
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    “Transferee
      Agreement”:
      An
      agreement substantially in the form of Exhibit D
      hereto.

     

    “Trust”:
      The
      trust formed pursuant to the Trust
      Agreement.

     

    “Trust
      Agreement” or
      this“Agreement”:
      The
      Master Servicing and Trust Agreement, dated as of October 1, 2006, among the
      Depositor, the Custodians, the Master Servicer, the Securities Administrator
      and
      the Trustee relating to the issuance of Certificates, and into which these
      Standard Terms are incorporated by reference.

     

    “Trust
      Estate”:
      The
      segregated pool of assets sold and assigned to the Trustee for the benefit
      of
      the Certificateholders by the Depositor pursuant to the conveyance
      clause of the Trust Agreement.

     

    “Trust
      Receipt”:
      A
      certification as to the completeness of each Trustee Mortgage Loan File
      substantially in the form of Exhibit A
      hereto
      provided by the Custodian pursuant to Section 2.02
      hereof.

     

    “Trustee”:
      The bank
      or trust company identified as the Trustee in the Trust Agreement, and its
      successors and assigns.

     

    “Trustee
      Advance”:
      Not
      applicable.

     

    “Trustee
      Fee”:Not
      applicable.

     

    “Trustee
      Fee Rate”:
      Not
      applicable.

     

    “Trustee
      Mortgage
      Loan File”:
      With
      respect to each Mortgage Loan, unless otherwise provided in the Trust Agreement,
      collectively, the following documents, together with any other Mortgage Loan
      documents held by the Trustee or the related Custodian with respect to such
      Mortgage Loan:

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    (a)
      The
      original executed mortgage note endorsed, “Pay to the order of ___________ or in
      the name of the Trustee, U.S. Bank National Association, as trustee under a
      Master Servicing and Trust Agreement, dated as of October 1, 2006, without
      recourse”, and signed in the name of the Seller (or an affiliate of such Seller,
      if applicable) by an officer of such Seller (or an affiliate of such Seller,
      if
      applicable), or a Lost Document Affidavit with a copy of the original mortgage
      note attached; provided that unless otherwise provided in the related Sale
      and
      Servicing Agreement or if the mortgage note has been left blank, the words
“U.S.
      Bank National Association, as trustee under a Master Servicing and Trust
      Agreement, dated as of October 1, 2006 shall be inserted into the blank; and
      provided that the mortgage note shall include all intervening original
      endorsements showing a complete chain of title from the originator to such
      Seller (or an affiliate of such Seller, if applicable);

     

    (b)
      The
      original executed Mortgage, or a certified copy thereof, in either case with
      evidence of recording noted thereon;

     

    (c)
      Except for Mortgage Loans registered on MERS, the original assignment of each
      Mortgage from the related Seller (or its affiliate, if applicable) delivered
      in
      blank in recordable form;

     

    (d)
      The
      original or copy of a policy of title insurance, a certificate of title, or
      attorney’s opinion of title (accompanied by an abstract of title), as the case
      may be, with respect to each Mortgage Loan;

     

    (e)
      Except for Mortgage Loans originated through MERS, originals of any intervening
      assignments of the mortgage necessary to show a complete chain of title from
      the
      original mortgagee to the Seller, or certified copies thereof, in either case
      with evidence of recording noted thereon; provided, that such intervening
      assignments may be in the form of blanket assignments, a copy of which, with
      evidence of recording noted thereon, shall be acceptable;

     

    (f)
      Originals of all modification agreements, or certified copies thereof, in either
      case with evidence of recording noted thereon if recordation is required to
      maintain the lien of the mortgage or is otherwise required, or, if recordation
      is not so required, an original or copy of any such modification
      agreement;

     

    (g)
      To
      the extent applicable, an original power of attorney, or a certified copy
      thereof, in either case with evidence of recordation thereon if necessary to
      maintain the lien on the Mortgage or if the document to which such power of
      attorney relates is required to be recorded, or, if recordation is not so
      required, an original or copy of such power of attorney; and

     

    
      
        
        

      

      
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    (h)
      An
      original or copy of any surety agreement or guaranty agreement.

     

    Notwithstanding
      the foregoing, with respect to any power of attorney, mortgage, assignment,
      intervening assignment, assumption agreement, modification agreement or deed
      of
      sale for which a certified copy is delivered in accordance with the foregoing,
      the copy must be certified as true and complete by the appropriate public
      recording office, or, if the original has been submitted for recording but
      has
      not yet been returned from the applicable recording office, an officer of the
      Seller (or a predecessor owner, a title company, closing/settlement/escrow
      agent
      or company or closing attorney) must certify the copy as a true copy of the
      original submitted for recordation. Copies of blanket intervening assignments,
      however, need not be certified.

     

    “UCC”:
      The
      Uniform Commercial Code as in effect in the jurisdiction that governs the
      interpretation of the substantive provisions of the Trust Agreement,
      as such Uniform Commercial Code may be amended from time to time.

     

    “Underlying
      MBS”:
      As set
      forth in the Trust Agreement.

     

    “Unpaid
      Principal
      Balance”:
      With
      respect to any Mortgage Loan, the outstanding principal balance payable by
      the
      related Borrower under the terms of the
      Note.

     

    “U.S.
      Bank”:
      U.S.
      Bank National Association and its successors.

     

    “U.S.
      Person”:
      A Person
      other than a Non-U.S.
      Person.

     

    “Voting
      Rights”:
      The
      portion of the voting rights of all of the Certificates which is allocated
      to
      any Certificate. Unless otherwise provided in the Trust Agreement, (a) if
      any Class of Certificates does not have a Certificate Balance or has an initial
      Certificate Balance that is less than or equal to 1% of the aggregate
      Certificate Balance of all of the Certificates, then 1% of Voting Rights shall
      be allocated to each Class of such Certificates having no Certificate Balance
      or
      a Certificate Balance equal to or less than 1% of the aggregate Certificate
      Balance of all Certificates; provided,
      however,
      that
      each class of Residual Interest Certificateholders in a multiple REMIC Series
      shall be treated as a separate Class of Certificateholders, and the balance
      of
      Voting Rights shall be allocated among the remaining Classes of Certificates
      in
      proportion to their respective Certificate Balances following the most recent
      Distribution Date, and (b) if no Class of Certificates has an initial
      Certificate Balance less than 1% of the aggregate Certificate Balance, then
      all
      of the Voting Rights shall be allocated among all the Classes of Certificates
      in
      proportion to their respective Certificate Balances following the most recent
      Distribution Date. Voting Rights allocated to each Class of Certificates shall
      be allocated in proportion to the respective Percentage Interests of the Holders
      thereof.

     

    “Wells
      Fargo Bank”:
      Wells
      Fargo Bank, N.A., and its successors.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    “Withholding
      Agent”:
      The
Securities
      Administrator or
      its
      designated Paying Agent or other person who is liable to withhold federal income
      tax from a distribution on a Residual Certificate under Sections 1441 and
      1442 of the Code and the Treasury regulations thereunder.

     

    ARTICLE
      II

     

    MORTGAGE
      LOAN FILES

     

    Section
      2.01 Mortgage
      Loan Files.

     

    Pursuant
      to the Trust Agreement, the Depositor has sold to the Trustee, for the benefit
      of the Certificateholders, without recourse all the right, title and interest
      of
      the Depositor in and to the Mortgage Loans, any and all rights, privileges
      and
      benefits accruing to the Depositor under each Assignment Agreement, each Sale
      Agreement, and each Servicing Agreement with respect to the Mortgage Loans,
      including the rights and remedies with respect to the enforcement of any and
      all
      representations, warranties and covenants under such agreements and all other
      agreements and assets included or to be included in the Trust for the benefit
      of
      the Certificateholders as set forth in the conveyance clause of the Trust
      Agreement. Such assignment includes all of the Depositor’s rights to Monthly
      Payments on the Mortgage Loans due after the Cut-off Date, and all other
      payments of principal (and interest) made on or after the Cut-off Date that
      are
      reflected in the initial aggregate Certificate Balance for a Trust.

    

    In
      connection with such transfer and assignment, the Depositor shall deliver,
      or
      has caused to be delivered, to the Trustee or the Custodian on or before the
      Closing Date, with respect to each Mortgage Loan, the Trustee Mortgage Loan
      File
      that was delivered to such Custodian by the Servicer. If any Mortgage or an
      assignment of a Mortgage to the Trustee or any prior assignment is in the
      process of being recorded on the Closing Date, the Depositor shall cause each
      such original recorded document or certified copy thereof, to be delivered
      to
      the Trustee or the related Custodian promptly following its recordation and
      return to the Depositor.

     

    The
      Depositor hereby directs the Trustee and the Securities Administrator, not
      in
      their individual capacities but solely in such capacities, to enter into the
      Supplemental Trust Agreement, the Exchange Agreement, to make any
      representations and warranties of such party set forth therein and to perform
      their respective obligations thereunder.

     

    Section
      2.02 Acceptance
      by the Trustee.

     

    (a)
      By
      its execution of the Trust Agreement, the Trustee acknowledges and declares
      that
      it or the Custodian holds and will hold or has agreed to hold (in each case
      through the applicable Custodian) all documents delivered to it or any such
      Custodian from time to time with respect to a Mortgage Loan and all assets
      included in the definition of “Trust Estate” in the Trust Agreement in trust for
      the exclusive use and benefit of all present and future Certificateholders.
      The
      Trustee represents and warrants that (i) it acquired the Mortgage Loans on
      behalf of the Trust from the Depositor in good faith, for value, and without
      actual notice or actual knowledge of any adverse claim, lien, charge,
      encumbrance or security interest (including, without limitation, federal tax
      liens or liens arising under ERISA) (it being understood that the Trustee has
      not undertaken searches (lien records or otherwise) of any public records),
      (ii) except as permitted in the Trust Agreement, it has not and will not,
      in any capacity, assert any claim or interest in the Mortgage Loans and will
      hold (or its agent will hold) such Mortgage Loans and the proceeds thereof
      in
      trust pursuant to the terms of the Trust Agreement, and (iii) it has not
      encumbered or transferred its right, title or interest in the Mortgage
      Loans.

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (b)
      The
      Custodian has reviewed, for the benefit of the Certificateholders and the
      parties hereto, each Trustee Mortgage Loan File and has delivered to the Trustee
      (with a copy to the Depositor) on the Closing Date a Trust Receipt, in the
      form
      annexed hereto as Exhibit
      A
      (the
“Trust
      Receipt”)
      with
      respect to each Mortgage Loan to the effect that, except as specifically noted
      on a schedule of exceptions thereto (the “Exceptions
      List”):

     

    (i)
      all
      documents required to be delivered to it pursuant to clause (a) through (e)
      and (g) of the definition of Trustee Mortgage Loan File are in the Trustee’s or
      Custodian’s possession,
      provided
      that,

     

    (A)
      the
      Custodian shall have no obligation to verify the receipt of any such documents
      the existence of which was not made known to the Custodian by the Trustee
      Mortgage Loan File, and

     

    (B)
      the
      Custodian shall have no obligation to determine whether recordation of any
      such
      modification is necessary;

     

    (ii)
      all
      documents have been examined by the Custodian and appear regular on their face
      and to relate to the Mortgage Loans; 

     

    (iii)
      based only on such Custodian’s examination of the foregoing documents, the
      information set forth on the Mortgage Loan Schedule representing each Mortgage
      Loan accurately reflects the Originator loan number, the borrower’s name, the
      original principal balance, the maturity date of the mortgage loan and the
      mortgage loan interest rate; and 

     

    (iv)
      that
      each mortgage note has been endorsed and each assignment of mortgage has been
      assigned as described in the definition of Trustee Mortgage Loan File,
provided
      that the
      Custodian shall have no obligation to confirm that the assignments are in
      recordable form.

     

    In
      making
      the verification required by this Section 2.02(b), the Custodian has
      conclusively relied on the Mortgage Loan Schedule attached hereto, and the
      Custodian shall have no obligation to independently verify the correctness
      of
      such Mortgage Loan Schedule.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    (c)
      It is
      understood that before delivering the Trust Receipt, the Custodian, on behalf
      of
      the Trustee, has examined the Mortgage Loan Documents to confirm the following
      (and shall report any exceptions to these confirmations in the Exceptions Report
      attached to the Trust Receipt):

     

    (i)
      each
      mortgage note, mortgage, guaranty and deed of sale bears a signature or
      signatures that appear on their face to be original and that purport to be
      that
      of the Person or Persons named as the maker and mortgagor/trustor or, if
      photocopies are permitted, that such copies bear a reproduction of such
      signature or signatures;

     

    (ii)
      the
      mortgage and the assignment include the endorsement required pursuant to clause
      (a) of the definition of Trustee Mortgage Loan File;

     

    (iii)
      the
      original principal amount of the indebtedness secured by the mortgage is
      identical to the original principal amount of the mortgage note;

     

    (iv)
      the
      interest rate shown on the Mortgage Loan Schedule is identical to the interest
      rate shown on the mortgage note;

     

    (v)
      the
      assignment of the mortgage from the related Seller (or its affiliate, if
      applicable) to the Trustee is in the form required pursuant to clause (c)
      of the definition of Trustee Mortgage Loan File, and bears the signature of
      the
      related Seller (or its affiliate, if applicable) that appears to be an original
      or, if photocopies are permitted, such copies bear a reproduction of such
      signature or signatures; and

     

    (vi)
      if
      intervening assignments are included in the Trustee Mortgage Loan File, each
      such intervening assignment bears the signature of the mortgagee and/or the
      Purchaser (and any subsequent assignors) that appears to be an original or,
      if
      photocopies are permitted, that such copies bear a reproduction of such
      signature or signatures.

     

    (d)
      On or
      before October 29, 2007, each Custodian shall deliver to the Trustee (or any
      assignee of the Trustee) a Final Certification in the form of Exhibit
      B
      evidencing the completeness of such Trustee Mortgage Loan File for each related
      Mortgage Loan (provided,
      however,
      that
      such Custodian shall not be required nor does it intend to re-examine the
      contents of the Trustee Mortgage Loan File for any of the Mortgage Loans in
      connection with entering into this Agreement). An updated exceptions report
      for
      the Mortgage Loans is attached to such Custodian’s Final Certification to be
      delivered under this Section 2.02.

     

    (e)
      Upon
      the written request of a Servicer, the Depositor or the Trustee, no later than
      the fifth Business Day of each month, commencing in November 2006, each
      Custodian shall deliver to each related Servicer (or such other party
      responsible for recordation of any mortgages and/or assignments as specified
      in
      the related Sale and Servicing Agreement), GS Mortgage Securities Corp., as
      depositor, and the Trustee in hard copy format (and if requested, in electronic
      format), the exceptions list required by this Section 2.02, updated to
      remove exceptions cured since the date on which the applicable Custodial Receipt
      was issued. In addition, such monthly reports shall list any document with
      respect to which the applicable Seller delivered a copy certifying that the
      original had been sent for recording, until such time as the applicable Seller
      delivers to the applicable Custodian the original of such document or a copy
      thereof certified by the appropriate public recording office. The Data
      Collection Schedule shall not be included unless specifically requested in
      advance by such Servicer, the Depositor or the Trustee. Neither Custodian shall
      be under a duty to review, inspect or examine such documents to determine that
      any of them are genuine, recordable, enforceable or appropriate for their
      prescribed purpose. During the term of this Agreement, in the event a Custodian
      discovers any nonconformity with the review set forth in this Section 2.02
      with respect to such Trustee Mortgage Loan Files, such Custodian shall give
      written notice of such defect to such Servicer, the Depositor and the
      Trustee.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    (f)
      In
      lieu of taking possession of the Trustee Mortgage Loan Files and reviewing
      such
      files itself, the Trustee shall, in accordance with Section 8.11 hereof,
      appoint one or more Custodians to hold the Trustee Mortgage Loan Files on its
      behalf and to review them as provided in this Section 2.02. The Depositor
      shall, upon notice of the appointment of a Custodian, deliver or cause to be
      delivered all documents to the Custodian that would otherwise be deliverable
      to
      the Trustee. In such event, the Trustee shall obtain from each such Custodian,
      within the specified times, the Trust Receipt and the Final Certifications
      with
      respect to those Mortgage Loans held and reviewed by such Custodian and may
      deliver (or cause the Custodian to deliver) such Certifications and
      electronically deliver Reports to the Depositor in satisfaction of the Trustee’s
      obligation to prepare such Certifications and Reports (it being understood
      that
      absent actual knowledge to the contrary, the Trustee may conclusively rely
      on
      the certifications provided by such Custodian). The Trustee shall notify the
      Custodian of any notices delivered to the Trustee with respect to those Trustee
      Mortgage Loan Files.

     

    Section
      2.03 Purchase
      of Mortgage Loans by a Servicer, a Seller, GSMC or the
      Depositor.

     

    (a)
      Servicer
      Breach.
      In
      addition to taking any action required pursuant to Section 7.01 hereof,
      upon discovery by a Responsible Officer of the Master Servicer, the Securities
      Administrator or the Trustee of any breach by any Servicer of any
      representation, warranty or covenant under the related Servicing Agreement,
      which breach materially and adversely affects the value of any Mortgage Loan
      or
      the interest of the Trust therein (it being understood that any such breach
      shall be deemed to have materially and adversely affected the value of the
      related Mortgage Loan or the interest of the Trust therein if the Trust incurs
      or may incur a loss as a result of such breach), the party discovering such
      breach shall give prompt written notice thereof to the other party. Upon
      discovery by a Responsible Officer of the Trustee of such breach or receipt
      of
      notice thereof, the Trustee shall promptly request that such Servicer of such
      Mortgage Loan cure such breach, and if such Servicer does not cure such breach
      in all material respects by the end of the cure period set forth in the related
      Servicing Agreement, shall enforce such Servicer’s obligation under such
      Servicing Agreement to purchase such Mortgage Loan from the Trustee.
      Notwithstanding the foregoing, however, if such breach results in or is a
      Qualification Defect, such cure, purchase or substitution must take place within
      75 days of the Defect Discovery Date.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    (b)
      Sellers’
      Breach.
      Upon
      discovery by a Responsible Officer of the Master Servicer, the Securities
      Administrator or the Trustee or notice to the Master Servicer, the Securities
      Administrator or the Trustee of any defective or missing document (as described
      in the related Sale Agreement) in a Trustee Mortgage Loan File, or of any breach
      by any Seller of any representation, warranty or covenant under the related
      Sale
      Agreement, which defect or breach materially and adversely affects the value
      of
      any Mortgage Loan or the interest of the Trust therein (it being understood
      that
      any such defect or breach shall be deemed to have materially and adversely
      affected the value of the related Mortgage Loan or the interest of the Trust
      therein if the Trust incurs a loss as a result of such defect or breach),the
      parties discovering or receiving notice of such defect or breach shall notify
      the Trustee. Upon discovering or receipt of notice of such breach, the Trustee
      shall promptly request that such Seller cure such breach and, if such Seller
      does not cure such defect or breach in all material respects by the end of
      the
      cure period specified in such Sale Agreement and any extension of the cure
      period granted as permitted by such Sale Agreement, shall enforce such Seller’s
      obligation under such Sale Agreement to purchase such Mortgage Loan from the
      Trustee.

     

    In
      the
      event any Servicer has breached a representation or warranty under the related
      Servicing Agreement that is substantially identical to a representation or
      warranty breached by a Seller, the Trustee shall first proceed against such
      Servicer. If such Servicer does not within 60 days (or such other period
      provided in the related Servicing Agreement) after notification of the breach,
      either take steps to cure such breach (which may be evidenced by a certificate
      asking for an extension of time in which to effectuate a cure) or complete
      the
      purchase of the Mortgage Loan, then (i) the Trustee, shall enforce the
      obligations of the Seller under the related Sale Agreement to cure such breach
      or to purchase the Mortgage Loan from the Trust, and (ii) such Seller shall
      succeed to the rights of the Trustee to enforce the obligations of the Servicer
      to cure such breach or repurchase such Mortgage Loan under the Servicing
      Agreement with respect to such Mortgage Loan.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    Notwithstanding
      the foregoing, however, if any breach of a representation or warranty by the
      Servicer or of a Seller is a Qualification Defect, a cure or purchase must
      take
      place within 75 days of the Defect Discovery Date.

     

    (c)
      GSMC
      Breach.
      Upon
      its discovery or notice to it of any breach by GSMC of any representation,
      warranty or covenant under any Assignment Agreement which materially and
      adversely affects the value of any Mortgage Loan or the interest of the Trust
      therein (it being understood that any such defect or breach shall be deemed
      to
      have materially and adversely affected the value of the related Mortgage Loan
      or
      the interest of the Trust therein if the Trust incurs a loss as a result of
      such
      defect or breach), the Securities Administrator, shall promptly request that
      GSMC cure such breach and, if GSMC does not cure such breach in all material
      respects within 90 days from the date on which it is notified of the breach,
      shall enforce GSMC’s obligation under such Assignment Agreement to purchase such
      Mortgage Loan from the Trustee.

     

    (d)
      Depositor
      Breach.
      Within
      90 days of the earlier of its discovery or receipt of notice by the Depositor
      of
      the breach of any of its representations or warranties set forth in
      Section 2.04 hereof with respect to any Mortgage Loan, which breach
      materially and adversely affects the value of the related Mortgage Loan or
      the
      interest of the Trust therein (it being understood that any such defect or
      breach shall be deemed to have materially and adversely affected the value
      of
      the related Mortgage Loan or the interest of the Trust therein if the Trust
      incurs a loss as a result of such defect or breach), the Depositor shall
      (i) cure such breach in all material respects, or (ii) purchase the
      Mortgage Loan from the Trustee.

     

    In
      the
      event the Depositor has breached a representation or warranty under
      Section 2.04 hereof that is substantially identical to a representation or
      warranty breached by a Servicer or Seller, the Trustee shall first proceed
      against the applicable Servicer or Seller, as appropriate. If such Servicer
      or
      Seller, as appropriate, does not within the cure period set forth in the related
      Sale Agreement or Servicing Agreement, as applicable, either take steps to
      cure
      such breach (which may be evidenced by a certificate asking for an extension
      of
      time in which to effectuate a cure) or complete the purchase of or substitution
      for the Mortgage Loan, then (i) the Trustee shall enforce the obligations
      of the Depositor to cure such breach or to purchase the Mortgage Loan from
      the
      Trust, and (ii)  the Depositor shall succeed to the rights of the Trustee
      to enforce the obligations of such Servicer or Seller to cure such breach or
      repurchase such Mortgage Loan under the related Servicing Agreement or Sale
      Agreement, as applicable, with respect to such Mortgage Loan.

     

    
      
        
        

      

      
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    Notwithstanding
      the foregoing, however, if any breach of a representation or warranty by the
      Depositor is a Qualification Defect, a cure or purchase must take place within
      75 days of the Defect Discovery Date.

     

    (e)
      Purchase
      Price.
      The
      purchase of any Mortgage Loan from the Trust pursuant to this Section 2.03
      shall be effected for its Purchase Price. If the Purchaser is the related
      Servicer, the Purchase Price shall be deposited in the Collection Account.
      If
      the Purchaser is other than such Servicer, an amount equal to the Purchase
      Price
      shall be deposited into the Certificate Account. Within five Business Days
      of
      its receipt of such funds or certification by the appropriate Servicer that
      such
      funds have been deposited in the related Collection Account, the Trustee shall
      release or cause the related Servicer to cause the applicable Custodian to
      release to the Purchaser or its designee the related Trustee Mortgage Loan
      File
      and, at the request of the Purchaser, the Trustee shall execute and deliver
      such
      instruments of transfer or assignment, in each case without recourse, in form
      as
      presented by the Purchaser and satisfactory to the Trustee, as shall be
      necessary to vest in the Purchaser title to any Mortgage Loan released pursuant
      hereto and the Trustee shall have no further responsibility with regard to
      such
      Trustee Mortgage Loan File.

     

    (f)
      Determination
      of Purchase Price.
      The
      Securities Administrator will be responsible for determining the Purchase Price
      for any Mortgage Loan that is sold by the Trust or with respect to which
      provision is made for the escrow of funds pursuant to this Section 2.03 and
      shall at the time of any purchase or escrow certify such amounts to the
      Depositor; provided
      that the
      Securities Administrator may consult with the Servicer to determine the Purchase
      Price unless such Servicer is the Purchaser of such Mortgage Loan. If, for
      whatever reason, the Securities Administrator shall determine that there is
      a
      miscalculation of the amount to be paid to the Trust, the Securities
      Administrator shall from monies in a Distribution Account return any overpayment
      that the Trust received as a result of such miscalculation to the applicable
      Purchaser upon the discovery of such overpayment, and the Securities
      Administrator shall collect from the applicable Purchaser for deposit to the
      Securities Account any underpayment that resulted from such miscalculation
      upon
      the discovery of such underpayment. Recovery may be made either directly or
      by
      set-off of all or any part of such underpayment against amounts owed by the
      Trust to such Purchaser.

     

    (g)
      Qualification
      Defect.
      If
      (A) any person required to cure or purchase under subsections 2.03(a),
      2.03(b), 2.03(c) or 2.03(d) of these Standard Terms or under a separate
      agreement for a Mortgage Loan affected by a Qualification Defect fails to
      perform within the earlier of (1) 75 days of the Defect Discovery Date or
      (2) the time limit set forth in those subsections or that separate
      agreement or (B) no person is obligated to cure or purchase a Mortgage Loan
      affected by a Qualification Defect, the Trustee shall dispose of such Mortgage
      Loan in such manner and for such price as the Trustee determines are
      appropriate, provided
      that the
      removal of such Mortgage Loan occurs no later than the 90th day from the Defect
      Discovery Date. If the Servicer is not the person required to cure or repurchase
      the Mortgage Loan, the Trustee may consult with such Servicer to determine
      an
      appropriate manner of disposition for and price for such Mortgage Loan. It
      is
      the express intent of the parties that a Mortgage Loan affected by a
      Qualification Defect be removed from the Trust by the 90th day from the Defect
      Discovery Date so that the related REMIC(s) will continue to qualify as a REMIC.
      Accordingly, the Trustee is not required to sell an affected Mortgage Loan
      for
      its fair market value nor shall the Trustee be required to make up any shortfall
      resulting from the sale of such Mortgage Loan. The person failing to perform
      under subsections 2.03(a), 2.03(b), 2.03(c) or 2.03(d) of these Standard
      Terms shall be liable to the Trust for (i) any difference between
      (A) the Unpaid Principal Balance of the Mortgage Loan plus
      accrued
      and unpaid interest thereon at the Note Rate to the date of disposition and
      (B) the net amount received by the Trustee from the disposition (after the
      payment of related expenses), (ii) interest on such difference at the Note
      Rate (less the Administrative Cost Rate) from the date of disposition to the
      date of payment and (iii) any legal and other expenses incurred by or on
      behalf of the Trust in seeking such payments. The Trustee shall pursue the
      legal
      remedies of the Trust on the Trust’s behalf and the Trust shall reimburse the
      Trustee for any legal or other expenses of the Trustee related to such pursuit
      not recovered from such person.

     

    
      
        
        

      

      
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    (h)
      Unless otherwise provided in the applicable Sale Agreement, and notwithstanding
      Section 2.03(b) hereof, if a Seller concludes at the end of any applicable
      cure period (and any extension thereof) that a document required to be included
      in the Trustee Mortgage Loan File cannot be found or replaced, the Seller may,
      in lieu of immediately repurchasing the related Mortgage Loan, provide
      (a) a Lost Document Affidavit and (b) Opinion of Counsel that the
      missing document does not constitute a Qualification Defect. In that event,
      the
      Trustee shall not require such Seller immediately to repurchase the Mortgage
      Loan, but, if at any time there is any loss, liability, or damage, including
      reasonable attorney’s fees, resulting from the unavailability of any originals
      of any such documents or of a complete chain of intervening endorsements, as
      the
      case may be (collectively, “Losses”),
      the
      Trustee shall enforce the Seller’s obligation to indemnify the Trust for such
      Losses. Expenses of the Trustee related to such enforcement not recovered from
      the Seller shall be reimbursed by the Trust.

     

    
      
        
        

      

      
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    (i)
      Notices.
      Any
      Person required under this Section 2.03 to give notice or to make a request
      of another Person to give notice shall give such notice or make such request
      promptly.

     

    (j)
      No
      Other Enforcement Obligation.
      Except
      as specifically set forth herein, none of the Master Servicer, the Securities
      Administrator or the Trustee shall have any responsibility to enforce any
      provision of a Sale Agreement, Servicing Agreement or Assignment Agreement
      assigned to it hereunder, to oversee compliance thereof, or to take notice
      of
      any breach or default thereof. No successor servicer shall have any obligation
      to repurchase a Mortgage Loan except to the extent specifically set forth in
      the
      Servicing Agreement signed by such substitute servicer.

     

    Section
      2.04 Representations
      and Warranties of the Depositor.

     

    The
      Depositor hereby represents and warrants to the Trustee that as of the Closing
      Date or as of such other date specifically provided herein:

     

    (a)
      The
      Depositor has been duly incorporated and is validly existing as a corporation
      in
      good standing under the laws of the State of Delaware with full power and
      authority (corporate and other) to enter into and perform its obligations under
      the Trust Agreement;

     

    (b)
      The
      Trust Agreement has been duly executed and delivered by the Depositor, and,
      assuming due authorization, execution and delivery by the Trustee, the
      Securities Administrator and the Master Servicer, constitutes a legal, valid
      and
      binding agreement of the Depositor, enforceable against it in accordance with
      its terms, subject to bankruptcy, insolvency, reorganization, moratorium or
      other similar laws affecting creditors’ rights generally and to general
      principles of equity regardless of whether enforcement is sought in a proceeding
      in equity or at law;

     

    (c)
      The
      execution, delivery and performance by the Depositor of the Trust Agreement
      and
      the consummation of the transactions contemplated thereby 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 thereof;

     

    (d)
      The
      execution and delivery of this Trust Agreement have been duly authorized by
      all
      necessary corporate action on the part of the Depositor; neither the execution
      and delivery by the Depositor of the Trust Agreement, nor the consummation
      by
      the Depositor of the transactions therein contemplated, nor consummation of
      the
      transactions therein contemplated, nor compliance by the Depositor with the
      provisions thereof, will conflict with or result in a breach of, or constitute
      a
      default under, any of the provisions of the articles of incorporation or by-laws
      of the Depositor or any law, governmental rule or regulation or any judgment,
      decree or order binding on the Depositor or any of its properties, or any of
      the
      provisions of any indenture, mortgage, deed of trust, contract or other
      instrument to which the Depositor is a party or by which it is
      bound;

     

    
      
        
        

      

      
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    (e)
      There
      are no actions, suits or proceedings pending or, to the knowledge of the
      Depositor, threatened against the Depositor, before or by any court,
      administrative agency, arbitrator or governmental body (A) with respect to
      any of the transactions contemplated by the Trust 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 adversely affect its ability to perform its obligations
      under the Trust Agreement;

     

    (f)
      Except for the sale to the Trustee, the Depositor has not assigned or pledged
      any mortgage note or the related mortgage or any interest or participation
      therein;

     

    (g)
      The
      Depositor has acquired its ownership in the Mortgage Loans in good faith and
      without notice of any adverse claim;

     

    (h)
      The
      Depositor has not canceled, satisfied or subordinated in whole or in part,
      or
      rescinded any Mortgage, and the Depositor has not released any Mortgaged
      Premises from the lien of the related mortgage, in whole or in part, nor has
      the
      Depositor executed an instrument that would effect any such release,
      cancellation, subordination or rescission (except in connection with an
      assumption agreement or other agreement offered by the related federal insurer,
      to the extent such approval was required); and

     

    (i)
      The
      Securities Account constitutes a “securities account” (as defined in Section
      8-501(a) of the UCC). The Underlying MBS has been credited to the Securities
      Account. The Securities Intermediary has agreed to treat all assets credited
      to
      the Securities Account as “financial assets” (as defined in Section 8-102(a)(9)
      of the UCC).

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 2.04 shall survive delivery of the respective Trustee Mortgage Loan
      Files to the Trustee (or the Custodian) and shall inure to the benefit of the
      Trustee notwithstanding any restrictive or qualified endorsement or assignment.
      Upon the discovery by the Depositor, the Master Servicer, the Securities
      Administrator or the Trustee of a breach of the foregoing representations and
      warranties, the party discovering such breach shall give prompt written notice
      to the other parties to the Trust Agreement, and in no event later than two
      Business Days from the date of such discovery. It is understood and agreed
      that
      the obligations of the Depositor set forth in Section 2.03(d) to cure or
      repurchase a Mortgage Loan constitute the sole remedies available to the
      Certificateholders or to the Trustee on their behalf respecting a breach of
      the
      representations and warranties contained in this Section 2.04. It is
      further understood and agreed that the Depositor shall be deemed not to have
      made the representations and warranties in this Section 2.04 with respect
      to, and to the extent of, representations and warranties made, as to the matters
      covered in this Section 2.04, by the Servicer in any Servicing Agreement or
      the Seller in any Sale Agreement assigned to the Trustee.

     

    
      
        
        

      

      
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    It
      is
      understood and agreed that the Depositor has made no representations or
      warranties to the Trust other than those contained in this Section 2.04 and
      any Assignment Agreement. GSMC has made no representations or warranties to
      the
      Trust other than those in any Assignment Agreement, or in any Sale Agreement
      under which GSMC is acting as Seller, and no other Affiliate of the Depositor
      has made any representations or warranty of any kind to the Trustee or the
      Trust. Neither the Depositor, GSMC, nor any of the directors, officers,
      employees or agents of either such entity shall be under any liability to the
      Trust or the Certificateholders and all such Persons shall be indemnified and
      held harmless by the Trust for any claims, losses, penalties, forfeitures,
      legal
      fees and related costs, judgments, and any other costs, fees and expenses that
      such Persons may sustain as a result of or arising out of or based upon any
      breach of a representation, warranty or covenant made by any Servicer or Seller
      or any failure by any Servicer or Seller to perform its obligations in strict
      compliance with the terms of the related Servicing or Sale Agreement or the
      failure of the Securities Administrator or the Trustee to perform its duties
      hereunder; provided, however, that this provision shall not protect the
      Depositor against any breach of warranties or representations made in
      Section 2.04 herein, or the Depositor against any breach of representations
      or warranties made in any Assignment Agreement or Sale Agreement.

     

    ARTICLE
      III

     

    ADMINISTRATION
      OF THE TRUST

     

    Section
      3.01 The
      Collection Accounts; the Master Servicer Account;
      the Distribution Accounts and the Certificate Account.

     

    (a)
      Servicer
      and Master Servicer Remittances.

     

    (i)
      On or
      prior to the Closing Date, the Servicers shall have established one or more
      separate Collection Accounts as provided in the related Servicing Agreement,
      each of which shall be an Eligible Account. All Monthly Payments and other
      amounts collected
      by each Servicer on the Mortgage Loans, shall, to the extent provided in the
      related Servicing Agreement, be deposited by such Servicer within one Business
      Day of receipt (or within 2 Business Days in the case of Liquidation Proceeds,
      Insurance Proceeds and Condemnation Proceeds) into the related Collection
      Account.

     

    
      
        
        

      

      
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    (ii)
      On
      each Servicer Remittance Date, each Servicer is required to remit to the Master
      Servicer all payments received during the related Due Period or Prepayment
      Period in respect of the Mortgage Loans serviced by it, less certain deductions
      as described herein and in each Servicing Agreement. The Master Servicer will
      establish and maintain a separate account for the benefit of the Trustee (the
      “Master
      Servicer Account”)
      which
      account may be a sub-account of the Certificate Account, and shall be an
      Eligible Account for so long as Wells Fargo Bank is both the Master Servicer
      and
      the Securities Administrator. The amounts remitted by the Servicers to the
      Master Servicer shall be credited to the Master Servicer Account. 

     

    (iii)
      On
      each Master Servicer Remittance Date, the Master Servicer shall remit to the
      Securities Administrator the amounts received from the Servicers on the related
      Servicer Remittance Date, net of any fees, expenses and other amounts payable
      to
      the Master Servicer hereunder. The
      amounts remitted by the Master Servicer to the Securities Administrator will
      be
      credited to the REMIC I Distribution Account which will be established and
      maintained by the Securities Administrator.

     

    (iv)
      On
      each Distribution Date, amounts on deposit in the REMIC I Distribution Account
      (net of any expenses payable to the Securities Administrator under Section
      11.04
      hereof or to the Trustee under Section 9.05 hereof) will be allocated by the
      Securities Administrator to pay amounts due on the REMIC I Interests, in
      accordance with Section 3.01 of the Trust Agreement. Such amounts will then
      be passed through the REMIC II Distribution Account and to the Certificate
      Account for distribution to the Certificateholders in accordance with
      Section 3.01 of the Trust Agreement.

     

    (b)
      Accounts.
      The
      Securities Administrator shall establish and maintain one or more Eligible
      Accounts in its own name in trust for the benefit of the Certificateholders.
      The
      account held by the REMIC that directly owns the Mortgage Loans shall be the
      “REMIC
      I Distribution Account”
which
      account may be a sub-account of the Certificate Account and the account held
      by
      the REMIC that owns all interests in REMIC I shall be the “REMIC
      II Distribution Account”
which
      account may be a sub-account of the Certificate Account. In addition, the
      Securities Administrator shall establish and maintain an account for the benefit
      of the Certificateholders into which it shall deposit all amounts to be
      distributed on each Distribution Date (the “Certificate
      Account”).
      Each
      account shall be an Eligible Account. On each Distribution Date, the Securities
      Administrator shall deposit into the REMIC I Distribution Account the following
      amounts, to the extent not previously deposited therein:

     

    (i)
      all
      amounts remitted by the Master Servicer to the Securities Administrator pursuant
      to Section 3.01(a)(iii);

     

    
      
        
        

      

      
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    (ii)
      all
      Monthly Advances made pursuant to Section 3.05; and

     

    (iii)
      the
      amount (if any) required to effect a redemption in accordance with the terms
      of
      the Trust Agreement and received from the Master Servicer or the
      Depositor.

     

    (c)
      Deposits.
      In the
      event a Servicer or the Securities Administrator has remitted to the Master
      Servicer Account or to the REMIC I Distribution Account, respectively, in error,
      any amount not required to be remitted in accordance with the definition of
      Available Distribution Amount, either may at any time direct the Master Servicer
      or the Securities Administrator, as applicable, to withdraw such amount from
      such account for repayment to such Servicer or Master Servicer, as applicable,
      by delivery of an Officer’s Certificate to the Master Servicer or the Securities
      Administrator which describes the amount deposited in error and the Master
      Servicer or the Securities Administrator, as applicable, shall withdraw such
      amount from the Master Servicer Account or the REMIC I Distribution Account,
      as
      applicable, and pay such amount as directed, but only to the extent it agrees
      that the amount so described was deposited in error.

     

    (d)
      Withdrawal.
      On each
      Distribution Date, the Securities Administrator shall transfer the Available
      Distribution Amount on deposit in the REMIC I Distribution Account to the REMIC
      II Distribution Account and then to the Certificate Account in accordance with
      the amounts set forth in the statement prepared pursuant to Section 4.01
      and shall distribute such amounts to holders of the Regular Interests and
      Residual Interest of the applicable REMICs, in accordance with Article III
      of the Trust Agreement, in the order of priority set forth therein.

     

    (e)
      Accounting.
      The
      Master Servicer shall keep and maintain separate accounting (to the extent
      provided to it by each Servicer), on a Mortgage Loan by Mortgage Loan basis,
      for
      the purpose of justifying any payment to and from the Master Servicer Account.
      No later than 21 days after each Distribution Date, the Master Servicer shall,
      upon written request, forward to the Depositor and the Securities Administrator,
      a statement setting forth the balance of the Master Servicer Account as of
      the
      close of business on the last day of the month of the Distribution Date and
      showing, for the one calendar month covered by the statement, any deposits
      and
      or withdrawals from the Master Servicer Account.

     

    (f)
      Investments
      by the Master Servicer or the Securities Administrator.
      Any
      investment by the Master Servicer or the Securities Administrator of amounts
      received hereunder shall be in Permitted Investments only. All income and gain
      realized from any such investment of amounts in the Master Servicer Account
      shall be for the benefit of the Master Servicer and shall be subject to its
      withdrawal on order from time to time, and shall not be part of the Trust
      Estate. All income and gain realized from any such investment of amounts in
      the
      Certificate Account shall be for the benefit of the Securities Administrator
      and
      shall be subject to its withdrawal on order from time to time. In the event
      of a
      loss or reduction in the amount to be remitted by the Master Servicer to the
      Securities Administrator on the Master Servicer Remittance Date or the amount
      to
      be remitted by the Securities Administrator on the Distribution Date because
      of
      a loss on a Permitted Investment, the Master Servicer or the Securities
      Administrator, as applicable, shall be required to deposit the amount of such
      loss into the Master Servicer Account or the Certificate Account, as applicable,
      within one Business Day of realization of such loss from its own funds without
      reimbursement.

     

    
      
        
        

      

      
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    (g)
      Compensating
      Interest.
      The
      amount of the Master Servicing Fee payable to the Master Servicer in respect
      of
      any Distribution Date shall be reduced by the amount of any Compensating
      Interest Payment for such Distribution Date, but only to the extent such
      Compensating Interest Payment is not actually made by a Servicer on the
      applicable Servicer Remittance Date. Such amount shall not be treated as an
      Advance and shall not be reimbursable to the Master Servicer.

     

    Section
      3.02 Filings
      with the Commission.

     

    (a)
      As
      further set forth in Section 8.01(e), the Master Servicer and the Securities
      Administrator shall deliver (and the Master Servicer and Securities
      Administrator shall cause any Additional Servicer engaged by it to deliver)
      to
      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 (i) 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 (ii) to the best of
      such officer’s knowledge, based on such review, such party has fulfilled all its
      obligations under this Agreement, or such other applicable agreement in the
      case
      of an Additional Servicer, in all material respects throughout such year or
      portion thereof, or, if there has been a failure to fulfill any such obligation
      in any material respect, specifying each such failure known to such officer
      and
      the nature and status thereof. Promptly after receipt of each such officer’s
      certificate, the Depositor shall review such officer’s certificate and consult
      with each such party, as applicable, as to the nature of any failures by such
      party, in the fulfillment of any of such party’s obligations hereunder or, in
      the case of an Additional Servicer, under such other applicable
      agreement.

     

    
      
        
        

      

      
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    The
      Master Servicer shall enforce any obligation of the Servicers, to the extent
      set
      forth in the related Servicing Agreement, to deliver to the Master Servicer
      an
      annual statement of compliance within the time frame set forth in, and in such
      form and substance as may be required pursuant to, the related Servicing
      Agreement The Master Servicer shall include such annual statements of compliance
      with its own annual statement of compliance to be submitted to the Securities
      Administrator pursuant to this Section.

     

    (b)
      The
      Depositor shall prepare or cause to be prepared the initial current report
      on
      Form 8-K. Thereafter within four Business Days after the occurrence of an event
      requiring disclosure in a current report on Form 8-K (each such event, a
“Reportable
      Event”),
      and
      if requested by the Depositor, the Master Servicer shall sign on behalf of
      the
      Depositor and the Securities Administrator shall prepare and file with the
      Commission any Form 8-K, as required by the Exchange Act. 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
      this Section 3.02 and the Securities Administrator shall 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 this Section
      3.02. 

     

    As
      set
      forth on Exhibit K hereto, for so long as the Trust is subject to the Exchange
      Act reporting requirements, no later than the end of business on the second
      Business Day after the occurrence of a Reportable Event (i) certain parties
      to
      the GSR Mortgage Loan Trust 2006-9F Mortgage Pass-Through Certificates, Series
      2006-9F transaction shall be required to provide to the Securities Administrator
      and Depositor, to the extent known, in form compatible with the Commission’s
      Electronic Data Gathering and Retrieval System (“EDGAR”), 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
      (ii) the Depositor shall approve, as to form and substance, or disapprove,
      as
      the case may be, the inclusion of the Form 8-K Disclosure Information. The
      Depositor shall 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.

     

    After
      preparing the Form 8-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 8-K to the Depositor for review. No
      later than 12:00 noon New York City time on the fourth Business Day after the
      Reportable Event, a duly authorized representative of the Master Servicer in
      charge of the master servicing function shall sign the Form 8-K and return
      such
      signed Form 8-K to the Securities Administrator, and no later than 5:00 p.m.
      New
      York City time on such Business Day the Securities Administrator shall file
      such
      Form 8-K with the Commission. 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 Section 3.02(e). Promptly (but no later
      than
      one Business Day) after filing with the Commission, the Securities Administrator
      will make available on its internet website (located at www.ctslink.com) a
      final
      executed copy of each Form 8-K prepared by the Securities Administrator. The
      signing party at the Master Servicer can be contacted at 9062 Old Annapolis
      Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust, GSR 2006-9F.
      The parties to this Agreement acknowledge that the performance by the Securities
      Administrator of its duties under this Section 3.02(b) 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 3.02. 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 receive on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 8-K, not resulting from its own negligence, bad
      faith or willful misconduct.

    
      
        
        

      

      
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    (c)
      Within fifteen days after each Distribution Date (subject to permitted
      extensions under the Exchange Act), the Securities Administrator shall prepare
      and file, and the Master Servicer shall sign on behalf of the Depositor and
      file
      with the Commission any distribution report on 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
      Monthly Statement attached thereto. Any disclosure in addition to the monthly
      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 this Section
      3.02.

     

    As
      set
      forth on Exhibit L hereto, within five calendar days after the related
      Distribution Date, (i) certain parties to the GSR Mortgage Loan Trust 2006-9F
      Mortgage Pass-Through Certificates, Series 2006-9F transaction shall be required
      to provide to the Securities Administrator and the Depositor, to the extent
      known, in EDGAR-compatible form, 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 (ii) the Depositor will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Depositor
      shall be responsible for any reasonable fees and expenses assessed or incurred
      by the Securities Administrator in connection with any Additional Form 10-D
      Disclosure on Form 10-D pursuant to this Section 3.02(c).

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    After
      preparing the Form 10-D, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-D to the Depositor for review. No
      later than two Business Days following the tenth calendar day after the related
      Distribution Date, a duly authorized representative of the Master Servicer
      in
      charge of the master servicing function shall sign the Form 10-D and return
      such
      signed Form 10-D to the Securities Administrator and Depositor, and no later
      than 5:00 p.m. New York City time on the fifteenth calendar day after such
      Distribution Date the Securities Administrator shall file such Form 10-D with
      the Commission. 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 Section 3.02(e). Promptly (but no later than one
      Business Day) after filing with the Commission, the Securities Administrator
      will make available on its internet website (located at www.ctslink.com) a
      final
      executed copy of each Form 10-D prepared by the Securities Administrator. The
      signing party at the Master Servicer can be contacted at 9062 Old Annapolis
      Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust, GSR 2006-9F.
      Each party to this Agreement acknowledges that the performance by the Securities
      Administrator of its duties under this Section 3.02(c) 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 3.02. The Securities Administrator 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 10-D, where such failure results
      from the Securities Administrator’s inability or failure to 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.

     

    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."  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 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.

    

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    (d)
      Within 90 days after the end of each fiscal year of the Trust or such earlier
      date as may be required by the Exchange Act (the “10-K
      Filing Deadline”)
      (it
      being understood that the fiscal year for the Trust ends on December 31 of
      each
      year), commencing in March 2007, the Securities Administrator shall prepare
      and
      file on behalf of the Depositor an annual report on Form 10-K, in form and
      substance as required by the Exchange Act. Each such Form 10-K shall include
      the
      following items, in each case to the extent they have been delivered to the
      Securities Administrator within the applicable time frames set forth in this
      Agreement and the related Servicing Agreement: (i) an annual compliance
      statement for each Servicer, each Additional Servicer, the Master Servicer
      and
      the Securities Administrator (each, a “Reporting
      Servicer”)
      as
      described under Section 3.02(a), (ii)(A) the annual reports on assessment of
      compliance with servicing criteria for each Reporting Servicer, as described
      under Section 8.01(e) and Section 11.01(c), and (B) if each Reporting Servicer’s
      report on assessment of compliance with servicing criteria described under
      Section 8.01(e) and Section 11.01(c) identifies any material instance of
      noncompliance, disclosure identifying such instance of noncompliance, or if
      each
      Reporting Servicer’s report on assessment of compliance with servicing criteria
      described under Section 8.01(e) and Section 11.01(c) is not included as an
      exhibit to such Form 10-K, disclosure that such report is not included and
      an
      explanation why such report is not included, (iii)(A) the registered public
      accounting firm attestation report for each Reporting Servicer, as described
      under Section 8.01(f) and Section 11.01(d), and (B) if any registered public
      accounting firm attestation report described under Section 8.01(f) and Section
      11.01(d) identifies any material instance of noncompliance, disclosure
      identifying such instance of noncompliance, or if any such registered public
      accounting firm attestation report is not included as an exhibit to such Form
      10-K, disclosure that such report is not included and an explanation why such
      report is not included, and (iv) a Sarbanes-Oxley Certification as described
      in
      Section 3.02(f). Any disclosure or information in addition to the disclosure
      or
      information specified in items (i) through (iv) above that is required to be
      included on Form 10-K (“Additional
      Form 10-K Disclosure”)
      shall
      be determined and prepared by and at the direction of the Depositor pursuant
      to
      the following paragraph and the Securities Administrator shall have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-K Disclosure, except as set forth in this Section 3.02(d). 

     

    As
      set
      forth on Exhibit M hereto, no later than March 1 of each year that the Trust
      is
      subject to the Exchange Act reporting requirements, commencing in 2007, (i)
      certain parties to the GSR Mortgage Loan Trust 2006-9F Mortgage Pass-Through
      Certificates, Series 2006-9F transaction shall be required to provide to the
      Securities Administrator and the Depositor, to the extent known, in
      EDGAR-compatible form, 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 (ii) the Depositor shall
      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 Depositor
      shall 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 Section 3.02(d).

     

    
      
        
        

      

      
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    After
      preparing the Form 10-K, the Securities Administrator shall forward
      electronically a draft copy of the Form 10-K to the Depositor for review. No
      later than 12:00 noon New York City time on the fourth Business Day prior to
      the
      10-K Filing Deadline, a senior officer of the Depositor shall sign the Form
      10-K
      and return such signed Form 10-K 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 3.02(e).
      Promptly (but no later than one Business Day) after filing with the Commission,
      the Securities Administrator will make available on its internet website located
      at (located at www.ctslink.com) a final executed copy of each Form 10-K prepared
      by the Securities Administrator. The parties to this Agreement acknowledge
      that
      the performance by the Securities Administrator of its duties under this Section
      3.02(d) 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 3.02(d), Section 3.02(f), Section 3.02(a),
      Sections 8.01(e) and (f) and Sections 11.01(c) and (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-K, where such failure results from the Securities
      Administrator’s inability or failure to 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.

     

    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
      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.

    

    
      
        
        

      

      
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    (e)
      Prior
      to January 30 of the first year in which the Securities Administrator is able
      to
      do so under applicable law, the Master Servicer shall sign and the Securities
      Administrator shall prepare and file a Form 15 relating to the automatic
      suspension of reporting in respect of the Trust under the Exchange Act.

     

    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 immediately notify the Depositor. In the case of Form 10-D
      and 10-K, the parties to this Agreement will cooperate and cause such other
      Servicers or Servicing Function Participants, as applicable, to 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
      10-D or 10-K needs to be amended, the Securities Administrator shall notify
      the
      Depositor and prepare any necessary 10-D/A or 10-K/A. Any Form 15, Form 12b-25
      or any amendment to Form 8-K or 10-D shall be signed by a duly authorized
      representative of the Master Servicer in charge of the master servicing
      function. Any amendment to Form 10-K shall be signed by the Depositor. The
      parties to this Agreement acknowledge that the performance by the Securities
      Administrator of its duties under this Section 3.02(e) 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 or 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 receive on a timely basis,
      any information from or on behalf of 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.

     

    (f)
      Each
      Form 10-K shall include a Sarbanes-Oxley Certification, required to be included
      therewith pursuant to the Sarbanes-Oxley Act. Each Servicer, the Securities
      Administrator and the Master Servicer 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 is subject to the reporting
      requirements of the Exchange Act and otherwise within a reasonable period of
      time upon request, a certification (each, a “Back-Up
      Certification”),
      in
      the form attached hereto as Exhibit
      I,
      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 Depositor shall serve as the
      Certifying Person on behalf of the Trust. In the event the Master Servicer,
      the
      Securities Administrator, the Trustee or any Servicing Function Participant
      engaged by parties is terminated or resigns pursuant to the terms of this
      Agreement, or any applicable sub-servicing agreement, as the case may be, such
      party shall provide a Back-Up Certification to the Certifying Person pursuant
      to
      this Section 3.02(f) with respect to the period of time it was subject to this
      Agreement or any applicable sub-servicing agreement, as the case may
      be.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    The
      Master Servicer shall enforce any obligation of the Servicers, to the extent
      set
      forth in the related Servicing Agreement, to deliver to the Master Servicer
      a
      certification similar to the Back-Up Certification within the time frame set
      forth in, and in such form and substance as may be required pursuant to, the
      related Servicing Agreement. 

     

    (g)
      The
      Securities Administrator shall promptly file, and exercise its reasonable best
      efforts to obtain a favorable response to, no-action requests, or other
      appropriate exemptive relief with the Commission seeking the usual and customary
      exemption from such reporting requirements granted to issuers of securities
      similar to the Certificates if and to the extent the Depositor shall deem any
      such relief to be necessary or appropriate. Unless otherwise advised by the
      Depositor, the Securities Administrator shall assume that the Depositor is
      in
      compliance with the preceding sentence. In no event shall the Securities
      Administrator have any liability for the execution or content of any document
      required to be filed by the 1934 Act. The Depositor agrees to promptly furnish
      to the Securities Administrator, from time to time upon request, such further
      information, reports, and financial statements within its control related to
      the
      Trust Agreement and the Mortgage Loans as the Depositor reasonably deems
      appropriate to prepare and file all necessary reports with the
      Commission.

     

    Section
      3.03 Securities
      Administrator to Cooperate; Release of Mortgage Files.

     

    The
      Trustee, shall, if requested by any Servicer, execute a power of attorney
      pursuant to which such Servicer, on behalf of the Trustee, shall authorize,
      make, constitute and appoint designated officers of such Servicer with full
      power to execute in the name of the Trustee (without recourse, representation
      or
      warranty) any deed of reconveyance, any substitution of trustee documents or
      any
      other document to release, satisfy, cancel or discharge any Mortgage or Mortgage
      Loan serviced by such Servicer upon its payment in full or other liquidation;
      provided, however, that such power of appointment shall be limited to the powers
      limited above; and provided, further, that such Servicer shall promptly forward
      to the Trustee for its files copies of all documents executed pursuant to such
      power of appointment.

     

    
      
        
        

      

      
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    Pursuant
      to the Custodial Agreement, any Servicer may submit a Request for Release to
      have delivered to it the related Trustee Mortgage Loan File and a release of
      the
      Mortgaged Premises from the lien of the Mortgage. No expenses incurred in
      connection with any instrument of satisfaction or deed of reconveyance shall
      be
      chargeable to a Collection Account, the Master Servicer Account or the
      Certificate Account.

     

    Upon
      receipt of any other Request for Release for purposes of servicing a Mortgage
      Loan, including but not limited to, collection under any Insurance Policy,
      title
      insurance policy, primary mortgage insurance policy, flood insurance policy
      or
      hazard insurance policy or to effect a partial release of any Mortgaged Premises
      from the lien of the Mortgage, the Securities Administrator, on behalf of the
      Trustee, within five Business Days of receipt of such Request for Release,
      shall
      release, or shall cause the related Servicer to cause the applicable Custodian
      to release, the related Trustee Mortgage Loan File to such Servicer. Upon
      receipt of an Officer’s Certificate of the Servicer stating that such Mortgage
      Loan was liquidated and that all amounts received or to be received in
      connection with such liquidation which are required to be deposited into the
      Collection Account or the Certificate Account have been so deposited, or that
      such Mortgage Loan has become an REO Property, the related Trustee Mortgage
      Loan
      File shall be released by the Trustee (or the applicable Custodian) to such
      Servicer.

     

    Any
      Servicer may execute a written certification to have delivered to it, pursuant
      to the Custodial Agreement, court pleadings, requests for trustee’s sale or
      other documents necessary to the foreclosure or trustee’s sale in respect of a
      Mortgaged Premises or to any legal action brought to obtain judgment against
      any
      Borrower on the Note or Mortgage or to obtain a deficiency judgment, or to
      enforce any other remedies or rights provided by the Note or Mortgage or
      otherwise available at law or in equity.

     

    Section
      3.04 Amendments
      to Servicing Agreement.

     

    Each
      Servicing Agreement may be amended or supplemented from time to time by the
      related Servicer, the Master Servicer, the Securities Administrator and the
      Trustee without the consent of any of the Certificateholders to (a) cure
      any ambiguity, (b) correct or supplement any provisions therein which may
      be inconsistent with any other provisions therein, (c) modify, eliminate or
      add to any of its provisions to such extent as shall be necessary or appropriate
      to maintain the qualification of the Trust (or certain assets thereof) as one
      or
      more REMICs, at all times that any Certificates are outstanding or (d) make
      any other provisions with respect to matters or questions arising under such
      Servicing Agreement or matters arising with respect to the servicing of the
      Mortgage Loans which are not covered by such Servicing Agreement which shall
      not
      be inconsistent with the provisions of such Servicing Agreement, provided that
      such action shall not adversely affect in any material respect the interests
      of
      any Certificateholder. Any such amendment or supplement shall be deemed not
      to
      adversely affect in any material respect any Certificateholder if there is
      delivered to the Trustee and the Securities Administrator written notification
      from each Rating Agency that rated the applicable Certificates to the effect
      that such amendment or supplement will not cause that Rating Agency to reduce
      or
      qualify the then current rating assigned to such Certificates, as well as an
      Opinion of Counsel (at the expense of the applicable Servicer) that such
      amendment or supplement will not result in the loss by the Trust or the assets
      thereof of REMIC status or result in the imposition of any taxes on the Trust
      or
      any REMIC.

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    Each
      Servicing Agreement may also be amended from time to time by the related
      Servicer, the Master Servicer, the Securities Administrator and the Trustee
      with
      the consent of the Holders of Certificates entitled to at least 66% of the
      Voting Rights for the purpose of adding any provisions to or changing in any
      manner or eliminating any of the provisions of such Servicing Agreement or
      of
      modifying in any manner the rights of the Holders of Certificates; provided,
      however,
      that no
      such amendment shall (A) 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, (B) adversely affect in any material respect the interests of
      the Holders of any Class of Certificates, or (C) reduce the aforesaid
      percentage of Certificates the Holders of which are required to consent to
      any
      such amendment, unless each Holder of a Certificate affected by such amendment
      consents. For purposes of the giving or withholding of consents pursuant to
      this
      Section 3.04, Certificates registered in the name of the Depositor or an
      Affiliate thereof shall be entitled to Voting Rights with respect to matters
      affecting such Certificates.

     

    Upon
      delivery of a written request to the Trustee, the Securities Administrator
      and/or the Master Servicer together with a certification from the related
      Servicer that any such amendment or supplement is permitted hereby, the
      Securities Administrator and Trustee shall join in any such amendment or
      supplement.

     

    Promptly
      after the execution of any such amendment the Securities Administrator shall
      notify each Certificateholder and the Master Servicer of such amendment and,
      upon written request, shall furnish a copy of such amendment to each
      Certificateholder.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this
      Section 3.04 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 Certificateholders shall be subject to such reasonable
      regulations as the Securities Administrator may prescribe.
      Prior to consenting to any amendment pursuant to this Section 3.04, the
      Trustee, the Securities Administrator and the Master Servicer shall be entitled
      to receive an Opinion of Counsel (at the expense of the applicable Servicer)
      that such amendment is authorized and permitted pursuant to the terms of this
      Trust Agreement and the applicable Servicing Agreement.

     

    Section
      3.05 Monthly
      Advances by Master Servicer or Trustee.

     

    (a)
      Under
      the terms of each Servicing Agreement, on the Business Day prior to each
      Servicer Remittance Date, the related Servicer is obligated to make a Monthly
      Advance with respect to any delinquencies as of the related Distribution Date,
      unless such Servicer furnishes to the Master Servicer, an Officer’s Certificate
      evidencing the determination by such Servicer, in its reasonable judgment,
      that
      such Monthly Advance would be non-recoverable from Liquidation Proceeds,
      Condemnation Proceeds, Insurance Proceeds or otherwise with respect to such
      Mortgage Loan (a “Non-Recoverability
      Certificate”).
      If
      (i) a Servicer reports a delinquency on a Remittance Report, and
      (ii) such Servicer, by 11:00 a.m. (New York Time) on the related
      Distribution Date, neither makes a Monthly Advance nor provides the Securities
      Administrator and the Master Servicer or Trustee, as applicable, with a
      Non-Recoverability Certificate with respect to such delinquency, then subject
      to
      paragraph (b) below, the Master Servicer shall deposit, from its own funds,
      on the Master Servicer Remittance Date, the amount of such Monthly Advance not
      made by the Servicer into the Certificate Account for distribution to
      Certificateholders as provided in the Trust Agreement. If the Master Servicer
      fails to make a Monthly Advance as required by the preceding sentence, then
      the
      Securities Administrator shall notify the Trustee of such failure, and the
      Trustee (as successor to the Master Servicer pursuant to Section 8.06) shall
      deposit, from its own funds, on the Distribution Date, the amount of such
      Monthly Advance into the Certificate Account. Notwithstanding the foregoing,
      if
      either the Master Servicer or the Trustee (as successor to the Master Servicer
      pursuant to Section 8.06), in their reasonable judgment, determine that such
      Monthly Advance would be non-recoverable from Liquidation Proceeds, Condemnation
      Proceeds, Insurance Proceeds or otherwise with respect to such Mortgage Loan,
      then neither the Master Servicer nor the Trustee, as applicable, shall be
      obligated to make such Monthly Advance.

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    (b)
      Each
      Servicer is obligated under the applicable Servicing Agreement to remit to
      the
      Master Servicer the required remittance on each Servicer Remittance Date. If
      (i) a Servicer fails to remit such remittance on any Servicer Remittance
      Date and (ii) such failure is not cured by 11 a.m. (New York Time) on the
      related Master Servicer Remittance Date, then, to the extent permitted by the
      related Servicing Agreement, the Master Servicer shall withdraw the amount
      of
      such required remittance from such Collection Account, to the extent that such
      amount is on deposit in such Collection Account, and shall deposit such amount
      in the Certificate Account.

     

    (c)
      All
      Monthly Advances (together with, in the case of the Master Servicer and the
      Trustee, interest thereon at a rate equal to the prevailing Prime Rate
plus
      2.0%)
      shall be reimbursable to the related Servicer, the Master Servicer or the
      Trustee, as the case may be, on a first priority basis from deposits to the
      Collection Account of late collections, Insurance Proceeds, Liquidation Proceeds
      and Condemnation Proceeds from the related Mortgage Loan as to which a Monthly
      Advance has been made. The Master Servicer or the Trustee’s right to
      reimbursement as provided in this paragraph (c) shall not negate its
      obligation to continue to make Monthly Advances as provided in
      paragraph (a) of this Section 3.05. To the extent Monthly Advances are
      not recoverable as set forth in the first sentence of this paragraph (c),
      the Master Servicer or the Trustee, as the case may be, shall be entitled to
      recover such Monthly Advances as provided in Section 3.01(b).

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

    (d)
      To
      the extent that any Servicer is required to pay penalty interest pursuant to
      the
      related Servicing Agreement, and the Master Servicer or the Trustee makes any
      Monthly Advance, the Master Servicer or the Trustee, as applicable, in its
      individual capacity shall be entitled to retain such penalty
      interest.

     

    Section
      3.06 Enforcement
      of Servicing Agreement.

     

    Subject
      to Article VIII hereof, the Master Servicer agrees to comply with the terms
      of each Servicing Agreement and to enforce the terms and provisions thereof
      against the related Servicer for the benefit of the
      Certificateholders.

     

    ARTICLE
      IV

     

    REPORTING/REMITTING
      TO CERTIFICATEHOLDERS

     

    Section
      4.01 Statements
      to Certificateholders.

     

    (a)
      Distribution
      Date Statement.
      On each
      Distribution Date, the Securities Administrator shall prepare a statement as
      to
      such distribution (the “Distribution
      Statement”),
      based
      solely on information provided by the Servicers in the related Remittance
      Reports, and on each Distribution Date, such statement will be made available
      at
      a website located at www.ctslink.com to the Depositor, any Interest Rate Cap
      Counterparty and each Certificateholder, setting forth:

     

    (i)
      the
      class factor for each Class of Certificates;

     

    (ii)
      the
      aggregate Scheduled Principal Balance of each Pool and/or Group of Mortgage
      Loans;

     

    (iii)
      the
      Available Distribution Amount, the Aggregate Principal Distribution Amount
      and
      the Principal Prepayment Amount for such Distribution Date;

     

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

     

    (v)
      the
      amount of such distribution to the Holders of Certificates of such Class to
      be
      applied to reduce the Certificate Balance thereof, separately identifying the
      amounts, if any, of any Payoffs, Principal Prepayments made by the Mortgagor,
      Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds;

     

    
      
        
        

      

      
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    (vi)
      the
      amount of such distribution to the Holders of Certificates of such Class
      allocable to interest, and the Certificate Rate applicable to each Class
      (separately identifying (A) the amount of such interest accrued during the
      calendar month preceding the month of such Distribution Date, and (B) the
      amount of interest from previous calendar months;

     

    (vii)
      the
      aggregate amount of the Servicing Fees and the Master Servicing Fee paid as
      required under the Servicing Agreements and the Trust Agreement and any other
      fees or expenses paid out of the Available Distribution Amount for such
      Distribution Date as permitted hereunder;

     

    (viii)
      if
      applicable, the aggregate amount of outstanding Monthly Advances and Servicing
      Advances included in such distribution, the aggregate amount of Monthly Advances
      reimbursed during the calendar month preceding the Distribution Date and the
      aggregate amount of unreimbursed Monthly Advances and Servicing Advances at
      the
      close of business on such Distribution Date;

     

    (ix)
      if
      applicable, the aggregate amount of outstanding Monthly Advances included in
      such distribution, and the aggregate amount of Monthly Advances reimbursed
      to
      the Master Servicer or Trustee during the calendar month preceding the
      Distribution Date;

     

    (x)
      LIBOR
      for such Distribution Date

     

    (xi)
      the
      Certificate Rate for each Class of Certificates for such Distribution
      Date;

     

    (xii)
      the
      amount of any Basis Risk Shortfalls on any Floating Rate Certificates that
      have
      the benefit of an Interest Rate Cap Agreement;

     

    (xiii)
      the amount of any Interest Rate Cap Amounts on any such Certificates referenced
      in clause (xii) above

     

    (xiv)
      the
      amounts, if any, deposited into any Basis Risk Reserve Fund on such Distribution
      Date, and the balance of each Basis Risk Reserve Fund, after such deposits,
      on
      such Distribution Date;

     

    (xv)
      the
      number and aggregate Scheduled Principal Balance of the Mortgage Loans
      outstanding as of the last Business Day of the calendar month preceding such
      Distribution Date;

     

    (xvi)
      the
      number and aggregate Scheduled Principal Balance of Mortgage Loans as reported
      to the Securities Administrator by the Servicer, (A) that are current, 30
      days contractually delinquent, 60 days contractually delinquent, 90 days
      contractually delinquent or 120 days or more contractually delinquent
(each
      to
      be calculated using the Mortgage Bankers Association (MBA) method), (B) as
      to which foreclosure proceedings have been commenced, (C) as to which the
      Mortgagor is subject to a bankruptcy proceeding and (D) secured by REO
      Properties;

     

    
      
        
        

      

      
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    (xvii)
      with respect to any mortgaged property acquired on behalf of Certificateholders
      through foreclosure or deed in lieu of foreclosure during the preceding calendar
      month, the Scheduled Principal Balance of the related Mortgage Loan as of the
      last Business Day of the calendar month preceding the Distribution
      Date;

     

    (xviii)
      the aggregate Certificate Balance of each Class of Certificates (and, in the
      case of any Certificate with no Certificate Balance, the notional amount of
      such
      Class) after giving effect to the distribution to be made on such Distribution
      Date, and separately identifying any reduction thereof on account of Realized
      Losses;

     

    (xix)
      the
      aggregate amount of (A) Payoffs and Principal Prepayments made by
      Mortgagors, (B) Liquidation Proceeds, Condemnation Proceeds and Insurance
      Proceeds, and (C) Realized Losses incurred during the related Prepayment
      Period;

     

    (xx)
      the
      aggregate amount of any Mortgage Loan that has been repurchased from the
      Trust;

     

    (xxi)
      the
      aggregate Shortfall, if any, allocated to each Class of Certificates at the
      close of business on such Distribution Date;

     

    (xxii)
      the Certificate Rate for each Class of Certificates applicable to such
      Distribution Date; and

     

    (xxiii)
      the Senior Collateral Group Percentages, the Senior Prepayment Percentages,
      the
      Subordinate Percentages and the Subordinate Prepayment Percentages, if any,
      for
      such Distribution Date. 

     

    In
      the
      case of information furnished pursuant to clauses (i) through (iii) above,
      the amounts shall be expressed, with respect to any Certificate, as a dollar
      amount per $1,000 denomination; provided,
      however,
      that if
      any Class of Certificates does not have a Certificate Balance, then the amounts
      shall be expressed as a dollar amount per 10% Percentage Interest.

     

    In
      addition to the Distribution Statement that includes the information listed
      above, the Securities Administrator shall prepare and file a statement including
      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.

     

    In
      addition to the Distribution Statement specified above, the Securities
      Administrator shall prepare and make available to each Certificateholder (with
      respect to clauses (i) and (ii) below) and each Holder of a Residual Certificate
      (with respect to clauses (iii) and (iv) below), if any, on each Distribution
      Date a statement setting forth: (i) in the case of a Trust with respect to
      which
      one or more REMIC elections have been or will be made, any reports required
      to
      be provided to Holders by the REMIC Provisions; (ii) such other customary
      information as the Securities Administrator deems necessary or desirable, or
      which a Certificateholder reasonably requests, to enable Certificateholders
      to
      prepare their tax returns; (iii) the amounts actually distributed with respect
      to the Residual Certificates of such Class on such Distribution Date; and (iv)
      the aggregate Certificate Balance, if any, of the Residual Certificates of
      such
      Class after giving effect to any distribution made on such Distribution Date,
      separately identifying the amount of Realized Losses allocated to such Residual
      Certificates of such Class on such Distribution Date.

    
      
        
        

      

      
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    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall prepare and furnish a statement, containing the information
      set forth in clauses (i) through (iv) above (based on information provided
      by the Master Servicer), to each Person who at any time during the calendar
      year
      was a Holder that requests such statement, aggregated for such calendar year
      or
      portion thereof during which such Person was a Certificateholder. Such
      obligation of the Securities Administrator shall be deemed to have been
      satisfied to the extent that substantially comparable information shall be
      provided by the Master Servicer or the Securities Administrator pursuant to
      any
      requirements of the Code as from time to time are in force.

     

    Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall prepare and shall furnish to each Person who at any time
      during the calendar year was a Holder of a Residual Certificate a statement,
      upon request, containing the information provided pursuant to the second
      preceding paragraph aggregated for such calendar year thereof during which
      such Person was a Certificateholder. Such obligation of the Securities
      Administrator shall be deemed to have been satisfied to the extent that
      substantially comparable information shall be provided by the Securities
      Administrator pursuant to any requirements of the Code as from time to time
      are
      in force.

     

    Section
      4.02 Remittance
      Reports
      and other Reports from the
      Servicers.

     

    To
      the
      extent received from any Servicer and the Master Servicer, the Securities
      Administrator shall make the information in each Remittance Report available
      to
      the Depositor, the Trustee, or any Certificateholder upon written request
      therefor. In addition, upon written request from the Depositor, the Trustee,
      the
      Securities Administrator or any Certificateholder (such party, the “Requesting
      Party”),
      the
      Securities Administrator shall use commercially reasonable efforts to obtain
      from each Servicer and subsequently provide to the Requesting Party any other
      reports or information that may be obtained by the Securities Administrator
      from
      any Servicer pursuant to the related Servicing Agreement; provided, however,
      that if the Securities Administrator incurs costs pursuant to the Servicing
      Agreement with respect to any particular request, the Securities Administrator
      shall be entitled to reimbursement from the Requesting Party for such costs,
      together with any other reasonable costs incurred by it for obtaining or
      delivering the reports or information specified by such request. Upon the
      request of the Depositor, if permitted pursuant to a Sale and Servicing
      Agreement, the Master Servicer shall request, on an annual basis beginning
      one
      year after the Closing Date, copies of the related Servicer’s internal quality
      control reports (it being understood that the Master Servicer shall have no
      responsibility for, or be deemed to have, constructive notice of any information
      contained therein or determinable therefrom). Neither the Master Servicer,
      the
      Securities Administrator nor any agent of the Securities Administrator shall
      be
      under any duty to recalculate, verify or recompute the information provided
      to
      it under any Servicing Agreement by the applicable Servicer.

     

     

    
      
        
        

      

      
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    Section
      4.03 Compliance
      with Withholding Requirements.

     

    Notwithstanding
      any other provisions of the Trust Agreement, the Securities Administrator shall
      comply with all federal withholding requirements respecting payments of interest
      or principal to the extent of accrued original issue discount on Certificates
      to
      each Holder of such Certificates who (a) is not a “United States person,”
within the meaning of Code Section 7701(a)(30), (b) fails to furnish
      its TIN to the Securities Administrator, (c) furnishes the Securities
      Administrator an incorrect TIN, (d) fails to report properly interest and
      dividends, (e) under certain circumstances, fails to provide the Securities
      Administrator or the Certificateholder’s securities broker with a certified
      statement, signed under penalties of perjury, that the TIN provided by such
      Certificateholder to the Securities Administrator or such broker is correct
      and
      that the Certificateholder is not subject to backup withholding or
      (f) otherwise fails to satisfy any applicable certification requirements
      relating to the withholding tax. The consent of such a Certificateholder shall
      not be required for such withholding. In the event the Securities Administrator,
      on behalf of the Trustee, does withhold the amount of any otherwise required
      distribution from interest payments on the Mortgage Loans (including principal
      payments to the extent of accrued original issue discount) or Monthly Advances
      thereof to any Certificateholder pursuant to federal withholding requirements,
      the Securities Administrator shall indicate with any payments to such
      Certificateholders the amount withheld. In addition, if any United States
      federal income tax is due at the time a Non-U.S. Person transfers a Residual
      Certificate, the Securities Administrator, on behalf of the Trustee, or other
      Withholding Agent may (1) withhold an amount equal to the taxes due upon
      disposition of such Residual Certificate from future distributions made with
      respect to such Residual Certificate to the transferee thereof (after giving
      effect to the withholding of taxes imposed on such transferee), and (2) pay
      the withheld amount to the Internal Revenue Service unless satisfactory written
      evidence of payment by the transferor of the taxes due has been provided to
      the
      Securities Administrator or such Withholding Agent. Moreover, Securities
      Administrator, on behalf of the Trustee, or other Withholding Agent may
      (1) hold distributions on a Residual Certificate, without interest, pending
      determination of amounts to be withheld, (2) withhold other amounts, if
      any, required to be withheld pursuant to United States federal income tax law
      from distributions that otherwise would be made to such transferee on each
      Residual Certificate that it holds, and (3) pay to the Internal Revenue
      Service all such amounts withheld.

     

    Section
      4.04 Reports
      of Certificate Balances to The Depository Trust Company.

     

    If
      and
      for so long as any Certificate is held by The Depository Trust Company, on
      each
      Distribution Date, the Securities Administrator shall give notice to The
      Depository Trust Company (and shall promptly thereafter confirm in writing)
      the
      following: (a) the amount to be reported pursuant to clause (c) and
      (d) of each statement provided to Holders of Certificates pursuant to
      Section 4.01 in respect of the next succeeding distribution, (b) the
      Record Date for such distribution, (c) the Distribution Date for such
      distribution and (d) the aggregate Certificate Balance of each Class of
      Certificates to be reported pursuant to clause (i) of the first
      paragraph of Section 4.01 in such month.

     

     

    
      
        
        

      

      
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      Section
        4.05 Preparation
        of Regulatory Reports.

       

      Notwithstanding
        any other provision of this Agreement, the Securities Administrator has not
        assumed, and shall not by its performance hereunder be deemed to have assumed,
        any of the duties or obligations of the Depositor or any other Person with
        respect to (a) the registration of the Certificates pursuant to the
        Securities Act, (b) the issuance or sale of the Certificates, or
        (c) compliance with the provisions of the Securities Act, the Exchange Act,
        or any offering circular, applicable federal or state securities or other
        laws
        including, without limitation, any requirement to update the registration
        statement or prospectus relating to the Certificates in order to render the
        same
        not materially misleading to investors.

       

      Section
        4.06 Management
        and Disposition of REO Property.

       

      The
        Master Servicer shall enforce the obligation of each Servicer under any
        Servicing Agreement to dispose of any REO Property acquired by such Servicer
        on
        behalf of the Trust before the end of the third calendar year following the
        calendar year in which the related REO Property was acquired; provided that
        the
        Master Servicer shall waive such requirement if the Master Servicer, the
        Trustee
        and the Securities Administrator (a) receive an Opinion of Counsel
        (obtained at the expense of the party requesting such Opinion of Counsel)
        indicating that, under then-current law, the REMIC may hold such REO Property
        for a period longer than three years without threatening the REMIC status
        of any
        related REMIC or causing the imposition of a tax upon any such REMIC or
        (b) such Servicer applies for and is granted an extension of such three
        year period pursuant to Code Sections 860G(a)(8) and 856(e)(3) (the
        applicable period provided pursuant to such Opinion of Counsel or such Code
        Section being referred to herein as an “Extended
        Holding Period”).
        In
        that event, the Master Servicer shall direct such Servicer to sell any REO
        Property remaining after such date in an auction before the end of the Extended
        Holding Period.

       

      ARTICLE
        V

       

      THE
        INTERESTS AND THE SECURITIES

       

      Section
        5.01 REMIC
        Interests.

       

      The
        Trust
        Agreement will set forth the terms of the Regular Interests and Residual
        Interest of each REMIC. Unless otherwise specified in the Trust Agreement,
        (a) the Regular Interests in each REMIC will be “regular interests” for
        purposes of the REMIC Provisions; (b) the Trustee will be the owner of the
        Regular Interests in any REMIC held by another REMIC formed pursuant to the
        terms of the Trust Agreement, and such Regular Interests may not be transferred
        to any person other than a successor trustee appointed pursuant to
        Section 8.07 hereof unless the party desiring the transfer obtains a
        Special Tax Opinion; and (c) such Regular Interests will be represented by
        the respective Interests.

       

      
        
          
          

        

        
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      Section
        5.02 The
        Certificates.

       

      The
        Certificates shall be designated in the Trust Agreement. The Certificates
        in the
        aggregate will represent the entire beneficial ownership interest in the
        Trust
        Estate. On the Closing Date, the aggregate Certificate Balance of the
        Certificates will equal the aggregate Scheduled Principal Balance of the
        Mortgage Loans as of the Cut-off Date. The Certificates will be substantially
        in
        the forms annexed to the Trust Agreement. Unless otherwise provided in the
        Trust
        Agreement, the Certificates of each Class will be issuable in registered
        form,
        in denominations of authorized Percentage Interests as described in the
        definition thereof. Each Certificate will share ratably in all rights of
        the
        related Class.

       

      Upon
        original issue, the Certificates shall be executed by the Trustee and delivered
        by the Securities Administrator and the Securities Administrator shall cause
        the
        Certificates to be authenticated by the Certificate Registrar to or upon
        the
        order of the Depositor upon receipt by the Trustee of the documents specified
        in
        Section 2.01. The Certificates shall be executed and attested by manual or
        facsimile signature on behalf of the Trustee by an authorized Officer under
        its
        seal imprinted thereon. Certificates bearing the manual or facsimile signatures
        of individuals who were at any time the proper Officers of the Trustee shall
        bind the Trustee, notwithstanding that such individuals or any of them have
        ceased to hold such offices prior to the authentication and delivery of such
        Certificates or did not hold such offices at the date of such Certificates.
        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 in the Trust Agreement
        executed by the Certificate Registrar by manual signature, and such certificate
        of authentication 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 execution.

       

      Section
        5.03 Book-Entry
        Securities.

       

      (a)
        The
        Book-Entry Securities will be represented initially by one or more certificates
        registered in the name designated by the Clearing Agency. The Depositor and
        the
        Securities Administrator may for all intents and purposes (including the
        making
        of payments on the Book-Entry Securities) deal with the Clearing Agency as
        the
        authorized representative of the Beneficial Owners of the Book-Entry Securities
        for as long as those Certificates are registered in the name of the Clearing
        Agency. The rights of Beneficial Owners of the Book-Entry Securities shall
        be
        limited by law to those established by law and agreements between such
        Beneficial Owners and the Clearing Agency and Clearing Agency Participants.
        The
        Beneficial Owners of the Book-Entry Securities shall not be entitled to
        certificates for the Book-Entry Securities as to which they are the Beneficial
        Owners, except as provided in subsection (c) below. Requests and directions
        from, and votes of, the Clearing Agency, as Holder, shall not be deemed to
        be
        inconsistent if they are made with respect to different Beneficial Owners.
        Without the consent of the Depositor, the Trustee and the Securities
        Administrator, a Book-Entry Security may not be transferred by the Clearing
        Agency except to another Clearing Agency that agrees to hold the Book-Entry
        Security for the account of the respective Clearing Agency Participants and
        Beneficial Owners.

       

      
        
          
          

        

        
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      (b)
        Neither the Depositor, the Trustee nor the Securities Administrator will
        have
        any liability for any aspect of the records relating to or payment made on
        account of Beneficial Owners of the Book-Entry Securities held by the Clearing
        Agency, for monitoring or restricting any transfer of beneficial ownership
        in a
        Book-Entry Security or for maintaining, supervising or reviewing any records
        relating to such Beneficial Owners.

       

      (c)
        A
        Book-Entry Security will be registered in fully registered, certificated
        form to
        Beneficial Owners of Book-Entry Securities or their nominees, rather than
        to the
        Clearing Agency or its nominee, if (a) the Depositor advises the Securities
        Administrator and Trustee in writing that the Clearing Agency is no longer
        willing or able to discharge properly its responsibilities as depository
        with
        respect to the Book-Entry Securities, and the Depositor is unable to locate
        a
        qualified successor within 30 days, (b) the Depositor, at its option,
        elects to terminate the book-entry system operating through the Clearing
        Agency
        or (c) after the occurrence of an Event of Default, Beneficial Owners
        representing at least a majority of the aggregate outstanding Certificate
        Balance of the Book-Entry Securities advise the Clearing Agency in writing
        that
        the continuation of a book-entry system through the Clearing Agency is no
        longer
        in the best interests of the Beneficial Owners. Upon the occurrence of any
        such
        event, the Securities Administrator shall notify the Clearing Agency, which
        in
        turn will notify all Beneficial Owners of Book-Entry Securities through Clearing
        Agency Participants, of the availability of certificated Certificates. Upon
        surrender by the Clearing Agency or the Book-Entry Custodian of the certificates
        representing the Book-Entry Securities and receipt of instructions for
        re-registration, the Securities Administrator will reissue the Book-Entry
        Securities as certificated Certificates to the Beneficial Owners identified
        in
        writing by the Clearing Agency. Neither the Depositor, the Trustee nor the
        Securities Administrator shall be liable for any delay in the delivery of
        such
        instructions and may rely conclusively on, and shall be protected in relying
        on,
        such instructions. Such certificated Certificates shall not constitute
        Book-Entry Securities. All reasonable costs associated with the preparation
        and
        delivery of certificated Certificates shall be borne by the Trust.

       

      (d)
        The
        Securities Administrator is hereby initially appointed as Book-Entry Custodian
        with respect to the Book-Entry Securities, and hereby agrees to act as such
        in
        accordance herewith and in accordance with the agreement that it has with
        the
        Clearing Agency authorizing it to act as such (it being understood that should
        any conflict arise between the provisions hereof and the provisions of the
        agreement between the Securities Administrator and the Clearing Agency, the
        agreement with the Clearing Agency will control). The Book-Entry Custodian
        may,
        and, if it is no longer qualified to act as such, the Book-Entry Custodian
        shall, appoint, by a written instrument delivered to the Depositor and, if
        the
        Securities Administrator is not the Book-Entry Custodian, the Securities
        Administrator, any other transfer agent (including the Clearing Agency or
        any
        successor Clearing Agency) to act as Book-Entry Custodian under such conditions
        as the predecessor Book-Entry Custodian and the Clearing Agency or any successor
        Clearing Agency may prescribe; provided
        that the
        predecessor Book-Entry Custodian shall not be relieved of any of its duties
        or
        responsibilities by reason of such appointment of other than the Clearing
        Agency. If the Securities Administrator resigns or is removed in accordance
        with
        the terms hereof, the successor securities administrator, or, if it so elects,
        the Clearing Agency shall immediately succeed to its predecessor’s duties as
        Book-Entry Custodian. The Depositor shall have the right to inspect, and
        to
        obtain copies of, any Certificates held as Book-Entry Securities by the
        Book-Entry Custodian.

       

      
        
          
          

        

        
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      Section
        5.04 Registration
        of Transfer and Exchange of Certificates.

       

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

       

      Subject
        to Section 5.05, upon surrender for registration of transfer of any
        Certificate at the Corporate Trust Office of the Securities Administrator
        or at
        any other office or agency of the Securities Administrator maintained for
        such
        purpose, the Securities Administrator shall execute and the Certificate
        Registrar shall authenticate and deliver, in the name of the designated
        transferee or transferees, one or more new Certificates of the same Class
        of a
        like aggregate Percentage Interest.

       

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

       

      
        
          
          

        

        
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      No
        service charge to the Certificateholders shall be made for any transfer or
        exchange of Certificates, but the Securities Administrator may require payment
        of a sum sufficient to cover any tax or governmental charge that may be imposed
        in connection with any transfer or exchange of Certificates.

       

      All
        Certificates surrendered for transfer and exchange shall be destroyed by
        the
        Certificate Registrar.

       

      The
        Securities Administrator will cause the Certificate Registrar (unless the
        Securities Administrator is acting as Certificate Registrar) to provide notice
        to the Securities Administrator of each transfer of a Certificate, and the
        Certificate Registrar will provide the Securities Administrator with an updated
        copy of the Certificate Register on January 1 and July 1 of each
        year.

       

      Section
        5.05 Restrictions
        on Transfer.

       

      (a)
        No
        transfer of any Private Certificate shall be made unless that transfer is
        made
        pursuant to an effective registration statement under the Securities Act
        and
        effective registration or qualification under applicable state securities
        laws,
        or is made in a transaction that does not require such registration or
        qualification. Any Holder of a Private Certificate shall, and, by acceptance
        of
        such Private Certificate, does agree to, indemnify the Depositor, the
        Certificate Registrar and the Securities Administrator against any liability
        that may result if any transfer of such Certificates by such Holder is not
        exempt from registration under the Securities Act and all applicable state
        securities laws or is not made in accordance with such federal and state
        laws.
        Neither the Depositor, the Certificate Registrar nor the Securities
        Administrator is obligated to register or qualify any Private Certificate
        under
        the Securities Act or any other securities law or to take any action not
        otherwise required under this Agreement to permit the transfer of such
        Certificates without such registration or qualification. Neither the Certificate
        Registrar nor the Securities Administrator shall register any transfer of
        a
        Private Certificate (other than a Residual Certificate) unless and until
        the
        prospective transferee provides (a) the Securities Administrator with an
        agreement certifying to facts which, if true, would mean that the proposed
        transferee is a Qualified Institutional Buyer (a “QIB
        Certificate”),
        or,
        if the Private Certificate to be transferred is not a Rule 144A Certificate,
        a
        Transferee Agreement, and in any case unless and until the transfer otherwise
        complies with the provisions of this Section 5.05. If so provided in the
        Trust Agreement, the prospective transferee will be deemed to have provided
        a
        QIB Certificate upon acceptance of the Certificate. If a proposed transfer
        does
        not involve a Rule 144A Certificate, the Securities Administrator or the
        Certificate Registrar shall require that the transferor and transferee certify
        as to the factual basis for the registration exemption(s) relied upon, and
        if
        the transfer is made within two years of the acquisition thereof by a
        non-Affiliate of the Depositor from the Depositor or an Affiliate of the
        Depositor, or the Securities Administrator or the Certificate Registrar also
        may
        require an Opinion of Counsel that such transfer may be made without
        registration or qualification under the Securities Act and applicable state
        securities laws, which Opinion of Counsel shall not be obtained at the expense
        of the Depositor, the Certificate Registrar or the Securities Administrator.
        Notwithstanding the foregoing, no QIB Certificate, Transferee Agreement or
        Opinion of Counsel shall be required in connection with the initial transfer
        of
        the Private Certificates and no Opinion of Counsel shall be required in
        connection with the transfer of the Private Certificates by a broker or dealer,
        if such broker or dealer was the initial transferee.

       

      
        
          
          

        

        
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      (b)
        Any
        Private Certificate 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 to the Trust Agreement 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
        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..

       

      (c)
        By
        acceptance of a Rule 144A 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, the Securities Administrator and the Depositor 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, 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.

       

      
        
          
          

        

        
          57

          
            

          

        

        
          
          

        

      

      The
        Depositor (or, upon direction of the Depositor, the Securities Administrator,
        which directions shall specify the information to be provided, and at the
        expense of the Depositor or the Securities Administrator) shall provide to
        any
        Holder of a Rule 144A Certificate and any prospective transferee designated
        by
        such Holder information regarding the related Certificates and the Mortgage
        Loans and such other information as shall be necessary to satisfy the condition
        to eligibility set forth in Rule 144A(d)(4) for transfer of any such Rule
        144A
        Certificate without registration thereof under the Securities Act pursuant
        to
        the registration exemption provided by Rule 144A..

       

      (d)
        Notwithstanding any provision to the contrary herein, so long as a Global
        Security representing any Private 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
        this
        Section 5.05(d).

       

      
        	 	
                (A)

              	
                Subject
                  to clauses (B) and (C) of this Section 5.05(d), transfers of a
                  Global
                  Security representing any Private 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)

              	
                Rule
                  144A Certificate to Regulation S Global Security.
                  If a holder of a beneficial interest in a Rule 144A Certificate
                  deposited
                  with or on behalf of DTC wishes at any time to exchange its interest
                  in
                  such Rule 144A Certificate for an interest in a Regulation S Global
                  Security, or to transfer its interest in such Rule 144A Certificate
                  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 Rule 144A Certificate 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
                  C-2 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 Rule 144A Certificate
                  and
                  increase the principal amount of the Regulation S Global Security
                  by the
                  aggregate principal amount of the beneficial interest in the Rule
                  144A
                  Certificate 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 Rule 144A
                  Certificate.

              

      

       

      
        
          
          

        

        
          58

          
            

          

        

        
          
          

        

      

      
        	 	
                (C)

              	
                Regulation
                  S Global Security to Rule 144A Certificate.
                  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 Rule 144A
                  Certificate, 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 Rule 144A Certificate. 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 Rule 144A Certificate
                  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 Rule 144A
                  Certificate, 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 C-3 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
                  Rule 144A Certificate is a QIB, is obtaining such beneficial interest
                  in a
                  transaction meeting the requirements of Rule 144A and in accordance
                  with
                  any applicable securities laws of any State of the United States
                  or any
                  other jurisdiction, then the Securities Administrator, as Certificate
                  Registrar, will reduce the principal amount of the Regulation S
                  Global
                  Security and increase the principal amount of the Rule 144A Certificate
                  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
                  Rule 144A Certificate equal to the reduction in the principal amount
                  of
                  the Regulation S Global Security.

              

      

       

      
        
          
          

        

        
          59

          
            

          

        

        
          
          

        

      

      
        	 	
                (D)

              	
                Other
                  Exchanges.
                  In the event that a Global Security is exchanged for Certificates
                  in
                  definitive registered form without interest coupons, pursuant to
                  Section
                  5.03(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).

              

      

       

      
        	 	
                (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
                  5.05(d)(C).

              

      

       

      (e)
        ERISA
        Restrictions.
        No
        Private Certificate (a
        “Certificated
        Subordinated Security”),
        Residual Certificate or Class X Certificate shall be transferred unless the
        prospective transferee provides the Securities Administrator and Certificate
        Registrar with a properly completed Benefit Plan Affidavit.

       

      Prior
        to
        the termination of any class of certificates which have the benefit of an
        interest rate cap agreement, each beneficial owner of a Certificate
        of such class or any interest therein, will be deemed to have represented,
        by
        virtue of its acquisition or holding of a such Certificate,
        or interest therein, that either (i) it is not a Plan or (ii) the acquisition
        and holding of such Certificate are eligible for the exemptive relief available
        under the statutory exemption for nonfiduciary service providers under Section
        408(b)(17) of ERISA and Section 4975(d)(20) of the Code, Department of Labor
        Prohibited Transaction Class Exemption 84-14, 90-1, 91-38, 95-60 or 96-23
        or
        some other applicable exemption.

      
        
          
          

        

        
          60

          
            

          

        

        
          
          

        

      

      

      (f)
        Residual
        Certificates.
        No
        Residual Certificate (including any beneficial interest therein) may be
        transferred to a Disqualified Organization. In addition, no Residual Certificate
        (including any beneficial interest therein) may be transferred unless
        (i) the proposed transferee provides the Securities Administrator or the
        Certificate Registrar with (A) a Residual Transferee Agreement, (B) if
        the proposed transferee is a U.S. Person, a U.S. Person and Affidavit Pursuant
        to Sections 860D(a)(6)(A) and 860E(e)(4) of the Code, and (C) if the
        proposed transferee is a Non-U.S. Person, a Non-U.S. Person Affidavit and
        Affidavit Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4) of the Code,
        and (ii) the interest transferred involves the entire interest in a
        Residual Certificate or an undivided interest therein (unless the transferor
        or
        the transferee provides the Securities Administrator or the Certificate
        Registrar with an Opinion of Counsel (which shall not be an expense of the
        Securities Administrator or the Certificate Registrar, as applicable) that
        the
        transfer will not jeopardize the REMIC status of any related REMIC).
        Furthermore, if a proposed transfer involves a Rule 144A Certificate, the
        Securities Administrator or the Certificate Registrar shall require the
        transferee to certify as to facts that, if true, would mean that the proposed
        transferee is a Qualified Institutional Buyer; and, if a proposed transfer
        involves a Private Certificate that is not a Rule 144A Certificate, (1) the
        Securities Administrator or the Certificate Registrar shall require that
        the
        transferee certify as to the factual basis for the registration exemption(s)
        relied upon, and (2) if the transfer is made within two years from the
        acquisition of the Certificate by a non-Affiliate of the Depositor from the
        Depositor or an Affiliate of the Depositor, the Securities Administrator
        or the
        Certificate Registrar also may require an Opinion of Counsel that such transfer
        may be made without registration or qualification under the Securities Act
        and
        applicable state securities laws, which Opinion of Counsel shall not be obtained
        at the expense of the Securities Administrator or the Certificate Registrar,
        as
        applicable. In any event, neither the Securities Administrator nor the
        Certificate Registrar shall effect any transfer of a Residual Certificate
        except
        upon notification of such transfer to the Securities Administrator or the
        Certificate Registrar, as applicable. Notwithstanding the foregoing, no Opinion
        of Counsel shall be required in connection with the initial transfer of the
        Residual Certificates or their transfer by a broker or dealer, if such broker
        or
        dealer was the initial transferee. Notwithstanding the fulfillment of the
        prerequisites described above, the Securities Administrator or the Certificate
        Registrar may refuse to recognize any transfer to the extent necessary to
        avoid
        a risk of disqualification of any related REMIC as a REMIC or the imposition
        of
        a tax upon any such REMIC.

       

      
        
          
          

        

        
          61

          
            

          

        

        
          
          

        

      

      Upon
        notice to the Securities Administrator that any legal or beneficial interest
        in
        any portion of the Residual Certificates has been transferred, directly or
        indirectly, to a Disqualified Organization or agent thereof (including a
        broker,
        nominee, or middleman) in contravention of the foregoing restrictions, such
        transferee shall be deemed to hold the Residual Certificate in constructive
        trust for the last transferor who was not a Disqualified Organization or
        agent
        thereof, and such transferor shall be restored as the owner of such Residual
        Certificate as completely as if such transfer had never occurred, provided that
        the
        Securities Administrator may, but is not required to, recover any distributions
        made to such transferee with respect to the Residual Certificate and return
        such
        recovery to the transferor. The Securities Administrator, on behalf of the
        Trustee, agrees to furnish to the Internal Revenue Service and to any transferor
        of the Residual Certificate or such agent (within 60 days of the request
        therefor by the transferor or agent) such information necessary for the
        computation of the tax imposed under Section 860E(e) of the Code and as
        otherwise may be required by the Code, including but not limited to the present
        value of the total anticipated excess inclusions with respect to the Residual
        Certificate (or portion thereof) for periods after such transfer. At the
        election of the Securities Administrator, the cost to the Securities
        Administrator of computing and furnishing such information may be charged
        to the
        transferor or such agent referred to above; however, the Securities
        Administrator shall not be excused from furnishing such
        information.

       

      If
        a tax
        or a reporting cost is borne by any REMIC as a result of the transfer of
        a
        Residual Certificate or any beneficial interest therein in violation of the
        restrictions set forth in this Section, the transferor shall pay such tax or
        cost and, if such tax or cost is not so paid, the Securities Administrator,
        on
        behalf of the Trustee, shall pay such tax or cost with amounts that otherwise
        would have been paid to the transferee of the Residual Certificate (or
        beneficial interest therein). In that event, neither the transferee nor the
        transferor shall have any right to seek repayment of such amounts from the
        Depositor, the Securities Administrator, any REMIC, or the other Holders
        of any
        of the Certificates, and none of such parties shall have any liability for
        payment of any such tax or reporting cost.

       

      Section
        5.06 Mutilated,
        Destroyed, Lost or Stolen Certificates.

       

      If
        (a) any mutilated Certificate is surrendered to the Securities
        Administrator or the Certificate Registrar, or the Securities Administrator
        and
        the Certificate Registrar receive evidence to their satisfaction of the
        destruction, loss or theft of any Certificate, and (b) there is delivered
        to the Securities Administrator, the Trustee and the Certificate Registrar
        such
        security or indemnity as may be required by them to save each of them harmless,
        then, in the absence of actual knowledge by the Securities Administrator
        or the
        Certificate Registrar that such Certificate has been acquired by a bona fide
        purchaser, the Securities Administrator shall execute and cause the Certificate
        Registrar to authenticate and deliver, in exchange for or in lieu of any
        such
        mutilated, destroyed, lost or stolen Certificate, a new Certificate of the
        same
        Class and of like tenor and Percentage Interest. Upon the issuance of any
        new
        Certificate pursuant to this Section, the Securities Administrator 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 Certificate Registrar) connected therewith. Any
        replacement Certificate issued pursuant to this Section shall constitute
        complete and indefeasible evidence of ownership in the Trust, as if originally
        issued, whether or not the destroyed, lost or stolen Certificate shall be
        found
        at any time.

       

      
        
          
          

        

        
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      Section
        5.07 Persons
        Deemed Owners.

       

      Prior
        to
        due presentation of a Certificate for registration of transfer, the Securities
        Administrator, the Certificate Registrar and any agent of any of them may
        treat
        the person in whose name any Certificate is registered as the owner of such
        Certificate for the purpose of receiving distributions and for all other
        purposes whatsoever, and neither the Securities Administrator, the Certificate
        Registrar nor any agent of any of them shall be affected by notice to the
        contrary.

       

      Section
        5.08 Appointment
        of Paying Agent.

       

      The
        Securities Administrator may, with the consent of the Trustee (if such Paying
        Agent is other than Wells Fargo), appoint a Paying Agent for the purpose
        of
        making distributions to Certificateholders. 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. The initial Paying Agent shall be Wells Fargo
        Bank.

       

      ARTICLE
        VI

       

      THE
        DEPOSITOR

       

      Section
        6.01 Liability
        of the Depositor.

       

      The
        Depositor shall be liable in accordance herewith only to the extent of the
        obligations specifically imposed by the Trust Agreement and undertaken by
        the
        Depositor under the Trust Agreement.

       

      Section
        6.02 Merger
        or Consolidation of the Depositor.

       

      Subject
        to the following paragraph, the Depositor will keep in full effect its corporate
        existence, rights and franchises under the laws of the jurisdiction of its
        organization, and will obtain and preserve its qualification to do business
        in
        each jurisdiction in which such qualification is or shall be necessary to
        protect the validity and enforceability of the Trust Agreement, the Certificates
        or any of the Mortgage Loans and to perform its duties under the Trust
        Agreement.

       

      
        
          
          

        

        
          63

          
            

          

        

        
          
          

        

      

      The
        Depositor may be merged or consolidated with or into any Person, or transfer
        all
        or substantially all of their respective assets to any Person, in which case
        any
        Person resulting from any merger or consolidation to which the Depositor
        shall
        be a party, or any Person succeeding to the business of the Depositor, shall
        be
        the successor of the Depositor 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.

       

      ARTICLE
        VII

       

      TERMINATION
        OF SERVICING ARRANGEMENTS

       

      Section
        7.01 Termination
        and Substitution of Servicer.

       

      Upon
        the
        occurrence of any Servicer Event of Default for which any Servicer may be
        terminated pursuant to the related Servicing Agreement, the Master Servicer,
        in
        accordance with Section 8.01(a) hereof, may, and shall, at the direction of
        the Certificateholders holding 66% of the Voting Rights, terminate such
        Servicing Agreement. The Holders of Certificates evidencing at least 66%
        of the
        Voting Rights of Certificates affected by a Servicer Event of Default may
        waive
        such Servicer Event of Default; provided,
        however,
        that
        (a) a Servicer Event of Default with respect to any Servicer’s obligation
        to make Monthly Advances may be waived only by all of the holders of the
        Certificates affected by such Servicer Event of Default and (b) no such
        waiver is permitted that would materially adversely affect any non-consenting
        Certificateholder. Subject to the conditions set forth below in this
        Section 7.01, the Master Servicer, at the direction of the
        Certificateholders holding 66% of the Voting Rights, shall, concurrently
        with
        such termination, either assume the duties of the terminated Servicer under
        the
        applicable Servicing Agreement or appoint another servicer to enter into
        such
        Servicing Agreement.

       

      Notwithstanding
        the foregoing, the Master Servicer may not terminate a Servicer without cause
        unless the Master Servicer or a successor servicer is appointed concurrently
        with such termination. There may be a transition period of not longer than
        ninety (90) days prior to the effective date of the servicing transfer to
        the
        successor Servicer or Master Servicer, as applicable, provided,
        however,
        that
        during
        such transition period, the Master Servicer or successor servicer shall use
        commercially reasonable efforts to perform the duties of the terminated Servicer
        in its capacity as successor servicer.

       

      If
        the
        Master Servicer terminates a Servicer, the Master Servicer may name another
        mortgage loan service company and such mortgage loan service company shall
        be
        acceptable to each Rating Agency and such mortgage loan service company shall
        assume, satisfy, perform and carry out all liabilities, duties, responsibilities
        and obligations that are to be, or otherwise were to have been, satisfied,
        performed and carried out by such terminated Servicer under the related
        Servicing Agreement. Such successor servicer shall be a mortgage loan servicing
        institution, with except in the case of Avelo Mortgage L.L.C., or any successor
        in interest, a net worth of at least $25,000,000. In the event that the Master
        Servicer cannot appoint a substitute servicer, it shall petition a court
        of
        competent jurisdiction for the appointment of a substitute servicer meeting
        the
        foregoing requirements. 

       

      
        
          
          

        

        
          64

          
            

          

        

        
          
          

        

      

      In
        the
        event any Servicer resigns or is terminated as provided above and the Master
        Servicer has not appointed a successor servicer (or no successor servicer
        has
        accepted such appointment) prior to the effective date of such resignation
        or
        termination, then the Master Servicer shall serve as successor servicer and
        shall succeed to, satisfy, perform and carry out all obligations which otherwise
        were to have been satisfied, performed and carried out by such Servicer under
        the terminated Servicing Agreement until another successor servicer has been
        appointed and has accepted its appointment. In no event shall the Master
        Servicer be deemed to have assumed the obligations of a Servicer to purchase
        any
        Mortgage Loan from the Trust pursuant to any Servicing Agreement or any
        obligations of a Servicer which were incurred thereunder prior to the date
        the
        Master Servicer assumes the obligations of the Servicer under the related
        Servicing Agreement. As compensation to the Master Servicer for any servicing
        obligations fulfilled or assumed by the Master Servicer, the Master Servicer
        shall be entitled to any servicing compensation to which such Servicer would
        have been entitled if the Servicing Agreement with such Servicer had not
        been
        terminated; provided,
        however, that
        the
        Master Servicer shall not be (a) liable for any acts or omissions of the
        Servicer, (b) obligated to make Advances if it is prohibited from doing so
        under
        applicable law, (c) responsible for expenses of the Servicer pursuant to
        the
        terms of the Servicing Agreement or (d) obligated to deposit losses on any
        Permitted Investments directed by the Servicer.

       

      In
        no
        event shall the Master Servicer be deemed to have assumed the obligations
        of a
        Servicer to purchase any Mortgage Loan from the Trust. Notwithstanding
        the foregoing, if a Servicer Event of Default shall occur, the Master Servicer
        shall, by notice in writing to the applicable Servicer, which may be delivered
        by telecopy, immediately terminate all of the rights and obligations of such
        Servicer thereafter arising under the applicable Servicing Agreement, but
        without prejudice to any rights it may have as a Certificateholder or to
        reimbursement of Advances and other advances of its own funds, and the Master
        Servicer shall act as provided in this Section 7.01 to carry out the duties
        of
        such Servicer, including the obligation to make any Advance the nonpayment
        of
        which was a Servicer Event of Default. Any such action taken by the Master
        Servicer must be prior to the distribution of the relevant Distribution Date.
        The
        Servicer being terminated as a result of an Event of Default shall bear all
        costs of a servicing transfer as set forth in the applicable Servicing
        Agreement.

       

      As
        set
        forth in the applicable Servicing Agreement, the Master Servicer shall be
        entitled to be reimbursed from such Servicer (or by the Trust Estate, 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 succeeding
        servicer to correct any errors or insufficiencies in the servicing data or
        otherwise to enable the succeeding servicer to service the Mortgage Loans
        properly and effectively. If the terminated 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 Master Servicer
        shall be entitled to withdraw such reimbursement from amounts on deposit
        in the
        Certificate Account pursuant to the terms hereof; provided that,
        in
        accordance with the applicable Servicing Agreement, the terminated Servicer
        shall reimburse the Trust for any such expense incurred by the Trust; and
        provided,
        further,
        that
        the
        Master Servicer 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.

       

      
        
          
          

        

        
          65

          
            

          

        

        
          
          

        

      

      No
        Certificateholder, solely by virtue of such holder’s status as a
        Certificateholder, will have any right under the Trust Agreement to institute
        any proceeding with respect to the Trust Agreement or any Servicing Agreement,
        Custodial Agreement or any Assignment Agreement, unless such holder previously
        has given to the Trustee written notice of default and unless the
        Certificateholders evidencing at least 25% of Voting Rights have made written
        request upon the Trustee to institute such proceeding in its own name and
        have
        offered to the Trustee reasonable indemnity, and the Trustee for 60 days
        has
        neglected or refused to institute any such proceeding.

       

      Section
        7.02 Notification
        to Certificateholders.

       

      (a)
        Upon
        any termination pursuant to Section 7.01 above or appointment of a
        successor to any Servicer or the Master Servicer, the Securities Administrator
        shall give prompt written notice thereof to the Certificateholders at their
        respective addresses appearing in the Certificate Register, and to each Rating
        Agency.

       

      (b)
        Within sixty (60) days after the occurrence of any Servicer Event of Default
        involving any Servicer, the Securities Administrator shall transmit by mail
        to
        all Holders of Certificates and each Rating Agency, the Trustee and the Master
        Servicer notice of each such Servicer Event of Default or occurrence known
        to a
        Responsible Officer of the Trustee unless such default shall have been cured
        or
        waived.

       

      ARTICLE
        VIII

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      BY
        THE MASTER SERVICER

       

      Section
        8.01 Duties
        of the Master Servicer; Enforcement of Servicer’s and Master Servicer’s
        Obligations.

       

      (a)
        The
        Master Servicer, on behalf of the Trustee, the Securities Administrator,
        the
        Depositor and the Certificateholders, shall monitor the performance of the
        Servicers under the Servicing Agreements, and (except as set forth below)
        shall
        use its reasonable good faith efforts to cause the Servicers to duly and
        punctually to perform their duties and obligations thereunder. Upon the
        occurrence of a Servicer Event of Default of which a Responsible Officer
        of the
        Master Servicer has actual knowledge under a Servicing Agreement, the Master
        Servicer shall promptly notify the Securities Administrator and Trustee and
        shall specify in such notice the action, if any, the Master Servicer plans
        to
        take in respect of such default. So long as any such default shall be
        continuing, the Master Servicer may (i) terminate all of the rights and
        powers of such Servicer pursuant to the applicable provisions of the Servicing
        Agreement; (ii) exercise any rights it may have to enforce the Servicing
        Agreement against such Servicer; (iii) waive any such default under the
        Servicing Agreement in accordance with Section 7.01 hereof or
        (iv) take any other action with respect to such default as is permitted
        thereunder. Except as set forth in Section 4.06 hereof, the Master Servicer
        shall have no duty to supervise any Servicer’s activities related to the
        servicing or administration of defaulted or delinquent Mortgage Loans or
        the
        management and disposition of any REO Properties.

       

      
        
          
          

        

        
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      (b)
        The
        Master Servicer shall pay the costs of monitoring the Servicers as required
        hereunder (including costs associated with (i) termination of any Servicer
        or (ii) the appointment of a successor servicer and shall, to the extent
        permitted by the related Servicing Agreement, seek reimbursement therefor
        initially from the terminated Servicer. In the event the full costs associated
        with the transition of servicing responsibilities to the Master Servicer
        are not
        paid for by the predecessor Servicer or successor servicer (provided
        that
        such
        successor Servicer is not the Master Servicer), the Master Servicer may be
        reimbursed therefor by the Trust for out of pocket costs incurred by the
        Master
        Servicer associated with any such transfer of servicing duties from a Servicer
        to any other successor servicer.

       

      (c)
        None
        of the Depositor, the Securities Administrator nor the Trustee shall consent
        to
        the assignment by any Servicer of such Servicer’s rights and obligations under
        the related Servicing Agreement without the prior written consent of the
        Master
        Servicer, which consent shall not be unreasonably withheld.

       

      (d)
        The
        Master Servicer shall not assume liability for any Servicer’s representations
        and warranties if it becomes a successor servicer.

       

      (e)
        On or
        prior to the Closing Date, the Master Servicer shall deliver to the Depositor
        a
        certification in the form of Exhibit
        J
        attached
        hereto specifying the items it will address in its assessment of compliance
        with
        the servicing criteria under this Section 8.01. On or before March 15 of
        each
        year, commencing in March 2007, the Master Servicer, at its own expense,
        shall
        furnish, and shall cause any Servicing Function Participant engaged by it
        to
        furnish, each at its own expense, to the Securities Administrator and the
        Depositor, an assessment of compliance with the Relevant Servicing Criteria
        that
        contains (i) a statement by such party of its responsibility for assessing
        compliance with the Servicing Criteria, (ii) a statement that such party
        used
        the Servicing Criteria to assess compliance with the Relevant Servicing
        Criteria, (iii) such party’s assessment of compliance with the Relevant
        Servicing Criteria as of and for the fiscal year covered by the Form 10-K
        required to be filed pursuant to Section 3.02(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 (iv)
        a
        statement that a registered public accounting firm has issued an attestation
        report on such party’s assessment of compliance with the Relevant Servicing
        Criteria as of and for such period. 

       

      
        
          
          

        

        
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      No
        later
        than the end of each fiscal year for the Trust for which a 10-K is required
        to
        be filed, the Master Servicer shall forward to the Securities Administrator
        the
        name of each Servicing Function Participant engaged by it and what Relevant
        Servicing Criteria will be addressed in the report on assessment of compliance
        prepared by such Servicing Function Participant. When the Master Servicer
        and
        the Trustee (or any Servicing Function Participant engaged by them) submits
        its
        assessment to the Securities Administrator, such parties will also at such
        time
        include the assessment and attestation pursuant to Section 8.01(f) and 11.01(d)
        of each Servicing Function Participant engaged by it.

       

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

       

      The
        Master Servicer shall enforce any obligation of a Servicer (and the applicable
        Servicing Agreement will provide that each Servicer shall enforce any
        obligations of an Additional Servicer engaged by such Servicer), to the extent
        set forth in the related Servicing Agreement (or, in the case of an Additional
        Servicer, such applicable agreement), to deliver to the Master Servicer an
        annual report on assessment of compliance within the time frame set forth
        in,
        and in such form and substance as may be required pursuant to, the related
        Servicing Agreement (or, in the case of an Additional Servicer, such applicable
        agreement). The Master Servicer shall include such annual report on assessment
        of compliance with its own assessment of compliance to be submitted to the
        Securities Administrator pursuant to this Section 8.01.

       

      
        
          
          

        

        
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      (f)
        On or
        before March 15 of each calendar year, commencing in March 2007, the Master
        Servicer, at its own expense, shall cause, and 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 or such other Servicing Function Participants, as the case
        may
        be) that is a member of the American Institute of Certified Public Accountants
        to furnish a report to the Securities Administrator and the Depositor (and,
        in
        the case of any other Servicing Function Participant, the Master Servicer)
        to
        the effect that (i) it has obtained a representation regarding certain matters
        from the management of such party, which includes an assertion that such
        party
        has complied with the Relevant Servicing Criteria, and (ii) on the basis
        of an
        examination conducted by such firm in accordance with standards for attestation
        engagements issued or adopted by the PCAOB, it is expressing an opinion as
        to
        whether such party’s compliance with the Relevant Servicing Criteria was fairly
        stated in all material respects, or it cannot express an overall opinion
        regarding such party’s assessment of compliance with the Relevant Servicing
        Criteria. In the event that an overall opinion cannot be expressed, such
        registered public accounting firm shall state in such report why it was unable
        to express such an opinion. Such report must be available for general use
        and
        not contain restricted use language. 

       

      Promptly
        after receipt of such report from the Master Servicer or any Servicing Function
        Participant engaged by the Master Servicer, (i) the Depositor shall review
        the
        report and, if applicable, consult with such parties as to the nature of
        any
        defaults by such parties, in the fulfillment of any of each such party’s
        obligations hereunder or under any other applicable agreement, and (ii) the
        Securities Administrator shall confirm that each assessment submitted pursuant
        to Section 8.01(e) and Section 11.01(c) is coupled with an attestation meeting
        the requirements of this Section and shall notify the Depositor of any
        exceptions. Neither the Master Servicer nor any Servicing Function Participant
        engaged by the Master Servicer shall be required to deliver or cause the
        delivery of such reports until April 15 in any given year so long as it has
        received written confirmation from the Depositor that a 10-K is not required
        to
        be filed in respect of the Trust for the preceding fiscal year.

       

      The
        Master Servicer shall enforce any obligation of a Servicer (and the applicable
        Servicing Agreement will provide that each Servicer shall enforce any
        obligations of an Additional Servicer engaged by such Servicer), to the extent
        set forth in the related Servicing Agreement (or, in the case of an Additional
        Servicer, such applicable agreement), to deliver to the Master Servicer an
        attestation within the time frame set forth in, and in such form and substance
        as may be required pursuant to, the related Servicing Agreement (or, in the
        case
        of an Additional Servicer, such applicable agreement). The Master Servicer
        shall
        include such annual report on assessment of compliance with its own assessment
        of compliance to be submitted to the Securities Administrator pursuant to
        this
        Section 8.01.

       

      
        
          
          

        

        
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      (g)
        The
        Master Servicer shall give prior written notice to the Depositor of the
        appointment of any Subcontractor by it and a written description (in form
        and
        substance satisfactory to the Depositor) of the role and function of each
        Subcontractor utilized by the Master Servicer, specifying (i) the identity
        of
        each such Subcontractor and (ii) 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.

       

      (h)
        The
        Master Servicer shall notify the Depositor and the Sponsor within five days
        of
        its gaining knowledge thereof (i) of any legal proceedings pending against
        the
        Master Servicer of the type described in Item 1117 (§ 229.1117) of Regulation
        AB, (ii) of any merger, consolidation or sale of substantially all of the
        assets
        of the Master Servicer and (iii) if the Master Servicer shall become (but
        only
        to the extent not previously disclosed) at any time an affiliate of any of
        the
        Depositor, any Servicer, any Originator contemplated by Item 1110 (§ 229.1110)
        of Regulation AB, any significant obligor contemplated by Item 1112 (§ 229.1112)
        of Regulation AB, any enhancement or support provider contemplated by Items
        1114
        or 1115 (§§ 229.1114-1115) of Regulation AB or any successor thereto or any
        other material party to the Trust Fund contemplated by Item 1100(d)(1) (§
229.1100(d)(1)) of Regulation AB, as applicable.

      

      Section
        8.02 Maintenance
        of Fidelity Bond and Errors and Omissions Insurance.

       

      (a)
        The
        Master Servicer shall maintain with responsible companies, at its own expense,
        a
        blanket Fidelity Bond and an Errors and Omissions Insurance Policy, with
        broad
        coverage on all directors, officers, employees or other persons acting in
        any
        capacity requiring such persons to handle funds, money, documents or papers
        relating to the related Mortgage Loans (“Master
        Servicing Employees”).
        Any
        such Fidelity Bond and Errors and Omissions Insurance Policy shall be in
        the
        form of the Mortgage Banker’s Blanket Bond or the Financial Institution Bond and
        shall protect and insure the Master Servicer against losses, including forgery,
        theft, embezzlement, fraud, errors and omissions and negligent acts of the
        Master Servicer Employees. Such Fidelity Bond and Errors and Omissions Insurance
        Policy also shall protect and insure the Master Servicer against losses in
        connection with the release or satisfaction of a related Mortgage Loan without
        having obtained payment in full of the indebtedness secured thereby. No
        provision of this Section 8.02 requiring such Fidelity Bond and Errors and
        Omissions Insurance Policy shall diminish or relieve the Master Servicer
        from
        its duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae or Freddie Mac. Upon the request
        of
        the Securities Administrator, the Master Servicer shall cause to be delivered
        to
        the Securities Administrator a certificate of insurance of the insurer and
        the
        surety including a statement from the surety and the insurer that such fidelity
        bond and insurance policy shall in no event be terminated or materially modified
        without thirty (30) days’ prior written notice to the Securities Administrator.
        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 Securities
        Administrator upon its request.

       

      
        
          
          

        

        
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      (b)
        The
        Master Servicer shall promptly report to the Securities Administrator 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
        Securities Administrator, on request, certificates evidencing that such bond
        and
        insurance policy are in full force and effect. The Master Servicer shall
        promptly report to the Securities Administrator, to the best of its knowledge,
        all cases of forgery, theft, embezzlement, fraud, errors or omissions, 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 Securities Administrator. 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 Securities
        Administrator 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
        8.03 Representations
        and Warranties of the Master Servicer.

       

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

       

      
        
          
          

        

        
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      (i)
        it is
        a national banking association validly existing and in good standing under
        the
        laws of the United States, and as Master Servicer has full power and authority
        to transact any and all business contemplated by this Trust Agreement and
        to
        execute, deliver and comply with its obligations under the terms of this
        Trust
        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 Trust Agreement by the Master Servicer and
        its
        performance and compliance with the terms of this Trust 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 Trust
        Agreement;

       

      (iii)
        this Trust 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 Trust Agreement or that requires the consent of any
        third
        person to the execution of this Trust Agreement or the performance by the
        Master
        Servicer of its obligations under this Trust Agreement;

       

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

       

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

       

      
        
          
          

        

        
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      (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 Trust Agreement
        or
        the consummation of the transactions contemplated by this Trust Agreement,
        except for such consents, approvals, authorizations and orders (if any) as
        have
        been obtained; and

       

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

       

      (b)
        It is
        understood and agreed that the representations and warranties set forth in
        this
        Section shall survive the execution and delivery of this Trust Agreement.
        The Master Servicer shall indemnify the Depositor, the Securities Administrator
        and the Trustee and hold them harmless against any loss, damages, penalties,
        fines, forfeitures, reasonable legal fees and related costs, judgments, and
        other reasonable costs and expenses resulting from any claim, demand, defense
        or
        assertion based on or grounded upon, or resulting from, a material breach
        of the
        Master Servicer’s representations and warranties contained in
        Section 8.03(a) above. 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 Securities Administrator and the Trustee
        constitutes the sole remedy 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 Trust 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 either the Depositor, the Master Servicer,
        the
        Securities Administrator or the Trustee or notice thereof by any one of such
        parties to the other parties.

       

      Section
        8.04 Master
        Servicer Events of Default.

       

      Each
        of
        the following shall constitute a Master Servicer Event of Default:

       

      (a)
        any
        failure by the Master Servicer to remit to the Securities Administrator any
        payment required to be made under the terms of this Trust Agreement which
        continues unremedied for a period of two (2) Business Days after the date
        upon
        which written notice of such failure, requiring the same to be remedied,
        shall
        have been given to the Master Servicer (with a copy to the Trustee) by the
        Securities Administrator;

       

      (b)
        failure by the Master Servicer to duly observe or perform, in any material
        respect, any other covenants, obligations or agreements of the Master Servicer
        as set forth in this Trust Agreement which failure continues unremedied for
        a
        period of thirty (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 Securities Administrator;

       

      
        
          
          

        

        
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      (c)
        failure by the Master Servicer to maintain its license to do business in
        any
        jurisdiction where the Mortgaged Premises are located if such license is
        required;

       

      (d)
        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, bankruptcy, readjustment of debt, marshaling 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
        sixty (60) days;

       

      (e)
        the
        Master Servicer shall consent to the appointment of a conservator or receiver
        or
        liquidator in any insolvency, bankruptcy, readjustment of debt, marshaling
        of
        assets and liabilities or similar proceedings of or relating to the Master
        Servicer or relating to all or substantially all of its property;

       

      (f)
        the
        Master Servicer shall admit in writing its inability to pay its debts 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 for three (3) Business
        Days;

       

      (g)
        an
        affiliate of the Master Servicer that performs any back-up servicer duties
        of
        the Master Servicer or any servicing duties assumed by the Master Servicer
        as
        successor servicer under any Servicing Agreement ceases to meet the
        qualifications of a FNMA or FHLMC servicer;

       

      (h)
        the
        Master Servicer attempts to assign this Trust Agreement or its responsibilities
        hereunder or to delegate its duties hereunder (or any portion thereof) without
        the consent of the Trustee and the Depositor; or

       

      (i)
        the
        indictment of the Master Servicer for the taking of any action by the Master
        Servicer, any employee thereof, any Affiliate or any director or employee
        thereof that constitutes fraud or criminal activity in the performance of
        its
        obligations under the Trust Agreement, in each case, where such indictment
        materially and adversely affects the ability of the Master Servicer to perform
        its obligations under the Trust Agreement (subject to the condition that
        such
        indictment is not dismissed within ninety (90) days).

       

      
        
          
          

        

        
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      In
        each
        and every such case, so long as a Master Servicer Event of Default shall
        not
        have been remedied, in addition to whatever rights the Trustee may have at
        law
        or equity to damages, including injunctive relief and specific performance,
        the
        Trustee, by notice in writing to the Master Servicer, may terminate with
        cause
        all the rights and obligations of the Master Servicer under this Trust
        Agreement.

       

      Upon
        receipt by the Master Servicer of such written notice, all authority and
        power
        of the Master Servicer under this Trust Agreement, shall pass to and be vested
        in any successor master servicer appointed hereunder that accepts such
        appointments. Upon written request from the Trustee, the Master Servicer
        shall
        prepare, execute and deliver to the successor entity designated by the Trustee
        any and all documents and other instruments related to the performance of
        its
        duties hereunder as the Master Servicer and, place in such successor’s
        possession all such documents, together with any Mortgage Files related to
        any
        pool of Mortgage Loans with respect to which it acts as a successor servicer,
        and do or cause to be done all other acts or things necessary or appropriate
        to
        effect the purposes of such notice of termination, at the Master Servicer’s sole
        expense. The Master Servicer shall cooperate with the Trustee and such successor
        master servicer in effecting the termination of the Master Servicer’s
        responsibilities and rights hereunder, including without limitation, the
        transfer to such successor master servicer for administration by it of all
        cash
        amounts that shall at the time be credited to the Master Servicer Account
        or are
        thereafter received with respect to the Mortgage Loans.

       

      The
        Master Servicer being terminated shall bear and agrees to reimburse the Trustee
        and the successor master servicer from all costs, damages, expenses and
        liabilities incurred by them in connection with the transfer of master
        servicing, including but not limited to, legal fees and expenses, accounting
        fees and expenses. If the terminated Master Servicer does not pay any such
        costs
        and expenses within thirty (30) days of its receipt of an invoice therefore,
        the
        Trust shall reimburse the Trustee (or successor master servicer therefore)
        and
        the Trustee shall be entitled to withdraw such reimbursement from amounts
        on
        deposit in the Certificate Account pursuant to Section 3.01(a)(iv); provided
        that the terminated Master Servicer shall reimburse the Trust for any such
        expense incurred by the Trust.

       

      Section
        8.05 Waiver
        of Default.

       

      By
        a
        written notice, the Trustee may waive any default by the Master Servicer
        in the
        performance of its obligations hereunder and its consequences. Upon any waiver
        of a past default, such default shall cease to exist, and any Master Servicer
        Event of Default arising therefrom shall be deemed to have been remedied
        for
        every purpose of this Trust 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
        8.06 Successor
        to the Master Servicer.

       

      Upon
        termination of the Master Servicer’s responsibilities and duties under this
        Trust Agreement, the Trustee shall appoint a successor, which shall succeed
        to
        all rights and assume all of the responsibilities, duties and liabilities
        of the
        Master Servicer under this Trust Agreement prior to the termination of the
        Master Servicer. 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 in
        no event shall the Master Servicing Fee paid to such successor master servicer
        exceed that paid to the Master Servicer hereunder. In the event that the
        Master
        Servicer’s duties, responsibilities and liabilities under this Trust Agreement
        are terminated, the Master Servicer shall continue to discharge its duties
        and
        responsibilities hereunder until the effective date of such termination with
        the
        same degree of diligence and prudence that it is obligated to exercise under
        this Trust Agreement and shall take no action whatsoever that might impair
        or
        prejudice the rights of its successor. The termination of the Master Servicer
        shall not become effective until a successor shall be appointed pursuant
        hereto
        and shall in no event (a) relieve the Master Servicer of responsibility for
        the representations and warranties made pursuant to Section 8.03(a) hereof
        and the remedies available to the Trustee under Section 8.03(b) hereof, it
        being understood and agreed that the provisions of Section 8.03 hereof
        shall be applicable to the Master Servicer notwithstanding any such sale,
        assignment, resignation or termination of the Master Servicer or the termination
        of this Trust Agreement; or (b) affect the right of the Master Servicer to
        receive payment and/or reimbursement of any amounts accruing to it hereunder
        prior to the date of termination (or during any transition period in which
        the
        Master Servicer continues to perform its duties hereunder prior to the date
        the
        successor master servicer fully assumes its duties).

       

      
        
          
          

        

        
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      If
        no
        successor master servicer has accepted its appointment within ninety (90)
        days
        of the time the Trustee receives the resignation of the Master Servicer,
        the
        Trustee shall be the successor master servicer in all respects under the
        Trust
        Agreement and shall have all the rights and powers and be subject to all
        the
        responsibilities, duties and liabilities relating thereto, including the
        obligation to make Monthly Advances; provided,
        however,
        that
        any
        failure to perform any duties or responsibilities caused by the Master
        Servicer’s failure to provide information required by these Standard Terms shall
        not be considered a default by the Trustee hereunder. 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 the compensation, reimbursement and indemnities
        otherwise payable to the Master Servicer under these Standard Terms, including
        the fees and other amounts payable pursuant to Section 8.07
        hereof.

       

      Any
        successor master servicer appointed as provided herein, shall execute,
        acknowledge and deliver to the Master Servicer and to the Trustee (a) an
        instrument accepting such appointment hereunder, wherein the successor shall
        make the representations and warranties set forth in Section 8.03(a) hereof
        and (b) if the Depositor is subject to Exchange Act reporting with respect
        to
        the Certificates, the certification required pursuant to the first sentence
        of
        Section 8.01(e) hereof, and whereupon such successor shall become fully vested
        with all of the rights, powers, duties, responsibilities, obligations and
        liabilities of the Master Servicer, with like effect as if originally named
        as a
        party to this Trust Agreement. Any termination or resignation of the Master
        Servicer or termination of this Trust Agreement shall not affect any claims
        that
        the Trustee may have against the Master Servicer arising out of the Master
        Servicer’s actions or failure to act prior to any such termination or
        resignation.

       

      
        
          
          

        

        
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      Upon
        a
        successor’s acceptance of appointment as such, the Master Servicer shall notify
        by mail the Trustee of such appointment.

       

      Section
        8.07 Fees
        and Other Amounts Payable to the Master Servicer.

       

      The
        Master Servicer and the Trustee, as successor Master Servicer, shall be entitled
        to either retain or withdraw from the Master Servicer Account, (a) the
        Master Servicing Fee, (b) amounts necessary to reimburse itself for any
        previously unreimbursed Advances and any Advances the Master Servicer deems
        to
        be non-recoverable from the related Mortgage Loan proceeds, (c) an
        aggregate annual amount to indemnify the Master Servicer for amounts due
        in
        accordance with Section 8.01(b), 8.11 and 8.12 hereof, and (d) any
        other amounts that it or the Trustee, as successor Master Servicer is entitled
        to receive hereunder for reimbursement, indemnification or otherwise. 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 Trust Agreement. 

       

      Section
        8.08 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 (a) be a Person
        (or have an Affiliate) that is qualified and approved to service mortgage
        loans
        for Fannie Mae and FHLMC (provided
        that
        a
        successor master servicer that satisfies subclause (a) through an Affiliate
        agrees to service the Mortgage Loans in accordance with all applicable Fannie
        Mae and FHLMC guidelines) and (b) have a net worth of not less than
        $25,000,000.

       

      Section
        8.09 Resignation
        and Removal of Master Servicer.

       

      Except
        as
        otherwise provided in Sections 8.08 and 8.10 hereof, the Master Servicer
        shall not resign from the obligations and duties hereby imposed on it unless
        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. No such resignation shall become effective until the Trustee shall
        have
        assumed, or a successor master servicer shall have been appointed by the
        Trustee
        and until such successor shall have assumed, the Master Servicer’s
        responsibilities and obligations under this Trust Agreement. Notice of such
        resignation shall be given promptly by the Master Servicer and the Depositor
        to
        the Trustee.

       

      In
        the
        event that the Master Servicer fails to comply with the provisions of Section
        3.02, the Depositor may at any such time remove the Master Servicer by written
        instrument, in duplicate, which instrument shall be delivered to the Master
        Servicer so removed and to the Trustee. In any such event the Trustee shall
        appoint a successor master servicer by written instrument, in duplicate,
        which
        instrument shall be delivered to the Master Servicer so removed, to the
        Depositor and to the successor master servicer. If the Trustee and Depositor
        execute such an instrument, then the Trustee shall deliver copies of such
        instrument to the Certificateholders and each Servicer.

       

      
        
          
          

        

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

       

      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
        without the prior written consent of Freddie Mac; provided,
        however,
        that the
        Master Servicer shall have the right with the prior written consent of the
        Trustee and the Depositor (which shall not be unreasonably withheld) and
        upon
        delivery to the Trustee and the Depositor of a letter from each Rating Agency
        to
        the effect that such action shall not result in a downgrade or withdrawal
        of the
        ratings assigned to any of the Certificates, to delegate or assign to or
        subcontract with or authorize or appoint any qualified Person to perform
        and
        carry out any duties, covenants or obligations to be performed and carried
        out
        by the Master Servicer 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 Fee and other compensation payable to the Master Servicer pursuant
        hereto shall thereafter be payable to such successor master servicer, but
        in no
        event shall the Master Servicing Fee payable to the successor master servicer
        exceed that payable to the predecessor master servicer.

       

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

       

      Neither
        the Master Servicer nor any of the directors, officers, employees or agents
        of
        the Master Servicer shall be under any liability to the Trustee, the Depositor,
        the Securities Administrator or the Certificateholders for any action taken
        or
        for refraining from the taking of any action in good faith pursuant to this
        Trust Agreement, or for errors in judgment; provided,
        however,
        that
        this provision shall not protect the Master Servicer or any such person against
        any liability that would otherwise be imposed by reason of willful malfeasance,
        bad faith or negligence in the performance of its duties or by reason of
        reckless disregard for its obligations and duties under this Trust Agreement.
        The Master Servicer and any director, officer, employee or agent of the Master
        Servicer may rely in good faith on any document 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 as Master Servicer
        with respect to the Mortgage Loans under this Trust 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 Trust 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 liabilities of the Trust, and the
        Master
        Servicer shall be entitled to be reimbursed therefor out of the Master Servicer
        Account in accordance with the provisions of Section 8.07 and
        Section 8.12.

       

      
        
          
          

        

        
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      The
        Master Servicer shall not be liable for any acts or omissions of any Servicer
        except to the extent that damages or expenses are incurred as a result of
        such
        act or omissions and such damages and expenses would not have been incurred
        but
        for the negligence, willful malfeasance, bad faith or recklessness of the
        Master
        Servicer in supervising, monitoring and overseeing the obligations of each
        Servicer under this Trust Agreement.

       

      Section
        8.12 Indemnification;
        Third-Party Claims.

       

      The
        Master Servicer agrees to indemnify the Depositor, the Securities Administrator
        and the Trustee, and hold them harmless against, any and all claims, losses,
        penalties, fines, forfeitures, legal fees and related costs, judgments, and
        any
        other costs, liability, fees and expenses that the Depositor, the Securities
        Administrator or the Trustee may sustain as a result of the Master Servicer’s
        willful malfeasance, bad faith or negligence in the performance of its duties
        hereunder or by reason of its reckless disregard for its obligations and
        duties
        under this Trust Agreement. Each of the Depositor, the Securities Administrator
        and the Trustee shall, immediately upon notice to it, notify the Master Servicer
        if a claim is made by a third party with respect to this Trust Agreement
        or the
        Mortgage Loans which would entitle the Depositor, the Securities Administrator
        or the Trustee, as the case may be, to indemnification under this
        Section 8.12, whereupon the Master Servicer shall assume the defense of any
        such claim and pay all expenses in connection therewith, including counsel
        fees
        and expenses, and promptly pay, discharge and satisfy any judgment or decree
        which may be entered against it or them in respect of such claim.

       

      The
        Trust
        will indemnify the Master Servicer and hold it harmless against any and all
        claims, losses, penalties, fines, forfeitures, legal fees and related costs,
        judgments, and any other costs, liabilities, fees and expenses that the Master
        Servicer may incur or sustain in connection with, arising out of or related
        to
        this Trust Agreement, any Servicing Agreement, any Assignment Agreement,
        the
        Custodial Agreement or the Certificates, except to the extent that any such
        loss, liability or expense (a) is related to (i) a material breach of the
        Master Servicer’s representations and warranties in the Trust Agreement or
        (ii) the Master Servicer’s willful malfeasance, bad faith or negligence or
        by reason of its reckless disregard of its duties and obligations under any
        such
        agreement or (b) does not constitute an “unanticipated expense” within the
        meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii). The Master Servicer
        shall be entitled to reimburse itself for any such indemnified amount from
        funds
        on deposit in the Master Servicer Account.

       

      ARTICLE
        IX

       

      CONCERNING
        THE TRUSTEE

       

      Section
        9.01 Duties
        of Trustee.

       

      The
        Trustee, prior to the occurrence of a Master Servicer Event of Default and
        after
        the curing of any such Master Servicer Event of Default, undertakes to perform
        such duties and only such duties as are specifically set forth in the Trust
        Agreement. Notwithstanding anything to the contrary herein, the appointment
        by
        the Trustee of Wells Fargo Bank as Securities Administrator to perform the
        duties and obligations specifically set forth in Sections 2.03, 3.01, 3.02,
        3.03, 3.05, 4.01, 4.03, 4.04, 5.02, 5.03, 5.04, 5.08, 7.01, 7.02 and 10.03
        hereof, and any other duties and obligations as may be set forth in a letter
        agreement between Wells Fargo Bank, and the Trustee, shall not release the
        Trustee from its duty to perform such duties and obligations hereunder;
provided,
        however,
        that
        the Trustee shall not be liable for any action or failure to act by the
        Securities Administrator pursuant to any such Section. During a Master Servicer
        Event of Default relating to the Trustee of which a Responsible Officer of
        the
        Trustee has notice, the Trustee shall exercise such of the rights and powers
        vested in it by the Trust 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. 

       

      
        
          
          

        

        
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      The
        Trustee upon receipt of all resolutions, certificates, statements, reports,
        documents, orders or other instruments created by any Person other than itself
        and furnished to it which are specifically required to be furnished pursuant
        to
        any provision of the Trust Agreement, Custody Agreement, Servicing Agreement,
        Sale Agreement or Assignment Agreement shall examine them to determine whether
        they conform to the requirements of such agreement; provided,
        however,
        that the
        Trustee shall not be under any duty to recalculate, verify or recompute the
        information provided to it hereunder by any Servicer or the Depositor. If
        any
        such instrument is found not to conform to the requirements of such agreement
        in
        a material manner, the Trustee shall take action as it deems appropriate
        to have
        the instrument corrected, and if the instrument is not corrected to its
        satisfaction, then it will provide notice thereof to the other and to the
        Certificateholders.

       

      No
        provision of the Trust 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:

       

      (a)
        Prior
        to the
        occurrence of any Master
        Servicer Event
        of
        Default and after the curing of all of such Events of Default, the
        respective duties and obligations of the Trustee shall be determined solely
        by
        the express provisions of the Trust Agreement (including the obligation of
        the
        Trustee to enforce each Custody Agreement against the related Custodian,
        each
        Sale Agreement against the related Seller, each Assignment Agreement against
        GSMC and otherwise to act as owner under such agreements for the benefit
        of the
        Certificateholders), the Trustee shall not be liable except for the performance
        of the respective duties and obligations as are specifically set forth in
        the
        Trust Agreement, no implied covenants or obligations shall be read into the
        Trust Agreement against the Trustee and, in the absence of bad faith on the
        part
        of the Trustee, the Trustee may conclusively rely, as to the truth of the
        statements and the correctness of the opinions expressed therein, upon any
        certificates or opinions furnished to the Trustee that conform to the
        requirements of the Trust Agreement;

       

      (b)
        The
        Trustee shall not be personally liable for an error of judgment made in good
        faith by an Officer of the Trustee unless it shall be proved that the Trustee
        was negligent in ascertaining the pertinent facts;

       

      
        
          
          

        

        
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      (c)
        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 Holders of Certificates entitled to at least 25% of the Voting
        Rights relating 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 the Trust Agreement;

       

      (d)
        Any
        determination of negligence, bad faith, willful misconduct or breach of conduct
        of the Trustee shall be made only upon a finding that there is clear and
        convincing evidence (and not upon the mere preponderance of evidence) thereof
        in
        a proceeding before a court of competent jurisdiction in which the Trustee
        has
        had an opportunity to defend; and

       

      (e)
        In no
        event shall the Trustee be held liable for the actions or omissions of the
        Master Servicer, Securities Administrator, any Servicer or Custodian (excepting
        the Trustee’s own actions as Servicer or Custodian). Prior to the occurrence of
        any Event of Default and after the curing of all such Events of Default,
        other
        than those obligations assumed by the Trustee as successor Servicer under
        Article VII, no provision of the Trust 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 unless such risk or liability relates to duties
        set
        forth herein.

       

      Section
        9.02 Certain
        Matters Affecting the Trustee.

       

      (a)
        Except as otherwise provided in Section 9.01 hereof:

       

      (i)
        The
        Trustee may rely and shall be protected in acting or refraining from acting
        upon
        any resolution, certificate of auditors or any other certificate, statement,
        instrument, opinion, report, notice, request, consent, order, appraisal,
        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. Further, the Trustee may accept
        a copy
        of the vote of the Board of Directors of any party certified by its clerk
        or
        assistant clerk or secretary or assistant secretary as conclusive evidence
        of
        the authority of any person to act in accordance with such vote, and such
        vote
        may be considered as in full force and effect until receipt by the Trustee
        of
        written notice to the contrary;

       

      (ii)
        The
        Trustee may, in the absence of bad faith on its part, rely upon a certificate
        of
        an Officer of the appropriate Person whenever in the administration of the
        Trust
        Agreement the Trustee shall deem it desirable that a matter be proved or
        established (unless other evidence be herein specifically prescribed) prior
        to
        taking, suffering or omitting any action hereunder;

       

      
        
          
          

        

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

       

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

       

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

       

      (vi)
        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,
        unless requested in writing to do so by Holders of Certificates entitled
        to at
        least 25% of the Voting Rights; 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 assured to the Trustee by the security
        afforded to it by the terms of the Trust Agreement, the Trustee may require
        indemnity against such expense or liability as a condition to taking any
        such
        action;

       

      (vii)
        The
        Trustee may execute any of the trusts or powers under the Trust Agreement
        or
        perform any duties hereunder either directly or by or through agents or
        attorneys and the Trustee shall not be responsible for any misconduct or
        negligence on the part of any agent or attorney appointed with due care by
        it
        under the Trust Agreement, provided that any agent appointed by the Trustee
        hereunder shall be entitled to all of the protections of the Trustee under
        this
        Agreement including, without limitation, the indemnification provided for
        under
        Section 9.05 hereof;

       

      (viii)
        Whenever the Trustee is authorized herein to require acts or documents in
        addition to those required to be provided it in any matter, it shall be under
        no
        obligation to make any determination whether or not such additional acts
        or
        documents should be required unless obligated to do so under
        Section 9.01;

       

      (ix)
        The
        permissive right or authority of the Trustee to take any action enumerated
        in
        this Agreement shall not be construed as a duty or obligation;

       

      
        
          
          

        

        
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      (x)
        The
        Trustee shall not be deemed to have notice of any matter, including without
        limitation any Event of Default, unless one of its Responsible Officers has
        actual knowledge thereof or unless written notice thereof is received by
        the
        Trustee at its Corporate Trust Office and such notice references the applicable
        Certificates generally, the applicable Servicer or Seller, the Trust or this
        Agreement;

       

      (xi)
        The
        Trustee shall not be required 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 (except with respect to its obligation
        to make Monthly Advances as successor Master Servicer pursuant hereto) if
        there
        is reasonable ground for believing that the repayment of such funds or adequate
        indemnity against such risk or liability is not assured to it, and none of
        the
        provisions contained in this Agreement shall in any event require the Trustee
        to
        perform, or be responsible for the manner of performance of, any of the
        obligations of any Servicer or the Master Servicer under this Agreement except
        with respect to the Trustee’s obligation to make Monthly Advances pursuant
        hereto as successor Master Servicer or any successor master servicer under
        this
        Agreement and during such time, if any, as the Trustee shall be the successor
        to, and be vested with the rights, duties, powers and privileges of, any
        Servicer or the Master Servicer in accordance with the terms of this
        Agreement;

       

      (xii)
        Subject to the other provisions of this Agreement and without limiting the
        generality of this Section 9.02, 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 the maintenance of any
        such
        recording of filing or depositing or to any rerecording, refiling or
        redepositing 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 Estate other than from funds available in
        the
        Certificate Account, or (D) to confirm or verify the contents of any
        reports or certificates of any Servicer 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;

       

      (xiii)
        The Trustee shall not be required to give any bond or surety in respect of
        the
        execution of the Trust Estate created hereby or the powers granted hereunder;
        and

       

      (xiv)
        Anything in this Agreement to the contrary notwithstanding, in no event shall
        the Trustee be liable for special, indirect or consequential loss or damage
        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.

       

      (b)
        All
        rights of action under the Trust Agreement or under any of the Certificates,
        enforceable by the Trustee may be enforced by it without the possession of
        any
        of the Certificates, or the production thereof at the trial or other proceeding
        relating thereto, and any such suit, action or proceeding instituted by the
        Trustee shall be brought in its name for the benefit of all the Holders of
        such
        Certificates, subject to the provisions of the Trust Agreement. Any recovery
        of
        judgment shall, after provision for the payment of the reasonable compensation,
        expenses, disbursements and advances of the Trustee, its agents and counsel,
        be
        for the ratable benefit of the Holders in respect of which such judgment
        has
        been recovered.

       

      
        
          
          

        

        
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      Section
        9.03 Trustee
        Not Liable for Certificates or Mortgage Loans.

       

      The
        recitals contained in the Trust Agreement and in the Certificates (other
        than
        the signature of the Trustee, the acknowledgments by the Trustee in
        Section 2.02 hereof and the representations and warranties made in
        Section 9.13 hereof) shall be taken as the statements of the Depositor, and
        the Trustee assumes no responsibility for their correctness. The Trustee
        makes
        no representations or warranties as to the validity or sufficiency of the
        Trust
        Agreement, any Supplemental Trust Agreement, the Exchange Agreement or of
        the
        Certificates (other than the signature of the Trustee on the
        Certificates) or of any Mortgage Loan or related document. The Trustee
        shall not be accountable for the use or application by the Depositor of any
        of
        the Certificates or of the proceeds of such Certificates, or for the use
        or
        application of any funds paid to the Depositor in respect of the Mortgage
        Loans
        or deposited in or withdrawn from any Collection Account, the Master Servicer
        Account or the Certificate Account or Collection Account other than any funds,
        if any, held by the Trustee in accordance with Sections 3.01 and 3.02 or as
        owner of the Regular Interests of any REMIC.

       

      Section
        9.04 Trustee
        May Own Certificates.

       

      The
        Trustee in its individual capacity or any other capacity may become the owner
        or
        pledgee of Certificates with the same rights it would have if it were not
        Trustee.

       

      Section
        9.05 Trustee’s
        Fees and Expenses and Indemnification.

       

      Pursuant
        to the Trust Agreement, the Trustee shall be paid by the Securities
        Administrator. The Trustee shall be entitled to reimbursement for all reasonable
        expenses and disbursements incurred or made by the Trustee in accordance
        with
        any of the provisions of the Trust Agreement (including but not limited to
        the
        reasonable compensation and the expenses and disbursements of its counsel
        and of
        all persons not regularly in its employ) except any such expense, disbursement
        or advance as may arise from its negligence, bad faith, willful misconduct
        or
        breach of contract by the Trustee. The Trustee and any director, officer,
        employee or agent of the Trustee shall be indemnified and held harmless by
        the
        Trust against any loss, liability or expense thereof, including reasonable
        attorney’s fees and expenses, incurred, arising out of or in connection with the
        Trust Agreement, any Custody Agreement, any Supplemental Trust Agreement,
        Exchange Agreement or the Certificates, including, but not limited to, any
        such
        loss, liability, or expense incurred in connection with any legal action
        against
        the Trust or the Trustee or any director, officer, employee or agent thereof,
        or
        the performance of any of the Trustee’s duties under the Trust Agreement other
        than any loss, liability or expense incurred by reason of willful misfeasance,
        bad faith, negligence, willful misconduct or breach of contract in the
        performance of duties under the Trust Agreement or by reason of reckless
        disregard of obligations and duties under the Trust Agreement or that do
        not
        constitute “unanticipated expenses” within the meaning of Treasury Regulation
        Section 1.860G-1(b)(3)(ii). The provisions of this Section 9.05 shall
        survive the resignation or removal of the Trustee.

       

      
        
          
          

        

        
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      Section
        9.06 Eligibility
        Requirements for Trustee.

       

      The
        Trustee shall at all times be a corporation or national banking association
        that
        is not an Affiliate of the Depositor 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
        at
        least $50,000,000 and subject to supervision or examination by federal or
        state
        authority. If such corporation publishes reports of its conditions 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 shall be deemed to be its combined
        capital and surplus as set forth in its most recent report of conditions
        so
        published. In case at any time the Trustee shall cease to be eligible in
        accordance with the provisions of this Section, the Trustee shall resign
        immediately in the manner and with the effect specified in
        Section 9.07.

       

      Section
        9.07 Resignation
        and Removal of the Trustee.

       

      The
        Trustee may at any time resign and be discharged from the trusts created
        pursuant to the Trust Agreement by giving written notice thereof to the
        Depositor, the Master Servicer and to all Certificateholders. Upon receiving
        such notice of resignation, the Depositor shall promptly appoint a successor
        trustee by written instrument, in triplicate, which instrument shall be
        delivered to the resigning Trustee and to the successor trustee. A copy of
        such
        instrument shall be delivered to the Depositor, the Certificateholders and
        each
        Servicer by the Depositor. If no successor trustee shall have been so appointed
        and have accepted appointment within sixty (60) 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.

       

      The
        Depositor may at any time remove the Trustee and appoint a successor trustee
        by
        written instrument, in duplicate, which instrument shall be delivered to
        the
        Trustee so removed and to the successor trustee. If the Depositor executes
        such
        an instrument, then the Depositor shall deliver a copy of such instrument
        to the
        Certificateholders, the Trustee and each Servicer.

       

      The
        Holders of Certificates entitled to at least 51% of the Voting Rights may
        at any
        time remove the Trustee and appoint a successor trustee by written instrument
        or
        instruments, in triplicate, signed by such Holders or their attorneys-in-fact
        duly authorized, one complete set of which instruments shall be delivered
        to
        each of the Depositor, the Trustee so removed and the successor trustee so
        appointed. A copy of such instrument shall be delivered to the
        Certificateholders and each Servicer and Seller by the Depositor.

       

      Any
        resignation or removal of the Trustee and appointment of a successor trustee
        pursuant to any of the provisions of this Section shall not become
        effective until acceptance of appointment by the successor trustee as provided
        in Section 9.08 hereof.

       

      
        
          
          

        

        
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      Section
        9.08 Successor
        Trustee.

       

      Any
        successor trustee appointed as provided in Section 9.07 shall execute,
        acknowledge and deliver to the Depositor and to the predecessor trustee an
        instrument accepting such appointment under the Trust Agreement 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 thereunder, with the like effect as if originally named as trustee
        therein. The predecessor trustee shall deliver to the successor trustee,
        all
        Trustee Mortgage Loan Files and related documents and statements held by
        it
        under the Trust Agreement and the Depositor and the predecessor trustee shall
        execute and deliver such instruments and do such other things as may reasonably
        be required for more fully and certainly vesting and confirming in the successor
        trustee, all such rights, powers, duties and obligations.

       

      No
        successor trustee shall accept appointment as provided in this
        Section unless at the time of such acceptance such successor trustee shall
        be eligible under the provisions of Section 9.06 hereof.

       

      Upon
        acceptance of appointment by a successor trustee as provided in this Section,
        the Depositor shall mail notice of the succession of such trustee under the
        Trust Agreement to all Holders of Certificates at their addresses as shown
        in
        the Certificate Register. If the Depositor fails to mail such notice within
        ten
        (10) days after acceptance of appointment by the successor trustee, the Trustee
        shall cause such notice to be mailed at the expense of the
        Depositor.

       

      Notwithstanding
        anything to the contrary contained herein, the appointment of any successor
        Trustee pursuant to any provisions of this Agreement will be subject to the
        prior written consent of the Trustee, which consent will not be unreasonably
        withheld.

       

      Section
        9.09 Merger
        or Consolidation of Trustee.

       

      Any
        corporation into which the Trustee may be merged or converted or with which
        it
        may be consolidated or any corporation resulting from any merger, conversion
        or
        consolidation to which the Trustee shall be a party, or any corporation
        succeeding to the corporate trust business of the Trustee shall be the successor
        of the Trustee under the Trust Agreement, provided
        such
        corporation shall be eligible under the provisions of Section 9.06, without
        the execution or filing of any paper or any further act on the part of any
        of
        the parties hereto, anything herein to the contrary
        notwithstanding.

       

      Section
        9.10 Appointment
        of Co-Trustee or Separate Trustee.

       

      For
        the
        purpose of meeting any legal requirements of any jurisdiction in which any
        part
        of the Trust or property securing the same may at the time be located, the
        Depositor and the Trustee acting jointly shall have the power and shall execute
        and deliver all instruments to appoint one or more Persons approved by the
        Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
        separate trustee or trustees, of all or any part of the Trust, and to vest
        in
        such Person or Persons, in such capacity, such title to the Trust, or any
        part
        thereof, and, subject to the other provisions of this Section 9.10, such
        powers, duties, obligations, rights and trusts as the Depositor and the Trustee
        may consider necessary or desirable. If the Depositor shall not have joined
        in
        such appointment within fifteen (15) days after the receipt by it of a request
        so to do, the Trustee alone shall have the power to make such appointment.
        No
        co-trustee or separate trustee(s) hereunder shall be required to meet the
        terms
        of eligibility as a successor trustee under Section 9.06 hereof and no
        notice to Holders of Certificates of the appointment of co-trustee(s) or
        separate trustee(s) shall be required under Section 9.08
        hereof.

       

      
        
          
          

        

        
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      In
        the
        case of any appointment of a co-trustee or separate trustee pursuant to this
        Section 9.10 all rights, powers, duties and obligations conferred or
        imposed upon the Trustee shall be conferred or imposed upon and exercised
        or
        performed by the Trustee and such separate trustee or co-trustee jointly,
        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 or any portion thereof
        in any such jurisdiction) shall be exercised and performed by such separate
        trustee or co-trustee at the direction of the Trustee.

       

      Any
        notice, request or other writing given to the Trustee shall be deemed to
        have
        been given to each of the then separate trustees and co-trustees, as effectively
        as if given to each of them. Every instrument appointing any separate trustee
        or
        co-trustee shall refer to the Trust Agreement and the conditions of this
        Article IX. 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 the Trust Agreement,
        specifically including every provision of the Trust 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. No trustee (including
        the
        Trustee) shall be responsible for the actions of any co-trustee.

       

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

       

      Section
        9.11 Appointment
        of Custodians.

       

      The
        Trustee may appoint one or more Custodians to hold all or a portion of the
        Trustee Mortgage Loan Files as agent for the Trustee, by entering into a
        custody
        agreement. The appointment of any Custodian may at any time be terminated
        and a
        substitute custodian appointed therefor by the Trustee. Subject to this
        Article IX, the Trustee agrees to comply with the terms of each custody
        agreement and to enforce the terms and provisions thereof against the Custodians
        for the benefit of the Certificateholders. Each Custodian shall be a depository
        institution or trust company subject to supervision by federal or state
        authority, shall have combined capital and surplus of at least $10,000,000
        and
        shall be qualified to do business in the jurisdiction in which it holds any
        Trustee Mortgage Loan File. Any such Custodian may not be an affiliate of
        the
        Depositor or any Seller or Servicer. The Trustee shall not be responsible
        or
        liable for the acts or omissions of any Custodian appointed by it hereunder
        (except for a Custodian which is an affiliate of the Trustee). Any
        indemnification due a Custodian under a Custody Agreement shall be an obligation
        of the Purchaser, as stated in such Custody Agreement.

       

      
        
          
          

        

        
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      Section
        9.12 Appointment
        of Office or Agent.

       

      The
        Trustee shall appoint an office or agent in The City of New York where notices
        to and demands upon the Trustee in respect of the Certificates and the Trust
        Agreement may be served. The parties hereto and the Certificateholders hereby
        acknowledge that the Trustee may delegate or assign to or subcontract with
        or
        authorize or appoint any qualified Person to perform and carry out certain
        non-fiduciary duties or obligations relating to the administration of the
        Trust,
        including the duties and obligations of the Certificate Registrar and Paying
        Agent; provided,
        however,
        in no
        event shall any such delegation, assignment, authorization or appointment
        relieve the Trustee of its liability with regard to such duties or obligations.
        Any such agent shall nevertheless be entitled to all the rights, benefits
        and
        protections afforded to the Trustee under Article IX, to the extent assigned
        to
        any such agent by the Trustee. 

       

      Section
        9.13 Representation
        and Warranties of the Trustee.

       

      The
        Trustee hereby represents and warrants to the Depositor that as of the Closing
        Date or as of such other date specifically provided herein:

       

      (a)
        It is
        a national banking association and has been duly organized, and is validly
        existing in good standing under the laws of the United States of America
        with
        full power and authority (corporate and other) to enter into and perform
        its
        obligations under the Trust Agreement;

       

      (b)
        The
        Trust Agreement has been duly executed and delivered by it, and, assuming
        due
        authorization, execution and delivery by the Depositor, constitutes a legal,
        valid and binding agreement of such entity, enforceable against it in accordance
        with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
        or
        other similar laws affecting creditors’ rights generally and to general
        principles of equity regardless of whether enforcement is sought in a proceeding
        in equity or at law;

       

      (c)
        The
        execution, delivery and performance by it of the Trust Agreement and the
        consummation of the transactions contemplated thereby 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 thereof;

       

      (d)
        The
        execution and delivery of this Trust Agreement by it have been duly authorized
        by all necessary corporate action on its part; neither the execution and
        delivery by it of the Trust Agreement, consummation of the transactions therein
        contemplated, nor compliance by it with the provisions thereof, will conflict
        with or result in a breach of, or constitute a default under, any of the
        provisions of its articles of organization or by-laws or any law, governmental
        rule or regulation or any judgment, decree or order binding on it to its
        knowledge or any of its properties, or any of the provisions of any indenture,
        mortgage, deed of trust, contract or other instrument to which it is a party
        or
        by which it is bound;

       

      
        
          
          

        

        
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      (e)
        There
        are
        no actions, suits or proceedings pending or, to its knowledge, threatened
        or
        asserted against it, before or by any court, administrative agency, arbitrator
        or governmental body (i) with respect to any of the transactions
        contemplated by the Trust Agreement or (ii) with respect to any other
        matter which in its judgment will be determined adversely to it and will
        if
        determined adversely to it materially adversely affect its ability to perform
        its obligations under the Trust Agreement;
        and

       

      (f)
        It
        meets all of the eligibility requirements set forth in Section 9.06
        thereof.

       

      ARTICLE
        X

       

      TERMINATION
        OF TRUST

       

      Section
        10.01 Qualified
        Liquidation.

       

      The
        Provisions of this Article X are subject to the requirement that any
        termination shall be a “qualified liquidation” of each associated REMIC unless
        100% of the affected holders of interests in each such REMIC have consented
        to
        waive such requirements. For this purpose “affected holders” shall mean each
        holder of a regular or residual interest which would likely receive a smaller
        amount in final distributions if the termination were not a “qualified
        liquidation” and REMIC owed taxes as a result hereof. 

       

      Section
        10.02 Termination.

       

      The
        party
        designated in Section 4.03 of the Trust Agreement may, at its option, make
        or cause a Person to make a Terminating Purchase for the Termination Price
        at
        the time and on the terms and conditions specified in the Trust Agreement.
        Upon
        such Terminating Purchase or the final payment or other liquidation (or any
        advance with respect thereto) of the last Mortgage Loan remaining in the
        Trust
        or the disposition of the last REO Property remaining in the Trust, the
        respective obligations and responsibilities under the Trust Agreement of
        the
        Depositor, the Master Servicer, the Trustee and the Securities Administrator
        shall terminate upon payment to the Certificateholders of all amounts held
        by or
        on behalf of the Securities Administrator and required hereunder to be so
        paid
        and upon deposit of unclaimed funds otherwise distributable to
        Certificateholders in the Termination Account. Notwithstanding the foregoing,
        in
        no event shall the Trust created hereby continue beyond the expiration of
        twenty-one (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, living on the date hereof.

      
        
          
          

        

        
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      The
        Trust
        also may be terminated and the Certificates retired if the Securities
        Administrator determines, based upon an Opinion of Counsel, that the REMIC
        status of any related REMIC has been lost or that a substantial risk exists
        that
        such REMIC status will be lost for the then-current taxable year.

       

      Section
        10.03 Procedure
        for Termination.

       

      The
        party
        designated in Section 4.03 of the Trust Agreement shall advise the Securities
        Administrator in writing of its election to cause a Terminating Purchase,
        no
        later than the Distribution Date in the month preceding the Distribution
        Date on
        which the Terminating Purchase will occur.

       

      Notice
        of
        the Distribution Date on which any such termination shall occur (or the
        Distribution Date on which final payment or other Liquidation of the last
        Mortgage Loan remaining in the Trust or the disposition of the last REO Property
        remaining in the Trust will be distributed to Certificateholders, as reflected
        in the Remittance Report for such month (the “Final
        Distribution Date”)
        shall
        be given promptly by the Securities Administrator by letter to
        Certificateholders mailed (a) in the event such notice is given in
        connection with a Terminating Purchase, not earlier than the 15th day of
        the
        month preceding such final distribution and not later than the 5th
        day of
        the month of such final distribution or (b) otherwise during the month of
        such final distribution on or before the Servicer Remittance Date in such
        month,
        in each case specifying (i) the Final Distribution Date and that final
        payment of the Certificates will be made upon presentation and surrender
        of
        Certificates at the office of the Securities Administrator therein designated
        on
        that date, (ii) the amount of any such final payment and (iii) that
        the Record Date otherwise applicable to such Final Distribution Date is not
        applicable, payments being made only upon presentation and surrender of the
        Certificates at the office of the Securities Administrator. The Securities
        Administrator shall give such notice to the Certificate Registrar at the
        time
        such notice is given to Certificateholders. In the event such notice is given
        in
        connection with a Terminating Purchase, the purchaser shall deliver to the
        Securities Administrator for deposit in the Certificate Account on the Business
        Day immediately preceding the Final Distribution Date an amount in next day
        funds equal to the Termination Price, as the case may be.

       

      Upon
        presentation and surrender of the Certificates on a Distribution Date by
        Certificateholders, the Securities Administrator shall distribute to
        Certificateholders (a) the amount otherwise distributable on such
        Distribution Date, if not in connection with Terminating Purchase, or
        (b) if in connection with a Terminating Purchase, an amount determined as
        follows: with respect to each Certificate with an outstanding Certificate
        Balance, the outstanding Certificate Balance thereof, plus
        interest
        thereon through the Accounting Date preceding the Distribution Date fixed
        for
        termination and any previously unpaid interest, net of unrealized losses,
        Realized Interest Shortfall and Shortfall with respect thereto; and in addition,
        with respect to each Residual Certificate, the Percentage Interest evidenced
        thereby multiplied by the difference between the Termination Price and the
        aggregate amount to be distributed as provided in the first clause of this
        sentence and the next succeeding sentence.

       

      
        
          
          

        

        
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      Upon
        the
        receipt of a request for release from the Master Servicer, the applicable
        Custodian, on behalf of the Trustee, shall promptly release to the purchaser
        the
        Trustee Mortgage Loan Files for the remaining Mortgage Loans, and the Securities
        Administrator, on behalf of the Trustee, shall execute all assignments,
        endorsements and other instruments without recourse necessary to effectuate
        such
        transfer. The Trust shall terminate immediately following the deposit of
        funds
        in the Termination Account as provided below.

       

      In
        the
        event that all of the Certificateholders shall not surrender their Certificates
        within six months after the Final Distribution Date specified in the
        above-mentioned written notice, the Securities Administrator shall give a
        second
        written notice to the remaining Certificateholders to surrender their
        Certificates and receive the final distribution with respect thereto, net
        of the
        cost of such second notice. If within one year after the second notice all
        the
        Certificates shall not have been surrendered for cancellation, the Securities
        Administrator may take appropriate steps, or may appoint an agent to take
        appropriate steps, to contact the remaining Certificateholders concerning
        surrender of their Certificates, and the cost thereof shall be paid out of
        the
        amounts otherwise payable on such Certificates. Any funds payable to
        Certificateholders that are not distributed on the Final Distribution Date
        shall
        be deposited in a Termination Account, which shall be an Eligible Account,
        to be
        held for the benefit of Certificateholders not presenting and surrendering
        their
        Certificates in the aforesaid manner, and shall be disposed of in accordance
        with this Section. The Securities Administrator shall establish the Termination
        Accounts, which shall be Eligible Accounts, on or about the Closing
        Date.

       

      Section
        10.04 Additional
        Termination Requirements.

       

      (a)
        In
        the event of a Terminating Purchase as provided in Section 10.02, the Trust
        shall be terminated in accordance with the following additional requirements,
        unless the Securities Administrator receives (i) a Special Tax Opinion and
        (ii) a Special Tax Consent from each of the Holders of the Residual
        Certificates (unless the Special Tax Opinion specially provides that no
        REMIC-level tax will result from the Terminating Purchase):

       

      (i) Within
        ninety (90) days prior to the Final Distribution Date, the Depositor and
        the
        Trustee on behalf of the related REMIC shall adopt a plan of complete
        liquidation meeting the requirements of a qualified liquidation under the
        REMIC
        Provisions (which plan may be adopted by the Securities Administrator’s
        attachment of a statement specifying the first day of the 90-day liquidation
        period to the REMIC’s final federal income tax return) and the REMIC will sell
        all of its assets (other than cash);

       

      (ii) Upon
        making final payment on the Regular Certificates or the deposit of any unclaimed
        funds otherwise distributable to the holders of the Regular Certificates
        in the
        Termination Account on the Final Distribution Date, the Securities Administrator
        shall distribute or credit, or cause to be distributed or credited, pro rata,
        to the
        Holders of the Residual Certificates representing ownership of the residual
        interest in such REMIC all cash on hand relating to such REMIC after such
        final
        payment (other than cash retained to meet claims), and such REMIC shall
        terminate at that time; and

       

      
        
          
          

        

        
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      (iii) In
        no
        event may the final payment on the Certificates be made after the 90th day
        from
        the date on which the plan of complete liquidation is adopted. A payment
        into
        the Termination Account with respect to any Certificate pursuant to
        Section 10.03 shall be deemed a final payment on, or final distribution
        with respect to, such Certificate for the purposes of this clause.

       

      (b)
        By
        its acceptance of a Residual Certificate, the Holder thereof hereby
        (i) authorizes such action as may be necessary to adopt a plan of complete
        liquidation of any related REMIC and (ii) agrees to take such action as may
        be necessary to adopt a plan of complete liquidation of any related REMIC
        upon
        the written request of the Trustee, which authorization shall be binding
        upon
        all successor Holders of Residual Certificates.

       

      ARTICLE
        XI

       

      CONCERNING
        THE SECURITIES ADMINISTRATOR

       

      Section
        11.01 Certain
        Matters Affecting the Securities Administrator.

       

      (a) Except
        as
        otherwise provided herein:

       

      (i) The
        Securities Administrator may rely and shall be protected in acting or refraining
        from acting upon any resolution, certificate of auditors or any other
        certificate, statement, instrument, opinion, report, notice, request, consent,
        order, appraisal, 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. Further,
        the Securities Administrator may accept a copy of the vote of the board of
        directors of any party certified by its clerk or assistant clerk or secretary
        or
        assistant secretary as conclusive evidence of the authority of any person
        to act
        in accordance with such vote, and such vote may be considered as in full
        force
        and effect until receipt by the Securities Administrator of written notice
        to
        the contrary;

       

      (ii) The
        Securities Administrator may, in the absence of bad faith on its part, rely
        upon
        a certificate of an Officer of the appropriate Person whenever in the
        administration of the Trust Agreement the Securities Administrator shall
        deem it
        desirable that a matter be proved or established (unless other evidence be
        herein specifically prescribed) prior to taking, suffering or omitting any
        action hereunder;

       

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

       

      
        
          
          

        

        
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      (iv) The
        Securities Administrator shall not be under any obligation to exercise any
        of
        the trusts or powers vested in it by the Trust Agreement or to institute,
        conduct or defend any litigation thereunder or in relation thereto at the
        request, order or direction of any of the Certificateholders, pursuant to
        the
        provisions of the Trust Agreement, unless such Certificateholders shall have
        offered to the Securities Administrator reasonable security or indemnity
        against
        the costs, expenses and liabilities which may be incurred therein or
        thereby;

       

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

       

      (vi) The
        Securities Administrator 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, unless requested in writing to do so by Holders of Certificates
        entitled to at least 25% of the Voting Rights; provided, however, that if
        the
        payment within a reasonable time to the Securities Administrator of the costs,
        expenses or liabilities likely to be incurred by it in the making of such
        investigation is, in the opinion of the Securities Administrator not assured
        to
        the Securities Administrator by the security afforded to it by the terms
        of the
        Trust Agreement, the Securities Administrator may require indemnity against
        such
        expense or liability as a condition to taking any such action;

       

      (vii) The
        Securities Administrator may execute any of the trusts or powers under the
        Trust
        Agreement or perform any duties hereunder either directly or by or through
        agents or attorneys and the Securities Administrator shall not be responsible
        for any misconduct or negligence on the part of any agent or attorney appointed
        with due care by it under the Trust Agreement, provided that any agent appointed
        by the Securities Administrator hereunder shall be entitled to all of the
        protections of the Securities Administrator under this Agreement;

       

      (viii) Whenever
        the Securities Administrator is authorized herein to require acts or documents
        in addition to those required to be provided it in any matter, it shall be
        under
        no obligation to make any determination whether or not such additional acts
        or
        documents should be required unless obligated to do so hereunder;

       

      (ix) The
        permissive right or authority of the Securities Administrator to take any
        action
        enumerated in this Agreement shall not be construed as a duty or
        obligation;

       

      
        
          
          

        

        
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      (x) The
        Securities Administrator shall not be deemed to have notice of any matter,
        including without limitation any Event of Default, unless one of its Responsible
        Officers has actual knowledge thereof or unless written notice thereof is
        received by the Securities Administrator at its Corporate Trust Office and
        such
        notice references the applicable Certificates generally, the applicable Servicer
        or Seller, the Trust or this Agreement;

       

      (xi) The
        Securities Administrator shall not be required 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 repayment of such funds or adequate indemnity
        against such risk or liability is not assured to it, and none of the provisions
        contained in this Agreement shall in any event require the Securities
        Administrator to perform, or be responsible for the manner of performance
        of,
        any of the obligations of any Servicer or the Master Servicer under this
        Agreement;

       

      (xii) Subject
        to the other provisions of this Agreement and without limiting the generality
        of
        this Section 11.01, 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 the maintenance of any such recording
        of filing or depositing or to any rerecording, refiling or redepositing 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 Estate other than from funds available in the Certificate Account,
        or (D)
        to confirm or verify the contents of any reports or certificates of any Servicer
        delivered to the Securities Administrator pursuant to this Agreement believed
        by
        the Securities Administrator to be genuine and to have been signed or presented
        by the proper party or parties;

       

      (xiii) The
        Securities Administrator shall not be required to give any bond or surety
        in
        respect of the execution of the Trust Estate created hereby or the powers
        granted hereunder; and

       

      (xiv) Anything
        in this Agreement to the contrary notwithstanding, in no event shall the
        Securities Administrator be liable for special, indirect or consequential
        loss
        or damage of any kind whatsoever (including but not limited to lost profits),
        even if the Securities Administrator has been advised of the likelihood of
        such
        loss or damage and regardless of the form of action.

       

      (b) All
        rights of action under the Trust Agreement or under any of the Certificates,
        enforceable by the Securities Administrator may be enforced by it without
        the
        possession of any of the Certificates, or the production thereof at the trial
        or
        other proceeding relating thereto, and any such suit, action or proceeding
        instituted by the Securities Administrator shall be brought in name of the
        Trustee for the benefit of all the Holders of such Certificates, subject
        to the
        provisions of the Trust Agreement. Any recovery of judgment shall, after
        provision for the payment of the reasonable compensation, expenses,
        disbursements and advances of the Securities Administrator, its agents and
        counsel, be for the ratable benefit of the Holders in respect of which such
        judgment has been recovered.

       

      
        
          
          

        

        
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      (c) On
        or
        prior to the Closing Date, the Securities Administrator shall deliver to
        the
        Depositor a certification in the form of Exhibit J attached hereto specifying
        the items it will address in its assessment of compliance with the servicing
        criteria under this Section 11.01. On or before March 15 of each year,
        commencing in March 2007, the Securities Administrator, at its own expense,
        shall furnish, and each such party shall cause any Servicing Function
        Participant engaged by it to furnish, each at its own expense, to the Securities
        Administrator and the Depositor, a report on an assessment of compliance
        with
        the Relevant Servicing Criteria that contains (i) a statement by such party
        of
        its responsibility for assessing compliance with the Servicing Criteria,
        (ii) a
        statement that such party used the Servicing Criteria to assess compliance
        with
        the Relevant Servicing Criteria, (iii) such party’s assessment of compliance
        with the Relevant Servicing Criteria as of and for the fiscal year covered
        by
        the Form 10-K required to be filed pursuant to Section 3.02(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 (iv) 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. 

       

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

       

      (d) On
        or
        before March 15 of each year, commencing in March 2007, the Securities
        Administrator, at its own expense, shall cause, and 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
        Securities Administrator, or such other Servicing Function Participants,
        as the
        case may be) that is a member of the American Institute of Certified Public
        Accountants to furnish a report to the Depositor (and, in the case of any
        other
        Servicing Function Participant, the Master Servicer) to the effect that (i)
        it
        has obtained a representation regarding certain matters from the management
        of
        such party, which includes an assertion that such party has complied with
        the
        Relevant Servicing Criteria, and (ii) on the basis of an examination conducted
        by such firm in accordance with standards for attestation engagements issued
        or
        adopted by the PCAOB, it is expressing an opinion as to whether such party’s
        compliance with the Relevant Servicing Criteria was fairly stated in all
        material respects, or it cannot express an overall opinion regarding such
        party’s assessment of compliance with the Relevant Servicing Criteria. In the
        event that an overall opinion cannot be expressed, such registered public
        accounting firm shall state in such report why it was unable to express such
        an
        opinion. Such report must be available for general use and not contain
        restricted use language. 

       

      
        
          
          

        

        
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      Promptly
        after receipt of such report from the Securities Administrator or any Servicing
        Function Participant engaged by such parties, (i) the Depositor shall review
        the
        report and, if applicable, consult with or cause the Master Servicer to consult
        with such parties as to the nature of any defaults by such parties, in the
        fulfillment of any of each such party’s obligations hereunder or under any other
        applicable agreement and (ii) the Securities Administrator shall confirm
        that
        each assessment submitted pursuant to Section 8.01(e) or Section 11.01(c)
        is
        coupled with an attestation meeting the requirements of this Section and
        shall
        notify the Depositor of any exceptions. Neither the Securities Administrator
        nor
        any Servicing Function Participant shall be required to deliver any such
        assessment until April 15 in any given year if such party has received written
        confirmation from the Depositor that a Form 10-K is not required to be filed
        in
        respect of the Trust for the preceding calendar year.

       

      (e) The
        Securities Administrator shall give prior written notice to the Depositor
        of the
        appointment of any Subcontractor by it and a written description (in form
        and
        substance satisfactory to the Depositor) of the role and function of each
        Subcontractor utilized by the Securities Administrator, specifying (i) the
        identity of each such Subcontractor and (ii) 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.

       

      (f) The
        Securities Administrator shall notify the Depositor and the Sponsor within
        five
        (5) days of its gaining knowledge thereof (i) of any legal proceedings pending
        against the Securities Administrator of the type described in Item 1117 (§
229.1117) of Regulation AB, (ii) of any merger, consolidation or sale of
        substantially all of the assets of the Securities Administrator and (iii)
        if the
        Securities Administrator shall become (but only to the extent not previously
        disclosed) at any time an affiliate of any of the Depositor, any Servicer,
        any
        Originator contemplated by Item 1110 (§ 229.1110) of Regulation AB, any
        significant obligor contemplated by Item 1112 (§ 229.1112) of Regulation AB, any
        enhancement or support provider contemplated by Items 1114 or 1115 (§§
229.1114-1115) of Regulation AB or any successor thereto or any other material
        party to the Trust Fund contemplated by Item 1100(d)(1) (§ 229.1100(d)(1)) of
        Regulation AB, as applicable.

       

      
        
          
          

        

        
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      Section
        11.02 Securities
        Administrator Not Liable for Certificates or Mortgage Loans.

       

      The
        recitals contained in the Trust Agreement and in the Certificates (other
        than
        the signature of the Securities Administrator and the representations and
        warranties made in Section 11.07 hereof) shall be taken as the statements
        of the
        Depositor, and the Securities Administrator assumes no responsibility for
        their
        correctness. The Securities Administrator makes no representations or warranties
        as to the validity or sufficiency of the Trust Agreement, any Supplemental
        Trust
        Agreement or of the Certificates (other than the signature of the Securities
        Administrator on the Certificates) or of any Mortgage Loan or related document.
        The Securities Administrator shall not be accountable for the use or application
        by the Depositor of any of the Certificates or of the proceeds of such
        Certificates, or for the use or application of any funds paid to the Depositor
        in respect of the Mortgage Loans or deposited in or withdrawn from any
        Collection Account, the Master Servicer Account or the Certificate Account
        other
        than any funds held by or on behalf of the Securities Administrator in
        accordance with Sections 3.01 and 3.05.

       

      Section
        11.03 Securities
        Administrator May Own Certificates. 

       

      The
        Securities Administrator in its individual capacity or any other capacity
        may
        become the owner or pledgee of Certificates with the same rights it would
        have
        if it were not Securities Administrator.

       

      Section
        11.04 Custodian’s
        and Securities Administrator's Fees, Expenses and Indemnification.

       

      The
        Securities Administrator shall be entitled to reimbursement for all reasonable
        expenses and disbursements incurred or made by the Securities Administrator
        in
        accordance with any of the provisions of the Trust Agreement (including but
        not
        limited to the reasonable compensation and the expenses and disbursements
        of its
        counsel and of all persons not regularly in its employ) except any such expense,
        disbursement or advance as may arise from its negligence, bad faith, willful
        misconduct or breach of contract by the Securities Administrator or any expense
        that does not constitute an “unanticipated expense” with the meaning of Treasury
        Regulation Section 1.860G-1(b)(3)(ii). On each Distribution Date, the Securities
        Administrator may withdraw from the amount on deposit in the REMIC I
        Distribution Account, its expenses (in accordance with this agreement). The
        Securities Administrator, each Custodian and any director, officer, employee
        or
        agent of the Securities Administrator and each Custodian shall be indemnified
        and held harmless by the Trust against any loss, liability or expense thereof,
        including reasonable attorney's fees and expenses, incurred, arising out
        of or
        in connection with the Trust Agreement, any custody agreement, any Supplemental
        Trust Agreement or the Certificates, including, but not limited to, any such
        loss, liability, or expense incurred in connection with any legal action
        against
        the Trust, such Custodian or the Securities Administrator or any director,
        officer, employee or agent thereof, or the performance of any of the Securities
        Administrator's or Custodian’s duties under the Trust Agreement, any custody
        agreement or any Supplemental Trust Agreement other than any loss, liability
        or
        expense incurred by reason of willful misfeasance, bad faith, negligence,
        willful misconduct or breach of contract (except with respect to a Custodian)
        in
        the performance of its respective duties under the Trust Agreement, any custody
        agreement or any Supplemental Trust Agreement or by reason of reckless disregard
        of obligations and duties under the Trust Agreement, any custody agreement
        or
        any Supplemental Trust Agreement or any expense that does not constitute
        an
“unanticipated expense” with the meaning of Treasury Regulation Section
        1.860G-1(b)(3)(ii). The Securities Administrator hereby agrees to pay the
        fees
        and expenses of the Custodians pursuant to the terms of a separate agreement
        between each Custodian and the Securities Administrator and the payment of
        such
        fees and expenses (as set forth in such separate agreement) shall be the
        sole
        obligation of the Securities Administrator; provided, however, that the
        Depositor shall pay any indemnified amounts to the Custodians. The provisions
        of
        this Section 11.04 shall survive (a) the termination of the Trust Agreement,
        any
        custody agreement or any Supplemental Trust Agreement and (b) the resignation
        or
        removal of the Securities Administrator or a Custodian, as the case may be.
        

       

      
        
          
          

        

        
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      Section
        11.05 Resignation
        and Removal of the Securities Administrator. 

       

      The Securities
        Administrator may at any time resign and be discharged from the trusts created
        pursuant to the Trust Agreement and any Supplemental Trust Agreement by giving
        written notice thereof to the Depositor, the Master Servicer, the Trustee
        and to
        all Certificateholders. Upon receiving (which may be the Trustee) such notice
        of
        resignation, the Trustee shall promptly appoint a successor securities
        administrator by written instrument, in triplicate, which instrument shall
        be
        delivered to the resigning Securities Administrator and to the successor
        securities administrator. A copy of such instrument shall be delivered to
        the
        Depositor, the Certificateholders and each Servicer by the Trustee. If no
        successor securities administrator shall have been so appointed and have
        accepted appointment within sixty (60) days after the giving of such notice
        of
        resignation, the resigning Securities Administrator may petition any court
        of
        competent jurisdiction for the appointment of a successor securities
        administrator.

       

      The
        Trustee may at any time remove the Securities Administrator and appoint a
        successor securities administrator by written instrument, in duplicate, which
        instrument shall be delivered to the Securities Administrator so removed
        and to
        the successor securities administrator. If the Trustee executes such an
        instrument, then the Trustee shall deliver a copy of such instrument to the
        Certificateholders, the Depositor and each Servicer.

       

      The
        Holders of Certificates entitled to at least 51% of the Voting Rights may
        at any
        time remove the Securities Administrator and appoint a successor securities
        administrator by written instrument or instruments, in triplicate, signed
        by
        such Holders or their attorneys-in-fact duly authorized, one complete set
        of
        which instruments shall be delivered to each of the Depositor, the Trustee,
        the
        Securities Administrator so removed and the successor securities administrator
        so appointed. A copy of such instrument shall be delivered to the
        Certificateholders and each Servicer and Seller by the Securities
        Administrator.

       

      In
        the
        event that the Securities Administrator fails to comply with the provisions
        of
        Section 3.02, the Depositor may at any such time remove the Securities
        Administrator by written instrument, in duplicate, which instrument shall
        be
        delivered to the Securities Administrator so removed and to the Trustee.
        In any
        such event the Trustee shall appoint a successor securities administrator
        by
        written instrument, in duplicate, which instrument shall be delivered to
        the
        Securities Administrator so removed, to the Depositor and to the successor
        securities administrator. If the Trustee and Depositor execute such an
        instruments, then the Trustee shall deliver copies of such instruments to
        the
        Certificateholders and each Servicer.

       

      
        
          
          

        

        
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      Any
        resignation or removal of the Securities Administrator and appointment of
        a
        successor securities administrator pursuant to any of the provisions of this
        Section shall not become effective until acceptance of appointment by the
        successor securities administrator as provided in Section 11.06 hereof.

       

      Section
        11.06 Successor
        Securities Administrator. 

       

      Any
        successor securities administrator appointed as provided in Section 11.05
        shall
        execute, acknowledge and deliver to the Trustee and to the predecessor
        Securities Administrator an instrument accepting such appointment under the
        Trust Agreement and any Supplemental Trust Agreement and thereupon the
        resignation or removal of the predecessor Securities Administrator shall
        become
        effective and such successor securities administrator without any further
        act,
        deed or conveyance, shall become fully vested with all the rights, powers,
        duties and obligations of its predecessor thereunder, with the like effect
        as if
        originally named as securities administrator therein. The predecessor Securities
        Administrator shall deliver to the successor securities administrator, all
        Trustee Mortgage Loan Files and related documents and statements held by
        it
        under the Trust Agreement and the Trustee and the predecessor Securities
        Administrator shall execute and deliver such instruments and do such other
        things as may reasonably be required for more fully and certainly vesting
        and
        confirming in the successor securities administrator, all such rights, powers,
        duties and obligations.

       

      Upon
        acceptance of appointment by a successor securities administrator as provided
        in
        this Section, the Trustee shall mail notice of the succession of such securities
        administrator under the Trust Agreement to all Holders of Certificates at
        their
        addresses as shown in the Certificate Register.

       

      Notwithstanding
        anything to the contrary contained herein, the appointment of any successor
        securities administrator pursuant to any provisions of this Agreement will
        be
        subject to the prior written consent of the Trustee, which consent will not
        be
        unreasonably withheld.

       

      Section
        11.07 Representations
        and Warranties of the Securities Administrator. 

       

      The
        Securities Administrator hereby represents and warrants to the Depositor,
        the
        Master Servicer and the Trustee that as of the Closing Date or as of such
        other
        date specifically provided herein:

       

      (a) It
        is a
        national banking association and has been duly organized, and is validly
        existing in good standing under the laws of the United States with full power
        and authority (corporate and other) to enter into and perform its obligations
        under the Trust Agreement;

       

      
        
          
          

        

        
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      (b) The
        Trust
        Agreement has been duly executed and delivered by it, and, assuming due
        authorization, execution and delivery by the Depositor, constitutes a legal,
        valid and binding agreement of such entity, enforceable against it in accordance
        with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
        or
        other similar laws affecting creditors' rights generally and to general
        principles of equity regardless of whether enforcement is sought in a proceeding
        in equity or at law;

       

      (c) The
        execution, delivery and performance by it of the Trust Agreement and the
        consummation of the transactions contemplated thereby 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 thereof,

       

      (d) The
        execution and delivery of this Trust Agreement by it have been duly authorized
        by all necessary corporate action on its part; none of the execution and
        delivery by it of the Trust Agreement, consummation of the transactions therein
        contemplated, or compliance by it with the provisions thereof, will conflict
        with or result in a breach of, or constitute a default under, any of the
        provisions of its articles of organization or by-laws or any law, governmental
        rule or regulation or any judgment, decree or order binding on it to its
        knowledge or any of its properties, or any of the provisions of any indenture,
        mortgage, deed of trust, contract or other instrument to which it is a party
        or
        by which it is bound; and

       

      (e) There
        are no actions, suits or proceedings pending or, to its knowledge, threatened
        or
        asserted against it, before or by any court, administrative agency, arbitrator
        or government body (A) with respect to any of the transactions contemplated
        by
        the Trust Agreement or (B) with respect to any other matter which in its
        judgment will be determined adversely to it and will if determined adversely
        to
        it materially adversely affect its ability to perform its obligations under
        the
        Trust Agreement.

       

      Section
        11.08 Eligibility
        Requirements for the Securities Administrator.

       

      The
        Securities Administrator shall at all times be a corporation or national
        banking
        association that is not an Affiliate of the Depositor 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 at least $50,000,000 and subject to supervision or examination
        by
        federal or state authority. If such corporation or national banking association
        publishes reports of its conditions 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
        shall be deemed to be its combined capital and surplus as set forth in its
        most
        recent report of conditions so published. In case at any time the Securities
        Administrator shall cease to be eligible in accordance with the provisions
        of
        this Section, the Securities Administrator shall resign immediately in the
        manner and with the effect specified in Section 11.05. In addition, the
        Securities Administrator (a) 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 and (b) 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. 

       

      
        
          
          

        

        
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      ARTICLE
        XII

       

      REMIC
        TAX PROVISIONS

       

      Section
        12.01 REMIC
        Administration.

       

      (a)
        (i)Unless otherwise specified in the Trust Agreement, the Securities
        Administrator, on behalf of the Trustee, shall elect (on behalf of each REMIC
        to
        be created) to have the Trust (or designated assets thereof) treated as one
        or
        more REMICs on Form 1066 or other appropriate federal tax or information
        return
        for the taxable year ending on the last day of the calendar year in which
        the
        Certificates are issued as well as on any corresponding state tax or information
        return necessary to have the Trust (or such assets) treated as a REMIC under
        state law.

       

      (ii)
        In
        order to enable the Securities Administrator, on behalf of the Trustee, to
        perform its duties as set forth herein, the Depositor shall provide or cause
        to
        be provided to the Securities Administrator, within ten (10) days after the
        Closing Date, all information or data that the Securities Administrator
        reasonably determines to be relevant for tax purposes to the valuations and
        offering prices of the Certificates (security instruments), including, without
        limitation, the price, yield, prepayment assumption and projected cash flows
        of
        the Certificates and the Mortgage Loans. Thereafter, the Depositor shall
        provide
        to the Securities Administrator, promptly upon request therefor, any additional
        information or data that the Securities Administrator may from time to time
        reasonably request in order to enable the Securities Administrator to perform
        its duties as set forth herein.

       

      (b)
        The
        Securities Administrator, on behalf of the Trustee, 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 the expenses to the extent provided in clause (i) above
        from the Certificate Account, but only to the extent such expenses are
“unanticipated expenses” for purposes of Treasury Regulation
        Section 1.860G-1(b)(3)(ii).

       

      
        
          
          

        

        
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      (c)
        The
        Securities Administrator, on behalf of the Trustee, shall prepare any necessary
        forms for election as well as all of the Trust’s and each REMIC’s federal and
        any appropriate state tax and information returns. The Trustee shall sign
        and
        the Securities Administrator, on behalf of the Trustee, shall file such returns
        on behalf of each REMIC. The expenses of preparing and filing such returns
        shall
        be borne by the Securities Administrator.

       

      (d)
        The
        Securities Administrator, on behalf of the Trustee, shall perform all reporting
        and other tax compliance duties that are the responsibility of the Trust
        and
        each REMIC under the REMIC Provisions or New York tax law. Among its other
        duties, if required by the REMIC Provisions, the Securities Administrator,
        on
        behalf of the Trustee, acting as agent of each REMIC, 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 Organization and (ii) to the Securities
        Administrator such information as is necessary for the Securities Administrator,
        on behalf of the Trustee, to discharge its obligations under the REMIC
        Provisions to report tax information to the Certificateholders.

       

      (e)
        The
        Depositor, the Securities Administrator, the Trustee and the Holders of the
        Residual Certificates shall take any action or cause any REMIC 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.

       

      (f)
        The
        Depositor, the Securities Administrator, the Trustee and the Holders of the
        Residual Certificates shall not take any action, or fail to take any action,
        or
        cause any REMIC to take any action or fail to take any action that, if taken
        or
        not taken, as the case may be, could endanger the status of any such REMIC
        as a
        REMIC unless the Securities Administrator has received an Opinion of Counsel
        (at
        the expense of the party seeking to take or to fail to take such action)
        to the
        effect that the contemplated action or failure to act will not endanger such
        status.

       

      (g)
        Any
        taxes that are imposed upon the Trust or any REMIC by federal or state
        (including local) governmental authorities (other than taxes paid by a party
        pursuant to Section 10.02 hereof or as provided in the following sentence)
        shall be allocated in the same manner as Realized Losses are allocated. Any
        state (or local) taxes imposed upon the Trust or any REMIC that would not
        have
        been imposed on the Trust or such REMIC in the absence of any legal or business
        connection between the Trustee and the state (or locality) imposing such
        taxes
        shall be paid by the Trustee, and, notwithstanding anything to the contrary
        in
        these Standard Terms, such taxes shall be deemed to be part of the Trustee’s
        cost of doing business and shall not be reimbursable to the
        Trustee.

       

      
        
          
          

        

        
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      (h)
        Wells
        Fargo Bank shall acquire a Residual Certificate in each REMIC and Wells Fargo
        Bank will act as the Tax Matters Person of each REMIC and perform various
        tax
        administration functions of each REMIC as its agent, as set forth in this
        Section, provided that Wells Fargo Bank shall not have to sign a Residual
        Transferee Agreement as required under Section 5.05(c) of these Standard
        Terms.
        If Wells Fargo Bank or an Affiliate is unable for any reason to fulfill its
        duties as Tax Matters Person for a REMIC, the holder of the largest Percentage
        Interest of the Residual Certificates in such REMIC shall become the successor
        Tax Matters Person of such REMIC.

       

      (i)
        The
        Tax Matters Person shall apply for an employer identification number with
        the
        Internal Revenue Service via a Form SS-4 or other comparable method for each
        REMIC, for the trust created by any Exchange Agreement, for any Supplemental
        Interest Trust and for any other trust created pursuant to the Trust Agreement
        or any other document named therein. In connection with the foregoing, the
        Tax
        Matters Person shall provide the name and address of the person who can be
        contacted to obtain information required to be reported to the holders of
        Regular Interests in each REMIC as required by IRS Form 8811.

       

      (j)
        For
        purposes of compliance with the REMIC Provisions, the amount of any expenses
        payable from the Trust Fund or the Termination Price, in each case pursuant
        to
        Section 4.03 of the Trust Agreement, that reduces amounts otherwise
        distributable to the Certificates (other than the Residual Certificates)
        and
        that do not constitute “unanticipated expenses” of a REMIC within the meaning of
        Treasury Regulation Section 1.860G-1(b)(3)(ii) shall be treated, first, as
        having been distributed on the Certificates that suffered such reduction
        to the
        extent of such reduction and, next, as having been paid by the beneficial
        holders of such Certificates to the parties to whom such expenses were
        payable.

       

      Section
        12.02 Prohibited
        Activities.

       

      Except
        as
        otherwise provided in the Trust Agreement, none of the Depositor, the Trustee,
        the Securities Administrator, each Servicer, the Master Servicer nor the
        Holders
        of the Residual Certificates, nor the Trustee shall engage in, nor shall
        the
        Master Servicer permit, any of the following transactions or activities unless
        it has received (a) a Special Tax Opinion and (b) a Special Tax
        Consent from each of the Holders of the Residual Certificates (unless the
        Special Tax Opinion specially provides that no REMIC-level tax will result
        from
        the transaction or activity in question):

       

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

      (i)
        the
        sale or other disposition of, or substitution for, any of the Mortgage Loans
        except pursuant to (A) a foreclosure or default with respect to such
        Mortgage Loans, (B) the bankruptcy or insolvency of any REMIC, (C) the
        termination of any REMIC pursuant to Section 10.02, or (D) a purchase
        (but not a substitution) in accordance with Section 2.03;

       

      (ii)
        the
        acquisition of any Mortgage Loans for the Trust after the Closing Date except
        during the three-month period beginning on the Closing Date pursuant to a
        fixed
        price contract in effect on the Closing Date that has been reviewed and approved
        by tax counsel acceptable to the Securities Administrator;

       

      (iii)
        the
        sale or other disposition of any investment in the Certificate Account or
        the
        Distribution Account at a gain;

       

      (iv)
        the
        sale or other disposition of any asset held in a Reserve Fund for a period
        of
        less than three months (a “Short-Term
        Reserve Fund Investment”)
        if
        such sale or disposition would cause 30% or more of a REMIC’s income from such
        Reserve Fund for the taxable year to consist of a gain from the sale or
        disposition of Short-Term Reserve Fund Investments;

       

      (v)
        the
        withdrawal of any amounts from any Reserve Fund except (A) for the
        distribution pro rata
        to the
        Holders of the Residual Certificates representing ownership of the residual
        interest in the related REMIC or (B) to provide for the payment of Trust
        expenses or amounts payable on the Certificates in the event of defaults
        or late
        payments on the Mortgage Loans or lower than expected returns on funds held
        in
        the Certificate Account or the Distribution Account, as provided under
        Section 860G(a)(7) of the Code;

       

      (vi)
        the
        acceptance of any contribution to the Trust except the following cash
        contributions: (A) a contribution received during the three-month period
        beginning on the Closing Date, (B) a contribution to a Reserve Fund owned
        by a REMIC that is made pro rata
        by the
        Holders of the Residual Certificates representing ownership of the residual
        interest in the related REMIC, (C) a contribution to facilitate a
        Terminating Purchase that is made within the 90-day period beginning on the
        date
        on which a plan of complete liquidation is adopted pursuant to
        Section 10.04(a)(A), or (D) any other contribution approved by the
        Securities Administrator after consultation with tax counsel;

       

      (vii)
        except in the case of a Mortgage Loan that is a default, or as to which,
        in the
        reasonable judgment of any Servicer, default is reasonably foreseeable, the
        Master Servicer shall not permit any modification of any material term of
        a
        Mortgage Loan (including, but not limited to, the interest rate, the principal
        balance, the amortization schedule, the remaining term to maturity, or any
        other
        term affecting the amount or timing of payments on the Mortgage Loan) unless
        the
        Master Servicer has received an Opinion of Counsel (at the expense of the
        party
        seeking to modify the Mortgage Loan) to the effect that such modification
        would
        not be treated as giving rise to a new debt instrument for REMIC purposes;
        or

       

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

      (viii)
        any other transaction or activity that is not contemplated by the Trust
        Agreement.

       

      Any
        party
        causing the Trust to engage in any of the activities prohibited in this
        Section shall be liable for the payment of any tax and any associated cost
        imposed on the Trust pursuant to Code Section 860F(a)(1) or 860G(d) as a
        result of the Trust engaging in such activities and indemnify the Trust and
        the
        Master Servicer for such amounts.

       

      ARTICLE
        XIII

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        13.01 Amendment
        of Trust Agreement.

       

      The
        Trust
        Agreement may be amended or supplemented from time to time by the Master
        Servicer, the Depositor, the Securities Administrator and the Trustee without
        the consent of any of the Certificateholders to (a) cure any ambiguity,
        (b) correct or supplement any provisions herein which may be inconsistent
        with any other provisions herein, (c) modify, eliminate or add to any of
        its provisions to such extent as shall be necessary or appropriate to maintain
        the qualification of the Trust (or any assets thereof) either as a REMIC,
        as
        applicable under the Code at all times that any Certificates are outstanding,
        (d) conform to the terms of this Agreement to the terms described in the
        Prospectus dated October 6, 2006, together with the Prospectus Supplement
        thereto dated October [[
        ]], 2006,
        or
        (e) make any other provisions with respect to matters or questions arising
        under the Trust Agreement or matters arising with respect to the Trust which
        are
        not covered by the Trust Agreement which shall not be inconsistent with the
        provisions of the Trust Agreement, provided that such action shall not adversely
        affect in any material respect the interests of any Certificateholder. Any
        such
        amendment or supplement shall be deemed not to adversely affect in any material
        respect any Certificateholder if there is delivered to the Securities
        Administrator written notification from each Rating Agency that rated the
        applicable Certificates to the effect that such amendment or supplement will
        not
        cause that Rating Agency to reduce the then current rating assigned to such
        Certificates, as well as an Opinion of Counsel that such amendment or supplement
        will not result in the loss by the Trust or the assets thereof of REMIC
        status.

       

      The
        Trust
        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
        the
        Holders of Certificates entitled to at least 66% of the Voting Rights for
        the
        purpose of adding any provisions to or changing in any manner or eliminating
        any
        of the provisions of the Trust Agreement or of modifying in any manner the
        rights of the Holders of Certificates; provided,
        however,
        that no
        such amendment shall (a) 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, (b) adversely affect in any material respect the interests of
        the Holders of any Class of Certificates, or (c) reduce the aforesaid
        percentage of Certificates the Holders of which are required to consent to
        any
        such amendment, unless each Holder of a Certificate affected by such amendment
        consents. For purposes of the giving or withholding of consents pursuant
        to this
        Section 13.01, Certificates registered in the name of the Depositor or an
        Affiliate shall be entitled to Voting Rights with respect to matters affecting
        such Certificates.

       

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

      Prior
        to
        consenting to any amendment, each of the Securities Administrator, the Trustee
        and the Master Servicer shall be entitled to receive an Opinion of Counsel
        from
        the Depositor stating that the proposed amendment is authorized and permitted
        pursuant to this Trust Agreement. No amendment affecting the rights, duties
        and
        indemnities of the Custodians shall be entered into without the Custodians’
consent.

       

      Promptly
        after the execution of any such amendment, the Securities Administrator shall
        notify Certificateholders of such amendment and, upon written request, furnish
        a
        copy of such amendment to any Certificateholder.

       

      It
        shall
        not be necessary for the consent of Certificateholders under this
        Section 13.01 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 Certificateholders shall be subject to such reasonable
        regulations as the Securities Administrator may prescribe.

       

      Section
        13.02 Recordation
        of Agreement; Counterparts.

       

      To
        the
        extent required by applicable law, the Trust Agreement is subject to recordation
        in all appropriate public offices for real property records in all the counties
        or other comparable jurisdictions in which any or all of the properties subject
        to the Mortgages are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by the applicable Custodian
        (except with respect to Deutsche Bank), on behalf of the Trustee, at the
        expense
        of the Trust, but only if such recordation is requested by the Depositor
        and
        accompanied by an Opinion of Counsel (which shall not be an expense of the
        Depositor or any Custodian) to the effect that such recordation materially
        and
        beneficially affects the interests of the Certificateholders. 

       

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

       

      Section
        13.03 Limitation
        on Rights of Certificateholders.

       

      The
        death
        or incapacity of any Certificateholder shall not operate to terminate the
        Trust
        Agreement or the Trust, nor entitle such Certificateholder’s legal
        representatives or heirs to claim an accounting or to take any action or
        proceeding in any court for a partition or winding up of the Trust, nor
        otherwise affect the rights, obligations and liabilities of the parties hereto
        or any of them.

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

      No
        Certificateholder shall have any right to vote (except as expressly provided
        for
        herein) or in any manner otherwise control the operation and management of
        the
        Trust, or the obligations of the parties hereto, nor shall anything herein
        set
        forth, or contained in the terms of the Certificates, be construed so as
        to
        constitute the Certificateholders from time to time as partners or members
        of an
        association; nor shall any Certificateholder be under any liability to any
        third
        person by reason of any action taken by the parties to the Trust Agreement
        pursuant to any provision hereof.

       

      No
        Certificateholder shall have any right by virtue of any provision of the
        Trust
        Agreement to institute any suit, action or proceeding in equity or at law
        upon
        or under or with respect to the Trust Agreement or any Sale Agreement, Servicing
        Agreement, Custody Agreement or Assignment Agreement, unless such Holder
        previously shall have given to the Securities Administrator a written notice
        of
        default and of the continuance thereof, as hereinbefore provided, and unless
        also the Holders of Certificates entitled to at least 25% of the Voting Rights
        shall have made written request upon the Securities Administrator to institute
        such action, suit or proceeding in its own name as Securities Administrator
        under the Trust Agreement and shall have offered to the Securities Administrator
        such reasonable indemnity as it may require against the costs, expenses and
        liabilities to be incurred therein or thereby, and the Securities Administrator,
        for fifteen (15) days after its receipt of such notice, request and offer
        of
        indemnity, shall have neglected or refused to institute any such action,
        suit or
        proceeding. It is understood and intended, and expressly covenanted by each
        Certificateholder with every other Certificateholder and the Securities
        Administrator, that no one or more Holders of Certificates shall have any
        right
        in any manner whatever by virtue of any provision of the Trust 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 the Trust Agreement, except
        in
        the manner therein provided and for the equal, ratable and common benefit
        of all
        Certificateholders. For the protection and enforcement of the provisions
        of this
        Section, each and every Certificateholder, the Master Servicer, the Securities
        Administrator and the Trustee shall be entitled to such relief as can be
        given
        either at law or in equity.

       

      Section
        13.04 [Reserved].

       

      Section
        13.05 Notices.

       

      All
        demands and notices under the Trust Agreement shall be in writing and shall
        be
        deemed to have been duly given if personally delivered at or mailed by
        first-class mail, postage prepaid, or by express delivery service, to addresses,
        telecopy numbers or email addresses set forth in the Trust Agreement. Any
        notice
        required or permitted to be mailed to a Certificateholder shall be given
        by
        first-class mail, postage prepaid, or by express delivery service, at the
        address of such Holder as shown in the Certificate Register. Any notice so
        mailed within the time prescribed in the Trust Agreement shall be conclusively
        presumed to have been duly given, whether or not the Certificateholder receives
        such notice. A copy of any notice required to be telecopied hereunder also
        shall
        be mailed to the appropriate party in the manner set forth above. A copy
        of any
        notice given hereunder to any other party shall be delivered to the Securities
        Administrator.

       

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

      Section
        13.06 Severability
        of Provision.

       

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

       

      Section
        13.07 Sale
        of Mortgage Loans.

       

      It
        is the
        express intent of the Depositor and the Trustee that the conveyance of the
        Mortgage Loans by the Depositor to the Trustee pursuant to the Trust Agreement
        be construed as a sale of the Mortgage Loans by the Depositor to the Trustee.
        It
        is, further, not the intention of the Depositor and the Trustee that such
        conveyance be deemed a pledge of the Mortgage Loans by the Depositor to the
        Trustee to secure a debt or other obligation of the Depositor. However, in
        the
        event that, notwithstanding the intent of the parties, the Mortgage Loans
        are
        held to continue to be property of the Depositor then (a) the Trust
        Agreement also shall be deemed to be a security agreement within the meaning
        of
        Article 9 of the UCC; (b) the conveyance by the Depositor provided for
        in the Trust Agreement shall be deemed to be a grant by the Depositor to
        the
        Trustee of a security interest in all of the Depositor’s right, title and
        interest in and to the Mortgage Loans and all amounts payable to the holders
        of
        the Mortgage Loans in accordance with the terms thereof and all proceeds
        of the
        conversion, voluntary or involuntary, of the foregoing into cash, instruments,
        securities or other property, including without limitation all amounts, other
        than investment earnings, from time to time held or invested in any Collection
        Account or the Certificate Account, whether in the form of cash, instruments,
        securities or other property; (c) the possession by the Trustee or its
        agent of Notes and such other items of property as constitute instruments,
        money, negotiable documents or chattel paper shall be deemed to be “possession
        by the secured party” for purposes of perfecting the security interest pursuant
        to Section 9-313 of the UCC; and (d) notifications to persons holding
        such property, and acknowledgments, receipts or confirmations from persons
        holding such property, shall be deemed notifications to, or acknowledgments,
        receipts or confirmations from, financial intermediaries, bailees or agents
        (as
        applicable) of the Trustee for the purpose of perfecting such security interest
        under applicable law. The Depositor and the Trustee shall, to the extent
        consistent with the Trust Agreement, take such actions as may be necessary
        to
        ensure that, if the Trust Agreement were deemed to create a security interest
        in
        the Mortgage Loans, such security interest would be deemed to be a perfected
        security interest of first priority under applicable law and will be maintained
        as such throughout the term of the Trust Agreement.

       

      Section
        13.08 Notice
        to Rating Agencies

       

      (a)
        The
        Securities Administrator, on behalf of the Trustee, shall use its best efforts
        promptly to provide notice to each Rating Agency with respect to each of
        the
        following of which an Officer of the Securities Administrator has actual
        knowledge:

       

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

      (i)
        any
        material change or amendment to the Trust Agreement or any agreement assigned
        to
        the Trust;

       

      (ii)
        the
        occurrence of any Event of Default under a Servicing Agreement;

       

      (iii)
        the
        resignation, termination or merger of the Depositor, the Securities
        Administrator, the Trustee or any Servicer or Custodian;

       

      (iv)
        the
        purchase of Mortgage Loans pursuant to Section 2.03;

       

      (v)
        the
        final payment to Certificateholders;

       

      (vi)
        any
        change in the location of any Collection Account, Reserve Fund or Certificate
        Account; and

       

      (vii)
        any
        event that would result in the inability of any Servicer to make Advances
        regarding delinquent Mortgage Loans.

       

      (b)
        The
        Securities Administrator shall promptly make available, through a website
        located at www.ctslink.com, if practicable, to each Rating Agency copies
        of the
        following:

       

      (i)
        each
        report to Certificateholders described in Section 4.01; and

       

      (ii)
        upon
        written request of any such Person, a hard copy of each Annual Compliance
        Statement and other reports provided by the Servicer under each Servicing
        Agreement.

       

      (c)
        Any
        notice pursuant to this Section 13.08 shall be in writing and shall be
        deemed to have been duly given if personally delivered or mailed by first
        class
        mail, postage prepaid or by express delivery service to each Rating Agency
        at
        the address specified in the Trust Agreement.

       

      Section
        13.09 Custodian’s
        Limitation of Liability.

       

      The
        Custodians shall be entitled to the same rights, protections, immunities
        and
        indemnities hereunder as afforded under the Master Custodial Agreement dated
        as
        of October 1, 2006, by and among GSMC, Deutsche Bank National Trust Company,
        as
        a custodian, Bank of America, National Association, Countrywide Home Loans
        Servicing LP, GreenPoint Mortgage Funding, Inc., National City Mortgage Co.,
        PHH
        Mortgage Corporation, SunTrust Mortgage, Inc. and Washington Mutual
        Bank.  

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

      Exhibit A

      FORM
        OF TRUST RECEIPT

      

      [DATE]

      

      Goldman
        Sachs Mortgage Company

      85
        Broad
        Street, 26th
        Floor

      New
        York,
        New York 10004 

      Attn.:
        Christina House

      Telephone:
        (212) 357-8168

      Telecopy:
        (212) 493-0014

      

      U.S.
        Bank
        National Association

      One
        Penn
        Plaza Suite 2700

      New
        York,
        New York 10119

      Attention:
        Structured Finance Department

      GSR
        2006-9F

      

      RE:         The
        Master Servicing and Trust Agreement dated October 1, 2006 (the “Trust
        Agreement”),
        among
        GS Mortgage Securities Corp., as Depositor, U.S. Bank National Association,
        as
        Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
        Administrator, and Deutsche Bank National Trust Company, as a Custodian and
        the
        Standard Terms to Master Servicing and Trust Agreement (October 2006 Edition)
        incorporated by reference thereto (the “Standard
        Terms”)
        

      

      Ladies
        and Gentlemen:

      

      In
        accordance with the provision of Section
        2.02
        of the
        above-referenced Standard Terms, the undersigned, as the Custodian, hereby
        certifies (subject to any exceptions listed on the exception report attached
        hereto) that as to each Mortgage Loan listed on the Mortgage Loan Schedule
        of
        the Trust Agreement, it has reviewed the Trustee Mortgage Loan File as of
        the
        date of such Trust Agreement and has determined that (a) all documents required
        to be delivered to it pursuant to clauses (a) through (e) and (g) of the
        definition of Trustee Mortgage Loan File are in its possession; provided,
        that
        the Custodian has no obligation to verify the receipt of any documents the
        existence of which was not made known to the Custodian by the Trustee Mortgage
        Loan File, and provided,
        further,
        that
        the Custodian has no obligation to determine whether recordation of any such
        modification is necessary; (b) such documents have been reviewed by it and
        appear regular on their face and to relate to such Mortgage Loans; provided,
        however,
        that
        the Custodian makes no representation and has no responsibilities as to the
        authenticity of such documents, their compliance with applicable law, or
        the
        collectability of any of the Mortgage Loans relating thereto; (c) based upon
        its
        examination, and only as to the foregoing documents, the information set
        forth
        on the Mortgage Loan Schedule accurately reflects, the Verified Information
        with
        respect to each Mortgage Loan; and (d) each Mortgage Note has been endorsed
        and
        each assignment has been assigned as required under Section
        2.02
        of the
        Standard Terms. Moreover, the attached Data Collection Schedule accurately
        and
        completely sets forth the information required to be set forth therein pursuant
        to Section
        2.02
        of the
        Standard Terms.

      

      
        
          
          

        

        
          Exhibit
            A-1

          
            

          

        

        
          
          

        

      

      [DEUTSCHE
        BANK NATIONAL TRUST COMPANY,
        as

      Custodian]
        

      

      By:
        _________________________________

      Name:
        

      Title:
        

      
        
          
          

        

        
          Exhibit
            A-2

          
            

          

        

        
          
          

        

      

      Exhibit B

      FORM
        OF FINAL CERTIFICATION

      

      [Date]

      

      Goldman
        Sachs Mortgage Company 

      85
        Broad Street

      New
        York, New York 10004 

      Attn.:
        Christina House

      

      U.S.
        Bank National Association

      One
        Penn Plaza Suite 2700

      New
        York, New York 10119

      Attention:
        Structured Finance Department

      GSR
        2006-9F

      

      RE:         The
        Master Servicing and Trust Agreement dated October 1, 2006 (the “Trust
        Agreement”),
        among
        GS Mortgage Securities Corp., as Depositor, U.S. Bank National Association,
        as
        Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
        Administrator, and Deutsche Bank National Trust Company, as a Custodian and
        the
        Standard Terms to Master Servicing and Trust Agreement (October 2006 Edition)
        incorporated by reference thereto (the “Standard
        Terms”)
        

       

      Ladies
        and Gentlemen:

      

      In
        accordance with the provision of Section
        2.02
        of the
        above-referenced Standard
        Terms,
        the
        undersigned, as the Custodian, hereby certifies (subject to any exceptions
        listed on the exception report attached hereto) that as to each Mortgage
        Loan
        listed on the attached Mortgage Loan Schedule, it has reviewed the Trustee
        Mortgage Loan File
        and has
        determined that (a) (i) all documents required to be delivered to it pursuant
        to
clauses
        (a) through (e) and (g) of the definition of Trustee Mortgage Loan
        File
        are in
        its possession; provided
        that the
        Custodian has no obligation to verify the receipt of any such documents the
        existence of which was not made known to the Custodian by the Trustee
        Mortgage Loan File,
        and
provided,
        further,
        that the
        Custodian has no obligation to determine whether recordation of any such
        modification is necessary; (b) such documents have been reviewed by it and
        appear regular on their face and to relate to such Mortgage Loans; provided,
        however,
        that
        the Custodian makes no representation and has no responsibilities as to the
        authenticity of such documents, their compliance with applicable law, or
        the
        collectability of any of the Mortgage Loans relating thereto; and (c) each
        Mortgage Note has been endorsed and each assignment has been assigned as
        required under Section
        2.02
        of the
Standard
        Terms.

      

      
        
          
          

        

        
          Exhibit
            B-1

          
            

          

        

        
          
          

        

      

      [DEUTSCHE
        BANK NATIONAL TRUST COMPANY,
        as

      Custodian]
        

      

      By:
        _____________________________

      Name:

      Title:

       

      
        
          
          

        

        
          Exhibit
            B-2

          
            

          

        

        
          
          

        

      

      Exhibit C-1

      

      

      FORM
        OF RULE 144A AGREEMENT — QIB CERTIFICATION

      

      ______________,
        20__

      

      U.S.
        Bank
        National Association

      One
        Penn
        Plaza Suite 2700

      New
        York,
        New York 10119

      Attention:
        Structured Finance Department

      GSR
        2006-9F

      

      GS
        Mortgage Securities Corp.

      85
        Broad
        Street

      New
        York,
        New York 10004

      

      Re:         
        GS
        Mortgage Securities Corp., Depositor

      GSR
        Mortgage Loan Trust 2006-9F,

      Pass-Through
        Certificates Series 2006-9F

      having
        an original principal amount of
        $                  
  

      

      Ladies
        and Gentlemen:

      

      In
        connection with our proposed purchase of the Certificates referred to above
        (the
“Certificates”),
        we
        confirm that:

       

      (A) We
        have
        received a copy of the Offering Supplement dated _________ __, 20__ (the
        “Offering
        Circular”),
        relating to the Certificates and such other information and documents as
        we deem
        necessary in order to make our investment decision. We acknowledge that we
        have
        read and agree to the restrictions on duplication and circulation of the
        Offering Circular and the matters stated in the section entitled “Notice to
        Investors.”

       

      (B) We
        are a
“qualified institutional buyer” (as that term is defined in Rule 144A under the
        Securities Act). We area aware that the sale of the Certificates to us is
        being
        made in reliance on Rule 144A under the Securities Act. We are acquiring
        the
        Certificates for our own account or for the account of a qualified institutional
        buyer.

       

      (C) We
        understand that the offer and sale of the Certificates has not been registered
        under the Securities Act and that the Certificates may not be offered, sold,
        or
        otherwise transferred in the absence of such registration or an applicable
        exemption therefrom. We agree, on our own behalf and on behalf of any accounts
        for which we are acting as hereinafter stated, that we will not offer, sell,
        pledge or otherwise transfer any Certificate, or any interest therein, except
        (1) (A) in accordance with Rule 144A under the Securities Act to a
“qualified institutional buyer” (as defined therein), or (B) pursuant to an
        effective registration statement under the Securities Act, and (2) in
        accordance with all applicable securities laws of the states of the United
        States or any other applicable jurisdiction.

       

      
        
          
          

        

        
          C-1-1

          
            

          

        

        
          
          

        

      

      (D) We
        understand that, on any proposed resale of any Certificates, we will be required
        to furnish to the Depositor and to the Trustee such certificates, legal opinions
        and other information as the Depositor, or the Trustee may reasonably require
        to
        confirm that the proposed sale complies with the foregoing restrictions.
        We
        further understand that the Certificates purchased by us will bear a legend
        to
        the foregoing effect.

       

      (E) We
        acknowledge that none of the Depositor, Goldman, Sachs & Co. (the
“Initial
        Purchaser”),
        the
        Trustee, or any person acting on behalf of the Depositor, the Initial Purchaser,
        or the Trustee has made any representations concerning the Trust or the offer
        and sale of the Certificates, except as set forth in the Offering
        Circular.

       

      (F) We
        acknowledge that the Depositor, the Initial Purchaser, the Trustee and others
        will rely on the truth and accuracy of the foregoing acknowledgments,
        representations and agreements, and agree that if any of the foregoing
        acknowledgments, representations and agreements are no longer accurate we
        shall
        promptly notify the Depositor, the Initial Purchaser, and the
        Trustee.

       

      The
        Transferee hereby agrees to indemnify and hold harmless the Depositor, the
        Trustee and the Initial Purchaser from and against any and all loss, damage
        or
        liability (including attorney’s fees) due to or arising out of a breach of any
        representation or warranty, confirmation or statement contained in this
        letter.

       

      The
        Depositor, the Trustee and the Initial Purchaser 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.

       

      Capitalized
        terms used but not otherwise defined herein shall have the meanings assigned
        to
        such terms in the Master Servicing and Trust Agreement, dated as of October
        1,
        2006, among
        GS
        Mortgage Securities Corp., as Depositor, U.S. Bank National Association,
        as
        Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
        Administrator, and Deutsche Bank National Trust Company, as a Custodian and
        the
        Standard Terms to Master Servicing and Trust Agreement (October 2006 Edition)
        incorporated by reference thereto.

       

      

      Sincerely,

      

      [Name
        of
        Transferee]

      

      By:    

      Name:        

      Title:        

      
        
          
          

        

        
          C-1-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C-2

      

      FORM
        OF
        TRANSFER CERTIFICATE

      FOR
        TRANSFER FROM RULE 144A CERTIFICATE

      TO
        REGULATION S GLOBAL SECURITY

      (Transfers
        pursuant to § 5.05(d)(B)

                            
        of the
        Agreement)                            

       

      U.S.
        Bank
        National Association

      One
        Penn
        Plaza Suite 2700

      New
        York,
        New York 10119

      Attention:
        Structured Finance Department

      GSR
        2006-9F

      

      GS
        Mortgage Securities Corp.

      85
        Broad
        Street

      New
        York,
        New York 10004

      

      Re:         GS
        Mortgage Securities Corp., Depositor

      GSR
        Mortgage Loan Trust 2006-9F,

      Pass-Through
        Certificates Series 2006-9F

      

       

      Reference
        is hereby made to the Master Servicing and Trust Agreement dated October
        1, 2006
        (the “Trust Agreement”), among GS Mortgage Securities Corp., as Depositor, U.S.
        Bank National Association, as Trustee, Wells Fargo Bank, N.A., as Master
        Servicer, Securities Administrator, and Deutsche Bank National Trust Company,
        as
        Custodian and the Standard Terms to Master Servicing and Trust Agreement
        (October 2006 Edition) incorporated by reference thereto (the “Standard Terms”
and together with the Trust Agreement, the “Agreement”) 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 Rule 144A
        Certificate 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-2-1

          
            

          

        

        
          
          

        

      

      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).

        

      

       

      
        
          
          

        

        
          C-2-2

          
            

          

        

        
          
          

        

      

      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:             
          ,
               

       

      

      
        
          
          

        

        
          C-2-3

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C-3

      

      FORM
        OF
        TRANSFER CERTIFICATE FOR TRANSFER 

      FROM
        REGULATION S GLOBAL SECURITY

      TO
        RULE
        144A CERTIFICATE

      (Transfers
        pursuant to § 5.05(d)(C)

                                of
        the
        Agreement)                          

       

      U.S.
        Bank
        National Association

      One
        Penn
        Plaza Suite 2700

      New
        York,
        New York 10119

      Attention:
        Structured Finance Department

      GSR
        2006-9F

      

      GS
        Mortgage Securities Corp.

      85
        Broad
        Street

      New
        York,
        New York 10004

      

      Re:         
        GS
        Mortgage Securities Corp., Depositor

      GSR
        Mortgage Loan Trust 2006-9F,

      Pass-Through
        Certificates Series 2006-9F

      

       

      Reference
        is hereby made to the Master Servicing and Trust Agreement dated October
        1, 2006
        (the “Trust Agreement”), among GS Mortgage Securities Corp., as Depositor, U.S.
        Bank National Association, as Trustee, Wells Fargo Bank, N.A., as Master
        Servicer, Securities Administrator, and Deutsche Bank National Trust Company,
        as
        a Custodian and the Standard Terms to Master Servicing and Trust Agreement
        (October 2006 Edition) incorporated by reference thereto (the “Standard Terms”
and together with the Trust Agreement, the “Agreement”) 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 Rule 144A Certificate.

       

      
        
           

        

        
          Exhibit
            C-3-1

          
            

          

        

        
           

        

      

      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:             
          ,        

      

      
        
          
          

        

        
          Exhibit
            C-3-2

          
            

          

        

        
          
          

        

      

      Exhibit D

      

      FORM
        OF TRANSFEREE AGREEMENT

       

      ______,
        20___

       

      U.S.
        Bank
        National Association

      One
        Penn
        Plaza Suite 2700

      New
        York,
        New York 10119

      Attention:
        Structured Finance Department

      GSR
        2006-9F

      

      GS
        Mortgage Securities Corp.

      85
        Broad
        Street

      New
        York,
        New York 10004

      

      Re:         GS
        Mortgage Securities Corp., Depositor

      GSR
        Mortgage Loan Trust 2006-9F,

      Pass-Through
        Certificates Series 2006-9F

      having
        an original principal amount of
        $          

      

      Ladies
        and Gentlemen:

      

      In
        connection with our proposed purchase of the Certificates referred to above
        (the
“Certificates”),
        we
        confirm that:

       

      (A) We
        have
        received a copy of the Offering Supplement, dated __________ ___, 20 
        (the
“Offering
        Circular”),
        relating to the Certificates and such other information and documents as
        we deem
        necessary in order to make our investment decision. We acknowledge that we
        have
        read and agree to the matters stated in the Section entitled “Notice to
        Investors,” and the restrictions on duplication and circulation of the Offering
        Circular.

       

      (B) We
        understand that any subsequent transfer of the Certificates is subject to
        certain restrictions and conditions set forth in the Master Servicing and
        Trust
        Agreement, dated as of October 1, 2006, among
        GS
        Mortgage Securities Corp., as Depositor, U.S. Bank National Association,
        as
        Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
        Administrator, and Deutsche Bank National Trust Company, as a Custodian and
        the
        Standard Terms to Master Servicing and Trust Agreement (October 2006 Edition)
        incorporated by reference thereto
        (the
“Trust
        Agreement”)
        and we
        agree to be bound by, and not to resell, pledge or otherwise transfer the
        Certificates except in compliance with such restrictions and conditions and
        the
        Securities Act of 1933, as amended (the “Securities
        Act”)
        and
        our failure to comply with the foregoing agreement shall render any purported
        transfer to be null and void.

       

      (C) We
        understand that the offer and sale of the Certificates has not been registered
        under the Securities Act and that the Certificates may not be offered, sold,
        or
        otherwise transferred in the absence of such registration or an applicable
        exemption thereof. We agree, on our own behalf and on behalf of any accounts
        for
        which we are acting as hereinafter stated, that we will not offer, sell,
        pledge
        or otherwise transfer any Certificate or any interest therein, except
        (A) in accordance with Rule 144A under the Securities Act to a “qualified
        institutional buyer” (as defined therein), (B) to an institutional
“accredited investor” (as defined below) that, prior to such transfer, furnishes
        to the Trustee a signed letter contained certain representations and agreements
        relating to the restrictions on transfer of the Certificates (the form of
        which
        letter can be obtained from the Trustee), or (C) pursuant to an effective
        registration statement under the Securities Act, and we further agree to
        provide
        to any person purchasing any of the Certificates from us a notice advising
        such
        person that resale of the Certificates are restricted as stated
        herein.

       

      
        
          
          

        

        
          Exhibit
            D-1

          
            

          

        

        
          
          

        

      

      (D) We
        understand that, on any proposed resale of any Certificates, we will be required
        to furnish to the Depositor and to the Trustee of such certificates, legal
        opinions and other information as the Depositor or the Trustee may reasonably
        require to confirm that the proposed sale complies with the foregoing
        restrictions. We further understand that the Certificates purchased by us
        will
        bear a legend to the foregoing effect.

       

      (E) We
        are an
        institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
        (7) of Regulation D under the Securities Act) and have knowledge and experience
        in financial and business matters as to be capable of evaluating the merits
        and
        risks of our investment in the Certificates, and we and any accounts for
        which
        we are acting are each able to bear the economic risks of our or their
        investment.

       

      (F) We
        are
        acquiring the 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.

       

      (G) We
        are
        acquiring at least the required minimum principal amount of the Certificates
        for
        each account for which we are purchasing such Certificates and will not offer,
        sell, pledge or otherwise transfer any such Certificates or any interest
        therein
        at any time except in the Required Minimum denomination.

       

      (H) We
        have
        been furnished all information regarding the Certificates that we have requested
        from the Depositor and the Trustee.

       

      (I) We
        acknowledge that neither the Trust, the Depositor, Goldman, Sachs & Co. (the
“Initial
        Purchaser”)
        nor
        the Trustee nor any person acting on behalf of the Trust, the Depositor,
        the
        Initial Purchaser or the Trustee has made any representations concerning
        the
        Trust or the offer and sale of the Certificates, except as set forth in the
        Offering Circular.

       

      (J) We
        have
        such knowledge and experience in financial and business matters that we are
        capable of evaluating the merits and risks of purchasing the
        Certificates.

       

      (K) If
        we are
        acquiring any of the Certificates as fiduciary or agent for one or more
        accounts, we represent that we have sole investment discretion with respect
        to
        each such amount and that we have full power to make the forgoing
        acknowledgments, representations and agreements with respect to each such
        account as set forth.

       

      
        
          
          

        

        
          Exhibit
            D-2

          
            

          

        

        
          
          

        

      

      (L) We
        acknowledge that the Depositor, the Initial Purchaser, the Trustee, and others
        will rely on the truth and accuracy of the foregoing acknowledgments,
        representations and agreements, and agree that if any of the foregoing
        acknowledgments, representations and agreements are no longer accurate we
        shall
        promptly notify the Depositor, the Initial Purchaser and the
        Trustee.

       

      The
        Transferee hereby agrees to indemnify and hold harmless the Trust, the
        Depositor, the Trustee, and the Initial Purchaser from and against any and
        all
        loss, damage or liability (including attorney’s fees) due to or arising out of a
        breach of any representation or warranty, confirmation or statement contained
        in
        this letter.

       

      The
        Depositor, the Trustee, and the Initial Purchaser 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.

       

      Capitalized
        terms used but not otherwise defined herein shall have the meanings assigned
        to
        such terms in the Trust Agreement.

       

      Sincerely,

      

      [Name
        of
        Transferee]

      

      

      By:    

      Name:        

      Title:        

      

      
        
          
          

        

        
          Exhibit
            D-3

          
            

          

        

        
          
          

        

      

      Exhibit E

      

      FORM
        OF BENEFIT PLAN AFFIDAVIT

      

      
        	
                Re:

              	
                GS
                  Mortgage Securities Corp.,

              

      

      
        	
              	 	
                as
                  Depositor

              

      

      
        	 	
                GSR
                  Mortgage Loan Trust

              

      

      
        	 	
                2006-9F
                  (the “Trust”)

              

      

      

        
          	
                  STATE
                    OF ______________

                	
                  )

                
	 	
                  )
                    ss:

                
	
                  COUNTY
                    OF ____________

                	
                  )

                

        

      

       

      Under
        penalties of perjury, I, the undersigned, declare that, to the best of my
        knowledge and belief, the following representations are true, correct, and
        complete.

       

      1. I
        am a
        duly authorized signatory of _______________, a ____________ (the “Transferee”),
        whose
        taxpayer identification number is _______________, and on behalf of which
        I have
        the authority to make this affidavit.

      2. The
        Transferee is acquiring the _________ and __________ Certificates (the
“Certificates”),
        each
        representing an interest in the Trust, for certain assets of which one or
        more
        real estate mortgage investment conduit (“REMIC”)
        elections are to be made under Section 860D of the Internal Revenue Code of
        1986, as amended (the “Code”).

      3. The
        Transferee understands that the Certificates will bear the following
        legend:

      

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
        TRANSFEREE PROVIDES THE TRUSTEE WITH (A) A CERTIFICATION TO THE EFFECT THAT
        SUCH
        TRANSFEREE (1) IS NEITHER AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
        ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY
        ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE
        OF 1986, AS AMENDED (THE “CODE”), (COLLECTIVELY, A “PLAN”) NOR A PERSON ACTING
        ON BEHALF OF, OR USING THE ASSETS OF, ANY SUCH PLAN OR (2) IF THE CERTIFICATE
        (OTHER THAN A RESIDUAL CERTIFICATE) HAS BEEN SUBJECT TO AN ERISA-QUALIFYING
        UNDERWRITING, IS AN INSURANCE COMPANY PURCHASING SUCH CERTIFICATES WITH FUNDS
        CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN
        SECTION V(E) OF THE PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”))
        AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS
        I
        AND III OF PTCE 95-60; OR (B) AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE
        AND THE SECURITIES ADMINISTRATOR, UPON WHICH THE TRUSTEE, THE SECURITIES
        ADMINISTRATOR, THE MASTER SERVICER AND THE DEPOSITOR SHALL BE ENTITLED TO
        RELY
        TO THE EFFECT THAT THE PURCHASE OR HOLDING OF SUCH CERTIFICATE BY THE
        PROSPECTIVE TRANSFEREE WILL NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS
        UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT
        THE
        TRUSTEE, THE SECURITIES ADMINISTRATOR, THE MASTER SERVICER OR THE DEPOSITOR
        TO
        ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN BY SUCH PARTIES IN THE TRUST
        AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUST
        FUND OR
        ANY OF THE ABOVE PARTIES. A TRANSFEREE OF A BOOK-ENTRY CERTIFICATE SHALL
        BE
        DEEMED TO HAVE MADE A REPRESENTATION AS REQUIRED IN THE TRUST
        AGREEMENT.

       

      
        
          
          

        

        
          Exhibit
            E-1

          
            

          

        

        
          
          

        

      

      4. The
        Transferee either:

      

      (a) is
        neither an employee benefit plan or other retirement arrangement subject
        to
        section 406 of the Employee Retirement Income Security Act of 1974, as amended
        (“ERISA”),
        or
        Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
        nor a
        person acting on behalf of, or using the assets of, any such plan or
        arrangement; or

      

      (b) if
        the
        Certificates (other than a Residual Certificate or Class X Certificate) have
        been subject to an ERISA-Qualifying Underwriting, is an insurance company
        purchasing such Certificates with funds contained in an “insurance company
        general account” (as such term is defined in Section V(e) of the Prohibited
        Transaction Class Exemption 95-60 (“PTCE
        95-60”))
        and
        the purchase and holding of such Certificate are covered under Sections I
        and
        III of PTCE 95-60; or

      

      (c) a
        Benefit
        Plan Opinion satisfactory to the Trustee, upon which the Trustee, the Securities
        Administrator, the Master Servicer and the Depositor shall be entitled to
        rely
        to the effect that the purchase or holding of such Certificate by the
        prospective transferee will not result in any non-exempt prohibited transactions
        under Section 406 of ERISA or Section 4975 of the Code and will not subject
        the
        Trustee, the Securities Administrator, the Master Servicer or the Depositor
        to
        any obligation in addition to those undertaken by such parties in the Trust
        Agreement, which Benefit Plan Opinion shall not be an expense of the Trust
        or
        any of the above parties. 

       

      
        
          
          

        

        
          Exhibit
            E-2

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be duly executed
        on its behalf, by its duly authorized officer on this ____day of ________,
        20 .

       

      [Name
        of
        Transferee]

      
        

        By:                                                        

        Name:

        Title:

      

      
 

      Personally
        appeared before me ________________, known or proved to me to be the same
        person
        who executed the foregoing instrument and to be a _________________________
        of
        the Transferee, and acknowledged to me that he executed the same as his or
        her
        free act and deed and as the free act and deed of the Transferee.

      

      

      Subscribed
        and sworn to before me this

      ______
        day of ________________, 20 .

      

      

      ________________________________

      Notary
        Public

      

      

      My
        commission expires:    

      

      

      

      
        
          
          

        

        
          Exhibit
            E-3

          
            

          

        

        
          
          

        

      

      Exhibit F

      

      FORM
        OF RESIDUAL TRANSFEREE AGREEMENT

       

      _________________

      (DATE)

      

      

      GS
        Mortgage Securities Corp.

      85
        Broad
        Street

      New
        York,
        New York 10004

      

      U.S.
        Bank
        National Association

      One
        Penn
        Plaza Suite 2700

      New
        York,
        New York 10119

      Attention:
        Structured Finance Department

      GSR
        2006-9F

      

      
        	 	
                Re:

              	
                Master
                  Servicing and Trust Agreement, dated as of October 1, 2006, among
                  GS
                  Mortgage Securities Corp., as Depositor, Wells Fargo Bank, N.A.,
                  as Master
                  Servicer, Securities Administrator, Deutsche Bank National Trust
                  Company,
                  as a Custodian, and U.S. Bank National Association, as Trustee
                  of GSR
                  Mortgage Loan
                  Trust 2006-9F

              

      

      

      Ladies
        and Gentlemen:

      

      In
        connection with the purchase on the date hereof of the captioned securities
        (the
“Residual
        Certificate”),
        to be issued pursuant to the Master Servicing and Trust Agreement, dated
        as of
        October 1, 2006, among GS Mortgage Securities Corp., Wells
        Fargo Bank, N.A.,
        as Master Servicer and Securities Administrator, Deutsche Bank National Trust
        Company, as a Custodian, and U.S. Bank National Association, as Trustee (the
        “Trustee”),
        which incorporates by reference the Standard Terms to Trust Agreement, October
        2006 Edition (the “Standard
        Terms to Trust Agreement”)
        (collectively, the “Trust
        Agreement”),
        the undersigned hereby certifies and covenants to the transferor, the Depositor,
        the Trustee and the Trust as follows:

       

      1. We
        certify that on the date hereof we have simultaneously herewith delivered
        to you
        an affidavit certifying, among other things, that (A) we are not a
        Disqualified Organization and (B) we are not purchasing such Residual
        Certificate on behalf of a Disqualified Organization. We understand that
        any
        breach by us of this certification may cause us to be liable for a tax imposed
        upon transfers to Disqualified Organizations.

       

      2. We
        acknowledge that we will be the beneficial owner of the Residual Certificate
        and
        that the Residual Certificate will be registered in our name and not in the
        name
        of a nominee.

       

      3. We
        certify that no purpose of our purchase of the Residual Certificate is to
        avoid
        or impede the assessment or collection of tax.

       

      
        
          
          

        

        
          Exhibit
            F-1

          
            

          

        

        
          
          

        

      

      4. (A) We
        understand that the Residual Certificate represents for federal income tax
        purposes a “residual interest” in a real estate mortgage investment conduit and
        (B) we understand that as the holder of the Residual Certificate we will be
        required to take into account, in determining our taxable income, our pro
        rata
        percentage interest of the taxable income of each REMIC formed pursuant to
        the
        Trust Agreement in accordance with all applicable provisions of the Internal
        Revenue Code of 1986, as amended (the “Code”).

       

      5. We
        understand that if, notwithstanding the transfer restrictions, any of the
        Residual Certificates is in fact transferred to a Disqualified Organization,
        a
        tax may be imposed on the transferor of such Residual Certificate. We agree
        that
        any breach by us of these representations shall render such transfer of such
        Residual Certificate by us absolutely null and void and shall cause no rights
        in
        the Residual Certificate to vest in the transferee.

       

      6. The
        sale to us and our purchase of the Residual Certificates constitutes a sale
        for
        tax and all other purposes and each party thereto has received due and adequate
        consideration. In our view, the transaction represents fair value, representing
        the results of arms length negotiations and taking into account our analysis
        of
        the tax and other consequences of investment in the Residual
        Certificates.

       

      7. Unless
        this provision is explicitly waived by the transferor to us of the Residual
        Certificates, we expect that the purchase of the Residual Certificates, together
        with the receipt of the price, if any, therefor will be economically neutral
        or
        profitable to us overall, after all related expenses (including taxes) have
        been
        paid and based on conservative assumptions with respect to discount rates,
        prepayments and other factors necessary to evaluate profitability.

       

      8. We
        are a
“U.S. Person” within the meaning of Section 7701(a)(30) of the Code. We are
        duly organized and validly existing under the laws of the jurisdiction of
        our
        organization. We are neither bankrupt nor insolvent nor do we have reason
        to
        believe that we will become bankrupt or insolvent. We have conducted and
        are
        conducting our business so as to comply in all material respects with all
        applicable statutes and regulations. The person executing and delivering
        this
        letter on our behalf is duly authorized to do so, the execution and delivery
        by
        us of this letter and the consummation of the transaction on the terms set
        forth
        herein are within our corporate power, and upon such execution and delivery,
        this letter will constitute our legal, valid and binding obligation, enforceable
        against us in accordance with its terms, subject, as to the enforcement of
        remedies, to applicable bankruptcy, reorganization, insolvency, moratorium
        and
        other laws affecting the right of creditors generally and to general principles
        of equity and the discretion of the court (regardless of whether enforcement
        of
        such remedies is considered in a proceeding in equity or at law).

       

      9. Neither
        the execution and delivery by us of this letter, nor the compliance by us
        with
        the provisions hereof, nor the consummation by us of the transactions as
        set
        forth herein, will (A) conflict with or result in a breach of, or
        constitute a default or result in the acceleration of any obligation under,
        our
        certificate of incorporation or by-laws or, after giving effect to the consents
        or the taking of the actions contemplated by clause (B) of this
        subparagraph, any of the provisions of any law, governmental rule, regulation,
        judgment, decree or order binding on us or our properties, or any of the
        provisions of any indenture or mortgage or any other contract or instrument
        to
        which we are a party or by which we or any of our properties is bound, or
        (B) require the consent of or notice to or any filing with, any person,
        entity or governmental body, which has not been obtained or made by
        us.

       

      
        
          
          

        

        
          Exhibit
            F-2

          
            

          

        

        
          
          

        

      

      10. We
        anticipate being a profit-making entity on an ongoing basis.

       

      11. We
        have filed all required federal and state income tax returns and have paid
        all
        federal and state income taxes due; we intend to file and pay all such returns
        and taxes in the future. We acknowledge that as the holder of the Residual
        Certificates, to the extent the Residual Certificates would be treated as
        a
        noneconomic residual interest within the meaning of U.S. Treasury Regulation
        Section 1.860E-1(c)(2), we may incur tax liabilities in excess of cash
        flows generated by the Residual Certificates and that we intend to pay taxes
        associated with holding the Residual Certificates as they become
        due.

       

      12. We
        agree that in the event that at some future time we wish to transfer any
        interest in the Residual Certificates, we will transfer such interest in
        the
        Residual Certificates only to a transferee that:

       

      (a) is
        not a Disqualified Organization and is not purchasing such interest in the
        Residual Certificates on behalf of a Disqualified Organization, and

       

      (b) has
        delivered to the Trustee a transferee agreement in the form of Exhibit D to
        the Standard Terms to Trust Agreement and an affidavit in the form of
        Exhibit G-1 or Exhibit G-2, as applicable, to the Standard Terms to
        Trust Agreement and, if requested by the Trustee, an opinion of counsel,
        in form
        acceptable to the Trustee, that the proposed transfer will not cause the
        Residual Certificates to be held by a Disqualified Organization.

       

      13. We
        are
        knowledgeable and experienced in financial, business and tax matters generally
        and in particular, the investment risks and tax consequences of REMIC residuals
        that provide little or no cash flow, and are capable of evaluating the merits
        and risks of an investment in the Residual Certificates; we are able to bear
        the
        economic risks of an investment in the Residual Certificates.

       

      14. In
        addition, we acknowledge that the Trustee will not register the transfer
        of a
        Residual Certificate to a transferee that is not a “U.S. Person” within the
        meaning of Section 7701(a)(30) of the Code. 

       

      15. Capitalized
        terms used herein but not defined herein shall have the meanings ascribed
        to
        such terms in the Standard Terms to Trust Agreement.

       

      16. We
        hereby
        designate the Trustee as our fiduciary to perform the duties of the tax matters
        person for each REMIC formed pursuant to the Trust Agreement.

       

      (signature
        page follows)

       

      
        
          
          

        

        
          Exhibit
            F-3

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the undersigned has caused this Agreement be validly executed
        by its duly authorized representative as of the day and year first above
        written.

       

      ___________________________________

      [Name
        of
        Transferee]

      

      By:      

      

      Its:      

      

      Taxpayer
        ID #     

       

      Personally
        appeared before me ________________, known or proved to me to be the same
        person
        who executed the foregoing instrument and to be a _________________________
        of
        the Transferee, and acknowledged to me that he executed the same as his or
        her
        free act and deed and as the free act and deed of the Transferee.

      

      

      Subscribed
        and sworn to before me this

      ______
        day of ________________, 20    
        .

      

      

      ____________________________

      Notary
        Public

      

      

      My
        commission expires:     

      
        
          
          

        

        
          Exhibit
            F-4

          
            

          

        

        
          
          

        

      

       

      Exhibit G-1

      

      FORM
        OF NON-U.S. PERSON AFFIDAVIT

      AND
        AFFIDAVIT PURSUANT TO SECTIONS

      860D(a)(6)(A)
        and 860E(e)(4)

      OF
        THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

      

      Re:         
        GS
        Mortgage Securities Corp., Depositor

      GSR
        Mortgage Loan Trust

      2006-9F
        (the “Trust”)

      

        
          	
                  STATE
                    OF ______________

                	
                  )

                
	 	
                  )
                    ss:

                
	
                  CITY
                    OF ________________

                	
                  )

                

        

         

      

      Under
        penalties of perjury, I, the undersigned, declare that to the best of my
        knowledge and belief, the following representations are true, correct and
        complete:

       

      1. I
        am a
        duly authorized officer of ___________________ (the “Transferee”),
        and
        on behalf of which I have the authority to make this affidavit.

       

      2. The
        Transferee is acquiring all or a portion of the securities (the “Residual
        Certificates”),
        which
        represent a residual interest in one or more real estate mortgage investment
        conduits (each, a “REMIC”)
        for
        which elections are to be made under Section 860D of the Internal Revenue
        Code of 1986, as amended (the “Code”).

       

      3. The
        Transferee is a foreign person within the meaning of Treasury Regulation
        Section 1.860G-3(a)(1) (i.e.,
        a
        person other than (i) a citizen or resident of the United States,
        (ii) a corporation or partnership that is organized under the laws of the
        United States or any jurisdiction thereof or therein, (iii) an estate that
        is subject to United States federal income tax regardless of the source of
        its
        income or (iv) a trust if a court within the United States is able to
        exercise primary supervision over the administration of such trust and one
        or
        more United States Persons have the authority to control all substantial
        decisions of the trust) who would be subject to United States income tax
        withholding pursuant to Section 1441 or 1442 of the Code on income derived
        from the Residual Certificates (a “Non-U.S.
        Person”).

       

      4. The
        Transferee agrees that it will not hold the Residual Certificates in connection
        with a trade or business in the United States, and the Transferee understands
        that it will be subject to United States federal income tax under
        Sections 871 and 881 of the Code in accordance with Section 860G of
        the Code and any Treasury regulations issued thereunder on “excess inclusions”
that accrue with respect to the Residual Certificates during the period the
        Transferee holds the Residual Certificates.

       

      
        
          
          

        

        
          Exhibit
            G-1-1

          
            

          

        

        
          
          

        

      

      5. The
        Transferee understands that the federal income tax on excess inclusions with
        respect to the Residual Certificates may be withheld in accordance with
        Section 860G(b) of the Code from distributions that otherwise would be made
        to the Transferee on the Residual Certificates and, to the extent that such
        tax
        has not been imposed previously, that such tax may be imposed at the time
        of
        disposition of any such Residual Certificate pursuant to Section 860G(b) of
        the Code.

       

      6. The
        Transferee agrees (i) to file a timely United States federal income tax
        return for the year in which disposition of a Residual Certificate it holds
        occurs (or earlier if required by law) and will pay any United States federal
        income tax due at that time and (ii) if any tax is due at that time, to
        provide satisfactory written evidence of payment of such tax to the Trustee
        or
        its designated paying agent or other person who is liable to withhold federal
        income tax from a distribution on the Residual Certificates under
        Sections 1441 and 1442 of the Code and the regulations thereunder (the
“Withholding
        Agent”).

       

      7. The
        Transferee understands that until it provides written evidence of the payment
        of
        tax due upon the disposition of a Residual Certificate to the Withholding
        Agent
        pursuant to paragraph 6 above, the Withholding Agent may (i) withhold
        an amount equal to such tax from future distributions made with respect to
        the
        Residual Certificate to subsequent transferees (after giving effect to the
        withholding of taxes imposed on such subsequent transferees), and (ii) pay
        the withheld amount to the Internal Revenue Service.

       

      8. The
        Transferee understands that (i) the Withholding Agent may withhold other
        amounts required to be withheld pursuant to United States federal income
        tax
        law, if any, from distributions that otherwise would be made to such transferee
        on each Residual Certificate it holds and (ii) the Withholding Agent may
        pay to the Internal Revenue Service amounts withheld on behalf of any and
        all
        former holders of each Residual Certificate held by the Transferee.

       

      9. The
        Transferee understands that if it transfers a Residual Certificate (or any
        interest therein) to a United States Person (including a foreign person who
        is
        subject to net United States federal income taxation with respect to such
        Residual Certificate), the Withholding Agent may disregard the transfer for
        federal income tax purposes if the transfer would have the effect of allowing
        the Transferee to avoid tax on accrued excess inclusions and may continue
        to
        withhold tax from future distributions as though the Residual Certificate
        were
        still held by the Transferee.

       

      10. The
        Transferee understands that a transfer of a Residual Certificate (or any
        interest therein) to a Non-U.S. Person (i.e.,
        a
        foreign person who is not subject to net United States federal income tax
        with
        respect to such Residual Certificate) will not be recognized unless the
        Withholding Agent has received from the transferee an affidavit in substantially
        the same form as this affidavit containing these same agreements and
        representations.

       

      11. The
        Transferee understands that distributions on a Residual Certificate may be
        delayed, without interest, pending determination of amounts to be
        withheld.

       

      
        
          
          

        

        
          Exhibit
            G-1-2

          
            

          

        

        
          
          

        

      

      12. The
        Transferee is not a “Disqualified Organization” (as defined below), and the
        Transferee is not acquiring a Residual Certificate for the account of, or
        as
        agent or nominee of, or with a view to the transfer of direct or indirect
        record
        or beneficial ownership to, a Disqualified Organization. For the purposes
        hereof, a Disqualified Organization is any of the following: (i) the United
        States, any State or political subdivision thereof, any foreign government,
        any
        international organization, or any agency or instrumentality of any of the
        foregoing; (ii) any organization (other than a farmer’s cooperative as
        defined in Section 521 of the Code) that is exempt from federal income
        taxation (including taxation under the unrelated business taxable income
        provisions of the Code); (iii) any rural telephone or electrical service
        cooperative described in Section 1381(a)(2)(C) of the Code; or
        (iv) any other entity treated as a “disqualified organization” within the
        meaning of Section 860E(e)(5) of the Code. 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.

       

      13. The
        Transferee agrees to consent to any amendment of the Trust Agreement that
        shall
        be deemed necessary by the Depositor (upon the advice of counsel to the
        Depositor) to constitute a reasonable arrangement to ensure that no interest
        in
        a Residual Certificate will be owned directly or indirectly by a Disqualified
        Organization.

       

      14. The
        Transferee acknowledges that Section 860E(e) of the Code would impose a
        substantial tax on the transferor or, in certain circumstances, on an agent
        for
        the Transferee, with respect to any transfer of any interest in any Residual
        Certificate to a Disqualified Organization.

       

      Capitalized
        terms used and not otherwise defined herein shall have the meanings assigned
        to
        them in the Master Servicing and Trust Agreement, dated as of October 1,
        2006,
among
        GS
        Mortgage Securities Corp., as Depositor, U.S. Bank National Association,
        as
        Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
        Administrator, and Deutsche Bank National Trust Company, as a Custodian,
        and the
        Standard Terms to Master Servicing and Trust Agreement (October 2006 Edition)
        incorporated by reference thereto.

       

      
        
          
          

        

        
          Exhibit
            G-1-3

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be duly executed
        on its behalf, by its duly authorized officer as of the _______ day of
        _____________, 20__.

       

       

      ___________________________________

      [Name
        of
        Transferee]

      

      By:      

      

      Its:      

       

      

      Personally
        appeared before me ________________, known or proved to me to be the same
        person
        who executed the foregoing instrument and to be a _________________________
        of
        the Transferee, and acknowledged to me that he executed the same as his or
        her
        free act and deed and as the free act and deed of the Transferee.

      

      

      Subscribed
        and sworn to before me this______
        day of ________________, 20    
        .

      

      

      ____________________________

      Notary
        Public

      

      

      My
        commission expires:     

      
        
          
          

        

        
          Exhibit
            G-1-4

          
            

          

        

        
          
          

        

      

      Exhibit G-2

      

      FORM
        OF U.S. PERSON AFFIDAVIT

      AND
        AFFIDAVIT PURSUANT TO SECTIONS

      860D(a)(6)(A)
        and 860E(e)(4)

      OF
        THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

       

      Re:         
        GS
        Mortgage Securities Corp., Depositor

      GSR
        Mortgage Loan Trust

      2006-9F
        (the “Trust”)

      
        

          
            	
                    STATE
                      OF ______________

                  	
                    )

                  
	 	
                    )
                      ss:

                  
	
                    CITY
                      OF ________________

                  	
                    )

                  

          

           

        

      

      Under
        penalties of perjury, I, the undersigned declare that, to the best of my
        knowledge and belief, the following representations are true, correct and
        complete:

       

      1. I
        am a
        duly authorized officer of ______________________ (the “Transferee”),
        on
        behalf of which I have the authority to make this affidavit.

       

      2. The
        Transferee is acquiring all or a portion of the securities (the “Residual
        Certificates”), which represent a residual interest in one or more real estate
        mortgage investment conduits (each, a “REMIC”)
        for
        which elections are to be made under Section 860D of the Internal Revenue
        Code of 1986, as amended (the “Code”).

       

      3. The
        Transferee either is (i) a citizen or resident of the United States,
        (ii) a domestic partnership or corporation, (iii) an estate that is
        subject to United States 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 such trust and one
        or
        more United States Persons have the authority to control all substantial
        decisions of the trust, or (v) a foreign person who would be subject to
        United States income taxation on a net basis on income derived from the Residual
        Certificates (a “U.S.
        Person”).

       

      4. The
        Transferee is a not a “Disqualified Organization” (as defined below), and the
        Transferee is not acquiring a Residual Certificate for the account of, or
        as
        agent or nominee of, or with a view to the transfer of direct or indirect
        record
        or beneficial ownership to, a Disqualified Organization. For the purposes
        hereof, a Disqualified Organization is any of the following: (i) the United
        States, any state or political subdivision thereof, any foreign government,
        any
        international organization, or any agency or instrumentality of any of the
        foregoing; (ii) any organization (other than a farmer’s cooperative as
        defined in Section 521 of the Code) that is exempt from federal income
        taxation (including taxation under the unrelated business taxable income
        provisions of the Code); (iii) any rural telephone or electrical service
        cooperative described in § 1381(a)(2)(C) of the Code; or (iv) any
        other entity treated as a “disqualified organization” within the meaning of
        Section 860E(e)(5) of the Code. 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.

       

      
        
          
          

        

        
          Exhibit
            G-2-1

          
            

          

        

        
          
          

        

      

      5. The
        Transferee agrees to consent to any amendment of the Trust Agreement that
        shall
        be deemed necessary by the Depositor (upon the advice of counsel to the
        Depositor) to constitute a reasonable arrangement to ensure that no interest
        in
        a Residual Certificate will be owned directly or indirectly by a Disqualified
        Organization.

       

      6. The
        Transferee acknowledges that Section 860E(e) of the Code would impose a
        substantial tax on the transferor or, in certain circumstances, on an agent
        for
        the Transferee, with respect to any transfer of any interest in any Residual
        Certificate to a Disqualified Organization.

       

      Capitalized
        terms used and not otherwise defined herein shall have the meanings assigned
        to
        them in the Master Servicing and Trust Agreement, dated as of October 1,
        2006,
among
        GS
        Mortgage Securities Corp., as Depositor, U.S. Bank National Association,
        as
        Trustee, Wells Fargo Bank, N.A., as Master Servicer and Securities
        Administrator, and Deutsche Bank National Trust Company, as a Custodian,
        and the
        Standard Terms to Master Servicing and Trust Agreement (October 2006 Edition)
        incorporated by reference thereto.

       

      IN
        WITNESS WHEREOF, the Transferee has caused this instrument to be duly executed
        on its behalf, by its duly authorized officer this ____ day of ______,
        20__.

      
         

        ___________________________________

        [Name
          of
          Transferee]

        

        By:      

        

        Its:      

         

      

      

      Personally
        appeared before me ___________________, known or proved to me to be the same
        person who executed the foregoing instrument and to be a _______________
        of the
        Transferee, and acknowledged to me that he or she executed the same as his
        or
        her free act and deed and as the free act and deed of the
        Transferee.

       

      Subscribed
        and sworn before me this ____ day of ________, 20__.

       

      _________________________

      Notary
        Public

      

      

      My
        commission expires the ____ day of ____________________, 20__.

       

      

      
        
          
          

        

        
          Exhibit
            G-2-2

          
            

          

        

        
          
          

        

      

      Exhibit H

      

      FORM
        OF CERTIFICATION TO BE PROVIDED TO THE DEPOSITOR BY THE

      SECURITIES
        ADMINISTRATOR

      

      GS
        Mortgage Securities Corp.

      85
        Broad
        Street

      New
        York,
        New York 10004

      

      Re:          GS
        Mortgage Securities Corp., Depositor

      GSR
        Mortgage Loan Trust 2006-9F (the “Trust”)

      

      Reference
        is made to the Master Servicing and Trust Agreement, dated as of October
        1, 2006
        (the “Trust
        Agreement”),
        by
        and among U.S. Bank National Association (the “Trustee”),
        Wells
        Fargo Bank, N.A., as Master Servicer (the “Master
        Servicer”)
        and as
        Securities Administrator (the “Securities
        Administrator”),
        Deutsche Bank National Trust Company, as a Custodian, and GS Mortgage Securities
        Corp., as Depositor (the “Depositor”)
        and the
        Standard Terms to Master Servicing and Trust Agreement (October 2006 Edition)
        incorporated by reference thereto.
        The
        Securities Administrator hereby certifies to the Depositor, and its officers,
        directors and affiliates, and with the knowledge and intent that they will
        rely
        upon this certification, that:

       

      
        	 	
                (i)

              	
                The
                  Securities Administrator has reviewed the annual report on Form
                  10-K for
                  the fiscal year [   ], and all reports on Form 8-K containing
                  distribution reports filed in respect of periods included in the
                  year
                  covered by that annual report, relating to the above-referenced
                  trust;

              

      

       

      
        	 	
                (ii)

              	
                Subject
                  to paragraph (iv), the distribution information in the distribution
                  reports contained in all Monthly Form 8-K’s included in the year covered
                  by the annual report on Form 10-K for the calendar year [___],
                  taken as a
                  whole, does not contain any untrue statement of a material fact
                  or omit to
                  state a material fact required by the Trust Agreement to be included
                  therein and necessary to make the statements made, in light of
                  the
                  circumstances under which such statements were made, not misleading
                  as of
                  the last day of the period covered by that annual
                  report;

              

      

       

      
        	 	
                (iii)

              	
                The
                  distribution information required to be provided by the Securities
                  Administrator under the Trust Agreement is included in these
                  reports.

              

      

       

      
        	 	
                (iv)

              	
                In
                  compiling the distribution information and making the foregoing
                  certifications, the Securities Administrator has relied upon information
                  furnished to it by the Master Servicer under the Trust Agreement.
                  The
                  Securities Administrator shall have no responsibility or liability
                  for any
                  inaccuracy in such reports resulting from information so provided
                  by the
                  Master Servicer.

              

      

       

      (signature
        page follows)

       

      
        
          
          

        

        
          Exhibit
            H-1

          
            

          

        

        
          
          

        

      

       

      Date:

      Wells
        Fargo Bank, N.A.,

      as
        Securities Administrator

      

      By: ____________________________

      Name: ____________________________

      Title: ____________________________

      

      
        
          
          

        

        
          Exhibit
            H-2

          
            

          

        

        
          
          

        

      

      

      Exhibit I

      

      FORM
        OF CERTIFICATION TO BE PROVIDED TO THE DEPOSITOR BY THE

      MASTER
        SERVICER

      

      

      GS
        Mortgage Securities Corp.

      85
        Broad
        Street

      New
        York,
        New York 10004

      

      Re:         
        GS
        Mortgage Securities Corp., Depositor

      GSR
        Mortgage Loan Trust 2006-9F (the “Trust”)

      

      Reference
        is made to the Master Servicing and Trust Agreement, dated as of October
        1, 2006
        (the “Trust
        Agreement”),
        by
        and among U.S. Bank National Association (the “Trustee”),
        Wells
        Fargo Bank, N.A., as Master Servicer (the “Master
        Servicer”)
        and as
        Securities Administrator (the “Securities
        Administrator”),
        Deutsche Bank National Trust Company, as a Custodian, and GS Mortgage Securities
        Corp., as Depositor (the “Depositor”)
        and the
        Standard Terms to Master Servicing and Trust Agreement (October 2006 Edition)
        incorporated by reference thereto.
        The
        Master Servicer hereby certifies to the Depositor, the Securities Administrator
        and the Trustee, and their respective officers, directors and affiliates,
        and
        with the knowledge and intent that they will rely upon this certification,
        that:

       

      
        	 	
                (i)

              	
                Based
                  on our knowledge, the information prepared by the Master Servicer
                  and
                  relating to the mortgage loans master serviced by the Master Servicer
                  and
                  provided by the Master Servicer to the Securities Administrator
                  and the
                  Trustee and in its reports to the Securities Administrator and
                  the Trustee
                  is accurate and complete in all material respects as of the last
                  day of
                  the period covered by such report;

              

      

       

      
        	 	
                (ii)

              	
                Based
                  on our knowledge, the servicing information required to be provided
                  to the
                  Securities Administrator and the Trustee by the Master Servicer
                  pursuant
                  to the Trust Agreement has been provided to the Securities Administrator
                  and the Trustee;

              

      

       

      
        	 	
                (iii)

              	
                Based
                  upon the review required under the Trust Agreement, and except
                  as
                  disclosed in its reports, the Master Servicer as of the last day
                  of the
                  period covered by such reports has fulfilled its obligations under
                  the
                  Trust Agreement; and

              

      

       

      
        	 	
                (iv)

              	
                In
                  compiling the distribution information and making the foregoing
                  certifications, the Master Servicer has relied upon information
                  furnished
                  to it by the servicers under the respective servicing agreements.
                  The
                  Master Servicer shall have no responsibility or liability for any
                  inaccuracy in such reports resulting from information so provided
                  by such
                  servicers.

              

      

       

      
        
          
          

        

        
          Exhibit
            I-1

          
            

          

        

        
          
          

        

      

       

      Date:

      Wells
        Fargo Bank, N.A.,

      as
        Master
        Servicer

       

      By: ____________________________

      Name: ____________________________

      Title: ____________________________

      

      
        
          
          

        

        
          Exhibit
            I-2

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

       

      FORM
        OF
        CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN REPORT ON
        ASSESSMENT OF COMPLIANCE

       

      

      To:

      

      Goldman
        Sachs Mortgage Company

      85
        Broad
        Street, 26th
        Floor

      New
        York,
        New York 10004 

      

      GS
        Mortgage Securities Corp.

      85
        Broad
        Street

      New
        York,
        New York 10004

      

      Reference
        is made to that certain Standard Terms to Master Servicing and Trust Agreement
        (October 2006 Edition) (the “Agreement”),
        which
        is incorporated by reference in the Master Servicing and Trust Agreement,
        dated
        as of October 1, 2006 (the “Trust
        Agreement”),
        by
        and among U.S. Bank National Association (the “Trustee”),
        Wells
        Fargo Bank, N.A., as Master Servicer (the “Master
        Servicer”)
        and as
        Securities Administrator (the “Securities
        Administrator”),
        Deutsche Bank National Trust Company, as a Custodian, and GS Mortgage Securities
        Corp., as Depositor (the “Depositor”),
        with
        respect to GSR Mortgage Loan Trust Mortgage Pass-Through Certificates, Series
        2006-9F. This certification is delivered pursuant to Section 8.01 and 11.01
        of
        the Agreement. Capitalized terms used herein but not otherwise defined shall
        have the meanings set forth in the Agreement.

      

      _________________________,
        the undersigned, a duly authorized _______________ of Wells Fargo Bank, N.A.,
        does hereby certify that the assessment of compliance to be delivered by
        Wells
        Fargo Bank, N.A. shall address, at a minimum, the criteria identified below
        as
“Applicable Servicing Criteria” as identified by a mark in the column titled
“Applicable Servicing Criteria.”

      

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              
	
                Reference

              	
                Criteria

              	 
	 	
                General
                  Servicing Considerations

              	 
	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              
	
                1122(d)(1)(iii)

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

              	 

      

       

      
        
           

        

        
          Exhibit
            J-1

          
            

          

        

        
           

        

      

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

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

              	
                X

              
	
                1122(d)(2)(ii)

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

              	
                X

              
	
                1122(d)(2)(iii)

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

              	
                X

              
	
                1122(d)(2)(iv)

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

              	
                X

              
	
                1122(d)(2)(v)

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

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              
	
                1122(d)(2)(vii)

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

              	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

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

              	
                X

              

      

       

       

      
        
          
          

        

        
          Exhibit
            J-2

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              

      

      
        	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              

      

      
        	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	 
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s mortgage loans (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	 

      

       

       

      
        
          
          

        

        
          Exhibit
            J-3

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
                  Criteria

              	
                Applicable

                Servicing

                Criteria
                  for Wells Fargo

              

      

      
        	
                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

              
	 	 	 

      

      

      

      
        
          
          

        

        
          Exhibit
            J-4

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

      Form
        10-D
        Disclosure

      
         

        Form
          8-K
          Disclosure Information

        

        
          	
                  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 (other than the Custodians)

                
	
                  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 (other than the Custodians)

                
	
                  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

                
	
                  ▪
                    Other Servicer servicing 20% or more of the pool assets at the
                    time of the
                    report

                	
                  Servicer

                
	
                  ▪
                    Other material servicers

                	
                  Servicer

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Credit Enhancer (10% or more)

                	
                  Depositor

                

        

         

         

        
          
            
            

          

          
            Exhibit
              K-1

            
              

            

          

          
            
            

          

        

         

        
          	
                  FORM
                    8-K DISCLOSURE INFORMATION

                
	
                  Item
                    on Form 8-K

                	
                  Party
                    Responsible 

                
	
                  ▪
                    Derivative Counterparty

                	
                  Depositor

                
	
                  ▪
                    Custodian

                	
                  Custodian

                
	
                  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 Pooling and Servicing
                    Agreement.

                	
                  Securities
                    Administrator

                  Trustee

                  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/Trustee

                
	
                  Reg
                    AB disclosure about any new servicer or master servicer is also
                    required.

                	
                  Servicer/Master
                    Servicer/Depositor

                
	
                  Reg
                    AB disclosure about any new Trustee is also required.

                	
                  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/Trustee

                

        

         

         

        
          
            
            

          

          
            Exhibit
              K-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

                  Trustee

                
	
                  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 (other than the Custodians)

                
	
                  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

                

        

         

        
          
            
            

          

          
            Exhibit
              K-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          L

         

        Additional
          Form 10-D Disclosure

         

      

      
        	 
	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible 

              
	
                Item
                  1: Distribution and Pool Performance Information

                 

              	 
	
                Information
                  included in the [Monthly Statement]

              	
                Servicer

                Master
                  Servicer

                Securities
                  Administrator

              
	
                Any
                  information required by 1121 which is NOT included on the [Monthly
                  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 Pooling and Servicing Agreement) or
                  Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer

              
	
                ▪
                  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

              

      

       

       

      
        
          
          

        

        
          Exhibit
            L-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

              
	
                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

              
	
                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.

              	 

      

       

       

      
        
          
          

        

        
          Exhibit
            L-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

              

      

      

      

       

      
        
          
          

        

        
          Exhibit
            L-3

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

       

      Additional
        Form 10-K Disclosure

      

      
        	 
	
                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.

              	 

      

       

       

      
        
          
          

        

        
          Exhibit
            M-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
                  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 Pooling and Servicing Agreement) or
                  Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer

              
	
                ▪
                  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) 

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              
	
                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) 

                Sponsor/Seller
                  as to (a)

              

      

       

       

      
        
          
          

        

        
          Exhibit
            M-2

          
            

          

        

        
          
          

        

      

       

      
        	 
	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible 

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              
	
                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) 

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer 

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              

      

      

      

      
        
          
          

        

        
          Exhibit
            M-3

          
            

          

        

        
          
          

        

      

      

      SCHEDULE
        I

      

      BOND
        LEVEL REPORT

      

      

      

      

      

      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        II

      

      LOAN
        LEVEL REPORT

      

      

      

      

      

      
        
          
          

        

        
          II-1

          
            

          

        

        
          
          

        

      

      SCHEDULE
        III

      

      REMITTANCE
        REPORT

       

      
        
          	 	 	 	 	 	 	 	 	 	 	 	 
	
                  Data
                    Field

                	
                  Investor_ID

                	
                  Category_ID

                	
                  Servicer
                    loan number

                	
                  Investor
                    Loan #

                	
                  PIF
                    Principal Amount

                	
                  PIF
                    Net Interest Paid

                	
                  PIF
                    date

                	
                  Beginning
                    scheduled note rate

                	
                  Ending
                    note rate

                	
                  Beginning
                    schedule service fee

                	
                  Ending
                    service fee

                
	
                  Format

                	
                  Number
                    (no decimals)

                	
                  Number
                    (no decimals)

                	
                  Number
                    (no decimals)

                	
                  Number
                    (no decimals)

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                	
                  Date
                    (mm/dd/yy) format

                	
                  Number
                    (seven Decimals)

                	
                  Number
                    (seven decimals)

                	
                  Number
                    (seven decimals)

                	
                  Number
                    (seven decimals)

                
	
                  Description

                	
                  ID
                    number used by your company for the investor

                	
                  ID
                    number used by your company for the specific deal.

                	
                  Servicer
                    Loan Number - loan number used at your company.

                	
                  Loan
                    number used by Investor

                	
                  Paid-in-full
                    principal balance amount

                	
                  Net
                    interest paid the loan was paid-in-full

                	
                  Enter
                    the date the loan was paid-in-full. Leave blank if no PIF
                    transaction.

                	
                  Beginning
                    scheduled note rate before the servicer's monthly activity. Can
                    be blank
                    for act/act pools.

                	
                  Ending
                    scheduled loan note rate after servicer's monthly activity (sch/sch)
                    or
                    the ending actual loan note rate after servicer's activity
                    (act/act).

                	
                  Beginning
                    scheduled servicer service fee rate before the servicer's monthly
                    activity. Can be blank for act/act pools.

                	
                  Ending
                    scheduled servicer service fee rate after the servicer's monthly
                    activity.

                
	
                  Example:

                	
                  1000

                	
                  2

                	
                  1234

                	
                  56789

                	
                  0.00

                	
                  0.00

                	
                   

                	
                  0.0887500

                	
                  0.0887500

                	
                  0.0025000

                	
                  0.0025000

                

        

        

        

        
          	 	 	 	 	 	 	 	 	 	 	 
	
                  Ending
                    due date

                	
                  Beginning
                    schedule 100% P&I

                	
                  Ending
                    100% P&I

                	
                  Beginning
                    security balance

                	
                  Ending
                    security balance

                	
                  Ending
                    part UPB

                	
                  Ending
                    100% UPB

                	
                  Principal

                  remitted

                	
                  Interest
                    remitted

                	
                  Principal

                	
                  Curtailment

                
	
                  Date
                    (mm/dd/yy) format

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                	
                  Number
                    (two decimals)

                
	
                  Ending
                    actual loan due date

                	
                  Beginning
                    scheduled 100% monthly payment amount before the servicer's monthly
                    activity. Can be blank for act/act pools.

                	
                  Ending
                    100% scheduled monthly loan payment amount after servicer's monthly
                    activity (sch/sch) or the ending 100% actual monthly loan payment
                    amount
                    after servicer's activity (act/act).

                	
                  (Sch/Sch)
                    beginning scheduled balance.

                  (Act/Act)
                    beginning 100% Actual balance or the beginning participation
                    Actual
                    balance for participation loans.

                	
                  (Sch/Sch)
                    Ending scheduled balance.

                  (Act/Act)
                    Ending 100% Actual balance or the ending participation Actual
                    balance for
                    participation loans.

                	
                  Ending
                    actual participation loan principal balance after servicer's
                    monthly
                    activity.

                	
                  Ending
                    100% actual principal balance after servicer's monthly
                    activity.

                	
                  (Sch/Sch)
                    --- Add scheduled principal + Curtailments + payoff/liquidation
                    amount
                    (Act/Act) --- Add actual principal + curtailments + payoff/liquidation
                    amounts.

                	
                  For
                    Sch/Sch loans, enter the scheduled net
                    interest
                    amount remitted. For Act/Act loans, enter the net interest amount
                    remitted. Net Interest should equal the Gross Interest Amount
                    minus
                    Service Fee Amount.

                	
                  (Sch/Sch)
                    --- scheduled principal (Act/Act) --- actual principal
                    paid

                	
                  Curtailment
                    amount

                
	
                  07/01/02

                	
                  4475.51

                	
                  4475.51

                	
                  557866.38

                	
                  557516.76

                	
                  557866.38

                	
                  557866.38

                	
                  349.62

                	
                  4009.67

                	
                  349.62

                	
                  0.00

                

        

        
 

      

      
        
          
          

        

        
          III-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]