Document:

EMPLOYMENT
      AGREEMENT

    

    This
      Employment Agreement dated as of November 15, 2006 (this “Agreement”),
      by
      and between OTELCO INC., a Delaware corporation (the “Company”)
      and
      JERRY C. BOLES (the ‘Employee”).
      

    

    WHERE
      AS,
      the
      Company and the Employee desire to enter into this Agreement.

    

    NOW
      THEREFORE,
      in
      consideration of the mutual covenants contained herein and other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto agree as follows:

    

    Section
      1. Effective
      Date; Termination.
      

    

    This
      Agreement shall become effective on the date first written above (the
“Effective
      Date”).

    

    Section
      2. Employment
      Period.
      

    

    Subject
      to Section
      4,
      the
      Company hereby agrees to employ the Employee, and the Employee hereby agrees
      to
      be employed by the Company, in accordance with the terms and provisions of
      this
      Agreement, for the period from the Effective Date through the Termination Date
      (the “Employment
      Period”).

    

    Section
      3. Terms
      of Employment.

    

    (a)
      Duties
      and Position.
      During
      the Employment Period, the Employee shall serve as Vice President and Controller
      of the Company. As such, the Employee shall have duties and responsibilities
      commensurate with such position and such other duties and responsibilities
      as
      may from time to time be assigned to or vested in the Employee by the Company’s
      Board of Directors (the “Board”)
      or the
      Chief Executive Officer. 

    

    (b)
      Full
      Time.
      During
      the Employment Period, and excluding any periods of vacation and sick leave
      to
      which the Employee is entitled, the Employee agrees to devote his full business
      time and efforts, to the best of his ability, experience and talent, to the
      business and affairs of the Company. During the Employment Period, it shall
      not
      be a violation of this Agreement for the Employee to serve on corporate, civic
      or charitable boards or committees or manage personal investments (including
      serving as a member of boards of directors or similar bodies of entities not
      engaged in competition with the Company (as determined by the Board in its
      reasonable discretion)), in each case, so long as such activities do not
      interfere with the performance of the Employee’s responsibilities as an employee
      of the Company in accordance with this Agreement.

    

    (c)
      Compensation.
      

    

    (i)
      Base
      Salary.
      During
      the Employment Period, the Employee shall receive an annual base salary of
      $116,000 which Annual Base Salary shall be subject to annual increase by an
      amount equal to at least the increase in the cost of living, if any, between
      the
      date of the immediately preceding increase and the date of each such adjustment,
      based upon the Consumer Price Index for the Birmingham, Alabama MSA, or if
      that
      index is discontinued, a similar index prepared by a department or agency of
      the
      United States government (as so adjusted, the “Annual
      Base Salary”).
      The
      Annual Base Salary shall be paid in accordance with the customary payroll
      practices of the Company, subject to withholding and other payroll
      taxes.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (ii)
      Bonus.
      For
      each fiscal year during the Employment Period, the Employee will be entitled
      to
      receive a bonus (the “Bonus”)
      of up
      to 25% of the Annual Base Salary. The Bonus shall be based upon the Company
      achieving operating and/or financial goals to be established by the Board or
      any
      duly appointed committee thereof in good faith, in its sole
      discretion.

    

    (iii)
      Benefits.
      During
      the Employment Period, the Employee shall be entitled to participate in all
      incentive (including any long term incentive plan), savings and retirement
      plans, practices, policies and programs applicable generally to other employees
      of the Company and shall be eligible for participation in and shall receive
      all
      benefits under welfare benefit plans, practices, policies and programs provided
      by the Company to the extent applicable generally to other employees of the
      Company. In addition, the Employee will be entitled to coverage under any
      directors’ and officers’ liability insurance maintained by the
      Company.

    

    (iv)
      Automobile.
      During
      the Employment Period, the Company shall provide the Employee with the use
      of a
      Company automobile (or, at the Company’s option, shall lease an automobile for
      the Employee’s use) and shall reimburse the Employee for all reasonable expenses
      incurred by the Employee in connection with the use and maintenance of such
      automobile.

    

    (v)
      Expenses.
      The
      Employee shall be entitled to receive reimbursement for all reasonable expenses
      incurred by the Employee during the Employment Period in connection with the
      performance of his duties hereunder, in accordance with the policies, practices
      and procedures of the Company as in effect from time to time.

    

    (vi)
      Vacation
      and Holidays.
      During
      the Employment Period, the Employee shall be entitled to up to 5 weeks paid
      vacation per year in accordance with the policies of the Company applicable
      to
      other employees of the Company generally.

    

    Section
      4. Termination
      of Employment.

    

    (a)
      Death
      or Disability.
      The
      Employee’s employment shall terminate automatically upon the Employee’s death or
      Disability. For purposes of this Agreement, “Disability”
shall
      mean the Employee’s inability to perform his duties and obligations hereunder
      for any 90 days during a period of 180 consecutive days due to mental or
      physical incapacity as determined by a physician selected by the Company or
      its
      insurers.

    

    (b)
      Termination
      by the Employee.
      The
      Employee may terminate his employment with the Company at any time, without
      prior notice.

    

    (c)
      Termination
      by the Company.
      The
      Company may terminate the Employee’s employment with the Company at any time,
      with or without Cause and without prior notice. “Cause”
will
      mean that any of the following will have occurred: (i) the Employee has been
      convicted of a felony, stolen funds or otherwise engaged in fraudulent conduct,
      (ii) the Employee has engaged in willful misconduct or has been grossly
      negligent, in each case, which has been materially injurious to the Company,
      (iii) the Employee has failed or refused to comply with directions of the Board
      that are reasonably consistent with the Employee’s current position, or (iv) the
      Employee has breached the terms of this Agreement. “Without
      Cause”
shall
      mean a termination by the Company of the Employee’s employment during the
      Employment Period for any reason other than a termination based upon Cause,
      death or Disability.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      5. Obligations
      of the Company upon Termination.

    

    (a)
      Without
      Cause.
      If,
      during the Employment Period, the Company shall terminate the Employee’s
      employment Without Cause, then the Company will provide the Employee with the
      following severance payments and/or benefits:

    

    (i)
      The
      Company shall pay to the Employee a lump sum in the amount of the Employee’s
      accrued but unpaid Annual Base Salary through the Termination Date
      (“Accrued
      Obligations”);

    

    (ii)
      The
      Employee, if applicable, and members of his family shall be entitled to continue
      their participation in the Company’s welfare and benefit plans (the
“Benefits”)
      until
      the Termination Date;

    

    (iii)
      The
      Company shall pay to the Employee a lump sum in the amount of 1/2 of his Annual
      Base Salary; and

    

    (iv)
      The
      Company shall pay to the Employee a lump sum amount equal to the Bonus the
      Employee would have received had he remained employed by the Company through
      the
      end of the fiscal year in which the termination occurred, pro rated for the
      number of days Employee was employed by the Company during such fiscal year,
      to
      be paid at the same time that similar bonuses are paid to the Company’s other
      employees.

    

    (b)
      Cause;
      by the Employee; Death or Disability.
      If the
      Employee’s employment shall be terminated by the Company for Cause, by the
      Employee for any reason, or due to death or Disability, then the Company shall
      have no further payment obligations to the Employee (or his heirs or legal
      representatives) other than for (i) payment of Accrued Obligations and (ii)
      the
      continuance of Benefits through the Termination Date.

    

    (c)
      Condition:
      Remedies.
      The
      Employee acknowledges and agrees that, (a) the Company’s obligations to make
      payments under Section
      5(a)
      will be
      conditioned on the Employee executing and delivering a customary general release
      in form and substance reasonably satisfactory to the Company.

    

    Section
      6. Nondisclosure
      and Nonuse of Confidential Information.

    

    (a)
      The
      Employee shall not disclose or use at any time, either during the Employment
      Period or thereafter, any Confidential Information (as hereinafter defined)
      of
      which the Employee is or becomes aware as a consequence of or in connection
      with
      his employment with a Company, whether or not such information is developed
      by
      him, except (i) to the extent that such disclosure or use is in furtherance
      of
      the Employee’s performance in good faith of his duties as President of the
      Company or (ii) to the extent required by law or legal process; provided
      that (A)
      the Employee agrees to provide the Company with prompt written notice of any
      such law or legal process and to assist the Company, at the Company’s expense,
      in asserting any legal challenges to or appeals of such law or legal process
      that the Company in its sole discretion pursues, and (B) in complying with
      any
      such law or legal process, the Employee shall limit his disclosure only to
      the
      Confidential Information that is expressly required to be disclosed by such
      law
      or legal process. The Employee will take all commercially reasonable steps
      to
      safeguard Confidential Information and to protect it against disclosure, misuse,
      espionage, loss and theft. The Employee shall deliver to the Company at the
      termination of the Employment Period, or at any time the Company may request,
      all memoranda, notes, plans, records, reports, computer tapes and software
      and
      other documents and data (and copies thereof) relating to the Confidential
      Information or the Work Product (as hereinafter defined) of the Company which
      the Employee may then possess or have under his control.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)
      The
      Employee agrees that all Work Product belongs in all instances to the Company.
      The Employee will promptly disclose such Work Product to the Board and perform
      all actions reasonably requested by the Board (whether during or after the
      Employment Period) to establish and confirm the Company’s ownership of the Work
      Product (including, without limitation, the execution and delivery of
      assignments, consents, powers of attorney and other instruments) and to provide
      reasonable assistance to the Company (whether during or after the Employment
      Period), at the Company’s sole expense, in connection with the prosecution of
      any applications for patents, trademarks, trade names, service marks or reissues
      thereof or in the prosecution or defense of interferences relating to any Work
      Product. The Employee recognizes and agrees that the Work Product, to the extent
      copyrightable, constitutes works for hire under the copyright laws of the United
      States.

    

    (c)
      “Confidential
      Information”
means
      information that is not generally known to the public and that is used,
      developed or obtained by the Company in connection with its business, including,
      but not limited to, information, observations and data obtained by the Employee
      while employed by the Company or any predecessors thereof (including those
      obtained prior to the date of this Agreement) concerning (i) the business or
      affairs of the Company and its Affiliates and (ii) products, services, fees,
      costs, pricing structures, analyses, drawings, photographs and reports, computer
      software (including operating systems, applications and program listings),
      data
      bases, accounting and business methods, inventions, devices, new developments,
      methods and processes (whether patentable or unpatentable and whether or not
      reduced to practice), customers and clients and customer and client lists,
      all
      technology and trade secrets, and all similar and related information in
      whatever form. Confidential Information will not include any information that
      (A) is or becomes generally available to the public other than through
      disclosure by the Employee in violation of this Section
      6,
      (B) was
      provided to the Employee prior to the date hereof a non-confidential basis
      from
      a Person who was not otherwise bound by a confidentiality agreement or duty
      with
      the Company or an Affiliate thereof, or (C) becomes available to the Employee
      on
      a non-confidential basis from a Person who is not otherwise bound by a
      confidentiality agreement or duty with the Company or its Affiliates or is
      not
      otherwise prohibited from transmitting the information to the
      Employee.

    

    (d)
      “Work
      Product”
means
      all inventions, innovations, improvements, technical information, systems,
      software developments, methods, designs, analyses, drawings, reports, service,
      marks, trademarks, trade names, trade dress, logos and all similar or related
      information (whether patentable or unpatentable) which relates to the Company’s
      actual or anticipated business, research and development or existing or future
      products or services and which are conceived, developed or made by the Employee
      (whether or not during usual business hours and whether or not alone or in
      conjunction with any other person) during the Employment Period together with
      all patent applications, letters patent, trademark, trade name and service
      mark
      applications or registrations, copyrights and reissues thereof that may be
      granted for or upon any of the foregoing.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      7. Non-Compete
      and Non-Solicit.

    

    (a)
      The
      Employee acknowledges that, in the course of his employment with the Company,
      he
      has become familiar, or will become familiar, with the Company’s and its
      Affiliates’ trade secrets and with other confidential information concerning the
      Company and its Affiliates and that his services have been and will be of
      special, unique and extraordinary value to the Company and its Affiliates.
      Therefore, the Employee agrees that, during the Employment Period and for 6
      months thereafter (the “Restricted
      Period”),
      he
      shall not directly or indirectly (i) engage, within the Restricted Territory,
      in
      any telephone or communications business, including, but not limited to,
      incumbent local exchange carrier, long distance telephone business, cable
      television, Internet access, or other business that the Company’ or any of its
      Affiliates’ is engaged in during the Employee’s employment by the Company (the
“Company
      Business”),
      (ii)
      compete or participate as agent, employee, consultant, advisor, representative
      or otherwise in any enterprise engaged in a business which has any operations
      engaged in the Company Business within the Restricted Territory; or (iii)
      compete or participate as a stockholder, partner, member or joint venturer,
      or
      have any direct or indirect financial interest, in any enterprise which has
      any
      material operations engaged in the Company Business within the Restricted
      Territory; provided,
      however,
      that
      nothing contained herein will prohibit the Employee from (A) owning, operating
      or managing any business, or acting upon any business opportunity, after
      obtaining approval of a majority of the Board; or (B) owning no more than five
      percent (5%) of the equity of any publicly traded entity with respect to which
      the Employee does not serve as an officer, director, employee, consultant or
      in
      any other capacity other than as an investor. The term "Restricted
      Territory"
      means
      all states within the United States in which the Company or any of its
      Affiliates conducts or is pursuing or analyzing plans to conduct Company
      Business as of the Termination Date.

    

    (b)
      As a
      means reasonably designed to protect Confidential Information, the Employee
      agrees that, during the period commencing on the Effective Date and ending
      on
      the expiration of the Restricted Period, he will not (i) solicit or make any
      other contact with, directly or indirectly, any customer of the Company or
      any
      of its Affiliates as of the date that the Employee ceases to be employed by
      the
      Company with respect to the provision of any service to any such customer that
      is the same or substantially similar to any service provided to such customer
      by
      the Company or its Affiliates or (ii) solicit or make any other contact with,
      directly or indirectly, any employee of the Company or any of its Affiliates
      on
      the date that the Employee ceases to be employed by the Company (or any person
      who was employed by the Company or any of its Affiliates at any time during
      the
      three-month period prior to the Termination Date) with respect to any
      employment, services or other business relationship.

    

    Section
      8. Remedies.
      

    

    The
      Employee acknowledges that irreparable damage would occur in the event of a
      breach of the provisions of Section
      6
      or
Section
      7
      by the
      Employee. It is accordingly agreed that, in addition to any other remedy to
      which its is entitled at law or in equity, the Company will be entitled to
      an
      injunction or injunctions to prevent breaches of such sections of this Agreement
      and to enforce specifically the terms and provisions of such
      sections.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
      9. Definitions.

    

    “Accrued
      Obligations”
has
      the
      meaning set forth in Section
      5(a)(i).

    

    “Affiliate”
means,
      with respect to any Person, any other Person that is controlled by, controlling
      or under common control with, such Person. Notwithstanding anything to the
      contrary contained herein, with respect to the Company, the term “Affiliate”
will include, without limitation, each Person with an ownership interest in
      the
      Company (and each member, stockholder or partner of each such Person), each
      Person in which the member of the Company (and each member, stockholder or
      partner of each such Person) holds or has the right to acquire, collectively,
      more than 25% of the voting equity interests. 

    

    “Agreement”
has
      the
      meaning set forth in the Caption.

    

    “Annual
      Base Salary”
has
      the
      meaning set forth in Section
      3(c)(i).

    

    “Benefits”
has
      the
      meaning set forth in Section
      5(a)(ii).

    

    “Board”
has
      the
      meaning set forth in Section
      3(a).

    

    “Bonus”
has
      the
      meaning set forth in Section
      3(c)(ii).

    

    “Business
      Day”
means
      any day that is not a Saturday, Sunday, legal holiday or other day on which
      banks are required to be closed in New York, New York.

    

    “Cause”
has
      the
      meaning set forth in Section
      4(c).

    

    “Company”
has
      the
      meaning set forth in the Caption.

    

    “Company
      Business”
has
      the
      meaning set forth in Section
      7(a).

    

    “Confidential
      Information”
has
      the
      meaning set forth in Section
      6(c).

    

    “Disability”
has
      the
      meaning set forth in Section
      4(a).

    

    “Effective
      Date”
has
      the
      meaning set forth in Section
      1.
      

    

    “Employment
      Period”
has
      the
      meaning set forth in Section
      1.

    

    “Employee”
has
      the
      meaning set forth in the Caption.

    

    “Person”
means
      an individual, partnership, corporation, limited liability company, trust or
      unincorporated organization, or a government or agency or political subdivision
      thereof.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Restricted
      Period”
has
      the
      meaning set forth in Section
      7(a).

    

    “Restricted
      Territory”
has
      the
      meaning set forth in Section
      7(a).

    

    “Termination
      Date”
means
      the effective date of the termination of the Employee’s employment with the
      Company, for any reason, by any party, or by death or Disability.

    

    “Without
      Cause”
has
      the
      meaning set forth in Section
      4(c).

    

    “Work
      Product”
has
      the
      meaning set forth in Section
      6(d).

    

    Section
      10. General
      Provisions.

    

    (a)
      Severability.
      It is
      the desire and intent of the parties hereto that the provisions of this
      Agreement be enforced to the fullest extent permissible under the laws and
      public policies applied in each jurisdiction in which enforcement is sought.
      Accordingly, if any particular provision of this Agreement shall be adjudicated
      by a court of competent jurisdiction to be invalid, prohibited or unenforceable
      for any reason, such provision, as to such jurisdiction, shall be ineffective,
      without invalidating the remaining provisions of this Agreement or affecting
      the
      validity or enforceability of such provision in any other jurisdiction.
      Notwithstanding the foregoing, if such provision could be more narrowly drawn
      so
      as not to be invalid, prohibited or unenforceable in such jurisdiction, it
      shall, as to such jurisdiction, be so narrowly drawn, without invalidating
      the
      remaining provisions of this Agreement or affecting the validity or
      enforceability of such provision in any other jurisdiction.

    

    (b)
      Entire
      Agreement.
      This
      Agreement embodies the complete agreement and understanding among the parties
      hereto with respect to the subject matter hereof. This Agreement supersedes
      and
      preempts any prior understandings, agreements or representations by or among
      the
      parties, written or oral, which may have related to the subject matter hereof
      in
      any way.

    

    (c)
      Survival.
      Notwithstanding anything to the contrary contained herein, the provisions of
      Section
      6,
      Section
      7
      and
Section
      8
      shall
      survive the termination of this Agreement. 

    

    (d)
      Counterparts.
      This
      Agreement may be executed in separate counterparts, each of which is deemed
      to
      be an original and all of which taken together constitute one and the same
      agreement.

    

    (e)
      Successors
      and Assigns; Beneficiaries.
      This
      Agreement is personal to the Employee and without the prior written consent
      of
      the Company shall not be assignable by the Employee other than by will or the
      laws of descent and distribution. This Agreement shall inure to the benefit
      of
      and be enforceable by the Employee’s heirs and legal representatives and the
      successors and assigns of the Company. The Company reserves the right to assign
      this Agreement in whole or in part to any of its Affiliates and upon any such
      assignment, the term “Company” will be deemed to be such Affiliate

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (f)
      Governing
      Law.
      THIS
      AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING
      PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION)
      THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK
      TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE
      OF
      NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT,
      EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE
      SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

    

    (g)
      Waiver
      of Jury Trial.
      EACH OF
      THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY
      CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY
      DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER
      HEREOF.

    

    (h)
      Amendment
      and Waiver.
      The
      provisions of this Agreement may be amended and waived only with the prior
      written consent of the Employee and the Company and no course of conduct or
      failure or delay in enforcing the provisions of this Agreement shall be
      construed as a waiver of such provisions or affect the validity, binding effect
      or enforceability of this Agreement or any provision hereof.

    

    (i)
      Notices.
      All
      notices, requests, demands, claims, consents and other communications which
      are
      required or otherwise delivered hereunder shall be in writing and shall be
      deemed to have been duly given if (i) personally delivered or transmitted by
      electronic mail, (ii) sent by nationally recognized overnight courier, (iii)
      mailed by registered or certified mail with postage prepaid, return receipt
      requested, or (iv) transmitted by facsimile (with a copy of such transmission
      concurrently transmitted by registered or certified mail with postage prepaid,
      return receipt requested), to the parties hereto at the following addresses
      (or
      at such other address for a party as shall be specified by like
      notice):

    

    (j)
      If to
      the Board or the Company, to:

    

    Otelco
      Inc. 

    505
      Third
      Avenue East

    Oneonta,
      Alabama 35121 

    Attention:
      Michael Weaver 

    Telephone
      No: 205-625-3596

    Facsimile
      No: (205) 625-3528

    

    with
      a
      copy to:

    

    Dorsey
      & Whitney LLP

    250
      Park
      Avenue 

    New
      York,
      Yew York 10177

    Attention:
      Steven Khadavi, Esq. 

    Telephone
      No: (212) 415-9376

    Facsimile
      No: (212) 953-7201

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)
      if to
      the Employee to:

    

    Jerry
      C.
      Boles

    91
      Hilltop Road

    Oneonta,
      AL 35121 

    Telephone
      No: 205-274-0519

    Facsimile
      No: 205-274-8999

    

    or
      to
      such other address as the party to whom such notice or other communication
      is to
      be given may have furnished to each other party in writing in accordance
      herewith. Any such notice or communication shall be deemed to have been received
      (i) when delivered, if personally delivered or transmitted by electronic mail,
      with receipt acknowledgment by the recipient by return electronic mail, (ii)
      when sent, if sent by facsimile on a Business Day during normal business hours
      (or, if not sent on a Business Day during normal business hours, on the next
      Business Day after the date sent by facsimile), (iii) on the next Business
      Day
      after dispatch, if sent by nationally recognized, overnight courier guaranteeing
      next Business Day delivery, and (iv) on the 5th
      Business
      Day following the date on which the piece of mail containing such communication
      is posted, if sent by mail. 

    

    (k)
      Descriptive
      Headings.
      The
      descriptive headings of this Agreement are inserted for convenience only and
      do
      not constitute a part of this Agreement.

    

    (l)
      Construction.
      Where
      specific language is used to clarify by example a general statement contained
      herein, such specific language shall not be deemed to modify, limit or restrict
      in any manner the construction of the general statement to which it relates.
      The
      language used in this Agreement shall be deemed to be the language chosen by the
      parties to express their mutual intent, and no rule of strict construction
      shall
      be applied against any party.

    

    (m)
      Nouns
      and Pronouns.
      Whenever the context may require, any pronouns used herein shall include the
      corresponding masculine, feminine or neuter forms, and the singular form of
      nouns and pronouns shall include the plural and vice-versa.

    

    

    

    [signature
      page follows]

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

      IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Employment Agreement as of the date first
      written above.

    

     

    

     

    

    
      	
               

            	
              OTELCO
                INC.  

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              By:
                

            	
              /s/
                Curtis L. Garner, Jr.

            	
               

            
	
               

            	
              Name:
                Curtis L. Garner, Jr.

            
	
               

            	
              Title:
                CFO

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              EMPLOYEE 

            
	
               

            	
               

            
	
               

            	
               

            
	
               

            	
              /s/
                Jerry C. Boles

            	
               

            
	
               

            	
              JERRY
                C. BOLESExecution
      Copy

     

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee

     

    
      

    

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of October 1, 2006

     

    
      
 

    STRUCTURED
      ADJUSTABLE RATE MORTGAGE LOAN TRUST

    MORTGAGE
      PASS-THROUGH CERTIFICATES

    SERIES
      2006-10

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                I    DEFINITIONS

            	 	 	
              9

            	 
	
              Section
                1.01. Definitions

            	 	 	
              9

            	 
	
              Section
                1.02. Calculations
                Respecting Mortgage Loans

            	 	 	
              47

            	 
	 	 	 	 	 
	
              ARTICLE
                II    DECLARATION
                OF TRUST; ISSUANCE OF CERTIFICATES

            	 	 	
              47

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

            	 	 	
              47

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

            	 	 	
              51

            	 
	
              Section
                2.03. Representations
                and Warranties of the Depositor

            	 	 	
              53

            	 
	
              Section
                2.04. Discovery
                of Breach

            	 	 	
              55

            	 
	
              Section
                2.05. Repurchase,
                Purchase or Substitution of Mortgage Loans

            	 	 	
              55

            	 
	
              Section
                2.06. Grant
                Clause

            	 	 	
              56

            	 
	 	 	 	 	 
	
              ARTICLE
                III    THE
                CERTIFICATES

            	 	 	
              57

            	 
	
              Section
                3.01. The
                Certificates

            	 	 	
              57

            	 
	
              Section
                3.02. Registration

            	 	 	
              58

            	 
	
              Section
                3.03. Transfer
                and Exchange of Certificates

            	 	 	
              59

            	 
	
              Section
                3.04. Cancellation
                of Certificates

            	 	 	
              64

            	 
	
              Section
                3.05. Replacement
                of Certificates

            	 	 	
              65

            	 
	
              Section
                3.06. Persons
                Deemed Owners

            	 	 	
              65

            	 
	
              Section
                3.07. Temporary
                Certificates

            	 	 	
              65

            	 
	
              Section
                3.08. Appointment
                of Paying Agent

            	 	 	
              66

            	 
	
              Section
                3.09. Book-Entry
                Certificates

            	 	 	
              66

            	 
	 	 	 	 	 
	
              ARTICLE
                IV    ADMINISTRATION
                OF THE TRUST FUND

            	 	 	
              68

            	 
	
              Section
                4.01. Collection
                Account

            	 	 	
              68

            	 
	
              Section
                4.02. Application
                of Funds in the Collection Account

            	 	 	
              69

            	 
	
              Section
                4.03. Reports
                to Certificateholders

            	 	 	
              72

            	 
	
              Section
                4.04. Certificate
                Account

            	 	 	
              75

            	 
	 	 	 	 	 
	
              ARTICLE
                V    DISTRIBUTIONS
                TO HOLDERS OF CERTIFICATES

            	 	 	
              76

            	 
	
              Section
                5.01. Distributions
                Generally

            	 	 	
              76

            	 
	
              Section
                5.02. Distributions
                from the Certificate Account

            	 	 	
              77

            	 
	
              Section
                5.03. Allocation
                of Realized Losses.

            	 	 	
              85

            	 
	
              Section
                5.04. Advances
                by the Master Servicer and the Trustee

            	 	 	
              87

            	 
	
              Section
                5.05. Compensating
                Interest Payments

            	 	 	
              88

            	 
	
              Section
                5.06. Funding
                Account

            	 	 	
              88

            	 
	 	 	 	 	 
	
              ARTICLE
                VI    CONCERNING
                THE TRUSTEE; EVENTS OF DEFAULT

            	 	 	
              89

            	 
	
              Section
                6.01. Duties
                of Trustee

            	 	 	
              89

            	 
	
              Section
                6.02. Certain
                Matters Affecting the Trustee

            	 	 	
              92

            	 
	
              Section
                6.03. Trustee
                Not Liable for Certificates

            	 	 	
              94

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                6.04. Trustee
                May Own Certificates

            	 	 	
              94

            	 
	
              Section
                6.05. Eligibility
                Requirements for Trustee

            	 	 	
              94

            	 
	
              Section
                6.06. Resignation
                and Removal of Trustee

            	 	 	
              95

            	 
	
              Section
                6.07. Successor
                Trustee

            	 	 	
              95

            	 
	
              Section
                6.08. Merger
                or Consolidation of Trustee

            	 	 	
              96

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

            	 	 	
              96

            	 
	
              Section
                6.10. Authenticating
                Agents

            	 	 	
              98

            	 
	
              Section
                6.11. Indemnification
                of Trustee

            	 	 	99	 
	
              Section
                6.12. Fees
                and Expenses of Trustee and Custodian

            	 	 	
              100

            	 
	
              Section
                6.13. Collection
                of Monies

            	 	 	
              100

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

            	 	 	
              101

            	 
	
              Section
                6.15. Additional
                Remedies of Trustee Upon Event of Default

            	 	 	
              105

            	 
	
              Section
                6.16. Waiver
                of Defaults

            	 	 	
              106

            	 
	
              Section
                6.17. Notification
                to Holders

            	 	 	
              106

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

            	 	 	
              106

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

            	 	 	
              106

            	 
	
              Section
                6.20. Preparation
                of Tax Returns and Other Reports

            	 	 	
              107

            	 
	
              Section
                6.21. Reporting
                Requirements of the Commission

            	 	 	
              113

            	 
	
              Section
                6.22. No
                Merger

            	 	 	
              113

            	 
	
              Section
                6.23. Indemnification
                by the Trustee

            	 	 	
              113

            	 
	 	 	 	 	 
	
              ARTICLE
                VII    PURCHASE
                AND TERMINATION OF THE TRUST FUND

            	 	 	
              114

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

            	 	 	
              114

            	 
	
              Section
                7.02. Procedure
                Upon Termination of Trust Fund

            	 	 	
              115

            	 
	
              Section
                7.03. Additional
                Requirements under the REMIC Provisions

            	 	 	
              116

            	 
	 	 	 	 	 
	
              ARTICLE
                VIII    RIGHTS
                OF CERTIFICATEHOLDERS

            	 	 	
              117

            	 
	
              Section
                8.01. Limitation
                on Rights of Holders

            	 	 	
              117

            	 
	
              Section
                8.02. Access
                to List of Holders

            	 	 	
              118

            	 
	
              Section
                8.03. Acts
                of Holders of Certificates

            	 	 	
              118

            	 
	 	 	 	 	 
	
              ARTICLE
                IX          
                ADMINISTRATION
                AND SERVICING OF MORTGAGE LOANS BY THE 

                  
                  MASTER SERVICER

            	 	 	
              119

            	 
	
              Section
                9.01. Duties
                of the Master Servicer

            	 	 	
              119

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

            	 	 	
              119

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

            	 	 	120	 
	
              Section
                9.04. Power
                to Act; Procedures

            	 	 	
              121

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

                                     
                    Servicers’
                Obligations

            	 	 	
              122

            	 
	
              Section
                9.06. Collection
                of Taxes, Assessments and Similar Items

            	 	 	
              123

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                9.07. Termination
                of Servicing Agreements; Successor Servicers

            	 	 	124	 
	
              Section
                9.08. Master
                Servicer Liable for Enforcement

            	 	 	124	 
	
              Section
                9.09. No
                Contractual Relationship Between Servicers and Trustee or
                Depositor

            	 	 	
              125

            	 
	
              Section
                9.10. Assumption
                of Servicing Agreement by Trustee

            	 	 	
              125

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

            	 	 	
              126

            	 
	
              Section
                9.12. Release
                of Mortgage Files

            	 	 	
              126

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

            	 	 	
              127

            	 
	
              Section
                9.14. Representations
                and Warranties of the Master Servicer

            	 	 	129	 
	
              Section
                9.15. Closing
                Certificate and Opinion

            	 	 	
              131

            	 
	
              Section
                9.16. Standard
                Hazard and Flood Insurance Policies

            	 	 	
              131

            	 
	
              Section
                9.17. Presentment
                of Claims and Collection of Proceeds

            	 	 	
              131

            	 
	
              Section
                9.18. Maintenance
                of the Primary Mortgage Insurance Policies

            	 	 	
              132

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

            	 	 	
              132

            	 
	
              Section
                9.20. Realization
                Upon Defaulted Mortgage Loans

            	 	 	
              132

            	 
	
              Section
                9.21. Compensation
                to the Master Servicer

            	 	 	
              133

            	 
	
              Section
                9.22. REO
                Property

            	 	 	
              134

            	 
	
              Section
                9.23. Notices
                to the Depositor and the Trustee

            	 	 	
              135

            	 
	
              Section
                9.24. Reports
                to the Trustee

            	 	 	
              135

            	 
	
              Section
                9.25. Assessment
                of Compliance and Attestation Reports..

            	 	 	
              136

            	 
	
              Section
                9.26. Annual
                Statement of Compliance with Applicable Servicing Criteria

            	 	 	
              138

            	 
	
              Section
                9.27. Merger
                or Consolidation

            	 	 	
              138

            	 
	
              Section
                9.28. Resignation
                of Master Servicer

            	 	 	
              139

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

            	 	 	
              139

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

            	 	 	
              140

            	 
	
              Section
                9.31. Indemnification;
                Third-Party Claims

            	 	 	
              141

            	 
	
              Section
                9.32. Allocation
                to Related Mortgage Pool

            	 	 	
              141

            	 
	 	 	 	 	 
	
              ARTICLE
                X    REMIC
                ADMINISTRATION

            	 	 	
              141

            	 
	
              Section
                10.01. REMIC
                and Grantor Trust Administration

            	 	 	
              141

            	 
	
              Section
                10.02. Prohibited
                Transactions and Activities

            	 	 	
              145

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

            	 	 	
              146

            	 
	
              Section
                10.04. REO
                Property

            	 	 	
              146

            	 
	 	 	 	 	 
	
              ARTICLE
                XI    MISCELLANEOUS
                PROVISIONS

            	 	 	
              147

            	 
	
              Section
                11.01. Binding
                Nature of Agreement; Assignment

            	 	 	
              147

            	 
	
              Section
                11.02. Entire
                Agreement

            	 	 	
              147

            	 
	
              Section
                11.03. Amendment

            	 	 	
              147

            	 
	
              Section
                11.04. Voting
                Rights

            	 	 	
              149

            	 
	
              Section
                11.05. Provision
                of Information

            	 	 	
              149

            	 
	
              Section
                11.06. Governing
                Law

            	 	 	
              149

            	 
	
              Section
                11.07. Notices

            	 	 	
              150

            	 
	
              Section
                11.08. Severability
                of Provisions

            	 	 	
              150

            	 
	
              Section
                11.09. Indulgences;
                No Waivers

            	 	 	
              150

            	 
	
              Section
                11.10. Headings
                Not To Affect Interpretation

            	 	 	
              150

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Section
                11.11. Benefits
                of Agreement

            	 	 	
              150

            	 
	
              Section
                11.12. Special
                Notices to the Rating Agencies

            	 	 	
              151

            	 
	
              Section
                11.13. Counterparts

            	 	 	
              151

            	 
	
              Section
                11.14. Transfer
                of Servicing

            	 	 	
              152

            	 
	
              Section
                11.15. Conflicts

            	 	 	
              153

            	 

    

     

    
      	
              Exhibit
                A

            	
              Forms
                of Certificates

            
	
              Exhibit
                B-1

            	
              Form
                of Initial Certification

            
	
              Exhibit
                B-2

            	
              Form
                of Interim Certification

            
	
              Exhibit
                B-3

            	
              Form
                of Final Certification

            
	
              Exhibit
                B-4

            	
              Form
                of Endorsement

            
	
              Exhibit
                C

            	
              Request
                for Release of Documents and Receipt

            
	
              Exhibit
                D-l

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferee)

            
	
              Exhibit
                D-2

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferor)

            
	
              Exhibit
                E

            	
              Servicing
                Agreements

            
	
              Exhibit
                F

            	
              Form
                of Rule 144A Transfer Certificate

            
	
              Exhibit
                G

            	
              Form
                of Purchaser’s Letter for Institutional Accredited
                Investors

            
	
              Exhibit
                H

            	
              Form
                of ERISA Transfer Affidavit

            
	
              Exhibit
                I

            	
              Monthly
                Remittance Advice

            
	
              Exhibit
                J

            	
              Monthly
                Electronic Data Transmission

            
	
              Exhibit
                K

            	
              Custodial
                Agreements

            
	
              Exhibit
                L-1

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

            
	
              Exhibit
                L-2

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

            
	
              Exhibit
                M

            	
              [Reserved]

            
	
              Exhibit
                N

            	
              [Reserved]

            
	
              Exhibit
                O

            	
              Servicing
                Criteria to be Addressed in Assessment of Compliance

            
	
              Exhibit
                P-1

            	
              Additional
                Form 10-D Disclosure 

            
	
              Exhibit
                P-2

            	
              Additional
                Form 10-K Disclosure 

            
	
              Exhibit
                P-3

            	
              Additional
                Form 8-K Disclosure 

            
	
              Exhibit
                P-4

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                Q-1

            	
              Form
                of Back-up Sarbanes-Oxley Certification

            
	
              Exhibit
                Q-2

            	
              Form
                of Certification to be Provided by the Trustee

            
	
              Exhibit
                R

            	
              Transaction
                Parties

            
	 	 
	
              Schedule
                A

            	
              Mortgage
                Loan Schedule

            

    

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    This
      TRUST AGREEMENT, dated as of October 1, 2006 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the “Master
      Servicer”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
      as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

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

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (other than the
      rights to Prepayment Penalty Amounts or the Funding Account) be treated for
      federal income tax purposes as comprising five real estate mortgage investment
      conduits (each a “REMIC” or, in the alternative, REMIC I-1, REMIC I-2, REMIC
      I-3, REMIC II-1 and REMIC II-2). As
      is
      described in Section 10.01 hereof, the Trust Fund will also be treated for
      federal income tax purposes as including four grantor trusts.

     

    Group
      I REMICs

     

    REMIC
      I-1

     

    REMIC
      I-1
      shall hold as its assets all rights related to Mortgage Group I (other than
      rights to Prepayment Penalty Amounts or the Funding Account).

    

    Each
      of
      the REMIC I-1 Interests set forth below (other than the Class LTI1-R Interest)
      is referred to herein as a REMIC I-1 Regular Interest and is hereby designated
      as a regular interest in REMIC I-1. The Class LTI1-R Interest is hereby
      designated as the sole class of residual interest in REMIC I-1.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      following table specifies terms for each class of REMIC I-1
      Interests:

     

    
      	
              REMIC
                I-1 Class 

              Designation

            	 	
              Interest
                

              Rate

            	 	
              Initial
                Class or 

              Principal
                Amount

            	 	
              Related
                Pool or 

              Pools

            	 
	 	 	 	 	 	 	 	 
	
              Class
                LTI1-1A

            	 	
               

            	
              (1)

            	
               

            	
              $

            	
              45,191.8749

            	 	 	
              Pool
                1

            	 
	
              Class
                LTI1-1B

            	 	
               

            	
              (2)

            	
               

            	
              $

            	
              951,352.8749

            	 	 	
              Pool
                1

            	 
	
              Class
                LTI1-2A

            	 	 	
              (1)

            	
               

            	
              $

            	
              82,581.8488

            	 	 	
              Pool
                2

            	 
	
              Class
                LTI1-2B

            	 	 	
              (3)

            	
               

            	
              $

            	
              1,738,511.8488

            	 	 	
              Pool
                2

            	 
	
              Class
                LTI1-Z

            	 	 	
              (1)

            	
               

            	
              $

            	
              266,168,833.9226

            	 	 	
              N/A

            	 
	
              Class
                LTI1-R

            	 	 	
              (4)

            	
               

            	 	
              (4

            	
              )

            	 	
              N/A

            	 

    

     

    
      
        

      

    

    
      
        	
              	
                (1)

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

              

      

    

     

    
      	
            	(2)	
              For
                any Distribution Date, the interest rate for the Class LTI1-1B Interest
                shall be the Net WAC for Pool 1 for such Distribution
                Date.

            

    

     

    
      	
            	(3)	
              For
                any Distribution Date, the interest rate for the Class LTI1-2B Interest
                shall be the Net WAC for Pool 2 for such Distribution
                Date.

            

    

     

    
      	
            	(4)	
              The
                Class LTI1-R Interest shall represent the sole class of residual
                interest
                in REMIC I-1. The Class LTI1-R Interest will not have a principal
                amount
                or an interest rate. The Class LTI1-R Interest shall be represented
                by the
                Class R Certificate.

            

    

     

    Distributions
      shall be deemed to be made to the REMIC I-1 Regular Interests first, so as
      to
      keep the uncertificated principal balance of each REMIC I-1 Regular Interest
      ending with the designation “B” equal to 1% of the aggregate Scheduled Principal
      Balance of the Mortgage Loans in the related Mortgage Pool; second, to each
      REMIC I-1 Regular Interest ending with the designation “A” so that the
      uncertificated principal balance of each such REMIC I-1 Regular Interest is
      equal to 1% of the excess of (x) the aggregate Scheduled Principal Balance
      of
      the Mortgage Loans in the related Mortgage Pool over (y) the aggregate Class
      Principal Amounts of the Certificate Group related to such Mortgage Pool (except
      that if 1% of any such excess is greater than the principal amount of the
      corresponding REMIC I-1 Regular Interest ending with the designation “A”, the
      least amount of principal shall be distributed to such REMIC I-1 Regular
      Interests such that the REMIC I-1 Subordinated Balance Ratio is maintained);
      and
      finally, any remaining principal to the Class LTI1-Z Interest. Realized Losses
      shall be applied after all distributions have been made on each Distribution
      Date first, so as to keep the uncertificated principal balance of each REMIC
      I-1
      Regular Interest ending with the designation “B” equal to 1% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans in the related Mortgage Pool;
      second, to each REMIC I-1 Regular Interest ending with the designation “A” so
      that the uncertificated principal balance of each such REMIC I-1 Regular
      Interest is equal to 1% of the excess of (x) the aggregate Scheduled Principal
      Balance of the Mortgage Loans in the related Mortgage Pool over (y) the
      aggregate Class Principal Amounts of the Certificate Group related to such
      Mortgage Pool (except that if 1% of any such excess is greater than the
      principal amount of the corresponding REMIC I-1 Regular Interest ending with
      the
      designation “A”, the least amount of Realized Losses shall be allocated to such
      REMIC I-1 Regular Interests such that the REMIC I-1 Subordinated Balance Ratio
      is maintained); and third, the remaining Realized Losses shall be allocated
      to
      the Class LTI1-Z Interest. All computations with respect to any REMIC I-1
      Interest shall be taken out to eight decimal places.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Class of Group I Certificates as a result of the proviso in the definition
      of Certificate Principal Amount, then, prior to distributions of principal
      and
      allocations of losses on such Distribution Date with respect to REMIC I-1,
      there
      shall be a corresponding increase in the principal amount of the REMIC I-1
      Regular Interests, with such increase allocated among the REMIC I-1 Regular
      Interests as follows: (i) first, to each REMIC I-1 Regular Interest ending
      with
      the designation “B” so as to keep the uncertificated principal balance of such
      REMIC I-1 Regular Interest equal to 1% of the aggregate Scheduled Principal
      Balance of the Mortgage Loans in the related Mortgage Pool, (ii) second, to
      each
      REMIC I-1 Regular Interest ending with the designation “A”, so that the
      uncertificated principal balance of each such REMIC I-1 Regular Interest is
      as
      close as possible to (but does not exceed) 1% of the excess of (x) the aggregate
      Scheduled Principal balance of the Mortgage Loans in the related Mortgage Pool
      over (y) the aggregate Class Principal Amounts of the Senior Certificates of
      the
      Certificate Group related to such Mortgage Pool; provided, however, that (a)
      the
      REMIC I-1 Subordinated Balance Ratio is maintained and (b) amounts allocated
      to
      any REMIC I-1 Regular Interest pursuant to this clause (ii) shall not exceed
      the
      amount of any previous realized losses allocated to such REMIC I-1 Regular
      Interest not previously offset by distributions or increases in the principal
      amount of such REMIC I-1 Regular Interest and (iii) finally, all remaining
      increases are allocated to the Class LTI1-Z Interest.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    REMIC
      I-2

    

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

     

    Each
      of
      the REMIC I-2 Interests set forth below (other than the Class LTI2-R Interest)
      is referred to herein as a REMIC I-2 Regular Interest and is hereby designated
      as a regular interest in REMIC I-2. The Class LTI2-R Interest is hereby
      designated as the sole class of residual interest in REMIC I-2.

     

    The
      following table specifies the class designation, interest rate, principal amount
      and Classes of Corresponding Certificates for each class of REMIC I-2
      Interests:

     

    
      
        	
                REMIC
                  I-2 

                Class
                  Designation

              	 	
                 

                Initial
                  

                Balance

              	 	
                Pass-Through
                  

                Rate

              	 	
                Corresponding

                Certificates
                  or
                  REMIC 

                I-3
                  Interests 

              	 
	 	 	 	 	 	 	 	 
	
                LTI2-1R

              	 	
                $

              	
                100.00

              	 	 	
                (1)

              	
                 

              	 	
                R

              	 
	
                LTI2-1A1

              	 	
                $

              	
                86,098,000.00

              	 	 	
                (1)

              	
                 

              	 	
                1-A1,
                  1-AX

              	 
	
                LTI2-1A2

              	 	
                $

              	
                4,518,000.00

              	 	 	
                (1)

              	
                 

              	 	
                1-A2

              	 
	
                LTI2-2A1

              	 	
                $

              	
                157,336,000.00

              	 	 	
                (2)

              	
                 

              	 	
                2-A1

              	 
	
                LTI2-2A2

              	 	
                $

              	
                8,257,000.00

              	 	 	
                (2)

              	
                 

              	 	
                2-A2

              	 
	
                LTI2-B1I

              	 	
                $

              	
                5,917,000.00

              	 	 	
                (3)

              	
                 

              	 	
                B1-I

              	 
	
                LTI2-B2I

              	 	
                $

              	
                2,286,000.00

              	 	 	
                (3)

              	
                 

              	 	
                B2-I

              	 
	
                LTI2-B3I

              	 	
                $

              	
                1,748,000.00

              	 	 	
                (3)

              	
                 

              	 	
                B3-I

              	 
	
                LTI2-B4I

              	 	
                $

              	
                1,075,000.00

              	 	 	
                (3)

              	
                 

              	 	
                B4-I

              	 
	
                LTI2-B5I

              	 	
                $

              	
                941,000.00

              	 	 	
                (3)

              	
                 

              	 	
                B5-I

              	 
	
                LTI2-B6I

              	 	
                $

              	
                810,372.37

              	 	 	
                (3)

              	
                 

              	 	
                B6-I

              	 
	
                LTI2-R

              	 	 	
                (4

              	
                )

              	 	
                (4)

              	
                 

              	 	
                N/A

              	 

      

    

     

    
      

    

    
      	
            	(1)	
              For
                any Distribution Date, the interest rate for the Class LTI2-1R Interest,
                Class LTI2-1A1 Interest and the Class LTI2-1A2 Interest shall be
                a per
                annum rate equal to the Net WAC for Pool 1 for such Distribution
                Date.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
            	(2)	
              For
                any Distribution Date, the interest rate for the Class LTI2-2A1 Interest
                and the Class LTI2-2A2 Interest shall be a per annum rate equal to
                the Net
                WAC for Pool 2 for such Distribution
                Date.

            

    

     

    
      	
            	(3)	
              For
                any Distribution Date, the interest rate for each of the Class LTI2-B1I,
                Class LTI2-B2I, Class LTI2-B3I, Class LTI2-B4I, Class LTI2-B5I and
                Class
                LTI2-B6I Interests shall be a per annum rate equal to the Pool 1-2
                Underlying Subordinate Rate for such Distribution
                Date.

            

    

     

    
      	
            	(4)	
              The
                Class LTI2-R Interest shall represent the sole class of residual
                interest
                in REMIC I-2. The Class LTI2-R Interest will not have a principal
                amount
                or an interest rate. The Class LTI2-R Interest shall be represented
                by the
                Class R Certificate.

            

    

     

    Principal
      and interest shall be payable to, and shortfalls, losses and prepayments are
      allocable to, the REMIC I-2 Regular Interests as such amounts are payable and
      allocable to the Corresponding Certificates or REMIC I-3 Interests.
      Notwithstanding the preceding sentence, (i) the first $0.37 of losses with
      respect to principal on the Mortgage Loans in Mortgage Group I shall be
      allocated to the Class LTI2-B6I Interest and (ii) immediately preceding any
      payment to the Class R Certificate pursuant to Section 5.02(e) attributable
      to
      principal received with respect to any Mortgage Loan in Mortgage Group I, a
      payment shall be treated as made to the Class LTI2-B6I Interest in reduction
      of
      the principal balance thereof, if any, to zero.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Class of Group I Certificates as a result of the proviso in the definition
      of Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the corresponding REMIC I-2 Regular
      Interest.

     

    REMIC
      I-3

    

    REMIC
      I-3
      shall hold as its assets the several classes of uncertificated REMIC I-2 Regular
      Interests.

    

    Each
      of
      the Group I Certificates (other than the Class R Certificate) is referred to
      herein as a REMIC I-3 Regular Interest and is hereby designated as a regular
      interest in REMIC I-3. The Class LTI3-R Interest is hereby designated as the
      sole class of residual interest in REMIC I-3. The Class LTI3-R Interest shall
      be
      represented by the Class R Certificate. The entitlement of the Class R
      Certificate to payments of principal and interest shall be attributable to
      its
      representation of the Class LTI3-R Interest.

    

    The
      REMIC
      I-3 Regular Interests and the Class LTI3-R Interest are referred to herein
      as
      the REMIC I-3 Interests.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Group
      II REMICs

     

    REMIC
      II-1

     

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

     

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

     

    The
      following table specifies the class designation, interest rate, principal amount
      and Classes of Corresponding Certificates or REMIC II-2 Interests for each
      class
      of REMIC II-1 Interests:

    

      
        	
                REMIC
                  II-1 

                Class
                  Designation

              	 	
                 

                Initial
                  

                Balance

              	 	
                Pass-Through
                  

                Rate

              	 	
                Corresponding
                  

                Certificates
                  or
                  REMIC II-2 

                Interests 

              	 
	 	 	 	 	 	 	 	 
	
                LTII1-3A123

              	 	
                $

              	
                105,348,000.00

              	 	 	
                (1)

              	
                 

              	 	
                3-A1,
                  3-A2, 3-A3, 3-AXI Interest

              	 
	
                LTII1-3AF1AF

              	 	
                $

              	
                90,000,000.00

              	 	 	
                (1)

              	
                 

              	 	
                3-AF1,
                  3-AF, 3-AXII Interest

              	 
	
                LTII1-3A4

              	 	
                $

              	
                11,459,000.00

              	 	 	
                (1)

              	
                
                   

                

              	 	
                3-A4

              	 
	
                LTII1-B1II

              	 	
                $

              	
                4,911,000.00

              	 	 	
                (1)

              	
                 

              	 	
                B1-II

              	 
	
                LTII1-B2II

              	 	
                $

              	
                2,182,000.00

              	 	 	
                (1)

              	
                 

              	 	
                B2-II

              	 
	
                LTII1-B3II

              	 	
                $

              	
                1,637,000.00

              	 	 	
                (1)

              	
                 

              	 	
                B3-II

              	 
	
                LTII1-B4II

              	 	
                $

              	
                1,091,000.00

              	 	 	
                (1)

              	
                 

              	 	
                B4-II

              	 
	
                LTII1-B5II

              	 	
                $

              	
                873,000.00

              	 	 	
                (1)

              	
                 

              	 	
                B5-II

              	 
	
                LTII1-B6II

              	 	
                $

              	
                765,923.48

              	 	 	
                (1)

              	
                 

              	 	
                B6-II

              	 
	
                LTII1-R

              	 	 	
                (2

              	
                )

              	 	
                (2)

              	
                 

              	 	
                N/A

              	 

      

    

     

    
      

    

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

            

    

     

    
      	
            	(2)	
              The
                Class LTII1-R Interest shall represent the sole class of residual
                interest
                in REMIC II-1. The Class LTII1-R Interest will not have a principal
                amount
                or an interest rate. The Class LTII1-R Interest shall be represented
                by
                the Class R Certificate.

            

    

     

    Principal
      and interest shall be payable to, and shortfalls, losses and prepayments are
      allocable to, the REMIC II-1 Regular Interests as such amounts are payable
      and
      allocable to the Corresponding Certificates or REMIC II-2 Interests
      (disregarding any payments in respect of Excess REMIC Payments). Notwithstanding
      the preceding sentence, (i) the first $0.48 of losses with respect to principal
      on the Mortgage Loans in Mortgage Group II shall be allocated to the Class
      LTII1-B6II Interest and (ii) immediately preceding any payment to the Class
      R
      Certificate pursuant to Section 5.02(e) attributable to principal received
      with
      respect to any Mortgage Loan in Mortgage Group II, a payment shall be treated
      as
      made to the Class LTII1-B6II Interest in reduction of the principal balance
      thereof, if any, to zero.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Class of Group II Certificates as a result of the proviso in the definition
      of Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the corresponding REMIC II-1 Regular
      Interest.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    REMIC
      II-2

     

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

     

    Each
      REMIC II-2 Regular Interest is hereby designated as a regular interest in REMIC
      II-2. The Class LTII2-R Interest is hereby designated as the sole class of
      residual interest in REMIC II-2. The Class LTII2-R Interest shall be represented
      by the Class R Certificate. The Class LTII2-R Interest will not have a principal
      amount or an interest rate.

     

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

     

    Solely
      for purposes of the REMIC Provisions, the Class 3-AX Certificates shall
      represent two regular interests in REMIC II-2: (i) the Class 3-AXI Interest
      and
      (ii) the Class 3-AXII Interest. The
      Class
      3-AX Certificates shall also represent the obligation to make payments to the
      Class 3-AF1 and Class 3-AF Certificates in respect of Excess REMIC
      Payments.

     

    Solely
      for purposes of the REMIC Provisions, the Class 3-AXI Interest shall be a
      regular interest in REMIC II-2 and shall represent a “specified portion” of the
      interest accrued on the Class LTII1-3A123 Interest. Such “specified portion”
shall be a fixed number of basis points (0.5372805255%) of interest accruing
      on
      the Class LTII1-3A123 Interest for each Distribution Date through the
      Distribution Date in September 2016. The Class 3-AXI Interest shall be
      represented by the Class 3-AX Certificates.

     

    Solely
      for purposes of the REMIC Provisions, the Class 3-AXII Interest shall be a
      regular interest in REMIC II-2 and shall represent a “specified portion” of the
      interest accrued on the Class LTII1-3AF1AF Interest. Such
      “specified portion” shall equal all interest accruing on the Class LTII1-3AF1AF
      Interest in excess of the interest accruing thereon at a variable rate equal
      to
      (i) for each Distribution Date through the Distribution Date in September 2016,
      the lesser of (x) LIBOR plus 0.40% per annum and (y) 7.00% per annum and (ii)
      for each Distribution Date thereafter, LIBOR plus 0.40% per annum. The Class
      3-AXII Interest shall be represented by the Class 3-AX
      Certificates.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    The
      Certificates

     

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

    

    
      	
               

               

              Class
                Designation

            	 	
               

              Certificate
                

              Interest
                Rate

            	 	
              Initial
                Class 

              Principal
                Amount 

              or
                Class Notional
                Amount

            	 	
               

              Minimum
                

              Denomination

            	 
	 	 	 	 	 	 	 	 
	
              Class
                1-A1

            	 	 	
              (1)

            	
               

            	
              $

            	
              86,098,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-A2

            	 	 	
              (2)

            	
               

            	
              $

            	
              4,518,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-AX

            	 	 	
              (3)

            	
               

            	
              $

            	
              86,098,000

            	 	
              $

            	
              1,000,000

            	 
	
              Class
                2-A1

            	 	 	
              (4)

            	
               

            	
              $

            	
              157,336,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                2-A2

            	 	 	
              (4)

            	
              
                 

              

            	
              $

            	
              8,257,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-A1

            	 	 	
              (5)

            	
               

            	
              $

            	
              77,266,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-A2

            	 	 	
              (5)

            	
               

            	
              $

            	
              24,719,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-AF1

            	 	 	
              (6)

            	
               

            	
              $

            	
              60,000,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-AF

            	 	 	
              (6)

            	
               

            	
              $

            	
              30,000,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-A3

            	 	 	
              (5)

            	
               

            	
              $

            	
              3,363,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-A4

            	 	 	
              (8)

            	
               

            	
              $

            	
              11,459,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-AX

            	 	 	
              (7)

            	
               

            	
              $

            	
              90,000,000

            	 	
              $

            	
              1,000,000

            	 
	
              Class
                B1-I

            	 	 	
              (9)

            	
               

            	
              $

            	
              5,917,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                B2-I 

            	 	 	
              (9)

            	
               

            	
              $

            	
              2,286,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                B3-I 

            	 	 	
              (9)

            	
               

            	
              $

            	
              1,748,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                B4-I 

            	 	 	
              (9)

            	
               

            	
              $

            	
              1,075,000

            	 	
              $

            	
              250,000

            	 
	
              Class
                B5-I 

            	 	 	
              (9)

            	
               

            	
              $

            	
              941,000

            	 	
              $

            	
              250,000

            	 
	
              Class
                B6-I 

            	 	 	
              (9)

            	
               

            	
              $

            	
              810,372

            	 	
              $

            	
              250,000

            	 
	
              Class
                B1-II 

            	 	 	
              (10)

            	
               

            	
              $

            	
              4,911,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                B2-II 

            	 	 	
              (10)

            	
               

            	
              $

            	
              2,182,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                B3-II 

            	 	 	
              (10)

            	
               

            	
              $

            	
              1,637,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                B4-II 

            	 	 	
              (10)

            	
               

            	
              $

            	
              1,091,000

            	 	
              $

            	
              250,000

            	 
	
              Class
                B5-II 

            	 	 	
              (10)

            	
               

            	
              $

            	
              873,000

            	 	
              $

            	
              250,000

            	 
	
              Class
                B6-II 

            	 	 	
              (10)

            	
               

            	
              $

            	
              765,923

            	 	
              $

            	
              250,000

            	 
	
              Class
                R

            	 	 	
              (2)

            	
               

            	
              $

            	
              100

            	 	
              $

            	
              100

            	 
	
              Class
                P-I

            	 	 	
              (11)

            	
               

            	 	
              (10

            	
              )

            	 	
              25

            	
              %

            
	
              Class
                P-II

            	 	 	
              (12)

            	
               

            	 	
              (11

            	
              )

            	 	
              25

            	
              %

            
	
              Class
                P-III

            	 	 	
              (13)

            	
               

            	 	
              (12

            	
              )

            	 	
              25

            	
              %

            

    

     

    
      

    

    
      	
              (1)

            	
              For
                any Distribution Date on or prior to the Distribution Date in September
                2011, the Certificate Interest Rate on the Class 1-A1 Certificates
                shall
                be a per annum rate equal to 5.750% subject to a maximum rate equal
                to the
                Net WAC for Pool 1 for such Distribution Date. Beginning with the
                Distribution Date in October 2011 and for each Distribution Date
                thereafter, the Certificate Interest Rate on the Class 1-A1 Certificates
                shall be a per annum rate equal to the Net WAC for Pool 1 for such
                Distribution Date. 

            

    

    

    
      	
              (2)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                1-A2 and
                the Class R Certificates shall be a per annum rate equal to the Net
                WAC
                for Pool 1 for such Distribution
                Date.

            

    

    

    
      	
              (3)

            	
              For
                any Distribution Date on or prior to the Distribution Date in September
                2011, the Certificate Interest Rate on the Class 1-AX Certificates
                shall
                be a per annum rate equal to the Net WAC for Pool 1less the interest
                rate
                on the Class 1-A1 Certificates for such Distribution Date. Thereafter,
                the
                Class 1-AX Certificates will not accrue interest and will not be
                entitled
                to any distributions related to subsequent Distribution Dates. .
                For any
                Distribution Date, the Class Notional Amount of the Class 1-AX
                Certificates will be equal to the Class Principal Amount for the
                Class
                1-A1 Certificates. The initial Class Notional Amount of the Class
                1-AX
                Certificates is approximately
                $86,098,000.

            

    

    

    
      	
              (4)

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

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              (5)

            	
              For
                any Distribution Date on or prior to the Distribution Date in September
                2016, the Certificate Interest Rate on the Class 3-A1, Class 3-A2
                and
                Class 3-A3 Certificates shall be a per annum rate equal to the Net
                WAC for
                Pool 3 less 0.5372805255% for such Distribution Date. Beginning with
                the
                Distribution Date in October 2016 and for each Distribution Date
                thereafter, the Certificate Interest Rate for the Class 3-A1, Class
                3-A2
                and Class 3-A3 Certificates shall be a per annum rate equal to the
                Net WAC
                for Pool 3 for such Distribution
                Date.

            

    

    

    
      	
              (6)

            	
              For
                any Distribution Date on or prior to the Distribution Date in September
                2016, the Certificate Interest Rate on the Class 3-AF and Class 3-AF1
                Certificates shall be a per annum rate equal to the least of (i)
                LIBOR +
                0.40%, (ii) 7.00% and (iii) the Class 3-AF1- AF Available Funds Cap,
                for
                such Distribution Date. Beginning with the Distribution Date in October
                2016 and for each Distribution Date thereafter, the Certificate Interest
                Rate for the Class 3-AF and Class 3-AF1 Certificates shall be a per
                annum
                rate equal to the lesser of (i) LIBOR + 0.40% and (ii) the Class
                3-AF1-AF
                Available Funds Cap for such Distribution
                Date.

            

    

    

    
      	
              (7)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                3-AX
                Certificates shall be a per annum rate equal to the excess, if any,
                of (x)
                the Class 3-AF1-AF Available Funds Cap for such distribution date
                over (y)
                the interest rate for the Class 3-AF1 and Class 3-AF Certificates
                for such
                Distribution Date. For any Distribution Date, the Class Notional
                Amount of
                the Class 3-AX Certificates will be equal to the Class Principal
                Amounts
                of the Class 3-AF1 and Class 3-AF Certificates. The initial Class
                Notional
                Amount of the Class 3-AX Certificates is approximately
                $90,000,000.

            

    

    

    
      	
              (8)

            	
              For
                any Distribution Date, the Certificate Interest Rate on the Class
                3-A4
                Certificates shall be a per annum rate equal to the Net WAC for Pool
                3 for
                such Distribution Date.

            

    

    

    
      	
              (9)

            	
              For
                any Distribution Date, the Certificate Interest Rate for the Class
                B1-I,
                Class B2-I, Class B3-I, Class B4-I, Class B5-I and Class B6-I Certificates
                shall be equal to an annual rate equal to the Pool 1-2 Underlying
                Subordinate Rate.

            

    

    

    
      	
              (10)

            	
              For
                any Distribution Date, the Certificate Interest Rate for the Class
                B1-II,
                Class B2-II, Class B3-II, Class B4-II, Class B5-II and Class B6-II
                Certificates shall be equal to an annual rate equal to the Net WAC
                for
                Pool 3 for such Distribution Date.

            

    

    

    
      	(11)	
              The
                Class P-I Certificates will be entitled to receive Prepayment Penalty
                Amounts paid by borrowers upon voluntary full or partial prepayment
                of the
                Mortgage Loans in Pool 1.

            

    

    

    
      	(12)	
              The
                Class P-II Certificates will be entitled to receive Prepayment Penalty
                Amounts paid by borrowers upon voluntary full or partial prepayment
                of the
                Mortgage Loans in Pool 2.

            

    

    

    
      	(13)	
              The
                Class P-III Certificates will be entitled to receive Prepayment Penalty
                Amounts paid by borrowers upon voluntary full or partial prepayment
                of the
                Mortgage Loans in Pool 3.

            

    

    

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $487,253,395.85.

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

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

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Definitions.

     

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

     

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

     

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

     

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

     

    Accretion
      Directed Certificate:
      Not
      applicable.

     

    Accretion
      Termination Date:
      Not
      applicable.

     

    Accrual
      Amount:
      Not
      applicable.

     

    Accrual
      Certificate:
      Not
      applicable.

     

    Accrual
      Component:
      Not
      applicable.

     

    Accrual
      Period:
      With
      respect to any Distribution Date and for each class of Certificates, other
      than
      the Class 3-AF1, Class 3-AF and Class 3-AX Certificates, the calendar month
      immediately preceding the month in which the related Distribution Date occurs.
      For the Class 3-AF1, Class 3-AF and Class 3-AX Certificates, the period
      beginning with the immediately preceding Distribution Date (or from October
      25,
      2006 in the case of the first Distribution Date) and ending the day immediately
      preceding the related Distribution Date. All calculations of interest on each
      class of Certificates will be made on the basis of a 360-day year and twelve
      30-day months.

    

    Accrued
      Certificate Interest:
      As to
      any Class of Certificates and any Distribution Date, the amount of interest
      accrued at its Certificate Interest Rate during the related Accrual Period
      on
      (in the case of each Class other than any Class of Notional Certificates) the
      related Class Principal Amount immediately prior to such Distribution Date
      or,
      in the case of any Class of Notional Certificates, the Class Notional Amount
      for
      such Distribution Date, as reduced by such Class’s share of the interest portion
      of (i) any Excess Losses for the related Mortgage Pool or Mortgage Pools for
      such Distribution Date and (ii) any Relief Act Reduction for the related
      Mortgage Pool or Mortgage Pools for such Distribution Date, in each case
      allocable among the Senior Certificates of the related Certificate Group and
      the
      related Subordinate Certificates proportionately based on (1) in the case of
      the
      Senior Certificates, the Accrued Certificate Interest otherwise distributable
      thereon, and (2) in the case of the Group I Subordinate Certificates and the
      Group II Subordinate Certificates interest accrued (at the Underlying
      Subordinate Rate for the relevant Mortgage Pool) on their respective Apportioned
      Principal Balances. All calculations of interest on each Class of Certificates
      and each of the REMIC I-1 Interests, REMIC I-2 Interests, REMIC I-3 Interests,
      REMIC II-1 Interests and REMIC II-2 Interests shall be calculated on the basis
      of a 360-day year consisting of twelve 30-day months. The interest shall accrue
      during the related Accrual Period.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    Act:
      As
      defined in Section 3.03(c).

     

    Additional
      Collateral:
      None.

     

    Additional
      Collateral Servicing Agreement:
      None.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Aggregate
      Master Servicing Compensation:
      Not
      applicable.

     

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

     

    Aggregate
      Subordinate Percentage:
      With
      respect to any Distribution Date, the sum of the Class Principal Amounts of
      the
      Group I Subordinate Certificates or the Group II Subordinate Certificates,
      as
      applicable, immediately prior to such date divided by the sum of the Pool
      Balances for all of the Mortgage Pools in the related Mortgage Group for the
      immediately preceding Distribution Date (or, in the case of the first
      Distribution Date, the Cut-off Date).

     

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

     

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

     

    AP
      Percentage:
      Not
      applicable.

     

    AP
      Principal Distribution Amount:
      Not
      applicable.

     

    Applicants:
      As
      defined in Section 8.02(b).

     

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

     

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

     

    Associated
      Mortgage Loan:
      Not
      applicable.

     

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

     

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

     

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

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Authorized
      Officer:
      Not
      applicable.

     

    Available
      Distribution Amount:
      As to
      each Mortgage Pool and on any Distribution Date, the sum of the following
      amounts:

     

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

     

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

     

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

     

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

     

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

     

    (E)  all
      fees
      and amounts due or reimbursable to the Master Servicer, the Trustee (or its
      custodian), the Custodian or a Servicer pursuant to the terms of this Agreement,
      the applicable Custodial Agreement or the applicable Servicing Agreement related
      specifically to such Mortgage Pool or if applicable to all Mortgage Pools,
      then
      the pro rata portion of any such amounts based on the Pool Balance of such
      Mortgage Pool and the Aggregate Principal Balance;

     

    (F)  [Reserved];

     

    (G)  [Reserved];

     

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

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    Balloon
      Mortgage Loan:
      Not
      applicable.

     

    Balloon
      Payment:
      Not
      applicable.

     

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

     

    Bankruptcy
      Coverage Termination Date:
      As to
      any Mortgage Pool, the Distribution Date on which the applicable Bankruptcy
      Loss
      Limit has been reduced to zero (or less than zero).

     

    Bankruptcy
      Loss Limit:
      As of
      the Cut-off Date, $100,361.36 for Pool 1 and Pool 2, and $100,000.00 for Pool
      3,
      which amounts shall each be reduced from time to time by the amount of
      Bankruptcy Losses that are allocated to the related Certificates until the
      applicable Bankruptcy Coverage Termination Date.

     

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

     

    Basis
      Risk Shortfall Protected Certificate:
      Not
      applicable.

     

    Basis
      Risk Shortfall:
      Not
      applicable.

     

    Blanket
      Mortgage:
      Not
      applicable.

     

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

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    Class:
      All
      Certificates bearing the same class designation, and, in the case of REMIC
      I-1,
      REMIC I-2, REMIC I-3, REMIC II-1 or REMIC II-2, all interests bearing the same
      designation.

    

    Class
      3-A1-3 Specified Portion:
      For
      each Distribution Date, the quotient of (x) the aggregate Class Principal Amount
      of the Class 3-A1, Class 3-A2 and Class 3-A3 Certificates, without giving effect
      to distributions on such Distribution Date, divided by (y) the Class Principal
      Amount of the Class 3-AF1 and Class 3-AF Certificates, without giving effect
      to
      distributions on such Distribution Date. On the initial Distribution Date,
      the
      Class 3-A1-3 Specified Portion will be equal to 1.1705333333. 

    

    Class
      3-AF1-AF Available Funds Cap:
      For
      each Distribution Date on or prior to the Distribution Date in September 2016,
      an annual rate equal to the excess of (1) the product of (a) the Net WAC for
      Pool 3 for such Distribution Date and (b) the Class 3-AF1-AF Specified Portion
      over (2) the product of (a) the Certificate Interest Rate on the Class 3-A1
      Certificates for such Distribution Date and (b) the Class 3-A1-3 Specified
      Portion. Beginning with the Distribution Date in September 2016 and for each
      Distribution Date thereafter, an annual rate equal to the Net WAC for Pool
      3 for
      such Distribution Date.

    

    Class
      3-AF1-AF Specified Portion:
      For
      each Distribution Date, the quotient of (x) the aggregate Class Principal Amount
      of the Class 3-A1, Class 3-A2, Class 3-A3, Class 3-AF1 and Class 3-AF
      Certificates, without giving effect to distributions on such Distribution Date,
      divided by (y) the Class Principal Amount of the Class 3-AF1 and Class 3-AF
      Certificates, without giving effect to distributions on such Distribution Date.
      On the initial Distribution Date, the Class 3-AF1-AF Specified Portion will
      be
      equal to 2.1705333333. 

    

    Class
      3-AXI Interest:
      A
“regular interest” in REMIC II-2 entitled to a “specified portion” of
the
      interest accrued on the Class LTII1-3A123 Interest. Such “specified portion”
shall equal a fixed number of basis points (0.5372805255%) of interest accruing
      on the Class LTII1-3A123 Interest for each Distribution Date through the
      Distribution Date in September 2016. The Class 3-AXI Interest shall be
      represented by the Class 3-AX Certificates.

     

    Class
      3-AXII Interest:
      A
“regular interest” in REMIC II-2 entitled to a “specified portion” of
the
      interest accrued on the Class LTII1-3AF1AF Interest. Such “specified portion”
shall equal all interest accruing on the Class LTII3-3AF1AF Interest in excess
      of the interest accruing thereon at a variable rate equal to (i) for each
      Distribution Date through the Distribution Date in September 2016, the lesser
      of
      (x) LIBOR plus 0.40% per annum and (y) 7.00% per annum and (ii) for each
      Distribution Date thereafter, LIBOR plus 0.40% per annum. The Class 3-AXII
      Interest shall be represented by the Class 3-AX Certificates.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    Class
      AP Certificate:
      None.

     

    Class
      AP Deferred Amount:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Closing
      Date:
      October
      31, 2006.

     

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

     

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

     

    Commission:
      The
      Securities and Exchange Commission.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

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

     

    Component:
      Not
      applicable.

     

    Component
      Certificate:
      Not
      applicable.

     

    Component
      Notional Amount:
      Not
      applicable.

     

    Component
      Principal Amount:
      Not
      applicable.

     

    Component
      Writedown Amount:
      Not
      applicable.

     

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

     

    Conventional
      Loan:
      Not
      applicable.

     

    Converted
      Mortgage Loan:
      Not
      applicable.

     

    Convertible
      Mortgage Loan:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    Corporate
      Trust Office:
      With
      respect to the Trustee, the principal corporate trust office of the Trustee
      located at Corporate Trust Services, One Federal Street, Third Floor, Boston,
      Massachusetts 02110, Attention: SARM 2006-10, or at such other address as the
      Trustee may designate from time to time by notice to the Certificateholders,
      the
      Depositor, the Master Servicer or the principal corporate trust office of any
      successor Trustee.

     

    Corresponding
      Class:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

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

     

    Cut-off
      Date:
      October
      1, 2006.

     

    Cut-off
      Date Aggregate Principal Balance:
      Not
      applicable.

     

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

     

    Deferred
      Interest:
      None.

     

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

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

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

     

    Deleted
      Loan REMIC:
      Not
      Applicable.

     

    Deleted
      Loan REMIC Interest:
      Not
      Applicable.

     

    Deleted
      Loan REMIC Regular Interest:
      Not
      Applicable.

     

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

     

    Deposit
      Date:
      With
      respect to each Distribution Date, the Business Day immediately preceding such
      Distribution Date.

     

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

     

    Designated
      Rate:
      Not
      applicable.

     

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

     

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

     

    Discount
      Mortgage Loan:
      None.

     

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

     

    Distribution
      Date:
      The
      25th
      day of
      each month, or, if such 25th
      day is
      not a Business Day, the next succeeding Business Day commencing in November,
      2006.

     

    DTC:
      The
      Depository Trust Company.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    (vi)  a
      Qualified GIC;

     

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

     

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

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Excess
      REMIC Payments:
      With
      respect to each Distribution Date on or prior to the Distribution Date in
      September 2016, (a) in the case of the Class 3-AF1 and Class 3-AF Certificates,
      the excess, if any, of (i) the Accrued Certificate Interest with respect to
      each
      such Class over (ii) the interest that would have been payable with respect
      to
      such Class at a per annum interest rate equal to the least of (i) LIBOR plus
      0.40%, (ii) 7.00% and (iii) the Net WAC for Pool 3.

     

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

     

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

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    Final
      Scheduled Distribution Date:
      For the
      Certificates (other than the Class 1-AX, Class Certificates), the Distribution
      Date in November 2036. For the Class 1-AX Certificates, the Distribution Date
      in
      September 2011.

     

    Financial
      Intermediary:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

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

     

    Fraud
      Loss Limit:
      With
      respect to any Distribution Date (x) prior to the first anniversary of the
      Cut-off Date, (i) $2,689,864.72 for Mortgage Group I, less the aggregate of
      Fraud Losses in Mortgage Group I since the Cut-off Date, (y) from the first
      anniversary to the second anniversary of the Cut-off Date, an amount equal
      to
      (1) the lesser of (a) the Fraud Loss Limit as of the most recent anniversary
      of
      the Cut-off Date and (b) 1.00% of the aggregate principal balance of all the
      Mortgage Loans in Mortgage Group I as of the most recent anniversary of the
      Cut-off Date less (2) the aggregate of Fraud Losses in Mortgage Group I since
      the most recent anniversary of the Cut-off Date, and (z) from the second
      anniversary to the fifth anniversary of the Cut-off Date, an amount equal to
      (1)
      the lesser of (a) the Fraud Loss Limit as of the most recent anniversary of
      the
      Cut-off Date and (b) 0.50% of the aggregate principal balance of all the
      Mortgage Loans in Mortgage Group I as of the most recent anniversary of the
      Cut-off Date less (2) the aggregate of Fraud Losses in Mortgage Group I since
      the most recent anniversary of the Cut-off Date. On or after the fifth
      anniversary of the Cut-off Date, the Fraud Loss Limit shall be zero. With
      respect to any Distribution Date (x) prior to the first anniversary of the
      Cut-off Date, $4,365,338.47 for Mortgage Group II, less the aggregate of Fraud
      Losses in Mortgage Group II since the Cut-off Date, (y) from the first
      anniversary to the fifth anniversary of the Cut-off Date, an amount equal to
      (1)
      the lesser of (a) the Fraud Loss Limit as of the most recent anniversary of
      the
      Cut-off Date and (b) 1.00% of the aggregate principal balance of all the
      Mortgage Loans in Mortgage Group II as of the most recent anniversary of the
      Cut-off Date less (2) the aggregate of Fraud Losses in Mortgage Group II since
      the most recent anniversary of the Cut-off Date. On or after the fifth
      anniversary of the Cut-off Date, the Fraud Loss Limit shall be
      zero.

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    Funding
      Account:
      The
      account defined in Section 5.06 herein.

     

    Funding
      Amount:
      The
      amount paid by the Depositor to the Trustee for deposit into the Funding Account
      on the Closing Date pursuant to Section 5.06, which amount is $7,228,113.65.
      The
      Funding Amount is calculated as the difference between the Scheduled Principal
      Balance of the Mortgage Loans as of the Cut-off Date and the aggregate
      Certificate Principal Amount of the Certificates as of the Closing Date, as
      adjusted for rounding ($7,190,077.96) plus 30 days accrued interest on that
      amount ($38,035.69). For purposes of distributions to Certificateholders
      pursuant to Section 5.06, the Funding Amount with respect to Pool 2 shall equal
      a principal amount of $6,233,494.17 plus thirty (30) days accrued interest
      on
      such principal amount at the Net WAC for Pool 2 for the first Distribution
      Date.
      For purposes of distributions to Certificateholders pursuant to Section 5.06,
      the Funding Amount with respect to Pool 3 shall equal a principal amount of
      $956,583.79 plus thirty (30) days accrued interest on such principal amount
      at
      the Net WAC for Pool 3 for the first Distribution Date. To the extent that
      the
      total amount on deposit in the Funding Account exceeds the Funding Amount,
      such
      excess shall be distributed to the Depositor as described in Section
      5.06.

    

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

     

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

     

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

     

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

     

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

     

    Group
      1:
      All of
      the Group 1 Certificates.

     

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

     

    Group
      2:
      All of
      the Group 2 Certificates.

     

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

     

    Group
      3:
      All of
      the Group 3 Certificates.

     

    Group
      3 Certificate:
      Any
      Class 3-A1, Class 3-A2, Class 3-AF1, Class 3-AF, Class 3-A3, Class 3-AX and
      Class 3-A4 Certificate. The Group 3 Certificates are related to Pool
      3.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    Group
      I Certificate:
      Any of
      the Class 1-A1, Class 1-A2, Class 1-AX, Class 2-A1, Class 2-A2, Class B1-I,
      Class B2-I, Class B3-I, Class B4-I, Class B5-I, Class B6-I or Class R
      Certificates.

     

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

     

    Group
      II Certificate:
      Any of
      the Class 3-A1, Class 3-A2, Class 3-AF1, Class 3-AF, Class 3-A3, Class 3-A4,
      Class 3-AX, Class B1-II, Class B2-II, Class B3-II, Class B4-II, Class B5-II
      or
      Class B6-II Certificates.

     

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

     

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

     

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

     

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

     

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

     

    Initial
      LIBOR Rate:
      5.320%.

     

    Initial
      MTA Rate:
      Not
      applicable.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    Initial
      Net Mortgage Rate:
      Not
      applicable.

     

    Initial
      Senior Enhancement Percentage:
      4.75%
      for Mortgage Group I and 5.25% for Mortgage Group II.

     

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

     

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

     

    Interest
      Distribution Amount:
      Not
      applicable.

     

    Interest
      Shortfall:
      With
      respect to any Class of Certificates and any Distribution Date, any Accrued
      Certificate Interest not distributed (or added to principal) with respect to
      any
      previous Distribution Date, other than any Net Prepayment Interest
      Shortfalls.

     

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

     

    IRS:
      The
      Internal Revenue Service.

     

    Latest
      Possible Maturity Date:
      The
      Distribution Date in November 2036.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    LIBOR
      Available Funds Cap:
      Not
      applicable.

     

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

     

    LIBOR
      Certificate:
      Any
      Class 3-AF1, Class 3-AF or Class 3-AX Certificate.

     

    LIBOR
      Component:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

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

     

    Losses:
      As
      defined in Section 10.03.

     

    Maintenance:
      Not
      applicable.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Moody’s:
      Not
      applicable.

     

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

     

    Mortgage
      100SM
      Loan:
      Not
      applicable.

     

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

     

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

     

    Mortgage
      Group I:
      Pool 1
      and Pool 2 collectively.

     

    Mortgage
      Group II:
      Pool
      3.

     

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

     

    Mortgage
      Loan Sale Agreement:
      The
      agreement, dated as of October 1, 2006, for the sale of certain Mortgage Loans
      by Lehman Brothers Holdings to the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      The
      Mortgage Loan Schedule shall include, among other information agreed upon by
      the
      Depositor, the Master Servicer, the applicable Servicer and the Trustee, data
      fields specifying the terms and method of calculation of any Prepayment Penalty
      Amount with respect to each Mortgage Loan. The Depositor shall be responsible
      for providing the Trustee and the Master Servicer with all amendments to the
      Mortgage Loan Schedule.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Negative
      Amortization:
      Not
      applicable.

     

    Negative
      Amortization Certificate:
      None.

     

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

     

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

     

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

     

    Net
      WAC:
      With
      respect to each Mortgage Pool or portion thereof and any Distribution Date,
      the
      weighted average of Net Mortgage Rates of the Mortgage Loans in the related
      Mortgage Pool or portion thereof at the beginning of the related Due Period,
      weighted on the basis of their Scheduled Principal Balances at the beginning
      of
      the related Due Period.

     

    Non-AP
      Percentage:
      Not
      applicable.

     

    
      
        
        

      

      
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    Non-AP
      Senior Certificate:
      Not
      applicable.

     

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

     

    Non-Discount
      Mortgage Loan:
      None.

     

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

     

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

     

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

     

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

     

    Notional
      Certificate:
      Any
      Class 1-AX or Class 3-AX Certificate.

     

    Notional
      Component:
      Not
      applicable.

     

    Offering
      Document:
      Either
      of the private placement memorandum dated October 30, 2006 relating to the
      Class
      B4-I, Class B5-I, Class B6-I, Class B4-II, Class B5-II and Class B6-II
      Certificates or the Prospectus.

     

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

     

    One-Year
      MTA:
      Not
      applicable.

     

    Opinion
      of Counsel:
      A
      written opinion of counsel, reasonably acceptable in form and substance to
      the
      Trustee, and who may be in-house or outside counsel to the Depositor, the Master
      Servicer or the applicable Servicer but which must be Independent outside
      counsel with respect to any such opinion of counsel concerning the transfer
      of
      any Residual Certificate or concerning certain matters with respect to ERISA,
      or
      the taxation, or the federal income tax status, of each REMIC. For purpose
      of
      Section 2.01(c)(i), the Opinion of Counsel referred to therein may take the
      form
      of a memorandum of law or other acceptable assurance.

     

    
      
        
        

      

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

     

    Original
      Group Subordinate Amount:
      As to
      any Mortgage Pool, the Group Subordinate Amount for such Mortgage Pool as of
      the
      first Distribution Date.

     

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

     

    Originators:
      Central
      Pacific Mortgage, Countrywide Home Loans, Inc., E-Loan Mortgage, Lehman Brothers
      Bank, FSB, PHH Mortgage Corporation and Residential Mortgage Capital and their
      successors and assigns and any other originator contemplated by Item 1110 (§
229.1110) of Regulation AB. 

     

    Parent
      PowerSM
      Loan:
      Not
      applicable.

     

    Participation
      Agreement:
      Not
      applicable.

     

    Participation:
      Not
      applicable.

     

    Participation
      Schedule:
      Not
      applicable.

     

    Participation
      Master Servicer:
      Not
      applicable.

     

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

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    Plan:
      As
      defined in Section 3.03(d).

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

    Plan
      Asset Regulations:
      Not
      applicable.

     

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

     

    Pledged
      Asset Mortgage Loan:
      Not
      applicable.

     

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

     

    Pool
      1-2 Underlying Subordinate Rate:
      The
      weighted average of the Underlying Subordinate Rate for Pool 1 and Pool 2
      weighted by the corresponding Group Subordinate Amounts.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    Prepayment
      Period:
      For
      each Distribution Date and for any Principal Prepayment in part or in full
      (including any liquidation) (except Principal Prepayments in part or in full
      received by Countrywide Home Loans Servicing LP and Principal Prepayments in
      full received by Aurora), the calendar month immediately preceding the month
      in
      which such Distribution Date occurs. For each Distribution Date and a Principal
      Prepayment in full (including any liquidation) received by Aurora, the period
      from the seventeenth (or, in the case of the first Distribution Date, the first)
      day of the month immediately preceding the month of such Distribution Date
      through the sixteenth day of the month of such Distribution Date. For each
      Distribution Date and for a Principal Prepayment in part or in full (including
      any liquidation) received by Countrywide Servicing related to each Distribution
      Date, the 2nd
      day (or,
      in the case of the first Distribution Date, the 1st)
      of the
      calendar month immediately preceding the month in which such Distribution Date
      occurs through the first day of the calendar month in which such Distribution
      Date occurs.

     

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

     

    Principal
      Amount Schedules:
      Not
      applicable.

     

    Principal
      Only Certificate:
      Not
      applicable.

     

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

     

    Proceeding:
      Not
      applicable.

     

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

     

    Prospectus:
      The
      prospectus supplement dated October 30, 2006, together with the accompanying
      prospectus dated September 13, 2006, relating to the Senior Certificates and
      the
      Class B1-I, Class B2-I, Class B3-I, Class B1-II, Class B2-II and Class B3-II,
      Certificates.

     

    Purchase
      Price:
      With
      respect to the repurchase of a Mortgage Loan pursuant to this Agreement, an
      amount equal to the sum of (a) 100% of the unpaid principal balance of such
      Mortgage Loan, (b) accrued interest thereon at the Mortgage Rate, from the
      date
      as to which interest was last paid to (but not including) the Due Date
      immediately preceding the next Distribution Date, (c) any unreimbursed Servicing
      Advances with respect to such Mortgage Loan and (d) any costs and damages
      incurred by the Trust Fund in connection with any violation by such Mortgage
      Loan of any predatory- or abusive-lending law. The Master Servicer or the
      applicable Servicer (or the Trustee, if applicable) shall be reimbursed from
      the
      Purchase Price for any Mortgage Loan or related REO Property for any Advances
      made with respect to such Mortgage Loan that are reimbursable to the Master
      Servicer, such Servicer or the Trustee under this Agreement or the applicable
      Servicing Agreement, as well as any unreimbursed Servicing Advances and accrued
      and unpaid Master Servicing Fees or Servicing Fees, as applicable.

     

    
      
        
        

      

      
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    QIB:
      As
      defined in Section 3.03(c).

     

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

     

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

     

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

     

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

     

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

     

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

     

    Qualified
      Insurer:
      Not
      applicable.

     

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

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    Rating
      Agency:
      Each of
      S&P or Fitch.

     

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

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

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

     

    Record
      Date:
      With
      respect to any Distribution Date and each Class of Certificates other than
      the
      Class 3-AF1, Class 3-AF and Class 3-AX Certificates, the close of business
      on
      the last Business Day of the month immediately preceding the month in which
      such
      Distribution Date occurs. With respect to any Distribution Date and the Class
      3-AF1, Class 3-AF and Class 3-AX Certificates, the close of business on the
      Business Day immediately preceding such Distribution Date.

     

    Redemption
      Certificate:
      None.

     

    Reference
      Banks:
      Not
      applicable.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

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

     

    REMIC:
      Each of
      REMIC I-1, REMIC I-2, REMIC I-3, REMIC II-1 and REMIC II-2, as described in
      the
      Preliminary Statement hereto.

     

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

     

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

     

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

     

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

     

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

     

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

     

    REMIC
      I-2 Regular Interest:
      Each of
      the REMIC I-2 Interests other than the Class LTI2-R Interest.

     

    REMIC
      I-3:
      REMIC
      I-3 as described in the Preliminary Statement hereto.

     

    REMIC
      I-3 Interest:
      Any one
      of the classes of REMIC I-3 Regular Interests and the Class LTI3-R Interest
      as
      described in the Preliminary Statement hereto.

     

    REMIC
      I-3 Regular Interest:
      Any one
      of the classes of REMIC I-3 Regular Interests as described in the Preliminary
      Statement hereto.

     

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

     

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

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

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

     

    REMIC
      II-1 Subordinated Balance Ratio:
      Not
      Applicable.

     

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

     

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

     

    REMIC
      II-2 Regular Interest:
      Each of
      (i) each Class of Group II Certificates (other than the Class 3-AF1
      Certificates, the Class 3-AF Certificates and the Class 3-AX Certificates),
      (ii)
      each of the Class 3-AXI Interest and the Class 3-AXII Interest and (iii) the
      uncertificated REMIC regular interest represented by the rights associated
      with
      each of the Class 3-AF1 Certificates and Class 3-AF Certificates other than
      rights to receive payments in respect of Excess REMIC Payments.

     

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

     

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

     

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

     

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

     

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

     

    Repurchase
      Price:
      As
      defined in Section 7.01.

     

    Reserve
      Interest Rate:
      Not
      applicable.

     

    Reset
      Date:
      Not
      applicable.

     

    Residual
      Certificate:
      Any
      Class R Certificate.

     

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

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    Restricted
      Certificate:
      Any
      Class B4-I, Class B5-I, Class B6-I, Class B4-II, Class B5-II or Class B6-II
      Certificate but excluding any Regulation S Global Security.

     

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

     

    Rounding
      Account:
      Not
      applicable.

     

    Rules:
      As
      defined in Section 6.20(d).

     

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

     

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

     

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

     

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

     

    Scheduled
      Principal Amount:
      Not
      applicable.

     

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

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

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

     

    Seller:
      Lehman
      Brothers Holdings or any successor in interest.

     

    Senior
      Certificate:
      Any
      Group 1 Certificate, Group 2 Certificate or Group 3 Certificates.

     

    Senior
      Enhancement Percentage:
      For
      each Mortgage Group for any Distribution Date the percentage equivalent of
      a
      fraction, the numerator of which is the related Group Subordinate Amount or
      Group Subordinate Amounts and the denominator of which is the related Pool
      Balance or Pool Balances of such Mortgage Group for the immediately preceding
      Distribution Date.

     

    Senior
      Percentage:
      With
      respect to each Mortgage Pool and any Distribution Date, the percentage
      equivalent of the fraction, the numerator of which is the aggregate of the
      Certificate Principal Amounts of the Group 1 Certificates, in the case of Pool
      1, the Group 2 Certificates, in the case of Pool 2 or the Group 3 Certificates,
      in the case of Pool 3. 

     

    Senior
      Prepayment Percentage:
      With
      respect to each of Pools 1 through 3 for any Distribution Date occurring during
      the seven years beginning on the first Distribution Date, 100%, except as
      described herein below. With respect to each of Mortgage Pools 1 through 3
      for
      any Distribution Date occurring on or after the seventh anniversary of the
      first
      Distribution Date, the related Senior Percentage plus the following percentage
      of the related Subordinate Percentage for such Distribution Date: for any
      Distribution Date in the first year thereafter, 70%; for any Distribution Date
      in the second year thereafter, 60%; for any Distribution Date in the third
      year
      thereafter, 40%; for any Distribution Date in the fourth year thereafter, 20%;
      and for any subsequent Distribution Date, 0%; provided, however, (i) if on
      any
      of the foregoing Distribution Dates the Senior Enhancement Percentage for
      Mortgage Group I or Mortgage Group II, as applicable, is less than the related
      Initial Senior Enhancement Percentage, the Senior Prepayment Percentage for
      each
      Mortgage Pool in Mortgage Group I or Mortgage Group II, as applicable, on such
      Distribution Date shall once again equal 100%, (ii) unless the condition
      described in clause (i) has occurred, if on any Distribution Date before the
      Distribution Date in November 2009, prior to giving effect to any distributions
      on such Distribution Date, the Senior Enhancement Percentage for Mortgage Group
      I or Mortgage Group II, as applicable, for such Distribution Date is greater
      than or equal to twice the related Initial Senior Enhancement Percentage, then
      the Senior Prepayment Percentage for each Mortgage Pool in Mortgage Group I
      or
      Mortgage Group II, as applicable, for such Distribution Date will equal the
      related Senior Percentage plus 50% of the related Subordinate Percentage for
      such Mortgage Pool and (iii) unless the condition described in clause (i) has
      occurred, if on any Distribution Date on or after the Distribution Date in
      November 2009, prior to giving effect to any distributions on such Distribution
      Date, the Senior Enhancement Percentage for Mortgage Group I or Mortgage Group
      II, as applicable, for such Distribution Date is greater than or equal to twice
      the related Initial Senior Enhancement Percentage, then the Senior Prepayment
      Percentage for each Mortgage Pool in Mortgage Group I or Mortgage Group II,
      as
      applicable, on such Distribution Date will equal the related Senior
      Percentage.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

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

     

    Senior
      Principal Distribution Amount:
      For
      each Certificate Group and any Distribution Date, the sum of the following
      amounts:

     

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

     

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

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    Servicer:
      Any
      Servicer that has entered into any of the Servicing Agreements attached as
      Exhibit E hereto, or any successor in interest. Initially, the Servicers are
      Aurora, Countrywide Home Loans Servicing LP and PHH Mortgage
      Corporation.

     

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

     

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

     

    Servicing
      Agreement:
      Each
      Servicing Agreement between a Servicer and the Seller, dated as of October
      1,
      2006, attached hereto in Exhibit E, and any other servicing agreement entered
      into between a successor servicer and the Seller or the Trustee pursuant to
      the
      terms hereof.

     

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

     

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

     

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

     

    Servicing
      Function Participant:
      Any
      Subservicer, Subcontractor or any other Person, other than each Servicer, each
      Custodian, the Master Servicer, the Trustee and the Paying Agent that is
      participating in the servicing function within the meaning of Regulation AB,
      unless such Person’s activities relate only to 5% or less of the Mortgage
      Loans.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    Servicing
      Officer:
      Any
      officer of the Master Servicer involved in or responsible for the administration
      and servicing or master servicing of the Mortgage Loans whose name appears
      on a
      list of servicing officers furnished by the Master Servicer to the Trustee,
      as
      such list may from time to time be amended.

     

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

     

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

     

    Special
      Hazard Loss Limit:
      As of
      the Cut-off Date, $5,840,000.00 for Pool 1 and Pool 2 and $4,591,930.00 for
      Pool
      3, which amounts shall each be reduced from time to time to an amount equal
      on
      any Distribution Date to the lesser of (a) the greatest of (i) 1% of the
      aggregate of the Scheduled Principal Balances of the related Mortgage Loans;
      (ii) twice the Scheduled Principal Balance of the related Mortgage Loan having
      the highest Scheduled Principal Balance, and (iii) the aggregate Scheduled
      Principal Balances of the related Mortgage Loans secured by Mortgaged Properties
      located in the single California postal zip code area having the highest
      aggregate Scheduled Principal Balance of Mortgage Loans of any such postal
      zip
      code area and (b) such Special Hazard Loss Limit as of the Closing Date less
      the
      amount, if any, of Special Hazard Losses incurred with respect to the related
      Mortgage Loans since the Closing Date.

     

    Specified
      Rating:
      Not
      applicable.

     

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

     

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

     

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

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    Subordinate
      Certificate:
      Any
      Class B Certificate.

     

    Subordinate
      Certificate Writedown Amount:
      As to
      any Distribution Date, (x) with respect to the Group I Certificates, the amount
      by which (i) the sum of the Class Principal Amounts of all the Certificates
      related to Pool 1 and Pool 2 (after giving effect to the distribution of
      principal and the allocation of Realized Losses in reduction of the Certificate
      Principal Amounts of the Certificates related to Pool 1 and Pool 2 on such
      Distribution Date) exceeds (ii) the aggregate Scheduled Principal Balance of
      the
      Mortgage Loans in Pool 1 and Pool 2 for such Distribution Date or (y) with
      respect to the Group II Certificates, the amount by which (i) the sum of the
      Class Principal Amounts of all the Certificates related to Pool 3 (after giving
      effect to the distribution of principal and the allocation of Realized Losses
      in
      reduction of the Certificate Principal Amounts of the Certificates related
      to
      Pool 3 on such Distribution Date) exceeds (ii) the aggregate Scheduled Principal
      Balance of the Mortgage Loans in Pool 3 for such Distribution Date.

     

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

     

    Subordinate
      Component Percentage:
      Not
      applicable.

     

    Subordinate
      Floating Rate Certificate Shortfall:
      Not
      applicable.

     

    Subordinate
      LIBOR Certificate:
      Not
      applicable.

     

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

     

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

     

    Subordinate
      Principal Distribution Amount:
      For
      each Mortgage Pool and any Distribution Date, the sum of the
      following:

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Surety:
      Not
      applicable.

     

    Surety
      Bond:
      Not
      applicable.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    Trust
      Fund:
      The
      corpus of the trust created pursuant to this Agreement, consisting of the
      Mortgage Loans, the assignment of the Depositor’s rights under the Mortgage Loan
      Sale Agreement and the Participation Agreement, the Participations, the
      Additional Collateral, such amounts as shall from time to time be held in the
      Collection Account, the Certificate Account, any Escrow Account, the Insurance
      Policies, any REO Property and the other items referred to in, and conveyed
      to
      the Trustee under, Section 2.01(a). The legal entity name of the Trust Fund
      shall be Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
      Certificates, Series 2006-10.

     

    Trust
      Rate:
      Not
      applicable.

     

    Trust
      REMIC:
      Any of
      REMIC I-1, REMIC I-2, REMIC I-3, REMIC II-1 or REMIC II-2.

     

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

     

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

     

    Trustee
      Fee Rate:
      0.0090%
      per annum.

     

    Undercollateralization
      Distribution:
      As
      defined in Section 5.02(f)(ii)(A).

     

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

     

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

    

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

     

    
      
        
        

      

      
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    Unpaid
      Basis Risk Shortfall:
      Not
      applicable.

     

    Unpaid
      Subordinate Floating Rate Certificate Shortfall:
      Not
      applicable.

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement until the Class Notional Amount of
      each
      Class of Notional Certificates has been reduced to zero, 92% of all Voting
      Interests shall be allocated to the Certificates other than the Notional
      Certificates and the Class P-I, Class P-II and P-III Certificates, 5% of all
      Voting Interests shall be allocated to the Notional Certificates, 1% shall
      be
      allocated to the Class P-I Certificates, 1% shall be allocated to the Class
      P-II
      Certificates, 1% shall be allocated to the Class P-III Certificates and 1%
      shall
      be allocated to the Class P-II Certificates. After the Class Notional Amounts
      of
      all Classes of Notional Certificates have been reduced to zero, 97% of all
      Voting Interests shall be allocated to the remaining Classes of Certificates
      other than the Class P-I, Class P-II and Class P-III Certificates. Voting
      Interests allocated to the Notional Certificates shall be allocated among the
      Classes of such Certificates (and among the Certificates of each such Class)
      in
      proportion to their Class Notional Amounts (or Notional Amounts). Voting
      Interests shall be allocated among the Class P-I, Class P-II and Class P-III
      Certificates in proportion to their Percentage Interest. Voting Interests shall
      be allocated among the other Classes of Certificates (and among the Certificates
      of each such Class) in proportion to their Class Principal Amounts (or
      Certificate Principal Amounts).

     

    Section
      1.02. Calculations
      Respecting Mortgage Loans.

     

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

     

    ARTICLE
      II

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    The
      foregoing sale, transfer, assignment, set-over, deposit and conveyance and
      the
      assignment and transfer with respect to Additional Collateral does not and
      is
      not intended to result in creation or assumption by the Trustee of any
      obligation of the Depositor, the Seller, or any other Person in connection
      with
      the Mortgage Loans, the Servicing Agreements or any other agreement or
      instrument relating thereto except as specifically set forth
      herein.

     

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

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    (iii) with
      respect to each Mortgage Loan other than a Cooperative Loan, the original
      recorded Mortgage with evidence of recording indicated thereon and the original
      recorded power of attorney, if the Mortgage was executed pursuant to a power
      of
      attorney, with evidence of recording thereon or, if such Mortgage or power
      of
      attorney has been submitted for recording but has not been returned from the
      applicable public recording office, has been lost or is not otherwise available,
      a copy of such Mortgage or power of attorney, as the case may be, certified
      to
      be a true and complete copy of the original submitted for recording. If, in
      connection with any Mortgage Loan, the Depositor cannot deliver the Mortgage
      with evidence of recording thereon on or prior to the Closing Date because
      of a
      delay caused by the public recording office where such Mortgage has been
      delivered for recordation or because such Mortgage has been lost, the Depositor
      shall deliver or cause to be delivered to the Trustee (or the applicable
      Custodian), in the case of a delay due to recording, a true copy of such
      Mortgage, pending delivery of the original thereof, together with an Officer’s
      Certificate of the Depositor certifying that the copy of such Mortgage delivered
      to the Trustee (or the applicable Custodian) is a true copy and that the
      original of such Mortgage has been forwarded to the public recording office,
      or,
      in the case of a Mortgage that has been lost, a copy thereof (certified as
      provided for under the laws of the appropriate jurisdiction) and a written
      Opinion of Counsel acceptable to the Trustee and the Depositor that an original
      recorded Mortgage is not required to enforce the Trustee’s interest in the
      Mortgage Loan;

     

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

     

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    (v) with
      respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, the
      original Assignment of Mortgage, in form and substance acceptable for recording.
      The Mortgage shall be assigned either (A) in blank, without recourse or (B)
      to
“U.S. Bank National Association, as Trustee of the Structured Adjustable Rate
      Mortgage Loan Trust Mortgage Pass Through Certificates, Series 2006-10,” without
      recourse for each Mortgage Loan;

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    Section
      2.03. Representations
      and Warranties of the Depositor.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
      2.04. Discovery
      of Breach.

     

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

     

    Section
      2.05. Repurchase,
      Purchase or Substitution of Mortgage Loans.

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      2.06. Grant
      Clause.

     

    It
      is
      intended that the conveyance of the Depositor’s right, title and interest in and
      to property constituting the Trust Fund pursuant to this Agreement shall
      constitute, and shall be construed as, a sale of such property and not a grant
      of a security interest to secure a loan. However, if such conveyance is deemed
      to be in respect of a loan, it is intended that: (i) the rights and obligations
      of the parties shall be established pursuant to the terms of this Agreement;
      (ii) the Depositor hereby grants to the Trustee for the benefit of the Holders
      of the Certificates a first priority security interest in all of the Depositor’s
      right, title and interest in, to and under, whether now owned or hereafter
      acquired, the Trust Fund and all proceeds of any and all property constituting
      the Trust Fund to secure payment of the Certificates; and (iii) this Agreement
      shall constitute a security agreement under applicable law. If such conveyance
      is deemed to be in respect of a loan and the trust created by this Agreement
      terminates prior to the satisfaction of the claims of any Person holding any
      Certificate, the security interest created hereby shall continue in full force
      and effect and the Trustee shall be deemed to be the collateral agent for the
      benefit of such Person, and all proceeds shall be distributed as herein
      provided.

     

    
      
        
        

      

      
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    ARTICLE
      III

     

    THE
      CERTIFICATES

     

    Section
      3.01. The
      Certificates.

     

    (a) The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
      Certificates will be evidenced by one or more certificates, beneficial ownership
      of which will be held in the dollar denominations in Certificate Principal
      Amount or Notional Principal Amount or in the Percentage Interests, specified
      herein. Each Class of Book-Entry Certificates shall be issued in the minimum
      denominations in Certificate Principal Amount (or Notional Amount) or Percentage
      Interest specified in the Preliminary Statement hereto and in integral multiples
      of $1 or 5% (in the case of Certificates issued in Percentage Interests) in
      excess thereof. Each Class of Non-Book Entry Certificates other than the
      Residual Certificate shall be issued in definitive, fully registered form in
      the
      minimum denominations in Certificate Principal Amount (or Notional Amount)
      specified in the Preliminary Statement hereto and in integral multiples of
      $1 in
      excess thereof. The Residual Certificate shall be issued as a single Certificate
      and maintained in definitive, fully registered form in a minimum denomination
      equal to $100. Each of the Class P Certificates shall be maintained in
      definitive, fully registered form in a minimum denomination equal to 25% of
      the
      Percentage Interest of such Class of Certificates. The Certificates may be
      issued in the form of typewritten certificates. One Certificate of each Class
      of
      Certificates other than any Class of Residual Certificates may be issued in
      any
      denomination in excess of the minimum denomination.

     

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

     

    
      
        
        

      

      
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    (c) The
      Class
      B4-I, Class B5-I, Class B6-I, Class B4-II, Class B5-II or Class B6-II
Certificates
      offered and sold in reliance on the exemption from registration under Rule
      144A
      under the Act shall be issued initially in the form of one or more permanent
      global Certificates in definitive, fully registered form without interest
      coupons with the applicable legends set forth in Exhibit A added to the forms
      of
      such Certificates (each, a “Restricted Global Security”), which shall be
      deposited on behalf of the subscribers for such Certificates represented thereby
      with the Trustee, as custodian for DTC and registered in the name of a nominee
      of DTC, duly executed and authenticated by the Trustee or the Authenticating
      Agent as hereinafter provided. The aggregate principal amounts of the Restricted
      Global Securities may from time to time be increased or decreased by adjustments
      made on the records of the Trustee or DTC or its nominee, as the case may be,
      as
      hereinafter provided.

     

    The
      Class
      B4-I, Class B5-I, Class B6-I, Class B4-II, Class B5-II or Class B6-II
      Certificates sold in offshore transactions in reliance on Regulation S shall
      be
      issued initially in the form of one or more permanent global Certificates in
      definitive, fully registered form without interest coupons with the applicable
      legends set forth in Exhibit A hereto added to the forms of such Certificates
      (each, a “Regulation S Global Security”), which shall be deposited on behalf of
      the subscribers for such Certificates represented thereby with the Trustee,
      as
      custodian for DTC and registered in the name of a nominee of DTC, duly executed
      and authenticated by the Trustee and the Authenticating Agent as hereinafter
      provided. The aggregate principal amounts of the Regulation S Global Securities
      may from time to time be increased or decreased by adjustments made on the
      records of the Trustee or DTC or its nominee, as the case may be, as hereinafter
      provided.

     

    (d) The
      Class
      B4-I, Class B5-I, Class B6-I, Class B4-II, Class B5-II or Class B6-II
      Certificates sold to an “accredited investor” complying with the transfer
      provision set forth in Section 3.03 under Rule 501(a)(1), (2), (3) or (7) under
      the Act shall be issued initially in the form of one or more Definitive
      Certificates.

     

    Section
      3.02. Registration.

     

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

     

    
      
        
        

      

      
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    Section
      3.03. Transfer
      and Exchange of Certificates.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

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

     

    (h) Notwithstanding
      any provision to the contrary herein, so long as a Global Security representing
      any of the Class B4-I, Class B5-I, Class B6-I, Class B4-II, Class B5-II or
      Class
      B6-II Certificates remains outstanding and is held by or on behalf of DTC,
      transfers of a Global Security representing any such Certificates, in whole
      or
      in part, shall only be made in accordance with Section 3.01 and this Section
      3.03(h).

     

    (i) Subject
      to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
      Security representing any of the Class B4-I, Class B5-I, Class B6-I, Class
      B4-II, Class B5-II or Class B6-II Certificates shall be limited to transfers
      of
      such Global Security, in whole or in part, to nominees of DTC or to a successor
      of DTC or such successor’s nominee.

     

    (ii) Restricted
      Global Security to Regulation S Global Security.
      If a
      holder of a beneficial interest in a Restricted Global Security deposited with
      or on behalf of DTC wishes at any time to exchange its interest in such
      Restricted Global Security for an interest in a Regulation S Global Security,
      or
      to transfer its interest in such Restricted Global Security to a Person who
      wishes to take delivery thereof in the form of an interest in a Regulation
      S
      Global Security, such holder, provided such holder is not a U.S. person, may,
      subject to the rules and procedures of DTC, exchange or cause the exchange
      of
      such interest for an equivalent beneficial interest in the Regulation S Global
      Security. Upon receipt by the Certificate Registrar, of (I) instructions from
      DTC directing the Certificate Registrar, to be credited a beneficial interest
      in
      a Regulation S Global Security in an amount equal to the beneficial interest
      in
      such Restricted Global Security to be exchanged but not less than the minimum
      denomination applicable to such holder’s Certificates held through a Regulation
      S Global Security, (II) a written order given in accordance with DTC’s
      procedures containing information regarding the participant account of DTC
      and,
      in the case of a transfer pursuant to and in accordance with Regulation S,
      the
      Euroclear or Clearstream account to be credited with such increase and (III)
      a
      certificate in the form of Exhibit L-1 hereto given by the holder of such
      beneficial interest stating that the exchange or transfer of such interest
      has
      been made in compliance with the transfer restrictions applicable to the Global
      Securities, including that the holder is not a U.S. person, and pursuant to
      and
      in accordance with Regulation S, the Certificate Registrar, shall reduce the
      principal amount of the Restricted Global Security and increase the principal
      amount of the Regulation S Global Security by the aggregate principal amount
      of
      the beneficial interest in the Restricted Global Security to be exchanged,
      and
      shall instruct Euroclear or Clearstream, as applicable, concurrently with such
      reduction, to credit or cause to be credited to the account of the Person
      specified in such instructions a beneficial interest in the Regulation S Global
      Security equal to the reduction in the principal amount of the Restricted Global
      Security.

     

    
      
        
        

      

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

     

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

     

    (v) Restrictions
      on U.S. Transfers.
      Transfers of interests in the Regulation S Global Security to U.S. persons
      (as
      defined in Regulation S) shall be limited to transfers made pursuant to the
      provisions of Section 3.03(h)(iii).

     

    Section
      3.04. Cancellation
      of Certificates.

     

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

     

    
      
        
        

      

      
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    Section
      3.05. Replacement
      of Certificates.

     

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

     

    Section
      3.06. Persons
      Deemed Owners.

     

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

     

    Section
      3.07. Temporary
      Certificates.

     

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

     

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

     

    
      
        
        

      

      
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    Section
      3.08. Appointment
      of Paying Agent.

     

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

     

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

     

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

     

    Section
      3.09. Book-Entry
      Certificates.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      IV

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    Section
      4.01. Collection
      Account.

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled “Aurora
      Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
      of Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
      Certificates, Series 2006-10.” The Collection Account shall relate solely to the
      Certificates issued by the Trust Fund hereunder, and funds in such Collection
      Account shall not be commingled with any other monies.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    (iv) all
      Insurance Proceeds;

     

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

     

    (vi) all
      Prepayment Penalty Amounts; and

     

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

     

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments (selected by
      and
      at the written direction of the Master Servicer) which shall mature not later
      than one Business Day prior to the Deposit Date (except that if such Eligible
      Investment is an obligation of the Trustee or the Paying Agent, if other than
      the Trustee, and such Collection Account is maintained with the Trustee or
      the
      Paying Agent, if other than the Trustee, then such Eligible Investment shall
      mature not later than such applicable Deposit Date), and any such Eligible
      Investment shall not be sold or disposed of prior to its maturity. All such
      Eligible Investments shall be made in the name of the Master Servicer in trust
      for the benefit of the Trustee and Holders of Structured Adjustable Rate
      Mortgage Loan Trust, Mortgage Pass-Through Certificates, Series 2006-10. All
      income and gain realized from any such investment shall be for the benefit
      of
      the Master Servicer, while such Collection Account is maintained by the Master
      Servicer, and shall be subject to its withdrawal or order from time to time
      and
      shall not be part of the Trust Fund. The amount of any losses incurred in
      respect of any such investments shall be deposited in such Collection Account
      by
      the Master Servicer out of its own funds, without any right of reimbursement
      therefor, immediately as realized. The foregoing requirements for deposit in
      the
      Collection Account are exclusive, it being understood and agreed that, without
      limiting the generality of the foregoing, payments of interest on funds in
      the
      Collection Account and payments in the nature of late payment charges or
      assumption fees need not be deposited by the Master Servicer in the Collection
      Account and may be retained by the Master Servicer or the applicable Servicer
      as
      additional servicing compensation. If the Master Servicer deposits in the
      Collection Account any amount not required to be deposited therein, it may
      at
      any time withdraw such amount from such Collection Account.

     

    Section
      4.02. Application
      of Funds in the Collection Account.

     

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

     

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

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

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

       

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    Section
      4.03. Reports
      to Certificateholders.

     

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

     

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

     

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

     

    (iii) the
      amount, if any, of any distribution to the Holders of a Residual
      Certificate;

     

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

     

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

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

     

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

      

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

         

        
          
            
            

          

          
            73

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

      

       

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

      

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

         

        
          
            
            

          

          
            74

            
              

            

          

          
            
            

          

        

      

      
         

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

        

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

           

          
            Section
              4.04. Certificate Account.

             

            (a) The
              Trustee shall establish and maintain in its name, as trustee, a trust
              account
              (the “Certificate Account”), to be held in trust for the benefit of the
              Certificateholders until disbursed pursuant to the terms of this Agreement.
              The
              Certificate Account shall be an Eligible Account. If the existing Certificate
              Account ceases to be an Eligible Account, the Trustee shall establish
              a new
              Certificate Account that is an Eligible Account within 20 Business
              Days and
              transfer all funds on deposit in such existing Certificate Account
              into such new
              Certificate Account. The Certificate Account shall relate solely to
              the
              Certificates issued hereunder and funds in the Certificate Account
              shall be held
              separate and apart from and shall not be commingled with any other
              monies
              including, without limitation, other monies of the Trustee held under
              this
              Agreement.

             

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

             

            
              
                
                

              

              
                75

                
                  

                

              

              
                
                

              

            

             

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

             

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

             

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

             

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

             

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

             

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

             

            ARTICLE
              V

             

            DISTRIBUTIONS
              TO HOLDERS OF CERTIFICATES

             

            Section
              5.01. Distributions
              Generally.

             

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

             

            
              
                
                

              

              
                76

                
                  

                

              

              
                
                

              

            

            

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

             

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

             

            Section
              5.02. Distributions
              from the Certificate Account.

             

            (a) On
              each
              Distribution Date, the Trustee (or any successor Paying Agent on behalf
              of the
              Trustee) shall withdraw from the Certificate Account, to the extent
              of funds
              available therefore, the Available Distribution Amount (excluding all
              Prepayment
              Penalty Amounts) with respect to each Mortgage Pool, and shall distribute
              such
              amount in the following order of priority based on the report of the
              Trustee:

             

            (i) the
              payment of the Trustee Fee for such Distribution Date;

             

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

             

            
              
                (iii)
                  from
                  the
                  remaining Available Distribution Amount for each Mortgage Pool,
                  to each Class of
                  Senior Certificates in the related Certificate Group (reduced,
                  in each case, by
                  any Net Prepayment Interest Shortfalls for the related Mortgage
                  Pool allocated
                  to that Class of Certificates in that Distribution Date, as described
                  herein),
                  any related Interest Shortfall for such Distribution Date; provided,
                  however,
                  that any shortfall in available amounts for each Mortgage Pool
                  shall be
                  allocated among the Classes of the related Certificate Group in
                  proportion to
                  the Interest Shortfall (as so reduced) for each such Class on such
                  Distribution
                  Date; 

              

            

             

            
              
                
                

              

              
                77

                
                  

                

              

              
                
                

              

            

             

            (iv) from
              the
              remaining Available Distribution Amount for each Mortgage Pool, to
              the Senior
              Certificates (other than the Notional Certificates) of the related
              Certificate
              Group in reduction of the Class Principal Amounts thereof, concurrently,
              as
              follows:

             

            (A) to
              the
              Class R, Class 1-A1 and Class 1-A2 Certificates from the Available
              Distribution
              Amount for Pool 1, the Senior Principal Distribution Amount for such
              Mortgage
              Pool, in reduction of their Class Principal Amounts, sequentially as
              follows:

             

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

             

            (II) second,
              pro rata, to the Class 1-A1 and Class 1-A2, Certificates, from the
              available
              distribution amount for pool 1, the senior principal distribution amount
              for
              such mortgage pool, in reduction of their class principal amounts,
              until their
              class principal amounts have been reduced to zero;

             

            (B) pro
              rata,
              to the Class 2-A1 and Class 2-A2 Certificates, from the available distribution
              amount for pool 2, the senior principal distribution amount for such
              mortgage
              pool, in reduction of their class principal amounts, until their class
              principal
              amounts have been reduced to zero; and

             

            (C) concurrently
              as follows:

             

            (I) sequentially
              first to the Class 3-A1 and Class 3-A2 Certificates, from the available
              distribution amount for pool 3, the senior principal distribution amount
              for
              such mortgage pool, in reduction of their class principal amounts,
              until their
              class principal amounts have been reduced to zero;

             

            (II) pro
              rata
              to the Class 3-AF1, 3-AF, 3-A3 and 3-A4 Certificates from the available
              distribution amount for pool 3, the senior principal distribution amount
              for
              such mortgage pool, in reduction of their class principal amounts,
              until their
              class principal amounts have been reduced to zero.

             

            With
              respect to each Class of Subordinate Certificates other than the Class
              B6-I and
              Class B6-II Certificates, if on any Distribution Date the Credit Support
              Percentage for that Class is less than that Class’s Original Credit Support
              Percentage, then no distributions in respect of clauses (2) and (3)
              of the
              definition of Subordinate Principal Distribution Amount will be made
              to any
              Restricted Classes, and the amount otherwise distributable to the Restricted
              Classes in respect of such payments will be allocated among the remaining
              related Classes of Subordinate Certificates, proportionately, based
              upon their
              respective Class Principal Amounts.

             

            
              
                
                

              

              
                78

                
                  

                

              

              
                
                

              

            

             

            (v) from
              the
              remaining Available Distribution Amount for Mortgage Pool 1 and Pool
              2, subject
              to the prior distribution of amounts pursuant to Section 5.02(f) in
              the case of
              clauses (C), (F), (I), (L), (O) and (R) to the Group I Subordinate
              Certificates,
              in the following order of priority:

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            (vi) from
              the
              remaining Available Distribution Amount for Mortgage Pool 3, to the
              Group II
              Subordinate Certificates, in the following order of priority:

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

            
              
                
                

              

              
                84

                
                  

                

              

              
                
                

              

            

             

            (ii) On
              any
              Distribution Date on which any Certificate Group (other than the Group
              3
              Certificates) constitutes an Undercollateralized Group, all amounts
              otherwise
              distributable as principal on the Group I Subordinate Certificates,
              in reverse
              order of priority (other than amounts necessary to pay unpaid Interest
              Shortfalls) (or, following the Credit Support Depletion Date, such
              other amounts
              described in the immediately following sentence), will be distributed
              as
              principal to the Senior Certificates of such Undercollateralized Group
              in
              accordance with the priorities set forth in Section 5.02(a)(iv), until
              the
              aggregate Certificate Principal Amount of such Senior Certificates
              equals the
              Pool Balance of the related Mortgage Pool (such distribution, an
“Undercollateralization Distribution”). In the event that any Certificate Group
              (other than the Group 3 Certificates) constitutes an Undercollateralized
              Group
              on any Distribution Date following the Credit Support Depletion Date,
              Undercollateralization Distributions will be made from the excess of
              the
              Available Distribution Amount for the other such Mortgage Pools not
              related to
              an Undercollateralized Group (other than Pool 3) remaining after all
              required
              amounts have been distributed to the Senior Certificates of the other
              Certificate Groups (other than the Group 3 Certificates). In addition,
              the
              amount of any unpaid Interest Shortfalls with respect to an Undercollateralized
              Group (other than the Group 3 Certificates) on any Distribution Date
              (including
              any Interest Shortfalls for such Distribution Date) will be distributed
              to the
              Senior Certificates of such Undercollateralized Group prior to the
              payment of
              any Undercollateralization Distributions from amounts otherwise distributable
              as
              principal on the Group I Subordinate Certificates, in reverse order
              of priority
              (or, following the Credit Support Depletion Date, as provided in the
              preceding
              sentence). If more than one of the Certificate Groups (other than the
              Group 3
              Certificates) is an Undercollateralized Group, the distributions described
              above
              will be made in proportion to the amount by which the aggregate Certificate
              Principal Amount of the Senior Principal Amount of the Senior Certificates
              of
              each such Certificate Group exceeds the Pool Balance of the related
              Mortgage
              Pool.

             

            Section
              5.03. Allocation
              of Realized Losses.
              

             

            (a) (i)
              On
              any Distribution Date, the principal portion of each Realized Loss
              (other than
              any Excess Loss) in respect of a Mortgage Loan in Pool 1 and Pool 2
              shall be
              allocated in the following order of priority:

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

            seventh,
              to the
              Classes of Senior Certificates of the related Certificate Group, pro
              rata,
              in
              accordance with their Class Principal Amounts; provided, however, that
              any
              Realized Losses otherwise allocable to the Class 1-A1 Certificates
              pursuant to
              this Section 5.03 shall be allocated to the Class 1-A2 Certificates
              until the
              Class Principal Amount of such Class has been reduced to zero;
              that
              any Realized Losses otherwise allocable to the Class 2-A1 Certificates
              pursuant
              to this Section 5.03 shall be allocated to the Class 2-A2 Certificates
              until the
              Class Principal Amount of such Class has been reduced to zero. 

             

            Notwithstanding
              the foregoing, the first $0.37 of principal portion of Realized Losses
              in
              Mortgage Group I shall not be allocated to any Class of
              Certificates.

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            seventh,
              to the
              Group II Senior Certificates in accordance with their Class Principal
              Amount;
              provided, however, that any Realized Losses otherwise allocable to
              the Class
              3-A1, Class 3-A2, Class 3-AF1, Class 3-AF and Class 3-A3 Certificates
              pursuant
              to this Section 5.03 shall be allocated to the Class 3-A4 Certificates
              until the
              Class Principal Amount of such Class has been reduced to zero; and
              any Realized
              Losses otherwise allocable to the Class 3-AF1 Certificates pursuant
              to this
              Section 5.03 shall be allocated to the Class 3-A3 Certificates until
              the Class
              Principal Amount of such Class has been reduced to zero.

             

            
              
                
                

              

              
                86

                
                  

                

              

              
                
                

              

            

             

            Notwithstanding
              the foregoing, the first $0.48 of principal portion of Realized Losses
              in
              Mortgage Group II shall not be allocated to any Class of
              Certificates.

             

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

             

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

             

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

             

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

             

            Section
              5.04. Advances
              by the Master Servicer and the Trustee.

             

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

             

            
              
                
                

              

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

             

            Section
              5.05. Compensating
              Interest Payments.

             

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

             

            Section
              5.06. Funding
              Account.

             

            (a) No
              later
              than the Closing Date, the Trustee shall establish and maintain a segregated
              trust account that is an Eligible Account, which shall be titled “Funding
              Account, U.S Bank National Association as trustee, in trust for the
              registered
              holders of Structured Adjustable Rate Mortgage Loan Trust Mortgage
              Pass-Through
              Certificates Series 2006-10” (the “Funding Account”). The Trustee shall,
              promptly upon receipt, deposit in the Funding Account and retain therein
              the
              Funding Amount remitted on the Closing Date to the Trustee by the Depositor.
              Funds deposited in the Funding Account shall be held in trust by the
              Trustee on
              behalf of the Certificateholders for the uses and purposes set forth
              herein. On
              the Distribution Date in November 2006, the Trustee will withdraw from
              the
              Funding Account an amount equal to the Funding Amount. The Trustee
              shall pay the
              Funding Amount with respect to Pool 2 and Pool 3 to the Certificateholders
              in
              accordance with the priorities set forth in Section 5.02 as if such
              amounts were
              included in the Available Distribution Amounts of Pool 2 and Pool 3,
              provided,
              however, that the Trustee shall not be entitled to any payment pursuant
              to
              Section 5.02(a)(i) with respect to the Funding Amount.

             

            
              
                
                

              

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

             

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

             

            (d) For
              purposes of computations throughout this Agreement (other than for
              purposes of
              computing any fee or the Net WAC of any Pool or portion thereof), Pool
              2 and
              Pool 3 shall be deemed to include certain Mortgage Loans with a Scheduled
              Principal Balance as of the Cut-off Date of $6,233,494.17
              and $956,583.79, respectively,
              that
              are prepaid in full on the Closing Date such that their Scheduled Principal
              Balance for all Distribution Dates is $0.

             

            ARTICLE
              VI

             

            CONCERNING
              THE TRUSTEE; EVENTS OF DEFAULT

             

            Section
              6.01. Duties
              of Trustee.

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

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

             

            (l) For
              so
              long as the Depositor is subject to Exchange Act reporting requirements
              for the
Structured
              Adjustable Rate Mortgage Loan Trust Mortgage
              Pass-Through Certificates, Series 2006-10,
              the Trustee
              shall give prior written notice to the Sponsor, the Master Servicer
              and the
              Depositor of the appointment of any Subcontractor by it and a written
              description (in form and substance satisfactory to the Sponsor and
              the
              Depositor) of the role and function of each Subcontractor utilized
              by the
              Trustee, specifying (A) the identity of each such Subcontractor and
              (B) which
              elements of the servicing criteria set forth under Item 1122(d) of
              Regulation AB
              will be addressed in assessments of compliance provided by each such
              Subcontractor.

             

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

             

            Section
              6.02. Certain
              Matters Affecting the Trustee.

             

            Except
              as
              otherwise provided in Section 6.01:

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

            (f) The
              Trustee shall not be under any obligation to exercise any of the trusts
              or
              powers vested in it by this Agreement or to institute, conduct or defend
              any
              litigation hereunder or in relation hereto, in each case at the request,
              order
              or direction of any of the Certificateholders pursuant to the provisions
              of this
              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;

             

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

             

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

             

            
              
                
                

              

              
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            Section
              6.03. Trustee
              Not Liable for Certificates.

             

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

             

            Section
              6.04. Trustee
              May Own Certificates.

             

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

             

            Section
              6.05. Eligibility
              Requirements for Trustee.

             

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

             

            
              
                
                

              

              
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      Section
        6.06. Resignation
        and Removal of Trustee.

       

    

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

     

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

     

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

     

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

     

    Section
      6.07. Successor
      Trustee.

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      6.08. Merger
      or Consolidation of Trustee.
      

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Section
      6.10. Authenticating
      Agents.

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      6.11. Indemnification
      of Trustee.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Section
      6.12. Fees
      and Expenses of Trustee and Custodian.

     

    The
      Trustee shall be entitled to (a) receive, and is authorized to pay itself,
      the
      amount of income or gain earned from investment of funds in the Certificate
      Account and (b) reimbursement of all reasonable expenses, disbursements and
      advances incurred or made by the Trustee in accordance with this Agreement
      (including fees and expenses of its counsel and all persons not regularly in
      its
      employment and any amounts described in Section 10.01 to which the Trustee
      is
      entitled as provided therein), except any such expenses, disbursements and
      advances that either (i) arise from its negligence, bad faith or willful
      misconduct or (ii) do not constitute “unanticipated expenses” within the meaning
      of Treasury Regulations Section 1.860G-1(b)(3)(ii). Each Custodian shall receive
      compensation and reimbursement or payment of its expenses under the Custodial
      Agreement as provided therein; provided that, to the extent required under
      Section 6, Section 7 or Section 20 of the Custodial Agreement, the Trustee
      is
      hereby authorized to pay such compensation or reimbursement from amounts on
      deposit in the Certificate Account prior to any distributions to
      Certificateholders pursuant to Section 5.02 hereof.

     

    Section
      6.13. Collection
      of Monies.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    The
      Trustee shall be entitled to be reimbursed from the Master Servicer (or by
      the
      Trust Fund, if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of servicing from the
      predecessor Master Servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the Trustee to correct any errors or insufficiencies in the servicing data
      or
      otherwise to enable the Trustee to master service the Mortgage Loans properly
      and effectively. If the terminated Master Servicer does not pay such
      reimbursement within thirty (30) days of its receipt of an invoice therefor,
      such reimbursement shall be an expense of the Trust Fund and the Trustee shall
      be entitled to withdraw such reimbursement from amounts on deposit in the
      Certificate Account pursuant to Section 4.04; provided that the terminated
      Master Servicer shall reimburse the Trust Fund for any such expense incurred
      by
      the Trust Fund; and provided, further, that the Trustee shall decide whether
      and
      to what extent it is in the best interest of the Certificateholders to pursue
      any remedy against any party obligated to make such reimbursement.

     

    
      
        
        

      

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

     

    If
      any
      Event of Default shall occur of which a Responsible Officer of the Trustee
      has
      actual knowledge,
      the
      Trustee shall promptly notify the Rating Agencies of the nature and extent
      of
      such Event of Default. The Trustee shall immediately give written notice to
      the
      Master Servicer upon such Master Servicer’s failure to remit funds on the
      Deposit Date.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
      6.16. Waiver
      of Defaults.

     

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

     

    Section
      6.17. Notification
      to Holders.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
      6.20. Preparation
      of Tax Returns and Other Reports.

     

    (a) [Reserved].

     

    (b) [Reserved].

     

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

     

    (d) Reports
      Filed on Form 10-D. 

     

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

     

    (ii) As
      set
      forth on Exhibit P-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the Structured Adjustable Rate
      Mortgage Loan Trust 2006-10 transaction shall be required to provide to the
      Trustee and the Depositor, to the extent known by a Responsible Officer thereof,
      in EDGAR-compatible form (which may be Word or Excel documents easily
      convertible to EDGAR format), or in such other form as otherwise agreed upon
      by
      the Trustee and such party, the form and substance of any Additional Form 10-D
      Disclosure, if applicable, and include with such Additional Form 10-D
      Disclosure, an Additional Disclosure Notification in the form attached hereto
      as
      Exhibit P-4, and (B) the Depositor will approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Additional Form 10-D
      Disclosure on Form 10-D. The Sponsor will be responsible for any reasonable
      fees
      and expenses assessed or incurred by the Trustee in connection with including
      any Additional Form 10-D Disclosure on Form 10-D pursuant to this
      paragraph.

     

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

     

    
      
        
        

      

      
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    (e) Reports
      Filed on Form 10-K.

     

    (i) Unless
      and until a Form 15 suspension notice shall have been filed, on or prior to
      March 31, after the end of each fiscal year of the Trust Fund or such earlier
      date as may be required by the Exchange Act (the “10-K Filing Deadline”) (it
      being understood that the fiscal year for the Trust Fund ends on December
      31st
      of each
      year), commencing in March 2007, the Trustee shall prepare and file on behalf
      of
      the Trust Fund a Form 10-K, in form and substance as required by the Exchange
      Act. To facilitate the Trustee’s preparation of the Form 10-K, the Depositor
      shall provide to the Trustee, no later than 30 days prior to the 10-K Filing
      Deadline, a template of the Form 10-K in an Edgar-compatible format. Each such
      Form 10-K shall include the following items, in each case to the extent they
      have been delivered to the Trustee within the applicable time frames set forth
      in this Agreement and in the related Servicing Agreements and Custodial
      Agreements, (A) an annual compliance statement for each Servicer, each
      Additional Servicer and the Master Servicer, as described under Section 9.26
      hereof and in each Servicing Agreement, (B)(I) the annual reports on assessment
      of compliance with servicing criteria for each Servicer, each Custodian, each
      Additional Servicer, the Master Servicer, each Subservicer, each Subcontractor,
      any Servicing Function Participant and the Trustee (each, a “Reporting
      Servicer”), as described under Section 9.25(a) hereof and in each Servicing
      Agreement and Custodial Agreement, and (II) if any Reporting Servicer’s report
      on assessment of compliance with servicing criteria described under Section
      9.25(a) hereof or in any Servicing Agreement or Custodial Agreement identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any Reporting Servicer’s report on assessment of compliance
      with servicing criteria described under Section 9.25(a) hereof or in the any
      Servicing Agreement or Custodial Agreement is not included as an exhibit to
      such
      Form 10-K, disclosure that such report is not included and an explanation why
      such report is not included, (C)(I) the registered public accounting firm
      attestation report for each Reporting Servicer, as described under Section
      9.25(b) hereof and in each Servicing Agreement and Custodial Agreement and
      (II)
      if any registered public accounting firm attestation report described under
      Section 9.25(b) hereof or in any Servicing Agreement or Custodial Agreement
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such registered public accounting firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (D) a Sarbanes-Oxley Certification. Any disclosure or information
      in addition to (A) through (D) above that is required to be included on Form
      10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and
      at the direction of the Depositor pursuant to the following paragraph and the
      Trustee will have no duty or liability for any failure hereunder to determine
      or
      prepare any Additional Form 10-K Disclosure, except as set forth in the next
      paragraph. 

     

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit P-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2007,
      (A) the parties to the Structured Adjustable Rate Mortgage Loan Trust 2006-10
      transaction shall be required to provide to the Trustee and the Depositor,
      to
      the extent known by a Responsible Officer thereof, in EDGAR-compatible form
      (which may be Word or Excel documents easily convertible to EDGAR format),
      or in
      such other form as otherwise agreed upon by the Trustee and such party, the
      form
      and substance of any Additional Form 10-K Disclosure, if applicable and include
      with such Additional Form 10-K Disclosure, an Additional Disclosure Notification
      in the form attached hereto as Exhibit P-4, (B) the Trustee shall forward to
      Depositor, the form and substance of the Additional Form 10-K Disclosure, and
      (C) the Depositor will approve, as to form and substance, or disapprove, as
      the
      case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K.
      The Trustee has no duty under this Agreement to monitor or enforce the
      performance by the parties listed on Exhibit P-2 of their duties under this
      paragraph or proactively solicit or procure from such parties any Form 10-K
      Disclosure Information. The Sponsor will be responsible for any reasonable
      fees
      and expenses assessed or incurred by the Trustee in connection with including
      any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.
      

     

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

     

    
      
        
        

      

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

     

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

     

    (f) Reports
      Filed on Form 8-K.

     

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

     

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit P-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) the parties
      to the Structured Adjustable Rate Mortgage Loan Trust 2006-10 transaction shall
      be required to provide to the Trustee and the Depositor, to the extent known
      by
      a Responsible Officer thereof, in EDGAR-compatible form (which may be Word
      or
      Excel documents easily convertible to EDGAR format), or in such other form
      as
      otherwise agreed upon by the Trustee and such party, the form and substance
      of
      any Form 8-K Disclosure Information, if applicable, and include with such Form
      8-K Disclosure Information, an Additional Disclosure Notification in the form
      attached hereto as Exhibit P-4, (B) the Trustee shall forward the Depositor
      the
      form and substance of the Form 8-K Disclosure Information, and (C) the Depositor
      will approve, as to form and substance, or disapprove, as the case may be,
      the
      inclusion of the Form 8-K Disclosure Information. The Trustee has no duty under
      this Agreement to monitor or enforce the performance by the parties listed
      on
      Exhibit P-3 of their duties under this paragraph or proactively solicit or
      procure from such parties any Form 8-K Disclosure Information. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Trustee in connection with including any Form 8-K Disclosure Information on
      Form
      8-K pursuant to this paragraph. 

     

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

     

    
      
        
        

      

      
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    (g) Delisting;
      Amendments; Late Filings.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    Section
      6.21. Reporting
      Requirements of the Commission.

     

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

     

    Section
      6.22. No
      Merger. 

     

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

     

    Section
      6.23. Indemnification
      by the Trustee. 

     

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

     

    
      
        
        

      

      
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    ARTICLE
      VII

     

    PURCHASE
      AND TERMINATION

    OF
      THE
      TRUST FUND

     

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

     

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

     

    (b) On
      any
      Distribution Date occurring after the date on which (x) the total Scheduled
      Principal Balance of the Mortgage Loans in Pools 1 and Pool 2 (in the aggregate)
      is less than 10% of the Scheduled Principal Balance of the Mortgage Loans in
      Pool 1 and Pool 2 (in the aggregate) as of the Cut-off Date or (y) the total
      Scheduled Principal Balance of the Mortgage Loans in Pool 3 is less than 10%
      of
      the Scheduled Principal Balance of the Mortgage Loans in Pool 3 as of the
      Cut-off Date, the Master Servicer, with the consent of the Seller (which consent
      will not be unreasonably withheld), may, upon written direction to the Trustee,
      cause the Trustee to sell (or arrange for the sale of) the assets of (x) Pool
      1
      and Pool 2 (in the aggregate) or (y) Pool 3 and thereby effect the retirement
      of
      the related Certificates. Upon the repurchase of such Mortgage Loans, the Master
      Servicer shall, upon written direction to the Trustee, cause each of REMIC
      I-1,
      REMIC I-2 and REMIC I-3 (in the case of a sale of the assets described in clause
      (x) above) or each of REMIC II-1 and REMIC II-2 (in the case of a sale of the
      assets described in clause (y) above) to adopt a plan of complete liquidation
      pursuant to Section 7.03 hereof to sell all of its property. The property of
      the
      applicable Pool or Pools shall be sold at a price (the “Repurchase Price”) equal
      to: (i) 100% of the unpaid principal balance of each Mortgage Loan in such
      Pool
      or Pools on the day of such purchase plus interest accrued thereon at the
      applicable Mortgage Rate with respect to any such Mortgage Loan to the Due
      Date
      in the Due Period immediately preceding such Distribution Date, (ii) the fair
      market value of any applicable REO Property and any other applicable property
      (reduced, in the case of REO Property, by (x) reasonably anticipated disposition
      costs and (y) any amount by which the fair market value as so reduced exceeds
      the outstanding principal balance of the related Mortgage Loan), such fair
      market value to be determined by an appraiser or appraisers appointed by the
      Master Servicer with the consent of the Trustee and (iii) any unreimbursed
      Servicing Advances with respect to each applicable Mortgage Loan. The Master
      Servicer and each Servicer (or the Trustee, if applicable) shall be reimbursed
      from the Repurchase Price for any Mortgage Loan or related REO Property for
      any
      Advances or Servicing Advances made with respect to the Mortgage Loans that
      are
      reimbursable to the Master Servicer under this Agreement or to each Servicer
      under the related Servicing Agreement (or to the Trustee hereunder), together
      with any accrued and unpaid compensation and any other amounts due to the Master
      Servicer and the Trustee hereunder or the Custodians or the Servicers under
      their respective Custodial or Servicing Agreements, provided that any such
      compensation or other amount to be paid to the Custodians and any such other
      amounts to be paid to the Servicers are “unanticipated expenses” within the
      meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii). The Trustee shall
      distribute the assets of the applicable Pool or Pools on the Distribution Date
      on which the repurchase occurred. Upon the repurchase of all of the Mortgage
      Loans, the Trust Fund shall terminate in accordance with the terms of this
      Agreement.

     

    
      
        
        

      

      
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    Section
      7.02. Procedure
      Upon Termination of Trust Fund.

     

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

     

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

     

    
      
        
        

      

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

     

    Section
      7.03. Additional
      Requirements under the REMIC Provisions.

     

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

     

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

     

    (A) The
      Trustee shall sell all of the assets of Mortgage Group I for cash and, within
      90
      days of such sale, shall distribute the proceeds of such sale to the Group
      I
      Certificateholders in complete liquidation of REMIC I-1, REMIC I-2 and REMIC
      I-3; and

     

    (B) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      of REMIC I-1, REMIC I-2 and REMIC I-3 stating that pursuant to Treasury
      Regulation § 1.860F-1, the first day of the 90-day liquidation period for each
      such REMIC was the date on which the Trustee sold such assets; and

     

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

     

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

     

    (B) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      of REMIC II-1 and REMIC II-2 stating that pursuant to Treasury Regulation §
1.860F-1, the first day of the 90-day liquidation period for each such REMIC
      was
      the date on which the Trustee sold such assets.

     

    
      
        
        

      

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

     

    ARTICLE
      VIII

     

    RIGHTS
      OF
      CERTIFICATEHOLDERS

     

    Section
      8.01. Limitation
      on Rights of Holders.

     

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

     

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

     

    
      
        
        

      

      
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      Section
        8.02. Access
        to List of Holders.

       

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

       

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

       

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

       

      Section
        8.03. Acts
        of Holders of Certificates.

       

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

       

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

       

      
        
          
          

        

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

       

      (d) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action by the Holder of any Certificate shall bind every future Holder of
        the
        same Certificate and the Holder of every Certificate issued upon the
        registration of transfer thereof or in exchange therefor or in lieu thereof,
        in
        respect of anything done, omitted or suffered to be done by the Trustee or
        the
        Master Servicer in reliance thereon, whether or not notation of such action
        is
        made upon such Certificate.

       

      ARTICLE
        IX

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      BY
        THE
        MASTER SERVICER

       

      Section
        9.01. Duties
        of the Master Servicer.

       

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

       

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

      

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

         

        
          
            
            

          

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

         

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

         

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

         

        
          
            
            

          

          
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        Section
          9.04. Power
          to Act; Procedures.

         

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

         

        
          
            
            

          

          
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        (b) In
          master
          servicing and administering the Mortgage Loans, the Master Servicer shall
          employ
          procedures and exercise the same care that it customarily employs and exercises
          in master servicing and administering loans for its own account, giving
          due
          consideration to Accepted Servicing Practices where such practices do not
          conflict with this Agreement. Consistent with the foregoing, the Master
          Servicer
          may, and may permit any Servicer to, in its discretion (i) waive any late
          payment charge (but not any Prepayment Penalty Amount, except as set forth
          below) and (ii) extend the due dates for payments due on a Mortgage Note
          for a
          period not greater than 120 days; provided, however, that the maturity
          of any
          Mortgage Loan shall not be extended past the date on which the final payment
          is
          due on the latest maturing Mortgage Loan as of the Cut-off Date. In the
          event of
          any extension described in clause (ii) above, the Master Servicer shall
          make or
          cause to be made Advances on the related Mortgage Loan in accordance with
          the
          provisions of Section 5.04 on the basis of the amortization schedule of
          such
          Mortgage Loan without modification thereof by reason of such extension.
          Notwithstanding anything to the contrary in this Agreement, the Master
          Servicer
          shall not make or knowingly permit any modification, waiver or amendment
          of any
          material term of any Mortgage Loan unless: (1) such Mortgage Loan is in
          default
          or default by the related Mortgagor is, in the reasonable judgment of the
          Master
          Servicer or the applicable Servicer, reasonably foreseeable, (2) in the
          case of
          a waiver of a Prepayment Penalty Amount if (a) such Mortgage Loan is in
          default
          or default by the related Mortgagor is reasonably foreseeable, and such
          waiver
          would maximize recovery of total proceeds taking into account the value
          of such
          Prepayment Penalty Amount and the related Mortgage Loan or (b) the prepayment
          is
          not the result of a refinance by the Servicer or any of its affiliates
          and (i)
          such Mortgage Loan is in default or default by the related Mortgagor is,
          in the
          reasonable judgment of the Master Servicer or the applicable Servicer,
          reasonably foreseeable, and such waiver would maximize recovery of total
          proceeds taking into account the value of such Prepayment Penalty Amount
          and the
          related Mortgage Loan or (ii) the collection of the Prepayment Penalty
          Amount
          would be in violation of applicable laws or (iii) the collection of such
          Prepayment Penalty Amount would be considered “predatory” pursuant to written
          guidance published or issued by any applicable federal, state or local
          regulatory authority acting in its official capacity and having jurisdiction
          over such matters, and (3) the Master Servicer shall have provided or caused
          to
          be provided to the Trustee an Opinion of Counsel (which opinion shall,
          if
          provided by the Master Servicer, be an expense reimbursed, to the extent
          it is
          an unanticipated expense within the meaning of Treasury Regulation Section
          1.860G-1(b)(3)(ii) from the Collection Account pursuant to Section 4.02(v))
          in
          writing to the effect that such modification, waiver or amendment would
          not
          cause an Adverse REMIC Event; provided, in no event shall an Opinion of
          Counsel
          be required for the waiver of a Prepayment Penalty Amount under clause
          (2)
          above.

         

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

         

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

         

        
          
            
            

          

          
            122

            
              

            

          

          
            
            

          

        

         

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

         

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

         

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

         

        Section
          9.06. Collection
          of Taxes, Assessments and Similar Items.

         

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

         

        
          
            
            

          

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

         

        Section
          9.07. Termination
          of Servicing Agreements; Successor Servicers.

         

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

         

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

         

        (b) If
          the
          Master Servicer acts as Servicer, it will not assume liability for the
          representations and warranties of the Servicer, if any, that it replaces.
          The
          Master Servicer shall use reasonable efforts to have the successor Servicer
          assume liability for the representations and warranties made by the terminated
          Servicer in respect of the related Mortgage Loans, and in the event of
          any such
          assumption by the successor Servicer, the Trustee or the Master Servicer,
          as
          applicable, may, in the exercise of its business judgment, release the
          terminated Servicer from liability for such representations and
          warranties.

         

        Section
          9.08. Master
          Servicer Liable for Enforcement.

         

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

         

        
          
            
            

          

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

         

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

        

          Section
            9.10. Assumption
            of Servicing Agreement by Trustee.

           

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

           

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

           

          
            
              
              

            

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

           

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

           

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

           

          Section
            9.12. Release
            of Mortgage Files.

           

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

           

          
            
              
              

            

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

           

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

           

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

           

          
            
              
              

            

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

           

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

           

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

           

          
            
              
              

            

            
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            Section
              9.14. Representations
              and Warranties of the Master Servicer.

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

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

             

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

             

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

             

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

             

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

             

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

             

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

             

            
              
                
                

              

              
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            Section
              9.15. Closing
              Certificate and Opinion.

             

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

             

            Section
              9.16. Standard
              Hazard and Flood Insurance Policies.

             

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

             

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

             

            Section
              9.17. Presentment
              of Claims and Collection of Proceeds.

             

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

             

            
              
                
                

              

              
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            Section
              9.18. Maintenance
              of the Primary Mortgage Insurance Policies.

             

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

             

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

             

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

             

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

             

            Section
              9.20. Realization
              Upon Defaulted Mortgage Loans.

             

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

             

            
              
                
                

              

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

             

            Section
              9.21. Compensation
              to the Master Servicer.

             

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

             

            
              
                
                

              

              
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            Section
              9.22. REO
              Property.

             

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

             

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

            

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

               

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

               

              
                
                  
                  

                

                
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              Section
                9.23. Notices
                to the Depositor and the Trustee 

               

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

               

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

               

              Section
                9.24. Reports
                to the Trustee.

               

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

               

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

               

              
                
                  
                  

                

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

               

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

               

              (e) Each
                of
                Form 10-D and Form 10-K requires the registrant to indicate (by checking
“yes”
or “no”) that it “(1) has filed all reports required to be filed by Section 13
                or 15(d) of the Exchange Act during the preceding 12 months (or for
                such shorter
                period that the registrant was required to file such reports), and
                (2) has been
                subject to such filing requirements for the past 90 days.” The Depositor shall
                notify the Trustee in writing, no later than the fifth calendar day
                after the
                related Distribution Date with respect to the filing of a report
                on Form 10- D
                and no later than March 15th with respect to the filing of a report
                on Form
                10-K, whether the Trustee should indicate “[Yes ____] or [No____]” on Form 10-D
                or Form 10-K, as applicable; provided, that if the Trustee does not
                receive such
                written notification from the Depositor, then the Trustee shall be
                entitled to
                affirmatively conclude that the Depositor (1) has filed all reports
                required to
                be filed by Section 13 or 15(d) of the Exchange Act during the preceding
                12
                months (or for such shorter period if applicable), and (2) has been
                subject to
                such filing requirements for the past 90 days. The Trustee shall
                be entitled to
                rely on such written notification or an affirmative indication in
                the absence of
                such notification in timely preparing, executing and/or filing any
                such report
                in accordance with this Section 9.24(e).

               

              Section
                9.25. Assessment
                of Compliance and Attestation Reports.. 

               

              (a) Assessment
                of Compliance

               

              (i) On
                or
                before March 15th of each calendar year in which the Depositor is
                required to
                file reports with respect to the Trust Fund in accordance with the
                Exchange Act
                and the rules and regulations of the Commission, beginning with March
                15, 2007,
                the Master Servicer, the Paying Agent (if other than the Trustee) and the
                Trustee, each at its own expense, shall furnish, and each such party
                shall cause
                any Servicing Function Participant engaged by it to furnish, each
                at its own
                expense, to the Sponsor, the Depositor, the Master Servicer and the
                Trustee, a
                report on an assessment of compliance with the Relevant Servicing
                Criteria that
                contains (A) a statement by such party of its responsibility for
                assessing
                compliance with the Relevant Servicing Criteria, (B) a statement
                that such party
                used the Servicing Criteria to assess compliance with the Relevant
                Servicing
                Criteria, (C) such party’s assessment of compliance with the Relevant Servicing
                Criteria as of and for the fiscal year covered by the Form 10-K required
                to be
                filed pursuant to Section 6.20(e), including, if there has been any
                material
                instance of noncompliance with the Relevant Servicing Criteria, a
                discussion of
                each such failure and the nature and status thereof, and (D) a statement
                that a
                registered public accounting firm has issued an attestation report
                on such
                party’s assessment of compliance with the Relevant Servicing Criteria as
                of and
                for such period. Each such assessment, pursuant to clause (C) above,
                shall
                cover, at a minimum, the matters indicated as obligations with respect
                to such
                Person on Exhibit O attached hereto. If the Trustee and the Paying
                Agent are the
                same party, the Relevant Servicing Criteria of the Paying Agent shall
                be
                included in the Trustee's report. The Master Servicer shall furnish
                to the
                Trustee a copy of each assessment of compliance provided to it by
                each Custodian
                pursuant to the related Custodial Agreement and by each Servicer
                pursuant to the
                related Servicing Agreement, to the extent that the Trustee is not
                entitled to
                receive such assessments pursuant to each such applicable
                agreement.

               

              
                
                  
                  

                

                
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              (ii) When
                the
                Master Servicer, the Paying Agent (including the Trustee to the extent
                not
                already required of the Trustee under this Agreement) and the Trustee
                (or any
                Servicing Function Participant engaged by it) submit their assessments
                to the
                Trustee and the Master Servicer, such parties will also at such time
                include the
                assessment (and attestation pursuant to subsection (b) of this Section
                9.25) of
                each Servicing Function Participant engaged by it and shall indicate
                to the
                Trustee what Relevant Servicing Criteria will be addressed in any
                such reports
                prepared by any such Servicing Function Participant.

               

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

               

              (b) Attestation
                Reports

               

              (i) On
                or
                before March 15th of each calendar year in which the Depositor is
                required to
                file reports with respect to the Trust Fund in accordance with the
                Exchange Act
                and the rules and regulations of the Commission, beginning with March
                15, 2007,
                the Master Servicer, the Paying Agent (if other than the Trustee)
                and the
                Trustee, each at its own expense, shall cause, and each such party
                shall cause
                any Servicing Function Participant engaged by it to cause, each at
                its own
                expense, a registered public accounting firm (which may also render
                other
                services to the Master Servicer, Paying Agent or Trustee, as the
                case may be)
                that is a member of the American Institute of Certified Public Accountants
                to
                furnish a report to the Sponsor, the Depositor, the Master Servicer
                and the
                Trustee, as applicable, to the effect that (A) it has obtained a
                representation
                regarding certain matters from the management of such party, which
                includes an
                assertion that such party has complied with the Relevant Servicing
                Criteria, and
                (B) on the basis of an examination conducted by such firm in accordance
                with
                standards for attestation engagements issued or adopted by the PCAOB,
                it is
                expressing an opinion as to whether such party’s compliance with the Relevant
                Servicing Criteria was fairly stated in all material respects, or
                it cannot
                express an overall opinion regarding such party’s assessment of compliance with
                the Relevant Servicing Criteria. If the Trustee and the Paying Agent
                are the
                same party, the attestation report caused to be furnished by the
                Trustee shall
                also address the Relevant Servicing Criteria of the Paying Agent.
                In the event
                that an overall opinion cannot be expressed, such registered public
                accounting
                firm shall state in such report why it was unable to express such
                an opinion.
                Such report must be available for general use and not contain restricted
                use
                language.

               

              
                
                  
                  

                

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

               

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

               

              Section
                9.26. Annual
                Statement of Compliance with Applicable Servicing Criteria . 

               

              The
                Master Servicer shall deliver (and the Master Servicer shall cause
                any
                Additional Servicer engaged by it to deliver) to the Sponsor, the
                Depositor and
                the Trustee on or before March 15 of each year, commencing in March
                2007, an
                Officer’s Certificate stating, as to the signer thereof, that (A) a review
                of
                such party’s activities during the preceding calendar year or portion thereof
                and of such party’s performance under this Agreement, or such other applicable
                agreement in the case of an Additional Servicer, has been made under
                such
                officer’s supervision and (B) to the best of such officer’s knowledge, based on
                such review, such party has fulfilled all its obligations under this
                Agreement,
                or such other applicable agreement in the case of an Additional Servicer,
                in all
                material respects throughout such year or portion thereof, or, if
                there has been
                a failure to fulfill any such obligation in any material respect,
                specifying
                each such failure known to such officer and the nature and status
                thereof.

               

              Section
                9.27. Merger
                or Consolidation.

               

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

               

              
                
                  
                  

                

                
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              Section
                9.28. Resignation
                of Master Servicer.

               

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

               

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

               

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

               

              (b) Notwithstanding
                the foregoing, for so long as reports are required to be filed with
                the
                Commission under the Exchange Act with respect to the Trust, the
                Master Servicer
                shall not utilize any Subcontractor for the performance of its duties
                hereunder
                if such Subcontractor would be “participating in the servicing function” within
                the meaning of Item 1122 of Regulation AB without (a) giving notice
                to the
                Trustee and the Depositor and (b) requiring any such Subcontractor
                to provide to
                the Master Servicer an attestation report as provided for in Section
                9.25(b) and
                an assessment report as provided in Section 9.25(a), which reports
                the Master
                Servicer shall include in its attestation and assessment reports.

               

              
                
                  
                  

                

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

               

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

               

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

               

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

               

              
                
                  
                  

                

                
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              Section
                9.31. Indemnification;
                Third-Party Claims.

               

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

               

              Section
                9.32. Allocation
                to Related Mortgage Pool.

               

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

               

              ARTICLE
                X

               

              REMIC
                ADMINISTRATION

               

              Section
                10.01. REMIC
                and Grantor Trust Administration.

               

              (a) REMIC
                elections for each REMIC created hereunder as set forth in the Preliminary
                Statement and this Section 10.01 shall be made on Forms 1066 or other
                appropriate federal tax or information return for the taxable year
                ending on the
                last day of the calendar year in which the Certificates are issued.
                For purposes
                of such elections, (i) each of the REMIC I-1 Interests, other than
                the Class
                LTI1-R Interest, is hereby designated as a regular interest in REMIC
                I-1; (ii)
                each of the REMIC I-2 Interests, other than the Class LTI2-R Interest,
                is hereby
                designated as a regular interest in REMIC I-2; (iii) each of the
                REMIC I-3
                Interests, other than the Class LTI3-R Interest, is hereby designated
                as a
                regular interest in REMIC I-3; (iv) each
                of
                the REMIC II-1 Interests, other than the Class LTII1-R Interest,
                is hereby
                designated as a regular interest in REMIC II-1; and (v) each
                of
                the REMIC II-2 Interests, other than the Class LTII2-R Interest,
                is hereby
                designated as a regular interest in REMIC II-2. The Class LTI1-R
                Interest is
                hereby designated as the sole residual interest in REMIC I-1. The
                Class LTI2-R
                Interest is hereby designated as the sole residual interest in REMIC
                I-2. The
                Class LTI3-R Interest is hereby designated as the sole residual interest
                in
                REMIC I-3. The Class LTII1-R Interest is hereby designated as the
                sole residual
                interest in REMIC II-1. The Class LTII2-R Interest is hereby designated
                as the
                sole residual interest in REMIC II-2. The Class R Certificate evidences
                ownership of the Class LTI1-R Interest, the Class the Class LTI2-R
                Interest, the
                Class LTI3-R Interest, the Class LTII1-R Interest and the Class LTII2-R
                Interest. The Class P-I, Class P-II and Class P-III Certificates
                shall be
                neither regular interests nor residual interests in any REMIC created
                hereunder.
                It is the intention of the parties hereto that the segregated pool
                of assets
                consisting of any collections of Prepayment Penalty Amounts (i) related
                to the
                Mortgage Loans in Pool
                1,
                (ii) related to the Mortgage Loans in Pool 2 and (iii) related to
                the Mortgage
                Loans in Pool 3,
                each
                constitute a grantor trust for federal income tax purposes. The Trustee,
                by its
                execution and delivery hereof, acknowledges the assignment to it
                of the Grantor
                Trust Assets and declares that it holds and will hold such assets
                in trust for
                the exclusive use and benefit of all present and future Holders of
                the Class P-I
                (in the case of collections of Prepayment Penalty Amounts related
                to Pool 1),
                Class P-II (in the case of collections of Prepayment Penalty Amounts
                related to
                Pool 2) and
                Class
                P-III (in the case of collections of Prepayment Penalty Amounts related
                to Pool
                3) Certificates.
                The rights of Holders of the Class P-I, Class P-II and Class P-III
                Certificates
                to receive distributions from the proceeds of the Grantor Trust Assets,
                and all
                ownership interests of such Holders in and to such distributions,
                shall be as
                set forth in this Agreement.

               

              
                
                  
                  

                

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

               

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

               

              
                
                  
                  

                

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    (n) It
      is
      intended that the rights of the Class 3-AF1 and Class 3-AF Certificates to
      receive payments in respect of Excess REMIC Payments shall be treated as rights
      in respect of interest rate cap contracts written by the Class 3-AX
      Certificateholders in favor of the holders of the Class 3-AF1 and Class 3-AF
      Certificates and shall be accounted for as property separate and apart from
      the
      REMIC II-2 Regular Interest represented by the Class 3-AF1 and Class 3-AF
      Certificates. This provision is intended to comply with the requirements of
      Treasury Regulations Section 1.860G-2(i) for the treatment of property rights
      coupled with regular interests to be separately respected and shall be
      interpreted consistently with such regulation. The Holders of the Class 3-AF1
      and Class 3-AF Certificates agree, by their acceptance of such Certificates,
      that they will take tax reporting positions that allocate no more than a nominal
      value to the right to receive payments in respect of such Excess REMIC Payments.
      For information reporting purposes, it will be assumed that such rights have
      no
      value. The holders of the Class 3-AF1 and Class 3-AF and Class 3-AX Certificates
      agree, by their acceptance of such Certificates, to take tax reporting positions
      consistent with allocations by the Holders of the Class 3-AF1 and Class 3-AF
      Certificates of no more than a nominal value to the right to receive payments
      in
      respect of such Excess REMIC Payments. Each payment made to the Class 3-AF1
      and
      Class 3-AF Certificates in respect of such Excess REMIC Payments shall be
      treated for federal income tax purposes as having been distributed to the Class
      3-AX Certificates in respect of the Class 3-AXI Interest or the Class 3-AXII
      Interest and then paid by the holders of the Class 3-AX Certificates to the
      holders of the Class 3-AF1 and Class 3-AF Certificates. Each holder or
      beneficial owner of the Class 3-AF1, Class 3-AF and Class 3-AX Certificates,
      by
      virtue of its acquisition of such Certificate or beneficial interest in such
      Certificate, agrees to adopt tax reporting positions consistent with the
      characterization of payments made to the Class 3-AF1 and Class 3-AF Certificates
      in respect of such Excess REMIC Payments as payments in respect of interest
      rate
      cap agreements written by the holders of the Class 3-AX Certificates, as
      applicable. The parties hereto intend that the REMIC regular interests
      represented by the Class 3-AX Certificates (i.e., the Class 3-AXI Interest
      and
      the Class 3-AXII Interest), together with the related obligations to make
      payments to the Class 3-AF1 and Class 3-AF Certificates in respect of Excess
      REMIC Payments shall be treated as a grantor trust under the Code and the
      provisions hereof shall be interpreted consistently with these intentions.
      In
      furtherance of these intentions, the Trustee shall (i) furnish to the holders
      of
      the Class 3-AF1 and Class 3-AF and Class 3-AX Certificates information regarding
      items of income, gain, loss and deduction of such grantor trust and (ii) file
      or
      cause to be filed with the Internal Revenue Service Forms 1041 (together with
      any necessary attachments) or such other forms as may be applicable and (iii)
      comply with such information reporting obligations with respect to payments
      from
      such grantor trust as may be applicable under the Code and the income tax
      laws.

    

    
      
        
        

      

      
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    Section
      10.02. Prohibited
      Transactions and Activities.

     

    Neither
      the Depositor, the Master Servicer nor the Trustee shall sell, dispose of,
      or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of the REMIC holding such Mortgage Loan pursuant to
      Article VII of this Agreement, (iv) a substitution pursuant to Article II of
      this Agreement, or (v) a repurchase of Mortgage Loans pursuant to Article II
      of
      this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of
      any
      investments in the Certificate Account for gain, nor accept any contributions
      to
      any REMIC after the Closing Date (other than, if applicable, any contributions
      from the Funding Account as provided in Section 5.06 hereof), unless it has
      received an Opinion of Counsel (at the expense of the party causing such sale,
      disposition, or substitution) that such disposition, acquisition, substitution,
      or acceptance will not (a) affect adversely the status of such REMIC as a REMIC
      or of the Certificates other than the Residual Certificates as the regular
      interests therein, (b) affect the distribution of interest or principal on
      the
      Certificates, (c) result in the encumbrance of the assets transferred or
      assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
      or (d) cause such REMIC to be subject to a tax on prohibited transactions or
      prohibited contributions pursuant to the REMIC Provisions.

     

    
      
        
        

      

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

     

    In
      the
      event that a REMIC fails to qualify as a REMIC, loses its status as a REMIC,
      or
      incurs federal, state or local taxes as a result of a prohibited transaction
      or
      prohibited contribution under the REMIC Provisions due to the negligent
      performance by the Trustee of its duties and obligations set forth herein,
      the
      Trustee shall indemnify the Holder of the Residual Certificate against any
      and
      all losses, claims, damages, liabilities or expenses (“Losses”) resulting from
      such negligence; provided, however, that the Trustee shall not be liable for
      any
      such Losses attributable to the action or inaction of the Master Servicer,
      the
      Depositor, or the Holder of such Residual Certificate, as applicable, nor for
      any such Losses resulting from misinformation provided by the Holder of such
      Residual Certificate on which the Trustee has relied. The foregoing shall not
      be
      deemed to limit or restrict the rights and remedies of the Holder of such
      Residual Certificate now or hereafter existing at law or in equity.
      Notwithstanding the foregoing, however, in no event shall the Trustee have
      any
      liability (1) for any action or omission that is taken in accordance with and
      in
      compliance with the express terms of, or which is expressly permitted by the
      terms of, this Agreement, (2) for any Losses other than arising out of a
      negligent performance by the Trustee of its duties and obligations set forth
      herein, and (3) for any special or consequential damages to Certificateholders
      (in addition to payment of principal and interest on the
      Certificates).

     

    Section
      10.04. REO
      Property.

     

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not (except to the extent provided in the
      applicable Servicing Agreement), knowingly permit any Servicer to, rent, lease,
      or otherwise earn income or otherwise take or fail to take any action on behalf
      of any REMIC with respect to any REO Property which might cause such REO
      Property to fail to qualify as “foreclosure” property within the meaning of
      section 860G(a)(8) of the Code or result in the receipt by any REMIC of any
      “income from non-permitted assets” within the meaning of section 860F(a)(2) of
      the Code or any “net income from foreclosure property” which is subject to tax
      under the REMIC Provisions unless the Master Servicer has advised, or has caused
      the applicable Servicer to advise, the Trustee in writing to the effect that,
      under the REMIC Provisions, such action would not adversely affect the status
      of
      any REMIC as a REMIC and any income generated for such REMIC by the REO Property
      would not result in the imposition of a tax upon such REMIC.

     

    (b) The
      Master Servicer shall make, or shall cause the applicable Servicer to make,
      reasonable efforts to sell any REO Property for its fair market value. In any
      event, however, the Master Servicer shall, or shall cause the applicable
      Servicer to, dispose of any REO Property within three years from the end of
      the
      calendar year of its acquisition by the Trust Fund unless the Master Servicer
      has received a grant of extension from the Internal Revenue Service to the
      effect that, under the REMIC Provisions and any relevant proposed legislation
      and under applicable state law, the applicable REMIC may hold REO Property
      for a
      longer period without adversely affecting the REMIC status of such REMIC or
      causing the imposition of a Federal or state tax upon such REMIC. If such an
      extension has been received, then (a) the Master Servicer shall provide a copy
      of such extension to the Trustee and (b) the Master Servicer, acting on behalf
      of the Trustee hereunder, shall, or shall cause the applicable Servicer to,
      continue to attempt to sell the REO Property for its fair market value for
      such
      period longer than three years as such extension permits (the “Extended
      Period”). If the Master Servicer has not received such an extension, or the
      Master Servicer is acting on behalf of the Trustee hereunder, or the applicable
      Servicer is unable to sell the REO Property within 33 months after its
      acquisition by the Trust Fund or if the Trustee has received such an extension,
      and the Trustee, or the Master Servicer acting on behalf of the Trustee
      hereunder, is unable to sell the REO Property within the period ending three
      months before the close of the Extended Period, the Master Servicer shall,
      or
      shall cause the applicable Servicer to, before the end of the three year period
      or the Extended Period, as applicable, (i) purchase such REO Property at a
      price
      equal to the REO Property’s fair market value or (ii) auction the REO Property
      to the highest bidder (which may be the Master Servicer) in an auction
      reasonably designed to produce a fair price prior to the expiration of the
      three-year period or the Extended Period, as the case may be.

     

    
      
        
        

      

      
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    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01. Binding
      Nature of Agreement; Assignment.

     

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

     

    Section
      11.02. Entire
      Agreement.

     

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

     

    Section
      11.03. Amendment.

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, without notice to or the consent of any of the Holders, (i)
      to
      cure any ambiguity, (ii) to cause the provisions herein to conform to or be
      consistent with or in furtherance of the statements made with respect to the
      Certificates, the Trust Fund or this Agreement in any Offering Document; or
      to
      correct or supplement any provision herein which may be inconsistent with any
      other provisions herein or with the provisions of any Servicing Agreement,
      (iii)
      to make any other provisions with respect to matters or questions arising under
      this Agreement or (iv) to add, delete, or amend any provisions to the extent
      necessary or desirable to comply with any requirements imposed by the Code
      and
      the REMIC Provisions as evidenced by an Opinion of Counsel. No such amendment
      effected pursuant to the preceding sentence shall, as evidenced by an Opinion
      of
      Counsel, result in an Adverse REMIC Event, nor shall such amendment effected
      pursuant to clause (iii) of such sentence adversely affect in any material
      respect the interests of any Holder. Prior to entering into any amendment
      without the consent of Holders pursuant to this paragraph, the Trustee may
      require an Opinion of Counsel (at the expense of the party requesting such
      amendment) to the effect that such amendment is permitted under this Section.
      Any such amendment shall be deemed not to adversely affect in any material
      respect any Holder, if the Trustee receives written confirmation from each
      Rating Agency that such amendment will not cause such Rating Agency to reduce,
      qualify or withdraw the then current rating assigned to the Certificates (and
      any Opinion of Counsel requested by the Trustee in connection with any such
      amendment may rely expressly on such confirmation as the basis
      therefor).

     

    
      
        
        

      

      
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    (b) This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer and the Trustee with the consent of the Holders of not less than 66
      2/3% of the Class Principal Amount (or Percentage Interest) of each Class of
      Certificates affected thereby for the purpose of adding any provisions to or
      changing in any manner or eliminating any of the provisions of this Agreement
      or
      of modifying in any manner the rights of the Holders; provided, however, that
      no
      such amendment shall be made unless the Trustee receives an Opinion of Counsel
      addressed to the Trustee, at the expense of the party requesting the change,
      that such change will not cause an Adverse REMIC Event; and provided further,
      that no such amendment may (i) reduce in any manner the amount of, or delay
      the
      timing of, payments received on Mortgage Loans which are required to be
      distributed on any Certificate, without the consent of the Holder of such
      Certificate or (ii) reduce the aforesaid percentages of Class Principal Amount
      (or Percentage Interest) of Certificates of each Class, the Holders of which
      are
      required to consent to any such amendment without the consent of the Holders
      of
      100% of the Class Principal Amount (or Class Notional Amount or Percentage
      Interest) of each Class of Certificates affected thereby. For purposes of this
      paragraph, references to “Holder” or “Holders” shall be deemed to include, in
      the case of any Class of Book-Entry Certificates, the related Certificate
      Owners.

     

    (c) Promptly
      after the execution of any such amendment, the Trustee shall furnish written
      notification of the substance of such amendment to each Holder, the Depositor
      and to the Rating Agencies.

     

    (d) It
      shall
      not be necessary for the consent of Holders under this Section 11.03 to approve
      the particular form of any proposed amendment, but it shall be sufficient if
      such consent shall approve the substance thereof. The manner of obtaining such
      consents and of evidencing the authorization of the execution thereof by Holders
      shall be subject to such reasonable regulations as the Trustee may
      prescribe.

     

    (e) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in this Section with respect to
      amendment of this Agreement and (ii) except for a Permitted Servicing Amendment,
      any such amendment pursuant to Section 11.03(a)(iii) shall not be materially
      inconsistent with the provisions of such Servicing Agreement.

     

    
      
        
        

      

      
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    (f) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer and the Trustee to
      the
      extent necessary, in the judgment of the Depositor and its counsel, to comply
      with the Securities Exchange Act of 1934, Regulation AB and any related rules
      and regulations.

     

    Section
      11.04. Voting
      Rights.

     

    Except
      to
      the extent that the consent of all affected Certificateholders is required
      pursuant to this Agreement, with respect to any provision of this Agreement
      requiring the consent of Certificateholders representing specified percentages
      of aggregate outstanding Certificate Principal Amount (or Notional Amount or
      Percentage Interest), Certificates owned by the Depositor, the Master Servicer,
      the Trustee or any Servicer or Affiliates thereof are not to be counted so
      long
      as such Certificates are owned by the Depositor, the Master Servicer, the
      Trustee or any Servicer or Affiliates thereof.

     

    Section
      11.05. Provision
      of Information.

     

    (a) For
      so
      long as any of the Certificates of any Series or Class are “restricted
      securities” within the meaning of Rule 144(a)(3) under the Act, each of the
      Depositor, the Master Servicer and the Trustee agree to cooperate with each
      other to provide to any Certificateholders and to any prospective purchaser
      of
      Certificates designated by such Certificateholder, upon the request of such
      Certificateholder or prospective purchaser, any information required to be
      provided to such holder or prospective purchaser to satisfy the condition set
      forth in Rule 144A(d)(4) under the Act. Any reasonable, out-of-pocket expenses
      incurred by the Trustee in providing such information shall be reimbursed by
      the
      Depositor.

     

    (b) The
      Trustee will make available to any person to whom a Prospectus was delivered,
      upon the request of such person specifying the document or documents requested,
      (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
      10-K filed with the Securities and Exchange Commission pursuant to Section
      6.20(c) and (ii) a copy of any other document incorporated by reference in
      the
      Prospectus to the extent that the Trustee has such documents in its possession
      or such documents are reasonably attainable by Trustee. Any reasonable
      out-of-pocket expenses incurred by the Trustee in providing copies of such
      documents shall be reimbursed by the Depositor.

     

    Section
      11.06. Governing
      Law.

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
      BE
      DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS
      PRINCIPLES APPLIED IN NEW YORK (OTHER THAN SECTION 5-1401 OF THE GENERAL
      OBLIGATIONS LAW).

     

    
      
        
        

      

      
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    Section
      11.07. Notices.

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given when delivered to such party at the relevant
      address, facsimile number or electronic mail address set forth below (or at
      such
      other address, facsimile number or electronic mail address as such party may
      designate from time to time by written notice in accordance with this
      Section 11.07): received by (a) in the case of the Depositor, Structured
      Asset Securities Corporation, 745 Seventh Avenue, 7th Floor, New York, New
      York
      10019, Attention: Mark Zusy, (b) in the case of the Certificate Registrar,
      its
      Corporate Trust Office, (c) in the case of the Trustee, Corporate Trust
      Services, One Federal Street, Third Floor, Boston, Massachusetts 02110,
      Attention: SARM 2006-10 and (d) in the case of the Master Servicer, Aurora
      Loan
      Services LLC, 10350 Park Meadows Drive, Littleton, Colorado 80124; Attention:
      Master Servicing or as to each party such other address as may hereafter be
      furnished by such party to the other parties in writing. Any notice required
      or
      permitted to be mailed to a Holder shall be given by first class mail, postage
      prepaid, at the address of such Holder as shown in the Certificate Register.
      Any
      notice so mailed within the time prescribed in this Agreement shall be
      conclusively presumed to have been duly given, whether or not the Holder
      receives such notice.

     

    Section
      11.08. Severability
      of Provisions.

     

    If
      any
      one or more of the covenants, agreements, provisions or terms of this Agreement
      shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Agreement and shall in no
      way
      affect the validity or enforceability of the other provisions of this Agreement
      or of the Certificates or the rights of the Holders thereof.

     

    Section
      11.09. Indulgences;
      No Waivers.

     

    Neither
      the failure nor any delay on the part of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrence. No waiver
      shall
      be effective unless it is in writing and is signed by the party asserted to
      have
      granted such waiver.

     

    Section
      11.10. Headings
      Not To Affect Interpretation.

     

    The
      headings contained in this Agreement are for convenience of reference only,
      and
      they shall not be used in the interpretation hereof.

     

    Section
      11.11. Benefits
      of Agreement.

     

    Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder
      and the Holders of the Certificates, any benefit or any legal or equitable
      right, power, remedy or claim under this Agreement, except to the extent
      specified in Section 11.14.

     

    
      
        
        

      

      
        150

        
          

        

      

      
        
        

      

    

    Section
      11.12. Special
      Notices to the Rating Agencies.

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies of the occurrence
      of
      any of the following events of which it has notice:

     

    (i) any
      amendment to this Agreement pursuant to Section 11.03;

     

    (ii) any
      Assignment by the Master Servicer of its rights hereunder or delegation of
      its
      duties hereunder;

     

    (iii) the
      occurrence of any Event of Default described in Section 6.14;

     

    (iv) any
      notice of termination given to the Master Servicer pursuant to Section 6.14
      and
      any resignation of the Master Servicer hereunder;

     

    (v) the
      appointment of any successor to any Master Servicer pursuant to Section 6.14;
      and

     

    (vi) the
      making of a final payment pursuant to Section 7.02.

     

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

     

    If
      to
      Fitch, to:

    

    Fitch,
      Inc.

    1
      State
      Street Plaza

    New
      York,
      New York 10041

    

    If
      to
      S&P, to:

    

    Standard
      & Poor’s 

    55
      Water
      Street

    New
      York,
      New York 10041

    

    (c) The
      Trustee shall provide or make available to the Rating Agencies reports prepared
      pursuant to Section 4.03. In addition, the Trustee shall, at the expense of
      the
      Trust Fund, make available to each Rating Agency such information as such Rating
      Agency may reasonably request regarding the Certificates or the Trust Fund,
      to
      the extent that such information is reasonably available to the
      Trustee.

     

    Section
      11.13. Counterparts.

     

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

     

    
      
        
        

      

      
        151

        
          

        

      

      
        
        

      

    

    Section
      11.14. Transfer
      of Servicing.

     

    The
      Seller agrees that it shall provide written notice to the Trustee and the Master
      Servicer thirty days prior to any transfer or assignment by the Seller of its
      rights under any Servicing Agreement or of the servicing thereunder or
      delegation of its rights or duties thereunder or any portion thereof to any
      Person other than the initial Servicer under such Servicing Agreement;
provided
      that the
      Seller shall not be required to provide prior notice of any transfer of
      servicing that occurs within three months following the Closing Date to an
      entity that is a Servicer on the Closing Date. In addition, the ability of
      the
      Seller to transfer or assign its rights and delegate its duties under a
      Servicing Agreement or to transfer the servicing thereunder to a successor
      servicer shall be subject to the following conditions:

     

    (i) Satisfaction
      of the conditions to such transfer as set forth in the Servicing Agreement
      including, without limitation, receipt of written consent of the Master Servicer
      to such transfer;

     

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

     

    (iii) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement, exclusive of any experience in mortgage loan
      origination, and must be reasonably acceptable to the Master Servicer, whose
      approval shall not be unreasonably withheld;

     

    (iv) Such
      successor servicer must execute and deliver to the Trustee and the Master
      Servicer an agreement, in form and substance reasonably satisfactory to the
      Trustee and the Master Servicer, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the applicable Servicer under the
      applicable Servicing Agreement or, in the case of a transfer of servicing to
      a
      party that is already a Servicer pursuant to this Agreement, an agreement to
      add
      the related Mortgage Loans to the Servicing Agreement already in effect with
      such Servicer;

     

    (v) If
      the
      successor servicer is not a Servicer of Mortgage Loans at the time of such
      transfer, there must be delivered to the Trustee a letter from each Rating
      Agency to the effect that such transfer of servicing will not result in a
      qualification, withdrawal or downgrade of the then-current rating of any of
      the
      Certificates;

     

    (vi) The
      Seller shall, at its cost and expense, take such steps, or cause the terminated
      Servicer to take such steps, as may be necessary or appropriate to effectuate
      and evidence the transfer of the servicing of the Mortgage Loans to such
      successor servicer, including, but not limited to, the following: (A) to the
      extent required by the terms of the Mortgage Loans and by applicable federal
      and
      state laws and regulations, the Seller shall cause the prior Servicer to timely
      mail to each obligor under a Mortgage Loan any required notices or disclosures
      describing the transfer of servicing of the Mortgage Loans to the successor
      servicer; (B) prior to the effective date of such transfer of servicing, the
      Seller shall cause the prior Servicer to transmit to any related insurer
      notification of such transfer of servicing; (C) on or prior to the effective
      date of such transfer of servicing, the Seller shall cause the prior Servicer
      to
      deliver to the successor servicer all Mortgage Loan Documents and any related
      records or materials; (D) on or prior to the effective date of such transfer
      of
      servicing, the Seller shall cause the prior Servicer to transfer to the
      successor servicer, or, if such transfer occurs after a Remittance Date but
      before the next succeeding Deposit Date, to the Master Servicer, all funds
      held
      by the applicable Servicer in respect of the Mortgage Loans; (E) on or prior
      to
      the effective date of such transfer of servicing, the Seller shall cause the
      prior Servicer to, after the effective date of the transfer of servicing to
      the
      successor servicer, continue to forward to such successor servicer, within
      one
      Business Day of receipt, the amount of any payments or other recoveries received
      by the prior Servicer, and to notify the successor servicer of the source and
      proper application of each such payment or recovery; and (F) the Seller shall
      cause the prior Servicer to, after the effective date of transfer of servicing
      to the successor servicer, continue to cooperate with the successor servicer
      to
      facilitate such transfer in such manner and to such extent as the successor
      servicer may reasonably request.

     

    
      
        
        

      

      
        152

        
          

        

      

      
        
        

      

    

    Section
      11.15. Conflicts.

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, the related Servicing Agreement shall govern, unless such provisions
      shall adversely affect the Trustee or the Trust Fund or the status of any REMIC
      created hereunder as a REMIC, provided that nothing in this Section 11.15 shall
      be construed to limit the rights or obligations of the Master Servicer under
      Section 9.05 of this Agreement.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

     

    
      
        
        

      

      
        153

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Trustee and the Master Servicer have caused
      their names to be signed hereto by their respective officers hereunto duly
      authorized as of the day and year first above written.

     

    
      	 	 	 
	 	
              STRUCTURED
                ASSET
                SECURITIES CORPORATION, as Depositor

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              Michael C. Hitzmann
Title: Senior Vice
              President
	 	 

    

     

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely
                as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:

	 	Title:

    

     

    
      	 	 	 
	 	AURORA
              LOAN
              SERVICES LLC, as
              Master Servicer
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              Jerald W. Dreyer
	 	Title:
              Vice President

     

    Solely
      for purposes of Sections 2.05 and 11.14,

    accepted
      and agreed to by:

     

    LEHMAN
      BROTHERS HOLDINGS INC.

    

    By:    

    
      
        

      

      Name:
        Ellen Kiernan

      Title:
        Authorized Signatory

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    [INTENTIONALLY
      OMITTED]

     

    
      
        A-1

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-1

    

    FORM
      OF
      INITIAL CERTIFICATION

     

    
      	
            	 	 	
            
	 	 	
              Date

            	 

 

    
      	U.S. Bank National
              Association
Corporate Trust Services (SARM
              2006-10)
1 Federal Street
Boston, M.A. 02110	 	
               

            
	 	 	 
	
              Structured
                Asset Securities Corporation

              745
                Seventh Avenue, 7th Floor

              New
                York, New York 10019

            	 	 
	 	 	 
	
              Aurora
                Loan Services LLC

              10350
                Park Meadows Drive, 

              Littleton,
                Colorado 80124

            	 	 
	 	 	 

    

     

    
      	 	
              Re:

            	
              Trust
                Agreement (the “Trust Agreement”), dated as of October 1, 2006 among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee, with respect to Structured Adjustable Rate Mortgage Loan
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-10

            

    

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian on behalf of the Trustee, hereby
      certifies that it (or its custodian) has received the documents listed in
      Section 2.01(b) of the Trust Agreement for each Mortgage File pertaining to
      each
      Mortgage Loan listed on Schedule A, to the Trust Agreement, subject to any
      exceptions noted on Schedule I hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

     

     

     

    
      	 	 	 
	 	 	 
	 	
              [Custodian],
                on behalf of

              U.S.
                Bank National Association,

              as
                Trustee

               

               

            
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

     

    FORM
      OF
      INTERIM CERTIFICATION

     

    
      	 	 	 	
            
	 	 	
              Date

            	 
	 	 	 
	
              U.S.
                Bank National Association

              Corporate
                Trust Services (SARM 2006-10)

              1
                Federal Street

              Boston,
                M.A. 02110 

            	 	 
	 	 	 
	
              Structured
                Asset Securities Corporation

              745
                Seventh Avenue, 7th Floor

              New
                York, New York 10019

            	 	 
	 	 	 
	
              Aurora
                Loan Services LLC

              10350
                Park Meadows Drive

              Littleton,
                Colorado 80124

            	 	 

    

     

    
      	 	
              Re:

            	
              Trust
                Agreement (the “Trust Agreement”), dated as of October 1, 2006 among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee, with respect to Structured Adjustable Rate Mortgage Loan
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-10

            

    

    

    Ladies
      and Gentlemen:

    

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents identified above and has determined that
      each such document appears regular on its face and appears to relate to the
      Mortgage Loan identified in such document.

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust
      Agreement including, but not limited to, Section 2.02(b).

     

    
      	 	 	 
	 	
              [Custodian],
                on behalf of

              U.S.
                Bank National Association,

              as
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

    

    
      
        
        

      

      
        B-2-2

        
          

        

      

      
        
        

      

    

    
       

    

    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION

     

    
      	 	 	 	 
	 	 	
              Date

            	
            
	 	 	 
	
              U.S.
                Bank National Association

              Corporate
                Trust Services (SARM 2006-10)

              1
                Federal Street

              Boston,
                M.A. 02110

            	 	 
	 	 	 
	
              Structured
                Asset Securities Corporation

              745
                Seventh Avenue, 7th Floor

              New
                York, New York 10019

            	 	 
	 	 	 
	
              Aurora
                Loan Services LLC

              10350
                Park Meadows Drive

              Littleton,
                Colorado 80124

            	 	 

    

     

    
      	 	
              Re:

            	
              Trust
                Agreement (the “Trust Agreement”), dated as of October 1, 2006 among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee, with respect to Structured Adjustable Rate Mortgage Loan
                Trust
                Mortgage Pass-Through Certificates, Series
                2006-10

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed above and has determined that
      each
      such document appears to be complete and, based on an examination of such
      documents, the information set forth in the Mortgage Loan Schedule is
      correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said

     

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

    Trust
      Agreement.

    
      	 	 	 
	 	
              [Custodian],
                on behalf of

              U.S.
                Bank National Association,

              as
                Trustee

            
	 
 	 
 	 
 
	
            	By:  	 
	 	
              

              Name:

              Title:

            
	 	 

    

     

    
      
        
        

      

      
        B-3-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of U.S. Bank National Association, as trustee (the “Trustee”) under
      the Trust Agreement dated as of October 1, 2006, among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer and the Trustee relating to Structured Adjustable Rate Mortgage Loan
      Trust Mortgage Pass-Through Certificates, Series 2006-10, without
      recourse.

     

    
      	 	 	 
	 	
              

              [current signatory on note]
	 
 	 
 	 
 
	
            	By:  	 
	 	
              

              Name:

              Title:

            

    

    
       

    

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    
      	 	 	   
              	 
	 	 	
              Date

            	
            
	 	 	 
	
              [Addressed
                to Trustee

              or,
                if applicable, custodian]

            	 	 

    

     

    
    

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of October 1, 2006 among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer and you, as Trustee (the “Trust Agreement”), the undersigned Master
      Servicer hereby requests a release of the Mortgage File held by you as Trustee
      with respect to the following described Mortgage Loan for the reason indicated
      below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    
      	
              1.

            	
              Mortgage
                Loan paid in full. (The Master Servicer hereby certifies that all
                amounts
                received in connection with the loan have been or will be credited
                to the
                Collection Account or the Certificate Account (whichever is applicable)
                pursuant to the Trust Agreement.)

            

    

     

    
      	
              2.

            	
              The
                Mortgage Loan is being foreclosed.

            

    

     

    
      	
              3.

            	
              Mortgage
                Loan substituted. (The Master Servicer hereby certifies that a Qualifying
                Substitute Mortgage Loan has been assigned and delivered to you along
                with
                the related Mortgage File pursuant to the Trust
                Agreement.)

            

    

     

    
      	
              4.

            	
              Mortgage
                Loan repurchased. (The Master Servicer hereby certifies that the
                Purchase
                Price has been credited to the Collection Account or the Certificate
                Account (whichever is applicable) pursuant to the Trust
                Agreement.)

            

    

     

    
      	
              5.

            	
              Other.
                (Describe)

            

    

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

     

    
      	 	 	 
	 	
              
                

              

              [Name
                of Master Servicer]

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:
                Servicing Officer

            

    

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D-1

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

     

     

    
      	 STATE OF	 )
	 	 ) ss.:
	 COUNTY OF	 )

    

     
      

    [NAME
      OF
      OFFICER], _________________ being first duly sworn, deposes and
      says:

     

    That
      he
      [she] is [title of officer] ________________________ of [name of Purchaser]
      _________________________________________ (the “Purchaser”), a
      _______________________ [description of type of entity] duly organized and
      existing under the laws of the [State of __________] [United States], on behalf
      of which he [she] makes this affidavit.

     

    
      	1.	
              That
                the Purchaser’s Taxpayer Identification Number is
                ______________.

            

    

     

    
      	
              2.

            	
              That
                the Purchaser is not a “disqualified organization” within the meaning of
                Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                (the
                “Code”) and will not be a “disqualified organization” as of
                __________________ [date of transfer], and that the Purchaser is
                not
                acquiring a Residual Certificate (as defined in the Agreement) for
                the
                account of, or as agent (including a broker, nominee, or other middleman)
                for, any person or entity from which it has not received an affidavit
                substantially in the form of this affidavit. For these purposes,
                a
                “disqualified organization” means the United States, any state or
                political subdivision thereof, any foreign government, any international
                organization, any agency or instrumentality of any of the foregoing
                (other
                than an instrumentality if all of its activities are subject to tax
                and a
                majority of its board of directors is not selected by such governmental
                entity), any cooperative organization furnishing electric energy
                or
                providing telephone service to persons in rural areas as described
                in Code
                Section 1381(a)(2)(C), any “electing large partnership” within the meaning
                of Section 775 of the Code, or any organization (other than a farmers’
                cooperative described in Code Section 521) that is exempt from federal
                income tax unless such organization is subject to the tax on unrelated
                business income imposed by Code Section
                511.

            

    

     

    
      	
              3.

            	
              That
                the Purchaser is not, and on _______________ [date of transfer] will
                not
                be, an employee benefit plan or arrangement subject to Title I of
                the
                Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a
                plan subject to Section 4975 of the Internal Revenue Code of 1986,
                as
                amended (the “Code”) or a plan subject to any provisions under any
                federal, state, local, non-U.S. or other laws or regulations that
                are
                substantively similar to the foregoing provisions of ERISA or the
                Code
                (collectively, a “Plan”), and is not directly or indirectly acquiring the
                Residual Certificate for, on behalf of or with any assets of any
                such
                Plan.

            

    

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

    
      	
              4.

            	
              That
                the Purchaser hereby acknowledges that under the terms of the Trust
                Agreement (the “Agreement”) among Structured Asset Securities Corporation,
                U.S. Bank National Association, as Trustee and Aurora Loan Services
                LLC,
                as Master Servicer, dated as of October 1, 2006, no transfer of a
                Residual
                Certificate shall be permitted to be made to any person unless the
                Depositor and the Trustee have received a certificate from such transferee
                containing the representations in paragraphs 2, 3 and 4
                hereof.

            

    

     

    
      	
              5.

            	
              That
                the Purchaser does not hold REMIC residual securities as nominee
                to
                facilitate the clearance and settlement of such securities through
                electronic book-entry changes in accounts of participating organizations
                (such entity, a “Book-Entry
                Nominee”).

            

    

     

    
      	
              6.

            	
              That
                the Purchaser does not have the intention to impede the assessment
                or
                collection of any federal, state or local taxes legally required
                to be
                paid with respect to such Residual Certificate, and that the Purchaser
                has
                provided financial statements or other financial information requested
                by
                the transferor in connection with the transfer of the Residual Certificate
                in order to permit the transferor to assess the financial capability
                of
                the Purchaser to pay such taxes.

            

    

     

    
      	
              7.

            	
              That
                the Purchaser will not transfer a Residual Certificate to any person
                or
                entity (i) as to which the Purchaser has actual knowledge that the
                requirements set forth in paragraph 2, paragraph 5 or paragraph 9
                hereof
                are not satisfied or that the Purchaser has reason to believe does
                not
                satisfy the requirements set forth in paragraph 6 hereof, and (ii)
                without
                obtaining from the prospective Purchaser an affidavit substantially
                in
                this form and providing to the Trustee a written statement substantially
                in the form of Exhibit D-2 to the
                Agreement.

            

    

     

    
      	
              8.

            	
              That
                the Purchaser understands that, as the holder of a Residual Certificate,
                the Purchaser may incur tax liabilities in excess of any cash flows
                generated by the interest and that it intends to pay taxes associated
                with
                holding such Residual Certificate as they become
                due.

            

    

     

    
      	
              9.

            	
              That
                the Purchaser (i) is a U.S. Person or (ii) is a Non-U.S. Person that
                holds
                a Residual Certificate in connection with the conduct of a trade
                or
                business within the United States and has furnished the transferor
                and the
                Trustee with an effective Internal Revenue Service Form W-8 ECI
                (Certificate of Foreign Person’s Claim for Exemption From Withholding on
                Income Effectively Connected with the Conduct of a Trade or Business
                in
                the United States) or successor form at the time and in the manner
                required by the Code. “Non-U.S. Person” means any person other than (i) a
                citizen or resident of the United States; (ii) a corporation (or
                entity
                treated as a corporation for tax purposes) created or organized in
                the
                United States or under the laws of the United States or of any state
                thereof, including, for this purpose, the District of Columbia; (iii)
                a
                partnership (or entity treated as a partnership for tax purposes)
                organized in the United States or under the laws of the United States
                or
                of any state thereof, including, for this purpose, the District of
                Columbia (unless provided otherwise by future Treasury regulations);
                (iv)
                an estate whose income is includible in gross income for United States
                income tax purposes regardless of its source; (v) a trust, if a court
                within the United States is able to exercise primary supervision
                over the
                administration of the trust and one or more U.S. Persons have authority
                to
                control all substantial decisions of the trust or; (vi) and, to the
                extent
                provided in Treasury regulations, certain trusts in existence prior
                to
                August 20, 1996 that are treated as United States persons prior to
                such
                date and elect to continue to be treated as United States
                persons.

            

    

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

    
      	
              10.

            	
              That
                the Purchaser agrees to such amendments of the Trust Agreement as
                may be
                required to further effectuate the restrictions on transfer of any
                Residual Certificate to such a “disqualified organization,” an agent
                thereof, a Book-Entry Nominee, or a person that does not satisfy
                the
                requirements of paragraph 6 and paragraph 9
                hereof.

            

    

     

    
      	
              11.

            	
              That
                the Purchaser consents to the designation of the Trustee as its agent
                to
                act as “tax matters person” of the Trust Fund pursuant to the Trust
                Agreement.

            

    

     

    Terms
      used in this transfer affidavit which are not otherwise defined herein have
      the
      respective meanings assigned thereto in the Trust Agreement.

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__.

     

    
      	 	 	 
	 	
              
[name
              of Purchaser]
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

    

     

    Personally
      appeared before me the above-named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

     

    _______________________________

     

    COUNTY
      OF_____________________

     

    STATE
      OF_______________________

     

    My
      commission expires the _____ day of __________, 20__.

     

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    
      	 	 	   	 
	 	 	
              Date

            	
            
	 	 	 

    

     

    
      	 	
              Re:

            	
              Structured
                Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
                Series 2006-10

            

    

     

    

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 6 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

     

     

    
      	 	 Very truly yours,
	 	 
	 	
              
Name:

              Title:

            

    

     

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    SERVICING
      AGREEMENTS

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

    

      
        	 	
                Re:

              	
                Structured
                  Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
                  Series 2006-10

              

      

    

     

    Reference
      is hereby made to the Trust Agreement (the “Trust Agreement”), dated as of
      October 1, 2006 among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer and U.S. Bank National Association,
      as Trustee. Capitalized terms used but not defined herein shall have the
      meanings given to them in the Trust Agreement.

     

    This
      letter relates to $_________ initial Certificate Principal Amount of Class
          
      Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
                                
      (the
“Transferor”). The Transferor has requested a transfer of such Definitive
      Certificates for Definitive Certificates of such Class registered in the name
      of
      [insert name of transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the Act to a purchaser that the
      Transferor reasonably believes is a “qualified institutional buyer” within the
      meaning of Rule 144A purchasing for its own account or for the account of a
      “qualified institutional buyer”, which purchaser is aware that the sale to it is
      being made in reliance upon Rule 144A, in a transaction meeting the requirements
      of Rule 144A and in accordance with any applicable securities laws of any state
      of the United States or any other applicable jurisdiction.

     

    This
      certificate and the statements contained herein are made for the benefit of
      the
      Trustee, the Placement Agent and the Depositor.

    
      	 	 	 
	 	
            
	 	
              

              [Name
                of Transferor]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

            
	 	
            

    

    Dated:
      __________________, ________

     

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

    

      
        	 	  

	 	
                Date

              

      

    

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through
      Certificates, Series 2006-10 (the “Privately Offered Certificates”) of
      Structured Asset Securities Corporation (the “Depositor”) which are held in the
      form of Definitive Certificates, we confirm that:

     

    1. We
      understand that the Privately Offered Certificates have not been, and will
      not
      be, registered under the Securities Act of 1933, as amended (the “Securities
      Act”), and may not be sold except as permitted in the following sentence. We
      agree, on our own behalf and on behalf of any accounts for which we are acting
      as hereinafter stated, that if we should sell any Privately Offered Certificates
      within two years of the later of the date of original issuance of the Privately
      Offered Certificates or the last day on which such Privately Offered
      Certificates are owned by the Depositor or any affiliate of the Depositor (which
      includes the Placement Agent) we will do so only (A) to the Depositor, (B)
      to
“qualified institutional buyers” (within the meaning of Rule 144A under the
      Securities Act) in accordance with Rule 144A under the Securities Act (“QIBs”),
      (C) pursuant to the exemption from registration provided by Rule 144 under
      the
      Securities Act, or (D) to an institutional “accredited investor” within the
      meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
      Act that is not a QIB (an “Institutional Accredited Investor”) which, prior to
      such transfer, delivers to the Trustee under the Trust Agreement (the “Trust
      Agreement”), dated as of October 1, 2006 among Structured Asset Securities
      Corporation, as Depositor, Aurora Loan Services LLC, as Master Servicer and
      U.S.
      Bank National Association, as Trustee, a signed letter in the form of this
      letter; and we further agree, in the capacities stated above, to provide to
      any
      person purchasing any of the Privately Offered Certificates from us a notice
      advising such purchaser that resales of the Privately Offered Certificates
      are
      restricted as stated herein.

     

    2. We
      understand that, in connection with any proposed resale of any Privately Offered
      Certificates to an Institutional Accredited Investor, we will be required to
      furnish to the Trustee, the Certificate Registrar and the Depositor a
      certification from such transferee in the form hereof to confirm that the
      proposed sale is being made pursuant to an exemption from, or in a transaction
      not subject to, the registration requirements of the Securities Act. We further
      understand that the Privately Offered Certificates purchased by us will bear
      a
      legend to the foregoing effect.

     

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

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    6. If
      we are
      acquiring an ERISA-Restricted Certificate, we are not a Plan and we are not
      acquiring the ERISA-Restricted Certificate for, on behalf of or with any assets
      of a Plan, except as may be permitted pursuant to Section 3.03(d) of the Trust
      Agreement.

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

     

    You
      and
      the Depositor and the Trustee are entitled to rely upon this letter and are
      irrevocably authorized to produce this letter or a copy hereof to any interested
      party in any administrative or legal proceeding or official inquiry with respect
      to the matters covered hereby.

    
      	 	 	 
	 	
              Very
                truly yours,

            
	 	 
	 	 
	 	
              

              [Purchaser]

            
	 
 	 
 	 
 
	
            	By  	
            
	 	
              

              Name:

              Title:

            
	 	
            

    

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      H

     

    [FORM
      OF
      ERISA TRANSFER AFFIDAVIT]

    

      
        	
                STATE
                  OF NEW YORK

              	
                )

              
	 	
                )
                  ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              

      

    

     

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    1. The
      undersigned is the ______________________ of (the “Investor”), a [corporation
      duly organized] and existing under the laws of __________, on behalf of which
      he
      makes this affidavit.

     

    2. The
      Investor (A) is not, and on _______________ [date of transfer] will not be,
      an
      employee benefit plan or arrangement subject to Title I of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or a
      plan subject to any provisions under any federal, state, local, non-U.S. or
      other laws or regulations that are substantively similar to the foregoing
      provisions of ERISA or the Code (“Similar Law”) (collectively, a “Plan”), and is
      not directly or indirectly acquiring the Certificate for, on behalf of or with
      any assets of any such Plan, (B) if the Certificate has been the subject of
      an
      ERISA-Qualifying Underwriting, is an insurance company that is acquiring the
      Certificate with assets of an “insurance company general account” as defined in
      Section V(E) of Prohibited Transaction Class Exemption (“PTCE”) 95-60 and the
      acquisition and holding of the Certificate are covered and exempt under Sections
      I and III of PTCE 95-60, or (C) solely in the case of a Definitive Certificate,
      shall herewith deliver an Opinion of Counsel satisfactory to the Certificate
      Registrar, the Trustee and the Depositor, and upon which the Trustee, the
      Certificate Registrar and the Depositor shall be entitled to rely, to the effect
      that the acquisition and holding of such Certificate by the Investor will not
      result in a nonexempt prohibited transaction under Title I of ERISA or Section
      4975 of the Code, or a violation of Similar Law, and will not subject the
      Trustee, the Master Servicer, the Certificate Registrar, any Servicer or the
      Depositor to any obligation in addition to those undertaken by such entities
      in
      the Trust Agreement, which Opinion of Counsel shall not be an expense of the
      Trustee, the Master Servicer, the Certificate Registrar, any Servicer or the
      Depositor.

     

    3. The
      Investor hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan Services LLC, as Master Servicer and U.S. Bank National Association, as
      Trustee, dated as of October 1, 2006, no transfer of the ERISA-Restricted
      Certificates (other than the Class R Certificate) shall be permitted to be
      made
      to any person unless the Depositor, the Certificate Registrar and the Trustee
      have received an affidavit from such transferee in the form hereof or an opinion
      of counsel as provided herein.

     

    4. Capitalized
      terms used but not defined herein shall have the meanings given to such terms
      in
      the Trust Agreement.

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20__.

    
      	 	 	 
	 	 
	 	
              

              [Investor]

            
	 
 	 
 	 
 
	 	By:  	
            
	 	
              

              Name:

              Title:

            
	 	
            
	
              ATTEST:

            	 
	 	 
	 	 
	
              
 	 

    

    
      
        
          	
                  STATE
                    OF

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF

                	
                  )

                

        

      

    

     

    Personally
      appeared before me the above-named ___________________, known or proved to
      me to
      be the same person who executed the foregoing instrument and to be the
      _________________ of the Investor, and acknowledged that he executed the same
      as
      his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of ___________ 20___.

    
      	 	 	 
	 	 	 
	 	
              

              NOTARY
                PUBLIC

            
	 	 
	 	
              My
                commission expires the

              ____
                day of __________, 20__.

            
	 	
            

    

     

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    MONTHLY
      REMITTANCE ADVICE

     

    [INTENTIONALLY
      OMITTED]

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

     

    MONTHLY
      ELECTRONIC DATA TRANSMISSION

     

    [INTENTIONALLY
      OMITTED]

    

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENTS

    

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L-1

     

    FORM
      OF TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(ii)

    of
      the
      Agreement)

     

    
      	 	
              Re:

            	
              Structured
                Adjustable Rate Mortgage Loan Trust Mortgage Loan Trust Mortgage
                Pass-Through Certificates, Series
                2006-10

            

    

     

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and U.S. Bank National Association, as Trustee, dated as of October
      1,
      2006. Capitalized terms used but not defined herein shall have the meanings
      given to them in the Agreement.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    The
      Depositor and the Trustee are entitled to rely upon this letter and are
      irrevocably authorized to produce this letter or a copy hereof to any interested
      party in any administrative or legal proceedings or official inquiry with
      respect to the matters covered hereby. Terms used in this certificate have
      the
      meanings set forth in Regulation S.

     

    
      	 	 	 
	 	
              [Name
                of Transferor]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	
              Title:

            

    

    Date:             
        ,
      ____

    
       

      
        
          
          

        

        
          L-1-1

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      L-2

    

    FORM
      OF TRANSFER CERTIFICATE FOR TRANSFER

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(iii)

    of
      the
      Agreement)

     

    
      	 	
              Re:

            	
              Structured
                Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
                Series 2006-10

            

    

     

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) among Structured Asset
      Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer and U.S. Bank National Association, as Trustee, dated as of October
      1,
      2006. Capitalized terms used but not defined herein shall have the meanings
      given to them in the Agreement.

     

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

     

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

    
      	 	 	 
	 	
              [Name
                of Transferor]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

            

    

    Date:             
        ,
      ___

    

    
      
        
        

      

      
        L-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    [RESERVED]

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    [RESERVED]

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      O

    

    SERVICING
      CRITERIA TO BE ADDRESSED

    IN
      ASSESSMENT OF COMPLIANCE

    

    Key:
      X
      -
      obligation    

    

    Where
      there are multiple checks for criteria the attesting party will identify in
      their management assertion that they are attesting only to the portion of the
      distribution chain they are responsible for in the related transaction
      agreements. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Trust Agreement dated as of October 1, 2006
      (the “Trust Agreement”), by and among U.S. Bank National Association, (the
“Trustee”), Aurora Loan Services LLC, as master servicer (the “Master
      Servicer”), and Structured Asset Securities Corporation, as depositor (the
“Depositor”). 

    

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Master
                  Servicer

              	
                Paying
                  Agent

              	
                Trustee

              
	 	
                General Servicing
                   Considerations

              	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	 	 
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              	 	 
	
                1122(d)(1)(iii)

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

              	
                X

              	 	 
	
                1122(d)(1)(iv)

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

              	
                X

              	 	 
	 	
                Cash Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

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

              	
                X

              	
                X

              	 
	
                1122(d)(2)(ii)

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

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iii)

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

              	
                X

              	 	 
	
                1122(d)(2)(iv)

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

              	
                X

              	
                X

              	
                X

              

      

       

      
        
          
          

        

        
          O-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Master
                  Servicer

              	
                Paying
                  Agent

              	
                Trustee

              
	
                1122(d)(2)(v)

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

              	
                X

              	 	 
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                X

              	
                X

              	 
	
                1122(d)(2)(vii)
                  

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

              	
                X

              	
                X

              	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

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

              	
                X

              	 	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	
                X

              	 	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	
                X

              	
                X

              	 
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	 	 	 

      

       

      
        
          
          

        

        
          O-2

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Master
                  Servicer

              	
                Paying
                  Agent

              	
                Trustee

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	 	 	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	 	 	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	 	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor’s pool assets (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	 	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	 	 	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	 	 	 

      

       

      
        
          
          

        

        
          O-3

          
            

          

        

        
          
          

        

      

       

      
        	
                Reg
                  AB 

                Reference

              	
                Servicing
                  Criteria

              	
                Master
                  Servicer

              	
                Paying
                  Agent

              	
                Trustee

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	 	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	 	
                X

              

      

    

     

    
      
        
        

      

      
        O-4

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      P-1

    

    ADDITIONAL
      FORM 10-D DISCLOSURE

    

      
        	
                Item
                  on Form 10-D

              	
                Party
                  Responsible

              
	
                Item
                  1: Distribution and Pool Performance Information

                Information
                  included in the Distribution Date Statement

                 

                 

                Any
                  information required by 1121 which is NOT included on the Distribution
                  Date Statement

              	
                 

                 

                 

                Master
                  Servicer (as to any Servicer, to the extent provided by such
                  Servicer),

                Trustee
                  (if Paying Agent) and Paying Agent 

                 

                Depositor
                  (to the extent of any additional information that has not already
                  been
                  provided by the Master Servicer)

              
	
                Item
                  2: Legal Proceedings

                per
                  Item 1117 of Reg AB

              	
                (i)
                  All parties to the Trust Agreement (as to themselves), (ii) the
                  Trustee as
                  to the issuing entity, (iii) the Depositor as to the sponsor, any
                  1110(b)
                  originator, any 1100(d)(1) party and (iv) the Master Servicer,
                  as to any
                  Servicer, to the extent provided by such Servicer

              
	
                Item
                  3: Sale of Securities and Use of Proceeds

              	
                Depositor

              
	
                Item
                  4: Defaults Upon Senior Securities

              	
                Trustee

              
	
                Item
                  5: Submission of Matters to a Vote of Security Holders

              	
                Trustee

              
	
                Item
                  6: Significant Obligors of Pool Assets

              	
                Depositor

              
	
                Item
                  7: Significant Enhancement Provider Information

              	
                Depositor

              
	
                Item
                  8: Other Information

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  9: Exhibits

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

              

      

    

     

    
      
        
        

      

      
        P-1-1

        
          

        

      

      
        
        

      

    

    

      EXHIBIT
        P-2

       

      ADDITIONAL
        FORM 10-K DISCLOSURE

    

    
      
        	
                Item
                  on Form 10-K

              	
                Party
                  Responsible

              
	
                Item
                  1B: Unresolved Staff Comments

              	
                Depositor

              
	
                Item
                  9B: Other Information

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15: Exhibits, Financial Statement Schedules

              	
                Depositor,
                  Servicer, Master Servicer, Subservicer

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1117 of Reg AB

              	
                (i)
                  All parties to the Trust Agreement (as to themselves), (ii) the
                  Trustee
                  and Depositor as to the issuing entity, (iii) the Depositor as
                  to the
                  sponsor, any 1110(b) originator, any 1100(d)(1) party and (iv)
                  the Master
                  Servicer, as to any Servicer, to the extent provided by such
                  Servicer

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1119 of Reg AB

              	
                (i)
                  All parties to the Trust Agreement as to themselves, (ii) the Depositor
                  as
                  to the sponsor, originator, significant obligor, enhancement or
                  support
                  provider and (iii) the Master Servicer, as to any Servicer, to
                  the extent
                  provided by such Servicer

              
	
                Additional
                  Item:

                Disclosure
                  per Item 1112(b) of Reg AB

              	
                Depositor

              
	
                Additional
                  Item:

                Disclosure
                  per Items 1114(b) and 1115(b) of Reg AB

              	
                Depositor

              

      

    

     

    
      
        
        

      

      
        P-2-1

        
          

        

      

      
        
        

      

    

    

      EXHIBIT
        P-3

       

      ADDITIONAL
        FORM 8-K DISCLOSURE

      

      
        	
                Item
                  on Form 8-K

              	
                Party
                  Responsible

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

              	
                Any
                  party to the Trust Agreement which is a party to such
                  agreement

              
	
                Item
                  1.02- Termination of a Material Definitive Agreement

              	
                Any
                  party to the Trust Agreement which is a party to such
                  agreement

              
	
                Item
                  1.03- Bankruptcy or Receivership

              	
                Depositor

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

              	
                Depositor

              
	
                Item
                  3.03- Material Modification to Rights of Security Holders

              	
                Trustee
                  and Depositor

              
	
                Item
                  5.03- Amendments of Articles of Incorporation or Bylaws; Change
                  of Fiscal
                  Year

              	
                Depositor

              
	
                Item
                  6.01- ABS Informational and Computational Material

              	
                Depositor

              
	
                Item
                  6.02- Change of Servicer or Trustee

              	
                Master
                  Servicer (as to itself and as to any Servicer, to the extent provided
                  by
                  such Servicer), Trustee (as to itself), Seller

              
	
                Item
                  6.03- Change in Credit Enhancement or External Support

              	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Trustee

              
	
                Item
                  6.05- Securities Act Updating Disclosure

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                Depositor

              
	
                Item
                  8.01

              	
                Depositor

              
	
                Item
                  9.01

              	
                Depositor

              

      

      
        
          
          

        

        
          P-3-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P-4

    

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

    

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 7th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, SARM 2006-10

    

    U.S.
      Bank
      National Association, as Trustee

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

    Attn:
      Corporate Trust Services - SARM 2006-10 - SEC Report Processing

    

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

    

    Ladies
      and Gentlemen:

     

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

     

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

     

     

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

    

     

    Any
      inquiries related to this notification should be directed to
      [             
], phone number:
      [             
]; email address:
      [             
]. 

    
      	 	 	 
	 	
              [NAME
                OF PARTY],

              
                as
                  [role]

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

            
	 	
            

    

     

    
      
        
        

      

      
        P-4-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q-1

    

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

    [  ]

    [  ]

    [  ]

     

    
      	 	
              Re:

            	
              SARM
                2006-10

            

    

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Trustee, and each of their officers, directors
      and
      affiliates that:

     

    (1) I
      have
      reviewed [the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
      report on assessment of the Company’s compliance with the Servicing Criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of
      1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
      report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
      Act and Section 1122(b) of Regulation AB (the “Attestation
      Report”), and all servicing reports, officer’s certificates and other
      information relating to the servicing of the Mortgage Loans by the Company
      during 200[ ] that were delivered by the Company to any of the Depositor, the
      Master Servicer and the Trustee pursuant to the Agreement (collectively, the
      “Company Servicing Information”);

     

    (2) Based
      on
      my knowledge, the Company Servicing Information, taken as a whole, does not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3) Based
      on
      my knowledge, all of the Company Servicing Information required to be provided
      by the Company under the Agreement has been provided to the Depositor, the
      Master Servicer and the Trustee;

     

    (4) I
      am
      responsible for reviewing the activities performed by [_______] as [_______]
      under the [_______] (the “Agreement”), and based on my knowledge[and the
      compliance review conducted in preparing the Compliance Statement] and except
      as
      disclosed in [the Compliance Statement,] the Servicing Assessment or the
      Attestation Report, the Company has fulfilled its obligations under the
      Agreement in all material respects; and

     

    (5) [The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and] [The] [the] Servicing Assessment and Attestation Report required
      to be provided by the Company and [by any Subservicer or Subcontractor] pursuant
      to the Agreement, have been provided to the Depositor, the Master Servicer
      and
      the Trustee. Any material instances of noncompliance described in such reports
      have been disclosed to the Depositor, the Master Servicer and the Trustee.
      Any
      material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

     

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Trust Agreement, dated as of October 1, 2006 (the “Trust Agreement”) by and
      among Structured Asset Securities Corporation, as Depositor, U.S. Bank National
      Association, as Trustee and Aurora Loan Services LLC, as Master Servicer.
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Trust Agreement.

    

       

      [_______]

      as
        [_______]

      By:  

      Name:

      Title:

      Date:

    

    

    
      
        
        

      

      
        Q-1-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q-2

    

    FORM
      OF
      CERTIFICATION TO BE

    PROVIDED
      BY THE TRUSTEE

    

    
      	
              Re:

            	
              Structured
                Adjustable Rate Mortgage Loan Trust (the “Trust”),
                Mortgage Pass-Through Certificates, Series 2006-10, issued pursuant
                to the
                Trust Agreement, dated as of October 1, 2006, among Structured Asset
                Securities Corporation, as Depositor, Aurora Loan Services, LLC,
                as Master
                Servicer, and U.S. Bank National Association, as
                Trustee

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

     

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

    
      	 	 	 	 
	
              Date:

              
                
 

            	 	 	
            
	
              U.S.
                Bank National Association, as Trustee

            	 	 	 
	 	 	 	 
	 	 	 	 
	
              

              [Signature]

              [Title]

            	 	 	
            

    

          

    
      
        
        

      

      
        Q-2-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      R

    

    TRANSACTION
      PARTIES

    

    Sponsor
      and Seller: Lehman Brothers Holdings Inc.

    

    Depositor:
      Structured Asset Securities Corporation

    

    Trustee:
      U.S. Bank National Association

    

    Master
      Servicer: Aurora Loan Services LLC

    

    Servicers:
      Aurora Loan Services LLC, Countrywide Home Loans Servicing LP and PHH Mortgage
      Corporation.

    

    Originators:
      Central Pacific Mortgage, Countrywide Home Loans, Inc., E-Loan Mortgage, Lehman
      Brothers Bank, FSB, PHH Mortgage Corporation and Residential Mortgage
      Capital.

    

    Custodian(s):
      LaSalle Bank National Association and U.S. Bank National
      Association.

    

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    On
      file
      at the offices of:

    Dechert
      LLP

    2929
      Arch
      Street

    Philadelphia,
      Pennsylvania 19104

    Attn:
      Steven J. Molitor

    Telephone:
      (215) 994-2777

    Telecopier:
      (215) 994-2222

    

    
      
        
        

      

      
        Sch.
          A-1

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